UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number    File No. 811-09301

TIAA-CREF 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)

Jeremy D. Franklin, Esq.

TIAA-CREF Funds

8500 Andrew Carnegie Blvd.

Charlotte, North Carolina 28262-8500

(Name and address of agent for service)

Registrant’s telephone number, including area code: 704-595-1000

Date of fiscal year end: October 31

Date of reporting period: April 30, 2023

Item 1. Reports to Stockholders.

Equity

Funds

TIAA-CREF

Semi-annual

Report

TIAA-CREF

Funds

April

30,

2023

This

semi-annual

report

contains

the

Funds'

unaudited financial

statements.

Fund

Name

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Class

W

2.1

TIAA-CREF

Growth

&

Income

Fund

TIGRX

TGIHX

TRPGX

TRGIX

TIIRX

TGIWX

2.2

TIAA-CREF

Large-Cap

Growth

Fund

TILGX

TILHX

TILPX

TILRX

TIRTX

TILWX

2.3

TIAA-CREF

Large-Cap

Value

Fund

TRLIX

TRLHX

TRCPX

TRLCX

TCLCX

TRLWX

2.4

TIAA-CREF

Mid-Cap

Growth

Fund

TRPWX

TCMHX

TRGPX

TRGMX

TCMGX

–

2.5

TIAA-CREF

Mid-Cap

Value

Fund

TIMVX

TRVHX

TRVPX

TRVRX

TCMVX

–

2.6

TIAA-CREF

Quant

Small-Cap

Equity

Fund

TISEX

TSCHX

TSRPX

TRSEX

TCSEX

TSCWX

2.7

TIAA-CREF

Quant

Small/Mid-Cap

Equity

Fund

TSMWX

TSMNX

TSMMX

TSMOX

TSMEX

TSMUX

2.8

TIAA-CREF

Social

Choice

Equity

Fund

TISCX

TICHX

TRPSX

TRSCX

TICRX

–

2.9

TIAA-CREF

Social

Choice

Low

Carbon

Equity

Fund

TNWCX

TCCHX

TPWCX

TEWCX

TLWCX

–

3.01

TIAA-CREF

Emerging

Markets

Equity

Fund

TEMLX

TEMHX

TEMPX

TEMSX

TEMRX

TEMVX

3.1

TIAA-CREF

International

Equity

Fund

TIIEX

TIEHX

TREPX

TRERX

TIERX

TIEWX

3.2

TIAA-CREF

International

Opportunities

Fund

TIOIX

TIOHX

TIOPX

TIOTX

TIOSX

TIOVX

3.3

TIAA-CREF

Quant

International

Small-Cap

Equity

Fund

TIISX

TAISX

TPISX

TTISX

TLISX

TAIWX

3.4

TIAA-CREF

Social

Choice

International

Equity

Fund

TSONX

TSOHX

TSOPX

TSOEX

TSORX

–

Table

of

Contents

Letter

to

Investors

3

Important

Notices

5

About

the

Funds’

Benchmarks

6

Fund

Performance

8

Expense

Examples

22

Portfolios

of

Investments

28

Statement

of

Assets

and

Liabilities

114

Statement

of

Operations

122

Statement

of

Changes

in

Net

Assets

126

Financial

Highlights

132

Notes

to

Financial

Statements

160

Additional

Fund

Information

179

Approval

of

Investment

Management

Agreement

180

Liquidity

Risk

Management

Program

188

Additional

Information

About

Index

Providers

189

How

to

Reach

Us

Inside

Back

Cover

3

Letter

to

Investors

Brad

Finkle

Global

stocks

produced

solid

gains

for

the

six

months

ended

April

30,

2023.

The

economy

expanded

but

at

a

slower

pace

as

persistent

inflation

prompted

the

Federal

Reserve

to

continue

raising

short-term

interest

rates.

Around

the

world,

major

foreign

economies

grew

at

varying

rates.

For

the

six

months:

The

Russell

3000®

Index,

which

measures

the

performance

of

the

broad

U.S.

stock

market,

gained

7.3%.

Please

see

page

5

for

benchmark

definitions.

The

MSCI

EAFE®

Index,

which

tracks

stocks

in

21

developed-markets

nations

outside

North

America,

advanced

24.2%.

The

MSCI

Emerging

Markets

Index,

which

represents

the

performance

of

stocks

in

24

developing

nations,

rose

16.4%.

Eleven

of

the

14

TIAA-CREF

Equity

Funds

(Institutional

Class)

posted

gains.

Seven

of

the

funds

outperformed

their

respective

benchmarks

for

the

period.

U.S.

economic

growth

slowed

Domestic

stocks

posted

solid

gains

for

the

six

months

as

the

economy

expanded,

buoyed

by

a

powerful

labor

market

and

resilient

consumer

spending.

However,

the

pace

of

growth

slowed

in

both

the

fourth

quarter

of

2022

and

the

first

quarter

of

2023.

Businesses

pulled

back

spending

on

inventory

and

equipment

during

the

first

three

months

of

the

calendar

year.

Rising

prices

led

to

further

monetary

tightening

during

the

period,

resulting

in

the

federal

funds

target

rate

reaching

its

highest

level

since

2007.

The

Fed

raised

rates

again

in

May,

shortly

after

the

end

of

the

period,

but

indicated

that

a

pause

in

future

increases

was

possible.

For

the

six

months,

large-cap

stocks

outpaced

mid-

and

small-cap

shares,

while

growth

equities

outperformed

value

stocks.

(Returns

by

investment

style

and

capitalization

size

are

based

on

the

Russell

indexes.)

Foreign

developed

and

emerging

markets

outpaced

U.S.

stocks

Foreign

developed-markets

stocks

climbed

sharply

as

many

global

economies

continued

to

grow.

The

economy

of

the

19-nation

euro

area

continued

to

expand,

but

the

rate

of

growth

slowed.

Inflation

remained

a

pressing

concern

in

Europe

and

the

United

Kingdom.

In

response,

the

European

Central

Bank

raised

its

suite

of

benchmark

interest

rates

multiple

times

during

the

period.

The

Bank

of

England

increased

its

benchmark

rate

to

4.25%.

Emerging-markets

stocks

produced

strong

returns

for

the

six

months,

although

all

of

the

gains

took

place

in

the

first

half

of

the

period.

China’s

economic

growth

accelerated

as

the

country’s

severe

COVID-19

restrictions

were

relaxed.

Seven

funds

outperformed

their

benchmarks

Eleven

of

the

14

TIAA-CREF

Equity

Funds

produced

gains

and

seven

outpaced

their

respective

benchmarks.

Performance

ranged

from

25.3%

for

the

Social

Choice

International

Equity

Fund

to

−2.5%

for

the

Quant

Small-Cap

Equity

Fund.

(All

fund

returns

are

for

the

Institutional

Class.)

Fund

performance

generally

reflected

market

trends

that

tended

to

favor

international

stocks,

as

well

as

large-cap

and

growth-oriented

equities.

The

Social

Choice

International

Equity

Fund’s

return

outperformed

the

MSCI

EAFE

Index.

The

International

Equity

Fund

gained

21.7%

but

lagged

the

same

benchmark.

The

Emerging

Markets

Equity

Fund

advanced

17.7%

and

outpaced

the

MSCI

Emerging

Markets

Index.

The

Quant

International

Small-Cap

Equity

Fund

gained

16.3%

but

trailed

its

benchmark,

the

MSCI

All

Country

World

(ACWI)

ex

USA

Small

Cap

Index.

The

International

Opportunities

Fund

returned

14.0%,

lagging

the

MSCI

All

Country

World

(ACWI)

ex

USA

Index.

Among

domestic

funds,

the

Large-Cap

Growth

Fund

advanced

16.1%

and

surpassed

the

performance

of

the

Russell

1000®

Growth

Index.

The

Growth

&

Income

Fund

gained

9.9%,

outperforming

the

S&P

500®

Index.

The

Mid-Cap

Growth

Fund

climbed

7.5%

and

outpaced

its

benchmark,

the

Russell

Mid-Cap®

Growth

Index.

Letter

to

Investors

(continued)

4

The

Social

Choice

Low

Carbon

Equity

Fund

advanced

6.8%,

while

the

Social

Choice

Equity

Fund

gained

6.5%.

Both

funds

underperformed

their

shared

benchmark,

the

Russell

3000

Index.

The

Large-Cap

Value

Fund

gained

5.2%

and

outpaced

its

benchmark,

the

Russell

1000

Value

Index.

The

Quant

Small/Mid-Cap

Equity

Fund

returned

−0.4%,

trailing

the

Russell

2500®

Index.

The

Mid-Cap

Value

Fund

returned

−1.0%

and

lagged

its

benchmark,

the

Russell

Mid-Cap

Value

Index.

The

Quant

Small-Cap

Equity

Fund’s

−2.5%

return

outperformed

the

Russell

2000®

Index.

Maintaining

a

long-term

approach

The

stock

market’s

recent

gains

were

a

welcome

shift

for

investors,

after

coping

with

sizable

losses

in

2022.

Yet

the

market’s

advance

occurred

as

questions

about

inflation,

higher

interest

rates

and

economic

growth

continued

to

be

debated.

The

past

six

months

illustrated

once

again

that

it’s

nearly

impossible

to

time

the

markets.

Furthermore,

it

bolsters

our

strong

belief

that

investors

who

stick

with

a

well-developed,

long-term

plan

may

give

themselves

a

greater

opportunity

of

achieving

their

financial

goals.

In

our

view,

a

diversified

portfolio

of

stocks,

bonds

and

other

assets,

managed

by

professionals,

can

help

investors

do

just

that.

Of

course,

diversification

cannot

guarantee

against

market

losses.

If

you

have

any

questions

or

would

like

to

discuss

your

portfolio,

please

contact

your

financial

advisor

or

call

a

TIAA

financial

consultant

at

800-842-2252.

We

would

be

happy

to

help

you.

Brad

Finkle

Principal

Executive

Officer

and

President

of

the

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds

Important

Notices

5

For

Shareholders

of

Growth

&

Income

Fund

Large-Cap

Growth

Fund

Large-Cap

Value

Fund

Mid-Cap

Growth

Fund

Mid-Cap

Value

Fund

Quant

Small-Cap

Equity

Fund

Quant

Small/Mid-Cap

Equity

Fund

Social

Choice

Equity

Fund

Social

Choice

Low

Carbon

Equity

Fund

Emerging

Markets

Equity

Fund

International

Equity

Fund

International

Opportunities

Fund

Quant

International

Small-Cap

Equity

Fund

Social

Choice

International

Equity

Fund

Portfolio

Manager

Commentaries

in

Semi-annual

Reports

The

Funds

include

portfolio

manager

commentary

in

their

annual

shareholder

reports.

For

the

Funds’

most

recent

annual

portfolio

manager

discussion,

please

refer

to

the

Portfolio

Managers’

Comments

section

of

each

Fund’s

October

31,

2022

annual

shareholder

report.

For

current

information

on

your

Fund’s

investment

objectives,

portfolio

management

team

and

average

annual

total

returns

please

refer

to

the

Fund’s

website

at

www.nuveen.com.

For

changes

that

occurred

to

your

Fund

both

during

and

subsequent

to

this

reporting

period,

please

refer

to

the

Notes

to

Financial

Statements

section

of

this

report.

For

average

annual

total

returns

as

of

the

end

of

this

reporting

period,

please

refer

to

the

Fund

Performance

section

within

this

report.

About

the

Funds’

Benchmarks

6

Broad

market

indexes

Russell

3000®

Index:

An

index

designed

to

measure

the

performance

of

the

stocks

of

the

3,000

largest

publicly

traded

U.S.

companies,

based

on

market

capitalization.

The

index

measures

the

performance

of

about

98%

of

the

total

market

capitalization

of

the

publicly

traded

U.S.

equity

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

MSCI

All

Country

World

ex

USA

Index:

An

index

designed

to

measure

the

performance

of

large

and

mid-cap

securities

across

22

of

23

developed

market

countries

(excluding

the

U.S.)

and

24

emerging

market

countries.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

MSCI

EAFE®

(Europe,

Australasia,

Far

East)

Index:

An

index

designed

to

measure

the

performance

of

large

and

mid-cap

securities

across

21

developed

market

countries,

excluding

the

U.S.

and

Canada.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

MSCI

Emerging

Markets

Index:

An

index

designed

to

measure

the

performance

of

large

and

mid-cap

equity

securities

across

24

emerging

market

countries.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Large-cap

indexes

S&P

500®

Index:

An

index

generally

considered

representative

of

the

U.S.

equity

market.

The

index

includes

500

leading

companies

and

covers

approximately

80%

of

available

market

capitalization.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Russell

1000®

Growth

Index:

An

index

designed

to

measure

the

performance

of

the

large-cap

growth

segment

of

the

U.S.

equity

universe.

It

includes

those

Russell

1000

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Russell

1000

Value

Index:

An

index

designed

to

measure

the

performance

of

the

large-cap

value

segment

of

the

U.S.

equity

universe.

It

includes

those

Russell

1000

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Mid-cap

indexes

Russell

Midcap®

Growth

Index:

An

index

designed

to

measure

the

performance

of

the

mid-cap

growth

segment

of

the

U.S.

equity

universe,

and

includes

those

Russell

Midcap®

Index

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Russell

Midcap

Value

Index:

An

index

designed

to

measure

the

performance

of

the

mid-cap

value

segment

of

the

U.S.

equity

universe,

and

includes

those

Russell

Midcap®

Index

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Small/mid-cap

index

Russell

2500®

Index:

An

index

designed

to

measure

the

performance

of

the

small

to

mid-cap

segment

of

the

U.S.

equity

universe.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Small-cap

indexes

Russell

2000®

Index:

An

index

designed

to

measure

the

performance

of

the

small-cap

segment

of

the

U.S.

equity

universe.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

MSCI

ACWI

ex

USA

Small

Cap

Index:

An

index

designed

to

measure

the

performance

of

small-cap

stocks

in

22

developed-

markets

countries,

excluding

the

United

States,

and

24

emerging-markets

countries.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses.

For

additional

details

about

the

benchmark

indexes,

please

read

the

funds’

latest

prospectus.

7

London

Stock

Exchange

Group

plc

and

its

group

undertakings

(collectively,

the

“LSE

Group”).

©

LSE

Group

2023.

FTSE

Russell

is

a

trading

name

of

certain

of

the

LSE

Group

companies.

“FTSE®,”

“Russell®”

and

“FTSE

Russell®”

are

trademarks

of

the

relevant

LSE

Group

companies

and

are

used

by

any

other

LSE

Group

company

under

license.

All

rights

in

the

FTSE

Russell

indexes

or

data

vest

in

the

relevant

LSE

Group

company

which

owns

the

index

or

the

data.

Neither

LSE

Group

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

indexes

or

data

and

no

party

may

rely

on

any

indexes

or

data

contained

in

this

communication.

No

further

distribution

of

data

from

the

LSE

Group

is

permitted

without

the

relevant

LSE

Group

company’s

express

written

consent.

The

LSE

Group

does

not

promote,

sponsor

or

endorse

the

content

of

this

communication.

MSCI

makes

no

express

or

implied

warranties

or

representations

and

shall

have

no

liability

whatsoever

with

respect

to

any

MSCI

data

contained

herein.

This

report

is

not

approved,

reviewed

or

produced

by

MSCI.

S&P

500

is

a

registered

trademark

and

service

mark

of

Standard

&

Poor’s

Financial

Services,

LLC,

a

division

of

S&P

Global.

Growth

&

Income

Fund

8

Performance

as

of

April

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

The

returns

do

not

reflect

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

sale

of

fund

shares.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Growth

&

Income

Fund

Inception

date

6

months

1

year

5

years

10

years

gross

net

Institutional

Class

7/1/99

9

.85

%

2

.86

%

9

.56

%

11

.54

%

0

.41

%

0

.41

%

Advisor

Class

12/4/15

9

.70

2

.74

9

.45

11

.46

†

0

.50

0

.50

Premier

Class

9/30/09

9

.73

2

.68

9

.39

11

.37

0

.55

0

.55

Retirement

Class

10/1/02

9

.66

2

.57

9

.29

11

.26

0

.66

0

.66

Retail

Class

3/31/06

9

.69

2

.55

9

.25

11

.21

0

.69

0

.69

Class

W

9/28/18

10

.00

3

.23

9

.96

†

11

.74

†

0

.41

0

.00

S&P

500®

Index

–

8

.63

2

.66

11

.45

12

.20

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

February

29,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

the

Advisor

Class

and

Class

W

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Institutional

Class.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class

and

Class

W.

If

these

actual

expenses

had

been

reflected,

the

performance

of

these

two

classes

shown

for

these

periods

would

have

been

different

because

the

Advisor

Class

and

Class

W

have

different

expenses

than

the

Institutional

Class.

as

of

4/30/2023

Net

assets

$

5.34

billion

Portfolio

turnover

rate

*

92%

Number

of

holdings

59

Weighted

median

market

capitalization

$252.43

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

22.4

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

November

1,

2022–April

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

4/30/2023

Information

technology

31.8

Financials

15.6

Health

care

10.8

Consumer

discretionary

10.2

Communication

services

6.5

Industrials

5.9

Energy

5.3

Utilities

4.4

Consumer

staples

4.3

Materials

3.9

Real

estate

1.3

Short-term

investments,

other

assets

&

liabilities,

net

0.0

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

4/30/2023

More

than

$50

billion

76.6

More

than

$15

billion-$50

billion

19.1

More

than

$2

billion-$15

billion

4.3

Total

100.0

Large-Cap

Growth

Fund

9

Performance

as

of

April

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

The

returns

do

not

reflect

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

sale

of

fund

shares.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Large-Cap

Growth

Fund

Inception

date

6

months

1

year

5

years

10

years

gross

net

Institutional

Class

3/31/06

16

.13

%

2

.88

%

10

.89

%

13

.63

%

0

.41

%

0

.41

%

Advisor

Class

12/4/15

16

.05

2

.74

10

.81

13

.57

†

0

.48

0

.48

Premier

Class

9/30/09

16

.02

2

.71

10

.73

13

.46

0

.56

0

.56

Retirement

Class

3/31/06

15

.93

2

.61

10

.61

13

.33

0

.66

0

.66

Retail

Class

3/31/06

15

.95

2

.59

10

.58

13

.28

0

.71

0

.71

Class

W

9/28/18

16

.33

3

.26

11

.30

†

13

.84

†

0

.41

0

.00

Russell

1000®

Growth

Index

–

11

.51

2

.34

13

.80

14

.46

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

February

29,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

the

Advisor

Class

and

Class

W

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Institutional

Class.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class

and

Class

W.

If

these

actual

expenses

had

been

reflected,

the

performance

of

these

two

classes

shown

for

these

periods

would

have

been

different

because

the

Advisor

Class

and

Class

W

have

different

expenses

than

the

Institutional

Class.

as

of

4/30/2023

Net

assets

$

5.06

billion

Portfolio

turnover

rate

*

20%

Number

of

holdings

76

Weighted

median

market

capitalization

$261.88

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

39.4

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

November

1,

2022–April

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

4/30/2023

Information

technology

33.3

Consumer

discretionary

18.2

Health

care

12.4

Communication

services

10.1

Financials

8.0

Industrials

7.6

Consumer

staples

5.7

Energy

1.9

Materials

1.5

Short-term

investments,

other

assets

&

liabilities,

net

1.3

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

4/30/2023

More

than

$50

billion

86.5

More

than

$15

billion-$50

billion

11.4

More

than

$2

billion-$15

billion

2.1

Total

100.0

Large-Cap

Value

Fund

10

Performance

as

of

April

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

The

returns

do

not

reflect

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

sale

of

fund

shares.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Large-Cap

Value

Fund

Inception

date

6

months

1

year

5

years

10

years

gross

net

Institutional

Class

10/1/02

5

.24

%

3

.72

%

7

.32

%

8

.56

%

0

.41

%

0

.41

%

Advisor

Class

12/4/15

5

.17

3

.59

7

.26

8

.52

†

0

.49

0

.49

Premier

Class

9/30/09

5

.14

3

.51

7

.15

8

.40

0

.56

0

.56

Retirement

Class

10/1/02

5

.11

3

.47

7

.05

8

.29

0

.66

0

.66

Retail

Class

10/1/02

5

.05

3

.39

7

.01

8

.23

0

.72

0

.72

Class

W

9/28/18

5

.41

4

.09

7

.72

†

8

.76

†

0

.41

0

.00

Russell

1000®

Value

Index

–

4

.54

1

.21

7

.75

9

.13

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

February

29,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

the

Advisor

Class

and

Class

W

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Institutional

Class.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class

and

Class

W.

If

these

actual

expenses

had

been

reflected,

the

performance

of

these

two

classes

shown

for

these

periods

would

have

been

different

because

the

Advisor

Class

and

Class

W

have

different

expenses

than

the

Institutional

Class.

as

of

4/30/2023

Net

assets

$

4.72

billion

Portfolio

turnover

rate

*

9%

Number

of

holdings

88

Weighted

median

market

capitalization

$133.52

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

16.4

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

November

1,

2022–April

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

4/30/2023

Financials

21.8

Health

care

16.6

Industrials

13.3

Information

technology

10.5

Energy

9.0

Communication

services

7.5

Consumer

discretionary

5.7

Materials

4.7

Consumer

staples

4.7

Utilities

3.6

Real

estate

1.4

Short-term

investments,

other

assets

&

liabilities,

net

1.2

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

4/30/2023

More

than

$50

billion

81.7

More

than

$15

billion-$50

billion

15.4

More

than

$2

billion-$15

billion

2.9

Total

100.0

Mid-Cap

Growth

Fund

11

Performance

as

of

April

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

The

returns

do

not

reflect

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

sale

of

fund

shares.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Mid-Cap

Growth

Fund

Inception

date

6

months

1

year

5

years

10

years

gross

net

Institutional

Class

10/1/02

7

.48

%

-

6

.33

%

5

.51

%

8

.32

%

0

.48

%

0

.48

%

Advisor

Class

12/4/15

7

.37

-

6

.60

5

.43

8

.26

†

0

.56

0

.56

Premier

Class

9/30/09

7

.39

-

6

.52

5

.35

8

.16

0

.63

0

.63

Retirement

Class

10/1/02

7

.27

-

6

.62

5

.24

8

.05

0

.73

0

.73

Retail

Class

10/1/02

7

.28

-

6

.65

5

.21

7

.99

0

.78

0

.78

Russell

Midcap®

Growth

Index

–

6

.60

1

.60

8

.96

10

.84

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

February

29,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Institutional

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Institutional

Class.

as

of

4/30/2023

Net

assets

$

1.05

billion

Portfolio

turnover

rate

*

17%

Number

of

holdings

97

Weighted

median

market

capitalization

$21.76

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

22.3

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

November

1,

2022–April

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

4/30/2023

Information

technology

23.2

Industrials

19.4

Health

care

17.0

Consumer

discretionary

16.7

Financials

6.7

Energy

4.7

Consumer

staples

4.2

Communication

services

3.5

Materials

3.0

Real

estate

1.5

Short-term

investments,

other

assets

&

liabilities,

net

0.1

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

4/30/2023

More

than

$50

billion

5.0

More

than

$15

billion-$50

billion

57.2

More

than

$2

billion-$15

billion

30.4

$2

billion

or

less

7.4

Total

100.0

Mid-Cap

Value

Fund

12

Performance

as

of

April

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

The

returns

do

not

reflect

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

sale

of

fund

shares.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Mid-Cap

Value

Fund

Inception

date

6

months

1

year

5

years

10

years

gross

net

Institutional

Class

10/1/02

-

1

.02

%

-

2

.81

%

4

.35

%

7

.20

%

0

.45

%

0

.45

%

Advisor

Class

12/4/15

-

1

.06

-

2

.90

4

.26

7

.13

†

0

.54

0

.54

Premier

Class

9/30/09

-

1

.08

-

2

.97

4

.19

7

.04

0

.60

0

.60

Retirement

Class

10/1/02

-

1

.14

-

3

.05

4

.08

6

.93

0

.70

0

.70

Retail

Class

10/1/02

-

1

.23

-

3

.15

4

.02

6

.88

0

.76

0

.76

Russell

Midcap®

Value

Index

–

2

.26

-

3

.47

6

.43

8

.68

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

February

29,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Institutional

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Institutional

Class.

as

of

4/30/2023

Net

assets

$

1.68

billion

Portfolio

turnover

rate

*

43%

Number

of

holdings

80

Weighted

median

market

capitalization

$18.34

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

19.8

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

November

1,

2022–April

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

4/30/2023

Financials

20.2

Industrials

17.8

Health

care

10.8

Real

estate

10.6

Utilities

8.1

Consumer

discretionary

8.1

Information

technology

6.5

Energy

5.3

Consumer

staples

5.1

Materials

4.9

Communication

services

1.9

Short-term

investments,

other

assets

&

liabilities,

net

0.7

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

4/30/2023

More

than

$50

billion

6.8

More

than

$15

billion-$50

billion

53.8

More

than

$2

billion-$15

billion

39.4

Total

100.0

Quant

Small-Cap

Equity

Fund

13

Performance

as

of

April

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

The

returns

do

not

reflect

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

sale

of

fund

shares.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Quant

Small-Cap

Equity

Fund

Inception

date

6

months

1

year

5

years

10

years

gross

net

Institutional

Class

10/1/02

-

2

.54

%

-

0

.63

%

5

.82

%

9

.21

%

0

.42

%

0

.42

%

Advisor

Class

12/4/15

-

2

.54

-

0

.69

5

.75

9

.15

†

0

.50

0

.50

Premier

Class

9/30/09

-

2

.60

-

0

.80

5

.66

9

.05

0

.57

0

.57

Retirement

Class

10/1/02

-

2

.66

-

0

.93

5

.55

8

.94

0

.67

0

.67

Retail

Class

10/1/02

-

2

.65

-

0

.96

5

.53

8

.89

0

.72

0

.72

Class

W

9/28/18

-

2

.36

-

0

.27

6

.20

†

9

.41

†

0

.42

0

.00

Russell

2000®

Index

–

-

3

.45

-

3

.65

4

.15

7

.88

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

February

29,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

the

Advisor

Class

and

Class

W

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Institutional

Class.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class

and

Class

W.

If

these

actual

expenses

had

been

reflected,

the

performance

of

these

two

classes

shown

for

these

periods

would

have

been

different

because

the

Advisor

Class

and

Class

W

have

different

expenses

than

the

Institutional

Class.

as

of

4/30/2023

Net

assets

$

2.52

billion

Portfolio

turnover

rate

*

33%

Number

of

holdings

406

Weighted

median

market

capitalization

$2.63

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

17.7

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

November

1,

2022–April

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

4/30/2023

Industrials

16.5

Health

care

16.1

Financials

15.6

Information

technology

11.3

Consumer

discretionary

10.4

Energy

6.3

Real

estate

5.9

Materials

5.0

Consumer

staples

4.2

Utilities

3.5

Communication

services

3.2

Short-term

investments,

other

assets

&

liabilities,

net

2.0

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

4/30/2023

More

than

$2

billion-$15

billion

62.2

$2

billion

or

less

37.8

Total

100.0

Quant

Small/Mid-Cap

Equity

Fund

14

Performance

as

of

April

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

The

returns

do

not

reflect

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

sale

of

fund

shares.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Quant

Small/Mid-Cap

Equity

Fund

Inception

date

6

months

1

year

5

years

since

inception

gross

net

Institutional

Class

8/5/16

-

0

.39

%

-

3

.15

%

9

.16

%

10

.97

%

0

.48

%

0

.48

%

Advisor

Class

8/5/16

-

0

.49

-

3

.24

9

.07

10

.91

0

.60

0

.60

Premier

Class

8/5/16

-

0

.52

-

3

.34

8

.98

10

.79

0

.64

0

.64

Retirement

Class

8/5/16

-

0

.57

-

3

.41

8

.88

10

.68

0

.73

0

.73

Retail

Class

8/5/16

-

0

.54

-

3

.40

8

.76

10

.56

0

.81

0

.81

Class

W

9/28/18

-

0

.18

-

2

.64

9

.65

†

11

.34

†

0

.48

0

.00

Russell

2500®

Index

–

0

.02

-

3

.32

6

.32

8

.19

§

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

February

29,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

Class

W

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Institutional

Class.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

actual

expenses

of

Class

W.

If

these

actual

expenses

had

been

reflected,

the

performance

of

Class

W

shown

for

these

periods

would

have

been

different

because

Class

W

has

different

expenses

than

the

Institutional

Class.

§

Performance

is

calculated

from

the

inception

date

of

the

Institutional

Class.

as

of

4/30/2023

Net

assets

$

1.08

billion

Portfolio

turnover

rate

*

42%

Number

of

holdings

376

Weighted

median

market

capitalization

$4.64

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

18.9

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

November

1,

2022–April

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

4/30/2023

Industrials

21.9

Financials

15.2

Information

technology

12.9

Health

care

11.7

Consumer

discretionary

9.3

Real

estate

8.0

Materials

7.0

Energy

4.7

Consumer

staples

4.4

Communication

services

2.4

Utilities

2.0

Short-term

investments,

other

assets

&

liabilities,

net

0.5

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

4/30/2023

More

than

$50

billion

0.5

More

than

$15

billion-$50

billion

4.0

More

than

$2

billion-$15

billion

74.4

$2

billion

or

less

21.1

Total

100.0

Social

Choice

Equity

Fund

15

Performance

as

of

April

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

The

returns

do

not

reflect

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

sale

of

fund

shares.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Social

Choice

Equity

Fund

Inception

date

6

months

1

year

5

years

10

years

gross

net

Institutional

Class

7/1/99

6

.46

%

1

.43

%

10

.46

%

11

.16

%

0

.18

%

0

.18

%

Advisor

Class

12/4/15

6

.38

1

.30

10

.38

11

.11

†

0

.27

0

.27

Premier

Class

9/30/09

6

.31

1

.18

10

.28

10

.98

0

.37

0

.37

Retirement

Class

10/1/02

6

.32

1

.17

10

.19

10

.88

0

.43

0

.43

Retail

Class

3/31/06

6

.33

1

.16

10

.17

10

.86

0

.46

0

.46

Russell

3000®

Index

–

7

.30

1

.50

10

.60

11

.67

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

February

29,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Institutional

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Institutional

Class.

as

of

4/30/2023

Net

assets

$

5.78

billion

Portfolio

turnover

rate

*

8%

Number

of

holdings

528

Weighted

median

market

capitalization

$91.17

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

23.8

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

November

1,

2022–April

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

4/30/2023

Information

technology

25.1

Financials

14.9

Health

care

14.0

Industrials

11.3

Consumer

discretionary

8.2

Consumer

staples

6.6

Communication

services

5.5

Energy

4.6

Materials

3.2

Utilities

3.2

Real

estate

2.9

Short-term

investments,

other

assets

&

liabilities,

net

0.5

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

4/30/2023

More

than

$50

billion

65.8

More

than

$15

billion-$50

billion

23.8

More

than

$2

billion-$15

billion

8.4

$2

billion

or

less

2.0

Total

100.0

Social

Choice

Low

Carbon

Equity

Fund

16

Performance

as

of

April

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

The

returns

do

not

reflect

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

sale

of

fund

shares.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Social

Choice

Low

Carbon

Equity

Fund

Inception

date

6

months

1

year

5

years

since

inception

gross

net

Institutional

Class

8/7/15

6

.80

%

1

.36

%

10

.78

%

10

.94

%

0

.31

%

0

.31

%

Advisor

Class

12/4/15

6

.74

1

.23

10

.66

10

.85

†

0

.42

0

.42

Premier

Class

8/7/15

6

.76

1

.21

10

.62

10

.79

0

.46

0

.46

Retirement

Class

8/7/15

6

.71

1

.12

10

.51

10

.67

0

.56

0

.56

Retail

Class

8/7/15

6

.66

1

.02

10

.45

10

.60

0

.60

0

.60

Russell

3000®

Index

–

7

.30

1

.50

10

.60

10

.83

§

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

February

29,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Institutional

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Institutional

Class.

§

Performance

is

calculated

from

the

inception

date

of

the

Institutional

Class.

as

of

4/30/2023

Net

assets

$

1.12

billion

Portfolio

turnover

rate

*

15%

Number

of

holdings

400

Weighted

median

market

capitalization

$91.07

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

28.1

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

November

1,

2022–April

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

4/30/2023

Information

technology

25.3

Financials

15.1

Health

care

14.0

Industrials

11.1

Consumer

discretionary

8.4

Consumer

staples

8.1

Communication

services

5.4

Materials

3.4

Real

estate

3.4

Energy

3.1

Utilities

1.7

Short-term

investments,

other

assets

&

liabilities,

net

1.0

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

4/30/2023

More

than

$50

billion

65.0

More

than

$15

billion-$50

billion

24.2

More

than

$2

billion-$15

billion

9.0

$2

billion

or

less

1.8

Total

100.0

Emerging

Markets

Equity

Fund

17

Performance

as

of

April

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

The

returns

do

not

reflect

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

sale

of

fund

shares.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Holdings

by

country

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Emerging

Markets

Equity

Fund

Inception

date

6

months

1

year

5

years

10

years

gross

net

Institutional

Class

8/31/10

17

.71

%

-

4

.95

%

-

2

.86

%

0

.48

%

0

.90

%

0

.90

%

Advisor

Class

12/4/15

17

.68

-

5

.09

-

2

.92

0

.43

†

0

.98

0

.98

Premier

Class

8/31/10

17

.82

-

4

.98

-

2

.95

0

.36

1

.05

1

.05

Retirement

Class

8/31/10

17

.93

-

4

.89

-

2

.95

0

.30

1

.15

1

.15

Retail

Class

8/31/10

17

.70

-

5

.13

-

3

.21

0

.10

1

.30

1

.30

Class

W

9/28/18

18

.39

-

4

.05

-

2

.06

†

0

.89

†

0

.90

0

.00

MSCI

Emerging

Markets

Index

–

16

.36

-

6

.51

-

1

.05

1

.80

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

February

29,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

the

Advisor

Class

and

Class

W

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Institutional

Class.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class

and

Class

W.

If

these

actual

expenses

had

been

reflected,

the

performance

of

these

two

classes

shown

for

these

periods

would

have

been

different

because

the

Advisor

Class

and

Class

W

have

different

expenses

than

the

Institutional

Class.

as

of

4/30/2023

Net

assets

$

1.60

billion

Portfolio

turnover

rate

*

36%

Number

of

holdings

61

Weighted

median

market

capitalization

$41.22

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

15.0

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

November

1,

2022–April

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

4/30/2023

Consumer

discretionary

20.9

Information

technology

18.2

Financials

16.5

Communication

services

14.6

Energy

8.9

Consumer

staples

6.6

Materials

2.3

Health

care

1.6

Industrials

1.2

Short-term

investments,

other

assets

&

liabilities,

net

9.2

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

4/30/2023

More

than

$50

billion

44.4

More

than

$15

billion-$50

billion

25.5

More

than

$2

billion-$15

billion

20.1

$2

billion

or

less

10.0

Total

100.0

%

of

portfolio

investments

as

of

4/30/2023

China

23.7

India

14.2

Brazil

14.2

Taiwan

9.5

Mexico

7.2

Korea,

Republic

of

6.6

Singapore

3.1

Indonesia

3.0

Saudi

Arabia

2.6

Macau

1.6

7

other

nations

6.7

Short-term

investments

7.6

Total

100.0

International

Equity

Fund

18

Performance

as

of

April

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

The

returns

do

not

reflect

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

sale

of

fund

shares.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Holdings

by

country

Total

return

Average

annual

total

return

Annual

operating

expenses

*

International

Equity

Fund

Inception

date

6

months

1

year

5

years

10

years

gross

net

Institutional

Class

7/1/99

21

.72

%

9

.56

%

2

.03

%

4

.64

%

0

.46

%

0

.46

%

Advisor

Class

12/4/15

21

.66

9

.47

1

.92

4

.56

†

0

.57

0

.57

Premier

Class

9/30/09

21

.68

9

.50

1

.89

4

.49

0

.61

0

.61

Retirement

Class

10/1/02

21

.54

9

.29

1

.80

4

.38

0

.71

0

.71

Retail

Class

3/31/06

21

.57

9

.18

1

.71

4

.30

0

.80

0

.80

Class

W

9/28/18

21

.97

10

.13

2

.48

†

4

.87

†

0

.46

0

.00

MSCI

EAFE®

Index

–

24

.19

8

.42

3

.63

4

.76

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

February

29,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

the

Advisor

Class

and

Class

W

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Institutional

Class.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class

and

Class

W.

If

these

actual

expenses

had

been

reflected,

the

performance

of

these

two

classes

shown

for

these

periods

would

have

been

different

because

the

Advisor

Class

and

Class

W

have

different

expenses

than

the

Institutional

Class.

as

of

4/30/2023

Net

assets

$

6.74

billion

Portfolio

turnover

rate

*

11%

Number

of

holdings

69

Weighted

median

market

capitalization

$75.25

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

14.0

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

November

1,

2022–April

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

4/30/2023

Health

care

18.5

Industrials

16.7

Financials

14.2

Consumer

discretionary

11.1

Materials

9.8

Consumer

staples

9.4

Energy

8.8

Information

technology

4.3

Communication

services

3.8

Utilities

2.1

Short-term

investments,

other

assets

&

liabilities,

net

1.3

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

4/30/2023

More

than

$50

billion

72.8

More

than

$15

billion-$50

billion

23.2

More

than

$2

billion-$15

billion

4.0

Total

100.0

%

of

portfolio

investments

as

of

4/30/2023

Japan

20.3

France

14.1

Netherlands

11.3

United

Kingdom

9.7

Germany

8.3

Australia

6.2

Switzerland

5.3

Denmark

5.1

United

States

5.0

Italy

2.5

10

other

nations

10.8

Short-term

investments

1.4

Total

100.0

International

Opportunities

Fund

19

Performance

as

of

April

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

The

returns

do

not

reflect

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

sale

of

fund

shares.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Holdings

by

country

Total

return

Average

annual

total

return

Annual

operating

expenses

*

International

Opportunities

Fund

Inception

date

6

months

1

year

5

years

10

years

gross

net

Institutional

Class

4/12/13

13.97%

0.73%

4.05%

5.42%

0.61%

0.61%

Advisor

Class

12/4/15

13.98

0.68

3.95

5.37

†

0.71

0.71

Premier

Class

4/12/13

14.02

0.69

3.94

5.28

0.76

0.76

Retirement

Class

4/12/13

14.02

0.67

3.92

5.23

0.86

0.86

Retail

Class

4/12/13

13.87

0.41

3.64

5.02

0.99

0.99

Class

W

9/28/18

14.41

1.32

4.64

†

5.72

†

0.61

0.00

MSCI

All

Country

World

ex

USA

Index

–

20.65

3.05

2.50

3.97

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

February

29,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

the

Advisor

Class

and

Class

W

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Institutional

Class.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class

and

Class

W.

If

these

actual

expenses

had

been

reflected,

the

performance

of

these

two

classes

shown

for

these

periods

would

have

been

different

because

the

Advisor

Class

and

Class

W

have

different

expenses

than

the

Institutional

Class.

as

of

4/30/2023

Net

assets

$

2.39

billion

Portfolio

turnover

rate

*

8%

Number

of

holdings

93

Weighted

median

market

capitalization

$35.22

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

20.8

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

November

1,

2022–April

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

4/30/2023

Consumer

discretionary

20.7

Information

technology

13.8

Financials

13.4

Industrials

11.4

Health

care

11.3

Consumer

staples

10.7

Materials

8.4

Energy

5.3

Communication

services

2.0

Real

estate

0.7

Short-term

investments,

other

assets

&

liabilities,

net

2.3

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

4/30/2023

More

than

$50

billion

31.8

More

than

$15

billion-$50

billion

39.0

More

than

$2

billion-$15

billion

26.8

$2

billion

or

less

2.4

Total

100.0

%

of

portfolio

investments

as

of

4/30/2023

Canada

10.7

Japan

10.0

United

Kingdom

7.4

France

6.2

Netherlands

5.9

Germany

5.7

Italy

5.5

Brazil

5.3

United

States

5.0

Denmark

4.7

12

other

nations

28.6

Short-term

investments

5.0

Total

100.0

Quant

International

Small-Cap

Equity

Fund

20

Performance

as

of

April

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

The

returns

do

not

reflect

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

sale

of

fund

shares.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Holdings

by

country

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Quant

International

Small-Cap

Equity

Fund

Inception

date

6

months

1

year

5

years

since

inception

gross

net

Institutional

Class

12/9/16

16

.26

%

-

2

.04

%

-

0

.66

%

3

.89

%

0

.72

%

0

.72

%

Advisor

Class

12/9/16

16

.26

-

2

.15

-

0

.71

3

.83

0

.80

0

.80

Premier

Class

12/9/16

16

.18

-

2

.19

-

0

.78

3

.75

0

.90

0

.90

Retirement

Class

12/9/16

16

.06

-

2

.43

-

0

.89

3

.65

0

.97

0

.97

Retail

Class

12/9/16

15

.99

-

2

.46

-

1

.06

3

.46

1

.40

1

.10

Class

W

9/28/18

16

.63

-

1

.41

-

0

.04

†

4

.39

†

0

.72

0

.00

MSCI

ACWI

ex

USA

Small

Cap

Index

–

16

.59

-

2

.78

1

.73

6

.04

§

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

February

29,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

Class

W

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Institutional

Class.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

actual

expenses

of

Class

W.

If

these

actual

expenses

had

been

reflected,

the

performance

of

Class

W

shown

for

these

periods

would

have

been

different

because

Class

W

has

different

expenses

than

the

Institutional

Class.

§

Performance

is

calculated

from

the

inception

date

of

the

Institutional

Class.

as

of

4/30/2023

Net

assets

$

1.17

billion

Portfolio

turnover

rate

*

51%

Number

of

holdings

626

Weighted

median

market

capitalization

$1.77

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

9.7

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

November

1,

2022–April

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

4/30/2023

Industrials

26.7

Financials

14.1

Materials

11.4

Consumer

discretionary

10.3

Information

technology

8.8

Health

care

7.6

Consumer

staples

7.0

Energy

6.6

Utilities

2.7

Communication

services

2.1

Real

estate

2.1

Short-term

investments,

other

assets

&

liabilities,

net

0.6

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

4/30/2023

More

than

$50

billion

0.8

More

than

$15

billion-$50

billion

0.4

More

than

$2

billion-$15

billion

46.4

$2

billion

or

less

52.4

Total

100.0

%

of

portfolio

investments

as

of

4/30/2023

Japan

20.2

United

Kingdom

9.0

India

6.1

Canada

6.0

Australia

5.5

Taiwan

5.1

Korea,

Republic

of

4.4

Sweden

4.2

Germany

3.4

United

States

3.2

38

other

nations

31.2

Short-term

investments

1.7

Total

100.0

Social

Choice

International

Equity

Fund

21

Performance

as

of

April

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

The

returns

do

not

reflect

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

sale

of

fund

shares.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Holdings

by

country

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Social

Choice

International

Equity

Fund

Inception

date

6

months

1

year

5

years

since

inception

gross

net

Institutional

Class

8/7/15

25

.33

%

9

.15

%

4

.48

%

5

.18

%

0

.37

%

0

.37

%

Advisor

Class

12/4/15

25

.27

9

.08

4

.37

5

.11

†

0

.48

0

.48

Premier

Class

8/7/15

25

.33

9

.05

4

.32

5

.02

0

.52

0

.52

Retirement

Class

8/7/15

25

.19

8

.86

4

.21

4

.93

0

.62

0

.62

Retail

Class

8/7/15

25

.21

8

.87

4

.14

4

.84

0

.66

0

.66

MSCI

EAFE®

Index

–

24

.19

8

.42

3

.63

4

.52

§

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

February

29,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Institutional

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Institutional

Class.

§

Performance

is

calculated

from

the

inception

date

of

the

Institutional

Class.

as

of

4/30/2023

Net

assets

$

1.56

billion

Portfolio

turnover

rate

*

10%

Number

of

holdings

354

Weighted

median

market

capitalization

$42.36

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

13.0

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

November

1,

2022–April

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

4/30/2023

Financials

18.0

Industrials

14.4

Health

care

12.9

Consumer

discretionary

11.7

Consumer

staples

10.1

Materials

7.9

Information

technology

7.2

Communication

services

5.9

Energy

4.7

Utilities

3.3

Real

estate

2.5

Short-term

investments,

other

assets

&

liabilities,

net

1.4

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

4/30/2023

More

than

$50

billion

43.2

More

than

$15

billion-$50

billion

35.1

More

than

$2

billion-$15

billion

21.7

Total

100.0

%

of

portfolio

investments

as

of

4/30/2023

Japan

20.6

United

Kingdom

12.6

France

10.8

Germany

8.2

Switzerland

7.4

Australia

5.5

United

States

5.4

Netherlands

4.4

Denmark

3.1

Sweden

3.1

16

other

nations

16.4

Short-term

investments

2.5

Total

100.0

Expense

Examples

22

All

shareholders

of

the

TIAA-CREF

Funds

incur

ongoing

costs,

including

management

fees

and

other

fund

expenses.

They

may

also

incur

transactional

costs

for

redemptions

or

account

maintenance

fees.

The

expense

examples

that

appear

in

this

report

are

intended

to

help

you

understand

your

ongoing

costs

only

(in

U.S.

dollars)

and

do

not

reflect

transactional

costs.

The

examples

are

designed

to

help

you

compare

these

ongoing

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

expenses

shown

do

not

include

account

maintenance

fees,

which

may

or

may

not

be

applicable,

as

described

in

the

prospectus.

If

such

fees

were

included,

your

total

costs

for

investing

in

the

funds

would

be

higher.

Note

also

that

shareholders

of

the

TIAA-CREF

Funds

do

not

incur

a

sales

charge

for

purchases,

reinvested

dividends

or

other

distributions.

The

examples

are

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

six-month

period

and

held

for

the

entire

period

(

November

1,

2022

–

April

30,

2023

).

Actual

expenses

The

first

section

in

each

table

uses

the

Fund’s

actual

expenses

and

its

actual

rate

of

return.

You

may

use

the

information

in

this

section,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

six-month

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

line

under

the

heading

“Expenses

incurred

during

the

period”

to

estimate

the

expenses

you

paid

during

the

six-month

period.

Some

funds

have

a

contractual

fee

reimbursement.

Had

these

not

been

in

effect,

fund

expenses

would

have

been

higher.

Hypothetical

example

for

comparison

purposes

The

second

section

in

each

table

shows

hypothetical

account

values

and

expenses

based

on

the

Fund’s

actual

expense

ratio

for

each

share

class

for

the

six-month

period

and

an

assumed

5%-per-year

rate

of

return

before

expenses.

This

was

not

the

share

class’

actual

return.

This

hypothetical

example

cannot

be

used

to

estimate

the

actual

expenses

you

paid

for

the

period,

but

rather

allows

you

to

compare

the

ongoing

costs

of

investing

in

the

Fund

with

the

costs

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

mutual

funds.

2.1

Growth

&

Income

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Class

W

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,098.47

$1,097.01

$1,097.31

$1,096.59

$1,096.87

$1,099.99

Expenses

incurred

during

the

period*

$2.08

$2.56

$2.87

$3.38

$3.39

$0.01

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,022.81

$1,022.35

$1,022.06

$1,021.57

$1,021.56

$1,024.79

Expenses

incurred

during

the

period*

$2.01

$2.47

$2.77

$3.26

$3.27

$0.01

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

April

30,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.40%

for

Institutional

Class,

0.49%

for

Advisor

Class,

0.55%

for

Premier

Class,

0.65%

for

Retirement

Class,

0.65%

for

Retail

Class

and

0.00%

for

Class

W.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

23

2.2

Large-Cap

Growth

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Class

W

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,161.29

$1,160.46

$1,160.17

$1,159.29

$1,159.53

$1,163.29

Expenses

incurred

during

the

period*

$2.11

$2.54

$2.91

$3.44

$3.46

$0.03

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,022.85

$1,022.44

$1,022.10

$1,021.60

$1,021.59

$1,024.77

Expenses

incurred

during

the

period*

$1.97

$2.38

$2.73

$3.22

$3.23

$0.03

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

April

30,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.39%

for

Institutional

Class,

0.47%

for

Advisor

Class,

0.54%

for

Premier

Class,

0.64%

for

Retirement

Class,

0.65%

for

Retail

Class

and

0.01%

for

Class

W.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

2.3

Large-Cap

Value

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Class

W

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,052.42

$1,051.68

$1,051.42

$1,051.06

$1,050.50

$1,054.07

Expenses

incurred

during

the

period*

$2.10

$2.51

$2.87

$3.31

$3.56

$0.01

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,022.75

$1,022.34

$1,022.00

$1,021.57

$1,021.32

$1,024.79

Expenses

incurred

during

the

period*

$2.07

$2.48

$2.82

$3.26

$3.51

$0.01

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

April

30,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.41%

for

Institutional

Class,

0.49%

for

Advisor

Class,

0.56%

for

Premier

Class,

0.65%

for

Retirement

Class,

0.70%

for

Retail

Class

and

0.00%

for

Class

W.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

2.4

Mid-Cap

Growth

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,074.84

$1,073.67

$1,073.87

$1,072.68

$1,072.79

Expenses

incurred

during

the

period*

$2.52

$2.96

$3.29

$3.80

$3.91

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,022.37

$1,021.94

$1,021.62

$1,021.13

$1,021.02

Expenses

incurred

during

the

period*

$2.46

$2.89

$3.21

$3.71

$3.81

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

April

30,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.49%

for

Institutional

Class,

0.58%

for

Advisor

Class,

0.64%

for

Premier

Class,

0.74%

for

Retirement

Class

and

0.76%

for

Retail

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

Expense

Examples

(continued)

24

2.5

Mid-Cap

Value

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$989.77

$989.43

$989.23

$988.60

$987.67

Expenses

incurred

during

the

period*

$2.24

$2.74

$2.98

$3.47

$3.64

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,022.54

$1,022.04

$1,021.80

$1,021.30

$1,021.14

Expenses

incurred

during

the

period*

$2.28

$2.78

$3.03

$3.53

$3.70

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

April

30,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.45%

for

Institutional

Class,

0.56%

for

Advisor

Class,

0.60%

for

Premier

Class,

0.70%

for

Retirement

Class

and

0.74%

for

Retail

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

2.6

Quant

Small-Cap

Equity

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Class

W

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$974.59

$974.61

$974.04

$973.37

$973.47

$976.44

Expenses

incurred

during

the

period*

$2.04

$2.37

$2.77

$3.26

$3.46

$0.01

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,022.73

$1,022.39

$1,021.99

$1,021.49

$1,021.29

$1,024.79

Expenses

incurred

during

the

period*

$2.09

$2.43

$2.84

$3.34

$3.54

$0.01

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

April

30,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.42%

for

Institutional

Class,

0.49%

for

Advisor

Class,

0.57%

for

Premier

Class,

0.67%

for

Retirement

Class,

0.71%

for

Retail

Class

and

0.00%

for

Class

W.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

2.7

Quant

Small/Mid-Cap

Equity

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Class

W

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$996.15

$995.12

$994.77

$994.33

$994.56

$998.17

Expenses

incurred

during

the

period*

$2.33

$2.93

$3.14

$3.53

$3.90

$0.01

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,022.46

$1,021.85

$1,021.64

$1,021.25

$1,020.89

$1,024.78

Expenses

incurred

during

the

period*

$2.36

$2.97

$3.19

$3.58

$3.95

$0.02

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

April

30,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.47%

for

Institutional

Class,

0.59%

for

Advisor

Class,

0.64%

for

Premier

Class,

0.71%

for

Retirement

Class,

0.79%

for

Retail

Class

and

0.00%

for

Class

W.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

25

2.8

Social

Choice

Equity

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,064.63

$1,063.75

$1,063.13

$1,063.18

$1,063.33

Expenses

incurred

during

the

period*

$0.83

$1.26

$1.77

$2.11

$2.16

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,023.99

$1,023.57

$1,023.08

$1,022.75

$1,022.70

Expenses

incurred

during

the

period*

$0.81

$1.24

$1.74

$2.06

$2.11

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

April

30,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.16%

for

Institutional

Class,

0.25%

for

Advisor

Class,

0.35%

for

Premier

Class,

0.41%

for

Retirement

Class

and

0.42%

for

Retail

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

2.9

Social

Choice

Low

Carbon

Equity

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,067.98

$1,067.41

$1,067.58

$1,067.06

$1,066.61

Expenses

incurred

during

the

period*

$1.53

$2.04

$2.30

$2.81

$3.01

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,023.32

$1,022.82

$1,022.57

$1,022.08

$1,021.88

Expenses

incurred

during

the

period*

$1.49

$2.00

$2.25

$2.75

$2.94

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

April

30,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.30%

for

Institutional

Class,

0.40%

for

Advisor

Class,

0.45%

for

Premier

Class,

0.55%

for

Retirement

Class

and

0.59%

for

Retail

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

3.01

Emerging

Markets

Equity

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Class

W

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,177.11

$1,176.77

$1,178.22

$1,179.30

$1,177.02

$1,183.89

Expenses

incurred

during

the

period*

$4.84

$5.18

$5.09

$5.09

$6.65

$0.02

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,020.35

$1,020.03

$1,020.12

$1,020.12

$1,018.69

$1,024.77

Expenses

incurred

during

the

period*

$4.49

$4.81

$4.72

$4.72

$6.16

$0.02

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

April

30,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.90%

for

Institutional

Class,

0.96%

for

Advisor

Class,

0.94%

for

Premier

Class,

0.94%

for

Retirement

Class,

1.23%

for

Retail

Class

and

0.00%

for

Class

W.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

Expense

Examples

(continued)

26

3.1

International

Equity

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Class

W

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,217.18

$1,216.60

$1,216.77

$1,215.43

$1,215.70

$1,219.72

Expenses

incurred

during

the

period*

$2.52

$3.06

$3.35

$3.89

$4.21

$0.01

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,022.52

$1,022.03

$1,021.77

$1,021.28

$1,020.99

$1,024.78

Expenses

incurred

during

the

period*

$2.30

$2.79

$3.05

$3.55

$3.84

$0.01

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

April

30,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.46%

for

Institutional

Class,

0.56%

for

Advisor

Class,

0.61%

for

Premier

Class,

0.71%

for

Retirement

Class,

0.77%

for

Retail

Class

and

0.00%

for

Class

W.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

3.2

International

Opportunities

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Class

W

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,139.71

$1,139.78

$1,140.25

$1,140.23

$1,138.70

$1,144.09

Expenses

incurred

during

the

period*

$3.22

$3.65

$3.43

$3.43

$4.71

$0.04

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,021.79

$1,021.39

$1,021.59

$1,021.59

$1,020.39

$1,024.76

Expenses

incurred

during

the

period*

$3.04

$3.45

$3.24

$3.24

$4.45

$0.04

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

April

30,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.61%

for

Institutional

Class,

0.69%

for

Advisor

Class,

0.65%

for

Premier

Class,

0.65%

for

Retirement

Class,

0.89%

for

Retail

Class

and

0.01%

for

Class

W.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

3.3

Quant

International

Small-Cap

Equity

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Class

W

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,162.56

$1,162.56

$1,161.81

$1,160.61

$1,159.86

$1,166.31

Expenses

incurred

during

the

period*

$3.99

$4.13

$4.86

$5.32

$5.87

$0.05

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,021.11

$1,020.97

$1,020.30

$1,019.87

$1,019.36

$1,024.75

Expenses

incurred

during

the

period*

$3.72

$3.86

$4.54

$4.98

$5.49

$0.04

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

April

30,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.74%

for

Institutional

Class,

0.77%

for

Advisor

Class,

0.91%

for

Premier

Class,

0.99%

for

Retirement

Class,

1.10%

for

Retail

Class

and

0.01%

for

Class

W.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

27

3.4

Social

Choice

International

Equity

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,253.32

$1,252.75

$1,253.33

$1,251.87

$1,252.06

Expenses

incurred

during

the

period*

$1.91

$2.72

$2.80

$3.31

$3.50

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,023.10

$1,022.38

$1,022.31

$1,021.86

$1,021.68

Expenses

incurred

during

the

period*

$1.72

$2.44

$2.51

$2.97

$3.15

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

April

30,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.34%

for

Institutional

Class,

0.49%

for

Advisor

Class,

0.50%

for

Premier

Class,

0.59%

for

Retirement

Class

and

0.63%

for

Retail

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

Growth

&

Income

Fund

April

30,

2023

Portfolio

of

Investments

(Unaudited)

28

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMON

STOCKS

-

100.0%

AUTOMOBILES

&

COMPONENTS

-

2

.1

%

1,088,034

BorgWarner,

Inc

$

52,367,076‌

347,329

*

Tesla,

Inc

57,069,628‌

TOTAL

AUTOMOBILES

&

COMPONENTS

109,436,704‌

BANKS

-

1

.1

%

1,537,117

Wells

Fargo

&

Co

61,100,401‌

TOTAL

BANKS

61,100,401‌

CAPITAL

GOODS

-

5

.9

%

389,785

Dover

Corp

56,970,976‌

298,022

Honeywell

International,

Inc

59,556,716‌

304,404

Hubbell,

Inc

81,982,085‌

94,517

W.W.

Grainger,

Inc

65,743,190‌

496,110

Westinghouse

Air

Brake

Technologies

Corp

48,455,064‌

TOTAL

CAPITAL

GOODS

312,708,031‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

8

.1

%

1,741,842

*

Amazon.com,

Inc

183,677,239‌

309,213

Home

Depot,

Inc

92,930,875‌

439,407

Lowe's

Companies,

Inc

91,321,957‌

112,756

*

Ulta

Beauty,

Inc

62,177,041‌

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

430,107,112‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1

.6

%

171,076

Costco

Wholesale

Corp

86,088,865‌

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

86,088,865‌

ENERGY

-

5

.3

%

504,358

Chevron

Corp

85,024,672‌

659,669

EOG

Resources,

Inc

78,810,655‌

983,494

Exxon

Mobil

Corp

116,386,680‌

TOTAL

ENERGY

280,222,007‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

1

.3

%

610,758

Simon

Property

Group,

Inc

69,211,097‌

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

69,211,097‌

FINANCIAL

SERVICES

-

9

.4

%

329,159

American

Express

Co

53,106,513‌

180,641

Ameriprise

Financial,

Inc

55,117,182‌

723,126

Ares

Management

Corp

63,338,606‌

1,216,096

Bank

of

New

York

Mellon

Corp

51,793,529‌

363,781

Discover

Financial

Services

37,640,420‌

303,509

Mastercard,

Inc

(Class

A)

115,342,525‌

528,626

Visa,

Inc

(Class

A)

123,027,129‌

TOTAL

FINANCIAL

SERVICES

499,365,904‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

6

.0

%

684,091

Abbott

Laboratories

75,571,533‌

503,417

Cardinal

Health,

Inc

41,330,536‌

253,147

Cigna

Corp

64,119,603‌

114,682

Laboratory

Corp

of

America

Holdings

25,999,556‌

235,143

UnitedHealth

Group,

Inc

115,711,519‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

322,732,747‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

2

.7

%

180,054

Estee

Lauder

Cos

(Class

A)

44,422,923‌

29

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

HOUSEHOLD

&

PERSONAL

PRODUCTS—continued

646,263

Procter

&

Gamble

Co

$

101,062,608‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

145,485,531‌

INSURANCE

-

5

.1

%

1,830,189

American

International

Group,

Inc

97,073,225‌

939,747

*

Arch

Capital

Group

Ltd

70,546,807‌

526,697

Chubb

Ltd

106,161,047‌

TOTAL

INSURANCE

273,781,079‌

MATERIALS

-

3

.9

%

1,605,285

Corteva,

Inc

98,115,019‌

190,759

Linde

plc

70,475,913‌

856,773

Sealed

Air

Corp

41,116,536‌

TOTAL

MATERIALS

209,707,468‌

MEDIA

&

ENTERTAINMENT

-

6

.5

%

1,022,857

*

Alphabet,

Inc

(Class

A)

109,793,471‌

926,601

*

Alphabet,

Inc

(Class

C)

100,276,760‌

570,238

*

Meta

Platforms,

Inc

137,039,596‌

TOTAL

MEDIA

&

ENTERTAINMENT

347,109,827‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

4

.8

%

1,564,038

Bristol-Myers

Squibb

Co

104,430,817‌

1,302,226

Merck

&

Co,

Inc

150,368,036‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

254,798,853‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

6

.8

%

137,779

Broadcom,

Inc

86,318,544‌

129,156

Lam

Research

Corp

67,688,076‌

513,945

NVIDIA

Corp

142,614,598‌

581,475

QUALCOMM,

Inc

67,916,280‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

364,537,498‌

SOFTWARE

&

SERVICES

-

15

.9

%

1,421,077

Microsoft

Corp

436,640,119‌

1,586,730

Oracle

Corp

150,295,066‌

570,540

*

Palo

Alto

Networks,

Inc

104,100,728‌

125,502

*

ServiceNow,

Inc

57,658,129‌

263,254

*

Synopsys,

Inc

97,751,475‌

TOTAL

SOFTWARE

&

SERVICES

846,445,517‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

9

.1

%

2,492,936

Apple,

Inc

423,001,381‌

388,795

*

Arista

Networks,

Inc

62,269,407‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

485,270,788‌

UTILITIES

-

4

.4

%

943,115

Alliant

Energy

Corp

52,003,361‌

608,038

American

Electric

Power

Co,

Inc

56,194,872‌

1,808,064

Centerpoint

Energy,

Inc

55,091,710‌

931,672

NextEra

Energy,

Inc

71,394,025‌

TOTAL

UTILITIES

234,683,968‌

TOTAL

COMMON

STOCKS

5,332,793,397‌

(Cost

$4,063,214,483)

Growth

&

Income

Fund

April

30,

2023

30

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

Portfolio

of

Investments

(Unaudited)

(continued)

PRINCIPAL

ISSUER

REFERENCERATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

SHORT-TERM

INVESTMENTS

-

0.0%

REPURCHASE

AGREEMENT

-

0

.0

%

$

2,315,000

r

Fixed

Income

Clearing

Corp

(FICC)

4

.760

%

05/01/23

$

2,315,000‌

TOTAL

REPURCHASE

AGREEMENT

2,315,000‌

TOTAL

SHORT-TERM

INVESTMENTS

2,315,000‌

(Cost

$2,315,000)

TOTAL

INVESTMENTS

-

100.0%

5,335,108,397‌

(Cost

$4,065,529,483)

OTHER

ASSETS

&

LIABILITIES,

NET

-

0.0%

76,067‌

NET

ASSETS

-

100.0%

$

5,335,184,464‌

*

Non-income

producing

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.760%

dated

4/28/23

to

be

repurchased

at

$2,315,000

on

5/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.625%

and

maturity

date

4/15/25,

valued

at

$2,361,338.

Portfolio

of

Investments

(Unaudited)

Large-Cap

Growth

Fund

April

30,

2023

31

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMON

STOCKS

-

98.7%

AUTOMOBILES

&

COMPONENTS

-

1

.1

%

347,854

*

Tesla,

Inc

$

57,155,891‌

TOTAL

AUTOMOBILES

&

COMPONENTS

57,155,891‌

CAPITAL

GOODS

-

3

.2

%

482,420

*

Boeing

Co

99,754,808‌

102,520

Deere

&

Co

38,754,610‌

155,791

Safran

S.A.

24,228,575‌

TOTAL

CAPITAL

GOODS

162,737,993‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

2

.1

%

452,931

Experian

Group

Ltd

16,035,966‌

158,569

Verisk

Analytics,

Inc

30,779,829‌

433,605

Waste

Connections,

Inc

60,336,136‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

107,151,931‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

9

.9

%

421,824

*

Alibaba

Group

Holding

Ltd

(ADR)

35,724,274‌

3,844,868

*

Amazon.com,

Inc

405,441,331‌

541,617

*

Coupang,

Inc

9,077,501‌

643,004

TJX

Companies,

Inc

50,681,575‌

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

500,924,681‌

CONSUMER

DURABLES

&

APPAREL

-

1

.2

%

53,876

Kering

34,500,397‌

3,378,400

Prada

S.p.A

24,874,076‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

59,374,473‌

CONSUMER

SERVICES

-

6

.0

%

71,574

*

Booking

Holdings,

Inc

192,269,952‌

156,849

*

Flutter

Entertainment

plc

31,432,200‌

692,968

*

Las

Vegas

Sands

Corp

44,246,007‌

306,008

Starbucks

Corp

34,973,654‌

TOTAL

CONSUMER

SERVICES

302,921,813‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1

.6

%

163,055

Costco

Wholesale

Corp

82,052,537‌

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

82,052,537‌

ENERGY

-

1

.9

%

358,110

ConocoPhillips

36,845,938‌

179,416

Pioneer

Natural

Resources

Co

39,031,951‌

174,203

Valero

Energy

Corp

19,975,858‌

TOTAL

ENERGY

95,853,747‌

FINANCIAL

SERVICES

-

7

.4

%

12,104

*,g

Adyen

NV

19,449,337‌

104,164

American

Express

Co

16,805,820‌

3,133,698

*

Grab

Holdings

Ltd.

9,119,061‌

633,257

*

PayPal

Holdings,

Inc

48,127,532‌

88,507

S&P

Global,

Inc

32,090,868‌

1,074,423

Visa,

Inc

(Class

A)

250,050,465‌

TOTAL

FINANCIAL

SERVICES

375,643,083‌

FOOD,

BEVERAGE

&

TOBACCO

-

3

.5

%

2,047,044

Davide

Campari-Milano

NV

26,381,215‌

1,485,955

*

Monster

Beverage

Corp

83,213,480‌

338,885

PepsiCo,

Inc

64,689,758‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

174,284,453‌

Large-Cap

Growth

Fund

April

30,

2023

32

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

Portfolio

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

7

.4

%

169,665

*

Align

Technology,

Inc

$

55,192,024‌

427,187

*

Dexcom,

Inc

51,834,871‌

155,926

Essilor

International

S.A.

30,870,234‌

322,131

*

Intuitive

Surgical,

Inc

97,032,300‌

256,069

UnitedHealth

Group,

Inc

126,008,994‌

69,282

*

Veeva

Systems,

Inc

12,407,021‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

373,345,444‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0

.6

%

129,974

Estee

Lauder

Cos

(Class

A)

32,067,185‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

32,067,185‌

INSURANCE

-

0

.6

%

529,349

American

International

Group,

Inc

28,076,671‌

TOTAL

INSURANCE

28,076,671‌

MATERIALS

-

1

.5

%

439,614

Corteva,

Inc

26,869,208‌

129,268

Linde

plc

47,758,062‌

TOTAL

MATERIALS

74,627,270‌

MEDIA

&

ENTERTAINMENT

-

10

.1

%

2,188,230

*

Alphabet,

Inc

(Class

C)

236,810,251‌

642,718

*

Match

Group,

Inc

23,716,294‌

758,623

*

Meta

Platforms,

Inc

182,312,279‌

197,650

NetEase,

Inc

(ADR)

17,616,545‌

42,174

*

Netflix,

Inc

13,914,468‌

400,100

*

ROBLOX

Corp

14,243,560‌

216,119

*

Walt

Disney

Co

22,152,197‌

TOTAL

MEDIA

&

ENTERTAINMENT

510,765,594‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

5

.0

%

387,009

AbbVie,

Inc

58,484,800‌

190,284

Amgen,

Inc

45,618,686‌

722,200

*

Avantor,

Inc

14,068,456‌

305,272

Gilead

Sciences,

Inc

25,096,411‌

184,412

*

Illumina,

Inc

37,907,731‌

214,771

Novo

Nordisk

AS

35,728,090‌

212,836

Zoetis,

Inc

37,412,312‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

254,316,486‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

6

.8

%

564,920

*

Advanced

Micro

Devices,

Inc

50,486,900‌

406,483

Applied

Materials,

Inc

45,944,773‌

105,867

Broadcom,

Inc

66,325,676‌

326,630

Marvell

Technology,

Inc

12,895,352‌

608,595

NVIDIA

Corp

168,879,027‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

344,531,728‌

SOFTWARE

&

SERVICES

-

20

.0

%

87,451

Accenture

plc

24,511,641‌

117,022

*

Atlassian

Corp

17,279,468‌

216,422

*

DocuSign,

Inc

10,699,904‌

169,709

Intuit,

Inc

75,342,311‌

1,773,658

Microsoft

Corp

544,974,157‌

475,327

Oracle

Corp

45,022,973‌

250,999

*

Palo

Alto

Networks,

Inc

45,797,278‌

1,298,691

*

Qualtrics

International,

Inc

23,285,530‌

66,813

Roper

Technologies,

Inc

30,385,216‌

479,920

*

Salesforce,

Inc

95,201,730‌

84,638

*

ServiceNow,

Inc

38,884,390‌

33

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES—continued

95,981

*

Synopsys,

Inc

$

35,639,665‌

139,899

*

Workday,

Inc

26,040,800‌

TOTAL

SOFTWARE

&

SERVICES

1,013,065,063‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

6

.5

%

1,947,306

Apple,

Inc

330,418,882‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

330,418,882‌

TRANSPORTATION

-

2

.3

%

2,348,300

*

Uber

Technologies,

Inc

72,914,715‌

225,972

Union

Pacific

Corp

44,222,721‌

TOTAL

TRANSPORTATION

117,137,436‌

TOTAL

COMMON

STOCKS

4,996,452,361‌

(Cost

$3,127,782,893)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

0.2%

REPURCHASE

AGREEMENT

-

0

.2

%

$

11,205,000

r

Fixed

Income

Clearing

Corp

(FICC)

4

.800

%

05/01/23

11,205,000‌

TOTAL

REPURCHASE

AGREEMENT

11,205,000‌

TOTAL

SHORT-TERM

INVESTMENTS

11,205,000‌

(Cost

$11,205,000)

TOTAL

INVESTMENTS

-

98.9%

5,007,657,361‌

(Cost

$3,138,987,893)

OTHER

ASSETS

&

LIABILITIES,

NET

-

1.1%

55,500,277‌

NET

ASSETS

-

100.0%

$

5,063,157,638‌

ADR

American

Depositary

Receipt

*

Non-income

producing

g

Security

is

exempt

from

registration

under

Rule

144(A)

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.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.800%

dated

4/28/23

to

be

repurchased

at

$11,205,000

on

5/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.625%

and

maturity

date

4/15/25,

valued

at

$11,429,127.

Large-Cap

Value

Fund

April

30,

2023

Portfolio

of

Investments

(Unaudited)

34

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMON

STOCKS

-

98.8%

BANKS

-

8

.7

%

2,946,345

Bank

of

America

Corp

$

86,268,982‌

1,132,725

JPMorgan

Chase

&

Co

156,587,904‌

358,910

PNC

Financial

Services

Group,

Inc

46,748,027‌

855,561

US

Bancorp

29,328,631‌

2,320,954

Wells

Fargo

&

Co

92,257,922‌

TOTAL

BANKS

411,191,466‌

CAPITAL

GOODS

-

11

.0

%

182,229

Allegion

plc

20,132,660‌

166,885

*

Boeing

Co

34,508,480‌

84,002

Caterpillar,

Inc

18,379,638‌

111,241

Deere

&

Co

42,051,323‌

347,778

Dover

Corp

50,831,232‌

365,423

Eaton

Corp

61,069,492‌

348,145

Honeywell

International,

Inc

69,573,297‌

465,299

Masco

Corp

24,898,150‌

200,241

Parker-Hannifin

Corp

65,054,296‌

1,059,628

Raytheon

Technologies

Corp

105,856,837‌

145,414

Trane

Technologies

plc

27,019,375‌

TOTAL

CAPITAL

GOODS

519,374,780‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0

.9

%

146,388

Home

Depot,

Inc

43,995,450‌

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

43,995,450‌

CONSUMER

DURABLES

&

APPAREL

-

1

.1

%

9,279

*

NVR,

Inc

54,189,360‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

54,189,360‌

CONSUMER

SERVICES

-

3

.7

%

14,623

*

Booking

Holdings,

Inc

39,281,911‌

453,912

Hilton

Worldwide

Holdings,

Inc

65,372,406‌

237,930

McDonald's

Corp

70,367,798‌

TOTAL

CONSUMER

SERVICES

175,022,115‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1

.8

%

547,770

Walmart,

Inc

82,696,837‌

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

82,696,837‌

ENERGY

-

9

.0

%

513,527

Chevron

Corp

86,570,381‌

867,784

ConocoPhillips

89,286,296‌

534,232

EOG

Resources,

Inc

63,824,697‌

1,072,671

Exxon

Mobil

Corp

126,939,886‌

499,364

Valero

Energy

Corp

57,262,070‌

TOTAL

ENERGY

423,883,330‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

1

.4

%

513,150

Prologis,

Inc

64,272,037‌

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

64,272,037‌

FINANCIAL

SERVICES

-

8

.1

%

434,311

American

Express

Co

70,071,737‌

323,802

*

Berkshire

Hathaway,

Inc

(Class

B)

106,385,147‌

68,874

BlackRock,

Inc

46,228,229‌

474,861

Charles

Schwab

Corp

24,806,739‌

535,609

*

Fiserv,

Inc

65,408,571‌

35

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

FINANCIAL

SERVICES—continued

196,019

Goldman

Sachs

Group,

Inc

$

67,320,765‌

TOTAL

FINANCIAL

SERVICES

380,221,188‌

FOOD,

BEVERAGE

&

TOBACCO

-

2

.1

%

670,643

Mondelez

International,

Inc

51,451,731‌

482,706

Philip

Morris

International,

Inc

48,256,119‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

99,707,850‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

8

.5

%

588,456

Abbott

Laboratories

65,006,734‌

233,234

Cigna

Corp

59,075,840‌

159,238

Elevance

Health,

Inc

74,626,889‌

220,128

HCA

Healthcare,

Inc

63,249,378‌

664,181

Medtronic

plc

60,407,262‌

117,727

UnitedHealth

Group,

Inc

57,932,279‌

145,184

Zimmer

Biomet

Holdings,

Inc

20,099,273‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

400,397,655‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0

.8

%

243,126

Procter

&

Gamble

Co

38,020,044‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

38,020,044‌

INSURANCE

-

5

.0

%

1,150,356

American

International

Group,

Inc

61,014,882‌

386,012

Chubb

Ltd

77,804,579‌

311,944

Marsh

&

McLennan

Cos,

Inc

56,209,189‌

686,742

Metlife,

Inc

42,117,887‌

TOTAL

INSURANCE

237,146,537‌

MATERIALS

-

4

.7

%

195,945

Celanese

Corp

(Series

A)

20,817,197‌

536,160

Crown

Holdings,

Inc

45,991,805‌

717,400

DuPont

de

Nemours,

Inc

50,017,128‌

221,736

Linde

plc

81,920,365‌

97,767

Reliance

Steel

&

Aluminum

Co

24,226,662‌

TOTAL

MATERIALS

222,973,157‌

MEDIA

&

ENTERTAINMENT

-

6

.4

%

633,280

*

Alphabet,

Inc

(Class

C)

68,533,562‌

1,739,073

Comcast

Corp

(Class

A)

71,945,450‌

451,792

*

Meta

Platforms,

Inc

108,574,653‌

536,756

*

Walt

Disney

Co

55,017,490‌

TOTAL

MEDIA

&

ENTERTAINMENT

304,071,155‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

8

.1

%

182,039

AbbVie,

Inc

27,509,734‌

1,049,414

Bristol-Myers

Squibb

Co

70,069,373‌

117,511

Danaher

Corp

27,839,531‌

973,833

Johnson

&

Johnson

159,416,462‌

543,381

Merck

&

Co,

Inc

62,744,204‌

887,223

Pfizer,

Inc

34,504,102‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

382,083,406‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

4

.6

%

275,029

Analog

Devices,

Inc

49,472,217‌

369,413

Applied

Materials,

Inc

41,754,751‌

42,054

Broadcom,

Inc

26,346,831‌

355,025

Intel

Corp

11,027,076‌

42,784

Lam

Research

Corp

22,422,239‌

486,236

Micron

Technology,

Inc

31,294,149‌

Large-Cap

Value

Fund

April

30,

2023

36

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

Portfolio

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT—continued

216,566

NXP

Semiconductors

NV

$

35,460,517‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

217,777,780‌

SOFTWARE

&

SERVICES

-

3

.5

%

123,744

Accenture

plc

34,684,206‌

184,829

Microsoft

Corp

56,790,559‌

754,363

Oracle

Corp

71,453,263‌

TOTAL

SOFTWARE

&

SERVICES

162,928,028‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

2

.4

%

1,058,403

Cisco

Systems,

Inc

50,009,542‌

516,617

TE

Connectivity

Ltd

63,218,422‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

113,227,964‌

TELECOMMUNICATION

SERVICES

-

1

.1

%

361,000

*

T-Mobile

US,

Inc

51,947,900‌

TOTAL

TELECOMMUNICATION

SERVICES

51,947,900‌

TRANSPORTATION

-

2

.3

%

726,667

*,†,b

AMR

Corporation

7,267‌

1,124,508

CSX

Corp

34,454,925‌

243,748

Union

Pacific

Corp

47,701,483‌

146,427

United

Parcel

Service,

Inc

(Class

B)

26,329,039‌

TOTAL

TRANSPORTATION

108,492,714‌

UTILITIES

-

3

.6

%

477,184

Ameren

Corp

42,455,060‌

496,797

American

Electric

Power

Co,

Inc

45,913,979‌

1,172,789

Centerpoint

Energy,

Inc

35,734,881‌

588,552

NextEra

Energy,

Inc

45,100,740‌

TOTAL

UTILITIES

169,204,660‌

TOTAL

COMMON

STOCKS

4,662,825,413‌

(Cost

$3,171,039,191)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

1.3%

GOVERNMENT

AGENCY

DEBT

-

0

.3

%

$

6,000,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

06/09/23

5,969,233‌

5,000,000

FHLB

0

.000

06/12/23

4,972,394‌

5,000,000

FHLB

0

.000

07/26/23

4,942,736‌

TOTAL

GOVERNMENT

AGENCY

DEBT

15,884,363‌

REPURCHASE

AGREEMENT

-

1

.0

%

44,515,000

r

Fixed

Income

Clearing

Corp

(FICC)

4

.800

05/01/23

44,515,000‌

TOTAL

REPURCHASE

AGREEMENT

44,515,000‌

TOTAL

SHORT-TERM

INVESTMENTS

60,399,363‌

(Cost

$60,395,112)

TOTAL

INVESTMENTS

-

100.1%

4,723,224,776‌

(Cost

$3,231,434,303)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.1)%

(

6,215,243‌

)

NET

ASSETS

-

100.0%

$

4,717,009,533‌

37

See

Notes

to

Financial

Statements

*

Non-income

producing

†

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

b

In

bankruptcy

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.800%

dated

4/28/23

to

be

repurchased

at

$44,515,000

on

5/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.125%

and

maturity

date

4/15/25,

valued

at

$45,405,383.

Mid-Cap

Growth

Fund

April

30,

2023

Portfolio

of

Investments

(Unaudited)

38

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMON

STOCKS

-

99.7%

CAPITAL

GOODS

-

6

.8

%

53,601

Ametek,

Inc

$

7,393,186‌

199,297

Carrier

Global

Corp

8,334,600‌

260,635

Spirit

Aerosystems

Holdings,

Inc

(Class

A)

7,756,498‌

27,192

TransDigm

Group,

Inc

20,801,880‌

39,157

W.W.

Grainger,

Inc

27,236,434‌

TOTAL

CAPITAL

GOODS

71,522,598‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

10

.4

%

810,087

*

ACV

Auctions,

Inc

10,555,433‌

524,262

*

Cimpress

plc

27,235,411‌

440,911

*

Driven

Brands

Holdings,

Inc

13,535,968‌

294,741

Experian

Group

Ltd

10,435,269‌

134,121

Verisk

Analytics,

Inc

26,034,227‌

148,574

Waste

Connections,

Inc

20,674,072‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

108,470,380‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

4

.8

%

4,419

*

AutoZone,

Inc

11,769,167‌

87,515

*

Burlington

Stores,

Inc

16,873,767‌

184,272

*

Coupang,

Inc

3,088,399‌

92,856

*

Five

Below,

Inc

18,326,060‌

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

50,057,393‌

CONSUMER

DURABLES

&

APPAREL

-

3

.8

%

171,194

*

Capri

Holdings

Ltd

7,104,551‌

110,222

*

Garmin

Ltd

10,820,494‌

2,028,700

Prada

S.p.A

14,936,668‌

821,120

*

Traeger,

Inc

2,496,205‌

517,587

*

Under

Armour,

Inc

(Class

C)

4,161,399‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

39,519,317‌

CONSUMER

SERVICES

-

8

.1

%

468,868

Entain

PLC

8,543,367‌

460,682

*

European

Wax

Center,

Inc

8,679,249‌

146,226

*

Expedia

Group,

Inc

13,739,395‌

71,486

*

Hyatt

Hotels

Corp

8,170,850‌

141,768

MGM

Resorts

International

6,368,219‌

170,300

e

Restaurant

Brands

International,

Inc

11,943,139‌

2,681,935

*,e

Sabre

Corp

10,727,740‌

141,424

*

Trip.com

Group

Ltd

(ADR)

5,021,966‌

106,180

*

Wynn

Resorts

Ltd

12,134,250‌

TOTAL

CONSUMER

SERVICES

85,328,175‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0

.7

%

110,116

*

Performance

Food

Group

Co

6,903,172‌

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

6,903,172‌

ENERGY

-

4

.7

%

189,387

*

Antero

Resources

Corp

4,354,007‌

134,817

Cheniere

Energy,

Inc

20,627,001‌

135,558

Diamondback

Energy,

Inc

19,276,348‌

148,637

Halliburton

Co

4,867,862‌

29,081

Vitesse

Energy,

Inc

535,090‌

TOTAL

ENERGY

49,660,308‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

1

.5

%

137,575

Simon

Property

Group,

Inc

15,589,999‌

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

15,589,999‌

39

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

FINANCIAL

SERVICES

-

5

.1

%

5,592

*,g

Adyen

NV

$

8,985,517‌

39,258

Ameriprise

Financial,

Inc

11,978,401‌

814,235

*

Grab

Holdings

Ltd.

2,369,424‌

242,247

Jefferies

Financial

Group,

Inc

7,759,171‌

48,293

LPL

Financial

Holdings,

Inc

10,085,510‌

782,271

*

Marqeta,

Inc

3,168,198‌

133,184

Tradeweb

Markets,

Inc

9,377,485‌

TOTAL

FINANCIAL

SERVICES

53,723,706‌

FOOD,

BEVERAGE

&

TOBACCO

-

3

.5

%

1,078,137

Davide

Campari-Milano

NV

13,894,457‌

365,710

Fevertree

Drinks

plc

6,232,259‌

85,912

*

Freshpet,

Inc

5,925,351‌

39,734

Hershey

Co

10,849,766‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

36,901,833‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

10

.3

%

73,358

*

Align

Technology,

Inc

23,863,357‌

261,571

*

Dexcom,

Inc

31,739,025‌

13,172

*

IDEXX

Laboratories,

Inc

6,482,732‌

16,360

*

Insulet

Corp

5,203,134‌

68,523

*

Molina

Healthcare,

Inc

20,412,317‌

110,066

*

Veeva

Systems,

Inc

19,710,619‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

107,411,184‌

INSURANCE

-

1

.6

%

174,569

*

Arch

Capital

Group

Ltd

13,104,895‌

101,209

*,e

Trupanion,

Inc

3,553,448‌

TOTAL

INSURANCE

16,658,343‌

MATERIALS

-

3

.0

%

170,830

Corteva,

Inc

10,441,130‌

93,676

Crown

Holdings,

Inc

8,035,527‌

146,614

Sealed

Air

Corp

7,036,006‌

48,191

Westlake

Chemical

Corp

5,483,172‌

TOTAL

MATERIALS

30,995,835‌

MEDIA

&

ENTERTAINMENT

-

3

.5

%

296,006

*

Match

Group,

Inc

10,922,621‌

281,170

*

ROBLOX

Corp

10,009,652‌

134,587

*

Trade

Desk,

Inc

8,659,328‌

534,246

*

Warner

Bros

Discovery,

Inc

7,271,088‌

TOTAL

MEDIA

&

ENTERTAINMENT

36,862,689‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

6

.7

%

78,542

Agilent

Technologies,

Inc

10,636,943‌

37,246

*

Alnylam

Pharmaceuticals,

Inc

7,419,403‌

476,501

*

Avantor,

Inc

9,282,239‌

48,789

*

Charles

River

Laboratories

International,

Inc

9,275,765‌

393,127

*

Elanco

Animal

Health,

Inc

3,722,913‌

63,242

*

Horizon

Therapeutics

Plc

7,029,981‌

25,514

*

Sarepta

Therapeutics,

Inc

3,132,354‌

55,244

West

Pharmaceutical

Services,

Inc

19,956,342‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

70,455,940‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

4

.6

%

131,286

Entegris,

Inc

9,835,947‌

195,567

Marvell

Technology,

Inc

7,720,985‌

50,516

Monolithic

Power

Systems,

Inc

23,336,877‌

Mid-Cap

Growth

Fund

April

30,

2023

40

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

Portfolio

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT—continued

47,242

NXP

Semiconductors

NV

$

7,735,405‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

48,629,214‌

SOFTWARE

&

SERVICES

-

16

.7

%

253,545

Bentley

Systems,

Inc

10,790,875‌

297,870

e

Clear

Secure,

Inc

7,205,475‌

190,285

*

DocuSign,

Inc

9,407,691‌

139,683

*

Five9,

Inc

9,057,046‌

45,076

*

Gartner,

Inc

13,633,687‌

42,552

*

HubSpot,

Inc

17,912,264‌

37,811

*

MongoDB,

Inc

9,073,128‌

81,519

*

Okta,

Inc

5,586,497‌

68,009

*

Palo

Alto

Networks,

Inc

12,408,922‌

92,827

*

Paylocity

Holding

Corp

17,942,531‌

292,029

*

Qualtrics

International,

Inc

5,236,080‌

406,577

*

SentinelOne,

Inc

6,533,692‌

107,416

*

Synopsys,

Inc

39,885,709‌

91,265

*

Twilio,

Inc

4,801,452‌

211,369

*,e

Unity

Software,

Inc

5,700,622‌

TOTAL

SOFTWARE

&

SERVICES

175,175,671‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

1

.9

%

122,494

*

Arista

Networks,

Inc

19,618,639‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

19,618,639‌

TRANSPORTATION

-

2

.0

%

724,091

*

Grab

Holdings

Ltd

2,107,105‌

588,810

*

Hertz

Global

Holdings,

Inc

9,821,350‌

51,117

JB

Hunt

Transport

Services,

Inc

8,960,299‌

TOTAL

TRANSPORTATION

20,888,754‌

TOTAL

COMMON

STOCKS

1,044,373,150‌

(Cost

$969,865,792)

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.2%

TRANSPORTATION

-

0

.2

%

169,870

Hertz

Global

Holdings,

Inc

06/30/51

1,596,778‌

TOTAL

TRANSPORTATION

1,596,778‌

TOTAL

RIGHTS/WARRANTS

1,596,778‌

(Cost

$2,029,947)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

2.2%

REPURCHASE

AGREEMENT

-

0

.0

%

$

230,000

r

Fixed

Income

Clearing

Corp

(FICC)

4

.760

%

05/01/23

230,000‌

TOTAL

REPURCHASE

AGREEMENT

230,000‌

41

See

Notes

to

Financial

Statements

SHARES

COMPANY

RATE

EXP

VALUE

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

2

.2

%

22,862,937

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.840

%

$

22,862,937‌

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

22,862,937‌

TOTAL

SHORT-TERM

INVESTMENTS

23,092,937‌

(Cost

$23,092,937)

TOTAL

INVESTMENTS

-

102.1%

1,069,062,865‌

(Cost

$994,988,676)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(2.1)%

(

21,540,224‌

)

NET

ASSETS

-

100.0%

$

1,047,522,641‌

ADR

American

Depositary

Receipt

*

Non-income

producing

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$24,424,924.

g

Security

is

exempt

from

registration

under

Rule

144(A)

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.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.760%

dated

4/28/23

to

be

repurchased

at

$230,000

on

5/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.500%

and

maturity

date

1/31/27,

valued

at

$234,655.

Mid-Cap

Value

Fund

April

30,

2023

Portfolio

of

Investments

(Unaudited)

42

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMON

STOCKS

-

99.3%

BANKS

-

3

.5

%

345,295

East

West

Bancorp,

Inc

$

17,848,299‌

250,941

First

Interstate

Bancsystem,

Inc

6,421,580‌

2,535,972

e

New

York

Community

Bancorp,

Inc

27,109,541‌

112,233

South

State

Corp

7,741,832‌

TOTAL

BANKS

59,121,252‌

CAPITAL

GOODS

-

14

.8

%

201,469

Ametek,

Inc

27,788,619‌

160,173

*

Crane

Co

11,543,668‌

160,173

Crane

Holdings

Co

7,585,793‌

114,774

Curtiss-Wright

Corp

19,492,068‌

163,400

Dover

Corp

23,882,544‌

90,581

Eaton

Corp

15,137,897‌

524,158

Howmet

Aerospace,

Inc

23,214,958‌

312,054

Johnson

Controls

International

plc

18,673,311‌

489,621

nVent

Electric

plc

20,529,809‌

86,932

Parker-Hannifin

Corp

28,242,468‌

129,266

Regal-Beloit

Corp

16,825,263‌

111,686

WESCO

International,

Inc

16,082,784‌

195,268

Westinghouse

Air

Brake

Technologies

Corp

19,071,826‌

TOTAL

CAPITAL

GOODS

248,071,008‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1

.3

%

145,557

Republic

Services,

Inc

21,050,453‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

21,050,453‌

CONSUMER

DURABLES

&

APPAREL

-

2

.1

%

323,661

*

Capri

Holdings

Ltd

13,431,931‌

1,826,260

Newell

Brands

Inc

22,189,059‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

35,620,990‌

CONSUMER

SERVICES

-

6

.0

%

53,322

Domino's

Pizza,

Inc

16,928,135‌

206,715

*

Expedia

Group,

Inc

19,422,942‌

262,939

*

Las

Vegas

Sands

Corp

16,788,655‌

624,603

MGM

Resorts

International

28,057,167‌

279,688

Wyndham

Hotels

&

Resorts,

Inc

19,080,315‌

TOTAL

CONSUMER

SERVICES

100,277,214‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

2

.2

%

79,374

Dollar

General

Corp

17,578,166‌

309,248

*

Performance

Food

Group

Co

19,386,757‌

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

36,964,923‌

ENERGY

-

5

.3

%

170,983

Diamondback

Energy,

Inc

24,313,783‌

2,691,871

Permian

Resources

Corp

28,130,052‌

132,774

Pioneer

Natural

Resources

Co

28,884,984‌

63,984

Valero

Energy

Corp

7,337,045‌

TOTAL

ENERGY

88,665,864‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

10

.6

%

565,645

Apartment

Income

REIT

Corp

20,917,552‌

120,324

EastGroup

Properties,

Inc

20,041,165‌

149,230

Extra

Space

Storage,

Inc

22,688,929‌

916,381

Kimco

Realty

Corp

17,585,351‌

1,939,079

Medical

Properties

Trust,

Inc

17,005,723‌

349,611

Rexford

Industrial

Realty,

Inc

19,497,806‌

57,750

SBA

Communications

Corp

15,066,398‌

43

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)—continued

135,938

Sun

Communities,

Inc

$

18,885,866‌

772,268

VICI

Properties,

Inc

26,210,776‌

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

177,899,566‌

FINANCIAL

SERVICES

-

9

.7

%

84,294

Ameriprise

Financial,

Inc

25,719,785‌

747,311

Equitable

Holdings,

Inc

19,422,613‌

517,396

Fidelity

National

Information

Services,

Inc

30,381,493‌

249,716

*

Fiserv,

Inc

30,495,318‌

97,766

*

FleetCor

Technologies,

Inc

20,914,103‌

99,451

LPL

Financial

Holdings,

Inc

20,769,347‌

382,378

OneMain

Holdings,

Inc

14,671,844‌

TOTAL

FINANCIAL

SERVICES

162,374,503‌

FOOD,

BEVERAGE

&

TOBACCO

-

1

.6

%

680,135

Kraft

Heinz

Co

26,708,901‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

26,708,901‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

6

.2

%

511,691

Baxter

International,

Inc

24,397,427‌

369,761

Cardinal

Health,

Inc

30,357,378‌

336,439

*

Centene

Corp

23,190,740‌

50,588

Humana,

Inc

26,836,428‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

104,781,973‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1

.3

%

332,045

Spectrum

Brands

Holdings,

Inc

22,080,993‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

22,080,993‌

INSURANCE

-

7

.0

%

446,975

American

International

Group,

Inc

23,707,554‌

62,261

Everest

Re

Group

Ltd

23,534,658‌

308,352

Metlife,

Inc

18,911,228‌

532,152

Unum

Group

22,456,814‌

120,549

Willis

Towers

Watson

plc

27,919,149‌

TOTAL

INSURANCE

116,529,403‌

MATERIALS

-

4

.9

%

484,740

Corteva,

Inc

29,627,309‌

367,702

DuPont

de

Nemours,

Inc

25,636,183‌

1,085,348

Graphic

Packaging

Holding

Co

26,764,682‌

TOTAL

MATERIALS

82,028,174‌

MEDIA

&

ENTERTAINMENT

-

1

.9

%

346,026

Omnicom

Group,

Inc

31,339,575‌

TOTAL

MEDIA

&

ENTERTAINMENT

31,339,575‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

4

.6

%

86,632

*

Biogen,

Inc

26,356,053‌

1,286,654

*

Exelixis,

Inc

23,545,768‌

120,896

*

United

Therapeutics

Corp

27,821,797‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

77,723,618‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0

.7

%

183,656

Micron

Technology,

Inc

11,820,100‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

11,820,100‌

SOFTWARE

&

SERVICES

-

2

.3

%

681,686

*

DXC

Technology

Co

16,258,211‌

Mid-Cap

Value

Fund

April

30,

2023

44

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

Portfolio

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES—continued

1,264,957

Gen

Digital,

Inc

$

22,351,790‌

TOTAL

SOFTWARE

&

SERVICES

38,610,001‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

3

.5

%

503,246

*

Ciena

Corp

23,169,446‌

2,477,650

Hewlett

Packard

Enterprise

Co

35,479,948‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

58,649,394‌

TRANSPORTATION

-

1

.7

%

334,270

*

Delta

Air

Lines,

Inc

11,468,804‌

575,450

Southwest

Airlines

Co

17,430,380‌

TOTAL

TRANSPORTATION

28,899,184‌

UTILITIES

-

8

.1

%

632,236

Alliant

Energy

Corp

34,861,493‌

276,583

American

Electric

Power

Co,

Inc

25,561,801‌

522,249

e

Brookfield

Renewable

Corp

17,448,339‌

284,063

Dominion

Energy,

Inc

16,231,360‌

634,617

FirstEnergy

Corp

25,257,756‌

244,414

Xcel

Energy,

Inc

17,086,983‌

TOTAL

UTILITIES

136,447,732‌

TOTAL

COMMON

STOCKS

1,665,664,821‌

(Cost

$1,567,436,142)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

0.9%

REPURCHASE

AGREEMENT

-

0

.6

%

$

11,185,000

r

Fixed

Income

Clearing

Corp

(FICC)

4

.800

%

05/01/23

11,185,000‌

TOTAL

REPURCHASE

AGREEMENT

11,185,000‌

SHARES

COMPANY

EXP

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

0

.3

%

4,690,864

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.840

4,690,864‌

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

4,690,864‌

TOTAL

SHORT-TERM

INVESTMENTS

15,875,864‌

(Cost

$15,875,864)

TOTAL

INVESTMENTS

-

100.2%

1,681,540,685‌

(Cost

$1,583,312,006)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.2)%

(

3,977,097‌

)

NET

ASSETS

-

100.0%

$

1,677,563,588‌

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$4,572,920.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.800%

dated

4/28/23

to

be

repurchased

at

$11,185,000

on

5/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

3.875%

and

maturity

date

3/31/25,

valued

at

$11,408,744.

Portfolio

of

Investments

(Unaudited)

Quant

Small-Cap

Equity

Fund

April

30,

2023

45

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMON

STOCKS

-

98.0%

AUTOMOBILES

&

COMPONENTS

-

1

.1

%

125,580

*

Fox

Factory

Holding

Corp

$

13,923,055‌

772,680

*

Goodyear

Tire

&

Rubber

Co

8,244,496‌

244,640

*

Modine

Manufacturing

Co

5,115,422‌

TOTAL

AUTOMOBILES

&

COMPONENTS

27,282,973‌

BANKS

-

7

.4

%

131,030

Ameris

Bancorp

4,389,505‌

218,740

*

Axos

Financial,

Inc

8,896,156‌

206,821

Bank

of

NT

Butterfield

&

Son

Ltd

5,321,504‌

122,674

Banner

Corp

6,123,886‌

277,490

Brookline

Bancorp,

Inc

2,647,255‌

529,770

Cadence

BanCorp

10,711,949‌

180,970

Cathay

General

Bancorp

5,767,514‌

151,550

Central

Pacific

Financial

Corp

2,406,614‌

296,970

Columbia

Banking

System,

Inc

6,343,279‌

156,673

ConnectOne

Bancorp,

Inc

2,472,300‌

229,030

*

Customers

Bancorp,

Inc

5,002,015‌

283,170

CVB

Financial

Corp

4,239,055‌

162,460

Eagle

Bancorp,

Inc

4,077,746‌

147,050

Enterprise

Financial

Services

Corp

6,287,858‌

161,010

First

Busey

Corp

2,927,162‌

90,840

First

Financial

Corp

3,138,522‌

240,960

First

Foundation,

Inc

1,515,638‌

191,110

First

Merchants

Corp

5,576,590‌

247,550

Hancock

Whitney

Corp

9,040,526‌

152,410

Heartland

Financial

USA,

Inc

4,962,470‌

229,100

Heritage

Commerce

Corp

1,947,350‌

140,250

Horizon

Bancorp

1,476,832‌

79,569

Independent

Bank

Corp

1,417,919‌

216,170

Lakeland

Bancorp,

Inc

3,099,878‌

73,770

*,e

Metropolitan

Bank

Holding

Corp

2,367,279‌

150,370

National

Bank

Holdings

Corp

4,781,766‌

258,520

OceanFirst

Financial

Corp

4,136,320‌

420,540

OFG

Bancorp

10,753,208‌

203,690

Old

National

Bancorp

2,731,483‌

303,920

Pacific

Premier

Bancorp,

Inc

6,759,181‌

53,990

Peapack

Gladstone

Financial

Corp

1,433,974‌

45,110

Premier

Financial

Corp

749,277‌

60,965

QCR

Holdings,

Inc

2,523,951‌

213,130

Renasant

Corp

5,993,216‌

218,990

Towne

Bank

5,187,873‌

85,730

UMB

Financial

Corp

5,453,285‌

317,292

United

Community

Banks,

Inc

7,900,571‌

161,590

Washington

Federal,

Inc

4,530,984‌

172,040

WesBanco,

Inc

4,579,705‌

136,700

Westamerica

Bancorporation

5,537,717‌

TOTAL

BANKS

185,209,313‌

CAPITAL

GOODS

-

10

.8

%

458,900

*

API

Group

Corp

10,444,564‌

98,770

Applied

Industrial

Technologies,

Inc

13,399,138‌

150,803

*

Atkore

International

Group,

Inc

19,050,943‌

163,230

Comfort

Systems

USA,

Inc

24,401,253‌

53,519

CSW

Industrials,

Inc

7,207,404‌

27,180

EMCOR

Group,

Inc

4,647,780‌

48,560

Encore

Wire

Corp

7,591,385‌

275,290

Enerpac

Tool

Group

Corp

6,540,890‌

76,955

EnPro

Industries,

Inc

7,254,548‌

106,510

*

Evoqua

Water

Technologies

Corp

5,266,920‌

Quant

Small-Cap

Equity

Fund

April

30,

2023

46

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

Portfolio

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

173,090

Federal

Signal

Corp

$

8,893,364‌

406,920

*

Fluor

Corp

11,825,095‌

41,320

Franklin

Electric

Co,

Inc

3,696,900‌

43,720

*

GMS,

Inc

2,538,383‌

55,220

H&E

Equipment

Services,

Inc

2,015,530‌

45,980

Herc

Holdings,

Inc

4,598,920‌

434,580

*

Janus

International

Group,

Inc

3,911,220‌

71,340

John

Bean

Technologies

Corp

7,755,371‌

88,900

McGrath

RentCorp

7,901,432‌

562,731

*

MRC

Global,

Inc

5,481,000‌

164,150

Mueller

Industries,

Inc

11,794,178‌

589,020

*

NOW,

Inc

6,284,843‌

189,680

*

Parsons

Corp

8,251,080‌

282,390

*

PGT

Innovations,

Inc

7,246,127‌

161,820

Rush

Enterprises,

Inc

(Class

A)

8,594,260‌

293,610

*

Shoals

Technologies

Group,

Inc

6,133,513‌

59,980

Simpson

Manufacturing

Co,

Inc

7,544,284‌

124,570

*

SPX

Technologies,

Inc

7,932,618‌

32,670

Standex

International

Corp

4,012,203‌

129,860

*

Titan

Machinery,

Inc

4,071,111‌

533,000

*

Triumph

Group,

Inc

5,761,730‌

161,540

UFP

Industries,

Inc

12,684,121‌

271,110

Wabash

National

Corp

6,959,394‌

108,380

*

WillScot

Mobile

Mini

Holdings

Corp

4,920,452‌

238,364

Zurn

Water

Solutions

Corp

5,136,744‌

TOTAL

CAPITAL

GOODS

271,748,698‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

3

.7

%

536,200

*

Alight,

Inc

4,959,850‌

52,100

Brady

Corp

(Class

A)

2,658,663‌

197,700

*

CBIZ,

Inc

10,416,813‌

91,260

*

ExlService

Holdings,

Inc

16,278,959‌

97,302

Exponent,

Inc

8,956,649‌

362,150

*

First

Advantage

Corp

4,657,249‌

80,280

*

Franklin

Covey

Co

2,947,882‌

188,810

Healthcare

Services

Group

2,947,324‌

67,330

Heidrick

&

Struggles

International,

Inc

1,690,656‌

96,660

*

Huron

Consulting

Group,

Inc

8,195,801‌

70,393

ICF

International,

Inc

8,024,802‌

162,700

KBR,

Inc

9,229,971‌

82,560

Kforce,

Inc

4,882,598‌

53,370

*

NV5

Global

Inc

5,055,740‌

25,380

*

SP

Plus

Corp

867,235‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

91,770,192‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

2

.6

%

214,390

*

Abercrombie

&

Fitch

Co

(Class

A)

5,046,740‌

143,590

Academy

Sports

&

Outdoors,

Inc

9,120,837‌

333,570

American

Eagle

Outfitters,

Inc

4,466,502‌

31,820

*

Boot

Barn

Holdings,

Inc

2,305,995‌

634,970

*

CarParts.com,

Inc

3,009,758‌

374,430

*

Destination

XL

Group,

Inc

1,643,748‌

137,630

Foot

Locker,

Inc

5,779,084‌

163,930

Monro

Muffler,

Inc

8,012,898‌

365,720

*

National

Vision

Holdings,

Inc

7,694,749‌

279,010

*

Overstock.com,

Inc

5,680,644‌

487,910

*

Sally

Beauty

Holdings,

Inc

6,942,959‌

86,800

e

Signet

Jewelers

Ltd

6,386,744‌

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

66,090,658‌

47

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

DURABLES

&

APPAREL

-

2

.2

%

117,890

*

Callaway

Golf

Co

$

2,613,621‌

103,650

*

Crocs,

Inc

12,818,396‌

53,990

Installed

Building

Products,

Inc

6,709,337‌

124,520

*

Lovesac

Co

3,273,631‌

108,510

*

M/I

Homes,

Inc

7,339,616‌

47,990

*

Malibu

Boats,

Inc

2,723,433‌

149,982

*

Skyline

Champion

Corp

11,124,165‌

191,530

*

Taylor

Morrison

Home

Corp

8,253,028‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

54,855,227‌

CONSUMER

SERVICES

-

4

.5

%

11,630

*

Biglari

Holdings,

Inc

(B

Shares)

2,014,316‌

44,880

Carriage

Services,

Inc

1,288,505‌

464,550

*

Coursera,

Inc

5,779,002‌

156,290

*

Dave

&

Buster's

Entertainment,

Inc

5,542,043‌

232,940

*

Denny's

Corp

2,611,257‌

77,750

*

Duolingo,

Inc

10,586,440‌

470,220

*

Everi

Holdings,

Inc

7,147,344‌

91,630

*

frontdoor,

Inc

2,506,997‌

8,000

Graham

Holdings

Co

4,604,560‌

206,310

*

Hilton

Grand

Vacations,

Inc

8,830,068‌

407,250

International

Game

Technology

plc

11,460,015‌

442,800

e

Krispy

Kreme,

Inc

6,810,264‌

513,400

Laureate

Education,

Inc

6,361,026‌

299,070

*

Portillo's,

Inc

6,465,893‌

169,330

*

Stride,

Inc

7,274,417‌

322,260

*,e

Target

Hospitality

Corp

4,063,699‌

159,360

Texas

Roadhouse,

Inc

(Class

A)

17,628,403‌

98,820

*

Xponential

Fitness,

Inc

3,268,966‌

TOTAL

CONSUMER

SERVICES

114,243,215‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0

.9

%

141,248

Andersons,

Inc

6,313,786‌

67,891

*,d

BJ's

Wholesale

Club

Holdings,

Inc

5,184,836‌

196,690

*

Chefs'

Warehouse

Holdings,

Inc

6,541,909‌

83,360

*

Performance

Food

Group

Co

5,225,838‌

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

23,266,369‌

ENERGY

-

6

.3

%

155,010

Ardmore

Shipping

Corp

2,277,097‌

683,570

Berry

Petroleum

Co

LLC

5,222,475‌

20,520

Bonanza

Creek

Energy,

Inc

1,416,906‌

205,270

California

Resources

Corp

8,313,435‌

127,990

Chesapeake

Energy

Corp

10,582,213‌

449,240

e

Comstock

Resources

Inc

5,166,260‌

308,430

CVR

Energy,

Inc

8,124,046‌

87,330

*

Denbury,

Inc

8,154,875‌

415,930

*

Diamond

Offshore

Drilling,

Inc

4,779,036‌

225,310

*

Golar

LNG

Ltd

5,114,537‌

61,210

Helmerich

&

Payne,

Inc

2,029,724‌

607,470

Liberty

Oilfield

Services,

Inc

7,781,691‌

251,480

Murphy

Oil

Corp

9,231,831‌

1,474,270

Nordic

American

Tankers

Ltd

5,204,173‌

29,860

Oasis

Petroleum,

Inc

4,249,974‌

307,980

*

Oceaneering

International,

Inc

5,460,485‌

147,190

Ovintiv,

Inc

5,310,615‌

416,339

*

Par

Pacific

Holdings,

Inc

9,754,823‌

288,346

PBF

Energy,

Inc

10,051,742‌

723,130

RPC,

Inc

5,343,931‌

148,870

*

Teekay

Tankers

Ltd

6,027,746‌

232,230

*

US

Silica

Holdings,

Inc

3,030,601‌

Quant

Small-Cap

Equity

Fund

April

30,

2023

48

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

ENERGY—continued

49,420

*

Valaris

Ltd

$

2,965,200‌

636,950

*,e

Vertex

Energy,

Inc

5,031,905‌

252,050

*

Weatherford

International

Ltd

16,289,991‌

105,650

World

Fuel

Services

Corp

2,497,566‌

TOTAL

ENERGY

159,412,878‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

5

.9

%

623,010

Apple

Hospitality

REIT,

Inc

9,276,619‌

721,900

Brandywine

Realty

Trust

2,837,067‌

561,400

Broadstone

Net

Lease,

Inc

9,077,838‌

825,590

DiamondRock

Hospitality

Co

6,695,535‌

13,570

EastGroup

Properties,

Inc

2,260,219‌

426,670

Essential

Properties

Realty

Trust,

Inc

10,560,082‌

280,900

Four

Corners

Property

Trust,

Inc

7,165,759‌

355,870

Kite

Realty

Group

Trust

7,373,626‌

758,010

Macerich

Co

7,572,520‌

124,570

National

Storage

Affiliates

Trust

4,802,174‌

157,510

Outfront

Media,

Inc

2,624,117‌

354,130

d

Phillips

Edison

&

Co,

Inc

11,169,260‌

646,980

Piedmont

Office

Realty

Trust,

Inc

4,211,840‌

100,200

PotlatchDeltic

Corp

4,632,246‌

576,450

Retail

Opportunities

Investment

Corp

7,511,144‌

698,640

RLJ

Lodging

Trust

7,056,264‌

143,600

Ryman

Hospitality

Properties

12,875,176‌

900,500

Service

Properties

Trust

7,897,385‌

542,010

Summit

Hotel

Properties,

Inc

3,490,544‌

486,500

Tanger

Factory

Outlet

Centers,

Inc

9,540,265‌

397,270

Whitestone

REIT

3,555,567‌

407,870

Xenia

Hotels

&

Resorts,

Inc

5,163,634‌

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

147,348,881‌

FINANCIAL

SERVICES

-

6

.2

%

136,320

A-Mark

Precious

Metals,

Inc

4,880,256‌

258,310

Artisan

Partners

Asset

Management,

Inc

8,955,608‌

482,730

*

AvidXchange

Holdings,

Inc

3,586,684‌

1,903,650

BGC

Partners,

Inc

(Class

A)

8,623,534‌

855,720

Broadmark

Realty

Capital,

Inc

4,201,585‌

174,160

Enact

Holdings,

Inc

4,204,222‌

192,993

*

Enova

International,

Inc

8,476,253‌

283,380

Essent

Group

Ltd

12,035,149‌

238,890

*

Flywire

Corp

6,968,421‌

348,740

*

Green

Dot

Corp

5,994,841‌

89,410

*

International

Money

Express

Inc

2,304,990‌

529,650

*

LendingClub

Corp

3,802,887‌

259,790

Navient

Corp

4,296,927‌

385,715

*

NMI

Holdings,

Inc

9,025,731‌

509,260

*

Open

Lending

Corp

3,580,098‌

617,140

*

Payoneer

Global,

Inc

3,369,584‌

37,280

Piper

Jaffray

Cos

5,049,203‌

658,620

Radian

Group,

Inc

15,984,707‌

335,520

*

Remitly

Global,

Inc

5,636,736‌

681,560

*

Repay

Holdings

Corp

4,273,381‌

179,210

Sculptor

Capital

Management,

Inc

1,492,819‌

167,670

StepStone

Group,

Inc

3,693,770‌

936,230

*

StoneCo

Ltd

11,534,354‌

188,280

Victory

Capital

Holdings,

Inc

5,750,071‌

40,000

Virtus

Investment

Partners,

Inc

7,288,400‌

TOTAL

FINANCIAL

SERVICES

155,010,211‌

FOOD,

BEVERAGE

&

TOBACCO

-

1

.8

%

90,012

Calavo

Growers,

Inc

2,876,783‌

49

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

FOOD,

BEVERAGE

&

TOBACCO—continued

151,610

Cal-Maine

Foods,

Inc

$

7,201,475‌

16,380

Coca-Cola

Consolidated

Inc

9,655,355‌

436,596

*

Hostess

Brands,

Inc

11,246,713‌

61,810

MGP

Ingredients,

Inc

6,099,411‌

612,680

Primo

Water

Corp

9,306,609‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

46,386,346‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

7

.2

%

423,580

*

Accolade,

Inc

5,731,037‌

456,240

*

Allscripts

Healthcare

Solutions,

Inc

5,698,438‌

544,950

*

Alphatec

Holdings

Inc

7,869,078‌

109,420

*

Angiodynamics,

Inc

910,374‌

168,340

*

AtriCure,

Inc

7,405,277‌

50,757

*

Avanos

Medical,

Inc

1,499,362‌

97,120

*

Castle

Biosciences,

Inc

2,197,826‌

290,920

*

Evolent

Health,

Inc

10,592,397‌

443,020

*

Health

Catalyst,

Inc

5,582,052‌

127,224

HealthStream,

Inc

3,134,799‌

700,750

*

Hims

&

Hers

Health,

Inc

8,121,692‌

100,980

*

Integer

Holding

Corp

8,315,703‌

195,067

*

Lantheus

Holdings,

Inc

16,668,475‌

143,210

*

Merit

Medical

Systems,

Inc

11,641,541‌

32,330

*

ModivCare,

Inc

2,056,188‌

276,440

*

Neogen

Corp

4,760,297‌

352,330

*

NextGen

Healthcare,

Inc

5,898,004‌

451,710

*

Option

Care

Health,

Inc

14,522,476‌

143,520

*

Owens

&

Minor,

Inc

2,230,301‌

174,297

*

Phreesia,

Inc

5,514,757‌

275,860

*

Privia

Health

Group,

Inc

7,622,012‌

272,340

*

Progyny,

Inc

9,052,582‌

78,830

*

Shockwave

Medical

Inc

22,873,313‌

250,550

*

Surgery

Partners,

Inc

9,936,813‌

16,880

*

UFP

Technologies,

Inc

2,326,739‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

182,161,533‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1

.5

%

390,720

*

BellRing

Brands,

Inc

14,062,013‌

258,570

*

elf

Beauty,

Inc

23,984,953‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

38,046,966‌

INSURANCE

-

2

.0

%

47,190

American

Equity

Investment

Life

Holding

Co

1,818,703‌

290,980

*

BRP

Group,

Inc

7,329,786‌

98,490

Employers

Holdings,

Inc

3,899,219‌

2,230,180

*

Genworth

Financial,

Inc

(Class

A)

12,957,346‌

122,310

*

Goosehead

Insurance,

Inc

7,032,825‌

111,900

Selective

Insurance

Group,

Inc

10,779,327‌

138,430

Stewart

Information

Services

Corp

5,765,609‌

TOTAL

INSURANCE

49,582,815‌

MATERIALS

-

5

.0

%

120,980

AdvanSix,

Inc

4,558,527‌

208,220

*

Arconic

Corp

5,153,445‌

264,500

*

Aspen

Aerogels,

Inc

1,655,770‌

1,487,720

*

Coeur

Mining,

Inc

5,058,248‌

205,170

Commercial

Metals

Co

9,579,387‌

597,950

*

Constellium

SE

8,879,558‌

126,760

*

Ingevity

Corp

9,093,762‌

43,310

Innospec,

Inc

4,401,595‌

45,810

Materion

Corp

4,961,681‌

142,864

Myers

Industries,

Inc

2,707,273‌

Quant

Small-Cap

Equity

Fund

April

30,

2023

50

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

MATERIALS—continued

649,060

*

O-I

Glass,

Inc

$

14,584,378‌

65,654

Olympic

Steel,

Inc

3,057,507‌

273,570

Orion

Engineered

Carbons

SA

6,623,130‌

546,490

*

PQ

Group

Holdings,

Inc

6,202,662‌

495,580

*

Rayonier

Advanced

Materials,

Inc

2,695,955‌

226,350

Ryerson

Holding

Corp

8,549,240‌

180,125

Schnitzer

Steel

Industries,

Inc

(Class

A)

5,203,811‌

113,190

Sensient

Technologies

Corp

8,428,127‌

136,150

Sylvamo

Corp

6,238,393‌

121,390

Worthington

Industries,

Inc

7,209,352‌

TOTAL

MATERIALS

124,841,801‌

MEDIA

&

ENTERTAINMENT

-

2

.3

%

298,990

*

Cars.com,

Inc

5,851,234‌

1,554,820

*

Clear

Channel

1,974,621‌

485,890

Entravision

Communications

Corp

(Class

A)

3,036,812‌

342,380

Gray

Television,

Inc

2,639,750‌

329,030

*

Integral

Ad

Science

Holding

Corp

5,175,642‌

106,790

*

Liberty

Braves

Group

(Class

C)

4,060,156‌

279,480

*

PubMatic,

Inc

3,817,697‌

110,280

Shutterstock,

Inc

7,388,760‌

232,256

e

Sinclair

Broadcast

Group,

Inc

(Class

A)

4,619,572‌

624,660

TEGNA,

Inc

10,681,686‌

311,920

*

WideOpenWest,

Inc

3,565,246‌

141,870

*

Yelp,

Inc

4,244,750‌

TOTAL

MEDIA

&

ENTERTAINMENT

57,055,926‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

8

.9

%

287,250

*

Adaptive

Biotechnologies

Corp

2,050,965‌

1,735,960

*

ADMA

Biologics,

Inc

5,815,466‌

417,540

*

Alkermes

plc

11,920,767‌

206,040

*

Amphastar

Pharmaceuticals,

Inc

7,370,051‌

62,200

*

Amylyx

Pharmaceuticals,

Inc

1,766,480‌

306,940

*

Arcus

Biosciences,

Inc

5,478,879‌

648,600

*,e

Aurinia

Pharmaceuticals,

Inc

7,296,750‌

243,820

*

Biohaven

Ltd

3,189,166‌

296,990

*

Bridgebio

Pharma,

Inc

4,312,295‌

247,340

*

C4

Therapeutics,

Inc

746,967‌

142,652

*

CareDx,

Inc

1,154,055‌

282,520

*

Chinook

Therapeutics,

Inc

5,653,225‌

425,351

*

Codexis,

Inc

1,667,376‌

63,190

*

Collegium

Pharmaceutical,

Inc

1,470,431‌

965,340

*,e

CTI

BioPharma

Corp

4,691,552‌

252,070

*

Cytek

Biosciences,

Inc

2,893,764‌

214,930

*,e

Day

One

Biopharmaceuticals,

Inc

2,665,132‌

411,300

*

Deciphera

Pharmaceuticals,

Inc

5,844,573‌

272,510

*

Editas

Medicine,

Inc

2,223,682‌

456,890

*

Evolus,

Inc

3,993,219‌

335,970

*

FibroGen,

Inc

5,751,806‌

104,050

*

Halozyme

Therapeutics,

Inc

3,343,126‌

129,623

*

Harmony

Biosciences

Holdings,

Inc

4,179,046‌

136,300

*

Ideaya

Biosciences,

Inc

2,488,838‌

1,140,460

*

Immunogen,

Inc

6,147,079‌

262,940

*

Immunovant,

Inc

4,243,852‌

42,620

*

Intellia

Therapeutics,

Inc

1,608,905‌

357,270

*

Intercept

Pharmaceuticals,

Inc

6,187,916‌

218,154

*

Intra-Cellular

Therapies,

Inc

13,558,271‌

805,400

*

Iovance

Biotherapeutics,

Inc

4,542,456‌

267,149

*

IVERIC

bio,

Inc

8,786,531‌

821,740

*

Karyopharm

Therapeutics,

Inc

2,941,829‌

292,620

*

Kura

Oncology,

Inc

2,850,119‌

51

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

314,370

*

MacroGenics,

Inc

$

2,166,009‌

1,350,790

*

MannKind

Corp

5,200,541‌

853,730

*

Mersana

Therapeutics,

Inc

3,739,337‌

119,730

*

Morphic

Holding,

Inc

5,658,440‌

305,610

*

NGM

Biopharmaceuticals

Inc

1,378,301‌

387,610

*,e

Nkarta,

Inc

1,918,669‌

341,750

*

Nurix

Therapeutics,

Inc

3,291,053‌

137,084

Phibro

Animal

Health

Corp

2,133,027‌

70,570

*

Prometheus

Biosciences,

Inc

13,687,052‌

333,060

*

Protagonist

Therapeutics,

Inc

7,527,156‌

217,930

*

RAPT

Therapeutics,

Inc

3,966,326‌

579,490

*

Recursion

Pharmaceuticals,

Inc

2,764,167‌

77,630

*

Replimune

Group,

Inc

1,298,750‌

1,890,850

*

Rigel

Pharmaceuticals,

Inc

2,136,661‌

239,690

*

Travere

Therapeutics,

Inc

5,170,113‌

378,810

*

Vanda

Pharmaceuticals,

Inc

2,325,893‌

306,020

*

Veracyte,

Inc

6,928,293‌

141,880

*

Viridian

Therapeutics,

Inc

3,976,896‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

224,101,253‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

2

.8

%

76,090

*

Axcelis

Technologies,

Inc

9,001,447‌

83,270

*

Diodes,

Inc

6,636,619‌

397,950

*

indie

Semiconductor,

Inc

3,012,482‌

160,070

Kulicke

&

Soffa

Industries,

Inc

7,628,936‌

96,427

*

Lattice

Semiconductor

Corp

7,685,232‌

32,010

*

MACOM

Technology

Solutions

Holdings,

Inc

1,867,463‌

272,220

*

MaxLinear,

Inc

6,568,669‌

422,940

*

Photronics,

Inc

6,115,712‌

281,780

*

Rambus,

Inc

12,494,125‌

262,820

*

SMART

Global

Holdings,

Inc

4,052,685‌

286,360

*

Veeco

Instruments,

Inc

5,274,751‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

70,338,121‌

SOFTWARE

&

SERVICES

-

5

.0

%

241,730

A10

Networks,

Inc

3,418,062‌

34,522

*

ACI

Worldwide,

Inc

874,442‌

210,030

*

Alkami

Technology,

Inc

2,518,260‌

358,380

*

Box,

Inc

9,482,735‌

202,080

*

Brightcove,

Inc

836,611‌

314,440

*

EngageSmart,

Inc

5,398,935‌

83,760

*

Everbridge,

Inc

2,201,213‌

271,950

*

Fastly,

Inc

4,019,421‌

151,750

*

LiveRamp

Holdings,

Inc

3,655,658‌

223,650

*

Model

N,

Inc

6,888,420‌

738,100

*

Olo,

Inc

5,055,985‌

139,790

*

Pagerduty,

Inc

4,202,087‌

323,710

*

PowerSchool

Holdings,

Inc

6,759,065‌

154,435

Progress

Software

Corp

8,475,393‌

99,460

*

Qualys,

Inc

11,233,012‌

49,874

*

Rapid7,

Inc

2,424,375‌

156,080

*

Sprout

Social,

Inc

7,688,501‌

38,100

*

SPS

Commerce,

Inc

5,612,130‌

190,940

*

Squarespace,

Inc

5,938,234‌

317,099

*

Tenable

Holdings,

Inc

11,729,492‌

294,250

*

Varonis

Systems,

Inc

6,814,830‌

175,260

*

Verint

Systems,

Inc

6,395,237‌

522,440

*

Zeta

Global

Holdings

Corp

5,072,892‌

TOTAL

SOFTWARE

&

SERVICES

126,694,990‌

Quant

Small-Cap

Equity

Fund

April

30,

2023

52

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

3

.5

%

166,620

Belden

CDT,

Inc

$

13,144,652‌

118,170

*

Coherent

Corp

4,034,324‌

973,090

*

CommScope

Holding

Co,

Inc

4,797,334‌

605,510

*

Extreme

Networks,

Inc

10,765,968‌

31,000

*

Fabrinet

2,943,450‌

46,183

*

OSI

Systems,

Inc

5,216,831‌

230,176

*

Ribbon

Communications,

Inc

589,250‌

352,571

*

Sanmina

Corp

18,425,360‌

51,182

*

Scansource,

Inc

1,399,828‌

148,760

*

Super

Micro

Computer,

Inc

15,683,767‌

480,380

Vishay

Intertechnology,

Inc

10,227,290‌

42,409

*

Vishay

Precision

Group,

Inc

1,592,034‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

88,820,088‌

TELECOMMUNICATION

SERVICES

-

0

.9

%

134,810

*

Bandwidth

Inc

1,640,638‌

260,960

*

EchoStar

Corp

(Class

A)

4,454,587‌

2,484,160

*,e

Globalstar,

Inc

2,250,649‌

327,260

*

Gogo,

Inc

4,388,557‌

44,770

Iridium

Communications,

Inc

2,841,552‌

506,370

*

Radius

Global

Infrastructure,

Inc

7,438,575‌

TOTAL

TELECOMMUNICATION

SERVICES

23,014,558‌

TRANSPORTATION

-

2

.0

%

129,322

ArcBest

Corp

12,207,997‌

54,336

Forward

Air

Corp

5,732,991‌

156,149

*

Hub

Group,

Inc

(Class

A)

11,773,635‌

255,240

e

Safe

Bulkers,

Inc

934,179‌

50,930

*

Saia,

Inc

15,165,426‌

202,052

Spirit

Airlines,

Inc

3,455,089‌

TOTAL

TRANSPORTATION

49,269,317‌

UTILITIES

-

3

.5

%

168,830

Allete,

Inc

10,531,615‌

228,410

Avista

Corp

10,066,029‌

174,978

Black

Hills

Corp

11,424,314‌

255,719

e

Brookfield

Infrastructure

Corp

10,893,629‌

261,460

Clearway

Energy,

Inc

(Class

C)

7,940,540‌

151,440

Northwest

Natural

Holding

Co

7,111,622‌

136,380

ONE

Gas,

Inc

10,494,441‌

148,130

e

Otter

Tail

Corp

10,657,954‌

103,501

Portland

General

Electric

Co

5,239,221‌

73,820

Unitil

Corp

4,103,654‌

TOTAL

UTILITIES

88,463,019‌

TOTAL

COMMON

STOCKS

2,465,015,348‌

(Cost

$2,236,193,299)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

3.7%

GOVERNMENT

AGENCY

DEBT

-

0

.4

%

$

5,000,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

07/26/23

4,942,736‌

4,860,000

Tennessee

Valley

Authority

(TVA)

0

.000

05/03/23

4,858,773‌

TOTAL

GOVERNMENT

AGENCY

DEBT

9,801,509‌

REPURCHASE

AGREEMENT

-

1

.6

%

39,505,000

r

Fixed

Income

Clearing

Corp

(FICC)

4

.800

05/01/23

39,505,000‌

TOTAL

REPURCHASE

AGREEMENT

39,505,000‌

53

See

Notes

to

Financial

Statements

SHARES

COMPANY

RATE

EXP

VALUE

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

1

.7

%

44,207,045

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.840

%

$

44,207,045‌

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

44,207,045‌

TOTAL

SHORT-TERM

INVESTMENTS

93,513,554‌

(Cost

$93,511,733)

TOTAL

INVESTMENTS

-

101.7%

2,558,528,902‌

(Cost

$2,329,705,032)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(1.7)%

(

42,002,227‌

)

NET

ASSETS

-

100.0%

$

2,516,526,675‌

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

d

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

margin

requirements

on

open

futures

contracts.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$48,037,279.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.800%

dated

4/28/23

to

be

repurchased

at

$39,505,000

on

5/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.125%

and

maturity

date

4/15/25,

valued

at

$40,295,159.

Futures

contracts

outstanding

as

of

April

30,

2023

were

as

follows:

Description

Number

of

long

(short)

contracts

Expiration

date

Notional

amount

Value

Unrealized

appreciation

(depreciation)

Russell

2000

E

Mini

Index

500‌

06/16/23

 $

44,606,107‌

$

44,370,000‌

$

(

236,107‌

)

Quant

Small/Mid-Cap

Equity

Fund

April

30,

2023

Portfolio

of

Investments

(Unaudited)

54

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMON

STOCKS

-

99.5%

AUTOMOBILES

&

COMPONENTS

-

1

.4

%

91,339

*

Goodyear

Tire

&

Rubber

Co

$

974,587‌

36,310

Lear

Corp

4,635,335‌

74,015

*

Stoneridge,

Inc

1,393,702‌

50,329

Thor

Industries,

Inc

3,976,998‌

27,490

*

Visteon

Corp

3,859,321‌

TOTAL

AUTOMOBILES

&

COMPONENTS

14,839,943‌

BANKS

-

5

.0

%

48,502

*

Axos

Financial,

Inc

1,972,576‌

93,788

Bank

of

NT

Butterfield

&

Son

Ltd

2,413,165‌

93,360

Bank

OZK

3,334,819‌

97,522

Berkshire

Hills

Bancorp,

Inc

2,074,293‌

168,318

Capitol

Federal

Financial

1,043,572‌

79,020

Cathay

General

Bancorp

2,518,367‌

87,404

Central

Pacific

Financial

Corp

1,387,976‌

89,147

Columbia

Banking

System,

Inc

1,904,180‌

54,952

Community

Bank

System,

Inc

2,745,402‌

34,565

ConnectOne

Bancorp,

Inc

545,436‌

30,104

Eagle

Bancorp,

Inc

755,610‌

30,147

Enterprise

Financial

Services

Corp

1,289,086‌

147,528

First

Bancorp

1,733,454‌

114,730

First

Commonwealth

Financial

Corp

1,431,830‌

116,725

First

Financial

Bankshares,

Inc

3,415,374‌

139,628

First

Hawaiian,

Inc

2,668,291‌

105,284

First

Interstate

Bancsystem,

Inc

2,694,218‌

50,864

Glacier

Bancorp,

Inc

1,690,211‌

16,307

HomeStreet,

Inc

159,156‌

36,790

International

Bancshares

Corp

1,569,829‌

89,696

National

Bank

Holdings

Corp

2,852,333‌

34,912

NBT

Bancorp,

Inc

1,125,563‌

106,184

OFG

Bancorp

2,715,125‌

206,015

Old

National

Bancorp

2,762,661‌

62,684

Prosperity

Bancshares,

Inc

3,925,272‌

79,836

Renasant

Corp

2,244,988‌

35,070

Westamerica

Bancorporation

1,420,686‌

TOTAL

BANKS

54,393,473‌

CAPITAL

GOODS

-

16

.2

%

47,566

Aecom

Technology

Corp

3,950,356‌

24,937

*

Aerojet

Rocketdyne

Holdings,

Inc

1,406,696‌

11,730

Alamo

Group,

Inc

2,073,043‌

28,410

Allegion

plc

3,138,737‌

93,796

Allison

Transmission

Holdings,

Inc

4,576,307‌

207,376

*

API

Group

Corp

4,719,878‌

38,702

Applied

Industrial

Technologies,

Inc

5,250,313‌

64,918

*

Atkore

International

Group,

Inc

8,201,091‌

64,005

Boise

Cascade

Co

4,372,182‌

119,395

*

Builders

FirstSource,

Inc

11,315,064‌

34,037

Comfort

Systems

USA,

Inc

5,088,191‌

54,200

*

Core

&

Main,

Inc

1,412,452‌

13,740

*

Crane

Co

990,242‌

13,940

Crane

Holdings

Co

660,198‌

76,638

Donaldson

Co,

Inc

4,870,345‌

32,912

*

Dycom

Industries,

Inc

3,048,310‌

32,959

EMCOR

Group,

Inc

5,635,989‌

94,616

Enerpac

Tool

Group

Corp

2,248,076‌

15,403

EnPro

Industries,

Inc

1,452,041‌

49,184

Esab

Corp

2,870,378‌

48,863

Federal

Signal

Corp

2,510,581‌

55

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

118,020

*

Fluor

Corp

$

3,429,661‌

39,223

*

Gibraltar

Industries,

Inc

1,962,719‌

50,620

Griffon

Corp

1,440,139‌

97,391

Howmet

Aerospace,

Inc

4,313,447‌

64,443

ITT,

Inc

5,441,567‌

177,207

*

Janus

International

Group,

Inc

1,594,863‌

97,683

*

Kratos

Defense

&

Security

Solutions,

Inc

1,260,111‌

252,743

*

MRC

Global,

Inc

2,461,717‌

35,492

Mueller

Industries,

Inc

2,550,100‌

7,219

Nordson

Corp

1,561,542‌

226,637

*

NOW,

Inc

2,418,217‌

144,567

nVent

Electric

plc

6,061,694‌

65,580

*

Parsons

Corp

2,852,730‌

102,552

Pentair

plc

5,956,220‌

12,397

Quanta

Services,

Inc

2,103,027‌

60,110

Rush

Enterprises,

Inc

(Class

A)

3,192,442‌

104,035

Shyft

Group,

Inc

2,609,198‌

5,721

Snap-On,

Inc

1,484,085‌

36,974

*

SPX

Technologies,

Inc

2,354,504‌

67,930

*

Sunrun,

Inc

1,429,247‌

66,352

Textron,

Inc

4,441,603‌

56,338

*

Titan

Machinery,

Inc

1,766,196‌

5,320

Toro

Co

554,663‌

19,583

*

Trex

Co,

Inc

1,070,407‌

178,342

*

Triumph

Group,

Inc

1,927,877‌

90,900

UFP

Industries,

Inc

7,137,468‌

146,063

*

Univar

Solutions

Inc

5,185,237‌

29,775

*

Vectrus,

Inc

1,286,280‌

25,737

Veritiv

Corp

2,956,409‌

296,070

Vertiv

Holdings

Co

4,417,364‌

148,485

Wabash

National

Corp

3,811,610‌

31,218

WESCO

International,

Inc

4,495,392‌

TOTAL

CAPITAL

GOODS

175,318,206‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

3

.5

%

369,280

*

Alight,

Inc

3,415,840‌

68,516

Booz

Allen

Hamilton

Holding

Co

6,558,352‌

37,491

Brink's

Co

2,356,309‌

20,024

Concentrix

Corp

1,932,516‌

23,877

*

ExlService

Holdings,

Inc

4,259,179‌

37,539

Genpact

Ltd

1,672,363‌

36,455

Insperity,

Inc

4,464,279‌

49,600

KBR,

Inc

2,813,808‌

73,298

Kforce,

Inc

4,334,844‌

27,286

Manpower,

Inc

2,065,823‌

33,965

Tetra

Tech,

Inc

4,699,737‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

38,573,050‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

2

.0

%

35,323

*

Autonation,

Inc

4,652,039‌

345,097

*

CarParts.com,

Inc

1,635,760‌

244,641

*

Chico's

FAS,

Inc

1,232,990‌

193,220

Designer

Brands,

Inc

1,582,472‌

4,150

*

Five

Below,

Inc

819,044‌

12,508

Murphy

USA,

Inc

3,442,577‌

65,384

*

ODP

Corp

2,825,243‌

208,288

*

Sally

Beauty

Holdings,

Inc

2,963,938‌

617,740

*

Stitch

Fix

Inc

2,106,493‌

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

21,260,556‌

Quant

Small/Mid-Cap

Equity

Fund

April

30,

2023

56

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

Portfolio

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

DURABLES

&

APPAREL

-

2

.3

%

10,438

*

Cavco

Industries,

Inc

$

3,133,696‌

76,344

*

G-III

Apparel

Group

Ltd

1,198,601‌

22,720

Installed

Building

Products,

Inc

2,823,415‌

62,216

*

Skyline

Champion

Corp

4,614,561‌

42,673

Smith

&

Wesson

Brands,

Inc

512,930‌

94,210

Steven

Madden

Ltd

3,301,118‌

59,219

Tapestry,

Inc

2,416,727‌

25,348

*

TopBuild

Corp

5,715,467‌

199,846

*

Under

Armour,

Inc

(Class

A)

1,772,634‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

25,489,149‌

CONSUMER

SERVICES

-

3

.6

%

153,557

ADT,

Inc

1,028,832‌

103,470

Bloomin'

Brands,

Inc

2,562,952‌

90,870

*

Bowlero

Corp

1,329,428‌

78,229

Boyd

Gaming

Corp

5,429,093‌

229,118

*

Denny's

Corp

2,568,413‌

26,233

*

Duolingo,

Inc

3,571,885‌

186,128

*

Everi

Holdings,

Inc

2,829,146‌

51,400

*

frontdoor,

Inc

1,406,304‌

103,887

H&R

Block,

Inc

3,522,808‌

67,279

*

Hilton

Grand

Vacations,

Inc

2,879,541‌

157,057

International

Game

Technology

plc

4,419,584‌

45,093

Red

Rock

Resorts,

Inc

2,200,538‌

44,858

Texas

Roadhouse,

Inc

(Class

A)

4,962,192‌

TOTAL

CONSUMER

SERVICES

38,710,716‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1

.6

%

61,665

Albertsons

Cos,

Inc

1,288,798‌

78,068

*

Chefs'

Warehouse

Holdings,

Inc

2,596,542‌

90,506

*

Performance

Food

Group

Co

5,673,821‌

83,817

*

United

Natural

Foods,

Inc

2,285,690‌

138,771

*

US

Foods

Holding

Corp

5,328,806‌

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

17,173,657‌

DIVERSIFIED

FINANCIALS

-

0

.5

%

28,000

e

Vanguard

Small-Cap

ETF

5,244,680‌

TOTAL

DIVERSIFIED

FINANCIALS

5,244,680‌

ENERGY

-

4

.7

%

226,017

*

Alto

Ingredients,

Inc

296,082‌

38,818

APA

Corp

1,430,443‌

83,130

California

Resources

Corp

3,366,765‌

40,118

CVR

Energy,

Inc

1,056,708‌

42,735

*

Denbury,

Inc

3,990,594‌

22,374

Devon

Energy

Corp

1,195,443‌

165,675

*

Diamond

Offshore

Drilling,

Inc

1,903,606‌

238,628

Liberty

Oilfield

Services,

Inc

3,056,825‌

164,090

Magnolia

Oil

&

Gas

Corp

3,465,581‌

10,251

*

Nabors

Industries

Ltd

1,022,435‌

135,837

*

NexTier

Oilfield

Solutions,

Inc

1,097,563‌

12,700

Oasis

Petroleum,

Inc

1,807,591‌

165,963

*

Par

Pacific

Holdings,

Inc

3,888,513‌

196,349

PBF

Energy,

Inc

6,844,726‌

133,936

Range

Resources

Corp

3,542,607‌

771,263

*

Southwestern

Energy

Co

4,002,855‌

106,360

Vitesse

Energy,

Inc

1,957,024‌

85,328

*

Weatherford

International

Ltd

5,514,749‌

76,708

World

Fuel

Services

Corp

1,813,377‌

TOTAL

ENERGY

51,253,487‌

57

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

7

.4

%

149,697

Acadia

Realty

Trust

$

2,022,406‌

96,042

Alexander

&

Baldwin,

Inc

1,846,888‌

103,050

American

Assets

Trust,

Inc

1,875,510‌

131,680

Americold

Realty

Trust

3,896,411‌

118,979

Apartment

Income

REIT

Corp

4,399,843‌

112,250

Apple

Hospitality

REIT,

Inc

1,671,403‌

125,555

Brandywine

Realty

Trust

493,431‌

134,868

Brixmor

Property

Group,

Inc

2,876,734‌

26,081

Camden

Property

Trust

2,870,214‌

28,326

CubeSmart

1,288,550‌

65,335

EPR

Properties

2,741,457‌

80,816

Equity

Lifestyle

Properties,

Inc

5,568,222‌

165,990

Essential

Properties

Realty

Trust,

Inc

4,108,253‌

66,629

First

Industrial

Realty

Trust,

Inc

3,496,024‌

26,947

Gaming

and

Leisure

Properties,

Inc

1,401,244‌

180,200

Kimco

Realty

Corp

3,458,038‌

173,500

Kite

Realty

Group

Trust

3,594,920‌

37,093

Life

Storage,

Inc

4,984,557‌

78,894

National

Retail

Properties,

Inc

3,431,889‌

59,724

NexPoint

Residential

Trust,

Inc

2,563,951‌

173,218

Outfront

Media,

Inc

2,885,812‌

307,972

Paramount

Group,

Inc

1,333,519‌

192,437

Piedmont

Office

Realty

Trust,

Inc

1,252,765‌

72,116

Regency

Centers

Corp

4,430,086‌

70,528

Retail

Opportunities

Investment

Corp

918,980‌

19,100

Rexford

Industrial

Realty,

Inc

1,065,207‌

176,709

RLJ

Lodging

Trust

1,784,761‌

47,917

Ryman

Hospitality

Properties

4,296,238‌

328,661

Service

Properties

Trust

2,882,357‌

70,165

Whitestone

REIT

627,977‌

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

80,067,647‌

FINANCIAL

SERVICES

-

7

.0

%

8,662

Affiliated

Managers

Group,

Inc

1,250,620‌

78,854

A-Mark

Precious

Metals,

Inc

2,822,973‌

349,518

*

AvidXchange

Holdings,

Inc

2,596,919‌

139,854

Brightsphere

Investment

Group,

Inc

3,157,903‌

132,588

*

Cannae

Holdings,

Inc

2,418,405‌

65,774

Carlyle

Group,

Inc

1,994,925‌

54,838

CBOE

Global

Markets,

Inc

7,660,869‌

84,432

Essent

Group

Ltd

3,585,827‌

35,641

EVERTEC,

Inc

1,236,386‌

15,666

Factset

Research

Systems,

Inc

6,449,535‌

132,147

*

Flywire

Corp

3,854,728‌

30,030

Hamilton

Lane,

Inc

2,212,610‌

30,000

e

iShares

Russell

2000

Index

Fund

5,256,000‌

10,368

Jack

Henry

&

Associates,

Inc

1,693,509‌

105,820

*

LendingClub

Corp

759,788‌

24,194

LPL

Financial

Holdings,

Inc

5,052,675‌

6,781

MarketAxess

Holdings,

Inc

2,158,867‌

73,062

*

NMI

Holdings,

Inc

1,709,651‌

402,366

*

SoFi

Technologies,

Inc

2,506,740‌

92,764

StepStone

Group,

Inc

2,043,591‌

284,248

*

StoneCo

Ltd

3,501,935‌

8,870

*

StoneX

Group,

Inc

869,881‌

159,298

*

Toast,

Inc

2,899,224‌

158,072

Virtu

Financial,

Inc

3,169,344‌

50,600

Voya

Financial,

Inc

3,869,888‌

85,330

Western

Union

Co

932,657‌

TOTAL

FINANCIAL

SERVICES

75,665,450‌

Quant

Small/Mid-Cap

Equity

Fund

April

30,

2023

58

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

FOOD,

BEVERAGE

&

TOBACCO

-

1

.3

%

120,719

*

Hostess

Brands,

Inc

$

3,109,721‌

64,918

Lamb

Weston

Holdings,

Inc

7,258,482‌

228,795

Primo

Water

Corp

3,475,396‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

13,843,599‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

5

.6

%

164,440

*

Accolade,

Inc

2,224,873‌

200,875

*

Allscripts

Healthcare

Solutions,

Inc

2,508,929‌

36,510

*

AtriCure,

Inc

1,606,075‌

61,876

*

Axonics

Modulation

Technologies,

Inc

3,555,395‌

106,899

*

Cross

Country

Healthcare,

Inc

2,349,640‌

137,140

*

Evolent

Health,

Inc

4,993,267‌

322,324

*

Hims

&

Hers

Health,

Inc

3,735,735‌

54,965

*

Lantheus

Holdings,

Inc

4,696,759‌

34,100

*

LivaNova

plc

1,633,390‌

58,876

*

Merit

Medical

Systems,

Inc

4,786,030‌

131,024

*

Option

Care

Health,

Inc

4,212,422‌

116,113

Patterson

Cos,

Inc

3,147,823‌

105,517

*

Phreesia,

Inc

3,338,558‌

53,390

*

Privia

Health

Group,

Inc

1,475,166‌

103,673

*

Progyny,

Inc

3,446,091‌

25,130

*

Shockwave

Medical

Inc

7,291,721‌

49,294

*

Silk

Road

Medical

Inc

2,169,922‌

36,375

*

Surgery

Partners,

Inc

1,442,632‌

66,700

*

Teladoc,

Inc

1,769,551‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

60,383,979‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1

.5

%

128,665

*

BellRing

Brands,

Inc

4,630,653‌

100,746

*

elf

Beauty,

Inc

9,345,199‌

24,867

Medifast,

Inc

2,279,061‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

16,254,913‌

INSURANCE

-

2

.7

%

35,911

American

Financial

Group,

Inc

4,407,357‌

67,087

Axis

Capital

Holdings

Ltd

3,793,099‌

112,733

Brown

&

Brown,

Inc

7,258,878‌

106,439

Conseco,

Inc

2,388,491‌

32,530

*

Goosehead

Insurance,

Inc

1,870,475‌

136,542

Lincoln

National

Corp

2,967,058‌

168,737

Old

Republic

International

Corp

4,263,984‌

1,326

White

Mountains

Insurance

Group

Ltd

1,899,017‌

TOTAL

INSURANCE

28,848,359‌

MATERIALS

-

7

.0

%

81,480

Berry

Global

Group,

Inc

4,710,359‌

73,740

Carpenter

Technology

Corp

3,889,048‌

24,892

Chemours

Co

723,610‌

782,853

*

Coeur

Mining,

Inc

2,661,700‌

262,057

*

Constellium

SE

3,891,546‌

29,940

Eagle

Materials,

Inc

4,437,407‌

200,666

Element

Solutions,

Inc

3,642,088‌

205,082

Graphic

Packaging

Holding

Co

5,057,322‌

25,197

*

Ingevity

Corp

1,807,633‌

24,516

Innospec,

Inc

2,491,561‌

94,146

*

LSB

Industries,

Inc

840,724‌

54,201

Minerals

Technologies,

Inc

3,211,951‌

321,602

*

Novagold

Resources

Inc

1,749,515‌

92,210

*

PQ

Group

Holdings,

Inc

1,046,584‌

22,947

Reliance

Steel

&

Aluminum

Co

5,686,267‌

29,315

Royal

Gold,

Inc

3,882,479‌

59

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

MATERIALS—continued

96,876

Sealed

Air

Corp

$

4,649,079‌

78,401

Silgan

Holdings,

Inc

3,862,033‌

18,205

Sonoco

Products

Co

1,103,587‌

220,078

SSR

Mining,

Inc

3,151,517‌

41,298

Steel

Dynamics,

Inc

4,292,927‌

62,789

*

Summit

Materials,

Inc

1,721,047‌

140,728

Valvoline,

Inc

4,862,152‌

48,308

Worthington

Industries,

Inc

2,869,012‌

TOTAL

MATERIALS

76,241,148‌

MEDIA

&

ENTERTAINMENT

-

2

.0

%

65,790

*

Bumble,

Inc

1,198,036‌

636,705

*

Clear

Channel

808,615‌

87,189

*

Eventbrite

Inc

633,864‌

63,170

Gray

Television,

Inc

487,041‌

71,186

*

Liberty

Media

Group

(Class

C)

5,138,917‌

111,476

*

Lions

Gate

Entertainment

Corp

(Class

A)

1,281,974‌

20,461

Madison

Square

Garden

Co

4,102,431‌

40,580

Shutterstock,

Inc

2,718,860‌

101,494

Sinclair

Broadcast

Group,

Inc

(Class

A)

2,018,716‌

114,220

TEGNA,

Inc

1,953,162‌

66,684

*

Yelp,

Inc

1,995,185‌

TOTAL

MEDIA

&

ENTERTAINMENT

22,336,801‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

6

.1

%

122,940

*

Alkermes

plc

3,509,937‌

280,815

*,e

Aurinia

Pharmaceuticals,

Inc

3,159,169‌

126,589

*

Chinook

Therapeutics,

Inc

2,533,046‌

219,275

*

Codexis,

Inc

859,558‌

128,309

*

Cytek

Biosciences,

Inc

1,472,987‌

148,336

*

Deciphera

Pharmaceuticals,

Inc

2,107,855‌

116,741

*

Evolus,

Inc

1,020,316‌

92,945

*

Exact

Sciences

Corp

5,954,986‌

149,715

*

FibroGen,

Inc

2,563,121‌

80,312

*

Halozyme

Therapeutics,

Inc

2,580,425‌

115,943

*

Innoviva,

Inc

1,360,011‌

86,046

*

Intellia

Therapeutics,

Inc

3,248,236‌

135,103

*

Intercept

Pharmaceuticals,

Inc

2,339,984‌

36,670

*

Intra-Cellular

Therapies,

Inc

2,279,041‌

243,589

*

Ironwood

Pharmaceuticals,

Inc

2,535,761‌

340,043

*

Karyopharm

Therapeutics,

Inc

1,217,354‌

91,830

*

Kura

Oncology,

Inc

894,424‌

11,237

*

Ligand

Pharmaceuticals,

Inc

(Class

B)

857,945‌

41,475

*

Morphic

Holding,

Inc

1,960,109‌

19,810

*

Neurocrine

Biosciences,

Inc

2,001,602‌

42,398

Phibro

Animal

Health

Corp

659,713‌

28,885

*

Prestige

Consumer

Healthcare,

Inc.

1,777,294‌

56,130

*

Protagonist

Therapeutics,

Inc

1,268,538‌

125,267

*

QIAGEN

NV

5,588,161‌

282

*

Sangamo

Therapeutics

Inc

415‌

37,351

*

Sarepta

Therapeutics,

Inc

4,585,582‌

90,856

*

Supernus

Pharmaceuticals,

Inc

3,348,952‌

60,374

*

Syneos

Health,

Inc

2,370,283‌

111,734

*

Veracyte,

Inc

2,529,658‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

66,584,463‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0

.6

%

119,690

e

eXp

World

Holdings

Inc

1,399,176‌

35,249

Marcus

&

Millichap,

Inc

1,109,286‌

15,533

RMR

Group,

Inc

368,909‌

Quant

Small/Mid-Cap

Equity

Fund

April

30,

2023

60

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT—continued

85,436

*

Zillow

Group,

Inc

(Class

A)

$

3,654,952‌

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

6,532,323‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

2

.1

%

119,759

*

Allegro

MicroSystems,

Inc

4,283,779‌

28,321

*

Ambarella,

Inc

1,755,336‌

49,562

*

Formfactor,

Inc

1,353,538‌

38,962

*

Impinj,

Inc

3,444,630‌

98,900

*

Lattice

Semiconductor

Corp

7,882,330‌

197,147

*

Photronics,

Inc

2,850,746‌

41,637

*

Ultra

Clean

Holdings

1,188,320‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

22,758,679‌

SOFTWARE

&

SERVICES

-

7

.5

%

65,436

*

Alteryx,

Inc

2,691,383‌

53,717

Amdocs

Ltd

4,901,676‌

12,673

*

Bill.Com

Holdings,

Inc

973,413‌

66,805

*

Black

Knight,

Inc

3,650,225‌

69,929

*

Domo,

Inc

1,110,472‌

128,770

*

Dynatrace,

Inc

5,444,396‌

61,652

*

Elastic

NV

3,529,577‌

142,400

*

EngageSmart,

Inc

2,445,008‌

86,240

*

Everbridge,

Inc

2,266,387‌

233,589

Gen

Digital,

Inc

4,127,518‌

4,208

*

Globant

S.A.

660,109‌

211,854

*

Grid

Dynamics

Holdings,

Inc

2,302,853‌

148,921

*

Kyndryl

Holdings,

Inc

2,153,398‌

42,100

*

LiveRamp

Holdings,

Inc

1,014,189‌

38,748

*

Manhattan

Associates,

Inc

6,419,769‌

164,125

*

Nutanix,

Inc

3,935,717‌

25,337

*

Paylocity

Holding

Corp

4,897,389‌

44,204

*

RingCentral,

Inc

1,218,262‌

151,462

*

SentinelOne,

Inc

2,433,994‌

14,250

*

Sprout

Social,

Inc

701,955‌

43,514

*

SPS

Commerce,

Inc

6,409,612‌

76,320

*

Squarespace,

Inc

2,373,552‌

102,891

*

Teradata

Corp

3,982,911‌

120,130

*

UiPath,

Inc

1,691,430‌

137,610

*

Varonis

Systems,

Inc

3,187,048‌

390,492

*

Zeta

Global

Holdings

Corp

3,791,677‌

355,077

*

Zuora

Inc

2,766,050‌

TOTAL

SOFTWARE

&

SERVICES

81,079,970‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

3

.3

%

295,705

*

Arlo

Technologies,

Inc

1,904,340‌

82,863

Avnet,

Inc

3,418,927‌

45,172

Belden

CDT,

Inc

3,563,619‌

126,441

*

Extreme

Networks,

Inc

2,248,121‌

32,036

*

Fabrinet

3,041,818‌

68,566

*

Harmonic,

Inc

966,095‌

37,753

Jabil

Inc

2,950,397‌

68,780

*

Napco

Security

Technologies,

Inc

2,132,180‌

89,150

National

Instruments

Corp

5,191,205‌

63,810

*

Netscout

Systems,

Inc

1,736,270‌

61,500

*

Sanmina

Corp

3,213,990‌

20,404

*

Super

Micro

Computer,

Inc

2,151,194‌

38,450

SYNNEX

Corp

3,423,588‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

35,941,744‌

TELECOMMUNICATION

SERVICES

-

0

.4

%

1,011,107

*

Globalstar,

Inc

916,063‌

61

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

TELECOMMUNICATION

SERVICES—continued

131,527

*

Liberty

Latin

America

Ltd

(Class

C)

$

1,167,960‌

148,617

*

Radius

Global

Infrastructure,

Inc

2,183,183‌

TOTAL

TELECOMMUNICATION

SERVICES

4,267,206‌

TRANSPORTATION

-

2

.2

%

11,178

*

Alaska

Air

Group,

Inc

485,796‌

46,327

Copa

Holdings

S.A.

(Class

A)

4,184,255‌

20,813

Forward

Air

Corp

2,195,980‌

87,619

*

GXO

Logistics,

Inc

4,655,197‌

43,744

*

Hub

Group,

Inc

(Class

A)

3,298,298‌

168,794

*

RXO,

Inc

3,053,483‌

37,492

Ryder

System,

Inc

2,967,867‌

118,955

Schneider

National,

Inc

3,113,052‌

TOTAL

TRANSPORTATION

23,953,928‌

UTILITIES

-

2

.0

%

58,659

Clearway

Energy,

Inc

(Class

A)

1,699,938‌

102,910

Clearway

Energy,

Inc

(Class

C)

3,125,377‌

72,271

Essential

Utilities

Inc

3,085,972‌

11,942

MGE

Energy,

Inc

914,876‌

50,503

Northwest

Natural

Holding

Co

2,371,621‌

136,110

NRG

Energy,

Inc

4,650,879‌

237,076

Vistra

Energy

Corp

5,656,633‌

TOTAL

UTILITIES

21,505,296‌

TOTAL

COMMON

STOCKS

1,078,522,422‌

(Cost

$946,478,915)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

1.0%

REPURCHASE

AGREEMENT

-

0

.5

%

$

5,129,000

r

Fixed

Income

Clearing

Corp

(FICC)

4

.800

%

05/01/23

5,129,000‌

TOTAL

REPURCHASE

AGREEMENT

5,129,000‌

SHARES

COMPANY

EXP

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

0

.5

%

6,070,663

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.840

6,070,663‌

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

6,070,663‌

TOTAL

SHORT-TERM

INVESTMENTS

11,199,663‌

(Cost

$11,199,663)

TOTAL

INVESTMENTS

-

100.5%

1,089,722,085‌

(Cost

$957,678,578)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.5)%

(

5,247,136‌

)

NET

ASSETS

-

100.0%

$

1,084,474,949‌

ETF

Exchange

Traded

Fund

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$6,772,772.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.800%

dated

4/28/23

to

be

repurchased

at

$5,129,000

on

5/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.625%

and

maturity

date

4/15/25,

valued

at

$5,231,671.

Social

Choice

Equity

Fund

April

30,

2023

Portfolio

of

Investments

(Unaudited)

62

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMON

STOCKS

-

99.5%

AUTOMOBILES

&

COMPONENTS

-

1

.7

%

199,551

*

American

Axle

&

Manufacturing

Holdings,

Inc

$

1,426,790‌

110,497

*

Aptiv

plc

11,365,721‌

12,746

BorgWarner,

Inc

613,465‌

236,846

*,e

Canoo,

Inc

178,819‌

647,819

*,e

Lucid

Group,

Inc

5,143,683‌

393,060

*,e

Rivian

Automotive,

Inc

5,039,029‌

465,787

*

Tesla,

Inc

76,533,462‌

255,661

*,e

Workhorse

Group,

Inc

240,884‌

TOTAL

AUTOMOBILES

&

COMPONENTS

100,541,853‌

BANKS

-

2

.5

%

1,694

Ameris

Bancorp

56,749‌

47,422

Bank

OZK

1,693,914‌

3,518

Banner

Corp

175,619‌

47,884

Berkshire

Hills

Bancorp,

Inc

1,018,493‌

6,267

Brookline

Bancorp,

Inc

59,787‌

1,259

Cadence

BanCorp

25,457‌

3,985

Camden

National

Corp

127,321‌

830,296

Citigroup,

Inc

39,082,033‌

471,252

Citizens

Financial

Group,

Inc

14,580,537‌

827

Columbia

Banking

System,

Inc

17,665‌

15,417

Comerica,

Inc

668,635‌

388

Commerce

Bancshares,

Inc

21,670‌

1,572

Community

Trust

Bancorp,

Inc

56,608‌

46,110

*

Customers

Bancorp,

Inc

1,007,042‌

10,587

First

Busey

Corp

192,472‌

1,130

FNB

Corp

12,972‌

540

Glacier

Bancorp,

Inc

17,944‌

1,279

Hancock

Whitney

Corp

46,709‌

3,902

Heritage

Financial

Corp

68,714‌

19,184

HomeStreet,

Inc

187,236‌

285,811

Huntington

Bancshares,

Inc

3,201,083‌

106,081

JPMorgan

Chase

&

Co

14,664,637‌

218,676

Keycorp

2,462,292‌

54,436

Live

Oak

Bancshares,

Inc

1,282,512‌

26,162

National

Bank

Holdings

Corp

831,952‌

310

NBT

Bancorp,

Inc

9,994‌

7,838

Old

National

Bancorp

105,108‌

53,702

Pinnacle

Financial

Partners,

Inc

2,912,259‌

232,447

PNC

Financial

Services

Group,

Inc

30,276,222‌

682,855

Regions

Financial

Corp

12,468,932‌

1,879

*

Texas

Capital

Bancshares,

Inc

94,420‌

17,614

*

The

Bancorp,

Inc

562,063‌

3,796

Trico

Bancshares

135,935‌

513,618

Truist

Financial

Corp

16,733,674‌

350

Trustmark

Corp

8,361‌

2,167

UMB

Financial

Corp

137,843‌

17,523

Univest

Financial

Corp

352,563‌

1,553

Westamerica

Bancorporation

62,912‌

230

Wintrust

Financial

Corp

15,725‌

17,961

Zions

Bancorporation

500,393‌

TOTAL

BANKS

145,936,457‌

CAPITAL

GOODS

-

6

.1

%

342,294

3M

Co

36,358,469‌

954

Acuity

Brands,

Inc

150,141‌

419

*

Beacon

Roofing

Supply,

Inc

25,215‌

59,987

*,e

Blink

Charging

Co

427,707‌

5,486

*

Bloom

Energy

Corp

91,342‌

63

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

244,666

Carrier

Global

Corp

$

10,231,932‌

190,315

Caterpillar,

Inc

41,640,922‌

35,835

Cummins,

Inc

8,422,658‌

60,620

Curtiss-Wright

Corp

10,295,095‌

106,698

Deere

&

Co

40,333,978‌

180,177

Eaton

Corp

30,111,180‌

1,365

EMCOR

Group,

Inc

233,415‌

48,540

Emerson

Electric

Co

4,041,440‌

119,034

Fastenal

Co

6,408,791‌

99,730

Fortive

Corp

6,291,966‌

300

GATX

Corp

34,173‌

88,847

*

Generac

Holdings,

Inc

9,081,940‌

245

Granite

Construction,

Inc

9,342‌

102,967

*

Great

Lakes

Dredge

&

Dock

Corp

590,001‌

132,658

Hexcel

Corp

9,561,989‌

1,801

IDEX

Corp

371,582‌

158,674

Illinois

Tool

Works,

Inc

38,389,588‌

282,400

Johnson

Controls

International

plc

16,898,816‌

207,920

*

Kratos

Defense

&

Security

Solutions,

Inc

2,682,168‌

12,916

Luxfer

Holdings

plc

196,969‌

36,235

*

Manitowoc

Co,

Inc

554,033‌

171,085

Masco

Corp

9,154,758‌

82,496

*

Mercury

Systems,

Inc

3,932,584‌

7,159

Moog,

Inc

(Class

A)

645,097‌

3,829

*

MYR

Group,

Inc

490,074‌

6,412

Owens

Corning,

Inc

684,866‌

89,596

PACCAR,

Inc

6,691,925‌

44,082

*

Proto

Labs,

Inc

1,268,239‌

37,955

Rockwell

Automation,

Inc

10,756,827‌

3,916

Rush

Enterprises,

Inc

(Class

A)

207,979‌

9,292

Snap-On,

Inc

2,410,438‌

69,059

Trane

Technologies

plc

12,831,853‌

109,782

*

Triumph

Group,

Inc

1,186,743‌

30,230

United

Rentals,

Inc

10,916,355‌

20,461

*

Vectrus,

Inc

883,915‌

13,236

W.W.

Grainger,

Inc

9,206,565‌

1,174

Wabash

National

Corp

30,137‌

36,655

Woodward

Inc

3,519,613‌

36,530

Xylem,

Inc

3,793,275‌

TOTAL

CAPITAL

GOODS

352,046,095‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

2

.2

%

540

ABM

Industries,

Inc

22,993‌

9,872

ACCO

Brands

Corp

45,214‌

970

*

ASGN

Inc

69,442‌

185,811

Automatic

Data

Processing,

Inc

40,878,420‌

27,122

Concentrix

Corp

2,617,544‌

413,903

*

Copart,

Inc

32,719,032‌

16,323

CSG

Systems

International,

Inc

859,896‌

26,986

*

ExlService

Holdings,

Inc

4,813,763‌

4,282

Heidrick

&

Struggles

International,

Inc

107,521‌

188

Herman

Miller,

Inc

3,198‌

143,033

*

KAR

Auction

Services,

Inc

1,936,667‌

39,570

Kelly

Services,

Inc

(Class

A)

649,344‌

42,655

*

Liquidity

Services,

Inc

557,501‌

52,605

Robert

Half

International,

Inc

3,840,165‌

1,210

Steelcase,

Inc

(Class

A)

9,680‌

15,617

*

Sterling

Check

Corp

175,535‌

120,100

TransUnion

8,264,081‌

2,825

*

TriNet

Group,

Inc

262,103‌

29,975

TTEC

Holdings,

Inc

1,021,248‌

Social

Choice

Equity

Fund

April

30,

2023

64

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

Portfolio

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMERCIAL

&

PROFESSIONAL

SERVICES—continued

14,026

Verisk

Analytics,

Inc

$

2,722,587‌

145,676

Waste

Management,

Inc

24,189,500‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

125,765,434‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

3

.6

%

42,656

*

1-800-FLOWERS.COM,

Inc

(Class

A)

392,862‌

1,216

Aaron's

Co,

Inc

16,234‌

250

Buckle,

Inc

8,382‌

1,601

*

CarMax,

Inc

112,118‌

706,658

eBay,

Inc

32,810,131‌

6,360

*

Five

Below,

Inc

1,255,210‌

15,779

*,e

GameStop

Corp

(Class

A)

304,377‌

24,775

*

Genesco,

Inc

858,701‌

240,484

Home

Depot,

Inc

72,275,061‌

77,025

LKQ

Corp

4,446,653‌

220,593

Lowe's

Companies,

Inc

45,845,843‌

424,516

Macy's,

Inc

6,936,591‌

35,671

*

MarineMax,

Inc

1,038,740‌

3,574

Pool

Corp

1,255,618‌

5,448

*

Sally

Beauty

Holdings,

Inc

77,525‌

32,132

Shoe

Carnival,

Inc

747,069‌

467,945

TJX

Companies,

Inc

36,883,425‌

15,754

Tractor

Supply

Co

3,755,754‌

293

*

TravelCenters

of

America,

Inc

25,236‌

860

Winmark

Corp

287,171‌

18,394

*

Zumiez,

Inc

321,619‌

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

209,654,320‌

CONSUMER

DURABLES

&

APPAREL

-

0

.6

%

127,412

*,e

Allbirds,

Inc

159,265‌

396

Columbia

Sportswear

Co

33,082‌

48,547

DR

Horton,

Inc

5,331,432‌

56,305

*

GoPro,

Inc

240,985‌

9,306

*

Green

Brick

Partners,

Inc

346,835‌

258

Hasbro,

Inc

15,279‌

23,776

*,e

iRobot

Corp

935,110‌

4,430

Johnson

Outdoors,

Inc

256,940‌

61,025

*

Latham

Group,

Inc

147,070‌

20,310

*

Lovesac

Co

533,950‌

27,336

*

Lululemon

Athletica,

Inc

10,385,767‌

5,483

Newell

Brands

Inc

66,618‌

1,560

*

NVR,

Inc

9,110,400‌

1,614

PVH

Corp

138,497‌

136,133

*

Sonos,

Inc

2,877,852‌

55,879

*

Traeger,

Inc

169,872‌

275,808

VF

Corp

6,484,246‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

37,233,200‌

CONSUMER

SERVICES

-

2

.3

%

19,997

ADT,

Inc

133,980‌

15,386

*

Booking

Holdings,

Inc

41,331,566‌

33,683

*

Bright

Horizons

Family

Solutions

2,563,950‌

27,978

Carriage

Services,

Inc

803,248‌

67,581

*

Dave

&

Buster's

Entertainment,

Inc

2,396,422‌

226,664

Hilton

Worldwide

Holdings,

Inc

32,644,149‌

28,107

*

Planet

Fitness,

Inc

2,336,816‌

3,259

*

Shake

Shack,

Inc

178,626‌

73,527

*

Six

Flags

Entertainment

Corp

1,784,500‌

406,410

Starbucks

Corp

46,448,599‌

65

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

SERVICES—continued

19,207

Vail

Resorts,

Inc

$

4,619,668‌

TOTAL

CONSUMER

SERVICES

135,241,524‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1

.3

%

171,958

*

BJ's

Wholesale

Club

Holdings,

Inc

13,132,432‌

81,080

*

Performance

Food

Group

Co

5,082,905‌

37,095

Pricesmart,

Inc

2,733,160‌

59,184

SpartanNash

Co

1,451,192‌

166,759

*

Sprouts

Farmers

Market,

Inc

5,779,867‌

218,871

Target

Corp

34,526,900‌

92,192

*

United

Natural

Foods,

Inc

2,514,076‌

249,841

*

US

Foods

Holding

Corp

9,593,894‌

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

74,814,426‌

ENERGY

-

4

.6

%

260,792

Antero

Midstream

Corp

2,806,122‌

135,197

APA

Corp

4,982,009‌

255,419

Baker

Hughes

Co

7,468,451‌

2,812

ChampionX

Corp

76,149‌

121,719

Cheniere

Energy,

Inc

18,623,007‌

204,131

Chevron

Corp

34,412,404‌

186,669

*

Clean

Energy

Fuels

Corp

797,077‌

417,216

ConocoPhillips

42,927,354‌

2,207

Delek

US

Holdings,

Inc

48,002‌

148,599

Devon

Energy

Corp

7,939,645‌

26,828

*

DMC

Global,

Inc

508,122‌

42,040

*

Dril-Quip,

Inc

1,146,851‌

181,585

EOG

Resources,

Inc

21,693,960‌

211,025

EQT

Corp

7,352,111‌

96,629

Hess

Corp

14,017,003‌

950,369

Kinder

Morgan,

Inc

16,298,828‌

681,982

*

Kosmos

Energy

Ltd

4,364,685‌

102,981

Marathon

Petroleum

Corp

12,563,682‌

322,948

NOV,

Inc

5,409,379‌

12,097

*

Oceaneering

International,

Inc

214,480‌

19,522

ONEOK,

Inc

1,276,934‌

18,932

Ovintiv,

Inc

683,067‌

81,545

Pioneer

Natural

Resources

Co

17,740,115‌

451,718

Schlumberger

Ltd

22,292,283‌

744,346

*

Southwestern

Energy

Co

3,863,156‌

155,913

Valero

Energy

Corp

17,878,544‌

TOTAL

ENERGY

267,383,420‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

2

.7

%

189,892

American

Tower

Corp

38,812,026‌

36,562

Boston

Properties,

Inc

1,950,948‌

107,830

Brandywine

Realty

Trust

423,772‌

54,010

Brixmor

Property

Group,

Inc

1,152,033‌

50,854

City

Office

REIT,

Inc

295,970‌

50,569

Crown

Castle

International

Corp

6,224,538‌

309,873

DiamondRock

Hospitality

Co

2,513,070‌

8,358

Douglas

Emmett,

Inc

107,651‌

36,148

Equinix,

Inc

26,174,044‌

33,420

First

Industrial

Realty

Trust,

Inc

1,753,548‌

204,267

Healthpeak

Properties

Inc

4,487,746‌

232,850

Hudson

Pacific

Properties

1,294,646‌

6,446

iStar,

Inc

178,683‌

4,739

Kilroy

Realty

Corp

138,568‌

147,412

Macerich

Co

1,472,646‌

255,691

Park

Hotels

&

Resorts,

Inc

3,081,077‌

206,832

Piedmont

Office

Realty

Trust,

Inc

1,346,476‌

Social

Choice

Equity

Fund

April

30,

2023

66

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)—continued

6,352

PotlatchDeltic

Corp

$

293,653‌

321,390

d

Prologis,

Inc

40,254,098‌

63,246

Ventas,

Inc

3,038,970‌

297

Washington

REIT

5,117‌

177,561

Welltower,

Inc

14,066,383‌

238,457

Weyerhaeuser

Co

7,132,249‌

58,638

Xenia

Hotels

&

Resorts,

Inc

742,357‌

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

156,940,269‌

FINANCIAL

SERVICES

-

9

.4

%

178,603

Ally

Financial,

Inc

4,711,547‌

250,576

American

Express

Co

40,427,932‌

60,154

Ameriprise

Financial,

Inc

18,354,188‌

502,214

Bank

of

New

York

Mellon

Corp

21,389,294‌

61,390

BlackRock,

Inc

41,204,968‌

370,559

Charles

Schwab

Corp

19,358,002‌

280

Cohen

&

Steers,

Inc

16,817‌

179,000

Discover

Financial

Services

18,521,130‌

8,872

Factset

Research

Systems,

Inc

3,652,514‌

292,421

Fidelity

National

Information

Services,

Inc

17,170,961‌

129,940

Goldman

Sachs

Group,

Inc

44,626,594‌

9,333

*

Green

Dot

Corp

160,434‌

335,651

Intercontinental

Exchange

Group,

Inc

36,562,463‌

196,486

Mastercard,

Inc

(Class

A)

74,670,575‌

78,034

Moody's

Corp

24,434,006‌

487,631

Morgan

Stanley

43,872,161‌

15,374

*

Mr

Cooper

Group,

Inc

711,816‌

68,637

Nasdaq

Inc

3,800,431‌

101,805

Northern

Trust

Corp

7,957,079‌

200,000

Nuveen

ESG

Large-Cap

ETF

6,833,400‌

529,296

*

PayPal

Holdings,

Inc

40,226,496‌

5,668

*

PRA

Group,

Inc

205,578‌

2,432

*

PROG

Holdings,

Inc

73,519‌

7,993

Raymond

James

Financial,

Inc

723,606‌

127,203

S&P

Global,

Inc

46,121,264‌

123,600

State

Street

Corp

8,931,336‌

65,344

T

Rowe

Price

Group,

Inc

7,340,092‌

10,055

TFS

Financial

Corp

121,062‌

25,591

Voya

Financial,

Inc

1,957,200‌

49,556

*

WEX,

Inc

8,788,757‌

TOTAL

FINANCIAL

SERVICES

542,925,222‌

FOOD,

BEVERAGE

&

TOBACCO

-

3

.4

%

70,442

Archer-Daniels-Midland

Co

5,500,111‌

219,143

*,e

Benson

Hill,

Inc

232,292‌

102,856

*,e

Beyond

Meat,

Inc

1,392,670‌

48,343

Campbell

Soup

Co

2,625,025‌

990,938

Coca-Cola

Co

63,568,673‌

13,309

*

Darling

International,

Inc

792,817‌

35,374

Fresh

Del

Monte

Produce,

Inc

1,015,587‌

366,471

General

Mills,

Inc

32,480,325‌

3,800

*

Hain

Celestial

Group,

Inc

68,134‌

206,505

Hormel

Foods

Corp

8,351,062‌

130,364

Kellogg

Co

9,095,496‌

70,056

McCormick

&

Co,

Inc

6,154,420‌

345,403

PepsiCo,

Inc

65,933,979‌

6,553

*

TreeHouse

Foods,

Inc

348,947‌

16,269

*

Vital

Farms,

Inc

209,545‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

197,769,083‌

67

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

5

.5

%

109,587

*

Accolade,

Inc

$

1,482,712‌

61,738

*

Allscripts

Healthcare

Solutions,

Inc

771,108‌

59,123

*

Angiodynamics,

Inc

491,903‌

7,715

*

AtriCure,

Inc

339,383‌

33,642

*

AxoGen,

Inc

303,451‌

983

*

Axonics

Modulation

Technologies,

Inc

56,483‌

311,579

*

Brookdale

Senior

Living,

Inc

1,336,674‌

36,729

*

Castle

Biosciences,

Inc

831,177‌

289,083

*

Cerus

Corp

667,782‌

83,086

Cigna

Corp

21,044,853‌

19,097

*

Computer

Programs

&

Systems,

Inc

494,230‌

54,734

*

CryoLife,

Inc

759,160‌

181,090

*

Dexcom,

Inc

21,973,461‌

370,002

*

Edwards

Lifesciences

Corp

32,552,776‌

92,210

Elevance

Health,

Inc

43,214,216‌

82,111

*

Enhabit,

Inc

1,005,860‌

141,106

*

Envista

Holdings

Corp

5,431,170‌

35,203

*

Fulgent

Genetics,

Inc

1,040,953‌

11,862

*

Globus

Medical,

Inc

689,657‌

100,160

HCA

Healthcare,

Inc

28,778,973‌

91,888

*

Health

Catalyst,

Inc

1,157,789‌

17,140

*

Henry

Schein,

Inc

1,385,083‌

16,238

*

Heska

Corp

1,902,444‌

92,217

*

Hologic,

Inc

7,931,584‌

49,662

*

IDEXX

Laboratories,

Inc

24,441,650‌

38,318

*

Inogen,

Inc

510,013‌

37,957

Laboratory

Corp

of

America

Holdings

8,605,231‌

25,670

LeMaitre

Vascular,

Inc

1,386,180‌

7,921

*

LivaNova

plc

379,416‌

36,789

*

Merit

Medical

Systems,

Inc

2,990,578‌

126,866

*

NeoGenomics,

Inc

1,854,781‌

58,028

*

Nevro

Corp

1,698,479‌

94,024

*

NextGen

Healthcare,

Inc

1,573,962‌

73,995

*

Omnicell,

Inc

4,496,676‌

571,723

*,e

Opko

Health,

Inc

840,433‌

106,594

*

OraSure

Technologies,

Inc

724,839‌

54,888

*

Orthofix

Medical

Inc

1,033,541‌

80,724

*

Outset

Medical,

Inc

1,452,225‌

14,111

*

Pennant

Group,

Inc

195,719‌

13,076

*

Penumbra,

Inc

3,715,153‌

1,887

Premier,

Inc

62,894‌

57,537

*

Pulmonx

Corp

676,060‌

22,904

Quest

Diagnostics,

Inc

3,179,304‌

68,280

Resmed,

Inc

16,452,749‌

17,549

*

SI-BONE,

Inc

387,833‌

20,651

*

Staar

Surgical

Co

1,455,276‌

27,192

STERIS

plc

5,127,052‌

34,844

*

Teladoc,

Inc

924,411‌

119,202

UnitedHealth

Group,

Inc

58,658,112‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

318,465,449‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1

.9

%

260,833

Colgate-Palmolive

Co

20,814,473‌

54,856

Kimberly-Clark

Corp

7,948,086‌

510,796

Procter

&

Gamble

Co

79,878,279‌

108,859

*,e

Veru,

Inc

138,251‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

108,779,089‌

INSURANCE

-

3

.0

%

96,775

Allstate

Corp

11,202,674‌

194,143

Chubb

Ltd

39,131,463‌

Social

Choice

Equity

Fund

April

30,

2023

68

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

INSURANCE—continued

225,678

Marsh

&

McLennan

Cos,

Inc

$

40,664,919‌

245,742

Progressive

Corp

33,519,209‌

268,139

Prudential

Financial,

Inc

23,328,093‌

128,444

Travelers

Cos,

Inc

23,266,346‌

12,115

Willis

Towers

Watson

plc

2,805,834‌

TOTAL

INSURANCE

173,918,538‌

MATERIALS

-

3

.2

%

15,724

Amcor

plc

172,492‌

10,332

Aptargroup,

Inc

1,224,445‌

351,159

Ball

Corp

18,674,636‌

78,491

*

Century

Aluminum

Co

674,238‌

41,035

*

Coeur

Mining,

Inc

139,519‌

1,709

Compass

Minerals

International,

Inc

55,935‌

38,137

*

Diversey

Holdings

Ltd

310,054‌

98,034

Dow,

Inc

5,333,050‌

203,097

Ecolab,

Inc

34,087,800‌

945

H.B.

Fuller

Co

62,531‌

58,009

International

Flavors

&

Fragrances,

Inc

5,624,553‌

36,220

Koppers

Holdings,

Inc

1,188,378‌

145,148

Linde

plc

53,624,928‌

15,280

Martin

Marietta

Materials,

Inc

5,549,696‌

164,727

Mosaic

Co

7,058,552‌

382,978

Newmont

Goldcorp

Corp

18,153,157‌

159,805

Nucor

Corp

23,679,905‌

19,087

PPG

Industries,

Inc

2,677,143‌

4,126

Schnitzer

Steel

Industries,

Inc

(Class

A)

119,200‌

147,465

*

Summit

Materials,

Inc

4,042,016‌

21,681

Trinseo

plc

392,860‌

TOTAL

MATERIALS

182,845,088‌

MEDIA

&

ENTERTAINMENT

-

4

.4

%

183,270

*

Cinemark

Holdings,

Inc

3,093,598‌

620,466

*

Clear

Channel

787,992‌

1,066,497

Comcast

Corp

(Class

A)

44,120,981‌

125,710

Electronic

Arts,

Inc

16,000,369‌

155,166

Gray

Television,

Inc

1,196,330‌

103,389

*

iHeartMedia,

Inc

358,760‌

9,044

*

Imax

Corp

189,472‌

104,365

Interpublic

Group

of

Cos,

Inc

3,728,961‌

13,563

John

Wiley

&

Sons,

Inc

(Class

A)

523,125‌

77,175

*

Liberty

Broadband

Corp

(Class

C)

6,542,896‌

40,262

*

MediaAlpha,

Inc

297,939‌

127,851

*

Netflix,

Inc

42,181,880‌

13,180

New

York

Times

Co

(Class

A)

523,905‌

191,498

Omnicom

Group,

Inc

17,343,974‌

520,042

*

Pinterest,

Inc

11,960,966‌

47,050

*

ROBLOX

Corp

1,674,980‌

4,632

*

Roku,

Inc

260,365‌

7,816

Scholastic

Corp

300,682‌

52,081

e

Sinclair

Broadcast

Group,

Inc

(Class

A)

1,035,891‌

1,093,310

e

Sirius

XM

Holdings,

Inc

4,154,578‌

139,881

*

Take-Two

Interactive

Software,

Inc

17,385,809‌

8,077

TEGNA,

Inc

138,117‌

81,390

*

Trade

Desk,

Inc

5,236,633‌

161,677

*

TripAdvisor,

Inc

2,866,533‌

239,824

*

Vimeo,

Inc

789,021‌

541,493

*

Walt

Disney

Co

55,503,032‌

284,699

*

Warner

Bros

Discovery,

Inc

3,874,753‌

101,873

*

Yelp,

Inc

3,048,040‌

92,450

*

ZipRecruiter,

Inc

1,566,103‌

69

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

MEDIA

&

ENTERTAINMENT—continued

435,161

*

ZoomInfo

Technologies,

Inc

$

9,534,377‌

TOTAL

MEDIA

&

ENTERTAINMENT

256,220,062‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

8

.5

%

185,839

*

Adaptive

Biotechnologies

Corp

1,326,890‌

225,045

Agilent

Technologies,

Inc

30,477,844‌

91,417

*

Agios

Pharmaceuticals,

Inc

2,090,707‌

96,394

*

Alector,

Inc

636,200‌

54,554

*,e

Allogene

Therapeutics,

Inc

296,228‌

175,468

Amgen,

Inc

42,066,698‌

36,474

*

Arcturus

Therapeutics

Holdings,

Inc

970,938‌

155,330

*

Atara

Biotherapeutics,

Inc

420,944‌

125,450

*

Atea

Pharmaceuticals,

Inc

410,222‌

2,503

*,e

Axsome

Therapeutics,

Inc

179,040‌

87,107

*

BioCryst

Pharmaceuticals,

Inc

662,884‌

6,961

*

Biogen,

Inc

2,117,745‌

697,504

Bristol-Myers

Squibb

Co

46,572,342‌

48,565

*

Caribou

Biosciences,

Inc

208,830‌

34,434

*,e

Cassava

Sciences,

Inc

799,558‌

107,220

*

Catalent,

Inc

5,373,866‌

201,608

Danaher

Corp

47,762,951‌

15,155

*

Eagle

Pharmaceuticals,

Inc

425,552‌

192,246

Eli

Lilly

&

Co

76,102,502‌

107,834

*

Erasca,

Inc

297,622‌

65,343

*

Fulcrum

Therapeutics,

Inc

163,358‌

329,410

Gilead

Sciences,

Inc

27,080,796‌

16,585

*,e

IGM

Biosciences,

Inc

179,616‌

56,048

*

Illumina,

Inc

11,521,227‌

414,077

*,e

Inovio

Pharmaceuticals,

Inc

319,874‌

88,123

*

Intellia

Therapeutics,

Inc

3,326,643‌

16,514

*

Intra-Cellular

Therapies,

Inc

1,026,345‌

64,325

*

IQVIA

Holdings,

Inc

12,107,895‌

27,862

*

Jazz

Pharmaceuticals

plc

3,913,775‌

71,746

*

Kezar

Life

Sciences,

Inc

174,343‌

602,569

Merck

&

Co,

Inc

69,578,642‌

5,838

*

Mettler-Toledo

International,

Inc

8,707,377‌

46,340

*

Mirati

Therapeutics,

Inc

2,053,325‌

54,574

*

NGM

Biopharmaceuticals

Inc

246,129‌

75,325

*

Nurix

Therapeutics,

Inc

725,380‌

195,814

*

Nuvation

Bio,

Inc

315,261‌

32,112

Phibro

Animal

Health

Corp

499,663‌

66,120

*

Prothena

Corp

plc

3,479,234‌

23,992

*

Regeneron

Pharmaceuticals,

Inc

19,236,546‌

32,087

*

Revance

Therapeutics,

Inc

1,021,329‌

148,363

*,e

Sana

Biotechnology,

Inc

784,840‌

92,659

*

Ultragenyx

Pharmaceutical,

Inc

4,046,419‌

18,425

*

Waters

Corp

5,534,133‌

37,317

West

Pharmaceutical

Services,

Inc

13,480,393‌

229,553

Zoetis,

Inc

40,350,826‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

489,072,932‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0

.2

%

84,154

*

CBRE

Group,

Inc

6,451,246‌

1,487

*

Howard

Hughes

Corp

115,049‌

5,945

*

Jones

Lang

LaSalle,

Inc

826,593‌

178,508

*

Realogy

Holdings

Corp

1,137,096‌

2,009

RMR

Group,

Inc

47,714‌

11,019

*

Tejon

Ranch

Co

190,408‌

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

8,768,106‌

Social

Choice

Equity

Fund

April

30,

2023

70

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

6

.1

%

339,710

Applied

Materials,

Inc

$

38,397,421‌

22,180

*

Cirrus

Logic,

Inc

1,902,822‌

47,013

*

First

Solar,

Inc

8,583,634‌

1,454,486

Intel

Corp

45,176,335‌

70,727

Lam

Research

Corp

37,066,606‌

394,943

Marvell

Technology,

Inc

15,592,350‌

437,022

NVIDIA

Corp

121,269,235‌

394,799

*

ON

Semiconductor

Corp

28,409,736‌

18,585

*

Silicon

Laboratories,

Inc

2,588,890‌

279,114

Texas

Instruments,

Inc

46,667,861‌

13,239

Universal

Display

Corp

1,766,877‌

119,266

*,e

Wolfspeed,

Inc

5,551,832‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

352,973,599‌

SOFTWARE

&

SERVICES

-

14

.9

%

189,327

Accenture

plc

53,066,465‌

137,212

*

Adobe,

Inc

51,805,763‌

53,814

*

Akamai

Technologies,

Inc

4,411,133‌

8,948

*

Ansys,

Inc

2,808,956‌

165,953

*

Autodesk,

Inc

32,325,985‌

40,384

*

Blackline,

Inc

2,249,793‌

133,543

*

Cadence

Design

Systems,

Inc

27,970,581‌

93,696

Dolby

Laboratories,

Inc

(Class

A)

7,841,418‌

364,178

*

DXC

Technology

Co

8,685,645‌

10,110

*

Five9,

Inc

655,532‌

182

e

InterDigital,

Inc

12,329‌

335,038

International

Business

Machines

Corp

42,352,154‌

101,475

Intuit,

Inc

45,049,826‌

1,148,045

Microsoft

Corp

352,748,307‌

62,127

*

New

Relic,

Inc

4,440,217‌

123,295

*

Nutanix,

Inc

2,956,614‌

5,290

*

OneSpan,

Inc

77,975‌

28,640

*

Rapid7,

Inc

1,392,190‌

36,980

Roper

Technologies,

Inc

16,817,764‌

276,246

*

Salesforce,

Inc

54,798,919‌

89,051

*

ServiceNow,

Inc

40,911,810‌

57,073

*

SPS

Commerce,

Inc

8,406,853‌

110,299

*

SVMK,

Inc

1,035,708‌

84,432

*

Synopsys,

Inc

31,351,290‌

58,543

*

Teradata

Corp

2,266,199‌

35,212

*

VeriSign,

Inc

7,810,022‌

209,861

*

VMware,

Inc

(Class

A)

26,238,921‌

160,899

*

Workday,

Inc

29,949,740‌

27,569

*

Xperi,

Inc

261,630‌

TOTAL

SOFTWARE

&

SERVICES

860,699,739‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

4

.1

%

145,152

Avnet,

Inc

5,988,971‌

20,528

Badger

Meter,

Inc

2,716,470‌

62,976

Benchmark

Electronics,

Inc

1,344,538‌

131,980

*

Ciena

Corp

6,076,359‌

1,179,748

Cisco

Systems,

Inc

55,743,093‌

54,705

CTS

Corp

2,144,983‌

44,421

*

ePlus,

Inc

1,934,090‌

58,118

*

Fabrinet

5,518,304‌

31,557

*

FARO

Technologies,

Inc

736,856‌

1,675,996

Hewlett

Packard

Enterprise

Co

24,000,263‌

1,091,909

HP,

Inc

32,440,616‌

49,421

*

Insight

Enterprises,

Inc

5,977,470‌

3,493

*

Itron,

Inc

186,526‌

187,194

*

Keysight

Technologies,

Inc

27,075,740‌

71

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

TECHNOLOGY

HARDWARE

&

EQUIPMENT—continued

37,235

*

Kimball

Electronics,

Inc

$

749,541‌

155,805

*

Knowles

Corp

2,629,988‌

14,814

*

Lumentum

Holdings,

Inc

714,775‌

6,814

Methode

Electronics,

Inc

279,306‌

288,932

*,e

Microvision,

Inc

577,864‌

228,357

*

Mirion

Technologies,

Inc

1,849,692‌

34,058

Motorola

Solutions,

Inc

9,924,501‌

115,632

National

Instruments

Corp

6,733,251‌

47,080

*

Netgear,

Inc

665,240‌

3,344

*

Novanta,

Inc

511,097‌

14,477

*

OSI

Systems,

Inc

1,635,322‌

42,879

*,e

PAR

Technology

Corp

1,311,669‌

33,414

*

Plexus

Corp

2,922,723‌

55,453

*

Ribbon

Communications,

Inc

141,960‌

29,527

*

Rogers

Corp

4,752,371‌

386,972

*

Trimble

Inc

18,226,381‌

179,596

*

TTM

Technologies,

Inc

2,121,029‌

18,688

*

Vishay

Precision

Group,

Inc

701,548‌

249,922

Vontier

Corp

6,780,384‌

178,352

Xerox

Holdings

Corp

2,794,776‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

237,907,697‌

TELECOMMUNICATION

SERVICES

-

1

.1

%

38,843

*

Bandwidth

Inc

472,719‌

154,613

Iridium

Communications,

Inc

9,813,287‌

1,302,455

Verizon

Communications,

Inc

50,574,328‌

TOTAL

TELECOMMUNICATION

SERVICES

60,860,334‌

TRANSPORTATION

-

3

.0

%

38,083

ArcBest

Corp

3,595,035‌

55,101

CH

Robinson

Worldwide,

Inc

5,558,038‌

1,221,820

CSX

Corp

37,436,565‌

839,223

*

Delta

Air

Lines,

Inc

28,793,741‌

101,378

Expeditors

International

of

Washington,

Inc

11,540,872‌

180

Landstar

System,

Inc

31,685‌

113,436

Norfolk

Southern

Corp

23,030,911‌

50,452

Old

Dominion

Freight

Line

16,164,316‌

9

Ryder

System,

Inc

712‌

248,049

United

Parcel

Service,

Inc

(Class

B)

44,601,691‌

TOTAL

TRANSPORTATION

170,753,566‌

UTILITIES

-

3

.2

%

276,600

American

Electric

Power

Co,

Inc

25,563,372‌

140,493

Consolidated

Edison,

Inc

13,834,346‌

19,802

DTE

Energy

Co

2,225,943‌

73,702

Eversource

Energy

5,720,012‌

632,716

NextEra

Energy,

Inc

48,485,027‌

163,123

Sempra

Energy

25,363,995‌

499,130

Southern

Co

36,711,012‌

30,558

UGI

Corp

1,035,305‌

112,385

WEC

Energy

Group,

Inc

10,808,065‌

180,121

Xcel

Energy,

Inc

12,592,259‌

TOTAL

UTILITIES

182,339,336‌

TOTAL

COMMON

STOCKS

5,749,854,838‌

(Cost

$3,913,445,703)

Social

Choice

Equity

Fund

April

30,

2023

72

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

PRINCIPAL

ISSUER

REFERENCERATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

SHORT-TERM

INVESTMENTS

-

1.3%

GOVERNMENT

AGENCY

DEBT

-

0

.1

%

$

5,000,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

07/26/23

$

4,942,736‌

TOTAL

GOVERNMENT

AGENCY

DEBT

4,942,736‌

REPURCHASE

AGREEMENT

-

0

.9

%

51,240,000

r

Fixed

Income

Clearing

Corp

(FICC)

4

.800

05/01/23

51,240,000‌

TOTAL

REPURCHASE

AGREEMENT

51,240,000‌

SHARES

COMPANY

EXP

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

0

.3

%

18,708,922

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.840

18,708,922‌

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

18,708,922‌

TOTAL

SHORT-TERM

INVESTMENTS

74,891,658‌

(Cost

$74,889,857)

TOTAL

INVESTMENTS

-

100.8%

5,824,746,496‌

(Cost

$3,988,335,560)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.8)%

(

45,186,882‌

)

NET

ASSETS

-

100.0%

$

5,779,559,614‌

ETF

Exchange

Traded

Fund

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

d

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

margin

requirements

on

open

futures

contracts.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$27,814,873.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.800%

dated

4/28/23

to

be

repurchased

at

$51,240,000

on

5/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.625%

and

maturity

date

4/15/25,

valued

at

$52,264,894.

Futures

contracts

outstanding

as

of

April

30,

2023

were

as

follows:

Description

Number

of

long

(short)

contracts

Expiration

date

Notional

amount

Value

Unrealized

appreciation

(depreciation)

S&P

500

E

Mini

Index

127‌

06/16/23

 $

26,197,238‌

$

26,596,975‌

$

399,737‌

Portfolio

of

Investments

(Unaudited)

Social

Choice

Low

Carbon

Equity

Fund

April

30,

2023

73

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMON

STOCKS

-

99.0%

AUTOMOBILES

&

COMPONENTS

-

1

.8

%

35,767

*

Aptiv

plc

$

3,678,994‌

51,115

*,e

Canoo,

Inc

38,592‌

11,547

*,e

Rivian

Automotive,

Inc

148,032‌

97,977

*

Tesla,

Inc

16,098,601‌

25,382

*,e

Workhorse

Group,

Inc

23,915‌

TOTAL

AUTOMOBILES

&

COMPONENTS

19,988,134‌

BANKS

-

3

.3

%

1,105

Amalgamated

Financial

Corp

17,989‌

339

Camden

National

Corp

10,831‌

160,289

Citigroup,

Inc

7,544,803‌

49,591

Citizens

Financial

Group,

Inc

1,534,346‌

4,770

*

Customers

Bancorp,

Inc

104,177‌

119

First

Commonwealth

Financial

Corp

1,485‌

414

HomeStreet,

Inc

4,041‌

5,919

Independent

Bank

Corp

105,477‌

118,678

JPMorgan

Chase

&

Co

16,406,047‌

262

Live

Oak

Bancshares,

Inc

6,173‌

42,628

PNC

Financial

Services

Group,

Inc

5,552,297‌

1,527

Premier

Financial

Corp

25,363‌

65,064

Regions

Financial

Corp

1,188,069‌

1,460

Stellar

Bancorp,

Inc

33,492‌

137,130

Truist

Financial

Corp

4,467,695‌

1,445

Univest

Financial

Corp

29,073‌

TOTAL

BANKS

37,031,358‌

CAPITAL

GOODS

-

7

.2

%

64,929

3M

Co

6,896,758‌

2,229

Argan,

Inc

89,673‌

10,905

*,e

Blink

Charging

Co

77,753‌

88,108

Carrier

Global

Corp

3,684,677‌

36,069

Caterpillar,

Inc

7,891,897‌

11,472

Curtiss-Wright

Corp

1,948,290‌

19,763

Deere

&

Co

7,470,809‌

41,327

Eaton

Corp

6,906,568‌

271

EMCOR

Group,

Inc

46,341‌

71,693

Emerson

Electric

Co

5,969,159‌

16,418

*

Energy

Recovery,

Inc

369,898‌

28,654

Fastenal

Co

1,542,731‌

80,888

Fortive

Corp

5,103,224‌

19,087

*

Generac

Holdings,

Inc

1,951,073‌

19,903

*

Great

Lakes

Dredge

&

Dock

Corp

114,044‌

14,308

Hexcel

Corp

1,031,321‌

3,189

Hyster-Yale

Materials

Handling,

Inc

167,933‌

30,443

Illinois

Tool

Works,

Inc

7,365,379‌

20,174

Ingersoll

Rand,

Inc

1,150,322‌

32,510

Johnson

Controls

International

plc

1,945,398‌

37,635

*

Kratos

Defense

&

Security

Solutions,

Inc

485,492‌

8,222

Luxfer

Holdings

plc

125,386‌

22,505

Maxar

Technologies,

Inc

1,186,464‌

14,909

*

Mercury

Systems,

Inc

710,712‌

4,762

Moog,

Inc

(Class

A)

429,104‌

3,920

Owens

Corning,

Inc

418,695‌

11,860

PACCAR,

Inc

885,823‌

8,823

Primoris

Services

Corp

223,222‌

8,268

*

Proto

Labs,

Inc

237,870‌

23,814

Quanta

Services,

Inc

4,039,807‌

6,567

Rockwell

Automation,

Inc

1,861,153‌

2,387

Trane

Technologies

plc

443,528‌

Social

Choice

Low

Carbon

Equity

Fund

April

30,

2023

74

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

Portfolio

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

17,595

*

Triumph

Group,

Inc

$

190,202‌

9,810

United

Rentals,

Inc

3,542,489‌

3,679

*

Vectrus,

Inc

158,933‌

4,248

W.W.

Grainger,

Inc

2,954,781‌

9,848

Woodward

Inc

945,605‌

1,778

Xylem,

Inc

184,628‌

TOTAL

CAPITAL

GOODS

80,747,142‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1

.6

%

6,190

ACCO

Brands

Corp

28,350‌

35,529

Automatic

Data

Processing,

Inc

7,816,380‌

11,181

Concentrix

Corp

1,079,078‌

80,533

*

Copart,

Inc

6,366,134‌

9,357

CSG

Systems

International,

Inc

492,927‌

9,187

*

ExlService

Holdings,

Inc

1,638,777‌

1,243

Heidrick

&

Struggles

International,

Inc

31,212‌

1,324

Herman

Miller,

Inc

22,521‌

278

ICF

International,

Inc

31,692‌

162

Insperity,

Inc

19,839‌

2,761

*

KAR

Auction

Services,

Inc

37,384‌

5,463

Kelly

Services,

Inc

(Class

A)

89,648‌

7

Kforce,

Inc

414‌

6,255

*

Liquidity

Services,

Inc

81,753‌

5,558

TransUnion

382,446‌

1,943

*

TrueBlue,

Inc

29,436‌

2,488

TTEC

Holdings,

Inc

84,766‌

393

Verisk

Analytics,

Inc

76,285‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

18,309,042‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

3

.4

%

6,440

*

1-800-FLOWERS.COM,

Inc

(Class

A)

59,312‌

3,875

*

Children's

Place,

Inc

114,855‌

8,998

Designer

Brands,

Inc

73,694‌

127,914

eBay,

Inc

5,939,047‌

33,760

*

GameStop

Corp

(Class

A)

651,230‌

2,315

Hibbett

Sports,

Inc

125,774‌

44,851

Home

Depot,

Inc

13,479,520‌

11

LKQ

Corp

635‌

41,709

Lowe's

Companies,

Inc

8,668,381‌

20,066

Macy's,

Inc

327,878‌

5,077

Pool

Corp

1,783,652‌

55,475

TJX

Companies,

Inc

4,372,540‌

19,030

Williams-Sonoma,

Inc

2,303,391‌

104

Winmark

Corp

34,728‌

4,787

*

Zumiez,

Inc

83,701‌

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

38,018,338‌

CONSUMER

DURABLES

&

APPAREL

-

0

.6

%

29,397

*,e

Allbirds,

Inc

36,746‌

5,721

DR

Horton,

Inc

628,280‌

16,985

*

GoPro,

Inc

72,696‌

5

Hasbro,

Inc

296‌

6,636

*

iRobot

Corp

260,994‌

1,631

Johnson

Outdoors,

Inc

94,598‌

13,112

*

Latham

Group,

Inc

31,600‌

2,929

*

Lovesac

Co

77,004‌

15,060

*

Lululemon

Athletica,

Inc

5,721,746‌

9,623

*

Sonos,

Inc

203,430‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

7,127,390‌

75

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

SERVICES

-

2

.6

%

3,107

*

Booking

Holdings,

Inc

$

8,346,365‌

12,782

*

Brinker

International,

Inc

510,257‌

4,301

Carriage

Services,

Inc

123,482‌

12,260

*

Dave

&

Buster's

Entertainment,

Inc

434,740‌

6,086

*

European

Wax

Center,

Inc

114,660‌

128

*

frontdoor,

Inc

3,502‌

44,031

Hilton

Worldwide

Holdings,

Inc

6,341,345‌

28,670

*

Rover

Group,

Inc

129,875‌

5,037

*

Shake

Shack,

Inc

276,078‌

4,968

*

Six

Flags

Entertainment

Corp

120,573‌

79,826

Starbucks

Corp

9,123,313‌

2,511

Vail

Resorts,

Inc

603,946‌

23,779

Yum!

Brands,

Inc

3,342,852‌

TOTAL

CONSUMER

SERVICES

29,470,988‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1

.7

%

36,632

*

BJ's

Wholesale

Club

Holdings,

Inc

2,797,586‌

66,862

Kroger

Co

3,251,499‌

40,550

*

Performance

Food

Group

Co

2,542,079‌

397

Pricesmart,

Inc

29,251‌

5,542

SpartanNash

Co

135,890‌

28,639

*

Sprouts

Farmers

Market,

Inc

992,628‌

43,725

Target

Corp

6,897,619‌

10,982

*

United

Natural

Foods,

Inc

299,479‌

60,461

*

US

Foods

Holding

Corp

2,321,702‌

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

19,267,733‌

ENERGY

-

3

.1

%

38,102

Archrock,

Inc

392,070‌

204,379

Baker

Hughes

Co

5,976,042‌

17,952

Cactus,

Inc

726,697‌

60,854

ChampionX

Corp

1,647,926‌

41,452

Cheniere

Energy,

Inc

6,342,156‌

48,397

*

Clean

Energy

Fuels

Corp

206,655‌

20,124

Delek

US

Holdings,

Inc

437,697‌

4,198

*

DMC

Global,

Inc

79,510‌

10,205

*

Dril-Quip,

Inc

278,392‌

29,690

DT

Midstream,

Inc

1,462,826‌

9,421

Enviva,

Inc

202,552‌

5,676

Excelerate

Energy,

Inc

122,034‌

23,720

*

Frank's

International

NV

471,791‌

15,053

*

Green

Plains

Inc

514,361‌

180,093

Halliburton

Co

5,898,046‌

119,912

NOV,

Inc

2,008,526‌

29,233

*

Oceaneering

International,

Inc

518,301‌

94,637

ONEOK,

Inc

6,190,206‌

20,180

*

Weatherford

International

Ltd

1,304,233‌

17,818

World

Fuel

Services

Corp

421,218‌

TOTAL

ENERGY

35,201,239‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

3

.1

%

38,846

American

Tower

Corp

7,939,734‌

5,091

Boston

Properties,

Inc

271,656‌

11,949

City

Office

REIT,

Inc

69,543‌

40,039

Crown

Castle

International

Corp

4,928,400‌

24,207

DiamondRock

Hospitality

Co

196,319‌

11,972

Empire

State

Realty

Trust,

Inc

73,149‌

10,105

Equinix,

Inc

7,316,828‌

42,135

Hudson

Pacific

Properties

234,271‌

6,811

Iron

Mountain,

Inc

376,240‌

4,036

iStar,

Inc

111,878‌

Social

Choice

Low

Carbon

Equity

Fund

April

30,

2023

76

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)—continued

33,468

Park

Hotels

&

Resorts,

Inc

$

403,289‌

3,043

PotlatchDeltic

Corp

140,678‌

69,047

d

Prologis,

Inc

8,648,137‌

17,766

Sunstone

Hotel

Investors,

Inc

169,310‌

3,285

Ventas,

Inc

157,844‌

40,242

Welltower,

Inc

3,187,971‌

13,732

Xenia

Hotels

&

Resorts,

Inc

173,847‌

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

34,399,094‌

FINANCIAL

SERVICES

-

8

.7

%

53,145

Ally

Financial,

Inc

1,401,965‌

48,490

American

Express

Co

7,823,377‌

2,628

Ameriprise

Financial,

Inc

801,855‌

54,996

Bank

of

New

York

Mellon

Corp

2,342,280‌

11,487

BlackRock,

Inc

7,710,074‌

91,962

Charles

Schwab

Corp

4,804,095‌

28,027

Discover

Financial

Services

2,899,954‌

129

Federal

Agricultural

Mortgage

Corp

(FAMC)

17,194‌

103,327

Fidelity

National

Information

Services,

Inc

6,067,361‌

23,668

Goldman

Sachs

Group,

Inc

8,128,538‌

66,227

Intercontinental

Exchange

Group,

Inc

7,214,107‌

38,036

Mastercard,

Inc

(Class

A)

14,454,821‌

15,728

Moody's

Corp

4,924,751‌

91,677

Morgan

Stanley

8,248,180‌

32,118

*

Open

Lending

Corp

225,790‌

101,761

*

PayPal

Holdings,

Inc

7,733,836‌

23,921

S&P

Global,

Inc

8,673,276‌

19,202

State

Street

Corp

1,387,537‌

1,079

T

Rowe

Price

Group,

Inc

121,204‌

13,008

*

WEX,

Inc

2,306,969‌

TOTAL

FINANCIAL

SERVICES

97,287,164‌

FOOD,

BEVERAGE

&

TOBACCO

-

4

.4

%

70,973

Archer-Daniels-Midland

Co

5,541,572‌

28,474

*

Benson

Hill,

Inc

30,183‌

18,698

*,e

Beyond

Meat,

Inc

253,171‌

17,950

Bunge

Ltd

1,680,120‌

192,219

Coca-Cola

Co

12,330,849‌

46,341

*

Darling

International,

Inc

2,760,533‌

76,568

General

Mills,

Inc

6,786,222‌

87

*

Hain

Celestial

Group,

Inc

1,560‌

38,355

Hormel

Foods

Corp

1,551,076‌

6,455

Kellogg

Co

450,365‌

127,363

Keurig

Dr

Pepper,

Inc

4,164,770‌

11,256

McCormick

&

Co,

Inc

988,840‌

66,838

PepsiCo,

Inc

12,758,706‌

3,305

*

Vital

Farms,

Inc

42,568‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

49,340,535‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

5

.8

%

126

*

Acadia

Healthcare

Co,

Inc

9,109‌

43

*

AMN

Healthcare

Services,

Inc

3,713‌

11,386

*

Angiodynamics,

Inc

94,732‌

6,744

*

AxoGen,

Inc

60,831‌

28,701

*

Cerus

Corp

66,299‌

24,086

Cigna

Corp

6,100,743‌

2,905

*

Computer

Programs

&

Systems,

Inc

75,181‌

8,877

*

CryoLife,

Inc

123,124‌

47,352

*

Dexcom,

Inc

5,745,692‌

79,745

*

Edwards

Lifesciences

Corp

7,015,965‌

16,292

Elevance

Health,

Inc

7,635,246‌

77

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES—continued

295

Encompass

Health

Corp

$

18,924‌

14,996

*

Enhabit,

Inc

183,701‌

9,467

*

Envista

Holdings

Corp

364,385‌

6,370

*

Fulgent

Genetics,

Inc

188,361‌

24,807

HCA

Healthcare,

Inc

7,127,795‌

16,334

*

Health

Catalyst,

Inc

205,808‌

2,939

*

Heska

Corp

344,333‌

6,341

*

Hologic,

Inc

545,389‌

11,236

*

IDEXX

Laboratories,

Inc

5,529,910‌

7,000

*

Inogen,

Inc

93,170‌

1,649

*

Insulet

Corp

524,448‌

90

*

Integer

Holding

Corp

7,412‌

62

*

LivaNova

plc

2,970‌

7,558

*

NextGen

Healthcare,

Inc

126,521‌

13,518

*

Omnicell,

Inc

821,489‌

122,939

*,e

Opko

Health,

Inc

180,720‌

17,854

*

OraSure

Technologies,

Inc

121,407‌

5,698

*

Orthofix

Medical

Inc

107,293‌

7,973

*

Outset

Medical,

Inc

143,434‌

69

*

Penumbra,

Inc

19,604‌

586

*

RadNet,

Inc

16,209‌

12,615

Resmed,

Inc

3,039,710‌

5,277

*

Shockwave

Medical

Inc

1,531,174‌

5,649

*

SI-BONE,

Inc

124,843‌

2,949

*

Staar

Surgical

Co

207,816‌

2,267

*

SurModics,

Inc

52,232‌

49,184

*

Teladoc,

Inc

1,304,852‌

30,941

UnitedHealth

Group,

Inc

15,225,757‌

6,424

*

Varex

Imaging

Corp

113,962‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

65,204,264‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

2

.0

%

80,172

Colgate-Palmolive

Co

6,397,725‌

1,875

Kimberly-Clark

Corp

271,669‌

100,040

Procter

&

Gamble

Co

15,644,255‌

19,788

*,e

Veru,

Inc

25,131‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

22,338,780‌

INSURANCE

-

3

.1

%

5,460

Allstate

Corp

632,050‌

35,074

Chubb

Ltd

7,069,515‌

44,455

Marsh

&

McLennan

Cos,

Inc

8,010,347‌

8,968

ProAssurance

Corp

161,065‌

53,292

Progressive

Corp

7,269,029‌

57,650

Prudential

Financial,

Inc

5,015,550‌

34,479

Travelers

Cos,

Inc

6,245,526‌

300

Willis

Towers

Watson

plc

69,480‌

TOTAL

INSURANCE

34,472,562‌

MATERIALS

-

3

.4

%

17,080

*

Arconic

Corp

422,730‌

86,588

Ball

Corp

4,604,750‌

4,887

*

Clearwater

Paper

Corp

176,421‌

34,438

*

Coeur

Mining,

Inc

117,089‌

16,584

Commercial

Metals

Co

774,307‌

81

Compass

Minerals

International,

Inc

2,651‌

38,703

Ecolab,

Inc

6,495,912‌

44,407

Graphic

Packaging

Holding

Co

1,095,077‌

3,225

Hawkins,

Inc

130,097‌

34

Innospec,

Inc

3,455‌

6,388

International

Flavors

&

Fragrances,

Inc

619,380‌

Social

Choice

Low

Carbon

Equity

Fund

April

30,

2023

78

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

MATERIALS—continued

3,928

Koppers

Holdings,

Inc

$

128,878‌

27,550

Linde

plc

10,178,348‌

65,639

Mosaic

Co

2,812,631‌

3,959

Myers

Industries,

Inc

75,023‌

122,312

Newmont

Goldcorp

Corp

5,797,589‌

6,517

PPG

Industries,

Inc

914,074‌

2,888

Schnitzer

Steel

Industries,

Inc

(Class

A)

83,434‌

23,934

Steel

Dynamics,

Inc

2,487,939‌

10,324

Trinseo

plc

187,071‌

29,586

Valvoline,

Inc

1,022,196‌

TOTAL

MATERIALS

38,129,052‌

MEDIA

&

ENTERTAINMENT

-

4

.5

%

8,442

*

Charter

Communications,

Inc

3,112,565‌

256,863

Comcast

Corp

(Class

A)

10,626,422‌

38,397

Electronic

Arts,

Inc

4,887,170‌

36,702

*

iHeartMedia,

Inc

127,356‌

7,502

*

MediaAlpha,

Inc

55,515‌

27,195

*

Netflix,

Inc

8,972,446‌

180,048

*

Pinterest,

Inc

4,141,104‌

20,091

*

Roku,

Inc

1,129,315‌

13,672

*

Take-Two

Interactive

Software,

Inc

1,699,293‌

29,331

*

TripAdvisor,

Inc

520,039‌

40,872

*

Vimeo,

Inc

134,469‌

104,368

*

Walt

Disney

Co

10,697,720‌

69,536

*

Warner

Bros

Discovery,

Inc

946,385‌

20,235

*

Yelp,

Inc

605,431‌

22,813

*

ZipRecruiter,

Inc

386,452‌

81,361

*

ZoomInfo

Technologies,

Inc

1,782,620‌

TOTAL

MEDIA

&

ENTERTAINMENT

49,824,302‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

8

.2

%

33,949

*

Adaptive

Biotechnologies

Corp

242,396‌

22,005

Agilent

Technologies,

Inc

2,980,137‌

24,261

*,e

Allogene

Therapeutics,

Inc

131,737‌

34,033

Amgen,

Inc

8,159,071‌

15,421

*

Atara

Biotherapeutics,

Inc

41,791‌

23,235

*

Atea

Pharmaceuticals,

Inc

75,978‌

11,247

*

Biogen,

Inc

3,421,675‌

129,807

Bristol-Myers

Squibb

Co

8,667,213‌

9,328

*

Caribou

Biosciences,

Inc

40,110‌

6,343

*

Cassava

Sciences,

Inc

147,285‌

29,975

*

Catalent,

Inc

1,502,347‌

38,542

Danaher

Corp

9,130,985‌

1,725

*

Eagle

Pharmaceuticals,

Inc

48,438‌

37,413

Eli

Lilly

&

Co

14,810,310‌

10,787

*

Erasca,

Inc

29,772‌

95,446

Gilead

Sciences,

Inc

7,846,616‌

11,521

*

Illumina,

Inc

2,368,257‌

75,272

*

Inovio

Pharmaceuticals,

Inc

58,148‌

25,872

*

Intellia

Therapeutics,

Inc

976,668‌

3,226

*

IQVIA

Holdings,

Inc

607,230‌

8,754

*

Kezar

Life

Sciences,

Inc

21,272‌

116,357

Merck

&

Co,

Inc

13,435,743‌

7,717

*

Nurix

Therapeutics,

Inc

74,315‌

35,444

*

Nuvation

Bio,

Inc

57,065‌

9,088

*

Regeneron

Pharmaceuticals,

Inc

7,286,668‌

27,104

*,e

Sana

Biotechnology,

Inc

143,380‌

7,756

*

Tango

Therapeutics,

Inc

26,370‌

3,424

West

Pharmaceutical

Services,

Inc

1,236,886‌

79

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

44,426

Zoetis,

Inc

$

7,809,202‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

91,377,065‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0

.3

%

41,029

*

CBRE

Group,

Inc

3,145,284‌

2,503

*

Howard

Hughes

Corp

193,657‌

32,684

*

Realogy

Holdings

Corp

208,197‌

4,386

*

Tejon

Ranch

Co

75,790‌

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

3,622,928‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

6

.0

%

65,022

Applied

Materials,

Inc

7,349,437‌

5,538

*

Cirrus

Logic,

Inc

475,105‌

287,767

Intel

Corp

8,938,043‌

13,468

Lam

Research

Corp

7,058,309‌

138,322

Marvell

Technology,

Inc

5,460,952‌

84,240

NVIDIA

Corp

23,375,758‌

75,672

*

ON

Semiconductor

Corp

5,445,357‌

1,540

*

Silicon

Laboratories,

Inc

214,522‌

53,358

Texas

Instruments,

Inc

8,921,458‌

1,125

Universal

Display

Corp

150,142‌

4,925

*

Wolfspeed,

Inc

229,259‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

67,618,342‌

SOFTWARE

&

SERVICES

-

14

.9

%

36,416

Accenture

plc

10,207,041‌

26,265

*

Adobe,

Inc

9,916,613‌

46,954

*

Akamai

Technologies,

Inc

3,848,819‌

7,964

*

Ansys,

Inc

2,500,059‌

24,328

*

Autodesk,

Inc

4,738,851‌

32,262

*

Cadence

Design

Systems,

Inc

6,757,276‌

68,918

*

DXC

Technology

Co

1,643,694‌

330

*

Elastic

NV

18,893‌

65,874

International

Business

Machines

Corp

8,327,132‌

19,413

Intuit,

Inc

8,618,401‌

223,083

Microsoft

Corp

68,544,483‌

26,096

*

RingCentral,

Inc

719,206‌

2,252

Roper

Technologies,

Inc

1,024,165‌

53,585

*

Salesforce,

Inc

10,629,656‌

16,419

*

ServiceNow,

Inc

7,543,217‌

39,673

*

SVMK,

Inc

372,530‌

17,767

*

Synopsys,

Inc

6,597,242‌

27,846

*

VeriSign,

Inc

6,176,243‌

28,824

*

VMware,

Inc

(Class

A)

3,603,865‌

26,094

*

Workday,

Inc

4,857,137‌

TOTAL

SOFTWARE

&

SERVICES

166,644,523‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

4

.4

%

28,112

Avnet,

Inc

1,159,901‌

8,954

Badger

Meter,

Inc

1,184,883‌

10,055

Benchmark

Electronics,

Inc

214,674‌

44,657

*

Ciena

Corp

2,056,008‌

216,115

Cisco

Systems,

Inc

10,211,434‌

9,052

CTS

Corp

354,929‌

8,113

*

ePlus,

Inc

353,240‌

11,300

*

Fabrinet

1,072,935‌

5,222

*

FARO

Technologies,

Inc

121,934‌

386,446

Hewlett

Packard

Enterprise

Co

5,533,907‌

211,651

HP,

Inc

6,288,151‌

9,609

*

Insight

Enterprises,

Inc

1,162,208‌

37,364

*

Keysight

Technologies,

Inc

5,404,329‌

Social

Choice

Low

Carbon

Equity

Fund

April

30,

2023

80

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

TECHNOLOGY

HARDWARE

&

EQUIPMENT—continued

5,371

*

Kimball

Electronics,

Inc

$

108,118‌

25,579

*

Knowles

Corp

431,773‌

5,528

Littelfuse,

Inc

1,339,103‌

172

*

Lumentum

Holdings,

Inc

8,299‌

600

Methode

Electronics,

Inc

24,594‌

47,269

*,e

Microvision,

Inc

94,538‌

30,085

*

Mirion

Technologies,

Inc

243,688‌

4,121

Motorola

Solutions,

Inc

1,200,859‌

39,633

National

Instruments

Corp

2,307,829‌

8,531

*

Netgear,

Inc

120,543‌

2,868

*

Novanta,

Inc

438,345‌

4,734

*

OSI

Systems,

Inc

534,753‌

7,569

*,e

PAR

Technology

Corp

231,536‌

7,905

*

Plexus

Corp

691,450‌

21,532

*

Ribbon

Communications,

Inc

55,122‌

5,484

*

Rogers

Corp

882,650‌

74,626

*

Trimble

Inc

3,514,885‌

30,181

*

TTM

Technologies,

Inc

356,438‌

2,890

*

Vishay

Precision

Group,

Inc

108,491‌

48,593

Vontier

Corp

1,318,328‌

34,198

Xerox

Holdings

Corp

535,883‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

49,665,758‌

TELECOMMUNICATION

SERVICES

-

0

.9

%

6,905

*

Bandwidth

Inc

84,034‌

21,856

*

Consolidated

Communications

Holdings,

Inc

84,582‌

243,313

Verizon

Communications,

Inc

9,447,844‌

TOTAL

TELECOMMUNICATION

SERVICES

9,616,460‌

TRANSPORTATION

-

2

.3

%

4,518

CH

Robinson

Worldwide,

Inc

455,731‌

228,974

CSX

Corp

7,015,763‌

27,646

Expeditors

International

of

Washington,

Inc

3,147,221‌

10,134

*

GXO

Logistics,

Inc

538,419‌

18,182

Old

Dominion

Freight

Line

5,825,331‌

1,512

Ryder

System,

Inc

119,690‌

47,614

United

Parcel

Service,

Inc

(Class

B)

8,561,473‌

TOTAL

TRANSPORTATION

25,663,628‌

UTILITIES

-

1

.7

%

64,145

Consolidated

Edison,

Inc

6,316,358‌

68,280

Essential

Utilities

Inc

2,915,556‌

78,228

Eversource

Energy

6,071,275‌

7,098

ONE

Gas,

Inc

546,191‌

28,346

*,e

Sunnova

Energy

International,

Inc

509,094‌

64,444

UGI

Corp

2,183,363‌

TOTAL

UTILITIES

18,541,837‌

TOTAL

COMMON

STOCKS

1,108,907,658‌

(Cost

$1,010,120,285)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

1.0%

REPURCHASE

AGREEMENT

-

0

.9

%

$

10,245,000

r

Fixed

Income

Clearing

Corp

(FICC)

4

.800

%

05/01/23

10,245,000‌

TOTAL

REPURCHASE

AGREEMENT

10,245,000‌

81

See

Notes

to

Financial

Statements

SHARES

COMPANY

RATE

EXP

VALUE

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

0

.1

%

1,051,373

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.840

%

$

1,051,373‌

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

1,051,373‌

TOTAL

SHORT-TERM

INVESTMENTS

11,296,373‌

(Cost

$11,296,373)

TOTAL

INVESTMENTS

-

100.0%

1,120,204,031‌

(Cost

$1,021,416,658)

OTHER

ASSETS

&

LIABILITIES,

NET

-

0.0%

268,154‌

NET

ASSETS

-

100.0%

$

1,120,472,185‌

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

d

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

margin

requirements

on

open

futures

contracts.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$1,859,793.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.800%

dated

4/28/23

to

be

repurchased

at

$10,245,000

on

5/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

3.875%

and

maturity

date

3/31/25,

valued

at

$10,449,926.

Futures

contracts

outstanding

as

of

April

30,

2023

were

as

follows:

Description

Number

of

long

(short)

contracts

Expiration

date

Notional

amount

Value

Unrealized

appreciation

(depreciation)

S&P

500

E

Mini

Index

53‌

06/16/23

 $

10,843,067‌

$

11,099,525‌

$

256,458‌

Emerging

Markets

Equity

Fund

April

30,

2023

Portfolio

of

Investments

(Unaudited)

82

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

COMMON

STOCKS

-

90.8%

AUSTRALIA

-

1

.0

%

2,695,503

Glencore

Xstrata

plc

$

15,910,569‌

TOTAL

AUSTRALIA

15,910,569‌

BRAZIL

-

13

.9

%

6,892,655

a

Arcos

Dorados

Holdings,

Inc

54,727,681‌

5,829,700

Banco

Bradesco

S.A.

(Preference)

16,187,767‌

7,514,600

*

Cia

Brasileira

de

Distribuicao

22,598,941‌

5,668,500

Cosan

SA

Industria

e

Comercio

17,024,365‌

4,925,300

*

Embraer

S.A.

19,176,656‌

18,485

*

MercadoLibre,

Inc

23,614,403‌

2,414,519

*

Pagseguro

Digital

Ltd

23,758,867‌

5,982,469

Sendas

Distribuidora

S.A.

14,740,877‌

5,877,900

Ultrapar

Participacoes

S.A.

17,016,896‌

5,368,400

Vibra

Energia

S.A.

14,207,242‌

TOTAL

BRAZIL

223,053,695‌

CANADA

-

1

.3

%

1,136,250

Pan

American

Silver

Corp

20,236,613‌

TOTAL

CANADA

20,236,613‌

CHINA

-

23

.3

%

9,044,908

*

Alibaba

Group

Holding

Ltd

95,637,443‌

3,257,858

*

Baidu,

Inc

49,036,952‌

905,373

*,e

Baozun,

Inc

(ADR)

4,191,877‌

17,708,000

CSPC

Pharmaceutical

Group

Ltd

18,031,992‌

8,047,539

Foxconn

Industrial

Internet

Co

Ltd

18,747,666‌

3,780,527

*,e

HUYA,

Inc

(ADR)

12,286,713‌

269,361

*

iClick

Interactive

Asia

Group

Ltd

(ADR)

818,857‌

521,850

JD.com,

Inc

9,313,896‌

2,762,371

Ping

An

Insurance

Group

Co

of

China

Ltd

(Class

A)

20,712,975‌

712,000

Silergy

Corp

11,238,442‌

2,387,976

Tencent

Holdings

Ltd

106,064,608‌

1,708,251

*

Vipshop

Holdings

Ltd

(ADR)

26,819,541‌

TOTAL

CHINA

372,900,962‌

COLOMBIA

-

0

.7

%

425,591

BanColombia

S.A.

(ADR)

10,426,980‌

TOTAL

COLOMBIA

10,426,980‌

HONG

KONG

-

1

.5

%

1,812,362

*

Melco

Crown

Entertainment

Ltd

(ADR)

24,720,618‌

22,290

*,†

Mongolian

Metals

Corporation

0‌

TOTAL

HONG

KONG

24,720,618‌

INDIA

-

14

.0

%

22,956,912

Edelweiss

Capital

Ltd

18,540,356‌

320,684

HDFC

Bank

Ltd

(ADR)

22,383,743‌

1,021,659

Housing

Development

Finance

Corp

34,809,810‌

1,994,731

Mahindra

&

Mahindra

Ltd

30,012,036‌

2,400,529

Piramal

Healthcare

Ltd

21,691,351‌

9,928,597

*

Piramal

Pharma

Ltd

8,578,860‌

2,678,512

Reliance

Industries

Ltd

79,544,161‌

208,527

Tata

Consultancy

Services

Ltd

8,244,463‌

TOTAL

INDIA

223,804,780‌

INDONESIA

-

2

.9

%

54,229,500

Astra

International

Tbk

PT

25,014,380‌

83

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

INDONESIA—continued

62,597,400

PT

Bank

Mandiri

Persero

Tbk

$

22,128,166‌

TOTAL

INDONESIA

47,142,546‌

JAPAN

-

0

.1

%

202,600

Panasonic

Corp

1,908,244‌

TOTAL

JAPAN

1,908,244‌

KOREA,

REPUBLIC

OF

-

6

.5

%

351,685

Hynix

Semiconductor,

Inc

23,662,592‌

1,626,754

Samsung

Electronics

Co

Ltd

80,042,943‌

TOTAL

KOREA,

REPUBLIC

OF

103,705,535‌

MACAU

-

1

.6

%

23,702,500

*

Wynn

Macau

Ltd

25,643,495‌

TOTAL

MACAU

25,643,495‌

MEXICO

-

7

.1

%

700,215

Fomento

Economico

Mexicano

SAB

de

C.V.

(ADR)

67,934,859‌

3,363,200

Grupo

Financiero

Banorte

S.A.

de

C.V.

29,083,698‌

3,207,638

Grupo

Televisa

SAB

(ADR)

16,230,648‌

TOTAL

MEXICO

113,249,205‌

PERU

-

1

.2

%

137,268

Credicorp

Ltd

18,597,069‌

TOTAL

PERU

18,597,069‌

SAUDI

ARABIA

-

2

.6

%

1,129,934

Al

Rajhi

Bank

23,321,777‌

1,882,786

g

Saudi

Arabian

Oil

Co

18,148,284‌

TOTAL

SAUDI

ARABIA

41,470,061‌

SINGAPORE

-

3

.1

%

646,307

*

Sea

Ltd

(ADR)

49,229,204‌

TOTAL

SINGAPORE

49,229,204‌

TAIWAN

-

9

.3

%

1,176,000

Delta

Electronics,

Inc

11,520,060‌

997,000

MediaTek,

Inc

21,678,608‌

7,092,400

Taiwan

Semiconductor

Manufacturing

Co

Ltd

116,142,260‌

TOTAL

TAIWAN

149,340,928‌

THAILAND

-

0

.7

%

2,672,000

PTT

Exploration

&

Production

PCL

(ADR)

11,626,007‌

TOTAL

THAILAND

11,626,007‌

TOTAL

COMMON

STOCKS

1,452,966,511‌

(Cost

$1,476,282,014)

PRINCIPAL

ISSUER

REFERENCERATE

&

SPREAD

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

7.5%

GOVERNMENT

AGENCY

DEBT

-

2

.8

%

$

10,000,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

06/09/23

9,948,721‌

5,000,000

FHLB

0

.000

06/12/23

4,972,394‌

8,000,000

FHLB

0

.000

07/24/23

7,910,497‌

5,000,000

FHLB

0

.000

07/26/23

4,942,736‌

6,250,000

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

0

.000

07/17/23

6,185,872‌

10,000,000

Tennessee

Valley

Authority

(TVA)

0

.000

05/03/23

9,997,475‌

TOTAL

GOVERNMENT

AGENCY

DEBT

43,957,695‌

Emerging

Markets

Equity

Fund

April

30,

2023

84

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

Portfolio

of

Investments

(Unaudited)

(continued)

PRINCIPAL

ISSUER

REFERENCERATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

REPURCHASE

AGREEMENT

-

4

.7

%

$

75,680,000

r

Fixed

Income

Clearing

Corp

(FICC)

4

.800

%

05/01/23

$

75,680,000‌

TOTAL

REPURCHASE

AGREEMENT

75,680,000‌

SHARES

COMPANY

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

0

.0

%

743,276

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.840

743,276‌

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

743,276‌

TOTAL

SHORT-TERM

INVESTMENTS

120,380,971‌

(Cost

$120,372,802)

TOTAL

INVESTMENTS

-

98.3%

1,573,347,482‌

(Cost

$1,596,654,816)

OTHER

ASSETS

&

LIABILITIES,

NET

-

1.7%

26,824,529‌

NET

ASSETS

-

100.0%

$

1,600,172,011‌

ADR

American

Depositary

Receipt

*

Non-income

producing

†

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

a

Affiliated

holding

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$813,408.

g

Security

is

exempt

from

registration

under

Rule

144(A)

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.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.800%

dated

4/28/23

to

be

repurchased

at

$75,680,000

on

5/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.125%

and

maturity

date

4/15/25,

valued

at

$77,193,608.

Portfolio

of

Investments

(Unaudited)

International

Equity

Fund

April

30,

2023

85

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

COMMON

STOCKS

-

98.7%

AUSTRALIA

-

6

.2

%

4,511,473

BHP

Billiton

Ltd

$

133,889,121‌

1,664,321

Commonwealth

Bank

of

Australia

110,138,263‌

22,373,914

Glencore

Xstrata

plc

132,065,037‌

2,019,710

Woodside

Energy

Group

Ltd

45,827,873‌

TOTAL

AUSTRALIA

421,920,294‌

BRAZIL

-

1

.2

%

13,232,698

Banco

Bradesco

S.A.

(Preference)

36,744,229‌

9,079,600

Itau

Unibanco

Holding

S.A.

47,183,775‌

TOTAL

BRAZIL

83,928,004‌

CHINA

-

0

.6

%

464,864

*

Alibaba

Group

Holding

Ltd

(ADR)

39,369,332‌

TOTAL

CHINA

39,369,332‌

DENMARK

-

5

.1

%

575,857

DSV

AS

108,377,604‌

1,406,609

Novo

Nordisk

AS

233,995,525‌

TOTAL

DENMARK

342,373,129‌

FINLAND

-

1

.3

%

7,780,459

Nordea

Bank

Abp

86,254,366‌

TOTAL

FINLAND

86,254,366‌

FRANCE

-

14

.1

%

1,240,894

Airbus

SE

173,768,196‌

756,313

BNP

Paribas

S.A.

48,867,966‌

1,829,125

Compagnie

de

Saint-Gobain

105,896,649‌

649,492

Essilor

International

S.A.

128,586,446‌

188,556

Kering

120,744,984‌

116,593

LVMH

Moet

Hennessy

Louis

Vuitton

S.A.

112,148,609‌

2,164,124

Total

S.A.

138,287,331‌

765,559

Vinci

S.A.

94,692,922‌

2,358,137

Vivendi

Universal

S.A.

25,902,840‌

TOTAL

FRANCE

948,895,943‌

GERMANY

-

8

.3

%

2,546,505

Bayer

AG.

168,059,865‌

1,502,838

Deutsche

Post

AG.

72,285,873‌

175,915

*

Dr

ING

hc

F

Porsche

AG.

22,027,886‌

887,043

HeidelbergCement

AG.

67,186,039‌

1,959,131

*

RWE

AG.

91,856,284‌

857,166

Siemens

AG.

141,288,649‌

TOTAL

GERMANY

562,704,596‌

HONG

KONG

-

0

.5

%

832,424

Hong

Kong

Exchanges

and

Clearing

Ltd

34,559,664‌

TOTAL

HONG

KONG

34,559,664‌

IRELAND

-

1

.8

%

2,501,306

CRH

plc

120,697,982‌

TOTAL

IRELAND

120,697,982‌

ITALY

-

2

.5

%

7,791,517

Enel

S.p.A.

53,232,536‌

1,548,206

Moncler

S.p.A

114,847,729‌

TOTAL

ITALY

168,080,265‌

International

Equity

Fund

April

30,

2023

86

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

Portfolio

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

VALUE

JAPAN

-

20

.4

%

5,309,500

Daiichi

Sankyo

Co

Ltd

$

182,193,395‌

461,316

Daikin

Industries

Ltd

83,789,319‌

3,205,379

*

Hitachi

Ltd

177,304,303‌

168,300

Keyence

Corp

75,895,907‌

8,964,000

Mitsubishi

UFJ

Financial

Group,

Inc

56,110,453‌

2,245,880

Nintendo

Co

Ltd

94,949,898‌

3,397,800

ORIX

Corp

57,805,146‌

2,509,300

Recruit

Holdings

Co

Ltd

70,394,860‌

2,575,900

SBI

Holdings,

Inc

50,309,281‌

1,174,700

Shiseido

Co

Ltd

58,882,758‌

2,098,659

Sony

Corp

189,873,445‌

3,119,200

Sumitomo

Mitsui

Financial

Group,

Inc

127,493,000‌

10,752,845

*

Toyota

Motor

Corp

147,636,818‌

TOTAL

JAPAN

1,372,638,583‌

KOREA,

REPUBLIC

OF

-

0

.8

%

94,252

LG

Chem

Ltd

52,355,406‌

TOTAL

KOREA,

REPUBLIC

OF

52,355,406‌

MEXICO

-

0

.5

%

344,618

Fomento

Economico

Mexicano

SAB

de

C.V.

(ADR)

33,434,838‌

TOTAL

MEXICO

33,434,838‌

NETHERLANDS

-

11

.3

%

217,379

ASML

Holding

NV

137,951,405‌

1,135,441

e

Heineken

NV

130,377,216‌

8,327,170

ING

Groep

NV

103,275,955‌

22,910,321

Koninklijke

KPN

NV

83,551,306‌

8,397,198

Shell

plc

258,030,400‌

2,244,812

Universal

Music

Group

NV

49,043,350‌

TOTAL

NETHERLANDS

762,229,632‌

NORWAY

-

1

.4

%

3,274,071

Equinor

ASA

94,263,818‌

TOTAL

NORWAY

94,263,818‌

SPAIN

-

1

.6

%

14,787,595

Banco

Bilbao

Vizcaya

Argentaria

S.A.

108,259,740‌

TOTAL

SPAIN

108,259,740‌

SWITZERLAND

-

5

.3

%

141,171

Lonza

Group

AG.

88,039,893‌

1,703,855

Novartis

AG.

174,293,922‌

199,041

Zurich

Insurance

Group

AG

96,525,370‌

TOTAL

SWITZERLAND

358,859,185‌

TAIWAN

-

1

.1

%

863,350

Taiwan

Semiconductor

Manufacturing

Co

Ltd

(ADR)

72,780,405‌

TOTAL

TAIWAN

72,780,405‌

UNITED

KINGDOM

-

9

.7

%

1,631,850

Ashtead

Group

plc

94,086,138‌

1,855,640

AstraZeneca

plc

273,081,427‌

8,798,021

BP

plc

59,025,874‌

966,381

Diageo

plc

44,082,521‌

1,446,325

Reckitt

Benckiser

Group

plc

116,877,193‌

1,160,686

Unilever

plc

64,629,469‌

TOTAL

UNITED

KINGDOM

651,782,622‌

UNITED

STATES

-

5

.0

%

24,547,438

Haleon

plc

107,927,678‌

87

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

UNITED

STATES—continued

423,877

Linde

plc

$

155,744,577‌

559,445

Nestle

S.A.

71,770,953‌

TOTAL

UNITED

STATES

335,443,208‌

TOTAL

COMMON

STOCKS

6,650,831,012‌

(Cost

$5,409,422,464)

PRINCIPAL

ISSUER

REFERENCERATE

&

SPREAD

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

1.4%

GOVERNMENT

AGENCY

DEBT

-

0

.2

%

$

6,000,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

06/09/23

5,969,233‌

5,000,000

FHLB

0

.000

06/12/23

4,972,394‌

TOTAL

GOVERNMENT

AGENCY

DEBT

10,941,627‌

REPURCHASE

AGREEMENT

-

0

.0

%

565,000

r

Fixed

Income

Clearing

Corp

(FICC)

4

.760

05/01/23

565,000‌

TOTAL

REPURCHASE

AGREEMENT

565,000‌

SHARES

COMPANY

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

1

.2

%

84,157,300

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.840

84,157,300‌

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

84,157,300‌

TOTAL

SHORT-TERM

INVESTMENTS

95,663,927‌

(Cost

$95,661,477)

TOTAL

INVESTMENTS

-

100.1%

6,746,494,939‌

(Cost

$5,505,083,941)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.1)%

(

7,367,077‌

)

NET

ASSETS

-

100.0%

$

6,739,127,862‌

ADR

American

Depositary

Receipt

*

Non-income

producing

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$127,554,567.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.760%

dated

4/28/23

to

be

repurchased

at

$565,000

on

5/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

3.875%

and

maturity

date

3/31/25,

valued

at

$576,389.

International

Opportunities

Fund

April

30,

2023

Portfolio

of

Investments

(Unaudited)

88

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

COMMON

STOCKS

-

97.7%

AUSTRALIA

-

4

.6

%

1,767,689

Australia

&

New

Zealand

Banking

Group

Ltd

$

28,704,143‌

146,823

*

Flutter

Entertainment

plc

29,423,011‌

1,157,148

IDP

Education

Ltd

21,739,071‌

512,245

Mineral

Resources

Ltd

25,269,362‌

4,173,477

*,e

PointsBet

Holdings

Ltd

4,348,518‌

TOTAL

AUSTRALIA

109,484,105‌

BRAZIL

-

5

.4

%

4,563,500

Itau

Unibanco

Holding

S.A.

23,715,049‌

1,761,000

Localiza

Rent

A

Car

20,481,096‌

28,696,600

*

Magazine

Luiza

S.A.

19,216,216‌

3,291,727

*

NU

Holdings

Ltd

16,985,311‌

3,106,800

*

Petro

Rio

S.A.

21,645,074‌

1,927,500

Vale

S.A.

27,978,468‌

TOTAL

BRAZIL

130,021,214‌

CANADA

-

11

.0

%

956,734

Alimentation

Couche-Tard,

Inc

47,750,196‌

418,013

e

Bank

of

Montreal

37,680,871‌

1,064,343

Cameco

Corp

29,262,853‌

763,262

Dollarama,

Inc

47,276,781‌

1,152,197

*,e

Lightspeed

Commerce,

Inc

15,146,052‌

370,591

Nutrien

Ltd

25,709,007‌

669,817

*

Shopify,

Inc

(Class

A)

32,451,406‌

846,253

Suncor

Energy,

Inc

26,495,961‌

TOTAL

CANADA

261,773,127‌

CHINA

-

4

.5

%

1,299,407

JD.com,

Inc

23,191,610‌

1,275,550

*,g

Meituan

Dianping

(Class

B)

21,799,722‌

857,400

Silergy

Corp

13,533,484‌

1,092,900

Tencent

Holdings

Ltd

48,542,368‌

TOTAL

CHINA

107,067,184‌

DENMARK

-

4

.8

%

205,162

Carlsberg

AS

(Class

B)

33,953,638‌

484,470

Novo

Nordisk

AS

80,593,692‌

TOTAL

DENMARK

114,547,330‌

FRANCE

-

6

.4

%

175,402

Essilor

International

S.A.

34,726,094‌

97,529

L'Oreal

S.A.

46,610,766‌

40,562

LVMH

Moet

Hennessy

Louis

Vuitton

S.A.

39,015,823‌

162,041

Teleperformance

32,384,791‌

TOTAL

FRANCE

152,737,474‌

GERMANY

-

5

.9

%

509,065

Bayer

AG.

33,596,398‌

228,509

Beiersdorf

AG.

31,906,564‌

164,525

Deutsche

Boerse

AG.

31,376,353‌

221,008

*

Dr

ING

hc

F

Porsche

AG.

27,674,382‌

623,726

*

HelloFresh

SE

16,748,378‌

TOTAL

GERMANY

141,302,075‌

INDIA

-

0

.8

%

345,363

g

Larsen

&

Toubro

Infotech

Ltd

18,771,880‌

TOTAL

INDIA

18,771,880‌

89

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

INDONESIA

-

1

.2

%

79,838,500

Bank

Rakyat

Indonesia

$

27,822,052‌

TOTAL

INDONESIA

27,822,052‌

IRELAND

-

3

.1

%

731,447

CRH

plc

35,295,232‌

375,292

Keywords

Studios

plc

12,766,991‌

686,571

Smurfit

Kappa

Group

plc

25,436,863‌

TOTAL

IRELAND

73,499,086‌

ITALY

-

5

.7

%

734,877

Amplifon

S.p.A.

26,977,260‌

2,418,423

Davide

Campari-Milano

NV

31,167,350‌

156,744

Ferrari

NV

43,676,456‌

461,797

Moncler

S.p.A

34,256,641‌

TOTAL

ITALY

136,077,707‌

JAPAN

-

10

.3

%

730,800

BayCurrent

Consulting,

Inc

25,402,597‌

273,900

GMO

Payment

Gateway,

Inc

21,422,209‌

1,517,500

MonotaRO

Co

Ltd

22,958,097‌

443,900

Murata

Manufacturing

Co

Ltd

25,185,188‌

2,169,500

Nikon

Corp

22,426,274‌

281,400

Paltac

Corp

10,796,439‌

878,500

Recruit

Holdings

Co

Ltd

24,645,074‌

131,499

*

SHIFT,

Inc

24,480,148‌

811,800

SMS

Co

Ltd

19,077,373‌

981,700

TechnoPro

Holdings,

Inc

26,784,383‌

198,300

Tokyo

Electron

Ltd

22,706,438‌

TOTAL

JAPAN

245,884,220‌

NETHERLANDS

-

6

.0

%

18,806

*,g

Adyen

NV

30,218,460‌

100,114

ASML

Holding

NV

63,533,584‌

4,078,670

ING

Groep

NV

50,584,837‌

TOTAL

NETHERLANDS

144,336,881‌

NORWAY

-

2

.1

%

976,076

Aker

BP

ASA

23,333,890‌

906,566

e

Equinor

ASA

26,100,953‌

TOTAL

NORWAY

49,434,843‌

PHILIPPINES

-

1

.1

%

7,992,434

BDO

Unibank,

Inc

20,832,633‌

5,869,880

Robinsons

Retail

Holdings,

Inc

5,773,126‌

TOTAL

PHILIPPINES

26,605,759‌

PORTUGAL

-

1

.4

%

1,345,188

Jeronimo

Martins

SGPS

S.A.

33,946,103‌

TOTAL

PORTUGAL

33,946,103‌

SPAIN

-

1

.5

%

515,490

*

Amadeus

IT

Holding

S.A.

36,231,215‌

142,139

*,†,e

Let's

GOWEX

S.A.

1,566‌

TOTAL

SPAIN

36,232,781‌

SWEDEN

-

2

.5

%

197,224

g

Evolution

Gaming

Group

AB

26,350,789‌

2,347,271

e

Hexagon

AB

26,875,563‌

761,446

e

Intrum

Justitia

AB

6,893,149‌

TOTAL

SWEDEN

60,119,501‌

International

Opportunities

Fund

April

30,

2023

90

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

Portfolio

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

VALUE

SWITZERLAND

-

3

.2

%

7,015

Givaudan

S.A.

$

24,538,241‌

61,740

Lonza

Group

AG.

38,503,538‌

413,060

*

On

Holding

AG.

13,403,797‌

TOTAL

SWITZERLAND

76,445,576‌

TAIWAN

-

3

.4

%

1,197,540

Dadi

Early-Childhood

Education

Group

Ltd

4,299,030‌

872,000

Eclat

Textile

Co

Ltd

13,886,627‌

2,507,349

Hota

Industrial

Manufacturing

Co

Ltd

5,774,488‌

2,938,000

Taiwan

Semiconductor

Manufacturing

Co

Ltd

48,111,494‌

97,920

Taiwan

Semiconductor

Manufacturing

Co

Ltd

(ADR)

8,254,656‌

TOTAL

TAIWAN

80,326,295‌

UNITED

KINGDOM

-

7

.7

%

781,329

Ashtead

Group

plc

45,048,398‌

3,799,007

Beazley

plc

28,501,908‌

668,434

Compass

Group

plc

17,633,931‌

5,388,784

*,e

Darktrace

plc

19,002,696‌

400,852

Dechra

Pharmaceuticals

plc

18,816,416‌

2,133,758

Electrocomponents

plc

24,755,959‌

737,259

Fevertree

Drinks

plc

12,564,024‌

8,564,778

Tritax

Big

Box

REIT

plc

16,733,481‌

TOTAL

UNITED

KINGDOM

183,056,813‌

UNITED

STATES

-

5

.1

%

173,691

Ferguson

plc

24,542,198‌

89,522

Linde

plc

32,892,952‌

74,846

*

Lululemon

Athletica,

Inc

28,436,241‌

119,158

Roche

Holding

AG.

37,313,153‌

TOTAL

UNITED

STATES

123,184,544‌

TOTAL

COMMON

STOCKS

2,332,676,550‌

(Cost

$1,831,942,480)

REFERENCERATE

&

SPREAD

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

AUSTRALIA

-

0

.0

%

211,504

PointsBet

Holdings

Ltd

07/08/24

0‌

TOTAL

AUSTRALIA

0‌

BRAZIL

-

0

.0

%

7,879

Localiza

Rent

a

Car

S.A.

27,107‌

TOTAL

BRAZIL

27,107‌

TOTAL

RIGHTS/WARRANTS

27,107‌

(Cost

$0)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

5.1%

GOVERNMENT

AGENCY

DEBT

-

0

.6

%

$

10,000,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

06/09/23

9,948,721‌

5,000,000

FHLB

0

.000

06/12/23

4,972,394‌

TOTAL

GOVERNMENT

AGENCY

DEBT

14,921,115‌

91

See

Notes

to

Financial

Statements

PRINCIPAL

ISSUER

REFERENCERATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

REPURCHASE

AGREEMENT

-

1

.5

%

$

34,790,000

r

Fixed

Income

Clearing

Corp

(FICC)

4

.800

%

05/01/23

$

34,790,000‌

TOTAL

REPURCHASE

AGREEMENT

34,790,000‌

SHARES

COMPANY

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

3

.0

%

72,503,611

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.840

72,503,611‌

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

72,503,611‌

TOTAL

SHORT-TERM

INVESTMENTS

122,214,726‌

(Cost

$122,211,294)

TOTAL

INVESTMENTS

-

102.8%

2,454,918,383‌

(Cost

$1,954,153,774)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(2.8)%

(

67,412,227‌

)

NET

ASSETS

-

100.0%

$

2,387,506,156‌

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

†

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$87,817,625.

g

Security

is

exempt

from

registration

under

Rule

144(A)

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.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.800%

dated

4/28/23

to

be

repurchased

at

$34,790,000

on

5/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.125%

and

maturity

date

4/15/25,

valued

at

$35,485,828.

Quant

International

Small-Cap

Equity

Fund

April

30,

2023

Portfolio

of

Investments

(Unaudited)

92

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

COMMON

STOCKS

-

99.4%

AUSTRALIA

-

5

.6

%

1,239,163

Abacus

Property

Group

$

2,194,138‌

170,814

Altium

Ltd

4,354,262‌

292,832

AUB

Group

Ltd

5,366,855‌

4,855,070

Beach

Petroleum

Ltd

4,778,790‌

1,856,098

Charter

Hall

Long

Wale

REIT

5,372,997‌

4,010,147

g

Coronado

Global

Resources,

Inc

4,421,442‌

282,091

Growthpoint

Properties

Australia

Ltd

611,475‌

1,019,577

HomeCo

Daily

Needs

REIT

815,035‌

4,650,376

*,e

ioneer

Ltd

949,542‌

256,816

Iress

Market

Technology

Ltd

1,764,580‌

102,003

Jumbo

Interactive

Ltd

887,296‌

1,440,989

Macquarie

CountryWide

Trust

3,709,285‌

205,622

Monadelphous

Group

Ltd

1,694,962‌

1,235,509

Nufarm

Ltd

4,593,895‌

1,727,589

Perenti

Global

Ltd

1,323,881‌

3,902,986

Perseus

Mining

Ltd

5,768,193‌

250,620

Premier

Investments

Ltd

4,361,619‌

1,079,011

Region

RE

Ltd

1,765,758‌

331,899

SmartGroup

Corp

Ltd

1,485,606‌

583,384

Super

Retail

Group

Ltd

5,264,801‌

517,913

*

Telix

Pharmaceuticals

Ltd

3,505,696‌

TOTAL

AUSTRALIA

64,990,108‌

AUSTRIA

-

0

.7

%

126,296

g

BAWAG

Group

AG.

6,159,965‌

107,705

*

Raiffeisen

International

Bank

Holding

AG.

1,654,531‌

TOTAL

AUSTRIA

7,814,496‌

BELGIUM

-

0

.8

%

315,810

Euronav

NV

5,410,082‌

113,090

Fagron

NV

2,102,155‌

19,408

Melexis

NV

1,850,065‌

TOTAL

BELGIUM

9,362,302‌

BRAZIL

-

1

.1

%

315,200

Blau

Farmaceutica

S.A.

1,256,300‌

983,499

*

Cia

Brasileira

de

Distribuicao

2,957,714‌

5,823,500

*

Cogna

Educacao

2,381,800‌

1,276,400

*

Enauta

Participacoes

S.A.

2,955,696‌

426,100

Jalles

Machado

S.A.

671,467‌

1,270,400

Metalurgica

Gerdau

S.A.

2,969,819‌

82,900

Randon

Participacoes

S.A.

137,286‌

TOTAL

BRAZIL

13,330,082‌

CANADA

-

6

.1

%

18,599

Aecon

Group,

Inc

173,930‌

30,662

AG

Growth

International

Inc

1,341,356‌

280,549

e

Algoma

Steel

Group,

Inc

2,064,489‌

132,650

Atco

Ltd

4,383,320‌

18,385

Badger

Infrastructure

Solution

402,886‌

30,953

Boyd

Group

Services,

Inc

5,162,070‌

856,522

*

Calibre

Mining

Corp

979,894‌

4,906

Corby

Spirit

and

Wine

Ltd

56,344‌

196,170

Crescent

Point

Energy

Corp

1,450,805‌

129,859

Definity

Financial

Corp

3,522,396‌

731,761

Enerflex

Ltd

4,439,662‌

283,755

Finning

International,

Inc

7,353,314‌

229,802

e

Freehold

Royalty

Trust

2,501,812‌

80,385

*

International

Petroleum

Corp

784,953‌

93

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

CANADA—continued

130,980

Killam

Apartment

Real

Estate

Investment

Trust

$

1,627,039‌

48,091

Linamar

Corp

2,285,906‌

69,994

*

Major

Drilling

Group

International

539,866‌

331,301

Martinrea

International,

Inc

3,460,095‌

7,528

Morguard

Corp

573,914‌

58,625

Sandstorm

Gold

Ltd

337,077‌

401,119

Secure

Energy

Services,

Inc

1,868,148‌

1,779,229

e

Tamarack

Valley

Energy

Ltd

4,911,478‌

344,130

Topaz

Energy

Corp

4,930,113‌

205,770

*

Torex

Gold

Resources,

Inc

3,376,217‌

102,842

Tourmaline

Oil

Corp

4,620,432‌

519,995

e

TransAlta

Renewables,

Inc

4,855,103‌

724,022

*,e

Well

Health

Technologies

Corp

2,971,224‌

TOTAL

CANADA

70,973,843‌

CHILE

-

0

.2

%

15,073,592

Colbun

S.A.

2,110,210‌

469,259

Inversiones

Aguas

Metropolitanas

S.A.

325,618‌

TOTAL

CHILE

2,435,828‌

CHINA

-

2

.3

%

953,000

*,g

Akeso,

Inc

5,234,057‌

148,500

Asia

Cement

China

Holdings

Corp

65,078‌

3,604,000

China

BlueChemical

Ltd

952,647‌

3,641,000

g

China

New

Higher

Education

Group

Ltd

1,266,759‌

1,282,000

China

Oriental

Group

Co

Ltd

206,344‌

693,000

China

Shineway

Pharmaceutical

Group

Ltd

723,938‌

2,386,749

China

XLX

Fertiliser

Ltd

1,146,583‌

4,565,760

*,†,e

China

Zhongwang

Holdings

Ltd

5,816‌

7,908,000

Citic

Resources

Holdings

Ltd

474,919‌

1,436,000

Cofco

International

Ltd

527,470‌

1,990,000

CSSC

Hong

Kong

Shipping

Co

Ltd

343,172‌

4,220,000

*,†,e

Fire

Rock

Holdings

Ltd

225,793‌

1,348,000

Fu

Shou

Yuan

International

Group

Ltd

1,093,957‌

7,184,023

Fushan

International

Energy

Group

Ltd

2,441,826‌

2,081,000

g

Greentown

Management

Holdings

Co

Ltd

1,990,459‌

614,000

g

Haitong

UniTrust

International

Leasing

Co

Ltd

69,616‌

650,000

*

Harbin

Power

Equipment

289,802‌

1,619,000

*,e

HUTCHMED

China

Ltd

5,001,830‌

982,500

e

Jinke

Smart

Services

Group

Co

Ltd

1,505,886‌

482,000

JNBY

Design

Ltd

530,546‌

2,944,000

Kinetic

Development

Group

Ltd

244,095‌

14,571,000

Sihuan

Pharmaceutical

Holdings

1,492,367‌

861,000

Sinopec

Engineering

Group

Co

Ltd

446,482‌

1,768,000

Sinopec

Kantons

Holdings

Ltd

654,398‌

650,000

Tianjin

Port

Development

Holdings

Ltd

49,744‌

TOTAL

CHINA

26,983,584‌

CZECH

REPUBLIC

-

0

.0

%

603

Philip

Morris

CR

498,698‌

TOTAL

CZECH

REPUBLIC

498,698‌

DENMARK

-

1

.9

%

328,686

Alm

Brand

AS

608,060‌

1,964

D/S

Norden

123,411‌

26,224

ISS

AS

548,284‌

49,000

*

Jyske

Bank

3,582,580‌

65,912

Matas

A.S.

829,267‌

128,831

g

Netcompany

Group

A.S.

4,986,027‌

91,537

*

NKT

Holding

AS

4,810,570‌

18,129

PER

Aarsleff

A.S.

780,823‌

Quant

International

Small-Cap

Equity

Fund

April

30,

2023

94

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

Portfolio

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

VALUE

DENMARK—continued

9,409

Solar

Holdings

AS

(B

Shares)

$

769,752‌

115,180

Sydbank

AS

5,138,679‌

TOTAL

DENMARK

22,177,453‌

EGYPT

-

0

.2

%

1,176,469

Abou

Kir

Fertilizers

&

Chemical

Industries

1,925,386‌

52,118

*

Misr

Fertilizers

Production

Co

SAE

306,689‌

TOTAL

EGYPT

2,232,075‌

FINLAND

-

0

.5

%

97,457

Kemira

Oyj

1,709,568‌

166,259

Kesko

Oyj

(B

Shares)

3,466,141‌

36,833

Marimekko

Oyj

380,868‌

TOTAL

FINLAND

5,556,577‌

FRANCE

-

2

.9

%

2,975,818

*

Air

France-KLM

5,154,609‌

5,309,306

*

CGG

S.A.

3,973,232‌

12,866

Cie

des

Alpes

204,056‌

120,365

*

Cie

Plastic

Omnium

SA

2,131,014‌

255,553

Derichebourg

1,580,409‌

82,749

*,g

Elior

Participations

S.C.A

287,919‌

162,574

Etablissements

Maurel

et

Prom

620,576‌

6,937

Inter

Parfums

S.A.

551,026‌

52,269

Nexans

S.A.

4,497,375‌

61,625

Rexel

S.A.

1,427,457‌

83,835

Rubis

S.C.A

2,477,638‌

31,260

Sa

des

Ciments

Vicat

911,978‌

6,764

Sopra

Group

S.A.

1,464,158‌

260,857

SPIE

S.A.

8,142,139‌

4,486

Vilmorin

&

Cie

212,802‌

TOTAL

FRANCE

33,636,388‌

GABON

-

0

.0

%

1,709

*,h

BW

Energy

Ltd

4,598‌

TOTAL

GABON

4,598‌

GEORGIA

-

0

.0

%

15,025

TBC

Bank

Group

plc

444,687‌

TOTAL

GEORGIA

444,687‌

GERMANY

-

3

.4

%

2,443

Amadeus

Fire

AG

360,085‌

24,657

Aurubis

AG.

2,313,252‌

66,888

Cancom

SE

2,408,439‌

54,754

*

CureVac

NV

402,723‌

13,059

Eckert

&

Ziegler

Strahlen-

und

Medizintechnik

AG.

675,391‌

22,603

Elmos

Semiconductor

AG.

1,708,429‌

58,584

ElringKlinger

AG.

658,530‌

46,947

Gerresheimer

AG.

5,115,691‌

181,057

Hensoldt

AG.

6,790,557‌

4,467

Hornbach

Holding

AG.

&

Co

KGaA

379,550‌

106,097

Hugo

Boss

AG.

7,998,815‌

254,598

K&S

AG.

5,078,170‌

190,206

Kloeckner

&

Co

AG.

2,111,276‌

8,115

KWS

Saat

AG.

526,173‌

14,170

*

Medios

AG.

284,363‌

16,803

*,g

Montana

Aerospace

AG.

304,534‌

74,338

*

PVA

TePla

AG.

1,591,880‌

25,434

TAG

Tegernsee

Immobilien

und

Beteiligungs

AG.

217,789‌

95

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

GERMANY—continued

50,365

Wacker

Construction

Equipment

AG.

$

1,228,442‌

TOTAL

GERMANY

40,154,089‌

GREECE

-

0

.8

%

83,902

*

Aegean

Airlines

S.A.

720,493‌

116,275

Hellenic

Petroleum

S.A.

923,258‌

262,302

Holding

CO

ADMIE

IPTO

S.A.

509,560‌

154,369

Motor

Oil

Hellas

Corinth

Refineries

S.A.

3,679,163‌

1,368,341

*

Piraeus

Financial

Holdings

S.A.

3,236,994‌

28,686

Sarantis

S.A.

226,954‌

TOTAL

GREECE

9,296,422‌

GUERNSEY,

C.I.

-

0

.0

%

185,608

BMO

Commercial

Property

Trust

Ltd

192,202‌

TOTAL

GUERNSEY,

C.I.

192,202‌

HONG

KONG

-

1

.0

%

561,200

ASM

Pacific

Technology

4,412,241‌

3,124,000

China

Grand

Pharmaceutical

and

Healthcare

Holdings

Ltd

2,034,195‌

2,042,000

Digital

China

Holdings

Ltd

848,291‌

1,021,200

Far

East

Consortium

257,969‌

597,000

Hang

Lung

Group

Ltd

1,049,540‌

755,000

e

Nissin

Foods

Co

Ltd

674,475‌

1,872,000

PCCW

Ltd

976,487‌

447,500

Stella

International

Holdings

Ltd

465,763‌

149,000

Sun

Hung

Kai

&

Co

Ltd

54,978‌

3,442,000

Truly

International

Holdings

436,187‌

TOTAL

HONG

KONG

11,210,126‌

INDIA

-

6

.2

%

1,141,709

*

Alok

Industries

Ltd

176,323‌

392,665

Amara

Raja

Batteries

Ltd

2,892,910‌

9,259

AstraZeneca

Pharma

India

Ltd

361,138‌

44,691

Bajaj

Electricals

Ltd

600,447‌

365,698

Bharat

Dynamics

Ltd

4,510,888‌

5,893

Blue

Dart

Express

Ltd

428,587‌

48,001

Caplin

Point

Laboratories

Ltd

398,611‌

998,333

Castrol

India

Ltd

1,464,920‌

55,919

g

Cochin

Shipyard

Ltd

344,844‌

415,417

Coromandel

International

Ltd

4,796,181‌

8,121

Cummins

India

Ltd

156,828‌

134,077

g

Dilip

Buildcon

Ltd

297,131‌

25,910

Emami

Ltd

118,958‌

459,353

Finolex

Cables

Ltd

5,039,104‌

4,390

Gillette

India

Ltd

236,986‌

64,670

GlaxoSmithKline

Pharmaceuticals

Ltd

982,642‌

87,794

GMM

Pfaudler

Ltd

1,592,813‌

143,666

Godfrey

Phillips

India

Ltd

3,115,752‌

947,047

Greaves

Cotton

Ltd

1,550,720‌

915,294

Gujarat

Mineral

Development

Corp

Ltd

1,759,123‌

423,904

Gujarat

Narmada

Valley

Fertilizers

Co

Ltd

3,057,361‌

52,645

Happiest

Minds

Technologies

Ltd

532,570‌

12,931

Hinduja

Global

Solutions

Ltd

163,817‌

2,120,267

g

Indian

Energy

Exchange

Ltd

4,072,917‌

124,116

Kaveri

Seed

Co

Ltd

807,773‌

88,723

*

Latent

View

Analytics

Ltd

393,230‌

8,283

Linde

India

Ltd

404,579‌

31,602

Mahanagar

Gas

Ltd

390,403‌

7,688

Merck

Ltd

437,994‌

3,602,737

Nagarjuna

Construction

Co

5,298,504‌

Quant

International

Small-Cap

Equity

Fund

April

30,

2023

96

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

VALUE

INDIA—continued

4,984,985

National

Aluminium

Co

Ltd

$

5,077,839‌

1,296,731

NBCC

India

Ltd

625,883‌

15,261

g

Nippon

Life

India

Asset

Management

Ltd

44,530‌

62,620

Oracle

Financial

Services

Software

Ltd

2,734,586‌

105,365

Polycab

India

Ltd

4,141,695‌

1,333,970

REC

Ltd

2,161,501‌

265,093

Redington

India

Ltd

548,075‌

25,035

Route

Mobile

Ltd

390,582‌

2,989

SKF

India

Ltd

152,505‌

39,738

Sonata

Software

Ltd

416,482‌

689,663

Triveni

Turbine

Ltd

3,091,861‌

345,078

TVS

Motor

Co

Ltd

4,817,103‌

12,887

Vinati

Organics

Ltd

312,440‌

4,121

VST

Industries

Ltd

165,584‌

35,506

Zydus

Wellness

Ltd

674,948‌

TOTAL

INDIA

71,739,668‌

INDONESIA

-

1

.8

%

2,566,300

Bank

Pembangunan

Daerah

Jawa

Timur

Tbk

PT

118,110‌

863,300

Bumitama

Agri

Ltd

373,160‌

3,602,000

First

Pacific

Co

1,206,181‌

1,687,300

First

Resources

Ltd

1,945,259‌

18,597,900

Golden

Agri-Resources

Ltd

3,846,289‌

27,602,537

Industri

Jamu

Dan

Farmasi

Sido

Muncul

Tbk

PT

1,486,435‌

346,400

*

Map

Aktif

Adiperkasa

PT

108,619‌

2,550,800

Matahari

Department

Store

Tbk

PT

704,808‌

1,578,716

Nickel

Mines

Ltd

1,004,432‌

822,300

PT

Astra

Agro

Lestari

Tbk

433,262‌

247,473,192

*

PT

Benakat

Petroleum

Energy

2,483,897‌

20,717,500

PT

Harum

Energy

Indonesia

Tbk

2,140,852‌

14,623,700

PT

Indika

Energy

Tbk

2,601,223‌

8,725,400

PT

Perusahaan

Perkebunan

London

Sumatra

Indonesia

Tbk

604,182‌

14,301,600

PT

Sawit

Sumbermas

Sarana

Tbk

1,667,058‌

TOTAL

INDONESIA

20,723,767‌

IRELAND

-

0

.1

%

41,115

Bank

of

Ireland

Group

plc

425,249‌

561,946

Cairn

Homes

plc

634,070‌

128,395

Origin

Enterprises

plc

559,547‌

TOTAL

IRELAND

1,618,866‌

ISRAEL

-

1

.6

%

59,896

Carasso

Motors

Ltd

267,342‌

12,991

Danya

Cebus

Ltd

253,354‌

9,295

*

Fattal

Holdings

1998

Ltd

835,137‌

137,745

First

International

Bank

Of

Israel

Ltd

5,004,830‌

73,125

Gazit

Globe

Ltd

229,556‌

198,611

Harel

Insurance

Investments

&

Finances

Ltd

1,782,749‌

8,441

IDI

Insurance

Co

Ltd

217,924‌

15,457

Ituran

Location

and

Control

Ltd

321,506‌

25,072

Magic

Software

Enterprises

Ltd

328,096‌

17,691

Malam-Team

Ltd

301,281‌

234,849

Plus500

Ltd

4,914,190‌

18,210

Rami

Levi

Chain

Stores

Hashikma

Marketing

Ltd

1,039,840‌

8,578

*

Scope

Metals

Group

Ltd

285,581‌

491,895

*

Shufersal

Ltd

2,507,356‌

TOTAL

ISRAEL

18,288,742‌

ITALY

-

2

.9

%

88,219

ACEA

S.p.A.

1,293,745‌

97

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

ITALY—continued

794,717

Banca

Popolare

di

Sondrio

SCARL

$

3,610,219‌

261,414

Banco

BPM

S.p.A.

1,062,930‌

1,814,435

BPER

Banca

5,096,198‌

101,822

Credito

Emiliano

S.p.A.

781,692‌

3,312,060

d'aAmico

International

Shipping

S.A.

1,474,338‌

87,071

Danieli

&

Co

S.p.A.

(RSP)

1,783,300‌

23,059

Interpump

Group

S.p.A.

1,286,916‌

1,747,513

Iride

S.p.A.

3,776,435‌

341,422

g

OVS

S.p.A

1,026,409‌

503,381

Piaggio

&

C

S.p.A.

2,071,289‌

9,248

Reply

S.p.A

1,077,414‌

22,745

Sesa

S.p.A

2,787,603‌

1,024,891

e

Unipol

Gruppo

Finanziario

S.p.A

5,762,329‌

59,000

Zignago

Vetro

S.p.A.

1,095,912‌

TOTAL

ITALY

33,986,729‌

JAPAN

-

20

.5

%

77,700

Aichi

Corp

481,505‌

100,800

Aida

Engineering

Ltd

634,977‌

372,900

Alfresa

Holdings

Corp

5,399,401‌

633,900

Amada

Co

Ltd

5,918,720‌

82,500

AOKI

Holdings,

Inc

574,639‌

124,900

*,e

Bengo4.com,

Inc

2,404,775‌

45,000

*

Canon

Electronics,

Inc

612,921‌

59,400

e

Chudenko

Corp

974,184‌

472,200

e

Coca-Cola

West

Japan

Co

Ltd

5,088,547‌

20,100

Comture

Corp

296,527‌

87,000

Digital

Arts,

Inc

3,238,447‌

59,600

Doutor

Nichires

Holdings

Co

Ltd

939,859‌

29,300

Eiken

Chemical

Co

Ltd

340,666‌

349,700

Electric

Power

Development

Co

5,591,611‌

337,500

Fields

Corp

4,593,390‌

289,500

Fuji

Machine

Manufacturing

Co

Ltd

4,855,830‌

859,300

Fujikura

Ltd

5,858,807‌

62,500

Fujimi,

Inc

3,237,732‌

72,500

Fuso

Chemical

Co

Ltd

2,017,510‌

16,900

Fuyo

General

Lease

Co

Ltd

1,236,830‌

13,100

G-Tekt

Corp

143,508‌

6,000

Hanwa

Co

Ltd

185,790‌

146,400

Heiwa

Corp

2,890,539‌

868,000

Hitachi

Zosen

Corp

5,383,083‌

564,200

Iino

Kaiun

Kaisha

Ltd

4,245,606‌

84,500

Inaba

Denki

Sangyo

Co

Ltd

1,887,388‌

836,000

Infomart

Corp

1,796,989‌

210,300

Insource

Co

Ltd

1,929,641‌

101,600

Itochu

Enex

Co

Ltd

869,615‌

333,500

Jafco

Co

Ltd

4,249,492‌

156,900

Japan

Petroleum

Exploration

Co

5,220,738‌

37,200

Justsystems

Corp

983,010‌

56,000

e

Kanamoto

Co

Ltd

938,172‌

233,300

Kandenko

Co

Ltd

1,757,854‌

107,200

Kanto

Denka

Kogyo

Co

Ltd

813,265‌

162,300

Kawasaki

Heavy

Industries

Ltd

3,530,714‌

32,500

Kentucky

Fried

Chicken

Japan

Ltd

691,505‌

132,400

Kinden

Corp

1,805,234‌

162,700

Kitz

Corp

1,112,675‌

576,900

Kobe

Steel

Ltd

4,298,389‌

40,800

Komeri

Co

Ltd

949,038‌

16,100

Konoike

Transport

Co

Ltd

189,478‌

35,400

Lintec

Corp

591,995‌

20,800

Makino

Milling

Machine

Co

Ltd

760,799‌

Quant

International

Small-Cap

Equity

Fund

April

30,

2023

98

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

VALUE

JAPAN—continued

36,500

Mandom

Corp

$

433,887‌

12,800

Maruzen

Showa

Unyu

Co

Ltd

320,352‌

10,100

Matsuda

Sangyo

Co

Ltd

167,855‌

141,100

Matsui

Securities

Co

Ltd

807,445‌

15,000

Maxvalu

Tokai

Co

Ltd

298,908‌

52,300

Meidensha

Corp

710,499‌

9,500

Melco

Holdings,

Inc

234,232‌

71,400

METAWATER

Co

Ltd

940,977‌

112,100

Mimasu

Semiconductor

Industry

Co

Ltd

2,166,113‌

301,700

Miraito

Holdings

Corp

3,747,516‌

29,500

Mitsubishi

Research

Institute,

Inc

1,070,342‌

32,600

e

Mitsui

Sugar

Co

Ltd

546,717‌

31,700

Mitsui-Soko

Co

Ltd

930,483‌

75,500

Mizuno

Corp

1,884,527‌

65,600

Morita

Holdings

Corp

691,337‌

80,400

e

MOS

Food

Services,

Inc

1,847,226‌

8,300

Nichiden

Corp

123,035‌

52,100

Nihon

Unisys

Ltd

1,256,109‌

12,200

e

Nippon

Carbon

Co

Ltd

373,856‌

59,100

Nippon

Ceramic

Co

Ltd

1,182,919‌

24,100

Nippon

Seiki

Co

Ltd

153,381‌

152,600

Nippon

System

Development

Co

Ltd

2,807,288‌

44,600

Nishi-Nippon

Financial

Holdings,

Inc

371,557‌

28,400

Nitta

Corp

646,103‌

40,700

Nittetsu

Mining

Co

Ltd

1,101,082‌

15,300

Noevir

Holdings

Co

Ltd

624,174‌

126,400

NOF

Corp

5,775,395‌

277,500

Nomura

Co

Ltd

1,922,095‌

67,600

Noritsu

Koki

Co

Ltd

1,111,171‌

42,400

Oiles

Corp

535,827‌

11,400

Okamoto

Industries,

Inc

339,501‌

114,000

Okuma

Holdings,

Inc

5,062,352‌

86,600

Osaka

Titanium

Technologies

1,843,562‌

89,600

Pacific

Metals

Co

Ltd

1,246,766‌

218,400

PHC

Holdings

Corp

2,244,132‌

416,800

Pola

Orbis

Holdings,

Inc

5,793,578‌

102,600

Raito

Kogyo

Co

Ltd

1,513,326‌

679,300

Riso

Kyoiku

Co

Ltd

1,482,822‌

476,500

Ryohin

Keikaku

Co

Ltd

5,014,369‌

31,500

Ryoshoku

Ltd

813,763‌

64,700

Sanki

Engineering

Co

Ltd

715,289‌

165,000

Sankyo

Co

Ltd

7,279,195‌

212,600

Seria

Co

Ltd

3,779,370‌

123,800

Shibaura

Machine

Co

Ltd

2,882,109‌

7,600

Shibuya

Kogyo

Co

Ltd

140,573‌

267,800

Shikoku

Electric

Power

Co,

Inc

1,582,268‌

150,700

Shin-Etsu

Polymer

Co

Ltd

1,482,696‌

50,700

Shinko

Plantech

Co

Ltd

542,882‌

159,540

Shinwa

Kaiun

Kaisha

Ltd

4,672,397‌

141,000

Shoei

Co

Ltd

2,615,703‌

674,200

Sky

Perfect

Jsat

Corp

2,628,559‌

35,300

Star

Micronics

Co

Ltd

459,426‌

594,900

Sumitomo

Dainippon

Pharma

Co

Ltd

3,732,185‌

23,200

Sumitomo

Densetsu

Co

Ltd

482,540‌

203,700

Suzuken

Co

Ltd

5,797,445‌

60,600

Taisho

Pharmaceutical

Holdings

Co

Ltd

2,617,065‌

212,600

Takara

Bio,

Inc

2,682,643‌

43,300

Takasago

Thermal

Engineering

Co

Ltd

727,063‌

185,900

Takeuchi

Manufacturing

Co

Ltd

5,101,770‌

77,200

Takiron

Co

Ltd

284,360‌

4,672

e

Tamron

Co

Ltd

113,987‌

99

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

JAPAN—continued

47,700

TKC

$

1,289,205‌

65,000

Toho

Pharmaceutical

Co

Ltd

1,296,814‌

17,900

Tokai

Corp

(GIFU)

270,450‌

5,800

Tokyo

Seimitsu

Co

Ltd

213,974‌

217,100

Tokyo

Steel

Manufacturing

Co

Ltd

2,184,731‌

39,300

Torii

Pharmaceutical

Co

Ltd

997,740‌

39,800

Toyo

Construction

Co

Ltd

285,041‌

30,400

Tri

Chemical

Laboratories,

Inc

491,687‌

72,100

Tsubakimoto

Chain

Co

1,785,824‌

128,500

UBE

Industries

Ltd

2,038,447‌

269,100

*

Universal

Entertainment

Corp

5,664,985‌

47,400

Wakita

&

Co

Ltd

482,503‌

131,500

Yamato

Kogyo

Co

Ltd

5,166,248‌

34,500

Yamazen

Corp

267,670‌

88,700

Yellow

Hat

Ltd

1,260,738‌

13,200

Yokogawa

Bridge

Holdings

Corp

216,034‌

192,600

Yonex

Co

Ltd

2,299,460‌

20,900

Zuken,

Inc

530,637‌

TOTAL

JAPAN

238,719,687‌

KOREA,

REPUBLIC

OF

-

4

.5

%

250,129

*

ABLBio,

Inc

3,954,419‌

22,834

Boryung

Pharmaceutical

Co

Ltd

148,531‌

18,024

Chong

Kun

Dang

Pharmaceutical

Corp

1,142,826‌

122,448

Daewoo

International

Corp

2,461,803‌

59,388

Daewoong

Co

Ltd

664,270‌

68,814

Daishin

Securities

Co

Ltd

692,450‌

28,387

Daishin

Securities

Co

Ltd

PF

272,814‌

5,406

Dong-A

Pharmaceutical

Co

Ltd

334,581‌

8,363

Dong-A

ST

Co

Ltd

342,546‌

14,835

Handsome

Co

Ltd

277,252‌

16,075

Hanwha

Corp

326,466‌

2,082,180

Hanwha

Life

Insurance

Co

Ltd

3,868,815‌

889,903

*

Hanwha

Securities

Co

1,843,130‌

270,499

Hanwha

Systems

Co

Ltd

2,867,813‌

191,000

Hyundai

Marine

&

Fire

Insurance

Co

Ltd

5,365,935‌

5,586

Innocean

Worldwide,

Inc

167,295‌

208,050

JB

Financial

Group

Co

Ltd

1,301,772‌

728,757

*

Korea

Line

Corp

1,126,557‌

28,934

LIG

Nex1

Co

Ltd

1,696,337‌

74,641

LS

Cable

Ltd

5,013,522‌

28,656

Medy-Tox,

Inc

5,073,234‌

16,799

Nong

Shim

Co

Ltd

4,977,139‌

18,396

Orion

Corp

228,100‌

67,622

Poongsan

Corp

2,149,090‌

294,673

*

SAM

KANG

M&T

Co

Ltd

4,334,667‌

5,777

Sam

Kwang

Glass

Ind

Co

Ltd

126,836‌

5,869

*

Shinyoung

Securities

Co

Ltd

243,456‌

14,522

Tokai

Carbon

Korea

Co

Ltd

1,086,806‌

84,353

Tongyang

Life

Insurance

Co

Ltd

249,412‌

TOTAL

KOREA,

REPUBLIC

OF

52,337,874‌

KUWAIT

-

0

.2

%

1,037,019

Burgan

Bank

SAK

733,213‌

136,838

Humansoft

Holding

Co

KSC

1,743,967‌

TOTAL

KUWAIT

2,477,180‌

MALAYSIA

-

0

.6

%

1,732,100

Berjaya

Auto

BHD

897,019‌

104,000

Carlsberg

Brewery-Malay

BHD

493,290‌

251,900

Guinness

Anchor

BHD

1,589,164‌

Quant

International

Small-Cap

Equity

Fund

April

30,

2023

100

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

VALUE

MALAYSIA—continued

1,653,300

IGB

Real

Estate

Investment

Trust

$

649,356‌

567,609

g

Lotte

Chemical

Titan

Holding

BHD

159,321‌

3,011,600

Malakoff

Corp

BHD

459,569‌

484,900

Padini

Holdings

BHD

440,275‌

414,200

Sunway

Real

Estate

Investment

149,646‌

291,300

Ta

Ann

Holdings

BHD

202,163‌

2,385,900

TSH

Resources

BHD

552,153‌

679,100

Unisem

M

BHD

458,048‌

182,800

United

Plantations

BHD

678,661‌

4,974,300

YTL

Corp

BHD

737,529‌

TOTAL

MALAYSIA

7,466,194‌

MALTA

-

0

.1

%

77,980

Kindred

Group

plc

959,710‌

TOTAL

MALTA

959,710‌

MEXICO

-

0

.7

%

1,614,800

g

Banco

del

Bajio

S.A.

5,312,462‌

43,500

Concentradora

Fibra

Danhos

S.A.

de

C.V.

57,873‌

578,600

g

Macquarie

Mexico

Real

Estate

Management

SA

de

CV

951,273‌

940,300

*,g

Nemak

SAB

de

C.V.

217,561‌

286,774

*

Regional

SAB

de

C.V.

2,100,144‌

TOTAL

MEXICO

8,639,313‌

NETHERLANDS

-

1

.0

%

127,674

AMG

Advanced

Metallurgical

Group

NV

4,766,668‌

18,248

Arcadis

NV

753,805‌

448,807

*

Fugro

NV

6,363,782‌

TOTAL

NETHERLANDS

11,884,255‌

NEW

ZEALAND

-

0

.4

%

347,102

Contact

Energy

Ltd

1,683,459‌

1,084,333

Fletcher

Building

Ltd

3,023,466‌

TOTAL

NEW

ZEALAND

4,706,925‌

NORWAY

-

2

.0

%

1,012,956

*

Aker

Carbon

Capture

AS.

1,039,267‌

70,672

Atea

ASA

970,849‌

177,779

BW

Offshore

Ltd

474,397‌

21,236

e

FLEX

LNG

Ltd

736,586‌

1,752,841

*,e

Kahoot!

AS.

4,575,915‌

131,066

Kongsberg

Gruppen

ASA

5,886,930‌

169,411

*

Odfjell

Drilling

Ltd

395,551‌

105,893

Sparebanken

Nord-Norge

958,720‌

18,892

Stolt-Nielsen

S.A.

544,742‌

352,697

TGS

Nopec

Geophysical

Co

ASA

5,531,124‌

410,744

*,e

Vaccibody

AS.

993,999‌

85,666

Veidekke

ASA

985,512‌

TOTAL

NORWAY

23,093,592‌

PHILIPPINES

-

0

.2

%

258,040

DMCI

Holdings,

Inc

45,783‌

1,152,500

RL

Commercial

REIT,

Inc

120,067‌

3,186,300

Semirara

Mining

&

Power

Corp

1,556,608‌

TOTAL

PHILIPPINES

1,722,458‌

POLAND

-

0

.3

%

34,784

Asseco

Poland

S.A.

705,733‌

542,500

*

Enea

S.A.

877,287‌

101

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

POLAND—continued

183,290

g

X-Trade

Brokers

Dom

Maklerski

S.A.

$

1,761,510‌

TOTAL

POLAND

3,344,530‌

PORTUGAL

-

0

.0

%

87,969

Redes

Energeticas

Nacionais

S.A.

255,462‌

13,636

Semapa-Sociedade

de

Investimento

e

Gestao

206,017‌

TOTAL

PORTUGAL

461,479‌

QATAR

-

0

.0

%

215,446

Vodafone

Qatar

101,741‌

TOTAL

QATAR

101,741‌

RUSSIA

-

0

.0

%

81,310

*,†

Sistema

PJSFC

(GDR)

813‌

TOTAL

RUSSIA

813‌

SAUDI

ARABIA

-

0

.9

%

124,007

Abdullah

Al

Othaim

Markets

Co

4,754,295‌

201,391

Saudi

Airlines

Catering

Co

5,118,050‌

TOTAL

SAUDI

ARABIA

9,872,345‌

SINGAPORE

-

0

.7

%

276,635

g

BW

LPG

Ltd

2,235,031‌

5,439,000

NetLink

NBN

Trust

3,570,464‌

1,752,700

Sheng

Siong

Group

Ltd

2,327,784‌

311,700

*

SIA

Engineering

Co

Ltd

522,790‌

TOTAL

SINGAPORE

8,656,069‌

SOUTH

AFRICA

-

0

.5

%

1,001,100

Coronation

Fund

Managers

Ltd

1,641,273‌

197,158

Investec

Ltd

1,084,275‌

1,215,734

Pick'n

Pay

Stores

Ltd

2,885,728‌

287,268

Super

Group

Ltd

503,307‌

TOTAL

SOUTH

AFRICA

6,114,583‌

SPAIN

-

1

.4

%

155,058

Applus

Services

S.A.

1,300,948‌

573,106

Banco

de

Sabadell

S.A.

597,289‌

376,976

Ence

Energia

y

Celulosa

S.A.

1,476,647‌

455,669

Faes

Farma

S.A.

(Sigma)

1,606,266‌

349,791

g

Gestamp

Automocion

S.A.

1,512,446‌

18,421

Grupo

Catalana

Occidente

S.A.

594,517‌

56,144

Pharma

Mar

S.A.

2,330,816‌

451,073

e

Prosegur

Cia

de

Seguridad

S.A.

865,366‌

1,814,877

e,g

Unicaja

Banco

S.A.

1,841,887‌

36,031

Vidrala

S.A.

3,782,452‌

TOTAL

SPAIN

15,908,634‌

SWEDEN

-

4

.2

%

160,588

AF

AB

3,018,873‌

572,546

*

Alleima

AB

2,939,150‌

47,169

g

Ambea

AB

179,384‌

350,288

e

Arjo

AB

1,553,940‌

13,377

e

Avanza

Bank

Holding

AB

284,626‌

48,577

Beijer

Alma

AB

1,104,538‌

190,219

Betsson

AB

2,053,353‌

128,890

Billerud

AB

1,237,890‌

104,482

BioGaia

AB

1,037,174‌

112,953

Bure

Equity

AB

2,888,044‌

16,752

*

Camurus

AB

381,375‌

341,895

*

Cint

Group

AB

537,718‌

Quant

International

Small-Cap

Equity

Fund

April

30,

2023

102

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

VALUE

SWEDEN—continued

59,352

e

Creades

AB

$

492,771‌

19,389

*

Engcon

AB

170,397‌

109,224

e

Fagerhult

AB

697,624‌

22,247

Investment

AB

Oresund

266,682‌

32,324

INVISIO

AB

664,064‌

61,111

Inwido

AB

642,175‌

2,093,711

Lundin

Petroleum

AB

2,443,004‌

75,185

Mekonomen

AB

921,956‌

366,414

g

Munters

Group

AB

3,596,550‌

17,606

e

NCC

AB

(B

Shares)

175,076‌

63,675

Nyfosa

AB

436,357‌

63,003

Saab

AB

(Class

B)

3,537,572‌

69,828

*

Sdiptech

AB

1,613,489‌

23,888

Sectra

AB

377,199‌

99,806

Ssab

Svenskt

Stal

AB

(Series

A)

708,808‌

1,018,094

e

Ssab

Svenskt

Stal

AB

(Series

B)

6,881,380‌

2,020,620

*

Stillfront

Group

AB

4,305,122‌

158,824

Vitrolife

AB

3,575,875‌

19,699

*

Xvivo

Perfusion

AB

588,067‌

TOTAL

SWEDEN

49,310,233‌

SWITZERLAND

-

2

.8

%

3,125,622

*

Aryzta

AG.

5,553,498‌

2,749

Belimo

Holding

AG.

1,326,746‌

11,480

Bucher

Industries

AG.

5,169,968‌

2,048

Burkhalter

Holding

AG.

220,078‌

68,531

DKSH

Holding

AG.

5,458,552‌

8,758

Helvetia

Holding

AG.

1,310,129‌

7,620

Huber

&

Suhner

AG.

627,653‌

583

Inficon

Holding

AG.

634,728‌

188

LEM

Holding

S.A.

414,763‌

62,459

Leonteq

A.G.

3,388,782‌

14,246

*,g

Medmix

AG.

338,037‌

513,272

OC

Oerlikon

Corp

AG.

2,873,984‌

7,664

Orior

AG.

715,441‌

9,370

Swissquote

Group

Holding

S.A.

2,005,860‌

15,569

Vetropack

Holding

AG.

806,449‌

19,173

Zehnder

Group

AG.

1,566,063‌

TOTAL

SWITZERLAND

32,410,731‌

TAIWAN

-

5

.2

%

1,371,000

Alpha

Networks,

Inc

1,584,815‌

1,018,000

Asia

Vital

Components

Co

Ltd

5,237,933‌

562,000

Capital

Securities

Corp

251,086‌

310,000

Chicony

Power

Technology

Co

Ltd

864,086‌

1,137,000

China

Bills

Finance

Corp

558,968‌

2,224,000

Chipbond

Technology

Corp

4,775,555‌

18,000

ECOVE

Environment

Corp

174,402‌

359,000

Faraday

Technology

Corp

1,931,244‌

428,000

Feng

Hsin

Iron

&

Steel

Co

948,014‌

534,000

FLEXium

Interconnect,

Inc

1,646,037‌

333,000

Formosa

Advanced

Technologies

Co

Ltd

470,655‌

703,000

Foxconn

Technology

Co

Ltd

1,236,121‌

413,000

Getac

Technology

Corp

792,165‌

42,000

Global

Unichip

Corp

1,370,236‌

58,000

Grape

King

Industrial

Co

345,787‌

240,000

Hannstar

Board

Corp

297,370‌

95,000

Hotai

Finance

Co

Ltd

410,198‌

253,000

International

Games

System

Co

Ltd

4,418,502‌

57,000

Kung

Long

Batteries

Industrial

Co

Ltd

267,259‌

431,000

Lung

Yen

Life

Service

Corp

526,231‌

103

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

TAIWAN—continued

1,220,000

*

Medigen

Vaccine

Biologics

Corp

$

2,617,895‌

1,608,000

Mitac

Holdings

Corp

1,488,281‌

281,000

Sercomm

Corp

753,477‌

425,000

Shin

Zu

Shing

Co

Ltd

1,211,236‌

419,000

Shinkong

Insurance

Co

Ltd

701,803‌

284,000

Simplo

Technology

Co

Ltd

2,850,951‌

116,000

Sinbon

Electronics

Co

Ltd

1,286,131‌

4,627,000

Sincere

Navigation

3,404,905‌

2,311,000

Taiwan

Fertilizer

Co

Ltd

4,449,852‌

705,000

Taiwan

Glass

Industrial

Corp

466,964‌

128,000

Taiwan

Secom

Co

Ltd

452,269‌

1,416,000

Taiwan

Surface

Mounting

Technology

Co

Ltd

4,556,760‌

142,000

Topco

Scientific

Co

Ltd

863,746‌

695,000

TTY

Biopharm

Co

Ltd

1,739,796‌

825,000

Tung

Ho

Steel

Enterprise

Corp

1,551,526‌

1,594,000

Wisdom

Marine

Lines

Co

Ltd

3,336,530‌

124,000

YungShin

Global

Holding

Corp

186,497‌

TOTAL

TAIWAN

60,025,283‌

THAILAND

-

0

.2

%

350,700

*

Bangkok

Aviation

Fuel

Services

PCL

316,353‌

421,000

Bangkok

Life

Assurance

PCL

345,535‌

366,100

Mega

Lifesciences

PCL

439,567‌

465,100

SPCG

PCL

173,150‌

6,925,500

Thoresen

Thai

Agencies

PCL

1,462,547‌

822,700

TPI

Polene

Power

PCL

80,029‌

TOTAL

THAILAND

2,817,181‌

TURKEY

-

0

.5

%

446,447

*

Migros

Ticaret

AS

4,005,613‌

1,172,103

Sok

Marketler

Ticaret

AS.

2,003,842‌

1,378,494

Turkiye

Sinai

Kalkinma

Bankasi

AS

279,285‌

TOTAL

TURKEY

6,288,740‌

UNITED

KINGDOM

-

9

.1

%

82,179

Advanced

Medical

Solutions

Group

plc

253,032‌

83,657

AG.

Barr

plc

528,834‌

44,711

Alpha

Financial

Markets

Consulting

plc

261,286‌

114,117

*,g

Aston

Martin

Lagonda

Global

Holdings

plc

347,433‌

372,768

Britvic

plc

4,285,557‌

352,780

Bytes

Technology

Group

plc

1,843,476‌

303,009

Central

Asia

Metals

plc

782,558‌

696,681

Chemring

Group

plc

2,493,801‌

19,062

Clarkson

plc

742,641‌

22,520

Computacenter

plc

652,876‌

185,137

Diploma

plc

6,273,697‌

1,120,320

*

easyJet

plc

7,028,742‌

45,436

Genus

plc

1,536,206‌

16,003

Grafton

Group

plc

174,546‌

96,257

Greggs

plc

3,418,655‌

102,425

Hill

&

Smith

Holdings

plc

1,771,911‌

811,078

Howden

Joinery

Group

plc

6,991,798‌

84,597

Hunting

plc

248,783‌

230,962

IG

Group

Holdings

plc

2,132,130‌

597,942

Inchcape

plc

6,087,323‌

1,627,508

Johnson

Service

Group

plc

2,487,171‌

1,669,437

Just

Retirement

Group

plc

1,852,592‌

87,469

Keller

Group

plc

734,310‌

462,792

*

Kier

Group

plc

446,098‌

200,216

Morgan

Crucible

Co

plc

774,012‌

57,141

Morgan

Sindall

plc

1,218,755‌

Quant

International

Small-Cap

Equity

Fund

April

30,

2023

104

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

VALUE

UNITED

KINGDOM—continued

1,296,013

National

Express

Group

plc

$

1,980,703‌

176,936

Polar

Capital

Holdings

plc

1,087,362‌

342,271

Polypipe

Group

plc

1,292,598‌

1,111,758

QinetiQ

plc

5,194,771‌

821,410

Redrow

plc

5,355,251‌

1,446,211

Rotork

plc

5,960,248‌

11,207

Safestore

Holdings

plc

139,699‌

42,005

Smart

Metering

Systems

plc

418,623‌

348,815

Softcat

plc

5,877,105‌

153,112

Spectris

plc

7,251,017‌

1,187,406

Spirent

Communications

plc

2,699,720‌

71,109

TORM

plc

2,225,678‌

1,241,696

Tritax

Big

Box

REIT

plc

2,425,970‌

47,707

Vesuvius

plc

243,498‌

2,274,293

Virgin

Money

UK

plc

4,469,891‌

82,381

Volex

plc

264,525‌

86,390

WH

Smith

plc

1,713,639‌

78,490

Workspace

Group

plc

470,918‌

143,562

YouGov

plc

1,533,584‌

TOTAL

UNITED

KINGDOM

105,973,023‌

UNITED

STATES

-

3

.3

%

193,441

iShares

Core

MSCI

Emerging

Markets

ETF

9,397,364‌

78,447

iShares

MSCI

Canada

Index

Fund

2,761,334‌

407,665

iShares

MSCI

EAFE

Small-Cap

ETF

24,802,339‌

165,216

*

MDA

Ltd

813,367‌

21,226

*

Titan

Cement

International

S.A.

350,588‌

TOTAL

UNITED

STATES

38,124,992‌

TOTAL

COMMON

STOCKS

1,159,068,895‌

(Cost

$1,118,968,044)

PRINCIPAL

ISSUER

REFERENCERATE

&

SPREAD

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

1.7%

REPURCHASE

AGREEMENT

-

0

.1

%

$

1,650,000

r

Fixed

Income

Clearing

Corp

(FICC)

4

.800

%

05/01/23

1,650,000‌

TOTAL

REPURCHASE

AGREEMENT

1,650,000‌

SHARES

COMPANY

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

1

.6

%

18,708,868

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.840

18,708,868‌

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

18,708,868‌

TOTAL

SHORT-TERM

INVESTMENTS

20,358,868‌

(Cost

$20,358,868)

TOTAL

INVESTMENTS

-

101.1%

1,179,427,763‌

(Cost

$1,139,326,912)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(1.1)%

(

13,171,916‌

)

NET

ASSETS

-

100.0%

$

1,166,255,847‌

ETF

Exchange

Traded

Fund

GDR

Global

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

105

See

Notes

to

Financial

Statements

*

Non-income

producing

†

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$31,474,065.

g

Security

is

exempt

from

registration

under

Rule

144(A)

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.

h

All

or

a

portion

of

these

securities

were

purchased

on

a

delayed

delivery

basis.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.800%

dated

4/28/23

to

be

repurchased

at

$1,650,000

on

5/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.125%

and

maturity

date

4/15/25,

valued

at

$1,683,086.

Social

Choice

International

Equity

Fund

April

30,

2023

Portfolio

of

Investments

(Unaudited)

106

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

COMMON

STOCKS

-

98.6%

AUSTRALIA

-

5

.6

%

103,207

APA

Group

$

704,639‌

353,306

Aurizon

Holdings

Ltd

803,293‌

571,888

Australia

&

New

Zealand

Banking

Group

Ltd

9,286,450‌

11,414

Australian

Stock

Exchange

Ltd

519,446‌

135,330

BlueScope

Steel

Ltd

1,798,767‌

133,935

Brambles

Ltd

1,268,743‌

8,415

Cochlear

Ltd

1,379,787‌

464,106

Coles

Group

Ltd

5,606,482‌

188,469

Computershare

Ltd

2,805,515‌

350,653

Fortescue

Metals

Group

Ltd

4,906,203‌

134,218

Goodman

Group

1,730,289‌

17,118

IDP

Education

Ltd

321,592‌

56,382

Independence

Group

NL

519,215‌

241,783

Insurance

Australia

Group

Ltd

801,048‌

125,987

Lend

Lease

Corp

Ltd

625,700‌

42,378

Macquarie

Group

Ltd

5,169,768‌

83,563

Mineral

Resources

Ltd

4,122,214‌

225,239

Newcrest

Mining

Ltd

4,300,906‌

52,131

Northern

Star

Resources

Ltd

464,998‌

47,766

Orica

Ltd

515,577‌

667,919

Origin

Energy

Ltd

3,703,287‌

275,174

Pilbara

Minerals

Ltd

783,203‌

99,499

QBE

Insurance

Group

Ltd

1,017,456‌

34,345

Ramsay

Health

Care

Ltd

1,476,877‌

28,331

REA

Group

Ltd

2,664,486‌

72,273

Seek

Ltd

1,179,227‌

715,975

Transurban

Group

7,140,631‌

186,464

Vicinity

Centres

260,671‌

122,902

Wesfarmers

Ltd

4,251,598‌

78,730

Wisetech

Global

Ltd

3,606,283‌

270,119

Woodside

Energy

Group

Ltd

6,129,087‌

285,912

Woolworths

Ltd

7,375,619‌

TOTAL

AUSTRALIA

87,239,057‌

AUSTRIA

-

0

.7

%

162,425

Erste

Bank

der

Oesterreichischen

Sparkassen

AG.

5,905,644‌

102,928

Mondi

plc

1,640,192‌

77,589

OMV

AG.

3,671,722‌

9,307

Voestalpine

AG.

322,690‌

TOTAL

AUSTRIA

11,540,248‌

BELGIUM

-

1

.2

%

13,342

Dieteren

S.A.

2,512,150‌

86,822

KBC

Groep

NV

6,206,765‌

15,423

Solvay

S.A.

1,851,047‌

58,847

UCB

S.A.

5,470,276‌

91,229

Umicore

S.A.

2,994,639‌

TOTAL

BELGIUM

19,034,877‌

CHILE

-

0

.3

%

211,409

Antofagasta

plc

3,888,445‌

TOTAL

CHILE

3,888,445‌

CHINA

-

1

.1

%

1,761,517

BOC

Hong

Kong

Holdings

Ltd

5,560,619‌

125,359

Prosus

NV

9,381,059‌

852,500

Wilmar

International

Ltd

2,518,042‌

TOTAL

CHINA

17,459,720‌

107

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

DENMARK

-

3

.2

%

10,904

Chr

Hansen

Holding

A/S

$

848,652‌

15,833

Coloplast

AS

2,281,232‌

45,400

*

Demant

A.S.

1,945,661‌

17,721

*

Genmab

AS

7,282,702‌

188,914

Novo

Nordisk

AS

31,426,666‌

21,200

Novozymes

AS

1,103,729‌

17,137

g

Orsted

AS

1,538,047‌

8,777

Pandora

AS

812,415‌

89,641

Vestas

Wind

Systems

A.S.

2,480,419‌

TOTAL

DENMARK

49,719,523‌

FINLAND

-

0

.8

%

28,301

Elisa

Oyj

(Series

A)

1,757,529‌

23,571

Kesko

Oyj

(B

Shares)

491,404‌

127,604

Neste

Oil

Oyj

6,184,254‌

33,572

Orion

Oyj

(Class

B)

1,576,981‌

70,307

Stora

Enso

Oyj

(R

Shares)

891,974‌

71,775

UPM-Kymmene

Oyj

2,288,933‌

3,049

Wartsila

Oyj

(B

Shares)

35,360‌

TOTAL

FINLAND

13,226,435‌

FRANCE

-

10

.9

%

100,303

Accor

S.A.

3,558,460‌

321,827

AXA

S.A.

10,504,492‌

22,388

BioMerieux

2,344,143‌

131,820

Bouygues

S.A.

4,827,148‌

113,173

Bureau

Veritas

S.A.

3,263,355‌

205,579

Cie

Generale

des

Etablissements

Michelin

S.C.A

6,547,196‌

130,983

Danone

8,668,933‌

170,809

Dassault

Systemes

SE

6,934,099‌

47,441

Eiffage

S.A.

5,646,609‌

51,961

Essilor

International

S.A.

10,287,240‌

25,563

Eurazeo

1,825,297‌

27,804

Fonciere

Des

Regions

1,580,906‌

14,810

Gecina

S.A.

1,648,688‌

5,229

Hermes

International

11,352,554‌

14,576

Kering

9,333,985‌

126,219

Klepierre

3,197,142‌

75,499

Legrand

S.A.

7,146,277‌

33,370

L'Oreal

S.A.

15,948,090‌

547,024

Orange

S.

A.

7,120,018‌

78,079

Publicis

Groupe

S.A.

6,383,510‌

14,609

SEB

S.A.

1,675,096‌

264,627

Societe

Generale

6,427,330‌

11,266

Teleperformance

2,251,572‌

312,055

Total

S.A.

19,940,287‌

69,195

*

Unibail-Rodamco-Westfield

3,710,652‌

121,427

Valeo

S.A.

2,371,064‌

422,733

Vivendi

Universal

S.A.

4,643,490‌

15,632

Wendel

1,753,586‌

TOTAL

FRANCE

170,891,219‌

GERMANY

-

8

.2

%

33,190

Adidas-Salomon

AG.

5,844,959‌

57,842

Allianz

AG.

14,524,529‌

76,989

Bayerische

Motoren

Werke

AG.

8,629,265‌

14,765

Brenntag

AG.

1,203,416‌

19,676

Carl

Zeiss

Meditec

AG.

2,646,467‌

34,221

g

Covestro

AG.

1,501,290‌

136,430

Daimler

AG.

(Registered)

10,639,631‌

32,851

Deutsche

Boerse

AG.

6,264,972‌

Social

Choice

International

Equity

Fund

April

30,

2023

108

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

Portfolio

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

VALUE

GERMANY—continued

45,030

*

Dr

ING

hc

F

Porsche

AG.

$

5,638,608‌

71,297

Evonik

Industries

AG.

1,556,163‌

63,550

HeidelbergCement

AG.

4,813,378‌

41,803

LEG

Immobilien

AG.

2,601,954‌

37,684

*

Merck

KGaA

6,759,334‌

22,750

MTU

Aero

Engines

Holding

AG.

5,973,455‌

22,084

*

Muenchener

Rueckver

AG.

8,299,773‌

9,891

Puma

AG.

Rudolf

Dassler

Sport

579,594‌

136,574

SAP

AG.

18,480,665‌

102,559

Siemens

AG.

16,905,036‌

17,391

Symrise

AG.

2,101,224‌

610,777

Telefonica

Deutschland

Holding

AG.

2,063,799‌

48,159

*,g

Zalando

SE

1,980,754‌

TOTAL

GERMANY

129,008,266‌

HONG

KONG

-

2

.5

%

1,255,000

AIA

Group

Ltd

13,663,275‌

366,500

CLP

Holdings

Ltd

2,728,857‌

380,281

Hang

Seng

Bank

Ltd

5,636,846‌

359,000

HKT

Trust

and

HKT

Ltd

471,823‌

129,038

Hong

Kong

Exchanges

and

Clearing

Ltd

5,357,258‌

429,230

Link

REIT

2,807,544‌

867,731

MTR

Corp

4,335,636‌

281,968

Swire

Pacific

Ltd

(Class

A)

2,238,298‌

677,200

Swire

Properties

Ltd

1,820,133‌

TOTAL

HONG

KONG

39,059,670‌

IRELAND

-

0

.9

%

161,781

CRH

plc

7,806,578‌

56,762

Kerry

Group

plc

(Class

A)

5,978,435‌

25,708

Smurfit

Kappa

Group

plc

952,459‌

TOTAL

IRELAND

14,737,472‌

ISRAEL

-

0

.4

%

691,472

Bank

Hapoalim

Ltd

5,956,747‌

TOTAL

ISRAEL

5,956,747‌

ITALY

-

2

.4

%

73,048

Amplifon

S.p.A.

2,681,584‌

321,986

Assicurazioni

Generali

S.p.A.

6,706,362‌

108,041

Coca-Cola

HBC

AG.

3,298,134‌

1,466,159

Enel

S.p.A.

10,016,966‌

3,256,334

Intesa

Sanpaolo

S.p.A.

8,562,176‌

83,900

Moncler

S.p.A

6,223,800‌

TOTAL

ITALY

37,489,022‌

JAPAN

-

20

.9

%

72,100

Aeon

Co

Ltd

1,469,542‌

154,700

Ajinomoto

Co,

Inc

5,563,685‌

85,714

*

All

Nippon

Airways

Co

Ltd

1,869,683‌

137,300

Asahi

Kasei

Corp

969,772‌

228,100

Astellas

Pharma,

Inc

3,436,226‌

6,400

Azbil

Corp

178,987‌

246,665

Chugai

Pharmaceutical

Co

Ltd

6,365,348‌

9,127

Dai

Nippon

Printing

Co

Ltd

262,366‌

28,200

Daifuku

Co

Ltd

519,579‌

297,600

Daiichi

Sankyo

Co

Ltd

10,212,026‌

25,075

Daikin

Industries

Ltd

4,554,399‌

93,649

Daiwa

House

Industry

Co

Ltd

2,386,970‌

97,232

East

Japan

Railway

Co

5,563,771‌

76,448

Eisai

Co

Ltd

4,411,302‌

109

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

JAPAN—continued

88,500

Fanuc

Ltd

$

2,988,751‌

16,500

Fast

Retailing

Co

Ltd

3,907,227‌

72,300

Fujifilm

Holdings

Corp

3,768,272‌

43,372

Fujitsu

Ltd

5,780,500‌

95,816

Hankyu

Hanshin

Holdings,

Inc

2,991,499‌

21,900

*

Hitachi

Construction

Machinery

Co

Ltd

539,657‌

70,141

Hulic

Co

Ltd

603,918‌

51,300

Ibiden

Co

Ltd

2,018,461‌

375,950

Inpex

Holdings,

Inc

4,114,038‌

178,500

JFE

Holdings,

Inc

2,111,708‌

103,900

JSR

Corp

2,410,837‌

77,100

Kao

Corp

3,115,493‌

260,596

KDDI

Corp

8,135,320‌

3,600

Keio

Corp

133,704‌

22,700

e

Keisei

Electric

Railway

Co

Ltd

801,058‌

28,746

Keyence

Corp

12,963,183‌

73,200

Kikkoman

Corp

4,335,906‌

46,365

Kintetsu

Corp

1,565,155‌

104,100

Komatsu

Ltd

2,588,953‌

109,572

Kubota

Corp

1,660,343‌

8,600

Kurita

Water

Industries

Ltd

360,416‌

48,200

Kyowa

Hakko

Kogyo

Co

Ltd

1,072,516‌

34,500

LIXIL

Group

Corp

543,065‌

449,500

Marubeni

Corp

6,379,838‌

40,200

MEIJI

Holdings

Co

Ltd

970,014‌

154,279

Mitsubishi

Chemical

Holdings

Corp

905,099‌

227,079

Mitsubishi

Corp

8,419,148‌

214,126

Mitsubishi

Estate

Co

Ltd

2,638,953‌

186,100

Mitsui

&

Co

Ltd

5,809,802‌

7,000

Mitsui

Chemicals,

Inc

177,107‌

236,000

Mitsui

Fudosan

Co

Ltd

4,687,434‌

44,200

MS&AD

Insurance

Group

Holdings

Inc

1,450,746‌

93,700

Murata

Manufacturing

Co

Ltd

5,316,179‌

86,801

NEC

Corp

3,337,959‌

5,600

NGK

Insulators

Ltd

70,290‌

167,540

Nintendo

Co

Ltd

7,083,150‌

18,500

Nippon

Express

Holdings,

Inc

1,085,616‌

172,000

Nippon

Paint

Co

Ltd

1,551,825‌

250,554

Nippon

Steel

Corp

5,351,184‌

147,000

e

Nippon

Yusen

Kabushiki

Kaisha

3,474,917‌

32,913

Nissin

Food

Products

Co

Ltd

3,173,208‌

42,300

Nitto

Denko

Corp

2,734,619‌

1,323,800

*

Nomura

Holdings,

Inc

4,745,691‌

21,100

Nomura

Real

Estate

Holdings,

Inc

525,791‌

111,200

Nomura

Research

Institute

Ltd

2,797,742‌

48,485

Obayashi

Corp

404,208‌

44,521

Odakyu

Electric

Railway

Co

Ltd

621,883‌

14,600

Omron

Corp

856,423‌

71,200

Ono

Pharmaceutical

Co

Ltd

1,433,619‌

193,910

Oriental

Land

Co

Ltd

6,862,315‌

241,600

ORIX

Corp

4,110,225‌

92,900

Osaka

Gas

Co

Ltd

1,536,677‌

20,800

Otsuka

Corp

757,100‌

445,706

Panasonic

Corp

4,198,006‌

125,129

Recruit

Holdings

Co

Ltd

3,510,317‌

969,700

Resona

Holdings,

Inc

4,832,946‌

6,224

Sekisui

Chemical

Co

Ltd

88,583‌

17,563

Sekisui

House

Ltd

361,071‌

74,200

SG

Holdings

Co

Ltd

1,067,724‌

29,300

Shimadzu

Corp

916,409‌

18,468

Shimizu

Corp

112,784‌

Social

Choice

International

Equity

Fund

April

30,

2023

110

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

VALUE

JAPAN—continued

246,500

Shin-Etsu

Chemical

Co

Ltd

$

7,034,079‌

61,300

Shionogi

&

Co

Ltd

2,744,066‌

85,000

Shiseido

Co

Ltd

4,260,692‌

419,800

Softbank

Corp

4,726,448‌

25,600

Sompo

Holdings,

Inc

1,068,278‌

165,515

Sony

Corp

14,974,754‌

75,400

Sumisho

Computer

Systems

Corp

1,138,375‌

470,700

Sumitomo

Chemical

Co

Ltd

1,590,599‌

122,671

Sumitomo

Metal

Mining

Co

Ltd

4,527,627‌

159,400

Sumitomo

Mitsui

Trust

Holdings,

Inc

5,746,003‌

77,900

Suntory

Beverage

&

Food

Ltd

2,932,575‌

32,100

Sysmex

Corp

2,064,774‌

78,900

TDK

Corp

2,712,495‌

79,300

Terumo

Corp

2,374,700‌

124,800

Tokio

Marine

Holdings,

Inc

2,509,356‌

80,700

Tokyo

Electron

Ltd

9,240,593‌

38,100

Tokyo

Gas

Co

Ltd

780,403‌

30,400

Tokyu

Corp

429,127‌

150,400

Toray

Industries,

Inc

852,362‌

5,724

Toto

Ltd

195,771‌

1,359,475

*

Toyota

Motor

Corp

18,665,624‌

94,900

Uni-Charm

Corp

3,831,105‌

28,800

West

Japan

Railway

Co

1,248,242‌

12,270

Yamaha

Corp

483,556‌

159,600

Yamaha

Motor

Co

Ltd

4,138,626‌

16,486

Yaskawa

Electric

Corp

671,403‌

34,098

Yokogawa

Electric

Corp

553,778‌

1,546,900

Z

Holdings

Corp

4,237,332‌

TOTAL

JAPAN

326,362,981‌

KOREA,

REPUBLIC

OF

-

0

.3

%

100,811

*,g

Delivery

Hero

AG.

4,029,535‌

TOTAL

KOREA,

REPUBLIC

OF

4,029,535‌

NETHERLANDS

-

4

.5

%

868,068

Aegon

NV

3,960,756‌

13,938

Akzo

Nobel

NV

1,156,272‌

46,080

ASML

Holding

NV

29,242,938‌

725,752

Koninklijke

KPN

NV

2,646,734‌

97,835

NN

Group

NV

3,648,303‌

16,959

Randstad

Holdings

NV

921,480‌

834,848

Shell

plc

25,653,339‌

22,927

Wolters

Kluwer

NV

3,037,683‌

TOTAL

NETHERLANDS

70,267,505‌

NEW

ZEALAND

-

0

.4

%

277,049

*

Auckland

International

Airport

Ltd

1,516,942‌

16,973

Fisher

&

Paykel

Healthcare

Corp

291,136‌

147,799

Mercury

NZ

Ltd

580,543‌

176,761

Meridian

Energy

Ltd

598,634‌

109,408

Telecom

Corp

of

New

Zealand

Ltd

354,498‌

52,549

*

Xero

Ltd

3,280,410‌

TOTAL

NEW

ZEALAND

6,622,163‌

NORWAY

-

1

.2

%

232,287

e

DNB

Bank

ASA

4,085,946‌

186,858

e

Equinor

ASA

5,379,831‌

118,241

Mowi

ASA

2,255,954‌

554,602

Norsk

Hydro

ASA

4,081,350‌

301,625

Orkla

ASA

2,168,014‌

111

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

NORWAY—continued

77,234

e

Telenor

ASA

$

963,737‌

TOTAL

NORWAY

18,934,832‌

PORTUGAL

-

0

.3

%

276,523

Energias

de

Portugal

S.A.

1,523,641‌

294,075

Galp

Energia

SGPS

S.A.

3,553,512‌

TOTAL

PORTUGAL

5,077,153‌

SINGAPORE

-

1

.7

%

34,465

Ascott

Trust

27,982‌

604,508

Capitaland

Investment

Ltd

1,692,153‌

68

CapitaMall

Trust

104‌

49,700

City

Developments

Ltd

259,995‌

358,491

DBS

Group

Holdings

Ltd

8,858,296‌

504,368

*

Grab

Holdings

Ltd

1,467,711‌

389,500

Keppel

Corp

Ltd

1,808,599‌

522,600

Oversea-Chinese

Banking

Corp

4,944,258‌

7,433,620

*

SembCorp

Marine

Ltd

693,279‌

567,195

Singapore

Airlines

Ltd

2,494,686‌

688,000

Singapore

Technologies

Engineering

Ltd

1,872,958‌

1,031,625

Singapore

Telecommunications

Ltd

1,976,956‌

40,800

UOL

Group

Ltd

212,848‌

TOTAL

SINGAPORE

26,309,825‌

SOUTH

AFRICA

-

0

.2

%

99,977

Anglo

American

plc

3,080,708‌

TOTAL

SOUTH

AFRICA

3,080,708‌

SPAIN

-

2

.1

%

1,198,891

Banco

Bilbao

Vizcaya

Argentaria

S.A.

8,777,061‌

942,512

Iberdrola

S.A.

12,213,164‌

238,852

e

Industria

De

Diseno

Textil

S.A.

8,210,959‌

85,326

e

Naturgy

Energy

Group

S.A.

2,656,735‌

47,780

Red

Electrica

Corp

S.A.

868,704‌

TOTAL

SPAIN

32,726,623‌

SWEDEN

-

3

.1

%

242,872

e

Assa

Abloy

AB

5,786,668‌

366,693

Atlas

Copco

AB

5,303,892‌

456,274

e

Atlas

Copco

AB

5,852,536‌

118,829

e

Boliden

AB

4,246,577‌

10,733

e

Electrolux

AB

161,908‌

17,046

Epiroc

AB

341,484‌

153,811

e

Essity

AB

4,661,283‌

96,857

e

Hennes

&

Mauritz

AB

(B

Shares)

1,419,999‌

16,030

e

Holmen

AB

606,412‌

30,581

Husqvarna

AB

(B

Shares)

263,952‌

129,308

e

Sandvik

AB

2,633,980‌

47,299

SKF

AB

(B

Shares)

856,663‌

145,363

Svenska

Cellulosa

AB

(B

Shares)

1,994,339‌

647,185

Svenska

Handelsbanken

AB

5,720,976‌

85,007

Tele2

AB

(B

Shares)

903,298‌

1,027,227

TeliaSonera

AB

2,859,975‌

262,393

Volvo

AB

(B

Shares)

5,394,984‌

TOTAL

SWEDEN

49,008,926‌

SWITZERLAND

-

7

.5

%

281,216

ABB

Ltd

10,144,477‌

45,245

Clariant

AG.

754,696‌

23,805

*

Danube

AG.

3,115,163‌

5,688

Geberit

AG.

3,239,668‌

Social

Choice

International

Equity

Fund

April

30,

2023

112

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

VALUE

SWITZERLAND—continued

1,725

Givaudan

S.A.

$

6,033,994‌

20,364

Kuehne

&

Nagel

International

AG.

6,032,955‌

14,161

Lonza

Group

AG.

8,831,367‌

257,174

Novartis

AG.

26,307,324‌

28,200

SGS

S.A.

2,551,968‌

64,052

SIG

Combibloc

Group

AG.

1,714,393‌

31,109

Sika

AG.

8,593,018‌

16,041

Sonova

Holdings

AG

5,087,020‌

9,617

*

Swiss

Life

Holding

6,347,764‌

9,077

Swisscom

AG.

6,231,818‌

536,398

UBS

Group

AG

10,917,076‌

22,825

Zurich

Insurance

Group

AG

11,069,034‌

TOTAL

SWITZERLAND

116,971,735‌

UNITED

KINGDOM

-

12

.7

%

303,394

3i

Group

plc

6,750,224‌

75,875

Ashtead

Group

plc

4,374,658‌

175,916

AstraZeneca

plc

25,888,315‌

250,567

Barratt

Developments

plc

1,576,420‌

13,766

Berkeley

Group

Holdings

plc

770,375‌

239,677

British

Land

Co

plc

1,207,550‌

2,377,578

BT

Group

plc

4,748,717‌

175,855

Burberry

Group

plc

5,740,256‌

404,256

CNH

Industrial

NV

5,688,624‌

94,382

*

Coca-Cola

European

Partners

plc

(Class

A)

6,084,808‌

322,274

Compass

Group

plc

8,501,898‌

39,851

Croda

International

plc

3,501,286‌

10,324

DCC

plc

642,328‌

2,582,782

HSBC

Holdings

plc

18,615,004‌

630,980

Informa

plc

5,736,287‌

49,163

InterContinental

Hotels

Group

plc

3,380,285‌

22,639

Intertek

Group

plc

1,184,342‌

1,031,774

J

Sainsbury

plc

3,585,420‌

57,739

Johnson

Matthey

plc

1,426,366‌

107,695

*,e,g

Just

Eat

Takeaway.com

NV

1,888,540‌

92,142

Kingfisher

plc

298,641‌

155,413

Land

Securities

Group

plc

1,318,808‌

1,760,327

Legal

&

General

Group

plc

5,193,883‌

67,342

London

Stock

Exchange

Group

plc

7,070,457‌

606,526

National

Grid

plc

8,696,324‌

148,566

Pearson

plc

1,652,913‌

35,168

Persimmon

plc

582,020‌

295,807

RELX

plc

9,855,902‌

267,905

Schroders

plc

1,640,893‌

185,409

Scottish

&

Southern

Energy

plc

4,277,971‌

265,361

Segro

plc

2,793,700‌

147,275

St.

James's

Place

plc

2,239,773‌

814,310

Standard

Chartered

plc

6,451,886‌

974,688

Standard

Life

Aberdeen

plc

2,611,899‌

693,589

Taylor

Wimpey

plc

1,119,360‌

330,340

Unilever

plc

18,394,035‌

6,396,002

Vodafone

Group

plc

7,682,400‌

66,922

Whitbread

plc

2,739,254‌

284,301

WPP

plc

3,313,363‌

TOTAL

UNITED

KINGDOM

199,225,185‌

UNITED

STATES

-

5

.5

%

68,858

CSL

Ltd

13,746,580‌

546,758

GSK

plc

9,859,778‌

85,109

James

Hardie

Industries

NV

1,899,216‌

303,951

Nestle

S.A.

38,993,740‌

113

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

UNITED

STATES—continued

80,270

Schneider

Electric

S.A.

$

13,998,431‌

69,252

Swiss

Re

Ltd

6,973,947‌

TOTAL

UNITED

STATES

85,471,692‌

TOTAL

COMMON

STOCKS

1,543,339,564‌

(Cost

$1,406,816,907)

PRINCIPAL

ISSUER

REFERENCERATE

&

SPREAD

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

2.5%

REPURCHASE

AGREEMENT

-

0

.8

%

$

11,925,000

r

Fixed

Income

Clearing

Corp

(FICC)

4

.800

%

05/01/23

11,925,000‌

TOTAL

REPURCHASE

AGREEMENT

11,925,000‌

SHARES

COMPANY

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

1

.7

%

27,336,415

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.840

27,336,415‌

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

27,336,415‌

TOTAL

SHORT-TERM

INVESTMENTS

39,261,415‌

(Cost

$39,261,415)

TOTAL

INVESTMENTS

-

101.1%

1,582,600,979‌

(Cost

$1,446,078,322)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(1.1)%

(

17,723,369‌

)

NET

ASSETS

-

100.0%

$

1,564,877,610‌

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$47,423,702.

g

Security

is

exempt

from

registration

under

Rule

144(A)

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.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.800%

dated

4/28/23

to

be

repurchased

at

$11,925,000

on

5/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.625%

and

maturity

date

4/15/25,

valued

at

$12,163,552.

Futures

contracts

outstanding

as

of

April

30,

2023

were

as

follows:

Description

Number

of

long

(short)

contracts

Expiration

date

Notional

amount

Value

Unrealized

appreciation

(depreciation)

MSCI

EAFE

Index

120‌

06/16/23

 $

12,825,496‌

$

12,897,600‌

$

72,104‌

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

114

April

30,

2023

(Unaudited)

2.1

Growth

&

Income

Fund

2.2

Large-Cap

Growth

Fund

2.3

Large-Cap

Value

Fund

ASSETS

Portfolio

investments,

at

value

*†

$

5,335,108,397‌

$

5,007,657,361‌

$

4,723,224,776‌

Affiliated

investments,

at

value

‡

–‌

–‌

–‌

Cash

2,217‌

3,846‌

1,868‌

Cash

-

foreign

^

–‌

110‌

–‌

Due

from

affiliates

723,580‌

826,395‌

749,968‌

Receivables:

Dividends

and

interest

4,300,024‌

1,236,888‌

4,072,712‌

Fund

shares

sold

687,670‌

4,743,719‌

3,071,072‌

Investments

sold

–‌

84,189,660‌

4,018,220‌

Variation

margin

on

open

futures

contracts

–‌

–‌

–‌

Other

639,930‌

508,514‌

487,699‌

Total

assets

5,341,461,818‌

5,099,166,493‌

4,735,626,315‌

LIABILITIES

Management

fees

payable

1,732,008‌

1,651,126‌

1,549,099‌

Service

agreement

fees

payable

84,906‌

63,002‌

101,043‌

Distribution

fees

payable

278,498‌

214,990‌

38,564‌

Due

to

affiliates

21,132‌

20,442‌

20,181‌

Payables:

Collateral

for

securities

loaned

–‌

–‌

–‌

Fund

shares

redeemed

3,626,992‌

1,026,211‌

700,196‌

Investments

purchased

-

regular

settlement

1,491‌

32,636,179‌

15,798,730‌

Trustee

compensation

322,847‌

216,536‌

336,637‌

Accrued

expenses

and

other

payables

209,480‌

180,369‌

72,332‌

Total

liabilities

6,277,354‌

36,008,855‌

18,616,782‌

Net

assets

$

5,335,184,464‌

$

5,063,157,638‌

$

4,717,009,533‌

NET

ASSETS

CONSIST

OF:

Paid-in-capital

$

3,140,053,552‌

$

3,359,945,716‌

$

3,068,757,030‌

Total

distributable

earnings

(loss)

2,195,130,912‌

1,703,211,922‌

1,648,252,503‌

Net

assets

$

5,335,184,464‌

$

5,063,157,638‌

$

4,717,009,533‌

*

Includes

securities

loaned

of

$

–‌

$

–‌

$

–‌

†

Portfolio

investments,

cost

$

4,065,529,483‌

$

3,138,987,893‌

$

3,231,434,303‌

‡

Affiliated

investments,

cost

$

–‌

$

–‌

$

–‌

^

Foreign

cash,

cost

$

–‌

$

110‌

$

–‌

See

Notes

to

Financial

Statements

115

2.4

Mid-Cap

Growth

Fund

2.5

Mid-Cap

Value

Fund

2.6

Quant

Small-Cap

Equity

Fund

2.7

Quant

Small/Mid-

Cap

Equity

Fund

2.8

Social

Choice

Equity

Fund

2.9

Social

Choice

Low

Carbon

Equity

Fund

3.01

Emerging

Markets

Equity

Fund

$

1,069,062,865‌

$

1,681,540,685‌

$

2,558,528,902‌

$

1,089,722,085‌

$

5,824,746,496‌

$

1,120,204,031‌

$

1,518,619,801‌

–‌

–‌

–‌

–‌

–‌

–‌

54,727,681‌

3,859‌

3,270‌

777‌

945‌

2,735‌

3,820‌

1,746‌

50,086‌

–‌

–‌

–‌

–‌

–‌

134,201‌

–‌

6,875‌

187,413‌

242,732‌

72,056‌

–‌

971,887‌

71,349‌

735,203‌

1,070,689‌

427,340‌

5,659,440‌

1,193,080‌

1,412,736‌

193,269‌

278,696‌

2,462,758‌

2,273,379‌

1,600,681‌

30,176‌

423,968‌

2,240,881‌

9,763,619‌

11,644,166‌

357,935‌

1,372,520‌

783,787‌

62,995,753‌

–‌

–‌

367,500‌

–‌

220,663‌

92,088‌

–‌

206,822‌

408,394‌

186,592‌

14,597‌

189,523‌

7,350‌

176,093‌

1,071,829,131‌

1,692,736,742‌

2,574,448,797‌

1,093,039,013‌

5,833,864,114‌

1,122,314,332‌

1,639,463,866‌

400,080‌

608,930‌

841,382‌

388,473‌

709,370‌

227,547‌

1,107,414‌

59,953‌

89,810‌

71,119‌

70,065‌

164,889‌

120,338‌

14,753‌

39,707‌

44,815‌

32,807‌

3,862‌

127,434‌

12,831‌

2,583‌

11,913‌

13,068‌

16,115‌

13,243‌

21,121‌

11,620‌

14,001‌

22,862,937‌

4,690,864‌

44,207,045‌

6,070,663‌

18,708,922‌

1,051,373‌

743,276‌

114,966‌

382,643‌

784,702‌

22,825‌

3,589,180‌

241,923‌

2,278,920‌

621,419‌

8,971,203‌

11,723,518‌

1,942,834‌

30,010,748‌

–‌

35,011,643‌

126,746‌

298,510‌

185,221‌

13,844‌

186,213‌

6,739‌

60,400‌

68,769‌

73,311‌

60,213‌

38,255‌

786,623‌

169,776‌

58,865‌

24,306,490‌

15,173,154‌

57,922,122‌

8,564,064‌

54,304,500‌

1,842,147‌

39,291,855‌

$

1,047,522,641‌

$

1,677,563,588‌

$

2,516,526,675‌

$

1,084,474,949‌

$

5,779,559,614‌

$

1,120,472,185‌

$

1,600,172,011‌

$

1,134,841,834‌

$

1,594,509,760‌

$

2,311,832,573‌

$

980,794,812‌

$

3,803,745,138‌

$

1,035,534,187‌

$

2,017,806,881‌

(

87,319,193‌

)

83,053,828‌

204,694,102‌

103,680,137‌

1,975,814,476‌

84,937,998‌

(

417,634,870‌

)

$

1,047,522,641‌

$

1,677,563,588‌

$

2,516,526,675‌

$

1,084,474,949‌

$

5,779,559,614‌

$

1,120,472,185‌

$

1,600,172,011‌

$

24,424,924‌

$

4,572,920‌

$

48,037,279‌

$

6,772,772‌

$

27,814,873‌

$

1,859,793‌

$

813,408‌

$

994,988,676‌

$

1,583,312,006‌

$

2,329,705,032‌

$

957,678,578‌

$

3,988,335,560‌

$

1,021,416,658‌

$

1,559,853,027‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

36,801,789‌

$

49,676‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

134,646‌

Statement

of

Assets

and

Liabilities

(continued)

See

Notes

to

Financial

Statements

116

(continued)

(continued)

Statement

of

Assets

and

Liabilities

(continued)

April

30,

2023

(Unaudited)

2.1

Growth

&

Income

Fund

2.2

Large-Cap

Growth

Fund

2.3

Large-Cap

Value

Fund

INSTITUTIONAL

CLASS:

Net

assets

$

1,407,332,647‌

$

1,354,208,485‌

$

1,784,589,249‌

Shares

outstanding

102,570,570‌

70,797,865‌

91,195,480‌

Net

asset

value

per

share

$

13

.72‌

$

19

.13‌

$

19

.57‌

ADVISOR

CLASS:

Net

assets

$

3,016,477‌

$

3,247,765‌

$

500,182‌

Shares

outstanding

219,650‌

169,920‌

25,584‌

Net

asset

value

per

share

$

13

.73‌

$

19

.11‌

$

19

.55‌

PREMIER

CLASS:

Net

assets

$

8,283,381‌

$

12,138,634‌

$

69,911,750‌

Shares

outstanding

602,047‌

635,008‌

3,579,593‌

Net

asset

value

per

share

$

13

.76‌

$

19

.12‌

$

19

.53‌

RETIREMENT

CLASS:

Net

assets

$

415,021,769‌

$

308,977,955‌

$

501,592,460‌

Shares

outstanding

29,395,918‌

16,338,015‌

25,738,715‌

Net

asset

value

per

share

$

14

.12‌

$

18

.91‌

$

19

.49‌

RETAIL

CLASS:

Net

assets

$

1,369,234,645‌

$

1,053,962,584‌

$

147,288,611‌

Shares

outstanding

64,156,507‌

55,414,969‌

7,974,905‌

Net

asset

value

per

share

$

21

.34‌

$

19

.02‌

$

18

.47‌

CLASS

W:

Net

assets

$

2,132,295,545‌

$

2,330,622,215‌

$

2,213,127,281‌

Shares

outstanding

155,507,476‌

121,821,594‌

113,016,972‌

Net

asset

value

per

share

$

13

.71‌

$

19

.13‌

$

19

.58‌

Authorized

shares

-

per

class

Unlimited

Unlimited

Unlimited

Par

value

per

share

$

0

.0001‌

$

0

.0001‌

$

0

.0001‌

See

Notes

to

Financial

Statements

117

2.4

Mid-Cap

Growth

Fund

2.5

Mid-Cap

Value

Fund

2.6

Quant

Small-Cap

Equity

Fund

2.7

Quant

Small/Mid-

Cap

Equity

Fund

2.8

Social

Choice

Equity

Fund

2.9

Social

Choice

Low

Carbon

Equity

Fund

3.01

Emerging

Markets

Equity

Fund

$

553,880,483‌

$

1,002,004,153‌

$

1,444,195,284‌

$

80,060,043‌

$

4,328,304,466‌

$

464,439,129‌

$

207,919,376‌

31,192,926‌

66,945,853‌

94,514,006‌

6,671,179‌

183,814,071‌

26,411,104‌

27,363,897‌

$

17

.76‌

$

14

.97‌

$

15

.28‌

$

12

.00‌

$

23

.55‌

$

17

.58‌

$

7

.60‌

$

183,599‌

$

419,770‌

$

817,420‌

$

23,092,432‌

$

45,601,199‌

$

8,143,496‌

$

99,984‌

10,401‌

28,084‌

53,511‌

1,921,102‌

1,938,727‌

463,702‌

13,151‌

$

17

.65‌

$

14

.95‌

$

15

.28‌

$

12

.02‌

$

23

.52‌

$

17

.56‌

$

7

.60‌

$

27,228,465‌

$

52,874,113‌

$

59,180,700‌

$

120,925‌

$

72,862,382‌

$

6,833,064‌

$

8,632,953‌

1,552,454‌

3,539,240‌

3,904,848‌

10,000‌

3,108,100‌

388,045‌

1,134,781‌

$

17

.54‌

$

14

.94‌

$

15

.16‌

$

12

.09‌

$

23

.44‌

$

17

.61‌

$

7

.61‌

$

289,657,275‌

$

436,056,595‌

$

342,726,391‌

$

322,423,632‌

$

754,811,431‌

$

582,186,982‌

$

70,475,499‌

17,217,730‌

29,419,632‌

23,361,472‌

27,065,521‌

31,455,319‌

33,291,886‌

9,317,552‌

$

16

.82‌

$

14

.82‌

$

14

.67‌

$

11

.91‌

$

24

.00‌

$

17

.49‌

$

7

.56‌

$

176,572,819‌

$

186,208,957‌

$

122,893,616‌

$

18,597,665‌

$

577,980,136‌

$

58,869,514‌

$

7,228,671‌

10,534,828‌

13,071,227‌

8,530,547‌

1,561,980‌

28,436,421‌

3,363,394‌

954,516‌

$

16

.76‌

$

14

.25‌

$

14

.41‌

$

11

.91‌

$

20

.33‌

$

17

.50‌

$

7

.57‌

$

–‌

$

–‌

$

546,713,264‌

$

640,180,252‌

$

–‌

$

–‌

$

1,305,815,528‌

–‌

–‌

35,796,831‌

53,225,121‌

–‌

–‌

171,208,757‌

$

–‌

$

–‌

$

15

.27‌

$

12

.03‌

$

–‌

$

–‌

$

7

.63‌

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

$

0

.0001‌

$

0

.0001‌

$

0

.0001‌

$

0

.0001‌

$

0

.0001‌

$

0

.0001‌

$

0

.0001‌

Statement

of

Assets

and

Liabilities

(continued)

See

Notes

to

Financial

Statements

118

(continued)

Statement

of

Assets

and

Liabilities

(continued)

April

30,

2023

(Unaudited)

3.1

International

Equity

Fund

3.2

International

Opportunities

Fund

3.3

Quant

International

Small-

Cap

Equity

Fund

ASSETS

Portfolio

investments,

at

value

*†

$

6,746,494,939‌

$

2,454,918,383‌

$

1,179,427,763‌

Cash

6,864‌

–‌

–‌

Cash

-

foreign

^

7,431,884‌

1,460,025‌

985,558‌

Cash

collateral

at

brokers

for

investments

in

futures

contracts

–‌

–‌

–‌

Due

from

affiliates

1,297,435‌

1,019,385‌

643,657‌

Receivables:

Dividends

and

interest

39,825,422‌

11,482,225‌

7,417,040‌

Fund

shares

sold

264,438‌

49,407‌

–‌

Investments

sold

104,040,811‌

910,249‌

27,998,748‌

Other

704,264‌

303,083‌

20,936‌

Total

assets

6,900,066,057‌

2,470,142,757‌

1,216,493,702‌

LIABILITIES

Management

fees

payable

2,440,753‌

1,129,414‌

620,100‌

Service

agreement

fees

payable

75,790‌

29,598‌

1,750‌

Distribution

fees

payable

57,125‌

9,022‌

196‌

Due

to

affiliates

21,853‌

15,149‌

13,569‌

Overdraft

payable

–‌

401,729‌

31,117‌

Payables:

Collateral

for

securities

loaned

84,157,300‌

72,503,611‌

18,708,868‌

Fund

shares

redeemed

19,564,032‌

7,014,568‌

6,998,953‌

Investments

purchased

-

regular

settlement

54,091,886‌

910,481‌

23,264,159‌

Investments

purchased

-

delayed

delivery

–‌

–‌

4,802‌

Trustee

compensation

328,445‌

53,693‌

17,329‌

Variation

margin

on

futures

contracts

–‌

–‌

–‌

Accrued

expenses

and

other

payables

201,011‌

569,336‌

577,012‌

Total

liabilities

160,938,195‌

82,636,601‌

50,237,855‌

Net

assets

$

6,739,127,862‌

$

2,387,506,156‌

$

1,166,255,847‌

NET

ASSETS

CONSIST

OF:

Paid-in-capital

$

5,850,625,195‌

$

2,630,356,199‌

$

1,294,951,500‌

Total

distributable

earnings

(loss)

888,502,667‌

(

242,850,043‌

)

(

128,695,653‌

)

Net

assets

$

6,739,127,862‌

$

2,387,506,156‌

$

1,166,255,847‌

*

Includes

securities

loaned

of

$

127,554,567‌

$

87,817,625‌

$

31,474,065‌

†

Portfolio

investments,

cost

$

5,505,083,941‌

$

1,954,153,774‌

$

1,139,326,912‌

^

Foreign

cash,

cost

$

7,442,603‌

$

1,456,741‌

$

986,074‌

See

Notes

to

Financial

Statements

119

3.4

Social

Choice

International

Equity

Fund

$

1,582,600,979‌

1,898‌

1,713,531‌

385,858‌

–‌

8,672,551‌

773,370‌

1,488,685‌

7,747‌

1,595,644,619‌

374,590‌

136,225‌

5,903‌

11,858‌

–‌

27,336,416‌

1,211,046‌

1,489,078‌

–‌

6,876‌

12,600‌

182,417‌

30,767,009‌

$

1,564,877,610‌

$

1,425,317,949‌

139,559,661‌

$

1,564,877,610‌

$

47,423,702‌

$

1,446,078,322‌

$

1,710,047‌

Statement

of

Assets

and

Liabilities

(continued)

See

Notes

to

Financial

Statements

120

(continued)

Statement

of

Assets

and

Liabilities

(continued)

April

30,

2023

(Unaudited)

3.1

International

Equity

Fund

3.2

International

Opportunities

Fund

3.3

Quant

International

Small-

Cap

Equity

Fund

INSTITUTIONAL

CLASS:

Net

assets

$

2,571,930,165‌

$

137,515,308‌

$

67,393,452‌

Shares

outstanding

203,080,224‌

9,657,264‌

6,956,302‌

Net

asset

value

per

share

$

12

.66‌

$

14

.24‌

$

9

.69‌

ADVISOR

CLASS:

Net

assets

$

2,364,339‌

$

44,592,745‌

$

70,881‌

Shares

outstanding

182,394‌

3,136,328‌

7,321‌

Net

asset

value

per

share

$

12

.96‌

$

14

.22‌

$

9

.68‌

PREMIER

CLASS:

Net

assets

$

70,679,600‌

$

2,638,795‌

$

71,995‌

Shares

outstanding

5,588,675‌

184,910‌

7,327‌

Net

asset

value

per

share

$

12

.65‌

$

14

.27‌

$

9

.83‌

RETIREMENT

CLASS:

Net

assets

$

368,304,010‌

$

98,771,770‌

$

8,504,054‌

Shares

outstanding

27,893,222‌

6,960,083‌

878,908‌

Net

asset

value

per

share

$

13

.20‌

$

14

.19‌

$

9

.68‌

RETAIL

CLASS:

Net

assets

$

236,579,193‌

$

42,379,093‌

$

906,698‌

Shares

outstanding

30,838,993‌

2,982,746‌

93,394‌

Net

asset

value

per

share

$

7

.67‌

$

14

.21‌

$

9

.71‌

CLASS

W:

Net

assets

$

3,489,270,555‌

$

2,061,608,445‌

$

1,089,308,767‌

Shares

outstanding

274,354,427‌

144,310,616‌

112,030,251‌

Net

asset

value

per

share

$

12

.72‌

$

14

.29‌

$

9

.72‌

Authorized

shares

-

per

class

Unlimited

Unlimited

Unlimited

Par

value

per

share

$

0

.0001‌

$

0

.0001‌

$

0

.0001‌

See

Notes

to

Financial

Statements

121

3.4

Social

Choice

International

Equity

Fund

$

860,687,118‌

68,522,756‌

$

12

.56‌

$

12,102,128‌

964,589‌

$

12

.55‌

$

781,405‌

62,132‌

$

12

.58‌

$

662,523,888‌

52,966,237‌

$

12

.51‌

$

28,783,071‌

2,299,188‌

$

12

.52‌

$

–‌

–‌

$

–‌

Unlimited

$

0

.0001‌

Statement

of

Operations

See

Notes

to

Financial

Statements

122

Six

Months

Ended

April

30,

2023

(Unaudited)

2.1

Growth

&

Income

Fund

2.2

Large-Cap

Growth

Fund

2.3

Large-Cap

Value

Fund

INVESTMENT

INCOME

Dividends

from

unaffiliated

investments

$

39,311,019‌

$

18,800,562‌

$

49,710,852‌

Dividends

from

affiliated

investments

–‌

–‌

–‌

Interest

504,697‌

544,982‌

1,050,243‌

Securities

lending

income,

net

2,649‌

343‌

6,045‌

Other

income

–‌

–‌

–‌

Tax

withheld

–‌

(

110,396‌

)

(

60,254‌

)

Total

investment

income

39,818,365‌

19,235,491‌

50,706,886‌

EXPENSES

Management

fees

10,174,950‌

9,373,581‌

9,551,197‌

12b-1

distribution

and

service

fees

—

Premier

Class

6,175‌

8,632‌

52,009‌

12b-1

distribution

and

service

fees

—

Retail

Class

1,623,715‌

1,202,102‌

182,776‌

Shareholder

servicing

agent

fees

—

Institutional

Class

749‌

1,537‌

804‌

Shareholder

servicing

agent

fees

—

Advisor

Class

1,361‌

1,361‌

205‌

Shareholder

servicing

agent

fees

—

Premier

Class

41‌

39‌

45‌

Shareholder

servicing

agent

fees

—

Retirement

Class

500,557‌

347,998‌

604,573‌

Shareholder

servicing

agent

fees

—

Retail

Class

259,160‌

237,944‌

38,876‌

Shareholder

servicing

agent

fees

—

Class

W

681‌

801‌

767‌

Administrative

service

fees

45,483‌

43,334‌

44,552‌

Trustees

fees

43,785‌

39,873‌

40,838‌

Custodian

fees

26,227‌

25,648‌

27,663‌

Overdraft

expense

3,165‌

76,174‌

2,118‌

Professional

fees

32,246‌

29,085‌

31,718‌

Registration

fees

41,382‌

44,430‌

42,535‌

Shareholder

reporting

expenses

30,656‌

19,427‌

18,688‌

Other

17,600‌

20,487‌

4,581‌

Total

expenses

12,807,933‌

11,472,453‌

10,643,945‌

Expenses

reimbursed

by

the

investment

adviser

(

4,001,899‌

)

(

4,122,783‌

)

(

4,674,744‌

)

Fee

waiver

by

investment

adviser

and

Nuveen

Securities

(

497,771‌

)

(

805,952‌

)

(

12,166‌

)

Net

expenses

8,308,263‌

6,543,718‌

5,957,035‌

Net

investment

income

(loss)

31,510,102‌

12,691,773‌

44,749,851‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss):

Portfolio

investments

†

971,290,430‌

(

74,020,488‌

)

150,336,580‌

Affiliated

investments

–‌

–‌

–‌

Purchased

options

(

74,516‌

)

–‌

–‌

Written

options

1,402,499‌

–‌

–‌

Futures

contracts

–‌

–‌

–‌

Foreign

currency

transactions

(

26,186‌

)

(

1,555‌

)

–‌

Net

realized

gain

(loss)

972,592,227‌

(

74,022,043‌

)

150,336,580‌

Change

in

unrealized

appreciation

(depreciation)

on:

Portfolio

investments

‡

(

511,566,019‌

)

770,065,859‌

56,511,642‌

Affiliated

investments

–‌

–‌

–‌

Purchased

options

60,442‌

–‌

–‌

Written

options

(

2,869,338‌

)

–‌

–‌

Futures

contracts

–‌

–‌

–‌

Translation

of

assets

(other

than

portfolio

investments)

and

liabilities

denominated

in

foreign

currencies

44,754‌

22,887‌

1,968‌

Net

change

in

unrealized

appreciation

(depreciation)

(

514,330,161‌

)

770,088,746‌

56,513,610‌

Net

realized

and

unrealized

gain

(loss)

458,262,066‌

696,066,703‌

206,850,190‌

Net

increase

(decrease)

in

net

assets

from

operations

$

489,772,168‌

$

708,758,476‌

$

251,600,041‌

†

Includes

net

realized

gain

(loss)

from

securities

sold

to

affiliates

of

$

20,520‌

$

(

3,177,128‌

)

$

887,272‌

‡

Includes

net

change

in

unrealized

foreign

capital

gains

taxes

$

–‌

$

–‌

$

–‌

See

Notes

to

Financial

Statements

123

2.4

Mid-Cap

Growth

Fund

2.5

Mid-Cap

Value

Fund

2.6

Quant

Small-Cap

Equity

Fund

2.7

Quant

Small/Mid-

Cap

Equity

Fund

2.8

Social

Choice

Equity

Fund

2.9

Social

Choice

Low

Carbon

Equity

Fund

3.01

Emerging

Markets

Equity

Fund

$

3,597,616‌

$

17,595,009‌

$

19,723,229‌

$

7,764,365‌

$

54,472,338‌

$

9,381,292‌

$

14,738,540‌

–‌

–‌

–‌

–‌

–‌

–‌

551,412‌

162,661‌

326,413‌

504,976‌

73,952‌

722,306‌

205,121‌

1,539,171‌

45,859‌

20,902‌

93,055‌

31,944‌

1,001,757‌

84,790‌

35,466‌

–‌

–‌

–‌

–‌

–‌

–‌

49,076‌

(

51,241‌

)

(

32,826‌

)

(

53,303‌

)

(

17,817‌

)

–‌

–‌

(

801,470‌

)

3,754,895‌

17,909,498‌

20,267,957‌

7,852,444‌

56,196,401‌

9,671,203‌

16,112,195‌

2,444,536‌

3,828,843‌

5,258,697‌

2,451,177‌

4,437,030‌

1,357,177‌

6,768,860‌

21,040‌

40,913‌

45,558‌

93‌

53,779‌

4,938‌

6,351‌

216,851‌

240,709‌

158,250‌

22,779‌

713,890‌

70,596‌

8,968‌

692‌

716‌

1,078‌

2,200‌

3,903‌

364‌

190‌

82‌

221‌

310‌

11,755‌

18,940‌

4,128‌

39‌

39‌

42‌

30‌

15‌

12,571‌

32‌

25‌

363,101‌

568,774‌

446,518‌

368,818‌

982,562‌

698,389‌

88,258‌

50,309‌

55,359‌

35,773‌

6,920‌

80,002‌

11,135‌

3,832‌

–‌

–‌

345‌

398‌

–‌

–‌

597‌

25,881‌

28,745‌

36,150‌

30,126‌

45,417‌

26,195‌

32,404‌

9,253‌

15,059‌

22,689‌

9,840‌

51,422‌

9,463‌

13,900‌

12,560‌

11,513‌

20,549‌

15,804‌

28,623‌

12,972‌

309,563‌

8,643‌

3,455‌

552‌

7,263‌

52,453‌

154‌

20,246‌

24,180‌

27,373‌

23,084‌

23,712‌

28,687‌

21,073‌

29,774‌

39,228‌

40,372‌

39,825‌

39,444‌

45,407‌

40,576‌

39,000‌

9,835‌

11,258‌

10,804‌

8,603‌

28,087‌

11,718‌

5,667‌

18,333‌

17,889‌

4,540‌

470‌

507,766‌

141,861‌

21,133‌

3,244,563‌

4,891,241‌

6,104,752‌

2,999,417‌

7,090,539‌

2,410,771‌

7,348,807‌

–‌

–‌

(

1,177,138‌

)

(

1,662,570‌

)

–‌

–‌

(

5,987,981‌

)

(

31,456‌

)

(

66,488‌

)

(

10,245‌

)

(

150‌

)

(

501,980‌

)

–‌

(

791‌

)

3,213,107‌

4,824,753‌

4,917,369‌

1,336,697‌

6,588,559‌

2,410,771‌

1,360,035‌

541,788‌

13,084,745‌

15,350,588‌

6,515,747‌

49,607,842‌

7,260,432‌

14,752,160‌

(

62,100,893‌

)

(

15,818,647‌

)

(

24,590,639‌

)

(

22,070,805‌

)

127,335,921‌

(

6,567,148‌

)

(

157,495,330‌

)

–‌

–‌

–‌

–‌

–‌

–‌

(

20,611‌

)

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

(

131,898‌

)

–‌

2,592,143‌

990,081‌

–‌

11,258‌

79‌

–‌

–‌

–‌

–‌

(

1,156,412‌

)

(

62,089,635‌

)

(

15,818,568‌

)

(

24,722,537‌

)

(

22,070,805‌

)

129,928,064‌

(

5,577,067‌

)

(

158,672,353‌

)

136,981,863‌

(

14,131,075‌

)

(

48,737,859‌

)

15,343,362‌

185,633,109‌

69,198,979‌

420,061,307‌

–‌

–‌

–‌

–‌

–‌

–‌

2,733,844‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

(

1,654,650‌

)

–‌

(

455,523‌

)

(

42,272‌

)

–‌

528‌

1,510‌

–‌

–‌

–‌

–‌

(

16,149‌

)

136,982,391‌

(

14,129,565‌

)

(

50,392,509‌

)

15,343,362‌

185,177,586‌

69,156,707‌

422,779,002‌

74,892,756‌

(

29,948,133‌

)

(

75,115,046‌

)

(

6,727,443‌

)

315,105,650‌

63,579,640‌

264,106,649‌

$

75,434,544‌

$

(

16,863,388‌

)

$

(

59,764,458‌

)

$

(

211,696‌

)

$

364,713,492‌

$

70,840,072‌

$

278,858,809‌

$

(

34,541‌

)

$

452,797‌

$

(

410,881‌

)

$

(

333,793‌

)

$

4,720,040‌

$

(

795,646‌

)

$

(

3,637,750‌

)

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

407,255‌

Statement

of

Operations

(continued)

See

Notes

to

Financial

Statements

124

(continued)

(continued)

Statement

of

Operations

(continued)

Six

Months

Ended

April

30,

2023

(Unaudited)

3.1

International

Equity

Fund

3.2

International

Opportunities

Fund

3.3

Quant

International

Small-

Cap

Equity

Fund

INVESTMENT

INCOME

Dividends

$

121,281,125‌

$

27,679,745‌

$

20,790,073‌

Interest

1,797,942‌

1,358,597‌

(

284,983‌

)

Securities

lending

income,

net

572,325‌

405,311‌

360,212‌

Other

income

–‌

297,573‌

–‌

Tax

withheld

(

13,448,588‌

)

(

3,245,914‌

)

(

2,280,926‌

)

Total

investment

income

110,202,804‌

26,495,312‌

18,584,376‌

EXPENSES

Management

fees

14,335,748‌

6,776,023‌

3,781,884‌

12b-1

distribution

and

service

fees

—

Premier

Class

50,064‌

1,858‌

52‌

12b-1

distribution

and

service

fees

—

Retail

Class

279,252‌

49,993‌

1,113‌

Shareholder

servicing

agent

fees

—

Institutional

Class

1,338‌

160‌

89‌

Shareholder

servicing

agent

fees

—

Advisor

Class

1,133‌

19,484‌

10‌

Shareholder

servicing

agent

fees

—

Premier

Class

48‌

43‌

19‌

Shareholder

servicing

agent

fees

—

Retirement

Class

434,318‌

124,180‌

10,960‌

Shareholder

servicing

agent

fees

—

Retail

Class

99,791‌

6,446‌

697‌

Shareholder

servicing

agent

fees

—

Class

W

1,255‌

415‌

498‌

Administrative

service

fees

52,779‌

34,762‌

30,035‌

Trustees

fees

55,436‌

19,461‌

10,115‌

Custodian

fees

159,274‌

91,314‌

385,171‌

Merger

expenses

–‌

12,828‌

–‌

Overdraft

expense

15,996‌

60,700‌

42,221‌

Professional

fees

33,522‌

26,868‌

27,954‌

Registration

fees

43,227‌

38,510‌

36,818‌

Shareholder

reporting

expenses

28,982‌

(

2,589‌

)

4,468‌

Other

141,004‌

42,575‌

36,730‌

Total

expenses

15,733,167‌

7,303,031‌

4,368,834‌

Expenses

reimbursed

by

the

investment

adviser

(

7,748,994‌

)

(

6,143,199‌

)

(

4,019,336‌

)

Fee

waiver

by

investment

adviser

and

Nuveen

Securities

(

34,685‌

)

–‌

(

239‌

)

Net

expenses

7,949,488‌

1,159,832‌

349,259‌

Net

investment

income

(loss)

102,253,316‌

25,335,480‌

18,235,117‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss):

Portfolio

investments

†

(

171,555,557‌

)

(

23,452,170‌

)

(

43,821,703‌

)

Futures

contracts

–‌

–‌

–‌

Foreign

currency

transactions

459,776‌

(

1,025,011‌

)

(

212,487‌

)

Net

realized

gain

(loss)

(

171,095,781‌

)

(

24,477,181‌

)

(

44,034,190‌

)

Change

in

unrealized

appreciation

(depreciation)

on:

Portfolio

investments

‡

1,363,083,478‌

330,259,745‌

213,689,312‌

Futures

contracts

–‌

–‌

–‌

Translation

of

assets

(other

than

portfolio

investments)

and

liabilities

denominated

in

foreign

currencies

1,446,455‌

461,584‌

165,633‌

Net

change

in

unrealized

appreciation

(depreciation)

1,364,529,933‌

330,721,329‌

213,854,945‌

Net

realized

and

unrealized

gain

(loss)

1,193,434,152‌

306,244,148‌

169,820,755‌

Net

increase

(decrease)

in

net

assets

from

operations

$

1,295,687,468‌

$

331,579,628‌

$

188,055,872‌

†

Includes

net

realized

gain

(loss)

from

securities

sold

to

affiliates

of

$

(

8,748,851‌

)

$

(

6,098,621‌

)

$

(

14,268,402‌

)

‡

Includes

net

change

in

unrealized

foreign

capital

gains

taxes

$

–‌

$

(

7,051‌

)

$

(

113,704‌

)

See

Notes

to

Financial

Statements

125

3.4

Social

Choice

International

Equity

Fund

$

23,443,381‌

358,958‌

118,547‌

–‌

(

2,185,904‌

)

21,734,982‌

2,067,113‌

536‌

31,612‌

882‌

7,880‌

29‌

710,109‌

4,441‌

–‌

27,576‌

11,958‌

55,902‌

–‌

–‌

26,922‌

41,011‌

15,145‌

136,991‌

3,138,107‌

–‌

–‌

3,138,107‌

18,596,875‌

(

2,641,776‌

)

3,992,463‌

431,389‌

1,782,076‌

280,510,551‌

(

119,944‌

)

200,272‌

280,590,879‌

282,372,955‌

$

300,969,830‌

$

(

17,776‌

)

$

–‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

126

2.1

Growth

&

Income

Fund

2.2

Large-Cap

Growth

Fund

Unaudited

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

Unaudited

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

OPERATIONS

Net

investment

income

(loss)

$

31,510,102‌

$

69,192,437‌

$

12,691,773‌

$

23,905,981‌

Net

realized

gain

(loss)

972,592,227‌

345,927,077‌

(

74,022,043‌

)

(

50,515,628‌

)

Net

change

in

unrealized

appreciation

(depreciation)

(

514,330,161‌

)

(

1,615,994,298‌

)

770,088,746‌

(

2,213,768,416‌

)

Net

increase

(decrease)

in

net

assets

from

operations

489,772,168‌

(

1,200,874,784‌

)

708,758,476‌

(

2,240,378,063‌

)

DISTRIBUTIONS

TO

SHAREHOLDERS

–‌

–‌

–‌

–‌

Dividends:

Institutional

Class

(

108,154,701‌

)

(

334,083,998‌

)

(

4,801,785‌

)

(

192,317,971‌

)

Advisor

Class

(

241,865‌

)

(

606,524‌

)

(

11,731‌

)

(

577,503‌

)

Premier

Class

(

670,952‌

)

(

3,432,406‌

)

(

27,185‌

)

(

1,463,684‌

)

Retirement

Class

(

30,835,000‌

)

(

94,135,347‌

)

(

301,835‌

)

(

43,322,452‌

)

Retail

Class

(

67,040,345‌

)

(

196,234,351‌

)

(

1,525,896‌

)

(

137,102,651‌

)

Class

W

(

158,208,144‌

)

(

461,944,683‌

)

(

17,679,144‌

)

(

309,387,667‌

)

Total

distributions

(

365,151,007‌

)

(

1,090,437,309‌

)

(

24,347,576‌

)

(

684,171,928‌

)

SHAREHOLDER

TRANSACTIONS

Subscriptions

225,010,041‌

478,207,774‌

230,811,442‌

832,365,660‌

Reinvestments

of

distributions

337,146,653‌

1,015,244,027‌

24,106,167‌

666,598,204‌

Redemptions

(

469,474,473‌

)

(

1,078,235,466‌

)

(

573,178,104‌

)

(

1,067,051,704‌

)

Net

increase

(decrease)

from

shareholder

transactions

92,682,221‌

415,216,335‌

(

318,260,495‌

)

431,912,160‌

Net

increase

(decrease)

in

net

assets

217,303,382‌

(

1,876,095,758‌

)

366,150,405‌

(

2,492,637,831‌

)

NET

ASSETS

Beginning

of

period

5,117,881,082‌

6,993,976,840‌

4,697,007,233‌

7,189,645,064‌

End

of

period

$

5,335,184,464‌

$

5,117,881,082‌

$

5,063,157,638‌

$

4,697,007,233‌

See

Notes

to

Financial

Statements

127

2.3

Large-Cap

Value

Fund

2.4

Mid-Cap

Growth

Fund

2.5

Mid-Cap

Value

Fund

2.6

Quant

Small-Cap

Equity

Fund

Unaudited

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

Unaudited

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

Unaudited

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

Unaudited

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

$

44,749,851‌

$

89,614,717‌

$

541,788‌

$

4,965,960‌

$

13,084,745‌

$

33,884,074‌

$

15,350,588‌

$

25,184,909‌

150,336,580‌

211,927,322‌

(

62,089,635‌

)

(

82,861,388‌

)

(

15,818,568‌

)

219,214,048‌

(

24,722,537‌

)

146,394,895‌

56,513,610‌

(

643,300,022‌

)

136,982,391‌

(

657,818,858‌

)

(

14,129,565‌

)

(

361,743,840‌

)

(

50,392,509‌

)

(

541,650,722‌

)

251,600,041‌

(

341,757,983‌

)

75,434,544‌

(

735,714,286‌

)

(

16,863,388‌

)

(

108,645,718‌

)

(

59,764,458‌

)

(

370,070,918‌

)

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

(

105,967,541‌

)

(

161,742,151‌

)

(

3,369,527‌

)

(

134,690,840‌

)

(

143,108,775‌

)

(

170,159,847‌

)

(

90,772,292‌

)

(

269,851,404‌

)

(

29,112‌

)

(

44,549‌

)

(

1,544‌

)

(

931,396‌

)

(

61,798‌

)

(

56,615‌

)

(

58,473‌

)

(

138,589‌

)

(

3,922,893‌

)

(

6,636,926‌

)

(

114,179‌

)

(

7,531,626‌

)

(

7,189,570‌

)

(

9,782,982‌

)

(

3,508,417‌

)

(

14,094,339‌

)

(

27,086,910‌

)

(

43,186,223‌

)

(

915,705‌

)

(

67,266,961‌

)

(

60,994,791‌

)

(

77,513,516‌

)

(

21,284,570‌

)

(

80,710,971‌

)

(

8,657,858‌

)

(

13,747,293‌

)

(

625,909‌

)

(

37,659,248‌

)

(

26,915,843‌

)

(

30,834,956‌

)

(

7,625,677‌

)

(

28,111,334‌

)

(

138,905,276‌

)

(

246,579,754‌

)

–‌

–‌

–‌

–‌

(

35,742,230‌

)

(

140,015,877‌

)

(

284,569,590‌

)

(

471,936,896‌

)

(

5,026,864‌

)

(

248,080,071‌

)

(

238,270,777‌

)

(

288,347,916‌

)

(

158,991,659‌

)

(

532,922,514‌

)

245,047,476‌

663,685,205‌

16,227,894‌

70,930,752‌

41,584,936‌

67,631,355‌

136,598,067‌

406,417,785‌

281,678,332‌

467,892,442‌

5,007,340‌

247,106,362‌

237,163,754‌

286,986,146‌

158,663,474‌

531,636,772‌

(

698,793,092‌

)

(

908,430,093‌

)

(

126,606,550‌

)

(

255,099,768‌

)

(

154,746,535‌

)

(

328,162,015‌

)

(

292,932,742‌

)

(

378,777,226‌

)

(

172,067,284‌

)

223,147,554‌

(

105,371,316‌

)

62,937,346‌

124,002,155‌

26,455,486‌

2,328,799‌

559,277,331‌

(

205,036,833‌

)

(

590,547,325‌

)

(

34,963,636‌

)

(

920,857,011‌

)

(

131,132,010‌

)

(

370,538,148‌

)

(

216,427,318‌

)

(

343,716,101‌

)

4,922,046,366‌

5,512,593,691‌

1,082,486,277‌

2,003,343,288‌

1,808,695,598‌

2,179,233,746‌

2,732,953,993‌

3,076,670,094‌

$

4,717,009,533‌

$

4,922,046,366‌

$

1,047,522,641‌

$

1,082,486,277‌

$

1,677,563,588‌

$

1,808,695,598‌

$

2,516,526,675‌

$

2,732,953,993‌

Statement

of

Changes

in

Net

Assets

(continued)

See

Notes

to

Financial

Statements

128

(continued)

(continued)

(continued)

Statement

of

Changes

in

Net

Assets

(continued)

2.7

Quant

Small/Mid-Cap

Equity

Fund

2.8

Social

Choice

Equity

Fund

Unaudited

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

Unaudited

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

OPERATIONS

Net

investment

income

(loss)

$

6,515,747‌

$

15,040,124‌

$

49,607,842‌

$

86,961,835‌

Net

realized

gain

(loss)

(

22,070,805‌

)

72,717,774‌

129,928,064‌

198,838,947‌

Net

change

in

unrealized

appreciation

(depreciation)

15,343,362‌

(

240,247,767‌

)

185,177,586‌

(

1,534,741,342‌

)

Net

increase

(decrease)

in

net

assets

from

operations

(

211,696‌

)

(

152,489,869‌

)

364,713,492‌

(

1,248,940,560‌

)

DISTRIBUTIONS

TO

SHAREHOLDERS

–‌

–‌

–‌

–‌

Dividends:

Institutional

Class

(

4,768,950‌

)

(

10,543,842‌

)

(

207,971,144‌

)

(

507,547,892‌

)

Advisor

Class

(

1,172,125‌

)

(

1,671,229‌

)

(

2,037,412‌

)

(

4,791,532‌

)

Premier

Class

(

8,980‌

)

(

43,542‌

)

(

3,186,415‌

)

(

9,768,722‌

)

Retirement

Class

(

19,327,406‌

)

(

18,326,059‌

)

(

34,961,840‌

)

(

87,918,098‌

)

Retail

Class

(

1,234,085‌

)

(

3,347,480‌

)

(

29,561,934‌

)

(

68,248,252‌

)

Class

W

(

60,331,731‌

)

(

162,456,600‌

)

–‌

–‌

Total

distributions

(

86,843,277‌

)

(

196,388,752‌

)

(

277,718,745‌

)

(

678,274,496‌

)

SHAREHOLDER

TRANSACTIONS

Subscriptions

131,495,700‌

474,275,984‌

311,573,153‌

790,197,783‌

Mergers

(see

note

1)

–‌

–‌

–‌

–‌

Reinvestments

of

distributions

86,759,916‌

196,137,188‌

265,916,495‌

653,124,260‌

Redemptions

(

281,171,935‌

)

(

241,979,076‌

)

(

948,620,309‌

)

(

1,111,495,539‌

)

Net

increase

(decrease)

from

shareholder

transactions

(

62,916,319‌

)

428,434,096‌

(

371,130,661‌

)

331,826,504‌

Net

increase

(decrease)

in

net

assets

(

149,971,292‌

)

79,555,475‌

(

284,135,914‌

)

(

1,595,388,552‌

)

NET

ASSETS

Beginning

of

period

1,234,446,241‌

1,154,890,766‌

6,063,695,528‌

7,659,084,080‌

End

of

period

$

1,084,474,949‌

$

1,234,446,241‌

$

5,779,559,614‌

$

6,063,695,528‌

See

Notes

to

Financial

Statements

129

2.9

Social

Choice

Low

Carbon

Equity

Fund

3.01

Emerging

Markets

Equity

Fund

3.1

International

Equity

Fund

3.2

International

Opportunities

Fund

Unaudited

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

Unaudited

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

Unaudited

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

Unaudited

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

$

7,260,432‌

$

10,609,476‌

$

14,752,160‌

$

33,984,079‌

$

102,253,316‌

$

148,471,563‌

$

25,335,480‌

$

36,344,688‌

(

5,577,067‌

)

(

3,397,860‌

)

(

158,672,353‌

)

(

197,194,422‌

)

(

171,095,781‌

)

(

46,748,610‌

)

(

24,477,181‌

)

(

61,453,142‌

)

69,156,707‌

(

213,042,544‌

)

422,779,002‌

(

382,813,437‌

)

1,364,529,933‌

(

1,756,458,219‌

)

330,721,329‌

(

776,754,478‌

)

70,840,072‌

(

205,830,928‌

)

278,858,809‌

(

546,023,780‌

)

1,295,687,468‌

(

1,654,735,266‌

)

331,579,628‌

(

801,862,932‌

)

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

(

8,421,282‌

)

(

25,369,815‌

)

(

110,455‌

)

(

57,149,105‌

)

(

53,022,200‌

)

(

78,121,349‌

)

(

59,935‌

)

(

12,354,356‌

)

(

137,185‌

)

(

392,122‌

)

(

50‌

)

(

32,120‌

)

(

49,632‌

)

(

80,609‌

)

(

15,479‌

)

(

464,051‌

)

(

105,528‌

)

(

353,066‌

)

(

1,418‌

)

(

2,048,469‌

)

(

1,314,382‌

)

(

2,007,432‌

)

(

997‌

)

(

67,149‌

)

(

8,580,397‌

)

(

29,391,640‌

)

(

10,002‌

)

(

19,011,896‌

)

(

6,179,370‌

)

(

11,150,380‌

)

(

41,756‌

)

(

13,180,758‌

)

(

850,635‌

)

(

3,402,491‌

)

–‌

(

1,747,210‌

)

(

7,130,146‌

)

(

11,664,129‌

)

(

2,670‌

)

(

703,812‌

)

–‌

–‌

(

11,306,655‌

)

(

261,412,650‌

)

(

84,267,010‌

)

(

96,863,433‌

)

(

3,104,263‌

)

(

203,729,522‌

)

(

18,095,027‌

)

(

58,909,134‌

)

(

11,428,580‌

)

(

341,401,450‌

)

(

151,962,740‌

)

(

199,887,332‌

)

(

3,225,100‌

)

(

230,499,648‌

)

57,986,352‌

352,703,544‌

119,006,366‌

797,616,716‌

187,642,591‌

1,849,104,192‌

135,845,810‌

503,943,618‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

463,567,903‌

16,435,097‌

52,501,514‌

11,428,559‌

341,330,675‌

149,042,694‌

195,173,692‌

3,221,382‌

230,428,535‌

(

78,449,988‌

)

(

126,995,719‌

)

(

369,542,225‌

)

(

355,879,739‌

)

(

999,462,814‌

)

(

677,319,148‌

)

(

465,451,905‌

)

(

299,941,075‌

)

(

4,028,539‌

)

278,209,339‌

(

239,107,300‌

)

783,067,652‌

(

662,777,529‌

)

1,366,958,736‌

(

326,384,713‌

)

897,998,981‌

48,716,506‌

13,469,277‌

28,322,929‌

(

104,357,578‌

)

480,947,199‌

(

487,663,862‌

)

1,969,815‌

(

134,363,599‌

)

1,071,755,679‌

1,058,286,402‌

1,571,849,082‌

1,676,206,660‌

6,258,180,663‌

6,745,844,525‌

2,385,536,341‌

2,519,899,940‌

$

1,120,472,185‌

$

1,071,755,679‌

$

1,600,172,011‌

$

1,571,849,082‌

$

6,739,127,862‌

$

6,258,180,663‌

$

2,387,506,156‌

$

2,385,536,341‌

Statement

of

Changes

in

Net

Assets

(continued)

See

Notes

to

Financial

Statements

130

(continued)

Statement

of

Changes

in

Net

Assets

(continued)

3.3

Quant

International

Small-Cap

Equity

Fund

3.4

Social

Choice

International

Equity

Fund

Unaudited

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

Unaudited

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

OPERATIONS

Net

investment

income

(loss)

$

18,235,117‌

$

52,398,897‌

$

18,596,875‌

$

29,379,855‌

Net

realized

gain

(loss)

(

44,034,190‌

)

(

119,853,810‌

)

1,782,076‌

(

11,730,947‌

)

Net

change

in

unrealized

appreciation

(depreciation)

213,854,945‌

(

332,635,068‌

)

280,590,879‌

(

309,661,958‌

)

Net

increase

(decrease)

in

net

assets

from

operations

188,055,872‌

(

400,089,981‌

)

300,969,830‌

(

292,013,050‌

)

DISTRIBUTIONS

TO

SHAREHOLDERS

–‌

–‌

–‌

–‌

Dividends:

Institutional

Class

(

2,265,189‌

)

(

5,395,633‌

)

(

16,758,430‌

)

(

17,567,457‌

)

Advisor

Class

(

2,283‌

)

(

5,296‌

)

(

209,129‌

)

(

82,867‌

)

Premier

Class

(

2,167‌

)

(

5,210‌

)

(

14,490‌

)

(

22,335‌

)

Retirement

Class

(

285,949‌

)

(

267,685‌

)

(

10,818,157‌

)

(

11,639,118‌

)

Retail

Class

(

26,222‌

)

(

60,769‌

)

(

466,477‌

)

(

648,843‌

)

Class

W

(

44,458,629‌

)

(

97,600,960‌

)

–‌

–‌

Total

distributions

(

47,040,439‌

)

(

103,335,553‌

)

(

28,266,683‌

)

(

29,960,620‌

)

SHAREHOLDER

TRANSACTIONS

Subscriptions

28,839,068‌

186,236,611‌

213,601,605‌

599,018,623‌

Reinvestments

of

distributions

47,035,184‌

103,323,244‌

22,673,194‌

23,394,008‌

Redemptions

(

245,805,411‌

)

(

170,035,827‌

)

(

89,924,438‌

)

(

123,073,867‌

)

Net

increase

(decrease)

from

shareholder

transactions

(

169,931,159‌

)

119,524,028‌

146,350,361‌

499,338,764‌

Net

increase

(decrease)

in

net

assets

(

28,915,726‌

)

(

383,901,506‌

)

419,053,508‌

177,365,094‌

NET

ASSETS

Beginning

of

period

1,195,171,573‌

1,579,073,079‌

1,145,824,102‌

968,459,008‌

End

of

period

$

1,166,255,847‌

$

1,195,171,573‌

$

1,564,877,610‌

$

1,145,824,102‌

Financial

Highlights

See

Notes

to

Financial

Statements

132

The

following

data

is

for

a

share

outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

2.1

GROWTH

&

INCOME

FUND

Institutional

Class:

4/30/23

#

$

13.58‌

$

0.08‌

$

1.15‌

$

1.23‌

$

(0.12‌)

$

(0.97‌)

$

(1.09‌)

$

13.72‌

10/31/22

20.07‌

0.17‌

(3.24‌)

(3.07‌)

(0.17‌)

(3.25‌)

(3.42‌)

13.58‌

10/31/21

15.16‌

0.14‌

5.97‌

6.11‌

(0.16‌)

(1.04‌)

(1.20‌)

20.07‌

10/31/20

14.63‌

0.17‌

1.33‌

1.50‌

(0.21‌)

(0.76‌)

(0.97‌)

15.16‌

10/31/19

14.44‌

0.21‌

1.20‌

1.41‌

(0.18‌)

(1.04‌)

(1.22‌)

14.63‌

10/31/18

14.34‌

0.17‌

0.62‌

0.79‌

(0.15‌)

(0.54‌)

(0.69‌)

14.44‌

Advisor

Class:

4/30/23

#

13.60‌

0.07‌

1.15‌

1.22‌

(0.12‌)

(0.97‌)

(1.09‌)

13.73‌

10/31/22

20.09‌

0.15‌

(3.23‌)

(3.08‌)

(0.16‌)

(3.25‌)

(3.41‌)

13.60‌

10/31/21

15.17‌

0.12‌

5.99‌

6.11‌

(0.15‌)

(1.04‌)

(1.19‌)

20.09‌

10/31/20

14.64‌

0.15‌

1.33‌

1.48‌

(0.19‌)

(0.76‌)

(0.95‌)

15.17‌

10/31/19

14.45‌

0.20‌

1.19‌

1.39‌

(0.16‌)

(1.04‌)

(1.20‌)

14.64‌

10/31/18

14.34‌

0.15‌

0.64‌

0.79‌

(0.14‌)

(0.54‌)

(0.68‌)

14.45‌

Premier

Class:

4/30/23

#

13.62‌

0.07‌

1.15‌

1.22‌

(0.11‌)

(0.97‌)

(1.08‌)

13.76‌

10/31/22

20.11‌

0.14‌

(3.23‌)

(3.09‌)

(0.15‌)

(3.25‌)

(3.40‌)

13.62‌

10/31/21

15.19‌

0.11‌

5.99‌

6.10‌

(0.14‌)

(1.04‌)

(1.18‌)

20.11‌

10/31/20

14.65‌

0.15‌

1.33‌

1.48‌

(0.18‌)

(0.76‌)

(0.94‌)

15.19‌

10/31/19

14.45‌

0.19‌

1.20‌

1.39‌

(0.15‌)

(1.04‌)

(1.19‌)

14.65‌

10/31/18

14.35‌

0.14‌

0.63‌

0.77‌

(0.13‌)

(0.54‌)

(0.67‌)

14.45‌

Retirement

Class:

4/30/23

#

13.95‌

0.06‌

1.19‌

1.25‌

(0.11‌)

(0.97‌)

(1.08‌)

14.12‌

10/31/22

20.51‌

0.13‌

(3.31‌)

(3.18‌)

(0.13‌)

(3.25‌)

(3.38‌)

13.95‌

10/31/21

15.47‌

0.09‌

6.11‌

6.20‌

(0.12‌)

(1.04‌)

(1.16‌)

20.51‌

10/31/20

14.91‌

0.13‌

1.36‌

1.49‌

(0.17‌)

(0.76‌)

(0.93‌)

15.47‌

10/31/19

14.69‌

0.18‌

1.22‌

1.40‌

(0.14‌)

(1.04‌)

(1.18‌)

14.91‌

10/31/18

14.57‌

0.13‌

0.64‌

0.77‌

(0.11‌)

(0.54‌)

(0.65‌)

14.69‌

Retail

Class:

4/30/23

#

20.52‌

0.09‌

1.80‌

1.89‌

(0.10‌)

(0.97‌)

(1.07‌)

21.34‌

10/31/22

28.59‌

0.20‌

(4.90‌)

(4.70‌)

(0.12‌)

(3.25‌)

(3.37‌)

20.52‌

10/31/21

21.14‌

0.12‌

8.46‌

8.58‌

(0.09‌)

(1.04‌)

(1.13‌)

28.59‌

10/31/20

20.02‌

0.17‌

1.86‌

2.03‌

(0.15‌)

(0.76‌)

(0.91‌)

21.14‌

10/31/19

19.30‌

0.23‌

1.65‌

1.88‌

(0.12‌)

(1.04‌)

(1.16‌)

20.02‌

10/31/18

18.94‌

0.16‌

0.83‌

0.99‌

(0.09‌)

(0.54‌)

(0.63‌)

19.30‌

Class

W:

4/30/23

#

13.58‌

0.10‌

1.15‌

1.25‌

(0.15‌)

(0.97‌)

(1.12‌)

13.71‌

10/31/22

20.07‌

0.23‌

(3.23‌)

(3.00‌)

(0.24‌)

(3.25‌)

(3.49‌)

13.58‌

10/31/21

15.16‌

0.21‌

5.98‌

6.19‌

(0.24‌)

(1.04‌)

(1.28‌)

20.07‌

10/31/20

14.64‌

0.22‌

1.32‌

1.54‌

(0.26‌)

(0.76‌)

(1.02‌)

15.16‌

10/31/19

14.45‌

0.27‌

1.19‌

1.46‌

(0.23‌)

(1.04‌)

(1.27‌)

14.64‌

10/31/18

†

15.93‌

0.01‌

(1.49‌)

(1.48‌)

—‌

—‌

—‌

14.45‌

#

Unaudited

†

Class

W

commenced

operations

on

September

28,

2018.

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

c

Percentage

is

annualized.

e

Includes

voluntary

compensation

from

the

Adviser

as

further

described

in

the

investment

adviser

and

other

transactions

with

affiliates

note

in

the

Notes

to

Financial

Statements,

when

applicable.

f

Does

not

include

in-kind

transactions.

See

Notes

to

Financial

Statements

133

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

e

Portfolio

Turnover

Rate

9.85‌

%

$

1,407,333‌

0.41‌

%

c

0.40‌

%

c

1.17‌

%

c

92‌

%

(18.53‌)

1,358,311‌

0.41‌

0.40‌

1.08‌

74‌

42.33‌

1,988,937‌

0.40‌

0.40‌

0.77‌

61‌

f

10.81‌

1,126,795‌

0.40‌

0.40‌

1.15‌

64‌

10.94‌

1,409,853‌

0.41‌

0.40‌

1.51‌

68‌

5.61‌

1,688,858‌

0.40‌

0.40‌

1.11‌

59‌

9.70‌

3,016‌

0.50‌

c

0.49‌

c

1.08‌

c

92‌

(18.59‌)

3,048‌

0.50‌

0.50‌

1.01‌

74‌

42.23‌

3,428‌

0.50‌

0.50‌

0.66‌

61‌

f

10.70‌

2,701‌

0.49‌

0.49‌

1.04‌

64‌

10.83‌

2,075‌

0.51‌

0.50‌

1.44‌

68‌

5.56‌

437‌

0.50‌

0.50‌

0.98‌

59‌

9.73‌

8,283‌

0.56‌

c

0.55‌

c

1.02‌

c

92‌

(18.62‌)

8,396‌

0.55‌

0.55‌

0.87‌

74‌

42.08‌

20,731‌

0.55‌

0.55‌

0.63‌

61‌

f

10.67‌

25,805‌

0.55‌

0.55‌

1.03‌

64‌

10.74‌

44,314‌

0.56‌

0.55‌

1.34‌

68‌

5.52‌

132,573‌

0.55‌

0.55‌

0.94‌

59‌

9.66‌

415,022‌

0.66‌

c

0.65‌

c

0.92‌

c

92‌

(18.68‌)

406,033‌

0.66‌

0.65‌

0.83‌

74‌

41.96‌

577,096‌

0.65‌

0.65‌

0.51‌

61‌

f

10.50‌

452,343‌

0.65‌

0.65‌

0.89‌

64‌

10.67‌

497,202‌

0.66‌

0.65‌

1.27‌

68‌

5.39‌

553,819‌

0.65‌

0.65‌

0.83‌

59‌

9.69‌

1,369,235‌

0.70‌

c

0.65‌

c

0.92‌

c

92‌

(18.73‌)

1,292,439‌

0.69‌

0.62‌

0.87‌

74‌

41.97‌

1,664,005‌

0.69‌

0.69‌

0.48‌

61‌

f

10.50‌

1,212,620‌

0.69‌

0.69‌

0.85‌

64‌

10.60‌

1,199,088‌

0.70‌

0.69‌

1.23‌

68‌

5.32‌

1,162,488‌

0.69‌

0.69‌

0.79‌

59‌

10.00‌

2,132,296‌

0.41‌

c

0.00‌

c

1.57‌

c

92‌

(18.17‌)

2,049,653‌

0.41‌

0.00‌

1.49‌

74‌

42.93‌

2,739,781‌

0.40‌

0.00‌

1.17‌

61‌

f

11.21‌

2,914,760‌

0.40‌

0.00‌

1.53‌

64‌

11.39‌

3,363,807‌

0.41‌

0.00‌

1.93‌

68‌

(9.29‌)

3,027,314‌

0.41‌

c

0.00‌

c

0.95‌

c

59‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

134

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

2.2

LARGE-CAP

GROWTH

FUND

Institutional

Class:

4/30/23

#

$

16

.54‌

$

0

.04‌

$

2

.62‌

$

2

.66‌

$

(

0

.07‌

)

$

—‌

$

(

0

.07‌

)

$

19

.13‌

10/31/22

26

.91‌

0

.06‌

(

7

.91‌

)

(

7

.85‌

)

(

0

.03‌

)

(

2

.49‌

)

(

2

.52‌

)

16

.54‌

10/31/21

27

.14‌

0

.02‌

8

.17‌

8

.19‌

(

0

.11‌

)

(

8

.31‌

)

(

8

.42‌

)

26

.91‌

10/31/20

21

.43‌

0

.08‌

6

.59‌

6

.67‌

(

0

.09‌

)

(

0

.87‌

)

(

0

.96‌

)

27

.14‌

10/31/19

21

.42‌

0

.11‌

2

.37‌

2

.48‌

(

0

.12‌

)

(

2

.35‌

)

(

2

.47‌

)

21

.43‌

10/31/18

20

.08‌

0

.12‌

2

.08‌

2

.20‌

(

0

.10‌

)

(

0

.76‌

)

(

0

.86‌

)

21

.42‌

Advisor

Class:

4/30/23

#

16

.52‌

0

.03‌

2

.61‌

2

.64‌

(

0

.05‌

)

—‌

(

0

.05‌

)

19

.11‌

10/31/22

26

.88‌

0

.05‌

(

7

.91‌

)

(

7

.86‌

)

(

0

.01‌

)

(

2

.49‌

)

(

2

.50‌

)

16

.52‌

10/31/21

27

.12‌

0

.00‌

d

8

.17‌

8

.17‌

(

0

.10‌

)

(

8

.31‌

)

(

8

.41‌

)

26

.88‌

10/31/20

21

.41‌

0

.06‌

6

.59‌

6

.65‌

(

0

.07‌

)

(

0

.87‌

)

(

0

.94‌

)

27

.12‌

10/31/19

21

.40‌

0

.10‌

2

.37‌

2

.47‌

(

0

.11‌

)

(

2

.35‌

)

(

2

.46‌

)

21

.41‌

10/31/18

20

.06‌

0

.06‌

2

.11‌

2

.17‌

(

0

.07‌

)

(

0

.76‌

)

(

0

.83‌

)

21

.40‌

Premier

Class:

4/30/23

#

16

.52‌

0

.03‌

2

.61‌

2

.64‌

(

0

.04‌

)

—‌

(

0

.04‌

)

19

.12‌

10/31/22

26

.88‌

0

.03‌

(

7

.90‌

)

(

7

.87‌

)

—‌

(

2

.49‌

)

(

2

.49‌

)

16

.52‌

10/31/21

27

.10‌

(

0

.01‌

)

8

.16‌

8

.15‌

(

0

.06‌

)

(

8

.31‌

)

(

8

.37‌

)

26

.88‌

10/31/20

21

.40‌

0

.05‌

6

.58‌

6

.63‌

(

0

.06‌

)

(

0

.87‌

)

(

0

.93‌

)

27

.10‌

10/31/19

21

.37‌

0

.08‌

2

.37‌

2

.45‌

(

0

.07‌

)

(

2

.35‌

)

(

2

.42‌

)

21

.40‌

10/31/18

20

.04‌

0

.08‌

2

.08‌

2

.16‌

(

0

.07‌

)

(

0

.76‌

)

(

0

.83‌

)

21

.37‌

Retirement

Class:

4/30/23

#

16

.33‌

0

.02‌

2

.58‌

2

.60‌

(

0

.02‌

)

—‌

(

0

.02‌

)

18

.91‌

10/31/22

26

.63‌

0

.01‌

(

7

.82‌

)

(

7

.81‌

)

—‌

(

2

.49‌

)

(

2

.49‌

)

16

.33‌

10/31/21

26

.93‌

(

0

.04‌

)

8

.10‌

8

.06‌

(

0

.05‌

)

(

8

.31‌

)

(

8

.36‌

)

26

.63‌

10/31/20

21

.27‌

0

.02‌

6

.54‌

6

.56‌

(

0

.03‌

)

(

0

.87‌

)

(

0

.90‌

)

26

.93‌

10/31/19

21

.27‌

0

.06‌

2

.36‌

2

.42‌

(

0

.07‌

)

(

2

.35‌

)

(

2

.42‌

)

21

.27‌

10/31/18

19

.94‌

0

.05‌

2

.08‌

2

.13‌

(

0

.04‌

)

(

0

.76‌

)

(

0

.80‌

)

21

.27‌

Retail

Class:

4/30/23

#

16

.43‌

0

.02‌

2

.60‌

2

.62‌

(

0

.03‌

)

—‌

(

0

.03‌

)

19

.02‌

10/31/22

26

.77‌

0

.02‌

(

7

.87‌

)

(

7

.85‌

)

—‌

(

2

.49‌

)

(

2

.49‌

)

16

.43‌

10/31/21

27

.03‌

(

0

.05‌

)

8

.14‌

8

.09‌

(

0

.04‌

)

(

8

.31‌

)

(

8

.35‌

)

26

.77‌

10/31/20

21

.34‌

0

.01‌

6

.57‌

6

.58‌

(

0

.02‌

)

(

0

.87‌

)

(

0

.89‌

)

27

.03‌

10/31/19

21

.33‌

0

.05‌

2

.36‌

2

.41‌

(

0

.05‌

)

(

2

.35‌

)

(

2

.40‌

)

21

.34‌

10/31/18

20

.00‌

0

.05‌

2

.08‌

2

.13‌

(

0

.04‌

)

(

0

.76‌

)

(

0

.80‌

)

21

.33‌

Class

W:

4/30/23

#

16

.59‌

0

.07‌

2

.62‌

2

.69‌

(

0

.15‌

)

—‌

(

0

.15‌

)

19

.13‌

10/31/22

27

.00‌

0

.14‌

(

7

.92‌

)

(

7

.78‌

)

(

0

.14‌

)

(

2

.49‌

)

(

2

.63‌

)

16

.59‌

10/31/21

27

.24‌

0

.12‌

8

.19‌

8

.31‌

(

0

.24‌

)

(

8

.31‌

)

(

8

.55‌

)

27

.00‌

10/31/20

21

.50‌

0

.18‌

6

.61‌

6

.79‌

(

0

.18‌

)

(

0

.87‌

)

(

1

.05‌

)

27

.24‌

10/31/19

21

.43‌

0

.19‌

2

.37‌

2

.56‌

(

0

.14‌

)

(

2

.35‌

)

(

2

.49‌

)

21

.50‌

10/31/18

†

23

.77‌

0

.01‌

(

2

.35‌

)

(

2

.34‌

)

—‌

—‌

—‌

21

.43‌

#

Unaudited

†

Class

W

commenced

operations

on

September

28,

2018.

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

c

Percentage

is

annualized.

d

Value

rounded

to

zero.

e

Includes

voluntary

compensation

from

the

Adviser

as

further

described

in

the

investment

adviser

and

other

transactions

with

affiliates

note

in

the

Notes

to

Financial

Statements,

when

applicable.

See

Notes

to

Financial

Statements

135

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

e

Portfolio

Turnover

Rate

16

.13‌

%

$

1,354,208‌

0

.42‌

%

c

0

.39‌

%

c

0

.44‌

%

c

20‌

%

(

32

.08‌

)

1,294,222‌

0

.41‌

0

.40‌

0

.30‌

64‌

37

.36‌

2,055,310‌

0

.40‌

0

.40‌

0

.09‌

47‌

32

.43‌

1,606,751‌

0

.41‌

0

.40‌

0

.34‌

143‌

13

.60‌

1,333,235‌

0

.42‌

0

.41‌

0

.54‌

97‌

11

.30‌

1,122,258‌

0

.41‌

0

.41‌

0

.55‌

90‌

16

.05‌

3,248‌

0

.50‌

c

0

.47‌

c

0

.37‌

c

20‌

(

32

.13‌

)

3,715‌

0

.48‌

0

.47‌

0

.23‌

64‌

37

.25‌

5,462‌

0

.48‌

0

.48‌

0

.02‌

47‌

32

.33‌

4,820‌

0

.48‌

0

.48‌

0

.24‌

143‌

13

.55‌

2,995‌

0

.50‌

0

.50‌

0

.48‌

97‌

11

.19‌

7,303‌

0

.52‌

0

.52‌

0

.26‌

90‌

16

.02‌

12,139‌

0

.57‌

c

0

.54‌

c

0

.29‌

c

20‌

(

32

.17‌

)

11,303‌

0

.56‌

0

.55‌

0

.15‌

64‌

37

.18‌

15,987‌

0

.55‌

0

.55‌

(

0

.06‌

)

47‌

32

.22‌

14,407‌

0

.56‌

0

.55‌

0

.22‌

143‌

13

.45‌

19,839‌

0

.57‌

0

.56‌

0

.39‌

97‌

11

.11‌

19,249‌

0

.57‌

0

.57‌

0

.38‌

90‌

15

.93‌

308,978‌

0

.67‌

c

0

.64‌

c

0

.19‌

c

20‌

(

32

.22‌

)

272,488‌

0

.66‌

0

.65‌

0

.04‌

64‌

36

.99‌

477,945‌

0

.65‌

0

.65‌

(

0

.16‌

)

47‌

32

.08‌

395,851‌

0

.66‌

0

.65‌

0

.08‌

143‌

13

.35‌

309,694‌

0

.66‌

0

.66‌

0

.30‌

97‌

11

.03‌

343,094‌

0

.67‌

0

.67‌

0

.25‌

90‌

15

.95‌

1,053,963‌

0

.72‌

c

0

.65‌

c

0

.19‌

c

20‌

(

32

.23‌

)

936,049‌

0

.71‌

0

.62‌

0

.08‌

64‌

36

.96‌

1,476,126‌

0

.69‌

0

.69‌

(

0

.20‌

)

47‌

32

.05‌

1,127,972‌

0

.70‌

0

.70‌

0

.04‌

143‌

13

.25‌

991,814‌

0

.71‌

0

.71‌

0

.24‌

97‌

10

.97‌

986,875‌

0

.72‌

0

.72‌

0

.22‌

90‌

16

.33‌

2,330,622‌

0

.42‌

c

0

.01‌

c

0

.83‌

c

20‌

(

31

.80‌

)

2,179,231‌

0

.41‌

0.00‌

0

.70‌

64‌

37

.86‌

3,158,816‌

0

.40‌

0.00‌

0

.49‌

47‌

32

.94‌

2,942,406‌

0

.41‌

0.00‌

0

.75‌

143‌

14

.11‌

3,050,002‌

0

.41‌

0.00‌

0

.95‌

97‌

(

9

.84‌

)

2,671,086‌

0

.42‌

c

0.00‌

c

0

.42‌

c

90‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

136

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

2.3

LARGE-CAP

VALUE

FUND

Institutional

Class:

4/30/23

#

$

19

.73‌

$

0

.17‌

$

0

.83‌

$

1

.00‌

$

(

0

.35‌

)

$

(

0

.81‌

)

$

(

1

.16‌

)

$

19

.57‌

10/31/22

23

.14‌

0

.32‌

(

1

.73‌

)

(

1

.41‌

)

(

0

.32‌

)

(

1

.68‌

)

(

2

.00‌

)

19

.73‌

10/31/21

16

.01‌

0

.28‌

7

.20‌

7

.48‌

(

0

.35‌

)

—‌

(

0

.35‌

)

23

.14‌

10/31/20

17

.68‌

0

.33‌

(

1

.62‌

)

(

1

.29‌

)

(

0

.38‌

)

—‌

(

0

.38‌

)

16

.01‌

10/31/19

17

.98‌

0

.34‌

1

.23‌

1

.57‌

(

0

.34‌

)

(

1

.53‌

)

(

1

.87‌

)

17

.68‌

10/31/18

19

.56‌

0

.33‌

(

0

.64‌

)

(

0

.31‌

)

(

0

.28‌

)

(

0

.99‌

)

(

1

.27‌

)

17

.98‌

Advisor

Class:

4/30/23

#

19

.71‌

0

.16‌

0

.83‌

0

.99‌

(

0

.34‌

)

(

0

.81‌

)

(

1

.15‌

)

19

.55‌

10/31/22

23

.12‌

0

.31‌

(

1

.74‌

)

(

1

.43‌

)

(

0

.30‌

)

(

1

.68‌

)

(

1

.98‌

)

19

.71‌

10/31/21

15

.99‌

0

.26‌

7

.21‌

7

.47‌

(

0

.34‌

)

—‌

(

0

.34‌

)

23

.12‌

10/31/20

17

.67‌

0

.31‌

(

1

.61‌

)

(

1

.30‌

)

(

0

.38‌

)

—‌

(

0

.38‌

)

15

.99‌

10/31/19

17

.97‌

0

.33‌

1

.23‌

1

.56‌

(

0

.33‌

)

(

1

.53‌

)

(

1

.86‌

)

17

.67‌

10/31/18

19

.54‌

0

.32‌

(

0

.63‌

)

(

0

.31‌

)

(

0

.27‌

)

(

0

.99‌

)

(

1

.26‌

)

17

.97‌

Premier

Class:

4/30/23

#

19

.68‌

0

.15‌

0

.83‌

0

.98‌

(

0

.32‌

)

(

0

.81‌

)

(

1

.13‌

)

19

.53‌

10/31/22

23

.08‌

0

.29‌

(

1

.73‌

)

(

1

.44‌

)

(

0

.28‌

)

(

1

.68‌

)

(

1

.96‌

)

19

.68‌

10/31/21

15

.97‌

0

.24‌

7

.19‌

7

.43‌

(

0

.32‌

)

—‌

(

0

.32‌

)

23

.08‌

10/31/20

17

.63‌

0

.31‌

(

1

.62‌

)

(

1

.31‌

)

(

0

.35‌

)

—‌

(

0

.35‌

)

15

.97‌

10/31/19

17

.92‌

0

.32‌

1

.22‌

1

.54‌

(

0

.30‌

)

(

1

.53‌

)

(

1

.83‌

)

17

.63‌

10/31/18

19

.50‌

0

.30‌

(

0

.64‌

)

(

0

.34‌

)

(

0

.25‌

)

(

0

.99‌

)

(

1

.24‌

)

17

.92‌

Retirement

Class:

4/30/23

#

19

.63‌

0

.14‌

0

.83‌

0

.97‌

(

0

.30‌

)

(

0

.81‌

)

(

1

.11‌

)

19

.49‌

10/31/22

23

.03‌

0

.27‌

(

1

.73‌

)

(

1

.46‌

)

(

0

.26‌

)

(

1

.68‌

)

(

1

.94‌

)

19

.63‌

10/31/21

15

.93‌

0

.22‌

7

.19‌

7

.41‌

(

0

.31‌

)

—‌

(

0

.31‌

)

23

.03‌

10/31/20

17

.60‌

0

.29‌

(

1

.63‌

)

(

1

.34‌

)

(

0

.33‌

)

—‌

(

0

.33‌

)

15

.93‌

10/31/19

17

.88‌

0

.30‌

1

.23‌

1

.53‌

(

0

.28‌

)

(

1

.53‌

)

(

1

.81‌

)

17

.60‌

10/31/18

19

.46‌

0

.28‌

(

0

.64‌

)

(

0

.36‌

)

(

0

.23‌

)

(

0

.99‌

)

(

1

.22‌

)

17

.88‌

Retail

Class:

4/30/23

#

18

.67‌

0

.13‌

0

.78‌

0

.91‌

(

0

.30‌

)

(

0

.81‌

)

(

1

.11‌

)

18

.47‌

10/31/22

21

.99‌

0

.26‌

(

1

.65‌

)

(

1

.39‌

)

(

0

.25‌

)

(

1

.68‌

)

(

1

.93‌

)

18

.67‌

10/31/21

15

.23‌

0

.20‌

6

.86‌

7

.06‌

(

0

.30‌

)

—‌

(

0

.30‌

)

21

.99‌

10/31/20

16

.84‌

0

.26‌

(

1

.54‌

)

(

1

.28‌

)

(

0

.33‌

)

—‌

(

0

.33‌

)

15

.23‌

10/31/19

17

.22‌

0

.28‌

1

.17‌

1

.45‌

(

0

.30‌

)

(

1

.53‌

)

(

1

.83‌

)

16

.84‌

10/31/18

18

.78‌

0

.26‌

(

0

.61‌

)

(

0

.35‌

)

(

0

.22‌

)

(

0

.99‌

)

(

1

.21‌

)

17

.22‌

Class

W:

4/30/23

#

19

.80‌

0

.21‌

0

.82‌

1

.03‌

(

0

.44‌

)

(

0

.81‌

)

(

1

.25‌

)

19

.58‌

10/31/22

23

.22‌

0

.41‌

(

1

.73‌

)

(

1

.32‌

)

(

0

.42‌

)

(

1

.68‌

)

(

2

.10‌

)

19

.80‌

10/31/21

16

.07‌

0

.36‌

7

.22‌

7

.58‌

(

0

.43‌

)

—‌

(

0

.43‌

)

23

.22‌

10/31/20

17

.74‌

0

.39‌

(

1

.61‌

)

(

1

.22‌

)

(

0

.45‌

)

—‌

(

0

.45‌

)

16

.07‌

10/31/19

17

.98‌

0

.40‌

1

.25‌

1

.65‌

(

0

.36‌

)

(

1

.53‌

)

(

1

.89‌

)

17

.74‌

10/31/18

†

19

.54‌

0

.02‌

(

1

.58‌

)

(

1

.56‌

)

—‌

—‌

—‌

17

.98‌

#

Unaudited

†

Class

W

commenced

operations

on

September

28,

2018.

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

c

Percentage

is

annualized.

e

Includes

voluntary

compensation

from

the

Adviser

as

further

described

in

the

investment

adviser

and

other

transactions

with

affiliates

note

in

the

Notes

to

Financial

Statements,

when

applicable.

See

Notes

to

Financial

Statements

137

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

e

Portfolio

Turnover

Rate

5

.24‌

%

$

1,784,589‌

0

.41‌

%

c

0

.41‌

%

c

1

.73‌

%

c

9‌

%

(

6

.76‌

)

1,825,968‌

0

.41‌

0

.41‌

1

.59‌

21‌

47

.32‌

1,898,837‌

0

.41‌

0

.40‌

1

.32‌

14‌

(

7

.51‌

)

1,467,747‌

0

.41‌

0

.40‌

1

.98‌

26‌

10

.23‌

1,922,604‌

0

.41‌

0

.39‌

2

.06‌

79‌

(

1

.84‌

)

2,427,959‌

0

.40‌

0

.40‌

1

.73‌

53‌

5

.17‌

500‌

0

.49‌

c

0

.49‌

c

1

.65‌

c

9‌

(

6

.83‌

)

498‌

0

.49‌

0

.49‌

1

.51‌

21‌

47

.30‌

520‌

0

.48‌

0

.48‌

1

.23‌

14‌

(

7

.60‌

)

257‌

0

.47‌

0

.46‌

1

.91‌

26‌

10

.17‌

181‌

0

.45‌

0

.43‌

2

.00‌

79‌

(

1

.85‌

)

171‌

0

.46‌

0

.45‌

1

.66‌

53‌

5

.14‌

69,912‌

0

.56‌

c

0

.56‌

c

1

.58‌

c

9‌

(

6

.88‌

)

67,185‌

0

.56‌

0

.56‌

1

.42‌

21‌

47

.06‌

77,309‌

0

.56‌

0

.55‌

1

.18‌

14‌

(

7

.65‌

)

69,391‌

0

.56‌

0

.55‌

1

.85‌

26‌

10

.10‌

130,723‌

0

.56‌

0

.54‌

1

.92‌

79‌

(

2

.01‌

)

209,131‌

0

.55‌

0

.55‌

1

.56‌

53‌

5

.11‌

501,592‌

0

.66‌

c

0

.65‌

c

1

.49‌

c

9‌

(

7

.00‌

)

485,219‌

0

.66‌

0

.66‌

1

.33‌

21‌

47

.01‌

521,413‌

0

.66‌

0

.65‌

1

.08‌

14‌

(

7

.80‌

)

423,110‌

0

.66‌

0

.65‌

1

.73‌

26‌

10

.03‌

579,719‌

0

.66‌

0

.64‌

1

.82‌

79‌

(

2

.11‌

)

750,194‌

0

.65‌

0

.65‌

1

.46‌

53‌

5

.05‌

147,289‌

0

.72‌

c

0

.70‌

c

1

.45‌

c

9‌

(

6

.99‌

)

144,801‌

0

.72‌

0

.67‌

1

.33‌

21‌

46

.88‌

155,733‌

0

.72‌

0

.71‌

1

.01‌

14‌

(

7

.81‌

)

108,093‌

0

.73‌

0

.72‌

1

.67‌

26‌

9

.92‌

132,317‌

0

.72‌

0

.70‌

1

.75‌

79‌

(

2

.13‌

)

130,587‌

0

.71‌

0

.70‌

1

.41‌

53‌

5

.41‌

2,213,127‌

0

.41‌

c

0.00‌

c

2

.14‌

c

9‌

(

6

.34‌

)

2,398,375‌

0

.41‌

0.00‌

1

.99‌

21‌

47

.95‌

2,858,782‌

0

.41‌

0.00‌

1

.73‌

14‌

(

7

.19‌

)

2,698,308‌

0

.41‌

0.00‌

2

.37‌

26‌

10

.66‌

2,900,604‌

0

.41‌

0.00‌

2

.43‌

79‌

(

7

.93‌

)

2,706,272‌

0

.41‌

c

0.00‌

c

1

.56‌

c

53‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

138

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

2.4

MID-CAP

GROWTH

FUND

Institutional

Class:

4/30/23

#

$

16

.62‌

$

0

.02‌

$

1

.22‌

$

1

.24‌

$

(

0

.10‌

)

$

—‌

$

(

0

.10‌

)

$

17

.76‌

10/31/22

30

.82‌

0

.09‌

(

10

.55‌

)

(

10

.46‌

)

—‌

(

3

.74‌

)

(

3

.74‌

)

16

.62‌

10/31/21

25

.15‌

(

0

.06‌

)

8

.91‌

8

.85‌

—‌

(

3

.18‌

)

(

3

.18‌

)

30

.82‌

10/31/20

22

.21‌

0

.00‌

d

5

.32‌

5

.32‌

(

0

.04‌

)

(

2

.34‌

)

(

2

.38‌

)

25

.15‌

10/31/19

22

.29‌

0

.04‌

2

.90‌

2

.94‌

(

0

.08‌

)

(

2

.94‌

)

(

3

.02‌

)

22

.21‌

10/31/18

24

.00‌

0

.09‌

0

.46‌

0

.55‌

(

0

.13‌

)

(

2

.13‌

)

(

2

.26‌

)

22

.29‌

Advisor

Class:

4/30/23

#

16

.58‌

0

.01‌

1

.20‌

1

.21‌

(

0

.14‌

)

—‌

(

0

.14‌

)

17

.65‌

10/31/22

30

.79‌

0

.01‌

(

10

.48‌

)

(

10

.47‌

)

—‌

(

3

.74‌

)

(

3

.74‌

)

16

.58‌

10/31/21

25

.14‌

(

0

.07‌

)

8

.90‌

8

.83‌

—‌

(

3

.18‌

)

(

3

.18‌

)

30

.79‌

10/31/20

22

.20‌

(

0

.08‌

)

5

.39‌

5

.31‌

(

0

.03‌

)

(

2

.34‌

)

(

2

.37‌

)

25

.14‌

10/31/19

22

.28‌

0

.03‌

2

.90‌

2

.93‌

(

0

.07‌

)

(

2

.94‌

)

(

3

.01‌

)

22

.20‌

10/31/18

23

.99‌

0

.08‌

0

.45‌

0

.53‌

(

0

.11‌

)

(

2

.13‌

)

(

2

.24‌

)

22

.28‌

Premier

Class:

4/30/23

#

16

.40‌

0

.01‌

1

.20‌

1

.21‌

(

0

.07‌

)

—‌

(

0

.07‌

)

17

.54‌

10/31/22

30

.51‌

0

.06‌

(

10

.43‌

)

(

10

.37‌

)

—‌

(

3

.74‌

)

(

3

.74‌

)

16

.40‌

10/31/21

24

.96‌

(

0

.10‌

)

8

.83‌

8

.73‌

—‌

(

3

.18‌

)

(

3

.18‌

)

30

.51‌

10/31/20

22

.05‌

(

0

.03‌

)

5

.28‌

5

.25‌

(

0

.00‌

)

d

(

2

.34‌

)

(

2

.34‌

)

24

.96‌

10/31/19

22

.14‌

0

.01‌

2

.89‌

2

.90‌

(

0

.05‌

)

(

2

.94‌

)

(

2

.99‌

)

22

.05‌

10/31/18

23

.85‌

0

.05‌

0

.46‌

0

.51‌

(

0

.09‌

)

(

2

.13‌

)

(

2

.22‌

)

22

.14‌

Retirement

Class:

4/30/23

#

15

.73‌

(

0

.00‌

)

d

1

.14‌

1

.14‌

(

0

.05‌

)

—‌

(

0

.05‌

)

16

.82‌

10/31/22

29

.44‌

0

.04‌

(

10

.01‌

)

(

9

.97‌

)

—‌

(

3

.74‌

)

(

3

.74‌

)

15

.73‌

10/31/21

24

.21‌

(

0

.13‌

)

8

.54‌

8

.41‌

—‌

(

3

.18‌

)

(

3

.18‌

)

29

.44‌

10/31/20

21

.47‌

(

0

.06‌

)

5

.14‌

5

.08‌

—‌

(

2

.34‌

)

(

2

.34‌

)

24

.21‌

10/31/19

21

.63‌

(

0

.01‌

)

2

.81‌

2

.80‌

(

0

.02‌

)

(

2

.94‌

)

(

2

.96‌

)

21

.47‌

10/31/18

23

.35‌

0

.03‌

0

.45‌

0

.48‌

(

0

.07‌

)

(

2

.13‌

)

(

2

.20‌

)

21

.63‌

Retail

Class:

4/30/23

#

15

.68‌

(

0

.00‌

)

d

1

.14‌

1

.14‌

(

0

.06‌

)

—‌

(

0

.06‌

)

16

.76‌

10/31/22

29

.36‌

0

.05‌

(

9

.99‌

)

(

9

.94‌

)

—‌

(

3

.74‌

)

(

3

.74‌

)

15

.68‌

10/31/21

24

.15‌

(

0

.14‌

)

8

.53‌

8

.39‌

—‌

(

3

.18‌

)

(

3

.18‌

)

29

.36‌

10/31/20

21

.44‌

(

0

.07‌

)

5

.12‌

5

.05‌

—‌

(

2

.34‌

)

(

2

.34‌

)

24

.15‌

10/31/19

21

.60‌

(

0

.02‌

)

2

.81‌

2

.79‌

(

0

.01‌

)

(

2

.94‌

)

(

2

.95‌

)

21

.44‌

10/31/18

23

.32‌

0

.01‌

0

.46‌

0

.47‌

(

0

.06‌

)

(

2

.13‌

)

(

2

.19‌

)

21

.60‌

#

Unaudited

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

c

Percentage

is

annualized.

d

Value

rounded

to

zero.

e

Includes

voluntary

compensation

from

the

Adviser

as

further

described

in

the

investment

adviser

and

other

transactions

with

affiliates

note

in

the

Notes

to

Financial

Statements,

when

applicable.

See

Notes

to

Financial

Statements

139

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

e

Portfolio

Turnover

Rate

7

.48‌

%

$

553,880‌

0

.49‌

%

c

0

.49‌

%

c

0

.22‌

%

c

17‌

%

(

37

.82‌

)

591,705‌

0

.48‌

0

.48‌

0

.46‌

62‌

37

.33‌

1,113,795‌

0

.46‌

0

.46‌

(

0

.20‌

)

76‌

26

.16‌

721,712‌

0

.48‌

0

.48‌

(

0

.02‌

)

107‌

15

.93‌

761,182‌

0

.48‌

0

.48‌

0

.20‌

81‌

2

.29‌

759,278‌

0

.47‌

0

.47‌

0

.37‌

70‌

7

.37‌

184‌

0

.58‌

c

0

.58‌

c

0

.12‌

c

17‌

(

37

.90‌

)

179‌

0

.47‌

0

.47‌

0

.05‌

62‌

37

.26‌

7,557‌

0

.50‌

0

.50‌

(

0

.24‌

)

76‌

26

.09‌

5,113‌

0

.56‌

0

.56‌

(

0

.32‌

)

107‌

15

.87‌

214‌

0

.54‌

0

.54‌

0

.14‌

81‌

2

.22‌

160‌

0

.52‌

0

.52‌

0

.32‌

70‌

7

.39‌

27,228‌

0

.64‌

c

0

.64‌

c

0

.07‌

c

17‌

(

37

.92‌

)

28,494‌

0

.63‌

0

.63‌

0

.28‌

62‌

37

.11‌

60,298‌

0

.61‌

0

.61‌

(

0

.35‌

)

76‌

26

.03‌

39,582‌

0

.63‌

0

.63‌

(

0

.16‌

)

107‌

15

.70‌

52,210‌

0

.63‌

0

.63‌

0

.06‌

81‌

2

.13‌

71,504‌

0

.62‌

0

.62‌

0

.22‌

70‌

7

.27‌

289,657‌

0

.74‌

c

0

.74‌

c

(

0

.03‌

)

c

17‌

(

37

.94‌

)

291,903‌

0

.73‌

0

.73‌

0

.21‌

62‌

36

.93‌

524,637‌

0

.71‌

0

.71‌

(

0

.46‌

)

76‌

25

.91‌

375,489‌

0

.73‌

0

.73‌

(

0

.28‌

)

107‌

15

.61‌

350,839‌

0

.73‌

0

.73‌

(

0

.05‌

)

81‌

2

.04‌

352,638‌

0

.72‌

0

.72‌

0

.12‌

70‌

7

.28‌

176,573‌

0

.80‌

c

0

.76‌

c

(

0

.06‌

)

c

17‌

(

37

.94‌

)

170,207‌

0

.78‌

0

.70‌

0

.24‌

62‌

36

.93‌

297,057‌

0

.75‌

0

.75‌

(

0

.50‌

)

76‌

25

.80‌

225,291‌

0

.78‌

0

.78‌

(

0

.33‌

)

107‌

15

.56‌

198,852‌

0

.78‌

0

.78‌

(

0

.10‌

)

81‌

1

.99‌

179,846‌

0

.77‌

0

.77‌

0

.06‌

70‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

140

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

2.5

MID-CAP

VALUE

FUND

Institutional

Class:

4/30/23

#

$

17

.45‌

$

0

.13‌

$

(

0

.27‌

)

$

(

0

.14‌

)

$

(

0

.36‌

)

$

(

1

.98‌

)

$

(

2

.34‌

)

$

14

.97‌

10/31/22

21

.23‌

0

.33‌

(

1

.23‌

)

(

0

.90‌

)

(

0

.23‌

)

(

2

.65‌

)

(

2

.88‌

)

17

.45‌

10/31/21

14

.40‌

0

.21‌

6

.92‌

7

.13‌

(

0

.30‌

)

—‌

(

0

.30‌

)

21

.23‌

10/31/20

20

.40‌

0

.23‌

(

2

.47‌

)

(

2

.24‌

)

(

0

.44‌

)

(

3

.32‌

)

(

3

.76‌

)

14

.40‌

10/31/19

22

.30‌

0

.43‌

0

.87‌

1

.30‌

(

0

.41‌

)

(

2

.79‌

)

(

3

.20‌

)

20

.40‌

10/31/18

24

.81‌

0

.39‌

(

0

.83‌

)

(

0

.44‌

)

(

0

.40‌

)

(

1

.67‌

)

(

2

.07‌

)

22

.30‌

Advisor

Class:

4/30/23

#

17

.42‌

0

.12‌

(

0

.26‌

)

(

0

.14‌

)

(

0

.35‌

)

(

1

.98‌

)

(

2

.33‌

)

14

.95‌

10/31/22

21

.20‌

0

.31‌

(

1

.23‌

)

(

0

.92‌

)

(

0

.21‌

)

(

2

.65‌

)

(

2

.86‌

)

17

.42‌

10/31/21

14

.38‌

0

.20‌

6

.90‌

7

.10‌

(

0

.28‌

)

—‌

(

0

.28‌

)

21

.20‌

10/31/20

20

.37‌

0

.23‌

(

2

.47‌

)

(

2

.24‌

)

(

0

.43‌

)

(

3

.32‌

)

(

3

.75‌

)

14

.38‌

10/31/19

22

.28‌

0

.43‌

0

.84‌

1

.27‌

(

0

.39‌

)

(

2

.79‌

)

(

3

.18‌

)

20

.37‌

10/31/18

24

.77‌

0

.36‌

(

0

.81‌

)

(

0

.45‌

)

(

0

.37‌

)

(

1

.67‌

)

(

2

.04‌

)

22

.28‌

Premier

Class:

4/30/23

#

17

.40‌

0

.11‌

(

0

.26‌

)

(

0

.15‌

)

(

0

.33‌

)

(

1

.98‌

)

(

2

.31‌

)

14

.94‌

10/31/22

21

.18‌

0

.30‌

(

1

.24‌

)

(

0

.94‌

)

(

0

.19‌

)

(

2

.65‌

)

(

2

.84‌

)

17

.40‌

10/31/21

14

.37‌

0

.18‌

6

.90‌

7

.08‌

(

0

.27‌

)

—‌

(

0

.27‌

)

21

.18‌

10/31/20

20

.34‌

0

.21‌

(

2

.46‌

)

(

2

.25‌

)

(

0

.40‌

)

(

3

.32‌

)

(

3

.72‌

)

14

.37‌

10/31/19

22

.24‌

0

.39‌

0

.86‌

1

.25‌

(

0

.36‌

)

(

2

.79‌

)

(

3

.15‌

)

20

.34‌

10/31/18

24

.73‌

0

.35‌

(

0

.81‌

)

(

0

.46‌

)

(

0

.36‌

)

(

1

.67‌

)

(

2

.03‌

)

22

.24‌

Retirement

Class:

4/30/23

#

17

.27‌

0

.11‌

(

0

.27‌

)

(

0

.16‌

)

(

0

.31‌

)

(

1

.98‌

)

(

2

.29‌

)

14

.82‌

10/31/22

21

.04‌

0

.28‌

(

1

.22‌

)

(

0

.94‌

)

(

0

.18‌

)

(

2

.65‌

)

(

2

.83‌

)

17

.27‌

10/31/21

14

.28‌

0

.16‌

6

.86‌

7

.02‌

(

0

.26‌

)

—‌

(

0

.26‌

)

21

.04‌

10/31/20

20

.24‌

0

.20‌

(

2

.45‌

)

(

2

.25‌

)

(

0

.39‌

)

(

3

.32‌

)

(

3

.71‌

)

14

.28‌

10/31/19

22

.14‌

0

.38‌

0

.85‌

1

.23‌

(

0

.34‌

)

(

2

.79‌

)

(

3

.13‌

)

20

.24‌

10/31/18

24

.63‌

0

.32‌

(

0

.81‌

)

(

0

.49‌

)

(

0

.33‌

)

(

1

.67‌

)

(

2

.00‌

)

22

.14‌

Retail

Class:

4/30/23

#

16

.70‌

0

.10‌

(

0

.25‌

)

(

0

.15‌

)

(

0

.32‌

)

(

1

.98‌

)

(

2

.30‌

)

14

.25‌

10/31/22

20

.42‌

0

.27‌

(

1

.17‌

)

(

0

.90‌

)

(

0

.17‌

)

(

2

.65‌

)

(

2

.82‌

)

16

.70‌

10/31/21

13

.86‌

0

.15‌

6

.66‌

6

.81‌

(

0

.25‌

)

—‌

(

0

.25‌

)

20

.42‌

10/31/20

19

.76‌

0

.18‌

(

2

.38‌

)

(

2

.20‌

)

(

0

.38‌

)

(

3

.32‌

)

(

3

.70‌

)

13

.86‌

10/31/19

21

.70‌

0

.36‌

0

.83‌

1

.19‌

(

0

.34‌

)

(

2

.79‌

)

(

3

.13‌

)

19

.76‌

10/31/18

24

.19‌

0

.31‌

(

0

.81‌

)

(

0

.50‌

)

(

0

.32‌

)

(

1

.67‌

)

(

1

.99‌

)

21

.70‌

#

Unaudited

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

c

Percentage

is

annualized.

e

Includes

voluntary

compensation

from

the

Adviser

as

further

described

in

the

investment

adviser

and

other

transactions

with

affiliates

note

in

the

Notes

to

Financial

Statements,

when

applicable.

See

Notes

to

Financial

Statements

141

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

e

Portfolio

Turnover

Rate

(

1

.02‌

)

%

$

1,002,004‌

0

.46‌

%

c

0

.45‌

%

c

1

.61‌

%

c

43‌

%

(

5

.28‌

)

1,089,731‌

0

.45‌

0

.45‌

1

.83‌

80‌

50

.13‌

1,291,813‌

0

.45‌

0

.44‌

1

.11‌

80‌

(

14

.12‌

)

1,045,293‌

0

.46‌

0

.43‌

1

.47‌

143‌

7

.32‌

1,881,808‌

0

.44‌

0

.40‌

2

.17‌

81‌

(

2

.12‌

)

2,312,195‌

0

.42‌

0

.39‌

1

.62‌

25‌

(

1

.06‌

)

420‌

0

.56‌

c

0

.56‌

c

1

.52‌

c

43‌

(

5

.39‌

)

465‌

0

.54‌

0

.54‌

1

.70‌

80‌

49

.96‌

416‌

0

.54‌

0

.54‌

1

.05‌

80‌

(

14

.17‌

)

446‌

0

.55‌

0

.53‌

1

.45‌

143‌

7

.18‌

879‌

0

.54‌

0

.49‌

2

.22‌

81‌

(

2

.17‌

)

372‌

0

.51‌

0

.48‌

1

.53‌

25‌

(

1

.08‌

)

52,874‌

0

.61‌

c

0

.60‌

c

1

.45‌

c

43‌

(

5

.46‌

)

53,551‌

0

.60‌

0

.60‌

1

.65‌

80‌

49

.84‌

73,331‌

0

.60‌

0

.59‌

0

.95‌

80‌

(

14

.20‌

)

68,187‌

0

.61‌

0

.58‌

1

.36‌

143‌

7

.11‌

124,254‌

0

.59‌

0

.55‌

1

.98‌

81‌

(

2

.21‌

)

207,370‌

0

.57‌

0

.54‌

1

.46‌

25‌

(

1

.14‌

)

436,057‌

0

.71‌

c

0

.70‌

c

1

.36‌

c

43‌

(

5

.54‌

)

468,267‌

0

.70‌

0

.70‌

1

.56‌

80‌

49

.70‌

589,412‌

0

.70‌

0

.69‌

0

.86‌

80‌

(

14

.29‌

)

413,497‌

0

.71‌

0

.68‌

1

.29‌

143‌

7

.01‌

590,795‌

0

.69‌

0

.65‌

1

.92‌

81‌

(

2

.33‌

)

716,431‌

0

.67‌

0

.64‌

1

.37‌

25‌

(

1

.23‌

)

186,209‌

0

.77‌

c

0

.74‌

c

1

.32‌

c

43‌

(

5

.50‌

)

196,682‌

0

.76‌

0

.70‌

1

.57‌

80‌

49

.65‌

224,262‌

0

.76‌

0

.75‌

0

.80‌

80‌

(

14

.37‌

)

168,504‌

0

.78‌

0

.76‌

1

.21‌

143‌

6

.96‌

230,989‌

0

.74‌

0

.70‌

1

.89‌

81‌

(

2

.40‌

)

243,079‌

0

.72‌

0

.69‌

1

.32‌

25‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

142

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

2.6

QUANT

SMALL-CAP

EQUITY

FUND

Institutional

Class:

4/30/23

#

$

16

.68‌

$

0

.09‌

$

(

0

.50‌

)

$

(

0

.41‌

)

$

(

0

.16‌

)

$

(

0

.83‌

)

$

(

0

.99‌

)

$

15

.28‌

10/31/22

23

.18‌

0

.15‌

(

2

.62‌

)

(

2

.47‌

)

(

0

.12‌

)

(

3

.91‌

)

(

4

.03‌

)

16

.68‌

10/31/21

14

.40‌

0

.10‌

8

.80‌

8

.90‌

(

0

.12‌

)

—‌

(

0

.12‌

)

23

.18‌

10/31/20

16

.59‌

0

.09‌

(

1

.38‌

)

(

1

.29‌

)

(

0

.18‌

)

(

0

.72‌

)

(

0

.90‌

)

14

.40‌

10/31/19

18

.77‌

0

.16‌

0

.55‌

0

.71‌

(

0

.14‌

)

(

2

.75‌

)

(

2

.89‌

)

16

.59‌

10/31/18

20

.69‌

0

.14‌

0

.06‌

0

.20‌

(

0

.16‌

)

(

1

.96‌

)

(

2

.12‌

)

18

.77‌

Advisor

Class:

4/30/23

#

16

.67‌

0

.09‌

(

0

.50‌

)

(

0

.41‌

)

(

0

.15‌

)

(

0

.83‌

)

(

0

.98‌

)

15

.28‌

10/31/22

23

.17‌

0

.14‌

(

2

.62‌

)

(

2

.48‌

)

(

0

.11‌

)

(

3

.91‌

)

(

4

.02‌

)

16

.67‌

10/31/21

14

.39‌

0

.08‌

8

.80‌

8

.88‌

(

0

.10‌

)

—‌

(

0

.10‌

)

23

.17‌

10/31/20

16

.56‌

0

.08‌

(

1

.38‌

)

(

1

.30‌

)

(

0

.15‌

)

(

0

.72‌

)

(

0

.87‌

)

14

.39‌

10/31/19

18

.75‌

0

.15‌

0

.53‌

0

.68‌

(

0

.12‌

)

(

2

.75‌

)

(

2

.87‌

)

16

.56‌

10/31/18

20

.67‌

0

.11‌

0

.08‌

0

.19‌

(

0

.15‌

)

(

1

.96‌

)

(

2

.11‌

)

18

.75‌

Premier

Class:

4/30/23

#

16

.54‌

0

.08‌

(

0

.50‌

)

(

0

.42‌

)

(

0

.13‌

)

(

0

.83‌

)

(

0

.96‌

)

15

.16‌

10/31/22

23

.01‌

0

.12‌

(

2

.60‌

)

(

2

.48‌

)

(

0

.08‌

)

(

3

.91‌

)

(

3

.99‌

)

16

.54‌

10/31/21

14

.30‌

0

.07‌

8

.73‌

8

.80‌

(

0

.09‌

)

—‌

(

0

.09‌

)

23

.01‌

10/31/20

16

.47‌

0

.07‌

(

1

.37‌

)

(

1

.30‌

)

(

0

.15‌

)

(

0

.72‌

)

(

0

.87‌

)

14

.30‌

10/31/19

18

.64‌

0

.14‌

0

.54‌

0

.68‌

(

0

.10‌

)

(

2

.75‌

)

(

2

.85‌

)

16

.47‌

10/31/18

20

.57‌

0

.10‌

0

.06‌

0

.16‌

(

0

.13‌

)

(

1

.96‌

)

(

2

.09‌

)

18

.64‌

Retirement

Class:

4/30/23

#

16

.03‌

0

.07‌

(

0

.49‌

)

(

0

.42‌

)

(

0

.11‌

)

(

0

.83‌

)

(

0

.94‌

)

14

.67‌

10/31/22

22

.43‌

0

.10‌

(

2

.53‌

)

(

2

.43‌

)

(

0

.06‌

)

(

3

.91‌

)

(

3

.97‌

)

16

.03‌

10/31/21

13

.94‌

0

.04‌

8

.53‌

8

.57‌

(

0

.08‌

)

—‌

(

0

.08‌

)

22

.43‌

10/31/20

16

.08‌

0

.06‌

(

1

.35‌

)

(

1

.29‌

)

(

0

.13‌

)

(

0

.72‌

)

(

0

.85‌

)

13

.94‌

10/31/19

18

.27‌

0

.12‌

0

.52‌

0

.64‌

(

0

.08‌

)

(

2

.75‌

)

(

2

.83‌

)

16

.08‌

10/31/18

20

.20‌

0

.08‌

0

.06‌

0

.14‌

(

0

.11‌

)

(

1

.96‌

)

(

2

.07‌

)

18

.27‌

Retail

Class:

4/30/23

#

15

.76‌

0

.06‌

(

0

.47‌

)

(

0

.41‌

)

(

0

.11‌

)

(

0

.83‌

)

(

0

.94‌

)

14

.41‌

10/31/22

22

.12‌

0

.10‌

(

2

.49‌

)

(

2

.39‌

)

(

0

.06‌

)

(

3

.91‌

)

(

3

.97‌

)

15

.76‌

10/31/21

13

.75‌

0

.04‌

8

.41‌

8

.45‌

(

0

.08‌

)

—‌

(

0

.08‌

)

22

.12‌

10/31/20

15

.87‌

0

.05‌

(

1

.32‌

)

(

1

.27‌

)

(

0

.13‌

)

(

0

.72‌

)

(

0

.85‌

)

13

.75‌

10/31/19

18

.08‌

0

.12‌

0

.50‌

0

.62‌

(

0

.08‌

)

(

2

.75‌

)

(

2

.83‌

)

15

.87‌

10/31/18

20

.00‌

0

.07‌

0

.07‌

0

.14‌

(

0

.10‌

)

(

1

.96‌

)

(

2

.06‌

)

18

.08‌

Class

W:

4/30/23

#

16

.72‌

0

.12‌

(

0

.51‌

)

(

0

.39‌

)

(

0

.23‌

)

(

0

.83‌

)

(

1

.06‌

)

15

.27‌

10/31/22

23

.25‌

0

.22‌

(

2

.62‌

)

(

2

.40‌

)

(

0

.22‌

)

(

3

.91‌

)

(

4

.13‌

)

16

.72‌

10/31/21

14

.43‌

0

.19‌

8

.81‌

9

.00‌

(

0

.18‌

)

—‌

(

0

.18‌

)

23

.25‌

10/31/20

16

.64‌

0

.14‌

(

1

.37‌

)

(

1

.23‌

)

(

0

.26‌

)

(

0

.72‌

)

(

0

.98‌

)

14

.43‌

10/31/19

18

.77‌

0

.23‌

0

.55‌

0

.78‌

(

0

.16‌

)

(

2

.75‌

)

(

2

.91‌

)

16

.64‌

10/31/18

†

20

.86‌

0

.00‌

d

(

2

.09‌

)

(

2

.09‌

)

—‌

—‌

—‌

18

.77‌

#

Unaudited

†

Class

W

commenced

operations

on

September

28,

2018.

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

c

Percentage

is

annualized.

d

Value

rounded

to

zero.

f

Does

not

include

in-kind

transactions.

See

Notes

to

Financial

Statements

143

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

(

2

.54‌

)

%

$

1,444,195‌

0

.42‌

%

c

0

.42‌

%

c

1

.14‌

%

c

33‌

%

(

12

.42‌

)

1,557,567‌

0

.42‌

0

.42‌

0

.87‌

74‌

62

.02‌

1,554,570‌

0

.41‌

0

.41‌

0

.49‌

64‌

f

(

8

.35‌

)

1,150,062‌

0

.43‌

0

.40‌

0

.65‌

93‌

5

.34‌

1,482,549‌

0

.42‌

0

.39‌

1

.01‌

98‌

0

.85‌

1,728,014‌

0

.41‌

0

.40‌

0

.68‌

87‌

(

2

.54‌

)

817‌

0

.49‌

c

0

.49‌

c

1

.10‌

c

33‌

(

12

.48‌

)

1,006‌

0

.48‌

0

.48‌

0

.81‌

74‌

61

.95‌

781‌

0

.48‌

0

.47‌

0

.40‌

64‌

f

(

8

.46‌

)

464‌

0

.50‌

0

.48‌

0

.58‌

93‌

5

.25‌

757‌

0

.52‌

0

.50‌

0

.89‌

98‌

0

.84‌

2,770‌

0

.48‌

0

.47‌

0

.58‌

87‌

(

2

.60‌

)

59,181‌

0

.57‌

c

0

.57‌

c

0

.98‌

c

33‌

(

12

.58‌

)

59,270‌

0

.57‌

0

.57‌

0

.72‌

74‌

61

.90‌

80,889‌

0

.56‌

0

.56‌

0

.31‌

64‌

f

(

8

.57‌

)

65,169‌

0

.58‌

0

.55‌

0

.49‌

93‌

5

.28‌

114,749‌

0

.57‌

0

.54‌

0

.85‌

98‌

0

.68‌

152,816‌

0

.56‌

0

.55‌

0

.51‌

87‌

(

2

.66‌

)

342,726‌

0

.67‌

c

0

.67‌

c

0

.89‌

c

33‌

(

12

.65‌

)

368,657‌

0

.67‌

0

.67‌

0

.61‌

74‌

61

.64‌

451,648‌

0

.66‌

0

.66‌

0

.22‌

64‌

f

(

8

.61‌

)

328,265‌

0

.68‌

0

.65‌

0

.40‌

93‌

5

.14‌

440,064‌

0

.67‌

0

.64‌

0

.76‌

98‌

0

.60‌

527,678‌

0

.66‌

0

.65‌

0

.40‌

87‌

(

2

.65‌

)

122,894‌

0

.72‌

c

0

.71‌

c

0

.85‌

c

33‌

(

12

.67‌

)

129,747‌

0

.72‌

0

.69‌

0

.60‌

74‌

61

.59‌

157,995‌

0

.72‌

0

.69‌

0

.18‌

64‌

f

(

8

.61‌

)

100,998‌

0

.74‌

0

.67‌

0

.38‌

93‌

5

.06‌

127,462‌

0

.72‌

0

.65‌

0

.74‌

98‌

0

.62‌

146,385‌

0

.71‌

0

.67‌

0

.38‌

87‌

(

2

.36‌

)

546,713‌

0

.42‌

c

0.00‌

c

1

.56‌

c

33‌

(

12

.05‌

)

616,706‌

0

.42‌

0.00‌

1

.29‌

74‌

62

.73‌

830,786‌

0

.41‌

0.00‌

0

.88‌

64‌

f

(

8

.01‌

)

679,638‌

0

.42‌

0.00‌

0

.98‌

93‌

5

.78‌

778,275‌

0

.42‌

0.00‌

1

.40‌

98‌

(

10

.02‌

)

794,946‌

0

.41‌

c

0.00‌

c

(

0

.30‌

)

c

87‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

144

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

2.7

QUANT

SMALL/MID-CAP

EQUITY

FUND

Institutional

Class:

4/30/23

#

$

12

.98‌

$

0

.05‌

$

(

0

.11‌

)

$

(

0

.06‌

)

$

(

0

.11‌

)

$

(

0

.81‌

)

$

(

0

.92‌

)

$

12

.00‌

10/31/22

18

.26‌

0

.15‌

(

2

.26‌

)

(

2

.11‌

)

(

0

.19‌

)

(

2

.98‌

)

(

3

.17‌

)

12

.98‌

10/31/21

11

.43‌

0

.12‌

6

.96‌

7

.08‌

(

0

.10‌

)

(

0

.15‌

)

(

0

.25‌

)

18

.26‌

10/31/20

12

.29‌

0

.10‌

(

0

.24‌

)

(

0

.14‌

)

(

0

.11‌

)

(

0

.61‌

)

(

0

.72‌

)

11

.43‌

10/31/19

12

.43‌

0

.11‌

1

.08‌

1

.19‌

(

0

.10‌

)

(

1

.23‌

)

(

1

.33‌

)

12

.29‌

10/31/18

12

.38‌

0

.13‌

0

.60‌

0

.73‌

(

0

.13‌

)

(

0

.55‌

)

(

0

.68‌

)

12

.43‌

Advisor

Class:

4/30/23

#

13

.00‌

0

.05‌

(

0

.12‌

)

(

0

.07‌

)

(

0

.10‌

)

(

0

.81‌

)

(

0

.91‌

)

12

.02‌

10/31/22

18

.28‌

0

.12‌

(

2

.25‌

)

(

2

.13‌

)

(

0

.17‌

)

(

2

.98‌

)

(

3

.15‌

)

13

.00‌

10/31/21

11

.45‌

0

.10‌

6

.97‌

7

.07‌

(

0

.09‌

)

(

0

.15‌

)

(

0

.24‌

)

18

.28‌

10/31/20

12

.31‌

0

.08‌

(

0

.23‌

)

(

0

.15‌

)

(

0

.10‌

)

(

0

.61‌

)

(

0

.71‌

)

11

.45‌

10/31/19

12

.44‌

0

.11‌

1

.08‌

1

.19‌

(

0

.09‌

)

(

1

.23‌

)

(

1

.32‌

)

12

.31‌

10/31/18

12

.37‌

0

.07‌

0

.68‌

0

.75‌

(

0

.13‌

)

(

0

.55‌

)

(

0

.68‌

)

12

.44‌

Premier

Class:

4/30/23

#

13

.06‌

0

.05‌

(

0

.13‌

)

(

0

.08‌

)

(

0

.08‌

)

(

0

.81‌

)

(

0

.89‌

)

12

.09‌

10/31/22

18

.35‌

0

.13‌

(

2

.28‌

)

(

2

.15‌

)

(

0

.16‌

)

(

2

.98‌

)

(

3

.14‌

)

13

.06‌

10/31/21

11

.49‌

0

.09‌

7

.00‌

7

.09‌

(

0

.08‌

)

(

0

.15‌

)

(

0

.23‌

)

18

.35‌

10/31/20

12

.27‌

0

.08‌

(

0

.24‌

)

(

0

.16‌

)

(

0

.01‌

)

(

0

.61‌

)

(

0

.62‌

)

11

.49‌

10/31/19

12

.41‌

0

.09‌

1

.08‌

1

.17‌

(

0

.08‌

)

(

1

.23‌

)

(

1

.31‌

)

12

.27‌

10/31/18

12

.36‌

0

.09‌

0

.62‌

0

.71‌

(

0

.11‌

)

(

0

.55‌

)

(

0

.66‌

)

12

.41‌

Retirement

Class:

4/30/23

#

12

.89‌

0

.04‌

(

0

.12‌

)

(

0

.08‌

)

(

0

.09‌

)

(

0

.81‌

)

(

0

.90‌

)

11

.91‌

10/31/22

18

.16‌

0

.11‌

(

2

.25‌

)

(

2

.14‌

)

(

0

.15‌

)

(

2

.98‌

)

(

3

.13‌

)

12

.89‌

10/31/21

11

.38‌

0

.08‌

6

.93‌

7

.01‌

(

0

.08‌

)

(

0

.15‌

)

(

0

.23‌

)

18

.16‌

10/31/20

12

.24‌

0

.07‌

(

0

.24‌

)

(

0

.17‌

)

(

0

.08‌

)

(

0

.61‌

)

(

0

.69‌

)

11

.38‌

10/31/19

12

.39‌

0

.08‌

1

.07‌

1

.15‌

(

0

.07‌

)

(

1

.23‌

)

(

1

.30‌

)

12

.24‌

10/31/18

12

.34‌

0

.07‌

0

.63‌

0

.70‌

(

0

.10‌

)

(

0

.55‌

)

(

0

.65‌

)

12

.39‌

Retail

Class:

4/30/23

#

12

.87‌

0

.04‌

(

0

.12‌

)

(

0

.08‌

)

(

0

.07‌

)

(

0

.81‌

)

(

0

.88‌

)

11

.91‌

10/31/22

18

.12‌

0

.10‌

(

2

.24‌

)

(

2

.14‌

)

(

0

.13‌

)

(

2

.98‌

)

(

3

.11‌

)

12

.87‌

10/31/21

11

.36‌

0

.05‌

6

.92‌

6

.97‌

(

0

.06‌

)

(

0

.15‌

)

(

0

.21‌

)

18

.12‌

10/31/20

12

.21‌

0

.06‌

(

0

.23‌

)

(

0

.17‌

)

(

0

.07‌

)

(

0

.61‌

)

(

0

.68‌

)

11

.36‌

10/31/19

12

.37‌

0

.07‌

1

.06‌

1

.13‌

(

0

.06‌

)

(

1

.23‌

)

(

1

.29‌

)

12

.21‌

10/31/18

12

.32‌

0

.06‌

0

.63‌

0

.69‌

(

0

.09‌

)

(

0

.55‌

)

(

0

.64‌

)

12

.37‌

Class

W:

4/30/23

#

13

.05‌

0

.09‌

(

0

.13‌

)

(

0

.04‌

)

(

0

.17‌

)

(

0

.81‌

)

(

0

.98‌

)

12

.03‌

10/31/22

18

.36‌

0

.22‌

(

2

.27‌

)

(

2

.05‌

)

(

0

.28‌

)

(

2

.98‌

)

(

3

.26‌

)

13

.05‌

10/31/21

11

.48‌

0

.19‌

6

.99‌

7

.18‌

(

0

.15‌

)

(

0

.15‌

)

(

0

.30‌

)

18

.36‌

10/31/20

12

.34‌

0

.15‌

(

0

.23‌

)

(

0

.08‌

)

(

0

.17‌

)

(

0

.61‌

)

(

0

.78‌

)

11

.48‌

10/31/19

12

.44‌

0

.17‌

1

.07‌

1

.24‌

(

0

.11‌

)

(

1

.23‌

)

(

1

.34‌

)

12

.34‌

10/31/18

†

13

.81‌

0

.00‌

d

(

1

.37‌

)

(

1

.37‌

)

—‌

—‌

—‌

12

.44‌

#

Unaudited

†

Class

W

commenced

operations

on

September

28,

2018.

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

c

Percentage

is

annualized.

d

Value

rounded

to

zero.

See

Notes

to

Financial

Statements

145

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

(

0

.39‌

)

%

$

80,060‌

0

.47‌

%

c

0

.47‌

%

c

0

.89‌

%

c

42‌

%

(

13

.73‌

)

67,645‌

0

.48‌

0

.48‌

1

.08‌

90‌

62

.76‌

63,132‌

0

.47‌

0

.47‌

0

.73‌

85‌

(

1

.48‌

)

41,061‌

0

.50‌

0

.50‌

0

.88‌

88‌

11

.20‌

43,317‌

0

.50‌

0

.50‌

0

.95‌

81‌

6

.02‌

34,106‌

0

.50‌

0

.50‌

1

.01‌

64‌

(

0

.49‌

)

23,092‌

0

.59‌

c

0

.59‌

c

0

.77‌

c

42‌

(

13

.81‌

)

14,375‌

0

.60‌

0

.60‌

0

.91‌

90‌

62

.57‌

9,481‌

0

.59‌

0

.59‌

0

.57‌

85‌

(

1

.55‌

)

1,702‌

0

.58‌

0

.58‌

0

.72‌

88‌

11

.18‌

244‌

0

.54‌

0

.54‌

0

.94‌

81‌

6

.19‌

1,789‌

0

.57‌

0

.57‌

0

.54‌

64‌

(

0

.52‌

)

121‌

0

.64‌

c

0

.64‌

c

0

.77‌

c

42‌

(

13

.86‌

)

131‌

0

.64‌

0

.64‌

0

.92‌

90‌

62

.45‌

254‌

0

.66‌

0

.66‌

0

.54‌

85‌

(

1

.61‌

)

115‌

0

.68‌

0

.68‌

0

.71‌

88‌

11

.04‌

123‌

0

.66‌

0

.66‌

0

.80‌

81‌

5

.89‌

1,241‌

0

.66‌

0

.66‌

0

.74‌

64‌

(

0

.57‌

)

322,424‌

0

.71‌

c

0

.71‌

c

0

.67‌

c

42‌

(

13

.93‌

)

258,943‌

0

.73‌

0

.73‌

0

.80‌

90‌

62

.34‌

91,997‌

0

.72‌

0

.72‌

0

.48‌

85‌

(

1

.70‌

)

21,008‌

0

.75‌

0

.75‌

0

.61‌

88‌

10

.89‌

11,950‌

0

.75‌

0

.75‌

0

.71‌

81‌

5

.83‌

10,728‌

0

.76‌

0

.76‌

0

.57‌

64‌

(

0

.54‌

)

18,598‌

0

.79‌

c

0

.79‌

c

0

.60‌

c

42‌

(

13

.97‌

)

17,929‌

0

.81‌

0

.78‌

0

.75‌

90‌

62

.02‌

17,683‌

0

.87‌

0

.87‌

0

.32‌

85‌

(

1

.76‌

)

6,757‌

0

.89‌

0

.89‌

0

.51‌

88‌

10

.67‌

5,765‌

0

.88‌

0

.88‌

0

.59‌

81‌

5

.77‌

5,699‌

0

.88‌

0

.87‌

0

.48‌

64‌

(

0

.18‌

)

640,180‌

0

.46‌

c

0.00‌

c

1

.42‌

c

42‌

(

13

.30‌

)

875,424‌

0

.48‌

0.00‌

1

.55‌

90‌

63

.50‌

972,344‌

0

.47‌

0.00‌

1

.19‌

85‌

(

0

.97‌

)

675,231‌

0

.50‌

0.00‌

1

.37‌

88‌

11

.73‌

624,076‌

0

.50‌

0.00‌

1

.46‌

81‌

(

9

.92‌

)

593,204‌

0

.52‌

c

0.00‌

c

(

0

.12‌

)

c

64‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

146

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

2.8

SOCIAL

CHOICE

EQUITY

FUND

Institutional

Class:

4/30/23

#

$

23

.20‌

$

0

.20‌

$

1

.26‌

$

1

.46‌

$

(

0

.36‌

)

$

(

0

.75‌

)

$

(

1

.11‌

)

$

23

.55‌

10/31/22

30

.44‌

0

.34‌

(

4

.89‌

)

(

4

.55‌

)

(

0

.33‌

)

(

2

.36‌

)

(

2

.69‌

)

23

.20‌

10/31/21

21

.42‌

0

.31‌

9

.05‌

9

.36‌

(

0

.30‌

)

(

0

.04‌

)

(

0

.34‌

)

30

.44‌

10/31/20

20

.36‌

0

.31‌

1

.76‌

2

.07‌

(

0

.33‌

)

(

0

.68‌

)

(

1

.01‌

)

21

.42‌

10/31/19

19

.40‌

0

.34‌

2

.25‌

2

.59‌

(

0

.31‌

)

(

1

.32‌

)

(

1

.63‌

)

20

.36‌

10/31/18

19

.19‌

0

.33‌

0

.65‌

0

.98‌

(

0

.31‌

)

(

0

.46‌

)

(

0

.77‌

)

19

.40‌

Advisor

Class:

4/30/23

#

23

.17‌

0

.19‌

1

.25‌

1

.44‌

(

0

.34‌

)

(

0

.75‌

)

(

1

.09‌

)

23

.52‌

10/31/22

30

.40‌

0

.32‌

(

4

.88‌

)

(

4

.56‌

)

(

0

.31‌

)

(

2

.36‌

)

(

2

.67‌

)

23

.17‌

10/31/21

21

.39‌

0

.29‌

9

.05‌

9

.34‌

(

0

.29‌

)

(

0

.04‌

)

(

0

.33‌

)

30

.40‌

10/31/20

20

.34‌

0

.29‌

1

.75‌

2

.04‌

(

0

.31‌

)

(

0

.68‌

)

(

0

.99‌

)

21

.39‌

10/31/19

19

.39‌

0

.33‌

2

.24‌

2

.57‌

(

0

.30‌

)

(

1

.32‌

)

(

1

.62‌

)

20

.34‌

10/31/18

19

.18‌

0

.33‌

0

.64‌

0

.97‌

(

0

.30‌

)

(

0

.46‌

)

(

0

.76‌

)

19

.39‌

Premier

Class:

4/30/23

#

23

.08‌

0

.18‌

1

.24‌

1

.42‌

(

0

.31‌

)

(

0

.75‌

)

(

1

.06‌

)

23

.44‌

10/31/22

30

.29‌

0

.29‌

(

4

.86‌

)

(

4

.57‌

)

(

0

.28‌

)

(

2

.36‌

)

(

2

.64‌

)

23

.08‌

10/31/21

21

.32‌

0

.27‌

9

.01‌

9

.28‌

(

0

.27‌

)

(

0

.04‌

)

(

0

.31‌

)

30

.29‌

10/31/20

20

.27‌

0

.28‌

1

.74‌

2

.02‌

(

0

.29‌

)

(

0

.68‌

)

(

0

.97‌

)

21

.32‌

10/31/19

19

.33‌

0

.31‌

2

.23‌

2

.54‌

(

0

.28‌

)

(

1

.32‌

)

(

1

.60‌

)

20

.27‌

10/31/18

19

.11‌

0

.30‌

0

.66‌

0

.96‌

(

0

.28‌

)

(

0

.46‌

)

(

0

.74‌

)

19

.33‌

Retirement

Class:

4/30/23

#

23

.59‌

0

.17‌

1

.29‌

1

.46‌

(

0

.30‌

)

(

0

.75‌

)

(

1

.05‌

)

24

.00‌

10/31/22

30

.90‌

0

.28‌

(

4

.97‌

)

(

4

.69‌

)

(

0

.26‌

)

(

2

.36‌

)

(

2

.62‌

)

23

.59‌

10/31/21

21

.75‌

0

.25‌

9

.19‌

9

.44‌

(

0

.25‌

)

(

0

.04‌

)

(

0

.29‌

)

30

.90‌

10/31/20

20

.66‌

0

.26‌

1

.79‌

2

.05‌

(

0

.28‌

)

(

0

.68‌

)

(

0

.96‌

)

21

.75‌

10/31/19

19

.67‌

0

.30‌

2

.27‌

2

.57‌

(

0

.26‌

)

(

1

.32‌

)

(

1

.58‌

)

20

.66‌

10/31/18

19

.44‌

0

.29‌

0

.66‌

0

.95‌

(

0

.26‌

)

(

0

.46‌

)

(

0

.72‌

)

19

.67‌

Retail

Class:

4/30/23

#

20

.15‌

0

.15‌

1

.09‌

1

.24‌

(

0

.31‌

)

(

0

.75‌

)

(

1

.06‌

)

20

.33‌

10/31/22

26

.78‌

0

.24‌

(

4

.25‌

)

(

4

.01‌

)

(

0

.26‌

)

(

2

.36‌

)

(

2

.62‌

)

20

.15‌

10/31/21

18

.88‌

0

.21‌

7

.98‌

8

.19‌

(

0

.25‌

)

(

0

.04‌

)

(

0

.29‌

)

26

.78‌

10/31/20

18

.07‌

0

.22‌

1

.55‌

1

.77‌

(

0

.28‌

)

(

0

.68‌

)

(

0

.96‌

)

18

.88‌

10/31/19

17

.40‌

0

.26‌

1

.99‌

2

.25‌

(

0

.26‌

)

(

1

.32‌

)

(

1

.58‌

)

18

.07‌

10/31/18

17

.28‌

0

.25‌

0

.59‌

0

.84‌

(

0

.26‌

)

(

0

.46‌

)

(

0

.72‌

)

17

.40‌

#

Unaudited

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

c

Percentage

is

annualized.

See

Notes

to

Financial

Statements

147

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

6

.46‌

%

$

4,328,304‌

0

.18‌

%

c

0

.16‌

%

c

1

.74‌

%

c

8‌

%

(

16

.45‌

)

4,583,693‌

0

.18‌

0

.17‌

1

.34‌

19‌

44

.13‌

5,751,972‌

0

.17‌

0

.16‌

1

.15‌

27‌

10

.45‌

3,961,520‌

0

.18‌

0

.17‌

1

.52‌

26‌

14

.83‌

3,440,954‌

0

.17‌

0

.17‌

1

.81‌

21‌

5

.17‌

2,595,050‌

0

.17‌

0

.17‌

1

.69‌

29‌

6

.38‌

45,601‌

0

.26‌

c

0

.25‌

c

1

.65‌

c

8‌

(

16

.51‌

)

40,920‌

0

.27‌

0

.26‌

1

.26‌

19‌

44

.05‌

55,706‌

0

.25‌

0

.25‌

1

.06‌

27‌

10

.34‌

37,323‌

0

.26‌

0

.25‌

1

.43‌

26‌

14

.74‌

22,476‌

0

.24‌

0

.24‌

1

.73‌

21‌

5

.15‌

12,595‌

0

.22‌

0

.22‌

1

.64‌

29‌

6

.31‌

72,862‌

0

.36‌

c

0

.35‌

c

1

.55‌

c

8‌

(

16

.57‌

)

69,976‌

0

.37‌

0

.36‌

1

.15‌

19‌

43

.89‌

112,030‌

0

.33‌

0

.32‌

0

.99‌

27‌

10

.26‌

89,235‌

0

.34‌

0

.33‌

1

.38‌

26‌

14

.62‌

95,411‌

0

.33‌

0

.33‌

1

.66‌

21‌

5

.07‌

91,623‌

0

.33‌

0

.33‌

1

.54‌

29‌

6

.32‌

754,811‌

0

.43‌

c

0

.41‌

c

1

.48‌

c

8‌

(

16

.65‌

)

805,465‌

0

.43‌

0

.42‌

1

.09‌

19‌

43

.75‌

1,047,445‌

0

.42‌

0

.41‌

0

.90‌

27‌

10

.20‌

767,329‌

0

.43‌

0

.42‌

1

.27‌

26‌

14

.48‌

674,563‌

0

.42‌

0

.42‌

1

.55‌

21‌

4

.96‌

476,339‌

0

.42‌

0

.42‌

1

.44‌

29‌

6

.33‌

577,980‌

0

.45‌

c

0

.42‌

c

1

.47‌

c

8‌

(

16

.64‌

)

563,642‌

0

.46‌

0

.41‌

1

.11‌

19‌

43

.78‌

691,931‌

0

.44‌

0

.43‌

0

.88‌

27‌

10

.09‌

468,736‌

0

.46‌

0

.45‌

1

.25‌

26‌

14

.51‌

462,601‌

0

.45‌

0

.45‌

1

.54‌

21‌

4

.93‌

447,785‌

0

.45‌

0

.45‌

1

.42‌

29‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

148

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

2.9

SOCIAL

CHOICE

LOW

CARBON

EQUITY

FUND

Institutional

Class:

4/30/23

#

$

16

.76‌

$

0

.13‌

$

1

.00‌

$

1

.13‌

$

(

0

.21‌

)

$

(

0

.10‌

)

$

(

0

.31‌

)

$

17

.58‌

10/31/22

21

.44‌

0

.21‌

(

3

.71‌

)

(

3

.50‌

)

(

0

.17‌

)

(

1

.01‌

)

(

1

.18‌

)

16

.76‌

10/31/21

15

.16‌

0

.19‌

6

.47‌

6

.66‌

(

0

.16‌

)

(

0

.22‌

)

(

0

.38‌

)

21

.44‌

10/31/20

13

.93‌

0

.19‌

1

.43‌

1

.62‌

(

0

.18‌

)

(

0

.21‌

)

(

0

.39‌

)

15

.16‌

10/31/19

12

.77‌

0

.22‌

1

.64‌

1

.86‌

(

0

.19‌

)

(

0

.51‌

)

(

0

.70‌

)

13

.93‌

10/31/18

12

.50‌

0

.20‌

0

.36‌

0

.56‌

(

0

.17‌

)

(

0

.12‌

)

(

0

.29‌

)

12

.77‌

Advisor

Class:

4/30/23

#

16

.73‌

0

.12‌

1

.00‌

1

.12‌

(

0

.19‌

)

(

0

.10‌

)

(

0

.29‌

)

17

.56‌

10/31/22

21

.41‌

0

.18‌

(

3

.70‌

)

(

3

.52‌

)

(

0

.15‌

)

(

1

.01‌

)

(

1

.16‌

)

16

.73‌

10/31/21

15

.14‌

0

.17‌

6

.46‌

6

.63‌

(

0

.14‌

)

(

0

.22‌

)

(

0

.36‌

)

21

.41‌

10/31/20

13

.92‌

0

.19‌

1

.41‌

1

.60‌

(

0

.17‌

)

(

0

.21‌

)

(

0

.38‌

)

15

.14‌

10/31/19

12

.77‌

0

.20‌

1

.64‌

1

.84‌

(

0

.18‌

)

(

0

.51‌

)

(

0

.69‌

)

13

.92‌

10/31/18

12

.49‌

0

.18‌

0

.38‌

0

.56‌

(

0

.16‌

)

(

0

.12‌

)

(

0

.28‌

)

12

.77‌

Premier

Class:

4/30/23

#

16

.77‌

0

.11‌

1

.01‌

1

.12‌

(

0

.18‌

)

(

0

.10‌

)

(

0

.28‌

)

17

.61‌

10/31/22

21

.46‌

0

.18‌

(

3

.72‌

)

(

3

.54‌

)

(

0

.14‌

)

(

1

.01‌

)

(

1

.15‌

)

16

.77‌

10/31/21

15

.18‌

0

.16‌

6

.48‌

6

.64‌

(

0

.14‌

)

(

0

.22‌

)

(

0

.36‌

)

21

.46‌

10/31/20

13

.95‌

0

.18‌

1

.42‌

1

.60‌

(

0

.16‌

)

(

0

.21‌

)

(

0

.37‌

)

15

.18‌

10/31/19

12

.79‌

0

.19‌

1

.65‌

1

.84‌

(

0

.17‌

)

(

0

.51‌

)

(

0

.68‌

)

13

.95‌

10/31/18

12

.51‌

0

.18‌

0

.38‌

0

.56‌

(

0

.16‌

)

(

0

.12‌

)

(

0

.28‌

)

12

.79‌

Retirement

Class:

4/30/23

#

16

.65‌

0

.10‌

1

.01‌

1

.11‌

(

0

.17‌

)

(

0

.10‌

)

(

0

.27‌

)

17

.49‌

10/31/22

21

.32‌

0

.16‌

(

3

.69‌

)

(

3

.53‌

)

(

0

.13‌

)

(

1

.01‌

)

(

1

.14‌

)

16

.65‌

10/31/21

15

.09‌

0

.14‌

6

.44‌

6

.58‌

(

0

.13‌

)

(

0

.22‌

)

(

0

.35‌

)

21

.32‌

10/31/20

13

.87‌

0

.16‌

1

.42‌

1

.58‌

(

0

.15‌

)

(

0

.21‌

)

(

0

.36‌

)

15

.09‌

10/31/19

12

.72‌

0

.18‌

1

.64‌

1

.82‌

(

0

.16‌

)

(

0

.51‌

)

(

0

.67‌

)

13

.87‌

10/31/18

12

.46‌

0

.16‌

0

.37‌

0

.53‌

(

0

.15‌

)

(

0

.12‌

)

(

0

.27‌

)

12

.72‌

Retail

Class:

4/30/23

#

16

.66‌

0

.10‌

1

.00‌

1

.10‌

(

0

.16‌

)

(

0

.10‌

)

(

0

.26‌

)

17

.50‌

10/31/22

21

.32‌

0

.15‌

(

3

.68‌

)

(

3

.53‌

)

(

0

.12‌

)

(

1

.01‌

)

(

1

.13‌

)

16

.66‌

10/31/21

15

.09‌

0

.13‌

6

.44‌

6

.57‌

(

0

.12‌

)

(

0

.22‌

)

(

0

.34‌

)

21

.32‌

10/31/20

13

.88‌

0

.15‌

1

.41‌

1

.56‌

(

0

.14‌

)

(

0

.21‌

)

(

0

.35‌

)

15

.09‌

10/31/19

12

.72‌

0

.17‌

1

.65‌

1

.82‌

(

0

.15‌

)

(

0

.51‌

)

(

0

.66‌

)

13

.88‌

10/31/18

12

.46‌

0

.15‌

0

.38‌

0

.53‌

(

0

.15‌

)

(

0

.12‌

)

(

0

.27‌

)

12

.72‌

#

Unaudited

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

c

Percentage

is

annualized.

See

Notes

to

Financial

Statements

149

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

6

.80‌

%

$

464,439‌

0

.30‌

%

c

0

.30‌

%

c

1

.48‌

%

c

15‌

%

(

17

.30‌

)

473,329‌

0

.31‌

0

.31‌

1

.14‌

28‌

44

.55‌

452,025‌

0

.31‌

0

.31‌

1

.00‌

26‌

11

.88‌

211,659‌

0

.35‌

0

.32‌

1

.36‌

27‌

15

.52‌

89,166‌

0

.41‌

0

.32‌

1

.67‌

27‌

4

.54‌

77,376‌

0

.53‌

0

.32‌

1

.50‌

45‌

6

.74‌

8,143‌

0

.40‌

c

0

.40‌

c

1

.38‌

c

15‌

(

17

.39‌

)

8,364‌

0

.42‌

0

.42‌

1

.02‌

28‌

44

.44‌

6,920‌

0

.43‌

0

.43‌

0

.87‌

26‌

11

.72‌

1,517‌

0

.45‌

0

.42‌

1

.31‌

27‌

15

.33‌

1,132‌

0

.52‌

0

.43‌

1

.52‌

27‌

4

.54‌

344‌

0

.62‌

0

.41‌

1

.40‌

45‌

6

.76‌

6,833‌

0

.45‌

c

0

.45‌

c

1

.33‌

c

15‌

(

17

.44‌

)

6,136‌

0

.46‌

0

.46‌

0

.98‌

28‌

44

.36‌

6,335‌

0

.46‌

0

.46‌

0

.85‌

26‌

11

.72‌

3,253‌

0

.50‌

0

.47‌

1

.27‌

27‌

15

.33‌

2,171‌

0

.56‌

0

.47‌

1

.50‌

27‌

4

.46‌

714‌

0

.69‌

0

.47‌

1

.34‌

45‌

6

.71‌

582,187‌

0

.55‌

c

0

.55‌

c

1

.23‌

c

15‌

(

17

.52‌

)

530,048‌

0

.56‌

0

.56‌

0

.88‌

28‌

44

.19‌

530,497‌

0

.56‌

0

.56‌

0

.74‌

26‌

11

.65‌

202,084‌

0

.60‌

0

.57‌

1

.14‌

27‌

15

.21‌

118,956‌

0

.66‌

0

.57‌

1

.38‌

27‌

4

.26‌

22,392‌

0

.78‌

0

.57‌

1

.24‌

45‌

6

.66‌

58,870‌

0

.59‌

c

0

.59‌

c

1

.19‌

c

15‌

(

17

.51‌

)

53,878‌

0

.60‌

0

.58‌

0

.86‌

28‌

44

.09‌

62,509‌

0

.62‌

0

.62‌

0

.68‌

26‌

11

.47‌

22,606‌

0

.66‌

0

.63‌

1

.09‌

27‌

15

.21‌

15,561‌

0

.73‌

0

.64‌

1

.36‌

27‌

4

.23‌

11,882‌

0

.85‌

0

.64‌

1

.17‌

45‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

150

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

3.01

EMERGING

MARKETS

EQUITY

FUND

Institutional

Class:

4/30/23

#

$

6.46‌

$

0.04‌

$

1.10‌

$

1.14‌

$

(0.00‌)

d

$

—‌

$

(0.00‌)

d

$

7.60‌

10/31/22

11.77‌

0.14‌

(3.23‌)

(3.09‌)

(0.43‌)

(1.79‌)

(2.22‌)

6.46‌

10/31/21

12.53‌

0.08‌

0.37‌

0.45‌

(0.10‌)

(1.11‌)

(1.21‌)

11.77‌

10/31/20

11.54‌

0.07‌

1.10‌

1.17‌

(0.18‌)

—‌

(0.18‌)

12.53‌

10/31/19

10.05‌

0.18‌

1.75‌

1.93‌

(0.05‌)

(0.39‌)

(0.44‌)

11.54‌

10/31/18

12.87‌

0.11‌

(2.38‌)

(2.27‌)

(0.10‌)

(0.45‌)

(0.55‌)

10.05‌

Advisor

Class:

4/30/23

#

6.46‌

0.03‌

1.11‌

1.14‌

(0.00‌)

d

—‌

(0.00‌)

d

7.60‌

10/31/22

11.77‌

0.11‌

(3.21‌)

(3.10‌)

(0.42‌)

(1.79‌)

(2.21‌)

6.46‌

10/31/21

12.52‌

0.07‌

0.37‌

0.44‌

(0.08‌)

(1.11‌)

(1.19‌)

11.77‌

10/31/20

11.54‌

0.04‌

1.11‌

1.15‌

(0.17‌)

—‌

(0.17‌)

12.52‌

10/31/19

10.05‌

0.17‌

1.76‌

1.93‌

(0.05‌)

(0.39‌)

(0.44‌)

11.54‌

10/31/18

12.86‌

0.04‌

(2.31‌)

(2.27‌)

(0.09‌)

(0.45‌)

(0.54‌)

10.05‌

Premier

Class:

4/30/23

#

6.46‌

0.04‌

1.11‌

1.15‌

(0.00‌)

d

—‌

(0.00‌)

d

7.61‌

10/31/22

11.78‌

0.14‌

(3.25‌)

(3.11‌)

(0.42‌)

(1.79‌)

(2.21‌)

6.46‌

10/31/21

12.53‌

0.07‌

0.38‌

0.45‌

(0.09‌)

(1.11‌)

(1.20‌)

11.78‌

10/31/20

11.55‌

0.05‌

1.09‌

1.14‌

(0.16‌)

—‌

(0.16‌)

12.53‌

10/31/19

10.04‌

0.17‌

1.77‌

1.94‌

(0.04‌)

(0.39‌)

(0.43‌)

11.55‌

10/31/18

12.85‌

0.09‌

(2.38‌)

(2.29‌)

(0.07‌)

(0.45‌)

(0.52‌)

10.04‌

Retirement

Class:

4/30/23

#

6.42‌

0.04‌

1.10‌

1.14‌

(0.00‌)

d

—‌

(0.00‌)

d

7.56‌

10/31/22

11.72‌

0.14‌

(3.23‌)

(3.09‌)

(0.42‌)

(1.79‌)

(2.21‌)

6.42‌

10/31/21

12.48‌

0.07‌

0.37‌

0.44‌

(0.09‌)

(1.11‌)

(1.20‌)

11.72‌

10/31/20

11.49‌

0.05‌

1.10‌

1.15‌

(0.16‌)

—‌

(0.16‌)

12.48‌

10/31/19

10.00‌

0.17‌

1.74‌

1.91‌

(0.03‌)

(0.39‌)

(0.42‌)

11.49‌

10/31/18

12.82‌

0.08‌

(2.37‌)

(2.29‌)

(0.08‌)

(0.45‌)

(0.53‌)

10.00‌

Retail

Class:

4/30/23

#

6.44‌

0.03‌

1.10‌

1.13‌

—‌

—‌

—‌

7.57‌

10/31/22

11.72‌

0.11‌

(3.23‌)

(3.12‌)

(0.37‌)

(1.79‌)

(2.16‌)

6.44‌

10/31/21

12.49‌

0.03‌

0.36‌

0.39‌

(0.05‌)

(1.11‌)

(1.16‌)

11.72‌

10/31/20

11.51‌

0.02‌

1.10‌

1.12‌

(0.14‌)

—‌

(0.14‌)

12.49‌

10/31/19

10.00‌

0.14‌

1.76‌

1.90‌

(0.00‌)

d

(0.39‌)

(0.39‌)

11.51‌

10/31/18

12.83‌

0.06‌

(2.37‌)

(2.31‌)

(0.07‌)

(0.45‌)

(0.52‌)

10.00‌

Class

W:

4/30/23

#

6.50‌

0.07‌

1.12‌

1.19‌

(0.06‌)

—‌

(0.06‌)

7.63‌

10/31/22

11.85‌

0.21‌

(3.25‌)

(3.04‌)

(0.52‌)

(1.79‌)

(2.31‌)

6.50‌

10/31/21

12.62‌

0.21‌

0.37‌

0.58‌

(0.24‌)

(1.11‌)

(1.35‌)

11.85‌

10/31/20

11.63‌

0.17‌

1.10‌

1.27‌

(0.28‌)

—‌

(0.28‌)

12.62‌

10/31/19

10.06‌

0.28‌

1.76‌

2.04‌

(0.08‌)

(0.39‌)

(0.47‌)

11.63‌

10/31/18

†

10.77‌

0.01‌

(0.72‌)

(0.71‌)

—‌

—‌

—‌

10.06‌

#

Unaudited

†

Class

W

commenced

operations

on

September

28,

2018.

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

c

Percentage

is

annualized.

d

Value

rounded

to

zero.

e

Includes

voluntary

compensation

from

the

Adviser

as

further

described

in

the

investment

adviser

and

other

transactions

with

affiliates

note

in

the

Notes

to

Financial

Statements,

when

applicable.

See

Notes

to

Financial

Statements

151

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

e

Portfolio

Turnover

Rate

17.71‌

%

$

207,919‌

0.90‌

%

c

0.90‌

%

c

1.10‌

%

c

36‌

%

(31.68‌)

187,605‌

0.90‌

0.90‌

1.66‌

108‌

2.44‌

295,907‌

0.88‌

0.88‌

0.61‌

112‌

10.04‌

283,658‌

0.88‌

0.88‌

0.58‌

128‌

20.10‌

255,775‌

0.90‌

0.90‌

1.66‌

129‌

(18.47‌)

239,932‌

0.91‌

0.91‌

0.93‌

127‌

17.68‌

100‌

0.96‌

c

0.96‌

c

0.81‌

c

36‌

(31.77‌)

180‌

0.94‌

0.94‌

1.34‌

108‌

2.28‌

171‌

0.97‌

0.97‌

0.51‌

112‌

10.06‌

179‌

0.95‌

0.95‌

0.31‌

128‌

20.11‌

236‌

0.97‌

0.97‌

1.59‌

129‌

(18.48‌)

138‌

0.96‌

0.96‌

0.30‌

127‌

17.82‌

8,633‌

1.05‌

c

0.94‌

c

1.06‌

c

36‌

(31.77‌)

7,296‌

1.05‌

0.96‌

1.61‌

108‌

2.27‌

10,994‌

1.03‌

0.98‌

0.54‌

112‌

9.99‌

9,112‌

1.03‌

0.99‌

0.46‌

128‌

19.99‌

7,700‌

1.05‌

1.02‌

1.54‌

129‌

(18.63‌)

8,057‌

1.06‌

1.06‌

0.70‌

127‌

17.93‌

70,475‌

1.15‌

c

0.94‌

c

1.05‌

c

36‌

(31.85‌)

62,446‌

1.15‌

0.96‌

1.64‌

108‌

2.36‌

103,033‌

1.12‌

0.98‌

0.49‌

112‌

9.94‌

118,191‌

1.13‌

0.99‌

0.44‌

128‌

19.96‌

137,434‌

1.15‌

1.04‌

1.58‌

129‌

(18.63‌)

88,764‌

1.16‌

1.13‌

0.67‌

127‌

17.70‌

7,229‌

1.25‌

c

1.23‌

c

0.75‌

c

36‌

(31.97‌)

6,239‌

1.30‌

1.24‌

1.32‌

108‌

2.00‌

9,842‌

1.31‌

1.31‌

0.19‌

112‌

9.68‌

8,500‌

1.27‌

1.27‌

0.17‌

128‌

19.64‌

9,348‌

1.27‌

1.27‌

1.28‌

129‌

(18.78‌)

7,636‌

1.27‌

1.27‌

0.50‌

127‌

18.39‌

1,305,816‌

0.90‌

c

0.00‌

c

1.99‌

c

36‌

(31.16‌)

1,308,083‌

0.90‌

0.00‌

2.49‌

108‌

3.33‌

1,256,261‌

0.88‌

0.00‌

1.54‌

112‌

11.11‌

1,194,291‌

0.88‌

0.00‌

1.47‌

128‌

21.10‌

1,166,939‌

0.89‌

0.00‌

2.54‌

129‌

(6.59‌)

1,081,436‌

0.91‌

c

0.00‌

c

0.91‌

c

127‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

152

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

3.1

INTERNATIONAL

EQUITY

FUND

Institutional

Class:

4/30/23

#

$

10

.63‌

$

0

.17‌

$

2

.11‌

$

2

.28‌

$

(

0

.25‌

)

$

—‌

$

(

0

.25‌

)

$

12

.66‌

10/31/22

14

.61‌

0

.28‌

(

3

.86‌

)

(

3

.58‌

)

(

0

.40‌

)

—‌

(

0

.40‌

)

10

.63‌

10/31/21

10

.91‌

0

.41‌

3

.45‌

3

.86‌

(

0

.16‌

)

—‌

(

0

.16‌

)

14

.61‌

10/31/20

11

.06‌

0

.18‌

(

0

.14‌

)

0

.04‌

(

0

.19‌

)

—‌

(

0

.19‌

)

10

.91‌

10/31/19

11

.24‌

0

.20‌

0

.35‌

0

.55‌

(

0

.24‌

)

(

0

.49‌

)

(

0

.73‌

)

11

.06‌

10/31/18

13

.24‌

0

.26‌

(

1

.94‌

)

(

1

.68‌

)

(

0

.15‌

)

(

0

.17‌

)

(

0

.32‌

)

11

.24‌

Advisor

Class:

4/30/23

#

10

.87‌

0

.17‌

2

.16‌

2

.33‌

(

0

.24‌

)

—‌

(

0

.24‌

)

12

.96‌

10/31/22

14

.93‌

0

.28‌

(

3

.96‌

)

(

3

.68‌

)

(

0

.38‌

)

—‌

(

0

.38‌

)

10

.87‌

10/31/21

11

.15‌

0

.39‌

3

.54‌

3

.93‌

(

0

.15‌

)

—‌

(

0

.15‌

)

14

.93‌

10/31/20

11

.29‌

0

.17‌

(

0

.13‌

)

0

.04‌

(

0

.18‌

)

—‌

(

0

.18‌

)

11

.15‌

10/31/19

11

.23‌

0

.05‌

0

.50‌

0

.55‌

—‌

(

0

.49‌

)

(

0

.49‌

)

11

.29‌

10/31/18

13

.24‌

0

.23‌

(

1

.93‌

)

(

1

.70‌

)

(

0

.14‌

)

(

0

.17‌

)

(

0

.31‌

)

11

.23‌

Premier

Class:

4/30/23

#

10

.61‌

0

.17‌

2

.11‌

2

.28‌

(

0

.24‌

)

—‌

(

0

.24‌

)

12

.65‌

10/31/22

14

.58‌

0

.26‌

(

3

.85‌

)

(

3

.59‌

)

(

0

.38‌

)

—‌

(

0

.38‌

)

10

.61‌

10/31/21

10

.89‌

0

.37‌

3

.45‌

3

.82‌

(

0

.13‌

)

—‌

(

0

.13‌

)

14

.58‌

10/31/20

11

.03‌

0

.16‌

(

0

.13‌

)

0

.03‌

(

0

.17‌

)

—‌

(

0

.17‌

)

10

.89‌

10/31/19

11

.21‌

0

.18‌

0

.35‌

0

.53‌

(

0

.22‌

)

(

0

.49‌

)

(

0

.71‌

)

11

.03‌

10/31/18

13

.21‌

0

.23‌

(

1

.93‌

)

(

1

.70‌

)

(

0

.13‌

)

(

0

.17‌

)

(

0

.30‌

)

11

.21‌

Retirement

Class:

4/30/23

#

11

.06‌

0

.17‌

2

.19‌

2

.36‌

(

0

.22‌

)

—‌

(

0

.22‌

)

13

.20‌

10/31/22

15

.18‌

0

.26‌

(

4

.02‌

)

(

3

.76‌

)

(

0

.36‌

)

—‌

(

0

.36‌

)

11

.06‌

10/31/21

11

.33‌

0

.39‌

3

.59‌

3

.98‌

(

0

.13‌

)

—‌

(

0

.13‌

)

15

.18‌

10/31/20

11

.48‌

0

.16‌

(

0

.14‌

)

0

.02‌

(

0

.17‌

)

—‌

(

0

.17‌

)

11

.33‌

10/31/19

11

.63‌

0

.18‌

0

.36‌

0

.54‌

(

0

.20‌

)

(

0

.49‌

)

(

0

.69‌

)

11

.48‌

10/31/18

13

.69‌

0

.23‌

(

2

.01‌

)

(

1

.78‌

)

(

0

.11‌

)

(

0

.17‌

)

(

0

.28‌

)

11

.63‌

Retail

Class:

4/30/23

#

6

.52‌

0

.10‌

1

.28‌

1

.38‌

(

0

.23‌

)

—‌

(

0

.23‌

)

7

.67‌

10/31/22

9

.11‌

0

.15‌

(

2

.37‌

)

(

2

.22‌

)

(

0

.37‌

)

—‌

(

0

.37‌

)

6

.52‌

10/31/21

6

.86‌

0

.23‌

2

.15‌

2

.38‌

(

0

.13‌

)

—‌

(

0

.13‌

)

9

.11‌

10/31/20

7

.02‌

0

.09‌

(

0

.08‌

)

0

.01‌

(

0

.17‌

)

—‌

(

0

.17‌

)

6

.86‌

10/31/19

7

.42‌

0

.10‌

0

.20‌

0

.30‌

(

0

.21‌

)

(

0

.49‌

)

(

0

.70‌

)

7

.02‌

10/31/18

8

.84‌

0

.14‌

(

1

.28‌

)

(

1

.14‌

)

(

0

.11‌

)

(

0

.17‌

)

(

0

.28‌

)

7

.42‌

Class

W:

4/30/23

#

10

.70‌

0

.20‌

2

.12‌

2

.32‌

(

0

.30‌

)

—‌

(

0

.30‌

)

12

.72‌

10/31/22

14

.69‌

0

.34‌

(

3

.87‌

)

(

3

.53‌

)

(

0

.46‌

)

—‌

(

0

.46‌

)

10

.70‌

10/31/21

10

.96‌

0

.48‌

3

.45‌

3

.93‌

(

0

.20‌

)

—‌

(

0

.20‌

)

14

.69‌

10/31/20

11

.10‌

0

.23‌

(

0

.13‌

)

0

.10‌

(

0

.24‌

)

—‌

(

0

.24‌

)

10

.96‌

10/31/19

11

.25‌

0

.25‌

0

.34‌

0

.59‌

(

0

.25‌

)

(

0

.49‌

)

(

0

.74‌

)

11

.10‌

10/31/18

†

12

.32‌

0

.01‌

(

1

.08‌

)

(

1

.07‌

)

—‌

—‌

—‌

11

.25‌

#

Unaudited

†

Class

W

commenced

operations

on

September

28,

2018.

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

c

Percentage

is

annualized.

e

Includes

voluntary

compensation

from

the

Adviser

as

further

described

in

the

investment

adviser

and

other

transactions

with

affiliates

note

in

the

Notes

to

Financial

Statements,

when

applicable.

See

Notes

to

Financial

Statements

153

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

e

Portfolio

Turnover

Rate

21

.72‌

%

$

2,571,930‌

0

.46‌

%

c

0

.46‌

%

c

2

.96‌

%

c

11‌

%

(

25

.14‌

)

2,255,904‌

0

.46‌

0

.46‌

2

.33‌

21‌

35

.59‌

2,828,714‌

0

.46‌

0

.46‌

2

.95‌

28‌

0

.33‌

2,230,915‌

0

.48‌

0

.48‌

1

.74‌

102‌

5

.73‌

2,484,368‌

0

.48‌

0

.48‌

1

.87‌

114‌

(

13

.04‌

)

1,892,458‌

0

.48‌

0

.48‌

1

.99‌

73‌

21

.66‌

2,364‌

0

.56‌

c

0

.56‌

c

2

.81‌

c

11‌

(

25

.23‌

)

2,268‌

0

.57‌

0

.57‌

2

.20‌

21‌

35

.42‌

3,175‌

0

.56‌

0

.56‌

2

.75‌

28‌

0

.34‌

2,993‌

0

.57‌

0

.57‌

1

.60‌

102‌

5

.46‌

3,929‌

0

.60‌

0

.60‌

0

.38‌

114‌

(

13

.16‌

)

196,238‌

0

.61‌

0

.61‌

1

.79‌

73‌

21

.68‌

70,680‌

0

.61‌

c

0

.61‌

c

2

.84‌

c

11‌

(

25

.24‌

)

57,289‌

0

.61‌

0

.61‌

2

.14‌

21‌

35

.31‌

75,862‌

0

.61‌

0

.61‌

2

.68‌

28‌

0

.26‌

80,569‌

0

.63‌

0

.63‌

1

.53‌

102‌

5

.52‌

133,306‌

0

.63‌

0

.63‌

1

.76‌

114‌

(

13

.20‌

)

164,943‌

0

.63‌

0

.63‌

1

.75‌

73‌

21

.54‌

368,304‌

0

.71‌

c

0

.71‌

c

2

.72‌

c

11‌

(

25

.32‌

)

314,089‌

0

.71‌

0

.71‌

2

.05‌

21‌

35

.28‌

467,995‌

0

.71‌

0

.71‌

2

.68‌

28‌

0

.10‌

383,646‌

0

.73‌

0

.73‌

1

.45‌

102‌

5

.44‌

459,274‌

0

.73‌

0

.71‌

1

.63‌

114‌

(

13

.25‌

)

525,331‌

0

.73‌

0

.73‌

1

.73‌

73‌

21

.57‌

236,579‌

0

.80‌

c

0

.77‌

c

2

.66‌

c

11‌

(

25

.32‌

)

201,687‌

0

.80‌

0

.74‌

2

.04‌

21‌

35

.05‌

286,699‌

0

.80‌

0

.80‌

2

.61‌

28‌

0

.03‌

223,406‌

0

.82‌

0

.82‌

1

.38‌

102‌

5

.24‌

249,406‌

0

.82‌

0

.82‌

1

.53‌

114‌

(

13

.32‌

)

274,948‌

0

.80‌

0

.80‌

1

.65‌

73‌

21

.97‌

3,489,271‌

0

.46‌

c

0.00‌

c

3

.38‌

c

11‌

(

24

.76‌

)

3,426,943‌

0

.46‌

0.00‌

2

.77‌

21‌

36

.17‌

3,083,400‌

0

.46‌

0.00‌

3

.45‌

28‌

0

.89‌

1,772,710‌

0

.48‌

0.00‌

2

.19‌

102‌

6

.16‌

1,480,782‌

0

.48‌

0.00‌

2

.35‌

114‌

(

8

.69‌

)

1,377,271‌

0

.48‌

c

0.00‌

c

1

.08‌

c

73‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

154

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

3.2

INTERNATIONAL

OPPORTUNITIES

FUND

Institutional

Class:

4/30/23

#

$

12

.49‌

$

0

.11‌

$

1

.65‌

$

1

.76‌

$

(

0

.01‌

)

$

—‌

$

(

0

.01‌

)

$

14

.24‌

10/31/22

19

.77‌

0

.17‌

(

5

.88‌

)

(

5

.71‌

)

(

0

.33‌

)

(

1

.24‌

)

(

1

.57‌

)

12

.49‌

10/31/21

15

.70‌

0

.13‌

4

.40‌

4

.53‌

(

0

.09‌

)

(

0

.37‌

)

(

0

.46‌

)

19

.77‌

10/31/20

13

.35‌

0

.07‌

2

.42‌

2

.49‌

(

0

.14‌

)

—‌

(

0

.14‌

)

15

.70‌

10/31/19

11

.99‌

0

.16‌

1

.35‌

1

.51‌

(

0

.15‌

)

—‌

(

0

.15‌

)

13

.35‌

10/31/18

13

.06‌

0

.20‌

(

1

.11‌

)

(

0

.91‌

)

(

0

.16‌

)

—‌

(

0

.16‌

)

11

.99‌

Advisor

Class:

4/30/23

#

12

.48‌

0

.10‌

1

.64‌

1

.74‌

(

0

.00‌

)

d

—‌

(

0

.00‌

)

d

14

.22‌

10/31/22

19

.73‌

0

.16‌

(

5

.87‌

)

(

5

.71‌

)

(

0

.30‌

)

(

1

.24‌

)

(

1

.54‌

)

12

.48‌

10/31/21

15

.67‌

0

.11‌

4

.40‌

4

.51‌

(

0

.08‌

)

(

0

.37‌

)

(

0

.45‌

)

19

.73‌

10/31/20

13

.34‌

0

.06‌

2

.41‌

2

.47‌

(

0

.14‌

)

—‌

(

0

.14‌

)

15

.67‌

10/31/19

11

.97‌

0

.11‌

1

.40‌

1

.51‌

(

0

.14‌

)

—‌

(

0

.14‌

)

13

.34‌

10/31/18

13

.05‌

0

.18‌

(

1

.10‌

)

(

0

.92‌

)

(

0

.16‌

)

—‌

(

0

.16‌

)

11

.97‌

Premier

Class:

4/30/23

#

12

.52‌

0

.11‌

1

.65‌

1

.76‌

(

0

.01‌

)

—‌

(

0

.01‌

)

14

.27‌

10/31/22

19

.80‌

0

.20‌

(

5

.94‌

)

(

5

.74‌

)

(

0

.30‌

)

(

1

.24‌

)

(

1

.54‌

)

12

.52‌

10/31/21

15

.72‌

0

.11‌

4

.41‌

4

.52‌

(

0

.07‌

)

(

0

.37‌

)

(

0

.44‌

)

19

.80‌

10/31/20

13

.37‌

0

.04‌

2

.44‌

2

.48‌

(

0

.13‌

)

—‌

(

0

.13‌

)

15

.72‌

10/31/19

12

.00‌

0

.15‌

1

.35‌

1

.50‌

(

0

.13‌

)

—‌

(

0

.13‌

)

13

.37‌

10/31/18

13

.07‌

0

.18‌

(

1

.11‌

)

(

0

.93‌

)

(

0

.14‌

)

—‌

(

0

.14‌

)

12

.00‌

Retirement

Class:

4/30/23

#

12

.45‌

0

.11‌

1

.64‌

1

.75‌

(

0

.01‌

)

—‌

(

0

.01‌

)

14

.19‌

10/31/22

19

.69‌

0

.16‌

(

5

.86‌

)

(

5

.70‌

)

(

0

.30‌

)

(

1

.24‌

)

(

1

.54‌

)

12

.45‌

10/31/21

15

.63‌

0

.10‌

4

.40‌

4

.50‌

(

0

.07‌

)

(

0

.37‌

)

(

0

.44‌

)

19

.69‌

10/31/20

13

.30‌

0

.06‌

2

.40‌

2

.46‌

(

0

.13‌

)

—‌

(

0

.13‌

)

15

.63‌

10/31/19

11

.93‌

0

.15‌

1

.35‌

1

.50‌

(

0

.13‌

)

—‌

(

0

.13‌

)

13

.30‌

10/31/18

13

.02‌

0

.16‌

(

1

.11‌

)

(

0

.95‌

)

(

0

.14‌

)

—‌

(

0

.14‌

)

11

.93‌

Retail

Class:

4/30/23

#

12

.48‌

0

.09‌

1

.64‌

1

.73‌

(

0

.00‌

)

d

—‌

(

0

.00‌

)

d

14

.21‌

10/31/22

19

.67‌

0

.13‌

(

5

.87‌

)

(

5

.74‌

)

(

0

.21‌

)

(

1

.24‌

)

(

1

.45‌

)

12

.48‌

10/31/21

15

.65‌

0

.05‌

4

.38‌

4

.43‌

(

0

.04‌

)

(

0

.37‌

)

(

0

.41‌

)

19

.67‌

10/31/20

13

.32‌

0

.01‌

2

.41‌

2

.42‌

(

0

.09‌

)

—‌

(

0

.09‌

)

15

.65‌

10/31/19

11

.94‌

0

.12‌

1

.36‌

1

.48‌

(

0

.10‌

)

—‌

(

0

.10‌

)

13

.32‌

10/31/18

13

.01‌

0

.14‌

(

1

.10‌

)

(

0

.96‌

)

(

0

.11‌

)

—‌

(

0

.11‌

)

11

.94‌

Class

W:

4/30/23

#

12

.51‌

0

.15‌

1

.65‌

1

.80‌

(

0

.02‌

)

—‌

(

0

.02‌

)

14

.29‌

10/31/22

19

.89‌

0

.26‌

(

5

.90‌

)

(

5

.64‌

)

(

0

.50‌

)

(

1

.24‌

)

(

1

.74‌

)

12

.51‌

10/31/21

15

.78‌

0

.25‌

4

.42‌

4

.67‌

(

0

.19‌

)

(

0

.37‌

)

(

0

.56‌

)

19

.89‌

10/31/20

13

.42‌

0

.16‌

2

.43‌

2

.59‌

(

0

.23‌

)

—‌

(

0

.23‌

)

15

.78‌

10/31/19

11

.99‌

0

.24‌

1

.36‌

1

.60‌

(

0

.17‌

)

—‌

(

0

.17‌

)

13

.42‌

10/31/18

†

13

.52‌

0

.01‌

(

1

.54‌

)

(

1

.53‌

)

—‌

—‌

—‌

11

.99‌

#

Unaudited

†

Class

W

commenced

operations

on

September

28,

2018.

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

c

Percentage

is

annualized.

d

Value

rounded

to

zero.

e

Includes

voluntary

compensation

from

the

Adviser

as

further

described

in

the

investment

adviser

and

other

transactions

with

affiliates

note

in

the

Notes

to

Financial

Statements,

when

applicable.

See

Notes

to

Financial

Statements

155

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

e

Portfolio

Turnover

Rate

13

.97‌

%

$

137,515‌

0

.61‌

%

c

0

.61‌

%

c

1

.65‌

%

c

8‌

%

(

30

.76‌

)

130,897‌

0

.61‌

0

.61‌

1

.16‌

15‌

29

.21‌

146,168‌

0

.60‌

0

.60‌

0

.70‌

29‌

18

.84‌

120,668‌

0

.61‌

0

.61‌

0

.53‌

36‌

12

.84‌

117,428‌

0

.62‌

0

.62‌

1

.31‌

28‌

(

7

.07‌

)

87,135‌

0

.62‌

0

.62‌

1

.43‌

21‌

13

.98‌

44,593‌

0

.69‌

c

0

.69‌

c

1

.51‌

c

8‌

(

30

.83‌

)

61,619‌

0

.71‌

0

.71‌

1

.21‌

15‌

29

.09‌

5,052‌

0

.70‌

0

.70‌

0

.59‌

29‌

18

.66‌

4,060‌

0

.71‌

0

.71‌

0

.41‌

36‌

12

.85‌

4,168‌

0

.71‌

0

.71‌

0

.85‌

28‌

(

7

.17‌

)

178‌

0

.69‌

0

.69‌

1

.35‌

21‌

14

.02‌

2,639‌

0

.76‌

c

0

.65‌

c

1

.63‌

c

8‌

(

30

.88‌

)

2,269‌

0

.76‌

0

.66‌

1

.43‌

15‌

29

.06‌

569‌

0

.77‌

0

.73‌

0

.58‌

29‌

18

.69‌

399‌

0

.77‌

0

.70‌

0

.32‌

36‌

12

.74‌

1,308‌

0

.77‌

0

.73‌

1

.21‌

28‌

(

7

.17‌

)

1,562‌

0

.78‌

0

.78‌

1

.34‌

21‌

14

.02‌

98,772‌

0

.86‌

c

0

.65‌

c

1

.59‌

c

8‌

(

30

.87‌

)

96,691‌

0

.86‌

0

.68‌

1

.06‌

15‌

29

.13‌

175,169‌

0

.85‌

0

.73‌

0

.56‌

29‌

18

.62‌

158,190‌

0

.86‌

0

.72‌

0

.40‌

36‌

12

.77‌

175,643‌

0

.87‌

0

.77‌

1

.19‌

28‌

(

7

.34‌

)

127,760‌

0

.87‌

0

.87‌

1

.18‌

21‌

13

.87‌

42,379‌

0

.89‌

c

0

.89‌

c

1

.40‌

c

8‌

(

31

.02‌

)

36,527‌

0

.99‌

0

.96‌

0

.89‌

15‌

28

.62‌

9,152‌

1

.06‌

1

.06‌

0

.26‌

29‌

18

.26‌

5,638‌

1

.01‌

1

.01‌

0

.10‌

36‌

12

.50‌

4,122‌

1

.02‌

1

.02‌

0

.92‌

28‌

(

7

.41‌

)

4,341‌

1

.02‌

1

.02‌

1

.04‌

21‌

14

.41‌

2,061,608‌

0

.61‌

c

0

.01‌

c

2

.25‌

c

8‌

(

30

.39‌

)

2,057,533‌

0

.61‌

0.00‌

1

.77‌

15‌

30

.03‌

2,183,791‌

0

.60‌

0.00‌

1

.31‌

29‌

19

.52‌

1,527,006‌

0

.61‌

0.00‌

1

.14‌

36‌

13

.62‌

1,487,781‌

0

.62‌

0.00‌

1

.94‌

28‌

(

11

.32‌

)

1,330,650‌

0

.63‌

c

0.00‌

c

0

.76‌

c

21‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

156

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

3.3

QUANT

INTERNATIONAL

SMALL-CAP

EQUITY

FUND

Institutional

Class:

4/30/23

#

$

8

.62‌

$

0

.11‌

$

1

.27‌

$

1

.38‌

$

(

0

.31‌

)

$

—‌

$

(

0

.31‌

)

$

9

.69‌

10/31/22

12

.48‌

0

.33‌

(

3

.45‌

)

(

3

.12‌

)

(

0

.37‌

)

(

0

.37‌

)

(

0

.74‌

)

8

.62‌

10/31/21

9

.41‌

0

.20‌

3

.09‌

3

.29‌

(

0

.22‌

)

—‌

(

0

.22‌

)

12

.48‌

10/31/20

10

.30‌

0

.19‌

(

0

.73‌

)

(

0

.54‌

)

(

0

.35‌

)

—‌

(

0

.35‌

)

9

.41‌

10/31/19

10

.22‌

0

.26‌

0

.40‌

0

.66‌

(

0

.29‌

)

(

0

.29‌

)

(

0

.58‌

)

10

.30‌

10/31/18

12

.90‌

0

.33‌

(

2

.22‌

)

(

1

.89‌

)

(

0

.34‌

)

(

0

.45‌

)

(

0

.79‌

)

10

.22‌

Advisor

Class:

4/30/23

#

8

.61‌

0

.11‌

1

.27‌

1

.38‌

(

0

.31‌

)

—‌

(

0

.31‌

)

9

.68‌

10/31/22

12

.46‌

0

.33‌

(

3

.45‌

)

(

3

.12‌

)

(

0

.36‌

)

(

0

.37‌

)

(

0

.73‌

)

8

.61‌

10/31/21

9

.40‌

0

.20‌

3

.08‌

3

.28‌

(

0

.22‌

)

—‌

(

0

.22‌

)

12

.46‌

10/31/20

10

.29‌

0

.19‌

(

0

.73‌

)

(

0

.54‌

)

(

0

.35‌

)

—‌

(

0

.35‌

)

9

.40‌

10/31/19

10

.22‌

0

.26‌

0

.39‌

0

.65‌

(

0

.29‌

)

(

0

.29‌

)

(

0

.58‌

)

10

.29‌

10/31/18

12

.88‌

0

.31‌

(

2

.20‌

)

(

1

.89‌

)

(

0

.32‌

)

(

0

.45‌

)

(

0

.77‌

)

10

.22‌

Premier

Class:

4/30/23

#

8

.73‌

0

.11‌

1

.29‌

1

.40‌

(

0

.30‌

)

—‌

(

0

.30‌

)

9

.83‌

10/31/22

12

.62‌

0

.31‌

(

3

.49‌

)

(

3

.18‌

)

(

0

.34‌

)

(

0

.37‌

)

(

0

.71‌

)

8

.73‌

10/31/21

9

.52‌

0

.19‌

3

.11‌

3

.30‌

(

0

.20‌

)

—‌

(

0

.20‌

)

12

.62‌

10/31/20

10

.42‌

0

.17‌

(

0

.74‌

)

(

0

.57‌

)

(

0

.33‌

)

—‌

(

0

.33‌

)

9

.52‌

10/31/19

10

.23‌

0

.25‌

0

.41‌

0

.66‌

(

0

.18‌

)

(

0

.29‌

)

(

0

.47‌

)

10

.42‌

10/31/18

12

.88‌

0

.29‌

(

2

.17‌

)

(

1

.88‌

)

(

0

.32‌

)

(

0

.45‌

)

(

0

.77‌

)

10

.23‌

Retirement

Class:

4/30/23

#

8

.60‌

0

.10‌

1

.27‌

1

.37‌

(

0

.29‌

)

—‌

(

0

.29‌

)

9

.68‌

10/31/22

12

.45‌

0

.29‌

(

3

.43‌

)

(

3

.14‌

)

(

0

.34‌

)

(

0

.37‌

)

(

0

.71‌

)

8

.60‌

10/31/21

9

.40‌

0

.18‌

3

.07‌

3

.25‌

(

0

.20‌

)

—‌

(

0

.20‌

)

12

.45‌

10/31/20

10

.29‌

0

.18‌

(

0

.73‌

)

(

0

.55‌

)

(

0

.34‌

)

—‌

(

0

.34‌

)

9

.40‌

10/31/19

10

.19‌

0

.25‌

0

.39‌

0

.64‌

(

0

.25‌

)

(

0

.29‌

)

(

0

.54‌

)

10

.29‌

10/31/18

12

.87‌

0

.27‌

(

2

.18‌

)

(

1

.91‌

)

(

0

.32‌

)

(

0

.45‌

)

(

0

.77‌

)

10

.19‌

Retail

Class:

4/30/23

#

8

.62‌

0

.10‌

1

.26‌

1

.36‌

(

0

.27‌

)

—‌

(

0

.27‌

)

9

.71‌

10/31/22

12

.47‌

0

.29‌

(

3

.45‌

)

(

3

.16‌

)

(

0

.32‌

)

(

0

.37‌

)

(

0

.69‌

)

8

.62‌

10/31/21

9

.41‌

0

.16‌

3

.08‌

3

.24‌

(

0

.18‌

)

—‌

(

0

.18‌

)

12

.47‌

10/31/20

10

.30‌

0

.15‌

(

0

.73‌

)

(

0

.58‌

)

(

0

.31‌

)

—‌

(

0

.31‌

)

9

.41‌

10/31/19

10

.18‌

0

.22‌

0

.40‌

0

.62‌

(

0

.21‌

)

(

0

.29‌

)

(

0

.50‌

)

10

.30‌

10/31/18

12

.86‌

0

.26‌

(

2

.19‌

)

(

1

.93‌

)

(

0

.30‌

)

(

0

.45‌

)

(

0

.75‌

)

10

.18‌

Class

W:

4/30/23

#

8

.69‌

0

.15‌

1

.27‌

1

.42‌

(

0

.39‌

)

—‌

(

0

.39‌

)

9

.72‌

10/31/22

12

.56‌

0

.40‌

(

3

.46‌

)

(

3

.06‌

)

(

0

.44‌

)

(

0

.37‌

)

(

0

.81‌

)

8

.69‌

10/31/21

9

.46‌

0

.29‌

3

.09‌

3

.38‌

(

0

.28‌

)

—‌

(

0

.28‌

)

12

.56‌

10/31/20

10

.35‌

0

.25‌

(

0

.72‌

)

(

0

.47‌

)

(

0

.42‌

)

—‌

(

0

.42‌

)

9

.46‌

10/31/19

10

.22‌

0

.33‌

0

.40‌

0

.73‌

(

0

.31‌

)

(

0

.29‌

)

(

0

.60‌

)

10

.35‌

10/31/18

†

11

.37‌

0

.01‌

(

1

.16‌

)

(

1

.15‌

)

—‌

—‌

—‌

10

.22‌

#

Unaudited

†

Class

W

commenced

operations

on

September

28,

2018.

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

c

Percentage

is

annualized.

See

Notes

to

Financial

Statements

157

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

16

.26‌

%

$

67,393‌

0

.74‌

%

c

0

.74‌

%

c

2

.42‌

%

c

51‌

%

(

26

.44‌

)

66,810‌

0

.72‌

0

.72‌

3

.20‌

119‌

35

.40‌

88,124‌

0

.71‌

0

.69‌

1

.73‌

119‌

(

5

.51‌

)

54,223‌

0

.71‌

0

.66‌

2

.06‌

100‌

7

.04‌

55,449‌

0

.71‌

0

.66‌

2

.68‌

87‌

(

15

.62‌

)

43,174‌

0

.71‌

0

.66‌

2

.71‌

89‌

16

.26‌

71‌

0

.77‌

c

0

.77‌

c

2

.43‌

c

51‌

(

26

.47‌

)

63‌

0

.74‌

0

.74‌

3

.18‌

119‌

35

.28‌

91‌

0

.80‌

0

.78‌

1

.66‌

119‌

(

5

.56‌

)

69‌

0

.76‌

0

.71‌

2

.01‌

100‌

6

.96‌

84‌

0

.76‌

0

.71‌

2

.66‌

87‌

(

15

.59‌

)

83‌

0

.73‌

0

.68‌

2

.44‌

89‌

16

.18‌

72‌

0

.95‌

c

0

.91‌

c

2

.29‌

c

51‌

(

26

.53‌

)

64‌

0

.90‌

0

.90‌

3

.01‌

119‌

35

.08‌

92‌

0

.96‌

0

.88‌

1

.56‌

119‌

(

5

.71‌

)

70‌

0

.91‌

0

.85‌

1

.85‌

100‌

6

.85‌

76‌

0

.89‌

0

.84‌

2

.53‌

87‌

(

15

.54‌

)

75‌

0

.87‌

0

.82‌

2

.29‌

89‌

16

.06‌

8,504‌

0

.99‌

c

0

.99‌

c

2

.14‌

c

51‌

(

26

.62‌

)

8,463‌

0

.97‌

0

.97‌

2

.98‌

119‌

35

.00‌

4,626‌

0

.96‌

0

.93‌

1

.51‌

119‌

(

5

.67‌

)

3,259‌

0

.96‌

0

.84‌

1

.93‌

100‌

6

.86‌

3,113‌

0

.96‌

0

.84‌

2

.54‌

87‌

(

15

.79‌

)

3,620‌

0

.97‌

0

.89‌

2

.21‌

89‌

15

.99‌

907‌

1

.15‌

c

1

.10‌

c

2

.10‌

c

51‌

(

26

.71‌

)

824‌

1

.40‌

1

.14‌

2

.80‌

119‌

34

.77‌

1,134‌

2

.20‌

1

.12‌

1

.31‌

119‌

(

5

.93‌

)

757‌

1

.44‌

1

.09‌

1

.60‌

100‌

6

.61‌

851‌

1

.35‌

1

.09‌

2

.26‌

87‌

(

15

.95‌

)

971‌

1

.17‌

1

.08‌

2

.15‌

89‌

16

.63‌

1,089,309‌

0

.74‌

c

0

.01‌

c

3

.16‌

c

51‌

(

25

.88‌

)

1,118,947‌

0

.72‌

0.00‌

3

.90‌

119‌

36

.31‌

1,485,005‌

0

.71‌

0.00‌

2

.42‌

119‌

(

4

.97‌

)

923,105‌

0

.71‌

0.00‌

2

.73‌

100‌

7

.85‌

926,729‌

0

.71‌

0.00‌

3

.38‌

87‌

(

10

.11‌

)

852,681‌

0

.72‌

c

0.00‌

c

0

.80‌

c

89‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

158

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

3.4

SOCIAL

CHOICE

INTERNATIONAL

EQUITY

FUND

Institutional

Class:

4/30/23

#

$

10

.25‌

$

0

.16‌

$

2

.41‌

$

2

.57‌

$

(

0

.26‌

)

$

—‌

$

(

0

.26‌

)

$

12

.56‌

10/31/22

13

.82‌

0

.33‌

(

3

.48‌

)

(

3

.15‌

)

(

0

.32‌

)

(

0

.10‌

)

(

0

.42‌

)

10

.25‌

10/31/21

10

.34‌

0

.35‌

3

.31‌

3

.66‌

(

0

.18‌

)

—‌

(

0

.18‌

)

13

.82‌

10/31/20

11

.16‌

0

.23‌

(

0

.87‌

)

(

0

.64‌

)

(

0

.18‌

)

—‌

(

0

.18‌

)

10

.34‌

10/31/19

10

.14‌

0

.31‌

0

.95‌

1

.26‌

(

0

.24‌

)

—‌

(

0

.24‌

)

11

.16‌

10/31/18

11

.21‌

0

.29‌

(

1

.13‌

)

(

0

.84‌

)

(

0

.23‌

)

(

0

.00‌

)

d

(

0

.23‌

)

10

.14‌

Advisor

Class:

4/30/23

#

10

.24‌

0

.16‌

2

.40‌

2

.56‌

(

0

.25‌

)

—‌

(

0

.25‌

)

12

.55‌

10/31/22

13

.81‌

0

.29‌

(

3

.45‌

)

(

3

.16‌

)

(

0

.31‌

)

(

0

.10‌

)

(

0

.41‌

)

10

.24‌

10/31/21

10

.33‌

0

.35‌

3

.30‌

3

.65‌

(

0

.17‌

)

—‌

(

0

.17‌

)

13

.81‌

10/31/20

11

.16‌

0

.21‌

(

0

.86‌

)

(

0

.65‌

)

(

0

.18‌

)

—‌

(

0

.18‌

)

10

.33‌

10/31/19

10

.14‌

0

.30‌

0

.95‌

1

.25‌

(

0

.23‌

)

—‌

(

0

.23‌

)

11

.16‌

10/31/18

11

.21‌

0

.30‌

(

1

.14‌

)

(

0

.84‌

)

(

0

.23‌

)

(

0

.00‌

)

d

(

0

.23‌

)

10

.14‌

Premier

Class:

4/30/23

#

10

.25‌

0

.15‌

2

.42‌

2

.57‌

(

0

.24‌

)

—‌

(

0

.24‌

)

12

.58‌

10/31/22

13

.83‌

0

.32‌

(

3

.50‌

)

(

3

.18‌

)

(

0

.30‌

)

(

0

.10‌

)

(

0

.40‌

)

10

.25‌

10/31/21

10

.34‌

0

.34‌

3

.31‌

3

.65‌

(

0

.16‌

)

—‌

(

0

.16‌

)

13

.83‌

10/31/20

11

.17‌

0

.15‌

(

0

.81‌

)

(

0

.66‌

)

(

0

.17‌

)

—‌

(

0

.17‌

)

10

.34‌

10/31/19

10

.13‌

0

.32‌

0

.92‌

1

.24‌

(

0

.20‌

)

—‌

(

0

.20‌

)

11

.17‌

10/31/18

11

.19‌

0

.32‌

(

1

.16‌

)

(

0

.84‌

)

(

0

.22‌

)

(

0

.00‌

)

d

(

0

.22‌

)

10

.13‌

Retirement

Class:

4/30/23

#

10

.20‌

0

.15‌

2

.39‌

2

.54‌

(

0

.23‌

)

—‌

(

0

.23‌

)

12

.51‌

10/31/22

13

.76‌

0

.30‌

(

3

.47‌

)

(

3

.17‌

)

(

0

.29‌

)

(

0

.10‌

)

(

0

.39‌

)

10

.20‌

10/31/21

10

.30‌

0

.33‌

3

.29‌

3

.62‌

(

0

.16‌

)

—‌

(

0

.16‌

)

13

.76‌

10/31/20

11

.12‌

0

.20‌

(

0

.86‌

)

(

0

.66‌

)

(

0

.16‌

)

—‌

(

0

.16‌

)

10

.30‌

10/31/19

10

.11‌

0

.26‌

0

.96‌

1

.22‌

(

0

.21‌

)

—‌

(

0

.21‌

)

11

.12‌

10/31/18

11

.17‌

0

.29‌

(

1

.14‌

)

(

0

.85‌

)

(

0

.21‌

)

(

0

.00‌

)

d

(

0

.21‌

)

10

.11‌

Retail

Class:

4/30/23

#

10

.20‌

0

.15‌

2

.40‌

2

.55‌

(

0

.23‌

)

—‌

(

0

.23‌

)

12

.52‌

10/31/22

13

.76‌

0

.30‌

(

3

.48‌

)

(

3

.18‌

)

(

0

.28‌

)

(

0

.10‌

)

(

0

.38‌

)

10

.20‌

10/31/21

10

.30‌

0

.31‌

3

.30‌

3

.61‌

(

0

.15‌

)

—‌

(

0

.15‌

)

13

.76‌

10/31/20

11

.13‌

0

.20‌

(

0

.88‌

)

(

0

.68‌

)

(

0

.15‌

)

—‌

(

0

.15‌

)

10

.30‌

10/31/19

10

.10‌

0

.27‌

0

.96‌

1

.23‌

(

0

.20‌

)

—‌

(

0

.20‌

)

11

.13‌

10/31/18

11

.17‌

0

.28‌

(

1

.15‌

)

(

0

.87‌

)

(

0

.20‌

)

(

0

.00‌

)

d

(

0

.20‌

)

10

.10‌

#

Unaudited

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

c

Percentage

is

annualized.

d

Value

rounded

to

zero.

See

Notes

to

Financial

Statements

159

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

25

.33‌

%

$

860,687‌

0

.34‌

%

c

0

.34‌

%

c

2

.75‌

%

c

10‌

%

(

23

.47‌

)

657,816‌

0

.37‌

0

.37‌

2

.85‌

15‌

35

.70‌

556,304‌

0

.36‌

0

.36‌

2

.68‌

12‌

(

5

.83‌

)

338,692‌

0

.41‌

0

.40‌

2

.21‌

15‌

12

.77‌

192,475‌

0

.58‌

0

.40‌

3

.03‌

9‌

(

7

.61‌

)

46,432‌

0

.98‌

0

.40‌

2

.62‌

16‌

25

.27‌

12,102‌

0

.49‌

c

0

.49‌

c

2

.68‌

c

10‌

(

23

.55‌

)

8,600‌

0

.48‌

0

.48‌

2

.56‌

15‌

35

.60‌

2,557‌

0

.46‌

0

.46‌

2

.66‌

12‌

(

5

.96‌

)

1,192‌

0

.52‌

0

.51‌

1

.99‌

15‌

12

.71‌

1,174‌

0

.66‌

0

.47‌

2

.89‌

9‌

(

7

.58‌

)

579‌

1

.03‌

0

.45‌

2

.69‌

16‌

25

.33‌

781‌

0

.50‌

c

0

.50‌

c

2

.60‌

c

10‌

(

23

.64‌

)

618‌

0

.52‌

0

.52‌

2

.65‌

15‌

35

.49‌

771‌

0

.52‌

0

.52‌

2

.58‌

12‌

(

5

.99‌

)

438‌

0

.56‌

0

.55‌

1

.35‌

15‌

12

.55‌

1,754‌

0

.74‌

0

.55‌

3

.05‌

9‌

(

7

.66‌

)

278‌

1

.13‌

0

.55‌

2

.84‌

16‌

25

.19‌

662,524‌

0

.59‌

c

0

.59‌

c

2

.57‌

c

10‌

(

23

.66‌

)

457,544‌

0

.62‌

0

.62‌

2

.60‌

15‌

35

.42‌

386,981‌

0

.61‌

0

.61‌

2

.50‌

12‌

(

6

.08‌

)

162,780‌

0

.66‌

0

.65‌

1

.91‌

15‌

12

.40‌

59,932‌

0

.83‌

0

.65‌

2

.56‌

9‌

(

7

.72‌

)

9,304‌

1

.23‌

0

.65‌

2

.61‌

16‌

25

.21‌

28,783‌

0

.63‌

c

0

.63‌

c

2

.52‌

c

10‌

(

23

.72‌

)

21,246‌

0

.66‌

0

.65‌

2

.55‌

15‌

35

.27‌

21,846‌

0

.70‌

0

.70‌

2

.41‌

12‌

(

6

.18‌

)

10,335‌

0

.72‌

0

.72‌

1

.89‌

15‌

12

.47‌

6,456‌

0

.92‌

0

.74‌

2

.62‌

9‌

(

7

.88‌

)

4,525‌

1

.32‌

0

.74‌

2

.53‌

16‌

160

Notes

to

Financial

Statements

(Unaudited)

1.

Organization

TIAA-CREF

Funds

(the

“Trust”)

is

a

Delaware

statutory

trust

that

is

registered

with

the

U.S. Securities

and

Exchange

Commission

(“SEC”)

under

the

Investment

Company

Act

of

1940,

as

amended

(“1940

Act”),

as

an

open-end

management

investment

company.

The

following

TIAA-CREF

Funds

are

included

in

this

report: Growth

&

Income

Fund,

Large-Cap

Growth

Fund,

Large-Cap

Value

Fund,

Mid-

Cap

Growth

Fund,

Mid-Cap

Value

Fund,

Quant

Small-Cap

Equity

Fund,

Quant

Small/Mid-Cap

Equity

Fund,

Social

Choice

Equity

Fund,

Social

Choice

Low

Carbon

Equity

Fund, Emerging

Markets

Equity

Fund, International

Equity

Fund,

International

Opportunities

Fund,

Quant

International

Small-Cap

Equity

Fund

and

the

Social

Choice

International

Equity

Fund (collectively

the

“Funds”

or

individually,

the

“Fund”).

Current

Fiscal

Period:

 The

end

of

the

reporting

period

for

the Funds

is

April

30,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

six

months

ended

April

30,

2023

(the

"current

fiscal

period").

Teachers

Advisors,

LLC

(the

“Adviser”),

a

wholly

owned

indirect

subsidiary

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”),

is

registered

with

the

SEC

as

an

investment

adviser

and

provides

investment

management

services

for

the

Funds.  

The

Funds

offer

their

shares,

without

a

sales

load,

through

their

principal

underwriter,

Nuveen

Securities,

LLC

(“Nuveen

Securities”),

which

is

a

wholly

owned

indirect

subsidiary

of

TIAA.

The

Funds

offer

up

to

six

share

classes,

although

any

one

Fund

may

not

necessarily

offer

all

six

classes.

The

Funds

may

offer

Institutional

Class,

Advisor

Class,

Premier

Class,

Retirement

Class, Retail

Class

and

Class

W

shares.

Each

class

differs

by

the

allocation

of

class-specific

expenses

and

voting

rights

in

matters

affecting

a

single

class.

Fund

Reorganization:

At

a

special

meeting

held

on

October

3,

2022,

shareholders

of

the

Nuveen

International

Growth

Fund,

a

series

of

Nuveen

Investment

Trust

II

(the

"Target

Fund"),

approved

the

reorganization

of

the

Target

Fund

into

the

International

Opportunities

Fund

(the

"Acquiring

Fund")

(the

"Reorganization").

The

Reorganization

became

effective

after

the

close

of

business

on

October

28,

2022.

Upon

closing

of

the

Reorganization,

the

Target

Fund

transferred

its

assets

to

the

Acquiring

Fund

in

exchange

for

shares

of

the

Acquiring

Fund

and

the

assumption

by

the

Acquiring

Fund

of

the

liabilities

of

the

Target

Fund.

The

Acquiring

Fund

shares

were

distributed

to

Target

Fund

shareholders

and

the

Target

Fund

was

terminated.

Each

Target

Fund

shareholder

received

Acquiring

Fund

shares

with

a

total

value

equal

to

the

total

value

of

that

shareholder’s

Target

Fund

shares

immediately

prior

to

the

closing

of

the

Reorganization.

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.

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.

Multiclass

Operations

and

Allocations:

Income, expenses,

realized

gains

and

losses

and

unrealized

appreciation

and

depreciation

of

a

Fund

are

allocated

on

a

pro

rata

basis

to

each

class

of

shares,

except

for

service

agreement

fees,

distribution

fees

and

transfer

agency

fees

and

expenses, which

are

unique

to

each

class

of

shares.

Most

expenses

of

the

Trust

can

be

directly

attributed

to

a

Fund.

Expenses

that

cannot

be

directly

attributed

are

allocated

to

each

Fund

in

the

Trust

based

upon

the

average

net

assets

of

each

Fund.

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.

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.

161

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)”

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

“Net

change

in

unrealized

appreciation

(depreciation)”

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 “Net

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.

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.

Trustees

may

elect

to

participate

in

a

deferred

compensation

plan

and

defer

all

or

a

portion

of

their

compensation.

In

addition,

trustees

participate

in

a

long-term

compensation

plan.

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

and

long-term

compensation

incurred,

are

reflected

in

the

Statement

of

Operations.

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.

New

Accounting

Pronouncement:

 In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

(“Topic

820”).

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-03

(1)

clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

an

equity

security,

(2)

amends

a

related

illustrative

example,

and

(3)

introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820.

For

public

business

entities,

the

amendments

in

ASU

2022-03

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

December

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

Management

is

currently

assessing

the

impact

of

these

provisions

on

the

Funds' financial

statements.

3.

Investment

Valuation

and

Fair

Value

Measurements

The Funds'

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

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:

Notes

to

Financial

Statements

(Unaudited)

(continued)

162

Prices

of

fixed-income

securities

are

provided

by

pricing

services

approved

by

the

Adviser,

which

is

subject

to

review

by

the

Adviser and

oversight

of

the Board.

Pricing

services establish

a

security’s

fair

value

using

methods

that

may

include consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

last

reported

sales

price

or

official

closing

price

of

such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported

sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the

valuation

date.

For

events

affecting

the

value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the Funds'

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1.

When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price,

these

securities

are

generally

classified

as

Level

2. 

Investments

in

investment

companies

are

valued

at

their

respective NAVs

or

share

price

on

the

valuation

date

and

are

generally

classified

as Level

1.

Repurchase

agreements

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

are

generally

classified

as

Level

2.

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.

Purchased

and

written

options

traded and

listed on

a

national

market

or

exchange

are

valued

at

the

last

sale

price

as

of

the

close

of

such

exchange

or

at

the

mean

of

the

closing

bid

and

asked

prices

if

no

sale

is

reported and

are

generally

classified

as

Level

1.

Over-

the-counter

(“OTC”)

options

are

marked-to-market

daily

based

upon

a

price

supplied

by

a

pricing

service.

OTC

options

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

reporting

period, based

on

the

inputs

used

to

value

them:

Fund

Level

1

Level

2

Level

3

Total

Growth

&

Income

Common

stocks

$5,332,793,397

$—

$—

$5,332,793,397

Short-term

investments

—

2,315,000

—

2,315,000

Total

$5,332,793,397

$2,315,000

$—

$5,335,108,397

1

1

1

1

1

Large-Cap

Growth

Common

stocks

$4,752,952,271

$243,500,090

$—

$4,996,452,361

Short-term

investments

—

11,205,000

—

11,205,000

Total

$4,752,952,271

$254,705,090

$—

$5,007,657,361

1

1

1

1

1

Large-Cap

Value

Common

stocks

$4,662,818,146

$—

$7,267

$4,662,825,413

Short-term

investments

—

60,399,363

—

60,399,363

Total

$4,662,818,146

$60,399,363

$7,267

$4,723,224,776

1

1

1

1

1

Mid-Cap

Growth

Common

stocks

$981,345,613

$63,027,537

$—

$1,044,373,150

Rights/Warrants

1,596,778

—

—

1,596,778

Short-term

investments

22,862,937

230,000

—

23,092,937

Total

$1,005,805,328

$63,257,537

$—

$1,069,062,865

1

1

1

1

1

163

4.

Investments

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.

Securities

Lending:

Certain Funds

may

lend

their

securities

to

qualified

institutional

borrowers

to

earn

additional

income.

A

Fund receives

collateral

(in

the

form

of

cash,

Treasury

securities

or

other

collateral

permitted

by

applicable

law)

against

the

loaned

securities

and

maintains

collateral

in

an

amount

not

less

than

100%

of

the

market

value

of

loaned

securities

during

the

period

of

the

loan;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the Fund

the

next

business

day.

Cash

collateral

received

by the

Fund will

generally

be

invested

in

high-quality

short-term

instruments

or

in

one

or

more

funds

maintained

by

the

securities

lending

agent

(“Agent”)

for

the

purpose

of

investing

cash

collateral.

Fund

Level

1

Level

2

Level

3

Total

Mid-Cap

Value

Common

stocks

$1,665,664,821

$—

$—

$1,665,664,821

Short-term

investments

4,690,864

11,185,000

—

15,875,864

Total

$1,670,355,685

$11,185,000

$—

$1,681,540,685

1

1

1

1

1

Quant

Small-Cap

Equity

Common

stocks

$2,465,015,348

$—

$—

$2,465,015,348

Short-term

investments

44,207,045

49,306,509

—

93,513,554

Futures

contracts*

(236,107)

—

—

(236,107)

Total

$2,508,986,286

$49,306,509

$—

$2,558,292,795

1

1

1

1

1

Quant

Small/Mid-Cap

Equity

Common

stocks

$1,078,522,422

$—

$—

$1,078,522,422

Short-term

investments

6,070,663

5,129,000

—

11,199,663

Total

$1,084,593,085

$5,129,000

$—

$1,089,722,085

1

1

1

1

1

Social

Choice

Equity

Common

stocks

$5,749,854,838

$—

$—

$5,749,854,838

Short-term

investments

18,708,922

56,182,736

—

74,891,658

Futures

contracts*

399,737

—

—

399,737

Total

$5,768,963,497

$56,182,736

$—

$5,825,146,233

1

1

1

1

1

Social

Choice

Low

Carbon

Equity

Common

stocks

$1,108,907,658

$—

$—

$1,108,907,658

Short-term

investments

1,051,373

10,245,000

—

11,296,373

Futures

contracts*

256,458

—

—

256,458

Total

$1,110,215,489

$10,245,000

$—

$1,120,460,489

1

1

1

1

1

Emerging

Markets

Equity

Common

stocks

$526,014,115

$926,952,396

$—

$1,452,966,511

Short-term

investments

743,276

119,637,695

—

120,380,971

Total

$526,757,391

$1,046,590,091

$—

$1,573,347,482

1

1

1

1

1

International

Equity

Common

stocks

$229,512,579

$6,421,318,433

$—

$6,650,831,012

Short-term

investments

84,157,300

11,506,627

—

95,663,927

Total

$313,669,879

$6,432,825,060

$—

$6,746,494,939

1

1

1

1

1

International

Opportunities

Common

stocks

$441,889,035

$1,890,785,949

$1,566

$2,332,676,550

Rights/Warrants

27,107

—

—

27,107

Short-term

investments

72,503,611

49,711,115

—

122,214,726

Total

$514,419,753

$1,940,497,064

$1,566

$2,454,918,383

1

1

1

1

1

Quant

International

Small-Cap

Equity

Common

stocks

$133,474,976

$1,025,361,497

$232,422

$1,159,068,895

Short-term

investments

18,708,868

1,650,000

—

20,358,868

Total

$152,183,844

$1,027,011,497

$232,422

$1,179,427,763

1

1

1

1

1

Social

Choice

International

Equity

Common

stocks

$7,552,519

$1,535,787,045

$—

$1,543,339,564

Short-term

investments

27,336,415

11,925,000

—

39,261,415

Futures

contracts*

72,104

—

—

72,104

Total

$34,961,038

$1,547,712,045

$—

$1,582,673,083

1

1

1

1

1

*

Represents

net

unrealized

appreciation

(depreciation)

as

reported

in

the

Fund's

Portfolio

of

Investments

Notes

to

Financial

Statements

(Unaudited)

(continued)

164

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

reporting

period,

securities

lending

transactions are

for equity

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

reporting

period,

the

total

value

of

securities

on

loan

and

the

total

value

of

collateral

received

were

as

follows:

Purchases

and

Sales:

Purchases

and

sales

of

securities

(other

than

short-term

instruments)

for

all

of

the Funds for

the

current

fiscal

period,

were

as

follows:

The Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-

delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period.

The

Funds have

segregated

securities

in

their

portfolios

with

a

current

value

at

least

equal

to

the

amount

of

the

when-issued/delayed

delivery

purchase

commitments.

If

the

Funds have

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 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.

Aggregate

Value

of

Securities

on

Loan

Fund

Equity

Securities

Cash

Collateral

Received*

Non-Cash

Collateral

Received

Total

Collateral

Received

Mid-Cap

Growth

$24,424,924

$22,862,937

$2,287,524

$25,150,461

Mid-Cap

Value

4,572,920

4,690,864

–

4,690,864

Quant

Small-Cap

Equity

48,037,279

44,207,045

4,899,813

49,106,858

Quant

Small/Mid-Cap

Equity

6,772,772

6,070,663

794,746

6,865,409

Social

Choice

Equity

27,814,873

18,708,922

10,239,595

28,948,517

Social

Choice

Low

Carbon

Equity

1,859,793

1,051,373

893,750

1,945,123

Emerging

Markets

Equity

813,408

743,276

832,092

1,575,368

International

Equity

127,554,567

84,157,300

51,434,839

135,592,139

International

Opportunities

87,817,625

72,503,611

20,304,050

92,807,661

Quant

International

Small-Cap

Equity

31,474,065

18,708,868

14,704,898

33,413,766

Social

Choice

International

Equity

47,423,702

27,336,416

22,610,673

49,947,089

*May

include

cash

and

investment

of

cash

collateral.

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

2.1

Growth

&

Income

$

4,726,646,166

$

4,958,938,593

2.2

Large-Cap

Growth

961,257,623

1,366,878,475

2.3

Large-Cap

Value

416,817,941

878,029,027

2.4

Mid-Cap

Growth

180,994,581

286,090,771

2.5

Mid-Cap

Value

745,597,580

826,524,533

2.6

Quant

Small-Cap

Equity

873,294,893

1,027,448,450

2.7

Quant

Small/Mid-Cap

Equity

480,241,780

627,253,245

2.8

Social

Choice

Equity

478,266,938

1,086,461,775

2.9

Social

Choice

Low

Carbon

Equity

167,081,635

185,390,513

3.01

Emerging

Markets

Equity

550,630,395

756,129,805

3.1

International

Equity

681,884,767

971,245,634

3.2

International

Opportunities

195,129,409

395,981,075

3.3

Quant

International

Small-Cap

Equity

596,310,987

796,478,805

3.4

Social

Choice

International

Equity

281,903,055

142,078,803

165

At

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:

During

the

current

fiscal

period,

the

effect

of

derivative

contracts

on

the Funds'

Statement

of

Operations

was

as

follows:

Options:

 Certain Funds

are

subject

to

equity

price

risk

in

the

normal

course

of

pursuing their

investment

objectives. To

manage

the

risk,

the Funds

may

invest

in

both

equity

and

index

options.

The Funds

may

purchase

(buy)

or

write

(sell)

put

and

call

options

on

specific

securities

(including

groups

or

“baskets”

of

specific

securities),

interest

rates,

stock

indices

and/or

bond

indices

(each

a

“financial

instrument”).

Options

can

be

settled

either

directly

with

the

counterparty

(over

the

counter)

or

through

a

central

clearing

house

(exchange

traded).

Call

and

put

options

give

the

holder

the

right,

in

return

for

a

premium

paid,

to

purchase

or

sell,

respectively,

a

financial

instrument

at

a

specified

exercise

price

at

any

time

during

the

period

of

the

option.

Purchased

options

are

included

in

the Portfolio

of

investments.

When a

Fund

writes

an

option,

an

amount

equal

to

the

net

premium

received

(the

premium

less

commission)

is

recognized

as

a

liability

on

the

Statement

of

Assets

and

Liabilities

and

is

subsequently

adjusted

to

reflect

the

current

value

of

the

written

option

until

the

option

is

exercised

or

expires

or

the

Fund

enters

into

a

closing

purchase

transaction.

The

changes

in

the

value

of

options

purchased

and/or

written

during

the

fiscal

period

are

recognized

as

in

unrealized

appreciation

(depreciation)

on

the

Statement

of

Operations.

When

an

option

expires,

the

premiums

received

or

paid

are

recognized

as

realized

gains

or

losses

on

the

Statement

of

Operations.

When

an

option

is

exercised

or

a

closing

purchase

transaction

is

entered

into,

the

difference

between

the

premium

and

the

amount

received

or

paid

in

a

closing

transaction

is

recognized

as

a

realized

gain

or

loss

on

the

Statement

of

Operations.

The

market

risk

associated

with

purchasing

options

is

limited

to

the

premium

paid.

The

Fund,

as

writer

of

an

option,

has

no

control

over

whether

the

underlying

instrument

may

be

sold

(called)

or

purchased

(put)

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

market

value

of

the

instrument

underlying

the

written

option.

There

is

also

the

risk

the

Fund may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

The

average

notional

amount

of

options

contracts

purchased

and

options

contracts

written outstanding

during

the

current

fiscal

period

ended

was

as

follows:

Asset

Derivatives

Liability

Derivatives

Derivative

Instrument

Risk

Exposure

Location

Value

Location

Value

Quant

Small-Cap

Equity

Fund

Futures

contracts

Equity

-

$

–

Unrealized

depreciation

on

futures

contracts

*

$

(236,107)

1

1

1

1

1

1

1

1

Social

Choice

Equity

Fund

Futures

contracts

Equity

Unrealized

appreciation

on

futures

contracts

*

399,737

-

–

1

1

1

1

1

1

1

1

Social

Choice

Low

Carbon

Equity

Fund

Futures

contracts

Equity

Unrealized

appreciation

on

futures

contracts

*

256,458

-

–

1

1

1

1

1

1

1

1

Social

Choice

International

Equity

Fund

Futures

contracts

Equity

Unrealized

appreciation

on

futures

contracts

*

72,104

-

–

1

1

1

1

1

1

1

1

*

Value

represents

the

cumulative

unrealized

appreciation

(depreciation)

of

cleared

derivative

contracts

as

reported

in

the

Fund's

Portfolio

of

investments.

The

Statement

of

Assets

and

Liabilities

only

reflects

the

current

day

variation

margin

receivable/payable

from/to

brokers

on

open

cleared

derivative

contracts.

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

2.1

Growth

&

Income

Fund

Purchased

option

contracts

Equity

$

(74,516)

$

60,442

Written

option

contracts

Equity

1,402,499

(2,869,338)

2.6

Quant

Small-Cap

Equity

Fund

Futures

contracts

Equity

(131,898)

(1,654,650)

2.8

Social

Choice

Equity

Fund

Futures

contracts

Equity

2,592,143

(455,523)

2.9

Social

Choice

Low

Carbon

Equity

Fund

Futures

contracts

Equity

990,081

(42,272)

3.4

Social

Choice

International

Equity

Fund

Futures

contracts

Equity

3,992,463

(119,944)

Notes

to

Financial

Statements

(Unaudited)

(continued)

166

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:

Fund

Average

Notional

Amount

of

Options

Contracts

Purchased

Outstanding*

2.1

Growth

&

Income

$

27,114

Fund

Average

Notional

Amount

of

Options

Contracts

Written

Outstanding*

2.1

Growth

&

Income

$

(8,542,740)

*

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.

Fund

Average

Notional

Amount

of

Futures

Contracts

Outstanding*

2.6

Quant

Small-Cap

Equity

$

30,079,040

2.8

Social

Choice

Equity

21,249,207

2.9

Social

Choice

Low

Carbon

Equity

8,823,856

3.4

Social

Choice

International

Equity

14,822,654

*

The

average

notional

amount

is

calculated

based

on

the

absolute

aggregate

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.

167

6.

Fund

Shares

Transactions

in

Fund

shares

during

the

current

and

prior

fiscal

period

were

as

follows:

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

2.1

Growth

&

Income

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

4,239,578

$

53,983,821

8,490,053

$

130,746,149

Advisor

Class

16,392

212,417

89,305

1,421,455

Premier

Class

12,332

164,109

42,495

662,024

Retirement

Class

231,194

3,098,000

641,804

10,344,439

Retail

Class

516,932

10,468,776

1,492,125

35,037,623

Class

W

12,253,716

157,082,918

20,899,113

299,996,084

Total

subscriptions

17,270,144

225,010,041

31,654,895

478,207,774

Reinvestments

of

distributions:

Institutional

Class

8,328,370

104,917,989

17,832,373

301,560,693

Advisor

Class

16,784

211,774

33,263

562,755

Premier

Class

53,096

670,952

201,823

3,432,406

Retirement

Class

2,378,096

30,835,000

5,413,062

94,124,567

Retail

Class

3,277,080

64,194,440

7,365,804

188,296,167

Class

W

10,835,970

136,316,498

25,074,381

427,267,439

Total

reinvestments

of

distributions

24,889,396

337,146,653

55,920,706

1,015,244,027

Redemptions:

Institutional

Class

(9,988,023)

(131,107,340)

(25,410,724)

(394,600,558)

Advisor

Class

(37,722)

(489,626)

(69,019)

(1,059,066)

Premier

Class

(79,934)

(1,045,720)

(658,497)

(10,251,892)

Retirement

Class

(2,328,798)

(31,513,930)

(5,070,876)

(81,527,001)

Retail

Class

(2,611,362)

(52,685,240)

(4,092,978)

(93,969,596)

Class

W

(18,543,609)

(252,632,617)

(31,518,130)

(496,827,353)

Total

redemptions

(33,589,448)

(469,474,473)

(66,820,224)

(1,078,235,466)

Net

increase

(decrease)

from

shareholder

transactions

8,570,092

$

92,682,221

20,755,377

$

415,216,335

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

2.2

Large-Cap

Growth

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

5,101,245

$

87,662,509

14,981,051

$

302,444,472

Advisor

Class

4,500

76,486

96,786

2,211,313

Premier

Class

65,606

1,142,825

173,974

3,407,594

Retirement

Class

811,497

14,480,285

895,853

18,053,754

Retail

Class

674,401

11,760,128

1,916,865

39,782,138

Class

W

6,672,837

115,689,209

24,427,453

466,466,389

Total

subscriptions

13,330,086

230,811,442

42,491,982

832,365,660

Reinvestments

of

distributions:

Institutional

Class

278,361

4,623,585

7,531,805

180,688,008

Advisor

Class

686

11,384

20,569

493,249

Premier

Class

1,637

27,185

61,012

1,463,685

Retirement

Class

18,357

301,793

1,822,257

43,242,143

Retail

Class

88,510

1,463,076

5,499,306

131,323,453

Class

W

1,065,651

17,679,144

12,901,904

309,387,666

Total

reinvestments

of

distributions

1,453,202

24,106,167

27,836,853

666,598,204

Redemptions:

Institutional

Class

(12,806,571)

(218,090,611)

(20,654,785)

(416,502,427)

Advisor

Class

(60,077)

(1,026,326)

(95,716)

(1,893,804)

Premier

Class

(116,441)

(2,009,367)

(145,540)

(2,956,166)

Retirement

Class

(1,178,316)

(20,020,344)

(3,982,522)

(81,059,809)

Retail

Class

(2,314,557)

(39,287,373)

(5,590,529)

(109,376,418)

Class

W

(17,239,584)

(292,744,083)

(23,020,176)

(455,263,080)

Total

redemptions

(33,715,546)

(573,178,104)

(53,489,268)

(1,067,051,704)

Net

increase

(decrease)

from

shareholder

transactions

(18,932,258)

$

(318,260,495)

16,839,567

$

431,912,160

Notes

to

Financial

Statements

(Unaudited)

(continued)

168

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

2.3

Large-Cap

Value

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

4,181,445

$

81,249,788

13,008,661

$

265,829,866

Advisor

Class

959

18,795

6,178

119,195

Premier

Class

242,002

4,745,133

563,356

11,551,573

Retirement

Class

1,497,670

28,644,287

3,255,980

65,280,711

Retail

Class

136,895

2,547,092

584,468

11,557,732

Class

W

6,483,124

127,842,381

15,818,173

309,346,128

Total

subscriptions

12,542,095

245,047,476

33,236,816

663,685,205

Reinvestments

of

distributions:

Institutional

Class

5,413,517

103,452,307

7,412,476

158,256,372

Advisor

Class

1,143

21,826

1,501

32,012

Premier

Class

205,487

3,922,745

311,289

6,636,672

Retirement

Class

1,421,752

27,084,386

2,029,223

43,181,838

Retail

Class

459,124

8,291,792

652,460

13,205,794

Class

W

7,272,528

138,905,276

11,554,815

246,579,754

Total

reinvestments

of

distributions

14,773,551

281,678,332

21,961,764

467,892,442

Redemptions:

Institutional

Class

(10,932,434)

(213,472,654)

(9,941,840)

(206,536,421)

Advisor

Class

(1,799)

(35,024)

(4,880)

(93,069)

Premier

Class

(281,612)

(5,451,009)

(810,031)

(16,550,354)

Retirement

Class

(1,899,381)

(37,152,585)

(3,210,189)

(65,540,839)

Retail

Class

(378,672)

(6,961,436)

(562,701)

(10,815,715)

Class

W

(21,884,814)

(435,720,384)

(29,324,906)

(608,893,695)

Total

redemptions

(35,378,712)

(698,793,092)

(43,854,547)

(908,430,093)

Net

increase

(decrease)

from

shareholder

transactions

(8,063,066)

$

(172,067,284)

11,344,033

$

223,147,554

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

2.4

Mid-Cap

Growth

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

468,723

$

8,338,963

1,247,820

$

28,664,645

Advisor

Class

1,947

32,282

17,362

416,895

Premier

Class

59,945

1,026,039

209,301

4,632,804

Retirement

Class

267,710

4,506,656

1,283,953

28,803,740

Retail

Class

142,865

2,323,954

441,189

8,412,668

Total

subscriptions

941,190

16,227,894

3,199,625

70,930,752

Reinvestments

of

distributions:

Institutional

Class

200,541

3,369,082

5,508,790

134,634,833

Advisor

Class

48

804

37,350

912,074

Premier

Class

6,871

114,134

311,852

7,531,219

Retirement

Class

57,447

915,705

2,903,192

67,266,962

Retail

Class

38,263

607,615

1,591,397

36,761,274

Total

reinvestments

of

distributions

303,170

5,007,340

10,352,581

247,106,362

Redemptions:

Institutional

Class

(5,068,863)

(86,713,411)

(7,303,974)

(146,023,493)

Advisor

Class

(2,364)

(41,581)

(289,345)

(6,181,152)

Premier

Class

(251,333)

(4,320,578)

(760,805)

(15,540,024)

Retirement

Class

(1,666,513)

(27,304,457)

(3,446,493)

(62,640,317)

Retail

Class

(501,729)

(8,226,523)

(1,294,532)

(24,714,782)

Total

redemptions

(7,490,802)

(126,606,550)

(13,095,149)

(255,099,768)

Net

increase

(decrease)

from

shareholder

transactions

(6,246,442)

$

(105,371,316)

457,057

$

62,937,346

169

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

2.5

Mid-Cap

Value

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

1,737,853

$

27,203,822

2,583,227

$

47,301,175

Advisor

Class

8

120

16,721

305,463

Premier

Class

229,733

3,637,974

257,898

4,608,802

Retirement

Class

545,304

8,455,359

424,665

7,699,439

Retail

Class

148,736

2,287,661

429,921

7,716,476

Total

subscriptions

2,661,634

41,584,936

3,712,432

67,631,355

Reinvestments

of

distributions:

Institutional

Class

9,382,788

142,899,865

8,990,595

169,742,430

Advisor

Class

3,309

50,331

2,256

42,537

Premier

Class

472,687

7,189,570

518,991

9,782,982

Retirement

Class

4,041,878

60,991,942

4,138,281

77,510,009

Retail

Class

1,794,077

26,032,046

1,652,387

29,908,188

Total

reinvestments

of

distributions

15,694,739

237,163,754

15,302,510

286,986,146

Redemptions:

Institutional

Class

(6,629,490)

(105,679,141)

(9,973,040)

(185,727,442)

Advisor

Class

(1,926)

(29,407)

(11,901)

(218,577)

Premier

Class

(240,098)

(3,600,435)

(1,162,654)

(21,121,777)

Retirement

Class

(2,274,675)

(35,711,712)

(5,469,080)

(98,836,684)

Retail

Class

(651,749)

(9,725,840)

(1,284,057)

(22,257,535)

Total

redemptions

(9,797,938)

(154,746,535)

(17,900,732)

(328,162,015)

Net

increase

(decrease)

from

shareholder

transactions

8,558,435

$

124,002,155

1,114,210

$

26,455,486

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

2.6

Quant

Small-Cap

Equity

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

5,218,123

$

83,139,452

16,126,576

$

276,499,544

Advisor

Class

924

15,436

22,496

363,757

Premier

Class

310,186

4,932,565

484,253

8,313,921

Retirement

Class

720,548

11,069,776

1,793,463

32,286,648

Retail

Class

234,886

3,521,737

453,653

7,447,328

Class

W

2,149,902

33,919,101

4,998,057

81,506,587

Total

subscriptions

8,634,569

136,598,067

23,878,498

406,417,785

Reinvestments

of

distributions:

Institutional

Class

5,912,184

90,752,021

14,531,570

269,705,941

Advisor

Class

3,412

52,375

6,108

113,370

Premier

Class

230,211

3,508,417

764,693

14,093,294

Retirement

Class

1,442,016

21,284,154

4,513,938

80,709,212

Retail

Class

505,471

7,324,277

1,535,785

26,999,078

Class

W

2,333,044

35,742,230

7,552,097

140,015,877

Total

reinvestments

of

distributions

10,426,338

158,663,474

28,904,191

531,636,772

Redemptions:

Institutional

Class

(9,991,321)

(163,455,143)

(4,335,640)

(80,106,200)

Advisor

Class

(11,176)

(171,523)

(1,966)

(30,180)

Premier

Class

(219,257)

(3,373,404)

(1,179,900)

(19,937,097)

Retirement

Class

(1,797,765)

(27,450,453)

(3,446,184)

(57,477,667)

Retail

Class

(441,972)

(6,684,611)

(899,152)

(15,032,455)

Class

W

(5,569,335)

(91,797,608)

(11,393,795)

(206,193,627)

Total

redemptions

(18,030,826)

(292,932,742)

(21,256,637)

(378,777,226)

Net

increase

(decrease)

from

shareholder

transactions

1,030,081

$

2,328,799

31,526,052

$

559,277,331

Notes

to

Financial

Statements

(Unaudited)

(continued)

170

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

2.7

Quant

Small/Mid-Cap

Equity

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

3,153,886

$

37,915,106

2,031,284

$

27,012,964

Advisor

Class

857,189

10,715,083

817,462

11,493,848

Premier

Class

–

–

610

8,643

Retirement

Class

5,495,580

68,300,331

14,111,284

191,972,746

Retail

Class

208,127

2,506,529

562,167

8,296,946

Class

W

949,201

12,058,651

17,755,879

235,490,837

Total

subscriptions

10,663,983

131,495,700

35,278,686

474,275,984

Reinvestments

of

distributions:

Institutional

Class

399,271

4,767,290

711,077

10,538,161

Advisor

Class

97,241

1,163,005

110,421

1,639,747

Premier

Class

–

–

814

12,150

Retirement

Class

1,629,553

19,326,503

1,243,075

18,322,925

Retail

Class

98,768

1,171,387

215,044

3,167,605

Class

W

5,052,909

60,331,731

10,954,592

162,456,600

Total

reinvestments

of

distributions

7,277,742

86,759,916

13,235,023

196,137,188

Redemptions:

Institutional

Class

(2,092,156)

(25,678,430)

(988,785)

(14,019,893)

Advisor

Class

(139,294)

(1,715,399)

(340,481)

(4,545,705)

Premier

Class

–

–

(5,247)

(67,861)

Retirement

Class

(151,548)

(1,774,415)

(328,664)

(4,910,103)

Retail

Class

(138,164)

(1,672,288)

(359,687)

(5,028,032)

Class

W

(19,874,939)

(250,331,403)

(14,575,649)

(213,407,482)

Total

redemptions

(22,396,101)

(281,171,935)

(16,598,513)

(241,979,076)

Net

increase

(decrease)

from

shareholder

transactions

(4,454,376)

$

(62,916,319)

31,915,196

$

428,434,096

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

2.8

Social

Choice

Equity

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

12,190,240

$

281,897,235

26,193,208

$

679,611,546

Advisor

Class

239,655

5,490,524

214,091

5,596,223

Premier

Class

311,016

7,178,203

532,765

13,799,464

Retirement

Class

259,814

6,126,747

1,167,869

30,641,791

Retail

Class

541,919

10,880,444

2,648,384

60,548,759

Total

subscriptions

13,542,644

311,573,153

30,756,317

790,197,783

Reinvestments

of

distributions:

Institutional

Class

8,697,336

197,777,413

17,427,754

486,234,335

Advisor

Class

70,354

1,598,445

134,525

3,750,561

Premier

Class

138,358

3,135,205

346,056

9,616,910

Retirement

Class

1,506,586

34,952,806

3,091,900

87,902,705

Retail

Class

1,447,972

28,452,626

2,702,625

65,619,749

Total

reinvestments

of

distributions

11,860,606

265,916,495

23,702,860

653,124,260

Redemptions:

Institutional

Class

(34,624,618)

(800,601,639)

(35,014,554)

(888,621,580)

Advisor

Class

(137,580)

(3,189,325)

(414,757)

(10,581,744)

Premier

Class

(373,621)

(8,642,870)

(1,544,503)

(39,671,922)

Retirement

Class

(4,456,858)

(105,768,285)

(4,009,215)

(101,768,473)

Retail

Class

(1,523,949)

(30,418,190)

(3,214,352)

(70,851,820)

Total

redemptions

(41,116,626)

(948,620,309)

(44,197,381)

(1,111,495,539)

Net

increase

(decrease)

from

shareholder

transactions

(15,713,376)

$

(371,130,661)

10,261,796

$

331,826,504

171

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

2.9

Social

Choice

Low

Carbon

Equity

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

1,675,140

$

28,814,707

12,217,458

$

225,663,997

Advisor

Class

34,962

613,298

257,725

5,005,498

Premier

Class

43,047

739,519

85,087

1,590,092

Retirement

Class

1,375,650

23,674,305

5,806,424

108,015,414

Retail

Class

241,019

4,144,523

646,443

12,428,543

Total

subscriptions

3,369,818

57,986,352

19,013,137

352,703,544

Reinvestments

of

distributions:

Institutional

Class

400,725

6,788,288

939,411

19,079,440

Advisor

Class

7,781

131,732

18,240

370,080

Premier

Class

5,737

97,420

15,729

320,111

Retirement

Class

508,905

8,580,131

1,453,537

29,390,504

Retail

Class

49,617

837,526

165,170

3,341,379

Total

reinvestments

of

distributions

972,765

16,435,097

2,592,087

52,501,514

Redemptions:

Institutional

Class

(3,900,392)

(66,619,351)

(6,004,414)

(109,525,821)

Advisor

Class

(78,992)

(1,384,266)

(99,286)

(1,779,612)

Premier

Class

(26,548)

(456,843)

(30,280)

(539,660)

Retirement

Class

(422,437)

(7,241,518)

(318,448)

(5,673,242)

Retail

Class

(160,437)

(2,748,010)

(509,775)

(9,477,384)

Total

redemptions

(4,588,806)

(78,449,988)

(6,962,203)

(126,995,719)

Net

increase

(decrease)

from

shareholder

transactions

(246,223)

$

(4,028,539)

14,643,021

$

278,209,339

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

3.01

Emerging

Markets

Equity

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

2,353,955

$

17,619,699

6,576,268

$

51,872,443

Advisor

Class

–

–

24,644

190,001

Premier

Class

77,294

582,417

127,351

1,022,624

Retirement

Class

809,684

6,151,431

770,394

6,369,796

Retail

Class

116,853

896,104

256,070

2,106,674

Class

W

12,631,102

93,756,715

96,610,410

736,055,178

Total

subscriptions

15,988,888

119,006,366

104,365,137

797,616,716

Reinvestments

of

distributions:

Institutional

Class

15,028

110,455

6,287,030

57,149,105

Advisor

Class

4

29

636

5,799

Premier

Class

193

1,418

224,863

2,046,257

Retirement

Class

1,366

10,002

2,100,518

19,009,686

Retail

Class

–

–

187,808

1,707,178

Class

W

1,536,230

11,306,655

28,789,939

261,412,650

Total

reinvestments

of

distributions

1,552,821

11,428,559

37,590,794

341,330,675

Redemptions:

Institutional

Class

(4,065,919)

(30,118,782)

(8,938,105)

(73,621,431)

Advisor

Class

(14,666)

(107,648)

(11,980)

(83,207)

Premier

Class

(71,739)

(533,680)

(156,811)

(1,314,333)

Retirement

Class

(1,213,052)

(9,048,827)

(1,944,866)

(16,269,473)

Retail

Class

(130,976)

(988,509)

(314,784)

(2,637,789)

Class

W

(44,105,801)

(328,744,779)

(30,280,297)

(261,953,506)

Total

redemptions

(49,602,153)

(369,542,225)

(41,646,843)

(355,879,739)

Net

increase

(decrease)

from

shareholder

transactions

(32,060,444)

$

(239,107,300)

100,309,088

$

783,067,652

Notes

to

Financial

Statements

(Unaudited)

(continued)

172

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

3.1

International

Equity

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

6,631,768

$

78,746,786

33,823,666

$

397,769,775

Advisor

Class

792

9,965

47,398

559,376

Premier

Class

359,734

4,192,886

815,790

10,081,202

Retirement

Class

1,018,875

12,714,555

1,767,094

22,741,969

Retail

Class

380,283

2,747,292

886,963

6,822,574

Class

W

7,541,127

89,231,107

130,258,327

1,411,129,296

Total

subscriptions

15,932,579

187,642,591

167,599,238

1,849,104,192

Reinvestments

of

distributions:

Institutional

Class

4,376,215

50,413,993

5,311,735

73,939,350

Advisor

Class

3,980

46,930

5,357

76,281

Premier

Class

114,195

1,314,382

144,316

2,007,432

Retirement

Class

514,074

6,179,175

768,439

11,150,053

Retail

Class

977,250

6,821,204

1,301,068

11,137,143

Class

W

7,295,845

84,267,010

6,948,596

96,863,433

Total

reinvestments

of

distributions

13,281,559

149,042,694

14,479,511

195,173,692

Redemptions:

Institutional

Class

(20,082,552)

(238,099,292)

(20,613,377)

(254,136,131)

Advisor

Class

(31,032)

(373,300)

(56,802)

(691,357)

Premier

Class

(284,185)

(3,464,020)

(764,750)

(9,807,232)

Retirement

Class

(2,036,752)

(25,186,316)

(4,974,263)

(62,428,214)

Retail

Class

(1,438,276)

(10,323,680)

(2,724,032)

(20,426,949)

Class

W

(60,875,791)

(722,016,206)

(26,768,058)

(329,829,265)

Total

redemptions

(84,748,588)

(999,462,814)

(55,901,282)

(677,319,148)

Net

increase

(decrease)

from

shareholder

transactions

(55,534,450)

$

(662,777,529)

126,177,467

$

1,366,958,736

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

3.2

International

Opportunities

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

494,611

$

6,625,515

1,720,240

$

26,529,785

Advisor

Class

115,349

1,550,850

492,704

6,350,328

Premier

Class

4,895

68,042

151,295

2,406,932

Retirement

Class

35,440

494,867

92,630

1,391,678

Retail

Class

361,726

5,031,367

188,107

2,683,186

Class

W

9,117,377

122,075,169

31,181,323

464,581,709

Total

subscriptions

10,129,398

135,845,810

33,826,299

503,943,618

Reorganization

(see

note

1):

Institutional

Class

–

–

1,697,847

21,358,920

Advisor

Class

–

–

4,192,145

52,653,335

Retail

Class

–

–

2,349,147

29,505,285

Class

W

–

–

28,598,123

360,050,363

Total

reorganization

–

–

36,837,262

463,567,903

Reinvestments

of

distributions:

Institutional

Class

4,498

59,919

743,067

12,354,256

Advisor

Class

920

12,237

28,435

448,767

Premier

Class

64

860

2,169

28,580

Retirement

Class

3,147

41,756

787,831

13,179,220

Retail

Class

177

2,347

41,216

688,189

Class

W

232,878

3,104,263

12,406,777

203,729,523

Total

reinvestments

of

distributions

241,684

3,221,382

14,009,495

230,428,535

Redemptions:

Institutional

Class

(1,319,585)

(18,382,465)

(1,077,062)

(15,686,155)

Advisor

Class

(1,918,677)

(25,625,317)

(30,553)

(475,597)

Premier

Class

(1,261)

(17,254)

(995)

(13,696)

Retirement

Class

(843,335)

(11,525,009)

(2,014,103)

(30,428,952)

Retail

Class

(306,285)

(4,139,747)

(116,497)

(1,758,640)

Class

W

(29,505,012)

(405,762,113)

(17,529,734)

(251,578,035)

Total

redemptions

(33,894,155)

(465,451,905)

(20,768,944)

(299,941,075)

Net

increase

(decrease)

from

shareholder

transactions

(23,523,073)

$

(326,384,713)

63,904,112

$

897,998,981

173

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:

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

3.3

Quant

International

Small-Cap

Equity

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

118,922

$

1,101,816

1,015,089

$

10,412,826

Advisor

Class

–

–

–

–

Premier

Class

–

–

–

–

Retirement

Class

24,092

226,358

719,058

7,229,214

Retail

Class

3,027

31,441

6,966

75,837

Class

W

2,972,029

27,479,453

17,098,702

168,518,734

Total

subscriptions

3,118,070

28,839,068

18,839,815

186,236,611

Reinvestments

of

distributions:

Institutional

Class

246,988

2,264,874

477,425

5,394,899

Advisor

Class

–

–

–

–

Premier

Class

–

–

–

–

Retirement

Class

31,212

285,902

23,679

267,572

Retail

Class

2,802

25,779

5,279

59,813

Class

W

4,848,269

44,458,629

8,621,993

97,600,960

Total

reinvestments

of

distributions

5,129,271

47,035,184

9,128,376

103,323,244

Redemptions:

Institutional

Class

(1,159,950)

(11,003,112)

(806,177)

(8,392,506)

Advisor

Class

–

–

–

–

Premier

Class

–

–

–

–

Retirement

Class

(160,133)

(1,502,276)

(130,592)

(1,306,110)

Retail

Class

(8,033)

(76,375)

(7,647)

(80,518)

Class

W

(24,531,404)

(233,223,648)

(15,191,250)

(160,256,693)

Total

redemptions

(25,859,520)

(245,805,411)

(16,135,666)

(170,035,827)

Net

increase

(decrease)

from

shareholder

transactions

(17,612,179)

$

(169,931,159)

11,832,525

$

119,524,028

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

3.4

Social

Choice

International

Equity

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

10,592,375

$

121,918,120

32,956,696

$

386,940,795

Advisor

Class

223,701

2,601,090

895,856

9,767,041

Premier

Class

6,309

75,995

6,715

78,149

Retirement

Class

7,160,006

84,040,775

15,949,816

190,021,816

Retail

Class

420,024

4,965,625

989,522

12,210,822

Total

subscriptions

18,402,415

213,601,605

50,798,605

599,018,623

Reinvestments

of

distributions:

Institutional

Class

990,732

11,205,179

837,545

11,047,222

Advisor

Class

16,411

185,604

4,833

63,694

Premier

Class

556

6,305

750

9,913

Retirement

Class

959,037

10,817,941

885,076

11,638,754

Retail

Class

40,582

458,165

48,209

634,425

Total

reinvestments

of

distributions

2,007,318

22,673,194

1,776,413

23,394,008

Redemptions:

Institutional

Class

(7,247,210)

(85,374,979)

(9,861,747)

(112,953,530)

Advisor

Class

(115,521)

(1,371,096)

(245,872)

(2,476,276)

Premier

Class

(5,049)

(60,184)

(2,912)

(32,711)

Retirement

Class

(20,893)

(239,358)

(91,973)

(1,070,872)

Retail

Class

(244,161)

(2,878,821)

(542,892)

(6,540,478)

Total

redemptions

(7,632,834)

(89,924,438)

(10,745,396)

(123,073,867)

Net

increase

(decrease)

from

shareholder

transactions

12,776,899

$

146,350,361

41,829,622

$

499,338,764

Notes

to

Financial

Statements

(Unaudited)

(continued)

174

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:

As

of

prior

fiscal

period

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire: 

8.

Investment

Adviser

and

Other

Transactions

with

Affiliates

Under

the

terms

of

the

Investment

Management

Agreement

with

respect

to

each

Fund, the

Adviser provides

asset

management

services

to

the

Fund

for

an

annual

fee,

payable

monthly.

The

Funds

have

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.

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

2.1

Growth

&

Income

$4,124,874,208

$1,340,031,815

$(129,797,588)

$1,210,234,227

2.2

Large-Cap

Growth

3,226,067,138

1,966,816,940

(185,226,717)

1,781,590,223

2.3

Large-Cap

Value

3,252,302,055

1,535,020,790

(64,098,069)

1,470,922,721

2.4

Mid-Cap

Growth

1,012,068,971

201,804,115

(144,810,221)

56,993,894

2.5

Mid-Cap

Value

1,588,293,736

199,020,561

(105,773,612)

93,246,949

2.6

Quant

Small-Cap

Equity

2,334,150,273

477,376,856

(253,234,334)

224,142,522

2.7

Quant

Small/Mid-Cap

Equity

966,962,929

206,060,627

(83,301,471)

122,759,156

2.8

Social

Choice

Equity

4,009,950,891

2,158,560,790

(343,365,448)

1,815,195,342

2.9

Social

Choice

Low

Carbon

Equity

1,034,255,632

173,902,320

(87,697,463)

86,204,857

3.01

Emerging

Markets

Equity

1,631,988,553

186,392,620

(245,033,691)

(58,641,071)

3.1

International

Equity

5,521,659,114

1,451,149,288

(226,313,463)

1,224,835,825

3.2

International

Opportunities

1,960,125,294

685,915,990

(191,122,901)

494,793,089

3.3

Quant

International

Small-Cap

Equity

1,156,901,691

117,281,522

(94,755,450)

22,526,072

3.4

Social

Choice

International

Equity

1,453,632,596

197,107,248

(68,066,761)

129,040,487

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

2.1

Growth

&

Income

$24,695,085

$321,570,812

$1,724,554,283

$–

$–

$(310,429)

$2,070,509,751

2.2

Large-Cap

Growth

23,360,988

–

1,011,487,690

(15,842,152)

–

(205,504)

1,018,801,022

2.3

Large-Cap

Value

74,280,060

192,856,659

1,414,406,977

–

–

(321,644)

1,681,222,052

2.4

Mid-Cap

Growth

4,863,713

–

(79,987,969)

(82,476,807)

–

(125,810)

(157,726,873)

2.5

Mid-Cap

Value

41,363,114

189,015,912

108,091,040

–

–

(282,073)

338,187,993

2.6

Quant

Small-Cap

Equity

16,937,880

132,786,269

273,895,521

–

–

(169,451)

423,450,219

2.7

Quant

Small/Mid-Cap

Equity

9,469,120

73,534,643

107,745,946

–

–

(14,599)

190,735,110

2.8

Social

Choice

Equity

76,754,047

182,365,133

1,629,875,500

–

–

(174,951)

1,888,819,729

2.9

Social

Choice

Low

Carbon

Equity

8,694,392

6,418,088

17,087,965

–

–

(7,492)

32,192,953

3.01

Emerging

Markets

Equity

9,141,867

–

(481,474,103)

(212,672,740)

–

(60,123)

(685,065,099)

3.1

International

Equity

133,673,095

–

(140,364,041)

(248,213,298)

–

(317,817)

(255,222,061)

3.2

International

Opportunities

1,725,332

–

164,081,710

(736,958,036)

–

(53,577)

(571,204,571)

3.3

Quant

International

Small-Cap

Equity

41,735,100

–

(191,858,954)

(119,568,686)

–

(18,546)

(269,711,086)

3.4

Social

Choice

International

Equity

25,726,156

–

(151,719,054)

(7,143,343)

–

(7,245)

(133,143,486)

Fund

Short-Term

Long-Term

Total

2.1

Growth

&

Income

$

–

$

–

$

–

2.2

Large-Cap

Growth

15,842,152

–

15,842,152

2.3

Large-Cap

Value

–

–

–

2.4

Mid-Cap

Growth

82,476,807

–

82,476,807

2.5

Mid-Cap

Value

–

–

–

2.6

Quant

Small-Cap

Equity

–

–

–

2.7

Quant

Small/Mid-Cap

Equity

–

–

–

2.8

Social

Choice

Equity

–

–

–

2.9

Social

Choice

Low

Carbon

Equity

–

–

–

3.01

Emerging

Markets

Equity

198,236,601

14,436,139

212,672,740

3.1

International

Equity

236,086,832

12,126,466

248,213,298

3.2

International

Opportunities*

635,592,974

101,365,062

736,958,036

3.3

Quant

International

Small-Cap

Equity

119,568,686

–

119,568,686

3.4

Social

Choice

International

Equity

6,008,832

1,134,511

7,143,343

*

A

portion

of

International

Opportunities'

capital

loss

carryforwards

is

subject

to

limitation

under

the

Internal

Revenue

Code

and

regulated

regulations.

175

Under

the

terms

of

a

Retirement

Class

Service

Agreement

with

respect

to

each

Fund,

the

Retirement

Class

of

the

Fund

incurs

an

annual

fee

of

0.25%

of

the

daily

net

assets,

payable

monthly

to

the

Adviser,

for

certain

administrative

costs

associated

with

the

maintenance

of

Retirement

Class

shares

on

retirement

plan

or

other

platforms.

Substantially

all

of

the

Retirement

Class

shareholder

servicing

fees

reported

on

the

Statement

of

Operations

are

paid

to

the

Adviser

under

the

Service

Agreement.

Under

the

terms

of

a

distribution

Rule

12b-1

plan,

the

Retail

Class

of

each

Fund

compensates

Nuveen

Securities

for

providing

distribution,

promotional

and/or

shareholder

services

to

the

Retail

Class

of

the

Fund

at

the

annual

rate

of

0.25%

of

the

average

daily

net

assets

attributable

to

the

Fund’s

Retail

Class.

The

Premier

Class

of

each

Fund

is

subject

to

a

distribution

Rule

12b-1

plan

that

compensates

Nuveen

Securities

for

providing

distribution,

promotional

and/or

shareholder

services

to

the

Premier

Class

of

the

Fund

at

the

annual

rate

of

0.15%

of

the

average

daily

net

assets

attributable

to

the

Fund’s

Premier

Class.

The

Adviser has

contractually

agreed

to

waive

and/or

reimburse

Class

W’s

shares’

Management

fees

and

Other

expenses

(excluding

interest,

taxes,

brokerage

commissions

or

other

transactional

expenses,

acquired

fund

fees

and

expenses,

trustee

expenses

and

extraordinary

expenses)

in

their

entirety.

The

Adviser

expects

this

waiver

and/or

reimbursement

to

remain

in

effect

indefinitely,

unless

changed

or

terminated

with

approval

of

the

Board.

The

Management

fees

and

Other

expenses

of

Class

W

shares

that

have

been

waived

by the

Adviser may

be

incurred

directly

or

indirectly,

all

or

in

part,

by

investors

in

Class

W

shares.

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

reporting

period,

the

investment

management

fee,

service

agreement

fee,

distribution

fee

and

maximum

expense

amounts

(after

waivers

and

reimbursements)

are

equal

to

the

following

noted

annual

percentage

of

average

daily

net

assets

for

each

class:

Investment

Management

Fee

Range

Investment

Management

Fee-

Effective

Rate

Maximum

Expense

Amounts‡

Fund

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Class

W

2.1

Growth

&

Income*

0.300

%

—0.450

%

0.401

%

0.520

%

0.670

%

0.670

%

0.770

%

0.870

%

0.520

%

2.2

Large-Cap

Growth*

0.300

%

—0.450

%

0.405

0.520

0.670

0.670

0.770

0.870

0.520

2.3

Large-Cap

Value*

0.300

%

—0.450

%

0.404

0.520

0.670

0.670

0.770

0.870

0.520

2.4

Mid-Cap

Growth*

0.290

%

—0.480

%

0.461

0.550

0.700

0.700

0.800

0.900

–

2.5

Mid-Cap

Value*

0.290

%

—0.480

%

0.441

0.550

0.700

0.700

0.800

0.900

–

2.6

Quant

Small-Cap

Equity*

0.270

%

—0.460

%

0.404

0.530

0.680

0.680

0.780

0.880

0.530

2.7

Quant

Small/Mid-Cap

Equity*

0.270

%

—0.460

%

0.439

0.530

0.680

0.680

0.780

0.880

0.530

2.8

Social

Choice

Equity

0.150

%

0.150

0.220

0.370

0.370

0.470

0.570

–

2.9

Social

Choice

Low

Carbon

Equity*

0.200

%

—0.250

%

0.249

0.320

0.470

0.470

0.570

0.670

–

3.01

Emerging

Markets

Equity*

0.700

%

—0.850

%

0.838

0.950

1.100

1.100

1.200

1.300

0.950

3.1

International

Equity*

0.350

%

—0.500

%

0.442

0.600

0.750

0.750

0.850

0.950

0.600

3.2

International

Opportunities*

0.450

%

—0.600

%

0.578

0.700

0.850

0.850

0.950

1.050

0.700

3.3

Quant

International

Small-Cap

Equity*

0.500

%

—0.650

%

0.645

0.750

0.900

0.900

1.000

1.100

0.750

3.4

Social

Choice

International

Equity*

0.250

%

—0.300

%

0.297

0.400

0.550

0.550

0.650

0.750

–

*

This

Fund

is

subject

to

a

breakpoint

schedule

on

its

investment

management

fee,

which

reduces

this

fee

as

the

Fund’s

net

assets

increase.

‡

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

February

29,

2024.

The

reimbursement

arrangements

can

only

be

changed

with

the

approval

of

the

Board.

Notes

to

Financial

Statements

(Unaudited)

(continued)

176

Prior

to

March

1,

2023,

the

investment

management

fee

and

maximum

expense

amounts

(after

waivers

and

reimbursements)

were

equal

to

the

following

noted

annual

percentage

of

average

daily

net

assets

for

each

class:

Effective

May

1,

2022,

for

a

one

year

period, the

Adviser agreed

to

voluntarily

waive

a

portion

of

the

investment

management

fee

and/or

the

expense

cap

for

certain

funds.

This

waiver

is

voluntary

in

nature

and

can

be

discontinued

at

any

time

without

prior

notice

to

shareholders

upon

Board

approval.

The

investment

management

fee

and

maximum

expense

amounts

(after

voluntary

waivers)

are

equal

to

the

following

noted

annual

percentage

of

average

daily

net

assets

for

each

class,

inclusive

of

voluntary

and

contractual

waivers:

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 is

recognized

in

"Other

income"

on

the

Statement

of

Operations.

During

the

current

fiscal

period,

the

values

of

voluntary

compensation

were

as

follows:

The Funds may

purchase

or

sell

investment

securities

in

transactions

with

affiliated

entities

under

procedures

adopted

by

the

Board,

pursuant

to

the

1940

Act.

These

transactions

are

effected

at

market

rates

without

incurring

broker

commissions.

During

the

current

fiscal

period,

the

Funds

engaged

in

the

following

security

transactions

with

affiliated

entities: 

Investment

Management

Fee

Range

Maximum

Expense

Amounts‡

Fund

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Class

W

2.1

Growth

&

Income*

0.300

%

-

0.450

%

0.520

%

0.670

%

0.670

%

0.770

%

0.910

%

0.520

%

2.2

Large-Cap

Growth*

0.300

%

-

0.450

%

0.520

0.670

0.670

0.770

0.910

0.520

2.3

Large-Cap

Value*

0.300

%

-

0.450

%

0.520

0.670

0.670

0.770

0.910

0.520

2.4

Mid-Cap

Growth*

0.290

%

-

0.480

%

0.550

0.700

0.700

0.800

0.940

–

2.5

Mid-Cap

Value*

0.290

%

-

0.480

%

0.550

0.700

0.700

0.800

0.940

–

2.6

Quant

Small-Cap

Equity*

0.270

%

-

0.460

%

0.530

0.680

0.680

0.780

0.920

0.530

2.7

Quant

Small/Mid-Cap

Equity*

0.270

%

-

0.460

%

0.530

0.680

0.680

0.780

0.920

0.530

2.8

Social

Choice

Equity

0.150

%

0.220

0.370

0.370

0.470

0.610

–

2.9

Social

Choice

Low

Carbon

Equity*

0.200

%

-

0.250

%

0.320

0.470

0.470

0.570

0.710

–

3.01

Emerging

Markets

Equity*

0.700

%

-

0.850

%

0.950

1.100

1.100

1.200

1.340

0.950

3.1

International

Equity*

0.350

%

-

0.500

%

0.600

0.750

0.750

0.850

0.990

0.600

3.2

International

Opportunities*

0.450

%

-

0.600

%

0.700

0.850

0.850

0.950

1.090

0.700

3.3

Quant

International

Small-Cap

Equity*

0.500

%

-

0.650

%

0.750

0.900

0.900

1.000

1.140

0.750

3.4

Social

Choice

International

Equity*

0.250

%

-

0.300

%

0.400

0.550

0.550

0.650

0.790

–

*

This

Fund

is

subject

to

a

breakpoint

schedule

on

its

investment

management

fee,

which

reduces

this

fee

as

the

Fund’s

net

assets

increase.

‡

Maximum

expense

amounts

reflect

all

expenses

excluding

interest,

taxes,

brokerage

commissions

or

other

transactional

expenses,

Acquired

fund

fees

and

expenses

and

extraordinary

expenses.

The

reimbursement

arrangements

can

only

be

changed

with

the

approval

of

the

Board.

Investment

Management

Fee

Range

Maximum

Expense

Amounts‡

Fund

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Class

W

2.1

Growth

&

Income*

0.290

%

—0.440

%

0.510

%

0.660

%

0.660

%

0.760

%

0.860

%

0.510

%

2.2

Large-Cap

Growth*

0.275

%

—0.425

%

0.495

0.645

0.645

0.745

0.845

0.495

2.3

Large-Cap

Value*

0.300

%

—0.450

%

0.520

0.670

0.670

0.650

0.870

0.520

2.5

Mid-Cap

Value*

0.285

%

—0.475

%

0.545

0.695

0.695

0.795

0.895

–

2.8

Social

Choice

Equity

0.135

%

0.205

0.355

0.355

0.455

0.555

–

3.01

Emerging

Markets

Equity*

0.700

%

—0.850

%

0.950

1.100

0.940

0.940

1.235

0.950

3.2

International

Opportunities*

0.450

%

—0.600

%

0.700

0.850

0.640

0.640

1.050

0.700

*

This

Fund

is

subject

to

a

breakpoint

schedule

on

its

investment

management

fee,

which

reduces

this

fee

as

the

Fund’s

net

assets

increase.

‡

Maximum

expense

amounts

reflect

all

expenses

excluding

interest,

taxes,

brokerage

commissions

or

other

transactional

expenses,

Acquired

fund

fees

and

expenses

and

extraordinary

expenses.

The

reimbursement

arrangements

can

only

be

changed

with

the

approval

of

the

Board.

Fund

Value

3.01

Emerging

Markets

Equity

$49,076

3.2

International

Opportunities

297,573

177

A

registered

separate

account

of

TIAA

(collectively

“TIAA

Access”)

has

various

sub-accounts

that

invest

in

the

Funds,

and

certain

funds

within

the

Trust

also

make

investments

in

the

Funds.

The

following

is

the

percentage

of

the

Funds'

shares

owned

by

affiliates

as

of

the

end

of

the

reporting

period:

Companies

in

which a

Fund holds

5%

or

more

of

the

outstanding

voting

shares

are

considered

“affiliated

companies”

of

the

Fund, pursuant

to

the

1940

Act.

Information

regarding

transactions

with

affiliated

companies

is

as

follows:

9.

Emerging

Markets

Risks

The

Emerging

Markets

Equity

Fund

holds

a

large

portion

of

its

assets

in

emerging

market

securities.

Emerging

market

securities

are

often

subject

to

greater

price

volatility,

less

liquidity

and

higher

rates

of

inflation

and

deflation

than

U.S.

securities.

In

addition,

emerging

markets

may

be

subject

to

greater

political,

economic

and

social

uncertainty,

and

differing

regulatory

environments

that

may

potentially

impact

the

Fund’s

ability

to

buy

or

sell

certain

securities

or

repatriate

proceeds

to

U.S.

dollars.

Fund

Purchases

Sales

Realized

Gain

(Loss)

Growth

&

Income

$

3,671,567

$

279,092

$

20,520

Large-Cap

Growth

65,258

25,463,672

(3,177,128)

Large-Cap

Value

–

37,622,817

887,272

Mid-Cap

Growth

–

1,017,292

(34,541)

Mid-Cap

Value

195,427

1,046,224

452,797

Quant

Small-Cap

Equity

10,659,800

8,110,641

(410,881)

Quant

Small/Mid-Cap

Equity

717,854

4,090,786

(333,793)

Social

Choice

Equity

6,427,125

20,589,781

4,720,040

Social

Choice

Low

Carbon

Equity

1,727,727

2,281,250

(795,646)

Emerging

Markets

Equity

–

15,004,950

(3,637,750)

International

Equity

–

56,823,135

(8,748,851)

International

Opportunities

–

50,778,881

(6,098,621)

Quant

International

Small-Cap

Equity

5,108,991

122,952,704

(14,268,402)

Social

Choice

International

Equity

4,183,485

204,357

(17,776)

Underlying

Fund

TIAA-CREF

Lifecycle

Funds

TIAA-CREF

Lifestyle

Funds

TIAA-CREF

Managed

Allocation

Fund

TIAA

Access

Total

2.1

Growth

&

Income

44

%

2

%

1

%

5

%

52

%

2.2

Large-Cap

Growth

46

2

1

3

52

2.3

Large-Cap

Value

47

2

1

9

59

2.4

Mid-Cap

Growth

–

–

–

18

18

2.5

Mid-Cap

Value

–

–

–

23

23

2.6

Quant

Small-Cap

Equity

21

1

–

10

32

2.7

Quant

Small/Mid-Cap

Equity

58

2

1

–

61

2.8

Social

Choice

Equity

–

–

–

5

5

2.9

Social

Choice

Low

Carbon

Equity

–

–

–

3

3

3.01

Emerging

Markets

Equity

81

3

2

1

87

3.1

International

Equity

50

2

1

8

61

3.2

International

Opportunities

86

3

2

–

91

3.3

Quant

International

Small-Cap

Equity

93

4

2

–

99

3.4

Social

Choice

International

Equity

–

–

–

7

7

Issue

Value

at

10/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Shares

at

4/30/23

Value

at

4/30/23

Emerging

Markets

Equity

Fund

Common

stocks

Brazil

Arcos

Dorados

Holdings,

Inc

$

52,972,059

$

–

$

957,611

$

(20,611)

$

2,733,844

$

551,412

6,892,655

$

54,727,681

Total

$52,972,059

–

957,611

(20,611)

2,733,844

551,412

6,892,655

$54,727,681

Notes

to

Financial

Statements

(Unaudited)

(continued)

178

10.

Inter-Fund

Lending

Program

Pursuant

to

an

exemptive

order

issued

by

the

SEC,

the

Funds may

participate

in

an

inter-fund

lending

program.

This

program

allows

the

Funds to

lend

cash

to

and/or

borrow

cash

from

certain

other

affiliated

Funds for

temporary

purposes,

(e.g.,

to

satisfy

redemption

requests

or

to

cover

unanticipated

cash

shortfalls).

The

program

is

subject

to

a

number

of

conditions,

including

the

requirement

that

no

Fund may

borrow

or

lend

money

under

the

program

unless

it

receives

a

more

favorable

interest

rate

than

is

available

from

a

bank

or

other

financial

institution

for

a

comparable

transaction.

In

addition,

a

Fund may

participate

in

the

program

only

if

its

participation

is

consistent

with

the

Fund’s investment

policies

and

limitations

and

authorized

by

its

portfolio

manager(s).

During the current

reporting

period,

there

were

no

inter-fund

borrowing

or

lending

transactions. 

11.

Line

of

Credit

The Funds

participate

in

a

$1

billion

unsecured

revolving

credit

facility

that

can

be

used

for

temporary

purposes,

including,

without

limitation,

the

funding

of

shareholder

redemptions.

The

current

facility

was

entered

into

on

June

14,

2022

expiring

on

June

13,

2023,

replacing

the

previous facility,

which

expired

June

2022.

Certain

affiliated

accounts

and

mutual

funds,

each

of

which

is

managed

by the

Adviser,

or

an

affiliate

of

the

Adviser, also

participate

in

this

facility.

An

annual

commitment

fee

for

the

credit

facility

is

borne

by

the

participating

accounts

and

mutual

funds

on

a

pro

rata

basis.

Interest

associated

with

any

borrowing

under

the

facility

is

charged

to

the

borrowing

accounts

or

mutual

funds

at

a

specified

rate

of

interest.

The Funds are

not

liable

for

borrowings

under

the

facility

by

other

affiliated

accounts

or

mutual

funds.

There

were

no

borrowings

under

this

credit

facility

by

the

Funds during

the

current fiscal

period.

12.

Subsequent

Events

The

Adviser

has

agreed

to

implement

voluntary

waivers

reducing

the

management

fee

breakpoint

schedules

for

several

Funds

for

one

year

effective

May

1,

2023.

These

waivers

are

voluntary

in

nature

and

can

be

discontinued

at

any

time

without

prior

notice

to

shareholders

upon

Board

approval.

During

this

one-year

period

the

range

paid

to

the

Adviser

is

as

follows:

Also,

the

Adviser

has

agreed

to

implement

voluntary

waivers

reducing

the

expense

cap

for

several

Funds

for

one

year

effective

May

1,

2023.

These

waivers

are

voluntary

in

nature

and

can

be

discontinued

at

any

time

without

prior

notice

to

shareholders

upon

Board

approval.

During

this

one-year

period,

the

expense

cap

after

the

waiver

for

each

Fund

is

as

follows:

Fund

Waiver

Investment

Management

Fee

Waiver

Growth

&

Income

0.005%

0.295-0.445%

Mid-Cap

Value

0.005

0.285-0.475

Social

Choice

Equity

0.010

0.140

Fund

Waiver

Maximum

Expense

Amounts

Social

Choice

Low

Carbon

-

Institutional

Class

0.065%

0.255%

Social

Choice

Low

Carbon

-

Advisor

Class

0.065

0.405

Social

Choice

Low

Carbon

-

Premier

Class

0.065

0.405

Social

Choice

Low

Carbon

-

Retirement

Class

0.065

0.505

Social

Choice

Low

Carbon

-

Retail

Class

0.065

0.605

179

Additional

Fund

Information

Portfolio

holdings

The

TIAA-CREF

Funds

file

complete

portfolio

listings

with

the

Securities

and

Exchange

Commission

(SEC),

and

they

are

available

to

the

public.

You

can

obtain

a

complete

list

of

the

TIAA-CREF

Funds’

holdings

(Schedules

of

Investments)

as

of

the

most

recently

completed

fiscal

quarter

in

the

following

ways:

By

visiting

our

websites

at

TIAA.org

or

nuveen.com;

or

By

calling

us

at

800-842-2252

to

request

a

copy,

which

will

be

provided

free

of

charge.

You

can

also

obtain

a

complete

list

of

the

TIAA-CREF

Funds’

portfolio

holdings

as

of

the

most

recently

completed

fiscal

quarter,

and

for

prior

quarter-ends,

from

our

SEC

Form

N-CSR

and

Form

N-PORT

or

Form

N-Q

filings.

Form

N-CSR

filings

are

as

of

October

31

or

April

30;

Form

N-PORT

or

Form

N-Q

filings

are

as

of

January

31

or

July

31.

Copies

of

these

forms

are

available:

Through

the

Electronic

Data

Gathering

and

Retrieval

System

(EDGAR)

on

the

SEC’s

website

at

sec.gov;

or

From

the

SEC’s

Office

of

Investor

Education

and

Advocacy.

Call

202-551-8090

for

more

information.

Proxy

voting

TIAA-CREF

Funds’

ownership

of

stock

gives

it

the

right

to

vote

on

proxy

issues

of

companies

in

which

it

invests.

A

description

of

our

proxy

voting

policies

and

procedures

can

be

found

on

our

website

at

TIAA.org

or

on

the

SEC’s

website

at

sec.gov.

You

can

also

call

us

at

800-842-2252

to

request

a

free

copy.

A

report

of

how

the

funds

voted

during

the

most

recently

completed

twelve-month

period

ended

June

30

can

be

found

on

our

website

or

on

Form

N-PX

at

sec.gov.

Contacting

TIAA

There

are

three

easy

ways

to

contact

us:

by

email,

using

the

Contact

Us

link

at

the

top

of

our

home

page;

by

mail

at

TIAA,

730

Third

Avenue,

New

York,

NY

10017-3206;

or

by

phone

at

800-842-2252.

Fund

management

The

TIAA-CREF

Funds

are

managed

by

the

portfolio

management

teams

of

Teachers

Advisors,

LLC.

The

members

of

these

teams

are

responsible

for

the

day-to-day

investment

management

of

the

funds.

180

Approval

of

Investment

Management

Agreement

(Unaudited)

Board

renewal

of

the

investment

management

agreement

for

certain

series

of

the

TIAA-CREF

Funds

The

Board

of

Trustees

(the

“Board”

or

the

“Trustees”)

of

the

TIAA-CREF

Funds

(the

“Trust”)

determines

whether

to

initially

approve

and

periodically

renew

the

investment

management

agreement

(the

“Agreement”)

between

Teachers

Advisors,

LLC

(“Advisors”)

and

the

Trust,

on

behalf

of

each

series

of

the

Trust.

Under

the

Agreement,

Advisors

is

responsible

for

providing

investment

advisory

services

to

each

series

of

the

Trust

and

overseeing

the

everyday

operations

and

other

service

providers

of

the

Trust.

Below

is

a

summary

of

the

process

the

Board

undertook

related

to

its

most

recent

renewal

of

the

Agreement

with

respect

to

each

series

covered

by

this

Report

(the

“Funds”).

Section

15(c)

of

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

requires

that,

after

an

initial

period

of

up

to

two

years,

the

Agreement

for

each

Fund

will

remain

in

effect

only

if

the

Board,

including

a

majority

of

those

Trustees

who

have

no

direct

or

indirect

interest

in

the

Agreement,

and

who

are

independent

Trustees

because

they

are

not

“interested

persons”

of

the

Trust,

as

that

term

is

defined

in

the

1940

Act,

annually

renews

the

Agreement.

None

of

the

Trustees

is

an

interested

person

of

the

Trust

under

the

1940

Act.

Rather,

they

are

all

deemed

to

be

independent

Trustees.

Overview

of

the

renewal

process

The

Board

held

an

in-person

meeting

on

March

10,

2023,

in

order

to

consider

the

annual

renewal

of

the

Agreement

with

respect

to

each

applicable

Fund

using

the

process

established

by

the

Board

described

further

below.

As

part

of

the

Board’s

established

process,

the

Board

delegated

certain

tasks

to

its

Operations

Committee.

Among

these

tasks,

the

Operations

Committee

or

certain

of

its

designated

members

worked

with

Advisors,

other

Board

members

and

legal

counsel

to

the

Trustees

to

develop

guidance

and

specific

requests

relating

to

the

types

of

information

to

be

provided

to

the

Board

in

connection

with

the

proposed

contract

renewals.

Among

other

matters,

the

Operations

Committee

or

certain

of

its

designated

members,

following

consultations

with

representatives

of

Advisors,

other

Board

members,

legal

counsel

to

the

Trustees

and

legal

counsel

to

Advisors

and

the

Trust,

confirmed

or

established

certain

guidance

regarding

the

preparation

of

reports

to

be

provided

to

the

Board

with

respect

to

each

Fund

by

the

Board

Reporting

and

Compliance

unit

of

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

using

data

from

Lipper,

Inc.,

an

independent

provider

of

investment

company

data.

The

Operations

Committee

considered

that

Broadridge

is

widely

recognized

as

a

leading

provider

of

comparative

analyses

used

by

independent

directors

and

trustees

of

investment

companies

during

their

advisory

contract

review

processes.

Based

on

guidance

provided

by

the

Operations

Committee

or

certain

of

its

designated

members,

on

behalf

of

the

Board,

Broadridge

produced,

among

other

information,

comparative

performance

and

expense

data

for

each

Fund,

including

data

relating

to

each

Fund’s

management

fee

rate,

total

expense

ratio,

short-term

and

long-term

investment

performance,

profits

and

portfolio

turnover

rate

(as

applicable).

Broadridge

compared

this

data,

as

relevant,

for

each

Fund

against

a

universe

of

investment

companies

(except

for

brokerage

commission

costs

and

portfolio

turnover

rates)

and

against

a

more

selective

peer

group

of

mutual

funds

with

similar

investment

objectives

and

strategies,

each

of

which

was

selected

by

Broadridge,

and

also

compared

the

performance

of

each

Fund

against

one

or

more

appropriate

broad-based

indices.

In

each

case,

Broadridge

summarized,

and

the

Board

considered,

the

methodologies

Broadridge

employed

to

provide

the

data

contained

in

its

reports.

In

addition,

Broadridge

represented

to

the

Board

that

its

reports

were

designed

specifically

to

provide

the

Board

with

the

fee,

expense

and

performance

information

that

is

necessary

to

help

the

Board

satisfy

its

duties

under

Section

15(c)

of

the

1940

Act.

Broadridge

also

represented

that

the

purpose

of

its

reports

is

to

provide

an

objective

view

of

each

Fund’s

relative

position

regarding

the

level

of

fees,

expenses

and

performance

against

a

competitive

peer

group

and

universe

(as

applicable)

selected

by

Broadridge

(and

not

Advisors

or

the

Board).

The

Board

considered

the

propriety

of

each

Fund’s

applicable

peer

group

as

selected

by

Broadridge

and

use

of

the

Institutional

Class

as

the

base

class

for

comparison

purposes.

Among

other

matters,

the

Board

also

considered

information

from

Advisors

to

facilitate

the

Trustees’

evaluation

of

the

reasonableness

of

any

profits

earned

by

Advisors

with

respect

to

its

services

to

each

Fund

pursuant

to

the

Agreement.

181

Legal

counsel

for

the

Trustees

also

requested

on

behalf

of

the

Board,

and

Advisors

provided,

information

that

was

designed

to

assist

the

Board

in

its

consideration

of

whether

to

renew

the

Agreement

for

each

Fund.

In

addition

to

the

data

provided

by

Broadridge

as

described

above,

the

information

that

was

provided

for

consideration

included,

but

was

not

limited

to,

the

following:

(1)

further

information

relating

to

each

Fund’s

investment

performance

and

a

narrative

analysis

of

the

performance

of

each

Fund

that

had

underperformed

certain

Board-specified

criteria,

together

with

an

explanation

of

any

events

that

had

a

material

impact

on

the

Fund’s

performance

during

that

period;

(2)

a

description

of

any

fee

waiver

or

expense

reimbursement

arrangements

that

were

proposed

or

were

in

place

during

the

prior

year

and

the

extent

to

which

such

arrangements

would

be

continued

or

modified

in

the

coming

year;

(3)

a

comparison

of

each

Fund’s

management

fee

rate

and

performance

to

other

accounts

with

comparable

strategies

managed

by

Advisors

or

certain

of

its

affiliates;

(4)

any

“fall-out”

benefits

that

accrued

or

were

identified

as

reasonably

likely

to

accrue

to

Advisors

or

its

affiliates

due

to

their

relationship

with

the

Funds

in

addition

to

the

Funds’

direct

fee

payments

to

Advisors

pursuant

to

the

Agreement;

(5)

information

regarding

Advisors’

financial

resources,

senior

professional

personnel,

overall

staffing

levels,

portfolio

manager

compensation

arrangements,

capacity

to

manage

the

Funds

at

current

and

foreseeable

asset

levels,

insurance

coverage,

portfolio

trading,

soft

dollar

usage

and

best

execution

practices,

and

any

actual

and

potential

conflicts

of

interest

identified

by

Advisors

in

connection

with

rendering

services

to

the

Funds;

(6)

information

as

to

any

profits

earned

by

Advisors

in

connection

with

its

services

pursuant

to

the

Agreement;

(7)

a

copy

of

the

Agreement

and

certain

related

agreements

between

the

Funds

and

affiliates

of

Advisors;

(8)

a

copy

of

Advisors’

Form

ADV

as

filed

with

the

SEC

(which

was

presented

only

to

legal

counsel

for

the

Trustees);

and

(9)

draft

narrative

explanations

to

be

included

in

the

shareholder

reports

of

reasons

why

the

Board

should

renew

the

Agreement.

The

Trustees

were

also

provided

with

performance

ratings

of

Morningstar,

Inc.

(“Morningstar”),

which

is

a

widely

recognized

mutual

fund

ranking

service.

The

Board

also

considered

information

concerning

the

extent

to

which

Advisors

currently

waives

the

management

fee

and

other

expenses

for

Class

W

shares

of

certain

of

the

Funds

which

are

paid

instead

by

funds

of

funds

that

invest

in

Class

W

shares,

including

an

annual

certification

from

Advisors

that

the

waiver

does

not

and

will

not

result

in

any

cross-subsidization

of

Class

W

shares

by

the

Funds’

other

share

classes.

On

March

2,

2023,

the

Board

held

a

virtual

meeting

via

videoconference

with

legal

counsel

to

the

Trustees

to

discuss

Advisors’

materials,

which

led

to

the

Trustees

providing

additional

questions

to,

and

requesting

additional

information

from,

Advisors.

Subsequently,

at

the

March

10,

2023

meeting,

the

Trustees

were

given

the

opportunity

to,

and

did,

ask

additional

questions

and

they

discussed

responses

from

Advisors

to

the

Board’s

follow-up

questions

and

requests

presented

by

the

Board

after

its

initial

review

of

the

information

described

above.

In

considering

whether

to

renew

the

Agreement

with

respect

to

each

Fund,

the

Board

considered

various

factors,

including:

(1)

the

nature,

extent

and

quality

of

services

provided

or

to

be

provided

by

Advisors

to

the

Fund;

(2)

the

Fund’s

investment

performance;

(3)

the

costs

of

the

services

provided

to

the

Fund

and

the

profits

realized

or

potential

profits

to

be

realized

(if

any)

by

Advisors

and

its

affiliates

from

their

relationship

with

the

Fund;

(4)

fees

charged

to

comparable

mutual

funds

by

other

advisers;

(5)

the

extent

to

which

economies

of

scale

have

been

realized

or

are

anticipated

to

be

realized

as

the

Fund

grows;

(6)

how

such

economies

of

scale

are

shared

with

the

Fund

for

the

benefit

of

its

investors,

such

as,

if

applicable,

through

management

fee

breakpoints;

(7)

comparisons,

if

applicable,

of

the

services

provided

by

Advisors

to,

and

the

fee

rates

and

performance

of,

the

Fund

to

other

clients

to

whom

Advisors

provides

comparable

services;

and

(8)

any

other

benefits

identified

by

Advisors

derived

or

anticipated

to

be

derived

by

Advisors

or

its

affiliates

from

their

relationship

with

the

Fund.

As

a

general

matter,

the

Board

considered

these

factors,

and

any

other

factors

deemed

relevant

by

the

Trustees,

in

their

totality,

and

no

single

factor

was

identified

as

being

the

determining

factor

in

deciding

whether

to

renew

the

Agreement.

In

addition

to

the

March

10,

2023

meeting

that

included

Advisors’

personnel,

the

Trustees

met

in

executive

sessions,

at

which

no

representatives

of

Advisors

were

present,

to

discuss

the

proposed

renewal

of

the

Agreement

for

each

Fund.

The

Board

also

received

and

considered

information

from

its

legal

counsel

as

to

certain

relevant

guidance

that

relates

to

the

renewal

process

under

Section

15(c)

of

the

1940

Act

and

certain

other

legal

authorities.

While

the

contract

renewal

process

included

a

series

of

discussions

and

meetings

leading

up

to

the

March

10,

2023

meeting,

the

oversight

and

evaluation

of

Advisors’

services

to

the

Funds

by

the

Board

and

its

Committees

is

an

ongoing

process.

The

Board,

as

well

as

its

Committees,

considered

reports

on

various

investment

and

operational

topics

that

had

been

identified

by

the

Board

or

its

Committees

for

review

in

the

year

since

the

last

annual

renewal

process.

Further,

at

their

regularly

scheduled

meetings,

the

Board

and

its

Investment

Committee

and

its

other

Committees

receive

and

consider,

among

other

matters,

information

regarding

the

performance

of

the

Funds.

Thus,

in

reaching

its

decisions

regarding

the

renewal

of

the

Agreement

for

each

Fund,

the

Board

took

into

account

the

information

described

herein

and

other

information

provided

to

the

Board

and

its

Committees

throughout

the

year.

The

Board

received

and

considered

both

Trust-level

and

Fund-specific

information,

but

made

its

renewal

determinations

on

a

Fund-by-

Fund

basis.

In

deciding

whether

to

renew

the

Agreement

for

each

Fund,

each

Trustee

may

have

accorded

different

weight

to

different

factors

and,

thus,

may

have

had

a

different

basis

for

his

or

her

ultimate

decision

to

vote

to

renew

the

Agreement

for

each

Fund.

At

its

meeting

on

March

10,

2023,

all

Board

members

voted

unanimously

to

renew

the

Agreement

for

each

Fund.

Set

forth

below

is

a

summary

of

the

primary

factors

that

the

Board

considered

with

respect

to

each

Fund.

182

Approval

of

Investment

Management

Agreement

(continued)

(Unaudited)

The

nature,

extent

and

quality

of

services

The

Board

considered

the

level

and

depth

of

knowledge

of

Advisors,

including

the

professional

experience

and

qualifications

of

its

personnel.

The

Board

also

considered

that

Advisors

is

an

experienced

investment

adviser

that

has

managed

the

Funds

since

their

operations

commenced.

Investment

professionals

at

Advisors

also

manage

various

funds

and

accounts

of

the

College

Retirement

Equities

Fund,

the

TIAA-CREF

Life

Funds

and

TIAA

Separate

Account

VA-1,

as

well

as

advise

and

sub-advise

other

investment

companies

and

vehicles.

Under

the

Agreement,

Advisors

is

responsible

for,

among

other

duties:

managing

the

assets

of

the

Funds,

including

conducting

research,

identifying

investments

and

placing

orders

to

buy

and

sell

securities

for

the

Funds’

investment

portfolios;

active

daily

monitoring

of

the

Funds’

investment

portfolios;

reporting

on

the

investment

performance

and

other

metrics

of

the

Funds

to

the

Board

on

a

regular

basis;

responding

to

Fund

flows;

compliance

monitoring;

coordinating

the

activities

of

each

Fund’s

service

providers;

and

overseeing

the

provision

of

various

administrative

services

to

the

Funds.

The

Board

considered

that

Advisors

has

carried

out

these

responsibilities

in

a

competent

and

professional

manner.

The

Board

also

considered

that

Advisors

has

committed

significant

resources

to

supporting

the

series

of

the

Trust,

including

the

Funds.

It

also

considered

Advisors’

compliance

program

and

resources

and

its

compliance

record

with

respect

to

the

Funds.

The

Board

also

considered,

among

other

factors,

the

performance

of

each

Fund,

as

discussed

below.

In

addition,

the

Board

considered

the

nature

and

quality

of

non-portfolio

management

services

provided

by

Advisors

and

its

affiliates.

In

this

regard,

the

Board

considered

its

ongoing

review

of

the

performance

of

certain

affiliated

and

unaffiliated

service

providers,

including

the

quality

of

services

provided

by

those

firms

and

Advisors’

oversight

of

those

service

providers

and

the

outsourcing

of

certain

services

to

other

firms.

During

its

review,

the

Board

noted

its

ongoing

review

of

the

level

of

personnel

and

other

resources

available

to

Advisors

to

provide

portfolio

management

and

other

services

to

the

Funds,

including

the

impact

of

recent

and

anticipated

regulatory

requirements

and

operational

changes

on

such

resources,

so

as

to

assess

the

adequacy

of

the

resources

devoted

to

these

services.

Based

on

all

factors

considered,

the

Board

concluded

that

the

nature,

extent,

and

quality

of

services

provided

by

Advisors

to

each

Fund

under

the

Agreement

was

reasonable.

Investment

performance

The

Board

considered

the

investment

performance

of

each

Fund,

over

the

periods

indicated

in

the

Fund-by-Fund

synopsis

below.

The

Board

considered

each

Fund’s

performance

as

compared

to

its

peer

group

and

peer

universe

(as

applicable)

and

its

benchmark

index

or,

in

circumstances

in

which

a

Fund’s

peer

group

or

peer

universe

was

not

viewed

as

a

representative

basis

for

comparison,

other

comparative

information

deemed

relevant

by

management

and/or

the

Board.

For

details

regarding

each

Fund’s

performance,

see

the

Fund-by-Fund

synopsis

below.

The

Board

considered,

in

those

cases

in

which

a

Fund

had

performed

materially

differently

from

its

Broadridge

peers

based

on

a

Board-established

threshold,

the

factors

identified

by

Advisors

that

contributed

to

such

difference

and

any

remedial

measures

being

undertaken,

or

planned

to

be

undertaken,

by

Advisors.

Thus,

the

Board

concluded

that,

under

the

totality

of

circumstances

considered,

the

investment

performance

of

each

Fund

was

reasonable

or

that

appropriate

actions

had

been

or

were

being

implemented.

Cost

and

profitability

The

Board

considered

financial

and

profitability

data

relating

to

Advisors’

services

to

the

Funds

for

the

calendar

year

2022.

The

Board

considered

Advisors’

profit

calculations

with

respect

to

its

services

to

each

Fund

both

before

and

after

taking

into

account

the

costs

incurred

directly

or

indirectly

by

Advisors

in

connection

with

the

distribution

of

shares

of

the

Fund.

The

Board

acknowledged

the

reasonableness

of

having

management

fee

rates

which

permit

Advisors

to

maintain

and

improve

the

quality

of

services

provided

to

the

Funds

and

recognized

the

entrepreneurial

and

other

risks

assumed

by

Advisors

in

managing

the

Funds.

The

Board

considered

that

Advisors

had

calculated

that

it

earned

profits

with

respect

to

each

Fund

under

the

Agreement

for

the

one-year

period

ended

December

31,

2022.

The

Board

considered

the

following

voluntary

waivers

of

management

fee

rates

for

the

year

ended

April

30,

2023:

0.005%

for

the

Mid-Cap

Value

Fund;

0.010%

for

the

Growth

&

Income

Fund;

0.015%

for

the

Social

Choice

Equity

Fund;

and

0.025%

for

the

Large-

Cap

Growth

Fund.

The

Board

also

considered

the

following

voluntary

waivers

of

management

fee

rates

for

the

year

ended

April

30,

2024:

0.005%

for

the

Mid-Cap

Value

Fund

and

the

Growth

&

Income

Fund;

and

0.010%

for

the

Social

Choice

Equity

Fund.

The

Board

also

acknowledged

Advisors’

commitment

to

reimburse

Fund

expenses

to

the

extent

that

total

annual

operating

expenses

exceeded

certain

specified

amounts.

The

Board

concluded

that

Advisors’

profits

earned

on

the

Funds

were

reasonable

in

light

of

various

relevant

factors.

183

Fees

charged

by

other

advisers

The

Board

considered

comparative

information

regarding

each

Fund’s

contractual

and

effective

management

fee

rates

and

the

contractual

and

effective

management

fee

rates

paid

by

similar

mutual

funds

to

other

advisers,

as

analyzed

by

Broadridge

and

reflected

in

the

Fund-by-Fund

synopsis

below.

The

Board

determined

that

the

management

fee

rate

charged

to

a

Fund

under

the

Agreement

typically

was

lower

than

the

management

fee

rates

charged

to

many

or

most

other

comparable

mutual

funds.

In

this

regard,

the

Board

also

considered

the

inherent

limitations

of

such

comparisons

in

light

of

uncertainty

as

to

how

the

fees

of

such

similar

mutual

funds

are

set

and

potentially

material

differences

between

a

Fund

and

its

comparable

mutual

funds.

The

Board

considered

Broadridge’s

treatment

of

all

fund

fee

waivers,

regardless

of

their

type,

as

management

fee

waivers,

which

could

materially

impact

how

the

Funds’

actual

management

fee

rates

compare

to

those

of

similar

mutual

funds.

Additionally,

the

Board

considered

the

potential

limitations

of

such

comparisons

due

to,

among

other

factors,

the

fact

that,

in

many

instances,

Broadridge

based

its

comparisons

on

financial

data

relating

to

fiscal

periods

that

differed

from

the

period

for

which

the

Funds’

data

were

derived.

Based

on

all

factors

considered,

the

Board

concluded

that

the

management

fee

rates

under

the

Agreement

with

respect

to

each

Fund

were

reasonable

in

relation

to

those

charged

by

appropriate

groups

of

comparable

mutual

funds.

Economies

of

scale

The

Board

considered

whether

Advisors

has

experienced

or

is

anticipated

to

experience

economies

of

scale

in

connection

with

the

operation

of

each

Fund,

and

whether

any

such

economies

are

shared

with

the

Funds.

The

Board

also

considered

the

extent

to

which

the

current

fee

rate

schedule

breakpoints

for

the

Funds

affected

Advisors’

fees.

The

Board

considered,

in

connection

with

the

supporting

Broadridge

reports,

Advisors’

position

that

the

maximum

fee

rate

that

could

be

charged

to

each

Fund

based

on

its

level

of

assets

under

the

Agreement

is

comparatively

low

in

relation

to

peer

groups

of

mutual

funds.

The

Board

also

considered

the

contractual

fee

rate

reductions

and

one-year

voluntary

management

fee

waivers

agreed

to

by

Advisors,

as

noted

above.

The

Board

also

considered

Advisors’

reimbursement

to

the

Funds

for

all

of

the

soft

dollar

amounts

the

Funds

spent

on

research

during

the

year.

Based

on

all

factors

considered,

the

Board

concluded

that

the

Funds’

management

fee

rate

schedules

were

reasonable

in

light

of

current

economies

of

scale

considerations

and

current

asset

levels.

Fee

and

performance

comparisons

with

other

Advisors

clients

The

Board

considered

that

Advisors

and

its

affiliate,

TIAA-CREF

Investment

Management,

LLC,

provide

investment

management

services

to

other

investment

companies,

including

other

mutual

funds,

foreign

funds

(UCITS),

and

separately

managed

accounts

that

may

have

similar

investment

strategies

as

certain

of

the

Funds.

The

Board

also

considered

Advisors’

comments

that,

in

the

future,

Advisors

may

manage

client

assets

through additional

funds

and

accounts

with

similar

investment

strategies.

The

Board

also

considered

Advisors’

representation

that,

while

the

management

fee

rates

charged

to

the

Funds

may

differ

from

the

management

fee

rates

chargeable

to

these

other

funds

and

accounts,

this

may

be

due

in

part

to

the

fact

that

these

other

funds

and

accounts

may:

(1)

involve

less

entrepreneurial

risk

on

the

part

of

Advisors;

(2)

be

offered

in

different

types

of

markets;

(3)

be

provided

with

different

types

or

levels

of

services;

(4)

have

different

regulatory

burdens;

and/or

(5)

target

different

investors.

Based

on

all

factors

considered,

the

Board

concluded

that

the

management

fee

rates

under

the

Agreement

with

respect

to

each

Fund

were

reasonable

in

relation

to

those

charged

by

Advisors

to

its

comparable

clients.

Other

benefits

The

Board

also

considered

additional

“fall-out

benefits”

to

Advisors

and

its

affiliates

arising

from

the

Agreement.

Such

benefits

include,

among

others,

other

fees

paid

by

the

Funds

to

Advisors

or

its

affiliates

for

other

services,

such

as

distribution

and

administration,

and

investment-related

benefits,

such

as

economies

of

scale

to

the

extent

the

Funds

share

investment

resources

and/or

personnel

with

other

clients

of

Advisors

and

the

ability

to

incubate

strategies

within

one

or

more

Funds

that

could

be

subsequently

utilized

to

manage

other

non-Fund

products.

Advisors

and

its

affiliates

may

also

benefit

from

the

level

of

business

and

relationships

the

Funds

have

with

certain

service

providers.

Additionally,

the

Funds

may

be

utilized

as

investment

options

for

other

products

and

businesses

of

Advisors

and

its

affiliates,

such

as

variable

products,

fund

of

funds

and

529

education

savings

plans.

Also,

Advisors

and

its

affiliates

may

benefit

from

their

relationship

with

the

Funds

to

the

extent

that

this

relationship

results

in

potential

investors

viewing

Teachers

Insurance

and

Annuity

Association

of

America,

of

which

Advisors

is

an

indirect,

wholly-owned

subsidiary,

as

a

leading

retirement

plan

provider

in

the

academic

and

non-profit

markets

and

as

a

single

source

for

all

their

financial

service

needs.

The

Board

concluded

that

other

benefits

to

Advisors

and

its

affiliates

arising

from

the

Agreement

were

reasonable

in

light

of

various

relevant

factors.

184

Approval

of

Investment

Management

Agreement

(continued)

(Unaudited)

Fund-by-fund

synopsis

of

factors

The

Board

considered

the

following

specific

factors

(among

others)

in

connection

with

its

determination

to

renew

the

Agreement

with

respect

to

each

Fund.

If

a

Fund

is

described

in

the

following

discussions

as

being

in

the

“1st”

quintile,

it

is

in

the

best

of

five

groups

(that

is,

the

group

has

the

best

performance

or

the

lowest

expenses,

as

the

case

may

be).

References

below

to

quintiles

are

based

on

data

provided

to

the

Board

in

the

reports

prepared

by

Broadridge.

The

specific

management

fee,

expense

and

performance

factors

outlined

below

are

based

on

the

Institutional

Class

of

each

Fund.

Because

the

Institutional

Class

generally

has

lower

non-

management

expenses

than

the

other

classes

of

these

Funds,

the

expenses

and

performance

of

these

other

classes

will

differ

from

the

expenses

and

performance

shown

for

the

Institutional

Class.

All

time

periods

referenced

below

are

ended

December

31,

2022.

Under

the

Morningstar

rating

system,

an

Overall

Morningstar

Rating

of

5

stars

is

the

highest

(best)

rating

category

and

1

star

is

the

lowest

(worst)

rating

category.

The

Morningstar

data

is

as

of

December

31,

2022.

Statements

below

regarding

a

Fund’s

“effective

management

fee

rate”

refer

to

the

overall

effective

blended

fee

rate

that

applied

to

that

Fund

after

taking

into

account

any

breakpoints

in

the

management

fee

rate

schedule

for

the

Fund

and

any

applicable

fee

waivers

and/or

expense

reimbursements.

Statements

below

regarding

“net

profit”

refer

to

Advisors’

calculation

that

it

earned

a

profit

for

the

services

that

it

rendered

to

a

Fund

during

2022

under

the

Agreement.

Growth

&

Income

Fund

The

Fund’s

annual

contractual

management

fee

rate

starts

at

0.45%

of

average

daily

net

assets,

and

includes

breakpoints

that

reduce

the

rate

paid

on

assets

above

certain

thresholds.

The

Fund’s

effective

management

fee

rate

at

its

December

31,

2022

asset

level

was

0.390%

of

average

daily

net

assets,

which

includes

the

effect

of

a

voluntary

management

fee

rate

waiver

of

0.010%

for

the

year

ended

April

30,

2023.

Effective

May

1,

2023,

Advisors

has

voluntarily

agreed

to

reduce

the

Fund’s

management

fee

rate

by

0.005%

through

April

30,

2024.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

each

in

the

1st

quintile

of

both

the

group

of

comparable

funds

selected

by

Broadridge

for

expense

comparison

purposes

(“Expense

Group”)

and

the

universe

of

comparable

funds

selected

by

Broadridge

for

expense

comparison

purposes

(“Expense

Universe”).

The

Fund

was

in

the

4th

quintile

of

the

group

of

comparable

funds

selected

by

Broadridge

for

performance

comparison

purposes

(“Performance

Group”)

for

each

of

the

one-,

three-,

five-

and

ten-year

periods.

The

Fund

was

in

the

5th,

4th,

4th

and

3rd

quintiles

of

the

universe

of

comparable

funds

selected

by

Broadridge

for

performance

comparison

purposes

(“Performance

Universe”)

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

3

stars.

The

Fund’s

portfolio

managers

changed

in

November

2022.

Advisors

calculated

that

it

earned

a

net

profit

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Large-Cap

Growth

Fund

The

Fund’s

annual

contractual

management

fee

rate

starts

at

0.45%

of

average

daily

net

assets,

and

includes

breakpoints

that

reduce

the

rate

paid

on

assets

above

certain

thresholds.

The

Fund’s

effective

management

fee

rate

at

its

December

31,

2022

asset

level

was

0.386%

of

average

daily

net

assets,

which

includes

the

effect

of

a

voluntary

management

fee

rate

waiver

of

0.025%

for

the

year

ended

April

30,

2023.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

each

in

the

1st

quintile

of

both

its

Expense

Group

and

its

Expense

Universe.

The

Fund

was

in

the

3rd,

3rd,

4th

and

3rd

quintiles

of

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

4th,

4th,

4th

and

2nd

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

4

stars.

Advisors

calculated

that

it

earned

a

net

profit

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Large-Cap

Value

Fund

The

Fund’s

annual

contractual

management

fee

rate

starts

at

0.45%

of

average

daily

net

assets,

and

includes

breakpoints

that

reduce

the

rate

paid

on

assets

above

certain

thresholds.

The

Fund’s

effective

management

fee

rate

at

its

December

31,

2022

asset

level

was

0.401%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

each

in

the

1st

quintile

of

its

Expense

Group.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

in

the

1st,

2nd

and

2nd

quintiles

of

its

Expense

Universe,

respectively.

185

The

Fund

was

in

the

3rd,

3rd,

4th

and

5th

quintiles

of

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

4th,

3rd,

5th

and

5th

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

2

stars.

Advisors

calculated

that

it

earned

a

net

profit

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Mid-Cap

Growth

Fund

The

Fund’s

annual

contractual

management

fee

rate

starts

at

0.48%

of

average

daily

net

assets,

and

includes

breakpoints

that

reduce

the

rate

paid

on

assets

above

certain

thresholds.

The

Fund’s

effective

management

fee

rate

at

its

December

31,

2022

asset

level

was

0.449%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

each

in

the

1st

quintile

of

both

its

Expense

Group

and

its

Expense

Universe.

The

Fund

was

in

the

4th,

4th,

5th

and

5th

quintiles

of

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

4th,

5th,

5th

and

5th

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

2

stars.

Advisors

calculated

that

it

earned

a

net

profit

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Mid-Cap

Value

Fund

The

Fund’s

annual

contractual

management

fee

rate

starts

at

0.48%

of

average

daily

net

assets,

and

includes

breakpoints

that

reduce

the

rate

paid

on

assets

above

certain

thresholds.

The

Fund’s

effective

management

fee

rate

at

its

December

31,

2022

asset

level

was

0.432%

of

average

daily

net

assets,

which

includes

the

effect

of

a

voluntary

management

fee

rate

waiver

of

0.005%

for

the

year

ended

April

30,

2023.

Effective

May

1,

2023,

Advisors

has

voluntarily

agreed

to

continue

to

reduce

the

Fund’s

management

fee

rate

by

0.005%

through

April

30,

2024.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

each

in

the

1st

quintile

of

both

its

Expense

Group

and

its

Expense

Universe.

The

Fund

was

in

the

5th

quintile

of

its

Performance

Group

for

each

of

the

one-,

three-,

five-

and

ten-year

periods.

The

Fund

was

in

the

5th,

5th,

4th

and

4th

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

2

stars.

The

Fund’s

portfolio

management

team

changed

in

2020.

Advisors

calculated

that

it

earned

a

net

profit

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Quant

Small-Cap

Equity

Fund

The

Fund’s

annual

contractual

management

fee

rate

starts

at

0.46%

of

average

daily

net

assets,

and

includes

breakpoints

that

reduce

the

rate

paid

on

assets

above

certain

thresholds.

The

Fund’s

effective

management

fee

rate

at

its

December

31,

2022

asset

level

was

0.402%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

each

in

the

1st

quintile

of

both

its

Expense

Group

and

Expense

Universe.

The

Fund

ranked

2

out

of

5

funds,

2

out

of

5

funds,

2

out

of

5

funds

and

3

out

of

5

funds

within

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

3rd,

3rd,

2nd

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

4

stars.

Advisors

calculated

that

it

earned

a

net

profit

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Quant

Small/Mid-Cap

Equity

Fund

The

Fund’s

annual

contractual

management

fee

rate

starts

at

0.46%

of

average

daily

net

assets,

and

includes

breakpoints

that

reduce

the

rate

paid

on

assets

above

certain

thresholds.

The

Fund’s

effective

management

fee

rate

at

its

December

31,

2022

asset

level

was

0.441%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

each

in

the

1st

quintile

of

both

its

Expense

Group

and

its

Expense

Universe.

186

Approval

of

Investment

Management

Agreement

(continued)

(Unaudited)

The

Fund

ranked

1

out

of

3

funds

within

its

Performance

Group

for

each

of

the

one-,

three-

and

five-year

periods.

The

Fund

was

in

the

1st

quintile

of

its

Performance

Universe

for

each

of

the

one-,

three-

and

five-year

periods.

The

Fund

received

an

Overall

Morningstar

Rating

of

5

stars.

Advisors

calculated

that

it

earned

a

net

profit

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Social

Choice

Equity

Fund

The

Fund’s

annual

contractual

management

fee

rate

is

0.15%

of

average

daily

net

assets.

The

Fund’s

effective

management

fee

rate

at

its

December

31,

2022

asset

level

was

0.14%,

of

average

daily

net

assets,

which

includes

the

effect

of

a

voluntary

management

fee

rate

waiver

of

0.015%

for

the

year

ended

April

30,

2023.

Effective

May

1,

2023,

Advisors

has

voluntarily

agreed

to

a

management

fee

rate

waiver

of

0.010%

of

average

daily

net

assets

through

April

30,

2024.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

each

in

the

1st

quintile

of

both

its

Expense

Group

and

its

Expense

Universe.

The

Fund

ranked

1

out

of

5

funds,

2

out

of

5

funds,

3

out

of

5

funds

and

3

out

of

5

funds

within

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

3rd,

2nd,

2nd

and

2nd

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

3

stars.

Advisors

calculated

that

it

earned

a

net

profit

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Social

Choice

Low

Carbon

Equity

Fund

The

Fund’s

annual

contractual

management

fee

rate

starts

at

0.25%

of

average

daily

net

assets,

and

includes

breakpoints

that

reduce

the

rate

paid

on

assets

above

certain

thresholds.

The

Fund’s

effective

management

fee

rate

at

its

December

31,

2022

asset

level

was

0.249%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

each

in

the

2nd,

2nd

and

1st

quintiles

of

both

its

Expense

Group

and

Expense

Universe,

respectively.

The

Fund

ranked

3

out

of

4

funds,

1

out

of

4

funds

and

1

out

of

4

funds

within

its

Performance

Group

for

the

one-,

three-

and

five-year

periods,

respectively.

The

Fund

was

in

the

3rd,

1st

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-

and

five-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

4

stars.

Advisors

calculated

that

it

earned

a

net

profit

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Emerging

Markets

Equity

Fund

The

Fund’s

annual

contractual

management

fee

rate

starts

at

0.85%

of

average

daily

net

assets,

and

includes

breakpoints

that

reduce

the

rate

paid

on

assets

above

certain

thresholds.

The

Fund’s

effective

management

fee

rate

at

its

December

31,

2022

asset

level

was

0.840%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

management

fee

and

contractual

management

fee

were

in

the

1st,

2nd

and

2nd

quintiles

of

its

Expense

Group,

respectively.

The

Fund’s

total

expense

ratio,

actual

management

fee

and

contractual

management

fee

were

in

the

2nd,

3rd

and

2nd

quintiles

of

its

Expense

Universe,

respectively.

The

Fund

was

in

the

2nd,

5th,

5th

and

5th

quintiles

of

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

2nd,

5th,

5th

and

4th

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

2

stars.

Advisors

calculated

that

it

earned

a

net

profit

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

International

Equity

Fund

The

Fund’s

annual

contractual

management

fee

rate

starts

at

0.50%

of

average

daily

net

assets,

and

includes

breakpoints

that

reduce

the

rate

paid

on

assets

above

certain

thresholds.

The

Fund’s

effective

management

fee

rate

at

its

December

31,

2022

asset

level

was

0.445%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

each

in

the

1st

quintile

of

both

its

Expense

Group

and

its

Expense

Universe.

187

The

Fund

was

in

the

5th,

2nd,

5th

and

3rd

quintiles

of

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

4th,

2nd,

5th

and

3rd

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

2

stars.

Advisors

calculated

that

it

earned

a

net

profit

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

International

Opportunities

Fund

The

Fund’s

annual

contractual

management

fee

rate

starts

at

0.60%

of

average

daily

net

assets,

and

includes

breakpoints

that

reduce

the

rate

paid

on

assets

above

certain

thresholds.

The

Fund’s

effective

management

fee

rate

at

its

December

31,

2022

asset

level

was

0.581%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

in

the

1st,

2nd

and

2nd

quintiles

of

its

Expense

Group,

respectively.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

in

the

1st,

2nd

and

1st

quintiles

of

its

Expense

Universe,

respectively.

The

Fund

was

in

the

3rd,

1st

and

1st

quintiles

of

its

Performance

Group

for

the

one-,

three-,

and

five-year

periods,

respectively.

The

Fund

was

in

the

3rd,

1st

and

2nd

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

and

five-year

periods,

respectively

The

Fund

received

an

Overall

Morningstar

Rating

of

3

stars.

Advisors

calculated

that

it

earned

a

net

profit

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Quant

International

Small-Cap

Equity

Fund

The

Fund’s

annual

contractual

management

fee

rate

starts

at

0.65%

of

average

daily

net

assets,

and

includes

breakpoints

that

reduce

the

rate

paid

on

assets

above

certain

thresholds.

The

Fund’s

effective

management

fee

rate

at

its

December

31,

2022

asset

level

was

0.642%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

each

in

the

1st

quintile

of

both

its

Expense

Group

and

its

Expense

Universe.

The

Fund

did

not

have

a

Performance

Group.

The

Fund

was

in

the

1st,

4th

and

5th

quintiles

of

its

Performance

Universe

for

the

one-,

three-

and

five-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

1

stars.

Advisors

calculated

that

it

earned

a

net

profit

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Social

Choice

International

Equity

Fund

The

Fund’s

annual

contractual

management

fee

rate

starts

at

0.30%

of

average

daily

net

assets,

and

includes

breakpoints

that

reduce

the

rate

paid

on

assets

above

certain

thresholds.

The

Fund’s

effective

management

fee

rate

at

its

December

31,

2022

asset

level

was

0.299%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

in

the

3rd,

3rd

and

1st

quintiles

of

its

Expense

Group.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

each

in

the

1st

quintile

of

its

Expense

Universe.

The

Fund

ranked

2

out

of

4

funds

within

its

Performance

Group

for

each

of

the

one-,

three-

and

five-year

periods.

The

Fund

was

in

the

3rd,

2nd

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-

and

five-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

4

stars.

Advisors

calculated

that

it

earned

a

net

profit

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

________________

Based

primarily

on

the

foregoing

factors

and

conclusions,

the

Board

renewed

the

Agreement

for

each

Fund.

Liquidity

Risk

Management

Program

188

(Unaudited)

Discussion

of

the

operation

and

effectiveness

of

the

Funds’

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

each

series

of

the

Trust

covered

by

this

Report

(the

“Funds”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”),

which

is

reasonably

designed

to

assess

and

manage

the

Funds’

liquidity

risk.

The

Program

consists

of

various

provisions

relating

to

assessing

and

managing

Fund

liquidity

risk,

as

discussed

further

below.

The

Funds’

Board

of

Trustees

(the

“Board”)

previously

approved

the

designation

of

Advisors

(the

“Administrator”)

as

Program

administrator.

The

Liquidity

Monitoring

and

Analysis

Team

(the

“LMAT”)

carries

out

day-to-day

Program

management

with

oversight

by

the

Liquidity

Oversight

Committee

(the

“LOSC”).

Personnel

from

the

Administrator

and

Nuveen

Fund

Advisors,

LLC,

an

affiliate

of

the

Administrator,

comprise

the

LMAT

and

LOSC.

At

a

February

14,

2023

Board

meeting,

the

Administrator

provided

the

Board

with

a

written

report

addressing

the

Program’s

operation,

adequacy,

and

effectiveness

of

implementation

for

the

period

from

January

1,

2022

through

December

31,

2022

(the

“Review

Period”),

as

required

under

the

Liquidity

Rule.

The

report

noted

that

the

Program

has

been

and

continues

to

be

adequately

and

effectively

implemented

to

monitor

and

(as

applicable)

respond

to

the

Funds’

liquidity

developments.

In

accordance

with

the

Program,

the

LMAT

assesses

each

Fund’s

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(i)

the

Fund’s

investment

strategy

and

the

liquidity

of

portfolio

investments,

(ii)

cash

flow

projections,

and

(iii)

holdings

of

cash

and

cash

equivalents

and

borrowing

arrangements

and

other

funding

sources.

Certain

factors

are

considered

under

both

normal

and

reasonably

foreseeable

stressed

conditions.

Each

Fund

portfolio

investment

is

classified

into

one

of

four

liquidity

categories

(including

“highly

liquid

investments”

and

“illiquid

investments,”

discussed

below).

The

classification

is

based

on

a

determination

of

how

long

it

is

reasonably

expected

to

take

to

convert

the

investment

into

cash,

or

sell

or

dispose

of

the

investment,

in

current

market

conditions

without

significantly

changing

the

market

value

of

the

investment.

Liquidity

classification

determinations

take

into

account

various

market,

trading,

and

investment-

specific

considerations,

as

well

as

market

depth,

and

utilize

third-party

vendor

data.

Any

Fund

that

does

not

primarily

hold

highly

liquid

investments

must,

among

other

things,

determine

a

minimum

percentage

of

Fund

net

assets

that

must

be

invested

in

highly

liquid

investments

(a

“Highly

Liquid

Investment

Minimum”).

During

the

Review

Period,

each

Fund

primarily

held

highly

liquid

investments

and

therefore

was

exempt

from

the

requirement

to

adopt

a

Highly

Liquid

Investment

Minimum

and

to

comply

with

the

related

requirements

under

the

Liquidity

Rule.

The

Liquidity

Rule

also

limits

the

Funds’

investments

in

illiquid

investments.

Specifically,

the

Liquidity

Rule

prohibits

acquisition

of

illiquid

investments

if

doing

so

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

illiquid

investments

and

requires

certain

reporting

anytime

a

Fund’s

holdings

of

illiquid

investments

exceed

15%

of

net

assets.

During

the

Review

Period,

no

Fund

exceeded

the

15%

limit

on

illiquid

investments.

Additional

Information

About

Index

Providers

(Unaudited)

189

Russell

Indexes

Source:

London

Stock

Exchange

Group

plc

and

its

group

undertakings

(collectively,

the

“LSE

Group”).

©

LSE

Group

2023.

FTSE

Russell

is

a

trading

name

of

certain

of

the

LSE

Group

companies.

“FTSE®,”

“Russell®”

and

“FTSE

Russell®”

are

trademarks

of

the

relevant

LSE

Group

companies

and

are

used

by

any

other

LSE

Group

company

under

license.

All

rights

in

the

FTSE

Russell

indexes

or

data

vest

in

the

relevant

LSE

Group

company

which

owns

the

index

or

the

data.

Neither

LSE

Group

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

indexes

or

data

and

no

party

may

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on

any

indexes

or

data

contained

in

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communication.

No

further

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from

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LSE

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is

permitted

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the

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LSE

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company’s

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written

consent.

The

LSE

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sponsor

or

endorse

the

content

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this

communication.

Standard

&

Poor's

Index

The

S&P

500®

Index

is

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product

 of

S&P

Dow

Jones

Indices

LLC,

a

division

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S&P

Global,

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affiliates

(“SPDJI”),

and has

been

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use

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Growth

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Income

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&

Poor’s

Financial

Services

LLC,

a

division

of

S&P

Global

(“S&P”);

Dow

Jones®

is

a

registered

trademark

of

Dow

Jones

Trademark

Holdings

LLC

(“Dow

Jones”).

It

is

not

possible

to

invest

directly

in

an

index.

The

fund

is not

sponsored,

endorsed,

sold

or

promoted

by

SPDJI,

Dow

Jones,

S&P,

any

of

their

respective

affiliates

(collectively,

“S&P

Dow

Jones

Indices”).

S&P

Dow

Jones

Indices

does

not

make

any

representation

or

warranty,

express

or

implied,

to

the

owners

of

the fund

or

any

member

of

the

public

regarding

the

advisability

of

investing

in

securities

generally

or

in

the fund

particularly

or

the

ability

of

the

S&P

500

Index to

track

general

market

performance.

Past

performance

of

an

index

is

not

an

indication

or

guarantee

of

future

results.

S&P

Dow

Jones

Indices’

only

relationship

to

the

fund

with

respect

to

the

S&P

500

Index is

the

licensing

of

the Index

and

certain

trademarks,

service

marks

and/or

trade

names

of

S&P

Dow

Jones

Indices

and/or

its

licensors.

The S&P

500

Index

is

determined,

composed

and

calculated

by

S&P

Dow

Jones

Indices

without

regard

to

the

fund.

S&P

Dow

Jones

Indices

has

no

obligation

to

take

the

needs

of

the fund

or

the

owners

of

the fund

into

consideration

in

determining,

composing

or

calculating

the

S&P

500

Index.

S&P

Dow

Jones

Indices

is

not

responsible

for

and

has

not

participated

in

the

determination

of

the

prices,

and

amount

of

the fund

or

the

timing

of

the

issuance

or

sale

of

fund

shares

or

in

the

determination

or

calculation

of

the

equation

by

which fund

shares

are

to

be

converted

into

cash,

surrendered

or

redeemed,

as

the

case

may

be.

S&P

Dow

Jones

Indices

has

no

obligation

or

liability

in

connection

with

the

administration,

marketing

or

trading

of

the

fund.

There

is

no

assurance

that

investment

products

based

on

the

S&P 500

Index

will

accurately

track

index

performance

or

provide

positive

investment

returns.

S&P

Dow

Jones

Indices

LLC

is

not

an

investment

or

tax

advisor.

A

tax

advisor

should

be

consulted

to

evaluate

the

impact

of

any

tax-exempt

securities

on

portfolios

and

the

tax

consequences

of

making

any

particular

investment

decision.

Inclusion

of

a

security

within

an

index

is

not

a

recommendation

by

S&P

Dow

Jones

Indices

to

buy,

sell,

or

hold

such

security,

nor

is

it

considered

to

be

investment

advice.

S&P

DOW

JONES

INDICES

DOES

NOT

GUARANTEE

THE

ADEQUACY,

ACCURACY,

TIMELINESS

AND/OR

THE

COMPLETENESS

OF

THE

S&P 500

INDEX

OR

ANY

DATA

RELATED

THERETO

OR

ANY

COMMUNICATION,

INCLUDING

BUT

NOT

LIMITED

TO,

ORAL

OR

WRITTEN

COMMUNICATION

(INCLUDING

ELECTRONIC

COMMUNICATIONS)

WITH

RESPECT

THERETO.

S&P

DOW

JONES

INDICES

SHALL

NOT

BE

SUBJECT

TO

ANY

DAMAGES

OR

LIABILITY

FOR

ANY

ERRORS,

OMISSIONS,

OR

DELAYS

THEREIN.

S&P

DOW

JONES

INDICES

MAKES

NO

EXPRESS

OR

IMPLIED

WARRANTIES,

AND

EXPRESSLY

DISCLAIMS

ALL

WARRANTIES,

OF

MERCHANTABILITY

OR

FITNESS

FOR

A

PARTICULAR

PURPOSE

OR

USE

OR

AS

TO

RESULTS

TO

BE

OBTAINED

BY

THE

FUND,

OWNERS

OF

THE

FUND,

OR

ANY

OTHER

PERSON

OR

ENTITY

FROM

THE

USE

OF

THE

S&P

500

INDEX

OR

WITH

RESPECT

TO

ANY

DATA

RELATED

THERETO.

WITHOUT

LIMITING

ANY

OF

THE

FOREGOING,

IN

NO

EVENT

WHATSOEVER

SHALL

S&P

DOW

JONES

INDICES

BE

LIABLE

FOR

ANY

INDIRECT,

SPECIAL,

INCIDENTAL,

PUNITIVE,

OR

CONSEQUENTIAL

DAMAGES

INCLUDING

BUT

NOT

LIMITED

TO,

LOSS

OF

PROFITS,

TRADING

LOSSES,

LOST

TIME

OR

GOODWILL,

EVEN

IF

THEY

HAVE

BEEN

ADVISED

OF

THE

POSSIBILITY

OF

SUCH

DAMAGES,

WHETHER

IN

CONTRACT,

TORT,

STRICT

LIABILITY,

OR

OTHERWISE.

THERE

ARE

NO

THIRD

PARTY

BENEFICIARIES

OF

ANY

AGREEMENTS

OR

ARRANGEMENTS

BETWEEN

S&P

DOW

JONES

INDICES

AND

THE

FUND,

OTHER

THAN

THE

LICENSORS

OF

S&P

DOW

JONES

INDICES.

MSCI

Indexes

Source:

MSCI.

The

MSCI

information

may

only

be

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for

your

internal

use,

may

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in

any

form

and

may

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basis

for

or

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component

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or

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or

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the

MSCI

information

is

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to

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advice

or

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to

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(or

refrain

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any

kind

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and

may

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such.

Historical

data

and

analysis

should

not

be

taken

as

an

indication

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guarantee

of

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analysis,

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information

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without

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timeliness,

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the

foregoing,

in

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Party

have

any

liability

for

any

direct,

indirect,

special,

incidental,

punitive,

consequential

(including,

without

limitation,

lost

profits)

or

any

other

damages.

(www.msci.com)

How

to

Reach

Us

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of

America—College

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730

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York,

NY

10017-3206

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should

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a

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contains

this

and

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please

visit

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or

call

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under

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A12454

(6/23)

Equity

Index

Funds

TIAA-CREF

Semi-annual

Report

TIAA-CREF

Funds

April

30,

2023

This

semi-annual

report

contains

the

Funds’

unaudited

financial

statements.

Fund

Name

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Class

W

4.1

TIAA-CREF

Equity

Index

Fund

TIEIX

TEIHX

TCEPX

TIQRX

TINRX

TEQWX

4.2

TIAA-CREF

Large-Cap

Growth

Index

Fund

TILIX

TRIHX

–

TRIRX

–

TRIWX

4.3

TIAA-CREF

Large-Cap

Value

Index

Fund

TILVX

THCVX

–

TRCVX

–

THCWX

4.4

TIAA-CREF

S&P

500

Index

Fund

TISPX

TISAX

–

TRSPX

–

TISWX

4.5

TIAA-CREF

Small-Cap

Blend

Index

Fund

TISBX

TRHBX

–

TRBIX

–

–

4.6

TIAA-CREF

Emerging

Markets

Equity

Index

Fund

TEQLX

TEQHX

TEQPX

TEQSX

TEQKX

TENWX

4.7

TIAA-CREF

International

Equity

Index

Fund

TCIEX

TCIHX

TRIPX

TRIEX

–

TCIWX

Table

of

Contents

Letter

to

Investors

3

Important

Notices

5

About

the

Funds’

Benchmarks

6

Fund

Performance

7

Expense

Examples

14

Portfolios

of

Investments

17

Statement

of

Assets

and

Liabilities

178

Statement

of

Operations

182

Statement

of

Changes

in

Net

Assets

184

Financial

Highlights

188

Notes

to

Financial

Statements

202

Additional

Fund

Information

213

Approval

of

Investment

Management

Agreement

214

Liquidity

Risk

Management

Program

220

Additional

Information

About

Index

Providers

221

How

to

Reach

Us

Inside

back

cover

3

Letter

to

Investors

Brad

Finkle

Global

stocks

produced

solid

gains

for

the

six

months

ended

April

30,

2023.

The

economy

expanded

but

at

a

slower

pace

as

persistent

inflation

prompted

the

Federal

Reserve

to

continue

raising

short-term

interest

rates.

Around

the

world,

major

foreign

economies

grew

at

varying

rates.

For

the

six

months:

The

Russell

3000®

Index,

which

measures

the

performance

of

the

broad

U.S.

stock

market,

gained

7.3%.

Please

see

page

5

for

benchmark

definitions.

The

MSCI

EAFE®

Index,

which

tracks

stocks

in

21

developed-markets

nations

outside

North

America,

advanced

24.2%.

The

MSCI

Emerging

Markets

Index,

which

represents

the

performance

of

stocks

in

24

developing

nations,

rose

16.4%.

Most

of

the

TIAA-CREF

Equity

Index

Funds

(Institutional

Class)

posted

gains

for

the

period.

U.S.

economic

growth

slowed

Domestic

stocks

posted

solid

gains

for

the

six

months

as

the

economy

expanded,

buoyed

by

a

powerful

labor

market

and

resilient

consumer

spending.

However,

the

pace

of

growth

slowed

in

both

the

fourth

quarter

of

2022

and

the

first

quarter

of

2023.

Businesses

pulled

back

spending

on

inventory

and

equipment

during

the

first

three

months

of

the

calendar

year.

Rising

prices

led

to

further

monetary

tightening

during

the

period,

resulting

in

the

federal

funds

target

rate

reaching

its

highest

level

since

2007.

The

Fed

raised

rates

again

in

May,

shortly

after

the

end

of

the

period,

but

indicated

that

a

pause

in

future

increases

was

possible.

For

the

six

months,

large-cap

stocks

outpaced

mid-

and

small-cap

shares,

while

growth

equities

outperformed

value

stocks.

(Returns

by

investment

style

and

capitalization

size

are

based

on

the

Russell

indexes.)

Foreign

developed

and

emerging

markets

outpaced

U.S.

stocks

Foreign

developed-markets

stocks

climbed

sharply

as

many

global

economies

continued

to

grow.

The

economy

of

the

19-nation

euro

area

continued

to

expand,

but

the

rate

of

growth

slowed.

Inflation

remained

a

pressing

concern

in

Europe

and

the

United

Kingdom.

In

response,

the

European

Central

Bank

raised

its

suite

of

benchmark

interest

rates

multiple

times

during

the

period.

The

Bank

of

England

increased

its

benchmark

rate

to

4.25%.

Emerging-markets

stocks

produced

strong

returns

for

the

six

months,

although

all

of

the

gains

took

place

in

the

first

half

of

the

period.

China’s

economic

growth

accelerated

as

the

country’s

severe

COVID-19

restrictions

were

relaxed.

Most

index

funds

posted

gains

Nearly

all

of

the

TIAA-CREF

Equity

Index

Funds

advanced

for

the

six

months.

Each

fund

invests

in

a

portfolio

that

attempts

to

match

the

risk

and

return

characteristics

of

its

benchmark

index

at

a

low

cost

per

invested

dollar.

The

funds’

performance

includes

a

deduction

for

expenses,

while

the

returns

of

their

respective

indexes

do

not.

The

funds’

six-month

returns

ranged

from

24.5%

for

the

International

Equity

Index

Fund

to

−3.3%

for

the

Small-Cap

Blend

Index

Fund.

(All

fund

returns

are

for

the

Institutional

Class.)

Among

TIAA-CREF’s

foreign

equity

index

portfolios,

the

International

Equity

Index

Fund

performed

best

with

a

strong

double-digit

gain,

while

the

Emerging

Markets

Equity

Index

Fund

rose

16.7%.

The

Large-Cap

Growth

Index

Fund

gained

11.5%,

while

its

value

counterpart,

the

Large-Cap

Value

Index

Fund,

returned

4.5%.

The

S&P

500

Index

Fund

rose

8.6%,

and

the

Equity

Index

Fund

advanced

7.3%.

The

Small-Cap

Blend

Index

Fund

posted

a

small

single-digit

loss.

Letter

to

Investors

(continued)

4

Maintaining

a

long-term

approach

The

stock

market’s

recent

gains

were

a

welcome

shift

for

investors,

after

coping

with

sizable

losses

in

2022.

Yet

the

market’s

advance

occurred

as

questions

about

inflation,

higher

interest

rates

and

economic

growth

continued

to

be

debated.

The

past

six

months

illustrated

once

again

that

it’s

nearly

impossible

to

time

the

markets.

Furthermore,

it

bolsters

our

strong

belief

that

investors

who

stick

with

a

well-developed,

long-term

plan

may

give

themselves

a

greater

opportunity

of

achieving

their

financial

goals.

In

our

view,

a

diversified

portfolio

of

stocks,

bonds

and

other

assets,

managed

by

professionals,

can

help

investors

do

just

that.

Of

course,

diversification

cannot

guarantee

against

market

losses.

If

you

have

any

questions

or

would

like

to

discuss

your

portfolio,

please

contact

your

financial

advisor

or

call

a

TIAA

financial

consultant

at

800-842-2252.

We

would

be

happy

to

help

you.

Brad

Finkle

Principal

Executive

Officer

and

President

of

the

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds

Important

Notices

5

For

Shareholders

of

Equity

Index

Fund

Large-Cap

Growth

Index

Fund

Large-Cap

Value

Index

Fund

S&P

500

Index

Fund

Small-Cap

Blend

Index

Fund

Emerging

Markets

Equity

Index

Fund

International

Equity

Index

Fund

Portfolio

Manager

Commentaries

in

Semi-annual

Reports

The

Funds

include

portfolio

manager

commentary

in

their

annual

shareholder

reports.

For

the

Funds’

most

recent

annual

portfolio

manager

discussion,

please

refer

to

the

Portfolio

Managers’

Comments

section

of

each

Fund’s

October

31,

2022

annual

shareholder

report.

For

current

information

on

your

Fund’s

investment

objectives,

portfolio

management

team

and

average

annual

total

returns

please

refer

to

the

Fund’s

website

at

www.nuveen.com.

For

changes

that

occurred

to

your

Fund

both

during

and

subsequent

to

this

reporting

period,

please

refer

to

the

Notes

to

Financial

Statements

section

of

this

report.

For

average

annual

total

returns

as

of

the

end

of

this

reporting

period,

please

refer

to

the

Fund

Performance

section

within

this

report.

About

the

Funds’

Benchmarks

6

Broad

market

indexes

Russell

3000®

Index:

An

index

designed

to

measure

the

performance

of

the

stocks

of

the

3,000

largest

publicly

traded

U.S.

companies,

based

on

market

capitalization.

The

index

measures

the

performance

of

about

98%

of

the

total

market

capitalization

of

the

publicly

traded

U.S.

equity

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

MSCI

EAFE

®(

Europe,

Australasia,

Far

East)

Index:

An

index

designed

to

measure

the

performance

of

large

and

mid-cap

securities

across

21

developed

market

countries,

excluding

the

U.S.

and

Canada.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

MSCI

Emerging

Markets

Index:

An

index

designed

to

measure

the

performance

of

large

and

mid-cap

equity

securities

across

24

emerging

market

countries.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Large-cap

indexes

S&P

500®

Index:

An

index

generally

considered

representative

of

the

U.S.

equity

market.

The

index

includes

500

leading

companies

and

covers

approximately

80%

of

available

market

capitalization.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Russell

1000®

Growth

Index:

An

index

designed

to

measure

the

performance

of

the

large-cap

growth

segment

of

the

U.S.

equity

universe.

It

includes

those

Russell

1000

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Russell

1000

Value

Index:

An

index

designed

to

measure

the

performance

of

the

large-cap

value

segment

of

the

U.S.

equity

universe.

It

includes

those

Russell

1000

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Small-cap

index

Russell

2000®

Index:

An

index

designed

to

measure

the

performance

of

the

small-cap

segment

of

the

U.S.

equity

universe.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses.

For

additional

details

about

the

benchmark

indexes,

please

read

the

funds’

latest

prospectus.

London

Stock

Exchange

Group

plc

and

its

group

undertakings

(collectively,

the

“LSE

Group”).

©

LSE

Group

2023.

FTSE

Russell

is

a

trading

name

of

certain

of

the

LSE

Group

companies.

“FTSE®,”

“Russell®”

and

“FTSE

Russell®”

are

trademarks

of

the

relevant

LSE

Group

companies

and

are

used

by

any

other

LSE

Group

company

under

license.

All

rights

in

the

FTSE

Russell

indexes

or

data

vest

in

the

relevant

LSE

Group

company

which

owns

the

index

or

the

data.

Neither

LSE

Group

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

indexes

or

data

and

no

party

may

rely

on

any

indexes

or

data

contained

in

this

communication.

No

further

distribution

of

data

from

the

LSE

Group

is

permitted

without

the

relevant

LSE

Group

company’s

express

written

consent.

The

LSE

Group

does

not

promote,

sponsor

or

endorse

the

content

of

this

communication.

MSCI

makes

no

express

or

implied

warranties

or

representations

and

shall

have

no

liability

whatsoever

with

respect

to

any

MSCI

data

contained

herein.

This

report

is

not

approved,

reviewed

or

produced

by

MSCI.

S&P

500

is

a

registered

trademark

and

service

mark

of

Standard

&

Poor’s

Financial

Services,

LLC,

a

division

of

S&P

Global.

Equity

Index

Fund

7

Performance

as

of

April

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

The

returns

do

not

reflect

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

sale

of

fund

shares.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Equity

Index

Fund

Inception

date

6

months

1

year

5

years

10

years

gross

net

Institutional

Class

7/1/99

7

.30

%

1

.51

%

10

.57

%

11

.64

%

0

.05

%

0

.05

%

Advisor

Class

12/4/15

7

.27

1

.41

10

.44

11

.56

†

0

.15

0

.15

Premier

Class

9/30/09

7

.19

1

.33

10

.40

11

.47

0

.20

0

.20

Retirement

Class

3/31/06

7

.16

1

.25

10

.30

11

.36

0

.30

0

.30

Retail

Class

3/31/06

7

.16

1

.24

10

.27

11

.33

0

.32

0

.32

Class

W

9/28/18

7

.34

1

.56

10

.62

†

11

.67

†

0

.05

0

.00

Russell

3000®

Index

–

7

.30

1

.50

10

.60

11

.67

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

February

29,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

the

Advisor

Class

and

Class

W

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Institutional

Class.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class

and

Class

W.

If

these

actual

expenses

had

been

reflected,

the

performance

of

these

two

classes

shown

for

these

periods

would

have

been

different

because

the

Advisor

Class

and

Class

W

have

different

expenses

than

the

Institutional

Class.

as

of

4/30/2023

Net

assets

$

35.75

billion

Portfolio

turnover

rate

*

1%

Number

of

holdings

2,774

Weighted

median

market

capitalization

$125.16

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

24.9

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

November

1,

2022–April

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

4/30/2023

Information

technology

24.2

Health

care

14.2

Financials

13.5

Consumer

discretionary

10.1

Industrials

9.6

Communication

services

7.7

Consumer

staples

6.7

Energy

4.7

Real

estate

3.0

Materials

2.9

Utilities

2.8

Short-term

investments,

other

assets

&

liabilities,

net

0.6

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

4/30/2023

More

than

$50

billion

67.1

More

than

$15

billion-$50

billion

18.3

More

than

$2

billion-$15

billion

12.4

$2

billion

or

less

2.2

Total

100.0

Large-Cap

Growth

Index

Fund

8

Performance

as

of

April

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

The

returns

do

not

reflect

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

sale

of

fund

shares.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Large-Cap

Growth

Index

Fund

Inception

date

6

months

1

year

5

years

10

years

gross

net

Institutional

Class

10/1/02

11

.49

%

2

.26

%

13

.74

%

14

.39

%

0

.05

%

0

.05

%

Advisor

Class

12/4/15

11

.44

2

.17

13

.60

14

.30

†

0

.16

0

.16

Retirement

Class

10/1/02

11

.33

1

.99

13

.45

14

.10

0

.30

0

.30

Class

W

9/30/19

11

.50

2

.31

13

.77

†

14

.41

†

0

.05

0

.00

Russell

1000®

Growth

Index

–

11

.51

2

.34

13

.80

14

.46

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

February

29,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

the

Advisor

Class

and

Class

W

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Institutional

Class.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class

and

Class

W.

If

these

actual

expenses

had

been

reflected,

the

performance

of

these

two

classes

shown

for

these

periods

would

have

been

different

because

the

Advisor

Class

and

Class

W

have

different

expenses

than

the

Institutional

Class.

as

of

4/30/2023

Net

assets

$

9.84

billion

Portfolio

turnover

rate

*

11%

Number

of

holdings

508

Weighted

median

market

capitalization

$293.04

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

32.0

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

November

1,

2022–April

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

4/30/2023

Information

technology

41.6

Consumer

discretionary

13.8

Health

care

12.0

Industrials

7.9

Communication

services

7.3

Financials

7.0

Consumer

staples

6.2

Real

estate

1.5

Energy

1.4

Materials

1.3

Short-term

investments,

other

assets

&

liabilities,

net

0.0

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

4/30/2023

More

than

$50

billion

81.4

More

than

$15

billion-$50

billion

13.3

More

than

$2

billion-$15

billion

5.3

Total

100.0

Large-Cap

Value

Index

Fund

9

Performance

as

of

April

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

The

returns

do

not

reflect

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

sale

of

fund

shares.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Large-Cap

Value

Index

Fund

Inception

date

6

months

1

year

5

years

10

years

gross

net

Institutional

Class

10/1/02

4

.50

%

1

.19

%

7

.72

%

9

.08

%

0

.05

%

0

.05

%

Advisor

Class

12/4/15

4

.46

1

.05

7

.58

8

.98

†

0

.19

0

.19

Retirement

Class

10/1/02

4

.42

0

.99

7

.46

8

.81

0

.30

0

.30

Class

W

9/30/19

4

.55

1

.23

7

.75

†

9

.09

†

0

.05

0

.00

Russell

1000®

Value

Index

–

4

.54

1

.21

7

.75

9

.13

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

February

29,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

the

Advisor

Class

and

Class

W

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Institutional

Class.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class

and

Class

W.

If

these

actual

expenses

had

been

reflected,

the

performance

of

these

two

classes

shown

for

these

periods

would

have

been

different

because

the

Advisor

Class

and

Class

W

have

different

expenses

than

the

Institutional

Class.

as

of

4/30/2023

Net

assets

$

8.19

billion

Portfolio

turnover

rate

*

7%

Number

of

holdings

851

Weighted

median

market

capitalization

$87.88

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

19.7

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

November

1,

2022–April

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

4/30/2023

Financials

20.6

Health

care

16.4

Industrials

10.6

Communication

services

8.7

Energy

8.0

Consumer

staples

7.7

Information

technology

7.4

Consumer

discretionary

6.0

Utilities

5.6

Real

estate

4.5

Materials

4.4

Short-term

investments,

other

assets

&

liabilities,

net

0.1

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

4/30/2023

More

than

$50

billion

60.4

More

than

$15

billion-$50

billion

25.7

More

than

$2

billion-$15

billion

13.8

$2

billion

or

less

0.1

Total

100.0

S&P

500

Index

Fund

10

Performance

as

of

April

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

The

returns

do

not

reflect

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

sale

of

fund

shares.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Total

return

Average

annual

total

return

Annual

operating

expenses

*

S&P

500

Index

Fund

Inception

date

6

months

1

year

5

years

10

years

gross

net

Institutional

Class

10/1/02

8

.59

%

2

.61

%

11

.39

%

12

.14

%

0

.05

%

0

.05

%

Advisor

Class

12/4/15

8

.54

2

.50

11

.25

12

.04

†

0

.18

0

.18

Retirement

Class

10/1/02

8

.46

2

.37

11

.12

11

.86

0

.30

0

.30

Class

W

9/30/19

8

.64

2

.68

11

.43

†

12

.16

†

0

.05

0

.00

S&P

500®

Index

–

8

.63

2

.66

11

.45

12

.20

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

February

29,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

the

Advisor

Class

and

Class

W

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Institutional

Class.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class

and

Class

W.

If

these

actual

expenses

had

been

reflected,

the

performance

of

these

two

classes

shown

for

these

periods

would

have

been

different

because

the

Advisor

Class

and

Class

W

have

different

expenses

than

the

Institutional

Class.

as

of

4/30/2023

Net

assets

$

7.52

billion

Portfolio

turnover

rate

*

1%

Number

of

holdings

509

Weighted

median

market

capitalization

$174.43

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

23.9

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

November

1,

2022–April

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

4/30/2023

Information

technology

25.6

Health

care

14.3

Financials

13.0

Consumer

discretionary

9.8

Industrials

8.3

Communication

services

8.3

Consumer

staples

7.3

Energy

4.7

Utilities

2.9

Materials

2.6

Real

estate

2.5

Short-term

investments,

other

assets

&

liabilities,

net

0.7

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

4/30/2023

More

than

$50

billion

77.4

More

than

$15

billion-$50

billion

19.3

More

than

$2

billion-$15

billion

3.3

Total

100.0

Small-Cap

Blend

Index

Fund

11

Performance

as

of

April

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

The

returns

do

not

reflect

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

sale

of

fund

shares.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Small-Cap

Blend

Index

Fund

Inception

date

6

months

1

year

5

years

10

years

gross

net

Institutional

Class

10/1/02

-

3

.32

%

-

3

.46

%

4

.28

%

8

.06

%

0

.06

%

0

.06

%

Advisor

Class

12/4/15

-

3

.44

-

3

.62

4

.12

7

.96

†

0

.67

0

.21

Retirement

Class

10/1/02

-

3

.45

-

3

.67

4

.01

7

.78

0

.31

0

.31

Russell

2000®

Index

–

-

3

.45

-

3

.65

4

.15

7

.88

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

February

29,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

the

Advisor

Class

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Institutional

Class.

The

performance

for

this

period

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class.

If

these

actual

expenses

had

been

reflected,

the

performance

of

the

Advisor

Class

shown

for

this

period

would

have

been

different

because

the

Advisor

Class

has

different

expenses

than

the

Institutional

Class.

as

of

4/30/2023

Net

assets

$

3.13

billion

Portfolio

turnover

rate

*

8%

Number

of

holdings

1,876

Weighted

median

market

capitalization

$2.57

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

33.3

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

November

1,

2022–April

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

4/30/2023

Health

care

17.1

Industrials

16.7

Financials

15.7

Consumer

discretionary

11.4

Information

technology

11.3

Energy

6.4

Real

estate

6.2

Materials

4.5

Consumer

staples

3.9

Utilities

3.3

Communication

services

2.8

Short-term

investments,

other

assets

&

liabilities,

net

0.7

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

4/30/2023

More

than

$2

billion-$15

billion

62.2

$2

billion

or

less

37.8

Total

100.0

Emerging

Markets

Equity

Index

Fund

12

Performance

as

of

April

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

The

returns

do

not

reflect

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

sale

of

fund

shares.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Holdings

by

country

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Emerging

Markets

Equity

Index

Fund

Inception

date

6

months

1

year

5

years

10

years

gross

net

Institutional

Class

8/31/10

16

.73

%

-

5

.28

%

-

1

.09

%

1

.69

%

0

.19

%

0

.19

%

Advisor

Class

12/4/15

16

.50

-

5

.51

-

1

.25

1

.59

†

0

.33

0

.33

Premier

Class

8/31/10

16

.61

-

5

.43

-

1

.25

1

.53

0

.34

0

.34

Retirement

Class

8/31/10

16

.53

-

5

.54

-

1

.33

1

.43

0

.44

0

.44

Retail

Class

8/31/10

16

.53

-

5

.52

-

1

.44

1

.31

0

.53

0

.53

Class

W

9/28/18

16

.77

-

5

.10

-

0

.92

†

1

.78

†

0

.19

0

.00

MSCI

Emerging

Markets

Index

–

16

.36

-

6

.51

-

1

.05

1

.80

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

February

29,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

the

Advisor

Class

and

Class

W

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Institutional

Class.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class

and

Class

W.

If

these

actual

expenses

had

been

reflected,

the

performance

of

these

two

classes

shown

for

these

periods

would

have

been

different

because

the

Advisor

Class

and

Class

W

have

different

expenses

than

the

Institutional

Class.

as

of

4/30/2023

Net

assets

$

5.25

billion

Portfolio

turnover

rate

*

6%

Number

of

holdings

1,375

Weighted

median

market

capitalization

$26.78

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

12.4

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

November

1,

2022–April

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

4/30/2023

Financials

22.1

Information

technology

19.3

Consumer

discretionary

12.8

Communication

services

10.4

Materials

8.3

Consumer

staples

6.6

Industrials

5.9

Energy

5.1

Health

care

4.1

Utilities

3.0

Real

estate

2.2

Short-term

investments,

other

assets

&

liabilities,

net

0.2

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

4/30/2023

More

than

$50

billion

33.4

More

than

$15

billion-$50

billion

28.5

More

than

$2

billion-$15

billion

37.4

$2

billion

or

less

0.7

Total

100.0

%

of

portfolio

investments

as

of

4/30/2023

China

31.1

Taiwan

14.5

India

13.6

Korea,

Republic

of

11.9

Brazil

5.0

Saudi

Arabia

4.2

South

Africa

3.3

Mexico

2.8

Indonesia

2.1

Thailand

2.0

21

other

nations

9.1

Short-term

investments

0.4

Total

100.0

International

Equity

Index

Fund

13

Performance

as

of

April

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

The

returns

do

not

reflect

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

sale

of

fund

shares.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Holdings

by

country

Total

return

Average

annual

total

return

Annual

operating

expenses

*

International

Equity

Index

Fund

Inception

date

6

months

1

year

5

years

10

years

gross

net

Institutional

Class

10/1/02

24

.45

%

9

.74

%

3

.85

%

4

.91

%

0

.05

%

0

.05

%

Advisor

Class

12/4/15

24

.42

9

.62

3

.73

4

.82

†

0

.17

0

.17

Premier

Class

9/30/09

24

.39

9

.59

3

.70

4

.75

0

.20

0

.20

Retirement

Class

10/1/02

24

.37

9

.52

3

.60

4

.65

0

.30

0

.30

Class

W

9/28/18

24

.50

9

.78

3

.90

†

4

.93

†

0

.05

0

.00

MSCI

EAFE®

Index

–

24

.19

8

.42

3

.63

4

.76

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

February

29,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

the

Advisor

Class

and

Class

W

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Institutional

Class.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class

and

Class

W.

If

these

actual

expenses

had

been

reflected,

the

performance

of

these

two

classes

shown

for

these

periods

would

have

been

different

because

the

Advisor

Class

and

Class

W

have

different

expenses

than

the

Institutional

Class.

as

of

4/30/2023

Net

assets

$

21.02

billion

Portfolio

turnover

rate

*

5%

Number

of

holdings

807

Weighted

median

market

capitalization

$48.92

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

14.1

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

November

1,

2022–April

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

4/30/2023

Financials

18.2

Industrials

15.4

Health

care

13.4

Consumer

discretionary

12.2

Consumer

staples

10.5

Information

technology

7.5

Materials

7.4

Communication

services

4.5

Energy

4.4

Utilities

3.7

Real

estate

1.5

Short-term

investments,

other

assets

&

liabilities,

net

1.3

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

4/30/2023

More

than

$50

billion

48.4

More

than

$15

billion-$50

billion

33.4

More

than

$2

billion-$15

billion

18.2

Total

100.0

%

of

portfolio

investments

as

of

4/30/2023

Japan

20.7

United

Kingdom

11.5

France

10.7

Germany

8.4

Australia

7.6

United

States

7.2

Switzerland

6.1

Netherlands

5.1

Sweden

3.1

Denmark

3.0

21

other

nations

14.5

Short-term

investments

2.1

Total

100.0

Expense

Examples

14

All

shareholders

of

the

TIAA-CREF

Funds

incur

ongoing

costs,

including

management

fees

and

other

fund

expenses.

They

may

also

incur

transactional

costs

for

redemptions

or

account

maintenance

fees.

The

expense

examples

that

appear

in

this

report

are

intended

to

help

you

understand

your

ongoing

costs

only

(in

U.S.

dollars)

and

do

not

reflect

transactional

costs.

The

examples

are

designed

to

help

you

compare

these

ongoing

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

expenses

shown

do

not

include

account

maintenance

fees,

which

may

or

may

not

be

applicable,

as

described

in

the

prospectus.

If

such

fees

were

included,

your

total

costs

for

investing

in

the

funds

would

be

higher.

Note

also

that

shareholders

of

the

TIAA-CREF

Funds

do

not

incur

a

sales

charge

for

purchases,

reinvested

dividends

or

other

distributions.

The

examples

are

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

six-month

period

and

held

for

the

entire

period

(

November

1,

2022

–

April

30,

2023

).

Actual

expenses

The

first

section

in

each

table

uses

the

Fund’s

actual

expenses

and

its

actual

rate

of

return.

You

may

use

the

information

in

this

section,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

six-month

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

line

under

the

heading

“Expenses

incurred

during

the

period”

to

estimate

the

expenses

you

paid

during

the

six-month

period.

Some

funds

have

a

contractual

fee

reimbursement.

Had

these

not

been

in

effect,

fund

expenses

would

have

been

higher.

Hypothetical

example

for

comparison

purposes

The

second

section

in

each

table

shows

hypothetical

account

values

and

expenses

based

on

the

Fund’s

actual

expense

ratio

for

each

share

class

for

the

six-month

period

and

an

assumed

5%-per-year

rate

of

return

before

expenses.

This

was

not

the

share

class’

actual

return.

This

hypothetical

example

cannot

be

used

to

estimate

the

actual

expenses

you

paid

for

the

period,

but

rather

allows

you

to

compare

the

ongoing

costs

of

investing

in

the

Fund

with

the

costs

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

mutual

funds.

4.1

Equity

Index

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Class

W

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,072.98

$1,072.68

$1,071.92

$1,071.57

$1,071.58

$1,073.45

Expenses

incurred

during

the

period*

$0.23

$0.75

$1.00

$1.52

$1.58

$0.01

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,024.57

$1,024.07

$1,023.83

$1,023.33

$1,023.27

$1,024.79

Expenses

incurred

during

the

period*

$0.23

$0.74

$0.98

$1.48

$1.54

$0.01

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

April

30,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.05%

for

Institutional

Class,

0.15%

for

Advisor

Class,

0.20%

for

Premier

Class,

0.30%

for

Retirement

Class,

0.31%

for

Retail

Class

and

0.00%

for

Class

W.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

15

4.2

Large-Cap

Growth

Index

Fund

Share

Class

Institutional

Class

Advisor

Class

Retirement

Class

Class

W

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,114.91

$1,114.35

$1,113.32

$1,114.99

Expenses

incurred

during

the

period*

$0.26

$0.80

$1.57

$0.01

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,024.55

$1,024.04

$1,023.31

$1,024.78

Expenses

incurred

during

the

period*

$0.25

$0.77

$1.50

$0.01

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

April

30,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.05%

for

Institutional

Class,

0.15%

for

Advisor

Class,

0.30%

for

Retirement

Class

and

0.00%

for

Class

W.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

4.3

Large-Cap

Value

Index

Fund

Share

Class

Institutional

Class

Advisor

Class

Retirement

Class

Class

W

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,044.99

$1,044.58

$1,044.18

$1,045.47

Expenses

incurred

during

the

period*

$0.26

$0.90

$1.52

$0.02

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,024.54

$1,023.91

$1,023.30

$1,024.78

Expenses

incurred

during

the

period*

$0.26

$0.89

$1.51

$0.02

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

April

30,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.05%

for

Institutional

Class,

0.18%

for

Advisor

Class,

0.30%

for

Retirement

Class

and

0.00%

for

Class

W.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

4.4

S&P

500

Index

Fund

Share

Class

Institutional

Class

Advisor

Class

Retirement

Class

Class

W

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,085.90

$1,085.43

$1,084.61

$1,086.40

Expenses

incurred

during

the

period*

$0.25

$0.92

$1.54

$0.01

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,024.55

$1,023.91

$1,023.32

$1,024.79

Expenses

incurred

during

the

period*

$0.24

$0.90

$1.50

$0.01

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

April

30,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.05%

for

Institutional

Class,

0.18%

for

Advisor

Class,

0.30%

for

Retirement

Class

and

0.00%

for

Class

W.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

Expense

Examples

(continued)

16

4.5

Small-Cap

Blend

Index

Fund

Share

Class

Institutional

Class

Advisor

Class

Retirement

Class

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$966.79

$965.57

$965.53

Expenses

incurred

during

the

period*

$0.27

$1.00

$1.48

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,024.52

$1,023.78

$1,023.28

Expenses

incurred

during

the

period*

$0.28

$1.03

$1.53

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

April

30,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.06%

for

Institutional

Class,

0.20%

for

Advisor

Class

and

0.30%

for

Retirement

Class.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

4.6

Emerging

Markets

Equity

Index

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Class

W

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,167.28

$1,165.02

$1,166.13

$1,165.33

$1,165.31

$1,167.72

Expenses

incurred

during

the

period*

$0.86

$1.51

$1.66

$2.20

$2.64

$0.03

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,024.01

$1,023.40

$1,023.26

$1,022.76

$1,022.35

$1,024.77

Expenses

incurred

during

the

period*

$0.80

$1.41

$1.55

$2.05

$2.47

$0.02

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

April

30,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.16%

for

Institutional

Class,

0.28%

for

Advisor

Class,

0.31%

for

Premier

Class,

0.41%

for

Retirement

Class,

0.49%

for

Retail

Class

and

0.00%

for

Class

W.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

4.7

International

Equity

Index

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Class

W

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,244.50

$1,244.20

$1,243.91

$1,243.71

$1,244.97

Expenses

incurred

during

the

period*

$0.29

$1.07

$1.12

$1.68

$0.01

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,024.54

$1,023.84

$1,023.80

$1,023.30

$1,024.79

Expenses

incurred

during

the

period*

$0.26

$0.97

$1.01

$1.51

$0.01

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

April

30,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.05%

for

Institutional

Class,

0.19%

for

Advisor

Class,

0.20%

for

Premier

Class,

0.30%

for

Retirement

Class

and

0.00%

for

Class

W.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

Portfolios

of

Investments

(Unaudited)

Equity

Index

Fund

April

30,

2023

17

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMON

STOCKS

-

99.4%

AUTOMOBILES

&

COMPONENTS

-

1

.5

%

70,649

*

Adient

plc

$

2,609,774‌

82,911

*

American

Axle

&

Manufacturing

Holdings,

Inc

592,814‌

238,352

*

Aptiv

plc

24,516,887‌

204,944

BorgWarner,

Inc

9,863,955‌

187,702

*,e

Canoo,

Inc

141,715‌

145,811

*,e

Cenntro

Electric

Group

Ltd

54,067‌

107,715

Dana

Inc

1,593,105‌

20,044

*

Dorman

Products,

Inc

1,726,991‌

116,037

*,e

Fisker,

Inc

747,278‌

3,463,586

Ford

Motor

Co

41,147,402‌

40,428

*

Fox

Factory

Holding

Corp

4,482,252‌

1,227,054

General

Motors

Co

40,541,864‌

218,002

Gentex

Corp

6,014,675‌

25,155

*

Gentherm,

Inc

1,500,496‌

286,551

*

Goodyear

Tire

&

Rubber

Co

3,057,499‌

127,748

Harley-Davidson,

Inc

4,739,451‌

18,139

LCI

Industries,

Inc

2,048,981‌

51,928

Lear

Corp

6,629,128‌

288,372

*,e

Lordstown

Motors

Corp

150,819‌

537,055

*,e

Lucid

Group,

Inc

4,264,217‌

194,312

*,e

Luminar

Technologies,

Inc

1,169,758‌

36,126

*

Modine

Manufacturing

Co

755,395‌

11,849

*

Motorcar

Parts

of

America,

Inc

57,705‌

16,988

Patrick

Industries,

Inc

1,165,886‌

181,469

*,e

QuantumScape

Corp

1,270,283‌

442,851

*,e

Rivian

Automotive,

Inc

5,677,350‌

44,987

*,e

Solid

Power,

Inc

102,120‌

15,934

Standard

Motor

Products,

Inc

573,783‌

19,766

*

Stoneridge,

Inc

372,194‌

2,265,603

*

Tesla,

Inc

372,261,229‌

41,295

Thor

Industries,

Inc

3,263,131‌

28,194

*

Visteon

Corp

3,958,156‌

23,560

Winnebago

Industries,

Inc

1,369,778‌

177,385

*,e

Workhorse

Group,

Inc

167,132‌

27,749

*

XPEL,

Inc

2,027,342‌

TOTAL

AUTOMOBILES

&

COMPONENTS

550,614,612‌

BANKS

-

3

.4

%

18,633

1st

Source

Corp

776,623‌

14,723

Amalgamated

Financial

Corp

239,690‌

25,834

Amerant

Bancorp

Inc

480,512‌

4,611

American

National

Bankshares,

Inc

133,212‌

48,454

Ameris

Bancorp

1,623,209‌

7,173

Arrow

Financial

Corp

154,865‌

156,553

Associated

Banc-Corp

2,791,340‌

85,111

Atlantic

Union

Bankshares

Corp

2,435,877‌

44,566

*

Axos

Financial,

Inc

1,812,499‌

50,744

Banc

of

California,

Inc

575,944‌

24,715

Bancfirst

Corp

1,974,481‌

7,985

e

Bank

First

Corp

546,094‌

6,134,621

Bank

of

America

Corp

179,621,703‌

34,424

e

Bank

of

Hawaii

Corp

1,667,154‌

6,575

Bank

of

Marin

Bancorp

115,917‌

39,774

Bank

of

NT

Butterfield

&

Son

Ltd

1,023,385‌

90,703

Bank

OZK

3,239,911‌

62,424

BankUnited

1,407,661‌

41,073

Banner

Corp

2,050,364‌

12,845

Bar

Harbor

Bankshares

318,556‌

16,293

BCB

Bancorp,

Inc

192,257‌

Equity

Index

Fund

April

30,

2023

18

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

BANKS—continued

43,571

Berkshire

Hills

Bancorp,

Inc

$

926,755‌

12,822

Blue

Ridge

Bankshares,

Inc

123,989‌

24,362

BOK

Financial

Corp

2,043,241‌

15,598

*

Bridgewater

Bancshares,

Inc

155,200‌

67,439

Brookline

Bancorp,

Inc

643,363‌

19,568

Business

First

Bancshares,

Inc

301,739‌

25,800

Byline

Bancorp,

Inc

499,230‌

143,139

Cadence

BanCorp

2,894,271‌

4,978

Cambridge

Bancorp

257,114‌

11,105

Camden

National

Corp

354,805‌

191

Capital

Bancorp,

Inc

3,218‌

4,521

Capital

City

Bank

Group,

Inc

137,710‌

105,986

Capitol

Federal

Financial

657,113‌

21,038

Capstar

Financial

Holdings,

Inc

281,488‌

15,958

*

Carter

Bankshares,

Inc

205,060‌

82,639

Cathay

General

Bancorp

2,633,705‌

16,021

Central

Pacific

Financial

Corp

254,413‌

1,692,702

Citigroup,

Inc

79,675,483‌

5,190

Citizens

&

Northern

Corp

99,129‌

407,145

Citizens

Financial

Group,

Inc

12,597,066‌

13,280

City

Holding

Co

1,211,003‌

5,750

Civista

Bancshares,

Inc

91,252‌

7,874

CNB

Financial

Corp

147,716‌

14,705

*

Coastal

Financial

Corp

533,056‌

167,425

Columbia

Banking

System,

Inc

3,576,198‌

27,831

*,e

Columbia

Financial,

Inc

467,004‌

99,964

Comerica,

Inc

4,335,439‌

111,019

Commerce

Bancshares,

Inc

6,200,411‌

60,022

Community

Bank

System,

Inc

2,998,699‌

14,068

Community

Trust

Bancorp,

Inc

506,589‌

32,974

ConnectOne

Bancorp,

Inc

520,330‌

32,218

*,e

CrossFirst

Bankshares,

Inc

323,147‌

46,800

Cullen/Frost

Bankers,

Inc

5,159,700‌

32,680

*

Customers

Bancorp,

Inc

713,731‌

139,451

CVB

Financial

Corp

2,087,581‌

28,972

Dime

Community

Bancshares,

Inc

596,823‌

26,137

Eagle

Bancorp,

Inc

656,039‌

126,261

East

West

Bancorp,

Inc

6,526,431‌

133,594

Eastern

Bankshares,

Inc

1,556,370‌

5,234

Enterprise

Bancorp,

Inc

150,949‌

28,968

Enterprise

Financial

Services

Corp

1,238,672‌

11,154

Equity

Bancshares,

Inc

262,677‌

8,510

Esquire

Financial

Holdings,

Inc

328,997‌

9,389

e

Farmers

&

Merchants

Bancorp,

Inc

214,069‌

11,812

Farmers

National

Banc

Corp

138,082‌

34,406

FB

Financial

Corp

1,012,569‌

587,078

Fifth

Third

Bancorp

15,381,444‌

8,770

Financial

Institutions,

Inc

153,300‌

158,461

First

Bancorp

1,861,917‌

24,700

First

Bancorp

760,266‌

7,604

First

Bancorp,

Inc

187,819‌

14,763

First

Bancshares,

Inc

370,551‌

588

e

First

Bank

5,709‌

38,527

First

Busey

Corp

700,421‌

8,793

First

Business

Financial

Services,

Inc

252,271‌

9,837

First

Citizens

Bancshares,

Inc

(Class

A)

9,907,630‌

135,088

First

Commonwealth

Financial

Corp

1,685,898‌

14,032

First

Community

Bancshares,

Inc

328,489‌

73,937

First

Financial

Bancorp

1,530,496‌

112,033

First

Financial

Bankshares,

Inc

3,278,086‌

4,322

First

Financial

Corp

149,325‌

19

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

BANKS—continued

28,815

First

Foundation,

Inc

$

181,246‌

11,340

e

First

Guaranty

Bancshares,

Inc

154,111‌

135,411

First

Hawaiian,

Inc

2,587,704‌

463,915

First

Horizon

National

Corp

8,141,708‌

10,789

First

Internet

Bancorp

158,706‌

96,845

First

Interstate

Bancsystem,

Inc

2,478,264‌

47,027

First

Merchants

Corp

1,372,248‌

12,091

First

Mid-Illinois

Bancshares,

Inc

318,719‌

12,529

First

of

Long

Island

Corp

146,589‌

9,917

*

First

Western

Financial,

Inc

176,126‌

15,276

Five

Star

Bancorp

324,768‌

13,488

Flushing

Financial

Corp

162,261‌

325,156

FNB

Corp

3,732,791‌

194,217

Fulton

Financial

Corp

2,317,009‌

19,386

*,e

FVCBankcorp,

Inc

186,299‌

19,355

German

American

Bancorp,

Inc

562,650‌

101,511

Glacier

Bancorp,

Inc

3,373,211‌

7,132

Great

Southern

Bancorp,

Inc

362,876‌

11,967

Greene

County

Bancorp,

Inc

245,922‌

5,058

Guaranty

Bancshares,

Inc

121,948‌

70,171

Hancock

Whitney

Corp

2,562,645‌

29,083

Hanmi

Financial

Corp

469,981‌

39,598

HarborOne

Northeast

Bancorp,

Inc

425,678‌

7,219

HBT

Financial,

Inc

127,343‌

34,542

Heartland

Financial

USA,

Inc

1,124,687‌

55,657

Heritage

Commerce

Corp

473,084‌

28,290

Heritage

Financial

Corp

498,187‌

46,898

Hilltop

Holdings,

Inc

1,454,776‌

1,692

e

Hingham

Institution

for

Savings

329,196‌

2,890

Home

Bancorp,

Inc

90,544‌

183,082

Home

Bancshares,

Inc

3,985,695‌

15,148

HomeStreet,

Inc

147,844‌

8,226

HomeTrust

Bancshares,

Inc

171,677‌

99,262

Hope

Bancorp,

Inc

903,284‌

37,769

Horizon

Bancorp

397,708‌

1,192,416

Huntington

Bancshares,

Inc

13,355,059‌

41,058

Independent

Bank

Corp

2,299,248‌

16,001

Independent

Bank

Corp

285,138‌

27,575

Independent

Bank

Group,

Inc

1,003,178‌

63,589

International

Bancshares

Corp

2,713,343‌

10,716

John

Marshall

Bancorp,

Inc

195,246‌

2,557,445

JPMorgan

Chase

&

Co

353,541,197‌

62,205

Kearny

Financial

Corp

484,577‌

725,045

Keycorp

8,164,007‌

54,549

Lakeland

Bancorp,

Inc

782,233‌

19,759

Lakeland

Financial

Corp

1,001,189‌

23,057

Live

Oak

Bancshares,

Inc

543,223‌

629

Luther

Burbank

Corp

5,686‌

153,710

M&T

Bank

Corp

19,336,718‌

12,700

Macatawa

Bank

Corp

118,745‌

8,910

Mercantile

Bank

Corp

250,015‌

22,883

Meta

Financial

Group,

Inc

1,018,980‌

28,455

Metrocity

Bankshares,

Inc

465,239‌

7,146

*,e

Metropolitan

Bank

Holding

Corp

229,315‌

11,042

Mid

Penn

Bancorp,

Inc

249,770‌

22,606

Midland

States

Bancorp,

Inc

452,120‌

5,927

MidWestOne

Financial

Group,

Inc

122,689‌

7,349

MVB

Financial

Corp

134,119‌

21,289

National

Bank

Holdings

Corp

676,990‌

34,793

NBT

Bancorp,

Inc

1,121,726‌

578,035

New

York

Community

Bancorp,

Inc

6,179,194‌

Equity

Index

Fund

April

30,

2023

20

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

BANKS—continued

8,973

*

Nicolet

Bankshares,

Inc

$

514,243‌

44,937

Northfield

Bancorp,

Inc

468,244‌

101,413

Northwest

Bancshares,

Inc

1,185,518‌

52,078

OceanFirst

Financial

Corp

833,248‌

72,625

OFG

Bancorp

1,857,021‌

302,292

Old

National

Bancorp

4,053,736‌

15,271

Old

Second

Bancorp,

Inc

187,681‌

20,312

Origin

Bancorp,

Inc

597,782‌

3,618

Orrstown

Financial

Services,

Inc

69,357‌

89,066

Pacific

Premier

Bancorp,

Inc

1,980,828‌

194,598

e

PacWest

Bancorp

1,975,170‌

11,574

Park

National

Corp

1,253,696‌

12,857

e

Parke

Bancorp,

Inc

221,012‌

10,253

Peapack

Gladstone

Financial

Corp

272,320‌

23,125

Peoples

Bancorp,

Inc

602,637‌

8,138

Peoples

Financial

Services

Corp

328,368‌

64,999

Pinnacle

Financial

Partners,

Inc

3,524,896‌

385

*,e

Pioneer

Bancorp,

Inc

3,396‌

356,795

PNC

Financial

Services

Group,

Inc

46,472,549‌

77,194

Popular,

Inc

4,632,412‌

12,183

Preferred

Bank

585,759‌

28,576

Premier

Financial

Corp

474,647‌

5,687

Primis

Financial

Corp

50,330‌

82,390

Prosperity

Bancshares,

Inc

5,159,262‌

4,934

e

Provident

Bancorp

Inc

33,699‌

103,199

Provident

Financial

Services,

Inc

1,803,919‌

14,068

QCR

Holdings,

Inc

582,415‌

22,257

RBB

Bancorp

276,877‌

4,522

Red

River

Bancshares

Inc

208,012‌

775,994

Regions

Financial

Corp

14,169,650‌

43,118

Renasant

Corp

1,212,478‌

4,137

Republic

Bancorp,

Inc

(Class

A)

162,584‌

29,268

*,e

Republic

First

Bancorp,

Inc

36,000‌

33,109

S&T

Bancorp,

Inc

911,491‌

34,709

Sandy

Spring

Bancorp,

Inc

780,258‌

69,004

Seacoast

Banking

Corp

of

Florida

1,531,199‌

41,638

ServisFirst

Bancshares,

Inc

2,102,719‌

14,920

Shore

Bancshares,

Inc

198,138‌

5,250

Sierra

Bancorp

86,047‌

98,370

Simmons

First

National

Corp

(Class

A)

1,643,763‌

16,069

SmartFinancial,

Inc

346,126‌

354

South

Plains

Financial

Inc

7,268‌

69,727

South

State

Corp

4,809,768‌

2,746

*

Southern

First

Bancshares,

Inc

75,735‌

5,675

Southern

Missouri

Bancorp,

Inc

205,889‌

24,349

Southside

Bancshares,

Inc

772,594‌

38,203

Stellar

Bancorp,

Inc

876,377‌

21,096

Stock

Yards

Bancorp,

Inc

1,025,266‌

5,861

Summit

Financial

Group,

Inc

113,879‌

110,649

Synovus

Financial

Corp

3,407,989‌

38,762

*

Texas

Capital

Bancshares,

Inc

1,947,790‌

37,392

*

The

Bancorp,

Inc

1,193,179‌

11,131

Tompkins

Financial

Corp

652,499‌

56,169

Towne

Bank

1,330,644‌

24,322

Trico

Bancshares

870,971‌

17,672

Triumph

Bancorp,

Inc

918,237‌

1,138,168

Truist

Financial

Corp

37,081,513‌

19,519

TrustCo

Bank

Corp

NY

582,447‌

45,567

Trustmark

Corp

1,088,596‌

38,832

UMB

Financial

Corp

2,470,104‌

130,431

United

Bankshares,

Inc

4,321,179‌

21

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

BANKS—continued

103,599

United

Community

Banks,

Inc

$

2,579,615‌

22,107

Univest

Financial

Corp

444,793‌

1,198,347

US

Bancorp

41,079,335‌

414,096

Valley

National

Bancorp

3,884,220‌

34,533

Veritex

Holdings,

Inc

594,313‌

81,079

Washington

Federal,

Inc

2,273,455‌

15,885

Washington

Trust

Bancorp,

Inc

446,527‌

153,531

Webster

Financial

Corp

5,726,706‌

3,358,948

Wells

Fargo

&

Co

133,518,183‌

51,566

WesBanco,

Inc

1,372,687‌

8,366

West

Bancorporation,

Inc

144,146‌

20,400

Westamerica

Bancorporation

826,404‌

96,323

e

Western

Alliance

Bancorp

3,575,510‌

46,083

Wintrust

Financial

Corp

3,150,695‌

47,065

WSFS

Financial

Corp

1,655,276‌

118,073

Zions

Bancorporation

3,289,514‌

TOTAL

BANKS

1,212,731,721‌

CAPITAL

GOODS

-

6

.3

%

90,270

*

3D

Systems

Corp

826,873‌

491,786

3M

Co

52,237,509‌

115,895

A.O.

Smith

Corp

7,914,470‌

36,440

Aaon,

Inc

3,571,120‌

23,678

*

AAR

Corp

1,249,725‌

26,578

Acuity

Brands,

Inc

4,182,846‌

55,177

Advanced

Drainage

Systems,

Inc

4,729,772‌

115,971

Aecom

Technology

Corp

9,631,392‌

80,429

*

Aerojet

Rocketdyne

Holdings,

Inc

4,537,000‌

22,184

*

Aerovironment,

Inc

2,233,707‌

27,273

*,e

AerSale

Corp

441,277‌

53,417

AGCO

Corp

6,620,503‌

105,685

Air

Lease

Corp

4,250,651‌

7,420

Alamo

Group,

Inc

1,311,337‌

34,459

Albany

International

Corp

(Class

A)

3,143,005‌

77,538

Allegion

plc

8,566,398‌

6,208

Allied

Motion

Technologies,

Inc

213,679‌

98,034

Allison

Transmission

Holdings,

Inc

4,783,079‌

12,889

Alta

Equipment

Group,

Inc

182,250‌

35,576

*

Ameresco,

Inc

1,479,962‌

12,826

*

American

Woodmark

Corp

647,970‌

201,758

Ametek,

Inc

27,828,481‌

169,536

*

API

Group

Corp

3,858,639‌

18,243

Apogee

Enterprises,

Inc

776,422‌

30,780

Applied

Industrial

Technologies,

Inc

4,175,615‌

96,323

*,e

Archer

Aviation,

Inc

190,720‌

51,490

Arcosa,

Inc

3,477,635‌

11,536

Argan,

Inc

464,093‌

48,253

Armstrong

World

Industries,

Inc

3,313,051‌

165,666

*

Array

Technologies,

Inc

3,387,870‌

17,527

Astec

Industries,

Inc

723,515‌

179,114

*,e

Astra

Space,

Inc

75,676‌

17,487

*

Astronics

Corp

257,758‌

34,587

*

Atkore

International

Group,

Inc

4,369,376‌

60,126

*

Axon

Enterprise,

Inc

12,669,149‌

84,027

*

AZEK

Co,

Inc

2,280,493‌

18,025

AZZ,

Inc

680,083‌

40,879

*

Babcock

&

Wilcox

Enterprises,

Inc

254,267‌

37,511

Barnes

Group,

Inc

1,576,587‌

45,670

*

Beacon

Roofing

Supply,

Inc

2,748,421‌

164,866

*,e

Berkshire

Grey,

Inc

225,866‌

28,514

*,e

Blink

Charging

Co

203,305‌

Equity

Index

Fund

April

30,

2023

22

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

137,453

*

Bloom

Energy

Corp

$

2,288,592‌

11,512

*

Blue

Bird

Corp

215,274‌

11,068

*

BlueLinx

Holdings,

Inc

775,424‌

485,248

*

Boeing

Co

100,339,581‌

33,731

Boise

Cascade

Co

2,304,165‌

19,889

e

Brookfield

Business

Corp

367,151‌

133,960

*

Builders

FirstSource,

Inc

12,695,389‌

87,839

BWX

Technologies,

Inc

5,672,643‌

8,806

e

Cadre

Holdings,

Inc

185,454‌

13,385

e

Caesarstone

Sdot-Yam

Ltd

61,036‌

45,144

Carlisle

Cos,

Inc

9,744,332‌

725,390

Carrier

Global

Corp

30,335,810‌

455,046

Caterpillar,

Inc

99,564,065‌

233,284

*,e

ChargePoint

Holdings,

Inc

2,022,572‌

36,781

*

Chart

Industries,

Inc

4,895,551‌

20,351

*

CIRCOR

International,

Inc

566,572‌

20,151

Columbus

McKinnon

Corp

699,441‌

28,861

Comfort

Systems

USA,

Inc

4,314,431‌

887

*

Concrete

Pumping

Holdings

Inc

6,165‌

28,626

*

Construction

Partners

Inc

742,558‌

54,914

*,e

Core

&

Main,

Inc

1,431,059‌

38,580

*

Crane

Co

2,780,461‌

38,580

Crane

Holdings

Co

1,827,149‌

11,874

CSW

Industrials,

Inc

1,599,072‌

123,420

Cummins,

Inc

29,008,637‌

33,427

Curtiss-Wright

Corp

5,676,907‌

55,814

*,e

Custom

Truck

One

Source,

Inc

350,512‌

79,935

*,e

Decarbonization

Plus

Acquisition

Corp

66,474‌

237,484

Deere

&

Co

89,773,702‌

311,752

*,e

Desktop

Metal,

Inc

685,854‌

120,750

Donaldson

Co,

Inc

7,673,662‌

17,088

Douglas

Dynamics,

Inc

500,849‌

121,539

Dover

Corp

17,764,140‌

7,460

*

Ducommun,

Inc

373,000‌

12,598

*

DXP

Enterprises,

Inc

317,470‌

21,956

*

Dycom

Industries,

Inc

2,033,565‌

348,016

Eaton

Corp

58,160,434‌

39,624

EMCOR

Group,

Inc

6,775,704‌

508,851

Emerson

Electric

Co

42,366,934‌

16,119

Encore

Wire

Corp

2,519,883‌

46,405

*

Energy

Recovery,

Inc

1,045,505‌

94,986

*

Energy

Vault

Holdings,

Inc

160,526‌

55,416

Enerpac

Tool

Group

Corp

1,316,684‌

33,465

EnerSys

2,776,591‌

84,627

*,e

Enovix

Corp

915,664‌

16,390

EnPro

Industries,

Inc

1,545,085‌

56,109

Esab

Corp

3,274,521‌

19,331

ESCO

Technologies,

Inc

1,808,802‌

80,826

*,e

ESS

Tech,

Inc

86,484‌

110,276

*

Evoqua

Water

Technologies

Corp

5,453,148‌

505,611

Fastenal

Co

27,222,096‌

46,155

Federal

Signal

Corp

2,371,444‌

98,402

Flowserve

Corp

3,285,643‌

24,553

*,e

Fluence

Energy,

Inc

443,427‌

142,932

*

Fluor

Corp

4,153,604‌

310,223

Fortive

Corp

19,571,969‌

104,386

Fortune

Brands

Home

&

Security,

Inc

6,752,730‌

37,279

Franklin

Electric

Co,

Inc

3,335,352‌

59,145

*,e

FTC

Solar,

Inc

161,466‌

347,202

*,e

FuelCell

Energy,

Inc

652,740‌

155,438

*

Gates

Industrial

Corp

plc

2,093,750‌

23

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

36,014

GATX

Corp

$

4,102,355‌

57,877

*

Generac

Holdings,

Inc

5,916,187‌

214,154

General

Dynamics

Corp

46,758,384‌

949,694

General

Electric

Co

93,991,215‌

26,448

*

Gibraltar

Industries,

Inc

1,323,458‌

10,966

Global

Industrial

Co

292,244‌

37,797

*

GMS,

Inc

2,194,494‌

18,896

Gorman-Rupp

Co

463,897‌

147,695

Graco,

Inc

11,710,737‌

149,154

GrafTech

International

Ltd

702,515‌

39,368

Granite

Construction,

Inc

1,501,102‌

60,950

*

Great

Lakes

Dredge

&

Dock

Corp

349,243‌

25,077

Greenbrier

Cos,

Inc

663,287‌

40,831

Griffon

Corp

1,161,642‌

22,211

H&E

Equipment

Services,

Inc

810,701‌

54,836

*

Hayward

Holdings,

Inc

660,225‌

41,922

HEICO

Corp

7,069,726‌

70,220

HEICO

Corp

(Class

A)

9,425,631‌

426,591

*

Heliogen,

Inc

119,744‌

23,945

Helios

Technologies,

Inc

1,440,052‌

25,702

Herc

Holdings,

Inc

2,570,714‌

78,974

Hexcel

Corp

5,692,446‌

54,131

Hillenbrand,

Inc

2,469,456‌

103,419

*

Hillman

Solutions

Corp

868,720‌

590,670

Honeywell

International,

Inc

118,039,493‌

317,760

Howmet

Aerospace,

Inc

14,073,590‌

46,255

Hubbell,

Inc

12,457,397‌

33,445

*

Hudson

Technologies,

Inc

258,530‌

35,838

Huntington

Ingalls

7,227,091‌

38,361

*,e

Hydrofarm

Holdings

Group,

Inc

60,227‌

85,805

*,e

Hyliion

Holdings

Corp

117,553‌

7,156

Hyster-Yale

Materials

Handling,

Inc

376,835‌

66,059

IDEX

Corp

13,629,293‌

8,756

*

IES

Holdings,

Inc

378,172‌

267,563

Illinois

Tool

Works,

Inc

64,734,192‌

353,391

Ingersoll

Rand,

Inc

20,150,355‌

15,632

Insteel

Industries,

Inc

430,349‌

66,579

ITT,

Inc

5,621,931‌

82,032

*

Janus

International

Group,

Inc

738,288‌

164,024

*

JELD-WEN

Holding,

Inc

2,096,227‌

30,832

John

Bean

Technologies

Corp

3,351,747‌

591,034

Johnson

Controls

International

plc

35,367,475‌

9,278

Kadant,

Inc

1,724,131‌

22,936

Kaman

Corp

506,198‌

63,395

Kennametal,

Inc

1,645,734‌

89,581

*

Kratos

Defense

&

Security

Solutions,

Inc

1,155,595‌

166,880

L3Harris

Technologies,

Inc

32,566,632‌

2,025

*

Lawson

Products,

Inc

94,527‌

25,358

Lennox

International,

Inc

7,148,674‌

47,515

Lincoln

Electric

Holdings,

Inc

7,973,017‌

8,406

Lindsay

Corp

1,014,940‌

200,643

Lockheed

Martin

Corp

93,188,641‌

30,526

Luxfer

Holdings

plc

465,521‌

25,887

*

Manitowoc

Co,

Inc

395,812‌

195,438

Masco

Corp

10,457,887‌

17,394

*

Masonite

International

Corp

1,589,986‌

47,879

*

Mastec,

Inc

4,252,134‌

104,386

*

Masterbrand,

Inc

842,395‌

59,955

Maxar

Technologies,

Inc

3,160,828‌

21,770

McGrath

RentCorp

1,934,918‌

197,279

MDU

Resources

Group,

Inc

5,764,492‌

Equity

Index

Fund

April

30,

2023

24

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

56,073

*

Mercury

Systems,

Inc

$

2,673,000‌

132,141

*,e

Microvast

Holdings,

Inc

138,748‌

46,376

*

Middleby

Corp

6,533,451‌

12,532

Miller

Industries,

Inc

408,543‌

27,127

Moog,

Inc

(Class

A)

2,444,414‌

74,482

*

MRC

Global,

Inc

725,455‌

40,108

MSC

Industrial

Direct

Co

(Class

A)

3,638,999‌

45,760

Mueller

Industries,

Inc

3,287,856‌

123,593

Mueller

Water

Products,

Inc

(Class

A)

1,656,146‌

15,607

*

MYR

Group,

Inc

1,997,540‌

3,753

National

Presto

Industries,

Inc

255,279‌

24,468

*

NEXTracker,

Inc

770,497‌

226,463

*,e

Nikola

Corp

200,533‌

50,093

Nordson

Corp

10,835,617‌

124,244

Northrop

Grumman

Corp

57,310,030‌

5,136

*

Northwest

Pipe

Co

141,445‌

80,220

*

NOW,

Inc

855,947‌

25,573

*,e

NuScale

Power

Corp

226,833‌

157,302

nVent

Electric

plc

6,595,673‌

2,380

e

Omega

Flex,

Inc

261,824‌

51,245

Oshkosh

Corp

3,921,267‌

363,882

Otis

Worldwide

Corp

31,039,135‌

77,678

Owens

Corning,

Inc

8,296,787‌

452,669

PACCAR,

Inc

33,809,848‌

17,348

Park

Aerospace

Corp

226,912‌

109,571

Parker-Hannifin

Corp

35,597,426‌

27,211

*

Parsons

Corp

1,183,678‌

133,782

Pentair

plc

7,770,059‌

42,663

*

PGT

Innovations,

Inc

1,094,733‌

445,266

*,e

Plug

Power,

Inc

4,020,752‌

6,237

Powell

Industries,

Inc

249,854‌

1,157

Preformed

Line

Products

Co

143,792‌

58,364

Primoris

Services

Corp

1,476,609‌

20,651

*

Proto

Labs,

Inc

594,129‌

24,588

Quanex

Building

Products

Corp

469,631‌

124,631

Quanta

Services,

Inc

21,142,403‌

1,279,816

Raytheon

Technologies

Corp

127,853,618‌

25,790

*

RBC

Bearings,

Inc

5,854,588‌

58,146

Regal-Beloit

Corp

7,568,283‌

112,180

*

Resideo

Technologies,

Inc

1,996,804‌

34,968

REV

Group,

Inc

375,207‌

164,997

*,e

Rocket

Lab

USA,

Inc

646,788‌

98,307

Rockwell

Automation,

Inc

27,861,187‌

29,820

Rush

Enterprises,

Inc

(Class

A)

1,583,740‌

4,399

Rush

Enterprises,

Inc

(Class

B)

257,693‌

100,057

*

Sarcos

Technology

and

Robotics

Corp

40,033‌

134,984

Sensata

Technologies

Holding

plc

5,865,055‌

140,450

*

Shoals

Technologies

Group,

Inc

2,934,000‌

24,827

Shyft

Group,

Inc

622,661‌

37,416

Simpson

Manufacturing

Co,

Inc

4,706,184‌

40,856

*

SiteOne

Landscape

Supply,

Inc

6,036,065‌

46,027

Snap-On,

Inc

11,939,864‌

118,929

Spirit

Aerosystems

Holdings,

Inc

(Class

A)

3,539,327‌

33,039

*

SPX

Technologies,

Inc

2,103,924‌

8,453

Standex

International

Corp

1,038,113‌

130,458

Stanley

Black

&

Decker,

Inc

11,263,744‌

121,869

*,e

Stem,

Inc

515,506‌

19,738

*

Sterling

Construction

Co,

Inc

728,727‌

58,669

*,e

SunPower

Corp

775,604‌

178,527

*

Sunrun,

Inc

3,756,208‌

14,222

Tennant

Co

1,086,845‌

25

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

77,491

Terex

Corp

$

3,455,324‌

38,923

Textainer

Group

Holdings

Ltd

1,366,197‌

184,557

Textron,

Inc

12,354,246‌

22,578

*

Thermon

Group

Holdings

469,171‌

48,377

Timken

Co

3,717,772‌

51,987

*

Titan

International,

Inc

507,393‌

13,882

*

Titan

Machinery,

Inc

435,201‌

91,243

Toro

Co

9,512,995‌

43,607

*

TPI

Composites,

Inc

538,983‌

198,625

Trane

Technologies

plc

36,906,511‌

5,151

*

Transcat

Inc

392,970‌

44,058

TransDigm

Group,

Inc

33,704,370‌

108,678

*

Trex

Co,

Inc

5,940,339‌

67,174

Trinity

Industries,

Inc

1,608,817‌

61,834

Triton

International

Ltd

5,111,817‌

47,307

*

Triumph

Group,

Inc

511,389‌

49,355

*

Tutor

Perini

Corp

261,581‌

48,676

UFP

Industries,

Inc

3,822,040‌

59,094

United

Rentals,

Inc

21,339,434‌

136,039

*

Univar

Solutions

Inc

4,829,384‌

18,457

Valmont

Industries,

Inc

5,362,866‌

11,489

*

Vectrus,

Inc

496,325‌

228,909

*,e

Velo3D,

Inc

535,647‌

11,375

Veritiv

Corp

1,306,646‌

315,490

Vertiv

Holdings

Co

4,707,111‌

15,571

*

Vicor

Corp

669,086‌

210,020

*,e

Virgin

Galactic

Holdings,

Inc

764,473‌

39,008

W.W.

Grainger,

Inc

27,132,795‌

39,430

Wabash

National

Corp

1,012,168‌

29,046

Watsco,

Inc

10,060,953‌

26,804

Watts

Water

Technologies,

Inc

(Class

A)

4,335,011‌

40,493

WESCO

International,

Inc

5,830,992‌

158,438

Westinghouse

Air

Brake

Technologies

Corp

15,474,639‌

168,942

*

WillScot

Mobile

Mini

Holdings

Corp

7,669,967‌

46,706

Woodward

Inc

4,484,710‌

35,235

*,e

Xometry,

Inc

489,414‌

158,602

Xylem,

Inc

16,469,232‌

140,071

Zurn

Water

Solutions

Corp

3,018,530‌

TOTAL

CAPITAL

GOODS

2,251,000,546‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1

.6

%

71,796

ABM

Industries,

Inc

3,057,074‌

91,019

ACCO

Brands

Corp

416,867‌

87,206

*

ACV

Auctions,

Inc

1,136,294‌

380,551

*

Alight,

Inc

3,520,097‌

13,852

Aris

Water

Solution,

Inc

100,704‌

42,312

*

ASGN

Inc

3,029,116‌

369,797

Automatic

Data

Processing,

Inc

81,355,340‌

5,327

Barrett

Business

Services,

Inc

445,390‌

110,250

Booz

Allen

Hamilton

Holding

Co

10,553,130‌

57,386

Brady

Corp

(Class

A)

2,928,408‌

34,803

*

BrightView

Holdings,

Inc

192,461‌

35,470

Brink's

Co

2,229,289‌

104,604

Broadridge

Financial

Solutions,

Inc

15,210,468‌

18,218

*

CACI

International,

Inc

(Class

A)

5,708,064‌

41,616

*

Casella

Waste

Systems,

Inc

(Class

A)

3,703,824‌

43,111

*

CBIZ,

Inc

2,271,519‌

13,622

*

Cimpress

plc

707,663‌

75,966

Cintas

Corp

34,623,024‌

387,769

*

Clarivate

Analytics

plc

3,435,633‌

44,744

*

Clean

Harbors,

Inc

6,495,039‌

Equity

Index

Fund

April

30,

2023

26

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMERCIAL

&

PROFESSIONAL

SERVICES—continued

42,140

Concentrix

Corp

$

4,066,931‌

132,462

*

Conduent,

Inc

464,942‌

373,150

*

Copart,

Inc

29,497,507‌

100,942

*

CoreCivic,

Inc

887,280‌

350,020

*

CoStar

Group,

Inc

26,934,039‌

4,484

CRA

International,

Inc

471,448‌

26,157

CSG

Systems

International,

Inc

1,377,951‌

30,980

Deluxe

Corp

469,347‌

75,581

*

Driven

Brands

Holdings,

Inc

2,320,337‌

196,245

Dun

&

Bradstreet

Holdings,

Inc

2,192,057‌

16,785

Ennis,

Inc

326,133‌

104,236

Equifax,

Inc

21,720,698‌

26,457

*

ExlService

Holdings,

Inc

4,719,400‌

41,992

Exponent,

Inc

3,865,364‌

46,013

*

First

Advantage

Corp

591,727‌

8,190

*

Forrester

Research,

Inc

253,399‌

9,141

*

Franklin

Covey

Co

335,658‌

31,800

*

FTI

Consulting,

Inc

5,739,900‌

161,326

Genpact

Ltd

7,187,073‌

97,493

*,e

Geo

Group,

Inc

734,122‌

61,320

*

Harsco

Corp

421,268‌

56,484

Healthcare

Services

Group

881,715‌

14,986

Heidrick

&

Struggles

International,

Inc

376,298‌

8,242

*

Heritage-Crystal

Clean,

Inc

288,140‌

56,093

Herman

Miller,

Inc

954,142‌

15,364

*

HireRight

Holdings

Corp

162,858‌

36,258

HNI

Corp

941,983‌

17,579

*

Huron

Consulting

Group,

Inc

1,490,523‌

14,225

ICF

International,

Inc

1,621,650‌

30,132

Insperity,

Inc

3,689,965‌

40,589

Interface,

Inc

318,218‌

108,944

Jacobs

Solutions,

Inc

12,578,674‌

99,756

*

KAR

Auction

Services,

Inc

1,350,696‌

126,396

KBR,

Inc

7,170,445‌

25,446

Kelly

Services,

Inc

(Class

A)

417,569‌

14,799

Kforce,

Inc

875,213‌

26,685

Kimball

International,

Inc

(Class

B)

328,492‌

44,482

Korn/Ferry

International

2,136,026‌

82,778

*,e

Legalzoom.com,

Inc

776,458‌

115,337

Leidos

Holdings,

Inc

10,756,329‌

102,621

*,e

Li-Cycle

Holdings

Corp

487,450‌

20,481

*

Liquidity

Services,

Inc

267,687‌

39,935

Manpower,

Inc

3,023,479‌

23,701

Matthews

International

Corp

(Class

A)

897,557‌

58,381

MAXIMUS,

Inc

4,883,571‌

19,414

*

Montrose

Environmental

Group,

Inc

591,350‌

36,622

MSA

Safety,

Inc

4,751,704‌

8,091

NL

Industries,

Inc

52,025‌

11,033

*

NV5

Global

Inc

1,045,156‌

280,544

Paychex,

Inc

30,820,564‌

131,794

Pitney

Bowes,

Inc

462,597‌

120,113

*

Planet

Labs

PBC

490,061‌

83,380

*

Quad

Graphics,

Inc

290,996‌

185,538

Republic

Services,

Inc

26,832,506‌

31,570

Resources

Connection,

Inc

460,606‌

65,637

Ritchie

Bros

Auctioneers,

Inc

3,753,780‌

95,845

Robert

Half

International,

Inc

6,996,685‌

216,720

Rollins,

Inc

9,156,420‌

43,704

Science

Applications

International

Corp

4,459,119‌

17,683

*

SP

Plus

Corp

604,228‌

191,383

SS&C

Technologies

Holdings,

Inc

11,203,561‌

27

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMERCIAL

&

PROFESSIONAL

SERVICES—continued

72,578

Steelcase,

Inc

(Class

A)

$

580,624‌

92,570

*

Stericycle,

Inc

4,225,820‌

11,647

*

Sterling

Check

Corp

130,912‌

47,995

Tetra

Tech,

Inc

6,641,068‌

166,720

TransUnion

11,472,003‌

31,176

*

TriNet

Group,

Inc

2,892,509‌

27,408

*

TrueBlue,

Inc

415,231‌

13,566

TTEC

Holdings,

Inc

462,194‌

16,144

Unifirst

Corp

2,642,450‌

86,222

*

Upwork,

Inc

825,145‌

134,173

Verisk

Analytics,

Inc

26,044,321‌

106,472

*

Verra

Mobility

Corp

1,804,700‌

14,279

*

Viad

Corp

271,729‌

7,529

VSE

Corp

318,401‌

360,830

Waste

Management,

Inc

59,915,822‌

7,913

*

Willdan

Group,

Inc

115,925‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

573,101,335‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

4

.8

%

19,450

*

1-800-FLOWERS.COM,

Inc

(Class

A)

179,134‌

25,052

Aaron's

Co,

Inc

334,444‌

47,341

*

Abercrombie

&

Fitch

Co

(Class

A)

1,114,407‌

76,801

Academy

Sports

&

Outdoors,

Inc

4,878,400‌

48,894

Advance

Auto

Parts,

Inc

6,137,664‌

7,793,828

*

Amazon.com,

Inc

821,859,163‌

151,292

American

Eagle

Outfitters,

Inc

2,025,800‌

4,429

*

America's

Car-Mart,

Inc

356,047‌

88,408

Arko

Corp

739,091‌

17,268

*

Asbury

Automotive

Group,

Inc

3,340,667‌

30,961

*

Autonation,

Inc

4,077,564‌

16,332

*

AutoZone,

Inc

43,497,179‌

196,056

*,e

BARK,

Inc

215,662‌

191,637

Bath

&

Body

Works,

Inc

6,726,459‌

169,907

Best

Buy

Co,

Inc

12,661,470‌

15,493

e

Big

5

Sporting

Goods

Corp

122,085‌

21,956

*

Boot

Barn

Holdings,

Inc

1,591,151‌

43,151

Buckle,

Inc

1,446,853‌

16,431

Build-A-Bear

Workshop,

Inc

381,199‌

54,905

*

Burlington

Stores,

Inc

10,586,233‌

27,131

Caleres,

Inc

618,587‌

67,080

Camping

World

Holdings,

Inc

1,501,921‌

128,771

*

CarMax,

Inc

9,017,833‌

34,654

*

CarParts.com,

Inc

164,260‌

25,678

Cato

Corp

(Class

A)

211,843‌

101,748

*

Chico's

FAS,

Inc

512,810‌

10,411

*

Children's

Place,

Inc

308,582‌

26,061

*

Citi

Trends,

Inc

449,813‌

13,050

*

Conn's,

Inc

62,379‌

23,404

*

Container

Store

Group,

Inc

72,318‌

14,667

*,e

ContextLogic,

Inc

105,749‌

44,243

Designer

Brands,

Inc

362,350‌

74,785

*

Destination

XL

Group,

Inc

328,306‌

47,280

Dick's

Sporting

Goods,

Inc

6,856,073‌

3,335

e

Dillard's,

Inc

(Class

A)

995,131‌

8,955

*

Duluth

Holdings,

Inc

56,058‌

478,615

eBay,

Inc

22,222,094‌

106,237

*

Etsy,

Inc

10,733,124‌

52,804

*,e

EVgo,

Inc

316,296‌

46,886

*

Five

Below,

Inc

9,253,421‌

89,712

*

Floor

&

Decor

Holdings,

Inc

8,911,990‌

84,993

Foot

Locker,

Inc

3,568,856‌

Equity

Index

Fund

April

30,

2023

28

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL—continued

20,667

e

Franchise

Group,

Inc

$

604,510‌

16,268

*,e

Funko,

Inc

160,402‌

252,872

*,e

GameStop

Corp

(Class

A)

4,877,901‌

166,065

e

Gap,

Inc

1,594,224‌

10,885

*

Genesco,

Inc

377,274‌

123,926

Genuine

Parts

Co

20,857,985‌

12,919

Group

1

Automotive,

Inc

2,900,057‌

113,852

*

GrowGeneration

Corp

389,374‌

38,855

e

Guess?,

Inc

732,417‌

12,079

Haverty

Furniture

Cos,

Inc

364,061‌

11,946

Hibbett

Sports,

Inc

649,026‌

894,481

Home

Depot,

Inc

268,827,320‌

25,665

e

JOANN,

Inc

44,400‌

102,329

Kohl's

Corp

2,254,308‌

10,686

*

Lands'

End,

Inc

76,619‌

119,702

*

Leslie's,

Inc

1,298,767‌

25,514

Lithia

Motors,

Inc

(Class

A)

5,635,787‌

234,155

LKQ

Corp

13,517,768‌

529,274

Lowe's

Companies,

Inc

109,999,015‌

22,476

*

Lumber

Liquidators,

Inc

73,946‌

235,118

Macy's,

Inc

3,841,828‌

14,865

*

MarineMax,

Inc

432,869‌

24,916

Monro

Muffler,

Inc

1,217,894‌

18,355

Murphy

USA,

Inc

5,051,847‌

60,209

*

National

Vision

Holdings,

Inc

1,266,797‌

86,070

Nordstrom,

Inc

1,330,642‌

35,743

*

ODP

Corp

1,544,455‌

48,544

*

Ollie's

Bargain

Outlet

Holdings,

Inc

3,167,496‌

7,506

*,e

OneWater

Marine,

Inc

198,158‌

54,494

*

O'Reilly

Automotive,

Inc

49,987,891‌

32,132

*

Overstock.com,

Inc

654,208‌

23,524

Penske

Auto

Group,

Inc

3,259,956‌

63,078

*

Petco

Health

&

Wellness

Co,

Inc

628,257‌

15,358

e

PetMed

Express,

Inc

236,052‌

32,909

Pool

Corp

11,561,590‌

86,359

*,e

Rent

the

Runway,

Inc

225,397‌

62,519

Rent-A-Center,

Inc

1,666,757‌

26,266

*,e

Revolve

Group,

Inc

542,393‌

16,668

*

RH

4,252,507‌

289,720

Ross

Stores,

Inc

30,921,816‌

82,883

*

Sally

Beauty

Holdings,

Inc

1,179,425‌

10,676

Shoe

Carnival,

Inc

248,217‌

39,515

Signet

Jewelers

Ltd

2,907,514‌

17,467

*

Sleep

Number

Corp

393,881‌

17,973

Sonic

Automotive,

Inc

(Class

A)

800,158‌

31,126

*

Sportsman's

Warehouse

Holdings,

Inc

193,604‌

107,982

*,e

Stitch

Fix

Inc

368,219‌

83,380

*,e

ThredUp,

Inc

220,123‌

16,584

*

Tilly's,

Inc

124,546‌

1,016,221

TJX

Companies,

Inc

80,098,539‌

21,328

*,e

Torrid

Holdings,

Inc

72,942‌

95,996

Tractor

Supply

Co

22,885,446‌

9,268

*

TravelCenters

of

America,

Inc

798,253‌

44,859

*

Ulta

Beauty,

Inc

24,736,598‌

53,953

*

Urban

Outfitters,

Inc

1,459,968‌

70,554

*

Victoria's

Secret

&

Co

2,187,880‌

64,680

*

Warby

Parker,

Inc

681,080‌

83,543

*,e

Wayfair,

Inc

2,909,803‌

55,729

Williams-Sonoma,

Inc

6,745,438‌

3,199

Winmark

Corp

1,068,210‌

29

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL—continued

17,055

*

Zumiez,

Inc

$

298,207‌

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

1,706,502,488‌

CONSUMER

DURABLES

&

APPAREL

-

1

.3

%

29,457

Acushnet

Holdings

Corp

1,476,679‌

73,678

*,e

Allbirds,

Inc

92,098‌

48,209

*,e

AMMO,

Inc

94,972‌

37,384

*

Beazer

Homes

USA,

Inc

796,653‌

70,933

Brunswick

Corp

6,014,409‌

107,866

*

Callaway

Golf

Co

2,391,389‌

113,022

*

Capri

Holdings

Ltd

4,690,413‌

31,801

Carter's,

Inc

2,218,756‌

7,534

*

Cavco

Industries,

Inc

2,261,858‌

32,019

Century

Communities,

Inc

2,156,159‌

17,828

e

Clarus

Corp

173,466‌

30,881

Columbia

Sportswear

Co

2,579,799‌

54,538

*

Crocs,

Inc

6,744,714‌

22,981

*

Deckers

Outdoor

Corp

11,015,713‌

263,370

DR

Horton,

Inc

28,923,293‌

28,420

*,e

Dream

Finders

Homes,

Inc

433,405‌

36,994

Ermenegildo

Zegna

Holditalia

S.p.A

478,332‌

17,863

Ethan

Allen

Interiors,

Inc

498,914‌

38,521

*

Fossil

Group,

Inc

129,431‌

139,793

*

Garmin

Ltd

13,723,479‌

32,892

*

G-III

Apparel

Group

Ltd

516,404‌

95,226

*

GoPro,

Inc

407,567‌

22,207

*

Green

Brick

Partners,

Inc

827,655‌

348,660

e

Hanesbrands,

Inc

1,826,978‌

113,125

Hasbro,

Inc

6,699,263‌

17,902

*

Helen

of

Troy

Ltd

1,796,287‌

5,395

*

Hovnanian

Enterprises,

Inc

397,989‌

17,511

Installed

Building

Products,

Inc

2,176,092‌

20,871

*,e

iRobot

Corp

820,856‌

4,498

Johnson

Outdoors,

Inc

260,884‌

89,083

KB

Home

3,903,617‌

52,445

Kontoor

Brands,

Inc

2,368,941‌

41,872

*

Landsea

Homes

Corp

276,355‌

28,807

*

Latham

Group,

Inc

69,425‌

33,828

La-Z-Boy,

Inc

971,878‌

166

*

Legacy

Housing

Corp

3,586‌

99,765

Leggett

&

Platt,

Inc

3,223,407‌

218,439

Lennar

Corp

(Class

A)

24,642,104‌

14,322

Lennar

Corp

(Class

B)

1,400,978‌

16,589

*

LGI

Homes,

Inc

1,970,773‌

4,079

Lifetime

Brands,

Inc

19,987‌

8,731

*

Lovesac

Co

229,538‌

97,720

*

Lululemon

Athletica,

Inc

37,126,760‌

42,979

*

M/I

Homes,

Inc

2,907,100‌

15,494

*

Malibu

Boats,

Inc

879,285‌

6,781

Marine

Products

Corp

93,374‌

13,757

*

MasterCraft

Boat

Holdings,

Inc

402,667‌

340,533

*

Mattel,

Inc

6,129,594‌

75,968

MDC

Holdings,

Inc

3,112,409‌

37,616

Meritage

Homes

Corp

4,816,729‌

45,619

*

Mohawk

Industries,

Inc

4,831,052‌

11,455

Movado

Group,

Inc

293,477‌

291,711

Newell

Brands

Inc

3,544,289‌

1,057,514

Nike,

Inc

(Class

B)

134,008,174‌

2,570

*

NVR,

Inc

15,008,800‌

11,713

Oxford

Industries,

Inc

1,208,664‌

245,766

*

Peloton

Interactive,

Inc

2,182,402‌

Equity

Index

Fund

April

30,

2023

30

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

DURABLES

&

APPAREL—continued

28,936

*,e

PLBY

Group,

Inc

$

48,323‌

53,357

Polaris

Inc

5,797,238‌

184,681

Pulte

Homes,

Inc

12,401,329‌

117,697

e

Purple

Innovation,

Inc

349,560‌

53,508

PVH

Corp

4,591,522‌

35,835

Ralph

Lauren

Corp

4,113,500‌

5,014

Rocky

Brands,

Inc

146,509‌

111,211

*

Skechers

U.S.A.,

Inc

(Class

A)

5,915,313‌

45,632

*

Skyline

Champion

Corp

3,384,525‌

39,576

Smith

&

Wesson

Brands,

Inc

475,704‌

10,334

*,e

Snap

One

Holdings

Corp

100,860‌

97,889

*

Sonos,

Inc

2,069,373‌

59,762

Steven

Madden

Ltd

2,094,061‌

31,019

Sturm

Ruger

&

Co,

Inc

1,785,454‌

11,894

Superior

Uniform

Group,

Inc

92,773‌

202,096

Tapestry,

Inc

8,247,538‌

108,743

*

Taylor

Morrison

Home

Corp

4,685,736‌

133,539

Tempur

Sealy

International,

Inc

5,003,706‌

84,307

Toll

Brothers,

Inc

5,388,060‌

24,815

*

TopBuild

Corp

5,595,286‌

16,458

*

Traeger,

Inc

50,032‌

87,328

*

TRI

Pointe

Homes,

Inc

2,504,567‌

142,219

*

Under

Armour,

Inc

(Class

A)

1,261,483‌

152,950

*

Under

Armour,

Inc

(Class

C)

1,229,718‌

13,880

*

Unifi,

Inc

121,866‌

10,828

*

Universal

Electronics,

Inc

108,821‌

305,186

VF

Corp

7,174,923‌

46,617

*

Vista

Outdoor,

Inc

1,123,470‌

52,704

*,e

Vizio

Holding

Corp

451,673‌

42,903

*,e

Vuzix

Corp

172,470‌

44,369

Whirlpool

Corp

6,193,469‌

60,869

Wolverine

World

Wide,

Inc

1,018,947‌

87,376

*

YETI

Holdings,

Inc

3,446,983‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

455,394,064‌

CONSUMER

SERVICES

-

2

.5

%

52,193

*

2U,

Inc

289,149‌

42,715

*

Accel

Entertainment,

Inc

378,028‌

192,723

ADT,

Inc

1,291,244‌

39,603

*

Adtalem

Global

Education,

Inc

1,606,694‌

330,420

*

Airbnb,

Inc

39,541,361‌

14,177

*

American

Public

Education,

Inc

80,809‌

203,957

ARAMARK

Holdings

Corp

7,077,308‌

54,031

*

Bally's

Corp

929,333‌

210,263

*,e

Beachbody

Co,

Inc

98,109‌

593

*

Biglari

Holdings,

Inc

(B

Shares)

102,708‌

16,236

*

BJ's

Restaurants,

Inc

528,319‌

101,155

Bloomin'

Brands,

Inc

2,505,609‌

19,685

Bluegreen

Vacations

Holding

Corp

566,731‌

34,114

*

Booking

Holdings,

Inc

91,640,779‌

29,758

*

Bowlero

Corp

435,360‌

61,775

Boyd

Gaming

Corp

4,287,185‌

45,535

*

Bright

Horizons

Family

Solutions

3,466,124‌

33,083

*

Brinker

International,

Inc

1,320,673‌

177,460

*

Caesars

Entertainment,

Inc

8,037,163‌

889,487

*,e

Carnival

Corp

8,192,175‌

13,917

Carriage

Services,

Inc

399,557‌

20,269

*

Century

Casinos,

Inc

142,694‌

31,587

e

Cheesecake

Factory

1,064,166‌

107,492

*

Chegg,

Inc

1,932,706‌

23,988

*

Chipotle

Mexican

Grill,

Inc

(Class

A)

49,598,069‌

31

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

SERVICES—continued

27,242

Choice

Hotels

International,

Inc

$

3,473,900‌

32,720

Churchill

Downs,

Inc

9,571,582‌

14,551

*

Chuy's

Holdings,

Inc

507,539‌

87,671

*

Coursera,

Inc

1,090,627‌

17,056

e

Cracker

Barrel

Old

Country

Store,

Inc

1,810,665‌

104,438

Darden

Restaurants,

Inc

15,867,265‌

30,838

*

Dave

&

Buster's

Entertainment,

Inc

1,093,515‌

49,845

*

Denny's

Corp

558,762‌

13,530

Dine

Brands

Global

Inc.

878,503‌

29,609

Domino's

Pizza,

Inc

9,399,969‌

224,092

*

DoorDash,

Inc

13,712,189‌

344,079

*

DraftKings,

Inc

7,538,771‌

25,768

*

Duolingo,

Inc

3,508,571‌

12,211

El

Pollo

Loco

Holdings,

Inc

113,807‌

9,603

*

European

Wax

Center,

Inc

180,921‌

63,702

*

Everi

Holdings,

Inc

968,270‌

127,073

*

Expedia

Group,

Inc

11,939,779‌

31,049

*,e

F45

Training

Holdings,

Inc

26,395‌

7,261

*

First

Watch

Restaurant

Group,

Inc

116,757‌

63,264

*

frontdoor,

Inc

1,730,903‌

67,165

*

Full

House

Resorts,

Inc

472,842‌

19,659

*

Golden

Entertainment,

Inc

828,823‌

2,812

Graham

Holdings

Co

1,618,503‌

24,638

*

Grand

Canyon

Education,

Inc

2,924,531‌

131,799

H&R

Block,

Inc

4,469,304‌

66,461

*

Hilton

Grand

Vacations,

Inc

2,844,531‌

228,976

Hilton

Worldwide

Holdings,

Inc

32,977,124‌

36,903

*

Hyatt

Hotels

Corp

4,218,013‌

30,674

*

Inspired

Entertainment,

Inc

392,627‌

75,880

International

Game

Technology

plc

2,135,263‌

17,265

Jack

in

the

Box,

Inc

1,600,293‌

62,386

e

Krispy

Kreme,

Inc

959,497‌

4,466

*,e

Kura

Sushi

USA,

Inc

307,797‌

283,089

*

Las

Vegas

Sands

Corp

18,075,233‌

151,179

Laureate

Education,

Inc

1,873,108‌

97,472

*,e

Life

Time

Group

Holdings,

Inc

2,026,443‌

50,626

*,e

Lindblad

Expeditions

Holdings,

Inc

572,580‌

232,406

Marriott

International,

Inc

(Class

A)

39,355,632‌

31,047

Marriott

Vacations

Worldwide

Corp

4,177,684‌

649,153

McDonald's

Corp

191,987,000‌

277,754

MGM

Resorts

International

12,476,710‌

56,702

*,e

Mister

Car

Wash,

Inc

500,112‌

9,593

Monarch

Casino

&

Resort,

Inc

665,370‌

4,047

*

NEOGAMES

S.A.

54,432‌

84,311

*

Noodles

&

Co

416,496‌

360,855

*,e

Norwegian

Cruise

Line

Holdings

Ltd

4,817,414‌

13,723

*

ONE

Group

Hospitality,

Inc

107,451‌

39,139

*

OneSpaWorld

Holdings

Ltd

469,668‌

24,598

Papa

John's

International,

Inc

1,839,684‌

138,532

*

Penn

National

Gaming,

Inc

4,126,868‌

51,762

*

Perdoceo

Education

Corp

671,871‌

74,794

*

Planet

Fitness,

Inc

6,218,373‌

16,847

*

Portillo's,

Inc

364,232‌

6,503

RCI

Hospitality

Holdings,

Inc

487,075‌

43,399

Red

Rock

Resorts,

Inc

2,117,871‌

71,691

*

Rover

Group,

Inc

324,760‌

191,057

*

Royal

Caribbean

Cruises

Ltd

12,500,860‌

102,195

*

Rush

Street

Interactive,

Inc

317,826‌

32,666

Ruth's

Hospitality

Group

Inc

527,883‌

238,986

*

Sabre

Corp

955,944‌

75,566

*

Scientific

Games

Corp

(Class

A)

4,555,874‌

Equity

Index

Fund

April

30,

2023

32

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

SERVICES—continued

38,148

*

SeaWorld

Entertainment,

Inc

$

2,047,022‌

138,130

Service

Corp

International

9,695,345‌

27,489

*

Shake

Shack,

Inc

1,506,672‌

58,014

*

Six

Flags

Entertainment

Corp

1,408,000‌

1,006,939

Starbucks

Corp

115,083,058‌

17,816

Strategic

Education,

Inc

1,567,808‌

30,850

*

Stride,

Inc

1,325,316‌

69,949

*,e

Sweetgreen,

Inc

555,395‌

23,787

*,e

Target

Hospitality

Corp

299,954‌

53,249

Texas

Roadhouse,

Inc

(Class

A)

5,890,404‌

63,192

Travel

&

Leisure

Co

2,418,358‌

55,854

*

Udemy,

Inc

507,713‌

89,679

*,e

Vacasa,

Inc

71,438‌

32,770

Vail

Resorts,

Inc

7,881,840‌

138,690

Wendy's

3,065,049‌

28,297

Wingstop,

Inc

5,662,513‌

82,262

*,e

WW

International

Inc

686,888‌

68,358

Wyndham

Hotels

&

Resorts,

Inc

4,663,383‌

91,400

*

Wynn

Resorts

Ltd

10,445,192‌

29,226

*

Xponential

Fitness,

Inc

966,796‌

248,145

Yum!

Brands,

Inc

34,884,224‌

TOTAL

CONSUMER

SERVICES

888,566,713‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1

.8

%

221,795

Albertsons

Cos,

Inc

4,635,515‌

23,900

Andersons,

Inc

1,068,330‌

117,079

*

BJ's

Wholesale

Club

Holdings,

Inc

8,941,323‌

34,858

Casey's

General

Stores,

Inc

7,976,208‌

25,883

*

Chefs'

Warehouse

Holdings,

Inc

860,869‌

389,024

Costco

Wholesale

Corp

195,764,657‌

194,746

Dollar

General

Corp

43,128,449‌

187,906

*

Dollar

Tree,

Inc

28,883,031‌

85,229

*

Grocery

Outlet

Holding

Corp

2,538,120‌

38,586

*

HF

Foods

Group

Inc

151,257‌

9,950

Ingles

Markets,

Inc

(Class

A)

915,798‌

571,326

Kroger

Co

27,783,583‌

10,408

Natural

Grocers

by

Vitamin

C

112,302‌

136,613

*

Performance

Food

Group

Co

8,564,269‌

17,346

Pricesmart,

Inc

1,278,053‌

28,101

SpartanNash

Co

689,037‌

87,100

*

Sprouts

Farmers

Market,

Inc

3,018,886‌

449,914

SYSCO

Corp

34,526,400‌

405,520

Target

Corp

63,970,780‌

41,913

*

United

Natural

Foods,

Inc

1,142,968‌

166,314

*

US

Foods

Holding

Corp

6,386,458‌

4,530

Village

Super

Market

(Class

A)

99,162‌

655,994

Walgreens

Boots

Alliance,

Inc

23,123,789‌

1,244,221

Walmart,

Inc

187,840,044‌

14,813

Weis

Markets,

Inc

1,221,924‌

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

654,621,212‌

ENERGY

-

4

.7

%

52,334

*

Alto

Ingredients,

Inc

68,558‌

12,940

e

Altus

Midstream

Co

398,552‌

342,819

Antero

Midstream

Corp

3,688,732‌

228,903

*

Antero

Resources

Corp

5,262,480‌

275,046

APA

Corp

10,135,445‌

12,140

Arch

Resources,

Inc

1,484,115‌

222,782

Archrock,

Inc

2,292,427‌

37,685

Ardmore

Shipping

Corp

553,593‌

831,953

Baker

Hughes

Co

24,326,306‌

33

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

ENERGY—continued

74,590

Berry

Petroleum

Co

LLC

$

569,868‌

57,131

Bonanza

Creek

Energy,

Inc

3,944,896‌

178,208

*

Borr

Drilling

Ltd

1,238,546‌

22,773

*

Bristow

Group,

Inc

509,432‌

691,852

Cabot

Oil

&

Gas

Corp

17,711,411‌

58,903

Cactus,

Inc

2,384,393‌

61,384

California

Resources

Corp

2,486,052‌

66,840

*

Callon

Petroleum

Co

2,215,078‌

6,198

*

Centrus

Energy

Corp

181,601‌

185,886

ChampionX

Corp

5,033,793‌

213,982

Cheniere

Energy,

Inc

32,739,246‌

100,061

Chesapeake

Energy

Corp

8,273,043‌

1,691,908

Chevron

Corp

285,221,851‌

115,507

*

Clean

Energy

Fuels

Corp

493,215‌

155,208

*

CNX

Resources

Corp

2,410,380‌

75,791

e

Comstock

Resources

Inc

871,596‌

1,066,018

ConocoPhillips

109,682,592‌

33,891

CONSOL

Energy,

Inc

2,011,092‌

37,313

e

Crescent

Energy,

Inc

433,577‌

24,649

CVR

Energy,

Inc

649,255‌

64,227

Delek

US

Holdings,

Inc

1,396,937‌

51,319

*

Denbury,

Inc

4,792,168‌

573,731

Devon

Energy

Corp

30,654,447‌

104,954

DHT

Holdings,

Inc

996,013‌

78,397

*

Diamond

Offshore

Drilling,

Inc

900,782‌

155,086

Diamondback

Energy,

Inc

22,053,229‌

28,709

*

DMC

Global,

Inc

543,748‌

25,410

Dorian

LPG

Ltd

564,610‌

23,983

*

Dril-Quip,

Inc

654,256‌

75,689

DT

Midstream,

Inc

3,729,197‌

33,338

*,e

Earthstone

Energy,

Inc

452,063‌

18,273

*,e

Empire

Petroleum

Corp

198,262‌

121,539

*,e

Energy

Fuels,

Inc

693,988‌

23,964

Enviva,

Inc

515,226‌

509,265

EOG

Resources,

Inc

60,841,890‌

310,899

EQT

Corp

10,831,721‌

322,091

Equitrans

Midstream

Corp

1,658,769‌

14,387

Excelerate

Energy,

Inc

309,320‌

3,610,272

Exxon

Mobil

Corp

427,239,588‌

44,075

FLEX

LNG

Ltd

1,516,621‌

59,737

*

Frank's

International

NV

1,188,169‌

179,681

Frontline

plc

2,779,665‌

150,334

*,e

Gevo,

Inc

174,387‌

71,934

*

Golar

LNG

Ltd

1,632,902‌

35,517

*

Green

Plains

Inc

1,213,616‌

9,172

*

Gulfport

Energy

Operating

Corp

829,699‌

743,364

Halliburton

Co

24,345,171‌

111,242

*

Helix

Energy

Solutions

Group,

Inc

806,505‌

78,305

Helmerich

&

Payne,

Inc

2,596,594‌

246,300

Hess

Corp

35,728,278‌

112,521

HF

Sinclair

Corp

4,963,301‌

4,935

e

HighPeak

Energy,

Inc

97,516‌

61,498

International

Seaways,

Inc

2,448,850‌

1,737,000

Kinder

Morgan,

Inc

29,789,550‌

359,220

*

Kosmos

Energy

Ltd

2,299,008‌

29,348

*

Laredo

Petroleum,

Inc

1,365,562‌

176,225

Liberty

Oilfield

Services,

Inc

2,257,442‌

128,450

Magnolia

Oil

&

Gas

Corp

2,712,864‌

549,592

Marathon

Oil

Corp

13,278,143‌

390,467

Marathon

Petroleum

Corp

47,636,974‌

84,517

Matador

Resources

Co

4,143,869‌

Equity

Index

Fund

April

30,

2023

34

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

ENERGY—continued

109,129

Murphy

Oil

Corp

$

4,006,126‌

12,594

*

Nabors

Industries

Ltd

1,256,126‌

6,549

Nacco

Industries,

Inc

(Class

A)

236,550‌

62,441

e

New

Fortress

Energy,

Inc

1,891,338‌

114,362

*

Newpark

Resources,

Inc

457,448‌

53,635

*,e

NextDecade

Corp

334,146‌

143,418

*

NexTier

Oilfield

Solutions,

Inc

1,158,817‌

85,964

*

Noble

Corp

plc

3,305,316‌

168,162

Nordic

American

Tankers

Ltd

593,612‌

77,394

Northern

Oil

and

Gas,

Inc

2,567,159‌

353,109

NOV,

Inc

5,914,576‌

41,179

Oasis

Petroleum,

Inc

5,861,007‌

690,955

Occidental

Petroleum

Corp

42,514,461‌

82,766

*

Oceaneering

International,

Inc

1,467,441‌

49,464

*

Oil

States

International,

Inc

348,227‌

377,511

ONEOK,

Inc

24,692,995‌

218,815

Ovintiv,

Inc

7,894,845‌

70,841

*

Par

Pacific

Holdings,

Inc

1,659,805‌

165,606

Patterson-UTI

Energy,

Inc

1,853,131‌

113,832

PBF

Energy,

Inc

3,968,184‌

72,735

PDC

Energy,

Inc

4,731,412‌

121,781

*

Peabody

Energy

Corp

2,925,180‌

16,675

Penn

Virginia

Corp

687,010‌

200,882

Permian

Resources

Corp

2,099,217‌

406,881

Phillips

66

40,281,219‌

205,686

Pioneer

Natural

Resources

Co

44,746,989‌

19,704

*,e

ProFrac

Holding

Corp

220,685‌

205,848

*

ProPetro

Holding

Corp

1,428,585‌

209,680

Range

Resources

Corp

5,546,036‌

12,132

*

Rex

American

Resources

Corp

343,214‌

9,029

Riley

Exploration

Permian,

Inc

379,308‌

186,183

*,e

Ring

Energy,

Inc

336,991‌

54,474

RPC,

Inc

402,563‌

94,965

*

SandRidge

Energy,

Inc

1,345,654‌

1,218,535

Schlumberger

Ltd

60,134,702‌

40,019

Scorpio

Tankers,

Inc

2,090,993‌

50,298

Select

Energy

Services,

Inc

373,714‌

105,783

SFL

Corp

Ltd

961,567‌

9,097

*,e

SilverBow

Resources,

Inc

216,963‌

74,455

Sitio

Royalties

Corp

1,890,412‌

96,934

SM

Energy

Co

2,721,907‌

21,978

Solaris

Oilfield

Infrastructure,

Inc

168,791‌

1,058,558

*

Southwestern

Energy

Co

5,493,916‌

102,784

*

Talos

Energy,

Inc

1,400,946‌

190,147

Targa

Resources

Investments,

Inc

14,361,803‌

110,431

*

Teekay

Corp

623,935‌

17,431

*

Teekay

Tankers

Ltd

705,781‌

395,666

*,e

Tellurian,

Inc

561,846‌

89,720

*

Tetra

Technologies,

Inc

255,702‌

4,928

Texas

Pacific

Land

Corp

7,281,859‌

53,650

*

Tidewater,

Inc

2,415,860‌

473,583

*,e

Uranium

Energy

Corp

1,236,052‌

133,534

*,e

Ur-Energy,

Inc

124,601‌

63,667

*

US

Silica

Holdings,

Inc

830,854‌

230,602

Vaalco

Energy,

Inc

986,977‌

47,332

*

Valaris

Ltd

2,839,920‌

332,392

Valero

Energy

Corp

38,115,391‌

42,077

*,e

Vertex

Energy,

Inc

332,408‌

19,327

Vitesse

Energy,

Inc

355,617‌

105,827

*

W&T

Offshore,

Inc

462,464‌

60,923

*

Weatherford

International

Ltd

3,937,453‌

35

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

ENERGY—continued

1,042,563

Williams

Cos,

Inc

$

31,547,956‌

50,146

World

Fuel

Services

Corp

1,185,451‌

TOTAL

ENERGY

1,681,173,239‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

2

.9

%

67,908

Acadia

Realty

Trust

917,437‌

70,133

Agree

Realty

Corp

4,768,343‌

57,396

Alexander

&

Baldwin,

Inc

1,103,725‌

2,341

Alexander's,

Inc

435,590‌

146,220

Alexandria

Real

Estate

Equities,

Inc

18,157,600‌

101,932

American

Assets

Trust,

Inc

1,855,162‌

111,859

American

Finance

Trust,

Inc

616,343‌

236,490

American

Homes

4

Rent

7,865,657‌

408,000

American

Tower

Corp

83,391,120‌

229,759

Americold

Realty

Trust

6,798,569‌

139,049

Apartment

Income

REIT

Corp

5,142,032‌

228,578

Apartment

Investment

and

Management

Co

1,789,766‌

222,137

Apple

Hospitality

REIT,

Inc

3,307,620‌

51,087

Armada

Hoffler

Properties,

Inc

598,740‌

116,593

AvalonBay

Communities,

Inc

21,029,879‌

2,759

*,e

Bluerock

Homes

Trust,

Inc

54,518‌

122,117

Boston

Properties,

Inc

6,516,163‌

32,707

BraeMar

Hotels

&

Resorts,

Inc

124,287‌

296,099

Brandywine

Realty

Trust

1,163,669‌

242,399

Brixmor

Property

Group,

Inc

5,170,371‌

187,485

Broadstone

Net

Lease,

Inc

3,031,632‌

15,761

Brt

Realty

Trust

273,138‌

80,871

Camden

Property

Trust

8,899,854‌

130,418

CareTrust

REIT,

Inc

2,541,847‌

20,606

CBL

&

Associates

Properties,

Inc

476,617‌

21,625

Centerspace

1,219,217‌

43,190

Chatham

Lodging

Trust

442,266‌

45,741

City

Office

REIT,

Inc

266,213‌

8,117

Clipper

Realty,

Inc

42,614‌

21,137

Community

Healthcare

Trust,

Inc

756,493‌

117,806

Corporate

Office

Properties

Trust

2,696,579‌

115,041

Cousins

Properties,

Inc

2,509,044‌

372,729

Crown

Castle

International

Corp

45,879,213‌

21,615

CTO

Realty

Growth,

Inc

363,997‌

174,405

CubeSmart

7,933,683‌

157,600

DiamondRock

Hospitality

Co

1,278,136‌

249,252

Digital

Realty

Trust,

Inc

24,713,336‌

872,137

Diversified

Healthcare

Trust

796,610‌

181,095

Douglas

Emmett,

Inc

2,332,504‌

97,623

Easterly

Government

Properties,

Inc

1,373,556‌

31,464

EastGroup

Properties,

Inc

5,240,644‌

106,758

Empire

State

Realty

Trust,

Inc

652,291‌

84,659

EPR

Properties

3,552,292‌

81,509

Equinix,

Inc

59,019,037‌

121,517

Equity

Commonwealth

2,517,832‌

155,258

Equity

Lifestyle

Properties,

Inc

10,697,276‌

309,136

Equity

Residential

19,552,852‌

111,554

Essential

Properties

Realty

Trust,

Inc

2,760,961‌

52,849

Essex

Property

Trust,

Inc

11,612,511‌

114,654

Extra

Space

Storage,

Inc

17,431,994‌

21,102

Farmland

Partners,

Inc

220,305‌

61,500

Federal

Realty

Investment

Trust

6,081,735‌

103,143

First

Industrial

Realty

Trust,

Inc

5,411,913‌

99,649

Four

Corners

Property

Trust,

Inc

2,542,046‌

82,999

Franklin

Street

Properties

Corp

96,279‌

222,395

Gaming

and

Leisure

Properties,

Inc

11,564,540‌

Equity

Index

Fund

April

30,

2023

36

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)—continued

40,489

Getty

Realty

Corp

$

1,349,498‌

37,072

Gladstone

Commercial

Corp

442,640‌

22,586

Gladstone

Land

Corp

363,860‌

54,522

Global

Medical

REIT,

Inc

505,964‌

103,381

Global

Net

Lease,

Inc

1,164,070‌

319,675

Healthcare

Realty

Trust,

Inc

6,323,171‌

477,469

Healthpeak

Properties

Inc

10,489,994‌

40,583

Hersha

Hospitality

Trust

255,673‌

104,113

Highwoods

Properties,

Inc

2,386,270‌

606,824

Host

Hotels

and

Resorts,

Inc

9,812,344‌

171,592

Hudson

Pacific

Properties

954,051‌

160,640

Independence

Realty

Trust,

Inc

2,674,656‌

3,364

Indus

Realty

Trust,

Inc

223,941‌

34,807

Innovative

Industrial

Properties,

Inc

2,386,020‌

51,970

InvenTrust

Properties

Corp

1,171,923‌

506,786

Invitation

Homes,

Inc

16,911,449‌

264,353

Iron

Mountain,

Inc

14,602,860‌

82,053

iStar,

Inc

2,274,509‌

90,901

JBG

SMITH

Properties

1,297,157‌

85,729

Kilroy

Realty

Corp

2,506,716‌

467,614

Kimco

Realty

Corp

8,973,513‌

166,378

Kite

Realty

Group

Trust

3,447,352‌

76,767

Lamar

Advertising

Co

8,112,737‌

294,002

Lexington

Realty

Trust

2,763,619‌

67,880

Life

Storage,

Inc

9,121,714‌

56,334

LTC

Properties,

Inc

1,884,372‌

209,540

Macerich

Co

2,093,305‌

75,492

*

Mack-Cali

Realty

Corp

1,234,294‌

501,079

Medical

Properties

Trust,

Inc

4,394,463‌

95,805

Mid-America

Apartment

Communities,

Inc

14,734,809‌

36,251

National

Health

Investors,

Inc

1,804,212‌

163,254

National

Retail

Properties,

Inc

7,101,549‌

63,380

National

Storage

Affiliates

Trust

2,443,299‌

79,116

NETSTREIT

Corp

1,441,493‌

17,985

NexPoint

Residential

Trust,

Inc

772,096‌

42,738

Office

Properties

Income

Trust

278,652‌

213,315

Omega

Healthcare

Investors,

Inc

5,708,309‌

17,267

One

Liberty

Properties,

Inc

380,219‌

38,649

Orion

Office

REIT,

Inc

237,305‌

132,558

Outfront

Media,

Inc

2,208,416‌

256,775

Paramount

Group,

Inc

1,111,836‌

261,208

Park

Hotels

&

Resorts,

Inc

3,147,556‌

101,003

Pebblebrook

Hotel

Trust

1,437,273‌

86,759

Phillips

Edison

&

Co,

Inc

2,736,379‌

226,971

Physicians

Realty

Trust

3,272,922‌

203,749

Piedmont

Office

Realty

Trust,

Inc

1,326,406‌

22,498

Plymouth

Industrial

REIT,

Inc

455,359‌

15,321

Postal

Realty

Trust,

Inc

235,484‌

64,590

PotlatchDeltic

Corp

2,985,996‌

813,217

Prologis,

Inc

101,855,429‌

136,043

Public

Storage,

Inc

40,109,558‌

155,244

Rayonier,

Inc

4,868,452‌

541,218

Realty

Income

Corp

34,010,139‌

149,653

Regency

Centers

Corp

9,193,184‌

93,857

Retail

Opportunities

Investment

Corp

1,222,957‌

153,239

Rexford

Industrial

Realty,

Inc

8,546,139‌

205,265

RLJ

Lodging

Trust

2,073,176‌

75,917

RPT

Realty

706,028‌

52,448

Ryman

Hospitality

Properties

4,702,488‌

210,350

Sabra

Healthcare

REIT,

Inc

2,397,990‌

9,694

Saul

Centers,

Inc

349,275‌

37

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)—continued

94,823

SBA

Communications

Corp

$

24,738,372‌

150,290

Service

Properties

Trust

1,318,043‌

280,527

Simon

Property

Group,

Inc

31,789,320‌

151,631

SITE

Centers

Corp

1,871,126‌

71,361

SL

Green

Realty

Corp

1,689,115‌

121,938

Spirit

Realty

Capital,

Inc

4,689,735‌

133,255

STAG

Industrial,

Inc

4,513,347‌

93,397

Summit

Hotel

Properties,

Inc

601,477‌

101,035

Sun

Communities,

Inc

14,036,793‌

159,255

Sunstone

Hotel

Investors,

Inc

1,517,700‌

104,878

Tanger

Factory

Outlet

Centers,

Inc

2,056,658‌

56,986

Terreno

Realty

Corp

3,509,768‌

285,558

UDR,

Inc

11,802,112‌

37,174

UMH

Properties,

Inc

565,045‌

352,092

Uniti

Group,

Inc

1,204,155‌

10,070

Universal

Health

Realty

Income

Trust

438,045‌

83,482

Urban

Edge

Properties

1,224,681‌

25,344

Urstadt

Biddle

Properties,

Inc

(Class

A)

436,424‌

332,285

Ventas,

Inc

15,966,294‌

866,502

VICI

Properties,

Inc

29,409,078‌

162,331

Vornado

Realty

Trust

2,436,588‌

126,786

Washington

REIT

2,184,523‌

409,872

d

Welltower,

Inc

32,470,060‌

655,228

Weyerhaeuser

Co

19,597,869‌

31,390

Whitestone

REIT

280,940‌

184,009

WP

Carey,

Inc

13,653,468‌

92,154

Xenia

Hotels

&

Resorts,

Inc

1,166,670‌

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

1,046,731,574‌

FINANCIAL

SERVICES

-

7

.8

%

8,238

AFC

Gamma,

Inc

99,845‌

36,469

Affiliated

Managers

Group,

Inc

5,265,394‌

244,162

*,e

Affirm

Holdings,

Inc

2,407,437‌

484,239

AGNC

Investment

Corp

4,798,809‌

11,267

Alerus

Financial

Corp

162,132‌

251,385

Ally

Financial,

Inc

6,631,536‌

12,218

A-Mark

Precious

Metals,

Inc

437,404‌

524,745

American

Express

Co

84,662,358‌

93,131

Ameriprise

Financial,

Inc

28,416,131‌

389,634

Annaly

Capital

Management,

Inc

7,784,887‌

102,927

Apollo

Commercial

Real

Estate

Finance,

Inc

1,041,621‌

418,202

Apollo

Global

Management,

Inc

26,509,825‌

106,606

Arbor

Realty

Trust,

Inc

1,222,771‌

26,410

Ares

Commercial

Real

Estate

Corp

227,390‌

135,415

Ares

Management

Corp

11,861,000‌

58,166

ARMOUR

Residential

REIT,

Inc

296,647‌

55,250

Artisan

Partners

Asset

Management,

Inc

1,915,518‌

17,300

*

Assetmark

Financial

Holdings,

Inc

530,764‌

2,445

Associated

Capital

Group,

Inc

91,272‌

3,795

*,e

Atlanticus

Holdings

Corp

110,662‌

113,462

*

AvidXchange

Holdings,

Inc

843,023‌

14,466

e

B.

Riley

Financial,

Inc

455,679‌

833,999

*,e

Bakkt

Holdings,

Inc

1,125,899‌

25,565

Banco

Latinoamericano

de

Exportaciones

S.A.

(Class

E)

460,170‌

625,867

Bank

of

New

York

Mellon

Corp

26,655,676‌

1,583,409

*

Berkshire

Hathaway,

Inc

(Class

B)

520,229,027‌

241,886

BGC

Partners,

Inc

(Class

A)

1,095,744‌

129,861

BlackRock,

Inc

87,162,703‌

132,203

Blackstone

Mortgage

Trust,

Inc

2,411,383‌

617,986

Blackstone,

Inc

55,204,689‌

462,483

*

Block,

Inc

28,114,342‌

Equity

Index

Fund

April

30,

2023

38

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

FINANCIAL

SERVICES—continued

39,109

*,e

Blucora,

Inc

$

992,195‌

407,422

Blue

Owl

Capital,

Inc

4,587,572‌

36,876

Bread

Financial

Holdings,

Inc

1,017,778‌

33,250

Brightsphere

Investment

Group,

Inc

750,785‌

72,747

BrightSpire

Capital,

Inc

414,658‌

97,827

Broadmark

Realty

Capital,

Inc

480,331‌

64,986

*

Cannae

Holdings,

Inc

1,185,345‌

42,561

*

Cantaloupe,

Inc

234,511‌

336,113

Capital

One

Financial

Corp

32,703,795‌

161,640

Carlyle

Group,

Inc

4,902,541‌

10,688

Cass

Information

Systems,

Inc

390,967‌

91,019

CBOE

Global

Markets,

Inc

12,715,354‌

1,330,753

Charles

Schwab

Corp

69,518,537‌

289,108

Chimera

Investment

Corp

1,642,133‌

71,387

Claros

Mortgage

Trust,

Inc

853,789‌

312,735

CME

Group,

Inc

58,096,781‌

22,619

Cohen

&

Steers,

Inc

1,358,497‌

135,531

*,e

Coinbase

Global,

Inc

7,290,213‌

46,488

e

Compass

Diversified

Trust

886,061‌

66,879

Corebridge

Financial,

Inc

1,127,580‌

5,387

*,e

Credit

Acceptance

Corp

2,636,937‌

2,620

Diamond

Hill

Investment

Group,

Inc

424,754‌

241,177

Discover

Financial

Services

24,954,584‌

21,354

*

Donnelley

Financial

Solutions,

Inc

923,561‌

19,484

Dynex

Capital,

Inc

231,080‌

39,095

Ellington

Financial

Inc

499,243‌

33,565

Enact

Holdings,

Inc

810,259‌

19,960

*

Encore

Capital

Group,

Inc

1,025,545‌

28,542

*

Enova

International,

Inc

1,253,565‌

317,276

Equitable

Holdings,

Inc

8,246,003‌

112,766

Essent

Group

Ltd

4,789,172‌

37,925

*

Euronet

Worldwide,

Inc

4,199,815‌

31,406

Evercore

Inc

3,582,482‌

75,626

EVERTEC,

Inc

2,623,466‌

28,807

*

Ezcorp,

Inc

(Class

A)

248,028‌

32,242

Factset

Research

Systems,

Inc

13,273,709‌

8,178

Federal

Agricultural

Mortgage

Corp

(FAMC)

1,090,046‌

75,125

Federated

Investors,

Inc

(Class

B)

3,109,424‌

515,096

Fidelity

National

Information

Services,

Inc

30,246,437‌

185,025

*,e

Finance

Of

America

Cos,

Inc

301,591‌

29,291

FirstCash

Holdings,

Inc

3,017,852‌

517,048

*

Fiserv,

Inc

63,141,902‌

65,745

*

FleetCor

Technologies,

Inc

14,064,170‌

45,160

*

Flywire

Corp

1,317,317‌

48,387

*

Focus

Financial

Partners,

Inc

2,513,221‌

64,711

Franklin

BSP

Realty

Trust,

Inc

817,300‌

259,566

Franklin

Resources,

Inc

6,977,134‌

23,662

GCM

Grosvenor,

Inc

190,952‌

237,664

Global

Payments,

Inc

26,787,109‌

286,852

Goldman

Sachs

Group,

Inc

98,516,451‌

40,822

Granite

Point

Mortgage

Trust,

Inc

182,474‌

39,301

*

Green

Dot

Corp

675,584‌

40,122

Hamilton

Lane,

Inc

2,956,189‌

65,769

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc

1,866,524‌

41,860

Houlihan

Lokey,

Inc

3,825,167‌

14,780

*

I3

Verticals,

Inc

343,635‌

72,497

Interactive

Brokers

Group,

Inc

(Class

A)

5,643,891‌

479,762

Intercontinental

Exchange

Group,

Inc

52,260,475‌

23,706

*

International

Money

Express

Inc

611,141‌

323,852

Invesco

Ltd

5,547,585‌

29,180

Invesco

Mortgage

Capital,

Inc

309,600‌

39

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

FINANCIAL

SERVICES—continued

63,918

Jack

Henry

&

Associates,

Inc

$

10,440,366‌

62,577

Jackson

Financial,

Inc

2,253,398‌

106,680

Janus

Henderson

Group

plc

2,768,346‌

164,215

Jefferies

Financial

Group,

Inc

5,259,806‌

502,283

KKR

&

Co,

Inc

26,656,159‌

38,895

KKR

Real

Estate

Finance

Trust,

Inc

417,732‌

89,739

Ladder

Capital

Corp

839,060‌

75,192

Lazard

Ltd

(Class

A)

2,353,510‌

91,135

*

LendingClub

Corp

654,349‌

8,934

*

LendingTree,

Inc

212,897‌

68,899

LPL

Financial

Holdings,

Inc

14,388,867‌

32,375

MarketAxess

Holdings,

Inc

10,307,229‌

336,198

*

Marqeta,

Inc

1,361,602‌

746,441

Mastercard,

Inc

(Class

A)

283,669,973‌

13,914

Merchants

Bancorp

322,805‌

167,567

MFA

Financial,

Inc

1,791,291‌

318,916

MGIC

Investment

Corp

4,742,281‌

44,818

Moelis

&

Co

1,697,706‌

86,314

*

MoneyGram

International,

Inc

876,950‌

140,092

Moody's

Corp

43,865,607‌

1,081,897

Morgan

Stanley

97,338,273‌

23,298

Morningstar,

Inc

4,154,266‌

77,808

*

Mr

Cooper

Group,

Inc

3,602,510‌

68,640

MSCI,

Inc

(Class

A)

33,115,368‌

304,030

Nasdaq

Inc

16,834,141‌

89,103

Navient

Corp

1,473,764‌

11,253

Nelnet,

Inc

(Class

A)

1,083,664‌

27,715

*

NerdWallet,

Inc

376,093‌

441,390

New

Residential

Investment

Corp

3,601,742‌

74,821

New

York

Mortgage

Trust,

Inc

769,160‌

60,470

*

NMI

Holdings,

Inc

1,414,998‌

180,907

Northern

Trust

Corp

14,139,691‌

108,857

OneMain

Holdings,

Inc

4,176,843‌

76,300

*

Open

Lending

Corp

536,389‌

7,752

Oppenheimer

Holdings,

Inc

289,847‌

88,465

*,e

OppFi,

Inc

168,084‌

19,230

Orchid

Island

Capital,

Inc

205,761‌

167,252

*

Payoneer

Global,

Inc

913,196‌

1,004,247

*

PayPal

Holdings,

Inc

76,322,772‌

25,684

*

Paysafe

Ltd

368,822‌

24,785

PennyMac

Financial

Services,

Inc

1,548,815‌

78,042

PennyMac

Mortgage

Investment

Trust

970,062‌

25,308

Perella

Weinberg

Partners

199,933‌

13,027

Piper

Jaffray

Cos

1,764,377‌

18,416

PJT

Partners,

Inc

1,266,468‌

34,184

*

PRA

Group,

Inc

1,239,854‌

50,105

*

PROG

Holdings,

Inc

1,514,674‌

133,385

Radian

Group,

Inc

3,237,254‌

166,455

Raymond

James

Financial,

Inc

15,069,171‌

48,318

Ready

Capital

Corp

518,452‌

89,598

Redwood

Trust,

Inc

562,675‌

5,861

Regional

Management

Corp

156,840‌

128,350

*

Remitly

Global,

Inc

2,156,280‌

63,890

*

Repay

Holdings

Corp

400,590‌

535,277

*

Robinhood

Markets,

Inc

4,737,201‌

99,543

*,e

Rocket

Cos,

Inc

886,928‌

283,347

S&P

Global,

Inc

102,735,955‌

15,960

Sculptor

Capital

Management,

Inc

132,947‌

98,977

SEI

Investments

Co

5,830,735‌

44,800

*,e

Shift4

Payments,

Inc

3,036,096‌

216,148

SLM

Corp

3,246,543‌

Equity

Index

Fund

April

30,

2023

40

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

FINANCIAL

SERVICES—continued

653,439

*

SoFi

Technologies,

Inc

$

4,070,925‌

27,739

*

Star

Holdings

447,707‌

217,064

Starwood

Property

Trust,

Inc

3,883,275‌

312,408

State

Street

Corp

22,574,602‌

35,681

StepStone

Group,

Inc

786,052‌

97,747

Stifel

Financial

Corp

5,861,888‌

322,123

*

StoneCo

Ltd

3,968,555‌

12,051

*

StoneX

Group,

Inc

1,181,842‌

398,035

Synchrony

Financial

11,746,013‌

191,988

T

Rowe

Price

Group,

Inc

21,566,012‌

119,035

TFS

Financial

Corp

1,433,181‌

227,418

*

Toast,

Inc

4,139,008‌

46,946

TPG

RE

Finance

Trust,

Inc

334,725‌

86,597

Tradeweb

Markets,

Inc

6,097,295‌

63,779

Two

Harbors

Investment

Corp

888,441‌

99,753

*,e

Upstart

Holdings,

Inc

1,386,567‌

73,381

e

UWM

Holdings

Corp

440,286‌

13,156

Victory

Capital

Holdings,

Inc

401,784‌

80,736

Virtu

Financial,

Inc

1,618,757‌

5,596

Virtus

Investment

Partners,

Inc

1,019,647‌

1,426,137

Visa,

Inc

(Class

A)

331,904,864‌

82,007

Voya

Financial,

Inc

6,271,895‌

33,610

Walker

&

Dunlop,

Inc

2,262,289‌

19,463

Waterstone

Financial,

Inc

269,563‌

300,683

Western

Union

Co

3,286,465‌

41,097

*

WEX,

Inc

7,288,553‌

100,313

WisdomTree

Investments,

Inc

625,953‌

3,291

*,e

World

Acceptance

Corp

332,062‌

TOTAL

FINANCIAL

SERVICES

2,778,481,909‌

FOOD,

BEVERAGE

&

TOBACCO

-

3

.4

%

110,331

*,e

22nd

Century

Group,

Inc

78,379‌

1,577,185

Altria

Group,

Inc

74,932,059‌

476,349

Archer-Daniels-Midland

Co

37,193,330‌

56,824

B&G

Foods,

Inc

(Class

A)

911,457‌

132,411

*,e

Benson

Hill,

Inc

140,356‌

42,752

*,e

Beyond

Meat,

Inc

578,862‌

9,546

*

Boston

Beer

Co,

Inc

(Class

A)

3,030,950‌

38,202

Brown-Forman

Corp

(Class

A)

2,516,748‌

157,376

Brown-Forman

Corp

(Class

B)

10,243,604‌

119,157

Bunge

Ltd

11,153,095‌

14,278

Calavo

Growers,

Inc

456,325‌

29,761

Cal-Maine

Foods,

Inc

1,413,648‌

185,170

Campbell

Soup

Co

10,054,731‌

43,898

*

Celsius

Holdings,

Inc

4,195,332‌

3,426,998

Coca-Cola

Co

219,841,922‌

3,853

Coca-Cola

Consolidated

Inc

2,271,189‌

415,292

ConAgra

Brands,

Inc

15,764,484‌

129,393

Constellation

Brands,

Inc

(Class

A)

29,691,812‌

137,434

*

Darling

International,

Inc

8,186,943‌

34,349

*

Duckhorn

Portfolio,

Inc

518,670‌

178,075

Flowers

Foods,

Inc

4,898,843‌

34,730

Fresh

Del

Monte

Produce,

Inc

997,098‌

35,488

*

Freshpet,

Inc

2,447,607‌

523,886

General

Mills,

Inc

46,432,016‌

68,087

*

Hain

Celestial

Group,

Inc

1,220,800‌

129,211

Hershey

Co

35,282,356‌

263,487

Hormel

Foods

Corp

10,655,414‌

101,190

*

Hostess

Brands,

Inc

2,606,654‌

56,918

Ingredion,

Inc

6,042,984‌

11,507

J&J

Snack

Foods

Corp

1,762,872‌

41

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

FOOD,

BEVERAGE

&

TOBACCO—continued

92,205

J.M.

Smucker

Co

$

14,237,374‌

7,322

John

B.

Sanfilippo

&

Son,

Inc

761,122‌

230,590

Kellogg

Co

16,088,264‌

745,277

Keurig

Dr

Pepper,

Inc

24,370,558‌

617,134

Kraft

Heinz

Co

24,234,852‌

126,597

Lamb

Weston

Holdings,

Inc

14,154,811‌

14,847

Lancaster

Colony

Corp

3,104,805‌

217,351

McCormick

&

Co,

Inc

19,094,285‌

12,426

MGP

Ingredients,

Inc

1,226,198‌

27,002

*

Mission

Produce,

Inc

307,553‌

153,679

Molson

Coors

Brewing

Co

(Class

B)

9,140,827‌

1,196,128

Mondelez

International,

Inc

91,766,940‌

656,799

*

Monster

Beverage

Corp

36,780,744‌

21,109

*

National

Beverage

Corp

1,049,117‌

1,213,671

PepsiCo,

Inc

231,677,657‌

1,359,395

Philip

Morris

International,

Inc

135,898,718‌

41,744

*

Pilgrim's

Pride

Corp

952,181‌

43,090

*

Post

Holdings,

Inc

3,899,214‌

118,935

Primo

Water

Corp

1,806,623‌

234

Seaboard

Corp

922,210‌

4,078

*

Seneca

Foods

Corp

194,113‌

74,009

*

Simply

Good

Foods

Co

2,691,707‌

17,868

*

Sovos

Brands,

Inc

306,436‌

75,640

*

SunOpta,

Inc

642,940‌

34,137

*,e

Tattooed

Chef,

Inc

52,571‌

13,516

Tootsie

Roll

Industries,

Inc

552,534‌

37,994

*

TreeHouse

Foods,

Inc

2,023,181‌

10,372

Turning

Point

Brands,

Inc

246,750‌

240,203

Tyson

Foods,

Inc

(Class

A)

15,010,286‌

38,821

Universal

Corp

2,130,885‌

42,921

Utz

Brands,

Inc

811,636‌

153,958

Vector

Group

Ltd

1,961,425‌

27,741

*

Vita

Coco

Co,

Inc

600,593‌

17,927

*

Vital

Farms,

Inc

230,900‌

27,334

*

Whole

Earth

Brands,

Inc

65,602‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

1,204,516,152‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

6

.0

%

1,506,087

Abbott

Laboratories

166,377,431‌

70,206

*

Acadia

Healthcare

Co,

Inc

5,075,192‌

85,064

*

Accolade,

Inc

1,150,916‌

55,713

*

AdaptHealth

Corp

661,870‌

11,003

*

Addus

HomeCare

Corp

899,385‌

27,451

*,e

Agiliti,

Inc

458,981‌

186,578

*,e

agilon

health,

Inc

4,528,248‌

13,730

e

AirSculpt

Technologies,

Inc

67,277‌

67,999

*

Align

Technology,

Inc

22,120,075‌

66,096

*

Alignment

Healthcare,

Inc

415,744‌

102,545

*

Allscripts

Healthcare

Solutions,

Inc

1,280,787‌

51,158

*

Alphatec

Holdings

Inc

738,722‌

24,134

*

Amedisys,

Inc

1,937,960‌

206,241

*

American

Well

Corp

451,668‌

144,881

AmerisourceBergen

Corp

24,173,395‌

34,740

*

AMN

Healthcare

Services,

Inc

2,999,799‌

26,981

*

Angiodynamics,

Inc

224,482‌

31,254

*,e

Apollo

Medical

Holdings,

Inc

1,109,204‌

32,847

*

AtriCure,

Inc

1,444,940‌

1,088

Atrion

Corp

669,446‌

35,972

*

Avanos

Medical,

Inc

1,062,613‌

158,703

*,e

Aveanna

Healthcare

Holdings,

Inc

195,205‌

27,811

*

AxoGen,

Inc

250,855‌

Equity

Index

Fund

April

30,

2023

42

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES—continued

46,100

*

Axonics

Modulation

Technologies,

Inc

$

2,648,906‌

424,564

Baxter

International,

Inc

20,243,212‌

250,063

Becton

Dickinson

&

Co

66,094,152‌

1,255,783

*

Boston

Scientific

Corp

65,451,410‌

446,882

*

Brookdale

Senior

Living,

Inc

1,917,124‌

135,332

*,e

Butterfly

Network,

Inc

292,317‌

220,863

Cardinal

Health,

Inc

18,132,852‌

15,535

*

Castle

Biosciences,

Inc

351,557‌

479,295

*

Centene

Corp

33,037,804‌

101,278

*

Certara,

Inc

2,447,889‌

124,755

*

Cerus

Corp

288,184‌

13,577

Chemed

Corp

7,484,321‌

259,166

Cigna

Corp

65,644,156‌

295,424

*,e

Clover

Health

Investments

Corp

218,200‌

90,761

*

Community

Health

Systems,

Inc

575,425‌

20,302

*

Computer

Programs

&

Systems,

Inc

525,416‌

22,557

Conmed

Corp

2,832,482‌

40,997

Cooper

Cos,

Inc

15,638,306‌

7,447

*

Corvel

Corp

1,504,517‌

53,847

*

Cross

Country

Healthcare,

Inc

1,183,557‌

28,142

*

CryoLife,

Inc

390,330‌

83,360

*

Cue

Health,

Inc

65,596‌

12,864

*,e

Cutera,

Inc

293,299‌

1,128,195

CVS

Health

Corp

82,707,975‌

45,269

*

DaVita,

Inc

4,090,507‌

19,366

*

Definitive

Healthcare

Corp

207,216‌

193,911

Dentsply

Sirona,

Inc

8,130,688‌

336,131

*

Dexcom,

Inc

40,786,136‌

62,348

*,e

DocGo,

Inc

529,958‌

105,260

*

Doximity,

Inc

3,868,305‌

545,482

*

Edwards

Lifesciences

Corp

47,991,506‌

211,696

Elevance

Health,

Inc

99,211,330‌

43,723

Embecta

Corp

1,213,313‌

89,300

Encompass

Health

Corp

5,728,595‌

36,675

*

Enhabit,

Inc

449,269‌

34,689

*

Enovis

Corp

2,020,634‌

45,165

Ensign

Group,

Inc

4,385,070‌

136,895

*

Envista

Holdings

Corp

5,269,089‌

67,508

*

Evolent

Health,

Inc

2,457,966‌

99,142

*

Figs,

Inc

713,822‌

15,836

*,e

Fulgent

Genetics,

Inc

468,271‌

321,063

*

GE

HealthCare

Technologies,

Inc

26,115,264‌

43,328

*

Glaukos

Corp

2,058,513‌

63,971

*

Globus

Medical,

Inc

3,719,274‌

75,826

*

Guardant

Health,

Inc

1,710,635‌

41,751

*

Haemonetics

Corp

3,494,976‌

190,225

HCA

Healthcare,

Inc

54,657,349‌

38,567

*

Health

Catalyst,

Inc

485,944‌

80,637

*

HealthEquity,

Inc

4,310,048‌

19,996

HealthStream,

Inc

492,701‌

122,435

*

Henry

Schein,

Inc

9,893,972‌

6,890

*

Heska

Corp

807,232‌

95,038

*

Hims

&

Hers

Health,

Inc

1,101,490‌

220,838

*

Hologic,

Inc

18,994,276‌

110,767

Humana,

Inc

58,760,786‌

21,074

*

ICU

Medical,

Inc

3,985,936‌

71,881

*

IDEXX

Laboratories,

Inc

35,376,953‌

51,855

*

Inari

Medical,

Inc

3,444,209‌

20,735

*

Innovage

Holding

Corp

126,691‌

13,893

*

Inogen,

Inc

184,916‌

26,630

*

Inspire

Medical

Systems,

Inc

7,126,987‌

43

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES—continued

61,135

*

Insulet

Corp

$

19,443,375‌

29,128

*

Integer

Holding

Corp

2,398,691‌

58,852

*

Integra

LifeSciences

Holdings

Corp

3,255,693‌

310,056

*

Intuitive

Surgical,

Inc

93,395,068‌

4,476

iRadimed

Corp

186,336‌

24,799

*

iRhythm

Technologies,

Inc

3,258,589‌

10,108

*

Joint

Corp

159,605‌

75,830

Laboratory

Corp

of

America

Holdings

17,191,419‌

60,306

*

Lantheus

Holdings,

Inc

5,153,148‌

16,045

LeMaitre

Vascular,

Inc

866,430‌

54,822

*

LifeStance

Health

Group,

Inc

446,799‌

48,529

*

LivaNova

plc

2,324,539‌

39,912

*

Masimo

Corp

7,548,956‌

122,436

McKesson

Corp

44,596,089‌

61,546

*

MEDNAX,

Inc

881,954‌

1,167,181

Medtronic

plc

106,155,112‌

59,903

*

Merit

Medical

Systems,

Inc

4,869,515‌

3,546

Mesa

Laboratories,

Inc

590,444‌

9,311

*

ModivCare,

Inc

592,180‌

47,958

*

Molina

Healthcare,

Inc

14,286,209‌

314,056

*,e

Multiplan

Corp

307,241‌

32,656

*,e

Nano-X

Imaging

Ltd

199,528‌

9,670

National

Healthcare

Corp

559,990‌

13,196

National

Research

Corp

574,422‌

180,245

*

Neogen

Corp

3,103,819‌

100,310

*

NeoGenomics,

Inc

1,466,532‌

25,545

*

Nevro

Corp

747,702‌

41,810

*

NextGen

Healthcare,

Inc

699,899‌

91,637

*

Novocure

Ltd

6,038,878‌

622,920

*

Nutex

Health,

Inc

353,943‌

39,010

*

NuVasive,

Inc

1,678,990‌

97,874

*

Oak

Street

Health,

Inc

3,814,150‌

36,495

*

Omnicell,

Inc

2,217,801‌

299,751

*,e

Opko

Health,

Inc

440,634‌

12,320

*

OptimizeRx

Corp

185,170‌

150,265

*

Option

Care

Health,

Inc

4,831,020‌

54,102

*

OraSure

Technologies,

Inc

367,894‌

24,415

*

Orthofix

Medical

Inc

459,734‌

10,294

*

OrthoPediatrics

Corp

519,229‌

33,381

*

Outset

Medical,

Inc

600,524‌

54,182

*

Owens

&

Minor,

Inc

841,988‌

35,588

*

Paragon

28,

Inc

655,531‌

65,175

Patterson

Cos,

Inc

1,766,894‌

31,176

*

Pennant

Group,

Inc

432,411‌

29,647

*

Penumbra,

Inc

8,423,306‌

17,969

*

PetIQ,

Inc

211,855‌

34,961

*

Phreesia,

Inc

1,106,166‌

122,929

Premier,

Inc

4,097,224‌

67,861

*

Privia

Health

Group,

Inc

1,874,999‌

19,755

*

PROCEPT

BioRobotics

Corp

600,354‌

72,597

*,†

Progenics

Pharmaceuticals,

Inc

0‌

57,755

*

Progyny,

Inc

1,919,776‌

107,442

*

Project

Roadrunner

Parent,

Inc

1,675,021‌

18,481

*

Pulmonx

Corp

217,152‌

98,083

Quest

Diagnostics,

Inc

13,614,901‌

41,888

*

QuidelOrtho

Corp

3,767,826‌

31,900

*

RadNet,

Inc

882,354‌

128,377

Resmed,

Inc

30,933,722‌

24,262

*

RxSight,

Inc

434,290‌

33,103

*

Schrodinger,

Inc

977,201‌

84,676

Select

Medical

Holdings

Corp

2,582,618‌

Equity

Index

Fund

April

30,

2023

44

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES—continued

183,648

*

Sema4

Holdings

Corp

$

50,246‌

303,369

*,e

Senseonics

Holdings,

Inc

180,535‌

147,292

*,e

Sharecare,

Inc

226,830‌

31,551

*

Shockwave

Medical

Inc

9,154,838‌

23,620

*

SI-BONE,

Inc

522,002‌

40,734

*

Sight

Sciences,

Inc

393,898‌

43,444

*

Silk

Road

Medical

Inc

1,912,405‌

17,254

Simulations

Plus,

Inc

720,355‌

48,121

*

Staar

Surgical

Co

3,391,087‌

84,890

STERIS

plc

16,006,009‌

309,870

Stryker

Corp

92,852,546‌

61,036

*

Surgery

Partners,

Inc

2,420,688‌

12,089

*

SurModics,

Inc

278,531‌

16,050

*

Tactile

Systems

Technology,

Inc

292,592‌

67,537

*

Tandem

Diabetes

Care,

Inc

2,673,114‌

124,576

*

Teladoc,

Inc

3,305,001‌

40,335

Teleflex,

Inc

10,992,094‌

96,496

*

Tenet

Healthcare

Corp

7,075,087‌

28,749

*

Transmedics

Group,

Inc

2,274,046‌

21,885

*

Treace

Medical

Concepts,

Inc

535,964‌

7,098

*

UFP

Technologies,

Inc

978,388‌

820,232

UnitedHealth

Group,

Inc

403,627,965‌

50,337

Universal

Health

Services,

Inc

(Class

B)

7,568,168‌

10,256

US

Physical

Therapy,

Inc

1,091,854‌

1,493

Utah

Medical

Products,

Inc

141,596‌

27,524

*

Varex

Imaging

Corp

488,276‌

124,085

*

Veeva

Systems,

Inc

22,221,142‌

133,195

*,e

VG

Acquisition

Corp

262,394‌

78,424

*,e

Vicarious

Surgical,

Inc

176,454‌

97,333

*

ViewRay,

Inc

114,853‌

186,832

Zimmer

Biomet

Holdings,

Inc

25,865,022‌

18,221

*,e

Zynex

Inc

208,448‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

2,144,418,277‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1

.5

%

72,467

*,e

Beauty

Health

Co

830,472‌

123,209

*

BellRing

Brands,

Inc

4,434,292‌

8,367

*

Central

Garden

&

Pet

Co

308,240‌

30,727

*

Central

Garden

and

Pet

Co

(Class

A)

1,085,585‌

206,626

Church

&

Dwight

Co,

Inc

20,067,517‌

107,931

Clorox

Co

17,875,532‌

724,625

Colgate-Palmolive

Co

57,825,075‌

361,993

*

Coty,

Inc

4,296,857‌

41,696

Edgewell

Personal

Care

Co

1,820,864‌

49,283

*

elf

Beauty,

Inc

4,571,491‌

47,539

Energizer

Holdings,

Inc

1,589,229‌

203,943

Estee

Lauder

Cos

(Class

A)

50,316,817‌

79,731

*

Herbalife

Nutrition

Ltd

1,184,803‌

61,064

*

Honest

Co,

Inc

101,366‌

13,468

Inter

Parfums,

Inc

2,044,308‌

299,986

Kimberly-Clark

Corp

43,464,972‌

8,543

Medifast,

Inc

782,966‌

9,397

*

Nature's

Sunshine

Products,

Inc

102,991‌

36,182

Nu

Skin

Enterprises,

Inc

(Class

A)

1,427,742‌

96,295

*

Olaplex

Holdings,

Inc

356,291‌

2,072,349

Procter

&

Gamble

Co

324,073,937‌

79,915

Reynolds

Consumer

Products,

Inc

2,240,017‌

32,523

Spectrum

Brands

Holdings,

Inc

2,162,779‌

9,434

*

USANA

Health

Sciences,

Inc

626,135‌

47,377

*,e

Veru,

Inc

60,169‌

45

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

HOUSEHOLD

&

PERSONAL

PRODUCTS—continued

10,397

WD-40

Co

$

1,979,589‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

545,630,036‌

INSURANCE

-

2

.3

%

536,307

Aflac,

Inc

37,461,044‌

229,795

Allstate

Corp

26,601,069‌

91,004

*

AMBAC

Financial

Group,

Inc

1,451,514‌

62,680

American

Equity

Investment

Life

Holding

Co

2,415,687‌

55,525

American

Financial

Group,

Inc

6,814,583‌

631,341

American

International

Group,

Inc

33,486,327‌

14,885

Amerisafe,

Inc

828,350‌

181,259

Aon

plc

58,941,802‌

298,640

*

Arch

Capital

Group

Ltd

22,418,905‌

58,504

Argo

Group

International

Holdings

Ltd

1,720,603‌

179,852

Arthur

J.

Gallagher

&

Co

37,420,007‌

43,360

Assurant,

Inc

5,338,917‌

53,340

Assured

Guaranty

Ltd

2,873,426‌

74,863

Axis

Capital

Holdings

Ltd

4,232,754‌

61,731

*

Brighthouse

Financial,

Inc

2,728,510‌

217,381

Brown

&

Brown,

Inc

13,997,163‌

76,674

*

BRP

Group,

Inc

1,931,418‌

368,517

Chubb

Ltd

74,278,286‌

129,513

Cincinnati

Financial

Corp

13,785,364‌

24,499

CNA

Financial

Corp

953,256‌

96,172

Conseco,

Inc

2,158,100‌

545

Crawford

&

Co

4,921‌

3,527

Donegal

Group,

Inc

(Class

A)

49,660‌

19,632

*

eHealth,

Inc

117,792‌

20,967

Employers

Holdings,

Inc

830,084‌

9,371

*

Enstar

Group

Ltd

2,254,663‌

23,874

Erie

Indemnity

Co

(Class

A)

5,188,536‌

33,199

Everest

Re

Group

Ltd

12,549,222‌

15,656

F&G

Annuities

&

Life,

Inc

286,974‌

230,229

Fidelity

National

Financial

Inc

8,170,827‌

98,532

First

American

Financial

Corp

5,676,428‌

548,402

*

Genworth

Financial,

Inc

(Class

A)

3,186,216‌

78,672

Globe

Life,

Inc

8,537,485‌

12,924

*

Goosehead

Insurance,

Inc

743,130‌

24,981

*

Greenlight

Capital

Re

Ltd

(Class

A)

244,314‌

29,706

Hanover

Insurance

Group,

Inc

3,551,649‌

284,062

Hartford

Financial

Services

Group,

Inc

20,165,561‌

4,132

e

HCI

Group,

Inc

209,327‌

57,150

Horace

Mann

Educators

Corp

1,787,652‌

738

Investors

Title

Co

109,800‌

36,673

James

River

Group

Holdings

Ltd

714,023‌

47,055

Kemper

Corp

2,289,226‌

18,754

Kinsale

Capital

Group,

Inc

6,127,119‌

44,494

*,e

Lemonade,

Inc

482,315‌

147,154

Lincoln

National

Corp

3,197,656‌

173,627

Loews

Corp

9,995,706‌

11,823

*

Markel

Corp

16,180,130‌

436,416

Marsh

&

McLennan

Cos,

Inc

78,637,799‌

53,327

*

MBIA,

Inc

536,470‌

21,627

Mercury

General

Corp

657,677‌

577,011

Metlife,

Inc

35,388,085‌

1,802

National

Western

Life

Group,

Inc

459,474‌

5,548

*

NI

Holdings,

Inc

74,842‌

248,042

Old

Republic

International

Corp

6,268,021‌

91,472

*

Oscar

Health,

Inc

615,607‌

19,410

*

Palomar

Holdings,

Inc

975,547‌

29,206

Primerica,

Inc

5,330,387‌

Equity

Index

Fund

April

30,

2023

46

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

INSURANCE—continued

202,011

Principal

Financial

Group

$

15,088,202‌

42,244

ProAssurance

Corp

758,702‌

514,319

Progressive

Corp

70,153,112‌

315,043

Prudential

Financial,

Inc

27,408,741‌

57,218

Reinsurance

Group

of

America,

Inc

(Class

A)

8,143,266‌

35,276

RenaissanceRe

Holdings

Ltd

7,598,803‌

31,551

RLI

Corp

4,387,167‌

12,496

*,e

Root,

Inc

53,608‌

64,321

*

Ryan

Specialty

Group

Holdings,

Inc

2,628,156‌

12,520

Safety

Insurance

Group,

Inc

915,087‌

56,689

Selective

Insurance

Group,

Inc

5,460,851‌

86,670

*

SiriusPoint

Ltd

753,162‌

19,531

Stewart

Information

Services

Corp

813,466‌

13,676

Tiptree

Inc

188,319‌

200,061

Travelers

Cos,

Inc

36,239,050‌

52,076

*,e

Trupanion,

Inc

1,828,388‌

12,454

United

Fire

Group

Inc

335,013‌

21,860

Universal

Insurance

Holdings,

Inc

337,081‌

175,445

Unum

Group

7,403,779‌

173,562

W.R.

Berkley

Corp

10,226,273‌

2,176

White

Mountains

Insurance

Group

Ltd

3,116,337‌

92,594

Willis

Towers

Watson

plc

21,444,770‌

TOTAL

INSURANCE

818,712,743‌

MATERIALS

-

2

.9

%

25,718

*

5E

Advanced

Materials,

Inc

108,530‌

20,558

AdvanSix,

Inc

774,625‌

195,185

Air

Products

&

Chemicals,

Inc

57,454,657‌

101,519

Albemarle

Corp

18,827,714‌

143,228

Alcoa

Corp

5,319,488‌

121,178

*

Allegheny

Technologies,

Inc

4,679,894‌

16,823

Alpha

Metallurgical

Resources,

Inc

2,465,579‌

1,341,949

Amcor

plc

14,721,181‌

21,560

American

Vanguard

Corp

415,030‌

59,774

Aptargroup,

Inc

7,083,817‌

82,171

*

Arconic

Corp

2,033,732‌

14,592

*,†

Ardagh

Group

S.A.

148,838‌

126,036

Ardagh

Metal

Packaging

S.A.

514,227‌

42,481

Ashland

Global

Holdings,

Inc

4,316,494‌

15,782

*

Aspen

Aerogels,

Inc

98,795‌

69,345

Avery

Dennison

Corp

12,099,316‌

70,844

Avient

Corp

2,728,202‌

172,888

*

Axalta

Coating

Systems

Ltd

5,458,074‌

32,189

Balchem

Corp

4,229,635‌

261,774

Ball

Corp

13,921,141‌

101,421

Berry

Global

Group,

Inc

5,863,148‌

47,966

Cabot

Corp

3,442,040‌

35,519

Carpenter

Technology

Corp

1,873,272‌

94,465

Celanese

Corp

(Series

A)

10,035,962‌

44,567

*

Century

Aluminum

Co

382,831‌

171,056

CF

Industries

Holdings,

Inc

12,244,189‌

7,496

Chase

Corp

819,538‌

122,499

Chemours

Co

3,561,046‌

12,528

*

Clearwater

Paper

Corp

452,261‌

455,953

*

Cleveland-Cliffs,

Inc

7,012,557‌

185,110

*

Coeur

Mining,

Inc

629,374‌

116,251

Commercial

Metals

Co

5,427,759‌

26,808

Compass

Minerals

International,

Inc

877,426‌

89,459

*

Constellium

SE

1,328,466‌

623,192

Corteva,

Inc

38,089,495‌

106,623

Crown

Holdings,

Inc

9,146,121‌

47

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

MATERIALS—continued

75,364

*,e

Danimer

Scientific,

Inc

$

238,150‌

56,280

*

Diversey

Holdings

Ltd

457,556‌

596,022

Dow,

Inc

32,423,597‌

408,991

DuPont

de

Nemours,

Inc

28,514,853‌

30,583

Eagle

Materials,

Inc

4,532,706‌

100,895

Eastman

Chemical

Co

8,502,422‌

222,628

Ecolab,

Inc

37,365,884‌

181,420

Element

Solutions,

Inc

3,292,773‌

109,761

FMC

Corp

13,564,264‌

1,247,152

Freeport-McMoRan,

Inc

(Class

B)

47,279,532‌

23,566

FutureFuel

Corp

176,745‌

1,429,834

*,e

Ginkgo

Bioworks

Holdings,

Inc

1,744,398‌

36,846

Glatfelter

Corp

166,544‌

278,912

Graphic

Packaging

Holding

Co

6,877,970‌

20,180

Greif,

Inc

(Class

A)

1,267,102‌

5,616

Greif,

Inc

(Class

B)

442,204‌

46,815

H.B.

Fuller

Co

3,097,749‌

14,458

Hawkins,

Inc

583,236‌

7,087

Haynes

International,

Inc

333,160‌

557,591

Hecla

Mining

Co

3,373,426‌

158,395

Huntsman

Corp

4,243,402‌

29,963

*

Ingevity

Corp

2,149,546‌

19,888

Innospec,

Inc

2,021,217‌

215,328

International

Flavors

&

Fragrances,

Inc

20,878,203‌

299,276

International

Paper

Co

9,909,028‌

7,140

*

Intrepid

Potash,

Inc

184,069‌

37,532

*

Ivanhoe

Electric,

Inc

447,006‌

11,630

Kaiser

Aluminum

Corp

764,324‌

14,468

Koppers

Holdings,

Inc

474,695‌

29,170

e

Kronos

Worldwide,

Inc

271,281‌

432,932

Linde

plc

159,946,727‌

140,093

*

Livent

Corp

3,061,032‌

68,504

Louisiana-Pacific

Corp

4,092,429‌

91,950

*

LSB

Industries,

Inc

821,114‌

223,395

LyondellBasell

Industries

NV

21,135,401‌

54,097

Martin

Marietta

Materials,

Inc

19,648,030‌

17,661

Materion

Corp

1,912,863‌

28,271

Minerals

Technologies,

Inc

1,675,340‌

299,071

Mosaic

Co

12,815,192‌

100,937

*

MP

Materials

Corp

2,187,305‌

25,893

Myers

Industries,

Inc

490,672‌

5,333

NewMarket

Corp

2,131,067‌

693,881

Newmont

Goldcorp

Corp

32,889,959‌

175,621

*

Novagold

Resources

Inc

955,378‌

220,976

Nucor

Corp

32,744,224‌

123,701

*

O-I

Glass,

Inc

2,779,562‌

111,865

Olin

Corp

6,197,321‌

12,612

Olympic

Steel,

Inc

587,341‌

83,951

*,e

Origin

Materials,

Inc

331,606‌

41,831

Orion

Engineered

Carbons

SA

1,012,729‌

78,609

Packaging

Corp

of

America

10,632,653‌

29,712

Pactiv

Evergreen,

Inc

234,725‌

94,769

*

Perimeter

Solutions

S.A.

708,872‌

13,423

*

Piedmont

Lithium,

Inc

771,823‌

208,619

PPG

Industries,

Inc

29,260,901‌

37,597

*

PQ

Group

Holdings,

Inc

426,726‌

92,338

*,e

PureCycle

Technologies,

Inc

606,661‌

10,040

Quaker

Chemical

Corp

1,873,765‌

18,601

Ramaco

Resources,

Inc

151,226‌

26,216

*

Ranpak

Holdings

Corp

106,961‌

45,189

*

Rayonier

Advanced

Materials,

Inc

245,828‌

Equity

Index

Fund

April

30,

2023

48

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

MATERIALS—continued

53,054

Reliance

Steel

&

Aluminum

Co

$

13,146,781‌

55,206

Royal

Gold,

Inc

7,311,483‌

115,315

RPM

International,

Inc

9,459,289‌

19,086

Ryerson

Holding

Corp

720,878‌

19,139

Schnitzer

Steel

Industries,

Inc

(Class

A)

552,926‌

43,911

Schweitzer-Mauduit

International,

Inc

850,556‌

30,490

Scotts

Miracle-Gro

Co

(Class

A)

2,037,037‌

138,369

Sealed

Air

Corp

6,640,328‌

45,956

Sensient

Technologies

Corp

3,421,884‌

206,576

Sherwin-Williams

Co

49,070,063‌

84,315

Silgan

Holdings,

Inc

4,153,357‌

87,326

Sonoco

Products

Co

5,293,702‌

85,032

Southern

Copper

Corp

6,533,009‌

165,267

SSR

Mining,

Inc

2,366,623‌

141,158

Steel

Dynamics,

Inc

14,673,374‌

25,522

Stepan

Co

2,353,128‌

89,404

*

Summit

Materials,

Inc

2,450,564‌

62,507

SunCoke

Energy,

Inc

486,304‌

27,538

Sylvamo

Corp

1,261,791‌

33,322

*

TimkenSteel

Corp

557,810‌

19,788

Tredegar

Corp

185,611‌

32,674

Trimas

Corp

830,246‌

29,516

Trinseo

plc

534,830‌

155,065

Tronox

Holdings

plc

2,122,840‌

807

United

States

Lime

&

Minerals,

Inc

129,846‌

208,248

United

States

Steel

Corp

4,764,714‌

6,593

Valhi,

Inc

102,389‌

151,725

Valvoline,

Inc

5,242,099‌

119,012

Vulcan

Materials

Co

20,841,381‌

54,430

Warrior

Met

Coal,

Inc

1,881,645‌

24,539

Westlake

Chemical

Corp

2,792,047‌

224,893

WestRock

Co

6,731,048‌

25,062

Worthington

Industries,

Inc

1,488,432‌

TOTAL

MATERIALS

1,027,584,944‌

MEDIA

&

ENTERTAINMENT

-

6

.7

%

684,532

*

Activision

Blizzard,

Inc

53,194,982‌

80,989

*

Advantage

Solutions,

Inc

103,666‌

5,274,825

*

Alphabet,

Inc

(Class

A)

566,199,715‌

4,587,220

*

Alphabet,

Inc

(Class

C)

496,428,948‌

157,139

*

Altice

USA,

Inc

549,987‌

479,007

*,e

AMC

Entertainment

Holdings,

Inc

2,634,538‌

23,685

*

AMC

Networks,

Inc

418,988‌

12,671

*

Boston

Omaha

Corp

259,249‌

116,459

*

Bumble,

Inc

2,120,718‌

4,644

Cable

One,

Inc

3,522,056‌

72,900

*

Cargurus,

Inc

1,198,476‌

50,674

*

Cars.com,

Inc

991,690‌

91,447

*

Charter

Communications,

Inc

33,716,509‌

82,557

*

Cinemark

Holdings,

Inc

1,393,562‌

499,375

*

Clear

Channel

634,206‌

3,683,381

Comcast

Corp

(Class

A)

152,381,472‌

35,779

*

Cumulus

Media

Inc

125,763‌

455

*

Daily

Journal

Corp

124,283‌

217,295

*

DISH

Network

Corp

(Class

A)

1,631,885‌

245,126

Electronic

Arts,

Inc

31,199,637‌

40,007

Entravision

Communications

Corp

(Class

A)

250,044‌

54,751

*

Eventbrite

Inc

398,040‌

14,208

*

EverQuote

Inc

99,030‌

40,458

*

EW

Scripps

Co

(Class

A)

341,061‌

244,648

Fox

Corp

(Class

A)

8,136,992‌

49

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

MEDIA

&

ENTERTAINMENT—continued

116,246

Fox

Corp

(Class

B)

$

3,550,153‌

99,963

*

Gannett

Co,

Inc

189,930‌

70,071

Gray

Television,

Inc

540,247‌

57,550

*

IAC

2,979,364‌

81,751

*

iHeartMedia,

Inc

283,676‌

37,647

*

Imax

Corp

788,705‌

25,095

*

Integral

Ad

Science

Holding

Corp

394,744‌

340,395

Interpublic

Group

of

Cos,

Inc

12,162,313‌

54,238

John

Wiley

&

Sons,

Inc

(Class

A)

2,091,960‌

6,134

*

Liberty

Braves

Group

(Class

A)

240,269‌

30,992

*

Liberty

Braves

Group

(Class

C)

1,178,316‌

18,787

Liberty

Broadband

Corp

(Class

A)

1,588,065‌

100,537

*

Liberty

Broadband

Corp

(Class

C)

8,523,527‌

18,107

*

Liberty

Media

Group

(Class

A)

1,172,971‌

172,671

*

Liberty

Media

Group

(Class

C)

12,465,119‌

94,873

*

Liberty

SiriusXM

Group

(Class

A)

2,665,931‌

142,289

*

Liberty

SiriusXM

Group

(Class

C)

3,975,555‌

44,591

*,e

Lions

Gate

Entertainment

Corp

(Class

A)

512,797‌

211,297

*

Lions

Gate

Entertainment

Corp

(Class

B)

2,254,539‌

131,534

*

Live

Nation,

Inc

8,915,375‌

18,866

Madison

Square

Garden

Co

3,782,633‌

19,376

*

Madison

Square

Garden

Entertainment

Corp

625,264‌

19,376

*

Madison

Square

Garden

Entertainment

Corp

545,241‌

93,497

*

Magnite,

Inc

878,872‌

24,627

e

Marcus

Corp

431,465‌

234,733

*

Match

Group,

Inc

8,661,648‌

15,110

*

MediaAlpha,

Inc

111,814‌

1,950,840

*

Meta

Platforms,

Inc

468,825,869‌

385,208

*

Netflix,

Inc

127,091,675‌

155,545

New

York

Times

Co

(Class

A)

6,182,914‌

293,922

News

Corp

(Class

A)

5,175,966‌

95,168

News

Corp

(Class

B)

1,689,232‌

29,527

Nexstar

Media

Group

Inc

5,121,458‌

172,073

Omnicom

Group,

Inc

15,584,652‌

5,903

Paramount

Global

(Class

A)

156,193‌

484,703

Paramount

Global

(Class

B)

11,308,121‌

532,375

*

Pinterest,

Inc

12,244,625‌

61,226

*

Playstudios,

Inc

268,170‌

75,202

*

Playtika

Holding

Corp

752,020‌

32,246

*

PubMatic,

Inc

440,480‌

41,070

*

QuinStreet,

Inc

456,288‌

397,892

*

ROBLOX

Corp

14,164,955‌

113,610

*

Roku,

Inc

6,386,018‌

22,422

Scholastic

Corp

862,574‌

17,136

Shutterstock,

Inc

1,148,112‌

37,146

e

Sinclair

Broadcast

Group,

Inc

(Class

A)

738,834‌

628,669

e

Sirius

XM

Holdings,

Inc

2,388,942‌

438,848

*,e

Skillz,

Inc

273,271‌

126,273

*

Spotify

Technology

S.A.

16,870,073‌

46,094

*

Stagwell,

Inc

286,705‌

144,314

*

Take-Two

Interactive

Software,

Inc

17,936,787‌

19,150

*

TechTarget,

Inc

652,824‌

212,771

TEGNA,

Inc

3,638,384‌

19,655

*

Thryv

Holdings,

Inc

441,451‌

384,068

*

Trade

Desk,

Inc

24,710,935‌

117,635

*

TripAdvisor,

Inc

2,085,669‌

85,679

*

TrueCar,

Inc

220,195‌

106,282

*

Vimeo,

Inc

349,668‌

142,904

*

Vinco

Ventures,

Inc

26,180‌

1,603,760

*

Walt

Disney

Co

164,385,400‌

2,055,750

*

Warner

Bros

Discovery,

Inc

27,978,758‌

Equity

Index

Fund

April

30,

2023

50

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

MEDIA

&

ENTERTAINMENT—continued

39,638

*

WideOpenWest,

Inc

$

453,062‌

34,191

World

Wrestling

Entertainment,

Inc

(Class

A)

3,664,249‌

56,188

*

Yelp,

Inc

1,681,145‌

39,402

*

Ziff

Davis

Inc

2,881,862‌

61,686

*

ZipRecruiter,

Inc

1,044,961‌

236,743

*

ZoomInfo

Technologies,

Inc

5,187,039‌

TOTAL

MEDIA

&

ENTERTAINMENT

2,395,321,706‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

8

.2

%

83,340

*

10X

Genomics,

Inc

4,369,516‌

16,011

*

2seventy

bio,

Inc

152,265‌

64,622

*

4D

Molecular

Therapeutics,

Inc

1,163,842‌

1,550,583

AbbVie,

Inc

234,324,103‌

160,014

*,e

AbCellera

Biologics,

Inc

1,084,895‌

59,608

*,e

Absci

Corp

78,683‌

88,298

*

Acadia

Pharmaceuticals,

Inc

1,883,396‌

44,287

*

Aclaris

Therapeutics,

Inc

393,711‌

107,348

*,e

Adagio

Therapeutics,

Inc

118,083‌

118,561

*

Adaptive

Biotechnologies

Corp

846,526‌

15,245

*,e

Adicet

Bio,

Inc

89,031‌

144,109

*

ADMA

Biologics,

Inc

482,765‌

23,668

*

Aerovate

Therapeutics,

Inc

496,318‌

84,699

*

Affimed

NV

76,229‌

543,168

*

Agenus,

Inc

820,184‌

259,425

Agilent

Technologies,

Inc

35,133,928‌

42,139

*

Agios

Pharmaceuticals,

Inc

963,719‌

29,208

*

Akero

Therapeutics,

Inc

1,306,766‌

7,279

*

Akoya

Biosciences,

Inc

50,662‌

42,029

*

Alector,

Inc

277,391‌

130,128

*

Alkermes

plc

3,715,154‌

49,804

*,e

Allogene

Therapeutics,

Inc

270,436‌

93,315

*,e

Allovir,

Inc

321,004‌

105,669

*

Alnylam

Pharmaceuticals,

Inc

21,049,265‌

56,031

*,e

ALX

Oncology

Holdings,

Inc

332,824‌

468,145

Amgen,

Inc

112,233,082‌

265,666

*

Amicus

Therapeutics,

Inc

3,065,786‌

87,784

*

Amneal

Pharmaceuticals,

Inc

169,423‌

28,740

*

Amphastar

Pharmaceuticals,

Inc

1,028,030‌

40,220

*

Amylyx

Pharmaceuticals,

Inc

1,142,248‌

15,332

*,e

AnaptysBio,

Inc

319,212‌

45,302

*,e

Anavex

Life

Sciences

Corp

368,758‌

16,713

*

ANI

Pharmaceuticals,

Inc

630,414‌

10,900

*

Anika

Therapeutics,

Inc

279,694‌

89,116

*

Apellis

Pharmaceuticals,

Inc

7,434,948‌

62,957

*,e

Arbutus

Biopharma

Corp

158,022‌

23,554

*

Arcellx,

Inc

1,005,285‌

33,423

*

Arcturus

Therapeutics

Holdings,

Inc

889,720‌

33,215

*

Arcus

Biosciences,

Inc

592,888‌

30,236

*

Arcutis

Biotherapeutics,

Inc

418,466‌

75,783

*

Arrowhead

Pharmaceuticals

Inc

2,683,476‌

34,621

*

Arvinas,

Inc

907,416‌

344,201

*

Atara

Biotherapeutics,

Inc

932,785‌

47,147

*

Atea

Pharmaceuticals,

Inc

154,171‌

24,620

*

Athira

Pharma,

Inc

68,690‌

21,983

*

Aura

Biosciences,

Inc

198,726‌

103,661

*,e

Aurinia

Pharmaceuticals,

Inc

1,166,186‌

504,781

*

Avantor,

Inc

9,833,134‌

45,157

*

Avid

Bioservices,

Inc

815,084‌

76,838

*

Avidity

Biosciences,

Inc

952,791‌

33,852

*,e

Axsome

Therapeutics,

Inc

2,421,434‌

49,100

*

Beam

Therapeutics,

Inc

1,507,861‌

51

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

87,037

*

Berkeley

Lights,

Inc

$

101,833‌

132,467

*

BioCryst

Pharmaceuticals,

Inc

1,008,074‌

125,092

*

Biogen,

Inc

38,056,739‌

93,283

*

Biohaven

Ltd

1,220,142‌

17,772

*,e

BioLife

Solutions

Inc

312,076‌

156,836

*

BioMarin

Pharmaceutical,

Inc

15,062,529‌

1,152,297

*,e

Bionano

Genomics,

Inc

792,665‌

18,401

*

Bio-Rad

Laboratories,

Inc

(Class

A)

8,294,987‌

129,981

Bio-Techne

Corp

10,382,882‌

36,537

*,e

Bioxcel

Therapeutics

Inc

753,393‌

117,035

*

Bluebird

Bio,

Inc

509,102‌

64,961

*

Blueprint

Medicines

Corp

3,316,259‌

112,222

*

Bridgebio

Pharma,

Inc

1,629,463‌

1,869,023

Bristol-Myers

Squibb

Co

124,794,666‌

56,174

*

Brooks

Automation,

Inc

2,443,007‌

88,086

Bruker

BioSciences

Corp

6,970,245‌

25,094

*

C4

Therapeutics,

Inc

75,784‌

31,788

*

Cara

Therapeutics,

Inc

133,510‌

36,257

*

CareDx,

Inc

293,319‌

37,400

*

Caribou

Biosciences,

Inc

160,820‌

31,847

*,e

Cassava

Sciences,

Inc

739,487‌

162,660

*

Catalent,

Inc

8,152,519‌

73,978

*

Catalyst

Pharmaceuticals,

Inc

1,177,730‌

33,029

*

Celldex

Therapeutics,

Inc

1,038,432‌

76,764

*,e

Celularity,

Inc

45,329‌

32,063

*,e

Century

Therapeutics,

Inc

100,357‌

43,334

*

Cerevel

Therapeutics

Holdings,

Inc

1,258,419‌

42,197

*

Charles

River

Laboratories

International,

Inc

8,022,494‌

53,558

*

Chimerix,

Inc

62,127‌

62,303

*

Chinook

Therapeutics,

Inc

1,246,683‌

43,916

*

Codexis,

Inc

172,151‌

87,080

*

Cogent

Biosciences,

Inc

936,981‌

44,098

*

Coherus

Biosciences,

Inc

318,829‌

27,222

*

Collegium

Pharmaceutical,

Inc

633,456‌

72,910

*,e

Corcept

Therapeutics,

Inc

1,642,662‌

34,033

*

Crinetics

Pharmaceuticals,

Inc

665,005‌

29,602

*

CryoPort,

Inc

622,826‌

71,728

*

CTI

BioPharma

Corp

348,598‌

18,878

*

Cullinan

Oncology,

Inc

183,683‌

93,386

*

Cytek

Biosciences,

Inc

1,072,071‌

69,213

*

Cytokinetics,

Inc

2,588,566‌

566,486

Danaher

Corp

134,206,198‌

53,454

*

Day

One

Biopharmaceuticals,

Inc

662,830‌

28,615

*

Deciphera

Pharmaceuticals,

Inc

406,619‌

101,941

*

Denali

Therapeutics,

Inc

2,532,214‌

20,111

*,e

Design

Therapeutics,

Inc

129,716‌

35,029

*

DICE

Therapeutics,

Inc

1,138,443‌

103,603

*,e

Dynavax

Technologies

Corp

1,078,507‌

72,367

*

Dyne

Therapeutics,

Inc

749,722‌

10,847

*

Eagle

Pharmaceuticals,

Inc

304,584‌

23,788

*,e

Edgewise

Therapeutics,

Inc

208,621‌

76,006

*

Editas

Medicine,

Inc

620,209‌

335,250

*

Elanco

Animal

Health,

Inc

3,174,818‌

738,730

Eli

Lilly

&

Co

292,433,658‌

16,480

*

Enanta

Pharmaceuticals,

Inc

585,864‌

90,394

*,e

Enochian

Biosciences

Inc

103,049‌

304,824

*,e

EQRx,

Inc

512,104‌

59,348

*

Erasca,

Inc

163,800‌

21,778

*

Evolus,

Inc

190,340‌

155,554

*

Exact

Sciences

Corp

9,966,345‌

261,032

*

Exelixis,

Inc

4,776,886‌

Equity

Index

Fund

April

30,

2023

52

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

15,167

*,e

EyePoint

Pharmaceuticals,

Inc

$

95,249‌

59,761

*

Fate

Therapeutics,

Inc

362,749‌

63,080

*

FibroGen,

Inc

1,079,930‌

14,252

*,e

Foghorn

Therapeutics,

Inc

92,923‌

39,842

*

Fulcrum

Therapeutics,

Inc

99,605‌

75,916

*

Generation

Bio

Co

373,507‌

265,240

*

Geron

Corp

652,490‌

1,100,515

Gilead

Sciences,

Inc

90,473,338‌

104,921

*

Halozyme

Therapeutics,

Inc

3,371,112‌

22,623

*

Harmony

Biosciences

Holdings,

Inc

729,366‌

512,774

*,e

Heron

Therapeutics,

Inc

1,225,530‌

195,302

*

Horizon

Therapeutics

Plc

21,709,770‌

9,851

*,e

Icosavax,

Inc

54,279‌

21,421

*

Ideaya

Biosciences,

Inc

391,147‌

21,368

*,e

IGM

Biosciences,

Inc

231,415‌

136,690

*

Illumina,

Inc

28,097,996‌

87,824

*,e

ImmunityBio,

Inc

245,907‌

140,539

*

Immunogen,

Inc

757,505‌

89,690

*

Immunovant,

Inc

1,447,597‌

160,716

*

Incyte

Corp

11,958,878‌

20,258

*

Inhibrx,

Inc

425,418‌

49,340

*

Innoviva,

Inc

578,758‌

319,709

*,e

Inovio

Pharmaceuticals,

Inc

246,975‌

105,641

*

Insmed,

Inc

2,060,000‌

86,438

*

Intellia

Therapeutics,

Inc

3,263,035‌

21,160

*

Intercept

Pharmaceuticals,

Inc

366,491‌

93,309

*

Intra-Cellular

Therapies,

Inc

5,799,154‌

127,693

*

Ionis

Pharmaceuticals,

Inc

4,516,501‌

107,610

*

Iovance

Biotherapeutics,

Inc

606,920‌

162,861

*

IQVIA

Holdings,

Inc

30,655,326‌

115,967

*

Ironwood

Pharmaceuticals,

Inc

1,207,216‌

14,777

*

iTeos

Therapeutics,

Inc

203,036‌

134,051

*

IVERIC

bio,

Inc

4,408,937‌

24,181

*,e

Janux

Therapeutics,

Inc

370,453‌

53,458

*

Jazz

Pharmaceuticals

plc

7,509,245‌

2,309,170

Johnson

&

Johnson

378,011,129‌

26,213

*,e

Jounce

Therapeutics,

Inc

50,591‌

16,585

*

KalVista

Pharmaceuticals

Inc

141,470‌

29,756

*

Karuna

Therapeutics,

Inc

5,904,781‌

55,927

*

Karyopharm

Therapeutics,

Inc

200,219‌

11,474

*

Keros

Therapeutics,

Inc

508,929‌

35,318

*

Kezar

Life

Sciences,

Inc

85,823‌

21,130

*

Kiniksa

Pharmaceuticals

Ltd

227,148‌

39,788

*,e

Kinnate

Biopharma,

Inc

100,664‌

26,452

*

Kodiak

Sciences,

Inc

115,860‌

110,055

*,e

Kronos

Bio,

Inc

181,591‌

12,941

*

Krystal

Biotech

Inc

1,087,044‌

46,117

*

Kura

Oncology,

Inc

449,180‌

24,582

*

Kymera

Therapeutics,

Inc

775,316‌

55,069

*

Lexicon

Pharmaceuticals,

Inc

131,615‌

10,998

*

Ligand

Pharmaceuticals,

Inc

(Class

B)

839,697‌

61,737

*,e

Liquidia

Corp

414,255‌

122,579

*,e

Lyell

Immunopharma,

Inc

248,835‌

79,601

*

MacroGenics,

Inc

548,451‌

12,049

*

Madrigal

Pharmaceuticals,

Inc

3,759,288‌

180,755

*

MannKind

Corp

695,907‌

84,535

*

Maravai

LifeSciences

Holdings,

Inc

1,165,738‌

68,933

*

MaxCyte,

Inc

344,665‌

21,610

*

Medpace

Holdings,

Inc

4,325,025‌

21,858

*

MeiraGTx

Holdings

plc

116,940‌

2,210,195

Merck

&

Co,

Inc

255,211,217‌

53

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

120,325

*

Mersana

Therapeutics,

Inc

$

527,024‌

18,781

*

Mettler-Toledo

International,

Inc

28,011,862‌

81,129

*

MiMedx

Group,

Inc

310,724‌

7,930

*

MiNK

Therapeutics,

Inc

14,195‌

52,374

*

Mirati

Therapeutics,

Inc

2,320,692‌

45,859

*,e

Mirum

Pharmaceuticals,

Inc

1,231,314‌

294,787

*

Moderna,

Inc

39,174,244‌

31,239

*

Monte

Rosa

Therapeutics,

Inc

141,825‌

15,127

*

Morphic

Holding,

Inc

714,902‌

63,827

*

Myriad

Genetics,

Inc

1,358,877‌

33,260

*

NanoString

Technologies,

Inc

325,948‌

88,465

*

Natera,

Inc

4,486,945‌

96,721

*,e

Nautilus

Biotechnology,

Inc

249,540‌

130,906

*

Nektar

Therapeutics

98,481‌

81,997

*

Neurocrine

Biosciences,

Inc

8,284,977‌

21,913

*

NGM

Biopharmaceuticals

Inc

98,828‌

34,251

*

Nkarta,

Inc

169,542‌

154,065

*,e

Novavax,

Inc

1,181,679‌

22,935

*

Nurix

Therapeutics,

Inc

220,864‌

16,743

*

Nuvalent,

Inc

592,535‌

159,982

*

Nuvation

Bio,

Inc

257,571‌

258,031

*,e

Ocugen,

Inc

184,131‌

54,186

*

Ocular

Therapeutix,

Inc

335,953‌

4,311

*,†

OmniAb,

Inc

0‌

53,886

*

OmniAb,

Inc

187,523‌

4,311

*,†

OmniAb,

Inc

0‌

64,901

*

Organogenesis

Holdings

Inc

133,047‌

230,419

Organon

&

Co

5,675,220‌

311,145

*,e

Outlook

Therapeutics,

Inc

326,702‌

208,152

*

Pacific

Biosciences

of

California,

Inc

2,206,411‌

32,703

*

Pacira

BioSciences

Inc

1,481,773‌

59,828

*,e

Pardes

Biosciences,

Inc

116,066‌

107,305

PerkinElmer,

Inc

14,002,229‌

126,774

Perrigo

Co

plc

4,714,725‌

4,955,403

Pfizer,

Inc

192,715,623‌

53,110

*,e

Phathom

Pharmaceuticals,

Inc

568,277‌

15,122

Phibro

Animal

Health

Corp

235,298‌

19,122

*

PMV

Pharmaceuticals,

Inc

88,152‌

57,257

*

Point

Biopharma

Global,

Inc

443,169‌

73,597

*,e

Praxis

Precision

Medicines,

Inc

76,541‌

293,619

*,e

Precigen,

Inc

355,279‌

38,952

*

Prestige

Consumer

Healthcare,

Inc.

2,396,717‌

32,960

*

Prometheus

Biosciences,

Inc

6,392,592‌

38,156

*

Protagonist

Therapeutics,

Inc

862,326‌

31,004

*

Prothena

Corp

plc

1,631,431‌

72,077

*

PTC

Therapeutics,

Inc

3,974,326‌

196,966

*

QIAGEN

NV

8,786,653‌

22,482

*

Quanterix

Corp

284,172‌

104,376

*,e

Quantum-Si,

Inc

153,433‌

29,554

*

RAPT

Therapeutics,

Inc

537,883‌

31,761

*

Reata

Pharmaceuticals,

Inc

3,139,892‌

117,341

*

Recursion

Pharmaceuticals,

Inc

559,717‌

90,328

*

Regeneron

Pharmaceuticals,

Inc

72,424,087‌

27,410

*

REGENXBIO,

Inc

530,658‌

100,692

*

Relay

Therapeutics,

Inc

1,144,868‌

21,818

*,e

Relmada

Therapeutics,

Inc

54,981‌

50,015

*

Repligen

Corp

7,583,774‌

36,059

*

Replimune

Group,

Inc

603,267‌

86,595

*

Revance

Therapeutics,

Inc

2,756,319‌

84,294

*

REVOLUTION

Medicines,

Inc

1,980,066‌

195,741

*

Rigel

Pharmaceuticals,

Inc

221,187‌

Equity

Index

Fund

April

30,

2023

54

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

53,934

*

Rocket

Pharmaceuticals,

Inc

$

966,497‌

330,537

Royalty

Pharma

plc

11,618,376‌

38,930

*

Sage

Therapeutics,

Inc

1,901,731‌

102,323

*,e

Sana

Biotechnology,

Inc

541,289‌

87,802

*

Sangamo

Therapeutics

Inc

129,069‌

71,568

*

Sarepta

Therapeutics,

Inc

8,786,403‌

18,726

*

Science

37

Holdings,

Inc

5,316‌

118,351

*

Seagen,

Inc

23,670,200‌

70,074

*

Seer,

Inc

234,047‌

229,735

*

Seres

Therapeutics,

Inc

1,119,958‌

46,544

SIGA

Technologies,

Inc

271,352‌

116,449

*,e

Singular

Genomics

Systems,

Inc

115,285‌

115,598

*

SomaLogic,

Inc

323,674‌

60,297

*,†,e

Sorrento

Therapeutics,

Inc

425,200‌

72,803

*

Sotera

Health

Co

1,220,906‌

21,304

*

SpringWorks

Therapeutics,

Inc

498,088‌

13,804

*

Stoke

Therapeutics,

Inc

122,718‌

34,780

*

Supernus

Pharmaceuticals,

Inc

1,281,991‌

105,693

*

Sutro

Biopharma,

Inc

450,252‌

43,274

*

Syndax

Pharmaceuticals,

Inc

889,281‌

76,508

*

Syneos

Health,

Inc

3,003,704‌

7,966

*

Tarsus

Pharmaceuticals,

Inc

118,853‌

9,937

*

Tenaya

Therapeutics,

Inc

52,815‌

119,821

*

TG

Therapeutics,

Inc

2,975,155‌

38,181

*,e

Theravance

Biopharma,

Inc

413,500‌

343,148

Thermo

Fisher

Scientific,

Inc

190,412,825‌

43,527

*

Travere

Therapeutics,

Inc

938,877‌

41,286

*

Twist

Bioscience

Corp

515,249‌

73,340

*

Ultragenyx

Pharmaceutical,

Inc

3,202,758‌

38,931

*

United

Therapeutics

Corp

8,959,191‌

42,360

*

Vanda

Pharmaceuticals,

Inc

260,090‌

176,035

*,e

Vaxart

Inc

143,204‌

65,127

*

Vaxcyte,

Inc

2,789,389‌

21,290

*

Ventyx

Biosciences,

Inc

800,504‌

20,221

*

Vera

Therapeutics,

Inc

134,470‌

49,459

*

Veracyte,

Inc

1,119,752‌

34,319

*

Vericel

Corp

1,081,392‌

224,487

*

Vertex

Pharmaceuticals,

Inc

76,489,456‌

30,628

*

Verve

Therapeutics,

Inc

487,904‌

1,114,885

Viatris,

Inc

10,401,877‌

56,000

*

Vir

Biotechnology,

Inc

1,408,400‌

55,112

*

Viridian

Therapeutics,

Inc

1,544,789‌

49,469

*

Waters

Corp

14,858,509‌

64,445

West

Pharmaceutical

Services,

Inc

23,280,112‌

42,278

*

Xencor,

Inc

1,117,830‌

159,431

*,e

Xeris

Biopharma

Holdings,

Inc

360,314‌

25,718

*

Y-mAbs

Therapeutics,

Inc

154,051‌

29,698

*

Zentalis

Pharmaceuticals,

Inc

654,247‌

412,018

Zoetis,

Inc

72,424,524‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

2,948,084,400‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0

.1

%

290,155

*

CBRE

Group,

Inc

22,243,282‌

565,667

*

Compass,

Inc

1,323,661‌

131,968

*

Cushman

&

Wakefield

plc

1,299,885‌

114,921

DigitalBridge

Group,

Inc

1,428,468‌

52,195

Douglas

Elliman,

Inc

166,502‌

52,530

e

eXp

World

Holdings

Inc

614,076‌

23,024

*

Forestar

Group,

Inc

445,284‌

6,108

*

FRP

Holdings,

Inc

354,264‌

32,582

*

Howard

Hughes

Corp

2,520,869‌

55

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT—continued

44,481

*

Jones

Lang

LaSalle,

Inc

$

6,184,638‌

159,327

Kennedy-Wilson

Holdings,

Inc

2,673,507‌

20,898

Marcus

&

Millichap,

Inc

657,660‌

137,987

Newmark

Group,

Inc

874,838‌

455,454

*,e

Opendoor

Technologies,

Inc

628,527‌

22,322

Re/Max

Holdings,

Inc

431,038‌

95,865

*

Realogy

Holdings

Corp

610,660‌

111,352

*,e

Redfin

Corp

829,572‌

11,719

RMR

Group,

Inc

278,326‌

28,691

St.

Joe

Co

1,179,200‌

23,298

*

Tejon

Ranch

Co

402,589‌

44,172

*

Zillow

Group,

Inc

(Class

A)

1,889,678‌

136,927

*

Zillow

Group,

Inc

(Class

C)

5,961,802‌

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

52,998,326‌

RETAILING

-

0

.0

%

59,830

*

Quotient

Technology,

Inc

168,721‌

TOTAL

RETAILING

168,721‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

5

.3

%

37,003

*

ACM

Research,

Inc

345,978‌

1,411,449

*

Advanced

Micro

Devices,

Inc

126,141,197‌

81,517

*

Allegro

MicroSystems,

Inc

2,915,863‌

15,596

*

Alpha

&

Omega

Semiconductor

Ltd

372,432‌

29,077

*

Ambarella,

Inc

1,802,192‌

121,537

Amkor

Technology,

Inc

2,718,783‌

445,743

Analog

Devices,

Inc

80,180,251‌

737,784

Applied

Materials,

Inc

83,391,725‌

15,755

*,e

Atomera,

Inc

124,464‌

24,034

*

Axcelis

Technologies,

Inc

2,843,222‌

29,642

*

AXT,

Inc

79,144‌

346,393

Broadcom,

Inc

217,015,214‌

17,022

*

Ceva,

Inc

427,763‌

47,822

*

Cirrus

Logic,

Inc

4,102,649‌

34,925

*

Cohu,

Inc

1,181,862‌

76,663

*

Credo

Technology

Group

Holding

Ltd

621,737‌

36,698

*

Diodes,

Inc

2,924,831‌

113,963

*

Enphase

Energy,

Inc

18,712,725‌

128,417

Entegris,

Inc

9,621,002‌

91,262

*

First

Solar,

Inc

16,662,616‌

63,486

*

Formfactor,

Inc

1,733,803‌

68,979

*,e

GLOBALFOUNDRIES,

Inc

4,055,965‌

20,679

*

Ichor

Holdings

Ltd

575,910‌

20,869

*

Impinj,

Inc

1,845,028‌

77,204

*

indie

Semiconductor,

Inc

584,434‌

3,646,328

Intel

Corp

113,254,948‌

121,770

KLA

Corp

47,068,976‌

67,353

Kulicke

&

Soffa

Industries,

Inc

3,210,044‌

116,038

Lam

Research

Corp

60,813,195‌

111,267

*

Lattice

Semiconductor

Corp

8,867,980‌

42,484

*

MACOM

Technology

Solutions

Holdings,

Inc

2,478,517‌

745,659

Marvell

Technology,

Inc

29,438,617‌

86,600

*

MaxLinear,

Inc

2,089,658‌

467,986

Microchip

Technology,

Inc

34,158,298‌

951,945

Micron

Technology,

Inc

61,267,180‌

47,123

MKS

Instruments,

Inc

3,952,206‌

40,868

Monolithic

Power

Systems,

Inc

18,879,790‌

53,174

*

Nanometrics,

Inc

4,306,030‌

2,073,922

NVIDIA

Corp

575,492,616‌

374,785

*

ON

Semiconductor

Corp

26,969,529‌

36,332

*

PDF

Solutions,

Inc

1,309,769‌

Equity

Index

Fund

April

30,

2023

56

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT—continued

49,870

*

Photronics,

Inc

$

721,120‌

46,429

Power

Integrations,

Inc

3,379,103‌

84,782

*

Qorvo,

Inc

7,806,727‌

980,911

QUALCOMM,

Inc

114,570,405‌

95,117

*

Rambus,

Inc

4,217,488‌

50,739

*

Semtech

Corp

988,903‌

28,202

*

Silicon

Laboratories,

Inc

3,928,539‌

11,907

*

SiTime

Corp

1,291,552‌

3,754

*

SkyWater

Technology,

Inc

33,936‌

146,579

Skyworks

Solutions,

Inc

15,522,716‌

35,747

*

SMART

Global

Holdings,

Inc

551,219‌

30,232

*

Synaptics,

Inc

2,677,346‌

137,274

Teradyne,

Inc

12,544,098‌

793,920

Texas

Instruments,

Inc

132,743,424‌

31,853

*

Ultra

Clean

Holdings

909,085‌

41,731

Universal

Display

Corp

5,569,419‌

37,057

*

Veeco

Instruments,

Inc

682,590‌

104,946

*,e

Wolfspeed,

Inc

4,885,236‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

1,887,561,049‌

SOFTWARE

&

SERVICES

-

10

.9

%

78,314

*

8x8,

Inc

224,761‌

60,250

A10

Networks,

Inc

851,935‌

554,363

Accenture

plc

155,382,405‌

97,431

*

ACI

Worldwide,

Inc

2,467,927‌

76,196

Adeia,

Inc

582,137‌

400,512

*

Adobe,

Inc

151,217,311‌

16,094

*

Agilysys,

Inc

1,255,976‌

141,710

*

Akamai

Technologies,

Inc

11,615,969‌

39,936

*

Alarm.com

Holdings,

Inc

1,904,548‌

20,413

*

Alkami

Technology,

Inc

244,752‌

41,477

*

Altair

Engineering,

Inc

2,863,987‌

48,158

*

Alteryx,

Inc

1,980,739‌

111,518

Amdocs

Ltd

10,176,018‌

26,922

American

Software,

Inc

(Class

A)

321,449‌

43,168

*

Amplitude,

Inc

489,957‌

77,604

*

Ansys,

Inc

24,361,448‌

22,181

*

Appfolio,

Inc

3,096,911‌

29,215

*

Appian

Corp

1,097,023‌

175,167

*,e

AppLovin

Corp

2,977,839‌

67,566

*

Asana,

Inc

1,093,218‌

24,132

*

Aspen

Technology,

Inc

4,271,364‌

125,780

*

Atlassian

Corp

18,572,675‌

191,846

*

Autodesk,

Inc

37,369,682‌

99,574

*,e

AvePoint,

Inc

432,151‌

156,725

Bentley

Systems,

Inc

6,670,216‌

34,963

*

BigCommerce

Holdings,

Inc

258,377‌

84,331

*

Bill.Com

Holdings,

Inc

6,477,464‌

133,455

*

Black

Knight,

Inc

7,291,981‌

35,468

*

Blackbaud,

Inc

2,459,883‌

44,539

*

Blackline,

Inc

2,481,268‌

143,236

*

Box,

Inc

3,790,025‌

26,305

*

Brightcove,

Inc

108,903‌

51,516

*,e

C3.ai,

Inc

918,015‌

238,577

*

Cadence

Design

Systems,

Inc

49,969,953‌

152,913

*

CCC

Intelligent

Solutions

Holdings,

Inc

1,327,285‌

54,338

*,e

Cerberus

Cyber

Sentinel

Corp

11,525‌

27,699

*

Cerence

Inc

707,709‌

122,132

*

Ceridian

HCM

Holding,

Inc

7,752,939‌

85,270

*,e

Cleanspark,

Inc

333,406‌

48,081

e

Clear

Secure,

Inc

1,163,079‌

57

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES—continued

257,587

*

Cloudflare,

Inc

$

12,119,468‌

457,970

Cognizant

Technology

Solutions

Corp

(Class

A)

27,345,389‌

37,055

*

Commvault

Systems,

Inc

2,159,195‌

96,747

*

Confluent,

Inc

2,128,434‌

10,805

*

Consensus

Cloud

Solutions,

Inc

403,351‌

23,147

*,e

Couchbase,

Inc

355,538‌

185,545

*

Crowdstrike

Holdings,

Inc

22,274,677‌

9,431

*,e

CS

Disco,

Inc

55,454‌

64,534

*

Cvent

Holding

Corp

542,731‌

224,960

*

Datadog,

Inc

15,157,805‌

9,840

*,e

Digimarc

Corp

167,674‌

86,742

*

Digital

Turbine,

Inc

1,017,484‌

58,947

*,e

DigitalOcean

Holdings,

Inc

1,859,188‌

170,997

*

DocuSign,

Inc

8,454,092‌

50,425

Dolby

Laboratories,

Inc

(Class

A)

4,220,068‌

20,233

*

Domo,

Inc

321,300‌

84,057

*

DoubleVerify

Holdings,

Inc

2,472,957‌

231,906

*

Dropbox,

Inc

4,716,968‌

198,360

*

DXC

Technology

Co

4,730,886‌

184,284

*

Dynatrace,

Inc

7,791,528‌

147,811

*,e

E2open

Parent

Holdings,

Inc

929,731‌

19,830

e

Ebix,

Inc

322,436‌

16,495

*

eGain

Corp

121,073‌

58,413

*

Elastic

NV

3,344,144‌

15,834

*

Enfusion,

Inc

132,689‌

28,742

*

EngageSmart,

Inc

493,500‌

42,067

*

Envestnet,

Inc

2,666,206‌

48,388

*

EPAM

Systems,

Inc

13,666,707‌

27,606

*

Everbridge,

Inc

725,486‌

11,244

*,e

EverCommerce,

Inc

135,715‌

21,576

*

Fair

Isaac

Corp

15,706,249‌

79,550

*

Fastly,

Inc

1,175,749‌

70,250

*

Five9,

Inc

4,555,010‌

63,577

*,e

ForgeRock,

Inc

1,273,447‌

570,284

*

Fortinet,

Inc

35,956,406‌

68,808

*

Gartner,

Inc

20,811,668‌

505,961

Gen

Digital,

Inc

8,940,331‌

32,779

*

Globant

S.A.

5,142,042‌

138,411

*

GoDaddy,

Inc

10,474,944‌

32,650

*

Grid

Dynamics

Holdings,

Inc

354,906‌

65,057

*

Guidewire

Software,

Inc

4,956,693‌

18,845

Hackett

Group,

Inc

349,763‌

39,295

*

HubSpot,

Inc

16,541,230‌

23,979

*

Informatica,

Inc

370,715‌

8,387

*,e

Instructure

Holdings,

Inc

222,507‌

7,364

*

Intapp,

Inc

296,916‌

24,224

e

InterDigital,

Inc

1,640,934‌

789,815

International

Business

Machines

Corp

99,840,514‌

243,033

Intuit,

Inc

107,894,500‌

51,838

*

Jamf

Holding

Corp

980,775‌

1

*

Kaleyra,

Inc

2‌

168,348

*

Kyndryl

Holdings,

Inc

2,434,312‌

216,540

*,e

Latch,

Inc

171,023‌

91,476

*,e

Limelight

Networks,

Inc

60,466‌

48,520

*

LiveRamp

Holdings,

Inc

1,168,847‌

56,829

*

Manhattan

Associates,

Inc

9,415,429‌

219,966

*,e

Marathon

Digital

Holdings,

Inc

2,215,058‌

527,540

*,e

Matterport,

Inc

1,229,168‌

8,696

*

MeridianLink,

Inc

129,918‌

6,561,150

Microsoft

Corp

2,015,978,949‌

10,947

*,e

MicroStrategy,

Inc

(Class

A)

3,594,776‌

Equity

Index

Fund

April

30,

2023

58

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES—continued

31,026

*

Mitek

Systems,

Inc

$

279,855‌

25,985

*

Model

N,

Inc

800,338‌

56,589

*

MongoDB,

Inc

13,579,096‌

52,627

*

N-Able,

Inc

670,994‌

43,703

*

nCino

OpCo,

Inc

1,080,775‌

111,377

*

NCR

Corp

2,482,593‌

52,325

*

New

Relic,

Inc

3,739,668‌

190,963

*

Nutanix,

Inc

4,579,293‌

133,403

*

Okta,

Inc

9,142,108‌

69,602

*

Olo,

Inc

476,774‌

19,455

*

ON24,

Inc

169,259‌

25,278

*

OneSpan,

Inc

372,598‌

1,344,524

Oracle

Corp

127,353,313‌

65,121

*

Pagerduty,

Inc

1,957,537‌

1,596,445

*

Palantir

Technologies,

Inc

12,372,449‌

262,970

*

Palo

Alto

Networks,

Inc

47,981,506‌

44,093

*

Paycom

Software,

Inc

12,803,284‌

81,590

*

Paycor

HCM,

Inc

1,917,365‌

37,253

*

Paylocity

Holding

Corp

7,200,632‌

30,445

Pegasystems,

Inc

1,388,901‌

26,540

*

Perficient,

Inc

1,722,977‌

39,914

*

PowerSchool

Holdings,

Inc

833,404‌

54,566

*

Procore

Technologies,

Inc

2,914,370‌

35,100

Progress

Software

Corp

1,926,288‌

29,988

*

PROS

Holdings,

Inc

850,760‌

92,384

*

PTC,

Inc

11,620,983‌

40,058

*

Q2

Holdings,

Inc

986,228‌

33,850

*

Qualys,

Inc

3,823,019‌

46,399

*

Rapid7,

Inc

2,255,455‌

38,512

*

Rimini

Street,

Inc

144,035‌

61,567

*

RingCentral,

Inc

1,696,787‌

143,278

*,e

Riot

Blockchain,

Inc

1,713,605‌

94,408

Roper

Technologies,

Inc

42,934,870‌

842,363

*

Salesforce,

Inc

167,099,548‌

22,720

Sapiens

International

Corp

NV

457,354‌

6,179

*

SecureWorks

Corp

56,044‌

169,774

*

SentinelOne,

Inc

2,728,268‌

178,463

*

ServiceNow,

Inc

81,989,471‌

6,623

*

ShotSpotter,

Inc

197,034‌

114,903

*

Smartsheet,

Inc

4,696,086‌

274,380

*

Snowflake,

Inc

40,630,190‌

26,865

*

SolarWinds

Corp

231,576‌

139,381

*

Splunk,

Inc

12,020,217‌

33,744

*

Sprout

Social,

Inc

1,662,229‌

35,737

*

SPS

Commerce,

Inc

5,264,060‌

24,209

*

Squarespace,

Inc

752,900‌

144,867

*

Sumo

Logic,

Inc

1,738,404‌

94,370

*

SVMK,

Inc

886,134‌

135,125

*

Synopsys,

Inc

50,174,615‌

28,677

*

Telos

Corp

48,751‌

110,077

*

Tenable

Holdings,

Inc

4,071,748‌

85,041

*

Teradata

Corp

3,291,937‌

7,399

*,e

Tucows,

Inc

165,664‌

66,554

*

Turing

Holding

Corp

414,631‌

152,065

*

Twilio,

Inc

8,000,140‌

34,799

*

Tyler

Technologies,

Inc

13,189,865‌

350,023

*

UiPath,

Inc

4,928,324‌

46,333

*

Unisys

Corp

148,729‌

199,130

*,e

Unity

Software,

Inc

5,370,536‌

20,381

*

Upland

Software,

Inc

74,798‌

79,702

*

Varonis

Systems,

Inc

1,845,898‌

59

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES—continued

55,349

*

Verint

Systems,

Inc

$

2,019,685‌

82,411

*

VeriSign,

Inc

18,278,760‌

15,891

*

Veritone,

Inc

75,641‌

8,056

*

Viant

Technology,

Inc

35,608‌

190,456

*

VMware,

Inc

(Class

A)

23,812,714‌

50,935

*

Wix.com

Ltd

4,443,060‌

178,216

*

Workday,

Inc

33,173,126‌

36,779

*

Workiva,

Inc

3,435,894‌

30,478

*

Xperi,

Inc

289,236‌

82,017

*

Yext,

Inc

720,109‌

86,829

*

Zeta

Global

Holdings

Corp

843,110‌

224,197

*

Zoom

Video

Communications,

Inc

13,772,422‌

69,990

*

Zscaler,

Inc

6,306,099‌

82,293

*

Zuora

Inc

641,062‌

TOTAL

SOFTWARE

&

SERVICES

3,885,042,127‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

8

.0

%

13,541

*,e

908

Devices,

Inc

91,537‌

83,498

ADTRAN

Holdings,

Inc

761,502‌

28,385

Advanced

Energy

Industries,

Inc

2,455,303‌

78,929

*,e

Aeva

Technologies,

Inc

78,290‌

31,826

*,e

Akoustis

Technologies,

Inc

90,704‌

516,388

Amphenol

Corp

(Class

A)

38,971,802‌

13,178,936

Apple,

Inc

2,236,201,861‌

215,810

*

Arista

Networks,

Inc

34,564,130‌

59,735

*

Arlo

Technologies,

Inc

384,693‌

53,673

*

Arrow

Electronics,

Inc

6,141,801‌

7,088

*

Aviat

Networks,

Inc

232,557‌

26,535

*

Avid

Technology,

Inc

783,048‌

71,228

Avnet,

Inc

2,938,867‌

21,702

Badger

Meter,

Inc

2,871,826‌

32,324

Belden

CDT,

Inc

2,550,040‌

27,743

Benchmark

Electronics,

Inc

592,313‌

57,397

*

Calix,

Inc

2,623,043‌

7,291

*

Cambium

Networks

Corp

110,386‌

117,018

CDW

Corp

19,845,083‌

138,095

*

Ciena

Corp

6,357,894‌

3,595,852

Cisco

Systems,

Inc

169,904,007‌

7,427

*,e

Clearfield,

Inc

324,411‌

151,819

Cognex

Corp

7,240,248‌

98,251

*

Coherent

Corp

3,354,289‌

267,509

*

CommScope

Holding

Co,

Inc

1,318,819‌

18,341

Comtech

Telecommunications

Corp

189,829‌

670,495

Corning,

Inc

22,273,844‌

19,293

*

Corsair

Gaming,

Inc

336,084‌

23,784

CTS

Corp

932,571‌

227,949

Dell

Technologies,

Inc

9,913,502‌

23,627

*

Digi

International,

Inc

712,590‌

12,279

*

DZS,

Inc

83,497‌

41,555

*

Eastman

Kodak

Co

136,716‌

19,554

*

ePlus,

Inc

851,381‌

85,848

*,e

Evolv

Technologies

Holdings,

Inc

309,053‌

89,810

*

Extreme

Networks,

Inc

1,596,822‌

50,023

*

F5

Networks,

Inc

6,721,090‌

35,610

*

Fabrinet

3,381,170‌

14,036

*

FARO

Technologies,

Inc

327,741‌

31,911

*,e

Focus

Universal,

Inc

67,970‌

65,694

*

Harmonic,

Inc

925,628‌

1,132,379

Hewlett

Packard

Enterprise

Co

16,215,667‌

862,187

HP,

Inc

25,615,576‌

15,059

*

Identiv,

Inc

82,825‌

Equity

Index

Fund

April

30,

2023

60

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

TECHNOLOGY

HARDWARE

&

EQUIPMENT—continued

130,507

*,e

Infinera

Corp

$

826,109‌

61,350

*,e

Inseego

Corp

36,933‌

33,536

*

Insight

Enterprises,

Inc

4,056,179‌

91,988

*,e

IonQ,

Inc

506,854‌

27,126

*

IPG

Photonics

Corp

3,118,948‌

32,976

*

Itron,

Inc

1,760,918‌

109,954

Jabil

Inc

8,592,905‌

278,626

Juniper

Networks,

Inc

8,400,574‌

161,119

*

Keysight

Technologies,

Inc

23,304,252‌

14,309

*

Kimball

Electronics,

Inc

288,040‌

61,140

*

Knowles

Corp

1,032,043‌

86,567

*,e

Lightwave

Logic,

Inc

389,552‌

22,984

Littelfuse,

Inc

5,567,644‌

55,921

*

Lumentum

Holdings,

Inc

2,698,188‌

28,648

Methode

Electronics,

Inc

1,174,282‌

128,338

*,e

Microvision,

Inc

256,676‌

105,790

*

Mirion

Technologies,

Inc

856,899‌

145,653

Motorola

Solutions,

Inc

42,443,284‌

18,242

*

Napco

Security

Technologies,

Inc

565,502‌

124,803

National

Instruments

Corp

7,267,279‌

189,063

NetApp,

Inc

11,890,172‌

23,717

*

Netgear,

Inc

335,121‌

52,942

*

Netscout

Systems,

Inc

1,440,552‌

31,027

*

nLight,

Inc

272,107‌

28,759

*

Novanta,

Inc

4,395,526‌

12,545

*

OSI

Systems,

Inc

1,417,083‌

32,145

*,e

Ouster,

Inc

113,792‌

17,347

*,e

PAR

Technology

Corp

530,645‌

8,785

PC

Connection,

Inc

353,772‌

21,803

*

Plexus

Corp

1,907,108‌

252,114

*

Pure

Storage,

Inc

5,755,763‌

56,145

*

Ribbon

Communications,

Inc

143,731‌

15,589

*

Rogers

Corp

2,509,050‌

46,609

*

Sanmina

Corp

2,435,786‌

19,158

*

Scansource,

Inc

523,971‌

92,045

*,e

SmartRent,

Inc

237,476‌

42,851

*

Super

Micro

Computer,

Inc

4,517,781‌

43,562

SYNNEX

Corp

3,878,760‌

40,888

*

Teledyne

Technologies,

Inc

16,943,987‌

209,744

*

Trimble

Inc

9,878,942‌

74,357

*

TTM

Technologies,

Inc

878,156‌

10,648

*

Turtle

Beach

Corp

115,744‌

5,384

e

Ubiquiti,

Inc

1,252,049‌

84,303

*

Viasat,

Inc

2,953,134‌

187,869

*

Viavi

Solutions,

Inc

1,683,306‌

109,481

Vishay

Intertechnology,

Inc

2,330,851‌

9,120

*

Vishay

Precision

Group,

Inc

342,365‌

125,877

Vontier

Corp

3,415,043‌

269,993

*

Western

Digital

Corp

9,298,559‌

99,358

Xerox

Holdings

Corp

1,556,940‌

44,239

*

Zebra

Technologies

Corp

(Class

A)

12,742,159‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

2,850,654,502‌

TELECOMMUNICATION

SERVICES

-

1

.0

%

8,133

*

Anterix,

Inc

256,840‌

6,267,066

AT&T,

Inc

110,739,056‌

5,649

ATN

International,

Inc

204,325‌

32,094

*

Bandwidth

Inc

390,584‌

82,970

*,e

Charge

Enterprises,

Inc

87,948‌

49,425

Cogent

Communications

Group,

Inc

3,412,302‌

68,536

*

Consolidated

Communications

Holdings,

Inc

265,234‌

61

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

TELECOMMUNICATION

SERVICES—continued

35,853

*

EchoStar

Corp

(Class

A)

$

612,011‌

226,561

*

Frontier

Communications

Parent,

Inc

5,106,685‌

522,135

*

Globalstar,

Inc

473,054‌

43,200

*

Gogo,

Inc

579,312‌

14,644

*

IDT

Corp

(Class

B)

486,327‌

117,006

Iridium

Communications,

Inc

7,426,371‌

26,275

*

Liberty

Latin

America

Ltd

(Class

A)

233,059‌

114,989

*

Liberty

Latin

America

Ltd

(Class

C)

1,021,103‌

862,019

Lumen

Technologies,

Inc

2,042,985‌

22,121

*

Ooma,

Inc

272,088‌

57,917

*

Radius

Global

Infrastructure,

Inc

850,801‌

37,330

Shenandoah

Telecom

Co

776,837‌

88,529

Telephone

&

Data

Systems,

Inc

885,290‌

515,682

*

T-Mobile

US,

Inc

74,206,640‌

19,775

*

US

Cellular

Corp

420,021‌

3,682,855

Verizon

Communications,

Inc

143,005,260‌

TOTAL

TELECOMMUNICATION

SERVICES

353,754,133‌

TRANSPORTATION

-

1

.7

%

43,466

*

Air

Transport

Services

Group,

Inc

882,794‌

114,348

*

Alaska

Air

Group,

Inc

4,969,564‌

23,051

*

Allegiant

Travel

Co

2,395,229‌

70,242

AMERCO

3,800,092‌

7,165

e

Amerco,

Inc

437,495‌

554,601

*

American

Airlines

Group,

Inc

7,564,758‌

19,290

ArcBest

Corp

1,820,976‌

21,306

*

Avis

Budget

Group,

Inc

3,764,131‌

55,909

*,e

Blade

Air

Mobility,

Inc

146,482‌

97,913

CH

Robinson

Worldwide,

Inc

9,876,484‌

23,463

Copa

Holdings

S.A.

(Class

A)

2,119,178‌

46,970

Costamare,

Inc

424,139‌

14,890

Covenant

Transportation

Group,

Inc

586,517‌

1,858,846

CSX

Corp

56,955,041‌

34,199

*

Daseke,

Inc

279,748‌

561,695

*

Delta

Air

Lines,

Inc

19,271,755‌

25,384

e

Eagle

Bulk

Shipping,

Inc

1,135,173‌

144,354

Expeditors

International

of

Washington,

Inc

16,433,259‌

204,120

FedEx

Corp

46,494,454‌

23,219

Forward

Air

Corp

2,449,837‌

26,026

*

Frontier

Group

Holdings,

Inc

246,987‌

22,919

Genco

Shipping

&

Trading

Ltd

353,182‌

94,540

Golden

Ocean

Group

Ltd

865,041‌

91,610

*

GXO

Logistics,

Inc

4,867,239‌

43,574

*

Hawaiian

Holdings,

Inc

362,971‌

37,475

Heartland

Express,

Inc

542,638‌

194,604

*

Hertz

Global

Holdings,

Inc

3,245,995‌

37,107

*

Hub

Group,

Inc

(Class

A)

2,797,868‌

70,991

JB

Hunt

Transport

Services,

Inc

12,444,012‌

286,531

*

JetBlue

Airways

Corp

2,045,831‌

194,044

*,e

Joby

Aviation,

Inc

840,211‌

43,977

*

Kirby

Corp

3,159,308‌

139,041

Knight-Swift

Transportation

Holdings,

Inc

7,830,789‌

29,754

Landstar

System,

Inc

5,237,597‌

320,112

*

Lyft,

Inc

(Class

A)

3,281,148‌

46,584

Marten

Transport

Ltd

940,531‌

32,216

Matson,

Inc

2,191,655‌

199,700

Norfolk

Southern

Corp

40,545,091‌

87,026

Old

Dominion

Freight

Line

27,882,260‌

5,088

*

PAM

Transportation

Services,

Inc

114,226‌

25,749

*

Radiant

Logistics,

Inc

169,943‌

79,951

*

RXO,

Inc

1,446,314‌

Equity

Index

Fund

April

30,

2023

62

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

TRANSPORTATION—continued

50,500

Ryder

System,

Inc

$

3,997,580‌

34,465

e

Safe

Bulkers,

Inc

126,142‌

22,323

*

Saia,

Inc

6,647,120‌

55,591

Schneider

National,

Inc

1,454,816‌

37,614

*

Skywest,

Inc

1,064,476‌

499,086

Southwest

Airlines

Co

15,117,315‌

133,598

Spirit

Airlines,

Inc

2,284,526‌

23,522

*

Sun

Country

Airlines

Holdings,

Inc

464,089‌

197,676

*,e

TuSimple

Holdings,

Inc

239,188‌

1,691,145

*

Uber

Technologies,

Inc

52,510,052‌

537,848

Union

Pacific

Corp

105,256,854‌

279,728

*

United

Airlines

Holdings

Inc

12,252,086‌

643,756

United

Parcel

Service,

Inc

(Class

B)

115,753,766‌

7,105

Universal

Logistics

Holdings

Inc

181,888‌

46,797

Werner

Enterprises,

Inc

2,113,821‌

79,951

*

XPO

Logistics,

Inc

3,532,235‌

TOTAL

TRANSPORTATION

626,213,897‌

UTILITIES

-

2

.8

%

574,379

AES

Corp

13,589,807‌

48,944

Allete,

Inc

3,053,127‌

210,876

Alliant

Energy

Corp

11,627,703‌

222,235

*,e

Altus

Power,

Inc

1,008,947‌

216,553

Ameren

Corp

19,266,720‌

441,500

American

Electric

Power

Co,

Inc

40,803,430‌

38,997

American

States

Water

Co

3,460,984‌

168,424

American

Water

Works

Co,

Inc

24,968,858‌

4,173

Artesian

Resources

Corp

228,597‌

125,970

Atmos

Energy

Corp

14,378,216‌

67,426

e

Avangrid,

Inc

2,714,571‌

75,721

Avista

Corp

3,337,024‌

63,248

Black

Hills

Corp

4,129,462‌

85,191

Brookfield

Infrastructure

Corp

3,629,137‌

134,093

Brookfield

Renewable

Corp

4,480,047‌

56,549

California

Water

Service

Group

3,171,268‌

521,719

Centerpoint

Energy,

Inc

15,896,778‌

22,717

Chesapeake

Utilities

Corp

2,805,549‌

25,714

Clearway

Energy,

Inc

(Class

A)

745,192‌

85,770

Clearway

Energy,

Inc

(Class

C)

2,604,835‌

241,570

CMS

Energy

Corp

15,040,148‌

313,511

Consolidated

Edison,

Inc

30,871,428‌

288,755

Constellation

Energy

Corp

22,349,637‌

726,927

Dominion

Energy,

Inc

41,536,609‌

168,638

DTE

Energy

Co

18,956,598‌

672,458

Duke

Energy

Corp

66,492,647‌

326,308

Edison

International

24,016,269‌

169,419

Entergy

Corp

18,226,096‌

196,369

Essential

Utilities

Inc

8,384,956‌

187,796

Evergy,

Inc

11,664,010‌

294,143

Eversource

Energy

22,828,438‌

854,861

Exelon

Corp

36,280,301‌

469,514

FirstEnergy

Corp

18,686,657‌

5,833

Global

Water

Resources,

Inc

63,988‌

96,783

Hawaiian

Electric

Industries,

Inc

3,794,861‌

43,356

Idacorp,

Inc

4,817,719‌

43,887

MGE

Energy,

Inc

3,362,183‌

13,108

Middlesex

Water

Co

956,622‌

49,852

*

Montauk

Renewables,

Inc

331,516‌

94,260

National

Fuel

Gas

Co

5,269,134‌

78,003

New

Jersey

Resources

Corp

4,028,075‌

1,742,149

NextEra

Energy,

Inc

133,500,878‌

63

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

UTILITIES—continued

316,374

NiSource,

Inc

$

9,004,004‌

43,547

Northwest

Natural

Holding

Co

2,044,967‌

58,124

NorthWestern

Corp

3,407,229‌

207,642

NRG

Energy,

Inc

7,095,127‌

193,006

OGE

Energy

Corp

7,245,445‌

41,420

ONE

Gas,

Inc

3,187,269‌

43,542

Ormat

Technologies,

Inc

3,736,339‌

34,114

e

Otter

Tail

Corp

2,454,502‌

1,437,259

*

PG&E

Corp

24,591,501‌

99,417

Pinnacle

West

Capital

Corp

7,800,258‌

74,460

PNM

Resources,

Inc

3,583,760‌

86,822

Portland

General

Electric

Co

4,394,930‌

645,366

PPL

Corp

18,534,911‌

427,457

Public

Service

Enterprise

Group,

Inc

27,015,282‌

16,040

*

Pure

Cycle

Corp

158,315‌

280,000

Sempra

Energy

43,537,200‌

22,884

SJW

Corp

1,737,353‌

959,168

Southern

Co

70,546,806‌

66,919

Southwest

Gas

Holdings

Inc

3,747,464‌

54,030

Spire,

Inc

3,659,452‌

75,509

*,e

Sunnova

Energy

International,

Inc

1,356,142‌

167,494

UGI

Corp

5,674,697‌

17,356

Unitil

Corp

964,820‌

1,471

Via

Renewables,

Inc

15,225‌

332,098

Vistra

Energy

Corp

7,923,858‌

270,124

WEC

Energy

Group,

Inc

25,977,825‌

468,394

Xcel

Energy,

Inc

32,745,424‌

11,573

York

Water

Co

486,529‌

TOTAL

UTILITIES

989,985,656‌

TOTAL

COMMON

STOCKS

35,529,566,082‌

(Cost

$20,201,767,269)

EXP

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0

.0

%

27,694

†

Chinook

Therapeutics,

Inc

0‌

4,598

†

Tobira

Therapeutics,

Inc

276‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

276‌

TOTAL

RIGHTS/WARRANTS

276‌

(Cost

$276)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

0.8%

GOVERNMENT

AGENCY

DEBT

-

0

.2

%

$

9,460,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

05/03/23

9,457,612‌

7,500,000

FHLB

0

.000

05/10/23

7,491,291‌

8,000,000

FHLB

0

.000

05/17/23

7,983,856‌

6,350,000

FHLB

0

.000

06/02/23

6,323,270‌

5,000,000

FHLB

0

.000

06/12/23

4,972,394‌

8,000,000

FHLB

0

.000

07/24/23

7,910,496‌

5,000,000

FHLB

0

.000

08/11/23

4,932,421‌

10,000,000

FHLB

0

.000

08/23/23

9,849,062‌

10,000,000

FHLB

0

.000

09/15/23

9,817,997‌

Equity

Index

Fund

April

30,

2023

64

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

PRINCIPAL

ISSUER

REFERENCERATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

GOVERNMENT

AGENCY

DEBT—continued

$

6,250,000

FHLB

0

.000

%

07/17/23

$

6,185,872‌

TOTAL

GOVERNMENT

AGENCY

DEBT

74,924,271‌

REPURCHASE

AGREEMENT

-

0

.2

%

83,650,000

r

Fixed

Income

Clearing

Corp

(FICC)

4

.800

05/01/23

83,650,000‌

TOTAL

REPURCHASE

AGREEMENT

83,650,000‌

SHARES

COMPANY

EXP

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

0

.4

%

129,018,000

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.840

129,018,000‌

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

129,018,000‌

TOTAL

SHORT-TERM

INVESTMENTS

287,592,271‌

(Cost

$287,576,598)

TOTAL

INVESTMENTS

-

100.2%

35,817,158,629‌

(Cost

$20,489,344,143)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.2)%

(

71,450,478‌

)

NET

ASSETS

-

100.0%

$

35,745,708,151‌

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

†

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

d

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

margin

requirements

on

open

futures

contracts.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$177,046,958.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.800%

dated

4/28/23

to

be

repurchased

at

$83,650,000

on

5/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.125%

and

maturity

date

4/15/25,

valued

at

$85,323,080.

Futures

contracts

outstanding

as

of

April

30,

2023

were

as

follows:

Description

Number

of

long

(short)

contracts

Expiration

date

Notional

amount

Value

Unrealized

appreciation

(depreciation)

S&P

500

E

Mini

Index

895‌

06/16/23

 $

185,720,512‌

$

187,435,375‌

$

1,714,863‌

Portfolios

of

Investments

(Unaudited)

Large-Cap

Growth

Index

Fund

April

30,

2023

65

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMON

STOCKS

-

100.0%

AUTOMOBILES

&

COMPONENTS

-

2

.2

%

35,020

*

Aptiv

plc

$

3,602,157‌

253,139

*,e

Lucid

Group,

Inc

2,009,924‌

1,292,010

*

Tesla,

Inc

212,290,163‌

TOTAL

AUTOMOBILES

&

COMPONENTS

217,902,244‌

BANKS

-

0

.0

%

1,447

First

Citizens

Bancshares,

Inc

(Class

A)

1,457,390‌

31,519

Western

Alliance

Bancorp

1,169,985‌

TOTAL

BANKS

2,627,375‌

CAPITAL

GOODS

-

4

.0

%

14,866

A.O.

Smith

Corp

1,015,199‌

30,259

Advanced

Drainage

Systems,

Inc

2,593,801‌

4,150

Aecom

Technology

Corp

344,658‌

4,392

AGCO

Corp

544,344‌

34,452

Allegion

plc

3,806,257‌

32,628

Allison

Transmission

Holdings,

Inc

1,591,920‌

13,369

Armstrong

World

Industries,

Inc

917,916‌

26,862

*

Axon

Enterprise,

Inc

5,660,092‌

85,586

*

Boeing

Co

17,697,473‌

17,346

BWX

Technologies,

Inc

1,120,205‌

21,481

Carlisle

Cos,

Inc

4,636,674‌

226,815

Caterpillar,

Inc

49,627,122‌

122,819

*,e

ChargePoint

Holdings,

Inc

1,064,841‌

12,277

*,e

Core

&

Main,

Inc

319,939‌

136,299

Deere

&

Co

51,523,748‌

10,358

Donaldson

Co,

Inc

658,251‌

90,824

Emerson

Electric

Co

7,562,006‌

284,768

Fastenal

Co

15,331,909‌

21,685

Fortune

Brands

Home

&

Security,

Inc

1,402,803‌

30,346

*

Generac

Holdings,

Inc

3,101,968‌

29,504

General

Electric

Co

2,920,011‌

58,161

Graco,

Inc

4,611,586‌

20,261

HEICO

Corp

3,416,815‌

36,709

HEICO

Corp

(Class

A)

4,927,449‌

98,510

Honeywell

International,

Inc

19,686,238‌

20,644

Howmet

Aerospace,

Inc

914,323‌

3,801

Huntington

Ingalls

766,510‌

6,503

IDEX

Corp

1,341,699‌

137,595

Illinois

Tool

Works,

Inc

33,289,734‌

27,805

Lincoln

Electric

Holdings,

Inc

4,665,679‌

114,265

Lockheed

Martin

Corp

53,070,379‌

5,914

Masco

Corp

316,458‌

21,685

*

Masterbrand,

Inc

174,998‌

1,807

*

Middleby

Corp

254,570‌

7,579

Nordson

Corp

1,639,414‌

8,243

Northrop

Grumman

Corp

3,802,249‌

24,828

Otis

Worldwide

Corp

2,117,828‌

13,972

Parker-Hannifin

Corp

4,539,223‌

128,242

*,e

Plug

Power,

Inc

1,158,025‌

38,597

Quanta

Services,

Inc

6,547,595‌

39,050

Rockwell

Automation,

Inc

11,067,161‌

13,268

*

SiteOne

Landscape

Supply,

Inc

1,960,214‌

48,487

Spirit

Aerosystems

Holdings,

Inc

(Class

A)

1,442,973‌

51,770

Toro

Co

5,397,540‌

65,763

Trane

Technologies

plc

12,219,423‌

9,774

TransDigm

Group,

Inc

7,477,110‌

54,628

*

Trex

Co,

Inc

2,985,966‌

15,905

United

Rentals,

Inc

5,743,455‌

Large-Cap

Growth

Index

Fund

April

30,

2023

66

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

1,479

Valmont

Industries,

Inc

$

429,738‌

23,058

Vertiv

Holdings

Co

344,025‌

22,512

W.W.

Grainger,

Inc

15,658,672‌

8,378

Watsco,

Inc

2,901,972‌

12,939

WESCO

International,

Inc

1,863,216‌

55,467

*

WillScot

Mobile

Mini

Holdings

Corp

2,518,202‌

12,072

Xylem,

Inc

1,253,556‌

TOTAL

CAPITAL

GOODS

393,945,132‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1

.9

%

191,871

Automatic

Data

Processing,

Inc

42,211,620‌

64,637

Booz

Allen

Hamilton

Holding

Co

6,187,054‌

52,097

Broadridge

Financial

Solutions,

Inc

7,575,425‌

40,358

Cintas

Corp

18,393,966‌

215,033

*

Copart,

Inc

16,998,359‌

30,148

*

CoStar

Group,

Inc

2,319,889‌

30,110

Equifax,

Inc

6,274,322‌

6,853

*

FTI

Consulting,

Inc

1,236,966‌

45,740

Genpact

Ltd

2,037,717‌

43,186

KBR,

Inc

2,449,942‌

7,062

MSA

Safety,

Inc

916,294‌

161,063

Paychex,

Inc

17,694,381‌

8,353

Republic

Services,

Inc

1,208,011‌

31,281

Ritchie

Bros

Auctioneers,

Inc

1,788,960‌

47,820

Robert

Half

International,

Inc

3,490,860‌

103,258

Rollins,

Inc

4,362,650‌

10,532

Tetra

Tech,

Inc

1,457,313‌

70,983

TransUnion

4,884,340‌

76,869

Verisk

Analytics,

Inc

14,921,042‌

192,422

Waste

Management,

Inc

31,951,673‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

188,360,784‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

7

.8

%

1,689

Advance

Auto

Parts,

Inc

212,020‌

4,443,377

*

Amazon.com,

Inc

468,554,105‌

8,512

*

AutoZone,

Inc

22,670,095‌

31,879

Best

Buy

Co,

Inc

2,375,623‌

30,216

*

Burlington

Stores,

Inc

5,825,947‌

8,715

*

CarMax,

Inc

610,311‌

35,039

eBay,

Inc

1,626,861‌

61,823

*

Etsy,

Inc

6,245,978‌

26,570

*

Five

Below,

Inc

5,243,855‌

51,288

*

Floor

&

Decor

Holdings,

Inc

5,094,950‌

5,456

Genuine

Parts

Co

918,299‌

295,818

Home

Depot,

Inc

88,905,142‌

78,200

*

Leslie's,

Inc

848,470‌

262,383

Lowe's

Companies,

Inc

54,531,059‌

46,861

Nordstrom,

Inc

724,471‌

1,535

*

Ollie's

Bargain

Outlet

Holdings,

Inc

100,159‌

12,765

*

O'Reilly

Automotive,

Inc

11,709,462‌

19,086

Pool

Corp

6,705,294‌

3,902

*

RH

995,517‌

71,459

Ross

Stores,

Inc

7,626,819‌

580,936

TJX

Companies,

Inc

45,789,376‌

55,483

Tractor

Supply

Co

13,227,147‌

25,482

*

Ulta

Beauty,

Inc

14,051,539‌

29,679

*

Victoria's

Secret

&

Co

920,346‌

23,104

*,e

Wayfair,

Inc

804,712‌

26,860

Williams-Sonoma,

Inc

3,251,134‌

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

769,568,691‌

67

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

DURABLES

&

APPAREL

-

1

.3

%

6,261

Brunswick

Corp

$

530,870‌

11,482

*

Deckers

Outdoor

Corp

5,503,782‌

82,035

DR

Horton,

Inc

9,009,084‌

55,931

*

Lululemon

Athletica,

Inc

21,249,865‌

79,573

*

Mattel,

Inc

1,432,314‌

601,532

Nike,

Inc

(Class

B)

76,226,135‌

1,081

*

NVR,

Inc

6,313,040‌

20,769

Polaris

Inc

2,256,552‌

45,212

Pulte

Homes,

Inc

3,035,986‌

12,185

*

Skechers

U.S.A.,

Inc

(Class

A)

648,120‌

13,513

Tapestry,

Inc

551,465‌

28,012

Toll

Brothers,

Inc

1,790,247‌

13,333

*

TopBuild

Corp

3,006,325‌

42,112

*

YETI

Holdings,

Inc

1,661,318‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

133,215,103‌

CONSUMER

SERVICES

-

2

.5

%

186,168

*

Airbnb,

Inc

22,278,725‌

19,407

*

Booking

Holdings,

Inc

52,133,218‌

8,012

*

Bright

Horizons

Family

Solutions

609,873‌

68,488

*

Caesars

Entertainment,

Inc

3,101,822‌

13,874

*

Chipotle

Mexican

Grill,

Inc

(Class

A)

28,686,160‌

16,614

Choice

Hotels

International,

Inc

2,118,617‌

18,170

Churchill

Downs,

Inc

5,315,270‌

43,403

Darden

Restaurants,

Inc

6,594,218‌

12,950

Domino's

Pizza,

Inc

4,111,236‌

109,551

*

DoorDash,

Inc

6,703,426‌

182,246

*

DraftKings,

Inc

3,993,010‌

74,554

*

Expedia

Group,

Inc

7,005,094‌

58,095

H&R

Block,

Inc

1,970,001‌

94,707

Hilton

Worldwide

Holdings,

Inc

13,639,702‌

63,869

*

Las

Vegas

Sands

Corp

4,078,036‌

131,654

Marriott

International,

Inc

(Class

A)

22,294,288‌

89,199

McDonald's

Corp

26,380,604‌

28,510

*,e

Mister

Car

Wash,

Inc

251,458‌

15,574

*

Norwegian

Cruise

Line

Holdings

Ltd

207,913‌

30,557

*

Planet

Fitness,

Inc

2,540,509‌

18,202

*

Six

Flags

Entertainment

Corp

441,763‌

205,701

Starbucks

Corp

23,509,567‌

29,475

Travel

&

Leisure

Co

1,128,008‌

19,434

Vail

Resorts,

Inc

4,674,266‌

81,227

Wendy's

1,795,117‌

31,697

Wyndham

Hotels

&

Resorts,

Inc

2,162,369‌

6,451

*

Wynn

Resorts

Ltd

737,220‌

15,484

Yum!

Brands,

Inc

2,176,741‌

TOTAL

CONSUMER

SERVICES

250,638,231‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1

.9

%

40,656

*

BJ's

Wholesale

Club

Holdings,

Inc

3,104,899‌

221,553

Costco

Wholesale

Corp

111,489,901‌

113,398

Dollar

General

Corp

25,113,121‌

33,299

*

Dollar

Tree,

Inc

5,118,389‌

3,138

*

Grocery

Outlet

Holding

Corp

93,449‌

22,549

*

Performance

Food

Group

Co

1,413,597‌

253,055

SYSCO

Corp

19,419,441‌

127,427

Target

Corp

20,101,609‌

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

185,854,406‌

ENERGY

-

1

.4

%

91,357

*

Antero

Resources

Corp

2,100,297‌

60,732

Cabot

Oil

&

Gas

Corp

1,554,739‌

Large-Cap

Growth

Index

Fund

April

30,

2023

68

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

ENERGY—continued

71,307

Cheniere

Energy,

Inc

$

10,909,971‌

156,492

Devon

Energy

Corp

8,361,368‌

51,169

Diamondback

Energy,

Inc

7,276,232‌

15,669

e

Enviva,

Inc

336,883‌

212,239

EOG

Resources,

Inc

25,356,193‌

206,336

Halliburton

Co

6,757,504‌

110,939

Hess

Corp

16,092,811‌

27,295

e

New

Fortress

Energy,

Inc

826,766‌

328,991

Occidental

Petroleum

Corp

20,242,816‌

24,158

ONEOK,

Inc

1,580,175‌

90,408

Ovintiv,

Inc

3,261,921‌

20,732

PDC

Energy,

Inc

1,348,617‌

65,711

Pioneer

Natural

Resources

Co

14,295,428‌

83,355

Range

Resources

Corp

2,204,740‌

42,029

*

Southwestern

Energy

Co

218,131‌

114,068

Targa

Resources

Investments,

Inc

8,615,556‌

2,936

Texas

Pacific

Land

Corp

4,338,380‌

TOTAL

ENERGY

135,678,528‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

1

.4

%

178,682

American

Tower

Corp

36,520,814‌

6,216

Apartment

Income

REIT

Corp

229,868‌

4,202

Camden

Property

Trust

462,430‌

216,646

Crown

Castle

International

Corp

26,666,956‌

34,815

Equinix,

Inc

25,208,845‌

55,263

Equity

Lifestyle

Properties,

Inc

3,807,621‌

7,822

Extra

Space

Storage,

Inc

1,189,257‌

106,435

Iron

Mountain,

Inc

5,879,469‌

40,143

Lamar

Advertising

Co

4,242,312‌

62,231

Public

Storage,

Inc

18,347,566‌

11,693

SBA

Communications

Corp

3,050,587‌

79,378

Simon

Property

Group,

Inc

8,995,115‌

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

134,600,840‌

FINANCIAL

SERVICES

-

5

.7

%

18,906

American

Express

Co

3,050,294‌

33,451

Ameriprise

Financial,

Inc

10,206,569‌

183,815

Apollo

Global

Management,

Inc

11,652,033‌

78,819

Ares

Management

Corp

6,903,756‌

356,056

Blackstone,

Inc

31,806,482‌

210,153

Blue

Owl

Capital,

Inc

2,366,323‌

424,756

Charles

Schwab

Corp

22,189,253‌

379

*

Credit

Acceptance

Corp

185,520‌

18,320

*

Euronet

Worldwide,

Inc

2,028,757‌

19,290

Factset

Research

Systems,

Inc

7,941,500‌

26,535

*

Fiserv,

Inc

3,240,454‌

35,936

*

FleetCor

Technologies,

Inc

7,687,429‌

64,570

e

iShares

Russell

1000

Growth

Index

Fund

15,937,813‌

35,797

Jack

Henry

&

Associates,

Inc

5,847,082‌

40,076

LPL

Financial

Holdings,

Inc

8,369,472‌

18,484

MarketAxess

Holdings,

Inc

5,884,751‌

425,526

Mastercard,

Inc

(Class

A)

161,712,646‌

75,065

Moody's

Corp

23,504,353‌

11,203

Morningstar,

Inc

1,997,607‌

29,347

MSCI,

Inc

(Class

A)

14,158,460‌

173,161

*

PayPal

Holdings,

Inc

13,160,236‌

7,515

Raymond

James

Financial,

Inc

680,333‌

31,816

*,e

Rocket

Cos,

Inc

283,481‌

24,993

*,e

Shift4

Payments,

Inc

1,693,776‌

122,508

*

Toast,

Inc

2,229,646‌

32,725

Tradeweb

Markets,

Inc

2,304,167‌

69

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

FINANCIAL

SERVICES—continued

6,710

*,e

Upstart

Holdings,

Inc

$

93,269‌

3,928

e

UWM

Holdings

Corp

23,568‌

812,901

Visa,

Inc

(Class

A)

189,186,450‌

69,337

Western

Union

Co

757,853‌

16,219

*

WEX,

Inc

2,876,440‌

TOTAL

FINANCIAL

SERVICES

559,959,773‌

FOOD,

BEVERAGE

&

TOBACCO

-

2

.7

%

4,430

*

Boston

Beer

Co,

Inc

(Class

A)

1,406,569‌

12,064

Brown-Forman

Corp

(Class

A)

794,776‌

53,552

Brown-Forman

Corp

(Class

B)

3,485,700‌

1,465,464

Coca-Cola

Co

94,009,516‌

5,514

*

Darling

International,

Inc

328,469‌

12,224

*

Freshpet,

Inc

843,089‌

62,467

Hershey

Co

17,057,239‌

68,590

Kellogg

Co

4,785,524‌

71,185

Lamb

Weston

Holdings,

Inc

7,959,195‌

339,468

*

Monster

Beverage

Corp

19,010,208‌

584,698

PepsiCo,

Inc

111,613,001‌

14,790

*

Pilgrim's

Pride

Corp

337,360‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

261,630,646‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

5

.3

%

111,831

Abbott

Laboratories

12,353,970‌

86,563

*,e

agilon

health,

Inc

2,100,884‌

29,023

*

Align

Technology,

Inc

9,441,182‌

81,602

AmerisourceBergen

Corp

13,615,294‌

37,768

Baxter

International,

Inc

1,800,778‌

29,813

*

Certara,

Inc

720,580‌

2,582

Chemed

Corp

1,423,327‌

24,109

Cigna

Corp

6,106,569‌

25,500

*

DaVita,

Inc

2,304,180‌

9,211

*

Definitive

Healthcare

Corp

98,558‌

192,847

*

Dexcom,

Inc

23,400,055‌

29,203

*

Doximity,

Inc

1,073,210‌

308,721

*

Edwards

Lifesciences

Corp

27,161,273‌

36,577

Elevance

Health,

Inc

17,141,811‌

9,834

*

GE

HealthCare

Technologies,

Inc

799,897‌

1,873

*

Globus

Medical,

Inc

108,896‌

48,419

*

Guardant

Health,

Inc

1,092,333‌

6,604

HCA

Healthcare,

Inc

1,897,527‌

44,379

Humana,

Inc

23,542,616‌

1,841

*

ICU

Medical,

Inc

348,207‌

41,080

*

IDEXX

Laboratories,

Inc

20,217,933‌

34,289

*

Insulet

Corp

10,905,273‌

162,762

*

Intuitive

Surgical,

Inc

49,027,170‌

18,048

*

Masimo

Corp

3,413,599‌

13,415

McKesson

Corp

4,886,280‌

21,799

*

Molina

Healthcare,

Inc

6,493,704‌

51,594

*

Novocure

Ltd

3,400,045‌

17,466

*

Penumbra,

Inc

4,962,440‌

72,627

Resmed,

Inc

17,500,202‌

93,900

Stryker

Corp

28,137,135‌

30,775

*

Tandem

Diabetes

Care,

Inc

1,218,074‌

14,158

*

Teladoc,

Inc

375,612‌

425,841

UnitedHealth

Group,

Inc

209,552,098‌

69,250

*

Veeva

Systems,

Inc

12,401,290‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

519,022,002‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1

.6

%

55,335

Church

&

Dwight

Co,

Inc

5,374,135‌

Large-Cap

Growth

Index

Fund

April

30,

2023

70

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

HOUSEHOLD

&

PERSONAL

PRODUCTS—continued

50,019

Clorox

Co

$

8,284,147‌

257,434

Colgate-Palmolive

Co

20,543,233‌

114,840

Estee

Lauder

Cos

(Class

A)

28,333,325‌

98,484

Kimberly-Clark

Corp

14,269,347‌

59,755

*

Olaplex

Holdings,

Inc

221,094‌

503,035

Procter

&

Gamble

Co

78,664,613‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

155,689,894‌

INSURANCE

-

1

.3

%

95,990

Aon

plc

31,214,028‌

60,159

*

Arch

Capital

Group

Ltd

4,516,136‌

11,821

Arthur

J.

Gallagher

&

Co

2,459,477‌

1,602

Assurant,

Inc

197,254‌

10,258

Brown

&

Brown,

Inc

660,513‌

9,152

Erie

Indemnity

Co

(Class

A)

1,989,004‌

5,693

Everest

Re

Group

Ltd

2,151,954‌

18,557

Lincoln

National

Corp

403,244‌

1,470

*

Markel

Corp

2,011,739‌

220,582

Marsh

&

McLennan

Cos,

Inc

39,746,671‌

253,466

Progressive

Corp

34,572,763‌

11,164

RenaissanceRe

Holdings

Ltd

2,404,837‌

44,507

*

Ryan

Specialty

Group

Holdings,

Inc

1,818,556‌

TOTAL

INSURANCE

124,146,176‌

MATERIALS

-

1

.3

%

29,111

Albemarle

Corp

5,398,926‌

23,453

Ardagh

Metal

Packaging

S.A.

95,688‌

25,142

Avery

Dennison

Corp

4,386,776‌

29,160

*

Axalta

Coating

Systems

Ltd

920,581‌

60,053

Ball

Corp

3,193,619‌

30,295

Berry

Global

Group,

Inc

1,751,354‌

96,724

CF

Industries

Holdings,

Inc

6,923,504‌

45,190

Chemours

Co

1,313,673‌

50,556

Crown

Holdings,

Inc

4,336,694‌

14,477

Eagle

Materials,

Inc

2,145,636‌

109,935

Ecolab,

Inc

18,451,490‌

20,717

FMC

Corp

2,560,207‌

95,463

*,e

Ginkgo

Bioworks

Holdings,

Inc

116,465‌

113,341

Graphic

Packaging

Holding

Co

2,794,989‌

52,027

Linde

plc

19,221,375‌

3,356

Louisiana-Pacific

Corp

200,488‌

2,639

Martin

Marietta

Materials,

Inc

958,485‌

21,393

Mosaic

Co

916,690‌

43,613

*

MP

Materials

Corp

945,094‌

63,456

PPG

Industries,

Inc

8,900,339‌

2,043

Royal

Gold,

Inc

270,575‌

3,145

RPM

International,

Inc

257,984‌

5,933

Scotts

Miracle-Gro

Co

(Class

A)

396,384‌

70,081

Sealed

Air

Corp

3,363,187‌

120,093

Sherwin-Williams

Co

28,526,891‌

27,914

Southern

Copper

Corp

2,144,633‌

93,560

Valvoline,

Inc

3,232,498‌

32,487

Vulcan

Materials

Co

5,689,123‌

TOTAL

MATERIALS

129,413,348‌

MEDIA

&

ENTERTAINMENT

-

7

.3

%

2,616,399

*

Alphabet,

Inc

(Class

A)

280,844,269‌

2,275,314

*

Alphabet,

Inc

(Class

C)

246,234,481‌

1,757

Cable

One,

Inc

1,332,526‌

53,264

*

Charter

Communications,

Inc

19,638,437‌

8,203

Electronic

Arts,

Inc

1,044,078‌

71

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

MEDIA

&

ENTERTAINMENT—continued

4,650

Liberty

Broadband

Corp

(Class

A)

$

393,064‌

28,835

*

Liberty

Broadband

Corp

(Class

C)

2,444,631‌

10,821

*

Liberty

Media

Group

(Class

C)

781,168‌

10,036

*

Liberty

SiriusXM

Group

(Class

A)

282,012‌

20,659

*

Liberty

SiriusXM

Group

(Class

C)

577,212‌

37,047

*

Live

Nation,

Inc

2,511,046‌

4,666

Madison

Square

Garden

Co

935,533‌

132,312

*

Match

Group,

Inc

4,882,313‌

236,531

*

Meta

Platforms,

Inc

56,843,130‌

98,826

*

Netflix,

Inc

32,605,662‌

1,561

Nexstar

Media

Group

Inc

270,755‌

58,273

*

Pinterest,

Inc

1,340,279‌

51,055

*

Playtika

Holding

Corp

510,550‌

226,167

*

ROBLOX

Corp

8,051,545‌

19,074

*

Roku,

Inc

1,072,150‌

70,707

*

Spotify

Technology

S.A.

9,446,455‌

68,978

*

Take-Two

Interactive

Software,

Inc

8,573,276‌

218,694

*

Trade

Desk,

Inc

14,070,772‌

4,015

*

TripAdvisor,

Inc

71,186‌

60,783

*

Walt

Disney

Co

6,230,257‌

867,057

*

Warner

Bros

Discovery,

Inc

11,800,646‌

21,410

World

Wrestling

Entertainment,

Inc

(Class

A)

2,294,510‌

135,440

*

ZoomInfo

Technologies,

Inc

2,967,490‌

TOTAL

MEDIA

&

ENTERTAINMENT

718,049,433‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

6

.7

%

40,848

*

10X

Genomics,

Inc

2,141,661‌

883,830

AbbVie,

Inc

133,564,390‌

132,492

Agilent

Technologies,

Inc

17,943,392‌

61,207

*

Alnylam

Pharmaceuticals,

Inc

12,192,434‌

224,401

Amgen,

Inc

53,797,896‌

280,569

*

Avantor,

Inc

5,465,484‌

77,205

Bio-Techne

Corp

6,167,135‌

52,368

Bruker

BioSciences

Corp

4,143,880‌

27,137

*

Catalent,

Inc

1,360,106‌

23,418

*

Charles

River

Laboratories

International,

Inc

4,452,230‌

22,353

Danaher

Corp

5,295,649‌

343,030

Eli

Lilly

&

Co

135,791,856‌

15,228

*

Exact

Sciences

Corp

975,658‌

135,915

*

Exelixis,

Inc

2,487,245‌

101,295

*

Horizon

Therapeutics

Plc

11,259,952‌

77,870

*

Incyte

Corp

5,794,307‌

64,187

*

Ionis

Pharmaceuticals,

Inc

2,270,294‌

92,876

*

IQVIA

Holdings,

Inc

17,482,050‌

53,441

*

Maravai

LifeSciences

Holdings,

Inc

736,951‌

530,284

Merck

&

Co,

Inc

61,231,894‌

11,058

*

Mettler-Toledo

International,

Inc

16,493,007‌

9,921

*

Moderna,

Inc

1,318,402‌

46,381

*

Natera,

Inc

2,352,444‌

48,690

*

Neurocrine

Biosciences,

Inc

4,919,638‌

43,207

*,e

Novavax,

Inc

331,398‌

7,519

*

Regeneron

Pharmaceuticals,

Inc

6,028,659‌

19,753

*

Repligen

Corp

2,995,147‌

42,667

*

Sarepta

Therapeutics,

Inc

5,238,228‌

67,951

*

Seagen,

Inc

13,590,200‌

49,243

*

Sotera

Health

Co

825,805‌

9,090

*

Syneos

Health,

Inc

356,873‌

23,636

Thermo

Fisher

Scientific,

Inc

13,115,616‌

27,743

*

Ultragenyx

Pharmaceutical,

Inc

1,211,537‌

120,774

*

Vertex

Pharmaceuticals,

Inc

41,151,325‌

29,106

*

Waters

Corp

8,742,278‌

Large-Cap

Growth

Index

Fund

April

30,

2023

72

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

36,981

West

Pharmaceutical

Services,

Inc

$

13,359,016‌

236,330

Zoetis,

Inc

41,542,087‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

658,126,124‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0

.1

%

77,422

*

CBRE

Group,

Inc

5,935,170‌

71,434

*,e

Opendoor

Technologies,

Inc

98,579‌

1,694

*

Zillow

Group,

Inc

(Class

A)

72,469‌

4,792

*

Zillow

Group,

Inc

(Class

C)

208,644‌

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

6,314,862‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

8

.3

%

634,732

*

Advanced

Micro

Devices,

Inc

56,725,999‌

32,830

*

Allegro

MicroSystems,

Inc

1,174,329‌

50,842

Analog

Devices,

Inc

9,145,459‌

419,803

Applied

Materials,

Inc

47,450,333‌

197,547

Broadcom,

Inc

123,763,196‌

65,426

*

Enphase

Energy,

Inc

10,742,949‌

76,023

Entegris,

Inc

5,695,643‌

7,628

*,e

GLOBALFOUNDRIES,

Inc

448,526‌

68,712

KLA

Corp

26,559,937‌

67,643

Lam

Research

Corp

35,450,344‌

67,975

*

Lattice

Semiconductor

Corp

5,417,608‌

226,658

Microchip

Technology,

Inc

16,543,767‌

103,376

Micron

Technology,

Inc

6,653,279‌

23,259

Monolithic

Power

Systems,

Inc

10,744,960‌

1,182,773

NVIDIA

Corp

328,207,680‌

135,969

*

ON

Semiconductor

Corp

9,784,329‌

560,440

QUALCOMM,

Inc

65,459,392‌

69,973

Teradyne,

Inc

6,394,133‌

310,905

Texas

Instruments,

Inc

51,983,316‌

21,316

Universal

Display

Corp

2,844,833‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

821,190,012‌

SOFTWARE

&

SERVICES

-

19

.4

%

317,001

Accenture

plc

88,852,210‌

228,653

*

Adobe,

Inc

86,330,227‌

28,382

*

Alteryx,

Inc

1,167,352‌

22,735

*

Ansys,

Inc

7,136,971‌

108,696

*,e

AppLovin

Corp

1,847,832‌

13,355

*

Aspen

Technology,

Inc

2,363,835‌

73,832

*

Atlassian

Corp

10,902,033‌

108,475

*

Autodesk,

Inc

21,129,845‌

81,073

Bentley

Systems,

Inc

3,450,467‌

6,914

*

Black

Knight,

Inc

377,781‌

135,760

*

Cadence

Design

Systems,

Inc

28,434,932‌

31,588

*

CCC

Intelligent

Solutions

Holdings,

Inc

274,184‌

12,521

*

Ceridian

HCM

Holding,

Inc

794,833‌

142,597

*

Cloudflare,

Inc

6,709,189‌

58,185

*

Confluent,

Inc

1,280,070‌

108,044

*

Crowdstrike

Holdings,

Inc

12,970,682‌

132,818

*

Datadog,

Inc

8,949,277‌

97,589

*

DocuSign,

Inc

4,824,800‌

33,363

*

DoubleVerify

Holdings,

Inc

981,539‌

124,810

*

Dropbox,

Inc

2,538,635‌

106,378

*

Dynatrace,

Inc

4,497,662‌

39,011

*

Elastic

NV

2,233,380‌

27,460

*

EPAM

Systems,

Inc

7,755,802‌

12,037

*

Fair

Isaac

Corp

8,762,334‌

34,150

*

Five9,

Inc

2,214,286‌

319,741

*

Fortinet,

Inc

20,159,670‌

73

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES—continued

38,051

*

Gartner,

Inc

$

11,508,905‌

96,487

Gen

Digital,

Inc

1,704,925‌

20,070

*

Globant

S.A.

3,148,381‌

10,760

*

GoDaddy,

Inc

814,317‌

23,304

*

HubSpot,

Inc

9,809,819‌

2,856

*

Informatica,

Inc

44,154‌

299,145

International

Business

Machines

Corp

37,814,919‌

137,872

Intuit,

Inc

61,208,274‌

32,018

*

Jamf

Holding

Corp

605,781‌

19,468

*

Manhattan

Associates,

Inc

3,225,458‌

3,740,573

Microsoft

Corp

1,149,328,460‌

33,530

*

MongoDB,

Inc

8,045,859‌

5,368

*

nCino

OpCo,

Inc

132,751‌

3,141

*

NCR

Corp

70,013‌

27,344

*

New

Relic,

Inc

1,954,276‌

61,070

*

Nutanix,

Inc

1,464,459‌

11,714

*

Okta,

Inc

802,760‌

525,324

Oracle

Corp

49,758,689‌

928,404

*

Palantir

Technologies,

Inc

7,195,131‌

149,219

*

Palo

Alto

Networks,

Inc

27,226,499‌

25,960

*

Paycom

Software,

Inc

7,538,005‌

19,675

*

Paylocity

Holding

Corp

3,802,981‌

19,105

Pegasystems,

Inc

871,570‌

25,124

*

Procore

Technologies,

Inc

1,341,873‌

51,915

*

PTC,

Inc

6,530,388‌

43,426

*

RingCentral,

Inc

1,196,821‌

102,076

*

Salesforce,

Inc

20,248,816‌

65,519

*

SentinelOne,

Inc

1,052,890‌

101,147

*

ServiceNow,

Inc

46,468,955‌

62,663

*

Smartsheet,

Inc

2,561,037‌

145,626

*

Snowflake,

Inc

21,564,298‌

82,150

*

Splunk,

Inc

7,084,616‌

75,666

*

Synopsys,

Inc

28,096,299‌

27,173

*

Teradata

Corp

1,051,867‌

40,950

*

Turing

Holding

Corp

255,118‌

31,179

*

Twilio,

Inc

1,640,327‌

17,465

*

Tyler

Technologies,

Inc

6,619,759‌

16,508

*

UiPath,

Inc

232,433‌

82,595

*,e

Unity

Software,

Inc

2,227,587‌

4,942

*

VeriSign,

Inc

1,096,136‌

51,590

*

VMware,

Inc

(Class

A)

6,450,298‌

23,019

*

Wix.com

Ltd

2,007,947‌

100,461

*

Workday,

Inc

18,699,811‌

63,805

*

Zoom

Video

Communications,

Inc

3,919,541‌

41,236

*

Zscaler,

Inc

3,715,364‌

TOTAL

SOFTWARE

&

SERVICES

1,909,078,395‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

13

.9

%

221,060

Amphenol

Corp

(Class

A)

16,683,398‌

7,513,265

Apple,

Inc

1,274,850,805‌

123,584

*

Arista

Networks,

Inc

19,793,213‌

1,582

*

Arrow

Electronics,

Inc

181,028‌

67,084

CDW

Corp

11,376,776‌

81,620

Cognex

Corp

3,892,458‌

10,454

*

Coherent

Corp

356,900‌

21,417

Corning,

Inc

711,473‌

19,679

Dell

Technologies,

Inc

855,840‌

224,547

HP,

Inc

6,671,291‌

51,859

Jabil

Inc

4,052,781‌

82,098

*

Keysight

Technologies,

Inc

11,874,655‌

8,196

National

Instruments

Corp

477,253‌

Large-Cap

Growth

Index

Fund

April

30,

2023

74

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

TECHNOLOGY

HARDWARE

&

EQUIPMENT—continued

106,981

NetApp,

Inc

$

6,728,035‌

137,659

*

Pure

Storage,

Inc

3,142,755‌

828

Ubiquiti,

Inc

192,551‌

46,199

Vontier

Corp

1,253,379‌

10,318

*

Zebra

Technologies

Corp

(Class

A)

2,971,893‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

1,366,066,484‌

TRANSPORTATION

-

2

.0

%

16,234

CH

Robinson

Worldwide,

Inc

1,637,524‌

263,587

CSX

Corp

8,076,306‌

318,337

*

Delta

Air

Lines,

Inc

10,922,142‌

25,090

Expeditors

International

of

Washington,

Inc

2,856,246‌

5,520

*

GXO

Logistics,

Inc

293,278‌

36,700

JB

Hunt

Transport

Services,

Inc

6,433,143‌

16,154

Landstar

System,

Inc

2,843,589‌

123,414

*

Lyft,

Inc

(Class

A)

1,264,993‌

49,656

Old

Dominion

Freight

Line

15,909,286‌

3,704

*

RXO,

Inc

67,005‌

831,756

*

Uber

Technologies,

Inc

25,826,024‌

307,472

Union

Pacific

Corp

60,172,270‌

327,871

United

Parcel

Service,

Inc

(Class

B)

58,954,484‌

3,704

*

XPO

Logistics,

Inc

163,643‌

TOTAL

TRANSPORTATION

195,419,933‌

UTILITIES

-

0

.0

%

57,727

AES

Corp

1,365,821‌

3,418

National

Fuel

Gas

Co

191,066‌

105,576

Vistra

Energy

Corp

2,519,043‌

TOTAL

UTILITIES

4,075,930‌

TOTAL

COMMON

STOCKS

9,840,574,346‌

(Cost

$4,494,826,879)

SHORT-TERM

INVESTMENTS

-

0.1%

RATE

EXP

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

0

.1

%

5,565,817

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.840

%

5,565,817‌

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

5,565,817‌

TOTAL

SHORT-TERM

INVESTMENTS

5,565,817‌

(Cost

$5,565,817)

TOTAL

INVESTMENTS

-

100.1%

9,846,140,163‌

(Cost

$4,500,392,696)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.1)%

(

5,599,492‌

)

NET

ASSETS

-

100.0%

$

9,840,540,671‌

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$10,970,802.

Portfolios

of

Investments

(Unaudited)

Large-Cap

Value

Index

Fund

April

30,

2023

75

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMON

STOCKS

-

99.9%

AUTOMOBILES

&

COMPONENTS

-

0

.8

%

87,847

*

Aptiv

plc

$

9,035,942‌

100,535

BorgWarner,

Inc

4,838,750‌

1,731,549

Ford

Motor

Co

20,570,802‌

603,577

General

Motors

Co

19,942,184‌

102,858

Gentex

Corp

2,837,852‌

62,045

Harley-Davidson,

Inc

2,301,870‌

26,258

Lear

Corp

3,352,096‌

14,196

*,e

Lucid

Group,

Inc

112,716‌

116,361

*,e

QuantumScape

Corp

814,527‌

231,787

*,e

Rivian

Automotive,

Inc

2,971,509‌

23,143

Thor

Industries,

Inc

1,828,760‌

TOTAL

AUTOMOBILES

&

COMPONENTS

68,607,008‌

BANKS

-

6

.4

%

3,072,346

Bank

of

America

Corp

89,958,291‌

15,343

e

Bank

of

Hawaii

Corp

743,061‌

48,170

Bank

OZK

1,720,632‌

14,143

BOK

Financial

Corp

1,186,173‌

849,244

Citigroup,

Inc

39,973,915‌

212,542

Citizens

Financial

Group,

Inc

6,576,049‌

87,563

Columbia

Banking

System,

Inc

1,870,346‌

56,978

Comerica,

Inc

2,471,136‌

51,294

Commerce

Bancshares,

Inc

2,864,770‌

24,533

Cullen/Frost

Bankers,

Inc

2,704,763‌

62,568

East

West

Bancorp,

Inc

3,234,140‌

294,553

Fifth

Third

Bancorp

7,717,289‌

3,654

First

Citizens

Bancshares,

Inc

(Class

A)

3,680,236‌

58,360

First

Hawaiian,

Inc

1,115,260‌

230,820

First

Horizon

National

Corp

4,050,891‌

161,974

FNB

Corp

1,859,462‌

622,007

Huntington

Bancshares,

Inc

6,966,478‌

1,275,631

JPMorgan

Chase

&

Co

176,343,229‌

408,509

Keycorp

4,599,811‌

74,863

M&T

Bank

Corp

9,417,765‌

288,046

New

York

Community

Bancorp,

Inc

3,079,212‌

50,839

e

PacWest

Bancorp

516,016‌

32,370

Pinnacle

Financial

Partners,

Inc

1,755,425‌

176,185

PNC

Financial

Services

Group,

Inc

22,948,096‌

30,761

Popular,

Inc

1,845,968‌

41,909

Prosperity

Bancshares,

Inc

2,624,342‌

411,937

Regions

Financial

Corp

7,521,970‌

63,718

Synovus

Financial

Corp

1,962,514‌

576,791

Truist

Financial

Corp

18,791,851‌

600,108

US

Bancorp

20,571,702‌

74,572

Webster

Financial

Corp

2,781,536‌

1,679,335

Wells

Fargo

&

Co

66,753,566‌

17,948

Western

Alliance

Bancorp

666,230‌

25,142

Wintrust

Financial

Corp

1,718,959‌

71,857

Zions

Bancorporation

2,001,936‌

TOTAL

BANKS

524,593,020‌

CAPITAL

GOODS

-

8

.1

%

240,480

3M

Co

25,543,786‌

42,614

A.O.

Smith

Corp

2,910,110‌

14,467

Acuity

Brands,

Inc

2,276,816‌

54,420

Aecom

Technology

Corp

4,519,581‌

24,067

AGCO

Corp

2,982,864‌

47,284

Air

Lease

Corp

1,901,762‌

7,281

Allegion

plc

804,405‌

Large-Cap

Value

Index

Fund

April

30,

2023

76

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

11,183

Allison

Transmission

Holdings,

Inc

$

545,619‌

101,977

Ametek,

Inc

14,065,688‌

8,872

Armstrong

World

Industries,

Inc

609,151‌

6,683

*

Axon

Enterprise,

Inc

1,408,175‌

47,212

*

AZEK

Co,

Inc

1,281,334‌

167,708

*

Boeing

Co

34,678,660‌

64,558

*

Builders

FirstSource,

Inc

6,118,162‌

24,382

BWX

Technologies,

Inc

1,574,590‌

3,787

Carlisle

Cos,

Inc

817,424‌

362,157

Carrier

Global

Corp

15,145,406‌

29,532

Caterpillar,

Inc

6,461,602‌

24,390

*,e

Core

&

Main,

Inc

635,603‌

18,849

*

Crane

Co

1,358,447‌

21,918

Crane

Holdings

Co

1,038,036‌

61,226

Cummins,

Inc

14,390,559‌

17,171

Curtiss-Wright

Corp

2,916,151‌

45,586

Donaldson

Co,

Inc

2,896,990‌

60,381

Dover

Corp

8,825,287‌

174,087

Eaton

Corp

29,093,419‌

168,991

Emerson

Electric

Co

14,070,191‌

23,978

Esab

Corp

1,399,356‌

58,744

Flowserve

Corp

1,961,462‌

155,448

Fortive

Corp

9,807,214‌

37,451

Fortune

Brands

Home

&

Security,

Inc

2,422,705‌

44,584

*

Gates

Industrial

Corp

plc

600,546‌

106,133

General

Dynamics

Corp

23,173,079‌

446,206

General

Electric

Co

44,161,008‌

22,896

Graco,

Inc

1,815,424‌

36,031

*

Hayward

Holdings,

Inc

433,813‌

1,245

HEICO

Corp

209,957‌

2,183

HEICO

Corp

(Class

A)

293,024‌

36,526

Hexcel

Corp

2,632,794‌

208,671

Honeywell

International,

Inc

41,700,813‌

142,738

Howmet

Aerospace,

Inc

6,321,866‌

23,340

Hubbell,

Inc

6,285,929‌

13,170

Huntington

Ingalls

2,655,862‌

26,561

IDEX

Corp

5,480,066‌

13,521

Illinois

Tool

Works,

Inc

3,271,271‌

177,542

Ingersoll

Rand,

Inc

10,123,445‌

34,983

ITT,

Inc

2,953,965‌

302,825

Johnson

Controls

International

plc

18,121,048‌

82,632

L3Harris

Technologies,

Inc

16,125,635‌

13,533

Lennox

International,

Inc

3,815,088‌

92,417

Masco

Corp

4,945,234‌

25,573

*

Mastec,

Inc

2,271,138‌

37,451

*

Masterbrand,

Inc

302,230‌

92,181

MDU

Resources

Group,

Inc

2,693,529‌

22,351

*

Mercury

Systems,

Inc

1,065,472‌

21,686

*

Middleby

Corp

3,055,124‌

20,827

MSC

Industrial

Direct

Co

(Class

A)

1,889,634‌

18,781

Nordson

Corp

4,062,518‌

55,565

Northrop

Grumman

Corp

25,630,468‌

71,637

nVent

Electric

plc

3,003,739‌

27,337

Oshkosh

Corp

2,091,827‌

160,778

Otis

Worldwide

Corp

13,714,363‌

41,302

Owens

Corning,

Inc

4,411,467‌

222,731

PACCAR,

Inc

16,635,778‌

42,974

Parker-Hannifin

Corp

13,961,393‌

72,224

Pentair

plc

4,194,770‌

119,280

*,e

Plug

Power,

Inc

1,077,098‌

28,287

Quanta

Services,

Inc

4,798,607‌

77

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

643,415

Raytheon

Technologies

Corp

$

64,277,158‌

28,093

Regal-Beloit

Corp

3,656,585‌

15,966

Rockwell

Automation,

Inc

4,524,924‌

66,172

Sensata

Technologies

Holding

plc

2,875,173‌

7,645

*

SiteOne

Landscape

Supply,

Inc

1,129,472‌

23,271

Snap-On,

Inc

6,036,730‌

2,336

Spirit

Aerosystems

Holdings,

Inc

(Class

A)

69,519‌

65,943

Stanley

Black

&

Decker,

Inc

5,693,519‌

92,739

*

Sunrun,

Inc

1,951,229‌

90,439

Textron,

Inc

6,053,987‌

27,223

Timken

Co

2,092,088‌

41,253

Trane

Technologies

plc

7,665,220‌

13,622

TransDigm

Group,

Inc

10,420,830‌

16,079

United

Rentals,

Inc

5,806,288‌

69,064

*

Univar

Solutions

Inc

2,451,772‌

7,538

Valmont

Industries,

Inc

2,190,241‌

111,888

Vertiv

Holdings

Co

1,669,369‌

6,795

Watsco,

Inc

2,353,652‌

9,185

WESCO

International,

Inc

1,322,640‌

78,456

Westinghouse

Air

Brake

Technologies

Corp

7,662,798‌

41,178

*

WillScot

Mobile

Mini

Holdings

Corp

1,869,481‌

24,371

Woodward

Inc

2,340,103‌

66,741

Xylem,

Inc

6,930,385‌

TOTAL

CAPITAL

GOODS

665,482,740‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1

.0

%

15,572

Automatic

Data

Processing,

Inc

3,425,840‌

4,575

Broadridge

Financial

Solutions,

Inc

665,251‌

9,986

*

CACI

International,

Inc

(Class

A)

3,128,814‌

2,651

Cintas

Corp

1,208,246‌

209,756

*

Clarivate

Analytics

plc

1,858,438‌

22,551

*

Clean

Harbors,

Inc

3,273,503‌

18,462

Concentrix

Corp

1,781,768‌

151,341

*

CoStar

Group,

Inc

11,645,690‌

25,650

*

Driven

Brands

Holdings,

Inc

787,455‌

110,069

Dun

&

Bradstreet

Holdings,

Inc

1,229,471‌

26,508

Equifax,

Inc

5,523,737‌

8,787

*

FTI

Consulting,

Inc

1,586,053‌

37,294

Genpact

Ltd

1,661,448‌

54,192

Jacobs

Solutions,

Inc

6,257,008‌

21,359

KBR,

Inc

1,211,696‌

59,281

Leidos

Holdings,

Inc

5,528,546‌

21,615

Manpower,

Inc

1,636,472‌

10,164

MSA

Safety,

Inc

1,318,779‌

84,881

Republic

Services,

Inc

12,275,490‌

5,263

Ritchie

Bros

Auctioneers,

Inc

300,962‌

5,809

Robert

Half

International,

Inc

424,057‌

6,268

Rollins,

Inc

264,823‌

23,561

Science

Applications

International

Corp

2,403,929‌

95,147

SS&C

Technologies

Holdings,

Inc

5,569,905‌

40,178

*

Stericycle,

Inc

1,834,126‌

13,739

Tetra

Tech,

Inc

1,901,065‌

22,502

TransUnion

1,548,363‌

11,956

Waste

Management,

Inc

1,985,294‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

82,236,229‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

1

.9

%

24,624

Advance

Auto

Parts,

Inc

3,091,051‌

14,453

*

Autonation,

Inc

1,903,460‌

755

*

AutoZone,

Inc

2,010,799‌

97,745

Bath

&

Body

Works,

Inc

3,430,849‌

Large-Cap

Value

Index

Fund

April

30,

2023

78

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL—continued

61,748

Best

Buy

Co,

Inc

$

4,601,461‌

1,655

*

Burlington

Stores,

Inc

319,101‌

60,660

*

CarMax,

Inc

4,248,020‌

23,051

Dick's

Sporting

Goods,

Inc

3,342,625‌

204,836

eBay,

Inc

9,510,535‌

118,871

*,e

GameStop

Corp

(Class

A)

2,293,022‌

96,925

Gap,

Inc

930,480‌

56,387

Genuine

Parts

Co

9,490,496‌

186,704

Home

Depot,

Inc

56,112,020‌

49,827

Kohl's

Corp

1,097,689‌

5,340

*

Leslie's,

Inc

57,939‌

12,169

Lithia

Motors,

Inc

(Class

A)

2,688,010‌

108,506

LKQ

Corp

6,264,051‌

35,969

Lowe's

Companies,

Inc

7,475,437‌

119,149

Macy's,

Inc

1,946,895‌

13,665

Nordstrom,

Inc

211,261‌

24,912

*

Ollie's

Bargain

Outlet

Holdings,

Inc

1,625,508‌

15,908

*

O'Reilly

Automotive,

Inc

14,592,567‌

10,867

Penske

Auto

Group,

Inc

1,505,949‌

35,226

*

Petco

Health

&

Wellness

Co,

Inc

350,851‌

4,767

*

RH

1,216,205‌

84,194

Ross

Stores,

Inc

8,986,026‌

14,205

*

Victoria's

Secret

&

Co

440,497‌

15,844

*

Wayfair,

Inc

551,847‌

6,383

Williams-Sonoma,

Inc

772,598‌

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

151,067,249‌

CONSUMER

DURABLES

&

APPAREL

-

1

.0

%

27,590

Brunswick

Corp

2,339,356‌

54,664

*

Capri

Holdings

Ltd

2,268,556‌

15,150

Carter's,

Inc

1,057,016‌

15,837

Columbia

Sportswear

Co

1,323,023‌

1,385

*

Deckers

Outdoor

Corp

663,886‌

64,598

DR

Horton,

Inc

7,094,152‌

68,108

*

Garmin

Ltd

6,686,162‌

149,653

Hanesbrands,

Inc

784,182‌

55,707

Hasbro,

Inc

3,298,969‌

57,852

Leggett

&

Platt,

Inc

1,869,198‌

108,337

Lennar

Corp

(Class

A)

12,221,497‌

8,008

Lennar

Corp

(Class

B)

783,343‌

79,717

*

Mattel,

Inc

1,434,906‌

23,589

*

Mohawk

Industries,

Inc

2,498,075‌

164,773

Newell

Brands

Inc

2,001,992‌

349

*

NVR,

Inc

2,038,160‌

140,947

*

Peloton

Interactive,

Inc

1,251,609‌

5,453

Polaris

Inc

592,468‌

62,222

Pulte

Homes,

Inc

4,178,207‌

27,387

PVH

Corp

2,350,079‌

17,684

Ralph

Lauren

Corp

2,029,946‌

50,292

*

Skechers

U.S.A.,

Inc

(Class

A)

2,675,032‌

87,078

Tapestry,

Inc

3,553,653‌

69,390

Tempur

Sealy

International,

Inc

2,600,043‌

25,141

Toll

Brothers,

Inc

1,606,761‌

1,970

*

TopBuild

Corp

444,196‌

82,942

*

Under

Armour,

Inc

(Class

A)

735,696‌

83,055

*

Under

Armour,

Inc

(Class

C)

667,762‌

153,062

VF

Corp

3,598,488‌

22,643

Whirlpool

Corp

3,160,736‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

77,807,149‌

79

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

SERVICES

-

2

.3

%

81,769

ADT,

Inc

$

547,852‌

100,032

ARAMARK

Holdings

Corp

3,471,110‌

32,545

Boyd

Gaming

Corp

2,258,623‌

18,574

*

Bright

Horizons

Family

Solutions

1,413,853‌

27,882

*

Caesars

Entertainment,

Inc

1,262,776‌

434,327

*,e

Carnival

Corp

4,000,152‌

14,727

Darden

Restaurants,

Inc

2,237,473‌

4,231

Domino's

Pizza,

Inc

1,343,216‌

12,582

*

DoorDash,

Inc

769,893‌

13,792

*

Grand

Canyon

Education,

Inc

1,637,110‌

10,675

H&R

Block,

Inc

361,989‌

31,836

Hilton

Worldwide

Holdings,

Inc

4,585,021‌

21,192

*

Hyatt

Hotels

Corp

2,422,246‌

88,834

*

Las

Vegas

Sands

Corp

5,672,051‌

16,341

Marriott

Vacations

Worldwide

Corp

2,198,845‌

244,804

McDonald's

Corp

72,400,783‌

139,131

MGM

Resorts

International

6,249,765‌

6,577

*,e

Mister

Car

Wash,

Inc

58,009‌

167,059

*

Norwegian

Cruise

Line

Holdings

Ltd

2,230,238‌

64,761

*

Penn

National

Gaming,

Inc

1,929,230‌

11,175

*

Planet

Fitness,

Inc

929,090‌

94,253

*

Royal

Caribbean

Cruises

Ltd

6,166,974‌

67,202

Service

Corp

International

4,716,908‌

15,775

*

Six

Flags

Entertainment

Corp

382,859‌

320,067

Starbucks

Corp

36,580,457‌

12,104

Travel

&

Leisure

Co

463,220‌

950

Vail

Resorts,

Inc

228,494‌

11,813

Wyndham

Hotels

&

Resorts,

Inc

805,883‌

39,873

*

Wynn

Resorts

Ltd

4,556,686‌

108,904

Yum!

Brands,

Inc

15,309,724‌

TOTAL

CONSUMER

SERVICES

187,190,530‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1

.9

%

105,831

Albertsons

Cos,

Inc

2,211,868‌

21,645

*

BJ's

Wholesale

Club

Holdings,

Inc

1,653,029‌

15,666

Casey's

General

Stores,

Inc

3,584,694‌

62,662

*

Dollar

Tree,

Inc

9,631,776‌

37,562

*

Grocery

Outlet

Holding

Corp

1,118,596‌

286,816

Kroger

Co

13,947,862‌

45,922

*

Performance

Food

Group

Co

2,878,850‌

90,801

Target

Corp

14,323,858‌

88,342

*

US

Foods

Holding

Corp

3,392,333‌

311,955

Walgreens

Boots

Alliance,

Inc

10,996,414‌

621,665

Walmart,

Inc

93,852,765‌

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

157,592,045‌

DIVERSIFIED

FINANCIALS

-

0

.4

%

233,495

iShares

Russell

1000

Value

Index

Fund

36,105,332‌

TOTAL

DIVERSIFIED

FINANCIALS

36,105,332‌

ENERGY

-

8

.0

%

146,278

Antero

Midstream

Corp

1,573,951‌

40,085

*

Antero

Resources

Corp

921,554‌

137,652

APA

Corp

5,072,476‌

412,501

Baker

Hughes

Co

12,061,529‌

288,266

Cabot

Oil

&

Gas

Corp

7,379,610‌

45,829

Cheniere

Energy,

Inc

7,011,837‌

53,077

Chesapeake

Energy

Corp

4,388,406‌

845,777

Chevron

Corp

142,581,087‌

536,282

ConocoPhillips

55,178,055‌

144,942

Devon

Energy

Corp

7,744,251‌

Large-Cap

Value

Index

Fund

April

30,

2023

80

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

ENERGY—continued

33,669

Diamondback

Energy,

Inc

$

4,787,732‌

41,833

DT

Midstream,

Inc

2,061,112‌

68,558

EOG

Resources,

Inc

8,190,624‌

160,183

EQT

Corp

5,580,776‌

1,802,224

Exxon

Mobil

Corp

213,275,188‌

214,191

Halliburton

Co

7,014,755‌

26,760

Hess

Corp

3,881,806‌

60,552

HF

Sinclair

Corp

2,670,949‌

866,882

Kinder

Morgan,

Inc

14,867,026‌

278,941

Marathon

Oil

Corp

6,739,215‌

198,585

Marathon

Petroleum

Corp

24,227,370‌

178,147

NOV,

Inc

2,983,962‌

59,910

Occidental

Petroleum

Corp

3,686,262‌

170,961

ONEOK,

Inc

11,182,559‌

31,598

Ovintiv,

Inc

1,140,056‌

17,604

PDC

Energy,

Inc

1,145,140‌

204,916

Phillips

66

20,286,684‌

46,581

Pioneer

Natural

Resources

Co

10,133,697‌

38,454

Range

Resources

Corp

1,017,108‌

616,212

Schlumberger

Ltd

30,410,062‌

464,382

*

Southwestern

Energy

Co

2,410,143‌

168,133

Valero

Energy

Corp

19,279,811‌

10,372

Vitesse

Energy,

Inc

190,845‌

530,340

Williams

Cos,

Inc

16,048,088‌

TOTAL

ENERGY

657,123,726‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

4

.3

%

74,353

Alexandria

Real

Estate

Equities,

Inc

9,233,156‌

131,990

American

Homes

4

Rent

4,389,987‌

47,100

American

Tower

Corp

9,626,769‌

119,389

Americold

Realty

Trust

3,532,721‌

61,975

Apartment

Income

REIT

Corp

2,291,836‌

60,377

AvalonBay

Communities,

Inc

10,890,200‌

65,784

Boston

Properties,

Inc

3,510,234‌

129,256

Brixmor

Property

Group,

Inc

2,757,031‌

40,460

Camden

Property

Trust

4,452,623‌

57,976

Cousins

Properties,

Inc

1,264,457‌

97,860

CubeSmart

4,451,651‌

124,349

Digital

Realty

Trust,

Inc

12,329,203‌

72,900

Douglas

Emmett,

Inc

938,952‌

17,965

EastGroup

Properties,

Inc

2,992,250‌

33,494

EPR

Properties

1,405,408‌

9,899

Equinix,

Inc

7,167,668‌

30,108

Equity

Lifestyle

Properties,

Inc

2,074,441‌

161,265

Equity

Residential

10,200,011‌

27,572

Essex

Property

Trust,

Inc

6,058,396‌

50,529

Extra

Space

Storage,

Inc

7,682,429‌

35,008

Federal

Realty

Investment

Trust

3,461,941‌

57,137

First

Industrial

Realty

Trust,

Inc

2,997,978‌

106,528

Gaming

and

Leisure

Properties,

Inc

5,539,456‌

166,541

Healthcare

Realty

Trust,

Inc

3,294,181‌

232,617

Healthpeak

Properties

Inc

5,110,596‌

47,360

Highwoods

Properties,

Inc

1,085,491‌

306,996

Host

Hotels

and

Resorts,

Inc

4,964,125‌

77,224

Hudson

Pacific

Properties

429,365‌

263,749

Invitation

Homes,

Inc

8,801,304‌

32,091

Iron

Mountain,

Inc

1,772,707‌

45,245

JBG

SMITH

Properties

645,646‌

50,345

Kilroy

Realty

Corp

1,472,088‌

255,899

Kimco

Realty

Corp

4,910,702‌

5,826

Lamar

Advertising

Co

615,692‌

81

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)—continued

36,995

Life

Storage,

Inc

$

4,971,388‌

256,612

Medical

Properties

Trust,

Inc

2,250,487‌

49,545

Mid-America

Apartment

Communities,

Inc

7,620,021‌

81,229

National

Retail

Properties,

Inc

3,533,462‌

37,157

National

Storage

Affiliates

Trust

1,432,402‌

101,834

Omega

Healthcare

Investors,

Inc

2,725,078‌

109,118

Park

Hotels

&

Resorts,

Inc

1,314,872‌

403,444

Prologis,

Inc

50,531,361‌

14,128

Public

Storage,

Inc

4,165,358‌

64,315

Rayonier,

Inc

2,016,918‌

273,861

Realty

Income

Corp

17,209,425‌

74,047

Regency

Centers

Corp

4,548,707‌

87,124

Rexford

Industrial

Realty,

Inc

4,858,906‌

36,362

SBA

Communications

Corp

9,486,482‌

74,179

Simon

Property

Group,

Inc

8,405,964‌

29,200

SL

Green

Realty

Corp

691,164‌

62,545

Spirit

Realty

Capital,

Inc

2,405,481‌

52,530

Sun

Communities,

Inc

7,297,993‌

138,914

UDR,

Inc

5,741,316‌

172,765

Ventas,

Inc

8,301,358‌

443,310

VICI

Properties,

Inc

15,045,941‌

79,181

Vornado

Realty

Trust

1,188,507‌

207,068

Welltower,

Inc

16,403,927‌

323,226

Weyerhaeuser

Co

9,667,690‌

91,706

WP

Carey,

Inc

6,804,585‌

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

350,969,488‌

FINANCIAL

SERVICES

-

10

.4

%

15,890

Affiliated

Managers

Group,

Inc

2,294,198‌

105,375

*,e

Affirm

Holdings,

Inc

1,038,997‌

258,211

AGNC

Investment

Corp

2,558,871‌

125,780

Ally

Financial,

Inc

3,318,076‌

244,685

American

Express

Co

39,477,478‌

16,374

Ameriprise

Financial,

Inc

4,996,035‌

206,204

Annaly

Capital

Management,

Inc

4,119,956‌

49,501

Apollo

Global

Management,

Inc

3,137,868‌

321,495

Bank

of

New

York

Mellon

Corp

13,692,472‌

789,020

*

Berkshire

Hathaway,

Inc

(Class

B)

259,232,521‌

65,047

BlackRock,

Inc

43,659,546‌

232,614

*

Block,

Inc

14,140,605‌

165,761

Capital

One

Financial

Corp

16,128,545‌

90,638

Carlyle

Group,

Inc

2,749,051‌

46,276

CBOE

Global

Markets,

Inc

6,464,757‌

293,732

Charles

Schwab

Corp

15,344,560‌

157,768

CME

Group,

Inc

29,308,561‌

69,702

*,e

Coinbase

Global,

Inc

3,749,271‌

42,853

Corebridge

Financial,

Inc

722,502‌

2,582

*

Credit

Acceptance

Corp

1,263,889‌

117,223

Discover

Financial

Services

12,129,064‌

163,156

Equitable

Holdings,

Inc

4,240,424‌

5,179

*

Euronet

Worldwide,

Inc

573,522‌

15,835

Evercore

Inc

1,806,298‌

257,768

Fidelity

National

Information

Services,

Inc

15,136,137‌

233,562

*

Fiserv,

Inc

28,522,591‌

125,495

Franklin

Resources,

Inc

3,373,306‌

114,625

Global

Payments,

Inc

12,919,384‌

143,026

Goldman

Sachs

Group,

Inc

49,120,849‌

40,653

Interactive

Brokers

Group,

Inc

(Class

A)

3,164,836‌

240,866

Intercontinental

Exchange

Group,

Inc

26,237,533‌

163,456

Invesco

Ltd

2,800,001‌

60,313

Janus

Henderson

Group

plc

1,565,122‌

Large-Cap

Value

Index

Fund

April

30,

2023

82

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

FINANCIAL

SERVICES—continued

81,904

Jefferies

Financial

Group,

Inc

$

2,623,385‌

252,666

KKR

&

Co,

Inc

13,408,985‌

37,496

Lazard

Ltd

(Class

A)

1,173,625‌

136,949

MGIC

Investment

Corp

2,036,432‌

3,971

Moody's

Corp

1,243,400‌

537,714

Morgan

Stanley

48,378,129‌

946

Morningstar,

Inc

168,681‌

8,502

MSCI,

Inc

(Class

A)

4,101,790‌

150,755

Nasdaq

Inc

8,347,304‌

197,704

New

Residential

Investment

Corp

1,613,265‌

88,802

Northern

Trust

Corp

6,940,764‌

51,469

OneMain

Holdings,

Inc

1,974,866‌

344,485

*

PayPal

Holdings,

Inc

26,180,860‌

78,263

Raymond

James

Financial,

Inc

7,085,149‌

243,262

*

Robinhood

Markets,

Inc

2,152,869‌

22,805

*,e

Rocket

Cos,

Inc

203,193‌

140,317

S&P

Global,

Inc

50,876,138‌

44,993

SEI

Investments

Co

2,650,538‌

109,378

SLM

Corp

1,642,858‌

354,233

*

SoFi

Technologies,

Inc

2,206,872‌

128,442

Starwood

Property

Trust,

Inc

2,297,827‌

151,474

State

Street

Corp

10,945,511‌

43,860

Stifel

Financial

Corp

2,630,284‌

190,601

Synchrony

Financial

5,624,635‌

97,567

T

Rowe

Price

Group,

Inc

10,959,701‌

25,874

TFS

Financial

Corp

311,523‌

17,142

Tradeweb

Markets,

Inc

1,206,968‌

29,489

*,e

Upstart

Holdings,

Inc

409,897‌

7,250

e

UWM

Holdings

Corp

43,500‌

40,474

Virtu

Financial,

Inc

811,504‌

42,874

Voya

Financial,

Inc

3,279,004‌

111,859

Western

Union

Co

1,222,619‌

5,122

*

WEX,

Inc

908,387‌

TOTAL

FINANCIAL

SERVICES

854,647,289‌

FOOD,

BEVERAGE

&

TOBACCO

-

4

.3

%

786,856

Altria

Group,

Inc

37,383,529‌

239,544

Archer-Daniels-Midland

Co

18,703,596‌

10,667

Brown-Forman

Corp

(Class

A)

702,742‌

33,275

Brown-Forman

Corp

(Class

B)

2,165,870‌

59,293

Bunge

Ltd

5,549,825‌

86,779

Campbell

Soup

Co

4,712,100‌

429,693

Coca-Cola

Co

27,564,806‌

205,852

ConAgra

Brands,

Inc

7,814,142‌

66,094

Constellation

Brands,

Inc

(Class

A)

15,166,590‌

65,586

*

Darling

International,

Inc

3,906,958‌

81,385

Flowers

Foods,

Inc

2,238,901‌

8,776

*

Freshpet,

Inc

605,281‌

259,507

General

Mills,

Inc

23,000,105‌

8,521

Hershey

Co

2,326,744‌

124,474

Hormel

Foods

Corp

5,033,729‌

28,104

Ingredion,

Inc

2,983,802‌

45,578

J.M.

Smucker

Co

7,037,699‌

50,164

Kellogg

Co

3,499,942‌

375,919

Keurig

Dr

Pepper,

Inc

12,292,551‌

307,196

Kraft

Heinz

Co

12,063,587‌

108,531

McCormick

&

Co,

Inc

9,534,448‌

76,263

Molson

Coors

Brewing

Co

(Class

B)

4,536,123‌

597,286

Mondelez

International,

Inc

45,823,782‌

25,034

*

Monster

Beverage

Corp

1,401,904‌

93,670

PepsiCo,

Inc

17,880,666‌

83

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

FOOD,

BEVERAGE

&

TOBACCO—continued

678,359

Philip

Morris

International,

Inc

$

67,815,549‌

7,625

*

Pilgrim's

Pride

Corp

173,926‌

24,285

*

Post

Holdings,

Inc

2,197,550‌

119

Seaboard

Corp

468,987‌

119,902

Tyson

Foods,

Inc

(Class

A)

7,492,676‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

352,078,110‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

6

.6

%

651,475

Abbott

Laboratories

71,968,443‌

37,760

*

Acadia

Healthcare

Co,

Inc

2,729,670‌

4,438

*,e

agilon

health,

Inc

107,710‌

8,589

*

Align

Technology,

Inc

2,794,002‌

13,998

*

Amedisys,

Inc

1,124,039‌

184,137

Baxter

International,

Inc

8,779,652‌

124,732

Becton

Dickinson

&

Co

32,967,915‌

622,043

*

Boston

Scientific

Corp

32,420,881‌

114,197

Cardinal

Health,

Inc

9,375,574‌

238,649

*

Centene

Corp

16,450,076‌

20,964

*

Certara,

Inc

506,700‌

4,103

Chemed

Corp

2,261,779‌

107,541

Cigna

Corp

27,239,060‌

21,005

Cooper

Cos,

Inc

8,012,357‌

563,135

CVS

Health

Corp

41,283,427‌

5,205

*

Definitive

Healthcare

Corp

55,693‌

94,162

Dentsply

Sirona,

Inc

3,948,213‌

29,812

*

Doximity,

Inc

1,095,591‌

73,124

Elevance

Health,

Inc

34,269,563‌

42,873

Encompass

Health

Corp

2,750,303‌

21,436

*

Enhabit,

Inc

262,591‌

20,072

*

Enovis

Corp

1,169,194‌

69,923

*

Envista

Holdings

Corp

2,691,336‌

150,103

*

GE

HealthCare

Technologies,

Inc

12,209,378‌

29,914

*

Globus

Medical,

Inc

1,739,200‌

88,498

HCA

Healthcare,

Inc

25,428,130‌

57,954

*

Henry

Schein,

Inc

4,683,263‌

106,170

*

Hologic,

Inc

9,131,682‌

16,317

Humana,

Inc

8,656,005‌

7,296

*

ICU

Medical,

Inc

1,379,965‌

30,729

*

Integra

LifeSciences

Holdings

Corp

1,699,928‌

12,396

*

Intuitive

Surgical,

Inc

3,733,923‌

38,636

Laboratory

Corp

of

America

Holdings

8,759,168‌

5,088

*

Masimo

Corp

962,344‌

48,320

McKesson

Corp

17,600,077‌

582,925

Medtronic

plc

53,017,029‌

5,528

*

Molina

Healthcare,

Inc

1,646,736‌

50,996

*

Oak

Street

Health,

Inc

1,987,314‌

51,662

Premier,

Inc

1,721,894‌

48,532

Quest

Diagnostics,

Inc

6,736,727‌

21,688

*

QuidelOrtho

Corp

1,950,836‌

43,203

STERIS

plc

8,145,926‌

71,396

Stryker

Corp

21,393,811‌

1,936

*

Tandem

Diabetes

Care,

Inc

76,627‌

65,619

*

Teladoc,

Inc

1,740,872‌

20,443

Teleflex,

Inc

5,571,126‌

46,535

*

Tenet

Healthcare

Corp

3,411,946‌

37,217

UnitedHealth

Group,

Inc

18,314,114‌

26,722

Universal

Health

Services,

Inc

(Class

B)

4,017,653‌

92,520

Zimmer

Biomet

Holdings,

Inc

12,808,469‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

542,787,912‌

Large-Cap

Value

Index

Fund

April

30,

2023

84

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1

.5

%

57,881

Church

&

Dwight

Co,

Inc

$

5,621,403‌

9,316

Clorox

Co

1,542,916‌

139,564

Colgate-Palmolive

Co

11,137,207‌

154,111

*

Coty,

Inc

1,829,298‌

60,223

Kimberly-Clark

Corp

8,725,710‌

592,571

Procter

&

Gamble

Co

92,666,253‌

23,360

Reynolds

Consumer

Products,

Inc

654,781‌

17,607

Spectrum

Brands

Holdings,

Inc

1,170,865‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

123,348,433‌

INSURANCE

-

3

.4

%

266,273

Aflac,

Inc

18,599,169‌

115,027

Allstate

Corp

13,315,526‌

29,150

American

Financial

Group,

Inc

3,577,580‌

326,633

American

International

Group,

Inc

17,324,614‌

5,296

Aon

plc

1,722,153‌

103,630

*

Arch

Capital

Group

Ltd

7,779,504‌

80,290

Arthur

J.

Gallagher

&

Co

16,705,137‌

21,080

Assurant,

Inc

2,595,580‌

25,360

Assured

Guaranty

Ltd

1,366,143‌

34,581

Axis

Capital

Holdings

Ltd

1,955,210‌

30,786

*

Brighthouse

Financial,

Inc

1,360,741‌

95,220

Brown

&

Brown,

Inc

6,131,216‌

182,313

Chubb

Ltd

36,747,008‌

66,218

Cincinnati

Financial

Corp

7,048,244‌

17,311

CNA

Financial

Corp

673,571‌

3,053

Erie

Indemnity

Co

(Class

A)

663,509‌

11,729

Everest

Re

Group

Ltd

4,433,562‌

7,735

F&G

Annuities

&

Life,

Inc

141,783‌

112,445

Fidelity

National

Financial

Inc

3,990,673‌

44,677

First

American

Financial

Corp

2,573,842‌

38,162

Globe

Life,

Inc

4,141,340‌

15,500

Hanover

Insurance

Group,

Inc

1,853,180‌

137,749

Hartford

Financial

Services

Group,

Inc

9,778,802‌

27,102

Kemper

Corp

1,318,512‌

59,093

Lincoln

National

Corp

1,284,091‌

84,275

Loews

Corp

4,851,712‌

4,385

*

Markel

Corp

6,001,004‌

23,485

Marsh

&

McLennan

Cos,

Inc

4,231,762‌

289,060

Metlife,

Inc

17,728,050‌

123,727

Old

Republic

International

Corp

3,126,581‌

16,037

Primerica,

Inc

2,926,913‌

104,230

Principal

Financial

Group

7,784,939‌

34,071

Progressive

Corp

4,647,284‌

159,802

Prudential

Financial,

Inc

13,902,774‌

28,321

Reinsurance

Group

of

America,

Inc

(Class

A)

4,030,645‌

8,478

RenaissanceRe

Holdings

Ltd

1,826,246‌

101,788

Travelers

Cos,

Inc

18,437,878‌

87,099

Unum

Group

3,675,578‌

89,839

W.R.

Berkley

Corp

5,293,314‌

1,145

White

Mountains

Insurance

Group

Ltd

1,639,800‌

47,160

Willis

Towers

Watson

plc

10,922,256‌

TOTAL

INSURANCE

278,107,426‌

MATERIALS

-

4

.4

%

96,632

Air

Products

&

Chemicals,

Inc

28,444,596‌

24,725

Albemarle

Corp

4,585,498‌

78,659

Alcoa

Corp

2,921,395‌

645,059

Amcor

plc

7,076,297‌

28,204

Aptargroup,

Inc

3,342,456‌

10,402

*,†

Ardagh

Group

S.A.

106,100‌

85

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

MATERIALS—continued

20,854

Ardagh

Metal

Packaging

S.A.

$

85,084‌

21,804

Ashland

Global

Holdings,

Inc

2,215,504‌

13,386

Avery

Dennison

Corp

2,335,589‌

71,343

*

Axalta

Coating

Systems

Ltd

2,252,298‌

81,544

Ball

Corp

4,336,510‌

27,048

Berry

Global

Group,

Inc

1,563,645‌

47,291

Celanese

Corp

(Series

A)

5,024,196‌

26,826

Chemours

Co

779,832‌

220,281

*

Cleveland-Cliffs,

Inc

3,387,922‌

312,676

Corteva,

Inc

19,110,757‌

6,146

Crown

Holdings,

Inc

527,204‌

305,281

Dow,

Inc

16,607,286‌

198,732

DuPont

de

Nemours,

Inc

13,855,595‌

2,919

Eagle

Materials,

Inc

432,625‌

52,478

Eastman

Chemical

Co

4,422,321‌

13,165

Ecolab,

Inc

2,209,614‌

95,900

Element

Solutions,

Inc

1,740,585‌

35,599

FMC

Corp

4,399,324‌

625,071

Freeport-McMoRan,

Inc

(Class

B)

23,696,442‌

286,708

*,e

Ginkgo

Bioworks

Holdings,

Inc

349,784‌

30,661

Graphic

Packaging

Holding

Co

756,100‌

79,062

Huntsman

Corp

2,118,071‌

111,066

International

Flavors

&

Fragrances,

Inc

10,768,959‌

153,377

International

Paper

Co

5,078,312‌

170,898

Linde

plc

63,138,266‌

29,184

Louisiana-Pacific

Corp

1,743,452‌

112,652

LyondellBasell

Industries

NV

10,658,006‌

24,583

Martin

Marietta

Materials,

Inc

8,928,546‌

131,354

Mosaic

Co

5,628,519‌

2,870

NewMarket

Corp

1,146,852‌

344,719

Newmont

Goldcorp

Corp

16,339,681‌

111,904

Nucor

Corp

16,581,935‌

54,589

Olin

Corp

3,024,231‌

40,279

Packaging

Corp

of

America

5,448,138‌

47,927

PPG

Industries,

Inc

6,722,241‌

25,786

Reliance

Steel

&

Aluminum

Co

6,389,771‌

27,350

Royal

Gold,

Inc

3,622,234‌

53,212

RPM

International,

Inc

4,364,980‌

11,626

Scotts

Miracle-Gro

Co

(Class

A)

776,733‌

38,877

Silgan

Holdings,

Inc

1,915,081‌

42,480

Sonoco

Products

Co

2,575,138‌

12,789

Southern

Copper

Corp

982,579‌

92,799

SSR

Mining,

Inc

1,328,882‌

72,085

Steel

Dynamics,

Inc

7,493,236‌

98,297

United

States

Steel

Corp

2,249,035‌

30,073

Vulcan

Materials

Co

5,266,384‌

14,444

Westlake

Chemical

Corp

1,643,438‌

110,520

WestRock

Co

3,307,864‌

TOTAL

MATERIALS

355,805,123‌

MEDIA

&

ENTERTAINMENT

-

6

.7

%

338,979

*

Activision

Blizzard,

Inc

26,342,058‌

343,438

*

Alphabet,

Inc

(Class

A)

36,864,635‌

296,788

*

Alphabet,

Inc

(Class

C)

32,118,397‌

126,043

*

Altice

USA,

Inc

441,151‌

249,685

*,e

AMC

Entertainment

Holdings,

Inc

1,373,268‌

1,093

Cable

One,

Inc

828,942‌

1,831,192

Comcast

Corp

(Class

A)

75,756,413‌

141,914

*

DISH

Network

Corp

(Class

A)

1,065,774‌

112,267

Electronic

Arts,

Inc

14,289,344‌

125,488

Fox

Corp

(Class

A)

4,173,731‌

Large-Cap

Value

Index

Fund

April

30,

2023

86

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

MEDIA

&

ENTERTAINMENT—continued

63,346

Fox

Corp

(Class

B)

$

1,934,587‌

32,870

*

IAC

1,701,680‌

169,544

Interpublic

Group

of

Cos,

Inc

6,057,807‌

4,879

Liberty

Broadband

Corp

(Class

A)

412,422‌

28,059

*

Liberty

Broadband

Corp

(Class

C)

2,378,842‌

8,554

*

Liberty

Media

Group

(Class

A)

554,128‌

77,483

*

Liberty

Media

Group

(Class

C)

5,593,498‌

23,729

*

Liberty

SiriusXM

Group

(Class

A)

666,785‌

48,921

*

Liberty

SiriusXM

Group

(Class

C)

1,366,853‌

33,559

*

Live

Nation,

Inc

2,274,629‌

4,162

Madison

Square

Garden

Co

834,481‌

7,859

*

Match

Group,

Inc

289,997‌

765,969

*

Meta

Platforms,

Inc

184,077,670‌

104,847

*

Netflix,

Inc

34,592,171‌

69,681

New

York

Times

Co

(Class

A)

2,769,820‌

166,229

News

Corp

(Class

A)

2,927,293‌

53,175

News

Corp

(Class

B)

943,856‌

13,903

Nexstar

Media

Group

Inc

2,411,475‌

87,795

Omnicom

Group,

Inc

7,951,593‌

901

Paramount

Global

(Class

A)

23,840‌

249,815

Paramount

Global

(Class

B)

5,828,184‌

203,534

*

Pinterest,

Inc

4,681,282‌

37,216

*

Roku,

Inc

2,091,911‌

275,504

e

Sirius

XM

Holdings,

Inc

1,046,915‌

13,136

*

Take-Two

Interactive

Software,

Inc

1,632,673‌

41,086

*

TripAdvisor,

Inc

728,455‌

744,086

*

Walt

Disney

Co

76,268,815‌

270,007

*

Warner

Bros

Discovery,

Inc

3,674,795‌

TOTAL

MEDIA

&

ENTERTAINMENT

548,970,170‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

9

.8

%

4,141

*

10X

Genomics,

Inc

217,113‌

13,579

Agilent

Technologies,

Inc

1,839,004‌

37,526

Amgen,

Inc

8,996,483‌

18,957

*

Avantor,

Inc

369,282‌

62,323

*

Biogen,

Inc

18,960,526‌

80,319

*

BioMarin

Pharmaceutical,

Inc

7,713,837‌

9,224

*

Bio-Rad

Laboratories,

Inc

(Class

A)

4,158,087‌

932,416

Bristol-Myers

Squibb

Co

62,257,416‌

32,422

*

Brooks

Automation,

Inc

1,410,033‌

54,379

*

Catalent,

Inc

2,725,476‌

1,350

*

Charles

River

Laboratories

International,

Inc

256,662‌

263,187

Danaher

Corp

62,351,632‌

196,078

*

Elanco

Animal

Health,

Inc

1,856,859‌

68,466

Eli

Lilly

&

Co

27,102,951‌

61,424

*

Exact

Sciences

Corp

3,935,436‌

19,168

*

Exelixis,

Inc

350,774‌

547,483

Gilead

Sciences,

Inc

45,008,578‌

6,883

*

Horizon

Therapeutics

Plc

765,114‌

68,506

*

Illumina,

Inc

14,082,093‌

10,993

*

Incyte

Corp

817,989‌

4,767

*

Ionis

Pharmaceuticals,

Inc

168,609‌

26,846

*

Jazz

Pharmaceuticals

plc

3,771,058‌

1,150,929

Johnson

&

Johnson

188,407,077‌

643,282

Merck

&

Co,

Inc

74,279,773‌

18,838

*

Mirati

Therapeutics,

Inc

834,712‌

137,482

*

Moderna,

Inc

18,269,983‌

2,288

*

Natera,

Inc

116,047‌

109,070

Organon

&

Co

2,686,394‌

54,161

PerkinElmer,

Inc

7,067,469‌

58,349

Perrigo

Co

plc

2,169,999‌

87

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

2,471,962

Pfizer,

Inc

$

96,134,602‌

101,287

*

QIAGEN

NV

4,518,413‌

38,936

*

Regeneron

Pharmaceuticals,

Inc

31,218,496‌

6,973

*

Repligen

Corp

1,057,316‌

163,366

Royalty

Pharma

plc

5,742,315‌

38,100

*

Syneos

Health,

Inc

1,495,806‌

150,319

Thermo

Fisher

Scientific,

Inc

83,412,013‌

7,093

*

Ultragenyx

Pharmaceutical,

Inc

309,751‌

19,356

*

United

Therapeutics

Corp

4,454,396‌

6,259

*

Vertex

Pharmaceuticals,

Inc

2,132,629‌

539,816

Viatris,

Inc

5,036,483‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

798,458,686‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0

.2

%

70,895

*

CBRE

Group,

Inc

5,434,811‌

15,259

*

Howard

Hughes

Corp

1,180,589‌

21,139

*

Jones

Lang

LaSalle,

Inc

2,939,166‌

270,645

*,e

Opendoor

Technologies,

Inc

373,490‌

23,928

*

Zillow

Group,

Inc

(Class

A)

1,023,640‌

65,504

*

Zillow

Group,

Inc

(Class

C)

2,852,044‌

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

13,803,740‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

2

.4

%

149,838

*

Advanced

Micro

Devices,

Inc

13,391,022‌

177,481

Analog

Devices,

Inc

31,925,282‌

23,792

*

Cirrus

Logic,

Inc

2,041,116‌

46,457

*

First

Solar,

Inc

8,482,119‌

21,714

*,e

GLOBALFOUNDRIES,

Inc

1,276,783‌

1,814,404

Intel

Corp

56,355,388‌

369,557

Marvell

Technology,

Inc

14,590,110‌

34,027

Microchip

Technology,

Inc

2,483,631‌

384,840

Micron

Technology,

Inc

24,768,303‌

24,297

MKS

Instruments,

Inc

2,037,789‌

70,936

*

ON

Semiconductor

Corp

5,104,555‌

44,097

*

Qorvo,

Inc

4,060,452‌

69,446

Skyworks

Solutions,

Inc

7,354,331‌

6,516

Teradyne,

Inc

595,432‌

124,921

Texas

Instruments,

Inc

20,886,791‌

52,630

*,e

Wolfspeed,

Inc

2,449,927‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

197,803,031‌

SOFTWARE

&

SERVICES

-

2

.6

%

67,634

*

Akamai

Technologies,

Inc

5,543,959‌

52,741

Amdocs

Ltd

4,812,616‌

17,876

*

Ansys,

Inc

5,611,634‌

43,190

*

Bill.Com

Holdings,

Inc

3,317,424‌

61,535

*

Black

Knight,

Inc

3,362,272‌

45,306

*

CCC

Intelligent

Solutions

Holdings,

Inc

393,256‌

48,539

*

Ceridian

HCM

Holding,

Inc

3,081,256‌

223,968

Cognizant

Technology

Solutions

Corp

(Class

A)

13,373,129‌

25,570

Dolby

Laboratories,

Inc

(Class

A)

2,139,953‌

3,604

*

DoubleVerify

Holdings,

Inc

106,030‌

8,345

*

Dropbox,

Inc

169,737‌

101,059

*

DXC

Technology

Co

2,410,257‌

152,672

Gen

Digital,

Inc

2,697,714‌

57,971

*

GoDaddy,

Inc

4,387,245‌

36,069

*

Guidewire

Software,

Inc

2,748,097‌

15,363

*

Informatica,

Inc

237,512‌

131,982

International

Business

Machines

Corp

16,683,845‌

4,374

*

Jamf

Holding

Corp

82,756‌

91,176

*

Kyndryl

Holdings,

Inc

1,318,405‌

Large-Cap

Value

Index

Fund

April

30,

2023

88

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES—continued

10,532

*

Manhattan

Associates,

Inc

$

1,744,942‌

19,775

*

nCino

OpCo,

Inc

489,036‌

52,755

*

NCR

Corp

1,175,909‌

50,007

*

Nutanix,

Inc

1,199,168‌

56,416

*

Okta,

Inc

3,866,189‌

209,440

Oracle

Corp

19,838,157‌

26,710

*

Paycor

HCM,

Inc

627,685‌

7,111

*

Procore

Technologies,

Inc

379,799‌

46,131

Roper

Technologies,

Inc

20,979,456‌

331,264

*

Salesforce,

Inc

65,712,840‌

22,292

*

SentinelOne,

Inc

358,232‌

8,591

*

Snowflake,

Inc

1,272,155‌

20,897

*

Teradata

Corp

808,923‌

46,716

*

Twilio,

Inc

2,457,729‌

2,320

*

Tyler

Technologies,

Inc

879,350‌

148,329

*

UiPath,

Inc

2,088,472‌

34,914

*

Unity

Software,

Inc

941,631‌

36,179

*

VeriSign,

Inc

8,024,502‌

47,879

*

VMware,

Inc

(Class

A)

5,986,311‌

5,218

*

Wix.com

Ltd

455,166‌

55,431

*

Zoom

Video

Communications,

Inc

3,405,126‌

TOTAL

SOFTWARE

&

SERVICES

215,167,875‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

2

.4

%

62,855

Amphenol

Corp

(Class

A)

4,743,667‌

23,703

*

Arrow

Electronics,

Inc

2,712,334‌

41,159

Avnet,

Inc

1,698,220‌

63,069

*

Ciena

Corp

2,903,697‌

1,797,706

Cisco

Systems,

Inc

84,941,608‌

5,248

Cognex

Corp

250,277‌

41,821

*

Coherent

Corp

1,427,769‌

303,815

Corning,

Inc

10,092,734‌

87,106

Dell

Technologies,

Inc

3,788,240‌

25,967

*

F5

Networks,

Inc

3,488,926‌

557,530

Hewlett

Packard

Enterprise

Co

7,983,830‌

232,540

HP,

Inc

6,908,763‌

14,531

*

IPG

Photonics

Corp

1,670,774‌

10,946

Jabil

Inc

855,430‌

140,277

Juniper

Networks,

Inc

4,229,352‌

5,995

*

Keysight

Technologies,

Inc

867,117‌

10,318

Littelfuse,

Inc

2,499,432‌

29,651

*

Lumentum

Holdings,

Inc

1,430,661‌

71,898

Motorola

Solutions,

Inc

20,951,077‌

50,498

National

Instruments

Corp

2,940,499‌

20,093

SYNNEX

Corp

1,789,081‌

20,298

*

Teledyne

Technologies,

Inc

8,411,491‌

105,929

*

Trimble

Inc

4,989,256‌

1,008

e

Ubiquiti,

Inc

234,410‌

30,185

*

Viasat,

Inc

1,057,381‌

25,216

Vontier

Corp

684,110‌

136,636

*

Western

Digital

Corp

4,705,744‌

13,758

*

Zebra

Technologies

Corp

(Class

A)

3,962,717‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

192,218,597‌

TELECOMMUNICATION

SERVICES

-

2

.0

%

3,136,665

AT&T,

Inc

55,424,871‌

107,225

*

Frontier

Communications

Parent,

Inc

2,416,852‌

439,592

Lumen

Technologies,

Inc

1,041,833‌

255,557

*

T-Mobile

US,

Inc

36,774,652‌

89

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

TELECOMMUNICATION

SERVICES—continued

1,833,109

Verizon

Communications,

Inc

$

71,179,622‌

TOTAL

TELECOMMUNICATION

SERVICES

166,837,830‌

TRANSPORTATION

-

1

.5

%

53,700

*

Alaska

Air

Group,

Inc

2,333,802‌

35,127

AMERCO

1,900,371‌

3,903

e

Amerco,

Inc

238,317‌

287,927

*

American

Airlines

Group,

Inc

3,927,324‌

11,681

*

Avis

Budget

Group,

Inc

2,063,682‌

36,909

CH

Robinson

Worldwide,

Inc

3,723,011‌

12,432

Copa

Holdings

S.A.

(Class

A)

1,122,858‌

687,257

CSX

Corp

21,057,555‌

48,046

Expeditors

International

of

Washington,

Inc

5,469,557‌

102,119

FedEx

Corp

23,260,666‌

41,203

*

GXO

Logistics,

Inc

2,189,115‌

80,055

*

Hertz

Global

Holdings,

Inc

1,335,318‌

4,049

JB

Hunt

Transport

Services,

Inc

709,749‌

156,328

*

JetBlue

Airways

Corp

1,116,182‌

26,200

*

Kirby

Corp

1,882,208‌

66,135

Knight-Swift

Transportation

Holdings,

Inc

3,724,723‌

1,857

Landstar

System,

Inc

326,888‌

26,841

*

Lyft,

Inc

(Class

A)

275,120‌

98,640

Norfolk

Southern

Corp

20,026,879‌

49,455

*

RXO,

Inc

894,641‌

21,779

Ryder

System,

Inc

1,724,026‌

21,693

Schneider

National,

Inc

567,706‌

263,715

Southwest

Airlines

Co

7,987,927‌

110,116

*

Uber

Technologies,

Inc

3,419,102‌

141,274

*

United

Airlines

Holdings

Inc

6,187,801‌

36,014

United

Parcel

Service,

Inc

(Class

B)

6,475,677‌

41,407

*

XPO

Logistics,

Inc

1,829,361‌

TOTAL

TRANSPORTATION

125,769,566‌

UTILITIES

-

5

.6

%

237,691

AES

Corp

5,623,769‌

106,785

Alliant

Energy

Corp

5,888,125‌

111,586

Ameren

Corp

9,927,806‌

224,851

American

Electric

Power

Co,

Inc

20,780,729‌

84,408

American

Water

Works

Co,

Inc

12,513,486‌

62,771

Atmos

Energy

Corp

7,164,682‌

31,209

e

Avangrid,

Inc

1,256,474‌

55,901

Brookfield

Renewable

Corp

1,867,652‌

273,900

Centerpoint

Energy,

Inc

8,345,733‌

123,249

CMS

Energy

Corp

7,673,483‌

156,789

Consolidated

Edison,

Inc

15,439,013‌

142,019

Constellation

Energy

Corp

10,992,271‌

361,047

Dominion

Energy,

Inc

20,630,226‌

84,043

DTE

Energy

Co

9,447,274‌

337,957

Duke

Energy

Corp

33,417,188‌

163,620

Edison

International

12,042,432‌

88,855

Entergy

Corp

9,559,021‌

100,860

Essential

Utilities

Inc

4,306,722‌

96,934

Evergy,

Inc

6,020,571‌

148,676

Eversource

Energy

11,538,744‌

431,408

Exelon

Corp

18,308,956‌

237,529

FirstEnergy

Corp

9,453,654‌

48,916

Hawaiian

Electric

Industries,

Inc

1,917,996‌

22,877

Idacorp,

Inc

2,542,092‌

35,595

National

Fuel

Gas

Co

1,989,761‌

869,465

NextEra

Energy,

Inc

66,627,103‌

177,763

NiSource,

Inc

5,059,135‌

Large-Cap

Value

Index

Fund

April

30,

2023

90

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

UTILITIES—continued

94,735

NRG

Energy,

Inc

$

3,237,095‌

87,691

OGE

Energy

Corp

3,291,920‌

723,875

*

PG&E

Corp

12,385,501‌

50,445

Pinnacle

West

Capital

Corp

3,957,915‌

321,598

PPL

Corp

9,236,295‌

218,010

Public

Service

Enterprise

Group,

Inc

13,778,232‌

137,622

Sempra

Energy

21,398,845‌

476,944

Southern

Co

35,079,231‌

91,146

UGI

Corp

3,088,026‌

74,753

Vistra

Energy

Corp

1,783,607‌

137,700

WEC

Energy

Group,

Inc

13,242,609‌

238,528

Xcel

Energy,

Inc

16,675,492‌

TOTAL

UTILITIES

457,488,866‌

TOTAL

COMMON

STOCKS

8,182,067,170‌

(Cost

$6,022,653,452)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

0.3%

REPURCHASE

AGREEMENT

-

0

.1

%

$

5,420,000

r

Fixed

Income

Clearing

Corp

(FICC)

4

.800

%

05/01/23

5,420,000‌

TOTAL

REPURCHASE

AGREEMENT

5,420,000‌

SHARES

COMPANY

EXP

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

0

.2

%

14,655,393

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.840

14,655,393‌

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

14,655,393‌

TOTAL

SHORT-TERM

INVESTMENTS

20,075,393‌

(Cost

$20,075,393)

TOTAL

INVESTMENTS

-

100.2%

8,202,142,563‌

(Cost

$6,042,728,845)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.2)%

(

14,354,516‌

)

NET

ASSETS

-

100.0%

$

8,187,788,047‌

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

†

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$24,841,116.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.800%

dated

4/28/23

to

be

repurchased

at

$5,420,000

on

5/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

3.875%

and

maturity

date

3/31/25,

valued

at

$5,528,422.

Portfolios

of

Investments

(Unaudited)

S&P

500

Index

Fund

April

30,

2023

91

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMON

STOCKS

-

99.3%

AUTOMOBILES

&

COMPONENTS

-

1

.6

%

59,391

*

Aptiv

plc

$

6,108,958‌

52,065

BorgWarner,

Inc

2,505,888‌

828,979

Ford

Motor

Co

9,848,271‌

296,757

General

Motors

Co

9,804,851‌

576,102

*

Tesla,

Inc

94,659,320‌

TOTAL

AUTOMOBILES

&

COMPONENTS

122,927,288‌

BANKS

-

3

.1

%

1,491,137

Bank

of

America

Corp

43,660,491‌

413,977

Citigroup,

Inc

19,485,897‌

105,254

Citizens

Financial

Group,

Inc

3,256,559‌

27,942

Comerica,

Inc

1,211,845‌

144,737

Fifth

Third

Bancorp

3,792,109‌

311,014

Huntington

Bancshares,

Inc

3,483,357‌

628,471

JPMorgan

Chase

&

Co

86,879,831‌

214,546

Keycorp

2,415,788‌

36,834

M&T

Bank

Corp

4,633,717‌

85,149

PNC

Financial

Services

Group,

Inc

11,090,657‌

199,876

Regions

Financial

Corp

3,649,736‌

287,606

Truist

Financial

Corp

9,370,204‌

297,999

US

Bancorp

10,215,406‌

813,824

Wells

Fargo

&

Co

32,349,504‌

32,129

Zions

Bancorporation

895,114‌

TOTAL

BANKS

236,390,215‌

CAPITAL

GOODS

-

5

.5

%

117,818

3M

Co

12,514,628‌

28,784

A.O.

Smith

Corp

1,965,659‌

20,001

Allegion

plc

2,209,710‌

49,498

Ametek,

Inc

6,827,259‌

120,639

*

Boeing

Co

24,945,732‌

176,030

Carrier

Global

Corp

7,361,575‌

111,423

Caterpillar,

Inc

24,379,352‌

29,604

Cummins,

Inc

6,958,124‌

58,079

Deere

&

Co

21,955,024‌

28,458

Dover

Corp

4,159,421‌

84,269

Eaton

Corp

14,083,035‌

120,805

Emerson

Electric

Co

10,058,224‌

121,051

Fastenal

Co

6,517,386‌

75,820

Fortive

Corp

4,783,484‌

13,740

*

Generac

Holdings,

Inc

1,404,503‌

48,235

General

Dynamics

Corp

10,531,630‌

232,883

General

Electric

Co

23,048,431‌

143,307

Honeywell

International,

Inc

28,638,471‌

75,403

Howmet

Aerospace,

Inc

3,339,599‌

9,115

Huntington

Ingalls

1,838,131‌

16,103

IDEX

Corp

3,322,371‌

59,405

Illinois

Tool

Works,

Inc

14,372,446‌

85,955

Ingersoll

Rand,

Inc

4,901,154‌

147,903

Johnson

Controls

International

plc

8,850,516‌

41,513

L3Harris

Technologies,

Inc

8,101,262‌

48,529

Lockheed

Martin

Corp

22,539,294‌

50,263

Masco

Corp

2,689,573‌

10,954

Nordson

Corp

2,369,460‌

30,721

Northrop

Grumman

Corp

14,170,676‌

89,071

Otis

Worldwide

Corp

7,597,756‌

112,781

PACCAR,

Inc

8,423,613‌

27,044

Parker-Hannifin

Corp

8,786,055‌

38,310

Pentair

plc

2,225,045‌

S&P

500

Index

Fund

April

30,

2023

92

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

31,132

Quanta

Services,

Inc

$

5,281,232‌

314,298

Raytheon

Technologies

Corp

31,398,370‌

24,811

Rockwell

Automation,

Inc

7,031,686‌

11,791

Snap-On,

Inc

3,058,703‌

33,291

Stanley

Black

&

Decker,

Inc

2,874,345‌

43,484

Textron,

Inc

2,910,819‌

48,940

Trane

Technologies

plc

9,093,541‌

10,904

TransDigm

Group,

Inc

8,341,560‌

14,620

United

Rentals,

Inc

5,279,428‌

9,675

W.W.

Grainger,

Inc

6,729,640‌

38,990

Westinghouse

Air

Brake

Technologies

Corp

3,808,153‌

39,203

Xylem,

Inc

4,070,840‌

TOTAL

CAPITAL

GOODS

415,746,916‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1

.2

%

88,936

Automatic

Data

Processing,

Inc

19,565,920‌

25,548

Broadridge

Financial

Solutions,

Inc

3,714,935‌

18,216

Cintas

Corp

8,302,306‌

91,625

*

Copart,

Inc

7,242,956‌

85,852

*

CoStar

Group,

Inc

6,606,312‌

25,753

Equifax,

Inc

5,366,410‌

26,819

Jacobs

Solutions,

Inc

3,096,522‌

28,147

Leidos

Holdings,

Inc

2,624,989‌

67,663

Paychex,

Inc

7,433,457‌

43,581

Republic

Services,

Inc

6,302,684‌

22,494

Robert

Half

International,

Inc

1,642,062‌

50,118

Rollins,

Inc

2,117,486‌

33,349

Verisk

Analytics,

Inc

6,473,374‌

79,934

Waste

Management,

Inc

13,273,041‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

93,762,454‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

5

.1

%

12,960

Advance

Auto

Parts,

Inc

1,626,869‌

1,909,744

*

Amazon.com,

Inc

201,382,505‌

4,048

*

AutoZone,

Inc

10,781,079‌

49,358

Bath

&

Body

Works,

Inc

1,732,466‌

43,667

Best

Buy

Co,

Inc

3,254,065‌

33,507

*

CarMax,

Inc

2,346,495‌

117,641

eBay,

Inc

5,462,071‌

27,111

*

Etsy,

Inc

2,739,024‌

29,457

Genuine

Parts

Co

4,957,908‌

218,305

Home

Depot,

Inc

65,609,385‌

53,508

LKQ

Corp

3,089,017‌

129,603

Lowe's

Companies,

Inc

26,935,391‌

13,321

*

O'Reilly

Automotive,

Inc

12,219,486‌

8,446

Pool

Corp

2,967,249‌

73,255

Ross

Stores,

Inc

7,818,506‌

248,177

TJX

Companies,

Inc

19,561,311‌

23,052

Tractor

Supply

Co

5,495,597‌

10,991

*

Ulta

Beauty,

Inc

6,060,767‌

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

384,039,191‌

CONSUMER

DURABLES

&

APPAREL

-

0

.9

%

66,221

DR

Horton,

Inc

7,272,390‌

32,958

*

Garmin

Ltd

3,235,487‌

26,063

Hasbro,

Inc

1,543,451‌

54,565

Lennar

Corp

(Class

A)

6,155,478‌

11,347

*

Mohawk

Industries,

Inc

1,201,647‌

81,626

Newell

Brands

Inc

991,756‌

266,104

Nike,

Inc

(Class

B)

33,720,699‌

642

*

NVR,

Inc

3,749,280‌

93

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

DURABLES

&

APPAREL—continued

49,766

Pulte

Homes,

Inc

$

3,341,787‌

8,840

Ralph

Lauren

Corp

1,014,743‌

51,575

Tapestry,

Inc

2,104,776‌

72,161

VF

Corp

1,696,505‌

11,311

Whirlpool

Corp

1,578,902‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

67,606,901‌

CONSUMER

SERVICES

-

2

.2

%

8,297

*

Booking

Holdings,

Inc

22,288,314‌

46,453

*

Caesars

Entertainment,

Inc

2,103,856‌

217,959

*,e

Carnival

Corp

2,007,402‌

5,878

*

Chipotle

Mexican

Grill,

Inc

(Class

A)

12,153,470‌

26,503

Darden

Restaurants,

Inc

4,026,601‌

7,397

Domino's

Pizza,

Inc

2,348,326‌

31,628

*

Expedia

Group,

Inc

2,971,767‌

56,135

Hilton

Worldwide

Holdings,

Inc

8,084,563‌

71,015

*

Las

Vegas

Sands

Corp

4,534,308‌

57,081

Marriott

International,

Inc

(Class

A)

9,666,096‌

156,669

McDonald's

Corp

46,334,857‌

67,636

MGM

Resorts

International

3,038,209‌

95,480

*,e

Norwegian

Cruise

Line

Holdings

Ltd

1,274,658‌

44,840

*

Royal

Caribbean

Cruises

Ltd

2,933,881‌

245,889

Starbucks

Corp

28,102,654‌

22,831

*

Wynn

Resorts

Ltd

2,609,127‌

60,933

Yum!

Brands,

Inc

8,565,961‌

TOTAL

CONSUMER

SERVICES

163,044,050‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1

.9

%

95,086

Costco

Wholesale

Corp

47,849,177‌

47,520

Dollar

General

Corp

10,523,779‌

45,147

*

Dollar

Tree,

Inc

6,939,545‌

137,437

Kroger

Co

6,683,561‌

109,024

SYSCO

Corp

8,366,502‌

98,630

Target

Corp

15,558,883‌

153,207

Walgreens

Boots

Alliance,

Inc

5,400,547‌

300,564

Walmart,

Inc

45,376,147‌

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

146,698,141‌

ENERGY

-

4

.7

%

70,216

APA

Corp

2,587,460‌

216,917

Baker

Hughes

Co

6,342,653‌

170,369

Cabot

Oil

&

Gas

Corp

4,361,446‌

381,138

Chevron

Corp

64,252,244‌

263,588

ConocoPhillips

27,120,569‌

139,774

Devon

Energy

Corp

7,468,125‌

39,723

Diamondback

Energy,

Inc

5,648,611‌

125,901

EOG

Resources,

Inc

15,041,393‌

82,836

EQT

Corp

2,886,006‌

882,106

Exxon

Mobil

Corp

104,388,424‌

192,855

Halliburton

Co

6,316,001‌

59,577

Hess

Corp

8,642,240‌

425,932

Kinder

Morgan,

Inc

7,304,734‌

132,719

Marathon

Oil

Corp

3,206,491‌

97,744

Marathon

Petroleum

Corp

11,924,768‌

155,305

Occidental

Petroleum

Corp

9,555,917‌

95,035

ONEOK,

Inc

6,216,239‌

98,638

Phillips

66

9,765,162‌

50,206

Pioneer

Natural

Resources

Co

10,922,315‌

304,173

Schlumberger

Ltd

15,010,938‌

46,919

Targa

Resources

Investments,

Inc

3,543,792‌

82,105

Valero

Energy

Corp

9,414,980‌

S&P

500

Index

Fund

April

30,

2023

94

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

ENERGY—continued

264,232

Williams

Cos,

Inc

$

7,995,660‌

TOTAL

ENERGY

349,916,168‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

2

.4

%

33,464

Alexandria

Real

Estate

Equities,

Inc

4,155,560‌

99,413

American

Tower

Corp

20,319,023‌

29,324

AvalonBay

Communities,

Inc

5,289,170‌

34,520

Boston

Properties,

Inc

1,841,987‌

24,314

Camden

Property

Trust

2,675,756‌

91,555

Crown

Castle

International

Corp

11,269,505‌

61,608

Digital

Realty

Trust,

Inc

6,108,433‌

19,857

Equinix,

Inc

14,378,057‌

69,842

Equity

Residential

4,417,507‌

13,822

Essex

Property

Trust,

Inc

3,037,108‌

28,209

Extra

Space

Storage,

Inc

4,288,896‌

16,965

Federal

Realty

Investment

Trust

1,677,669‌

118,865

Healthpeak

Properties

Inc

2,611,464‌

150,719

Host

Hotels

and

Resorts,

Inc

2,437,126‌

119,794

Invitation

Homes,

Inc

3,997,526‌

62,884

Iron

Mountain,

Inc

3,473,712‌

142,558

Kimco

Realty

Corp

2,735,688‌

24,060

Mid-America

Apartment

Communities,

Inc

3,700,428‌

197,911

d

Prologis,

Inc

24,788,353‌

33,582

Public

Storage,

Inc

9,900,981‌

132,261

Realty

Income

Corp

8,311,281‌

33,293

Regency

Centers

Corp

2,045,189‌

23,160

SBA

Communications

Corp

6,042,212‌

69,270

Simon

Property

Group,

Inc

7,849,676‌

67,427

UDR,

Inc

2,786,758‌

88,015

Ventas,

Inc

4,229,121‌

213,664

VICI

Properties,

Inc

7,251,756‌

99,727

Welltower,

Inc

7,900,373‌

158,068

Weyerhaeuser

Co

4,727,814‌

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

184,248,129‌

FINANCIAL

SERVICES

-

7

.7

%

127,631

American

Express

Co

20,591,986‌

22,623

Ameriprise

Financial,

Inc

6,902,730‌

155,287

Bank

of

New

York

Mellon

Corp

6,613,673‌

386,168

*

Berkshire

Hathaway,

Inc

(Class

B)

126,875,496‌

32,126

BlackRock,

Inc

21,562,971‌

81,053

Capital

One

Financial

Corp

7,886,457‌

22,920

CBOE

Global

Markets,

Inc

3,201,924‌

326,823

Charles

Schwab

Corp

17,073,234‌

77,218

CME

Group,

Inc

14,344,788‌

58,000

Discover

Financial

Services

6,001,260‌

8,106

Factset

Research

Systems,

Inc

3,337,159‌

126,757

Fidelity

National

Information

Services,

Inc

7,443,171‌

136,182

*

Fiserv,

Inc

16,630,546‌

16,029

*

FleetCor

Technologies,

Inc

3,428,924‌

55,874

Franklin

Resources,

Inc

1,501,893‌

57,391

Global

Payments,

Inc

6,468,540‌

72,466

Goldman

Sachs

Group,

Inc

24,887,723‌

120,567

Intercontinental

Exchange

Group,

Inc

13,133,363‌

107,287

Invesco

Ltd

1,837,826‌

14,549

Jack

Henry

&

Associates,

Inc

2,376,434‌

8,185

MarketAxess

Holdings,

Inc

2,605,859‌

180,826

Mastercard,

Inc

(Class

A)

68,719,305‌

33,334

Moody's

Corp

10,437,542‌

278,791

Morgan

Stanley

25,082,826‌

17,192

MSCI,

Inc

(Class

A)

8,294,280‌

95

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

FINANCIAL

SERVICES—continued

71,448

Nasdaq

Inc

$

3,956,076‌

43,909

Northern

Trust

Corp

3,431,928‌

243,815

*

PayPal

Holdings,

Inc

18,529,940‌

40,980

Raymond

James

Financial,

Inc

3,709,919‌

70,397

S&P

Global,

Inc

25,524,544‌

76,962

State

Street

Corp

5,561,274‌

93,177

Synchrony

Financial

2,749,653‌

48,037

T

Rowe

Price

Group,

Inc

5,395,996‌

348,251

Visa,

Inc

(Class

A)

81,048,455‌

TOTAL

FINANCIAL

SERVICES

577,147,695‌

FOOD,

BEVERAGE

&

TOBACCO

-

3

.7

%

380,396

Altria

Group,

Inc

18,072,614‌

116,664

Archer-Daniels-Midland

Co

9,109,125‌

39,931

Brown-Forman

Corp

(Class

B)

2,599,109‌

31,642

Bunge

Ltd

2,961,691‌

45,763

Campbell

Soup

Co

2,484,931‌

833,890

Coca-Cola

Co

53,494,044‌

101,830

ConAgra

Brands,

Inc

3,865,467‌

34,282

Constellation

Brands,

Inc

(Class

A)

7,866,691‌

126,725

General

Mills,

Inc

11,231,637‌

31,206

Hershey

Co

8,521,110‌

63,092

Hormel

Foods

Corp

2,551,440‌

22,881

J.M.

Smucker

Co

3,533,055‌

54,465

Kellogg

Co

3,800,023‌

181,854

Keurig

Dr

Pepper,

Inc

5,946,626‌

170,375

Kraft

Heinz

Co

6,690,626‌

30,548

Lamb

Weston

Holdings,

Inc

3,415,572‌

55,999

McCormick

&

Co,

Inc

4,919,512‌

42,893

Molson

Coors

Brewing

Co

(Class

B)

2,551,276‌

291,873

Mondelez

International,

Inc

22,392,497‌

165,394

*

Monster

Beverage

Corp

9,262,064‌

294,914

PepsiCo,

Inc

56,296,133‌

332,290

Philip

Morris

International,

Inc

33,219,031‌

58,365

Tyson

Foods,

Inc

(Class

A)

3,647,229‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

278,431,503‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

6

.1

%

373,648

Abbott

Laboratories

41,276,895‌

15,544

*

Align

Technology,

Inc

5,056,463‌

34,221

AmerisourceBergen

Corp

5,709,774‌

109,533

Baxter

International,

Inc

5,222,533‌

61,134

Becton

Dickinson

&

Co

16,158,328‌

307,321

*

Boston

Scientific

Corp

16,017,570‌

57,798

Cardinal

Health,

Inc

4,745,216‌

119,307

*

Centene

Corp

8,223,831‌

63,957

Cigna

Corp

16,199,668‌

10,666

Cooper

Cos,

Inc

4,068,546‌

273,565

CVS

Health

Corp

20,055,050‌

13,625

*

DaVita,

Inc

1,231,155‌

44,965

Dentsply

Sirona,

Inc

1,885,382‌

82,829

*

Dexcom,

Inc

10,050,471‌

130,586

*

Edwards

Lifesciences

Corp

11,488,956‌

51,087

Elevance

Health,

Inc

23,941,923‌

78,737

*

GE

HealthCare

Technologies,

Inc

6,404,468‌

44,914

HCA

Healthcare,

Inc

12,905,140‌

27,628

*

Henry

Schein,

Inc

2,232,619‌

53,492

*

Hologic,

Inc

4,600,847‌

26,957

Humana,

Inc

14,300,419‌

17,642

*

IDEXX

Laboratories,

Inc

8,682,687‌

14,677

*

Insulet

Corp

4,667,873‌

S&P

500

Index

Fund

April

30,

2023

96

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES—continued

74,705

*

Intuitive

Surgical,

Inc

$

22,502,640‌

18,777

Laboratory

Corp

of

America

Holdings

4,256,934‌

29,602

McKesson

Corp

10,782,232‌

283,659

Medtronic

plc

25,798,786‌

12,529

*

Molina

Healthcare,

Inc

3,732,264‌

24,689

Quest

Diagnostics,

Inc

3,427,080‌

31,904

Resmed,

Inc

7,687,588‌

20,742

STERIS

plc

3,910,904‌

72,105

Stryker

Corp

21,606,263‌

10,022

Teleflex,

Inc

2,731,195‌

200,073

UnitedHealth

Group,

Inc

98,453,923‌

14,379

Universal

Health

Services,

Inc

(Class

B)

2,161,883‌

45,453

Zimmer

Biomet

Holdings,

Inc

6,292,513‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

458,470,019‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1

.7

%

52,195

Church

&

Dwight

Co,

Inc

5,069,178‌

26,239

Clorox

Co

4,345,703‌

179,247

Colgate-Palmolive

Co

14,303,911‌

49,618

Estee

Lauder

Cos

(Class

A)

12,241,753‌

73,694

Kimberly-Clark

Corp

10,677,524‌

505,463

Procter

&

Gamble

Co

79,044,304‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

125,682,373‌

INSURANCE

-

2

.2

%

120,025

Aflac,

Inc

8,383,746‌

56,488

Allstate

Corp

6,539,051‌

155,109

American

International

Group,

Inc

8,226,981‌

43,902

Aon

plc

14,276,052‌

80,117

*

Arch

Capital

Group

Ltd

6,014,383‌

45,337

Arthur

J.

Gallagher

&

Co

9,432,816‌

12,080

Assurant,

Inc

1,487,411‌

51,483

Brown

&

Brown,

Inc

3,314,991‌

89,106

Chubb

Ltd

17,960,205‌

33,370

Cincinnati

Financial

Corp

3,551,903‌

8,270

Everest

Re

Group

Ltd

3,126,060‌

19,933

Globe

Life,

Inc

2,163,129‌

67,007

Hartford

Financial

Services

Group,

Inc

4,756,827‌

33,892

Lincoln

National

Corp

736,473‌

44,446

Loews

Corp

2,558,756‌

106,102

Marsh

&

McLennan

Cos,

Inc

19,118,520‌

141,103

Metlife,

Inc

8,653,847‌

47,542

Principal

Financial

Group

3,550,912‌

125,569

Progressive

Corp

17,127,612‌

76,727

Prudential

Financial,

Inc

6,675,249‌

48,921

Travelers

Cos,

Inc

8,861,550‌

43,333

W.R.

Berkley

Corp

2,553,180‌

22,497

Willis

Towers

Watson

plc

5,210,305‌

TOTAL

INSURANCE

164,279,959‌

MATERIALS

-

2

.6

%

47,709

Air

Products

&

Chemicals,

Inc

14,043,621‌

25,733

Albemarle

Corp

4,772,442‌

335,491

Amcor

plc

3,680,336‌

17,087

Avery

Dennison

Corp

2,981,340‌

66,037

Ball

Corp

3,511,848‌

21,757

Celanese

Corp

(Series

A)

2,311,464‌

41,018

CF

Industries

Holdings,

Inc

2,936,068‌

150,972

Corteva,

Inc

9,227,409‌

151,102

Dow,

Inc

8,219,949‌

95,844

DuPont

de

Nemours,

Inc

6,682,244‌

97

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

MATERIALS—continued

26,022

Eastman

Chemical

Co

$

2,192,874‌

53,608

Ecolab,

Inc

8,997,567‌

27,638

FMC

Corp

3,415,504‌

305,035

Freeport-McMoRan,

Inc

(Class

B)

11,563,877‌

54,204

International

Flavors

&

Fragrances,

Inc

5,255,620‌

76,930

International

Paper

Co

2,547,152‌

105,459

Linde

plc

38,961,828‌

53,953

LyondellBasell

Industries

NV

5,104,493‌

13,591

Martin

Marietta

Materials,

Inc

4,936,251‌

70,601

Mosaic

Co

3,025,253‌

170,235

Newmont

Goldcorp

Corp

8,069,139‌

54,225

Nucor

Corp

8,035,061‌

21,086

Packaging

Corp

of

America

2,852,092‌

49,601

PPG

Industries,

Inc

6,957,036‌

31,418

Sealed

Air

Corp

1,507,750‌

49,815

Sherwin-Williams

Co

11,833,055‌

36,532

Steel

Dynamics,

Inc

3,797,501‌

28,032

Vulcan

Materials

Co

4,908,964‌

53,922

WestRock

Co

1,613,885‌

TOTAL

MATERIALS

193,941,623‌

MEDIA

&

ENTERTAINMENT

-

7

.2

%

153,084

*

Activision

Blizzard,

Inc

11,896,158‌

1,275,884

*

Alphabet,

Inc

(Class

A)

136,953,388‌

1,112,281

*

Alphabet,

Inc

(Class

C)

120,371,050‌

22,421

*

Charter

Communications,

Inc

8,266,623‌

900,979

Comcast

Corp

(Class

A)

37,273,501‌

79,581

*

DISH

Network

Corp

(Class

A)

597,653‌

56,399

Electronic

Arts,

Inc

7,178,465‌

62,585

Fox

Corp

(Class

A)

2,081,577‌

31,642

Fox

Corp

(Class

B)

966,347‌

81,983

Interpublic

Group

of

Cos,

Inc

2,929,253‌

28,867

*

Live

Nation,

Inc

1,956,605‌

58,828

*

Match

Group,

Inc

2,170,753‌

476,703

*

Meta

Platforms,

Inc

114,561,265‌

95,489

*

Netflix,

Inc

31,504,686‌

78,343

News

Corp

(Class

A)

1,379,620‌

23,960

News

Corp

(Class

B)

425,290‌

43,756

Omnicom

Group,

Inc

3,962,981‌

112,329

Paramount

Global

(Class

B)

2,620,635‌

34,995

*

Take-Two

Interactive

Software,

Inc

4,349,528‌

391,490

*

Walt

Disney

Co

40,127,725‌

471,606

*

Warner

Bros

Discovery,

Inc

6,418,558‌

TOTAL

MEDIA

&

ENTERTAINMENT

537,991,661‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

8

.2

%

378,764

AbbVie,

Inc

57,238,816‌

62,397

Agilent

Technologies,

Inc

8,450,426‌

114,645

Amgen,

Inc

27,484,992‌

31,239

*

Biogen,

Inc

9,503,841‌

4,656

*

Bio-Rad

Laboratories,

Inc

(Class

A)

2,098,878‌

34,375

Bio-Techne

Corp

2,745,875‌

454,910

Bristol-Myers

Squibb

Co

30,374,341‌

39,403

*

Catalent,

Inc

1,974,878‌

11,068

*

Charles

River

Laboratories

International,

Inc

2,104,248‌

139,999

Danaher

Corp

33,167,163‌

168,878

Eli

Lilly

&

Co

66,852,045‌

265,684

Gilead

Sciences,

Inc

21,841,882‌

34,026

*

Illumina,

Inc

6,994,385‌

39,212

*

Incyte

Corp

2,917,765‌

39,083

*

IQVIA

Holdings,

Inc

7,356,593‌

S&P

500

Index

Fund

April

30,

2023

98

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

560,268

Johnson

&

Johnson

$

91,715,872‌

542,775

Merck

&

Co,

Inc

62,674,229‌

4,768

*

Mettler-Toledo

International,

Inc

7,111,472‌

70,198

*

Moderna,

Inc

9,328,612‌

56,845

Organon

&

Co

1,400,092‌

27,302

PerkinElmer,

Inc

3,562,638‌

1,202,340

Pfizer,

Inc

46,759,003‌

22,947

*

Regeneron

Pharmaceuticals,

Inc

18,398,675‌

84,041

Thermo

Fisher

Scientific,

Inc

46,634,351‌

55,039

*

Vertex

Pharmaceuticals,

Inc

18,753,438‌

265,288

Viatris,

Inc

2,475,137‌

13,028

*

Waters

Corp

3,913,090‌

16,033

West

Pharmaceutical

Services,

Inc

5,791,761‌

99,627

Zoetis,

Inc

17,512,434‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

617,136,932‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0

.1

%

67,569

*

CBRE

Group,

Inc

5,179,840‌

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

5,179,840‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

6

.0

%

345,716

*

Advanced

Micro

Devices,

Inc

30,896,639‌

108,780

Analog

Devices,

Inc

19,567,347‌

181,258

Applied

Materials,

Inc

20,487,592‌

89,508

Broadcom,

Inc

56,076,762‌

29,092

*

Enphase

Energy,

Inc

4,776,906‌

21,748

*

First

Solar,

Inc

3,970,750‌

887,226

Intel

Corp

27,557,240‌

29,726

KLA

Corp

11,490,288‌

28,715

Lam

Research

Corp

15,048,957‌

115,480

Microchip

Technology,

Inc

8,428,885‌

231,606

Micron

Technology,

Inc

14,906,162‌

9,728

Monolithic

Power

Systems,

Inc

4,494,044‌

526,856

NVIDIA

Corp

146,197,272‌

55,032

NXP

Semiconductors

NV

9,010,940‌

92,766

*

ON

Semiconductor

Corp

6,675,441‌

21,803

*

Qorvo,

Inc

2,007,620‌

238,908

QUALCOMM,

Inc

27,904,454‌

33,436

Skyworks

Solutions,

Inc

3,540,872‌

11,927

*

SolarEdge

Technologies,

Inc

3,406,709‌

32,692

Teradyne,

Inc

2,987,395‌

194,174

Texas

Instruments,

Inc

32,465,893‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

451,898,168‌

SOFTWARE

&

SERVICES

-

10

.8

%

135,015

Accenture

plc

37,843,354‌

98,293

*

Adobe,

Inc

37,111,505‌

33,360

*

Akamai

Technologies,

Inc

2,734,519‌

18,893

*

Ansys,

Inc

5,930,891‌

46,151

*

Autodesk,

Inc

8,989,753‌

59,216

*

Cadence

Design

Systems,

Inc

12,402,791‌

31,630

*

Ceridian

HCM

Holding,

Inc

2,007,872‌

107,267

Cognizant

Technology

Solutions

Corp

(Class

A)

6,404,913‌

47,282

*

DXC

Technology

Co

1,127,676‌

12,625

*

EPAM

Systems,

Inc

3,565,805‌

5,373

*

Fair

Isaac

Corp

3,911,275‌

140,725

*

Fortinet,

Inc

8,872,711‌

17,056

*

Gartner,

Inc

5,158,758‌

125,151

Gen

Digital,

Inc

2,211,418‌

192,887

International

Business

Machines

Corp

24,382,846‌

60,190

Intuit,

Inc

26,721,350‌

99

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES—continued

1,594,513

Microsoft

Corp

$

489,930,064‌

329,961

Oracle

Corp

31,253,906‌

10,237

*

Paycom

Software,

Inc

2,972,518‌

22,980

*

PTC,

Inc

2,890,654‌

22,615

Roper

Technologies,

Inc

10,284,850‌

214,216

*

Salesforce,

Inc

42,494,028‌

43,292

*

ServiceNow,

Inc

19,889,211‌

32,899

*

Synopsys,

Inc

12,216,057‌

8,869

*

Tyler

Technologies,

Inc

3,361,617‌

19,945

*

VeriSign,

Inc

4,423,801‌

TOTAL

SOFTWARE

&

SERVICES

809,094,143‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

8

.8

%

127,250

Amphenol

Corp

(Class

A)

9,603,557‌

3,185,794

Apple,

Inc

540,565,526‌

52,549

*

Arista

Networks,

Inc

8,416,248‌

29,080

CDW

Corp

4,931,677‌

880,406

Cisco

Systems,

Inc

41,599,183‌

162,700

Corning,

Inc

5,404,894‌

13,932

*

F5

Networks,

Inc

1,871,904‌

268,587

Hewlett

Packard

Enterprise

Co

3,846,166‌

188,355

HP,

Inc

5,596,027‌

67,725

Juniper

Networks,

Inc

2,041,909‌

37,239

*

Keysight

Technologies,

Inc

5,386,249‌

36,165

Motorola

Solutions,

Inc

10,538,481‌

46,030

NetApp,

Inc

2,894,827‌

41,069

Seagate

Technology

Holdings

plc

2,413,625‌

68,302

TE

Connectivity

Ltd

8,358,116‌

9,850

*

Teledyne

Technologies,

Inc

4,081,840‌

52,825

*

Trimble

Inc

2,488,057‌

68,050

*

Western

Digital

Corp

2,343,642‌

10,843

*

Zebra

Technologies

Corp

(Class

A)

3,123,109‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

665,505,037‌

TELECOMMUNICATION

SERVICES

-

1

.1

%

1,525,565

AT&T,

Inc

26,956,734‌

126,866

*

T-Mobile

US,

Inc

18,256,017‌

899,350

Verizon

Communications,

Inc

34,921,760‌

TOTAL

TELECOMMUNICATION

SERVICES

80,134,511‌

TRANSPORTATION

-

1

.6

%

31,820

*

Alaska

Air

Group,

Inc

1,382,897‌

141,481

*

American

Airlines

Group,

Inc

1,929,801‌

24,570

CH

Robinson

Worldwide,

Inc

2,478,376‌

445,934

CSX

Corp

13,663,418‌

139,914

*

Delta

Air

Lines,

Inc

4,800,449‌

34,600

Expeditors

International

of

Washington,

Inc

3,938,864‌

50,093

FedEx

Corp

11,410,183‌

18,239

JB

Hunt

Transport

Services,

Inc

3,197,114‌

48,794

Norfolk

Southern

Corp

9,906,646‌

19,556

Old

Dominion

Freight

Line

6,265,547‌

124,321

Southwest

Airlines

Co

3,765,683‌

131,084

Union

Pacific

Corp

25,653,139‌

70,171

*

United

Airlines

Holdings

Inc

3,073,490‌

156,104

United

Parcel

Service,

Inc

(Class

B)

28,069,060‌

TOTAL

TRANSPORTATION

119,534,667‌

UTILITIES

-

2

.9

%

144,347

AES

Corp

3,415,250‌

54,062

Alliant

Energy

Corp

2,980,979‌

53,770

Ameren

Corp

4,783,917‌

S&P

500

Index

Fund

April

30,

2023

100

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

UTILITIES—continued

107,085

American

Electric

Power

Co,

Inc

$

9,896,796‌

42,276

American

Water

Works

Co,

Inc

6,267,417‌

29,968

Atmos

Energy

Corp

3,420,547‌

135,135

Centerpoint

Energy,

Inc

4,117,563‌

62,229

CMS

Energy

Corp

3,874,378‌

74,538

Consolidated

Edison,

Inc

7,339,757‌

71,338

Constellation

Energy

Corp

5,521,561‌

179,904

Dominion

Energy,

Inc

10,279,715‌

40,094

DTE

Energy

Co

4,506,967‌

167,185

Duke

Energy

Corp

16,531,253‌

82,146

Edison

International

6,045,946‌

44,118

Entergy

Corp

4,746,214‌

49,448

Evergy,

Inc

3,071,215‌

72,048

Eversource

Energy

5,591,645‌

216,605

Exelon

Corp

9,192,716‌

116,302

FirstEnergy

Corp

4,628,820‌

426,071

NextEra

Energy,

Inc

32,649,821‌

89,662

NiSource,

Inc

2,551,780‌

50,054

NRG

Energy,

Inc

1,710,345‌

346,801

*

PG&E

Corp

5,933,765‌

25,719

Pinnacle

West

Capital

Corp

2,017,913‌

156,791

PPL

Corp

4,503,038‌

106,519

Public

Service

Enterprise

Group,

Inc

6,732,001‌

66,558

Sempra

Energy

10,349,103‌

236,516

Southern

Co

17,395,752‌

69,113

WEC

Energy

Group,

Inc

6,646,597‌

113,851

Xcel

Energy,

Inc

7,959,323‌

TOTAL

UTILITIES

214,662,094‌

TOTAL

COMMON

STOCKS

7,463,469,678‌

(Cost

$3,385,738,970)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

0.5%

GOVERNMENT

AGENCY

DEBT

-

0

.4

%

$

5,000,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

05/03/23

4,998,737‌

6,000,000

FHLB

0

.000

06/09/23

5,969,233‌

10,000,000

FHLB

0

.000

08/23/23

9,849,062‌

4,850,000

Tennessee

Valley

Authority

(TVA)

0

.000

05/03/23

4,848,775‌

TOTAL

GOVERNMENT

AGENCY

DEBT

25,665,807‌

REPURCHASE

AGREEMENT

-

0

.1

%

10,545,000

r

Fixed

Income

Clearing

Corp

(FICC)

4

.800

05/01/23

10,545,000‌

TOTAL

REPURCHASE

AGREEMENT

10,545,000‌

SHARES

COMPANY

EXP

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

0

.0

%

210,274

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.840

210,274‌

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

210,274‌

TOTAL

SHORT-TERM

INVESTMENTS

36,421,081‌

(Cost

$36,414,473)

TOTAL

INVESTMENTS

-

99.8%

7,499,890,759‌

(Cost

$3,422,153,443)

OTHER

ASSETS

&

LIABILITIES,

NET

-

0.2%

18,766,290‌

NET

ASSETS

-

100.0%

$

7,518,657,049‌

101

See

Notes

to

Financial

Statements

*

Non-income

producing

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

d

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

margin

requirements

on

open

futures

contracts.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$1,998,312.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.800%

dated

4/28/23

to

be

repurchased

at

$10,545,000

on

5/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.625%

and

maturity

date

4/15/25,

valued

at

$10,755,945.

Futures

contracts

outstanding

as

of

April

30,

2023

were

as

follows:

Description

Number

of

long

(short)

contracts

Expiration

date

Notional

amount

Value

Unrealized

appreciation

(depreciation)

S&P

500

E

Mini

Index

239‌

06/16/23

 $

49,728,515‌

$

50,052,575‌

$

324,060‌

Small-Cap

Blend

Index

Fund

April

30,

2023

Portfolios

of

Investments

(Unaudited)

102

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMON

STOCKS

-

99.3%

AUTOMOBILES

&

COMPONENTS

-

1

.6

%

130,666

*

Adient

plc

$

4,826,802‌

152,153

*

American

Axle

&

Manufacturing

Holdings,

Inc

1,087,894‌

387,607

*,e

Canoo,

Inc

292,643‌

256,971

*,e

Cenntro

Electric

Group

Ltd

95,285‌

176,054

Dana

Inc

2,603,839‌

35,821

*

Dorman

Products,

Inc

3,086,337‌

240,179

*,e

Fisker,

Inc

1,546,753‌

58,301

*

Fox

Factory

Holding

Corp

6,463,832‌

46,226

*

Gentherm,

Inc

2,757,381‌

386,619

*

Goodyear

Tire

&

Rubber

Co

4,125,225‌

34,218

LCI

Industries,

Inc

3,865,265‌

216,627

*,e

Lordstown

Motors

Corp

113,296‌

348,946

*,e

Luminar

Technologies,

Inc

2,100,655‌

67,297

*

Modine

Manufacturing

Co

1,407,180‌

26,129

*

Motorcar

Parts

of

America,

Inc

127,248‌

30,593

Patrick

Industries,

Inc

2,099,597‌

182,670

*,e

Solid

Power,

Inc

414,661‌

27,671

Standard

Motor

Products,

Inc

996,433‌

35,980

*

Stoneridge,

Inc

677,503‌

38,274

*

Visteon

Corp

5,373,287‌

40,384

Winnebago

Industries,

Inc

2,347,926‌

288,272

*,e

Workhorse

Group,

Inc

271,610‌

30,055

*

XPEL,

Inc

2,195,818‌

TOTAL

AUTOMOBILES

&

COMPONENTS

48,876,470‌

BANKS

-

8

.0

%

22,523

1st

Source

Corp

938,759‌

11,792

e

ACNB

Corp

357,651‌

24,152

Amalgamated

Financial

Corp

393,195‌

40,519

Amerant

Bancorp

Inc

753,653‌

14,438

American

National

Bankshares,

Inc

417,114‌

90,964

Ameris

Bancorp

3,047,294‌

19,697

Arrow

Financial

Corp

425,258‌

204,530

Associated

Banc-Corp

3,646,770‌

101,016

Atlantic

Union

Bankshares

Corp

2,891,078‌

76,952

*

Axos

Financial,

Inc

3,129,638‌

68,341

Banc

of

California,

Inc

775,670‌

27,106

Bancfirst

Corp

2,165,498‌

10,440

e

Bank

First

Corp

713,992‌

24,741

Bank

of

Marin

Bancorp

436,184‌

65,975

Bank

of

NT

Butterfield

&

Son

Ltd

1,697,537‌

104,726

BankUnited

2,361,571‌

7,880

e

Bankwell

Financial

Group,

Inc

183,289‌

46,687

Banner

Corp

2,330,615‌

23,266

Bar

Harbor

Bankshares

576,997‌

17,953

Baycom

Corp

299,456‌

17,299

BCB

Bancorp,

Inc

204,128‌

58,022

Berkshire

Hills

Bancorp,

Inc

1,234,128‌

36,744

*

Blue

Foundry

Bancorp

353,477‌

22,285

Blue

Ridge

Bankshares,

Inc

215,496‌

28,761

*

Bridgewater

Bancshares,

Inc

286,172‌

116,618

Brookline

Bancorp,

Inc

1,112,536‌

32,019

Business

First

Bancshares,

Inc

493,733‌

31,420

Byline

Bancorp,

Inc

607,977‌

248,708

Cadence

BanCorp

5,028,876‌

9,377

Cambridge

Bancorp

484,322‌

21,791

Camden

National

Corp

696,222‌

12,139

Capital

Bancorp,

Inc

204,542‌

18,901

Capital

City

Bank

Group,

Inc

575,724‌

103

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

BANKS—continued

181,435

Capitol

Federal

Financial

$

1,124,897‌

26,939

Capstar

Financial

Holdings,

Inc

360,444‌

33,893

*

Carter

Bankshares,

Inc

435,525‌

94,969

Cathay

General

Bancorp

3,026,662‌

36,449

Central

Pacific

Financial

Corp

578,810‌

19,873

Citizens

&

Northern

Corp

379,574‌

20,959

City

Holding

Co

1,911,251‌

18,904

Civista

Bancshares,

Inc

300,006‌

32,004

CNB

Financial

Corp

600,395‌

13,841

*

Coastal

Financial

Corp

501,736‌

22,879

Colony

Bankcorp

Inc

226,045‌

45,268

*,e

Columbia

Financial,

Inc

759,597‌

73,027

Community

Bank

System,

Inc

3,648,429‌

23,112

Community

Trust

Bancorp,

Inc

832,263‌

53,399

ConnectOne

Bancorp,

Inc

842,636‌

59,959

*

CrossFirst

Bankshares,

Inc

601,389‌

44,846

*

Customers

Bancorp,

Inc

979,437‌

183,751

CVB

Financial

Corp

2,750,752‌

45,964

Dime

Community

Bancshares,

Inc

946,858‌

42,002

Eagle

Bancorp,

Inc

1,054,250‌

211,771

Eastern

Bankshares,

Inc

2,467,132‌

12,398

Enterprise

Bancorp,

Inc

357,558‌

47,861

Enterprise

Financial

Services

Corp

2,046,536‌

21,429

Equity

Bancshares,

Inc

504,653‌

9,679

Esquire

Financial

Holdings,

Inc

374,190‌

16,904

e

Farmers

&

Merchants

Bancorp,

Inc

385,411‌

51,109

Farmers

National

Banc

Corp

597,464‌

48,789

FB

Financial

Corp

1,435,860‌

20,676

Financial

Institutions,

Inc

361,416‌

247,124

First

Bancorp

2,903,707‌

53,480

First

Bancorp

1,646,114‌

13,531

First

Bancorp,

Inc

334,216‌

32,693

First

Bancshares,

Inc

820,594‌

21,560

e

First

Bank

209,348‌

71,497

First

Busey

Corp

1,299,815‌

11,200

First

Business

Financial

Services,

Inc

321,328‌

134,738

First

Commonwealth

Financial

Corp

1,681,530‌

21,836

First

Community

Bancshares,

Inc

511,181‌

126,848

First

Financial

Bancorp

2,625,754‌

178,131

First

Financial

Bankshares,

Inc

5,212,113‌

17,266

First

Financial

Corp

596,540‌

80,158

First

Foundation,

Inc

504,194‌

8,447

e

First

Guaranty

Bancshares,

Inc

114,795‌

10,642

First

Internet

Bancorp

156,544‌

122,530

First

Interstate

Bancsystem,

Inc

3,135,543‌

75,678

First

Merchants

Corp

2,208,284‌

24,674

First

Mid-Illinois

Bancshares,

Inc

650,407‌

36,510

First

of

Long

Island

Corp

427,167‌

11,035

*

First

Western

Financial,

Inc

195,982‌

16,956

Five

Star

Bancorp

360,485‌

38,663

Flushing

Financial

Corp

465,116‌

220,744

Fulton

Financial

Corp

2,633,476‌

17,596

*,e

FVCBankcorp,

Inc

169,098‌

37,852

German

American

Bancorp,

Inc

1,100,358‌

152,338

Glacier

Bancorp,

Inc

5,062,192‌

14,218

Great

Southern

Bancorp,

Inc

723,412‌

9,442

e

Greene

County

Bancorp,

Inc

194,033‌

11,476

Guaranty

Bancshares,

Inc

276,686‌

118,135

Hancock

Whitney

Corp

4,314,290‌

40,201

Hanmi

Financial

Corp

649,648‌

57,370

HarborOne

Northeast

Bancorp,

Inc

616,728‌

Small-Cap

Blend

Index

Fund

April

30,

2023

104

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

BANKS—continued

14,060

HBT

Financial,

Inc

$

248,018‌

54,387

Heartland

Financial

USA,

Inc

1,770,841‌

89,942

Heritage

Commerce

Corp

764,507‌

45,837

Heritage

Financial

Corp

807,190‌

67,069

Hilltop

Holdings,

Inc

2,080,480‌

2,335

e

Hingham

Institution

for

Savings

454,298‌

10,191

Home

Bancorp,

Inc

319,284‌

257,378

Home

Bancshares,

Inc

5,603,119‌

25,132

HomeStreet,

Inc

245,288‌

23,489

HomeTrust

Bancshares,

Inc

490,215‌

154,369

Hope

Bancorp,

Inc

1,404,758‌

62,708

Horizon

Bancorp

660,315‌

27,331

Independent

Bank

Corp

487,038‌

62,736

Independent

Bank

Corp

3,513,216‌

47,956

Independent

Bank

Group,

Inc

1,744,639‌

74,627

International

Bancshares

Corp

3,184,334‌

15,873

John

Marshall

Bancorp,

Inc

289,206‌

82,192

Kearny

Financial

Corp

640,276‌

85,125

Lakeland

Bancorp,

Inc

1,220,693‌

34,300

Lakeland

Financial

Corp

1,737,981‌

43,916

Live

Oak

Bancshares,

Inc

1,034,661‌

20,572

Luther

Burbank

Corp

185,971‌

31,812

Macatawa

Bank

Corp

297,442‌

21,514

Mercantile

Bank

Corp

603,683‌

36,082

Meta

Financial

Group,

Inc

1,606,731‌

25,254

Metrocity

Bankshares,

Inc

412,903‌

16,773

*

Metropolitan

Bank

Holding

Corp

538,246‌

19,978

Mid

Penn

Bancorp,

Inc

451,902‌

30,386

Midland

States

Bancorp,

Inc

607,720‌

19,523

MidWestOne

Financial

Group,

Inc

404,126‌

14,402

MVB

Financial

Corp

262,837‌

38,325

National

Bank

Holdings

Corp

1,218,735‌

55,298

NBT

Bancorp,

Inc

1,782,808‌

17,526

*

Nicolet

Bankshares,

Inc

1,004,415‌

9,396

Northeast

Bank

346,243‌

65,928

Northfield

Bancorp,

Inc

686,970‌

169,890

Northwest

Bancshares,

Inc

1,986,014‌

76,927

OceanFirst

Financial

Corp

1,230,832‌

63,196

OFG

Bancorp

1,615,922‌

402,534

Old

National

Bancorp

5,397,981‌

59,123

Old

Second

Bancorp,

Inc

726,622‌

30,886

Origin

Bancorp,

Inc

908,975‌

13,166

Orrstown

Financial

Services,

Inc

252,392‌

128,351

Pacific

Premier

Bancorp,

Inc

2,854,526‌

19,482

Park

National

Corp

2,110,290‌

14,104

Parke

Bancorp,

Inc

242,448‌

16,298

PCB

Bancorp

225,238‌

22,380

Peapack

Gladstone

Financial

Corp

594,413‌

39,724

Peoples

Bancorp,

Inc

1,035,207‌

9,455

Peoples

Financial

Services

Corp

381,509‌

16,955

*,e

Pioneer

Bancorp,

Inc

149,543‌

17,517

Preferred

Bank

842,217‌

49,051

Premier

Financial

Corp

814,737‌

26,697

Primis

Financial

Corp

236,268‌

20,144

Provident

Bancorp

Inc

137,584‌

101,591

Provident

Financial

Services,

Inc

1,775,811‌

20,262

QCR

Holdings,

Inc

838,847‌

19,233

RBB

Bancorp

239,259‌

5,706

Red

River

Bancshares

Inc

262,476‌

74,644

Renasant

Corp

2,098,989‌

10,738

Republic

Bancorp,

Inc

(Class

A)

422,003‌

105

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

BANKS—continued

60,595

*,e

Republic

First

Bancorp,

Inc

$

74,532‌

55,160

S&T

Bancorp,

Inc

1,518,555‌

58,089

Sandy

Spring

Bancorp,

Inc

1,305,841‌

99,336

Seacoast

Banking

Corp

of

Florida

2,204,266‌

68,820

ServisFirst

Bancshares,

Inc

3,475,410‌

24,792

Shore

Bancshares,

Inc

329,238‌

18,048

Sierra

Bancorp

295,807‌

166,157

Simmons

First

National

Corp

(Class

A)

2,776,483‌

21,563

SmartFinancial,

Inc

464,467‌

13,413

South

Plains

Financial

Inc

275,369‌

102,778

South

State

Corp

7,089,626‌

10,600

*

Southern

First

Bancshares,

Inc

292,348‌

11,088

Southern

Missouri

Bancorp,

Inc

402,273‌

39,907

Southside

Bancshares,

Inc

1,266,249‌

60,764

Stellar

Bancorp,

Inc

1,393,926‌

23,940

*

Sterling

Bancorp,

Inc

129,755‌

39,679

Stock

Yards

Bancorp,

Inc

1,928,399‌

14,067

Summit

Financial

Group,

Inc

273,322‌

66,343

*

Texas

Capital

Bancshares,

Inc

3,333,736‌

74,891

*

The

Bancorp,

Inc

2,389,772‌

17,897

*

Third

Coast

Bancshares,

Inc

249,484‌

18,120

Tompkins

Financial

Corp

1,062,194‌

94,495

Towne

Bank

2,238,587‌

40,828

Trico

Bancshares

1,462,051‌

32,099

Triumph

Bancorp,

Inc

1,667,864‌

25,242

TrustCo

Bank

Corp

NY

753,221‌

81,793

Trustmark

Corp

1,954,035‌

60,546

UMB

Financial

Corp

3,851,331‌

178,300

United

Bankshares,

Inc

5,907,079‌

145,627

United

Community

Banks,

Inc

3,626,112‌

7,945

e

Unity

Bancorp,

Inc

183,927‌

39,080

Univest

Financial

Corp

786,290‌

15,236

*,e

USCB

Financial

Holdings,

Inc

145,047‌

589,287

Valley

National

Bancorp

5,527,512‌

76,171

Veritex

Holdings,

Inc

1,310,903‌

87,860

Washington

Federal,

Inc

2,463,594‌

22,490

Washington

Trust

Bancorp,

Inc

632,194‌

77,647

WesBanco,

Inc

2,066,963‌

22,562

West

Bancorporation,

Inc

388,743‌

34,720

Westamerica

Bancorporation

1,406,507‌

83,915

WSFS

Financial

Corp

2,951,291‌

TOTAL

BANKS

249,895,901‌

CAPITAL

GOODS

-

11

.3

%

170,902

*

3D

Systems

Corp

1,565,462‌

60,117

Aaon,

Inc

5,891,466‌

45,361

*

AAR

Corp

2,394,154‌

108,658

*

Aerojet

Rocketdyne

Holdings,

Inc

6,129,398‌

34,015

*

Aerovironment,

Inc

3,424,970‌

32,808

*,e

AerSale

Corp

530,833‌

13,958

Alamo

Group,

Inc

2,466,797‌

42,671

Albany

International

Corp

(Class

A)

3,892,022‌

18,217

Allied

Motion

Technologies,

Inc

627,029‌

27,778

Alta

Equipment

Group,

Inc

392,781‌

43,486

*

Ameresco,

Inc

1,809,018‌

22,409

*

American

Woodmark

Corp

1,132,103‌

283,218

*

API

Group

Corp

6,446,042‌

31,496

Apogee

Enterprises,

Inc

1,340,470‌

52,414

Applied

Industrial

Technologies,

Inc

7,110,483‌

199,523

*,e

Archer

Aviation,

Inc

395,056‌

66,811

Arcosa,

Inc

4,512,415‌

Small-Cap

Blend

Index

Fund

April

30,

2023

106

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

19,637

Argan,

Inc

$

789,996‌

207,694

*

Array

Technologies,

Inc

4,247,342‌

31,826

Astec

Industries,

Inc

1,313,777‌

248,107

*,e

Astra

Space,

Inc

104,825‌

34,552

*

Astronics

Corp

509,296‌

54,045

*

Atkore

International

Group,

Inc

6,827,505‌

32,520

AZZ,

Inc

1,226,980‌

80,764

*

Babcock

&

Wilcox

Enterprises,

Inc

502,352‌

66,958

Barnes

Group,

Inc

2,814,245‌

70,319

*

Beacon

Roofing

Supply,

Inc

4,231,797‌

69,076

*,e

Berkshire

Grey,

Inc

94,634‌

56,676

*,e

Blink

Charging

Co

404,100‌

247,194

*

Bloom

Energy

Corp

4,115,780‌

24,745

*

Blue

Bird

Corp

462,731‌

12,745

*

BlueLinx

Holdings,

Inc

892,915‌

54,008

Boise

Cascade

Co

3,689,286‌

39,783

e

Brookfield

Business

Corp

734,394‌

25,296

Cadre

Holdings,

Inc

532,734‌

28,872

e

Caesarstone

Sdot-Yam

Ltd

131,656‌

58,583

*

Chart

Industries,

Inc

7,797,397‌

24,582

*

CIRCOR

International,

Inc

684,363‌

37,075

Columbus

McKinnon

Corp

1,286,873‌

48,589

Comfort

Systems

USA,

Inc

7,263,570‌

32,351

*

Concrete

Pumping

Holdings

Inc

224,839‌

53,512

*

Construction

Partners

Inc

1,388,101‌

20,324

CSW

Industrials,

Inc

2,737,033‌

79,327

*,e

Custom

Truck

One

Source,

Inc

498,174‌

122,499

*,e

Decarbonization

Plus

Acquisition

Corp

101,870‌

369,528

*,e

Desktop

Metal,

Inc

812,962‌

29,703

Douglas

Dynamics,

Inc

870,595‌

15,400

*

Ducommun,

Inc

770,000‌

21,271

*

DXP

Enterprises,

Inc

536,029‌

39,955

*

Dycom

Industries,

Inc

3,700,632‌

64,665

EMCOR

Group,

Inc

11,057,715‌

24,274

Encore

Wire

Corp

3,794,754‌

73,823

*

Energy

Recovery,

Inc

1,663,232‌

161,687

*

Energy

Vault

Holdings,

Inc

273,251‌

80,935

Enerpac

Tool

Group

Corp

1,923,016‌

55,652

EnerSys

4,617,446‌

152,908

*,e

Enovix

Corp

1,654,465‌

28,563

EnPro

Industries,

Inc

2,692,634‌

35,166

ESCO

Technologies,

Inc

3,290,483‌

112,738

*,e

ESS

Tech,

Inc

120,630‌

161,237

*

Evoqua

Water

Technologies

Corp

7,973,170‌

81,650

Federal

Signal

Corp

4,195,177‌

52,183

*,e

Fluence

Energy,

Inc

942,425‌

195,369

*

Fluor

Corp

5,677,423‌

62,885

Franklin

Electric

Co,

Inc

5,626,321‌

60,542

*,e

FTC

Solar,

Inc

165,280‌

553,351

*,e

FuelCell

Energy,

Inc

1,040,300‌

48,095

GATX

Corp

5,478,501‌

42,615

*

Gibraltar

Industries,

Inc

2,132,455‌

16,083

Global

Industrial

Co

428,612‌

57,587

*

GMS,

Inc

3,343,501‌

31,797

Gorman-Rupp

Co

780,616‌

272,867

GrafTech

International

Ltd

1,285,204‌

59,822

Granite

Construction,

Inc

2,281,013‌

92,133

*

Great

Lakes

Dredge

&

Dock

Corp

527,922‌

42,933

Greenbrier

Cos,

Inc

1,135,578‌

60,899

Griffon

Corp

1,732,577‌

43,018

H&E

Equipment

Services,

Inc

1,570,157‌

107

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

127,273

*

Heliogen,

Inc

$

35,726‌

44,563

Helios

Technologies,

Inc

2,680,019‌

34,519

Herc

Holdings,

Inc

3,452,590‌

94,970

Hillenbrand,

Inc

4,332,531‌

182,868

*

Hillman

Solutions

Corp

1,536,091‌

57,445

*

Hudson

Technologies,

Inc

444,050‌

44,940

*,e

Hydrofarm

Holdings

Group,

Inc

70,556‌

187,746

*,e

Hyliion

Holdings

Corp

257,212‌

14,404

Hyster-Yale

Materials

Handling,

Inc

758,515‌

11,331

*

IES

Holdings,

Inc

489,386‌

27,352

Insteel

Industries,

Inc

753,001‌

118,753

*

Janus

International

Group,

Inc

1,068,777‌

110,452

*

JELD-WEN

Holding,

Inc

1,411,577‌

43,320

John

Bean

Technologies

Corp

4,709,317‌

15,881

Kadant,

Inc

2,951,166‌

39,353

Kaman

Corp

868,521‌

7,176

Karat

Packaging,

Inc

97,307‌

111,631

Kennametal,

Inc

2,897,941‌

167,693

*

Kratos

Defense

&

Security

Solutions,

Inc

2,163,240‌

7,476

*

Lawson

Products,

Inc

348,980‌

14,764

Lindsay

Corp

1,782,605‌

35,921

Luxfer

Holdings

plc

547,795‌

45,765

*

Manitowoc

Co,

Inc

699,747‌

162,069

*,e

Markforged

Holding

Corp

158,001‌

30,558

*

Masonite

International

Corp

2,793,307‌

100,907

Maxar

Technologies,

Inc

5,319,817‌

32,462

McGrath

RentCorp

2,885,223‌

237,895

*,e

Microvast

Holdings,

Inc

249,790‌

16,309

Miller

Industries,

Inc

531,673‌

78,636

*,e

Momentus,

Inc

33,821‌

39,023

Moog,

Inc

(Class

A)

3,516,363‌

111,751

*

MRC

Global,

Inc

1,088,455‌

76,647

Mueller

Industries,

Inc

5,507,087‌

215,814

Mueller

Water

Products,

Inc

(Class

A)

2,891,908‌

22,003

*

MYR

Group,

Inc

2,816,164‌

6,945

National

Presto

Industries,

Inc

472,399‌

40,969

*

NEXTracker,

Inc

1,290,114‌

453,504

*,e

Nikola

Corp

401,578‌

16,298

*

Northwest

Pipe

Co

448,847‌

155,646

*

NOW,

Inc

1,660,743‌

43,385

*,e

NuScale

Power

Corp

384,825‌

4,550

Omega

Flex,

Inc

500,545‌

27,268

Park

Aerospace

Corp

356,665‌

47,201

*

Parsons

Corp

2,053,243‌

79,388

*

PGT

Innovations,

Inc

2,037,096‌

12,060

Powell

Industries,

Inc

483,124‌

3,385

Preformed

Line

Products

Co

420,688‌

73,659

Primoris

Services

Corp

1,863,573‌

202,938

*,e

Proterra,

Inc

237,437‌

37,417

*

Proto

Labs,

Inc

1,076,487‌

43,563

Quanex

Building

Products

Corp

832,053‌

39,127

*

RBC

Bearings,

Inc

8,882,220‌

27,132

*,e

Redwire

Corp

87,636‌

198,148

*

Resideo

Technologies,

Inc

3,527,034‌

51,343

REV

Group,

Inc

550,910‌

291,922

*,e

Rocket

Lab

USA,

Inc

1,144,334‌

56,944

Rush

Enterprises,

Inc

(Class

A)

3,024,296‌

8,444

Rush

Enterprises,

Inc

(Class

B)

494,649‌

152,927

*

Sarcos

Technology

and

Robotics

Corp

61,186‌

223,417

*

Shoals

Technologies

Group,

Inc

4,667,181‌

46,436

Shyft

Group,

Inc

1,164,615‌

Small-Cap

Blend

Index

Fund

April

30,

2023

108

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

58,493

Simpson

Manufacturing

Co,

Inc

$

7,357,250‌

59,898

*

SPX

Technologies,

Inc

3,814,305‌

16,104

Standex

International

Corp

1,977,732‌

210,824

*,e

Stem,

Inc

891,785‌

38,314

*

Sterling

Construction

Co,

Inc

1,414,553‌

115,662

*,e

SunPower

Corp

1,529,052‌

25,158

Tennant

Co

1,922,574‌

91,462

Terex

Corp

4,078,291‌

85,501

*,e

Terran

Orbital

Corp

152,192‌

60,103

Textainer

Group

Holdings

Ltd

2,109,615‌

45,098

*

Thermon

Group

Holdings

937,136‌

68,813

*

Titan

International,

Inc

671,615‌

29,296

*

Titan

Machinery,

Inc

918,430‌

48,748

*

TPI

Composites,

Inc

602,525‌

9,859

*

Transcat

Inc

752,143‌

114,333

Trinity

Industries,

Inc

2,738,275‌

79,957

Triton

International

Ltd

6,610,045‌

86,691

*

Triumph

Group,

Inc

937,130‌

70,771

*

Tutor

Perini

Corp

375,086‌

81,908

UFP

Industries,

Inc

6,431,416‌

16,056

*

Vectrus,

Inc

693,619‌

79,225

*,e

Velo3D,

Inc

185,386‌

17,713

Veritiv

Corp

2,034,692‌

29,577

*

Vicor

Corp

1,270,924‌

321,973

*,e

Virgin

Galactic

Holdings,

Inc

1,171,982‌

64,682

Wabash

National

Corp

1,660,387‌

37,387

Watts

Water

Technologies,

Inc

(Class

A)

6,046,599‌

49,830

*,e

Xometry,

Inc

692,139‌

76,493

*,e

Xos,

Inc

38,813‌

170,338

Zurn

Water

Solutions

Corp

3,670,784‌

TOTAL

CAPITAL

GOODS

353,721,352‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

3

.9

%

91,425

ABM

Industries,

Inc

3,892,877‌

126,811

ACCO

Brands

Corp

580,794‌

160,294

*

ACV

Auctions,

Inc

2,088,631‌

529,533

*

Alight,

Inc

4,898,180‌

41,199

Aris

Water

Solution,

Inc

299,517‌

67,104

*

ASGN

Inc

4,803,975‌

9,094

Barrett

Business

Services,

Inc

760,349‌

61,651

Brady

Corp

(Class

A)

3,146,051‌

64,123

*

BrightView

Holdings,

Inc

354,600‌

62,191

Brink's

Co

3,908,704‌

68,388

*

Casella

Waste

Systems,

Inc

(Class

A)

6,086,532‌

64,397

*

CBIZ,

Inc

3,393,078‌

24,639

*

Cimpress

plc

1,279,996‌

1,670

e

Compx

International,

Inc

30,227‌

239,412

*

Conduent,

Inc

840,336‌

154,642

*

CoreCivic,

Inc

1,359,303‌

9,209

CRA

International,

Inc

968,234‌

43,492

CSG

Systems

International,

Inc

2,291,159‌

61,500

Deluxe

Corp

931,725‌

34,296

Ennis,

Inc

666,371‌

44,356

*

ExlService

Holdings,

Inc

7,912,223‌

69,654

Exponent,

Inc

6,411,651‌

85,061

*

First

Advantage

Corp

1,093,884‌

15,725

*

Forrester

Research,

Inc

486,532‌

15,776

*

Franklin

Covey

Co

579,295‌

167,664

*,e

Geo

Group,

Inc

1,262,510‌

106,622

*

Harsco

Corp

732,493‌

99,048

Healthcare

Services

Group

1,546,139‌

109

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMERCIAL

&

PROFESSIONAL

SERVICES—continued

27,521

Heidrick

&

Struggles

International,

Inc

$

691,052‌

20,813

*

Heritage-Crystal

Clean,

Inc

727,623‌

104,466

Herman

Miller,

Inc

1,776,967‌

28,033

*

HireRight

Holdings

Corp

297,150‌

56,503

HNI

Corp

1,467,948‌

26,765

*

Huron

Consulting

Group,

Inc

2,269,404‌

25,248

ICF

International,

Inc

2,878,272‌

49,049

Insperity,

Inc

6,006,541‌

77,869

Interface,

Inc

610,493‌

150,169

*

KAR

Auction

Services,

Inc

2,033,288‌

45,732

Kelly

Services,

Inc

(Class

A)

750,462‌

26,944

Kforce,

Inc

1,593,468‌

44,437

Kimball

International,

Inc

(Class

B)

547,019‌

71,616

Korn/Ferry

International

3,439,000‌

136,561

*

Legalzoom.com,

Inc

1,280,942‌

189,099

*,e

Li-Cycle

Holdings

Corp

898,220‌

33,773

*

Liquidity

Services,

Inc

441,413‌

39,687

Matthews

International

Corp

(Class

A)

1,502,947‌

82,977

MAXIMUS,

Inc

6,941,026‌

37,154

*

Montrose

Environmental

Group,

Inc

1,131,711‌

9,268

NL

Industries,

Inc

59,593‌

18,667

*

NV5

Global

Inc

1,768,325‌

232,080

Pitney

Bowes,

Inc

814,601‌

258,298

*

Planet

Labs

PBC

1,053,856‌

63,527

*

Quad

Graphics,

Inc

221,709‌

13,233

*,e

Red

Violet,

Inc

226,284‌

43,962

Resources

Connection,

Inc

641,406‌

113,525

*,e

Skillsoft

Corp

139,636‌

27,243

*

SP

Plus

Corp

930,893‌

174,994

*,e

Spire

Global,

Inc

122,496‌

120,154

Steelcase,

Inc

(Class

A)

961,232‌

33,018

*

Sterling

Check

Corp

371,122‌

51,292

*

TriNet

Group,

Inc

4,758,872‌

45,555

*

TrueBlue,

Inc

690,158‌

25,716

TTEC

Holdings,

Inc

876,144‌

20,426

Unifirst

Corp

3,343,328‌

162,438

*

Upwork,

Inc

1,554,532‌

194,304

*

Verra

Mobility

Corp

3,293,453‌

28,588

*

Viad

Corp

544,030‌

14,798

VSE

Corp

625,807‌

16,227

*,e

Willdan

Group,

Inc

237,726‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

123,125,515‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

2

.7

%

36,380

*

1-800-FLOWERS.COM,

Inc

(Class

A)

335,060‌

28,633

*,e

1stdibs.com,

Inc

107,660‌

44,172

Aaron's

Co,

Inc

589,696‌

68,711

*

Abercrombie

&

Fitch

Co

(Class

A)

1,617,457‌

104,159

Academy

Sports

&

Outdoors,

Inc

6,616,180‌

211,689

American

Eagle

Outfitters,

Inc

2,834,516‌

8,391

*

America's

Car-Mart,

Inc

674,552‌

121,208

Arko

Corp

1,013,299‌

30,435

*

Asbury

Automotive

Group,

Inc

5,887,955‌

166,909

*,e

BARK,

Inc

183,600‌

29,233

e

Big

5

Sporting

Goods

Corp

230,356‌

26,199

e

Big

Lots,

Inc

235,529‌

40,475

*

Boot

Barn

Holdings,

Inc

2,933,223‌

39,842

Buckle,

Inc

1,335,902‌

17,777

Build-A-Bear

Workshop,

Inc

412,426‌

44,947

Caleres,

Inc

1,024,792‌

53,948

Camping

World

Holdings,

Inc

1,207,896‌

Small-Cap

Blend

Index

Fund

April

30,

2023

110

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL—continued

65,016

*

CarParts.com,

Inc

$

308,176‌

32,946

Cato

Corp

(Class

A)

271,804‌

165,428

*

Chico's

FAS,

Inc

833,757‌

16,305

*

Children's

Place,

Inc

483,280‌

14,923

*

Citi

Trends,

Inc

257,571‌

34,625

*

Conn's,

Inc

165,508‌

68,634

*

Container

Store

Group,

Inc

212,079‌

27,052

*,e

ContextLogic,

Inc

195,045‌

68,739

Designer

Brands,

Inc

562,972‌

76,829

*

Destination

XL

Group,

Inc

337,279‌

5,575

e

Dillard's,

Inc

(Class

A)

1,663,524‌

20,264

*

Duluth

Holdings,

Inc

126,853‌

92,293

*,e

EVgo,

Inc

552,835‌

110,668

Foot

Locker,

Inc

4,646,949‌

35,382

e

Franchise

Group,

Inc

1,034,924‌

44,369

*,e

Funko,

Inc

437,478‌

16,973

*

Genesco,

Inc

588,284‌

19,446

Group

1

Automotive,

Inc

4,365,238‌

80,682

*

GrowGeneration

Corp

275,932‌

41,171

e

Guess?,

Inc

776,073‌

20,154

Haverty

Furniture

Cos,

Inc

607,442‌

17,167

Hibbett

Sports,

Inc

932,683‌

18,169

e

JOANN,

Inc

31,432‌

22,463

*

Lands'

End,

Inc

161,060‌

23,158

*,e

Lulu's

Fashion

Lounge

Holdings,

Inc

52,106‌

41,895

*

Lumber

Liquidators,

Inc

137,835‌

28,757

*

MarineMax,

Inc

837,404‌

42,468

Monro

Muffler,

Inc

2,075,836‌

27,708

Murphy

USA,

Inc

7,626,073‌

107,602

*

National

Vision

Holdings,

Inc

2,263,946‌

54,105

*

ODP

Corp

2,337,877‌

18,629

*,e

OneWater

Marine,

Inc

491,806‌

56,647

*

Overstock.com,

Inc

1,153,333‌

29,033

e

PetMed

Express,

Inc

446,237‌

301,135

*

Qurate

Retail

Group,

Inc

QVC

Group

239,884‌

108,626

*,e

RealReal,

Inc

121,661‌

65,513

*,e

Rent

the

Runway,

Inc

170,989‌

70,279

Rent-A-Center,

Inc

1,873,638‌

55,994

*,e

Revolve

Group,

Inc

1,156,276‌

148,582

*

Sally

Beauty

Holdings,

Inc

2,114,322‌

24,101

Shoe

Carnival,

Inc

560,348‌

61,332

Signet

Jewelers

Ltd

4,512,809‌

28,674

*

Sleep

Number

Corp

646,599‌

24,483

Sonic

Automotive,

Inc

(Class

A)

1,089,983‌

52,415

*

Sportsman's

Warehouse

Holdings,

Inc

326,021‌

115,618

*,e

Stitch

Fix

Inc

394,257‌

82,384

*,e

ThredUp,

Inc

217,494‌

40,483

*

Tilly's,

Inc

304,027‌

18,215

*,e

Torrid

Holdings,

Inc

62,295‌

17,850

*

TravelCenters

of

America,

Inc

1,537,421‌

86,392

*

Urban

Outfitters,

Inc

2,337,768‌

111,499

*

Warby

Parker,

Inc

1,174,084‌

8,228

Weyco

Group,

Inc

223,308‌

3,791

Winmark

Corp

1,265,891‌

21,845

*

Zumiez,

Inc

381,960‌

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

85,201,765‌

CONSUMER

DURABLES

&

APPAREL

-

3

.3

%

45,918

Acushnet

Holdings

Corp

2,301,869‌

134,776

*,e

Allbirds,

Inc

168,470‌

152,611

*,e

AMMO,

Inc

300,644‌

111

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

DURABLES

&

APPAREL—continued

15,982

*,e

Aterian,

Inc

$

12,645‌

42,666

*

Beazer

Homes

USA,

Inc

909,212‌

191,506

*

Callaway

Golf

Co

4,245,688‌

11,930

*

Cavco

Industries,

Inc

3,581,625‌

38,201

Century

Communities,

Inc

2,572,455‌

39,006

Clarus

Corp

379,528‌

83,263

*

Crocs,

Inc

10,297,135‌

29,328

*,e

Dream

Finders

Homes,

Inc

447,252‌

80,931

Ermenegildo

Zegna

Holditalia

S.p.A

1,046,438‌

30,328

Ethan

Allen

Interiors,

Inc

847,061‌

64,671

*

Fossil

Group,

Inc

217,295‌

54,988

*

G-III

Apparel

Group

Ltd

863,312‌

172,014

*

GoPro,

Inc

736,220‌

38,635

*

Green

Brick

Partners,

Inc

1,439,926‌

32,793

*

Helen

of

Troy

Ltd

3,290,450‌

6,484

*

Hovnanian

Enterprises,

Inc

478,325‌

32,662

Installed

Building

Products,

Inc

4,058,907‌

37,725

*,e

iRobot

Corp

1,483,724‌

7,010

Johnson

Outdoors,

Inc

406,580‌

104,390

KB

Home

4,574,370‌

76,123

Kontoor

Brands,

Inc

3,438,476‌

9,397

*

Landsea

Homes

Corp

62,020‌

58,833

*

Latham

Group,

Inc

141,788‌

58,489

La-Z-Boy,

Inc

1,680,389‌

9,597

*

Legacy

Housing

Corp

207,295‌

28,206

*

LGI

Homes,

Inc

3,350,873‌

20,138

Lifetime

Brands,

Inc

98,676‌

18,991

*

Lovesac

Co

499,273‌

36,886

*

M/I

Homes,

Inc

2,494,969‌

27,910

*

Malibu

Boats,

Inc

1,583,892‌

11,799

Marine

Products

Corp

162,472‌

23,720

*

MasterCraft

Boat

Holdings,

Inc

694,284‌

81,003

MDC

Holdings,

Inc

3,318,693‌

49,791

Meritage

Homes

Corp

6,375,738‌

19,504

Movado

Group,

Inc

499,692‌

20,478

Oxford

Industries,

Inc

2,113,125‌

98,079

*,e

PLBY

Group,

Inc

163,792‌

113,901

e

Purple

Innovation,

Inc

338,286‌

8,350

Rocky

Brands,

Inc

243,987‌

73,132

*

Skyline

Champion

Corp

5,424,200‌

61,498

Smith

&

Wesson

Brands,

Inc

739,206‌

25,142

*,e

Snap

One

Holdings

Corp

245,386‌

30,224

*,e

Solo

Brands,

Inc

241,490‌

175,305

*

Sonos,

Inc

3,705,948‌

105,163

Steven

Madden

Ltd

3,684,912‌

24,002

Sturm

Ruger

&

Co,

Inc

1,381,555‌

18,501

Superior

Uniform

Group,

Inc

144,308‌

143,262

*

Taylor

Morrison

Home

Corp

6,173,160‌

59,625

*

Traeger,

Inc

181,260‌

139,939

*

TRI

Pointe

Homes,

Inc

4,013,451‌

29,410

*

Unifi,

Inc

258,220‌

17,450

*

Universal

Electronics,

Inc

175,372‌

77,489

*

Vista

Outdoor,

Inc

1,867,485‌

93,597

*,e

Vizio

Holding

Corp

802,126‌

82,592

*,e

Vuzix

Corp

332,020‌

107,291

Wolverine

World

Wide,

Inc

1,796,051‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

103,293,001‌

CONSUMER

SERVICES

-

3

.8

%

115,061

*

2U,

Inc

637,438‌

73,834

*

Accel

Entertainment,

Inc

653,431‌

Small-Cap

Blend

Index

Fund

April

30,

2023

112

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

SERVICES—continued

60,796

*

Adtalem

Global

Education,

Inc

$

2,466,494‌

26,162

*

American

Public

Education,

Inc

149,123‌

48,122

*

Bally's

Corp

827,698‌

137,683

*,e

Beachbody

Co,

Inc

64,243‌

914

*

Biglari

Holdings,

Inc

(B

Shares)

158,305‌

31,486

*

BJ's

Restaurants,

Inc

1,024,554‌

119,917

Bloomin'

Brands,

Inc

2,970,344‌

16,005

Bluegreen

Vacations

Holding

Corp

460,784‌

39,998

*

Bowlero

Corp

585,171‌

60,347

*

Brinker

International,

Inc

2,409,052‌

19,553

Carriage

Services,

Inc

561,367‌

34,911

*

Century

Casinos,

Inc

245,773‌

66,698

e

Cheesecake

Factory

2,247,056‌

170,807

*

Chegg,

Inc

3,071,110‌

24,200

*

Chuy's

Holdings,

Inc

844,096‌

159,477

*

Coursera,

Inc

1,983,894‌

30,634

e

Cracker

Barrel

Old

Country

Store,

Inc

3,252,105‌

60,110

*

Dave

&

Buster's

Entertainment,

Inc

2,131,501‌

77,918

*

Denny's

Corp

873,461‌

21,123

Dine

Brands

Global

Inc.

1,371,516‌

32,996

*

Duolingo,

Inc

4,492,735‌

25,789

El

Pollo

Loco

Holdings,

Inc

240,354‌

34,037

*

European

Wax

Center,

Inc

641,257‌

118,112

*

Everi

Holdings,

Inc

1,795,302‌

51,600

*,e

F45

Training

Holdings,

Inc

43,865‌

20,493

*

First

Watch

Restaurant

Group,

Inc

329,527‌

113,664

*

frontdoor,

Inc

3,109,847‌

41,544

*

Full

House

Resorts,

Inc

292,470‌

26,672

*

Golden

Entertainment,

Inc

1,124,492‌

5,009

Graham

Holdings

Co

2,883,030‌

117,467

*

Hilton

Grand

Vacations,

Inc

5,027,588‌

14,597

*

Inspirato,

Inc

11,094‌

36,277

*

Inspired

Entertainment,

Inc

464,346‌

135,773

International

Game

Technology

plc

3,820,652‌

28,542

Jack

in

the

Box,

Inc

2,645,558‌

101,379

e

Krispy

Kreme,

Inc

1,559,209‌

5,926

*,e

Kura

Sushi

USA,

Inc

408,420‌

184,124

Laureate

Education,

Inc

2,281,296‌

60,234

*,e

Life

Time

Group

Holdings,

Inc

1,252,265‌

47,271

*,e

Lindblad

Expeditions

Holdings,

Inc

534,635‌

18,660

Monarch

Casino

&

Resort,

Inc

1,294,258‌

21,287

*

NEOGAMES

S.A.

286,310‌

75,833

*,e

Nerdy,

Inc

301,057‌

47,955

*

Noodles

&

Co

236,898‌

30,594

*

ONE

Group

Hospitality,

Inc

239,551‌

92,351

*

OneSpaWorld

Holdings

Ltd

1,108,212‌

44,808

Papa

John's

International,

Inc

3,351,190‌

94,872

*

Perdoceo

Education

Corp

1,231,439‌

42,433

*

Portillo's,

Inc

917,402‌

11,650

RCI

Hospitality

Holdings,

Inc

872,585‌

69,264

Red

Rock

Resorts,

Inc

3,380,083‌

129,291

*

Rover

Group,

Inc

585,688‌

107,602

*

Rush

Street

Interactive,

Inc

334,642‌

40,373

Ruth's

Hospitality

Group

Inc

652,428‌

459,873

*

Sabre

Corp

1,839,492‌

129,422

*

Scientific

Games

Corp

(Class

A)

7,802,852‌

54,487

*

SeaWorld

Entertainment,

Inc

2,923,772‌

50,699

*

Shake

Shack,

Inc

2,778,812‌

158,564

*

Sonder

Holdings,

Inc

65,027‌

30,599

Strategic

Education,

Inc

2,692,712‌

58,172

*

Stride,

Inc

2,499,069‌

113

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

SERVICES—continued

119,122

*,e

Sweetgreen,

Inc

$

945,829‌

40,018

*,e

Target

Hospitality

Corp

504,627‌

91,763

Texas

Roadhouse,

Inc

(Class

A)

10,150,823‌

97,090

*

Udemy,

Inc

882,548‌

45,282

*

Universal

Technical

Institute,

Inc

319,691‌

157,350

*

Vacasa,

Inc

125,345‌

41,111

Wingstop,

Inc

8,226,722‌

85,342

*,e

WW

International

Inc

712,606‌

27,147

*

Xponential

Fitness,

Inc

898,023‌

TOTAL

CONSUMER

SERVICES

120,106,151‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0

.6

%

43,320

Andersons,

Inc

1,936,404‌

45,830

*

Chefs'

Warehouse

Holdings,

Inc

1,524,306‌

40,985

*

HF

Foods

Group

Inc

160,661‌

19,353

Ingles

Markets,

Inc

(Class

A)

1,781,250‌

12,852

Natural

Grocers

by

Vitamin

C

138,673‌

35,387

Pricesmart,

Inc

2,607,314‌

47,147

SpartanNash

Co

1,156,045‌

146,009

*

Sprouts

Farmers

Market,

Inc

5,060,672‌

82,536

*

United

Natural

Foods,

Inc

2,250,757‌

12,578

Village

Super

Market

(Class

A)

275,332‌

23,074

Weis

Markets,

Inc

1,903,374‌

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

18,794,788‌

ENERGY

-

6

.4

%

103,235

*

Alto

Ingredients,

Inc

135,238‌

22,378

e

Altus

Midstream

Co

689,242‌

49,857

*,e

Amplify

Energy

Corp

344,512‌

20,842

Arch

Resources,

Inc

2,547,934‌

186,825

Archrock,

Inc

1,922,429‌

55,514

Ardmore

Shipping

Corp

815,501‌

1,132

*,e

Battalion

Oil

Corp

7,969‌

96,397

Berry

Petroleum

Co

LLC

736,473‌

100,958

Bonanza

Creek

Energy,

Inc

6,971,150‌

279,291

*

Borr

Drilling

Ltd

1,941,072‌

34,680

*

Bristow

Group,

Inc

775,792‌

85,425

Cactus,

Inc

3,458,004‌

102,107

California

Resources

Corp

4,135,333‌

68,611

*

Callon

Petroleum

Co

2,273,769‌

14,358

*

Centrus

Energy

Corp

420,689‌

274,227

ChampionX

Corp

7,426,067‌

220,978

*

Clean

Energy

Fuels

Corp

943,576‌

230,312

*

CNX

Resources

Corp

3,576,745‌

125,885

Comstock

Resources

Inc

1,447,677‌

47,091

CONSOL

Energy,

Inc

2,794,380‌

53,160

e

Crescent

Energy,

Inc

617,719‌

40,143

CVR

Energy,

Inc

1,057,367‌

95,564

Delek

US

Holdings,

Inc

2,078,517‌

68,668

*

Denbury,

Inc

6,412,218‌

188,920

DHT

Holdings,

Inc

1,792,851‌

138,644

*

Diamond

Offshore

Drilling,

Inc

1,593,020‌

27,174

*

DMC

Global,

Inc

514,676‌

42,742

Dorian

LPG

Ltd

949,727‌

45,388

*

Dril-Quip,

Inc

1,238,185‌

60,236

*,e

Earthstone

Energy,

Inc

816,800‌

14,101

*,e

Empire

Petroleum

Corp

152,996‌

210,681

*,e

Energy

Fuels,

Inc

1,202,989‌

552,186

Equitrans

Midstream

Corp

2,843,758‌

25,892

Excelerate

Energy,

Inc

556,678‌

40,472

FLEX

LNG

Ltd

1,392,642‌

Small-Cap

Blend

Index

Fund

April

30,

2023

114

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

ENERGY—continued

119,886

*

Frank's

International

NV

$

2,384,533‌

169,478

Frontline

plc

2,621,825‌

274,978

*,e

Gevo,

Inc

318,974‌

140,775

*

Golar

LNG

Ltd

3,195,592‌

72,808

*

Green

Plains

Inc

2,487,849‌

14,672

*

Gulfport

Energy

Operating

Corp

1,327,229‌

198,310

*

Helix

Energy

Solutions

Group,

Inc

1,437,747‌

140,876

Helmerich

&

Payne,

Inc

4,671,448‌

11,917

e

HighPeak

Energy,

Inc

235,480‌

66,845

International

Seaways,

Inc

2,661,768‌

619,528

*

Kosmos

Energy

Ltd

3,964,979‌

23,640

*

Laredo

Petroleum,

Inc

1,099,969‌

181,932

Liberty

Oilfield

Services,

Inc

2,330,549‌

238,258

Magnolia

Oil

&

Gas

Corp

5,032,009‌

154,247

Matador

Resources

Co

7,562,730‌

201,711

Murphy

Oil

Corp

7,404,811‌

12,281

*

Nabors

Industries

Ltd

1,224,907‌

5,622

Nacco

Industries,

Inc

(Class

A)

203,067‌

110,971

*

Newpark

Resources,

Inc

443,884‌

61,946

*,e

NextDecade

Corp

385,924‌

245,020

*

NexTier

Oilfield

Solutions,

Inc

1,979,762‌

116,275

*

Noble

Corp

plc

4,470,774‌

294,391

Nordic

American

Tankers

Ltd

1,039,200‌

89,348

Northern

Oil

and

Gas,

Inc

2,963,673‌

56,907

Oasis

Petroleum,

Inc

8,099,573‌

137,018

*

Oceaneering

International,

Inc

2,429,329‌

85,619

*

Oil

States

International,

Inc

602,758‌

65,829

*

Par

Pacific

Holdings,

Inc

1,542,373‌

294,129

Patterson-UTI

Energy,

Inc

3,291,304‌

162,483

PBF

Energy,

Inc

5,664,157‌

162,909

*

Peabody

Energy

Corp

3,913,074‌

26,026

Penn

Virginia

Corp

1,072,271‌

322,464

Permian

Resources

Corp

3,369,749‌

31,670

*,e

ProFrac

Holding

Corp

354,704‌

121,961

*

ProPetro

Holding

Corp

846,409‌

19,486

*

Rex

American

Resources

Corp

551,259‌

15,070

Riley

Exploration

Permian,

Inc

633,091‌

166,187

*,e

Ring

Energy,

Inc

300,798‌

103,616

RPC,

Inc

765,722‌

44,290

*

SandRidge

Energy,

Inc

627,589‌

64,547

Scorpio

Tankers,

Inc

3,372,581‌

96,872

Select

Energy

Services,

Inc

719,759‌

161,440

SFL

Corp

Ltd

1,467,490‌

15,688

*,e

SilverBow

Resources,

Inc

374,159‌

97,213

Sitio

Royalties

Corp

2,468,238‌

166,144

SM

Energy

Co

4,665,324‌

47,248

Solaris

Oilfield

Infrastructure,

Inc

362,865‌

95,827

*

Talos

Energy,

Inc

1,306,122‌

93,200

*

Teekay

Corp

526,580‌

31,882

*

Teekay

Tankers

Ltd

1,290,902‌

683,771

*,e

Tellurian,

Inc

970,955‌

161,321

*

Tetra

Technologies,

Inc

459,765‌

62,855

*

Tidewater,

Inc

2,830,361‌

506,452

*,e

Uranium

Energy

Corp

1,321,840‌

294,910

*,e

Ur-Energy,

Inc

275,181‌

100,412

*

US

Silica

Holdings,

Inc

1,310,377‌

145,837

Vaalco

Energy,

Inc

624,182‌

83,478

*

Valaris

Ltd

5,008,680‌

78,225

*,e

Vertex

Energy,

Inc

617,977‌

125,971

*

W&T

Offshore,

Inc

550,493‌

96,934

*

Weatherford

International

Ltd

6,264,844‌

115

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

ENERGY—continued

82,870

World

Fuel

Services

Corp

$

1,959,047‌

TOTAL

ENERGY

200,844,260‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

5

.6

%

125,823

Acadia

Realty

Trust

1,699,869‌

119,934

Agree

Realty

Corp

8,154,313‌

100,239

Alexander

&

Baldwin,

Inc

1,927,596‌

3,284

Alexander's,

Inc

611,054‌

68,897

American

Assets

Trust,

Inc

1,253,925‌

171,723

American

Finance

Trust,

Inc

946,194‌

211,186

Apartment

Investment

and

Management

Co

1,653,586‌

293,879

Apple

Hospitality

REIT,

Inc

4,375,858‌

93,224

Armada

Hoffler

Properties,

Inc

1,092,585‌

4,870

*

Bluerock

Homes

Trust,

Inc

96,231‌

95,713

BraeMar

Hotels

&

Resorts,

Inc

363,709‌

236,646

Brandywine

Realty

Trust

930,019‌

236,503

Broadstone

Net

Lease,

Inc

3,824,253‌

19,173

Brt

Realty

Trust

332,268‌

135,786

CareTrust

REIT,

Inc

2,646,469‌

36,900

CBL

&

Associates

Properties,

Inc

853,497‌

20,439

Centerspace

1,152,351‌

68,190

Chatham

Lodging

Trust

698,266‌

54,938

City

Office

REIT,

Inc

319,739‌

13,183

Clipper

Realty,

Inc

69,211‌

33,167

Community

Healthcare

Trust,

Inc

1,187,047‌

154,596

Corporate

Office

Properties

Trust

3,538,702‌

29,362

CTO

Realty

Growth,

Inc

494,456‌

294,688

DiamondRock

Hospitality

Co

2,389,920‌

332,930

Diversified

Healthcare

Trust

304,098‌

121,563

Easterly

Government

Properties,

Inc

1,710,391‌

181,558

Empire

State

Realty

Trust,

Inc

1,109,319‌

146,562

Equity

Commonwealth

3,036,765‌

192,134

Essential

Properties

Realty

Trust,

Inc

4,755,316‌

67,670

Farmland

Partners,

Inc

706,475‌

116,333

Four

Corners

Property

Trust,

Inc

2,967,655‌

144,551

Franklin

Street

Properties

Corp

167,679‌

57,738

Getty

Realty

Corp

1,924,408‌

53,876

Gladstone

Commercial

Corp

643,279‌

45,018

Gladstone

Land

Corp

725,240‌

83,263

Global

Medical

REIT,

Inc

772,681‌

140,587

Global

Net

Lease,

Inc

1,583,010‌

40,929

Hersha

Hospitality

Trust

257,853‌

307,907

Independence

Realty

Trust,

Inc

5,126,652‌

8,439

Indus

Realty

Trust,

Inc

561,784‌

60,707

Industrial

Logistics

Properties

Trust

125,056‌

37,663

Innovative

Industrial

Properties,

Inc

2,581,799‌

90,508

InvenTrust

Properties

Corp

2,040,955‌

54,168

iStar,

Inc

1,501,537‌

297,985

Kite

Realty

Group

Trust

6,174,249‌

372,194

Lexington

Realty

Trust

3,498,624‌

54,140

LTC

Properties,

Inc

1,810,983‌

291,132

Macerich

Co

2,908,409‌

116,952

*

Mack-Cali

Realty

Corp

1,912,165‌

57,263

National

Health

Investors,

Inc

2,849,979‌

73,212

NETSTREIT

Corp

1,333,923‌

30,782

NexPoint

Residential

Trust,

Inc

1,321,471‌

66,023

Office

Properties

Income

Trust

430,470‌

22,032

One

Liberty

Properties,

Inc

485,145‌

90,907

Orion

Office

REIT,

Inc

558,169‌

201,198

Outfront

Media,

Inc

3,351,959‌

254,434

Paramount

Group,

Inc

1,101,699‌

Small-Cap

Blend

Index

Fund

April

30,

2023

116

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)—continued

173,882

Pebblebrook

Hotel

Trust

$

2,474,341‌

160,167

Phillips

Edison

&

Co,

Inc

5,051,667‌

312,170

Physicians

Realty

Trust

4,501,491‌

171,598

Piedmont

Office

Realty

Trust,

Inc

1,117,103‌

49,930

Plymouth

Industrial

REIT,

Inc

1,010,583‌

24,761

Postal

Realty

Trust,

Inc

380,577‌

108,840

PotlatchDeltic

Corp

5,031,673‌

162,732

Retail

Opportunities

Investment

Corp

2,120,398‌

220,132

RLJ

Lodging

Trust

2,223,333‌

116,491

RPT

Realty

1,083,366‌

73,760

Ryman

Hospitality

Properties

6,613,322‌

311,599

Sabra

Healthcare

REIT,

Inc

3,552,229‌

17,891

Saul

Centers,

Inc

644,613‌

227,666

Service

Properties

Trust

1,996,631‌

262,969

SITE

Centers

Corp

3,245,037‌

246,557

STAG

Industrial,

Inc

8,350,886‌

138,486

Summit

Hotel

Properties,

Inc

891,850‌

290,708

Sunstone

Hotel

Investors,

Inc

2,770,447‌

141,072

Tanger

Factory

Outlet

Centers,

Inc

2,766,422‌

110,157

Terreno

Realty

Corp

6,784,570‌

69,115

UMH

Properties,

Inc

1,050,548‌

348,923

Uniti

Group,

Inc

1,193,317‌

18,690

Universal

Health

Realty

Income

Trust

813,015‌

156,924

Urban

Edge

Properties

2,302,075‌

38,189

Urstadt

Biddle

Properties,

Inc

(Class

A)

657,615‌

122,070

Washington

REIT

2,103,266‌

62,723

Whitestone

REIT

561,371‌

153,284

Xenia

Hotels

&

Resorts,

Inc

1,940,575‌

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

174,182,636‌

FINANCIAL

SERVICES

-

5

.5

%

29,948

AFC

Gamma,

Inc

362,970‌

21,109

Alerus

Financial

Corp

303,759‌

25,956

A-Mark

Precious

Metals,

Inc

929,225‌

18,385

Angel

Oak

Mortgage,

Inc

142,116‌

187,654

Apollo

Commercial

Real

Estate

Finance,

Inc

1,899,058‌

227,655

Arbor

Realty

Trust,

Inc

2,611,203‌

68,600

Ares

Commercial

Real

Estate

Corp

590,646‌

216,193

ARMOUR

Residential

REIT,

Inc

1,102,584‌

82,964

Artisan

Partners

Asset

Management,

Inc

2,876,362‌

31,323

*

Assetmark

Financial

Holdings,

Inc

960,990‌

3,259

Associated

Capital

Group,

Inc

121,658‌

6,149

*,e

Atlanticus

Holdings

Corp

179,305‌

207,240

*

AvidXchange

Holdings,

Inc

1,539,793‌

28,303

e

B.

Riley

Financial,

Inc

891,544‌

133,983

*,e

Bakkt

Holdings,

Inc

180,877‌

36,669

Banco

Latinoamericano

de

Exportaciones

S.A.

(Class

E)

660,042‌

438,779

BGC

Partners,

Inc

(Class

A)

1,987,669‌

236,702

Blackstone

Mortgage

Trust,

Inc

4,317,444‌

63,404

*,e

Blucora,

Inc

1,608,559‌

67,529

Bread

Financial

Holdings,

Inc

1,863,800‌

42,705

Brightsphere

Investment

Group,

Inc

964,279‌

120,171

BrightSpire

Capital,

Inc

684,975‌

181,244

Broadmark

Realty

Capital,

Inc

889,908‌

94,210

*

Cannae

Holdings,

Inc

1,718,390‌

81,678

*

Cantaloupe,

Inc

450,046‌

17,461

Cass

Information

Systems,

Inc

638,723‌

7,901

Chicago

Atlantic

Real

Estate

Finance,

Inc

111,878‌

315,405

Chimera

Investment

Corp

1,791,500‌

124,127

Claros

Mortgage

Trust,

Inc

1,484,559‌

33,937

Cohen

&

Steers,

Inc

2,038,256‌

117

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

FINANCIAL

SERVICES—continued

84,729

e

Compass

Diversified

Trust

$

1,614,935‌

13,986

*,e

Consumer

Portfolio

Services,

Inc

145,594‌

3,880

Diamond

Hill

Investment

Group,

Inc

629,026‌

34,210

*

Donnelley

Financial

Solutions,

Inc

1,479,582‌

70,225

Dynex

Capital,

Inc

832,868‌

81,107

Ellington

Financial

Inc

1,035,736‌

43,262

Enact

Holdings,

Inc

1,044,345‌

31,275

*

Encore

Capital

Group,

Inc

1,606,910‌

41,564

*

Enova

International,

Inc

1,825,491‌

143,855

Essent

Group

Ltd

6,109,522‌

83,481

EVERTEC,

Inc

2,895,956‌

69,695

*

Ezcorp,

Inc

(Class

A)

600,074‌

12,214

Federal

Agricultural

Mortgage

Corp

(FAMC)

1,628,004‌

116,865

Federated

Investors,

Inc

(Class

B)

4,837,042‌

65,984

*,e

Finance

Of

America

Cos,

Inc

107,554‌

51,537

FirstCash

Holdings,

Inc

5,309,857‌

78,758

*

Flywire

Corp

2,297,371‌

79,488

*

Focus

Financial

Partners,

Inc

4,128,607‌

111,436

Franklin

BSP

Realty

Trust,

Inc

1,407,437‌

55,324

GCM

Grosvenor,

Inc

446,465‌

75,993

Granite

Point

Mortgage

Trust,

Inc

339,689‌

65,379

*

Green

Dot

Corp

1,123,865‌

49,427

Hamilton

Lane,

Inc

3,641,781‌

118,095

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc

3,351,536‌

11,862

Home

Point

Capital,

Inc

23,368‌

69,569

Houlihan

Lokey,

Inc

6,357,215‌

32,706

*

I3

Verticals,

Inc

760,415‌

42,618

*

International

Money

Express

Inc

1,098,692‌

54,831

Invesco

Mortgage

Capital,

Inc

581,757‌

101,596

Jackson

Financial,

Inc

3,658,472‌

75,821

KKR

Real

Estate

Finance

Trust,

Inc

814,318‌

154,731

Ladder

Capital

Corp

1,446,735‌

148,516

*

LendingClub

Corp

1,066,345‌

15,171

*

LendingTree,

Inc

361,525‌

24,078

*

MarketWise,

Inc

44,304‌

591,828

*

Marqeta,

Inc

2,396,903‌

24,294

Merchants

Bancorp

563,621‌

138,737

MFA

Financial,

Inc

1,483,099‌

87,050

Moelis

&

Co

3,297,454‌

132,379

*

MoneyGram

International,

Inc

1,344,971‌

95,938

*

Mr

Cooper

Group,

Inc

4,441,929‌

141,103

Navient

Corp

2,333,844‌

20,210

Nelnet,

Inc

(Class

A)

1,946,223‌

34,577

*

NerdWallet,

Inc

469,210‌

125,278

New

York

Mortgage

Trust,

Inc

1,287,858‌

10,916

Nexpoint

Real

Estate

Finance,

Inc

151,951‌

112,264

*

NMI

Holdings,

Inc

2,626,978‌

147,300

*

Open

Lending

Corp

1,035,519‌

10,150

Oppenheimer

Holdings,

Inc

379,509‌

19,207

*

OppFi,

Inc

36,493‌

49,959

Orchid

Island

Capital,

Inc

534,561‌

309,115

*

Payoneer

Global,

Inc

1,687,768‌

39,425

*

Paysafe

Ltd

566,143‌

37,619

PennyMac

Financial

Services,

Inc

2,350,811‌

122,184

PennyMac

Mortgage

Investment

Trust

1,518,747‌

50,178

Perella

Weinberg

Partners

396,406‌

23,766

Piper

Jaffray

Cos

3,218,867‌

32,339

PJT

Partners,

Inc

2,223,953‌

52,853

*

PRA

Group,

Inc

1,916,978‌

25,156

*,e

Priority

Technology

Holdings

Inc

80,751‌

69,060

*

PROG

Holdings,

Inc

2,087,684‌

Small-Cap

Blend

Index

Fund

April

30,

2023

118

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

FINANCIAL

SERVICES—continued

215,841

Radian

Group,

Inc

$

5,238,461‌

96,680

Ready

Capital

Corp

1,037,376‌

146,876

Redwood

Trust,

Inc

922,381‌

12,790

Regional

Management

Corp

342,260‌

138,175

*

Remitly

Global,

Inc

2,321,340‌

125,247

*

Repay

Holdings

Corp

785,299‌

37,492

Sculptor

Capital

Management,

Inc

312,308‌

13,835

e

Silvercrest

Asset

Management

Group,

Inc

259,130‌

22,951

*

Star

Holdings

370,429‌

76,844

StepStone

Group,

Inc

1,692,873‌

380,498

*

StoneCo

Ltd

4,687,735‌

24,153

*

StoneX

Group,

Inc

2,368,685‌

34,026

*,e

Sunlight

Financial

Holdings,

Inc

15,210‌

4,871

*,e

SWK

Holdings

Corp

85,389‌

100,292

TPG

RE

Finance

Trust,

Inc

715,082‌

135,437

Two

Harbors

Investment

Corp

1,886,637‌

1,276

e

Value

Line,

Inc

58,441‌

13,428

*,e

Velocity

Financial,

Inc

122,463‌

23,232

Victory

Capital

Holdings,

Inc

709,505‌

9,541

Virtus

Investment

Partners,

Inc

1,738,466‌

42,158

Walker

&

Dunlop,

Inc

2,837,655‌

31,138

Waterstone

Financial,

Inc

431,261‌

184,169

WisdomTree

Investments,

Inc

1,149,215‌

5,905

*,e

World

Acceptance

Corp

595,815‌

TOTAL

FINANCIAL

SERVICES

171,616,158‌

FOOD,

BEVERAGE

&

TOBACCO

-

2

.1

%

236,406

*,e

22nd

Century

Group,

Inc

167,943‌

8,749

Alico,

Inc

206,126‌

97,662

B&G

Foods,

Inc

(Class

A)

1,566,498‌

316,939

*,e

Benson

Hill,

Inc

335,955‌

85,934

*,e

Beyond

Meat,

Inc

1,163,546‌

35,958

*,e

BRC,

Inc

187,341‌

22,401

Calavo

Growers,

Inc

715,936‌

51,313

Cal-Maine

Foods,

Inc

2,437,367‌

76,234

*

Celsius

Holdings,

Inc

7,285,683‌

6,508

Coca-Cola

Consolidated

Inc

3,836,206‌

56,878

*

Duckhorn

Portfolio,

Inc

858,858‌

42,170

Fresh

Del

Monte

Produce,

Inc

1,210,701‌

121,403

*

Hain

Celestial

Group,

Inc

2,176,756‌

183,231

*

Hostess

Brands,

Inc

4,720,031‌

21,064

J&J

Snack

Foods

Corp

3,227,005‌

12,579

John

B.

Sanfilippo

&

Son,

Inc

1,307,587‌

26,663

Lancaster

Colony

Corp

5,575,767‌

18,875

MGP

Ingredients,

Inc

1,862,585‌

53,901

*

Mission

Produce,

Inc

613,932‌

33,218

*

National

Beverage

Corp

1,650,935‌

218,204

Primo

Water

Corp

3,314,519‌

7,543

*

Seneca

Foods

Corp

359,047‌

121,838

*

Simply

Good

Foods

Co

4,431,248‌

52,784

*

Sovos

Brands,

Inc

905,246‌

129,933

*

SunOpta,

Inc

1,104,430‌

124,336

*,e

Tattooed

Chef,

Inc

191,477‌

23,652

Tootsie

Roll

Industries,

Inc

966,894‌

69,845

*

TreeHouse

Foods,

Inc

3,719,246‌

19,381

Turning

Point

Brands,

Inc

461,074‌

34,188

Universal

Corp

1,876,579‌

91,625

Utz

Brands,

Inc

1,732,629‌

198,899

Vector

Group

Ltd

2,533,973‌

45,240

*,e

Vintage

Wine

Estates,

Inc

60,622‌

37,078

*

Vita

Coco

Co,

Inc

802,739‌

119

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

FOOD,

BEVERAGE

&

TOBACCO—continued

45,485

*

Vital

Farms,

Inc

$

585,847‌

58,516

*

Whole

Earth

Brands,

Inc

140,438‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

64,292,766‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

7

.3

%

93,900

*

Accolade,

Inc

1,270,467‌

103,392

*

AdaptHealth

Corp

1,228,297‌

20,910

*

Addus

HomeCare

Corp

1,709,183‌

38,179

*,e

Agiliti,

Inc

638,353‌

17,003

e

AirSculpt

Technologies,

Inc

83,315‌

133,108

*

Alignment

Healthcare,

Inc

837,249‌

147,200

*

Allscripts

Healthcare

Solutions,

Inc

1,838,528‌

97,239

*

Alphatec

Holdings

Inc

1,404,131‌

300,821

*

American

Well

Corp

658,798‌

59,472

*

AMN

Healthcare

Services,

Inc

5,135,407‌

51,827

*

Angiodynamics,

Inc

431,201‌

54,374

*,e

Apollo

Medical

Holdings,

Inc

1,929,733‌

61,740

*

AtriCure,

Inc

2,715,943‌

1,897

Atrion

Corp

1,167,224‌

62,533

*

Avanos

Medical,

Inc

1,847,225‌

60,420

*,e

Aveanna

Healthcare

Holdings,

Inc

74,317‌

54,514

*

AxoGen,

Inc

491,716‌

67,354

*

Axonics

Modulation

Technologies,

Inc

3,870,161‌

254,111

*

Brookdale

Senior

Living,

Inc

1,090,136‌

207,390

*,e

Butterfly

Network,

Inc

447,962‌

160,902

*,e

Cano

Health,

Inc

186,646‌

59,508

*,e

CareMax,

Inc

149,960‌

33,263

*

Castle

Biosciences,

Inc

752,742‌

237,114

*

Cerus

Corp

547,733‌

527,952

*,e

Clover

Health

Investments

Corp

389,945‌

182,514

*

Community

Health

Systems,

Inc

1,157,139‌

18,280

*

Computer

Programs

&

Systems,

Inc

473,086‌

39,971

Conmed

Corp

5,019,158‌

11,920

*

Corvel

Corp

2,408,198‌

48,883

*

Cross

Country

Healthcare,

Inc

1,074,448‌

54,426

*

CryoLife,

Inc

754,889‌

150,283

*

Cue

Health,

Inc

118,258‌

22,042

*

Cutera,

Inc

502,558‌

112,316

*

DocGo,

Inc

954,686‌

79,674

Embecta

Corp

2,210,954‌

73,800

Ensign

Group,

Inc

7,165,242‌

112,477

*

Evolent

Health,

Inc

4,095,288‌

181,769

*

Figs,

Inc

1,308,737‌

27,932

*,e

Fulgent

Genetics,

Inc

825,949‌

62,771

*

Glaukos

Corp

2,982,250‌

68,774

*

Haemonetics

Corp

5,757,072‌

76,936

*

Health

Catalyst,

Inc

969,394‌

113,977

*

HealthEquity,

Inc

6,092,071‌

35,390

HealthStream,

Inc

872,010‌

13,283

*

Heska

Corp

1,556,236‌

164,376

*

Hims

&

Hers

Health,

Inc

1,905,118‌

66,250

*

Inari

Medical,

Inc

4,400,325‌

21,483

*

Innovage

Holding

Corp

131,261‌

32,057

*

Inogen,

Inc

426,679‌

39,225

*

Inspire

Medical

Systems,

Inc

10,497,787‌

45,227

*

Integer

Holding

Corp

3,724,443‌

229,226

*,e

Invitae

Corp

311,747‌

9,882

iRadimed

Corp

411,388‌

41,391

*

iRhythm

Technologies,

Inc

5,438,777‌

20,600

*

Joint

Corp

325,274‌

93,735

*

Lantheus

Holdings,

Inc

8,009,656‌

Small-Cap

Blend

Index

Fund

April

30,

2023

120

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES—continued

26,168

LeMaitre

Vascular,

Inc

$

1,413,072‌

103,526

*

LifeStance

Health

Group,

Inc

843,737‌

73,861

*

LivaNova

plc

3,537,942‌

112,512

*

MEDNAX,

Inc

1,612,297‌

76,503

*

Merit

Medical

Systems,

Inc

6,218,929‌

7,010

Mesa

Laboratories,

Inc

1,167,235‌

17,709

*

ModivCare,

Inc

1,126,292‌

592,348

*,e

Multiplan

Corp

579,494‌

63,975

*,e

Nano-X

Imaging

Ltd

390,887‌

16,741

National

Healthcare

Corp

969,471‌

18,823

National

Research

Corp

819,365‌

297,866

*

Neogen

Corp

5,129,253‌

170,612

*

NeoGenomics,

Inc

2,494,347‌

47,225

*

Nevro

Corp

1,382,276‌

77,884

*

NextGen

Healthcare,

Inc

1,303,778‌

340,229

*

Nutex

Health,

Inc

193,318‌

72,044

*

NuVasive,

Inc

3,100,774‌

61,254

*

Omnicell,

Inc

3,722,406‌

569,860

*,e

Opko

Health,

Inc

837,694‌

21,914

*

OptimizeRx

Corp

329,367‌

229,091

*

Option

Care

Health,

Inc

7,365,276‌

99,167

*

OraSure

Technologies,

Inc

674,336‌

47,704

*

Orthofix

Medical

Inc

898,266‌

20,885

*

OrthoPediatrics

Corp

1,053,439‌

65,683

*

Outset

Medical,

Inc

1,181,637‌

101,496

*

Owens

&

Minor,

Inc

1,577,248‌

15,949

*

Owlet,

Inc

4,997‌

35,677

*,e

P3

Health

Partners,

Inc

45,310‌

69,906

*

Paragon

28,

Inc

1,287,669‌

119,377

Patterson

Cos,

Inc

3,236,310‌

40,466

*

Pennant

Group,

Inc

561,263‌

38,312

*

PetIQ,

Inc

451,699‌

67,475

*

Phreesia,

Inc

2,134,909‌

72,213

*

Privia

Health

Group,

Inc

1,995,245‌

35,111

*

PROCEPT

BioRobotics

Corp

1,067,023‌

137,717

*,†

Progenics

Pharmaceuticals,

Inc

0‌

103,786

*

Progyny,

Inc

3,449,847‌

207,699

*

Project

Roadrunner

Parent,

Inc

3,238,027‌

47,757

*

Pulmonx

Corp

561,145‌

67,310

*

RadNet,

Inc

1,861,795‌

31,598

*

RxSight,

Inc

565,604‌

73,054

*

Schrodinger,

Inc

2,156,554‌

142,670

Select

Medical

Holdings

Corp

4,351,435‌

400,776

*

Sema4

Holdings

Corp

109,652‌

630,030

*,e

Senseonics

Holdings,

Inc

374,931‌

404,354

*,e

Sharecare,

Inc

622,705‌

48,848

*

Shockwave

Medical

Inc

14,173,736‌

46,870

*

SI-BONE,

Inc

1,035,827‌

29,558

*

Sight

Sciences,

Inc

285,826‌

51,255

*

Silk

Road

Medical

Inc

2,256,245‌

20,907

Simulations

Plus,

Inc

872,867‌

66,214

*

Staar

Surgical

Co

4,666,101‌

70,631

*

Surgery

Partners,

Inc

2,801,225‌

19,020

*

SurModics,

Inc

438,221‌

25,353

*

Tactile

Systems

Technology,

Inc

462,185‌

41,866

*

Transmedics

Group,

Inc

3,311,601‌

52,545

*

Treace

Medical

Concepts,

Inc

1,286,827‌

9,065

*

UFP

Technologies,

Inc

1,249,520‌

17,329

US

Physical

Therapy,

Inc

1,844,845‌

4,768

Utah

Medical

Products,

Inc

452,197‌

53,715

*

Varex

Imaging

Corp

952,904‌

121

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES—continued

342,623

*,e

VG

Acquisition

Corp

$

674,967‌

76,161

*,e

Vicarious

Surgical,

Inc

171,362‌

200,354

*

ViewRay,

Inc

236,418‌

28,246

*,e

Zynex

Inc

323,134‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

228,270,714‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1

.2

%

122,966

*,e

Beauty

Health

Co

1,409,190‌

183,383

*

BellRing

Brands,

Inc

6,599,954‌

15,202

*

Central

Garden

&

Pet

Co

560,042‌

56,390

*

Central

Garden

and

Pet

Co

(Class

A)

1,992,259‌

70,650

Edgewell

Personal

Care

Co

3,085,285‌

67,472

*

elf

Beauty,

Inc

6,258,703‌

98,188

Energizer

Holdings,

Inc

3,282,425‌

136,494

*

Herbalife

Nutrition

Ltd

2,028,301‌

91,613

*

Honest

Co,

Inc

152,078‌

24,891

Inter

Parfums,

Inc

3,778,205‌

14,608

Medifast,

Inc

1,338,823‌

18,571

*

Nature's

Sunshine

Products,

Inc

203,538‌

67,415

Nu

Skin

Enterprises,

Inc

(Class

A)

2,660,196‌

10,434

*,e

Thorne

HealthTech,

Inc

46,014‌

14,674

*

USANA

Health

Sciences,

Inc

973,913‌

150,727

*,e

Veru,

Inc

191,423‌

18,725

WD-40

Co

3,565,240‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

38,125,589‌

INSURANCE

-

2

.2

%

59,995

*

AMBAC

Financial

Group,

Inc

956,920‌

97,315

American

Equity

Investment

Life

Holding

Co

3,750,520‌

26,576

Amerisafe,

Inc

1,478,954‌

45,400

Argo

Group

International

Holdings

Ltd

1,335,214‌

82,347

*

BRP

Group,

Inc

2,074,321‌

155,790

Conseco,

Inc

3,495,928‌

23,966

Crawford

&

Co

216,413‌

21,294

Donegal

Group,

Inc

(Class

A)

299,819‌

34,162

*

eHealth,

Inc

204,972‌

36,037

Employers

Holdings,

Inc

1,426,705‌

15,557

*

Enstar

Group

Ltd

3,743,014‌

679,650

*

Genworth

Financial,

Inc

(Class

A)

3,948,766‌

25,918

*

Goosehead

Insurance,

Inc

1,490,285‌

36,612

*

Greenlight

Capital

Re

Ltd

(Class

A)

358,065‌

9,033

e

HCI

Group,

Inc

457,612‌

27,594

*,e

Hippo

Holdings,

Inc

503,315‌

54,712

Horace

Mann

Educators

Corp

1,711,391‌

1,606

Investors

Title

Co

238,941‌

48,376

James

River

Group

Holdings

Ltd

941,881‌

29,682

Kinsale

Capital

Group,

Inc

9,697,406‌

64,486

*,e

Lemonade,

Inc

699,028‌

67,349

*

MBIA,

Inc

677,531‌

36,239

Mercury

General

Corp

1,102,028‌

2,911

National

Western

Life

Group,

Inc

742,247‌

11,769

*

NI

Holdings,

Inc

158,764‌

161,624

*

Oscar

Health,

Inc

1,087,730‌

33,964

*

Palomar

Holdings,

Inc

1,707,031‌

73,221

ProAssurance

Corp

1,315,049‌

53,422

RLI

Corp

7,428,329‌

10,785

*,e

Root,

Inc

46,268‌

18,816

Safety

Insurance

Group,

Inc

1,375,261‌

81,637

Selective

Insurance

Group,

Inc

7,864,092‌

115,236

*

Selectquote,

Inc

122,150‌

126,833

*

SiriusPoint

Ltd

1,102,179‌

Small-Cap

Blend

Index

Fund

April

30,

2023

122

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

INSURANCE—continued

13,926

*

Skyward

Specialty

Insurance

Group,

Inc

$

297,738‌

36,378

Stewart

Information

Services

Corp

1,515,144‌

38,313

Tiptree

Inc

527,570‌

53,206

*

Trupanion,

Inc

1,868,063‌

28,478

United

Fire

Group

Inc

766,058‌

36,061

Universal

Insurance

Holdings,

Inc

556,061‌

TOTAL

INSURANCE

69,288,763‌

MATERIALS

-

4

.5

%

52,114

*

5E

Advanced

Materials,

Inc

219,921‌

35,671

AdvanSix,

Inc

1,344,083‌

170,061

*

Allegheny

Technologies,

Inc

6,567,756‌

21,155

Alpha

Metallurgical

Resources,

Inc

3,100,477‌

38,046

American

Vanguard

Corp

732,385‌

275,614

*,e

Amyris,

Inc

225,342‌

140,219

*

Arconic

Corp

3,470,420‌

82,543

*

Aspen

Aerogels,

Inc

516,719‌

124,721

Avient

Corp

4,803,006‌

43,423

Balchem

Corp

5,705,782‌

76,108

Cabot

Corp

5,461,510‌

65,383

Carpenter

Technology

Corp

3,448,299‌

74,026

*

Century

Aluminum

Co

635,883‌

10,513

Chase

Corp

1,149,386‌

24,418

*

Clearwater

Paper

Corp

881,490‌

386,518

*

Coeur

Mining,

Inc

1,314,161‌

159,978

Commercial

Metals

Co

7,469,373‌

46,667

Compass

Minerals

International,

Inc

1,527,411‌

173,346

*

Constellium

SE

2,574,188‌

71,181

*,e

Dakota

Gold

Corp

234,185‌

126,852

*,e

Danimer

Scientific,

Inc

400,852‌

109,249

*

Diversey

Holdings

Ltd

888,194‌

35,238

FutureFuel

Corp

264,285‌

60,484

Glatfelter

Corp

273,388‌

33,621

Greif,

Inc

(Class

A)

2,111,063‌

6,965

Greif,

Inc

(Class

B)

548,424‌

73,657

H.B.

Fuller

Co

4,873,884‌

25,598

Hawkins,

Inc

1,032,623‌

17,167

Haynes

International,

Inc

807,021‌

759,174

Hecla

Mining

Co

4,593,003‌

51,516

*

Ingevity

Corp

3,695,758‌

34,090

Innospec,

Inc

3,464,567‌

15,133

*

Intrepid

Potash,

Inc

390,129‌

68,821

*

Ivanhoe

Electric,

Inc

819,658‌

20,890

Kaiser

Aluminum

Corp

1,372,891‌

27,522

Koppers

Holdings,

Inc

902,997‌

30,976

Kronos

Worldwide,

Inc

288,077‌

222,585

*

Livent

Corp

4,863,482‌

107,817

*

LSB

Industries,

Inc

962,806‌

27,936

Materion

Corp

3,025,748‌

44,194

Minerals

Technologies,

Inc

2,618,936‌

49,769

Myers

Industries,

Inc

943,123‌

316,804

*

Novagold

Resources

Inc

1,723,414‌

211,215

*

O-I

Glass,

Inc

4,746,001‌

13,023

Olympic

Steel,

Inc

606,481‌

136,132

*,e

Origin

Materials,

Inc

537,721‌

83,840

Orion

Engineered

Carbons

SA

2,029,766‌

58,278

Pactiv

Evergreen,

Inc

460,396‌

159,335

*

Perimeter

Solutions

S.A.

1,191,826‌

24,661

*

Piedmont

Lithium,

Inc

1,418,007‌

73,962

*

PolyMet

Mining

Corp

134,611‌

120,056

*

PQ

Group

Holdings,

Inc

1,362,636‌

123

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

MATERIALS—continued

154,758

*,e

PureCycle

Technologies,

Inc

$

1,016,760‌

18,560

Quaker

Chemical

Corp

3,463,853‌

31,252

Ramaco

Resources,

Inc

254,079‌

59,396

*

Ranpak

Holdings

Corp

242,336‌

83,699

*

Rayonier

Advanced

Materials,

Inc

455,323‌

26,974

Ryerson

Holding

Corp

1,018,808‌

34,222

Schnitzer

Steel

Industries,

Inc

(Class

A)

988,674‌

73,697

Schweitzer-Mauduit

International,

Inc

1,427,511‌

57,375

Sensient

Technologies

Corp

4,272,142‌

28,624

Stepan

Co

2,639,133‌

162,487

*

Summit

Materials,

Inc

4,453,769‌

105,905

SunCoke

Energy,

Inc

823,941‌

48,233

Sylvamo

Corp

2,210,036‌

58,512

*

TimkenSteel

Corp

979,491‌

45,315

Tredegar

Corp

425,055‌

56,113

Trimas

Corp

1,425,831‌

45,233

Trinseo

plc

819,622‌

158,428

Tronox

Holdings

plc

2,168,879‌

2,821

United

States

Lime

&

Minerals,

Inc

453,899‌

3,773

Valhi,

Inc

58,595‌

72,118

Warrior

Met

Coal,

Inc

2,493,119‌

43,110

Worthington

Industries,

Inc

2,560,303‌

TOTAL

MATERIALS

139,384,704‌

MEDIA

&

ENTERTAINMENT

-

1

.9

%

50,595

*,e

AdTheorent

Holding

Co,

Inc

75,893‌

119,692

*

Advantage

Solutions,

Inc

153,206‌

43,573

*

AMC

Networks,

Inc

770,806‌

30,157

*

Boston

Omaha

Corp

617,012‌

137,625

*

Bumble,

Inc

2,506,151‌

21,446

*,e

Cardlytics,

Inc

139,185‌

142,853

*

Cargurus,

Inc

2,348,503‌

89,483

*

Cars.com,

Inc

1,751,182‌

150,026

*

Cinemark

Holdings,

Inc

2,532,439‌

514,235

*

Clear

Channel

653,078‌

20,146

*

Cumulus

Media

Inc

70,813‌

1,684

*

Daily

Journal

Corp

459,985‌

59,741

*

DHI

Group,

Inc

219,250‌

78,289

Entravision

Communications

Corp

(Class

A)

489,306‌

107,546

*

Eventbrite

Inc

781,859‌

27,255

*

EverQuote

Inc

189,967‌

77,470

*

EW

Scripps

Co

(Class

A)

653,072‌

169,377

*,e

fuboTV,

Inc

193,090‌

12,214

*

Gambling.com

Group

Ltd

119,942‌

201,540

*

Gannett

Co,

Inc

382,926‌

111,923

Gray

Television,

Inc

862,926‌

187,651

*

iHeartMedia,

Inc

651,149‌

64,801

*

Imax

Corp

1,357,581‌

106,772

*,e

Innovid

Corp

100,259‌

53,517

*

Integral

Ad

Science

Holding

Corp

841,822‌

57,467

John

Wiley

&

Sons,

Inc

(Class

A)

2,216,502‌

43,620

*,e

Leafly

Holdings,

Inc

14,761‌

14,745

*

Liberty

Braves

Group

(Class

A)

577,562‌

52,096

*

Liberty

Braves

Group

(Class

C)

1,980,690‌

78,321

*,e

Lions

Gate

Entertainment

Corp

(Class

A)

900,692‌

159,743

*

Lions

Gate

Entertainment

Corp

(Class

B)

1,704,458‌

35,809

*

Madison

Square

Garden

Entertainment

Corp

1,007,665‌

35,809

*

Madison

Square

Garden

Entertainment

Corp

1,155,556‌

179,136

*

Magnite,

Inc

1,683,878‌

33,377

e

Marcus

Corp

584,765‌

41,367

*

MediaAlpha,

Inc

306,116‌

Small-Cap

Blend

Index

Fund

April

30,

2023

124

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

MEDIA

&

ENTERTAINMENT—continued

55,980

*

Outbrain,

Inc

$

214,403‌

110,418

*

Playstudios,

Inc

483,631‌

59,270

*

PubMatic,

Inc

809,628‌

72,007

*

QuinStreet,

Inc

799,998‌

151,440

*

Quotient

Technology,

Inc

427,061‌

28,672

*,e

Reservoir

Media,

Inc

190,382‌

39,596

Scholastic

Corp

1,523,258‌

32,860

Shutterstock,

Inc

2,201,620‌

55,927

e

Sinclair

Broadcast

Group,

Inc

(Class

A)

1,112,388‌

426,892

*,e

Skillz,

Inc

265,826‌

101,520

*

Stagwell,

Inc

631,454‌

37,295

*

TechTarget,

Inc

1,271,387‌

306,080

TEGNA,

Inc

5,233,968‌

35,433

*

Thryv

Holdings,

Inc

795,825‌

129,623

*

TrueCar,

Inc

333,131‌

11,707

*

Urban

One,

Inc

83,588‌

5,740

*

Urban

One,

Inc

33,349‌

201,481

*

Vimeo,

Inc

662,873‌

319,755

*

Vinco

Ventures,

Inc

58,579‌

34,551

*,e

Vivid

Seats,

Inc

248,076‌

74,392

*

WideOpenWest,

Inc

850,301‌

92,584

*

Yelp,

Inc

2,770,113‌

62,575

*

Ziff

Davis

Inc

4,576,736‌

101,853

*

ZipRecruiter,

Inc

1,725,390‌

TOTAL

MEDIA

&

ENTERTAINMENT

58,357,012‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

9

.8

%

53,748

*

2seventy

bio,

Inc

511,143‌

40,664

*

4D

Molecular

Therapeutics,

Inc

732,359‌

20,225

*,e

Aadi

Bioscience,

Inc

156,946‌

278,049

*,e

AbCellera

Biologics,

Inc

1,885,172‌

54,540

*,e

Absci

Corp

71,993‌

166,976

*

Acadia

Pharmaceuticals,

Inc

3,561,598‌

87,055

*

Aclaris

Therapeutics,

Inc

773,919‌

7,612

*

Acrivon

Therapeutics,

Inc

93,704‌

58,945

*,e

Adagio

Therapeutics,

Inc

64,839‌

145,050

*

Adaptive

Biotechnologies

Corp

1,035,657‌

39,462

*,e

Adicet

Bio,

Inc

230,458‌

277,886

*

ADMA

Biologics,

Inc

930,918‌

12,452

*

Aerovate

Therapeutics,

Inc

261,118‌

198,273

*

Affimed

NV

178,446‌

412,657

*

Agenus,

Inc

623,112‌

72,906

*

Agios

Pharmaceuticals,

Inc

1,667,360‌

48,671

*

Akero

Therapeutics,

Inc

2,177,541‌

21,951

*

Akoya

Biosciences,

Inc

152,779‌

86,500

*

Alector,

Inc

570,900‌

223,388

*

Alkermes

plc

6,377,727‌

108,997

*,e

Allogene

Therapeutics,

Inc

591,854‌

43,763

*,e

Allovir,

Inc

150,545‌

9,350

*,e

Alpha

Teknova,

Inc

17,671‌

31,004

*,e

Alpine

Immune

Sciences,

Inc

232,220‌

30,055

*,e

ALX

Oncology

Holdings,

Inc

178,527‌

378,063

*

Amicus

Therapeutics,

Inc

4,362,847‌

202,198

*

Amneal

Pharmaceuticals,

Inc

390,242‌

52,339

*

Amphastar

Pharmaceuticals,

Inc

1,872,166‌

68,570

*

Amylyx

Pharmaceuticals,

Inc

1,947,388‌

15,065

*

AN2

Therapeutics,

Inc

118,260‌

28,321

*

AnaptysBio,

Inc

589,643‌

91,173

*,e

Anavex

Life

Sciences

Corp

742,148‌

17,618

*

ANI

Pharmaceuticals,

Inc

664,551‌

20,311

*

Anika

Therapeutics,

Inc

521,180‌

125

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

128,624

*

Apellis

Pharmaceuticals,

Inc

$

10,731,100‌

150,622

*,e

Arbutus

Biopharma

Corp

378,061‌

42,187

*

Arcellx,

Inc

1,800,541‌

30,817

*

Arcturus

Therapeutics

Holdings,

Inc

820,349‌

69,500

*

Arcus

Biosciences,

Inc

1,240,575‌

57,016

*

Arcutis

Biotherapeutics,

Inc

789,101‌

141,176

*

Arrowhead

Pharmaceuticals

Inc

4,999,042‌

67,364

*

Arvinas,

Inc

1,765,610‌

123,720

*

Atara

Biotherapeutics,

Inc

335,281‌

105,147

*

Atea

Pharmaceuticals,

Inc

343,831‌

47,470

*

Athira

Pharma,

Inc

132,441‌

31,492

*

Aura

Biosciences,

Inc

284,688‌

185,007

*,e

Aurinia

Pharmaceuticals,

Inc

2,081,329‌

83,065

*

Avid

Bioservices,

Inc

1,499,323‌

92,760

*

Avidity

Biosciences,

Inc

1,150,224‌

44,626

*,e

Axsome

Therapeutics,

Inc

3,192,098‌

87,302

*

Beam

Therapeutics,

Inc

2,681,044‌

78,244

*

Berkeley

Lights,

Inc

91,545‌

252,684

*

BioCryst

Pharmaceuticals,

Inc

1,922,925‌

85,677

*

Biohaven

Ltd

1,120,655‌

47,217

*,e

BioLife

Solutions

Inc

829,130‌

476,576

*,e

Bionano

Genomics,

Inc

327,837‌

28,808

*,e

Bioxcel

Therapeutics

Inc

594,021‌

166,446

*

Bluebird

Bio,

Inc

724,040‌

82,179

*

Blueprint

Medicines

Corp

4,195,238‌

143,844

*

Bridgebio

Pharma,

Inc

2,088,615‌

83,898

*

C4

Therapeutics,

Inc

253,372‌

59,968

*

Cara

Therapeutics,

Inc

251,866‌

65,185

*

CareDx,

Inc

527,347‌

95,838

*

Caribou

Biosciences,

Inc

412,103‌

54,533

*,e

Cassava

Sciences,

Inc

1,266,256‌

135,453

*

Catalyst

Pharmaceuticals,

Inc

2,156,412‌

63,783

*

Celldex

Therapeutics,

Inc

2,005,338‌

95,043

*,e

Celularity,

Inc

56,123‌

26,194

*

Century

Therapeutics,

Inc

81,987‌

79,612

*

Cerevel

Therapeutics

Holdings,

Inc

2,311,932‌

114,296

*

Chimerix,

Inc

132,583‌

69,077

*

Chinook

Therapeutics,

Inc

1,382,231‌

89,565

*

Codexis,

Inc

351,095‌

92,564

*

Cogent

Biosciences,

Inc

995,989‌

100,420

*

Coherus

Biosciences,

Inc

726,037‌

43,961

*

Collegium

Pharmaceutical,

Inc

1,022,972‌

118,439

*,e

Corcept

Therapeutics,

Inc

2,668,431‌

70,303

*

Crinetics

Pharmaceuticals,

Inc

1,373,721‌

61,759

*

CryoPort,

Inc

1,299,409‌

134,124

*

CTI

BioPharma

Corp

651,843‌

34,937

*

Cullinan

Oncology,

Inc

339,937‌

159,879

*

Cytek

Biosciences,

Inc

1,835,411‌

112,618

*

Cytokinetics,

Inc

4,211,913‌

38,659

*

Day

One

Biopharmaceuticals,

Inc

479,372‌

68,586

*

Deciphera

Pharmaceuticals,

Inc

974,607‌

149,054

*

Denali

Therapeutics,

Inc

3,702,501‌

47,309

*,e

Design

Therapeutics,

Inc

305,143‌

50,376

*

DICE

Therapeutics,

Inc

1,637,220‌

166,608

*

Dynavax

Technologies

Corp

1,734,389‌

43,355

*

Dyne

Therapeutics,

Inc

449,158‌

14,382

*

Eagle

Pharmaceuticals,

Inc

403,847‌

51,446

*,e

Edgewise

Therapeutics,

Inc

451,181‌

99,534

*

Editas

Medicine,

Inc

812,197‌

56,201

*

Emergent

Biosolutions,

Inc

496,255‌

26,286

*

Enanta

Pharmaceuticals,

Inc

934,467‌

Small-Cap

Blend

Index

Fund

April

30,

2023

126

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

27,646

*

Enochian

Biosciences

Inc

$

31,516‌

264,603

*,e

EQRx,

Inc

444,533‌

122,126

*

Erasca,

Inc

337,068‌

20,332

*,e

Esperion

Thereapeutics,

Inc

26,838‌

49,373

*

Evolus,

Inc

431,520‌

53,551

*,e

EyePoint

Pharmaceuticals,

Inc

336,300‌

113,106

*

Fate

Therapeutics,

Inc

686,553‌

120,617

*

FibroGen,

Inc

2,064,963‌

28,008

*,e

Foghorn

Therapeutics,

Inc

182,612‌

96,774

*

Fulcrum

Therapeutics,

Inc

241,935‌

85,156

*

Generation

Bio

Co

418,968‌

567,826

*

Geron

Corp

1,396,852‌

182,801

*

Halozyme

Therapeutics,

Inc

5,873,396‌

35,302

*

Harmony

Biosciences

Holdings,

Inc

1,138,136‌

171,752

*,e

Heron

Therapeutics,

Inc

410,487‌

23,646

*,e

HilleVax,

Inc

331,044‌

80,338

*,e

Humacyte,

Inc

260,295‌

29,647

*,e

Icosavax,

Inc

163,355‌

60,041

*

Ideaya

Biosciences,

Inc

1,096,349‌

21,647

*,e

IGM

Biosciences,

Inc

234,437‌

111,459

*,e

ImmunityBio,

Inc

312,085‌

288,412

*

Immunogen,

Inc

1,554,541‌

60,211

*

Immunovant,

Inc

971,806‌

44,107

*,e

Inhibrx,

Inc

926,247‌

84,663

*

Innoviva,

Inc

993,097‌

346,227

*,e

Inovio

Pharmaceuticals,

Inc

267,460‌

185,281

*

Insmed,

Inc

3,612,979‌

113,766

*

Intellia

Therapeutics,

Inc

4,294,666‌

33,587

*

Intercept

Pharmaceuticals,

Inc

581,727‌

125,638

*

Intra-Cellular

Therapies,

Inc

7,808,402‌

211,031

*

Iovance

Biotherapeutics,

Inc

1,190,215‌

189,169

*

Ironwood

Pharmaceuticals,

Inc

1,969,249‌

33,162

*

iTeos

Therapeutics,

Inc

455,646‌

187,317

*

IVERIC

bio,

Inc

6,160,856‌

21,259

*,e

Janux

Therapeutics,

Inc

325,688‌

99,228

*,e

Jounce

Therapeutics,

Inc

191,510‌

32,824

*

KalVista

Pharmaceuticals

Inc

279,989‌

44,429

*

Karuna

Therapeutics,

Inc

8,816,491‌

106,245

*

Karyopharm

Therapeutics,

Inc

380,357‌

26,048

*

Keros

Therapeutics,

Inc

1,155,359‌

73,473

*

Kezar

Life

Sciences,

Inc

178,539‌

43,001

*

Kiniksa

Pharmaceuticals

Ltd

462,261‌

40,933

*,e

Kinnate

Biopharma,

Inc

103,560‌

54,334

*

Kodiak

Sciences,

Inc

237,983‌

51,601

*

Kronos

Bio,

Inc

85,142‌

28,300

*

Krystal

Biotech

Inc

2,377,200‌

84,916

*

Kura

Oncology,

Inc

827,082‌

52,958

*

Kymera

Therapeutics,

Inc

1,670,295‌

106,290

*

Lexicon

Pharmaceuticals,

Inc

254,033‌

20,219

*

Ligand

Pharmaceuticals,

Inc

(Class

B)

1,543,721‌

63,413

*,e

Liquidia

Corp

425,501‌

271,496

*,e

Lyell

Immunopharma,

Inc

551,137‌

82,092

*

MacroGenics,

Inc

565,614‌

17,582

*

Madrigal

Pharmaceuticals,

Inc

5,485,584‌

359,993

*

MannKind

Corp

1,385,973‌

121,346

*

MaxCyte,

Inc

606,730‌

34,755

*

Medpace

Holdings,

Inc

6,955,866‌

38,773

*

MeiraGTx

Holdings

plc

207,436‌

122,354

*

Mersana

Therapeutics,

Inc

535,911‌

147,555

*

MiMedx

Group,

Inc

565,136‌

16,134

*

Mineralys

Therapeutics,

Inc

217,002‌

127

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

6,024

*

MiNK

Therapeutics,

Inc

$

10,783‌

25,173

*

Mirum

Pharmaceuticals,

Inc

675,895‌

41,302

*

Monte

Rosa

Therapeutics,

Inc

187,511‌

36,077

*

Morphic

Holding,

Inc

1,704,999‌

107,157

*

Myriad

Genetics,

Inc

2,281,373‌

65,874

*

NanoString

Technologies,

Inc

645,565‌

66,458

*,e

Nautilus

Biotechnology,

Inc

171,462‌

256,048

*

Nektar

Therapeutics

192,625‌

54,749

*

NGM

Biopharmaceuticals

Inc

246,918‌

45,244

*

Nkarta,

Inc

223,958‌

62,887

*

Nurix

Therapeutics,

Inc

605,602‌

27,265

*

Nuvalent,

Inc

964,908‌

162,547

*

Nuvation

Bio,

Inc

261,701‌

277,504

*,e

Ocugen,

Inc

198,027‌

110,944

*

Ocular

Therapeutix,

Inc

687,853‌

103,019

*

OmniAb,

Inc

358,506‌

7,972

*,†

OmniAb,

Inc

0‌

7,972

*,†

OmniAb,

Inc

0‌

99,130

*

Organogenesis

Holdings

Inc

203,216‌

206,393

*,e

Outlook

Therapeutics,

Inc

216,713‌

340,184

*

Pacific

Biosciences

of

California,

Inc

3,605,950‌

61,624

*

Pacira

BioSciences

Inc

2,792,183‌

39,406

*

Pardes

Biosciences,

Inc

76,448‌

20,391

*

PepGen,

Inc

307,700‌

41,513

*,e

Phathom

Pharmaceuticals,

Inc

444,189‌

28,478

Phibro

Animal

Health

Corp

443,118‌

52,216

*

PMV

Pharmaceuticals,

Inc

240,716‌

115,831

*

Point

Biopharma

Global,

Inc

896,532‌

29,463

*,e

Praxis

Precision

Medicines,

Inc

30,642‌

235,566

*,e

Precigen,

Inc

285,035‌

67,915

*

Prestige

Consumer

Healthcare,

Inc.

4,178,810‌

14,128

*,e

Prime

Medicine,

Inc

194,543‌

47,728

*

Prometheus

Biosciences,

Inc

9,256,846‌

66,605

*

Protagonist

Therapeutics,

Inc

1,505,273‌

53,602

*

Prothena

Corp

plc

2,820,537‌

96,335

*

PTC

Therapeutics,

Inc

5,311,912‌

47,125

*

Quanterix

Corp

595,660‌

130,597

*,e

Quantum-Si,

Inc

191,978‌

22,091

*

Rallybio

Corp

119,070‌

39,628

*

RAPT

Therapeutics,

Inc

721,230‌

37,933

*

Reata

Pharmaceuticals,

Inc

3,750,056‌

180,730

*

Recursion

Pharmaceuticals,

Inc

862,082‌

53,294

*

REGENXBIO,

Inc

1,031,772‌

118,260

*

Relay

Therapeutics,

Inc

1,344,616‌

37,055

*

Relmada

Therapeutics,

Inc

93,379‌

61,956

*

Replimune

Group,

Inc

1,036,524‌

112,002

*

Revance

Therapeutics,

Inc

3,565,024‌

119,147

*

REVOLUTION

Medicines,

Inc

2,798,763‌

302,469

*

Rigel

Pharmaceuticals,

Inc

341,790‌

77,887

*

Rocket

Pharmaceuticals,

Inc

1,395,735‌

70,408

*

Sage

Therapeutics,

Inc

3,439,431‌

120,462

*,e

Sana

Biotechnology,

Inc

637,244‌

233,110

*

Sangamo

Therapeutics

Inc

342,672‌

18,209

*

Science

37

Holdings,

Inc

5,170‌

72,739

*

Seer,

Inc

242,948‌

96,729

*

Seres

Therapeutics,

Inc

471,554‌

65,159

SIGA

Technologies,

Inc

379,877‌

76,382

*,e

Singular

Genomics

Systems,

Inc

75,618‌

208,538

*

SomaLogic,

Inc

583,906‌

88,306

*,†,e

Sorrento

Therapeutics,

Inc

622,713‌

50,688

*

SpringWorks

Therapeutics,

Inc

1,185,085‌

Small-Cap

Blend

Index

Fund

April

30,

2023

128

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

29,887

*

Stoke

Therapeutics,

Inc

$

265,695‌

65,592

*

Supernus

Pharmaceuticals,

Inc

2,417,721‌

88,668

*

Sutro

Biopharma,

Inc

377,726‌

79,798

*

Syndax

Pharmaceuticals,

Inc

1,639,849‌

64,979

*

Tango

Therapeutics,

Inc

220,929‌

25,346

*

Tarsus

Pharmaceuticals,

Inc

378,162‌

40,959

*,e

Tenaya

Therapeutics,

Inc

217,697‌

181,386

*

TG

Therapeutics,

Inc

4,503,814‌

91,866

*,e

Theravance

Biopharma,

Inc

994,909‌

29,669

*

Theseus

Pharmaceuticals,

Inc

303,811‌

17,476

*

Third

Harmonic

Bio,

Inc

79,166‌

84,124

*

Travere

Therapeutics,

Inc

1,814,555‌

76,783

*

Twist

Bioscience

Corp

958,252‌

18,400

*,e

Tyra

Biosciences,

Inc

260,728‌

77,049

*

Vanda

Pharmaceuticals,

Inc

473,081‌

176,407

*,e

Vaxart

Inc

143,507‌

112,265

*

Vaxcyte,

Inc

4,808,310‌

36,126

*

Ventyx

Biosciences,

Inc

1,358,338‌

28,900

*

Vera

Therapeutics,

Inc

192,185‌

96,477

*

Veracyte,

Inc

2,184,239‌

63,230

*

Vericel

Corp

1,992,377‌

63,316

*

Verve

Therapeutics,

Inc

1,008,624‌

100,139

*

Vir

Biotechnology,

Inc

2,518,496‌

54,356

*

Viridian

Therapeutics,

Inc

1,523,599‌

75,863

*

Xencor,

Inc

2,005,818‌

185,451

*,e

Xeris

Biopharma

Holdings,

Inc

419,119‌

50,449

*

Y-mAbs

Therapeutics,

Inc

302,189‌

63,586

*

Zentalis

Pharmaceuticals,

Inc

1,400,800‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

305,673,095‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0

.6

%

2,110

*,e

American

Realty

Investors,

Inc

39,309‌

391,123

*

Compass,

Inc

915,228‌

215,019

*

Cushman

&

Wakefield

plc

2,117,937‌

214,204

DigitalBridge

Group,

Inc

2,662,556‌

191,687

*,e

Doma

Holdings,

Inc

82,425‌

116,627

Douglas

Elliman,

Inc

372,040‌

94,388

e

eXp

World

Holdings

Inc

1,103,396‌

24,714

*

Forestar

Group,

Inc

477,969‌

8,758

*

FRP

Holdings,

Inc

507,964‌

162,694

Kennedy-Wilson

Holdings,

Inc

2,730,005‌

36,157

Marcus

&

Millichap,

Inc

1,137,861‌

183,117

Newmark

Group,

Inc

1,160,962‌

30,000

*,e

Offerpad

Solutions,

Inc

14,019‌

28,182

Re/Max

Holdings,

Inc

544,194‌

145,823

*

Realogy

Holdings

Corp

928,893‌

148,385

*,e

Redfin

Corp

1,105,468‌

20,152

RMR

Group,

Inc

478,610‌

46,931

St.

Joe

Co

1,928,864‌

8,230

Stratus

Properties,

Inc

176,122‌

32,335

*

Tejon

Ranch

Co

558,749‌

629

*

Transcontinental

Realty

Investors,

Inc

22,927‌

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

19,065,498‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

2

.5

%

69,718

*

ACM

Research,

Inc

651,863‌

30,740

*

Alpha

&

Omega

Semiconductor

Ltd

734,071‌

50,893

*

Ambarella,

Inc

3,154,348‌

138,915

Amkor

Technology,

Inc

3,107,529‌

28,637

*,e

Atomera,

Inc

226,232‌

44,805

*

Axcelis

Technologies,

Inc

5,300,432‌

129

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT—continued

56,094

*

AXT,

Inc

$

149,771‌

29,150

*

Ceva,

Inc

732,540‌

16

*,†

China

Energy

Savings

Technology,

Inc

0‌

64,875

*

Cohu,

Inc

2,195,370‌

139,224

*

Credo

Technology

Group

Holding

Ltd

1,129,107‌

60,767

*

Diodes,

Inc

4,843,130‌

105,637

*

Formfactor,

Inc

2,884,946‌

37,652

*

Ichor

Holdings

Ltd

1,048,608‌

29,603

*

Impinj,

Inc

2,617,201‌

151,814

*

indie

Semiconductor,

Inc

1,149,232‌

76,301

Kulicke

&

Soffa

Industries,

Inc

3,636,506‌

74,236

*

MACOM

Technology

Solutions

Holdings,

Inc

4,330,928‌

98,275

*

MaxLinear,

Inc

2,371,376‌

67,776

*

Nanometrics,

Inc

5,488,501‌

42,048

*

PDF

Solutions,

Inc

1,515,830‌

79,835

*

Photronics,

Inc

1,154,414‌

77,599

Power

Integrations,

Inc

5,647,655‌

146,571

*

Rambus,

Inc

6,498,958‌

107,738

*,e

Rigetti

Computing,

Inc

50,637‌

87,383

*

Semtech

Corp

1,703,095‌

43,404

*

Silicon

Laboratories,

Inc

6,046,177‌

22,274

*

SiTime

Corp

2,416,061‌

15,738

*

SkyWater

Technology,

Inc

142,272‌

65,804

*

SMART

Global

Holdings,

Inc

1,014,698‌

54,583

*

Synaptics,

Inc

4,833,870‌

29,962

*,e

Transphorm,

Inc

91,983‌

61,058

*

Ultra

Clean

Holdings

1,742,595‌

69,293

*

Veeco

Instruments,

Inc

1,276,377‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

79,886,313‌

SOFTWARE

&

SERVICES

-

5

.2

%

152,114

*

8x8,

Inc

436,567‌

86,419

A10

Networks,

Inc

1,221,965‌

153,977

*

ACI

Worldwide,

Inc

3,900,237‌

146,892

Adeia,

Inc

1,122,255‌

27,368

*

Agilysys,

Inc

2,135,799‌

65,921

*

Alarm.com

Holdings,

Inc

3,143,773‌

48,108

*

Alkami

Technology,

Inc

576,815‌

71,150

*

Altair

Engineering,

Inc

4,912,908‌

42,572

American

Software,

Inc

(Class

A)

508,310‌

74,235

*

Amplitude,

Inc

842,567‌

27,013

*

Appfolio,

Inc

3,771,555‌

55,953

*

Appian

Corp

2,101,035‌

92,399

*,e

Applied

Blockchain,

Inc

295,677‌

23,647

*,e

Arteris,

Inc

87,967‌

104,418

*

Asana,

Inc

1,689,483‌

184,356

*,e

AvePoint,

Inc

800,105‌

92,493

*

BigCommerce

Holdings,

Inc

683,523‌

63,728

*

Blackbaud,

Inc

4,419,855‌

75,839

*

Blackline,

Inc

4,224,991‌

128,384

*

Blend

Labs,

Inc

76,016‌

192,051

*

Box,

Inc

5,081,669‌

52,707

*

Brightcove,

Inc

218,207‌

83,606

*,e

C3.ai,

Inc

1,489,859‌

63,698

*,e

Cerberus

Cyber

Sentinel

Corp

13,510‌

56,941

*

Cerence

Inc

1,454,843‌

54,565

*,e

Cipher

Mining,

Inc

126,045‌

120,699

*,e

Cleanspark,

Inc

471,933‌

88,665

e

Clear

Secure,

Inc

2,144,806‌

61,551

*

Commvault

Systems,

Inc

3,586,577‌

25,464

*

Consensus

Cloud

Solutions,

Inc

950,571‌

Small-Cap

Blend

Index

Fund

April

30,

2023

130

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES—continued

37,025

*,e

Couchbase,

Inc

$

568,704‌

31,049

*,e

CS

Disco,

Inc

182,568‌

61,052

*

Cvent

Holding

Corp

513,447‌

18,216

*,e

Digimarc

Corp

310,401‌

127,855

*

Digital

Turbine,

Inc

1,499,739‌

96,384

*,e

DigitalOcean

Holdings,

Inc

3,039,951‌

41,771

*

Domo,

Inc

663,323‌

267,293

*,e

E2open

Parent

Holdings,

Inc

1,681,273‌

36,372

e

Ebix,

Inc

591,409‌

32,005

*

eGain

Corp

234,917‌

34,478

*

Enfusion,

Inc

288,926‌

48,560

*

EngageSmart,

Inc

833,775‌

75,457

*

Envestnet,

Inc

4,782,465‌

53,665

*

Everbridge,

Inc

1,410,316‌

33,468

*,e

EverCommerce,

Inc

403,959‌

156,206

*

Fastly,

Inc

2,308,725‌

62,522

*,e

ForgeRock,

Inc

1,252,316‌

72,683

*

Grid

Dynamics

Holdings,

Inc

790,064‌

30,194

Hackett

Group,

Inc

560,401‌

12,205

*

IBEX

Ltd

249,836‌

49,632

Information

Services

Group,

Inc

252,627‌

23,999

*,e

Instructure

Holdings,

Inc

636,693‌

21,337

*

Intapp,

Inc

860,308‌

40,754

e

InterDigital,

Inc

2,760,676‌

90,684

*,e

IronNet,

Inc

25,174‌

1

*

Kaleyra,

Inc

2‌

153,125

*,e

Latch,

Inc

120,938‌

191,666

*,e

Limelight

Networks,

Inc

126,691‌

61,090

*

Liveperson,

Inc

282,847‌

85,992

*

LiveRamp

Holdings,

Inc

2,071,547‌

12,391

*,e

LiveVox

Holdings,

Inc

35,438‌

163,116

*,e

Marathon

Digital

Holdings,

Inc

1,642,578‌

300,861

*,e

Matterport,

Inc

701,006‌

31,294

*,e

MeridianLink,

Inc

467,532‌

13,277

*,e

MicroStrategy,

Inc

(Class

A)

4,359,901‌

59,675

*

Mitek

Systems,

Inc

538,269‌

51,523

*

Model

N,

Inc

1,586,908‌

96,930

*

N-Able,

Inc

1,235,858‌

93,916

*,e

NextNav,

Inc

202,859‌

119,353

*

Olo,

Inc

817,568‌

58,089

*

ON24,

Inc

505,374‌

53,118

*

OneSpan,

Inc

782,959‌

118,926

*

Pagerduty,

Inc

3,574,916‌

47,283

*

Perficient,

Inc

3,069,612‌

13,186

PFSweb,

Inc

53,008‌

80,134

*,e

Porch

Group,

Inc

72,930‌

61,522

*

PowerSchool

Holdings,

Inc

1,284,579‌

58,896

Progress

Software

Corp

3,232,212‌

58,770

*

PROS

Holdings,

Inc

1,667,305‌

77,515

*

Q2

Holdings,

Inc

1,908,419‌

52,877

*

Qualys,

Inc

5,971,928‌

81,203

*

Rapid7,

Inc

3,947,278‌

68,658

*

Rimini

Street,

Inc

256,781‌

217,959

*,e

Riot

Blockchain,

Inc

2,606,790‌

42,689

Sapiens

International

Corp

NV

859,330‌

13,501

*

SecureWorks

Corp

122,454‌

11,953

*

ShotSpotter,

Inc

355,602‌

67,188

*

SolarWinds

Corp

579,161‌

64,352

*

Sprout

Social,

Inc

3,169,980‌

49,652

*

SPS

Commerce,

Inc

7,313,740‌

40,737

*

Squarespace,

Inc

1,266,921‌

131

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES—continued

163,677

*

Sumo

Logic,

Inc

$

1,964,124‌

175,766

*

SVMK,

Inc

1,650,443‌

75,208

*

Telos

Corp

127,854‌

153,415

*

Tenable

Holdings,

Inc

5,674,821‌

13,579

*,e

Tucows,

Inc

304,034‌

93,710

*

Unisys

Corp

300,809‌

40,708

*

Upland

Software,

Inc

149,398‌

146,878

*

Varonis

Systems,

Inc

3,401,694‌

88,860

*

Verint

Systems,

Inc

3,242,501‌

43,830

*

Veritone,

Inc

208,631‌

17,360

*

Viant

Technology,

Inc

76,731‌

43,626

*,e

Weave

Communications,

Inc

193,263‌

100,235

*,e

WM

Technology,

Inc

72,650‌

65,374

*

Workiva,

Inc

6,107,239‌

58,016

*

Xperi,

Inc

550,572‌

159,862

*

Yext,

Inc

1,403,588‌

156,387

*

Zeta

Global

Holdings

Corp

1,518,518‌

173,357

*

Zuora

Inc

1,350,451‌

TOTAL

SOFTWARE

&

SERVICES

164,279,958‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

3

.5

%

30,205

*,e

908

Devices,

Inc

204,186‌

103,824

ADTRAN

Holdings,

Inc

946,875‌

51,355

Advanced

Energy

Industries,

Inc

4,442,207‌

136,154

*,e

Aeva

Technologies,

Inc

135,051‌

77,848

*,e

Akoustis

Technologies,

Inc

221,867‌

119,370

*

Arlo

Technologies,

Inc

768,743‌

15,093

*

Aviat

Networks,

Inc

495,201‌

48,945

*

Avid

Technology,

Inc

1,444,367‌

40,049

Badger

Meter,

Inc

5,299,684‌

58,226

Belden

CDT,

Inc

4,593,449‌

47,165

Benchmark

Electronics,

Inc

1,006,973‌

79,266

*

Calix,

Inc

3,622,456‌

15,390

*

Cambium

Networks

Corp

233,005‌

66,552

*,e

Cepton,

Inc

24,824‌

17,023

*,e

Clearfield,

Inc

743,565‌

281,468

*

CommScope

Holding

Co,

Inc

1,387,637‌

11,162

*,e

CompoSecure,

Inc

83,715‌

39,789

Comtech

Telecommunications

Corp

411,816‌

53,635

*

Corsair

Gaming,

Inc

934,322‌

44,098

CTS

Corp

1,729,083‌

46,873

*

Digi

International,

Inc

1,413,690‌

37,273

*

DZS,

Inc

253,456‌

78,672

*

Eastman

Kodak

Co

258,831‌

35,687

*

ePlus,

Inc

1,553,812‌

117,515

*,e

Evolv

Technologies

Holdings,

Inc

423,054‌

173,090

*

Extreme

Networks,

Inc

3,077,540‌

50,662

*

Fabrinet

4,810,357‌

25,759

*

FARO

Technologies,

Inc

601,473‌

37,072

*,e

Focus

Universal,

Inc

78,963‌

125,553

*

Harmonic,

Inc

1,769,042‌

32,348

*

Identiv,

Inc

177,914‌

261,459

*,e

Infinera

Corp

1,655,035‌

130,514

*,e

Inseego

Corp

78,569‌

43,039

*

Insight

Enterprises,

Inc

5,205,567‌

166,674

*,e

IonQ,

Inc

918,374‌

61,804

*

Itron,

Inc

3,300,334‌

31,385

*

Kimball

Electronics,

Inc

631,780‌

124,377

*

Knowles

Corp

2,099,484‌

168,758

*,e

Lightwave

Logic,

Inc

759,411‌

46,978

Methode

Electronics,

Inc

1,925,628‌

Small-Cap

Blend

Index

Fund

April

30,

2023

132

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

TECHNOLOGY

HARDWARE

&

EQUIPMENT—continued

220,188

*,e

Microvision,

Inc

$

440,376‌

193,610

*

Mirion

Technologies,

Inc

1,568,241‌

41,884

*

Napco

Security

Technologies,

Inc

1,298,404‌

37,896

*

Netgear,

Inc

535,470‌

92,990

*

Netscout

Systems,

Inc

2,530,258‌

59,828

*

nLight,

Inc

524,691‌

48,617

*

Novanta,

Inc

7,430,622‌

47,801

*,e

Ondas

Holdings,

Inc

47,801‌

21,999

*

OSI

Systems,

Inc

2,485,007‌

40,238

*,e

Ouster,

Inc

142,441‌

34,411

*,e

PAR

Technology

Corp

1,052,632‌

15,952

PC

Connection,

Inc

642,387‌

37,589

*

Plexus

Corp

3,287,910‌

98,564

*

Ribbon

Communications,

Inc

252,324‌

25,777

*

Rogers

Corp

4,148,808‌

78,176

*

Sanmina

Corp

4,085,478‌

35,666

*

Scansource,

Inc

975,465‌

169,690

*

SmartRent,

Inc

437,800‌

64,431

*

Super

Micro

Computer,

Inc

6,792,960‌

137,307

*

TTM

Technologies,

Inc

1,621,596‌

23,429

*

Turtle

Beach

Corp

254,673‌

309,984

*

Viavi

Solutions,

Inc

2,777,457‌

178,696

Vishay

Intertechnology,

Inc

3,804,438‌

16,057

*

Vishay

Precision

Group,

Inc

602,780‌

158,203

Xerox

Holdings

Corp

2,479,041‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

109,940,400‌

TELECOMMUNICATION

SERVICES

-

0

.9

%

25,303

*

Anterix,

Inc

799,069‌

14,813

ATN

International,

Inc

535,786‌

36,546

*

Bandwidth

Inc

444,765‌

181,053

*,e

Charge

Enterprises,

Inc

191,916‌

58,893

Cogent

Communications

Group,

Inc

4,065,973‌

105,124

*

Consolidated

Communications

Holdings,

Inc

406,830‌

46,178

*

EchoStar

Corp

(Class

A)

788,258‌

909,750

*

Globalstar,

Inc

824,233‌

66,134

*

Gogo,

Inc

886,857‌

21,037

*

IDT

Corp

(Class

B)

698,639‌

171,342

Iridium

Communications,

Inc

10,875,077‌

49,275

*,e

KORE

Group

Holdings,

Inc

60,115‌

56,194

*

Liberty

Latin

America

Ltd

(Class

A)

498,441‌

197,391

*

Liberty

Latin

America

Ltd

(Class

C)

1,752,832‌

30,425

*

Ooma,

Inc

374,228‌

103,088

*

Radius

Global

Infrastructure,

Inc

1,514,363‌

66,893

Shenandoah

Telecom

Co

1,392,043‌

131,853

Telephone

&

Data

Systems,

Inc

1,318,530‌

20,002

*

US

Cellular

Corp

424,842‌

TOTAL

TELECOMMUNICATION

SERVICES

27,852,797‌

TRANSPORTATION

-

1

.6

%

78,164

*

Air

Transport

Services

Group,

Inc

1,587,511‌

21,858

*

Allegiant

Travel

Co

2,271,265‌

33,199

ArcBest

Corp

3,133,986‌

71,421

*

Blade

Air

Mobility,

Inc

187,123‌

77,080

Costamare,

Inc

696,032‌

13,322

Covenant

Transportation

Group,

Inc

524,754‌

53,825

*

Daseke,

Inc

440,288‌

17,854

e

Eagle

Bulk

Shipping,

Inc

798,431‌

32,081

Eneti,

Inc

274,934‌

36,756

Forward

Air

Corp

3,878,126‌

57,696

*

Frontier

Group

Holdings,

Inc

547,535‌

133

See

Notes

to

Financial

Statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

TRANSPORTATION—continued

53,888

Genco

Shipping

&

Trading

Ltd

$

830,414‌

173,913

Golden

Ocean

Group

Ltd

1,591,304‌

70,276

*

Hawaiian

Holdings,

Inc

585,399‌

63,458

Heartland

Express,

Inc

918,872‌

44,116

*

Hub

Group,

Inc

(Class

A)

3,326,346‌

365,121

*,e

Joby

Aviation,

Inc

1,580,974‌

79,832

Marten

Transport

Ltd

1,611,808‌

50,671

Matson,

Inc

3,447,148‌

8,979

*

PAM

Transportation

Services,

Inc

201,578‌

51,631

*

Radiant

Logistics,

Inc

340,765‌

102,066

e

Safe

Bulkers,

Inc

373,561‌

36,441

*

Saia,

Inc

10,851,037‌

66,516

*

Skywest,

Inc

1,882,403‌

148,197

Spirit

Airlines,

Inc

2,534,169‌

46,129

*

Sun

Country

Airlines

Holdings,

Inc

910,125‌

254,516

*,e

TuSimple

Holdings,

Inc

307,964‌

10,420

Universal

Logistics

Holdings

Inc

266,752‌

86,888

Werner

Enterprises,

Inc

3,924,731‌

TOTAL

TRANSPORTATION

49,825,335‌

UTILITIES

-

3

.3

%

78,559

Allete,

Inc

4,900,510‌

122,288

*

Altus

Power,

Inc

555,187‌

50,533

American

States

Water

Co

4,484,804‌

11,287

Artesian

Resources

Corp

618,302‌

101,168

Avista

Corp

4,458,474‌

89,160

Black

Hills

Corp

5,821,256‌

134,364

e

Brookfield

Infrastructure

Corp

5,723,906‌

74,215

California

Water

Service

Group

4,161,977‌

23,822

Chesapeake

Utilities

Corp

2,942,017‌

49,016

Clearway

Energy,

Inc

(Class

A)

1,420,484‌

113,378

Clearway

Energy,

Inc

(Class

C)

3,443,290‌

17,733

Global

Water

Resources,

Inc

194,531‌

49,770

MGE

Energy,

Inc

3,812,880‌

23,404

Middlesex

Water

Co

1,708,024‌

87,475

*

Montauk

Renewables,

Inc

581,709‌

131,583

New

Jersey

Resources

Corp

6,794,946‌

48,631

Northwest

Natural

Holding

Co

2,283,712‌

79,761

NorthWestern

Corp

4,675,590‌

73,750

ONE

Gas,

Inc

5,675,062‌

71,745

Ormat

Technologies,

Inc

6,156,438‌

56,472

Otter

Tail

Corp

4,063,160‌

116,817

PNM

Resources,

Inc

5,622,402‌

123,003

Portland

General

Electric

Co

6,226,412‌

25,021

*

Pure

Cycle

Corp

246,957‌

37,579

SJW

Corp

2,852,998‌

91,954

Southwest

Gas

Holdings

Inc

5,149,424‌

69,824

Spire,

Inc

4,729,180‌

138,468

*,e

Sunnova

Energy

International,

Inc

2,486,885‌

21,828

Unitil

Corp

1,213,419‌

4,040

e

Via

Renewables,

Inc

41,814‌

18,741

York

Water

Co

787,872‌

TOTAL

UTILITIES

103,833,622‌

TOTAL

COMMON

STOCKS

3,107,734,563‌

(Cost

$2,480,727,530)

Small-Cap

Blend

Index

Fund

April

30,

2023

134

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

EXPIRATION

DATE

VALUE

RIGHTS/WARRANTS

-

0.0%

ENERGY

-

0

.0

%

4

Chord

Energy

Corp

09/01/24

$

79‌

TOTAL

ENERGY

79‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0

.0

%

20,265

†

Chinook

Therapeutics,

Inc

0‌

9,351

†

Tobira

Therapeutics,

Inc

561‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

561‌

TOTAL

RIGHTS/WARRANTS

640‌

(Cost

$561)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

3.9%

REPURCHASE

AGREEMENT

-

0

.6

%

$

20,380,000

r

Fixed

Income

Clearing

Corp

(FICC)

4

.800

%

05/01/23

20,380,000‌

TOTAL

REPURCHASE

AGREEMENT

20,380,000‌

SHARES

COMPANY

EXP

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

3

.3

%

102,839,232

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.840

102,839,232‌

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

102,839,232‌

TOTAL

SHORT-TERM

INVESTMENTS

123,219,232‌

(Cost

$123,219,232)

TOTAL

INVESTMENTS

-

103.2%

3,230,954,435‌

(Cost

$2,603,947,323)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(3.2)%

(

100,887,017‌

)

NET

ASSETS

-

100.0%

$

3,130,067,418‌

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

†

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$131,811,738.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.800%

dated

4/28/23

to

be

repurchased

at

$20,380,000

on

5/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.625%

and

maturity

date

4/15/25,

valued

at

$20,787,672.

Futures

contracts

outstanding

as

of

April

30,

2023

were

as

follows:

Description

Number

of

long

(short)

contracts

Expiration

date

Notional

amount

Value

Unrealized

appreciation

(depreciation)

Russell

2000

Index

Futures

225‌

06/16/23

 $

19,944,275‌

$

19,966,500‌

$

22,225‌

Portfolios

of

Investments

(Unaudited)

Emerging

Markets

Equity

Index

Fund

April

30,

2023

135

See

Notes

to

Financial

Statements

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

BONDS

-

0.0%

CORPORATE

BONDS

-

0

.0

%

INDIA

-

0

.0

%

INR

1,648,737

Britannia

Industries

Ltd

5

.500

%

06/03/24

$

19,686‌

TOTAL

INDIA

19,686‌

TOTAL

CORPORATE

BONDS

19,686‌

(Cost

$22,656)

TOTAL

BONDS

19,686‌

(Cost

$22,656)

SHARES

COMPANY

COMMON

STOCKS

-

99.8%

AUSTRALIA

-

0

.2

%

337,743

AngloGold

Ashanti

Ltd

9,026,709‌

TOTAL

AUSTRALIA

9,026,709‌

BRAZIL

-

5

.0

%

3,755,297

AMBEV

S.A.

10,661,014‌

454,500

Atacadao

Distribuicao

Comercio

e

Industria

Ltd

979,565‌

4,932,846

B3

SA-Brasil

Bolsa

Balcao

11,551,313‌

1,238,528

Banco

Bradesco

S.A.

3,084,029‌

4,197,504

Banco

Bradesco

S.A.

(Preference)

11,655,526‌

881,800

Banco

BTG

Pactual

S.A.

-

Unit

4,140,454‌

718,783

Banco

do

Brasil

S.A.

6,176,478‌

158,274

Banco

Santander

Brasil

S.A.

852,645‌

597,248

BB

Seguridade

Participacoes

S.A.

4,108,340‌

979,045

Centrais

Eletricas

Brasileiras

S.A.

6,644,347‌

192,192

Centrais

Eletricas

Brasileiras

S.A.

(Preference)

1,402,965‌

921,942

Cia

de

Concessoes

Rodoviarias

2,508,271‌

282,158

*

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

2,609,557‌

1,172,335

Cia

Energetica

de

Minas

Gerais

2,902,750‌

531,730

Cia

Siderurgica

Nacional

S.A.

1,514,873‌

917,783

Cosan

SA

Industria

e

Comercio

2,756,403‌

227,480

CPFL

Energia

S.A.

1,511,425‌

161,000

Energisa

S.A.

1,349,252‌

913,100

*

Eneva

S.A.

2,077,807‌

175,425

Engie

Brasil

Energia

S.A.

1,450,093‌

806,265

Equatorial

Energia

S.A.

4,419,440‌

896,883

Gerdau

S.A.

(Preference)

4,527,751‌

4,267,550

*,g

Hapvida

Participacoes

e

Investimentos

S.A.

2,361,450‌

316,003

Hypermarcas

S.A.

2,359,981‌

3,876,123

Investimentos

Itau

S.A.

-

PR

6,745,408‌

3,928,953

Itau

Unibanco

Holding

S.A.

20,417,511‌

610,033

Klabin

S.A.

2,339,695‌

614,506

Localiza

Rent

A

Car

7,146,937‌

780,854

Lojas

Renner

S.A.

2,479,796‌

2,369,060

*

Magazine

Luiza

S.A.

1,586,403‌

690,019

*

Natura

&

Co

Holding

S.A.

1,530,055‌

649,185

*

Petro

Rio

S.A.

4,522,872‌

3,113,878

Petroleo

Brasileiro

S.A.

16,650,051‌

3,957,325

Petroleo

Brasileiro

S.A.

(Preference)

18,803,601‌

854,515

Raia

Drogasil

S.A.

4,502,316‌

430,288

g

Rede

D'Or

Sao

Luiz

S.A.

1,972,951‌

1,044,627

Rumo

S.A.

4,125,898‌

966,159

Sendas

Distribuidora

S.A.

2,380,628‌

Emerging

Markets

Equity

Index

Fund

April

30,

2023

136

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

VALUE

BRAZIL—continued

20,770

*

Sitios

Latinoamerica

SAB

de

C.V.

$

8,410‌

566,287

Suzano

SA

4,518,670‌

437,821

Telefonica

Brasil

S.A.

3,609,447‌

805,966

TIM

S.A.

2,262,225‌

390,000

Totvus

S.A.

2,006,376‌

692,560

Ultrapar

Participacoes

S.A.

2,005,005‌

3,089,042

Vale

S.A.

44,838,735‌

855,827

Vibra

Energia

S.A.

2,264,910‌

1,343,434

Weg

S.A.

11,075,425‌

TOTAL

BRAZIL

261,399,054‌

CHILE

-

0

.5

%

34,711,424

Banco

de

Chile

3,695,815‌

43,561

Banco

de

Credito

e

Inversiones

1,313,980‌

48,722,070

Banco

Santander

Chile

S.A.

2,329,727‌

1,118,207

*

Cencosud

S.A.

2,278,663‌

104,410

Cia

Cervecerias

Unidas

S.A.

852,353‌

12,576,205

Compania

SudAmericana

de

Vapores

S.A.

1,285,118‌

881,795

Empresas

CMPC

S.A.

1,381,816‌

336,199

Empresas

COPEC

S.A.

2,339,337‌

22,752,382

Enel

Chile

S.A.

1,296,512‌

18,656,126

Enersis

S.A.

2,542,179‌

612,023

SACI

Falabella

1,312,371‌

122,422

Sociedad

Quimica

y

Minera

de

Chile

S.A.

(Class

B)

8,287,844‌

TOTAL

CHILE

28,915,715‌

CHINA

-

31

.1

%

97,500

360

Finance,

Inc

(ADR)

1,719,900‌

337,800

360

Security

Technology,

Inc

780,574‌

3,485

3peak,

Inc

117,112‌

1,288,000

g

3SBio,

Inc

1,290,527‌

592,500

e

AAC

Technologies

Holdings,

Inc

1,252,650‌

27,856

*

Advanced

Micro-Fabrication

Equipment,

Inc

China

732,396‌

38,500

AECC

Aero-Engine

Control

Co

Ltd

132,715‌

90,500

AECC

Aviation

Power

Co

Ltd

573,160‌

25,197,043

Agricultural

Bank

of

China

Ltd

9,741,993‌

4,666,600

Agricultural

Bank

of

China

Ltd

(Class

A)

2,304,807‌

350,119

Aier

Eye

Hospital

Group

Co

Ltd

1,490,539‌

356,390

*

Air

China

Ltd

548,577‌

1,602,000

*,e

Air

China

Ltd

(H

shares)

1,418,052‌

110,530

Airtac

International

Group

4,011,629‌

396,000

*,g

Akeso,

Inc

2,174,907‌

11,956,277

*

Alibaba

Group

Holding

Ltd

126,421,160‌

3,840,284

*

Alibaba

Health

Information

Technology

Ltd

2,768,112‌

3,460,000

Aluminum

Corp

of

China

Ltd

2,055,449‌

785,700

Aluminum

Corp

of

China

Ltd

(Class

A)

727,397‌

15,390

*

Amlogic

Shanghai

Co

Ltd

186,278‌

37,600

Angel

Yeast

Co

Ltd

217,467‌

1,048,782

Anhui

Conch

Cement

Co

Ltd

3,311,548‌

234,700

Anhui

Conch

Cement

Co

Ltd

(Class

A)

912,353‌

115,458

Anhui

Gujing

Distillery

Co

Ltd

2,047,674‌

20,900

Anhui

Gujing

Distillery

Co

Ltd

(Class

A)

826,397‌

19,760

Anhui

Honglu

Steel

Construction

Group

Co

Ltd

91,995‌

28,400

Anhui

Kouzi

Distillery

Co

Ltd

247,120‌

28,600

Anhui

Yingjia

Distillery

Co

Ltd

264,739‌

994,286

Anta

Sports

Products

Ltd

12,355,218‌

56,400

*

Apeloa

Pharmaceutical

Co

Ltd

168,457‌

92,600

*

Asia-Potash

International

Investment

Guangzhou

Co

Ltd

326,581‌

15,400

Asymchem

Laboratories

Tianjin

Co

Ltd

281,662‌

30,100

Autobio

Diagnostics

Co

Ltd

248,925‌

137

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

CHINA—continued

63,000

Autohome,

Inc

(ADR)

$

1,867,950‌

84,800

Avary

Holding

Shenzhen

Co

Ltd

320,501‌

294,858

Avic

Capital

Co

Ltd

162,867‌

1,054,861

e

AviChina

Industry

&

Technology

Co

570,165‌

14,700

AVICOPTER

plc

90,362‌

1,787,612

*

Baidu,

Inc

26,906,957‌

1,235,616

Bank

of

Beijing

Co

Ltd

846,249‌

259,086

Bank

of

Changsha

Co

Ltd

306,620‌

155,305

Bank

of

Chengdu

Co

Ltd

308,719‌

2,077,343

Bank

of

China

Ltd

-

A

1,101,254‌

65,287,425

Bank

of

China

Ltd

-

H

26,073,051‌

2,235,200

Bank

of

Communications

Co

Ltd

-

A

1,798,367‌

7,798,934

Bank

of

Communications

Co

Ltd

-

H

5,037,332‌

259,700

Bank

of

Hangzhou

Co

Ltd

471,362‌

728,110

Bank

of

Jiangsu

Co

Ltd

811,416‌

516,900

Bank

of

Nanjing

Co

Ltd

703,307‌

342,168

Bank

of

Ningbo

Co

Ltd

1,354,919‌

861,309

Bank

of

Shanghai

Co

Ltd

781,418‌

320,800

Bank

of

Suzhou

Co

Ltd

348,500‌

1,134,400

Baoshan

Iron

&

Steel

Co

Ltd

1,056,160‌

1,000,500

BBMG

Corp

348,471‌

504,826

*

BeiGene

Ltd

9,906,690‌

1,828,830

*

Beijing

Capital

International

Airport

Co

Ltd

1,424,744‌

264,900

Beijing

Dabeinong

Technology

Group

Co

Ltd

270,692‌

19,500

Beijing

Easpring

Material

Technology

Co

Ltd

151,184‌

178,400

Beijing

Enlight

Media

Co

Ltd

263,604‌

447,000

Beijing

Enterprises

Holdings

Ltd

1,855,045‌

2,887,583

Beijing

Enterprises

Water

Group

Ltd

733,261‌

24,376

Beijing

Kingsoft

Office

Software,

Inc

1,553,013‌

79,600

Beijing

New

Building

Materials

plc

304,900‌

122,788

Beijing

Shiji

Information

Technology

Co

Ltd

340,156‌

70,200

Beijing

Tongrentang

Co

Ltd

590,057‌

24,280

Beijing

United

Information

Technology

Co

Ltd

211,010‌

24,070

*

Beijing

Wantai

Biological

Pharmacy

Enterprise

Co

Ltd

365,088‌

224,900

Beijing

Yanjing

Brewery

Co

Ltd

425,474‌

6,100

Beijing

Yuanliu

Hongyuan

Electronic

Technology

Co

Ltd

62,452‌

11,800

Bethel

Automotive

Safety

Systems

Co

Ltd

109,418‌

11,900

Betta

Pharmaceuticals

Co

Ltd

117,166‌

16,700

BGI

Genomics

Co

Ltd

149,821‌

154,187

*

Bilibili,

Inc

3,136,649‌

26,921

Bloomage

Biotechnology

Corp

Ltd

387,012‌

186,900

g

BOC

Aviation

Ltd

1,481,362‌

162,200

BOC

International

China

Co

Ltd

251,959‌

2,261,500

BOE

Technology

Group

Co

Ltd

1,314,193‌

2,784,000

e

Bosideng

International

Holdings

Ltd

1,373,006‌

76,400

BTG

Hotels

Group

Co

Ltd

239,116‌

86,900

BYD

Co

Ltd

3,220,132‌

680,037

BYD

Co

Ltd

(H

shares)

20,622,965‌

529,500

BYD

Electronic

International

Co

Ltd

1,605,834‌

113,600

By-health

Co

Ltd

391,659‌

553,575

C&D

International

Investment

Group

Ltd

1,704,807‌

383,350

Caitong

Securities

Co

Ltd

430,190‌

353,100

CECEP

Solar

Energy

Co

Ltd

355,409‌

339,170

CECEP

Wind-Power

Corp

187,309‌

6,220,000

g

CGN

Power

Co

Ltd

1,642,470‌

16,900

Changchun

High

&

New

Technology

Industry

Group,

Inc

398,231‌

23,945

Changjiang

Securities

Co

Ltd

19,630‌

12,800

Changzhou

Xingyu

Automotive

Lighting

Systems

Co

Ltd

202,683‌

127,100

Chaozhou

Three-Circle

Group

Co

Ltd

555,974‌

228,600

Chengtun

Mining

Group

Co

Ltd

173,440‌

38,600

Chengxin

Lithium

Group

Co

Ltd

177,376‌

Emerging

Markets

Equity

Index

Fund

April

30,

2023

138

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

VALUE

CHINA—continued

161,600

China

Baoan

Group

Co

Ltd

$

249,368‌

8,164,097

China

Cinda

Asset

Management

Co

Ltd

971,124‌

8,362,530

China

Citic

Bank

4,523,835‌

1,945,000

China

Coal

Energy

Co

1,671,164‌

2,790,000

China

Communications

Services

Corp

Ltd

1,528,821‌

1,356,500

China

Conch

Venture

Holdings

Ltd

2,164,330‌

1,113,300

China

Construction

Bank

Corp

-

A

1,014,547‌

78,604,641

China

Construction

Bank

Corp

-

H

52,549,245‌

201,900

China

CSSC

Holdings

Ltd

757,364‌

469,600

*

China

Eastern

Airlines

Corp

Ltd

351,668‌

1,330,900

China

Energy

Engineering

Corp

Ltd

521,285‌

2,195,400

China

Everbright

Bank

Co

Ltd

-

A

1,015,252‌

3,836,000

China

Everbright

Bank

Co

Ltd

-

H

1,228,518‌

2,873,888

China

Everbright

International

Ltd

1,220,035‌

2,974,000

g

China

Feihe

Ltd

2,008,307‌

3,396,245

China

Galaxy

Securities

Co

Ltd

1,844,672‌

285,900

China

Galaxy

Securities

Co

Ltd

(Class

A)

446,000‌

2,487,268

China

Gas

Holdings

Ltd

3,199,795‌

76,300

China

Great

Wall

Securities

Co

Ltd

96,367‌

74,800

China

Greatwall

Technology

Group

Co

Ltd

125,425‌

2,072,000

China

Hongqiao

Group

Ltd

2,040,871‌

2,230,000

*,†

China

Huishan

Dairy

Holdings

Co

Ltd

2,841‌

1,324,224

China

Insurance

International

Holdings

Co

Ltd

1,521,073‌

46,100

China

International

Capital

Corp

Ltd

281,005‌

1,297,006

g

China

International

Capital

Corp

Ltd

2,725,349‌

91,800

China

International

Travel

Service

Corp

Ltd

2,141,770‌

2,718,000

China

Jinmao

Holdings

Group

Ltd

507,781‌

182,544

China

Jushi

Co

Ltd

384,864‌

1,030,000

China

Lesso

Group

Holdings

Ltd

890,459‌

6,339,880

China

Life

Insurance

Co

Ltd

12,179,893‌

156,500

China

Life

Insurance

Co

Ltd

(Class

A)

882,708‌

325,000

*,g

China

Literature

Ltd

1,501,527‌

2,800,341

China

Longyuan

Power

Group

Corp

2,938,860‌

1,186,000

China

Medical

System

Holdings

Ltd

1,968,902‌

74,340

China

Meheco

Co

Ltd

152,915‌

510,000

e

China

Meidong

Auto

Holdings

Ltd

791,421‌

2,568,000

China

Mengniu

Dairy

Co

Ltd

10,365,913‌

3,144,868

China

Merchants

Bank

Co

Ltd

15,180,663‌

1,000,495

China

Merchants

Bank

Co

Ltd

(Class

A)

4,869,370‌

511,900

China

Merchants

Energy

Shipping

Co

Ltd

490,886‌

1,178,894

China

Merchants

Holdings

International

Co

Ltd

1,749,269‌

351,020

China

Merchants

Securities

Co

Ltd

709,139‌

438,000

China

Merchants

Shekou

Industrial

Zone

Holdings

Co

Ltd

864,024‌

77,800

China

Minmetals

Rare

Earth

Co

Ltd

380,505‌

1,804,058

China

Minsheng

Banking

Corp

Ltd

-

A

946,120‌

6,225,514

e

China

Minsheng

Banking

Corp

Ltd

-

H

2,286,910‌

3,249,000

China

Molybdenum

Co

Ltd

1,991,709‌

918,300

China

Molybdenum

Co

Ltd

(Class

A)

792,524‌

3,351,913

China

National

Building

Material

Co

Ltd

2,514,973‌

256,700

China

National

Chemical

Engineering

Co

Ltd

393,155‌

493,400

China

National

Nuclear

Power

Co

Ltd

492,335‌

63,200

China

Northern

Rare

Earth

Group

High-Tech

Co

Ltd

230,202‌

1,868,773

China

Oilfield

Services

Ltd

2,198,095‌

1,977,294

China

Overseas

Land

&

Investment

Ltd

5,014,700‌

665,000

China

Overseas

Property

Holdings

Ltd

738,483‌

346,400

China

Pacific

Insurance

Group

Co

Ltd

-

A

1,563,813‌

2,283,619

China

Pacific

Insurance

Group

Co

Ltd

-

H

6,821,244‌

4,296,000

China

Power

International

Development

Ltd

1,630,754‌

1,165,611

China

Railway

Group

Ltd

-

A

1,565,976‌

3,970,000

China

Railway

Group

Ltd

-

H

3,052,290‌

139

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

CHINA—continued

347,967

China

Railway

Signal

&

Communication

Corp

Ltd

$

327,917‌

1,313,071

China

Resources

Beer

Holdings

Company

Ltd

10,143,179‌

2,157,226

China

Resources

Cement

Holdings

Ltd

976,626‌

793,800

China

Resources

Gas

Group

Ltd

2,505,500‌

2,705,555

China

Resources

Land

Ltd

12,599,108‌

45,334

China

Resources

Microelectronics

Ltd

375,691‌

579,407

g

China

Resources

Mixc

Lifestyle

Services

Ltd

3,071,785‌

1,297,346

g

China

Resources

Pharmaceutical

Group

Ltd

1,288,734‌

1,605,372

China

Resources

Power

Holdings

Co

3,495,260‌

49,425

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Co

Ltd

421,092‌

440,200

China

Shenhua

Energy

Co

Ltd

-

A

1,851,138‌

2,877,000

China

Shenhua

Energy

Co

Ltd

-

H

9,556,091‌

1,520,000

*,e

China

Southern

Airlines

Co

Ltd

1,064,672‌

454,500

*

China

Southern

Airlines

Co

Ltd

(Class

A)

508,973‌

2,273,010

China

State

Construction

Engineering

Corp

Ltd

2,159,059‌

1,632,000

China

State

Construction

International

Holdings

Ltd

2,029,068‌

1,369,000

China

Three

Gorges

Renewables

Group

Co

Ltd

1,072,912‌

70,763

*,e,g

China

Tourism

Group

Duty

Free

Corp

Ltd

1,513,716‌

23,716,778

g

China

Tower

Corp

Ltd

3,026,813‌

1,926,800

China

Vanke

Co

Ltd

3,012,155‌

551,200

China

Vanke

Co

Ltd

(Class

A)

1,205,059‌

739,000

China

Yangtze

Power

Co

Ltd

2,336,350‌

31,800

China

Zhenhua

Group

Science

&

Technology

Co

Ltd

413,206‌

546,781

China

Zheshang

Bank

Co

Ltd

243,301‌

2,302,000

Chinasoft

International

Ltd

1,534,610‌

28,800

Chongqing

Brewery

Co

Ltd

434,146‌

320,866

Chongqing

Changan

Automobile

Co

Ltd

553,464‌

26,500

Chongqing

Fuling

Zhacai

Group

Co

Ltd

98,736‌

592,652

Chongqing

Rural

Commercial

Bank

Co

Ltd

331,369‌

66,800

Chongqing

Zhifei

Biological

Products

Co

Ltd

786,327‌

1,650,833

Chow

Tai

Fook

Jewellery

Group

Ltd

3,315,222‌

4,984,738

Citic

Pacific

Ltd

6,257,295‌

1,749,232

CITIC

Securities

Co

Ltd

3,683,184‌

643,480

CITIC

Securities

Co

Ltd

(Class

A)

1,958,395‌

14,200

CNGR

Advanced

Material

Co

Ltd

127,171‌

130,065

CNNC

Hua

Yuan

Titanium

Dioxide

Co

Ltd

118,649‌

209,880

Contemporary

Amperex

Technology

Co

Ltd

7,023,128‌

1,840,196

COSCO

Pacific

Ltd

1,210,842‌

317,000

COSCO

SHIPPING

Development

Co

Ltd

119,173‌

169,400

COSCO

SHIPPING

Energy

Transportation

Co

Ltd

320,794‌

615,810

COSCO

SHIPPING

Holdings

Co

Ltd

-

A

990,474‌

2,562,300

COSCO

SHIPPING

Holdings

Co

Ltd

-

H

2,976,160‌

9,884,496

e

Country

Garden

Holdings

Co

Ltd

2,546,244‌

1,773,000

Country

Garden

Services

Holdings

Co

Ltd

2,786,359‌

188,900

CSC

Financial

Co

Ltd

692,549‌

7,215,489

CSPC

Pharmaceutical

Group

Ltd

7,347,506‌

49,456

Da

An

Gene

Co

Ltd

of

Sun

Yat-Sen

University

111,331‌

21,400

Dajin

Heavy

Industry

Co

Ltd

94,317‌

1,620,000

g

Dali

Foods

Group

Co

Ltd

674,171‌

1,389,900

Dalian

Port

PDA

Co

Ltd

325,453‌

1,109,200

Daqin

Railway

Co

Ltd

1,233,877‌

47,000

*

Daqo

New

Energy

Corp

(ADR)

2,158,240‌

57,600

DaShenLin

Pharmaceutical

Group

Co

Ltd

286,641‌

324,600

Datang

International

Power

Generation

Co

Ltd

145,710‌

66,900

DHC

Software

Co

Ltd

75,246‌

47,880

Do-Fluoride

New

Materials

Co

Ltd

140,738‌

56,200

Dong-E-E-Jiao

Co

Ltd

417,961‌

145,100

Dongfang

Electric

Corp

Ltd

365,793‌

2,393,917

Dongfeng

Motor

Group

Co

Ltd

1,145,370‌

231,500

Dongxing

Securities

Co

Ltd

278,904‌

Emerging

Markets

Equity

Index

Fund

April

30,

2023

140

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

VALUE

CHINA—continued

1,204,000

Dongyue

Group

$

1,225,207‌

742,185

East

Money

Information

Co

Ltd

1,729,583‌

18,900

Ecovacs

Robotics

Co

Ltd

190,209‌

637,928

ENN

Energy

Holdings

Ltd

8,747,017‌

115,700

ENN

Natural

Gas

Co

Ltd

339,599‌

95,861

Eve

Energy

Co

Ltd

909,413‌

182,800

Everbright

Securities

Co

Ltd

401,339‌

142,860

Fangda

Carbon

New

Material

Co

Ltd

133,254‌

1,007,000

e

Far

East

Horizon

Ltd

905,919‌

93,400

FAW

Jiefang

Group

Co

Ltd

109,921‌

178,400

First

Capital

Securities

Co

Ltd

152,760‌

341,000

e

Flat

Glass

Group

Co

Ltd

958,654‌

95,600

Flat

Glass

Group

Co

Ltd

423,697‌

845,140

Focus

Media

Information

Technology

Co

Ltd

787,048‌

191,304

*

Foshan

Haitian

Flavouring

&

Food

Co

Ltd

1,953,839‌

2,145,452

Fosun

International

1,504,656‌

534,200

Foxconn

Industrial

Internet

Co

Ltd

1,244,480‌

12,000

Fu

Jian

Anjoy

Foods

Co

Ltd

294,973‌

68,400

Fujian

Sunner

Development

Co

Ltd

211,381‌

89,400

Fuyao

Glass

Industry

Group

Co

Ltd

-

A

438,760‌

517,698

g

Fuyao

Glass

Industry

Group

Co

Ltd

-

H

2,106,141‌

70,440

Ganfeng

Lithium

Co

Ltd

662,898‌

301,320

g

Ganfeng

Lithium

Co

Ltd

1,988,036‌

27,100

Gaona

Aero

Material

Co

Ltd

149,185‌

5,000

G-bits

Network

Technology

Xiamen

Co

Ltd

378,362‌

16,191,795

*

GCL

Poly

Energy

Holdings

Ltd

4,065,613‌

1,118,283

GD

Power

Development

Co

Ltd

623,911‌

689,200

*

GDS

Holdings

Ltd

1,334,424‌

4,810,828

Geely

Automobile

Holdings

Ltd

5,972,372‌

268,600

GEM

Co

Ltd

272,909‌

300,600

Gemdale

Corp

354,670‌

932,000

*

Genscript

Biotech

Corp

2,463,629‌

924,600

GF

Securities

Co

Ltd

1,327,768‌

293,100

GF

Securities

Co

Ltd

(Class

A)

650,374‌

27,468

Gigadevice

Semiconductor

Beijing,

Inc

431,735‌

18,750

*

Ginlong

Technologies

Co

Ltd

308,928‌

136,500

GoerTek,

Inc

350,429‌

8,850

GoodWe

Technologies

Co

Ltd

333,041‌

70,200

Gotion

High-tech

Co

Ltd

279,371‌

2,175,766

e

Great

Wall

Motor

Co

Ltd

2,640,458‌

131,400

Great

Wall

Motor

Co

Ltd

511,698‌

160,900

Gree

Electric

Appliances,

Inc

of

Zhuhai

914,519‌

744,500

Greentown

China

Holdings

Ltd

894,773‌

1,329,305

e

Greentown

Service

Group

Co

Ltd

816,613‌

51,700

GRG

Banking

Equipment

Co

Ltd

88,433‌

83,900

Guangdong

Haid

Group

Co

Ltd

665,585‌

128,400

Guangdong

HEC

Technology

Holding

Co

Ltd

144,261‌

2,596,000

Guangdong

Investments

Ltd

2,481,715‌

15,400

Guangdong

Kinlong

Hardware

Products

Co

Ltd

155,427‌

663,187

Guanghui

Energy

Co

Ltd

892,608‌

222,800

Guangzhou

Automobile

Group

Co

Ltd

343,187‌

2,394,851

Guangzhou

Automobile

Group

Co

Ltd

-

H

1,494,667‌

74,100

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co

Ltd

358,455‌

22,800

Guangzhou

Great

Power

Energy

&

Technology

Co

Ltd

171,809‌

41,100

Guangzhou

Haige

Communications

Group,

Inc

Co

58,540‌

25,700

Guangzhou

Kingmed

Diagnostics

Group

Co

Ltd

304,011‌

36,672

Guangzhou

Shiyuan

Electronic

Technology

Co

Ltd

349,763‌

86,900

Guangzhou

Tinci

Materials

Technology

Co

Ltd

536,858‌

122,100

Guolian

Securities

Co

Ltd

181,768‌

280,600

Guosen

Securities

Co

Ltd

381,699‌

141

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

CHINA—continued

365,300

Guotai

Junan

Securities

Co

Ltd

$

799,078‌

339,630

Guoyuan

Securities

Co

Ltd

343,844‌

953,000

e,g

Haidilao

International

Holding

Ltd

2,329,992‌

285,400

Haier

Smart

Home

Co

Ltd

979,036‌

1,904,600

Haier

Smart

Home

Co

Ltd

6,208,197‌

549,000

Haitian

International

Holdings

Ltd

1,426,456‌

2,372,000

Haitong

Securities

Co

Ltd

1,575,497‌

394,700

Haitong

Securities

Co

Ltd

(Class

A)

529,149‌

157,300

Hangzhou

Binjiang

Real

Estate

Group

Co

Ltd

209,421‌

21,700

Hangzhou

Chang

Chuan

Technology

Co

Ltd

151,199‌

57,036

Hangzhou

First

Applied

Material

Co

Ltd

405,224‌

27,700

*

Hangzhou

Lion

Electronics

Co

Ltd

184,974‌

63,300

*

Hangzhou

Oxygen

Plant

Group

Co

Ltd

367,889‌

44,600

Hangzhou

Robam

Appliances

Co

Ltd

167,998‌

46,500

Hangzhou

Silan

Microelectronics

Co

Ltd

221,598‌

16,000

Hangzhou

Tigermed

Consulting

Co

Ltd

-

A

210,560‌

104,500

g

Hangzhou

Tigermed

Consulting

Co

Ltd

-

H

870,505‌

990,000

g

Hansoh

Pharmaceutical

Group

Co

Ltd

1,806,060‌

181,300

Heilongjiang

Agriculture

Co

Ltd

355,745‌

114,500

Henan

Shenhuo

Coal

&

Power

Co

Ltd

269,876‌

188,000

Henan

Shuanghui

Investment

&

Development

Co

Ltd

677,696‌

518,500

Hengan

International

Group

Co

Ltd

2,315,858‌

77,700

Hengdian

Group

DMEGC

Magnetics

Co

Ltd

213,468‌

273,320

Hengli

Petrochemical

Co

Ltd

624,576‌

4,198,904

*,e

HengTen

Networks

Group

Ltd

1,022,121‌

127,300

Hengtong

Optic-electric

Co

Ltd

268,201‌

354,660

Hengyi

Petrochemical

Co

Ltd

392,962‌

768,900

Hesteel

Co

Ltd

256,637‌

26,100

Hithink

RoyalFlush

Information

Network

Co

Ltd

673,295‌

24,340

Hongfa

Technology

Co

Ltd

110,079‌

41,000

Hoshine

Silicon

Industry

Co

Ltd

434,334‌

469,051

*,g

Hua

Hong

Semiconductor

Ltd

1,927,381‌

408,000

Huadian

Power

International

Corp

Ltd

(Class

A)

372,630‌

97,400

Huadong

Medicine

Co

Ltd

583,418‌

146,400

Huafon

Chemical

Co

Ltd

152,379‌

124,500

Huaibei

Mining

Holdings

Co

Ltd

244,715‌

105,520

Hualan

Biological

Engineering,

Inc

355,326‌

469,900

Huaneng

Power

International,

Inc

-

A

658,393‌

3,747,110

e

Huaneng

Power

International,

Inc

-

H

2,335,104‌

1,372,200

g

Huatai

Securities

Co

Ltd

1,772,359‌

216,000

Huatai

Securities

Co

Ltd

(Class

A)

438,976‌

135,500

Huaxi

Securities

Co

Ltd

173,205‌

692,419

Huaxia

Bank

Co

Ltd

576,444‌

122,700

Huaxin

Cement

Co

Ltd

261,756‌

154,873

Huayu

Automotive

Systems

Co

Ltd

366,875‌

158,506

*

Huazhu

Group

Ltd

(ADR)

7,433,931‌

28,400

Hubei

Feilihua

Quartz

Glass

Co

Ltd

196,121‌

71,000

Hubei

Jumpcan

Pharmaceutical

Co

Ltd

323,741‌

47,800

Hubei

Xingfa

Chemicals

Group

Co

Ltd

170,983‌

24,100

Huizhou

Desay

Sv

Automotive

Co

Ltd

360,416‌

93,600

Humanwell

Healthcare

Group

Co

Ltd

365,148‌

45,719

Hunan

Changyuan

Lico

Co

Ltd

73,587‌

389,400

Hunan

Valin

Steel

Co

Ltd

297,200‌

98,096

Hundsun

Technologies,

Inc

701,517‌

288,200

*,g

Hygeia

Healthcare

Holdings

Co

Ltd

2,123,803‌

108,200

Iflytek

Co

Ltd

948,067‌

10,900

*

Imeik

Technology

Development

Co

Ltd

857,265‌

3,823,105

Industrial

&

Commercial

Bank

of

China

Ltd

-

A

2,606,883‌

46,639,777

Industrial

&

Commercial

Bank

of

China

Ltd

-

H

25,092,386‌

1,010,700

Industrial

Bank

Co

Ltd

2,517,648‌

376,480

Industrial

Securities

Co

Ltd

365,968‌

Emerging

Markets

Equity

Index

Fund

April

30,

2023

142

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

VALUE

CHINA—continued

22,800

Ingenic

Semiconductor

Co

Ltd

$

291,708‌

1,909,400

Inner

Mongolia

BaoTou

Steel

Union

Co

Ltd

502,685‌

140,900

Inner

Mongolia

Dian

Tou

Energy

Corp

Ltd

274,504‌

49,980

Inner

Mongolia

ERDOS

Resources

Co

Ltd

104,456‌

343,300

Inner

Mongolia

Junzheng

Energy

&

Chemical

Industry

Group

Co

Ltd

215,419‌

323,600

Inner

Mongolia

Yili

Industrial

Group

Co

Ltd

1,381,819‌

1,168,400

Inner

Mongolia

Yitai

Coal

Co

1,732,943‌

186,500

Inner

Mongolia

Yuan

Xing

Energy

Co

Ltd

198,036‌

890,737

*,g

Innovent

Biologics,

Inc

4,282,725‌

76,900

Inspur

Electronic

Information

Industry

Co

Ltd

457,585‌

372,285

*

IQIYI,

Inc

(ADR)

2,270,939‌

3,802

iRay

Technology

Co

Ltd

151,187‌

159,684

JA

Solar

Technology

Co

Ltd

931,672‌

30,740

Jafron

Biomedical

Co

Ltd

127,890‌

23,660

Jason

Furniture

Hangzhou

Co

Ltd

126,838‌

901,149

*,g

JD

Health

International,

Inc

6,502,801‌

1,747,084

JD.com,

Inc

31,181,679‌

183,800

Jiangsu

Eastern

Shenghong

Co

Ltd

336,728‌

1,108,000

Jiangsu

Express

1,122,359‌

63,456

Jiangsu

Hengli

Hydraulic

Co

Ltd

564,885‌

350,819

Jiangsu

Hengrui

Medicine

Co

Ltd

2,468,035‌

76,300

Jiangsu

King's

Luck

Brewery

JSC

Ltd

659,928‌

17,700

Jiangsu

Pacific

Quartz

Co

Ltd

303,634‌

72,700

Jiangsu

Yanghe

Brewery

Joint-Stock

Co

Ltd

1,571,814‌

8,500

Jiangsu

Yangnong

Chemical

Co

Ltd

113,106‌

28,500

Jiangsu

Yoke

Technology

Co

Ltd

278,816‌

58,800

Jiangsu

Yuyue

Medical

Equipment

&

Supply

Co

Ltd

268,190‌

157,000

Jiangsu

Zhongtian

Technology

Co

Ltd

331,661‌

992,000

Jiangxi

Copper

Co

Ltd

1,764,712‌

100,300

Jiangxi

Copper

Co

Ltd

(Class

A)

296,585‌

68,300

*

Jiangxi

Special

Electric

Motor

Co

Ltd

123,931‌

13,800

JiuGui

Liquor

Co

Ltd

223,024‌

628,000

g

Jiumaojiu

International

Holdings

Ltd

1,411,061‌

266,200

Jizhong

Energy

Resources

Co

Ltd

284,918‌

49,000

Joincare

Pharmaceutical

Group

Industry

Co

Ltd

91,710‌

17,416

Joinn

Laboratories

China

Co

Ltd

124,743‌

141,726

Jointown

Pharmaceutical

Group

Co

Ltd

339,264‌

51,500

Jonjee

Hi-Tech

Industrial

And

Commercial

Holding

Co

Ltd

273,778‌

38,604

JOYY,

Inc

(ADR)

1,174,720‌

30,900

Juewei

Food

Co

Ltd

177,880‌

69,700

Juneyao

Airlines

Co

Ltd

180,724‌

145,400

*

Kanzhun

Ltd

(ADR)

2,688,446‌

544,194

*

KE

Holdings,

Inc

(ADR)

8,538,404‌

73,400

Keda

Industrial

Group

Co

Ltd

133,429‌

587,881

Kingboard

Chemical

Holdings

Ltd

1,800,522‌

2,066,000

*

Kingdee

International

Software

Group

Co

Ltd

3,176,812‌

795,800

Kingsoft

Corp

Ltd

3,498,116‌

351,707

*,e,g

Koolearn

Technology

Holding

Ltd

1,219,279‌

1,430,401

*,g

Kuaishou

Technology

9,469,453‌

98,000

Kuang-Chi

Technologies

Co

Ltd

248,852‌

61,043

Kweichow

Moutai

Co

Ltd

15,539,189‌

5,913,856

Lenovo

Group

Ltd

6,050,322‌

202,900

Lens

Technology

Co

Ltd

342,187‌

50,700

Lepu

Medical

Technology

Beijing

Co

Ltd

175,107‌

907,910

*

Li

Auto,

Inc

10,753,150‌

1,907,000

Li

Ning

Co

Ltd

13,638,132‌

216,700

*

Lingyi

iTech

Guangdong

Co

185,871‌

22,100

Livzon

Pharmaceutical

Group,

Inc

114,257‌

139,300

Lomon

Billions

Group

Co

Ltd

348,739‌

1,558,000

g

Longfor

Properties

Co

Ltd

4,263,465‌

143

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

CHINA—continued

369,224

LONGi

Green

Energy

Technology

Co

Ltd

$

1,865,103‌

315,838

Lufax

Holding

Ltd

(ADR)

536,925‌

11,220

Luoyang

Xinqianglian

Slewing

Bearing

Co

Ltd

66,168‌

128,700

Luxi

Chemical

Group

Co

Ltd

223,036‌

332,053

Luxshare

Precision

Industry

Co

Ltd

1,255,826‌

73,100

Luzhou

Laojiao

Co

Ltd

2,388,631‌

108,370

Mango

Excellent

Media

Co

Ltd

562,223‌

20,320

Maxscend

Microelectronics

Co

Ltd

298,653‌

195,200

Meihua

Holdings

Group

Co

Ltd

269,343‌

216,928

*

Meinian

Onehealth

Healthcare

Holdings

Co

Ltd

219,767‌

4,017,629

*,g

Meituan

Dianping

(Class

B)

68,663,083‌

966,700

Metallurgical

Corp

of

China

Ltd

626,330‌

489,300

Microport

Scientific

Corp

1,085,701‌

116,800

Ming

Yang

Smart

Energy

Group

Ltd

349,349‌

76,100

MINISO

Group

Holding

Ltd

(ADR)

1,403,284‌

642,000

Minth

Group

Ltd

1,858,966‌

64,976

Montage

Technology

Co

Ltd

572,755‌

260,084

Muyuan

Foodstuff

Co

Ltd

1,798,536‌

100,594

Nanjing

King-Friend

Biochemical

Pharmaceutical

Co

Ltd

210,853‌

299,856

NARI

Technology

Co

Ltd

1,133,458‌

23,800

NAURA

Technology

Group

Co

Ltd

1,153,071‌

124,400

NavInfo

Co

Ltd

213,011‌

1,603,219

NetEase,

Inc

28,541,148‌

104,200

New

China

Life

Insurance

Co

Ltd

-

A

585,839‌

738,500

New

China

Life

insurance

Co

Ltd

-

H

2,114,729‌

264,900

*

New

Hope

Liuhe

Co

Ltd

497,825‌

1,264,827

*

New

Oriental

Education

&

Technology

Group,

Inc

5,744,224‌

78,600

Ninestar

Corp

449,747‌

12,200

Ningbo

Deye

Technology

Co

Ltd

443,533‌

105,200

Ningbo

Joyson

Electronic

Corp

234,534‌

37,700

Ningbo

Orient

Wires

&

Cables

Co

Ltd

255,638‌

19,852

Ningbo

Ronbay

New

Energy

Technology

Co

Ltd

191,298‌

95,200

Ningbo

Shanshan

Co

Ltd

208,955‌

47,800

Ningbo

Tuopu

Group

Co

Ltd

350,604‌

361,400

Ningxia

Baofeng

Energy

Group

Co

Ltd

689,147‌

1,103,434

*

NIO,

Inc

(ADR)

8,684,026‌

1,422,700

e,g

Nongfu

Spring

Co

Ltd

7,719,216‌

76,700

North

Industries

Group

Red

Arrow

Co

Ltd

201,698‌

211,900

*

Offcn

Education

Technology

Co

Ltd

150,594‌

207,326

Offshore

Oil

Engineering

Co

Ltd

201,953‌

27,740

Oppein

Home

Group,

Inc

462,048‌

295,680

Orient

Securities

Co

Ltd

458,558‌

27,600

Ovctek

China,

Inc

129,152‌

384,500

*

Pangang

Group

Vanadium

Titanium

&

Resources

Co

Ltd

233,568‌

8,286,220

People's

Insurance

Co

Group

of

China

Ltd

3,258,971‌

401,000

People's

Insurance

Co

Group

of

China

Ltd

(Class

A)

360,644‌

96,150

Perfect

World

Co

Ltd

305,074‌

37,200

Pharmaron

Beijing

Co

Ltd

-

A

263,333‌

177,900

g

Pharmaron

Beijing

Co

Ltd

-

H

771,271‌

5,568,306

PICC

Property

&

Casualty

Co

Ltd

6,734,635‌

411,626

*

Pinduoduo,

Inc

(ADR)

28,052,312‌

980,700

Ping

An

Bank

Co

Ltd

1,780,710‌

403,500

*,e,g

Ping

An

Healthcare

and

Technology

Co

Ltd

1,008,639‌

5,201,692

Ping

An

Insurance

Group

Co

of

China

Ltd

37,949,051‌

531,900

Ping

An

Insurance

Group

Co

of

China

Ltd

(Class

A)

3,988,324‌

162,400

Pingdingshan

Tianan

Coal

Mining

Co

Ltd

226,059‌

706,700

Poly

Real

Estate

Group

Co

Ltd

1,420,888‌

437,275

e,g

Pop

Mart

International

Group

Ltd

1,060,747‌

20,900

*

Porton

Pharma

Solutions

Ltd

103,822‌

1,345,778

Postal

Savings

Bank

of

China

Co

Ltd

-

A

1,072,716‌

Emerging

Markets

Equity

Index

Fund

April

30,

2023

144

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

VALUE

CHINA—continued

7,070,000

e,g

Postal

Savings

Bank

of

China

Co

Ltd

-

H

$

4,609,585‌

856,300

Power

Construction

Corp

of

China

Ltd

952,478‌

10,882

Pylon

Technologies

Co

Ltd

381,466‌

264,300

*

Qinghai

Salt

Lake

Industry

Co

Ltd

780,741‌

10,827

Raytron

Technology

Co

Ltd

81,027‌

55,800

Risen

Energy

Co

Ltd

200,585‌

31,300

Riyue

Heavy

Industry

Co

Ltd

98,104‌

465,500

Rongsheng

Petro

Chemical

Co

Ltd

889,303‌

456,300

SAIC

Motor

Corp

Ltd

932,132‌

173,200

Sailun

Group

Co

Ltd

257,665‌

20,500

Sangfor

Technologies,

Inc

353,142‌

902,000

Sany

Heavy

Equipment

International

1,196,408‌

383,400

Sany

Heavy

Industry

Co

Ltd

914,676‌

290,100

SDIC

Capital

Co

Ltd

305,095‌

368,160

Sealand

Securities

Co

Ltd

185,730‌

111,100

Seazen

Holdings

Co

Ltd

239,009‌

221,100

SF

Holding

Co

Ltd

1,803,799‌

13,575

SG

Micro

Corp

243,724‌

625,571

Shaanxi

Coal

Industry

Co

Ltd

1,770,365‌

181,900

Shan

XI

Hua

Yang

Group

New

Energy

Co

Ltd

368,499‌

73,690

Shandong

Buchang

Pharmaceuticals

Co

Ltd

229,267‌

200,845

Shandong

Gold

Mining

Co

Ltd

-

A

746,490‌

715,624

g

Shandong

Gold

Mining

Co

Ltd

-

H

1,525,439‌

117,100

Shandong

Hualu

Hengsheng

Chemical

Co

Ltd

539,806‌

44,800

Shandong

Linglong

Tyre

Co

Ltd

142,697‌

673,600

Shandong

Nanshan

Aluminum

Co

Ltd

330,528‌

203,900

Shandong

Sun

Paper

Industry

JSC

Ltd

335,539‌

10,200

Shandong

Weifang

Rainbow

Chemical

Co

Ltd

109,185‌

2,083,390

Shandong

Weigao

Group

Medical

Polymer

Co

Ltd

3,555,078‌

55,400

*

Shanghai

Aiko

Solar

Energy

Co

Ltd

250,359‌

65,780

Shanghai

Bairun

Investment

Holding

Group

Co

Ltd

389,848‌

436,085

Shanghai

Baosight

Software

Co

Ltd

1,493,226‌

62,790

Shanghai

Baosight

Software

Co

Ltd

489,903‌

421,400

Shanghai

Construction

Group

Co

Ltd

173,571‌

457,900

Shanghai

Electric

Group

Co

Ltd

310,532‌

127,300

Shanghai

Electric

Power

Co

Ltd

192,457‌

123,800

Shanghai

Fosun

Pharmaceutical

Group

Co

Ltd

-

A

568,294‌

395,985

Shanghai

Fosun

Pharmaceutical

Group

Co

Ltd

-

H

1,131,963‌

2,991

Shanghai

Friendess

Electronic

Technology

Corp

Ltd

84,497‌

226,580

Shanghai

Fudan

Microelectronics

Group

Co

Ltd

685,936‌

22,600

Shanghai

Fudan

Microelectronics

Group

Co

Ltd

180,376‌

72,400

*

Shanghai

International

Airport

Co

Ltd

562,262‌

451,300

Shanghai

International

Port

Group

Co

Ltd

373,801‌

56,400

Shanghai

Jinjiang

International

Hotels

Development

Co

Ltd

436,005‌

47,210

*

Shanghai

Junshi

Biosciences

Co

Ltd

360,038‌

174,232

Shanghai

Lingang

Holdings

Corp

Ltd

309,740‌

1,038,379

Shanghai

Lujiazui

Finance

&

Trade

Zone

Development

Co

Ltd

786,310‌

60,200

Shanghai

M&G

Stationery,

Inc

403,387‌

3,386

Shanghai

Medicilon,

Inc

73,495‌

137,200

Shanghai

Pharmaceuticals

Holding

Co

Ltd

-

A

454,293‌

656,841

Shanghai

Pharmaceuticals

Holding

Co

Ltd

-

H

1,335,340‌

1,406,500

Shanghai

Pudong

Development

Bank

Co

Ltd

1,544,714‌

68,540

Shanghai

Putailai

New

Energy

Technology

Co

Ltd

518,127‌

186,000

Shanghai

RAAS

Blood

Products

Co

Ltd

176,383‌

468,600

Shanghai

Rural

Commercial

Bank

Co

Ltd

400,100‌

228,100

Shanghai

Yuyuan

Tourist

Mart

Group

Co

Ltd

263,749‌

204,600

Shanxi

Lu'an

Environmental

Energy

Development

Co

Ltd

596,537‌

237,700

Shanxi

Meijin

Energy

Co

Ltd

272,023‌

173,160

Shanxi

Securities

Co

Ltd

147,290‌

145

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

CHINA—continued

281,100

Shanxi

Taigang

Stainless

Steel

Co

Ltd

$

162,522‌

59,220

Shanxi

Xinghuacun

Fen

Wine

Factory

Co

Ltd

2,127,684‌

339,270

Shanxi

Xishan

Coal

&

Electricity

Power

Co

Ltd

504,152‌

78,700

Shenghe

Resources

Holding

Co

Ltd

156,974‌

69,000

Shengyi

Technology

Co

Ltd

160,143‌

11,760

Shennan

Circuits

Co

Ltd

139,887‌

1,055,300

Shenwan

Hongyuan

Group

Co

Ltd

689,443‌

30,780

Shenzhen

Capchem

Technology

Co

Ltd

217,198‌

8,300

Shenzhen

Dynanonic

Co

Ltd

196,617‌

216,600

Shenzhen

Energy

Group

Co

Ltd

200,951‌

134,127

Shenzhen

Inovance

Technology

Co

Ltd

1,198,572‌

1,369,738

Shenzhen

International

Holdings

Ltd

1,233,130‌

53,020

Shenzhen

Kangtai

Biological

Products

Co

Ltd

232,424‌

8,900

Shenzhen

Kedali

Industry

Co

Ltd

176,634‌

31,300

Shenzhen

Kstar

Science

And

Technology

Co

Ltd

211,346‌

57,700

Shenzhen

Mindray

Bio-Medical

Electronics

Co

Ltd

2,602,537‌

44,500

Shenzhen

New

Industries

Biomedical

Engineering

Co

Ltd

339,650‌

392,100

Shenzhen

Overseas

Chinese

Town

Co

Ltd

283,883‌

89,400

*

Shenzhen

Salubris

Pharmaceuticals

Co

Ltd

464,205‌

15,400

Shenzhen

SC

New

Energy

Technology

Corp

229,116‌

50,045

*

Shenzhen

Senior

Technology

Material

Co

Ltd

124,788‌

26,400

Shenzhen

Sunlord

Electronics

Co

Ltd

84,172‌

42,478

Shenzhen

Transsion

Holdings

Co

Ltd

669,549‌

38,400

Shenzhen

YUTO

Packaging

Technology

Co

Ltd

140,614‌

661,400

Shenzhou

International

Group

Holdings

Ltd

6,352,854‌

89,680

Shijiazhuang

Yiling

Pharmaceutical

Co

Ltd

408,050‌

1,109,000

*,†,e

Shimao

Property

Holdings

Ltd

466,225‌

251,373

Sichuan

Chuantou

Energy

Co

Ltd

522,452‌

479,100

Sichuan

Hebang

Biotechnology

Co

Ltd

191,368‌

132,500

Sichuan

Kelun

Pharmaceutical

Co

Ltd

608,935‌

132,900

*

Sichuan

New

Energy

Power

Co

Ltd

281,679‌

300,600

Sichuan

Road

&

Bridge

Co

Ltd

688,619‌

21,100

Sichuan

Swellfun

Co

Ltd

200,039‌

49,000

Sichuan

Yahua

Industrial

Group

Co

Ltd

133,113‌

31,900

Sieyuan

Electric

Co

Ltd

211,952‌

254,000

Silergy

Corp

4,009,220‌

70,800

Sinoma

Science

&

Technology

Co

Ltd

216,116‌

21,000

Sinomine

Resource

Group

Co

Ltd

231,116‌

514,583

Sinopec

Shanghai

Petrochemical

Co

Ltd

(Class

A)

256,917‌

1,214,800

Sinopharm

Group

Co

4,303,159‌

18,560

Skshu

Paint

Co

Ltd

275,093‌

1,461,000

e,g

Smoore

International

Holdings

Ltd

1,707,931‌

105,560

Songcheng

Performance

Development

Co

Ltd

222,413‌

261,456

SooChow

Securities

Co

Ltd

273,966‌

542,900

Southwest

Securities

Co

Ltd

301,679‌

7,269

StarPower

Semiconductor

Ltd

254,788‌

74,300

Sungrow

Power

Supply

Co

Ltd

1,213,591‌

576,417

Sunny

Optical

Technology

Group

Co

Ltd

6,091,176‌

78,000

Sunwoda

Electronic

Co

Ltd

189,844‌

128,000

Suzhou

Dongshan

Precision

Manufacturing

Co

Ltd

457,559‌

7,840

*

Suzhou

Maxwell

Technologies

Co

Ltd

311,427‌

28,000

*

Suzhou

TA&A

Ultra

Clean

Technology

Co

Ltd

197,024‌

373,432

*

TAL

Education

Group

(ADR)

2,188,312‌

200,900

Tangshan

Jidong

Cement

Co

Ltd

236,923‌

191,900

TBEA

Co

Ltd

627,337‌

757,900

TCL

Technology

Group

Corp

438,267‌

5,026,291

Tencent

Holdings

Ltd

223,248,301‌

583,100

*

Tencent

Music

Entertainment

(ADR)

4,320,771‌

20,800

Thunder

Software

Technology

Co

Ltd

254,222‌

23,300

Tianjin

712

Communication

&

Broadcasting

Co

Ltd

109,214‌

Emerging

Markets

Equity

Index

Fund

April

30,

2023

146

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

VALUE

CHINA—continued

149,000

Tianjin

Zhonghuan

Semiconductor

Co

Ltd

$

895,854‌

72,100

Tianma

Microelectronics

Co

Ltd

102,768‌

76,200

Tianqi

Lithium

Corp

786,784‌

184,400

Tianshan

Aluminum

Group

Co

Ltd

193,442‌

86,500

Tianshui

Huatian

Technology

Co

Ltd

112,110‌

48,943

*

Tibet

Summit

Resources

Co

Ltd

138,924‌

1,590,025

Tingyi

Cayman

Islands

Holding

Corp

2,778,649‌

87,700

Titan

Wind

Energy

Suzhou

Co

Ltd

174,644‌

109,636

Toly

Bread

Co

Ltd

181,593‌

1,006,000

*

Tongcheng-Elong

Holdings

Ltd

2,139,969‌

83,500

TongFu

Microelectronics

Co

Ltd

216,407‌

122,000

Tongkun

Group

Co

Ltd

227,652‌

432,900

Tongling

Nonferrous

Metals

Group

Co

Ltd

205,979‌

231,892

Tongwei

Co

Ltd

1,336,898‌

19,100

*

Topchoice

Medical

Corp

329,572‌

1,674,000

g

Topsports

International

Holdings

Ltd

1,492,267‌

869,661

Travelsky

Technology

Ltd

1,735,955‌

94,675

Trina

Solar

Co

Ltd

673,823‌

442,345

*

Trip.com

Group

Ltd

(ADR)

15,707,671‌

518,000

Tsingtao

Brewery

Co

Ltd

5,545,512‌

40,300

Tsingtao

Brewery

Co

Ltd

(Class

A)

681,284‌

34,299

Unigroup

Guoxin

Microelectronics

Co

Ltd

525,920‌

1,090,000

Uni-President

China

Holdings

Ltd

1,088,329‌

166,080

Unisplendour

Corp

Ltd

712,194‌

345,897

*

Vipshop

Holdings

Ltd

(ADR)

5,430,583‌

67,400

*

Walvax

Biotechnology

Co

Ltd

311,051‌

123,000

*

Wanda

Film

Holding

Co

Ltd

254,019‌

158,700

*

Wanhua

Chemical

Group

Co

Ltd

2,115,706‌

4,063,587

Want

Want

China

Holdings

Ltd

2,591,574‌

51,272

*

Weibo

Corp

(ADR)

897,773‌

1,661,800

Weichai

Power

Co

Ltd

2,456,374‌

277,000

Weichai

Power

Co

Ltd

(Class

A)

461,518‌

26,200

Weihai

Guangwei

Composites

Co

Ltd

197,301‌

322,360

Wens

Foodstuffs

Group

Co

Ltd

921,493‌

470,300

Western

Securities

Co

Ltd

455,351‌

17,618

Western

Superconducting

Technologies

Co

Ltd

198,540‌

47,790

Will

Semiconductor

Ltd

631,900‌

50,200

Wingtech

Technology

Co

Ltd

382,397‌

2,328,000

Winteam

Pharmaceutical

Group

Ltd

1,272,618‌

221,200

Wuchan

Zhongda

Group

Co

Ltd

174,340‌

4,200

Wuhan

DR

Laser

Technology

Corp

Ltd

59,294‌

96,745

Wuhan

Guide

Infrared

Co

Ltd

154,410‌

125,000

Wuhu

Shunrong

Sanqi

Interactive

Entertainment

Network

Technology

Co

Ltd

555,020‌

186,700

Wuliangye

Yibin

Co

Ltd

4,561,435‌

98,790

WUS

Printed

Circuit

Kunshan

Co

Ltd

313,221‌

112,404

WuXi

AppTec

Co

Ltd

-

A

1,099,226‌

282,877

g

WuXi

AppTec

Co

Ltd

-

H

2,487,883‌

4,987

Wuxi

Autowell

Technology

Co

Ltd

120,593‌

2,911,301

*,g

Wuxi

Biologics

Cayman,

Inc

17,359,611‌

16,240

Wuxi

Shangji

Automation

Co

Ltd

209,275‌

561,100

XCMG

Construction

Machinery

Co

Ltd

556,099‌

208,636

Xiamen

C

&

D,

Inc

365,844‌

9,000

Xiamen

Faratronic

Co

Ltd

173,408‌

47,100

Xiamen

Tungsten

Co

Ltd

133,189‌

12,210,436

*,g

Xiaomi

Corp

17,331,536‌

158,100

Xinjiang

Goldwind

Science

&

Technology

Co

Ltd

-

A

250,536‌

133,200

*

Xinjiang

Zhongtai

Chemical

Co

Ltd

125,908‌

3,985,780

Xinyi

Solar

Holdings

Ltd

4,285,098‌

671,389

*,e

XPeng,

Inc

3,205,845‌

1,024,234

XTEP

International

Holdings

1,194,556‌

147

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

CHINA—continued

1,008,000

g

Yadea

Group

Holdings

Ltd

$

2,356,732‌

20,400

Yangzhou

Yangjie

Electronic

Technology

Co

Ltd

131,202‌

182,600

Yantai

Jereh

Oilfield

Services

Group

Co

Ltd

716,711‌

1,348,464

Yanzhou

Coal

Mining

Co

Ltd

4,626,005‌

148,900

Yanzhou

Coal

Mining

Co

Ltd

(Class

A)

741,091‌

49,967

Yealink

Network

Technology

Corp

Ltd

476,244‌

49,908

Yifeng

Pharmacy

Chain

Co

Ltd

359,553‌

368,000

Yihai

International

Holding

Ltd

976,705‌

71,500

Yihai

Kerry

Arawana

Holdings

Co

Ltd

448,922‌

125,420

Yintai

Gold

Co

Ltd

233,243‌

23,530

YongXing

Special

Materials

Technology

Co

Ltd

217,452‌

224,999

Yonyou

Network

Technology

Co

Ltd

703,527‌

12,200

*

Youngy

Co

Ltd

124,602‌

155,000

YTO

Express

Group

Co

Ltd

387,612‌

146,200

*

Yuan

Longping

High-tech

Agriculture

Co

Ltd

321,885‌

1,428,227

e

Yuexiu

Property

Co

Ltd

2,066,164‌

343,782

Yum

China

Holdings,

Inc

21,032,583‌

191,710

Yunda

Holding

Co

Ltd

336,426‌

165,300

Yunnan

Aluminium

Co

Ltd

340,488‌

80,860

Yunnan

Baiyao

Group

Co

Ltd

679,532‌

10,500

Yunnan

Botanee

Bio-Technology

Group

Co

Ltd

173,016‌

48,700

Yunnan

Energy

New

Material

Co

Ltd

733,328‌

68,500

Yunnan

Tin

Co

Ltd

153,019‌

90,800

*

Yunnan

Yuntianhua

Co

Ltd

251,449‌

70,685

*

Zai

Lab

Ltd

(ADR)

2,472,561‌

76,600

Zangge

Mining

Co

Ltd

253,609‌

26,695

Zhangzhou

Pientzehuang

Pharmaceutical

Co

Ltd

1,049,706‌

1,013,641

Zhaojin

Mining

Industry

Co

Ltd

1,613,593‌

133,200

Zhefu

Holding

Group

Co

Ltd

73,512‌

384,700

*

Zhejiang

Century

Huatong

Group

Co

Ltd

381,318‌

174,700

Zhejiang

China

Commodities

City

Group

Co

Ltd

244,585‌

119,716

Zhejiang

Chint

Electrics

Co

Ltd

451,396‌

180,800

Zhejiang

Dahua

Technology

Co

Ltd

613,498‌

30,420

Zhejiang

Dingli

Machinery

Co

Ltd

224,669‌

1,530,414

Zhejiang

Expressway

Co

Ltd

1,270,029‌

39,566

Zhejiang

HangKe

Technology,

Inc

Co

284,918‌

70,730

Zhejiang

Huahai

Pharmaceutical

Co

Ltd

199,892‌

68,828

Zhejiang

Huayou

Cobalt

Co

Ltd

518,543‌

53,700

Zhejiang

Jingsheng

Mechanical

&

Electrical

Co

Ltd

531,935‌

75,200

Zhejiang

Jiuzhou

Pharmaceutical

Co

Ltd

348,414‌

168,600

Zhejiang

Juhua

Co

Ltd

369,405‌

134,164

Zhejiang

NHU

Co

Ltd

331,011‌

133,791

Zhejiang

Satellite

Petrochemical

Co

Ltd

274,506‌

24,805

Zhejiang

Supcon

Technology

Co

Ltd

346,016‌

31,700

Zhejiang

Supor

Co

Ltd

235,862‌

58,370

Zhejiang

Weiming

Environment

Protection

Co

Ltd

154,299‌

118,900

Zhejiang

Weixing

New

Building

Materials

Co

Ltd

379,908‌

39,900

Zhejiang

Wolwo

Bio-Pharmaceutical

Co

Ltd

266,950‌

68,500

Zhejiang

Yongtai

Technology

Co

Ltd

169,125‌

201,800

Zheshang

Securities

Co

Ltd

298,934‌

566,150

*,g

ZhongAn

Online

P&C

Insurance

Co

Ltd

1,762,444‌

53,100

Zhongji

Innolight

Co

Ltd

690,933‌

509,500

Zhongsheng

Group

Holdings

Ltd

2,176,337‌

301,900

Zhongtai

Securities

Co

Ltd

326,383‌

27,531

Zhuzhou

CRRC

Times

Electric

Co

Ltd

185,575‌

471,700

Zhuzhou

CSR

Times

Electric

Co

Ltd

1,903,779‌

6,300

Zhuzhou

Hongda

Electronics

Corp

Ltd

37,499‌

140,900

Zhuzhou

Kibing

Group

Co

Ltd

209,576‌

126,700

Zibo

Qixiang

Tengda

Chemical

Co

Ltd

130,954‌

4,873,299

Zijin

Mining

Group

Co

Ltd

8,250,766‌

952,300

Zijin

Mining

Group

Co

Ltd

(Class

A)

1,771,412‌

Emerging

Markets

Equity

Index

Fund

April

30,

2023

148

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

VALUE

CHINA—continued

328,700

Zoomlion

Heavy

Industry

Science

and

Technology

Co

Ltd

-

A

$

307,766‌

208,400

ZTE

Corp

1,072,986‌

724,264

ZTE

Corp

(Class

H)

2,332,698‌

344,422

ZTO

Express

Cayman,

Inc

(ADR)

9,533,601‌

TOTAL

CHINA

1,635,553,273‌

COLOMBIA

-

0

.1

%

219,410

BanColombia

S.A.

1,681,303‌

383,482

BanColombia

S.A.

(Preference)

2,375,335‌

347,473

Interconexion

Electrica

S.A.

1,346,107‌

TOTAL

COLOMBIA

5,402,745‌

CZECH

REPUBLIC

-

0

.2

%

133,710

CEZ

AS

7,182,196‌

60,562

Komercni

Banka

AS

1,955,464‌

247,245

g

Moneta

Money

Bank

AS

906,607‌

TOTAL

CZECH

REPUBLIC

10,044,267‌

EGYPT

-

0

.1

%

2,080,024

Commercial

International

Bank

3,606,920‌

1,098,082

Eastern

Tobacco

620,223‌

622,113

*

Egyptian

Financial

Group-Hermes

Holding

369,498‌

TOTAL

EGYPT

4,596,641‌

GREECE

-

0

.4

%

1,805,812

*

Alpha

Bank

AE

2,263,828‌

2,008,930

*

Eurobank

Ergasias

S.A.

2,840,484‌

12,741

*,†

FF

Group

140‌

158,556

Hellenic

Telecommunications

Organization

S.A.

2,316,771‌

93,415

JUMBO

S.A.

2,152,233‌

53,444

Motor

Oil

Hellas

Corinth

Refineries

S.A.

1,273,761‌

77,644

Mytilineos

Holdings

S.A.

2,252,669‌

432,944

*

National

Bank

of

Greece

S.A.

2,265,663‌

161,637

OPAP

S.A.

2,756,348‌

187,089

*

Public

Power

Corp

1,614,501‌

45,812

Terna

Energy

S.A.

1,015,562‌

TOTAL

GREECE

20,751,960‌

HONG

KONG

-

0

.2

%

798,151

Kingboard

Laminates

Holdings

Ltd

822,566‌

1,349,000

Nine

Dragons

Paper

Holdings

Ltd

935,919‌

114,406

Orient

Overseas

International

Ltd

2,324,408‌

8,446,331

Sino

Biopharmaceutical

4,688,564‌

295,000

Vinda

International

Holdings

Ltd

770,792‌

TOTAL

HONG

KONG

9,542,249‌

HUNGARY

-

0

.2

%

391,819

MOL

Hungarian

Oil

&

Gas

plc

3,177,362‌

178,158

OTP

Bank

5,428,993‌

96,274

Richter

Gedeon

Rt

2,325,258‌

TOTAL

HUNGARY

10,931,613‌

INDIA

-

13

.6

%

40,130

ABB

Ltd

India

1,680,872‌

137,015

Adani

Enterprises

Ltd

3,239,274‌

221,049

Adani

Gas

Ltd

2,561,412‌

245,365

*

Adani

Green

Energy

Ltd

2,864,334‌

398,497

Adani

Ports

&

Special

Economic

Zone

Ltd

3,331,313‌

591,092

*

Adani

Power

Ltd

1,630,218‌

220,320

*

Adani

Transmissions

Ltd

2,778,907‌

149

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

INDIA—continued

514,836

*

Ambuja

Cements

Ltd

$

2,503,524‌

79,837

Apollo

Hospitals

Enterprise

Ltd

4,419,384‌

317,800

Asian

Paints

Ltd

11,309,982‌

56,818

*

Associated

Cement

Co

Ltd

1,228,025‌

132,093

g

AU

Small

Finance

Bank

Ltd

1,076,720‌

208,622

Aurobindo

Pharma

Ltd

1,577,081‌

128,063

*,g

Avenue

Supermarts

Ltd

5,515,696‌

1,851,532

Axis

Bank

Ltd

19,544,589‌

20,755

Bajaj

Auto

Ltd

1,741,532‌

214,336

Bajaj

Finance

Ltd

16,532,421‌

315,351

Bajaj

Finserv

Ltd

5,246,266‌

56,506

Bajaj

Holdings

and

Investment

Ltd

3,066,917‌

61,563

Balkrishna

Industries

Ltd

1,572,276‌

533,144

*,g

Bandhan

Bank

Ltd

1,501,350‌

947,770

Bank

of

Baroda

2,186,011‌

184,393

Berger

Paints

India

Ltd

1,379,822‌

3,098,689

Bharat

Electronics

Ltd

3,924,389‌

195,413

Bharat

Forge

Ltd

1,919,505‌

789,586

Bharat

Petroleum

Corp

Ltd

3,455,965‌

1,776,212

Bharti

Airtel

Ltd

17,387,950‌

87,304

Britannia

Industries

Ltd

4,867,882‌

313,281

Cholamandalam

Investment

and

Finance

Co

Ltd

3,348,592‌

382,924

Cipla

Ltd

4,260,229‌

1,408,776

Coal

India

Ltd

4,026,641‌

93,913

Colgate-Palmolive

India

Ltd

1,833,806‌

216,954

Container

Corp

Of

India

Ltd

1,626,701‌

527,683

Crompton

Greaves

Ltd

1,998,484‌

499,957

Dabur

India

Ltd

3,263,155‌

100,932

Divi

S

Laboratories

Ltd

4,043,510‌

573,058

DLF

Ltd

2,997,533‌

92,432

Dr

Reddy's

Laboratories

Ltd

5,573,872‌

107,333

Eicher

Motors

Ltd

4,346,375‌

2,193,275

GAIL

India

Ltd

2,882,930‌

322,447

*

Godrej

Consumer

Products

Ltd

3,582,911‌

97,718

*

Godrej

Properties

Ltd

1,578,255‌

209,133

Grasim

Industries

Ltd

4,410,357‌

192,809

Havells

India

Ltd

2,908,416‌

798,199

HCL

Technologies

Ltd

10,435,684‌

762,572

g

HDFC

Life

Insurance

Co

Ltd

4,950,628‌

83,922

Hero

Honda

Motors

Ltd

2,631,701‌

1,105,123

Hindalco

Industries

Ltd

5,929,474‌

670,532

Hindustan

Lever

Ltd

20,182,793‌

507,518

Hindustan

Petroleum

Corp

Ltd

1,561,176‌

1,375,241

Housing

Development

Finance

Corp

46,857,002‌

4,194,072

ICICI

Bank

Ltd

47,313,687‌

182,738

g

ICICI

Lombard

General

Insurance

Co

Ltd

2,415,665‌

260,206

g

ICICI

Prudential

Life

Insurance

Co

Ltd

1,386,561‌

648,341

Indian

Hotels

Co

Ltd

2,696,666‌

2,622,790

Indian

Oil

Corp

Ltd

2,613,812‌

197,874

Indian

Railway

Catering

&

Tourism

Corp

Ltd

1,500,004‌

259,941

Indraprastha

Gas

Ltd

1,578,785‌

544,052

Indus

Towers

Ltd

1,033,776‌

55,039

Info

Edge

India

Ltd

2,553,755‌

2,716,062

Infosys

Technologies

Ltd

41,906,544‌

71,179

*,g

InterGlobe

Aviation

Ltd

1,763,652‌

2,500,943

ITC

Ltd

13,041,818‌

285,581

Jindal

Steel

&

Power

Ltd

2,043,443‌

574,306

JSW

Steel

Ltd

5,109,893‌

313,284

Jubilant

Foodworks

Ltd

1,718,145‌

456,095

Kotak

Mahindra

Bank

Ltd

10,855,086‌

69,819

g

Larsen

&

Toubro

Infotech

Ltd

3,794,946‌

Emerging

Markets

Equity

Index

Fund

April

30,

2023

150

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

VALUE

INDIA—continued

572,248

Larsen

&

Toubro

Ltd

$

16,590,884‌

176,790

Lupin

Ltd

1,536,303‌

702,226

Mahindra

&

Mahindra

Ltd

10,565,451‌

402,469

Marico

Ltd

2,447,698‌

98,609

Maruti

Suzuki

India

Ltd

10,385,605‌

1,675,992

Motherson

Sumi

Systems

Ltd

1,509,587‌

65,320

Mphasis

Ltd

1,457,272‌

1,416

MRF

Ltd

1,543,803‌

78,423

Muthoot

Finance

Ltd

980,718‌

27,313

Nestle

India

Ltd

7,276,148‌

3,322,891

NTPC

Ltd

7,008,545‌

4,719

Page

Industries

Ltd

2,331,270‌

631,464

Petronet

LNG

Ltd

1,834,063‌

58,104

PI

Industries

Ltd

2,409,835‌

122,603

Pidilite

Industries

Ltd

3,634,951‌

2,563,604

Power

Grid

Corp

of

India

Ltd

7,454,461‌

2,481,673

Reliance

Industries

Ltd

73,698,604‌

171,615

SBI

Cards

&

Payment

Services

Ltd

1,624,190‌

343,863

g

SBI

Life

Insurance

Co

Ltd

4,804,259‌

739,081

Sesa

Sterlite

Ltd

2,535,344‌

8,585

Shree

Cement

Ltd

2,559,732‌

184,100

Shriram

Transport

Finance

Co

Ltd

3,008,778‌

54,647

Siemens

India

Ltd

2,309,776‌

114,752

SRF

Ltd

3,575,943‌

1,483,023

State

Bank

of

India

10,531,596‌

763,975

Sun

Pharmaceutical

Industries

Ltd

9,241,149‌

753,670

Tata

Consultancy

Services

Ltd

29,797,604‌

26,558

Tata

Elxsi

Ltd

2,167,140‌

1,394,064

*

Tata

Motors

Ltd

8,317,613‌

1,180,189

Tata

Power

Co

Ltd

2,915,106‌

5,635,373

*

Tata

Steel

Ltd

7,471,199‌

448,777

Tata

Tea

Ltd

4,198,831‌

476,754

Tech

Mahindra

Ltd

5,999,082‌

279,168

Titan

Industries

Ltd

9,044,839‌

77,256

Torrent

Pharmaceuticals

Ltd

1,564,038‌

142,934

Trent

Ltd

2,395,985‌

81,276

Tube

Investments

of

India

Ltd

2,578,618‌

168,461

TVS

Motor

Co

Ltd

2,351,625‌

80,756

Ultra

Tech

Cement

Ltd

7,475,911‌

225,548

*

United

Spirits

Ltd

2,150,229‌

383,500

UPL

Ltd

3,480,539‌

204,067

Varun

Beverages

Ltd

3,616,835‌

1,127,230

Wipro

Ltd

5,337,558‌

10,029,201

*

Yes

Bank

Ltd

1,930,153‌

2,590,976

*

Zomato

Ltd

2,071,878‌

TOTAL

INDIA

716,320,828‌

INDONESIA

-

2

.1

%

13,470,554

Adaro

Energy

Tbk

2,883,561‌

16,193,854

Astra

International

Tbk

PT

7,469,721‌

45,777,629

Bank

Central

Asia

Tbk

PT

28,329,530‌

54,777,450

Bank

Rakyat

Indonesia

19,088,799‌

1,970,341

Indofood

CBP

Sukses

Makmur

Tbk

1,422,654‌

16,567,800

Kalbe

Farma

Tbk

PT

2,398,748‌

9,310,328

*

Merdeka

Copper

Gold

Tbk

PT

2,511,542‌

6,042,700

PT

Aneka

Tambang

Tbk

869,270‌

30,035,478

PT

Bank

Mandiri

Persero

Tbk

10,617,534‌

6,235,259

PT

Bank

Negara

Indonesia

4,018,302‌

20,491,576

PT

Barito

Pacific

Tbk

1,168,529‌

5,324,700

PT

Charoen

Pokphand

Indonesia

Tbk

1,667,032‌

2,024,705

PT

Indah

Kiat

Pulp

and

Paper

Corp

Tbk

1,075,875‌

151

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

INDONESIA—continued

3,164,570

PT

Indofood

Sukses

Makmur

Tbk

$

1,392,956‌

2,846,604

*

PT

Semen

Gresik

Persero

Tbk

1,157,785‌

15,412,900

PT

Sumber

Alfaria

Trijaya

Tbk

3,047,626‌

6,683,945

PT

Unilever

Indonesia

Tbk

2,007,583‌

1,398,273

PT

United

Tractors

Tbk

2,760,296‌

1,715,786

*

PT

Vale

Indonesia

Tbk

820,084‌

16,603,000

Sarana

Menara

Nusantara

Tbk

PT

1,162,752‌

41,917,783

Telkom

Indonesia

Persero

Tbk

PT

12,141,429‌

TOTAL

INDONESIA

108,011,608‌

KOREA,

REPUBLIC

OF

-

12

.0

%

23,108

Amorepacific

Corp

2,137,990‌

8,685

BGF

retail

Co

Ltd

1,211,675‌

71,349

Celltrion

Healthcare

Co

Ltd

3,719,150‌

15,162

*

Celltrion

Pharm

Inc

929,414‌

82,829

Celltrion,

Inc

9,980,023‌

49,919

Cheil

Communications,

Inc

690,786‌

6,900

CJ

CheilJedang

Corp

1,597,819‌

12,491

CJ

Corp

855,268‌

42,213

Coway

Co

Ltd

1,549,911‌

37,248

Dongbu

Insurance

Co

Ltd

2,341,467‌

41,014

Doosan

Bobcat,

Inc

1,573,566‌

333,330

*

Doosan

Heavy

Industries

and

Construction

Co

Ltd

4,176,615‌

41,069

e

Ecopro

BM

Co

Ltd

8,247,048‌

16,802

E-Mart

Co

Ltd

1,228,854‌

13,415

F&F

Co

Ltd

1,419,440‌

40,038

GS

Holdings

Corp

1,189,591‌

239,181

Hana

Financial

Group,

Inc

7,515,936‌

57,116

Hankook

Tire

Co

Ltd

1,475,128‌

5,770

Hanmi

Pharm

Co

Ltd

1,395,560‌

140,900

Hanon

Systems

968,569‌

84,064

*

Hanwha

Chemical

Corp

3,024,871‌

85,726

*

HLB,

Inc

2,278,276‌

16,145

Honam

Petrochemical

Corp

2,034,866‌

25,858

Hotel

Shilla

Co

Ltd

1,579,786‌

14,289

*

HYBE

Co

Ltd

2,889,484‌

440,815

Hynix

Semiconductor,

Inc

29,659,569‌

63,742

Hyundai

Engineering

&

Construction

Co

Ltd

1,961,193‌

14,460

Hyundai

Glovis

Co

Ltd

1,773,816‌

32,416

*

Hyundai

Heavy

Industries

2,061,797‌

14,136

*

Hyundai

Heavy

Industries

Co

Ltd

1,163,023‌

207,858

e

Hyundai

Merchant

Marine

Co

Ltd

3,183,817‌

18,721

*

Hyundai

Mipo

Dockyard

1,030,508‌

47,574

Hyundai

Mobis

7,747,915‌

112,340

Hyundai

Motor

Co

16,640,843‌

31,282

Hyundai

Motor

Co

Ltd

(2nd

Preference)

2,594,903‌

18,335

Hyundai

Motor

Co

Ltd

(Preference)

1,455,235‌

39,907

Hyundai

Robotics

Co

Ltd

1,769,613‌

67,147

Hyundai

Steel

Co

1,835,977‌

15,233

Iljin

Materials

Co

Ltd

689,152‌

185,427

Industrial

Bank

of

Korea

1,396,407‌

244,299

Kakao

Corp

10,697,739‌

25,317

*

Kakao

Games

Corp

769,289‌

105,830

KakaoBank

Corp

1,752,071‌

20,643

*,e

Kakaopay

Corp

848,310‌

71,780

Kangwon

Land,

Inc

1,016,794‌

311,398

KB

Financial

Group,

Inc

11,557,910‌

211,109

Kia

Motors

Corp

13,370,223‌

64,333

Korea

Aerospace

Industries

Ltd

2,642,532‌

240,182

Korea

Electric

Power

Corp

3,353,281‌

32,973

Korea

Investment

Holdings

Co

Ltd

1,362,733‌

Emerging

Markets

Equity

Index

Fund

April

30,

2023

152

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

VALUE

KOREA,

REPUBLIC

OF—continued

15,493

Korea

Kumho

Petrochemical

$

1,584,291‌

6,987

Korea

Zinc

Co

Ltd

2,685,506‌

129,302

Korean

Air

Lines

Co

Ltd

2,218,004‌

22,250

*,e,g

Krafton,

Inc

3,214,132‌

97,390

KT&G

Corp

6,240,887‌

18,696

e

L&F

Co

Ltd

3,731,947‌

40,373

LG

Chem

Ltd

22,426,525‌

6,131

LG

Chem

Ltd

(Preference)

1,794,171‌

75,125

LG

Corp

4,917,046‌

177,269

LG

Display

Co

Ltd

1,976,159‌

85,563

LG

Electronics,

Inc

7,026,255‌

28,578

*,e

LG

Energy

Solution

12,455,307‌

7,496

LG

Household

&

Health

Care

Ltd

3,500,228‌

11,674

LG

Innotek

Co

Ltd

2,323,485‌

198,778

LG

Telecom

Ltd

1,639,594‌

9,410

Lotte

Shopping

Co

Ltd

562,607‌

75,682

Meritz

finance

Holdings

Co

Ltd

2,605,087‌

245,855

Mirae

Asset

Daewoo

Co

Ltd

1,277,443‌

104,466

Naver

Corp

15,134,542‌

13,251

NCsoft

3,749,665‌

18,070

g

Netmarble

Corp

879,869‌

19,224

Orion

Corp/Republic

of

Korea

2,084,184‌

209,212

Pan

Ocean

Co

Ltd

853,795‌

21,839

*

Pearl

Abyss

Corp

707,272‌

59,932

POSCO

16,961,034‌

23,410

POSCO

Refractories

&

Environment

Co

Ltd

5,892,708‌

14,878

S1

Corp

(Korea)

649,772‌

14,028

*,g

Samsung

Biologics

Co

Ltd

8,204,385‌

66,382

Samsung

C&T

Corp

5,451,572‌

44,129

Samsung

Electro-Mechanics

Co

Ltd

4,772,339‌

3,850,661

Samsung

Electronics

Co

Ltd

189,468,253‌

668,010

Samsung

Electronics

Co

Ltd

(Preference)

27,926,079‌

124,945

*

Samsung

Engineering

Co

Ltd

2,727,183‌

25,031

Samsung

Fire

&

Marine

Insurance

Co

Ltd

4,210,869‌

532,667

*

Samsung

Heavy

Industries

Co

Ltd

2,269,057‌

62,433

Samsung

Life

Insurance

Co

Ltd

3,095,172‌

44,743

Samsung

SDI

Co

Ltd

23,220,354‌

25,732

Samsung

SDS

Co

Ltd

2,262,580‌

46,483

Samsung

Securities

Co

Ltd

1,179,959‌

27,506

SD

Biosensor,

Inc

428,961‌

366,810

Shinhan

Financial

Group

Co

Ltd

9,603,235‌

20,749

*

SK

Biopharmaceuticals

Co

Ltd

1,072,959‌

17,219

*,e

SK

Bioscience

Co

Ltd

909,973‌

32,925

SK

Holdings

Co

Ltd

4,015,201‌

20,345

*,g

SK

IE

Technology

Co

Ltd

1,182,846‌

46,619

*

SK

Innovation

Co

Ltd

6,067,403‌

79,639

*

SK

Square

Co

Ltd

2,538,035‌

15,683

SKC

Co

Ltd

1,171,332‌

39,637

S-Oil

Corp

2,219,981‌

443,065

Woori

Financial

Group,

Inc

3,896,866‌

107,349

Woori

Investment

&

Securities

Co

Ltd

751,589‌

40,636

Yuhan

Corp

1,752,203‌

TOTAL

KOREA,

REPUBLIC

OF

627,835,644‌

KUWAIT

-

0

.9

%

1,183,710

Agility

Public

Warehousing

Co

KSC

2,402,686‌

1,035,102

Boubyan

Bank

KSCP

2,285,993‌

1,492,719

Gulf

Bank

KSCP

1,374,193‌

6,575,013

Kuwait

Finance

House

16,066,633‌

592,891

Mabanee

Co

KPSC

1,477,750‌

1,901,547

Mobile

Telecommunications

Co

KSC

3,543,604‌

153

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

KUWAIT—continued

6,200,861

National

Bank

of

Kuwait

SAKP

$

20,357,480‌

TOTAL

KUWAIT

47,508,339‌

LUXEMBOURG

-

0

.0

%

96,548

Reinet

Investments

S.C.A

2,111,310‌

TOTAL

LUXEMBOURG

2,111,310‌

MALAYSIA

-

1

.5

%

1,478,233

AMMB

Holdings

BHD

1,198,815‌

2,016,274

Axiata

Group

Bhd

1,354,754‌

5,474,452

Bumiputra-Commerce

Holdings

BHD

6,219,643‌

3,879,077

Dialog

Group

BHD

1,997,084‌

2,475,639

Digi.Com

BHD

2,445,001‌

1,583,900

Gamuda

BHD

1,475,417‌

1,891,775

Genting

BHD

1,998,141‌

2,236,600

Genting

Malaysia

BHD

1,362,207‌

476,200

HAP

Seng

Consolidated

BHD

528,085‌

478,287

Hong

Leong

Bank

BHD

2,161,534‌

180,906

Hong

Leong

Credit

BHD

734,899‌

1,355,370

IHH

Healthcare

BHD

1,744,178‌

2,115,100

Inari

Amertron

BHD

1,098,052‌

1,778,800

IOI

Corp

BHD

1,527,896‌

350,911

Kuala

Lumpur

Kepong

BHD

1,694,923‌

4,170,849

Malayan

Banking

BHD

8,105,128‌

484,707

Malaysia

Airports

Holdings

BHD

767,143‌

1,771,400

Maxis

BHD

1,749,904‌

1,359,900

MISC

BHD

2,228,584‌

1,423,187

g

MR

DIY

Group

M

Bhd

505,320‌

53,400

Nestle

Malaysia

BHD

1,622,172‌

1,867,400

Petronas

Chemicals

Group

BHD

2,971,684‌

271,300

Petronas

Dagangan

BHD

1,377,028‌

863,200

Petronas

Gas

BHD

3,270,503‌

479,059

PPB

Group

BHD

1,746,329‌

2,982,824

Press

Metal

BHD

3,456,431‌

11,768,415

Public

Bank

BHD

10,276,756‌

749,550

QL

Resources

BHD

949,436‌

1,234,723

RHB

Capital

BHD

1,518,792‌

2,026,165

Sime

Darby

BHD

987,272‌

1,566,765

Sime

Darby

Plantation

BHD

1,507,987‌

884,351

Telekom

Malaysia

BHD

985,280‌

2,352,758

Tenaga

Nasional

BHD

4,699,246‌

4,175,900

Top

Glove

Corp

BHD

920,889‌

TOTAL

MALAYSIA

77,186,513‌

MEXICO

-

2

.8

%

2,197,400

Alfa

S.A.

de

C.V.

(Class

A)

1,394,496‌

22,375,941

America

Movil

SAB

de

C.V.

24,131,344‌

668,849

g

Banco

del

Bajio

S.A.

2,200,418‌

12,091,497

*

Cemex

S.A.

de

C.V.

7,263,170‌

433,110

Coca-Cola

Femsa

SAB

de

C.V.

3,575,545‌

351,457

Embotelladoras

Arca

SAB

de

C.V.

3,344,603‌

2,503,100

Fibra

Uno

Administracion

S.A.

de

C.V.

3,458,217‌

1,585,277

e

Fomento

Economico

Mexicano

S.A.

de

C.V.

15,422,935‌

161,510

Gruma

SAB

de

C.V.

2,528,088‌

296,530

e

Grupo

Aeroportuario

del

Pacifico

S.A.

de

C.V.

(B

Shares)

5,275,841‌

154,286

Grupo

Aeroportuario

del

Sureste

S.A.

de

C.V.

(Class

B)

4,428,337‌

1,075,089

Grupo

Bimbo

S.A.

de

C.V.

(Series

A)

5,758,284‌

464,052

e

Grupo

Carso

S.A.

de

C.V.

(Series

A1)

2,619,463‌

2,052,928

Grupo

Financiero

Banorte

S.A.

de

C.V.

17,752,954‌

1,639,644

*,e

Grupo

Financiero

Inbursa

S.A.

3,990,702‌

Emerging

Markets

Equity

Index

Fund

April

30,

2023

154

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

VALUE

MEXICO—continued

2,449,732

Grupo

Mexico

S.A.

de

C.V.

(Series

B)

$

12,045,986‌

1,915,790

e

Grupo

Televisa

S.A.

1,943,547‌

111,904

*,e

Industrias

Penoles

S.A.

de

C.V.

1,719,623‌

1,233,595

Kimberly-Clark

de

Mexico

S.A.

de

C.V.

(Class

A)

2,797,965‌

965,500

Operadora

de

Sites

Mexicanos

S.A.

de

C.V.

937,066‌

791,023

Orbia

Advance

Corp

SAB

de

C.V.

1,822,307‌

178,240

Promotora

y

Operadora

de

Infraestructura

SAB

de

C.V.

1,853,926‌

73,981

Southern

Copper

Corp

5,683,960‌

4,254,589

Wal-Mart

de

Mexico

SAB

de

C.V.

17,153,712‌

TOTAL

MEXICO

149,102,489‌

PERU

-

0

.2

%

176,422

Cia

de

Minas

Buenaventura

S.A.

(ADR)

(Series

B)

1,247,303‌

57,814

Credicorp

Ltd

7,832,641‌

TOTAL

PERU

9,079,944‌

PHILIPPINES

-

0

.7

%

1,436,254

Aboitiz

Equity

Ventures,

Inc

1,422,098‌

557,589

*

AC

Energy

Corp

60,700‌

201,343

Ayala

Corp

2,332,045‌

5,809,293

Ayala

Land,

Inc

2,807,638‌

1,597,682

Bank

of

the

Philippine

Islands

3,107,632‌

2,014,797

BDO

Unibank,

Inc

5,251,658‌

839,093

International

Container

Term

Services,

Inc

3,290,657‌

2,393,556

JG

Summit

Holdings

(Series

B)

2,197,252‌

347,580

Jollibee

Foods

Corp

1,413,491‌

266,441

Manila

Electric

Co

1,634,287‌

1,456,010

Metropolitan

Bank

&

Trust

1,542,377‌

4,689,600

g

Monde

Nissin

Corp

792,895‌

73,840

PLDT,

Inc

1,606,813‌

194,025

SM

Investments

Corp

3,144,060‌

10,008,968

SM

Prime

Holdings

6,148,372‌

761,487

Universal

Robina

2,026,437‌

TOTAL

PHILIPPINES

38,778,412‌

POLAND

-

0

.8

%

296,603

*,g

Allegro.eu

S.A.

2,337,893‌

153,851

Bank

Pekao

S.A.

3,559,663‌

28,913

Bank

Zachodni

WBK

S.A.

2,351,746‌

12,099

BRE

Bank

S.A.

1,012,781‌

52,720

CD

Projekt

Red

S.A.

1,438,549‌

172,719

Cyfrowy

Polsat

S.A.

724,347‌

40,127

*,g

Dino

Polska

S.A.

4,092,281‌

110,864

KGHM

Polska

Miedz

S.A.

3,189,065‌

720

LPP

S.A.

2,075,537‌

708,281

*

PGE

Polska

Grupa

Energetyczna

S.A.

1,173,301‌

550,415

Polski

Koncern

Naftowy

Orlen

S.A.

8,397,307‌

686,776

Powszechna

Kasa

Oszczednosci

Bank

Polski

S.A.

5,310,187‌

509,581

Powszechny

Zaklad

Ubezpieczen

S.A.

4,694,713‌

TOTAL

POLAND

40,357,370‌

QATAR

-

0

.9

%

2,038,373

Barwa

Real

Estate

Co

1,407,611‌

2,623,340

Commercial

Bank

of

Qatar

QSC

4,254,071‌

1,238,275

Industries

Qatar

QSC

4,363,230‌

4,295,330

Masraf

Al

Rayan

3,031,355‌

3,278,477

Mesaieed

Petrochemical

Holding

Co

1,793,699‌

843,690

Ooredoo

QSC

2,295,925‌

385,925

Qatar

Electricity

&

Water

Co

1,778,012‌

586,474

Qatar

Fuel

QSC

2,677,149‌

2,093,588

Qatar

Gas

Transport

Co

Ltd

2,283,755‌

155

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

QATAR—continued

727,069

Qatar

International

Islamic

Bank

QSC

$

1,987,738‌

1,292,625

Qatar

Islamic

Bank

SAQ

6,388,570‌

3,675,039

Qatar

National

Bank

15,561,389‌

TOTAL

QATAR

47,822,504‌

ROMANIA

-

0

.1

%

461,100

NEPI

Rockcastle

NV

2,786,388‌

TOTAL

ROMANIA

2,786,388‌

RUSSIA

-

0

.0

%

35,937

*,†,e

Ozon

Holdings

plc

(ADR)

359‌

911,463

*,†

VTB

Bank

PJSC

(GDR)

Equiduct

9,115‌

281,650

*,†

VTB

Bank

PJSC

(GDR)

Tradegate

2,816‌

TOTAL

RUSSIA

12,290‌

SAUDI

ARABIA

-

4

.2

%

66,921

ACWA

Power

Co

2,815,145‌

101,032

Advanced

Petrochemical

Co

1,290,194‌

1,560,589

Al

Rajhi

Bank

32,210,473‌

783,225

Alinma

Bank

6,667,802‌

206,649

Almarai

Co

JSC

3,259,953‌

464,176

Arab

National

Bank

3,403,636‌

18,506

Arabian

Internet

&

Communications

Services

Co

1,385,276‌

385,575

*

Bank

AlBilad

4,297,458‌

327,345

Bank

Al-Jazira

1,712,835‌

458,749

Banque

Saudi

Fransi

4,760,059‌

60,763

Bupa

Arabia

for

Cooperative

Insurance

Co

2,866,108‌

30,405

Dallah

Healthcare

Co

1,385,299‌

427,503

*

Dar

Al

Arkan

Real

Estate

Development

Co

1,845,421‌

74,444

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co

5,718,480‌

19,817

Elm

Co

2,350,133‌

302,485

*

Emaar

Economic

City

784,244‌

307,522

Etihad

Etisalat

Co

3,792,811‌

44,999

Jarir

Marketing

Co

1,963,011‌

347,933

*

Mobile

Telecommunications

Co

Saudi

Arabia

1,393,475‌

39,595

Mouwasat

Medical

Services

Co

2,616,864‌

27,306

Nahdi

Medical

Co

1,312,139‌

1,755,360

National

Commercial

Bank

23,038,498‌

244,409

*

National

Industrialization

Co

896,436‌

393,404

*

Rabigh

Refining

&

Petrochemical

Co

1,172,688‌

1,090,176

Riyad

Bank

8,792,713‌

176,732

SABIC

Agri-Nutrients

Co

6,354,422‌

281,771

Sahara

International

Petrochemical

Co

2,938,009‌

696,658

*

Saudi

Arabian

Mining

Co

13,032,231‌

2,035,357

g

Saudi

Arabian

Oil

Co

19,618,925‌

726,362

Saudi

Basic

Industries

Corp

17,972,128‌

740,394

Saudi

British

Bank

7,188,281‌

694,487

Saudi

Electricity

Co

4,502,262‌

318,734

Saudi

Industrial

Investment

Group

2,173,640‌

383,763

Saudi

Investment

Bank

1,684,265‌

583,972

*

Saudi

Kayan

Petrochemical

Co

1,982,451‌

27,526

*

Saudi

Research

&

Marketing

Group

1,547,830‌

39,032

Saudi

Tadawul

Group

Holding

Co

1,751,837‌

1,251,826

Saudi

Telecom

Co

15,066,944‌

203,074

Savola

Group

1,729,780‌

223,353

Yanbu

National

Petrochemical

Co

2,681,555‌

TOTAL

SAUDI

ARABIA

221,955,711‌

SOUTH

AFRICA

-

3

.3

%

684,012

e

Absa

Group

Ltd

6,653,910‌

82,381

African

Rainbow

Minerals

Ltd

1,034,902‌

Emerging

Markets

Equity

Index

Fund

April

30,

2023

156

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

VALUE

SOUTH

AFRICA—continued

42,674

Anglo

American

Platinum

Ltd

$

2,530,076‌

305,913

Aspen

Pharmacare

Holdings

Ltd

3,061,827‌

277,697

Bid

Corp

Ltd

6,319,817‌

218,218

Bidvest

Group

Ltd

2,988,904‌

69,568

e

Capitec

Bank

Holdings

Ltd

6,057,826‌

181,396

Clicks

Group

Ltd

2,651,054‌

393,889

*

Discovery

Holdings

Ltd

3,095,773‌

225,194

Exxaro

Resources

Ltd

2,366,186‌

4,163,293

FirstRand

Ltd

14,672,575‌

261,444

Foschini

Ltd

1,355,663‌

713,372

Gold

Fields

Ltd

11,116,701‌

2,637,549

Growthpoint

Properties

Ltd

1,835,506‌

351,290

Harmony

Gold

Mining

Co

Ltd

1,645,601‌

674,615

Impala

Platinum

Holdings

Ltd

6,567,916‌

50,644

Kumba

Iron

Ore

Ltd

1,231,494‌

189,948

Mr

Price

Group

Ltd

1,561,950‌

1,372,276

MTN

Group

Ltd

9,638,600‌

299,731

MultiChoice

Group

Ltd

1,875,971‌

176,994

Naspers

Ltd

(N

Shares)

31,551,241‌

350,107

Nedbank

Group

Ltd

4,039,365‌

268,286

*

Northam

Platinum

Holdings

Ltd

2,625,881‌

3,907,254

Old

Mutual

Ltd

2,485,412‌

648,373

OUTsurance

Group

Ltd

1,233,477‌

1,584,596

g

Pepkor

Holdings

Ltd

1,468,301‌

427,527

Remgro

Ltd

3,272,741‌

1,429,384

Sanlam

Ltd

4,409,465‌

463,163

Sasol

Ltd

6,031,353‌

396,219

Shoprite

Holdings

Ltd

4,835,460‌

2,207,378

Sibanye

Stillwater

Ltd

4,880,143‌

1,113,052

Standard

Bank

Group

Ltd

10,435,682‌

489,220

Vodacom

Group

Pty

Ltd

3,353,287‌

764,590

Woolworths

Holdings

Ltd

2,718,960‌

TOTAL

SOUTH

AFRICA

171,603,020‌

TAIWAN

-

14

.6

%

415,344

Accton

Technology

Corp

4,057,454‌

2,155,380

Acer,

Inc

2,126,097‌

330,649

Advantech

Co

Ltd

4,003,463‌

2,677,011

ASE

Technology

Holding

Co

Ltd

8,800,804‌

1,804,512

Asia

Cement

Corp

2,584,552‌

554,500

Asustek

Computer,

Inc

5,110,803‌

5,963,800

AU

Optronics

Corp

3,312,276‌

527,389

Catcher

Technology

Co

Ltd

3,111,131‌

6,963,889

Cathay

Financial

Holding

Co

Ltd

9,647,632‌

1,133,374

Chailease

Holding

Co

Ltd

8,254,509‌

3,285,619

Chang

Hwa

Commercial

Bank

1,905,372‌

1,380,922

Cheng

Shin

Rubber

Industry

Co

Ltd

1,701,829‌

2,279,035

China

Airlines

1,413,817‌

11,874,522

China

Development

Financial

Holding

Corp

5,077,597‌

9,433,151

China

Steel

Corp

8,946,732‌

14,155,611

Chinatrust

Financial

Holding

Co

10,434,642‌

3,207,763

Chunghwa

Telecom

Co

Ltd

13,273,194‌

3,373,000

Compal

Electronics,

Inc

2,632,282‌

1,548,768

Delta

Electronics,

Inc

15,171,684‌

11,238,337

E.Sun

Financial

Holding

Co

Ltd

9,139,590‌

155,316

Eclat

Textile

Co

Ltd

2,473,412‌

53,000

eMemory

Technology,

Inc

3,168,962‌

2,035,803

Eva

Airways

Corp

1,785,199‌

806,192

Evergreen

Marine

Corp

Taiwan

Ltd

4,257,918‌

2,739,071

Far

Eastern

Textile

Co

Ltd

2,847,212‌

1,462,589

Far

EasTone

Telecommunications

Co

Ltd

3,757,928‌

157

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

TAIWAN—continued

322,513

Feng

TAY

Enterprise

Co

Ltd

$

2,006,451‌

8,552,674

First

Financial

Holding

Co

Ltd

7,554,434‌

2,755,173

Formosa

Chemicals

&

Fibre

Corp

6,183,135‌

923,064

Formosa

Petrochemical

Corp

2,611,607‌

3,493,813

Formosa

Plastics

Corp

10,687,981‌

5,939,401

Fubon

Financial

Holding

Co

Ltd

11,438,691‌

8,162,788

Fuhwa

Financial

Holdings

Co

Ltd

6,008,690‌

210,086

Giant

Manufacturing

Co

Ltd

1,260,183‌

174,535

Globalwafers

Co

Ltd

2,743,033‌

10,068,002

Hon

Hai

Precision

Industry

Co,

Ltd

34,307,201‌

240,608

Hotai

Motor

Co

Ltd

5,186,460‌

6,881,026

Hua

Nan

Financial

Holdings

Co

Ltd

4,913,701‌

8,436,350

InnoLux

Display

Corp

3,695,798‌

2,040,340

Inventec

Co

Ltd

2,200,798‌

83,125

Largan

Precision

Co

Ltd

5,458,167‌

1,622,778

Lite-On

Technology

Corp

3,887,397‌

1,247,464

MediaTek,

Inc

27,124,657‌

9,229,828

Mega

Financial

Holding

Co

Ltd

10,239,901‌

520,000

Micro-Star

International

Co

Ltd

2,471,562‌

51,000

momo.com,

Inc

1,381,895‌

3,910,271

Nan

Ya

Plastics

Corp

9,938,250‌

180,000

Nan

Ya

Printed

Circuit

Board

Corp

1,620,532‌

1,092,000

Nanya

Technology

Corp

2,420,194‌

147,000

Nien

Made

Enterprise

Co

Ltd

1,618,491‌

487,474

Novatek

Microelectronics

Corp

Ltd

6,664,310‌

1,611,000

Pegatron

Technology

Corp

3,676,550‌

122,025

*

PharmaEssentia

Corp

1,472,085‌

1,343,512

Pou

Chen

Corp

1,391,736‌

2,380,387

Powerchip

Semiconductor

Manufacturing

Corp

2,312,754‌

485,000

President

Chain

Store

Corp

4,272,802‌

687,000

Prime

View

International

Co

Ltd

4,280,088‌

2,185,000

Quanta

Computer,

Inc

6,118,111‌

357,085

Realtek

Semiconductor

Corp

4,187,525‌

1,437,750

Ruentex

Development

Co

Ltd

1,680,038‌

3,000,599

Shanghai

Commercial

&

Savings

Bank

Ltd

4,538,066‌

10,938,684

Shin

Kong

Financial

Holding

Co

Ltd

2,989,601‌

8,953,215

SinoPac

Financial

Holdings

Co

Ltd

4,872,337‌

994,522

Synnex

Technology

International

Corp

2,006,827‌

8,688,497

Taishin

Financial

Holdings

Co

Ltd

4,901,837‌

4,677,391

Taiwan

Business

Bank

2,125,930‌

4,878,039

Taiwan

Cement

Corp

6,153,676‌

7,577,492

Taiwan

Cooperative

Financial

Holding

6,605,054‌

1,590,561

Taiwan

High

Speed

Rail

Corp

1,608,474‌

1,450,861

Taiwan

Mobile

Co

Ltd

4,888,573‌

19,860,183

Taiwan

Semiconductor

Manufacturing

Co

Ltd

325,222,284‌

989,000

Unimicron

Technology

Corp

4,699,080‌

4,008,908

Uni-President

Enterprises

Corp

9,610,785‌

9,807,103

United

Microelectronics

Corp

15,773,311‌

662,000

Vanguard

International

Semiconductor

Corp

1,876,182‌

53,000

Voltronic

Power

Technology

Corp

3,047,502‌

2,167,529

Walsin

Lihwa

Corp

3,519,961‌

551,460

Wan

Hai

Lines

Ltd

1,172,440‌

289,878

Win

Semiconductors

Corp

1,547,676‌

2,251,000

Winbond

Electronics

Corp

1,910,225‌

70,000

Wiwynn

Corp

2,663,964‌

1,268,660

WPG

Holdings

Co

Ltd

2,067,593‌

277,437

Yageo

Corp

4,497,515‌

1,390,000

Yang

Ming

Marine

Transport

2,867,549‌

559,127

Zhen

Ding

Technology

Holding

Ltd

2,036,894‌

TOTAL

TAIWAN

765,214,635‌

Emerging

Markets

Equity

Index

Fund

April

30,

2023

158

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

VALUE

THAILAND

-

2

.0

%

929,000

Advanced

Info

Service

PCL

$

5,832,602‌

3,250,056

Airports

of

Thailand

PCL

6,982,172‌

4,994,500

*

Asset

World

Corp

PCL

777,667‌

706,500

B

Grimm

Power

PCL

805,544‌

7,880,199

Bangkok

Dusit

Medical

Services

PCL

6,750,006‌

4,624,383

Bangkok

Expressway

&

Metro

PCL

1,200,589‌

8,056,800

Banpu

PCL

(Foreign)

2,154,442‌

812,800

Berli

Jucker

PCL

931,061‌

3,990,500

BTS

Group

Holdings

PCL

901,767‌

445,000

Bumrungrad

Hospital

PCL

3,107,693‌

159,400

Carabao

Group

PCL

335,076‌

1,608,099

Central

Pattana

PCL

3,213,540‌

1,478,707

Central

Retail

Corp

PCL

1,945,398‌

2,775,380

Charoen

Pokphand

Foods

PCL

1,649,907‌

4,491,330

*

CP

ALL

plc

8,496,130‌

2,413,000

Delta

Electronics

Thailand

PCL

5,164,496‌

216,800

Electricity

Generating

PCL

995,694‌

1,303,803

Energy

Absolute

PCL

2,595,598‌

588,900

Global

Power

Synergy

Co

Ltd

1,107,778‌

2,191,550

Gulf

Energy

Development

PCL

3,268,660‌

4,127,826

Home

Product

Center

PCL

1,698,432‌

1,167,539

Indorama

Ventures

PCL

1,166,306‌

854,500

Intouch

Holdings

PCL

(Class

F)

1,881,481‌

458,906

JMT

Network

Services

PCL

533,303‌

465,700

Kasikornbank

PCL

(Foreign)

1,710,485‌

2,777,498

Krung

Thai

Bank

PCL

1,468,371‌

605,694

Krungthai

Card

PCL

938,660‌

7,261,552

Land

and

Houses

PCL

Co

Reg

2,087,499‌

2,431,678

Minor

International

PCL

2,252,290‌

362,200

Muangthai

Capital

PCL

362,591‌

967,544

Osotspa

PCL

837,649‌

1,448,141

PTT

Exploration

&

Production

PCL

6,300,935‌

1,806,629

PTT

Global

Chemical

PCL

2,204,468‌

2,152,122

PTT

Oil

&

Retail

Business

PCL

1,386,534‌

9,173,232

PTT

PCL

8,350,508‌

965,227

Ratch

Group

PCL

1,069,027‌

656,001

SCB

X

PCL

1,978,713‌

918,000

SCG

Packaging

PCL

1,186,414‌

619,560

Siam

Cement

PCL

5,708,820‌

423,900

Srisawad

Corp

PCL

692,654‌

1,184,250

Thai

Oil

PCL

1,621,077‌

1,960,800

Thai

Union

Group

PCL

793,482‌

5,477,081

True

Corp

PCL

1,275,139‌

TOTAL

THAILAND

105,720,658‌

TURKEY

-

0

.6

%

2,617,703

Akbank

TAS

2,164,302‌

608,489

Aselsan

Elektronik

Sanayi

Ve

Ticaret

AS

1,400,114‌

365,897

BIM

Birlesik

Magazalar

AS

2,939,979‌

1,104,562

*

Eregli

Demir

ve

Celik

Fabrikalari

TAS

1,884,807‌

51,329

Ford

Otomotiv

Sanayi

AS

1,418,850‌

884,714

Haci

Omer

Sabanci

Holding

AS

1,739,107‌

987,664

*

Hektas

Ticaret

TAS

1,369,574‌

604,623

KOC

Holding

AS

2,353,905‌

772,417

Koza

Altin

Isletmeleri

AS

751,197‌

32,443

*

Pegasus

Hava

Tasimaciligi

AS.

740,898‌

285,050

*

Sasa

Polyester

Sanayi

AS

1,459,578‌

438,056

*

Turk

Hava

Yollari

2,880,836‌

1,015,797

Turkcell

Iletisim

Hizmet

AS

1,730,453‌

2,836,354

Turkiye

Is

Bankasi

(Series

C)

1,581,013‌

800,177

Turkiye

Petrol

Rafinerileri

AS

2,732,505‌

159

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

TURKEY—continued

1,109,329

Turkiye

Sise

ve

Cam

Fabrikalari

AS

$

2,104,537‌

2,394,869

Yapi

ve

Kredi

Bankasi

1,168,438‌

TOTAL

TURKEY

30,420,093‌

UNITED

ARAB

EMIRATES

-

1

.4

%

2,273,664

Abu

Dhabi

Commercial

Bank

PJSC

5,462,815‌

1,239,425

Abu

Dhabi

Islamic

Bank

PJSC

3,839,828‌

2,933,236

Abu

Dhabi

National

Oil

Co

for

Distribution

PJSC

3,506,496‌

3,213,154

Aldar

Properties

PJSC

4,739,360‌

2,280,481

Dubai

Islamic

Bank

PJSC

3,459,753‌

5,544,998

Emaar

Properties

PJSC

8,989,886‌

1,535,031

Emirates

NBD

Bank

PJSC

5,904,169‌

2,827,648

Emirates

Telecommunications

Group

Co

PJSC

18,509,658‌

2,779,167

*

Multiply

Group

2,549,777‌

3,569,336

National

Bank

of

Abu

Dhabi

PJSC

13,801,936‌

1,599,157

*

Q

Holding

PJSC

1,112,895‌

TOTAL

UNITED

ARAB

EMIRATES

71,876,573‌

UNITED

KINGDOM

-

0

.0

%

133,637

*,g

Pepco

Group

NV

1,281,508‌

TOTAL

UNITED

KINGDOM

1,281,508‌

UNITED

STATES

-

0

.1

%

612,465

JBS

S.A.

2,197,988‌

47,260

*

Legend

Biotech

Corp

(ADR)

3,247,234‌

58,000

Parade

Technologies

Ltd

1,776,396‌

TOTAL

UNITED

STATES

7,221,618‌

TOTAL

COMMON

STOCKS

5,238,371,681‌

(Cost

$4,922,706,367)

REFERENCERATE

&

SPREAD

EXP

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

BRAZIL

-

0

.0

%

2,616

Localiza

Rent

a

Car

S.A.

9,000‌

TOTAL

BRAZIL

9,000‌

TOTAL

RIGHTS/WARRANTS

9,000‌

(Cost

$0)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

0.4%

GOVERNMENT

AGENCY

DEBT

-

0

.1

%

$

7,300,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

06/09/23

7,262,567‌

TOTAL

GOVERNMENT

AGENCY

DEBT

7,262,567‌

REPURCHASE

AGREEMENT

-

0

.2

%

8,660,000

r

Fixed

Income

Clearing

Corp

(FICC)

4

.800

05/01/23

8,660,000‌

TOTAL

REPURCHASE

AGREEMENT

8,660,000‌

Emerging

Markets

Equity

Index

Fund

April

30,

2023

160

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

SHARES

COMPANY

RATE

VALUE

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

0

.1

%

$

6,596,856

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.840

%

$

6,596,856‌

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

6,596,856‌

TOTAL

SHORT-TERM

INVESTMENTS

22,519,423‌

(Cost

$22,517,631)

TOTAL

INVESTMENTS

-

100.2%

5,260,919,790‌

(Cost

$4,945,246,654)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.2)%

(

9,614,543‌

)

NET

ASSETS

-

100.0%

$

5,251,305,247‌

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

INR

Indian

Rupee

*

Non-income

producing

†

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$68,607,836.

g

Security

is

exempt

from

registration

under

Rule

144(A)

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.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.800%

dated

4/28/23

to

be

repurchased

at

$8,660,000

on

5/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.625%

and

maturity

date

4/15/25,

valued

at

$8,833,220.

Futures

contracts

outstanding

as

of

April

30,

2023

were

as

follows:

Description

Number

of

long

(short)

contracts

Expiration

date

Notional

amount

Value

Unrealized

appreciation

(depreciation)

MSCI

EAFE

Index

308‌

06/16/23

 $

14,977,394‌

$

15,156,680‌

$

179,286‌

Portfolios

of

Investments

(Unaudited)

International

Equity

Index

Fund

April

30,

2023

161

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

COMMON

STOCKS

-

98.7%

AUSTRALIA

-

7

.6

%

320,440

Ampol

Ltd

$

6,393,649‌

1,568,748

APA

Group

10,710,517‌

796,637

Aristocrat

Leisure

Ltd

20,151,298‌

2,711,755

Aurizon

Holdings

Ltd

6,165,575‌

3,911,161

Australia

&

New

Zealand

Banking

Group

Ltd

63,510,337‌

265,997

Australian

Stock

Exchange

Ltd

12,105,397‌

6,679,547

BHP

Billiton

Ltd

198,232,079‌

626,427

BlueScope

Steel

Ltd

8,326,287‌

1,856,491

Brambles

Ltd

17,586,214‌

88,791

Cochlear

Ltd

14,558,845‌

1,782,235

Coles

Group

Ltd

21,529,712‌

2,234,810

Commonwealth

Bank

of

Australia

147,890,997‌

725,835

Computershare

Ltd

10,804,645‌

1,384,152

Dexus

Property

Group

7,174,039‌

210,048

Ebos

Group

Ltd

5,764,350‌

1,854,896

Endeavour

Group

Ltd

8,360,384‌

219,358

*

Flutter

Entertainment

plc

43,831,585‌

2,218,069

Fortescue

Metals

Group

Ltd

31,034,376‌

13,598,894

Glencore

Xstrata

plc

80,269,301‌

2,235,748

Goodman

Group

28,822,436‌

2,588,580

GPT

Group

7,611,776‌

259,715

IDP

Education

Ltd

4,879,205‌

871,325

Independence

Group

NL

8,023,930‌

3,235,927

Insurance

Australia

Group

Ltd

10,720,904‌

885,868

Lend

Lease

Corp

Ltd

4,399,562‌

2,978,859

Lottery

Corp

Ltd

9,988,064‌

483,853

Macquarie

Group

Ltd

59,026,089‌

3,675,511

Medibank

Pvt

Ltd

8,698,310‌

227,580

Mineral

Resources

Ltd

11,226,662‌

5,237,535

Mirvac

Group

8,408,473‌

4,130,325

National

Australia

Bank

Ltd

79,513,507‌

1,167,169

Newcrest

Mining

Ltd

22,286,923‌

1,515,898

Northern

Star

Resources

Ltd

13,521,515‌

597,451

Orica

Ltd

6,448,775‌

2,258,407

Origin

Energy

Ltd

12,521,771‌

3,412,362

Pilbara

Minerals

Ltd

9,712,300‌

1,260,579

*

Qantas

Airways

Ltd

5,559,082‌

1,924,082

QBE

Insurance

Group

Ltd

19,675,262‌

244,168

Ramsay

Health

Care

Ltd

10,499,521‌

65,870

REA

Group

Ltd

6,194,969‌

306,438

Reece

Ltd

3,732,908‌

488,791

Rio

Tinto

Ltd

36,661,580‌

1,481,289

Rio

Tinto

plc

94,169,040‌

4,084,624

Santos

Ltd

19,349,245‌

6,964,594

Scentre

Group

13,365,715‌

446,697

Seek

Ltd

7,288,439‌

606,768

Sonic

Healthcare

Ltd

14,303,306‌

6,044,242

South32

Ltd

17,085,564‌

3,269,412

Stockland

Trust

Group

9,691,765‌

1,666,275

Suncorp-Metway

Ltd

13,873,453‌

5,494,543

Telstra

Corp

Ltd

15,940,846‌

4,056,870

Transurban

Group

40,460,370‌

894,757

Treasury

Wine

Estates

Ltd

8,288,221‌

5,136,351

Vicinity

Centres

7,180,462‌

271,522

Washington

H

Soul

Pattinson

&

Co

Ltd

5,683,893‌

1,516,319

Wesfarmers

Ltd

52,454,628‌

4,589,561

Westpac

Banking

Corp

68,701,944‌

201,317

Wisetech

Global

Ltd

9,221,466‌

2,503,743

Woodside

Energy

Group

Ltd

56,810,738‌

International

Equity

Index

Fund

April

30,

2023

162

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

VALUE

AUSTRALIA—continued

1,635,728

Woolworths

Ltd

$

42,196,573‌

TOTAL

AUSTRALIA

1,598,598,779‌

AUSTRIA

-

0

.2

%

458,976

Erste

Bank

der

Oesterreichischen

Sparkassen

AG.

16,688,003‌

627,358

Mondi

plc

9,997,157‌

195,504

OMV

AG.

9,251,781‌

88,639

Verbund

AG.

7,894,240‌

152,922

Voestalpine

AG.

5,302,069‌

TOTAL

AUSTRIA

49,133,250‌

BELGIUM

-

0

.9

%

220,148

Ageas

9,808,818‌

1,139,057

Anheuser-Busch

InBev

S.A.

74,060,829‌

31,908

Dieteren

S.A.

6,007,921‌

45,291

e

Elia

System

Operator

S.A.

6,210,302‌

128,998

Groupe

Bruxelles

Lambert

S.A.

11,577,751‌

332,155

KBC

Groep

NV

23,745,228‌

20,629

e

Sofina

S.A.

4,736,267‌

98,285

e

Solvay

S.A.

11,796,031‌

164,646

UCB

S.A.

15,305,097‌

272,233

Umicore

S.A.

8,936,188‌

208,972

Warehouses

De

Pauw

CVA

6,248,614‌

TOTAL

BELGIUM

178,433,046‌

BRAZIL

-

0

.0

%

225,417

Yara

International

ASA

9,077,278‌

TOTAL

BRAZIL

9,077,278‌

CHILE

-

0

.0

%

532,040

Antofagasta

plc

9,785,810‌

TOTAL

CHILE

9,785,810‌

CHINA

-

0

.6

%

4,966,938

BOC

Hong

Kong

Holdings

Ltd

15,679,242‌

2,290,221

g

Budweiser

Brewing

Co

APAC

Ltd

6,616,927‌

2,551,697

g

ESR

Cayman

Ltd

3,988,671‌

1,058,298

Prosus

NV

79,196,193‌

1,713,000

SITC

International

Co

Ltd

3,168,506‌

2,409,161

Wilmar

International

Ltd

7,115,976‌

2,483,770

Xinyi

Glass

Holdings

Co

Ltd

4,544,156‌

TOTAL

CHINA

120,309,671‌

DENMARK

-

3

.1

%

4,025

AP

Moller

-

Maersk

AS

(Class

A)

7,193,450‌

6,609

AP

Moller

-

Maersk

AS

(Class

B)

11,946,108‌

128,105

Carlsberg

AS

(Class

B)

21,200,957‌

133,801

Chr

Hansen

Holding

A/S

10,413,657‌

155,928

Coloplast

AS

22,466,232‌

918,964

Danske

Bank

AS

19,422,106‌

123,776

*

Demant

A.S.

5,304,541‌

246,375

DSV

AS

46,368,338‌

87,023

*

Genmab

AS

35,763,364‌

2,183,177

Novo

Nordisk

AS

363,180,990‌

269,246

Novozymes

AS

14,017,668‌

247,884

g

Orsted

AS

22,247,608‌

119,048

Pandora

AS

11,019,299‌

13,996

Rockwool

International

AS

(B

Shares)

3,389,866‌

472,166

Tryg

A.S.

11,158,687‌

163

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

DENMARK—continued

1,337,036

Vestas

Wind

Systems

A.S.

$

36,996,571‌

TOTAL

DENMARK

642,089,442‌

FINLAND

-

1

.2

%

188,631

Elisa

Oyj

(Series

A)

11,714,229‌

606,219

Fortum

Oyj

9,054,475‌

354,123

Kesko

Oyj

(B

Shares)

7,382,701‌

445,045

Kone

Oyj

(Class

B)

25,390,148‌

901,523

Metso

Outotec

Oyj

9,953,466‌

555,110

Neste

Oil

Oyj

26,903,085‌

7,170,182

Nokia

Oyj

30,338,124‌

4,337,455

Nordea

Bank

Abp

48,185,942‌

139,589

Orion

Oyj

(Class

B)

6,556,927‌

632,018

Sampo

Oyj

(A

Shares)

32,052,764‌

742,395

Stora

Enso

Oyj

(R

Shares)

9,418,651‌

694,942

UPM-Kymmene

Oyj

22,161,976‌

651,359

Wartsila

Oyj

(B

Shares)

7,553,896‌

TOTAL

FINLAND

246,666,384‌

FRANCE

-

10

.8

%

229,135

Accor

S.A.

8,129,045‌

380,999

*

Adevinta

ASA

2,934,818‌

41,033

Aeroports

de

Paris

6,520,388‌

690,033

Air

Liquide

124,130,234‌

777,024

Airbus

SE

108,810,308‌

436,345

Alstom

RGPT

10,967,343‌

87,991

g

Amundi

S.A.

5,764,717‌

79,678

Arkema

7,883,581‌

2,485,594

AXA

S.A.

81,130,244‌

53,597

BioMerieux

5,611,893‌

1,479,612

BNP

Paribas

S.A.

95,602,784‌

1,122,591

Bollore

7,583,511‌

290,509

Bouygues

S.A.

10,638,218‌

388,412

Bureau

Veritas

S.A.

11,199,900‌

214,765

Cap

Gemini

S.A.

39,163,973‌

783,492

Carrefour

S.A.

16,297,110‌

891,926

Cie

Generale

des

Etablissements

Michelin

S.C.A

28,405,693‌

646,165

Compagnie

de

Saint-Gobain

37,409,531‌

1,649,827

Credit

Agricole

S.A.

20,166,707‌

834,127

Danone

55,205,572‌

33,843

Dassault

Aviation

S.A.

6,613,523‌

879,067

Dassault

Systemes

SE

35,686,279‌

341,947

Edenred

22,217,541‌

107,295

Eiffage

S.A.

12,770,661‌

2,396,049

Engie

S.A.

38,347,057‌

383,095

Essilor

International

S.A.

75,845,160‌

59,165

Eurazeo

4,224,609‌

62,574

Fonciere

Des

Regions

3,557,891‌

61,972

Gecina

S.A.

6,898,886‌

560,601

Getlink

S.E.

10,477,207‌

41,780

Hermes

International

90,707,532‌

47,992

Ipsen

5,819,758‌

99,063

Kering

63,436,647‌

297,572

Klepierre

7,537,534‌

136,464

g

La

Francaise

des

Jeux

SAEM

5,832,722‌

346,803

Legrand

S.A.

32,826,269‌

318,770

L'Oreal

S.A.

152,345,598‌

365,353

LVMH

Moet

Hennessy

Louis

Vuitton

S.A.

351,426,163‌

2,669,056

Orange

S.

A.

34,740,205‌

269,908

Pernod-Ricard

S.A.

62,335,004‌

298,569

Publicis

Groupe

S.A.

24,410,125‌

International

Equity

Index

Fund

April

30,

2023

164

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

VALUE

FRANCE—continued

29,035

Remy

Cointreau

S.A.

$

5,023,869‌

257,450

*

Renault

S.A.

9,562,454‌

450,495

Safran

S.A.

70,060,864‌

35,352

Sartorius

Stedim

Biotech

9,470,753‌

31,635

SEB

S.A.

3,627,331‌

1,076,242

Societe

Generale

26,140,048‌

118,073

Sodexho

Alliance

S.A.

12,653,650‌

78,509

Teleperformance

15,690,458‌

140,522

Thales

S.A.

21,444,131‌

3,286,654

Total

S.A.

210,016,898‌

161,431

*

Unibail-Rodamco-Westfield

8,656,900‌

290,898

Valeo

S.A.

5,680,266‌

872,363

Veolia

Environnement

27,623,338‌

704,587

Vinci

S.A.

87,151,221‌

942,030

Vivendi

Universal

S.A.

10,347,682‌

38,355

Wendel

4,302,634‌

314,205

*,g

Worldline

S.A.

13,668,769‌

TOTAL

FRANCE

2,272,733,207‌

GERMANY

-

8

.5

%

214,962

Adidas-Salomon

AG.

37,856,102‌

531,857

Allianz

AG.

133,552,993‌

1,400,409

e

Aroundtown

S.A.

1,907,907‌

1,203,766

BASF

SE

62,263,755‌

1,294,323

Bayer

AG.

85,420,507‌

458,122

Bayerische

Motoren

Werke

AG.

51,348,325‌

57,447

Bayerische

Motoren

Werke

AG.

(Preference)

6,106,314‌

113,396

Bechtle

AG.

5,273,955‌

138,891

Beiersdorf

AG.

19,393,261‌

206,122

Brenntag

AG.

16,799,898‌

53,460

Carl

Zeiss

Meditec

AG.

7,190,494‌

1,444,861

*

Commerzbank

AG.

16,056,896‌

142,103

Continental

AG.

9,970,964‌

250,326

g

Covestro

AG.

10,981,912‌

1,064,009

Daimler

AG.

(Registered)

82,977,813‌

596,553

*

Daimler

Truck

Holding

AG.

19,711,876‌

949,113

Deutsche

Annington

Immobilien

SE

20,584,860‌

2,711,523

Deutsche

Bank

AG.

(Registered)

29,806,905‌

255,154

Deutsche

Boerse

AG.

48,660,094‌

755,744

*

Deutsche

Lufthansa

AG.

8,124,190‌

1,296,545

Deutsche

Post

AG.

62,363,267‌

4,277,273

Deutsche

Telekom

AG.

103,132,647‌

149,868

*

Dr

ING

hc

F

Porsche

AG.

18,766,309‌

2,941,401

E.ON

AG.

38,908,103‌

268,309

Evonik

Industries

AG.

5,856,242‌

266,416

Fresenius

Medical

Care

AG.

12,927,559‌

557,697

Fresenius

SE

16,158,695‌

190,727

GEA

Group

AG.

8,970,436‌

77,987

Hannover

Rueckversicherung

AG.

16,662,625‌

186,387

HeidelbergCement

AG.

14,117,246‌

220,608

*

HelloFresh

SE

5,923,797‌

146,439

Henkel

KGaA

10,829,785‌

246,723

Henkel

KGaA

(Preference)

19,947,190‌

1,735,921

Infineon

Technologies

AG.

63,216,639‌

91,321

Knorr-Bremse

AG.

6,400,844‌

94,700

LEG

Immobilien

AG.

5,894,435‌

169,595

*

Merck

KGaA

30,420,051‌

70,158

MTU

Aero

Engines

Holding

AG.

18,421,349‌

184,695

*

Muenchener

Rueckver

AG.

69,413,448‌

80,344

Nemetschek

AG.

6,279,954‌

202,940

Porsche

AG.

11,303,199‌

165

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

GERMANY—continued

140,172

e

Puma

AG.

Rudolf

Dassler

Sport

$

8,213,808‌

6,499

Rational

AG.

4,707,027‌

57,845

Rheinmetall

AG.

16,942,382‌

839,976

*

RWE

AG.

39,383,315‌

1,377,818

SAP

AG.

186,441,001‌

31,297

Sartorius

AG.

12,164,808‌

103,883

g

Scout24

AG.

6,474,727‌

1,009,470

Siemens

AG.

166,393,268‌

696,764

Siemens

Energy

AG.

17,101,442‌

367,465

g

Siemens

Healthineers

AG.

22,902,491‌

173,955

Symrise

AG.

21,017,678‌

1,387,297

Telefonica

Deutschland

Holding

AG.

4,687,638‌

119,483

United

Internet

AG.

2,051,444‌

77,880

Volkswagen

AG.

13,075,484‌

201,228

Volkswagen

AG.

(Preference)

27,477,634‌

296,860

*,g

Zalando

SE

12,209,691‌

TOTAL

GERMANY

1,781,146,679‌

HONG

KONG

-

2

.5

%

15,704,147

AIA

Group

Ltd

170,972,170‌

2,640,289

CK

Asset

Holdings

Ltd

15,612,350‌

832,044

CK

Infrastructure

Holdings

Ltd

4,737,146‌

2,158,382

CLP

Holdings

Ltd

16,070,712‌

76,400

*,e

Futu

Holdings

Ltd

(ADR)

3,382,228‌

2,544,237

Hang

Lung

Properties

Ltd

4,650,678‌

992,610

Hang

Seng

Bank

Ltd

14,713,304‌

1,833,728

Henderson

Land

Development

Co

Ltd

6,529,401‌

4,857,835

HKT

Trust

and

HKT

Ltd

6,384,515‌

14,916,292

Hong

Kong

&

China

Gas

Ltd

13,244,633‌

1,829,427

Hong

Kong

Electric

Holdings

Ltd

10,453,891‌

1,588,664

Hong

Kong

Exchanges

and

Clearing

Ltd

65,956,404‌

1,452,770

Hongkong

Land

Holdings

Ltd

6,465,458‌

215,877

Jardine

Matheson

Holdings

Ltd

10,435,873‌

3,345,582

Link

REIT

21,883,071‌

2,089,188

MTR

Corp

10,438,671‌

1,942,588

New

World

Development

Co

Ltd

5,180,642‌

3,622,023

Prudential

plc

55,420,694‌

4,328,833

Sino

Land

Co

5,833,410‌

1,889,971

Sun

Hung

Kai

Properties

Ltd

26,314,597‌

658,112

Swire

Pacific

Ltd

(Class

A)

5,224,176‌

1,552,234

Swire

Properties

Ltd

4,171,990‌

1,803,660

Techtronic

Industries

Co

19,512,873‌

10,184,605

g

WH

Group

Ltd

5,670,161‌

2,215,426

Wharf

Real

Estate

Investment

Co

Ltd

12,775,729‌

TOTAL

HONG

KONG

522,034,777‌

IRELAND

-

0

.6

%

224,859

*

AerCap

Holdings

NV

12,673,053‌

1,364,143

AIB

Group

plc

5,866,601‌

1,415,294

Bank

of

Ireland

Group

plc

14,638,267‌

980,294

CRH

plc

47,303,092‌

220,190

Kerry

Group

plc

(Class

A)

23,191,423‌

210,372

Kingspan

Group

plc

14,578,725‌

331,258

Smurfit

Kappa

Group

plc

12,272,823‌

TOTAL

IRELAND

130,523,984‌

ISRAEL

-

0

.6

%

53,711

Azrieli

Group

3,132,219‌

1,689,228

Bank

Hapoalim

Ltd

14,552,006‌

1,995,769

Bank

Leumi

Le-Israel

15,819,825‌

2,991,870

Bezeq

Israeli

Telecommunication

Corp

Ltd

4,073,211‌

International

Equity

Index

Fund

April

30,

2023

166

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

VALUE

ISRAEL—continued

135,824

*

Check

Point

Software

Technologies

$

17,298,545‌

35,533

Elbit

Systems

Ltd

6,577,857‌

70,309

First

International

Bank

Of

Israel

Ltd

2,554,609‌

918,953

Israel

Chemicals

Ltd

5,707,455‌

1,657,009

Israel

Discount

Bank

Ltd

8,235,075‌

208,918

Mizrahi

Tefahot

Bank

Ltd

6,851,102‌

82,928

*

Nice

Systems

Ltd

16,998,551‌

1,476,710

*

Teva

Pharmaceutical

Industries

Ltd

(ADR)

12,891,678‌

140,817

*

Tower

Semiconductor

Ltd

(Tel

Aviv)

6,208,880‌

76,077

*

Wix.com

Ltd

6,636,197‌

TOTAL

ISRAEL

127,537,210‌

ITALY

-

2

.1

%

164,832

Amplifon

S.p.A.

6,050,966‌

1,439,308

Assicurazioni

Generali

S.p.A.

29,978,075‌

263,366

Coca-Cola

HBC

AG.

8,039,691‌

752,231

Davide

Campari-Milano

NV

9,694,353‌

32,403

DiaSorin

S.p.A.

3,519,378‌

10,627,522

Enel

S.p.A.

72,608,447‌

3,301,723

ENI

S.p.A.

49,880,508‌

163,560

Ferrari

NV

45,575,724‌

821,905

FinecoBank

Banca

Fineco

S.p.A

12,458,178‌

462,818

g

Infrastrutture

Wireless

Italiane

S.p.A

6,423,691‌

21,393,728

Intesa

Sanpaolo

S.p.A.

56,252,480‌

775,085

e

Mediobanca

S.p.A.

8,323,778‌

273,045

Moncler

S.p.A

20,254,797‌

758,957

*,g

Nexi

S.p.A

6,293,112‌

670,477

g

Poste

Italiane

S.p.A

6,977,616‌

328,925

Prysmian

S.p.A.

13,461,463‌

145,811

Recordati

S.p.A.

6,712,034‌

2,580,784

Snam

Rete

Gas

S.p.A.

14,343,162‌

13,127,754

e

Telecom

Italia

S.p.A.

3,861,039‌

1,973,987

Terna

Rete

Elettrica

Nazionale

S.p.A.

17,086,320‌

2,538,444

UniCredit

S.p.A.

50,300,481‌

TOTAL

ITALY

448,095,293‌

JAPAN

-

20

.8

%

237,577

Advantest

Corp

18,514,819‌

892,777

Aeon

Co

Ltd

18,196,580‌

200,942

Aisin

Seiki

Co

Ltd

5,897,940‌

613,322

Ajinomoto

Co,

Inc

22,057,727‌

242,159

*

All

Nippon

Airways

Co

Ltd

5,282,224‌

598,159

Asahi

Breweries

Ltd

23,109,319‌

253,608

Asahi

Glass

Co

Ltd

9,455,739‌

288,352

Asahi

Intecc

Co

Ltd

5,218,086‌

1,587,739

Asahi

Kasei

Corp

11,214,451‌

2,386,803

Astellas

Pharma,

Inc

35,956,134‌

145,158

Azbil

Corp

4,059,597‌

791,094

Bandai

Namco

Holdings

Inc

17,970,026‌

183,200

BayCurrent

Consulting,

Inc

6,368,029‌

745,887

Bridgestone

Corp

29,953,584‌

307,251

Brother

Industries

Ltd

4,825,450‌

1,314,298

e

Canon,

Inc

31,303,088‌

228,514

Capcom

Co

Ltd

8,587,008‌

195,728

Central

Japan

Railway

Co

24,230,865‌

714,812

Chiba

Bank

Ltd

4,667,741‌

835,117

Chubu

Electric

Power

Co,

Inc

9,313,522‌

878,327

Chugai

Pharmaceutical

Co

Ltd

22,665,788‌

1,522,011

Concordia

Financial

Group

Ltd

5,775,056‌

572,576

e

CyberAgent,

Inc

4,996,640‌

279,875

Dai

Nippon

Printing

Co

Ltd

8,045,315‌

167

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

JAPAN—continued

394,902

Daifuku

Co

Ltd

$

7,275,981‌

1,298,366

Dai-ichi

Mutual

Life

Insurance

Co

24,150,603‌

2,319,442

Daiichi

Sankyo

Co

Ltd

79,590,736‌

328,511

Daikin

Industries

Ltd

59,667,805‌

82,083

Daito

Trust

Construction

Co

Ltd

7,779,637‌

784,863

Daiwa

House

Industry

Co

Ltd

20,004,962‌

2,756

Daiwa

House

REIT

Investment

Corp

5,863,854‌

1,752,991

*

Daiwa

Securities

Group,

Inc

8,142,104‌

566,478

Denso

Corp

34,194,643‌

259,510

Dentsu,

Inc

9,351,396‌

112,227

Disco

Corp

12,777,625‌

504,984

Don

Quijote

Co

Ltd

9,436,602‌

407,765

East

Japan

Railway

Co

23,332,966‌

335,245

Eisai

Co

Ltd

19,344,743‌

4,085,859

ENEOS

Holdings,

Inc

14,535,542‌

1,267,490

Fanuc

Ltd

42,804,650‌

230,143

Fast

Retailing

Co

Ltd

54,498,239‌

174,443

*

Fuji

Electric

Holdings

Co

Ltd

7,041,476‌

804,864

Fuji

Heavy

Industries

Ltd

13,136,840‌

470,373

Fujifilm

Holdings

Corp

24,515,816‌

257,815

Fujitsu

Ltd

34,360,866‌

6,000

GLP

J-Reit

6,855,449‌

55,415

GMO

Payment

Gateway,

Inc

4,334,106‌

305,011

Hakuhodo

DY

Holdings,

Inc

3,594,046‌

184,787

Hamamatsu

Photonics

KK

9,796,270‌

298,703

Hankyu

Hanshin

Holdings,

Inc

9,325,892‌

26,609

Hikari

Tsushin,

Inc

3,630,666‌

38,570

Hirose

Electric

Co

Ltd

5,205,363‌

149,863

*

Hitachi

Construction

Machinery

Co

Ltd

3,692,906‌

1,275,300

*

Hitachi

Ltd

70,542,727‌

2,146,796

Honda

Motor

Co

Ltd

56,939,517‌

145,650

Hoshizaki

Electric

Co

Ltd

5,129,964‌

467,594

*

Hoya

Corp

49,029,559‌

535,985

Hulic

Co

Ltd

4,614,859‌

151,686

Ibiden

Co

Ltd

5,968,269‌

285,573

Idemitsu

Kosan

Co

Ltd

6,080,717‌

198,273

Iida

Group

Holdings

Co

Ltd

3,525,153‌

1,393,992

Inpex

Holdings,

Inc

15,254,518‌

740,524

Isuzu

Motors

Ltd

8,744,860‌

1,553,382

Itochu

Corp

51,533,230‌

144,271

Itochu

Techno-Science

Corp

3,735,980‌

192,176

Japan

Airlines

Co

Ltd

3,666,063‌

2,005,115

Japan

Post

Bank

Co

Ltd

16,011,979‌

3,232,718

Japan

Post

Holdings

Co

Ltd

26,611,491‌

262,163

Japan

Post

Insurance

Co

Ltd

4,257,285‌

1,548

Japan

Real

Estate

Investment

Corp

6,133,793‌

8,890

Japan

Retail

Fund

Investment

Corp

6,509,395‌

1,585,691

Japan

Tobacco,

Inc

34,119,107‌

638,649

JFE

Holdings,

Inc

7,555,407‌

241,180

JSR

Corp

5,596,204‌

576,248

Kajima

Corp

7,624,071‌

921,519

Kansai

Electric

Power

Co,

Inc

9,947,527‌

625,078

Kao

Corp

25,258,443‌

2,138,723

KDDI

Corp

66,766,935‌

128,936

Keio

Corp

4,788,674‌

178,368

Keisei

Electric

Railway

Co

Ltd

6,294,411‌

255,986

Keyence

Corp

115,438,442‌

195,065

Kikkoman

Corp

11,554,420‌

222,460

Kintetsu

Corp

7,509,640‌

1,062,927

Kirin

Brewery

Co

Ltd

17,267,584‌

69,879

Kobayashi

Pharmaceutical

Co

Ltd

4,360,591‌

International

Equity

Index

Fund

April

30,

2023

168

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

VALUE

JAPAN—continued

201,911

Kobe

Bussan

Co

Ltd

$

5,647,129‌

177,784

e

Koei

Tecmo

Holdings

Co

Ltd

3,269,407‌

282,018

*

Koito

Manufacturing

Co

Ltd

5,455,203‌

1,209,105

Komatsu

Ltd

30,070,280‌

118,377

Konami

Corp

5,824,618‌

42,885

Kose

Corp

5,004,473‌

1,341,154

Kubota

Corp

20,322,494‌

135,258

Kurita

Water

Industries

Ltd

5,668,507‌

423,036

Kyocera

Corp

22,204,113‌

349,012

Kyowa

Hakko

Kogyo

Co

Ltd

7,765,998‌

99,544

Lasertec

Corp

13,542,565‌

378,352

LIXIL

Group

Corp

5,955,649‌

569,192

M3,

Inc

13,971,371‌

301,369

Makita

Corp

8,501,828‌

2,056,073

Marubeni

Corp

29,182,233‌

146,300

Matsumotokiyoshi

Holdings

Co

Ltd

7,834,339‌

788,906

Mazda

Motor

Corp

7,139,192‌

114,715

e

McDonald's

Holdings

Co

Japan

Ltd

4,779,054‌

293,652

MEIJI

Holdings

Co

Ltd

7,085,738‌

459,291

Minebea

Co

Ltd

8,505,438‌

386,143

MISUMI

Group,

Inc

9,741,304‌

1,671,841

Mitsubishi

Chemical

Holdings

Corp

9,808,089‌

1,653,462

Mitsubishi

Corp

61,303,517‌

2,553,134

Mitsubishi

Electric

Corp

31,656,005‌

1,492,706

Mitsubishi

Estate

Co

Ltd

18,396,558‌

426,289

Mitsubishi

Heavy

Industries

Ltd

16,164,978‌

15,736,888

Mitsubishi

UFJ

Financial

Group,

Inc

98,505,568‌

788,133

Mitsubishi

UFJ

Lease

&

Finance

Co

Ltd

4,090,989‌

1,897,554

Mitsui

&

Co

Ltd

59,239,184‌

241,460

Mitsui

Chemicals,

Inc

6,109,180‌

1,172,691

Mitsui

Fudosan

Co

Ltd

23,291,997‌

450,400

e

Mitsui

OSK

Lines

Ltd

11,165,690‌

3,157,888

Mizuho

Financial

Group,

Inc

45,776,203‌

318,796

MonotaRO

Co

Ltd

4,823,031‌

548,523

MS&AD

Insurance

Group

Holdings

Inc

18,003,787‌

752,032

Murata

Manufacturing

Co

Ltd

42,667,418‌

316,339

NEC

Corp

12,164,912‌

633,283

Nexon

Co

Ltd

14,306,085‌

328,489

NGK

Insulators

Ltd

4,123,137‌

587,535

Nidec

Corp

29,072,442‌

418,288

Nihon

M&A

Center,

Inc

3,197,328‌

1,452,230

Nintendo

Co

Ltd

61,396,464‌

2,020

Nippon

Building

Fund,

Inc

8,470,297‌

101,787

Nippon

Express

Holdings,

Inc

5,973,058‌

1,107,985

Nippon

Paint

Co

Ltd

9,996,505‌

2,612

Nippon

ProLogis

REIT,

Inc

5,950,323‌

68,073

Nippon

Shinyaku

Co

Ltd

3,112,889‌

1,051,038

Nippon

Steel

Corp

22,447,448‌

1,597,736

Nippon

Telegraph

&

Telephone

Corp

48,753,280‌

637,716

e

Nippon

Yusen

Kabushiki

Kaisha

15,074,898‌

171,225

Nissan

Chemical

Industries

Ltd

7,609,589‌

3,164,764

Nissan

Motor

Co

Ltd

11,540,105‌

263,720

Nisshin

Seifun

Group,

Inc

3,196,668‌

79,465

Nissin

Food

Products

Co

Ltd

7,661,379‌

103,876

Nitori

Co

Ltd

13,227,135‌

187,141

Nitto

Denko

Corp

12,098,332‌

3,708,550

*

Nomura

Holdings,

Inc

13,294,782‌

157,462

Nomura

Real

Estate

Holdings,

Inc

3,923,798‌

5,636

Nomura

Real

Estate

Master

Fund,

Inc

6,594,716‌

532,537

Nomura

Research

Institute

Ltd

13,398,390‌

824,177

NTT

Data

Corp

11,194,914‌

169

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

JAPAN—continued

930,176

Obayashi

Corp

$

7,754,663‌

96,750

Obic

Co

Ltd

14,906,770‌

423,660

Odakyu

Electric

Railway

Co

Ltd

5,917,817‌

1,185,727

OJI

Paper

Co

Ltd

4,659,549‌

1,637,240

Olympus

Corp

28,662,203‌

247,217

Omron

Corp

14,501,530‌

471,070

Ono

Pharmaceutical

Co

Ltd

9,485,038‌

101,200

Open

House

Co

Ltd

4,045,240‌

55,131

*

Oracle

Corp

Japan

3,956,685‌

1,336,765

Oriental

Land

Co

Ltd

47,307,014‌

1,548,191

ORIX

Corp

26,338,633‌

500,006

Osaka

Gas

Co

Ltd

8,270,697‌

644,453

Osaka

Securities

Exchange

Co

Ltd

10,464,487‌

158,401

Otsuka

Corp

5,765,643‌

537,961

Otsuka

Holdings

KK

18,301,840‌

2,939,134

Panasonic

Corp

27,683,050‌

226,656

Persol

Holdings

Co

Ltd

4,673,514‌

1,213,399

*

Rakuten,

Inc

6,052,374‌

1,907,048

Recruit

Holdings

Co

Ltd

53,499,533‌

1,550,572

*

Renesas

Electronics

Corp

20,207,751‌

2,858,634

Resona

Holdings,

Inc

14,247,318‌

724,888

Ricoh

Co

Ltd

6,001,874‌

115,644

Rohm

Co

Ltd

8,706,622‌

319,944

SBI

Holdings,

Inc

6,248,749‌

283,853

Secom

Co

Ltd

18,176,241‌

365,034

Seiko

Epson

Corp

5,582,734‌

486,918

Sekisui

Chemical

Co

Ltd

6,930,035‌

805,111

Sekisui

House

Ltd

16,551,988‌

982,048

Seven

&

I

Holdings

Co

Ltd

44,503,902‌

365,924

SG

Holdings

Co

Ltd

5,265,578‌

308,532

e

Sharp

Corp

2,198,908‌

329,146

Shimadzu

Corp

10,294,620‌

97,178

Shimano,

Inc

15,028,811‌

782,971

Shimizu

Corp

4,781,609‌

2,444,530

Shin-Etsu

Chemical

Co

Ltd

69,756,659‌

343,833

Shionogi

&

Co

Ltd

15,391,524‌

522,538

Shiseido

Co

Ltd

26,192,627‌

580,419

Shizuoka

Financial

Group,

Inc

4,374,994‌

74,751

SMC

Corp

37,281,674‌

3,812,177

Softbank

Corp

42,920,575‌

1,587,525

Softbank

Group

Corp

59,536,019‌

417,059

Sompo

Holdings,

Inc

17,403,702‌

1,661,232

Sony

Corp

150,297,806‌

111,611

Square

Enix

Co

Ltd

5,492,278‌

483,472

Sumco

Corp

6,658,208‌

200,264

Sumisho

Computer

Systems

Corp

3,023,548‌

1,942,619

Sumitomo

Chemical

Co

Ltd

6,564,536‌

1,469,355

Sumitomo

Corp

26,335,036‌

915,294

Sumitomo

Electric

Industries

Ltd

11,681,217‌

331,442

Sumitomo

Metal

Mining

Co

Ltd

12,233,092‌

1,711,245

Sumitomo

Mitsui

Financial

Group,

Inc

69,944,781‌

435,802

Sumitomo

Mitsui

Trust

Holdings,

Inc

15,709,658‌

407,222

Sumitomo

Realty

&

Development

Co

Ltd

9,508,321‌

180,291

Suntory

Beverage

&

Food

Ltd

6,787,122‌

486,393

Suzuki

Motor

Corp

16,959,768‌

220,903

Sysmex

Corp

14,209,184‌

715,630

T&D

Holdings,

Inc

8,763,855‌

238,885

Taisei

Corp

8,124,694‌

229,172

Taiyo

Nippon

Sanso

Corp

4,134,876‌

2,012,209

Takeda

Pharmaceutical

Co

Ltd

66,723,110‌

512,295

TDK

Corp

17,612,138‌

International

Equity

Index

Fund

April

30,

2023

170

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

VALUE

JAPAN—continued

879,862

Terumo

Corp

$

26,348,154‌

302,129

TIS,

Inc

8,296,376‌

260,823

Tobu

Railway

Co

Ltd

6,657,714‌

154,897

Toho

Co

Ltd

6,153,520‌

2,424,838

Tokio

Marine

Holdings,

Inc

48,756,261‌

2,114,746

*

Tokyo

Electric

Power

Co,

Inc

7,582,238‌

591,859

Tokyo

Electron

Ltd

67,771,102‌

511,829

Tokyo

Gas

Co

Ltd

10,483,806‌

711,558

Tokyu

Corp

10,044,372‌

351,028

Toppan

Printing

Co

Ltd

7,462,417‌

1,816,040

Toray

Industries,

Inc

10,292,042‌

510,211

Toshiba

Corp

16,438,883‌

368,939

Tosoh

Corp

4,929,131‌

196,497

Toto

Ltd

6,720,535‌

193,467

Toyota

Industries

Corp

11,243,893‌

13,943,150

*

Toyota

Motor

Corp

191,439,781‌

281,241

Toyota

Tsusho

Corp

11,690,424‌

169,566

*

Trend

Micro,

Inc

8,285,583‌

529,016

Uni-Charm

Corp

21,356,328‌

282,461

USS

Co

Ltd

4,746,469‌

133,815

Welcia

Holdings

Co

Ltd

2,801,691‌

290,206

West

Japan

Railway

Co

12,578,037‌

169,785

Yakult

Honsha

Co

Ltd

12,770,200‌

179,316

Yamaha

Corp

7,066,773‌

380,987

Yamaha

Motor

Co

Ltd

9,879,464‌

371,406

Yamato

Transport

Co

Ltd

6,379,858‌

311,769

Yaskawa

Electric

Corp

12,696,989‌

284,036

Yokogawa

Electric

Corp

4,612,968‌

3,567,236

Z

Holdings

Corp

9,771,520‌

161,304

ZOZO

Inc

3,394,537‌

TOTAL

JAPAN

4,379,774,416‌

JORDAN

-

0

.0

%

208,856

Hikma

Pharmaceuticals

plc

4,837,265‌

TOTAL

JORDAN

4,837,265‌

KOREA,

REPUBLIC

OF

-

0

.0

%

230,147

*,g

Delivery

Hero

AG.

9,199,249‌

TOTAL

KOREA,

REPUBLIC

OF

9,199,249‌

LUXEMBOURG

-

0

.2

%

719,161

ArcelorMittal

20,431,103‌

178,757

Eurofins

Scientific

SE

12,486,144‌

TOTAL

LUXEMBOURG

32,917,247‌

MACAU

-

0

.2

%

2,967,914

*

Galaxy

Entertainment

Group

Ltd

21,123,507‌

3,214,022

*

Sands

China

Ltd

11,510,756‌

TOTAL

MACAU

32,634,263‌

NETHERLANDS

-

5

.2

%

556,647

e,g

ABN

AMRO

Group

NV

8,921,524‌

28,788

*,g

Adyen

NV

46,258,058‌

2,353,572

Aegon

NV

10,738,702‌

236,617

Akzo

Nobel

NV

19,629,333‌

71,989

*

Argenx

SE

27,660,527‌

1,564

*

Argenx

SE

603,310‌

61,880

ASM

International

NV

22,465,499‌

533,722

ASML

Holding

NV

338,706,589‌

106,294

g

Euronext

NV

8,453,482‌

7,306

*

EXOR

NV

601,277‌

171

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

NETHERLANDS—continued

137,418

EXOR

NV

$

11,309,379‌

146,774

Heineken

Holding

NV

14,087,540‌

336,381

Heineken

NV

38,625,009‌

73,114

IMCD

Group

NV

11,006,529‌

4,937,667

ING

Groep

NV

61,238,365‌

139,245

JDE

Peet's

BV

4,234,782‌

1,369,156

Koninklijke

Ahold

Delhaize

NV

47,077,946‌

4,267,761

Koninklijke

KPN

NV

15,564,033‌

1,161,727

Koninklijke

Philips

Electronics

NV

24,526,390‌

366,922

NN

Group

NV

13,682,654‌

135,240

OCI

NV

3,563,619‌

155,639

Randstad

Holdings

NV

8,456,764‌

9,308,922

Shell

plc

286,045,997‌

958,975

Universal

Music

Group

NV

20,951,129‌

337,368

Wolters

Kluwer

NV

44,699,132‌

TOTAL

NETHERLANDS

1,089,107,569‌

NEW

ZEALAND

-

0

.2

%

1,647,243

*

Auckland

International

Airport

Ltd

9,019,239‌

768,351

Fisher

&

Paykel

Healthcare

Corp

13,179,449‌

844,815

Mercury

NZ

Ltd

3,318,367‌

1,788,374

Meridian

Energy

Ltd

6,056,665‌

2,386,400

Telecom

Corp

of

New

Zealand

Ltd

7,732,296‌

177,359

*

Xero

Ltd

11,071,765‌

TOTAL

NEW

ZEALAND

50,377,781‌

NORWAY

-

0

.6

%

407,272

Aker

BP

ASA

9,736,168‌

1,189,312

e

DNB

Bank

ASA

20,920,090‌

1,292,586

e

Equinor

ASA

37,214,859‌

302,831

Gjensidige

Forsikring

BA

5,275,236‌

116,919

Kongsberg

Gruppen

ASA

5,251,507‌

535,907

Mowi

ASA

10,224,722‌

1,727,374

Norsk

Hydro

ASA

12,711,850‌

1,009,661

e

Orkla

ASA

7,257,222‌

91,636

Salmar

ASA

4,071,249‌

923,726

Telenor

ASA

11,526,384‌

TOTAL

NORWAY

124,189,287‌

PORTUGAL

-

0

.2

%

3,776,900

e

Energias

de

Portugal

S.A.

20,810,712‌

661,215

e

Galp

Energia

SGPS

S.A.

7,989,918‌

367,840

Jeronimo

Martins

SGPS

S.A.

9,282,520‌

TOTAL

PORTUGAL

38,083,150‌

SINGAPORE

-

1

.6

%

4,567,506

Ascendas

REIT

9,828,923‌

193,206

Ascott

Trust

156,864‌

3,388,801

Capitaland

Investment

Ltd

9,486,012‌

6,794,600

CapitaMall

Trust

10,374,934‌

587,943

City

Developments

Ltd

3,075,700‌

2,368,370

DBS

Group

Holdings

Ltd

58,522,312‌

7,733,339

Genting

Singapore

Ltd

6,578,945‌

1,746,246

*

Grab

Holdings

Ltd

5,081,576‌

126,400

Jardine

Cycle

&

Carriage

Ltd

3,219,249‌

1,870,581

Keppel

Corp

Ltd

8,685,828‌

3,285,501

Mapletree

Commercial

Trust

4,352,135‌

4,276,290

Mapletree

Logistics

Trust

5,596,247‌

4,458,331

Oversea-Chinese

Banking

Corp

42,179,750‌

479,600

*

Sea

Ltd

(ADR)

36,531,132‌

61,394,401

*

SembCorp

Marine

Ltd

5,725,804‌

International

Equity

Index

Fund

April

30,

2023

172

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

VALUE

SINGAPORE—continued

1,739,422

e

Singapore

Airlines

Ltd

$

7,650,477‌

1,218,447

Singapore

Exchange

Ltd

8,768,705‌

2,233,077

Singapore

Technologies

Engineering

Ltd

6,079,157‌

10,878,902

Singapore

Telecommunications

Ltd

20,847,795‌

894,452

STMicroelectronics

NV

38,262,048‌

1,533,938

United

Overseas

Bank

Ltd

32,577,702‌

561,591

UOL

Group

Ltd

2,929,750‌

345,978

Venture

Corp

Ltd

4,420,131‌

TOTAL

SINGAPORE

330,931,176‌

SOUTH

AFRICA

-

0

.3

%

1,693,092

Anglo

American

plc

52,171,217‌

TOTAL

SOUTH

AFRICA

52,171,217‌

SPAIN

-

2

.6

%

31,785

Acciona

S.A.

5,889,406‌

279,444

ACS

Actividades

de

Construccion

y

Servicios

S.A.

9,607,952‌

99,073

*,e,g

Aena

S.A.

16,685,567‌

588,348

*

Amadeus

IT

Holding

S.A.

41,352,040‌

7,952,524

e

Banco

Bilbao

Vizcaya

Argentaria

S.A.

58,220,298‌

22,290,746

e

Banco

Santander

S.A.

78,309,103‌

5,819,806

CaixaBank

S.A.

21,542,631‌

740,077

g

Cellnex

Telecom

SAU

31,160,199‌

102,947

e

Corp

ACCIONA

Energias

Renovables

S.A.

3,696,530‌

367,490

*

EDP

Renovaveis

S.A.

8,168,452‌

350,908

e

Enagas

7,025,419‌

437,296

Endesa

S.A.

9,809,737‌

625,401

Ferrovial

S.A.

19,608,452‌

395,472

*,e

Grifols

S.A.

4,070,834‌

8,096,284

Iberdrola

S.A.

104,912,451‌

1,470,624

e

Industria

De

Diseno

Textil

S.A.

50,555,292‌

186,032

e

Naturgy

Energy

Group

S.A.

5,792,346‌

528,697

Red

Electrica

Corp

S.A.

9,612,419‌

1,806,696

Repsol

YPF

S.A.

26,539,823‌

6,745,876

Telefonica

S.A.

30,641,044‌

TOTAL

SPAIN

543,199,995‌

SWEDEN

-

3

.1

%

378,335

e

Alfa

Laval

AB

13,880,099‌

1,316,873

e

Assa

Abloy

AB

31,375,816‌

3,515,246

Atlas

Copco

AB

50,844,947‌

2,027,269

e

Atlas

Copco

AB

26,003,377‌

365,003

e

Boliden

AB

13,044,067‌

283,004

e

Electrolux

AB

4,269,141‌

900,167

*,e

Embracer

Group

AB

4,699,461‌

515,225

Epiroc

AB

8,871,213‌

866,503

Epiroc

AB

17,358,715‌

482,111

EQT

AB

10,383,780‌

3,869,812

Ericsson

(LM)

(B

Shares)

21,305,994‌

790,672

e

Essity

AB

23,961,526‌

243,153

g

Evolution

Gaming

Group

AB

32,487,291‌

919,768

*

Fastighets

AB

Balder

4,282,270‌

310,363

Getinge

AB

(B

Shares)

7,877,282‌

964,447

e

Hennes

&

Mauritz

AB

(B

Shares)

14,139,545‌

2,587,474

e

Hexagon

AB

29,625,816‌

120,088

e

Holmen

AB

4,542,904‌

537,425

e

Husqvarna

AB

(B

Shares)

4,638,638‌

194,442

e

Industrivarden

AB

5,552,589‌

157,747

Industrivarden

AB

4,513,638‌

369,394

Indutrade

AB

8,869,852‌

183,086

Investment

AB

Latour

3,964,121‌

173

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

SWEDEN—continued

2,384,714

e

Investor

AB

$

51,231,126‌

635,843

Investor

AB

13,942,659‌

338,807

*

Kinnevik

AB

5,565,907‌

318,899

Lifco

AB

7,272,330‌

94,447

Lundbergs

AB

(B

Shares)

4,531,672‌

2,028,109

Nibe

Industrier

AB

22,708,479‌

271,330

Sagax

AB

6,655,389‌

1,409,384

e

Sandvik

AB

28,708,887‌

625,883

e

Securitas

AB

(B

Shares)

5,609,970‌

2,112,052

e

Skandinaviska

Enskilda

Banken

AB

(Class

A)

24,015,671‌

448,466

e

Skanska

AB

(B

Shares)

7,335,316‌

515,118

e

SKF

AB

(B

Shares)

9,329,644‌

777,981

Svenska

Cellulosa

AB

(B

Shares)

10,673,676‌

1,958,670

Svenska

Handelsbanken

AB

17,314,222‌

1,204,788

Swedbank

AB

(A

Shares)

20,934,914‌

217,999

*

Swedish

Orphan

Biovitrum

AB

5,305,111‌

759,412

Tele2

AB

(B

Shares)

8,069,633‌

3,462,244

e

TeliaSonera

AB

9,639,476‌

264,069

Volvo

AB

(A

Shares)

5,591,966‌

1,996,006

e

Volvo

AB

(B

Shares)

41,039,282‌

857,823

*,e

Volvo

Car

AB

3,540,865‌

TOTAL

SWEDEN

655,508,277‌

SWITZERLAND

-

6

.2

%

2,090,145

ABB

Ltd

75,399,084‌

207,057

Adecco

S.A.

7,122,047‌

656,452

Alcon,

Inc

47,800,415‌

47,084

e

Bachem

Holding

AG.

5,143,455‌

60,244

Baloise

Holding

AG.

10,084,434‌

46,123

e

Banque

Cantonale

Vaudoise

4,853,266‌

4,668

Barry

Callebaut

AG.

9,966,597‌

27,443

BKW

S.A.

4,699,523‌

691,484

Cie

Financiere

Richemont

S.A.

114,302,851‌

287,875

Clariant

AG.

4,801,814‌

4,050,469

e

Credit

Suisse

Group

3,644,797‌

227,918

*

Danube

AG.

29,825,736‌

8,809

EMS-Chemie

Holding

AG.

7,234,844‌

47,047

Geberit

AG.

26,796,178‌

12,059

Givaudan

S.A.

42,181,987‌

275,831

Julius

Baer

Group

Ltd

19,764,996‌

71,100

e

Kuehne

&

Nagel

International

AG.

21,063,795‌

1,393

Lindt

&

Spruengli

AG.

17,199,541‌

140

Lindt

&

Spruengli

AG.

(Registered)

17,256,659‌

230,871

Logitech

International

S.A.

13,662,294‌

98,295

Lonza

Group

AG.

61,300,701‌

2,849,023

Novartis

AG.

291,437,589‌

30,545

Partners

Group

29,651,033‌

53,277

Schindler

Holding

AG.

11,905,899‌

29,987

Schindler

Holding

AG.

(Registered)

6,405,906‌

207,700

SGS

S.A.

18,795,879‌

396,122

SIG

Combibloc

Group

AG.

10,602,458‌

194,412

Sika

AG.

53,701,048‌

68,772

Sonova

Holdings

AG

21,809,398‌

145,738

Straumann

Holding

AG.

21,926,364‌

41,117

Swatch

Group

AG.

14,105,696‌

52,219

Swatch

Group

AG.

(Registered)

3,294,385‌

40,674

*

Swiss

Life

Holding

26,847,143‌

100,332

Swiss

Prime

Site

AG.

9,082,014‌

35,519

Swisscom

AG.

24,385,584‌

86,939

Temenos

Group

AG.

7,323,187‌

4,449,783

UBS

Group

AG

90,564,502‌

International

Equity

Index

Fund

April

30,

2023

174

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

VALUE

SWITZERLAND—continued

35,836

e,g

VAT

Group

AG.

$

12,642,562‌

198,507

Zurich

Insurance

Group

AG

96,266,405‌

TOTAL

SWITZERLAND

1,294,852,066‌

UNITED

ARAB

EMIRATES

-

0

.0

%

121,704

*,†

NMC

Health

plc

0‌

TOTAL

UNITED

ARAB

EMIRATES

0‌

UNITED

KINGDOM

-

11

.5

%

1,272,656

3i

Group

plc

28,315,371‌

250,748

Admiral

Group

plc

7,287,770‌

579,548

Ashtead

Group

plc

33,414,489‌

462,658

Associated

British

Foods

plc

11,399,234‌

2,050,356

AstraZeneca

plc

301,736,404‌

1,213,999

g

Auto

Trader

Group

plc

9,708,315‌

3,622,249

*

Aviva

plc

19,286,088‌

4,096,375

BAE

Systems

plc

52,187,739‌

20,934,707

Barclays

plc

42,171,107‌

1,328,814

Barratt

Developments

plc

8,360,116‌

142,572

Berkeley

Group

Holdings

plc

7,978,641‌

23,907,051

BP

plc

160,392,272‌

2,836,271

British

American

Tobacco

plc

104,788,287‌

1,120,937

British

Land

Co

plc

5,647,550‌

9,142,883

BT

Group

plc

18,261,004‌

472,260

Bunzl

plc

18,799,292‌

496,508

Burberry

Group

plc

16,207,006‌

3,513,239

CK

Hutchison

Holdings

Ltd

23,487,504‌

1,358,102

CNH

Industrial

NV

19,110,989‌

272,010

*

Coca-Cola

European

Partners

plc

(Class

A)

17,536,485‌

2,359,027

Compass

Group

plc

62,233,400‌

183,164

Croda

International

plc

16,092,683‌

128,794

DCC

plc

8,013,168‌

3,023,460

Diageo

plc

137,918,417‌

767,138

Entain

PLC

13,978,223‌

494,583

Halma

plc

14,384,149‌

495,587

Hargreaves

Lansdown

plc

5,017,447‌

26,296,842

HSBC

Holdings

plc

189,530,444‌

1,219,667

Imperial

Tobacco

Group

plc

30,191,738‌

1,827,362

Informa

plc

16,612,686‌

231,887

InterContinental

Hotels

Group

plc

15,943,784‌

205,820

Intertek

Group

plc

10,767,312‌

2,238,462

J

Sainsbury

plc

7,778,667‌

3,373,909

JD

Sports

Fashion

plc

6,847,572‌

244,722

Johnson

Matthey

plc

6,045,534‌

257,495

*,e,g

Just

Eat

Takeaway.com

NV

4,515,435‌

2,453,863

Kingfisher

plc

7,953,206‌

950,082

Land

Securities

Group

plc

8,062,234‌

7,910,131

Legal

&

General

Group

plc

23,339,013‌

88,845,859

Lloyds

TSB

Group

plc

53,975,694‌

493,558

London

Stock

Exchange

Group

plc

51,820,268‌

2,863,119

M&G

plc

7,399,834‌

4,827,950

National

Grid

plc

69,222,785‌

6,939,594

NatWest

Group

plc

22,859,697‌

166,858

Next

plc

14,157,362‌

790,164

*

Ocado

Ltd

5,028,882‌

834,598

Pearson

plc

9,285,555‌

433,413

Persimmon

plc

7,172,855‌

935,849

Phoenix

Group

Holdings

plc

6,972,592‌

950,579

Reckitt

Benckiser

Group

plc

76,816,072‌

2,559,603

RELX

plc

85,282,620‌

3,268,220

Rentokil

Initial

plc

26,019,135‌

175

See

Notes

to

Financial

Statements

SHARES

COMPANY

VALUE

UNITED

KINGDOM—continued

11,070,125

*

Rolls-Royce

Group

plc

$

21,206,701‌

1,355,792

Sage

Group

plc

13,982,191‌

1,143,497

Schroders

plc

7,003,812‌

1,418,088

Scottish

&

Southern

Energy

plc

32,719,768‌

1,558,715

Segro

plc

16,410,034‌

344,577

Severn

Trent

plc

12,692,006‌

1,170,590

Smith

&

Nephew

plc

19,279,339‌

465,968

Smiths

Group

plc

9,852,729‌

94,845

Spirax-Sarco

Engineering

plc

13,253,643‌

716,458

St.

James's

Place

plc

10,895,968‌

3,279,751

Standard

Chartered

plc

25,985,900‌

2,609,496

Standard

Life

Aberdeen

plc

6,992,741‌

4,808,424

Taylor

Wimpey

plc

7,760,152‌

9,617,411

Tesco

plc

34,001,898‌

3,358,835

Unilever

plc

187,027,088‌

891,357

United

Utilities

Group

plc

12,108,610‌

34,121,159

Vodafone

Group

plc

40,983,787‌

252,947

Whitbread

plc

10,353,637‌

1,389,370

WPP

plc

16,192,298‌

TOTAL

UNITED

KINGDOM

2,426,016,428‌

UNITED

STATES

-

7

.3

%

640,879

CSL

Ltd

127,942,929‌

52,941

*

CyberArk

Software

Ltd

6,596,449‌

1,201,736

Experian

Group

Ltd

42,547,315‌

5,403,858

GSK

plc

97,448,673‌

6,758,902

Haleon

plc

29,716,853‌

732,416

Holcim

Ltd

48,392,719‌

577,866

James

Hardie

Industries

NV

12,895,137‌

3,623,668

Nestle

S.A.

464,878,776‌

318,644

*

QIAGEN

NV

14,249,997‌

34,940

e

Roche

Holding

AG.

11,823,747‌

926,124

Roche

Holding

AG.

290,006,603‌

1,511,259

Sanofi-Aventis

162,865,795‌

719,922

Schneider

Electric

S.A.

125,548,500‌

2,997,962

e

Stellantis

NV

49,725,911‌

396,470

Swiss

Re

Ltd

39,926,080‌

613,017

Tenaris

S.A.

8,769,373‌

TOTAL

UNITED

STATES

1,533,334,857‌

TOTAL

COMMON

STOCKS

20,733,299,053‌

(Cost

$17,326,821,225)

PRINCIPAL

ISSUER

REFERENCERATE

&

SPREAD

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

2.1%

GOVERNMENT

AGENCY

DEBT

-

0

.6

%

$

53,240,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

05/03/23

53,226,558‌

7,500,000

FHLB

0

.000

05/10/23

7,491,291‌

8,000,000

FHLB

0

.000

05/17/23

7,983,856‌

10,000,000

FHLB

0

.000

05/24/23

9,971,004‌

6,350,000

FHLB

0

.000

06/02/23

6,323,270‌

20,000,000

FHLB

0

.000

06/09/23

19,897,443‌

25,000,000

FHLB

0

.000

06/12/23

24,861,969‌

TOTAL

GOVERNMENT

AGENCY

DEBT

129,755,391‌

REPURCHASE

AGREEMENT

-

0

.1

%

29,985,000

r

Fixed

Income

Clearing

Corp

(FICC)

4

.800

05/01/23

29,985,000‌

TOTAL

REPURCHASE

AGREEMENT

29,985,000‌

International

Equity

Index

Fund

April

30,

2023

176

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(Unaudited)

(continued)

SHARES

COMPANY

RATE

VALUE

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

1

.4

%

$

287,756,038

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.840

%

$

287,756,038‌

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

287,756,038‌

TOTAL

SHORT-TERM

INVESTMENTS

447,496,429‌

(Cost

$447,484,238)

TOTAL

INVESTMENTS

-

100.8%

21,180,795,482‌

(Cost

$17,774,305,463)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.8)%

(

165,309,576‌

)

NET

ASSETS

-

100.0%

$

21,015,485,906‌

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

†

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$479,606,819.

g

Security

is

exempt

from

registration

under

Rule

144(A)

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.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.800%

dated

4/28/23

to

be

repurchased

at

$29,985,000

on

5/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.125%–3.875%

and

maturity

dates

3/31/25–4/15/25,

valued

at

$30,584,731.

Futures

contracts

outstanding

as

of

April

30,

2023

were

as

follows:

Description

Number

of

long

(short)

contracts

Expiration

date

Notional

amount

Value

Unrealized

appreciation

(depreciation)

MSCI

EAFE

Index

1,199‌

06/16/23

 $

127,813,634‌

$

128,868,520‌

$

1,054,886‌

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

178

April

30,

2023

(Unaudited)

4.1

Equity

Index

Fund

4.2

Large-Cap

Growth

Index

Fund

4.3

Large-Cap

Value

Index

Fund

ASSETS

Portfolio

investments,

at

value

*†

$

35,817,158,629‌

$

9,846,140,163‌

$

8,202,142,563‌

Cash

237,033‌

–‌

2,371‌

Cash

-

foreign

^

–‌

–‌

–‌

Cash

collateral

at

brokers

for

investments

in

futures

contracts

–‌

–‌

–‌

Due

from

affiliates

765,074‌

1,679‌

1,475‌

Receivables:

Dividends

and

interest

27,549,063‌

4,288,270‌

9,283,285‌

Fund

shares

sold

31,168,812‌

7,324,958‌

7,985,793‌

Investments

sold

881,657‌

4,055,655‌

20,341,405‌

Variation

margin

on

open

futures

contracts

1,304,435‌

–‌

–‌

Other

780,666‌

245,824‌

241,924‌

Total

assets

35,879,845,369‌

9,862,056,549‌

8,239,998,816‌

LIABILITIES

Management

fees

payable

1,159,093‌

320,302‌

262,200‌

Service

agreement

fees

payable

140,680‌

181,944‌

267,879‌

Distribution

fees

payable

269,699‌

–‌

–‌

Due

to

affiliates

71,544‌

24,436‌

22,815‌

Overdraft

payable

–‌

1,606,719‌

–‌

Payables:

Collateral

for

securities

loaned

129,018,000‌

5,565,817‌

14,655,393‌

Fund

shares

redeemed

2,444,448‌

13,502,541‌

5,772,255‌

Investments

purchased

-

regular

settlement

16,891‌

–‌

30,936,037‌

Trustee

compensation

754,349‌

230,452‌

237,493‌

Variation

margin

on

futures

contracts

–‌

–‌

–‌

Accrued

expenses

and

other

payables

262,514‌

83,667‌

56,697‌

Total

liabilities

134,137,218‌

21,515,878‌

52,210,769‌

Net

assets

$

35,745,708,151‌

$

9,840,540,671‌

$

8,187,788,047‌

NET

ASSETS

CONSIST

OF:

Paid-in-capital

$

19,850,512,234‌

$

4,600,839,263‌

$

6,087,697,872‌

Total

distributable

earnings

(loss)

15,895,195,917‌

5,239,701,408‌

2,100,090,175‌

Net

assets

$

35,745,708,151‌

$

9,840,540,671‌

$

8,187,788,047‌

*

Includes

securities

loaned

of

$

177,046,958‌

$

10,970,802‌

$

24,841,116‌

†

Portfolio

investments,

cost

$

20,489,344,143‌

$

4,500,392,696‌

$

6,042,728,845‌

^

Foreign

cash,

cost

$

–‌

$

–‌

$

–‌

See

Notes

to

Financial

Statements

179

4.4

S&P

500

Index

Fund

4.5

Small-Cap

Blend

Index

Fund

4.6

Emerging

Markets

Equity

Index

Fund

4.7

International

Equity

Index

Fund

$

7,499,890,759‌

$

3,230,954,435‌

$

5,260,919,790‌

$

21,180,795,482‌

377,418‌

4,130‌

1,006,898‌

425,598‌

–‌

–‌

3,670,004‌

28,622,746‌

–‌

1,202,907‌

553,997‌

4,684,805‌

1,004‌

–‌

448,506‌

339,103‌

6,168,023‌

1,307,550‌

10,328,473‌

137,232,166‌

15,145,811‌

534,891‌

912,316‌

8,887,615‌

–‌

1,412,606‌

34,920,793‌

26,073,044‌

313,945‌

174,939‌

77,980‌

–‌

242,642‌

135,487‌

105,981‌

700,947‌

7,522,139,602‌

3,235,726,945‌

5,312,944,738‌

21,387,761,506‌

243,303‌

102,005‌

437,353‌

687,400‌

445,379‌

152,587‌

115,056‌

471,073‌

–‌

–‌

7,025‌

20,770‌

20,733‌

12,781‌

20,417‌

41,593‌

–‌

–‌

–‌

–‌

210,274‌

102,839,232‌

6,596,856‌

287,756,038‌

2,277,959‌

2,365,627‌

19,434,418‌

56,320,134‌

–‌

12,831‌

17,599,691‌

26,080,978‌

238,901‌

133,707‌

85,715‌

500,173‌

–‌

–‌

–‌

16,758‌

46,004‌

40,757‌

17,342,960‌

380,683‌

3,482,553‌

105,659,527‌

61,639,491‌

372,275,600‌

$

7,518,657,049‌

$

3,130,067,418‌

$

5,251,305,247‌

$

21,015,485,906‌

$

3,488,990,863‌

$

2,628,423,478‌

$

5,644,551,463‌

$

18,282,064,232‌

4,029,666,186‌

501,643,940‌

(

393,246,216‌

)

2,733,421,674‌

$

7,518,657,049‌

$

3,130,067,418‌

$

5,251,305,247‌

$

21,015,485,906‌

$

1,998,312‌

$

131,811,738‌

$

68,607,836‌

$

479,606,819‌

$

3,422,153,443‌

$

2,603,947,323‌

$

4,945,246,654‌

$

17,774,305,463‌

$

–‌

$

–‌

$

3,669,519‌

$

28,580,740‌

Statement

of

Assets

and

Liabilities

(continued)

See

Notes

to

Financial

Statements

180

(continued)

(continued)

Statement

of

Assets

and

Liabilities

(continued)

April

30,

2023

(Unaudited)

4.1

Equity

Index

Fund

4.2

Large-Cap

Growth

Index

Fund

4.3

Large-Cap

Value

Index

Fund

INSTITUTIONAL

CLASS:

Net

assets

$

12,525,781,100‌

$

8,886,223,971‌

$

6,822,476,876‌

Shares

outstanding

425,965,764‌

207,681,912‌

306,181,335‌

Net

asset

value

per

share

$

29

.41‌

$

42

.79‌

$

22

.28‌

ADVISOR

CLASS:

Net

assets

$

11,915,789‌

$

86,547,291‌

$

26,223,305‌

Shares

outstanding

405,081‌

2,026,056‌

1,175,574‌

Net

asset

value

per

share

$

29

.42‌

$

42

.72‌

$

22

.31‌

PREMIER

CLASS:

Net

assets

$

53,351,558‌

$

–‌

$

–‌

Shares

outstanding

1,818,821‌

–‌

–‌

Net

asset

value

per

share

$

29

.33‌

$

–‌

$

–‌

RETIREMENT

CLASS:

Net

assets

$

678,645,265‌

$

822,665,831‌

$

1,299,529,986‌

Shares

outstanding

22,721,461‌

19,059,018‌

57,176,989‌

Net

asset

value

per

share

$

29

.87‌

$

43

.16‌

$

22

.73‌

RETAIL

CLASS:

Net

assets

$

1,291,292,494‌

$

–‌

$

–‌

Shares

outstanding

43,087,581‌

–‌

–‌

Net

asset

value

per

share

$

29

.97‌

$

–‌

$

–‌

CLASS

W:

Net

assets

$

21,184,721,945‌

$

45,103,578‌

$

39,557,880‌

Shares

outstanding

720,186,837‌

1,106,705‌

1,775,195‌

Net

asset

value

per

share

$

29

.42‌

$

40

.75‌

$

22

.28‌

Authorized

shares

-

per

class

Unlimited

Unlimited

Unlimited

Par

value

per

share

$

0

.0001‌

$

0

.0001‌

$

0

.0001‌

See

Notes

to

Financial

Statements

181

4.4

S&P

500

Index

Fund

4.5

Small-Cap

Blend

Index

Fund

4.6

Emerging

Markets

Equity

Index

Fund

4.7

International

Equity

Index

Fund

$

5,302,102,610‌

$

2,457,940,401‌

$

1,100,714,497‌

$

10,181,123,517‌

116,007,784‌

121,459,134‌

108,459,882‌

477,651,512‌

$

45

.70‌

$

20

.24‌

$

10

.15‌

$

21

.31‌

$

128,882,336‌

$

11,617,187‌

$

2,789,602‌

$

859,774,281‌

2,825,096‌

575,013‌

273,922‌

40,400,448‌

$

45

.62‌

$

20

.20‌

$

10

.18‌

$

21

.28‌

$

–‌

$

–‌

$

26,486,757‌

$

172,194,665‌

–‌

–‌

2,616,635‌

8,095,645‌

$

–‌

$

–‌

$

10

.12‌

$

21

.27‌

$

2,060,274,309‌

$

660,509,830‌

$

557,902,013‌

$

1,256,573,827‌

45,428,167‌

32,476,769‌

55,257,891‌

57,519,653‌

$

45

.35‌

$

20

.34‌

$

10

.10‌

$

21

.85‌

$

–‌

$

–‌

$

17,740,690‌

$

–‌

–‌

–‌

1,753,696‌

–‌

$

–‌

$

–‌

$

10

.12‌

$

–‌

$

27,397,794‌

$

–‌

$

3,545,671,688‌

$

8,545,819,616‌

599,407‌

–‌

348,786,286‌

400,740,395‌

$

45

.71‌

$

–‌

$

10

.17‌

$

21

.33‌

Unlimited

Unlimited

Unlimited

Unlimited

$

0

.0001‌

$

0

.0001‌

$

0

.0001‌

$

0

.0001‌

Statement

of

Operations

See

Notes

to

Financial

Statements

182

Six

Months

Ended

April

30,

2023

(Unaudited)

4.1

Equity

Index

Fund

4.2

Large-Cap

Growth

Index

Fund

4.3

Large-Cap

Value

Index

Fund

INVESTMENT

INCOME

Dividends

$

299,935,822‌

$

48,840,195‌

$

95,282,486‌

Interest

3,004,795‌

159,654‌

94,583‌

Securities

lending

income,

net

3,893,962‌

230,315‌

970,155‌

Other

income

–‌

–‌

–‌

Tax

withheld

(

22,062‌

)

(

704‌

)

(

4,836‌

)

Total

investment

income

306,812,517‌

49,229,460‌

96,342,388‌

EXPENSES

Management

fees

6,833,760‌

1,816,486‌

1,579,834‌

12b-1

distribution

and

service

fees

—

Premier

Class

40,108‌

–‌

–‌

12b-1

distribution

and

service

fees

—

Retail

Class

1,556,457‌

–‌

–‌

Shareholder

servicing

agent

fees

—

Institutional

Class

9,798‌

13,220‌

8,952‌

Shareholder

servicing

agent

fees

—

Advisor

Class

5,853‌

39,668‌

6,750‌

Shareholder

servicing

agent

fees

—

Premier

Class

59‌

–‌

–‌

Shareholder

servicing

agent

fees

—

Retirement

Class

822,922‌

954,802‌

1,579,799‌

Shareholder

servicing

agent

fees

—

Retail

Class

188,481‌

–‌

–‌

Shareholder

servicing

agent

fees

—

Class

W

6,456‌

103‌

104‌

Administrative

service

fees

165,577‌

54,046‌

49,754‌

Trustees

fees

296,648‌

78,551‌

68,066‌

Custodian

fees

99,760‌

33,069‌

31,125‌

Overdraft

expense

26,116‌

28,707‌

65,354‌

Professional

fees

76,764‌

28,697‌

27,763‌

Registration

fees

46,793‌

36,591‌

35,309‌

Shareholder

reporting

expenses

115,861‌

106,362‌

91,916‌

Other

57,230‌

55,506‌

47,604‌

Total

expenses

10,348,643‌

3,245,808‌

3,592,330‌

Expenses

reimbursed

by

the

investment

adviser

(

4,394,969‌

)

(

7,707‌

)

(

9,097‌

)

Fee

waiver

by

investment

adviser

and

Nuveen

Securities

(

114,402‌

)

–‌

–‌

Net

expenses

5,839,272‌

3,238,101‌

3,583,233‌

Net

investment

income

(loss)

300,973,245‌

45,991,359‌

92,759,155‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss):

Portfolio

investments

†

(

100,877,679‌

)

(

47,893,877‌

)

10,944,655‌

Futures

contracts

4,539,030‌

–‌

–‌

Foreign

currency

transactions

–‌

–‌

–‌

In-kind

redemptions

858,703,350‌

–‌

–‌

Net

realized

gain

(loss)

762,364,701‌

(

47,893,877‌

)

10,944,655‌

Change

in

unrealized

appreciation

(depreciation)

on:

Portfolio

investments

‡

1,350,787,153‌

1,021,627,152‌

250,314,801‌

Futures

contracts

(

461,841‌

)

–‌

–‌

Translation

of

assets

(other

than

portfolio

investments)

and

liabilities

denominated

in

foreign

currencies

–‌

–‌

–‌

Net

change

in

unrealized

appreciation

(depreciation)

1,350,325,312‌

1,021,627,152‌

250,314,801‌

Net

realized

and

unrealized

gain

(loss)

2,112,690,013‌

973,733,275‌

261,259,456‌

Net

increase

(decrease)

in

net

assets

from

operations

$

2,413,663,258‌

$

1,019,724,634‌

$

354,018,611‌

†

Includes

net

realized

gain

(loss)

from

securities

sold

to

affiliates

of

$

(

190,869‌

)

$

837,217‌

$

135,518‌

‡

Includes

net

change

in

unrealized

foreign

capital

gains

taxes

$

–‌

$

–‌

$

–‌

See

Notes

to

Financial

Statements

183

4.4

S&P

500

Index

Fund

4.5

Small-Cap

Blend

Index

Fund

4.6

Emerging

Markets

Equity

Index

Fund

4.7

International

Equity

Index

Fund

$

62,150,939‌

$

30,074,173‌

$

71,913,184‌

$

336,468,070‌

1,360,367‌

609,559‌

1,366,754‌

6,171,962‌

11,401‌

2,345,157‌

455,623‌

1,886,237‌

–‌

–‌

76,104‌

–‌

(

15,346‌

)

(

17,513‌

)

(

6,382,847‌

)

(

32,578,349‌

)

63,507,361‌

33,011,376‌

67,428,818‌

311,947,920‌

1,405,781‌

640,992‌

2,575,684‌

3,839,524‌

–‌

–‌

20,003‌

117,512‌

–‌

–‌

22,157‌

–‌

5,693‌

5,052‌

1,001‌

11,945‌

79,921‌

35,520‌

2,228‌

358,179‌

–‌

–‌

48‌

123‌

2,367,365‌

881,041‌

654,373‌

1,466,515‌

–‌

–‌

7,402‌

–‌

98‌

–‌

1,323‌

2,670‌

46,300‌

27,295‌

46,535‌

100,197‌

60,661‌

27,842‌

44,532‌

164,469‌

29,679‌

32,660‌

1,328,919‌

449,612‌

2,882‌

8,343‌

1,747‌

4,045‌

27,093‌

29,694‌

37,732‌

55,196‌

32,942‌

42,460‌

41,859‌

42,727‌

38,516‌

41,946‌

19,820‌

62,223‌

46,298‌

24,049‌

–‌

178,944‌

4,143,229‌

1,796,894‌

4,805,363‌

6,853,881‌

(

5,397‌

)

(

26,579‌

)

(

2,646,761‌

)

(

1,943,413‌

)

–‌

–‌

–‌

–‌

4,137,832‌

1,770,315‌

2,158,602‌

4,910,468‌

59,369,529‌

31,241,061‌

65,270,216‌

307,037,452‌

(

19,825,469‌

)

(

46,335,426‌

)

(

143,524,874‌

)

(

152,758,537‌

)

3,254,912‌

(

456,674‌

)

13,826,601‌

46,405,698‌

–‌

–‌

(

812,566‌

)

4,923,875‌

–‌

–‌

–‌

–‌

(

16,570,557‌

)

(

46,792,100‌

)

(

130,510,839‌

)

(

101,428,964‌

)

546,624,951‌

(

91,056,454‌

)

830,972,340‌

3,871,806,967‌

(

1,494,956‌

)

(

1,179,207‌

)

2,047,342‌

(

3,469,415‌

)

–‌

–‌

8,866‌

4,198,718‌

545,129,995‌

(

92,235,661‌

)

833,028,548‌

3,872,536,270‌

528,559,438‌

(

139,027,761‌

)

702,517,709‌

3,771,107,306‌

$

587,928,967‌

$

(

107,786,700‌

)

$

767,787,925‌

$

4,078,144,758‌

$

(

82,514‌

)

$

(

1,906‌

)

$

(

1,029,035‌

)

$

(

3,226,520‌

)

$

–‌

$

–‌

$

4,420,451‌

$

–‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

184

4.1

Equity

Index

Fund

4.2

Large-Cap

Growth

Index

Fund

Unaudited

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

Unaudited

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

OPERATIONS

Net

investment

income

(loss)

$

300,973,245‌

$

492,673,307‌

$

45,991,359‌

$

80,146,577‌

Net

realized

gain

(loss)

762,364,701‌

(

56,326,305‌

)

(

47,893,877‌

)

832,290,875‌

Net

change

in

unrealized

appreciation

(depreciation)

1,350,325,312‌

(

6,341,683,204‌

)

1,021,627,152‌

(

3,617,474,536‌

)

Net

increase

(decrease)

in

net

assets

from

operations

2,413,663,258‌

(

5,905,336,202‌

)

1,019,724,634‌

(

2,705,037,084‌

)

DISTRIBUTIONS

TO

SHAREHOLDERS

–‌

–‌

–‌

–‌

Dividends:

Institutional

Class

(

207,746,155‌

)

(

258,288,260‌

)

(

774,802,434‌

)

(

822,082,470‌

)

Advisor

Class

(

187,086‌

)

(

603,572‌

)

(

5,812,192‌

)

(

6,760,565‌

)

Premier

Class

(

884,058‌

)

(

1,389,770‌

)

–‌

–‌

Retirement

Class

(

9,652,058‌

)

(

15,200,952‌

)

(

69,922,692‌

)

(

86,458,639‌

)

Retail

Class

(

18,451,427‌

)

(

26,852,902‌

)

–‌

–‌

Class

W

(

356,159,463‌

)

(

433,748,939‌

)

(

2,957,273‌

)

(

3,658,788‌

)

Total

distributions

(

593,080,247‌

)

(

736,084,395‌

)

(

853,494,591‌

)

(

918,960,462‌

)

SHAREHOLDER

TRANSACTIONS

Subscriptions

2,802,201,873‌

7,185,685,832‌

1,230,926,389‌

2,674,750,905‌

Reinvestments

of

distributions

590,409,184‌

733,074,284‌

717,904,864‌

768,717,957‌

Redemptions

(

2,242,531,622‌

)

(

3,659,808,584‌

)

(

1,180,369,113‌

)

(

3,887,222,268‌

)

Net

increase

(decrease)

from

shareholder

transactions

1,150,079,435‌

4,258,951,532‌

768,462,140‌

(

443,753,406‌

)

Net

increase

(decrease)

in

net

assets

2,970,662,446‌

(

2,382,469,065‌

)

934,692,183‌

(

4,067,750,952‌

)

NET

ASSETS

Beginning

of

period

32,775,045,705‌

35,157,514,770‌

8,905,848,488‌

12,973,599,440‌

End

of

period

$

35,745,708,151‌

$

32,775,045,705‌

$

9,840,540,671‌

$

8,905,848,488‌

See

Notes

to

Financial

Statements

185

4.3

Large-Cap

Value

Index

Fund

4.4

S&P

500

Index

Fund

4.5

Small-Cap

Blend

Index

Fund

4.6

Emerging

Markets

Equity

Index

Fund

Unaudited

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

Unaudited

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

Unaudited

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

Unaudited

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

$

92,759,155‌

$

173,321,351‌

$

59,369,529‌

$

105,535,117‌

$

31,241,061‌

$

50,052,877‌

$

65,270,216‌

$

149,561,446‌

10,944,655‌

182,522,000‌

(

16,570,557‌

)

466,516,853‌

(

46,792,100‌

)

(

29,575,718‌

)

(

130,510,839‌

)

(

271,661,661‌

)

250,314,801‌

(

970,102,839‌

)

545,129,995‌

(

1,749,092,179‌

)

(

92,235,661‌

)

(

864,509,673‌

)

833,028,548‌

(

1,692,155,639‌

)

354,018,611‌

(

614,259,488‌

)

587,928,967‌

(

1,177,040,209‌

)

(

107,786,700‌

)

(

844,032,514‌

)

767,787,925‌

(

1,814,255,854‌

)

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

(

293,530,808‌

)

(

285,369,193‌

)

(

91,036,182‌

)

(

113,461,817‌

)

(

47,564,080‌

)

(

284,581,304‌

)

(

28,459,778‌

)

(

25,559,211‌

)

(

265,489‌

)

(

561,502‌

)

(

2,113,551‌

)

(

2,242,071‌

)

(

209,212‌

)

(

1,363,379‌

)

(

79,329‌

)

(

115,225‌

)

–‌

–‌

–‌

–‌

–‌

–‌

(

598,262‌

)

(

571,822‌

)

(

50,588,918‌

)

(

44,781,956‌

)

(

29,436,459‌

)

(

33,383,568‌

)

(

11,362,316‌

)

(

84,129,222‌

)

(

11,169,469‌

)

(

10,903,950‌

)

–‌

–‌

–‌

–‌

–‌

–‌

(

372,258‌

)

(

431,554‌

)

(

1,666,335‌

)

(

1,378,187‌

)

(

401,305‌

)

(

432,616‌

)

–‌

–‌

(

87,913,014‌

)

(

83,067,648‌

)

(

346,051,550‌

)

(

332,090,838‌

)

(

122,987,497‌

)

(

149,520,072‌

)

(

59,135,608‌

)

(

370,073,905‌

)

(

128,592,110‌

)

(

120,649,410‌

)

655,517,181‌

1,051,598,756‌

542,821,627‌

1,027,508,854‌

319,789,722‌

490,041,026‌

584,511,342‌

1,709,819,016‌

296,542,822‌

281,241,596‌

120,987,386‌

145,667,085‌

58,028,385‌

363,320,408‌

128,546,447‌

120,584,831‌

(

728,943,116‌

)

(

1,447,246,593‌

)

(

463,854,253‌

)

(

1,569,302,763‌

)

(

383,908,590‌

)

(

997,750,941‌

)

(

649,242,165‌

)

(

502,566,016‌

)

223,116,887‌

(

114,406,241‌

)

199,954,760‌

(

396,126,824‌

)

(

6,090,483‌

)

(

144,389,507‌

)

63,815,624‌

1,327,837,831‌

231,083,948‌

(

1,060,756,567‌

)

664,896,230‌

(

1,722,687,105‌

)

(

173,012,791‌

)

(

1,358,495,926‌

)

703,011,439‌

(

607,067,433‌

)

7,956,704,099‌

9,017,460,666‌

6,853,760,819‌

8,576,447,924‌

3,303,080,209‌

4,661,576,135‌

4,548,293,808‌

5,155,361,241‌

$

8,187,788,047‌

$

7,956,704,099‌

$

7,518,657,049‌

$

6,853,760,819‌

$

3,130,067,418‌

$

3,303,080,209‌

$

5,251,305,247‌

$

4,548,293,808‌

Statement

of

Changes

in

Net

Assets

(continued)

See

Notes

to

Financial

Statements

186

(continued)

(continued)

Statement

of

Changes

in

Net

Assets

(continued)

4.7

International

Equity

Index

Fund

Unaudited

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

OPERATIONS

Net

investment

income

(loss)

$

307,037,452‌

$

555,376,642‌

Net

realized

gain

(loss)

(

101,428,964‌

)

(

186,506,998‌

)

Net

change

in

unrealized

appreciation

(depreciation)

3,872,536,270‌

(

4,920,455,572‌

)

Net

increase

(decrease)

in

net

assets

from

operations

4,078,144,758‌

(

4,551,585,928‌

)

DISTRIBUTIONS

TO

SHAREHOLDERS

–‌

–‌

Dividends:

Institutional

Class

(

254,301,191‌

)

(

290,285,530‌

)

Advisor

Class

(

3,855,007‌

)

(

4,484,401‌

)

Premier

Class

(

3,975,163‌

)

(

5,262,544‌

)

Retirement

Class

(

27,469,586‌

)

(

36,894,510‌

)

Class

W

(

210,876,436‌

)

(

229,171,714‌

)

Total

distributions

(

500,477,383‌

)

(

566,098,699‌

)

SHAREHOLDER

TRANSACTIONS

Subscriptions

2,201,155,975‌

3,766,113,474‌

Reinvestments

of

distributions

493,204,229‌

555,910,877‌

Redemptions

(

1,989,211,041‌

)

(

1,418,110,263‌

)

Net

increase

(decrease)

from

shareholder

transactions

705,149,163‌

2,903,914,088‌

Net

increase

(decrease)

in

net

assets

4,282,816,538‌

(

2,213,770,539‌

)

NET

ASSETS

Beginning

of

period

16,732,669,368‌

18,946,439,907‌

End

of

period

$

21,015,485,906‌

$

16,732,669,368‌

Financial

Highlights

See

Notes

to

Financial

Statements

188

The

following

data

is

for

a

share

outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

4.1

EQUITY

INDEX

FUND

Institutional

Class:

4/30/23

#

$

27

.90‌

$

0

.25‌

$

1

.76‌

$

2

.01‌

$

(

0

.43‌

)

$

(

0

.07‌

)

$

(

0

.50‌

)

$

29

.41‌

10/31/22

34

.12‌

0

.44‌

(

5

.95‌

)

(

5

.51‌

)

(

0

.41‌

)

(

0

.30‌

)

(

0

.71‌

)

27

.90‌

10/31/21

24

.07‌

0

.39‌

10

.06‌

10

.45‌

(

0

.40‌

)

—‌

(

0

.40‌

)

34

.12‌

10/31/20

22

.31‌

0

.39‌

1

.84‌

2

.23‌

(

0

.42‌

)

(

0

.05‌

)

(

0

.47‌

)

24

.07‌

10/31/19

20

.12‌

0

.43‌

2

.20‌

2

.63‌

(

0

.37‌

)

(

0

.07‌

)

(

0

.44‌

)

22

.31‌

10/31/18

19

.31‌

0

.38‌

0

.86‌

1

.24‌

(

0

.33‌

)

(

0

.10‌

)

(

0

.43‌

)

20

.12‌

Advisor

Class:

4/30/23

#

27

.88‌

0

.23‌

1

.77‌

2

.00‌

(

0

.39‌

)

(

0

.07‌

)

(

0

.46‌

)

29

.42‌

10/31/22

34

.11‌

0

.41‌

(

5

.95‌

)

(

5

.54‌

)

(

0

.39‌

)

(

0

.30‌

)

(

0

.69‌

)

27

.88‌

10/31/21

24

.05‌

0

.35‌

10

.06‌

10

.41‌

(

0

.35‌

)

—‌

(

0

.35‌

)

34

.11‌

10/31/20

22

.29‌

0

.40‌

1

.80‌

2

.20‌

(

0

.39‌

)

(

0

.05‌

)

(

0

.44‌

)

24

.05‌

10/31/19

20

.12‌

0

.40‌

2

.19‌

2

.59‌

(

0

.35‌

)

(

0

.07‌

)

(

0

.42‌

)

22

.29‌

10/31/18

19

.30‌

0

.33‌

0

.90‌

1

.23‌

(

0

.31‌

)

(

0

.10‌

)

(

0

.41‌

)

20

.12‌

Premier

Class:

4/30/23

#

27

.81‌

0

.22‌

1

.76‌

1

.98‌

(

0

.39‌

)

(

0

.07‌

)

(

0

.46‌

)

29

.33‌

10/31/22

34

.01‌

0

.39‌

(

5

.93‌

)

(

5

.54‌

)

(

0

.36‌

)

(

0

.30‌

)

(

0

.66‌

)

27

.81‌

10/31/21

23

.99‌

0

.35‌

10

.03‌

10

.38‌

(

0

.36‌

)

—‌

(

0

.36‌

)

34

.01‌

10/31/20

22

.24‌

0

.35‌

1

.83‌

2

.18‌

(

0

.38‌

)

(

0

.05‌

)

(

0

.43‌

)

23

.99‌

10/31/19

20

.05‌

0

.40‌

2

.19‌

2

.59‌

(

0

.33‌

)

(

0

.07‌

)

(

0

.40‌

)

22

.24‌

10/31/18

19

.25‌

0

.34‌

0

.87‌

1

.21‌

(

0

.31‌

)

(

0

.10‌

)

(

0

.41‌

)

20

.05‌

Retirement

Class:

4/30/23

#

28

.29‌

0

.21‌

1

.79‌

2

.00‌

(

0

.35‌

)

(

0

.07‌

)

(

0

.42‌

)

29

.87‌

10/31/22

34

.59‌

0

.37‌

(

6

.04‌

)

(

5

.67‌

)

(

0

.33‌

)

(

0

.30‌

)

(

0

.63‌

)

28

.29‌

10/31/21

24

.40‌

0

.32‌

10

.21‌

10

.53‌

(

0

.34‌

)

—‌

(

0

.34‌

)

34

.59‌

10/31/20

22

.62‌

0

.34‌

1

.85‌

2

.19‌

(

0

.36‌

)

(

0

.05‌

)

(

0

.41‌

)

24

.40‌

10/31/19

20

.39‌

0

.38‌

2

.24‌

2

.62‌

(

0

.32‌

)

(

0

.07‌

)

(

0

.39‌

)

22

.62‌

10/31/18

19

.56‌

0

.32‌

0

.90‌

1

.22‌

(

0

.29‌

)

(

0

.10‌

)

(

0

.39‌

)

20

.39‌

Retail

Class:

4/30/23

#

28

.39‌

0

.21‌

1

.80‌

2

.01‌

(

0

.36‌

)

(

0

.07‌

)

(

0

.43‌

)

29

.97‌

10/31/22

34

.70‌

0

.38‌

(

6

.07‌

)

(

5

.69‌

)

(

0

.32‌

)

(

0

.30‌

)

(

0

.62‌

)

28

.39‌

10/31/21

24

.48‌

0

.32‌

10

.23‌

10

.55‌

(

0

.33‌

)

—‌

(

0

.33‌

)

34

.70‌

10/31/20

22

.69‌

0

.33‌

1

.86‌

2

.19‌

(

0

.35‌

)

(

0

.05‌

)

(

0

.40‌

)

24

.48‌

10/31/19

20

.45‌

0

.38‌

2

.24‌

2

.62‌

(

0

.31‌

)

(

0

.07‌

)

(

0

.38‌

)

22

.69‌

10/31/18

19

.62‌

0

.32‌

0

.89‌

1

.21‌

(

0

.28‌

)

(

0

.10‌

)

(

0

.38‌

)

20

.45‌

Class

W:

4/30/23

#

27

.91‌

0

.25‌

1

.77‌

2

.02‌

(

0

.44‌

)

(

0

.07‌

)

(

0

.51‌

)

29

.42‌

10/31/22

34

.13‌

0

.45‌

(

5

.94‌

)

(

5

.49‌

)

(

0

.43‌

)

(

0

.30‌

)

(

0

.73‌

)

27

.91‌

10/31/21

24

.08‌

0

.41‌

10

.05‌

10

.46‌

(

0

.41‌

)

—‌

(

0

.41‌

)

34

.13‌

10/31/20

22

.32‌

0

.39‌

1

.85‌

2

.24‌

(

0

.43‌

)

(

0

.05‌

)

(

0

.48‌

)

24

.08‌

10/31/19

20

.13‌

0

.44‌

2

.19‌

2

.63‌

(

0

.37‌

)

(

0

.07‌

)

(

0

.44‌

)

22

.32‌

10/31/18

†

21

.72‌

0

.01‌

(

1

.60‌

)

(

1

.59‌

)

—‌

—‌

—‌

20

.13‌

#

Unaudited

†

Class

W

commenced

operations

on

September

28,

2018.

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

c

Percentage

is

annualized.

f

Does

not

include

in-kind

transactions.

See

Notes

to

Financial

Statements

189

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

7

.30‌

%

$

12,525,781‌

0

.05‌

%

c

0

.05‌

%

c

1

.75‌

%

c

1‌

%

f

(

16

.50‌

)

11,632,072‌

0

.05‌

0

.05‌

1

.46‌

7‌

43

.84‌

12,335,597‌

0

.05‌

0

.05‌

1

.30‌

7‌

f

10

.10‌

9,563,188‌

0

.05‌

0

.05‌

1

.69‌

12‌

f

13

.47‌

9,034,344‌

0

.05‌

0

.05‌

2

.08‌

4‌

6

.52‌

8,106,985‌

0

.05‌

0

.05‌

1

.87‌

5‌

f

7

.27‌

11,916‌

0

.15‌

c

0

.15‌

c

1

.65‌

c

1‌

f

(

16

.59‌

)

11,341‌

0

.15‌

0

.15‌

1

.33‌

7‌

43

.66‌

14,119‌

0

.17‌

0

.17‌

1

.16‌

7‌

f

9

.97‌

9,404‌

0

.17‌

0

.17‌

1

.71‌

12‌

f

13

.26‌

49,888‌

0

.19‌

0

.19‌

1

.93‌

4‌

6

.44‌

35,041‌

0

.19‌

0

.19‌

1

.61‌

5‌

f

7

.19‌

53,352‌

0

.20‌

c

0

.20‌

c

1

.60‌

c

1‌

f

(

16

.62‌

)

54,969‌

0

.20‌

0

.20‌

1

.30‌

7‌

43

.64‌

71,581‌

0

.20‌

0

.20‌

1

.15‌

7‌

f

9

.92‌

57,737‌

0

.20‌

0

.20‌

1

.55‌

12‌

f

13

.28‌

63,211‌

0

.20‌

0

.20‌

1

.92‌

4‌

6

.36‌

86,396‌

0

.20‌

0

.20‌

1

.68‌

5‌

f

7

.16‌

678,645‌

0

.30‌

c

0

.30‌

c

1

.50‌

c

1‌

f

(

16

.71‌

)

651,723‌

0

.30‌

0

.30‌

1

.20‌

7‌

43

.50‌

838,804‌

0

.30‌

0

.30‌

1

.05‌

7‌

f

9

.79‌

612,612‌

0

.30‌

0

.30‌

1

.45‌

12‌

f

13

.18‌

662,900‌

0

.30‌

0

.30‌

1

.83‌

4‌

6

.29‌

568,207‌

0

.30‌

0

.30‌

1

.56‌

5‌

f

7

.16‌

1,291,292‌

0

.33‌

c

0

.31‌

c

1

.49‌

c

1‌

f

(

16

.70‌

)

1,231,300‌

0

.32‌

0

.28‌

1

.22‌

7‌

43

.45‌

1,493,507‌

0

.32‌

0

.32‌

1

.02‌

7‌

f

9

.77‌

1,070,150‌

0

.33‌

0

.33‌

1

.41‌

12‌

f

13

.15‌

1,028,244‌

0

.33‌

0

.33‌

1

.80‌

4‌

6

.24‌

954,571‌

0

.33‌

0

.33‌

1

.53‌

5‌

f

7

.34‌

21,184,722‌

0

.05‌

c

0.00‌

c

1

.79‌

c

1‌

f

(

16

.46‌

)

19,193,641‌

0

.05‌

0.00‌

1

.50‌

7‌

43

.88‌

20,403,908‌

0

.05‌

0.00‌

1

.34‌

7‌

f

10

.14‌

14,941,901‌

0

.05‌

0.00‌

1

.71‌

12‌

f

13

.48‌

11,566,892‌

0

.05‌

0.00‌

2

.13‌

4‌

(

7

.32‌

)

7,873,593‌

0

.04‌

c

0.00‌

c

0

.55‌

c

5‌

f

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

190

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

4.2

LARGE-CAP

GROWTH

INDEX

FUND

Institutional

Class:

4/30/23

#

$

42

.43‌

$

0

.21‌

$

4

.23‌

$

4

.44‌

$

(

0

.41‌

)

$

(

3

.67‌

)

$

(

4

.08‌

)

$

42

.79‌

10/31/22

61

.25‌

0

.41‌

(

14

.17‌

)

(

13

.76‌

)

(

0

.50‌

)

(

4

.56‌

)

(

5

.06‌

)

42

.43‌

10/31/21

43

.65‌

0

.39‌

18

.15‌

18

.54‌

(

0

.35‌

)

(

0

.59‌

)

(

0

.94‌

)

61

.25‌

10/31/20

34

.63‌

0

.39‌

9

.50‌

9

.89‌

(

0

.40‌

)

(

0

.47‌

)

(

0

.87‌

)

43

.65‌

10/31/19

30

.73‌

0

.41‌

4

.59‌

5

.00‌

(

0

.39‌

)

(

0

.71‌

)

(

1

.10‌

)

34

.63‌

10/31/18

28

.30‌

0

.39‌

2

.59‌

2

.98‌

(

0

.35‌

)

(

0

.20‌

)

(

0

.55‌

)

30

.73‌

Advisor

Class:

4/30/23

#

42

.34‌

0

.19‌

4

.22‌

4

.41‌

(

0

.36‌

)

(

3

.67‌

)

(

4

.03‌

)

42

.72‌

10/31/22

61

.13‌

0

.35‌

(

14

.14‌

)

(

13

.79‌

)

(

0

.44‌

)

(

4

.56‌

)

(

5

.00‌

)

42

.34‌

10/31/21

43

.57‌

0

.32‌

18

.12‌

18

.44‌

(

0

.29‌

)

(

0

.59‌

)

(

0

.88‌

)

61

.13‌

10/31/20

34

.57‌

0

.33‌

9

.50‌

9

.83‌

(

0

.36‌

)

(

0

.47‌

)

(

0

.83‌

)

43

.57‌

10/31/19

30

.68‌

0

.37‌

4

.59‌

4

.96‌

(

0

.36‌

)

(

0

.71‌

)

(

1

.07‌

)

34

.57‌

10/31/18

28

.27‌

0

.35‌

2

.58‌

2

.93‌

(

0

.32‌

)

(

0

.20‌

)

(

0

.52‌

)

30

.68‌

Retirement

Class:

4/30/23

#

42

.70‌

0

.16‌

4

.26‌

4

.42‌

(

0

.29‌

)

(

3

.67‌

)

(

3

.96‌

)

43

.16‌

10/31/22

61

.61‌

0

.29‌

(

14

.28‌

)

(

13

.99‌

)

(

0

.36‌

)

(

4

.56‌

)

(

4

.92‌

)

42

.70‌

10/31/21

43

.91‌

0

.26‌

18

.27‌

18

.53‌

(

0

.24‌

)

(

0

.59‌

)

(

0

.83‌

)

61

.61‌

10/31/20

34

.83‌

0

.29‌

9

.57‌

9

.86‌

(

0

.31‌

)

(

0

.47‌

)

(

0

.78‌

)

43

.91‌

10/31/19

30

.89‌

0

.33‌

4

.63‌

4

.96‌

(

0

.31‌

)

(

0

.71‌

)

(

1

.02‌

)

34

.83‌

10/31/18

28

.46‌

0

.32‌

2

.60‌

2

.92‌

(

0

.29‌

)

(

0

.20‌

)

(

0

.49‌

)

30

.89‌

Class

W:

4/30/23

#

40

.62‌

0

.20‌

4

.03‌

4

.23‌

(

0

.43‌

)

(

3

.67‌

)

(

4

.10‌

)

40

.75‌

10/31/22

61

.30‌

0

.50‌

(

13

.57‌

)

(

13

.07‌

)

(

3

.05‌

)

(

4

.56‌

)

(

7

.61‌

)

40

.62‌

10/31/21

43

.67‌

0

.41‌

18

.16‌

18

.57‌

(

0

.35‌

)

(

0

.59‌

)

(

0

.94‌

)

61

.30‌

10/31/20

34

.63‌

0

.28‌

9

.63‌

9

.91‌

(

0

.40‌

)

(

0

.47‌

)

(

0

.87‌

)

43

.67‌

10/31/19

†

33

.68‌

0

.02‌

0

.93‌

0

.95‌

—‌

—‌

—‌

34

.63‌

#

Unaudited

†

Class

W

commenced

operations

on

September

30,

2019.

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

c

Percentage

is

annualized.

f

Does

not

include

in-kind

transactions.

See

Notes

to

Financial

Statements

191

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

11

.49‌

%

$

8,886,224‌

0

.05‌

%

c

0

.05‌

%

c

1

.03‌

%

c

11‌

%

(

24

.65‌

)

8,034,639‌

0

.05‌

0

.05‌

0

.84‌

34‌

43

.11‌

10,180,858‌

0

.05‌

0

.05‌

0

.73‌

31‌

29

.14‌

7,537,182‌

0

.05‌

0

.05‌

1

.00‌

33‌

f

17

.03‌

6,833,846‌

0

.05‌

0

.05‌

1

.28‌

28‌

10

.67‌

5,375,762‌

0

.05‌

0

.05‌

1

.28‌

28‌

11

.44‌

86,547‌

0

.15‌

c

0

.15‌

c

0

.94‌

c

11‌

(

24

.73‌

)

84,495‌

0

.16‌

0

.16‌

0

.72‌

34‌

42

.93‌

81,993‌

0

.17‌

0

.17‌

0

.61‌

31‌

29

.00‌

63,667‌

0

.18‌

0

.18‌

0

.86‌

33‌

f

16

.90‌

49,158‌

0

.18‌

0

.18‌

1

.16‌

28‌

10

.49‌

40,368‌

0

.19‌

0

.19‌

1

.13‌

28‌

11

.33‌

822,666‌

0

.30‌

c

0

.30‌

c

0

.78‌

c

11‌

(

24

.84‌

)

757,262‌

0

.30‌

0

.30‌

0

.58‌

34‌

42

.77‌

1,085,055‌

0

.30‌

0

.30‌

0

.48‌

31‌

28

.84‌

855,735‌

0

.30‌

0

.30‌

0

.74‌

33‌

f

16

.75‌

688,063‌

0

.30‌

0

.30‌

1

.05‌

28‌

10

.37‌

705,970‌

0

.30‌

0

.30‌

1

.03‌

28‌

11

.50‌

45,104‌

0

.05‌

c

0.00‌

c

1

.06‌

c

11‌

(

24

.60‌

)

29,452‌

0

.05‌

0.00‌

0

.76‌

34‌

43

.17‌

1,625,694‌

0

.05‌

0.00‌

0

.77‌

31‌

29

.22‌

1,356,450‌

0

.05‌

0.00‌

0

.71‌

33‌

f

2

.82‌

21,390‌

0

.15‌

c

0.00‌

c

0

.79‌

c

28‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

192

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

4.3

LARGE-CAP

VALUE

INDEX

FUND

Institutional

Class:

4/30/23

#

$

22

.29‌

$

0

.26‌

$

0

.72‌

$

0

.98‌

$

(

0

.50‌

)

$

(

0

.49‌

)

$

(

0

.99‌

)

$

22

.28‌

10/31/22

24

.89‌

0

.48‌

(

2

.16‌

)

(

1

.68‌

)

(

0

.45‌

)

(

0

.47‌

)

(

0

.92‌

)

22

.29‌

10/31/21

17

.72‌

0

.44‌

7

.19‌

7

.63‌

(

0

.46‌

)

—‌

(

0

.46‌

)

24

.89‌

10/31/20

20

.54‌

0

.46‌

(

1

.85‌

)

(

1

.39‌

)

(

0

.57‌

)

(

0

.86‌

)

(

1

.43‌

)

17

.72‌

10/31/19

19

.30‌

0

.57‌

1

.47‌

2

.04‌

(

0

.49‌

)

(

0

.31‌

)

(

0

.80‌

)

20

.54‌

10/31/18

19

.58‌

0

.49‌

0

.09‌

0

.58‌

(

0

.47‌

)

(

0

.39‌

)

(

0

.86‌

)

19

.30‌

Advisor

Class:

4/30/23

#

22

.24‌

0

.24‌

0

.74‌

0

.98‌

(

0

.42‌

)

(

0

.49‌

)

(

0

.91‌

)

22

.31‌

10/31/22

24

.82‌

0

.44‌

(

2

.14‌

)

(

1

.70‌

)

(

0

.41‌

)

(

0

.47‌

)

(

0

.88‌

)

22

.24‌

10/31/21

17

.67‌

0

.36‌

7

.22‌

7

.58‌

(

0

.43‌

)

—‌

(

0

.43‌

)

24

.82‌

10/31/20

20

.49‌

0

.48‌

(

1

.90‌

)

(

1

.42‌

)

(

0

.54‌

)

(

0

.86‌

)

(

1

.40‌

)

17

.67‌

10/31/19

19

.26‌

0

.55‌

1

.46‌

2

.01‌

(

0

.47‌

)

(

0

.31‌

)

(

0

.78‌

)

20

.49‌

10/31/18

19

.56‌

0

.46‌

0

.08‌

0

.54‌

(

0

.45‌

)

(

0

.39‌

)

(

0

.84‌

)

19

.26‌

Retirement

Class:

4/30/23

#

22

.68‌

0

.24‌

0

.75‌

0

.99‌

(

0

.45‌

)

(

0

.49‌

)

(

0

.94‌

)

22

.73‌

10/31/22

25

.32‌

0

.43‌

(

2

.20‌

)

(

1

.77‌

)

(

0

.40‌

)

(

0

.47‌

)

(

0

.87‌

)

22

.68‌

10/31/21

18

.03‌

0

.39‌

7

.32‌

7

.71‌

(

0

.42‌

)

—‌

(

0

.42‌

)

25

.32‌

10/31/20

20

.87‌

0

.42‌

(

1

.88‌

)

(

1

.46‌

)

(

0

.52‌

)

(

0

.86‌

)

(

1

.38‌

)

18

.03‌

10/31/19

19

.59‌

0

.53‌

1

.50‌

2

.03‌

(

0

.44‌

)

(

0

.31‌

)

(

0

.75‌

)

20

.87‌

10/31/18

19

.87‌

0

.45‌

0

.09‌

0

.54‌

(

0

.43‌

)

(

0

.39‌

)

(

0

.82‌

)

19

.59‌

Class

W:

4/30/23

#

22

.29‌

0

.27‌

0

.72‌

0

.99‌

(

0

.51‌

)

(

0

.49‌

)

(

1

.00‌

)

22

.28‌

10/31/22

24

.90‌

0

.49‌

(

2

.16‌

)

(

1

.67‌

)

(

0

.47‌

)

(

0

.47‌

)

(

0

.94‌

)

22

.29‌

10/31/21

17

.73‌

0

.45‌

7

.19‌

7

.64‌

(

0

.47‌

)

—‌

(

0

.47‌

)

24

.90‌

10/31/20

20

.54‌

0

.47‌

(

1

.85‌

)

(

1

.38‌

)

(

0

.57‌

)

(

0

.86‌

)

(

1

.43‌

)

17

.73‌

10/31/19

†

20

.26‌

0

.08‌

0

.20‌

0

.28‌

—‌

—‌

—‌

20

.54‌

#

Unaudited

†

Class

W

commenced

operations

on

September

30,

2019.

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

c

Percentage

is

annualized.

f

Does

not

include

in-kind

transactions.

See

Notes

to

Financial

Statements

193

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

4

.50‌

%

$

6,822,477‌

0

.05‌

%

c

0

.05‌

%

c

2

.39‌

%

c

7‌

%

(

6

.99‌

)

6,667,880‌

0

.05‌

0

.05‌

2

.08‌

21‌

43

.69‌

7,684,426‌

0

.05‌

0

.05‌

1

.93‌

29‌

(

7

.51‌

)

5,586,461‌

0

.05‌

0

.05‌

2

.52‌

33‌

f

11

.13‌

5,973,386‌

0

.05‌

0

.05‌

2

.97‌

38‌

2

.97‌

5,482,154‌

0

.05‌

0

.05‌

2

.49‌

27‌

4

.46‌

26,223‌

0

.18‌

c

0

.18‌

c

2

.21‌

c

7‌

(

7

.11‌

)

17,967‌

0

.19‌

0

.19‌

1

.92‌

21‌

43

.47‌

16,207‌

0

.19‌

0

.19‌

1

.60‌

29‌

(

7

.63‌

)

9,094‌

0

.19‌

0

.19‌

2

.54‌

33‌

f

11

.00‌

31,051‌

0

.19‌

0

.19‌

2

.85‌

38‌

2

.77‌

8,505‌

0

.19‌

0

.19‌

2

.34‌

27‌

4

.42‌

1,299,530‌

0

.30‌

c

0

.30‌

c

2

.14‌

c

7‌

(

7

.25‌

)

1,233,751‌

0

.30‌

0

.30‌

1

.83‌

21‌

43

.28‌

1,279,443‌

0

.30‌

0

.30‌

1

.67‌

29‌

(

7

.71‌

)

821,535‌

0

.30‌

0

.30‌

2

.29‌

33‌

f

10

.85‌

877,423‌

0

.30‌

0

.30‌

2

.71‌

38‌

2

.68‌

865,369‌

0

.30‌

0

.30‌

2

.25‌

27‌

4

.55‌

39,558‌

0

.05‌

c

0.00‌

c

2

.43‌

c

7‌

(

6

.98‌

)

37,105‌

0

.05‌

0.00‌

2

.13‌

21‌

43

.73‌

37,385‌

0

.05‌

0.00‌

1

.98‌

29‌

(

7

.45‌

)

29,964‌

0

.05‌

0.00‌

2

.57‌

33‌

f

1

.38‌

28,293‌

0

.12‌

c

0.00‌

c

4

.13‌

c

38‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

194

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

4.4

S&P

500

INDEX

FUND

Institutional

Class:

4/30/23

#

$

42

.87‌

$

0

.38‌

$

3

.25‌

$

3

.63‌

$

(

0

.69‌

)

$

(

0

.11‌

)

$

(

0

.80‌

)

$

45

.70‌

10/31/22

51

.11‌

0

.69‌

(

8

.00‌

)

(

7

.31‌

)

(

0

.64‌

)

(

0

.29‌

)

(

0

.93‌

)

42

.87‌

10/31/21

36

.35‌

0

.62‌

14

.77‌

15

.39‌

(

0

.63‌

)

—‌

(

0

.63‌

)

51

.11‌

10/31/20

33

.88‌

0

.62‌

2

.61‌

3

.23‌

(

0

.66‌

)

(

0

.10‌

)

(

0

.76‌

)

36

.35‌

10/31/19

30

.48‌

0

.68‌

3

.53‌

4

.21‌

(

0

.59‌

)

(

0

.22‌

)

(

0

.81‌

)

33

.88‌

10/31/18

29

.04‌

0

.57‌

1

.52‌

2

.09‌

(

0

.54‌

)

(

0

.11‌

)

(

0

.65‌

)

30

.48‌

Advisor

Class:

4/30/23

#

42

.76‌

0

.35‌

3

.26‌

3

.61‌

(

0

.64‌

)

(

0

.11‌

)

(

0

.75‌

)

45

.62‌

10/31/22

50

.99‌

0

.63‌

(

8

.00‌

)

(

7

.37‌

)

(

0

.57‌

)

(

0

.29‌

)

(

0

.86‌

)

42

.76‌

10/31/21

36

.27‌

0

.56‌

14

.74‌

15

.30‌

(

0

.58‌

)

—‌

(

0

.58‌

)

50

.99‌

10/31/20

33

.82‌

0

.57‌

2

.61‌

3

.18‌

(

0

.63‌

)

(

0

.10‌

)

(

0

.73‌

)

36

.27‌

10/31/19

30

.43‌

0

.64‌

3

.52‌

4

.16‌

(

0

.55‌

)

(

0

.22‌

)

(

0

.77‌

)

33

.82‌

10/31/18

29

.01‌

0

.52‌

1

.52‌

2

.04‌

(

0

.51‌

)

(

0

.11‌

)

(

0

.62‌

)

30

.43‌

Retirement

Class:

4/30/23

#

42

.49‌

0

.32‌

3

.23‌

3

.55‌

(

0

.58‌

)

(

0

.11‌

)

(

0

.69‌

)

45

.35‌

10/31/22

50

.67‌

0

.57‌

(

7

.94‌

)

(

7

.37‌

)

(

0

.52‌

)

(

0

.29‌

)

(

0

.81‌

)

42

.49‌

10/31/21

36

.06‌

0

.51‌

14

.64‌

15

.15‌

(

0

.54‌

)

—‌

(

0

.54‌

)

50

.67‌

10/31/20

33

.62‌

0

.53‌

2

.60‌

3

.13‌

(

0

.59‌

)

(

0

.10‌

)

(

0

.69‌

)

36

.06‌

10/31/19

30

.24‌

0

.60‌

3

.51‌

4

.11‌

(

0

.51‌

)

(

0

.22‌

)

(

0

.73‌

)

33

.62‌

10/31/18

28

.83‌

0

.49‌

1

.50‌

1

.99‌

(

0

.47‌

)

(

0

.11‌

)

(

0

.58‌

)

30

.24‌

Class

W:

4/30/23

#

42

.88‌

0

.39‌

3

.26‌

3

.65‌

(

0

.71‌

)

(

0

.11‌

)

(

0

.82‌

)

45

.71‌

10/31/22

51

.13‌

0

.71‌

(

8

.01‌

)

(

7

.30‌

)

(

0

.66‌

)

(

0

.29‌

)

(

0

.95‌

)

42

.88‌

10/31/21

36

.36‌

0

.64‌

14

.78‌

15

.42‌

(

0

.65‌

)

—‌

(

0

.65‌

)

51

.13‌

10/31/20

33

.88‌

0

.63‌

2

.62‌

3

.25‌

(

0

.67‌

)

(

0

.10‌

)

(

0

.77‌

)

36

.36‌

10/31/19

†

33

.16‌

0

.10‌

0

.62‌

0

.72‌

—‌

—‌

—‌

33

.88‌

#

Unaudited

†

Class

W

commenced

operations

on

September

30,

2019.

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

c

Percentage

is

annualized.

f

Does

not

include

in-kind

transactions.

See

Notes

to

Financial

Statements

195

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

8

.59‌

%

$

5,302,103‌

0

.05‌

%

c

0

.05‌

%

c

1

.76‌

%

c

1‌

%

(

14

.62‌

)

4,933,068‌

0

.05‌

0

.05‌

1

.47‌

5‌

42

.82‌

6,310,496‌

0

.05‌

0

.05‌

1

.38‌

7‌

f

9

.67‌

4,426,743‌

0

.05‌

0

.05‌

1

.78‌

7‌

14

.27‌

4,038,596‌

0

.05‌

0

.05‌

2

.17‌

5‌

7

.26‌

3,533,305‌

0

.05‌

0

.05‌

1

.87‌

8‌

8

.54‌

128,882‌

0

.18‌

c

0

.18‌

c

1

.62‌

c

1‌

(

14

.74‌

)

114,843‌

0

.18‌

0

.18‌

1

.35‌

5‌

42

.63‌

134,424‌

0

.18‌

0

.18‌

1

.25‌

7‌

f

9

.51‌

103,558‌

0

.18‌

0

.18‌

1

.65‌

7‌

14

.12‌

88,735‌

0

.19‌

0

.19‌

2

.05‌

5‌

7

.12‌

44,964‌

0

.20‌

0

.20‌

1

.70‌

8‌

8

.46‌

2,060,274‌

0

.30‌

c

0

.30‌

c

1

.51‌

c

1‌

(

14

.83‌

)

1,784,834‌

0

.30‌

0

.30‌

1

.23‌

5‌

42

.43‌

2,107,555‌

0

.30‌

0

.30‌

1

.13‌

7‌

f

9

.41‌

1,510,268‌

0

.30‌

0

.30‌

1

.53‌

7‌

14

.01‌

1,366,911‌

0

.30‌

0

.30‌

1

.92‌

5‌

6

.97‌

1,196,818‌

0

.30‌

0

.30‌

1

.62‌

8‌

8

.64‌

27,398‌

0

.05‌

c

0.00‌

c

1

.79‌

c

1‌

(

14

.59‌

)

21,016‌

0

.05‌

0.00‌

1

.52‌

5‌

42

.90‌

23,973‌

0

.05‌

0.00‌

1

.43‌

7‌

f

9

.72‌

19,113‌

0

.04‌

0.00‌

1

.83‌

7‌

2

.17‌

17,484‌

0

.16‌

c

0.00‌

c

3

.34‌

c

5‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

196

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

4.5

SMALL-CAP

BLEND

INDEX

FUND

Institutional

Class:

4/30/23

#

$

21

.34‌

$

0

.21‌

$

(

0

.92‌

)

$

(

0

.71‌

)

$

(

0

.32‌

)

$

(

0

.07‌

)

$

(

0

.39‌

)

$

20

.24‌

10/31/22

28

.54‌

0

.32‌

(

5

.22‌

)

(

4

.90‌

)

(

0

.32‌

)

(

1

.98‌

)

(

2

.30‌

)

21

.34‌

10/31/21

19

.45‌

0

.27‌

9

.47‌

9

.74‌

(

0

.26‌

)

(

0

.39‌

)

(

0

.65‌

)

28

.54‌

10/31/20

20

.46‌

0

.22‌

(

0

.15‌

)

0

.07‌

(

0

.29‌

)

(

0

.79‌

)

(

1

.08‌

)

19

.45‌

10/31/19

21

.18‌

0

.31‌

0

.59‌

0

.90‌

(

0

.28‌

)

(

1

.34‌

)

(

1

.62‌

)

20

.46‌

10/31/18

22

.02‌

0

.31‌

0

.12‌

0

.43‌

(

0

.31‌

)

(

0

.96‌

)

(

1

.27‌

)

21

.18‌

Advisor

Class:

4/30/23

#

21

.29‌

0

.19‌

(

0

.92‌

)

(

0

.73‌

)

(

0

.29‌

)

(

0

.07‌

)

(

0

.36‌

)

20

.20‌

10/31/22

28

.48‌

0

.28‌

(

5

.20‌

)

(

4

.92‌

)

(

0

.29‌

)

(

1

.98‌

)

(

2

.27‌

)

21

.29‌

10/31/21

19

.41‌

0

.23‌

9

.46‌

9

.69‌

(

0

.23‌

)

(

0

.39‌

)

(

0

.62‌

)

28

.48‌

10/31/20

20

.43‌

0

.19‌

(

0

.16‌

)

0

.03‌

(

0

.26‌

)

(

0

.79‌

)

(

1

.05‌

)

19

.41‌

10/31/19

21

.15‌

0

.30‌

0

.57‌

0

.87‌

(

0

.25‌

)

(

1

.34‌

)

(

1

.59‌

)

20

.43‌

10/31/18

22

.00‌

0

.26‌

0

.14‌

0

.40‌

(

0

.29‌

)

(

0

.96‌

)

(

1

.25‌

)

21

.15‌

Retirement

Class:

4/30/23

#

21

.41‌

0

.18‌

(

0

.92‌

)

(

0

.74‌

)

(

0

.26‌

)

(

0

.07‌

)

(

0

.33‌

)

20

.34‌

10/31/22

28

.62‌

0

.26‌

(

5

.24‌

)

(

4

.98‌

)

(

0

.25‌

)

(

1

.98‌

)

(

2

.23‌

)

21

.41‌

10/31/21

19

.51‌

0

.20‌

9

.51‌

9

.71‌

(

0

.21‌

)

(

0

.39‌

)

(

0

.60‌

)

28

.62‌

10/31/20

20

.52‌

0

.17‌

(

0

.15‌

)

0

.02‌

(

0

.24‌

)

(

0

.79‌

)

(

1

.03‌

)

19

.51‌

10/31/19

21

.23‌

0

.26‌

0

.60‌

0

.86‌

(

0

.23‌

)

(

1

.34‌

)

(

1

.57‌

)

20

.52‌

10/31/18

22

.07‌

0

.25‌

0

.14‌

0

.39‌

(

0

.27‌

)

(

0

.96‌

)

(

1

.23‌

)

21

.23‌

#

Unaudited

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

c

Percentage

is

annualized.

f

Does

not

include

in-kind

transactions.

See

Notes

to

Financial

Statements

197

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

(

3

.32‌

)

%

$

2,457,940‌

0

.06‌

%

c

0

.06‌

%

c

2

.00‌

%

c

8‌

%

(

18

.42‌

)

2,548,376‌

0

.06‌

0

.06‌

1

.38‌

25‌

50

.75‌

3,552,723‌

0

.05‌

0

.05‌

1

.00‌

33‌

0

.08‌

2,308,446‌

0

.06‌

0

.06‌

1

.16‌

32‌

f

4

.98‌

2,308,296‌

0

.06‌

0

.06‌

1

.58‌

32‌

1

.99‌

1,966,064‌

0

.06‌

0

.06‌

1

.38‌

20‌

(

3

.44‌

)

11,617‌

0

.65‌

c

0

.20‌

c

1

.86‌

c

8‌

(

18

.53‌

)

12,338‌

0

.67‌

0

.21‌

1

.22‌

25‌

50

.57‌

13,774‌

0

.76‌

0

.20‌

0

.85‌

33‌

(

0

.11‌

)

8,823‌

1

.08‌

0

.20‌

1

.01‌

32‌

f

4

.83‌

7,980‌

0

.84‌

0

.21‌

1

.52‌

32‌

1

.84‌

13,215‌

0

.42‌

0

.21‌

1

.13‌

20‌

(

3

.45‌

)

660,510‌

0

.30‌

c

0

.30‌

c

1

.76‌

c

8‌

(

18

.63‌

)

742,366‌

0

.31‌

0

.31‌

1

.12‌

25‌

50

.39‌

1,095,078‌

0

.30‌

0

.30‌

0

.75‌

33‌

(

0

.16‌

)

791,714‌

0

.30‌

0

.30‌

0

.92‌

32‌

f

4

.72‌

791,066‌

0

.31‌

0

.31‌

1

.33‌

32‌

1

.75‌

689,246‌

0

.31‌

0

.31‌

1

.12‌

20‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

198

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

4.6

EMERGING

MARKETS

EQUITY

INDEX

FUND

Institutional

Class:

4/30/23

#

$

8

.91‌

$

0

.12‌

$

1

.37‌

$

1

.49‌

$

(

0

.25‌

)

$

—‌

$

(

0

.25‌

)

$

10

.15‌

10/31/22

13

.20‌

0

.32‌

(

4

.32‌

)

(

4

.00‌

)

(

0

.29‌

)

—‌

(

0

.29‌

)

8

.91‌

10/31/21

11

.64‌

0

.27‌

1

.56‌

1

.83‌

(

0

.27‌

)

—‌

(

0

.27‌

)

13

.20‌

10/31/20

11

.05‌

0

.23‌

0

.68‌

0

.91‌

(

0

.32‌

)

—‌

(

0

.32‌

)

11

.64‌

10/31/19

10

.14‌

0

.30‌

0

.85‌

1

.15‌

(

0

.24‌

)

—‌

(

0

.24‌

)

11

.05‌

10/31/18

11

.86‌

0

.28‌

(

1

.76‌

)

(

1

.48‌

)

(

0

.24‌

)

—‌

(

0

.24‌

)

10

.14‌

Advisor

Class:

4/30/23

#

8

.93‌

0

.11‌

1

.36‌

1

.47‌

(

0

.22‌

)

—‌

(

0

.22‌

)

10

.18‌

10/31/22

13

.23‌

0

.33‌

(

4

.36‌

)

(

4

.03‌

)

(

0

.27‌

)

—‌

(

0

.27‌

)

8

.93‌

10/31/21

11

.65‌

0

.24‌

1

.57‌

1

.81‌

(

0

.23‌

)

—‌

(

0

.23‌

)

13

.23‌

10/31/20

11

.06‌

0

.18‌

0

.71‌

0

.89‌

(

0

.30‌

)

—‌

(

0

.30‌

)

11

.65‌

10/31/19

10

.13‌

0

.35‌

0

.80‌

1

.15‌

(

0

.22‌

)

—‌

(

0

.22‌

)

11

.06‌

10/31/18

11

.85‌

0

.37‌

(

1

.87‌

)

(

1

.50‌

)

(

0

.22‌

)

—‌

(

0

.22‌

)

10

.13‌

Premier

Class:

4/30/23

#

8

.88‌

0

.12‌

1

.35‌

1

.47‌

(

0

.23‌

)

—‌

(

0

.23‌

)

10

.12‌

10/31/22

13

.15‌

0

.31‌

(

4

.32‌

)

(

4

.01‌

)

(

0

.26‌

)

—‌

(

0

.26‌

)

8

.88‌

10/31/21

11

.60‌

0

.25‌

1

.55‌

1

.80‌

(

0

.25‌

)

—‌

(

0

.25‌

)

13

.15‌

10/31/20

11

.02‌

0

.21‌

0

.67‌

0

.88‌

(

0

.30‌

)

—‌

(

0

.30‌

)

11

.60‌

10/31/19

10

.10‌

0

.32‌

0

.82‌

1

.14‌

(

0

.22‌

)

—‌

(

0

.22‌

)

11

.02‌

10/31/18

11

.82‌

0

.23‌

(

1

.73‌

)

(

1

.50‌

)

(

0

.22‌

)

—‌

(

0

.22‌

)

10

.10‌

Retirement

Class:

4/30/23

#

8

.86‌

0

.11‌

1

.35‌

1

.46‌

(

0

.22‌

)

—‌

(

0

.22‌

)

10

.10‌

10/31/22

13

.12‌

0

.29‌

(

4

.30‌

)

(

4

.01‌

)

(

0

.25‌

)

—‌

(

0

.25‌

)

8

.86‌

10/31/21

11

.57‌

0

.24‌

1

.55‌

1

.79‌

(

0

.24‌

)

—‌

(

0

.24‌

)

13

.12‌

10/31/20

11

.00‌

0

.20‌

0

.67‌

0

.87‌

(

0

.30‌

)

—‌

(

0

.30‌

)

11

.57‌

10/31/19

10

.08‌

0

.32‌

0

.81‌

1

.13‌

(

0

.21‌

)

—‌

(

0

.21‌

)

11

.00‌

10/31/18

11

.80‌

0

.24‌

(

1

.75‌

)

(

1

.51‌

)

(

0

.21‌

)

—‌

(

0

.21‌

)

10

.08‌

Retail

Class:

4/30/23

#

8

.87‌

0

.11‌

1

.35‌

1

.46‌

(

0

.21‌

)

—‌

(

0

.21‌

)

10

.12‌

10/31/22

13

.13‌

0

.28‌

(

4

.30‌

)

(

4

.02‌

)

(

0

.24‌

)

—‌

(

0

.24‌

)

8

.87‌

10/31/21

11

.59‌

0

.22‌

1

.55‌

1

.77‌

(

0

.23‌

)

—‌

(

0

.23‌

)

13

.13‌

10/31/20

11

.00‌

0

.19‌

0

.68‌

0

.87‌

(

0

.28‌

)

—‌

(

0

.28‌

)

11

.59‌

10/31/19

10

.09‌

0

.29‌

0

.82‌

1

.11‌

(

0

.20‌

)

—‌

(

0

.20‌

)

11

.00‌

10/31/18

11

.81‌

0

.23‌

(

1

.75‌

)

(

1

.52‌

)

(

0

.20‌

)

—‌

(

0

.20‌

)

10

.09‌

Class

W:

4/30/23

#

8

.94‌

0

.13‌

1

.36‌

1

.49‌

(

0

.26‌

)

—‌

(

0

.26‌

)

10

.17‌

10/31/22

13

.23‌

0

.34‌

(

4

.33‌

)

(

3

.99‌

)

(

0

.30‌

)

—‌

(

0

.30‌

)

8

.94‌

10/31/21

11

.66‌

0

.29‌

1

.57‌

1

.86‌

(

0

.29‌

)

—‌

(

0

.29‌

)

13

.23‌

10/31/20

11

.07‌

0

.26‌

0

.67‌

0

.93‌

(

0

.34‌

)

—‌

(

0

.34‌

)

11

.66‌

10/31/19

10

.14‌

0

.37‌

0

.81‌

1

.18‌

(

0

.25‌

)

—‌

(

0

.25‌

)

11

.07‌

10/31/18

†

11

.06‌

0

.02‌

(

0

.94‌

)

(

0

.92‌

)

—‌

—‌

—‌

10

.14‌

#

Unaudited

†

Class

W

commenced

operations

on

September

28,

2018.

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

c

Percentage

is

annualized.

f

Does

not

include

in-kind

transactions.

See

Notes

to

Financial

Statements

199

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

16

.73‌

%

$

1,100,714‌

0

.16‌

%

c

0

.16‌

%

c

2

.45‌

%

c

6‌

%

(

30

.98‌

)

1,010,505‌

0

.19‌

0

.19‌

2

.91‌

7‌

15

.77‌

1,165,241‌

0

.18‌

0

.18‌

1

.96‌

33‌

f

8

.43‌

921,818‌

0

.20‌

0

.20‌

2

.13‌

36‌

11

.60‌

824,509‌

0

.20‌

0

.20‌

2

.80‌

53‌

(

12

.75‌

)

1,256,129‌

0

.20‌

0

.20‌

2

.34‌

27‌

16

.50‌

2,790‌

0

.28‌

c

0

.28‌

c

2

.25‌

c

6‌

(

31

.08‌

)

6,895‌

0

.33‌

0

.33‌

3

.01‌

7‌

15

.61‌

4,300‌

0

.32‌

0

.32‌

1

.77‌

33‌

f

8

.28‌

2,449‌

0

.34‌

0

.34‌

1

.62‌

36‌

11

.52‌

12,105‌

0

.34‌

0

.34‌

3

.34‌

53‌

(

12

.86‌

)

1,511‌

0

.34‌

0

.34‌

3

.19‌

27‌

16

.61‌

26,487‌

0

.31‌

c

0

.31‌

c

2

.32‌

c

6‌

(

31

.06‌

)

22,113‌

0

.34‌

0

.34‌

2

.74‌

7‌

15

.58‌

28,510‌

0

.33‌

0

.33‌

1

.80‌

33‌

f

8

.21‌

25,218‌

0

.35‌

0

.35‌

1

.90‌

36‌

11

.52‌

26,772‌

0

.35‌

0

.35‌

3

.00‌

53‌

(

12

.89‌

)

24,852‌

0

.35‌

0

.35‌

1

.99‌

27‌

16

.53‌

557,902‌

0

.41‌

c

0

.41‌

c

2

.22‌

c

6‌

(

31

.12‌

)

438,986‌

0

.44‌

0

.44‌

2

.64‌

7‌

15

.55‌

556,244‌

0

.43‌

0

.43‌

1

.74‌

33‌

f

8

.06‌

428,964‌

0

.45‌

0

.45‌

1

.89‌

36‌

11

.43‌

325,179‌

0

.45‌

0

.45‌

2

.97‌

53‌

(

12

.99‌

)

233,463‌

0

.45‌

0

.45‌

2

.03‌

27‌

16

.53‌

17,741‌

0

.49‌

c

0

.49‌

c

2

.12‌

c

6‌

(

31

.19‌

)

16,002‌

0

.53‌

0

.50‌

2

.51‌

7‌

15

.32‌

23,317‌

0

.56‌

0

.56‌

1

.65‌

33‌

f

8

.07‌

15,221‌

0

.57‌

0

.57‌

1

.73‌

36‌

11

.16‌

14,225‌

0

.57‌

0

.57‌

2

.74‌

53‌

(

13

.07‌

)

13,357‌

0

.57‌

0

.57‌

1

.92‌

27‌

16

.77‌

3,545,672‌

0

.16‌

c

0.00‌

c

2

.61‌

c

6‌

(

30

.81‌

)

3,053,793‌

0

.19‌

0.00‌

3

.07‌

7‌

16

.00‌

3,377,750‌

0

.18‌

0.00‌

2

.17‌

33‌

f

8

.60‌

2,131,058‌

0

.20‌

0

.01‌

2

.37‌

36‌

11

.86‌

1,399,712‌

0

.20‌

0.00‌

3

.50‌

53‌

(

8

.32‌

)

889,002‌

0

.22‌

c

0.00‌

c

2

.27‌

c

27‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

200

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

4.7

INTERNATIONAL

EQUITY

INDEX

FUND

Institutional

Class:

4/30/23

#

$

17

.60‌

$

0

.31‌

$

3

.94‌

$

4

.25‌

$

(

0

.54‌

)

$

—‌

$

(

0

.54‌

)

$

21

.31‌

10/31/22

23

.56‌

0

.64‌

(

5

.91‌

)

(

5

.27‌

)

(

0

.69‌

)

—‌

(

0

.69‌

)

17

.60‌

10/31/21

17

.93‌

0

.61‌

5

.44‌

6

.05‌

(

0

.42‌

)

—‌

(

0

.42‌

)

23

.56‌

10/31/20

19

.77‌

0

.45‌

(

1

.67‌

)

(

1

.22‌

)

(

0

.62‌

)

—‌

(

0

.62‌

)

17

.93‌

10/31/19

18

.37‌

0

.61‌

1

.37‌

1

.98‌

(

0

.58‌

)

—‌

(

0

.58‌

)

19

.77‌

10/31/18

20

.32‌

0

.61‌

(

2

.00‌

)

(

1

.39‌

)

(

0

.56‌

)

—‌

(

0

.56‌

)

18

.37‌

Advisor

Class:

4/30/23

#

17

.56‌

0

.40‌

3

.84‌

4

.24‌

(

0

.52‌

)

—‌

(

0

.52‌

)

21

.28‌

10/31/22

23

.51‌

0

.61‌

(

5

.89‌

)

(

5

.28‌

)

(

0

.67‌

)

—‌

(

0

.67‌

)

17

.56‌

10/31/21

17

.90‌

0

.59‌

5

.42‌

6

.01‌

(

0

.40‌

)

—‌

(

0

.40‌

)

23

.51‌

10/31/20

19

.75‌

0

.43‌

(

1

.68‌

)

(

1

.25‌

)

(

0

.60‌

)

—‌

(

0

.60‌

)

17

.90‌

10/31/19

18

.34‌

0

.58‌

1

.38‌

1

.96‌

(

0

.55‌

)

—‌

(

0

.55‌

)

19

.75‌

10/31/18

20

.29‌

0

.60‌

(

2

.01‌

)

(

1

.41‌

)

(

0

.54‌

)

—‌

(

0

.54‌

)

18

.34‌

Premier

Class:

4/30/23

#

17

.55‌

0

.30‌

3

.93‌

4

.23‌

(

0

.51‌

)

—‌

(

0

.51‌

)

21

.27‌

10/31/22

23

.48‌

0

.59‌

(

5

.87‌

)

(

5

.28‌

)

(

0

.65‌

)

—‌

(

0

.65‌

)

17

.55‌

10/31/21

17

.87‌

0

.58‌

5

.42‌

6

.00‌

(

0

.39‌

)

—‌

(

0

.39‌

)

23

.48‌

10/31/20

19

.71‌

0

.42‌

(

1

.67‌

)

(

1

.25‌

)

(

0

.59‌

)

—‌

(

0

.59‌

)

17

.87‌

10/31/19

18

.31‌

0

.59‌

1

.36‌

1

.95‌

(

0

.55‌

)

—‌

(

0

.55‌

)

19

.71‌

10/31/18

20

.26‌

0

.56‌

(

1

.98‌

)

(

1

.42‌

)

(

0

.53‌

)

—‌

(

0

.53‌

)

18

.31‌

Retirement

Class:

4/30/23

#

18

.00‌

0

.30‌

4

.04‌

4

.34‌

(

0

.49‌

)

—‌

(

0

.49‌

)

21

.85‌

10/31/22

24

.08‌

0

.60‌

(

6

.05‌

)

(

5

.45‌

)

(

0

.63‌

)

—‌

(

0

.63‌

)

18

.00‌

10/31/21

18

.32‌

0

.57‌

5

.56‌

6

.13‌

(

0

.37‌

)

—‌

(

0

.37‌

)

24

.08‌

10/31/20

20

.20‌

0

.41‌

(

1

.72‌

)

(

1

.31‌

)

(

0

.57‌

)

—‌

(

0

.57‌

)

18

.32‌

10/31/19

18

.74‌

0

.59‌

1

.40‌

1

.99‌

(

0

.53‌

)

—‌

(

0

.53‌

)

20

.20‌

10/31/18

20

.73‌

0

.57‌

(

2

.04‌

)

(

1

.47‌

)

(

0

.52‌

)

—‌

(

0

.52‌

)

18

.74‌

Class

W:

4/30/23

#

17

.61‌

0

.32‌

3

.95‌

4

.27‌

(

0

.55‌

)

—‌

(

0

.55‌

)

21

.33‌

10/31/22

23

.57‌

0

.65‌

(

5

.91‌

)

(

5

.26‌

)

(

0

.70‌

)

—‌

(

0

.70‌

)

17

.61‌

10/31/21

17

.94‌

0

.63‌

5

.43‌

6

.06‌

(

0

.43‌

)

—‌

(

0

.43‌

)

23

.57‌

10/31/20

19

.78‌

0

.46‌

(

1

.68‌

)

(

1

.22‌

)

(

0

.62‌

)

—‌

(

0

.62‌

)

17

.94‌

10/31/19

18

.37‌

0

.63‌

1

.36‌

1

.99‌

(

0

.58‌

)

—‌

(

0

.58‌

)

19

.78‌

10/31/18

†

19

.95‌

0

.02‌

(

1

.60‌

)

(

1

.58‌

)

—‌

—‌

—‌

18

.37‌

#

Unaudited

†

Class

W

commenced

operations

on

September

28,

2018.

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

c

Percentage

is

annualized.

f

Does

not

include

in-kind

transactions.

See

Notes

to

Financial

Statements

201

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

24

.45‌

%

$

10,181,124‌

0

.05‌

%

c

0

.05‌

%

c

3

.17‌

%

c

5‌

%

(

23

.00‌

)

8,366,604‌

0

.05‌

0

.05‌

3

.14‌

5‌

34

.05‌

9,784,831‌

0

.05‌

0

.05‌

2

.72‌

5‌

f

(

6

.45‌

)

7,675,874‌

0

.05‌

0

.05‌

2

.46‌

4‌

11

.23‌

7,842,042‌

0

.06‌

0

.06‌

3

.28‌

10‌

(

7

.04‌

)

7,702,594‌

0

.06‌

0

.06‌

3

.06‌

4‌

f

24

.42‌

859,774‌

0

.19‌

c

0

.19‌

c

4

.04‌

c

5‌

(

23

.10‌

)

135,488‌

0

.17‌

0

.17‌

3

.03‌

5‌

33

.86‌

156,717‌

0

.17‌

0

.17‌

2

.65‌

5‌

f

(

6

.58‌

)

111,950‌

0

.17‌

0

.17‌

2

.32‌

4‌

11

.15‌

118,307‌

0

.19‌

0

.19‌

3

.15‌

10‌

(

7

.16‌

)

28,194‌

0

.20‌

0

.20‌

3

.00‌

4‌

f

24

.39‌

172,195‌

0

.20‌

c

0

.20‌

c

3

.01‌

c

5‌

(

23

.10‌

)

138,009‌

0

.20‌

0

.20‌

2

.91‌

5‌

33

.87‌

235,696‌

0

.20‌

0

.20‌

2

.60‌

5‌

f

(

6

.61‌

)

201,339‌

0

.20‌

0

.20‌

2

.26‌

4‌

11

.06‌

240,884‌

0

.21‌

0

.21‌

3

.18‌

10‌

(

7

.18‌

)

215,656‌

0

.21‌

0

.21‌

2

.80‌

4‌

f

24

.37‌

1,256,574‌

0

.30‌

c

0

.30‌

c

2

.92‌

c

5‌

(

23

.20‌

)

1,025,583‌

0

.30‌

0

.30‌

2

.86‌

5‌

33

.74‌

1,409,903‌

0

.30‌

0

.30‌

2

.50‌

5‌

f

(

6

.73‌

)

1,140,317‌

0

.30‌

0

.30‌

2

.20‌

4‌

11

.01‌

1,175,682‌

0

.31‌

0

.31‌

3

.09‌

10‌

(

7

.29‌

)

965,816‌

0

.31‌

0

.31‌

2

.78‌

4‌

f

24

.50‌

8,545,820‌

0

.05‌

c

0.00‌

c

3

.23‌

c

5‌

(

22

.96‌

)

7,066,985‌

0

.05‌

0.00‌

3

.21‌

5‌

34

.09‌

7,359,293‌

0

.05‌

0.00‌

2

.80‌

5‌

f

(

6

.40‌

)

4,288,389‌

0

.05‌

0.00‌

2

.53‌

4‌

11

.30‌

3,612,733‌

0

.06‌

0.00‌

3

.42‌

10‌

(

7

.92‌

)

2,478,430‌

0

.06‌

c

0.00‌

c

1

.15‌

c

4‌

f

202

Notes

to

Financial

Statements

(unaudited)

1.

Organization

TIAA-CREF

Funds

(the

“Trust”)

is

a

Delaware

statutory

trust

that

is

registered

with

the

U.S. Securities

and

Exchange

Commission

(“SEC”)

under

the

Investment

Company

Act

of

1940,

as

amended

(“1940

Act”),

as

an

open-end

management

investment

company.

The

following

are

the

TIAA-CREF

Funds

included

in

this

report:

Equity

Index

Fund,

Large-Cap

Growth

Index

Fund,

Large-Cap

Value

Index

Fund,

S&P

500

Index

Fund,

Small-Cap

Blend

Index

Fund,

Emerging

Markets

Equity

Index

Fund,

and

the

International

Equity

Index

Fund

(collectively

the

“Funds”

or

individually,

the

“Fund”).

Current

Fiscal

Period:

 The

end

of

the

reporting

period

for

the Funds

is

April

30,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

six

months

ended

April

30,

2023

(the

"current

fiscal

period").

Teachers

Advisors,

LLC

(the

“Adviser”),

a

wholly

owned

indirect

subsidiary

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”),

is

registered

with

the

SEC

as

an

investment

adviser

and

provides

investment

management

services

for

the

Funds.  

The

Funds

offer

their

shares,

without

a

sales

load,

through

their

principal

underwriter,

Nuveen

Securities,

LLC

(“Nuveen

Securities”), which

is

a

wholly

owned

indirect

subsidiary

of

TIAA.

The

Funds

offer

up

to

six

share

classes,

although

any

one

Fund

may

not

necessarily

offer

all

six

classes.

The

Funds

may

offer

Institutional

Class,

Advisor

Class, Premier

Class,

Retirement Class, Retail

Class

and

Class

W

shares.

Each

class

differs

by

the

allocation

of

class-specific

expenses

and

voting

rights

in

matters

affecting

a

single

class.

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

.

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.

Multiclass

Operations

and

Allocations:

Income, expenses,

realized

gains

and

losses

and

unrealized

appreciation

and

depreciation

of

a

Fund

are

allocated

on

a

pro

rata

basis

to

each

class

of

shares,

except

for

service

agreement

fees,

distribution

fees

and

transfer

agency

fees

and

expenses, which

are

unique

to

each

class

of

shares.

Most

expenses

of

the

Trust

can

be

directly

attributed

to

a

Fund.

Expenses

that

cannot

be

directly

attributed

are

allocated

to

each

Fund

in

the

Trust

based

upon

the

average

net

assets

of

each

Fund.

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.

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)”

on

the

Statement

of

Operations,

when

applicable. 

203

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

“Net

change

in

unrealized

appreciation

(depreciation)”

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 “Net

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.

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.

Trustees

may

elect

to

participate

in

a

deferred

compensation

plan

and

defer

all

or

a

portion

of

their

compensation.

In

addition,

trustees

participate

in

a

long-term

compensation

plan.

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

and

long-term

compensation

incurred,

are

reflected

in

the

Statement

of

Operations.

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.

New

Accounting

Pronouncement:

 In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

(“Topic

820”).

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-03

(1)

clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

an

equity

security,

(2)

amends

a

related

illustrative

example,

and

(3)

introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820.

For

public

business

entities,

the

amendments

in

ASU

2022-03

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

December

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

Management

is

currently

assessing

the

impact

of

these

provisions

on

the

Funds' financial

statements.

3.

Investment

Valuation

and

Fair

Value

Measurements

The Funds'

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

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.

Notes

to

Financial

Statements

(unaudited)

(continued)

204

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

last

reported

sales

price

or

official

closing

price

of

such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported

sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the

valuation

date.

For

events

affecting

the

value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the Funds'

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1.

When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price,

these

securities

are

generally

classified

as

Level

2. 

Investments

in

investment

companies

are

valued

at

their

respective NAVs

or

share

price

on

the

valuation

date

and

are

generally

classified

as Level

1.

Repurchase

agreements

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

are

generally

classified

as

Level

2.

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.

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

reporting

period, based

on

the

inputs

used

to

value

them:

Fund

Level

1

Level

2

Level

3

Total

Equity

Index

Common

stocks

$35,528,992,044

$—

$574,038

$35,529,566,082

Rights/Warrants

—

—

276

276

Short-term

investments

129,018,000

158,574,271

—

287,592,271

Futures

contracts*

1,714,863

—

—

1,714,863

Total

$35,659,724,907

$158,574,271

$574,314

$35,818,873,492

1

1

1

1

1

Large-Cap

Growth

Index

Common

stocks

$9,840,574,346

$—

$—

$9,840,574,346

Short-term

investments

5,565,817

—

—

5,565,817

Total

$9,846,140,163

$—

$—

$9,846,140,163

1

1

1

1

1

Large-Cap

Value

Index

Common

stocks

$8,181,961,070

$—

$106,100

$8,182,067,170

Short-term

investments

14,655,393

5,420,000

—

20,075,393

Total

$8,196,616,463

$5,420,000

$106,100

$8,202,142,563

1

1

1

1

1

S&P

500

Index

Common

stocks

$7,463,469,678

$—

$—

$7,463,469,678

Short-term

investments

210,274

36,210,807

—

36,421,081

Futures

contracts*

324,060

—

—

324,060

Total

$7,464,004,012

$36,210,807

$—

$7,500,214,819

1

1

1

1

1

Small-Cap

Blend

Index

Common

stocks

$3,107,111,850

$—

$622,713

$3,107,734,563

Rights/Warrants

79

—

561

640

Short-term

investments

102,839,232

20,380,000

—

123,219,232

Futures

contracts*

22,225

—

—

22,225

Total

$3,209,973,386

$20,380,000

$623,274

$3,230,976,660

1

1

1

1

1

205

4.

Investments

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.

Securities

Lending:

Certain Funds

may

lend

their

securities

to

qualified

institutional

borrowers

to

earn

additional

income.

A

Fund receives

collateral

(in

the

form

of

cash,

Treasury

securities

or

other

collateral

permitted

by

applicable

law)

against

the

loaned

securities

and

maintains

collateral

in

an

amount

not

less

than

100%

of

the

market

value

of

loaned

securities

during

the

period

of

the

loan;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the Fund

the

next

business

day.

Cash

collateral

received

by the

Fund will

generally

be

invested

in

high-quality

short-term

instruments

or

in

one

or

more

funds

maintained

by

the

securities

lending

agent

(“Agent”)

for

the

purpose

of

investing

cash

collateral.

The

value

of

the

loaned

securities

and

the

liability

to

return

the

cash

collateral

received

are

reflected

in

the

Statement

of

Assets

and

Liabilities.

Non-cash

collateral

is

not

disclosed

in

the

Funds’

Statement

of

Assets

and

Liabilities

as

it

is

held

by

the Agent

or

by

a

third-party

bank

engaged

by

the

Agent

as

a

special

"tri-party" custodian on

behalf

of

the Funds,

and

the

Funds

do

not

have

the

ability

to

sell

or

re-hypothecate

those

securities.

As

of

the

end

of

the

reporting

period,

securities

lending

transactions are

for equity

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

reporting

period,

the

total

value

of

securities

on

loan

and

the

total

value

of

collateral

received

were

as

follows:

Purchases

and

Sales:

Purchases

and

sales

of

securities

(other

than

short-term

instruments)

for

all

of

the Funds for

the

current

fiscal

period,

were

as

follows:

Fund

Level

1

Level

2

Level

3

Total

Emerging

Markets

Equity

Index

Corporate

bonds

$—

$19,686

$—

$19,686

Common

stocks

587,458,101

4,650,432,084

481,496

5,238,371,681

Rights/Warrants

9,000

—

—

9,000

Short-term

investments

6,596,856

15,922,567

—

22,519,423

Futures

contracts*

179,286

—

—

179,286

Total

$594,243,243

$4,666,374,337

$481,496

$5,261,099,076

1

1

1

1

1

International

Equity

Index

Common

stocks

$118,627,343

$20,614,671,710

$—

$20,733,299,053

Short-term

investments

287,756,038

159,740,391

—

447,496,429

Futures

contracts*

1,054,886

—

—

1,054,886

Total

$407,438,267

$20,774,412,101

$—

$21,181,850,368

1

1

1

1

1

*

Represents

net

unrealized

appreciation

(depreciation)

as

reported

in

the

Fund's

Portfolio

of

Investments

Aggregate

Value

of

Securities

on

Loan

Fund

Equity

Securities

Cash

Collateral

Received*

Non-Cash

Collateral

Received

Total

Collateral

Received

Equity

Index

$177,046,958

$129,018,000

$56,043,208

$185,061,208

Large-Cap

Growth

Index

10,970,802

5,565,817

5,856,549

11,422,366

Large-Cap

Value

Index

24,841,116

14,655,393

11,326,556

25,981,949

S&P

500

Index

1,998,312

210,274

1,980,905

2,191,179

Small-Cap

Blend

Index

131,811,738

102,839,232

35,320,456

138,159,688

Emerging

Markets

Equity

Index

68,607,836

6,596,856

66,987,356

73,584,212

International

Equity

Index

479,606,819

287,756,038

222,092,340

509,848,378

*May

include

cash

and

investment

of

cash

collateral.

Notes

to

Financial

Statements

(unaudited)

(continued)

206

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.

The

Funds have

segregated

securities

in

their

portfolios

with

a

current

value

at

least

equal

to

the

amount

of

the

when-issued/delayed

delivery

purchase

commitments.

If

the

Funds have

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 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.

At

the

end

of

the

reporting

period,

the

following Funds

have

invested

in

derivative

contracts

which

are

reflected

in

the

Statement

of

Assets

and

Liabilities

as

follows:

*

Value

represents

the

cumulative

unrealized

appreciation

(depreciation)

of

cleared

derivative

contracts

as

reported

in

the

Fund's

Portfolio

of

investments.

The

Statements

of

assets

and

liabilities

only

reflects

the

current

day

variation

margin

receivable/payable

from/to

brokers

on

open

cleared

derivative

contracts.

During

the

current

fiscal

period,

the

effect

of

derivative

contracts

on

the Funds'

Statement

of

Operations

was

as

follows:

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

4.1

Equity

Index

$

2,267,984,501

$

374,105,556

4.2

Large-Cap

Growth

Index

978,689,749

996,908,049

4.3

Large-Cap

Value

Index

566,456,401

603,199,359

4.4

S&P

500

Index

240,854,458

91,513,079

4.5

Small-Cap

Blend

Index

242,021,849

281,245,887

4.6

Emerging

Markets

Equity

Index

384,868,106

304,159,739

4.7

International

Equity

Index

1,550,832,375

971,600,875

Asset

Derivatives

Liability

Derivatives

Derivative

Instrument

Risk

Exposure

Location

Value

Location

Value

Equity

Index

Fund

Futures

contracts

Equity

Unrealized

appreciation

on

futures

contracts

*

$

1,714,863

-

$

–

1

1

1

1

1

1

1

1

S&P

500

Index

Fund

Futures

contracts

Equity

Unrealized

appreciation

on

futures

contracts

*

324,060

-

–

1

1

1

1

1

1

1

1

Small-Cap

Blend

Index

Fund

Futures

contracts

Equity

Unrealized

appreciation

on

futures

contracts

*

22,225

-

–

1

1

1

1

1

1

1

1

Emerging

Markets

Equity

Index

Fund

Futures

contracts

Equity

Unrealized

appreciation

on

futures

contracts

*

179,286

-

–

1

1

1

1

1

1

1

1

International

Equity

Index

Fund

Futures

contracts

Equity

Unrealized

appreciation

on

futures

contracts

*

1,054,886

-

–

1

1

1

1

1

1

1

1

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

4.1

Equity

Index

Fund

Futures

contracts

Equity

$

4,539,030

$

(

461,841

)

4.4

S&P

500

Index

Fund

Futures

contracts

Equity

3,254,912

(

1,494,956

)

4.5

Small-Cap

Blend

Index

Fund

Futures

contracts

Equity

(

456,674

)

(

1,179,207

)

4.6

Emerging

Markets

Equity

Index

Fund

Futures

contracts

Equity

13,826,601

2,047,342

4.7

International

Equity

Index

Fund

Futures

contracts

Equity

46,405,698

(

3,469,415

)

207

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:

6.

Fund

Shares

Transactions

in

Fund

shares

during

the

current

and

prior

fiscal

period

were

as

follows:

Fund

Average

Notional

Amount

of

Futures

Contracts

Outstanding*

4.1

Equity

Index

$

113,916,666

4.4

S&P

500

Index

54,400,851

4.5

Small-Cap

Blend

Index

19,578,365

4.6

Emerging

Markets

Equity

Index

48,113,437

4.7

International

Equity

Index

219,126,897

*

The

average

notional

amount

is

calculated

based

on

the

absolute

aggregate

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.

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

4.1

Equity

Index

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

15,702,633

$

438,548,443

78,129,383

$

2,369,122,759

Advisor

Class

34,566

984,749

533,419

18,170,974

Premier

Class

54,642

1,541,884

442,800

13,275,587

Retirement

Class

567,386

16,258,760

1,086,900

33,859,185

Retail

Class

842,394

24,292,254

2,281,184

71,726,041

Class

W

81,944,716

2,320,575,783

158,535,172

4,679,531,286

Total

subscriptions

99,146,337

2,802,201,873

241,008,858

7,185,685,832

Reinvestments

of

distributions:

Institutional

Class

7,418,805

206,094,393

7,600,524

256,669,697

Advisor

Class

6,504

180,817

17,667

596,977

Premier

Class

31,521

873,771

40,785

1,374,868

Retirement

Class

341,368

9,640,250

442,422

15,183,932

Retail

Class

616,108

17,460,490

740,415

25,499,871

Class

W

12,820,715

356,159,463

12,840,407

433,748,939

Total

reinvestments

of

distributions

21,235,021

590,409,184

21,682,220

733,074,284

Redemptions:

Institutional

Class

(

14,108,551

)

(

397,492,946

)

(

30,359,541

)

(

937,348,147

)

Advisor

Class

(

42,693

)

(

1,208,229

)

(

558,269

)

(

17,168,844

)

Premier

Class

(

244,091

)

(

7,044,654

)

(

611,608

)

(

19,355,035

)

Retirement

Class

(

1,226,237

)

(

35,364,164

)

(

2,743,318

)

(

85,890,255

)

Retail

Class

(

1,740,679

)

(

50,471,989

)

(

2,694,857

)

(

83,137,400

)

Class

W

(

62,183,317

)

(

1,750,949,640

)

(

81,550,180

)

(

2,516,908,903

)

Total

redemptions

(

79,545,568

)

(

2,242,531,622

)

(

118,517,773

)

(

3,659,808,584

)

Net

increase

(decrease)

from

shareholder

transactions

40,835,790

$

1,150,079,435

144,173,305

$

4,258,951,532

Notes

to

Financial

Statements

(unaudited)

(continued)

208

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

4.2

Large-Cap

Growth

Index

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

28,962,574

$

1,152,009,531

52,747,383

$

2,534,157,660

Advisor

Class

681,071

26,001,033

1,332,736

61,988,048

Retirement

Class

942,559

38,829,389

1,333,997

64,959,102

Class

W

357,678

14,086,436

315,540

13,646,095

Total

subscriptions

30,943,882

1,230,926,389

55,729,656

2,674,750,905

Reinvestments

of

distributions:

Institutional

Class

16,557,648

639,456,362

11,641,762

672,078,897

Advisor

Class

149,498

5,766,150

116,722

6,730,167

Retirement

Class

1,787,823

69,725,079

1,481,451

86,250,105

Class

W

80,404

2,957,273

66,234

3,658,788

Total

reinvestments

of

distributions

18,575,373

717,904,864

13,306,169

768,717,957

Redemptions:

Institutional

Class

(

27,187,547

)

(

1,087,096,222

)

(

41,256,398

)

(

2,084,977,276

)

Advisor

Class

(

799,982

)

(

33,987,190

)

(

795,218

)

(

39,705,640

)

Retirement

Class

(

1,405,213

)

(

57,088,594

)

(

2,693,723

)

(

133,892,622

)

Class

W

(

56,371

)

(

2,197,107

)

(

26,176,096

)

(

1,628,646,730

)

Total

redemptions

(

29,449,113

)

(

1,180,369,113

)

(

70,921,435

)

(

3,887,222,268

)

Net

increase

(decrease)

from

shareholder

transactions

20,070,142

$

768,462,140

(

1,885,610

)

$

(

443,753,406

)

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

4.3

Large-Cap

Value

Index

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

25,713,118

$

571,623,575

37,370,949

$

869,322,559

Advisor

Class

947,469

20,849,674

1,164,664

27,593,235

Retirement

Class

2,480,288

56,187,048

5,896,557

143,528,174

Class

W

307,316

6,856,884

494,486

11,154,788

Total

subscriptions

29,448,191

655,517,181

44,926,656

1,051,598,756

Reinvestments

of

distributions:

Institutional

Class

11,166,063

244,090,149

9,773,885

234,573,225

Advisor

Class

11,388

249,403

23,192

555,912

Retirement

Class

2,264,200

50,536,935

1,827,380

44,734,272

Class

W

76,228

1,666,335

57,448

1,378,187

Total

reinvestments

of

distributions

13,517,879

296,542,822

11,681,905

281,241,596

Redemptions:

Institutional

Class

(

29,906,196

)

(

664,366,419

)

(

56,704,292

)

(

1,323,182,983

)

Advisor

Class

(

591,190

)

(

13,683,392

)

(

1,032,920

)

(

23,938,694

)

Retirement

Class

(

1,963,162

)

(

44,854,635

)

(

3,864,630

)

(

91,073,631

)

Class

W

(

272,889

)

(

6,038,670

)

(

389,081

)

(

9,051,285

)

Total

redemptions

(

32,733,437

)

(

728,943,116

)

(

61,990,923

)

(

1,447,246,593

)

Net

increase

(decrease)

from

shareholder

transactions

10,232,633

$

223,116,887

(

5,382,362

)

$

(

114,406,241

)

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

4.4

S&P

500

Index

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

7,703,241

$

337,759,068

16,699,412

$

778,599,313

Advisor

Class

563,351

24,553,191

864,558

40,655,923

Retirement

Class

4,014,744

174,606,821

4,408,706

202,019,442

Class

W

133,829

5,902,547

139,607

6,234,176

Total

subscriptions

12,415,165

542,821,627

22,112,283

1,027,508,854

Reinvestments

of

distributions:

Institutional

Class

2,076,962

89,039,362

2,129,649

109,613,033

Advisor

Class

49,294

2,110,260

43,546

2,238,268

Retirement

Class

691,321

29,436,459

653,035

33,383,169

Class

W

9,363

401,305

8,407

432,615

Total

reinvestments

of

distributions

2,826,940

120,987,386

2,834,637

145,667,085

Redemptions:

Institutional

Class

(

8,844,603

)

(

385,646,284

)

(

27,227,637

)

(

1,307,082,778

)

Advisor

Class

(

473,032

)

(

20,572,305

)

(

858,802

)

(

39,942,377

)

Retirement

Class

(

1,284,472

)

(

56,156,523

)

(

4,646,288

)

(

216,344,001

)

Class

W

(

33,855

)

(

1,479,141

)

(

126,836

)

(

5,933,607

)

Total

redemptions

(

10,635,962

)

(

463,854,253

)

(

32,859,563

)

(

1,569,302,763

)

Net

increase

(decrease)

from

shareholder

transactions

4,606,143

$

199,954,760

(

7,912,643

)

$

(

396,126,824

)

209

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

4.5

Small-Cap

Blend

Index

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

14,987,145

$

312,687,493

21,043,441

$

468,367,024

Advisor

Class

64,511

1,339,893

320,919

8,093,401

Retirement

Class

273,806

5,762,336

583,237

13,580,601

Total

subscriptions

15,325,462

319,789,722

21,947,597

490,041,026

Reinvestments

of

distributions:

Institutional

Class

2,275,172

46,459,018

11,012,341

277,841,379

Advisor

Class

10,150

207,051

53,564

1,349,807

Retirement

Class

553,180

11,362,316

3,316,091

84,129,222

Total

reinvestments

of

distributions

2,838,502

58,028,385

14,381,996

363,320,408

Redemptions:

Institutional

Class

(

15,211,514

)

(

318,688,197

)

(

37,126,947

)

(

821,110,549

)

Advisor

Class

(

79,256

)

(

1,650,656

)

(

278,545

)

(

6,166,229

)

Retirement

Class

(

3,021,903

)

(

63,569,737

)

(

7,495,204

)

(

170,474,163

)

Total

redemptions

(

18,312,673

)

(

383,908,590

)

(

44,900,696

)

(

997,750,941

)

Net

increase

(decrease)

from

shareholder

transactions

(

148,709

)

$

(

6,090,483

)

(

8,571,103

)

$

(

144,389,507

)

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

4.6

Emerging

Markets

Equity

Index

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

12,739,030

$

128,566,484

34,158,831

$

380,688,945

Advisor

Class

81,344

803,824

1,111,777

12,033,740

Premier

Class

555,098

5,617,553

692,614

7,523,771

Retirement

Class

5,323,318

53,771,428

7,019,234

78,690,153

Retail

Class

461,080

4,465,770

846,910

9,776,419

Class

W

38,992,959

391,286,283

110,291,585

1,221,105,988

Total

subscriptions

58,152,829

584,511,342

154,120,951

1,709,819,016

Reinvestments

of

distributions:

Institutional

Class

2,848,705

28,430,078

2,005,694

25,512,424

Advisor

Class

7,619

76,341

8,768

111,880

Premier

Class

60,066

598,262

45,061

571,821

Retirement

Class

1,123,689

11,169,469

860,612

10,903,950

Retail

Class

36,073

359,283

32,869

417,108

Class

W

8,800,101

87,913,014

6,525,345

83,067,648

Total

reinvestments

of

distributions

12,876,253

128,546,447

9,478,349

120,584,831

Redemptions:

Institutional

Class

(

20,512,117

)

(

207,590,109

)

(

11,075,026

)

(

122,934,038

)

Advisor

Class

(

587,358

)

(

5,804,700

)

(

673,308

)

(

7,307,306

)

Premier

Class

(

487,692

)

(

5,012,417

)

(

415,930

)

(

4,543,040

)

Retirement

Class

(

755,129

)

(

7,677,420

)

(

723,921

)

(

8,233,923

)

Retail

Class

(

547,625

)

(

5,322,593

)

(

851,890

)

(

9,957,974

)

Class

W

(

40,721,909

)

(

417,834,926

)

(

30,465,134

)

(

349,589,735

)

Total

redemptions

(

63,611,830

)

(

649,242,165

)

(

44,205,209

)

(

502,566,016

)

Net

increase

(decrease)

from

shareholder

transactions

7,417,252

$

63,815,624

119,394,091

$

1,327,837,831

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

4.7

International

Equity

Index

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

35,965,912

$

724,969,972

78,011,912

$

1,551,243,650

Advisor

Class

34,993,284

720,804,707

1,848,016

36,955,617

Premier

Class

611,412

12,365,459

1,538,185

31,009,788

Retirement

Class

2,021,233

41,414,089

3,714,077

75,744,533

Class

W

35,087,541

701,601,748

104,484,644

2,071,159,886

Total

subscriptions

108,679,382

2,201,155,975

189,596,834

3,766,113,474

Reinvestments

of

distributions:

Institutional

Class

12,786,593

247,036,988

12,443,445

280,101,957

Advisor

Class

199,277

3,846,056

199,207

4,480,152

Premier

Class

206,074

3,975,163

234,099

5,262,544

Retirement

Class

1,385,953

27,469,586

1,598,549

36,894,510

Class

W

10,909,283

210,876,436

10,180,885

229,171,714

Total

reinvestments

of

distributions

25,487,180

493,204,229

24,656,185

555,910,877

Redemptions:

Institutional

Class

(

46,494,986

)

(

929,215,687

)

(

30,408,791

)

(

631,430,288

)

Advisor

Class

(

2,506,203

)

(

50,650,187

)

(

998,584

)

(

19,992,859

)

Premier

Class

(

585,643

)

(

11,690,460

)

(

3,944,841

)

(

88,620,537

)

Retirement

Class

(

2,856,334

)

(

58,573,660

)

(

6,896,911

)

(

149,421,168

)

Class

W

(

46,525,985

)

(

939,081,047

)

(

25,605,321

)

(

528,645,411

)

Total

redemptions

(

98,969,151

)

(

1,989,211,041

)

(

67,854,448

)

(

1,418,110,263

)

Net

increase

(decrease)

from

shareholder

transactions

35,197,411

$

705,149,163

146,398,571

$

2,903,914,088

Notes

to

Financial

Statements

(unaudited)

(continued)

210

7.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund’s

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund’s

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund’s

financial

statements.

As

of

the

end

of

the

reporting

period,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable. 

As

of prior

fiscal

period

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

As

of

prior

fiscal

period

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire: 

In

certain

circumstances,

a

fund

may

distribute

portfolio

securities

rather

than

cash

as

payment

for

a

redemption

of

fund

shares

(in-

kind

redemption). For

federal

income

tax

purposes,

the

gain

is

not

taxable

and

therefore

will

not

be

distributed

to

shareholders.

The

gain

was

reclassified

from

total

distributable

earnings

(loss)

to

paid-in-capital

in

the

Statement

of

Assets

and

Liabilities.

As

of

the

end

of

the

reporting

period,

the

Funds

received

the

following

amounts

from

net

capital

gains

and

in-kind

redemptions

transactions:

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

4.1

Equity

Index

$20,872,783,309

$16,450,780,808

$(1,504,690,625)

$14,946,090,183

4.2

Large-Cap

Growth

Index

4,586,445,905

5,517,060,792

(257,366,534)

5,259,694,258

4.3

Large-Cap

Value

Index

6,169,150,392

2,534,597,075

(501,604,904)

2,032,992,171

4.4

S&P

500

Index

3,489,498,544

4,253,363,378

(242,647,103)

4,010,716,275

4.5

Small-Cap

Blend

Index

2,698,460,967

1,105,677,408

(573,161,715)

532,515,693

4.6

Emerging

Markets

Equity

Index

5,000,515,899

894,029,499

(633,446,322)

260,583,177

4.7

International

Equity

Index

18,001,266,750

4,713,771,381

(1,533,187,763)

3,180,583,618

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

4.1

Equity

Index

$396,547,441

$79,482,822

$13,599,336,457

$–

$–

$(753,814)

$14,074,612,906

4.2

Large-Cap

Growth

Index

65,089,036

770,138,335

4,238,465,067

–

–

(221,073)

5,073,471,365

4.3

Large-Cap

Value

Index

182,202,557

126,051,146

1,784,095,749

–

–

(226,338)

2,092,123,114

4.4

S&P

500

Index

83,304,229

17,047,909

3,464,613,842

–

–

(241,264)

3,564,724,716

4.5

Small-Cap

Blend

Index

32,678,468

11,115,154

624,892,035

–

–

(119,409)

668,566,248

4.6

Emerging

Markets

Equity

Index

113,462,711

–

(587,265,375)

(558,551,209)

–

(88,158)

(1,032,442,031)

4.7

International

Equity

Index

444,801,956

–

(696,444,322)

(592,112,923)

–

(490,412)

(844,245,701)

Fund

Short-Term

Long-Term

Total

4.1

Equity

Index

$

–

$

–

$

–

4.2

Large-Cap

Growth

Index

–

–

–

4.3

Large-Cap

Value

Index

–

–

–

4.4

S&P

500

Index

–

–

–

4.5

Small-Cap

Blend

Index

–

–

–

4.6

Emerging

Markets

Equity

Index

164,397,398

394,153,811

558,551,209

4.7

International

Equity

Index

193,210,655

398,902,268

592,112,923

211

8.

Investment

Adviser

and

Other

Transactions

with

Affiliates

Under

the

terms

of

the

Investment

Management

Agreement

with

respect

to

each

Fund, the

Adviser provides

asset

management

services

to

the

Fund

for

an

annual

fee,

payable

monthly.

The

Funds

have

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.

Under

the

terms

of

a

Retirement

Class

Service

Agreement

with

respect

to

each

Fund,

the

Retirement

Class

of

the

Fund

incurs

an

annual

fee

of

0.25%

of

the

daily

net

assets,

payable

monthly

to

the

Adviser,

for

certain

administrative

costs

associated

with

the

maintenance

of

Retirement

Class

shares

on

retirement

plan

or

other

platforms.

Substantially

all

of

the

Retirement

Class

shareholder

servicing

fees

reported

on

the

Statement

of

Operations

are

paid

to

the

Adviser

under

the

Service

Agreement.

Under

the

terms

of

a

distribution

Rule

12b-1

plan,

the

Retail

Class

of

each

Fund

compensates

Nuveen

Securities

for

providing

distribution,

promotional

and/or

shareholder

services

to

the

Retail

Class

of

the

Fund

at

the

annual

rate

of

0.25%

of

the

average

daily

net

assets

attributable

to

the

Fund’s

Retail

Class.

The

Premier

Class

of

each

Fund

is

subject

to

a

distribution

Rule

12b-1

plan

that

compensates

Nuveen

Securities

for

providing

distribution,

promotional

and/or

shareholder

services

to

the

Premier

Class

of

the

Fund

at

the

annual

rate

of

0.15%

of

the

average

daily

net

assets

attributable

to

the

Fund’s

Premier

Class.

The

Adviser has

contractually

agreed

to

waive

and/or

reimburse

Class

W’s

shares’

Management

fees

and

Other

expenses

(excluding

interest,

taxes,

brokerage

commissions

or

other

transactional

expenses,

acquired

fund

fees

and

expenses,

trustee

expenses

and

extraordinary

expenses)

in

their

entirety.

The

Adviser

expects

this

waiver

and/or

reimbursement

to

remain

in

effect

indefinitely,

unless

changed

or

terminated

with

approval

of

the

Board.

The

Management

fees

and

Other

expenses

of

Class

W

shares

that

have

been

waived

by the

Adviser may

be

incurred

directly

or

indirectly,

all

or

in

part,

by

investors

in

Class

W

shares.

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

reporting

period,

the

investment

management

fee,

service

agreement

fee,

distribution

fee

and

maximum

expense

amounts

(after

waivers

and

reimbursements)

are

equal

to

the

following

noted

annual

percentage

of

average

daily

net

assets

for

each

class:

Prior

to

March

1,

2023,

the

investment

management

fee

and

maximum

expense

amounts

(after

waivers

and

reimbursements)

were

equal

to

the

following

noted

annual

percentage

of

average

daily

net

assets

for

each

class:

Fund

Net

Capital

Gains

In-Kind

Redemptions

4.1

Equity

Index

$

858,703,350

$

1,140,507,905

Investment

Management

Fee-

Effective

Rate

Maximum

Expense

Amounts‡

Fund

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Class

W

4.1

Equity

Index

0

.040

%

0

.090

%

0

.240

%

0

.240

%

0

.340

%

0

.440

%

0

.090

%

4.2

Large-Cap

Growth

Index

0

.040

0

.090

0

.240

–

0

.340

–

0

.090

4.3

Large-Cap

Value

Index

0

.040

0

.090

0

.240

–

0

.340

–

0

.090

4.4

S&P

500

Index

0

.040

0

.090

0

.240

–

0

.340

–

0

.090

4.5

Small-Cap

Blend

Index

0

.040

0

.090

0

.240

–

0

.340

–

–

4.6

Emerging

Markets

Equity

Index

0

.100

0

.210

0

.360

0

.360

0

.460

0

.560

0

.210

4.7

International

Equity

Index

0

.040

0

.150

0

.300

0

.300

0

.400

–

0

.150

‡

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

February

29,

2024.

The

reimbursement

arrangements

can

only

be

changed

with

the

approval

of

the

Board.

Investment

Management

Fee-Effective

Rate

Maximum

Expense

Amounts‡

Fund

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Class

W

4.1

Equity

Index

0

.040

%

0

.090

%

0

.240

%

0

.240

%

0

.340

%

0

.480

%

0

.090

%

4.6

Emerging

Markets

Equity

Index

0

.100

%

0

.210

0

.360

0

.360

0

.460

0

.600

0

.210

‡

Maximum

expense

amounts

reflect

all

expenses

excluding

interest,

taxes,

brokerage

commissions

or

other

transactional

expenses,

Acquired

fund

fees

and

expenses

and

extraordinary

expenses.

The

reimbursement

arrangements

can

only

be

changed

with

the

approval

of

the

Board.

Notes

to

Financial

Statements

(unaudited)

(continued)

212

The Funds may

purchase

or

sell

investment

securities

in

transactions

with

affiliated

entities

under

procedures

adopted

by

the

Board,

pursuant

to

the

1940

Act.

These

transactions

are

effected

at

market

rates

without

incurring

broker

commissions.

During

the

current

fiscal

period,

the

Funds

engaged

in

the

following

security

transactions

with

affiliated

entities: 

A

registered

separate

account

of

TIAA

(collectively

“TIAA

Access”)

has

various

sub-accounts

that

invest

in the

Funds,

and

certain funds

within

the

Trust

also

make

investments

in the

Funds.

The

following

is

the

percentage

of

the

Funds’

shares

owned

by

TIAA

Access

and

other

funds

within

the

Trust

as

of

the

end

of

the

reporting

period:

9.

Emerging

Markets

Risks

The

Emerging

Markets

Equity

Index

Fund

holds

a

large

portion

of

its

assets

in

emerging

market

securities.

Emerging

market

securities

are

often

subject

to

greater

price

volatility,

less

liquidity

and

higher

rates

of

inflation

and

deflation

than

U.S.

securities.

In

addition,

emerging

markets

may

be

subject

to

greater

political,

economic

and

social

uncertainty,

and

differing

regulatory

environments

that

may

potentially

impact

the

Fund’s

ability

to

buy

or

sell

certain

securities

or

repatriate

proceeds

to

U.S.

dollars.

10.

Inter-Fund

Lending

Program

Pursuant

to

an

exemptive

order

issued

by

the

SEC,

the

Funds may

participate

in

an

inter-fund

lending

program.

This

program

allows

the

Funds to

lend

cash

to

and/or

borrow

cash

from

certain

other

affiliated

Funds for

temporary

purposes,

(e.g.,

to

satisfy

redemption

requests

or

to

cover

unanticipated

cash

shortfalls).

The

program

is

subject

to

a

number

of

conditions,

including

the

requirement

that

no

Fund may

borrow

or

lend

money

under

the

program

unless

it

receives

a

more

favorable

interest

rate

than

is

available

from

a

bank

or

other

financial

institution

for

a

comparable

transaction.

In

addition,

a

Fund may

participate

in

the

program

only

if

its

participation

is

consistent

with

the

Fund’s investment

policies

and

limitations

and

authorized

by

its

portfolio

manager(s).

During the current

reporting

period,

there

were

no

inter-fund

borrowing

or

lending

transactions. 

11.

Line

of

Credit

The Funds

participate

in

a

$1

billion

unsecured

revolving

credit

facility

that

can

be

used

for

temporary

purposes,

including,

without

limitation,

the

funding

of

shareholder

redemptions.

The

current

facility

was

entered

into

on

June

14,

2022

expiring

on

June

13,

2023,

replacing

the

previous facility,

which

expired

June

2022.

Certain

affiliated

accounts

and

mutual

funds,

each

of

which

is

managed

by the

Adviser,

or

an

affiliate

of

the

Adviser, also

participate

in

this

facility.

An

annual

commitment

fee

for

the

credit

facility

is

borne

by

the

participating

accounts

and

mutual

funds

on

a

pro

rata

basis.

Interest

associated

with

any

borrowing

under

the

facility

is

charged

to

the

borrowing

accounts

or

mutual

funds

at

a

specified

rate

of

interest.

The Funds are

not

liable

for

borrowings

under

the

facility

by

other

affiliated

accounts

or

mutual

funds.

There

were

no

borrowings

under

this

credit

facility

by

the

Funds during

the

current fiscal

period.

Fund

Purchases

Sales

Realized

Gain

(Loss)

Equity

Index

$

137,798,752

$

10,251,879

$

(

190,869

)

Large-Cap

Growth

Index

97,596,546

14,167,137

837,217

Large-Cap

Value

Index

15,695,489

992,895

135,518

S&P

500

Index

62,924,568

3,197,019

(

82,514

)

Small-Cap

Blend

Index

7,048,581

2,101,285

(

1,906

)

Emerging

Markets

Equity

Index

8,593,165

2,206,814

(

1,029,035

)

International

Equity

Index

45,082,123

1,238,128

(

3,226,520

)

Underlying

Fund

TIAA-CREF

Lifecycle

Funds

TIAA-CREF

Lifecycle

Index

Funds

TIAA-CREF

Lifestyle

Funds

TIAA-CREF

Managed

Allocation

Fund

TIAA

Access

Total

4.1

Equity

Index

4

%

38

%

17

%

–

%

1

%

60

%

4.2

Large-Cap

Growth

Index

–

–

–

–

5

5

4.3

Large-Cap

Value

Index

–

–

–

–

8

8

4.4

S&P

500

Index

–

–

–

–

11

11

4.5

Small-Cap

Blend

Index

–

–

–

–

18

18

4.6

Emerging

Markets

Equity

Index

33

41

1

1

1

77

4.7

International

Equity

Index

28

8

1

1

5

43

213

Additional

Fund

Information

Portfolio

holdings

The

TIAA-CREF

Funds

file

complete

portfolio

listings

with

the

Securities

and

Exchange

Commission

(SEC),

and

they

are

available

to

the

public.

You

can

obtain

a

complete

list

of

the

TIAA-CREF

Funds’

holdings

(Schedules

of

Investments)

as

of

the

most

recently

completed

fiscal

quarter

in

the

following

ways:

By

visiting

our

websites

at

TIAA.org

or

nuveen.com;

or

By

calling

us

at

800-842-2252

to

request

a

copy,

which

will

be

provided

free

of

charge.

You

can

also

obtain

a

complete

list

of

the

TIAA-CREF

Funds’

portfolio

holdings

as

of

the

most

recently

completed

fiscal

quarter,

and

for

prior

quarter-ends,

from

our

SEC

Form

N-CSR

and

Form

N-PORT

or

Form

N-Q

filings.

Form

N-CSR

filings

are

as

of

October

31

or

April

30;

Form

N-PORT

or

Form

N-Q

filings

are

as

of

January

31

or

July

31.

Copies

of

these

forms

are

available:

Through

the

Electronic

Data

Gathering

and

Retrieval

System

(EDGAR)

on

the

SEC’s

website

at

sec.gov;

or

From

the

SEC’s

Office

of

Investor

Education

and

Advocacy.

Call

202-551-8090

for

more

information.

Proxy

voting

TIAA-CREF

Funds’

ownership

of

stock

gives

it

the

right

to

vote

on

proxy

issues

of

companies

in

which

it

invests.

A

description

of

our

proxy

voting

policies

and

procedures

can

be

found

on

our

website

at

TIAA.org

or

on

the

SEC’s

website

at

sec.gov.

You

can

also

call

us

at

800-842-2252

to

request

a

free

copy.

A

report

of

how

the

funds

voted

during

the

most

recently

completed

twelve-month

period

ended

June

30

can

be

found

on

our

website

or

on

Form

N-PX

at

sec.gov.

Contacting

TIAA

There

are

three

easy

ways

to

contact

us:

by

email,

using

the

Contact

Us

link

at

the

top

of

our

home

page;

by

mail

at

TIAA,

730

Third

Avenue,

New

York,

NY

10017-3206;

or

by

phone

at

800-842-2252.

Fund

management

The

TIAA-CREF

Funds

are

managed

by

the

portfolio

management

teams

of

Teachers

Advisors,

LLC.

The

members

of

these

teams

are

responsible

for

the

day-to-day

investment

management

of

the

funds.

214

Approval

of

Investment

Management

Agreement

{Unaudited}

Board

renewal

of

the

investment

management

agreement

for

certain

series

of

the

TIAA-CREF

Funds

The

Board

of

Trustees

(the

“Board”

or

the

“Trustees”)

of

the

TIAA-CREF

Funds

(the

“Trust”)

determines

whether

to

initially

approve

and

periodically

renew

the

investment

management

agreement

(the

“Agreement”)

between

Teachers

Advisors,

LLC

(“Advisors”)

and

the

Trust,

on

behalf

of

each

series

of

the

Trust.

Under

the

Agreement,

Advisors

is

responsible

for

providing

investment

advisory

services

to

each

series

of

the

Trust

and

overseeing

the

everyday

operations

and

other

service

providers

of

the

Trust.

Below

is

a

summary

of

the

process

the

Board

undertook

related

to

its

most

recent

renewal

of

the

Agreement

with

respect

to

each

series

covered

by

this

Report

(the

“Funds”).

Section

15(c)

of

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

requires

that,

after

an

initial

period

of

up

to

two

years,

the

Agreement

for

each

Fund

will

remain

in

effect

only

if

the

Board,

including

a

majority

of

those

Trustees

who

have

no

direct

or

indirect

interest

in

the

Agreement,

and

who

are

independent

Trustees

because

they

are

not

“interested

persons”

of

the

Trust,

as

that

term

is

defined

in

the

1940

Act,

annually

renews

the

Agreement.

None

of

the

Trustees

is

an

interested

person

of

the

Trust

under

the

1940

Act.

Rather,

they

are

all

deemed

to

be

independent

Trustees.

Overview

of

the

renewal

process

The

Board

held

an

in-person

meeting

on

March

10,

2023,

in

order

to

consider

the

annual

renewal

of

the

Agreement

with

respect

to

each

applicable

Fund

using

the

process

established

by

the

Board

described

further

below.

As

part

of

the

Board’s

established

process,

the

Board

delegated

certain

tasks

to

its

Operations

Committee.

Among

these

tasks,

the

Operations

Committee

or

certain

of

its

designated

members

worked

with

Advisors,

other

Board

members

and

legal

counsel

to

the

Trustees

to

develop

guidance

and

specific

requests

relating

to

the

types

of

information

to

be

provided

to

the

Board

in

connection

with

the

proposed

contract

renewals.

Among

other

matters,

the

Operations

Committee

or

certain

of

its

designated

members,

following

consultations

with

representatives

of

Advisors,

other

Board

members,

legal

counsel

to

the

Trustees

and

legal

counsel

to

Advisors

and

the

Trust,

confirmed

or

established

certain

guidance

regarding

the

preparation

of

reports

to

be

provided

to

the

Board

with

respect

to

each

Fund

by

the

Board

Reporting

and

Compliance

unit

of

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

using

data

from

Lipper,

Inc.,

an

independent

provider

of

investment

company

data.

The

Operations

Committee

considered

that

Broadridge

is

widely

recognized

as

a

leading

provider

of

comparative

analyses

used

by

independent

directors

and

trustees

of

investment

companies

during

their

advisory

contract

review

processes.

Based

on

guidance

provided

by

the

Operations

Committee

or

certain

of

its

designated

members,

on

behalf

of

the

Board,

Broadridge

produced,

among

other

information,

comparative

performance

and

expense

data

for

each

Fund,

including

data

relating

to

each

Fund’s

management

fee

rate,

total

expense

ratio,

short-term

and

long-term

investment

performance,

brokerage

commission

costs

and

portfolio

turnover

rate

(as

applicable).

Broadridge

compared

this

data,

as

relevant,

for

each

Fund

against

a

universe

of

investment

companies

(except

for

brokerage

commission

costs

and

portfolio

turnover

rates)

and

against

a

more

selective

peer

group

of

mutual

funds

with

similar

investment

objectives

and

strategies,

each

of

which

was

selected

by

Broadridge,

and

also

compared

the

performance

of

each

Fund

against

one

or

more

appropriate

broad-based

indices.

In

each

case,

Broadridge

summarized,

and

the

Board

considered,

the

methodologies

Broadridge

employed

to

provide

the

data

contained

in

its

reports.

In

addition,

Broadridge

represented

to

the

Board

that

its

reports

were

designed

specifically

to

provide

the

Board

with

the

fee,

expense

and

performance

information

that

is

necessary

to

help

the

Board

satisfy

its

duties

under

Section

15(c)

of

the

1940

Act.

Broadridge

also

represented

that

the

purpose

of

its

reports

is

to

provide

an

objective

view

of

each

Fund’s

relative

position

regarding

the

level

of

fees,

expenses

and

performance

against

a

competitive

peer

group

and

universe

(as

applicable)

selected

by

Broadridge

(and

not

Advisors

or

the

Board).

The

Board

considered

the

propriety

of

each

Fund’s

applicable

peer

group

as

selected

by

Broadridge

and

use

of

the

Institutional

Class

as

the

base

class

for

comparison

purposes.

Among

other

matters,

the

Board

also

considered

information

from

Advisors

to

facilitate

the

Trustees’

evaluation

of

the

reasonableness

of

any

profits

earned

by

Advisors

with

respect

to

its

services

to

each

Fund

pursuant

to

the

Agreement.

215

Legal

counsel

for

the

Trustees

also

requested

on

behalf

of

the

Board,

and

Advisors

provided,

information

that

was

designed

to

assist

the

Board

in

its

consideration

of

whether

to

renew

the

Agreement

for

each

Fund.

In

addition

to

the

data

provided

by

Broadridge

as

described

above,

the

information

that

was

provided

for

consideration

included,

but

was

not

limited

to,

the

following:

(1)

further

information

relating

to

each

Fund’s

investment

performance

and

a

narrative

analysis

of

the

performance

of

each

Fund

that

had

underperformed

certain

Board-specified

criteria,

together

with

an

explanation

of

any

events

that

had

a

material

impact

on

the

Fund’s

performance

during

that

period;

(2)

a

description

of

any

contractual

fee

rate,

fee

waiver

or

expense

reimbursement

arrangements

that

were

proposed

or

were

in

place

during

the

prior

year

and

the

extent

to

which

such

arrangements

would

be

continued

or

modified

in

the

coming

year;

(3)

a

comparison

of

each

Fund’s

management

fee

rate

and

performance

to

other

accounts

with

comparable

strategies

managed

by

Advisors

or

certain

of

its

affiliates;

(4)

any

“fall-out”

benefits

that

accrued

or

were

identified

as

reasonably

likely

to

accrue

to

Advisors

or

its

affiliates

due

to

their

relationship

with

the

Funds

in

addition

to

the

Funds’

direct

fee

payments

to

Advisors

pursuant

to

the

Agreement;

(5)

information

regarding

Advisors’

financial

resources,

senior

professional

personnel,

overall

staffing

levels,

portfolio

manager

compensation

arrangements,

capacity

to

manage

the

Funds

at

current

and

foreseeable

asset

levels,

insurance

coverage,

portfolio

trading

and

best

execution

practices,

and

any

actual

and

potential

conflicts

of

interest

identified

by

Advisors

in

connection

with

rendering

services

to

the

Funds;

(6)

information

as

to

any

profits

earned

by

Advisors

in

connection

with

its

services

pursuant

to

the

Agreement;

(7)

a

copy

of

the

Agreement

and

certain

related

agreements

between

the

Funds

and

affiliates

of

Advisors;

(8)

a

copy

of

Advisors’

Form

ADV

as

filed

with

the

SEC

(which

was

presented

only

to

legal

counsel

for

the

Trustees);

and

(9)

draft

narrative

explanations

to

be

included

in

the

shareholder

reports

of

reasons

why

the

Board

should

renew

the

Agreement.

The

Trustees

were

also

provided

with

performance

ratings

of

Morningstar,

Inc.

(“Morningstar”),

which

is

a

widely

recognized

mutual

fund

ranking

service.

The

Board

also

considered

information

concerning

the

extent

to

which

Advisors

currently

waives

the

management

fee

and

other

expenses

for

Class

W

shares

of

the

Funds

which

are

paid

instead

by

funds

of

funds

that

invest

in

Class

W

shares,

including

an

annual

certification

from

Advisors

that

the

waiver

does

not

and

will

not

result

in

any

cross-subsidization

of

Class

W

shares

by

the

Funds’

other

share

classes.

On

March

2,

2023,

the

Board

held

a

virtual

meeting

via

videoconference

with

legal

counsel

to

the

Trustees

to

discuss

Advisors’

materials,

which

led

to

the

Trustees

providing

additional

questions

to,

and

requesting

additional

information

from,

Advisors.

Subsequently,

at

the

March

10,

2023

meeting,

the

Trustees

were

given

the

opportunity

to,

and

did,

ask

additional

questions

and

they

discussed

responses

from

Advisors

to

the

Board’s

follow-up

questions

and

requests

presented

by

the

Board

after

its

initial

review

of

the

information

described

above.

In

considering

whether

to

renew

the

Agreement

with

respect

to

each

Fund,

the

Board

considered

various

factors,

including:

(1)

the

nature,

extent

and

quality

of

services

provided

or

to

be

provided

by

Advisors

to

the

Fund;

(2)

the

Fund’s

investment

performance;

(3)

the

costs

of

the

services

provided

to

the

Fund

and

the

profits

realized

or

potential

profits

to

be

realized

(if

any)

by

Advisors

and

its

affiliates

from

their

relationship

with

the

Fund;

(4)

fees

charged

to

comparable

mutual

funds

by

other

advisers;

(5)

the

extent

to

which

economies

of

scale

have

been

realized

or

are

anticipated

to

be

realized

as

the

Fund

grows;

(6)

how

such

economies

of

scale

are

shared

with

the

Fund

for

the

benefit

of

its

investors,

such

as,

if

applicable,

through

management

fee

breakpoints;

(7)

comparisons,

if

applicable,

of

the

services

provided

by

Advisors

to,

and

the

fee

rates

and

performance

of,

the

Fund

to

other

clients

to

whom

Advisors

provides

comparable

services;

and

(8)

any

other

benefits

identified

by

Advisors

derived

or

anticipated

to

be

derived

by

Advisors

or

its

affiliates

from

their

relationship

with

the

Fund.

As

a

general

matter,

the

Board

considered

these

factors,

and

any

other

factors

deemed

relevant

by

the

Trustees,

in

their

totality,

and

no

single

factor

was

identified

as

being

the

determining

factor

in

deciding

whether

to

renew

the

Agreement.

In

addition

to

the

March

10,

2023

meeting

that

included

Advisors’

personnel,

the

Trustees

met

in

executive

sessions,

at

which

no

representatives

of

Advisors

were

present,

to

discuss

the

proposed

renewal

of

the

Agreement

for

each

Fund.

The

Board

also

received

and

considered

information

from

its

legal

counsel

as

to

certain

relevant

guidance

that

relates

to

the

renewal

process

under

Section

15(c)

of

the

1940

Act

and

certain

other

legal

authorities.

While

the

contract

renewal

process

included

a

series

of

discussions

and

meetings

leading

up

to

the

March

10,

2023

meeting,

the

oversight

and

evaluation

of

Advisors’

services

to

the

Funds

by

the

Board

and

its

Committees

is

an

ongoing

process.

The

Board,

as

well

as

its

Committees,

considered

reports

on

various

investment

and

operational

topics

that

had

been

identified

by

the

Board

or

its

Committees

for

review

in

the

year

since

the

last

annual

renewal

process.

Further,

at

their

regularly

scheduled

meetings,

the

Board

and

its

Investment

Committee

and

its

other

Committees

receive

and

consider,

among

other

matters,

information

regarding

the

performance

of

the

Funds.

Thus,

in

reaching

its

decisions

regarding

the

renewal

of

the

Agreement

for

each

Fund,

the

Board

took

into

account

the

information

described

herein

and

other

information

provided

to

the

Board

and

its

Committees

throughout

the

year.

The

Board

received

and

considered

both

Trust-level

and

Fund-specific

information,

but

made

its

renewal

determinations

on

a

Fund-by-

Fund

basis.

In

deciding

whether

to

renew

the

Agreement

for

each

Fund,

each

Trustee

may

have

accorded

different

weight

to

different

factors

and,

thus,

may

have

had

a

different

basis

for

his

or

her

ultimate

decision

to

vote

to

renew

the

Agreement

for

each

Fund.

At

its

meeting

on

March

10,

2023,

all

Board

members

voted

unanimously

to

renew

the

Agreement

for

each

Fund.

Set

forth

below

is

a

summary

of

the

primary

factors

that

the

Board

considered

with

respect

to

each

Fund.

216

Approval

of

Investment

Management

Agreement

(continued)

{Unaudited}

The

nature,

extent

and

quality

of

services

The

Board

considered

the

level

and

depth

of

knowledge

of

Advisors,

including

the

professional

experience

and

qualifications

of

its

personnel.

The

Board

also

considered

that

Advisors

is

an

experienced

investment

adviser

that

has

managed

the

Funds

since

their

operations

commenced.

Investment

professionals

at

Advisors

also

manage

various

funds

and

accounts

of

the

College

Retirement

Equities

Fund,

the

TIAA-CREF

Life

Funds

and

TIAA

Separate

Account

VA-1,

as

well

as

advise

and

sub-advise

other

investment

companies

and

vehicles.

Under

the

Agreement,

Advisors

is

responsible

for,

among

other

duties:

managing

the

assets

of

the

Funds,

including

conducting

research,

identifying

investments

and

placing

orders

to

buy

and

sell

securities

for

the

Funds’

investment

portfolios;

active

daily

monitoring

of

the

Funds’

investment

portfolios;

reporting

on

the

investment

performance

and

other

metrics

of

the

Funds

to

the

Board

on

a

regular

basis;

responding

to

Fund

flows;

compliance

monitoring;

coordinating

the

activities

of

each

Fund’s

service

providers;

and

overseeing

the

provision

of

various

administrative

services

to

the

Funds.

The

Board

considered

that

Advisors

has

carried

out

these

responsibilities

in

a

competent

and

professional

manner.

The

Board

also

considered

that

Advisors

has

committed

significant

resources

to

supporting

the

series

of

the

Trust,

including

the

Funds.

It

also

considered

Advisors’

compliance

program

and

resources

and

its

compliance

record

with

respect

to

the

Funds.

The

Board

also

considered,

among

other

factors,

the

performance

of

each

Fund,

as

discussed

below.

In

addition,

the

Board

considered

the

nature

and

quality

of

non-portfolio

management

services

provided

by

Advisors

and

its

affiliates.

In

this

regard,

the

Board

considered

its

ongoing

review

of

the

performance

of

certain

affiliated

and

unaffiliated

service

providers,

including

the

quality

of

services

provided

by

those

firms

and

Advisors’

oversight

of

those

service

providers

and

the

outsourcing

of

certain

services

to

other

firms.

During

its

review,

the

Board

noted

its

ongoing

review

of

the

level

of

personnel

and

other

resources

available

to

Advisors

to

provide

portfolio

management

and

other

services

to

the

Funds,

including

the

impact

of

recent

and

anticipated

regulatory

requirements

and

operational

changes

on

such

resources,

so

as

to

assess

the

adequacy

of

the

resources

devoted

to

these

services.

Based

on

all

factors

considered,

the

Board

concluded

that

the

nature,

extent,

and

quality

of

services

provided

by

Advisors

to

each

Fund

under

the

Agreement

was

reasonable.

Investment

performance

The

Board

considered

the

investment

performance

of

each

Fund,

over

the

periods

indicated

in

the

Fund-by-Fund

synopsis

below.

The

Board

considered

each

Fund’s

performance

as

compared

to

its

benchmark

index

or

other

comparative

information

deemed

relevant

by

management

and/or

the

Board.

The

Board

also

reviewed

the

three-year

performance

of

the

Funds

before

any

reductions

for

fees

and

expenses.

In

this

analysis,

the

Board

considered

the

impact

of

net

asset

value

rounding

and

the

effects

of

fair

valuation,

foreign

exchange

rates,

effective

tax

rates,

securities

lending

and

class

action

litigation,

as

applicable,

on

each

Fund’s

performance

as

compared

to

the

performance

of

its

benchmark

index.

For

details

regarding

each

Fund’s

performance,

see

the

Fund-by-Fund

synopsis

below.

The

Board

considered,

in

those

cases

in

which

a

Fund

had

performed

materially

differently

from

its

benchmark

based

on

a

Board-

established

threshold,

the

factors

identified

by

Advisors

that

contributed

to

such

difference

and

any

remedial

measures

being

undertaken,

or

planned

to

be

taken,

by

Advisors.

Thus,

the

Board

concluded

that,

under

the

totality

of

circumstances

considered,

the

investment

performance

of

each

Fund

was

reasonable

or

that

appropriate

actions

had

been

or

were

being

implemented.

Cost

and

profitability

The

Board

considered

financial

and

profitability

data

relating

to

Advisors’

services

to

the

Funds

for

the

calendar

year

2022.

The

Board

considered

Advisors’

profit

calculations

with

respect

to

its

services

to

each

Fund

both

before

and

after

taking

into

account

the

costs

incurred

directly

or

indirectly

by

Advisors

in

connection

with

the

distribution

of

shares

of

the

Fund.

The

Board

acknowledged

the

reasonableness

of

having

management

fee

rates

which

permit

Advisors

to

maintain

and

improve

the

quality

of

services

provided

to

the

Funds

and

recognized

the

entrepreneurial

and

other

risks

assumed

by

Advisors

in

managing

the

Funds.

The

Board

considered

that

Advisors

had

calculated

that

it

earned

profits

with

respect

to

each

of

the

Funds

under

the

Agreement

for

the

one-year

period

ended

December

31,

2022.

The

Board

acknowledged

Advisors’

commitment

to

contractually

reduce

the

Emerging

Markets

Equity

Index

Fund’s

management

fee

by

0.02%

starting

August

1,

2022.

The

Board

also

acknowledged

Advisors’

commitment

to

reimburse

Fund

expenses

to

the

extent

that

total

annual

operating

expenses

exceeded

certain

specified

amounts.

Based

upon

the

information

provided

by

Advisors

with

respect

to

Advisors’

profitability

under

the

Agreement

for

each

Fund

in

2022,

the

Board

concluded

that

those

profits

were

reasonable

in

light

of

various

relevant

factors.

217

Fees

charged

by

other

advisers

The

Board

considered

comparative

information

regarding

each

Fund’s

contractual

and

effective

management

fee

rates

and

the

contractual

and

effective

management

fee

rates

paid

by

similar

mutual

funds

to

other

advisers,

as

analyzed

by

Broadridge

and

reflected

in

the

Fund-by-Fund

synopsis

below.

The

Board

determined

that

the

management

fee

rate

charged

to

a

Fund

under

the

Agreement

typically

was

lower

than

the

management

fee

rates

charged

to

many

or

most

other

comparable

mutual

funds.

In

this

regard,

the

Board

also

considered

the

inherent

limitations

of

such

comparisons

in

light

of

uncertainty

as

to

how

the

fees

of

such

similar

mutual

funds

are

set

and

potentially

material

differences

between

a

Fund

and

its

comparable

mutual

funds.

The

Board

considered

Broadridge’s

treatment

of

all

fund

fee

waivers,

regardless

of

their

type,

as

management

fee

waivers,

which

could

materially

impact

how

the

Funds’

actual

management

fee

rates

compare

to

those

of

similar

mutual

funds.

Additionally,

the

Board

considered

the

potential

limitations

of

such

comparisons

due

to,

among

other

factors,

the

fact

that,

in

many

instances,

Broadridge

based

its

comparisons

on

financial

data

relating

to

fiscal

periods

that

differed

from

the

period

for

which

the

Funds’

data

were

derived.

Based

on

all

factors

considered,

the

Board

concluded

that

the

management

fee

rates

under

the

Agreement

with

respect

to

each

Fund

were

reasonable

in

relation

to

those

charged

by

appropriate

groups

of

comparable

mutual

funds.

Economies

of

scale

The

Board

considered

whether

Advisors

has

experienced

or

is

anticipated

to

experience

economies

of

scale

in

connection

with

the

operation

of

each

Fund,

and

whether

any

such

economies

are

shared

with

the

Funds.

The

Board

considered,

in

connection

with

the

supporting

Broadridge

reports,

Advisors’

position

that

the

maximum

fee

rate

that

could

be

charged

to

each

Fund

based

on

its

level

of

assets

under

the

Agreement

is

comparatively

low

in

relation

to

peer

groups

of

mutual

funds.

The

Board

also

considered

the

contractual

fee

reduction

agreed

to

by

Advisors,

as

noted

above.

Based

on

all

factors

considered,

the

Board

concluded

that

the

Funds’

management

fee

rate

schedules

were

reasonable

in

light

of

current

economies

of

scale

considerations

and

current

asset

levels.

Fee

and

performance

comparisons

with

other

Advisors

clients

The

Board

considered

that

Advisors

and

its

affiliate,

TIAA-CREF

Investment

Management,

LLC,

provide

investment

management

services

to

other

investment

companies

that

may

have

similar

investment

strategies

as

certain

of

the

Funds.

The

Board

considered

the

management

fee

rates

and

the

performance

of

such

investment

companies.

The

Board

also

considered

Advisors’

comments

that,

in

the

future,

Advisors

may

manage

client

assets

through additional

funds

and

accounts

with

similar

investment

strategies.

The

Board

also

considered

Advisors’

representation

that,

while

the

management

fee

rates

charged

to

the

Funds

may

differ

from

the

management

fee

rates

chargeable

to

these

other

funds

and

accounts,

this

may

be

due

in

part

to

the

fact

that

these

other

funds

and

accounts

may:

(1)

involve

less

entrepreneurial

risk

on

the

part

of

Advisors;

(2)

be

offered

in

different

types

of

markets;

(3)

be

provided

with

different

types

or

levels

of

services;

(4)

have

different

regulatory

burdens;

and/or

(5)

target

different

investors.

Based

on

all

factors

considered,

the

Board

concluded

that

the

management

fee

rates

under

the

Agreement

with

respect

to

each

Fund

were

reasonable

in

relation

to

those

charged

by

Advisors

to

its

comparable

clients.

Other

benefits

The

Board

also

considered

additional

“fall-out

benefits”

to

Advisors

and

its

affiliates

arising

from

the

Agreement.

Such

benefits

include,

among

others,

other

fees

paid

by

the

Funds

to

Advisors

or

its

affiliates

for

other

services,

such

as

distribution

and

administration,

and

investment-related

benefits,

such

as

economies

of

scale

to

the

extent

the

Funds

share

investment

resources

and/or

personnel

with

other

clients

of

Advisors

and

the

ability

to

incubate

strategies

within

one

or

more

Funds

that

could

be

subsequently

utilized

to

manage

other

non-Fund

products.

Advisors

and

its

affiliates

may

also

benefit

from

the

level

of

business

and

relationships

the

Funds

have

with

certain

service

providers.

Additionally,

the

Funds

may

be

utilized

as

investment

options

for

other

products

and

businesses

of

Advisors

and

its

affiliates,

such

as

variable

products,

fund

of

funds

and

529

education

savings

plans.

Also,

Advisors

and

its

affiliates

may

benefit

from

their

relationship

with

the

Funds

to

the

extent

that

this

relationship

results

in

potential

investors

viewing

Teachers

Insurance

and

Annuity

Association

of

America,

of

which

Advisors

is

an

indirect,

wholly-owned

subsidiary,

as

a

leading

retirement

plan

provider

in

the

academic

and

non-profit

markets

and

as

a

single

source

for

all

their

financial

service

needs.

The

Board

concluded

that

other

benefits

to

Advisors

and

its

affiliates

arising

from

the

Agreement

were

reasonable

in

light

of

various

relevant

factors.

218

Approval

of

Investment

Management

Agreement

(continued)

{Unaudited}

Fund-by-fund

synopsis

of

factors

The

Board

considered

the

following

specific

factors

(among

others)

in

connection

with

its

determination

to

renew

the

Agreement

with

respect

to

each

Fund.

If

a

Fund

is

described

in

the

following

discussions

as

being

in

the

“1st”

quintile,

it

is

in

the

best

of

five

groups

(that

is,

the

group

has

the

best

performance

or

the

lowest

expenses,

as

the

case

may

be).

References

below

to

quintiles

are

based

on

data

provided

to

the

Board

in

the

reports

prepared

by

Broadridge.

The

specific

management

fee,

expense

and

performance

factors

outlined

below

are

based

on

the

Institutional

Class

of

each

Fund.

Because

the

Institutional

Class

generally

has

lower

non-

management

expenses

than

the

other

classes

of

these

Funds,

the

expenses

and

performance

of

these

other

classes

will

differ

from

the

expenses

and

performance

shown

for

the

Institutional

Class.

References

to

“adjusted”

gross

performance

means

the

performance

of

a

Fund

without

any

reductions

for

fees

or

expenses,

including

the

effect

of

net

asset

value

rounding

and

excluding

the

effects

of

fair

valuation,

foreign

exchange

rates,

effective

tax

rates,

securities

lending

and

class

action

litigation,

as

applicable.

All

time

periods

referenced

below

are

ended

December

31,

2022.

Under

the

Morningstar

rating

system,

an

Overall

Morningstar

Rating

of

5

stars

is

the

highest

(best)

rating

category

and

1

star

is

the

lowest

(worst)

rating

category.

The

Morningstar

data

is

as

of

December

31,

2022.

For

reference,

one

basis

point

equals

0.01%.

Statements

below

regarding

“net

profit”

refer

to

Advisors’

calculation

that

it

earned

a

profit

for

the

services

that

it

rendered

to

a

Fund

during

2022

under

the

Agreement.

Equity

Index

Fund

The

Fund’s

annual

contractual

management

fee

rate

is

0.04%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

ranked

2

out

of

5

funds,

3

out

of

5

funds

and

3

out

of

5

funds

within

the

group

of

comparable

funds

selected

by

Broadridge

for

expense

comparison

purposes

(“Expense

Group”),

respectively.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

each

in

the

1st

quintile

of

the

universe

of

comparable

funds

selected

by

Broadridge

for

expense

comparison

purposes

(“Expense

Universe”).

For

the

three-year

period,

the

Fund’s

adjusted

annualized

gross

performance

as

compared

to

its

benchmark,

the

Russell

3000®

Index,

differed

by

+3

basis

points.

The

Fund

received

an

Overall

Morningstar

Rating

of

3

stars.

Advisors

calculated

that

it

earned

a

net

profit

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Large-Cap

Growth

Index

Fund

The

Fund’s

annual

contractual

management

fee

rate

is

0.04%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

in

the

2nd,

3rd

and

1st

quintiles

of

its

Expense

Group,

respectively.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

in

the

1st,

2nd

and

1st

quintiles

of

its

Expense

Universe,

respectively.

For

the

three-year

period,

the

Fund’s

adjusted

annualized

gross

performance

was

the

same

as

compared

to

its

benchmark,

the

Russell

1000®

Growth

Index.

The

Fund

received

an

Overall

Morningstar

Rating

of

5

stars.

Advisors

calculated

that

it

earned

a

net

profit

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Large-Cap

Value

Index

Fund

The

Fund’s

annual

contractual

management

fee

rate

is

0.04%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

ranked

2

out

of

5

funds,

3

out

of

5

funds

and

3

out

of

5

funds

within

its

Expense

Group,

respectively.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

each

were

in

the

1st

quintile

of

its

Expense

Universe.

For

the

three-year

period,

the

Fund’s

adjusted

annualized

gross

performance

as

compared

to

its

benchmark,

the

Russell

1000®

Value

Index,

differed

by

+4

basis

point.

The

Fund

received

an

Overall

Morningstar

Rating

of

3

stars.

Advisors

calculated

that

it

earned

a

net

profit

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

S&P

500

Index

Fund

The

Fund’s

annual

contractual

management

fee

rate

is

0.04%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

in

the

1st,

2nd

and

1st

quintiles

of

its

Expense

Group,

respectively.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

each

in

the

1st

quintile

of

its

Expense

Universe.

219

For

the

three-year

period,

the

Fund’s

adjusted

annualized

gross

performance

as

compared

to

its

benchmark,

the

S&P

500®

Index,

differed

by

+1

basis

point.

The

Fund

received

an

Overall

Morningstar

Rating

of

4

stars.

Advisors

calculated

that

it

earned

a

net

profit

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Small-Cap

Blend

Index

Fund

The

Fund’s

annual

contractual

management

fee

rate

is

0.04%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

in

the

2nd,

2nd

and

1st

quintiles

of

its

Expense

Group,

respectively.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

in

the

1st,

2nd

and

1st

quintiles

of

its

Expense

Universe,

respectively.

For

the

three-year

period,

the

Fund’s

adjusted

annualized

gross

performance

as

compared

to

its

benchmark,

the

Russell

2000®

Index,

differed

by

+7

basis

points.

The

Fund

received

an

Overall

Morningstar

Rating

of

3

stars.

Advisors

calculated

that

it

earned

a

net

profit

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Emerging

Markets

Equity

Index

Fund

Effective

August

1,

2022,

the

Fund’s

contractual

management

fee

rate

was

reduced

to

0.10%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

each

in

the

3rd

quintile

of

its

Expense

Group.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

each

in

the

2nd

quintile

of

its

Expense

Universe.

For

the

three-year

period,

the

Fund’s

adjusted

annualized

gross

performance

as

compared

to

its

benchmark,

the

MSCI

Emerging

Markets

Index,

differed

by

-21

basis

points.

The

Fund

received

an

Overall

Morningstar

Rating

of

3

stars.

Advisors

calculated

that

it

earned

a

net

profit

with

respect

to

its

services

to

the

Fund

for

the

one

year-period.

International

Equity

Index

Fund

The

Fund’s

annual

contractual

management

fee

rate

is

0.04%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

each

ranked

2

out

of

5

funds

within

its

Expense

Group

and

were

each

in

the

1st

quintile

of

its

Expense

Universe.

For

the

three-year

period,

the

Fund’s

adjusted

annualized

performance

as

compared

to

its

benchmark,

the

MSCI

EAFE

Index,

differed

by

-7

basis

points.

The

Fund

received

an

Overall

Morningstar

Rating

of

4

stars.

Advisors

calculated

that

it

earned

a

net

profit

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

________________

Based

primarily

on

the

foregoing

factors

and

conclusions,

the

Board

renewed

the

Agreement

for

each

Fund.

Liquidity

Risk

Management

Program

220

(Unaudited)

Discussion

of

the

operation

and

effectiveness

of

the

Funds’

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

each

series

of

the

Trust

covered

by

this

Report

(the

“Funds”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”),

which

is

reasonably

designed

to

assess

and

manage

the

Funds’

liquidity

risk.

The

Program

consists

of

various

provisions

relating

to

assessing

and

managing

Fund

liquidity

risk,

as

discussed

further

below.

The

Funds’

Board

of

Trustees

(the

“Board”)

previously

approved

the

designation

of

Advisors

(the

“Administrator”)

as

Program

administrator.

The

Liquidity

Monitoring

and

Analysis

Team

(the

“LMAT”)

carries

out

day-to-day

Program

management

with

oversight

by

the

Liquidity

Oversight

Committee

(the

“LOSC”).

Personnel

from

the

Administrator

and

Nuveen

Fund

Advisors,

LLC,

an

affiliate

of

the

Administrator,

comprise

the

LMAT

and

LOSC.

At

a

February

14,

2023

Board

meeting,

the

Administrator

provided

the

Board

with

a

written

report

addressing

the

Program’s

operation,

adequacy,

and

effectiveness

of

implementation

for

the

period

from

January

1,

2022

through

December

31,

2022

(the

“Review

Period”),

as

required

under

the

Liquidity

Rule.

The

report

noted

that

the

Program

has

been

and

continues

to

be

adequately

and

effectively

implemented

to

monitor

and

(as

applicable)

respond

to

the

Funds’

liquidity

developments.

In

accordance

with

the

Program,

the

LMAT

assesses

each

Fund’s

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(i)

the

Fund’s

investment

strategy

and

the

liquidity

of

portfolio

investments,

(ii)

cash

flow

projections,

and

(iii)

holdings

of

cash

and

cash

equivalents

and

borrowing

arrangements

and

other

funding

sources.

Certain

factors

are

considered

under

both

normal

and

reasonably

foreseeable

stressed

conditions.

Each

Fund

portfolio

investment

is

classified

into

one

of

four

liquidity

categories

(including

“highly

liquid

investments”

and

“illiquid

investments,”

discussed

below).

The

classification

is

based

on

a

determination

of

how

long

it

is

reasonably

expected

to

take

to

convert

the

investment

into

cash,

or

sell

or

dispose

of

the

investment,

in

current

market

conditions

without

significantly

changing

the

market

value

of

the

investment.

Liquidity

classification

determinations

take

into

account

various

market,

trading,

and

investment-

specific

considerations,

as

well

as

market

depth,

and

utilize

third-party

vendor

data.

Any

Fund

that

does

not

primarily

hold

highly

liquid

investments

must,

among

other

things,

determine

a

minimum

percentage

of

Fund

net

assets

that

must

be

invested

in

highly

liquid

investments

(a

“Highly

Liquid

Investment

Minimum”).

During

the

Review

Period,

each

Fund

primarily

held

highly

liquid

investments

and

therefore

was

exempt

from

the

requirement

to

adopt

a

Highly

Liquid

Investment

Minimum

and

to

comply

with

the

related

requirements

under

the

Liquidity

Rule.

The

Liquidity

Rule

also

limits

the

Funds’

investments

in

illiquid

investments.

Specifically,

the

Liquidity

Rule

prohibits

acquisition

of

illiquid

investments

if

doing

so

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

illiquid

investments

and

requires

certain

reporting

anytime

a

Fund’s

holdings

of

illiquid

investments

exceed

15%

of

net

assets.

During

the

Review

Period,

no

Fund

exceeded

the

15%

limit

on

illiquid

investments.

Additional

Information

About

Index

Providers

(Unaudited)

221

Russell

Indexes

Source:

London

Stock

Exchange

Group

plc

and

its

group

undertakings

(collectively,

the

“LSE

Group”).

©

LSE

Group

2023.

FTSE

Russell

is

a

trading

name

of

certain

of

the

LSE

Group

companies.

“FTSE®,”

“Russell®”

and

“FTSE

Russell®”

are

trademarks

of

the

relevant

LSE

Group

companies

and

are

used

by

any

other

LSE

Group

company

under

license.

All

rights

in

the

FTSE

Russell

indexes

or

data

vest

in

the

relevant

LSE

Group

company

which

owns

the

index

or

the

data.

Neither

LSE

Group

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

indexes

or

data

and

no

party

may

rely

on

any

indexes

or

data

contained

in

this

communication.

No

further

distribution

of

data

from

the

LSE

Group

is

permitted

without

the

relevant

LSE

Group

company’s

express

written

consent.

The

LSE

Group

does

not

promote,

sponsor

or

endorse

the

content

of

this

communication.

Standard

&

Poor's

Index

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A12455

(6/23)

Fixed-Income

Funds

TIAA-CREF

International

Semi-annual

Report

TIAA-CREF

Funds

April

30,

2023

This

semi-annual

report

contains

the

Funds'

unaudited financial

statements.

Fund

Name

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Class

W

–

TIAA-CREF

International

Bond

Fund

TIBWX

TIBNX

TIBLX

TIBVX

TIBEX

TIBUX

6.1

TIAA-CREF

Emerging

Markets

Debt

Fund

TEDNX

TEDHX

TEDPX

TEDTX

TEDLX

TEDVX

Table

of

Contents

Letter

to

Investors

3

Important

Notices

5

About

the

Funds’

Benchmarks

6

Fund

Performance

7

Expense

Examples

9

Portfolios

of

Investments

11

Statement

of

Assets

and

Liabilities

38

Statement

of

Operations

40

Statement

of

Changes

in

Net

Assets

41

Financial

Highlights

42

Notes

to

Financial

Statements

46

Approval

of

Investment

Management

Agreement

55

Liquidity

Risk

Management

Program

60

Additional

Fund

Information

61

How

to

Reach

Us

Inside

Back

Cover

3

Letter

to

Investors

Brad

Finkle

International

fixed-income

securities

produced

gains

for

the

six

months

ended

April

30,

2023.

Foreign

investment-grade

fixed-rate

bonds

and

emerging-markets

debt

both

advanced,

while

global

central

banks

continued

to

tighten

their

monetary

policies

in

an

effort

to

curb

inflation.

For

the

six

months:

Emerging-markets

debt

securities

gained

10.5%,

as

measured

by

the

J.P.

Morgan

Emerging

Markets

Bond

Index

(EMBI)

Global

Diversified.

Please

see

page

5

for

benchmark

definitions.

International

investment-grade

fixed-rate

bonds

hedged

to

the

U.S.

dollar

returned

3.0%,

as

measured

by

the

Bloomberg

Global

Aggregate

Ex-USD

Index

(Hedged).

The

TIAA-CREF

Emerging

Markets

Debt

Fund

(Institutional

Class)

gained

11.3%,

surpassing

its

benchmark.

The

TIAA-CREF

International

Bond

Fund

(Institutional

Class)

advanced

4.6%

and

outperformed

its

benchmark.

Emerging-markets

debt

securities

got

off

to

a

strong

start

amid

softening

inflation

data

and

a

weaker

U.S.

dollar.

However,

emerging-markets

bonds

gave

back

a

modest

portion

of

their

gains

over

the

final

three

months

of

the

period

as

volatility

increased

due

to

banking

sector

concerns.

International

investment-grade

bonds

were

boosted

early

in

the

period

by

a

more

favorable

U.S.

inflation

report,

which

opened

the

door

for

the

Federal

Reserve

to

slow

its

pace

of

tightening.

The

economy

of

the

19-nation

euro

area

grew,

although

the

rate

of

expansion

slowed

during

the

period.

The

European

Central

Bank

raised

its

suite

of

benchmark

interest

rates

multiple

times

during

the

period.

The

Bank

of

England

increased

its

benchmark

rate

to

4.25%.

Foreign

bonds

posted

mixed

results

versus

U.S.

bonds

For

the

six

months,

foreign

bonds

generated

mixed

results

when

compared

with

the

performance

of

U.S.

bonds.

Emerging-markets

debt

outpaced

the

5.8%

advance

of

U.S.

high-yield

bonds,

as

measured

by

the

ICE

BofA

BB-B

U.S.

Cash

Pay

High

Yield

Constrained

Index.

International

investment-grade

securities

lagged

the

6.9%

gain

of

U.S.

investment-grade

fixed-rate

bonds,

as

measured

by

the

Bloomberg

U.S.

Aggregate

Bond

Index.

Investing

with

future

goals

in

mind

Long-term

investing

is

a

marathon,

not

a

sprint,

with

many

risks

and

opportunities

along

the

way.

Today,

investors

are

focused

on

inflation,

higher

interest

rates

and

pressure

in

the

banking

industry.

However,

a

host

of

other

economic

data

will

likely

be

in

the

spotlight

tomorrow.

Since

financial

markets

around

the

world

are

often

difficult

to

forecast,

a

well-diversified

portfolio

that

includes

international

fixed-

income

securities

may

help

to

balance

risks

and

opportunities

more

effectively,

allowing

investors

to

achieve

their

long-term

financial

goals.

As

such,

we

believe

that

including

foreign

debt

securities

within

a

professionally

managed

mutual

fund

can

provide

investors

with

a

prudent

way

to

enhance

their

investment

portfolios.

Keep

in

mind

that

while

diversification

can

help

reduce

volatility,

it

does

not

provide

a

guarantee

against

market

losses.

Letter

to

Investors

(continued)

4

If

you

have

any

questions

about

your

investment

in

the

TIAA-CREF

International

Fixed-Income

Funds,

please

contact

your

financial

advisor

or

call

a

TIAA

financial

consultant

at

800-842-2252.

We

would

be

happy

to

help

you.

Brad

Finkle

Principal

Executive

Officer

and

President

of

the

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds

Important

Notices

5

For

Shareholders

of

Emerging

Markets

Debt

Fund

International

Bond

Fund

Portfolio

Manager

Commentaries

in

Semi-annual

Reports

The

Funds

include

portfolio

manager

commentary

in

their

annual

shareholder

reports.

For

the

Funds’

most

recent

annual

portfolio

manager

discussion,

please

refer

to

the

Portfolio

Managers’

Comments

section

of

each

Fund’s

October

31,

2022

annual

shareholder

report.

For

current

information

on

your

Fund’s

investment

objectives,

portfolio

management

team

and

average

annual

total

returns

please

refer

to

the

Fund’s

website

at

www.nuveen.com.

For

changes

that

occurred

to

your

Fund

both

during

and

subsequent

to

this

reporting

period,

please

refer

to

the

Notes

to

Financial

Statements

section

of

this

report.

For

average

annual

total

returns

as

of

the

end

of

this

reporting

period,

please

refer

to

the

Fund

Performance

section

within

this

report.

About

the

Funds’

Benchmarks

6

Emerging

Markets

Debt

Fund

J.P.

Morgan

Emerging

Markets

Bond

Index

Global

Diversified

(EMBI-GD

Index):

An

unmanaged,

market-capitalization-

weighted,

total-return

index

tracking

the

traded

market

for

U.S.-dollar-denominated

Brady

bonds,

Eurobonds

and

other

debt

instruments

issued

by

sovereign

and

quasi-sovereign

entities.

The

index

limits

the

weights

of

those

index

countries

with

larger

debt

stocks

by

only

including

a

specified

portion

of

these

countries’

eligible

current

face

amounts

of

debt

outstanding.

International

Bond

Fund

Bloomberg

Global

Aggregate

Ex-USD

Index

(Hedged):

An

unmanaged,

global,

investment-grade

fixed-rate

bond

market

index,

including

treasury,

government-related,

corporate

and

securitized

fixed-rate

bonds

from

both

developed-

and

emerging-markets

issuers,

in

24

local

currencies.

Securities

are

SEC

registered,

taxable,

non-dollar

denominated

and

must

have

a

minimum

maturity

of

one

year.

Securities

must

be

rated

investment

grade

using

the

middle

rating

of

Moody’s,

S&P

and

Fitch

after

dropping

the

highest

and

lowest

available

ratings.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses.

For

additional

details

about

the

benchmark

indexes,

please

read

the

funds’

latest

prospectus.

Information

has

been

obtained

from

sources

believed

to

be

reliable

but

J.P.

Morgan

does

not

guarantee

its

completeness

or

accuracy.

The

J.P.

Morgan

Emerging

Markets

Bond

Index

(EMBI)

Global

Diversified

(EMBI-GD

Index)

is

used

with

permission.

The

EMBI-GD

Index

may

not

be

copied,

used,

or

distributed

without

J.P.

Morgan’s

prior

written

approval.

Copyright

2023,

J.P.

Morgan

Chase

&

Co.

All

rights

reserved.

Source:

Bloomberg

Index

Services

Limited.

BLOOMBERG®

is

a

trademark

and

service

mark

of

Bloomberg

Finance

L.P.

and

its

affiliates

(collectively,

“Bloomberg”).

Bloomberg

or

Bloomberg’s

licensors

own

all

proprietary

rights

in

the

Bloomberg

Indices.

Bloomberg

neither

approves

nor

endorses

this

material,

nor

guarantees

the

accuracy

or

completeness

of

any

information

herein,

nor

makes

any

warranty,

express

or

implied,

as

to

the

results

to

be

obtained

therefrom

and,

to

the

maximum

extent

allowed

by

law,

neither

shall

have

any

liability

or

responsibility

for

injury

or

damages

arising

in

connection

therewith.

Emerging

Markets

Debt

Fund

7

Performance

as

of

April

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

The

returns

do

not

reflect

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

sale

of

fund

shares.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

and

30-day

SEC

yield

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

country

Holdings

by

maturity

Holdings

by

credit

quality

Credit

quality

ratings

are

based

on

the

J.P

Morgan methodology,

which

uses

the

middle

rating

of

the

S&P, Moody's and Fitch

ratings

to

determine

an

instrument's

rating

category.

When

a

rating

from

only

two

agencies

is

available,

the

lower

is

used;

when

only

one

agency

rates

a

bond,

that

rating

is

used.

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Emerging

Markets

Debt

Fund

Inception

date

6

months

1

year

5

years

since

inception

gross

net

Institutional

Class

9/26/14

11

.30

%

-

0

.96

%

0

.76

%

2

.64

%

0

.62

%

0

.62

%

Advisor

Class

12/4/15

11

.22

-

1

.16

0

.70

2

.60

†

0

.69

0

.69

Premier

Class

9/26/14

11

.21

-

1

.12

0

.61

2

.47

0

.78

0

.78

Retirement

Class

9/26/14

11

.05

-

1

.28

0

.53

2

.39

0

.87

0

.87

Retail

Class

9/26/14

11

.15

-

1

.25

0

.46

2

.31

0

.93

0

.93

Class

W

9/28/18

11

.65

-

0

.33

1

.33

†

2

.98

†

0

.62

0

.00

J.P.

Morgan

Emerging

Markets

Bond

Index

(EMBI)

Global

Diversified

–

10

.54

-

0

.89

-

0

.20

1

.78

§

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

February

29,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

the

Advisor

Class

and

Class

W

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Institutional

Class.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

actual

expenses

of

the

Advisor

Class

and

Class

W.

If

these

actual

expenses

had

been

reflected,

the

performance

of

these

two

classes

shown

for

these

periods

would

have

been

different

because

the

Advisor

Class

and

Class

W

have

different

expenses

than

the

Institutional

Class.

§

Performance

is

calculated

from

the

inception

date

of

the

Institutional

Class.

as

of

4/30/2023

Net

assets

$

448.93

million

Portfolio

turnover

rate

*

10%

Number

of

issues

308

Option-adjusted

duration

‡

6.24

years

Average

maturity

§

11.04

years

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

November

1,

2022–April

30,

2023,

and

is

not

annualized.

‡

Option-adjusted

duration

estimates

how

much

the

value

of

a

bond

portfolio

would

be

affected

by

a

change

in

prevailing

interest

rates,

taking

into

account

the

options

embedded

in

the

individual

securities.

The

longer

a

portfolio’s

duration,

the

more

sensitive

it

is

to

changes

in

interest

rates.

§

Average

maturity

is

a

simple

average

of

the

maturities

of

all

the

bonds

in

a

fund's

portfolio.

The

maturity

of

a

bond

is

the

amount

of

time

until

the

bond’s

principal

becomes

due

or

payable.

Sector

%

of

net

assets

as

of

4/30/2023

Corporate

bonds

46.2

Government

bonds

46.2

Common

stocks

0.9

Structured

assets

0.6

Bank

loan

obligations

0.4

Short-term

investments,

other

assets

&

liabilities,

net

5.7

Total

100.0

%

of

portfolio

investments

as

of

4/30/2023

Mexico

9.1

South

Africa

6.2

Brazil

4.4

Turkey

4.1

Chile

3.8

Colombia

3.6

Indonesia

3.4

Dominican

Republic

3.4

Israel

3.2

Peru

3.1

56

other

nations

49.5

Short-term

investments

6.2

Total

100.0

%

of

fixed-income

investments

(excluding

short-term

investments)

as

of

4/30/2023

Less

than

1

year

2.5

1-3

years

6.0

3-5

years

17.0

5-10

years

41.3

Over

10

years

33.2

Total

100.0

%

of

fixed-income

investments

(excluding

short-term

investments)

as

of

4/30/2023

Aaa/AAA

0.2

A/A

7.6

Baa/BBB

27.6

Ba/BB

32.7

B/B

19.7

Below

B/B

6.0

Non-rated

6.2

Total

100.0

International

Bond

Fund

8

Performance

as

of

April

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

The

returns

do

not

reflect

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

sale

of

fund

shares.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

and

30-day

SEC

yield

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

country

Holdings

by

maturity

Holdings

by

credit

quality

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.

Total

return

Average

annual

total

return

Annual

operating

expenses

*

International

Bond

Fund

Inception

date

6

months

1

year

5

years

since

inception

gross

net

Institutional

Class

8/5/16

4

.64

%

-

1

.48

%

0

.59

%

0

.85

%

0

.61

%

0

.60

%

Advisor

Class

8/5/16

4

.62

-

1

.50

0

.55

0

.81

0

.71

0

.71

Premier

Class

8/5/16

4

.70

-

1

.59

0

.44

0

.71

0

.78

0

.75

Retirement

Class

8/5/16

4

.58

-

1

.69

0

.33

0

.60

0

.86

0

.85

Retail

Class

8/5/16

4

.54

-

1

.76

0

.23

0

.52

1

.10

0

.95

Class

W

9/28/18

5

.06

-

0

.89

1

.14

†

1

.26

†

0

.61

0

.00

Bloomberg

Global

Aggregate

ex-USD

Index

(Hedged)

–

2

.96

-

1

.00

1

.01

0

.99

§

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

February

29,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

†

The

performance

shown

for

Class

W

that

is

prior

to

its

inception

date

is

based

on

the

performance

of

the

Institutional

Class.

The

performance

for

these

periods

has

not

been

restated

to

reflect

the

actual

expenses

of

Class

W.

If

these

actual

expenses

had

been

reflected,

the

performance

of

Class

W

shown

for

these

periods

would

have

been

different

because

Class

W

has

different

expenses

than

the

Institutional

Class.

§

Performance

is

calculated

from

the

inception

date

of

the

Institutional

Class.

as

of

4/30/2023

Net

assets

$

391.26

million

Portfolio

turnover

rate

*

16%

Number

of

issues

391

Option-adjusted

duration

‡

6.42

years

Average

maturity

§

7.87

years

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

November

1,

2022–April

30,

2023,

and

is

not

annualized.

‡

Option-adjusted

duration

estimates

how

much

the

value

of

a

bond

portfolio

would

be

affected

by

a

change

in

prevailing

interest

rates,

taking

into

account

the

options

embedded

in

the

individual

securities.

The

longer

a

portfolio’s

duration,

the

more

sensitive

it

is

to

changes

in

interest

rates.

§

Average

maturity

is

a

simple

average

of

the

maturities

of

all

the

bonds

in

a

fund's

portfolio.

The

maturity

of

a

bond

is

the

amount

of

time

until

the

bond’s

principal

becomes

due

or

payable.

Sector

%

of

net

assets

as

of

4/30/2023

Government

bonds

67.6

Corporate

bonds

20.3

Structured

assets

4.9

Bank

loan

obligations

0.3

Short-term

investments,

other

assets

&

liabilities,

net

6.9

Total

100.0

%

of

portfolio

investments

as

of

4/30/2023

United

States

12.1

China

10.7

Japan

10.5

Germany

6.5

United

Kingdom

5.2

Canada

4.2

France

3.7

Korea,

Republic

of

3.2

Ireland

2.9

Supranational

2.7

58

other

nations

33.2

Short-term

investments

5.1

Total

100.0

%

of

fixed-income

investments

(excluding

short-term

investments)

as

of

4/30/2023

Less

than

1

year

7.7

1-3

years

16.0

3-5

years

19.4

5-10

years

33.2

Over

10

years

23.7

Total

100.0

%

of

fixed-income

investments

(excluding

short-term

investments)

as

of

4/30/2023

Aaa/AAA

15.1

Aa/AA

14.8

A/A

29.9

Baa/BBB

20.9

Ba/BB

8.2

B/B

4.2

Below

B/B

0.8

Non-rated

6.1

Total

100.0

9

Expense

Examples

All

shareholders

of

the

TIAA-CREF

Funds

incur

ongoing

costs,

including

management

fees

and

other

fund

expenses.

They

may

also

incur

transactional

costs

for

redemptions

or

account

maintenance

fees.

The

expense

examples

that

appear

in

this

report

are

intended

to

help

you

understand

your

ongoing

costs

only

(in

U.S.

dollars)

and

do

not

reflect

transactional

costs.

The

examples

are

designed

to

help

you

compare

these

ongoing

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

expenses

shown

do

not

include

account

maintenance

fees,

which

may

or

may

not

be

applicable,

as

described

in

the

prospectus.

If

such

fees

were

included,

your

total

costs

for

investing

in

the

funds

would

be

higher.

Note

also

that

shareholders

of

the

TIAA-CREF

Funds

do

not

incur

a

sales

charge

for

purchases,

reinvested

dividends

or

other

distributions.

The

examples

are

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

six-month

period

and

held

for

the

entire

period

(

November

1,

2022

–

April

30,

2023

).

Actual

expenses

The

first

section

in

each

table

uses

the

Fund’s

actual

expenses

and

its

actual

rate

of

return.

You

may

use

the

information

in

this

section,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

six-month

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

line

under

the

heading

“Expenses

incurred

during

the

period”

to

estimate

the

expenses

you

paid

during

the

six-month

period.

Some

funds

have

a

contractual

fee

reimbursement.

Had

these

not

been

in

effect,

fund

expenses

would

have

been

higher.

Hypothetical

example

for

comparison

purposes

The

second

section

in

each

table

shows

hypothetical

account

values

and

expenses

based

on

the

Fund’s

actual

expense

ratio

for

each

share

class

for

the

six-month

period

and

an

assumed

5%-per-year

rate

of

return

before

expenses.

This

was

not

the

share

class’

actual

return.

This

hypothetical

example

cannot

be

used

to

estimate

the

actual

expenses

you

paid

for

the

period,

but

rather

allows

you

to

compare

the

ongoing

costs

of

investing

in

the

Fund

with

the

costs

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

mutual

funds.

6.1

Emerging

Markets

Debt

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Class

W

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,113.01

$1,112.24

$1,112.10

$1,110.51

$1,111.50

$1,116.53

Expenses

incurred

during

the

period*

$3.22

$3.56

$4.12

$4.32

$4.77

$0.01

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,021.75

$1,021.42

$1,020.89

$1,020.70

$1,020.27

$1,024.78

Expenses

incurred

during

the

period*

$3.08

$3.41

$3.94

$4.14

$4.57

$0.01

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

April

30,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.61%

for

Institutional

Class,

0.68%

for

Advisor

Class,

0.79%

for

Premier

Class,

0.83%

for

Retirement

Class,

0.91%

for

Retail

Class

and

0.00%

for

Class

W.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

Expense

Examples

(continued)

10

–

International

Bond

Fund

Share

Class

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Class

W

Actual

performance

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,046.43

$1,046.15

$1,046.96

$1,045.77

$1,045.40

$1,050.59

Expenses

incurred

during

the

period*

$2.99

$3.39

$3.82

$4.26

$4.69

$0.03

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

account

value

$1,021.87

$1,021.48

$1,021.06

$1,020.63

$1,020.21

$1,024.77

Expenses

incurred

during

the

period*

$2.95

$3.35

$3.78

$4.21

$4.63

$0.03

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

April

30,

2023.

The

Fund's

annualized

six-month

expense

ratios

for

that

period

were

0.59%

for

Institutional

Class,

0.67%

for

Advisor

Class,

0.75%

for

Premier

Class,

0.84%

for

Retirement

Class,

0.92%

for

Retail

Class

and

0.01%

for

Class

W.

The

expense

charges

of

one

or

more

of

the

Fund's

share

classes

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

affected

share

classes

would

be

higher

and

their

performance

lower.

Portfolio

of

Investments

(Unaudited)

Emerging

Markets

Debt

Fund

April

30,

2023

11

See

Notes

to

Financial

Statements

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

BANK

LOAN

OBLIGATIONS

-

0.4%

CHILE

-

0

.4

%

$

1,840,000

i

Coral-US

Co-Borrower

LLC

LIBOR

1

M

+

3.000%

7

.684

%

10/15/29

$

1,813,982‌

TOTAL

CHILE

1,813,982‌

TOTAL

BANK

LOAN

OBLIGATIONS

1,813,982‌

(Cost

$1,827,172)

BONDS

-

93.0%

CORPORATE

BONDS

-

46

.2

%

ARGENTINA

-

0

.3

%

1,950,000

g

YPF

S.A.

6

.950

07/21/27

1,404,083‌

TOTAL

ARGENTINA

1,404,083‌

AUSTRALIA

-

0

.6

%

1,725,000

AngloGold

Ashanti

Holdings

plc

3

.375

11/01/28

1,557,498‌

1,500,000

AngloGold

Ashanti

Holdings

plc

3

.750

10/01/30

1,323,675‌

TOTAL

AUSTRALIA

2,881,173‌

BRAZIL

-

2

.3

%

2,500,000

g

B3

S.A.-Brasil

Bolsa

Balcao

4

.125

09/20/31

2,088,499‌

2,750,000

g

Itau

Unibanco

Holding

S.A.

4

.625

N/A‡

2,149,950‌

4,000,000

g,q

JSM

Global

Sarl

4

.750

10/20/30

790,000‌

527,012

g

Odebrecht

Oil

&

Gas

Finance

Ltd

0

.000

N/A‡

198‌

714,000

o,q

Oi

S.A.

10

.000

07/27/25

53,104‌

1,500,000

Petrobras

Global

Finance

BV

6

.900

03/19/49

1,385,522‌

600,000

e

Petrobras

Global

Finance

BV

5

.500

06/10/51

474,317‌

1,613,600

g

Rio

Oil

Finance

Trust

8

.200

04/06/28

1,627,315‌

2,000,000

g

Rumo

Luxembourg

Sarl

4

.200

01/18/32

1,616,920‌

TOTAL

BRAZIL

10,185,825‌

CHILE

-

3

.4

%

2,388,168

g

Alfa

Desarrollo

S.p.A

4

.550

09/27/51

1,727,840‌

2,000,000

g

Banco

del

Estado

de

Chile

2

.704

01/09/25

1,913,432‌

2,325,000

g

Celulosa

Arauco

y

Constitucion

S.A.

5

.150

01/29/50

2,014,393‌

2,250,000

g

Cia

Cervecerias

Unidas

S.A.

3

.350

01/19/32

1,940,625‌

2,150,000

g

Corp

Nacional

del

Cobre

de

Chile

4

.375

02/05/49

1,813,601‌

1,675,000

g

Corp

Nacional

del

Cobre

de

Chile

3

.150

01/15/51

1,168,966‌

2,075,000

g

Embotelladora

Andina

S.A.

3

.950

01/21/50

1,608,556‌

2,000,000

g

Empresa

de

los

Ferrocarriles

del

Estado

3

.068

08/18/50

1,259,324‌

1,775,000

g

Empresa

Nacional

del

Petroleo

3

.450

09/16/31

1,496,214‌

350,000

g,h

Empresa

Nacional

del

Petroleo

6

.150

05/10/33

348,687‌

TOTAL

CHILE

15,291,638‌

CHINA

-

0

.9

%

2,500,000

g

ENN

Clean

Energy

International

Investment

Ltd

3

.375

05/12/26

2,233,863‌

2,050,000

e,g

Lenovo

Group

Ltd

3

.421

11/02/30

1,728,585‌

TOTAL

CHINA

3,962,448‌

COLOMBIA

-

2

.3

%

1,675,000

Bancolombia

S.A.

4

.625

12/18/29

1,423,750‌

1,375,000

Ecopetrol

S.A.

4

.625

11/02/31

1,031,407‌

2,000,000

Ecopetrol

S.A.

5

.875

11/02/51

1,267,988‌

2,000,000

g

Empresas

Publicas

de

Medellin

ESP

4

.250

07/18/29

1,569,960‌

1,000,000

g

Empresas

Publicas

de

Medellin

ESP

4

.375

02/15/31

744,665‌

2,000,000

g

EnfraGen

Energia

Sur

S.A.

5

.375

12/30/30

1,267,000‌

2,075,000

g

Grupo

Aval

Ltd

4

.375

02/04/30

1,587,375‌

Emerging

Markets

Debt

Fund

April

30,

2023

12

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

Portfolio

of

Investments

(Unaudited)

(continued)

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

COLOMBIA—continued

$

2,200,000

g

SierraCol

Energy

Andina

LLC

6

.000

%

06/15/28

$

1,629,100‌

TOTAL

COLOMBIA

10,521,245‌

COSTA

RICA

-

1

.1

%

1,991,574

g

Autopistas

del

Sol

S.A.

7

.375

12/30/30

1,772,501‌

1,000,000

g

Instituto

Costarricense

de

Electricidad

6

.750

10/07/31

962,500‌

2,300,000

g

Liberty

Costa

Rica

Senior

Secured

Finance

10

.875

01/15/31

2,224,238‌

TOTAL

COSTA

RICA

4,959,239‌

DOMINICAN

REPUBLIC

-

1

.0

%

2,500,000

g

Aeropuertos

Dominicanos

Siglo

XXI

S.A.

6

.750

03/30/29

2,456,250‌

2,500,000

g

AES

Andres

BV

5

.700

05/04/28

2,262,500‌

TOTAL

DOMINICAN

REPUBLIC

4,718,750‌

GHANA

-

0

.5

%

1,000,000

g

Kosmos

Energy

Ltd

7

.750

05/01/27

864,181‌

1,887,000

g

Tullow

Oil

plc

10

.250

05/15/26

1,473,747‌

TOTAL

GHANA

2,337,928‌

GUATEMALA

-

1

.1

%

1,830,000

g

CNTL

AMR

BOTTLING

CORP

5

.250

04/27/29

1,706,528‌

1,225,000

g

CT

Trust

5

.125

02/03/32

1,010,866‌

1,650,000

g

Investment

Energy

Resources

Ltd

6

.250

04/26/29

1,526,250‌

725,000

g

Millicom

International

Cellular

S.A.

4

.500

04/27/31

561,227‌

TOTAL

GUATEMALA

4,804,871‌

INDIA

-

2

.6

%

2,100,000

g

Adani

Ports

&

Special

Economic

Zone

Ltd

4

.375

07/03/29

1,648,818‌

1,800,000

g

Adani

Ports

&

Special

Economic

Zone

Ltd

3

.100

02/02/31

1,238,400‌

1,193,409

g

Azure

Power

Energy

Ltd

3

.575

08/19/26

919,361‌

1,225,000

g

Indian

Railway

Finance

Corp

Ltd

3

.570

01/21/32

1,081,456‌

2,500,000

e,g

Network

i2i

Ltd

3

.975

N/A‡

2,203,201‌

2,500,000

g

REC

Ltd

5

.625

04/11/28

2,512,267‌

2,700,000

g

ReNew

Wind

Energy

AP2

4

.500

07/14/28

2,281,101‌

TOTAL

INDIA

11,884,604‌

INDONESIA

-

2

.7

%

1,860,000

g

Freeport

Indonesia

PT

5

.315

04/14/32

1,787,672‌

1,000,000

g

Freeport

Indonesia

PT

6

.200

04/14/52

920,669‌

2,000,000

g

Medco

Laurel

Tree

Pte

Ltd

6

.950

11/12/28

1,809,895‌

301,000

g

Medco

Platinum

Road

Pte

Ltd

6

.750

01/30/25

293,251‌

1,500,000

g

Pertamina

Persero

PT

3

.100

08/27/30

1,333,277‌

1,250,000

g

Pertamina

Persero

PT

4

.700

07/30/49

1,062,172‌

1,000,000

g

Perusahaan

Listrik

Negara

PT

5

.250

10/24/42

901,400‌

2,000,000

g

Perusahaan

Listrik

Negara

PT

6

.150

05/21/48

1,950,167‌

2,000,000

g

Saka

Energi

Indonesia

PT

4

.450

05/05/24

1,940,580‌

TOTAL

INDONESIA

11,999,083‌

ISRAEL

-

3

.2

%

3,000,000

g

Bank

Hapoalim

BM

3

.255

01/21/32

2,499,096‌

3,141,000

g

Energean

Israel

Finance

Ltd

5

.375

03/30/28

2,808,196‌

2,000,000

g

Israel

Chemicals

Ltd

6

.375

05/31/38

1,978,823‌

2,000,000

g

Israel

Electric

Corp

Ltd

3

.750

02/22/32

1,759,220‌

1,800,000

g

Leviathan

Bond

Ltd

6

.750

06/30/30

1,674,697‌

EUR

2,000,000

Teva

Pharmaceutical

Finance

Netherlands

II

BV

4

.375

05/09/30

1,852,208‌

1,335,000

e

Teva

Pharmaceutical

Finance

Netherlands

III

BV

5

.125

05/09/29

1,238,380‌

660,000

Teva

Pharmaceutical

Finance

Netherlands

III

BV

7

.875

09/15/29

691,126‌

TOTAL

ISRAEL

14,501,746‌

13

See

Notes

to

Financial

Statements

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

KAZAKHSTAN

-

2

.0

%

KZT

453,000,000

g

Development

Bank

of

Kazakhstan

JSC

8

.950

%

05/04/23

$

1,001,043‌

$

1,800,000

g

KazMunayGas

National

Co

JSC

4

.750

04/19/27

1,707,267‌

1,550,000

g

KazMunayGas

National

Co

JSC

6

.375

10/24/48

1,304,076‌

2,475,000

g

KazTransGas

JSC

4

.375

09/26/27

2,302,723‌

2,800,000

g

Tengizchevroil

Finance

Co

International

Ltd

4

.000

08/15/26

2,495,500‌

TOTAL

KAZAKHSTAN

8,810,609‌

MACAU

-

0

.4

%

2,000,000

Sands

China

Ltd

3

.750

08/08/31

1,650,581‌

TOTAL

MACAU

1,650,581‌

MALAYSIA

-

1

.5

%

3,000,000

g

Genm

Capital

Labuan

Ltd

3

.882

04/19/31

2,433,608‌

3,000,000

g

Misc

Capital

Two

Labuan

Ltd

3

.750

04/06/27

2,843,072‌

1,500,000

g

Petronas

Energy

Canada

Ltd

2

.112

03/23/28

1,365,760‌

TOTAL

MALAYSIA

6,642,440‌

MEXICO

-

6

.5

%

1,000,000

g

Banco

Nacional

de

Comercio

Exterior

SNC

4

.375

10/14/25

972,000‌

800,000

g

BBVA

Bancomer

S.A.

5

.350

11/12/29

758,000‌

2,000,000

g

BBVA

Bancomer

S.A.

5

.125

01/18/33

1,764,632‌

1,300,000

g

Cemex

SAB

de

C.V.

9

.125

N/A‡

1,290,902‌

2,025,000

g

Cemex

SAB

de

C.V.

5

.125

N/A‡

1,794,049‌

1,300,000

g

Electricidad

Firme

de

Mexico

Holdings

S.A.

de

C.V.

4

.900

11/20/26

1,143,999‌

7,833,000

g

Grupo

Aeromexico

SAB

de

C.V.

8

.500

03/17/27

7,008,017‌

3,448,500

g

Mexico

Remittances

Funding

Fiduciary

Estate

Management

Sarl

4

.875

01/15/28

3,106,995‌

2,800,000

e,g

Nemak

SAB

de

C.V.

3

.625

06/28/31

2,093,000‌

1,000,000

Petroleos

Mexicanos

4

.250

01/15/25

952,964‌

4,647,000

Petroleos

Mexicanos

6

.840

01/23/30

3,755,297‌

4,219,000

Petroleos

Mexicanos

6

.700

02/16/32

3,247,671‌

2,075,000

Petroleos

Mexicanos

6

.350

02/12/48

1,231,904‌

TOTAL

MEXICO

29,119,430‌

MOROCCO

-

0

.6

%

650,000

g

OCP

S.A.

3

.750

06/23/31

543,864‌

3,000,000

g

OCP

S.A.

5

.125

06/23/51

2,211,899‌

TOTAL

MOROCCO

2,755,763‌

NETHERLANDS

-

0

.0

%

RUB

158,400,000

g

VEON

Holdings

BV

8

.125

09/16/26

138,841‌

TOTAL

NETHERLANDS

138,841‌

NIGERIA

-

0

.3

%

1,775,000

g

Access

Bank

plc

6

.125

09/21/26

1,395,709‌

TOTAL

NIGERIA

1,395,709‌

OMAN

-

0

.5

%

2,500,000

g

OQ

SAOC

5

.125

05/06/28

2,398,343‌

TOTAL

OMAN

2,398,343‌

PANAMA

-

1

.2

%

2,000,000

g

Aeropuerto

Internacional

de

Tocumen

S.A.

5

.125

08/11/61

1,539,600‌

2,000,000

g

Banco

Nacional

de

Panama

2

.500

08/11/30

1,595,000‌

1,175,000

g

Cable

Onda

S.A.

4

.500

01/30/30

963,500‌

1,542,850

g

UEP

Penonome

II

S.A.

6

.500

10/01/38

1,141,709‌

TOTAL

PANAMA

5,239,809‌

PERU

-

1

.8

%

PEN

9,000,000

g

Alicorp

SAA

6

.875

04/17/27

2,282,600‌

Emerging

Markets

Debt

Fund

April

30,

2023

14

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

PERU—continued

$

1,225,000

g

Cia

de

Minas

Buenaventura

SAA

5

.500

%

07/23/26

$

1,069,557‌

878,539

g

Lima

Metro

Line

2

Finance

Ltd

4

.350

04/05/36

790,027‌

2,000,000

g

Peru

LNG

Srl

5

.375

03/22/30

1,615,000‌

2,750,000

g

Petroleos

del

Peru

S.A.

5

.625

06/19/47

1,744,557‌

534,000

g

Volcan

Cia

Minera

SAA

4

.375

02/11/26

404,541‌

TOTAL

PERU

7,906,282‌

SAUDI

ARABIA

-

1

.3

%

2,500,000

g

EIG

Pearl

Holdings

Sarl

4

.387

11/30/46

1,999,820‌

2,500,000

g

Saudi

Arabian

Oil

Co

4

.375

04/16/49

2,204,410‌

2,000,000

g

Saudi

Arabian

Oil

Co

3

.250

11/24/50

1,435,280‌

TOTAL

SAUDI

ARABIA

5,639,510‌

SOUTH

AFRICA

-

3

.8

%

3,000,000

g

Eskom

Holdings

SOC

Ltd

6

.750

08/06/23

2,968,650‌

2,000,000

g

Eskom

Holdings

SOC

Ltd

7

.125

02/11/25

1,945,013‌

2,875,000

g

Eskom

Holdings

SOC

Ltd

6

.350

08/10/28

2,704,761‌

1,600,000

g

Eskom

Holdings

SOC

Ltd

8

.450

08/10/28

1,531,984‌

2,300,000

g

Gold

Fields

Orogen

Holdings

BVI

Ltd

6

.125

05/15/29

2,355,194‌

2,000,000

g

MTN

Mauritius

Investment

Ltd

6

.500

10/13/26

1,991,168‌

1,800,000

g

Sasol

Financing

USA

LLC

8

.750

05/03/29

1,805,454‌

2,000,000

g

Transnet

SOC

Ltd

8

.250

02/06/28

1,979,260‌

TOTAL

SOUTH

AFRICA

17,281,484‌

THAILAND

-

0

.5

%

2,600,000

g

Bangkok

Bank

PCL

3

.466

09/23/36

2,128,725‌

TOTAL

THAILAND

2,128,725‌

TRINIDAD

AND

TOBAGO

-

0

.2

%

850,000

g

National

Gas

Company

of

Trinidad

and

Tobago

Limited

6

.050

01/15/36

756,500‌

TOTAL

TRINIDAD

AND

TOBAGO

756,500‌

TURKEY

-

2

.0

%

2,000,000

e,g

Akbank

T.A.S.

6

.800

02/06/26

1,910,508‌

4,100,000

g

Anadolu

Efes

Biracilik

Ve

Malt

Sanayii

AS.

3

.375

06/29/28

3,248,548‌

2,000,000

g

Turkiye

Garanti

Bankasi

AS.

7

.177

05/24/27

1,844,400‌

2,325,000

g

Ulker

Biskuvi

Sanayi

AS.

6

.950

10/30/25

2,015,264‌

TOTAL

TURKEY

9,018,720‌

UKRAINE

-

0

.2

%

2,000,000

g

NAK

Naftogaz

Ukraine

via

Kondor

Finance

plc

7

.625

11/08/26

420,000‌

87,500

Ukreximbank

Via

Biz

Finance

plc

9

.750

01/22/25

65,625‌

600,000

g

Ukreximbank

Via

Biz

Finance

plc

9

.750

01/22/25

450,000‌

TOTAL

UKRAINE

935,625‌

UNITED

ARAB

EMIRATES

-

1

.4

%

1,500,000

g

Abu

Dhabi

Crude

Oil

Pipeline

LLC

4

.600

11/02/47

1,416,425‌

1,325,000

g

DAE

Funding

LLC

3

.375

03/20/28

1,212,674‌

1,774,200

g

Galaxy

Pipeline

Assets

Bidco

Ltd

2

.160

03/31/34

1,537,737‌

2,433,950

g

Sweihan

PV

Power

Co

PJSC

3

.625

01/31/49

2,014,884‌

TOTAL

UNITED

ARAB

EMIRATES

6,181,720‌

TOTAL

CORPORATE

BONDS

207,452,724‌

(Cost

$244,330,528)

GOVERNMENT

BONDS

-

46

.2

%

ANGOLA

-

1

.5

%

2,250,000

g

Angolan

Government

International

Bond

8

.250

05/09/28

1,967,400‌

1,250,000

g

Angolan

Government

International

Bond

8

.000

11/26/29

1,050,000‌

15

See

Notes

to

Financial

Statements

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

ANGOLA—continued

$

2,850,000

g

Angolan

Government

International

Bond

8

.750

%

04/14/32

$

2,355,069‌

1,950,000

g

Angolan

Government

International

Bond

9

.375

05/08/48

1,491,360‌

TOTAL

ANGOLA

6,863,829‌

ARGENTINA

-

0

.5

%

1,300,000

Argentine

Republic

Government

International

Bond

3

.875

01/09/38

357,147‌

5,134,989

Argentine

Republic

Government

International

Bond

(Step

Bond)

1

.500

07/09/35

1,135,992‌

2,949,981

g

Provincia

de

Buenos

Aires

(Step

Bond)

5

.250

09/01/37

912,494‌

TOTAL

ARGENTINA

2,405,633‌

BAHRAIN

-

0

.4

%

700,000

g

Bahrain

Government

International

Bond

7

.375

05/14/30

719,522‌

1,000,000

g

Bahrain

Government

International

Bond

7

.500

09/20/47

903,558‌

TOTAL

BAHRAIN

1,623,080‌

BARBADOS

-

0

.4

%

2,039,800

g

Barbados

Government

International

Bond

6

.500

10/01/29

1,882,735‌

TOTAL

BARBADOS

1,882,735‌

BENIN

-

0

.2

%

EUR

1,125,000

g

Benin

Government

International

Bond

6

.875

01/19/52

822,872‌

TOTAL

BENIN

822,872‌

BERMUDA

-

0

.2

%

1,125,000

g

Bermuda

Government

International

Bond

2

.375

08/20/30

966,375‌

TOTAL

BERMUDA

966,375‌

BRAZIL

-

2

.1

%

BRL

5,982,000

Brazil

Notas

do

Tesouro

Nacional

Serie

F

10

.000

01/01/27

1,138,160‌

BRL

2,550,000

Brazil

Notas

do

Tesouro

Nacional

Serie

F

10

.000

01/01/31

458,208‌

3,100,000

Brazilian

Government

International

Bond

3

.875

06/12/30

2,769,285‌

3,410,000

Brazilian

Government

International

Bond

6

.000

10/20/33

3,350,803‌

1,100,000

Brazilian

Government

International

Bond

5

.000

01/27/45

864,198‌

1,400,000

Brazilian

Government

International

Bond

4

.750

01/14/50

1,029,369‌

TOTAL

BRAZIL

9,610,023‌

CAMEROON

-

0

.2

%

EUR

1,000,000

g

Republic

of

Cameroon

International

Bond

5

.950

07/07/32

768,399‌

TOTAL

CAMEROON

768,399‌

COLOMBIA

-

1

.3

%

2,000,000

Colombia

Government

International

Bond

3

.000

01/30/30

1,534,909‌

2,925,000

Colombia

Government

International

Bond

3

.250

04/22/32

2,111,286‌

500,000

Colombia

Government

International

Bond

7

.500

02/02/34

478,976‌

1,300,000

Colombia

Government

International

Bond

5

.625

02/26/44

946,367‌

950,000

Colombia

Government

International

Bond

5

.200

05/15/49

638,948‌

TOTAL

COLOMBIA

5,710,486‌

COSTA

RICA

-

0

.8

%

1,050,000

g

Costa

Rica

Government

International

Bond

6

.550

04/03/34

1,067,939‌

2,500,000

g

Costa

Rica

Government

International

Bond

5

.625

04/30/43

2,174,370‌

575,000

g

Costa

Rica

Government

International

Bond

7

.000

04/04/44

566,189‌

TOTAL

COSTA

RICA

3,808,498‌

COTE

D'IVOIRE

-

0

.6

%

2,925,030

g

Ivory

Coast

Government

International

Bond

(Step

Bond)

5

.750

12/31/32

2,690,853‌

TOTAL

COTE

D'IVOIRE

2,690,853‌

Emerging

Markets

Debt

Fund

April

30,

2023

16

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

DOMINICAN

REPUBLIC

-

2

.3

%

$

1,575,000

g

Dominican

Republic

Government

International

Bond

6

.875

%

01/29/26

$

1,604,289‌

DOP

27,000,000

g

Dominican

Republic

Government

International

Bond

11

.250

02/05/27

508,229‌

1,195,000

g

Dominican

Republic

Government

International

Bond

5

.500

02/22/29

1,137,119‌

DOP

74,000,000

g

Dominican

Republic

Government

International

Bond

10

.375

01/11/30

1,339,810‌

4,000,000

g

Dominican

Republic

Government

International

Bond

4

.875

09/23/32

3,443,964‌

2,535,000

g

Dominican

Republic

Government

International

Bond

7

.450

04/30/44

2,451,049‌

TOTAL

DOMINICAN

REPUBLIC

10,484,460‌

ECUADOR

-

0

.7

%

744,229

g

Ecuador

Government

International

Bond

0

.000

07/31/30

227,067‌

2,234,600

g

Ecuador

Government

International

Bond

(Step

Bond)

5

.000

07/31/30

1,178,877‌

4,637,020

g

Ecuador

Government

International

Bond

(Step

Bond)

1

.000

07/31/35

1,695,670‌

TOTAL

ECUADOR

3,101,614‌

EGYPT

-

1

.7

%

850,000

g

Egypt

Government

International

Bond

5

.800

09/30/27

520,540‌

4,275,000

g

Egypt

Government

International

Bond

7

.600

03/01/29

2,609,289‌

3,200,000

g

Egypt

Government

International

Bond

7

.053

01/15/32

1,761,952‌

4,075,000

g

Egypt

Government

International

Bond

8

.500

01/31/47

2,142,717‌

1,000,000

g

Egypt

Government

International

Bond

8

.150

11/20/59

508,100‌

TOTAL

EGYPT

7,542,598‌

EL

SALVADOR

-

0

.6

%

2,000,000

g

El

Salvador

Government

International

Bond

7

.650

06/15/35

1,004,210‌

3,100,000

g

El

Salvador

Government

International

Bond

7

.625

02/01/41

1,531,845‌

TOTAL

EL

SALVADOR

2,536,055‌

GHANA

-

0

.7

%

3,325,000

g

Ghana

Government

International

Bond

0

.000

04/07/25

1,129,636‌

3,325,000

g

Ghana

Government

International

Bond

7

.750

04/07/29

1,221,319‌

2,025,000

g

Ghana

Government

International

Bond

8

.750

03/11/61

703,687‌

TOTAL

GHANA

3,054,642‌

GUATEMALA

-

0

.6

%

525,000

g

Guatemala

Government

Bond

4

.900

06/01/30

499,598‌

1,400,000

g

Guatemala

Government

Bond

3

.700

10/07/33

1,167,544‌

1,075,000

g

Guatemala

Government

Bond

6

.125

06/01/50

1,005,791‌

TOTAL

GUATEMALA

2,672,933‌

HUNGARY

-

1

.6

%

1,900,000

g

Hungary

Government

International

Bond

6

.125

05/22/28

1,968,795‌

HUF

480,000,000

Hungary

Government

International

Bond

2

.000

05/23/29

1,010,328‌

1,850,000

g

Hungary

Government

International

Bond

5

.250

06/16/29

1,830,401‌

1,525,000

g

Hungary

Government

International

Bond

2

.125

09/22/31

1,188,280‌

750,000

g

Hungary

Government

International

Bond

3

.125

09/21/51

463,554‌

775,000

g,h

Magyar

Export-Import

Bank

Zrt

6

.125

12/04/27

778,875‌

TOTAL

HUNGARY

7,240,233‌

INDIA

-

0

.3

%

1,700,000

g

Export-Import

Bank

of

India

2

.250

01/13/31

1,386,839‌

TOTAL

INDIA

1,386,839‌

INDONESIA

-

0

.8

%

1,000,000

g

Indonesia

Government

International

Bond

4

.625

04/15/43

951,703‌

IDR

21,100,000,000

Indonesia

Treasury

Bond

7

.000

09/15/30

1,476,137‌

1,075,000

g

Perusahaan

Penerbit

SBSN

Indonesia

III

4

.700

06/06/32

1,091,235‌

TOTAL

INDONESIA

3,519,075‌

17

See

Notes

to

Financial

Statements

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

IRAQ

-

0

.5

%

$

2,546,875

g

Iraq

Government

International

Bond

5

.800

%

01/15/28

$

2,376,697‌

TOTAL

IRAQ

2,376,697‌

JAMAICA

-

1

.0

%

2,125,000

Jamaica

Government

International

Bond

8

.000

03/15/39

2,565,905‌

1,810,000

Jamaica

Government

International

Bond

7

.875

07/28/45

2,109,763‌

TOTAL

JAMAICA

4,675,668‌

JORDAN

-

1

.2

%

1,000,000

g

Jordan

Government

International

Bond

4

.950

07/07/25

961,430‌

1,200,000

g

Jordan

Government

International

Bond

7

.500

01/13/29

1,199,573‌

1,500,000

g

Jordan

Government

International

Bond

5

.850

07/07/30

1,346,070‌

2,000,000

g

Jordan

Government

International

Bond

7

.375

10/10/47

1,686,680‌

TOTAL

JORDAN

5,193,753‌

KAZAKHSTAN

-

0

.2

%

750,000

g

Kazakhstan

Government

International

Bond

6

.500

07/21/45

797,809‌

TOTAL

KAZAKHSTAN

797,809‌

KENYA

-

0

.7

%

1,700,000

g

Kenya

Government

International

Bond

6

.875

06/24/24

1,473,483‌

1,125,000

g

Kenya

Government

International

Bond

6

.300

01/23/34

734,063‌

1,325,000

g

Kenya

Government

International

Bond

8

.250

02/28/48

881,125‌

TOTAL

KENYA

3,088,671‌

KOREA,

REPUBLIC

OF

-

0

.4

%

2,102,000

e

Export-Import

Bank

of

Korea

2

.500

06/29/41

1,582,960‌

TOTAL

KOREA,

REPUBLIC

OF

1,582,960‌

LEBANON

-

0

.1

%

3,200,000

q

Lebanon

Government

International

Bond

6

.250

11/04/24

185,600‌

3,800,000

q

Lebanon

Government

International

Bond

6

.850

03/23/27

216,752‌

TOTAL

LEBANON

402,352‌

MALAYSIA

-

0

.3

%

MYR

7,100,000

Malaysia

Government

Bond

3

.582

07/15/32

1,572,291‌

TOTAL

MALAYSIA

1,572,291‌

MEXICO

-

1

.9

%

MXN

19,050,000

Mexican

Bonos

7

.500

06/03/27

1,001,859‌

MXN

29,900,000

Mexican

Bonos

8

.500

11/18/38

1,577,394‌

1,675,000

Mexico

Government

International

Bond

3

.250

04/16/30

1,513,731‌

3,500,000

Mexico

Government

International

Bond

4

.280

08/14/41

2,922,419‌

1,850,000

Mexico

Government

International

Bond

4

.400

02/12/52

1,475,740‌

TOTAL

MEXICO

8,491,143‌

MONGOLIA

-

0

.5

%

1,900,000

g

Mongolia

Government

International

Bond

5

.125

04/07/26

1,748,958‌

550,000

e,g

Mongolia

Government

International

Bond

4

.450

07/07/31

422,116‌

TOTAL

MONGOLIA

2,171,074‌

MOROCCO

-

1

.1

%

450,000

g

Morocco

Government

International

Bond

2

.375

12/15/27

398,355‌

565,000

g

Morocco

Government

International

Bond

5

.950

03/08/28

578,492‌

1,775,000

g

Morocco

Government

International

Bond

3

.000

12/15/32

1,433,384‌

1,415,000

g

Morocco

Government

International

Bond

6

.500

09/08/33

1,464,381‌

1,450,000

g

Morocco

Government

International

Bond

5

.500

12/11/42

1,259,092‌

TOTAL

MOROCCO

5,133,704‌

Emerging

Markets

Debt

Fund

April

30,

2023

18

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

NAMIBIA

-

0

.4

%

$

1,700,000

g

Namibia

Government

International

Bond

5

.250

%

10/29/25

$

1,611,797‌

TOTAL

NAMIBIA

1,611,797‌

NIGERIA

-

1

.2

%

2,075,000

g

Nigeria

Government

International

Bond

8

.375

03/24/29

1,685,938‌

925,000

g

Nigeria

Government

International

Bond

7

.143

02/23/30

691,437‌

1,550,000

g

Nigeria

Government

International

Bond

7

.875

02/16/32

1,143,218‌

950,000

g

Nigeria

Government

International

Bond

7

.375

09/28/33

654,921‌

2,000,000

g

Nigeria

Government

International

Bond

7

.696

02/23/38

1,318,520‌

TOTAL

NIGERIA

5,494,034‌

OMAN

-

1

.8

%

1,900,000

g

Oman

Government

International

Bond

5

.375

03/08/27

1,893,088‌

1,600,000

g

Oman

Government

International

Bond

6

.750

10/28/27

1,685,206‌

1,500,000

g

Oman

Government

International

Bond

6

.250

01/25/31

1,550,625‌

2,200,000

g

Oman

Government

International

Bond

6

.500

03/08/47

2,059,068‌

1,025,000

g

Oman

Government

International

Bond

6

.750

01/17/48

987,942‌

TOTAL

OMAN

8,175,929‌

PAKISTAN

-

0

.6

%

610,000

g

Pakistan

Global

Sukuk

Programme

Co

Ltd

7

.950

01/31/29

260,924‌

3,200,000

g

Pakistan

Government

International

Bond

6

.875

12/05/27

1,122,624‌

1,700,000

g

Pakistan

Government

International

Bond

7

.375

04/08/31

574,022‌

1,000,000

g

Pakistan

Government

International

Bond

8

.875

04/08/51

330,000‌

2,000,000

Pakistan

Water

&

Power

Development

Authority

7

.500

06/04/31

638,200‌

TOTAL

PAKISTAN

2,925,770‌

PANAMA

-

0

.6

%

1,500,000

Panama

Government

International

Bond

6

.400

02/14/35

1,585,975‌

1,125,000

Panama

Notas

del

Tesoro

3

.750

04/17/26

1,068,345‌

TOTAL

PANAMA

2,654,320‌

PARAGUAY

-

0

.7

%

2,425,000

g

Paraguay

Government

International

Bond

2

.739

01/29/33

1,950,994‌

1,050,000

g

Paraguay

Government

International

Bond

5

.600

03/13/48

918,688‌

525,000

g

Republic

of

Paraguay

6

.100

08/11/44

498,826‌

TOTAL

PARAGUAY

3,368,508‌

PERU

-

1

.4

%

1,500,000

g

Fondo

MIVIVIENDA

S.A.

4

.625

04/12/27

1,436,250‌

975,000

Peruvian

Government

International

Bond

1

.862

12/01/32

753,328‌

1,645,000

Peruvian

Government

International

Bond

3

.000

01/15/34

1,375,136‌

PEN

5,950,000

g

Peruvian

Government

International

Bond

5

.400

08/12/34

1,353,721‌

1,800,000

Peruvian

Government

International

Bond

3

.300

03/11/41

1,383,903‌

TOTAL

PERU

6,302,338‌

PHILIPPINES

-

0

.4

%

1,975,000

Philippine

Government

International

Bond

4

.200

03/29/47

1,732,870‌

TOTAL

PHILIPPINES

1,732,870‌

POLAND

-

0

.7

%

475,000

Poland

Government

International

Bond

3

.250

04/06/26

463,079‌

1,125,000

Poland

Government

International

Bond

5

.750

11/16/32

1,217,813‌

1,398,000

Poland

Government

International

Bond

5

.500

04/04/53

1,449,699‌

TOTAL

POLAND

3,130,591‌

QATAR

-

0

.3

%

450,000

g

Qatar

Government

International

Bond

3

.750

04/16/30

444,699‌

19

See

Notes

to

Financial

Statements

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

QATAR—continued

$

925,000

g

Qatar

Government

International

Bond

5

.103

%

04/23/48

$

947,933‌

TOTAL

QATAR

1,392,632‌

REPUBLIC

OF

SERBIA

-

0

.6

%

750,000

g

Serbia

Government

International

Bond

6

.500

09/26/33

760,352‌

2,650,000

g

Serbia

International

Bond

2

.125

12/01/30

2,060,693‌

TOTAL

REPUBLIC

OF

SERBIA

2,821,045‌

ROMANIA

-

0

.9

%

1,870,000

g

Romanian

Government

International

Bond

3

.000

02/27/27

1,705,410‌

RON

5,450,000

Romanian

Government

International

Bond

4

.150

01/26/28

1,070,804‌

350,000

g

Romanian

Government

International

Bond

3

.000

02/14/31

291,900‌

1,400,000

g

Romanian

Government

International

Bond

4

.000

02/14/51

969,391‌

TOTAL

ROMANIA

4,037,505‌

RWANDA

-

0

.5

%

3,075,000

g

Rwanda

International

Government

Bond

5

.500

08/09/31

2,207,014‌

TOTAL

RWANDA

2,207,014‌

SAUDI

ARABIA

-

1

.1

%

750,000

g

Saudi

Government

International

Bond

3

.250

10/26/26

728,400‌

1,265,000

g

Saudi

Government

International

Bond

2

.250

02/02/33

1,051,597‌

1,000,000

g

Saudi

Government

International

Bond

3

.250

11/17/51

716,520‌

2,000,000

g

Saudi

Government

International

Bond

3

.750

01/21/55

1,542,580‌

1,500,000

g

Saudi

Government

International

Bond

3

.450

02/02/61

1,074,570‌

TOTAL

SAUDI

ARABIA

5,113,667‌

SENEGAL

-

0

.7

%

2,175,000

g

Senegal

Government

International

Bond

6

.250

05/23/33

1,707,549‌

1,900,000

g

Senegal

Government

International

Bond

6

.750

03/13/48

1,268,250‌

TOTAL

SENEGAL

2,975,799‌

SOUTH

AFRICA

-

2

.2

%

2,450,000

Republic

of

South

Africa

Government

International

Bond

4

.300

10/12/28

2,197,087‌

ZAR

54,025,000

Republic

of

South

Africa

Government

International

Bond

7

.000

02/28/31

2,396,327‌

1,625,000

Republic

of

South

Africa

Government

International

Bond

5

.875

04/20/32

1,474,493‌

ZAR

9,050,000

Republic

of

South

Africa

Government

International

Bond

8

.875

02/28/35

415,421‌

1,250,000

Republic

of

South

Africa

Government

International

Bond

5

.375

07/24/44

908,452‌

1,025,000

Republic

of

South

Africa

Government

International

Bond

5

.650

09/27/47

738,633‌

1,500,000

Republic

of

South

Africa

Government

International

Bond

5

.750

09/30/49

1,074,528‌

1,000,000

Republic

of

South

Africa

Government

International

Bond

7

.300

04/20/52

851,640‌

TOTAL

SOUTH

AFRICA

10,056,581‌

SRI

LANKA

-

0

.4

%

800,000

g

Sri

Lanka

Government

International

Bond

5

.750

04/18/24

265,327‌

1,000,000

g

Sri

Lanka

Government

International

Bond

6

.825

07/18/26

349,575‌

1,400,000

g

Sri

Lanka

Government

International

Bond

6

.750

04/18/28

459,302‌

1,650,000

g

Sri

Lanka

Government

International

Bond

7

.550

03/28/30

541,084‌

TOTAL

SRI

LANKA

1,615,288‌

SUPRANATIONAL

-

0

.6

%

975,000

g

African

Export-Import

Bank

2

.634

05/17/26

875,354‌

INR

1,200,000

Asian

Development

Bank

6

.150

02/25/30

13,907‌

Emerging

Markets

Debt

Fund

April

30,

2023

20

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

SUPRANATIONAL—continued

INR

57,100,000

Asian

Infrastructure

Investment

Bank

6

.000

%

12/08/31

$

656,675‌

$

1,200,000

g

Banque

Ouest

Africaine

de

Developpement

4

.700

10/22/31

977,409‌

TOTAL

SUPRANATIONAL

2,523,345‌

THAILAND

-

0

.3

%

THB

47,000,000

Thailand

Government

International

Bond

2

.875

12/17/28

1,423,268‌

TOTAL

THAILAND

1,423,268‌

TURKEY

-

2

.1

%

2,325,000

Turkey

Government

International

Bond

5

.125

02/17/28

2,020,229‌

1,500,000

Turkey

Government

International

Bond

6

.500

09/20/33

1,269,750‌

1,300,000

Turkey

Government

International

Bond

6

.000

01/14/41

975,073‌

4,350,000

Turkey

Government

International

Bond

4

.875

04/16/43

2,894,596‌

2,500,000

g

Turkiye

Ihracat

Kredi

Bankasi

AS.

5

.750

07/06/26

2,253,106‌

TOTAL

TURKEY

9,412,754‌

UGANDA

-

0

.3

%

UGX

4,810,000,000

Republic

of

Uganda

Government

Bonds

14

.250

08/23/29

1,233,999‌

TOTAL

UGANDA

1,233,999‌

UKRAINE

-

0

.6

%

2,225,000

g

NPC

Ukrenergo

6

.875

11/09/28

357,558‌

UAH

37,000,000

Ukraine

Government

International

Bond

15

.840

02/26/25

729,896‌

1,925,000

g

Ukraine

Government

International

Bond

7

.750

09/01/27

327,731‌

EUR

525,000

g

Ukraine

Government

International

Bond

4

.375

01/27/32

92,560‌

3,000,000

g

Ukraine

Government

International

Bond

7

.253

03/15/35

491,880‌

2,320,000

g,i

Ukraine

Government

International

Bond

0

.000

08/01/41

591,827‌

TOTAL

UKRAINE

2,591,452‌

UNITED

ARAB

EMIRATES

-

0

.5

%

400,000

g

Abu

Dhabi

Government

International

Bond

3

.125

09/30/49

301,080‌

2,600,000

Emirate

of

Dubai

Government

International

Bonds

3

.900

09/09/50

1,921,244‌

TOTAL

UNITED

ARAB

EMIRATES

2,222,324‌

URUGUAY

-

0

.4

%

UYU

39,650,000

Uruguay

Government

International

Bond

8

.250

05/21/31

917,867‌

600,000

Uruguay

Government

International

Bond

5

.750

10/28/34

666,118‌

TOTAL

URUGUAY

1,583,985‌

UZBEKISTAN

-

0

.8

%

UZS

7,990,000,000

g

Republic

of

Uzbekistan

International

Bond

14

.500

11/25/23

696,033‌

UZS

5,708,925,000

g

Republic

of

Uzbekistan

International

Bond

14

.000

07/19/24

489,224‌

1,700,000

g

Republic

of

Uzbekistan

International

Bond

5

.375

02/20/29

1,570,545‌

1,175,000

g

Republic

of

Uzbekistan

International

Bond

3

.700

11/25/30

959,094‌

TOTAL

UZBEKISTAN

3,714,896‌

VIETNAM

-

0

.2

%

1,075,000

g

Vietnam

Government

International

Bond

4

.800

11/19/24

1,048,213‌

TOTAL

VIETNAM

1,048,213‌

ZAMBIA

-

0

.5

%

3,900,000

g

Zambia

Government

International

Bond

8

.500

04/14/24

1,824,264‌

750,000

g

Zambia

Government

International

Bond

8

.970

07/30/27

346,650‌

TOTAL

ZAMBIA

2,170,914‌

TOTAL

GOVERNMENT

BONDS

207,718,192‌

(Cost

$270,043,644)

21

See

Notes

to

Financial

Statements

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

STRUCTURED

ASSETS

-

0

.6

%

CAYMAN

ISLANDS

-

0

.6

%

$

3,000,000

†,g

Industrial

DPR

Funding

Ltd

5

.380

%

04/15/34

$

2,597,700‌

Series

-

2022

1A

(Class

1)

TOTAL

CAYMAN

ISLANDS

2,597,700‌

TOTAL

STRUCTURED

ASSETS

2,597,700‌

(Cost

$3,000,000)

TOTAL

BONDS

417,768,616‌

(Cost

$517,374,172)

SHARES

COMPANY

COMMON

STOCKS

-

0.9%

MEXICO

-

0

.8

%

265,589

*

Grupo

Aeromexico

SAB

de

C.V.

3,323,648‌

TOTAL

MEXICO

3,323,648‌

SOUTH

AFRICA

-

0

.1

%

729,619

*

Petra

Diamonds

Ltd

624,805‌

TOTAL

SOUTH

AFRICA

624,805‌

TOTAL

COMMON

STOCKS

3,948,453‌

(Cost

$5,678,180)

PRINCIPAL

ISSUER

REFERENCERATE

&

SPREAD

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

6.2%

REPURCHASE

AGREEMENT

-

3

.7

%

16,480,000

r

Fixed

Income

Clearing

Corp

(FICC)

4

.800

05/01/23

16,480,000‌

TOTAL

REPURCHASE

AGREEMENT

16,480,000‌

TREASURY

DEBT

-

0

.3

%

KZT

620,000,000

Kazakhstan

Treasury

Bill-MEKKAM

0

.000

01/20/24

1,236,769‌

TOTAL

TREASURY

DEBT

1,236,769‌

SHARES

COMPANY

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

2

.2

%

10,005,681

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.840

10,005,681‌

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

10,005,681‌

TOTAL

SHORT-TERM

INVESTMENTS

27,722,450‌

(Cost

$27,708,095)

TOTAL

INVESTMENTS

-

100.5%

451,253,501‌

(Cost

$552,587,619)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.5)%

(

2,322,927‌

)

NET

ASSETS

-

100.0%

$

448,930,574‌

Emerging

Markets

Debt

Fund

April

30,

2023

22

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(Unaudited)

(continued)

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

BRL

Brazilian

Real

DOP

Dominican

Republic

Peso

EUR

Euro

HUF

Hungary

Forint

IDR

Indonesian

Rupiah

INR

Indian

Rupee

KZT

Kazakhstani

Tenge

LIBOR

London

Interbank

Offered

Rate

M

Month

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

PEN

Peruvian

Sol

RON

Romanian

Leu

RUB

Russian

Ruble

THB

Thai

Baht

UAH

Ukrainian

Hryvnia

UGX

Ugandan

Shilling

UYU

Uruguayan

Peso

UZS

Uzbekistani

Som

ZAR

South

African

Rand

*

Non-income

producing

†

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

‡

Perpetual

security

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$10,859,685.

g

Security

is

exempt

from

registration

under

Rule

144(A)

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.

h

All

or

a

portion

of

these

securities

were

purchased

on

a

delayed

delivery

basis.

i

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.

o

Payment

in

Kind

Bond

q

In

default

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.800%

dated

4/28/23

to

be

repurchased

at

$16,480,000

on

5/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

3.875%

and

maturity

date

3/31/25,

valued

at

$16,809,657.

Consolidated

Portfolio

of

Investments

(Unaudited)

International

Bond

Fund

April

30,

2023

23

See

Notes

to

Financial

Statements

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

BANK

LOAN

OBLIGATIONS

-

0.3%

IRELAND

-

0.2%

$

261,086

i

Avolon

TLB

Borrower

US

LLC

LIBOR

3

M

+

1.750%

6.703

%

01/15/25

$

260,633‌

339,500

i

Avolon

TLB

Borrower

US

LLC

LIBOR

1

M

+

1.500%

6.453

02/12/27

334,567‌

TOTAL

IRELAND

595,200‌

UNITED

STATES

-

0.1%

216,941

i

Jazz

Financing

Lux

Sarl

LIBOR

1

M

+

3.500%

8.525

05/05/28

216,902‌

245,639

i

Phoenix

Newco,

Inc

LIBOR

1

M

+

3.250%

8.275

11/15/28

241,786‌

127,296

i

Team

Health

Holdings,

Inc

SOFR

1M

+

5.250%

10.232

02/02/27

83,634‌

TOTAL

UNITED

STATES

542,322‌

TOTAL

BANK

LOAN

OBLIGATIONS

1,137,522‌

(Cost

$1,191,985)

BONDS

-

92.8%

CORPORATE

BONDS

-

20.3%

AUSTRALIA

-

0.0%

250,000

AngloGold

Ashanti

Holdings

plc

3.750

10/01/30

220,613‌

TOTAL

AUSTRALIA

220,613‌

AUSTRIA

-

0.1%

EUR

600,000

Erste

Group

Bank

AG.

4.250

N/A‡

492,317‌

TOTAL

AUSTRIA

492,317‌

BELGIUM

-

0.1%

EUR

800,000

z

Proximus

SADP

0.750

11/17/36

597,535‌

TOTAL

BELGIUM

597,535‌

BRAZIL

-

0.1%

300,000

e

Suzano

Austria

GmbH

3.125

01/15/32

238,522‌

TOTAL

BRAZIL

238,522‌

CANADA

-

0.7%

EUR

250,000

g

Fairfax

Financial

Holdings

Ltd

2.750

03/29/28

246,217‌

500,000

g

GFL

Environmental,

Inc

4.250

06/01/25

486,345‌

1,275,000

g

MEG

Energy

Corp

5.875

02/01/29

1,224,146‌

500,000

g

Nova

Chemicals

Corp

4.875

06/01/24

492,054‌

315,000

g

Parkland

Corp

4.625

05/01/30

274,075‌

TOTAL

CANADA

2,722,837‌

CHILE

-

0.3%

398,028

g

Alfa

Desarrollo

S.p.A

4.550

09/27/51

287,973‌

300,000

Celulosa

Arauco

y

Constitucion

S.A.

3.875

11/02/27

280,211‌

200,000

g

Cia

Cervecerias

Unidas

S.A.

3.350

01/19/32

172,500‌

200,000

g

Corp

Nacional

del

Cobre

de

Chile

3.625

08/01/27

190,786‌

325,000

g

Empresa

Nacional

de

Telecomunicaciones

S.A.

3.050

09/14/32

259,188‌

TOTAL

CHILE

1,190,658‌

CHINA

-

0.1%

300,000

g

ENN

Clean

Energy

International

Investment

Ltd

3.375

05/12/26

268,064‌

TOTAL

CHINA

268,064‌

COLOMBIA

-

0.1%

75,000

Ecopetrol

S.A.

6.875

04/29/30

67,761‌

International

Bond

Fund

April

30,

2023

24

See

Notes

to

Financial

Statements

Consolidated

Portfolio

of

Investments

(Unaudited)

(continued)

Consolidated

Portfolio

of

Investments

(Unaudited)

(continued)

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

COLOMBIA—continued

$

225,000

Ecopetrol

S.A.

4.625

%

11/02/31

$

168,776‌

TOTAL

COLOMBIA

236,537‌

CZECH

REPUBLIC

-

0.0%

EUR

300,000

z

CPI

Property

Group

S.A.

1.750

01/14/30

196,859‌

TOTAL

CZECH

REPUBLIC

196,859‌

DENMARK

-

0.1%

GBP

500,000

Danske

Bank

A.S.

2.250

01/14/28

543,043‌

TOTAL

DENMARK

543,043‌

FRANCE

-

1.6%

GBP

300,000

z

Banque

Federative

du

Credit

Mutuel

S.A.

4.875

09/25/25

372,425‌

EUR

500,000

z

BNP

Paribas

S.A.

2.100

04/07/32

468,632‌

EUR

800,000

BPCE

S.A.

0.500

09/15/27

776,219‌

EUR

500,000

Credit

Agricole

Assurances

S.A.

1.500

10/06/31

421,838‌

GBP

600,000

z

Credit

Agricole

S.A.

4.875

10/23/29

742,231‌

EUR

600,000

Electricite

de

France

S.A.

2.000

10/02/30

574,598‌

EUR

500,000

g

Iliad

Holding

SAS

5.125

10/15/26

522,857‌

EUR

300,000

z

La

Poste

S.A.

0.625

01/18/36

224,168‌

EUR

400,000

z

Societe

Generale

S.A.

4.000

11/16/27

442,412‌

GBP

700,000

z

Societe

Generale

S.A.

1.250

12/07/27

723,254‌

EUR

500,000

z

Societe

Generale

S.A.

0.500

06/12/29

450,193‌

EUR

600,000

z

Suez

SACA

2.375

05/24/30

590,154‌

TOTAL

FRANCE

6,308,981‌

GERMANY

-

1.2%

EUR

750,000

g,o

IHO

Verwaltungs

GmbH

3.750

09/15/26

747,915‌

EUR

1,300,000

y

Kreditanstalt

fuer

Wiederaufbau

0.000

01/10/31

1,152,265‌

EUR

500,000

Muenchener

Rueckversicherungs-Gesellschaft

AG.

in

Muenchen

1.000

05/26/42

392,171‌

EUR

600,000

Volkswagen

Bank

GmbH

2.500

07/31/26

629,328‌

EUR

500,000

z

Volkswagen

International

Finance

NV

4.125

11/15/25

553,795‌

GBP

500,000

Volkswagen

International

Finance

NV

3.375

11/16/26

585,032‌

EUR

400,000

Vonovia

SE

0.625

12/14/29

334,462‌

150,000

g

ZF

North

America

Capital,

Inc

6.875

04/14/28

154,378‌

TOTAL

GERMANY

4,549,346‌

INDIA

-

0.2%

300,000

g

Adani

Electricity

Mumbai

Ltd

3.867

07/22/31

211,325‌

200,000

g

Bharti

Airtel

Ltd

3.250

06/03/31

174,230‌

200,000

g

CA

Magnum

Holdings

5.375

10/31/26

175,845‌

250,000

z

Power

Finance

Corp

Ltd

3.350

05/16/31

211,312‌

225,000

g

UltraTech

Cement

Ltd

2.800

02/16/31

185,914‌

TOTAL

INDIA

958,626‌

INDONESIA

-

0.1%

200,000

g

Pertamina

Persero

PT

3.650

07/30/29

187,293‌

225,000

g

Perusahaan

Listrik

Negara

PT

4.875

07/17/49

185,820‌

TOTAL

INDONESIA

373,113‌

IRELAND

-

0.3%

EUR

500,000

y

AIB

Group

plc

4.625

07/23/29

544,805‌

EUR

600,000

z

Bank

of

Ireland

Group

plc

0.375

05/10/27

586,927‌

TOTAL

IRELAND

1,131,732‌

ISRAEL

-

0.2%

270,000

g

Bank

Hapoalim

BM

3.255

01/21/32

224,918‌

300,000

g

Bank

Leumi

Le-Israel

BM

3.275

01/29/31

262,116‌

25

See

Notes

to

Financial

Statements

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

ISRAEL—continued

$

400,000

g

Israel

Electric

Corp

Ltd

4.250

%

08/14/28

$

381,975‌

TOTAL

ISRAEL

869,009‌

ITALY

-

0.2%

GBP

300,000

z

Intesa

Sanpaolo

S.p.A

6.500

03/14/29

372,384‌

200,000

g

Intesa

Sanpaolo

S.p.A

4.198

06/01/32

151,580‌

EUR

300,000

y

UniCredit

S.p.A

5.850

11/15/27

338,875‌

TOTAL

ITALY

862,839‌

JAPAN

-

0.6%

EUR

550,000

z

Mitsubishi

UFJ

Financial

Group,

Inc

2.264

06/14/25

591,678‌

EUR

500,000

z

ORIX

Corp

1.919

04/20/26

520,499‌

EUR

500,000

Takeda

Pharmaceutical

Co

Ltd

1.375

07/09/32

449,294‌

EUR

500,000

Takeda

Pharmaceutical

Co

Ltd

2.000

07/09/40

402,852‌

GBP

175,000

z

Toyota

Motor

Finance

Netherlands

BV

4.625

06/08/26

217,961‌

TOTAL

JAPAN

2,182,284‌

KAZAKHSTAN

-

0.1%

200,000

g

KazTransGas

JSC

4.375

09/26/27

186,079‌

200,000

g

Tengizchevroil

Finance

Co

International

Ltd

2.625

08/15/25

179,134‌

TOTAL

KAZAKHSTAN

365,213‌

KOREA,

REPUBLIC

OF

-

0.1%

250,000

g

Kia

Corp

2.750

02/14/27

231,532‌

TOTAL

KOREA,

REPUBLIC

OF

231,532‌

KUWAIT

-

0.1%

375,000

g

NBK

SPC

Ltd

1.625

09/15/27

336,013‌

TOTAL

KUWAIT

336,013‌

LUXEMBOURG

-

0.5%

EUR

1,000,000

g

Albion

Financing

1

SARL

5.250

10/15/26

1,013,669‌

EUR

250,000

z

Czech

Gas

Networks

Investments

Sarl

0.450

09/08/29

212,339‌

EUR

400,000

z

ProLogis

International

Funding

II

S.A.

3.625

03/07/30

415,519‌

EUR

500,000

z

ProLogis

International

Funding

II

S.A.

2.375

11/14/30

466,490‌

TOTAL

LUXEMBOURG

2,108,017‌

MEXICO

-

0.2%

375,000

e,g

Becle

SAB

de

C.V.

2.500

10/14/31

306,938‌

375,000

g

Orbia

Advance

Corp

SAB

de

C.V.

1.875

05/11/26

339,506‌

200,000

g

Sigma

Alimentos

S.A.

de

C.V.

4.125

05/02/26

192,500‌

TOTAL

MEXICO

838,944‌

NETHERLANDS

-

0.7%

EUR

400,000

y

Cooperatieve

Rabobank

UA

4.233

04/25/29

441,862‌

EUR

600,000

Cooperatieve

Rabobank

UA

3.250

N/A‡

533,044‌

EUR

500,000

ING

Groep

NV

1.250

02/16/27

508,296‌

EUR

1,300,000

g

VZ

Secured

Financing

BV

3.500

01/15/32

1,114,360‌

TOTAL

NETHERLANDS

2,597,562‌

NIGERIA

-

0.2%

EUR

1,000,000

g

BOI

Finance

BV

7.500

02/16/27

840,199‌

TOTAL

NIGERIA

840,199‌

POLAND

-

0.2%

EUR

150,000

z

GTC

Aurora

Luxembourg

S.A.

2.250

06/23/26

129,676‌

EUR

300,000

z

mBank

S.A.

0.966

09/21/27

255,365‌

EUR

250,000

z

Polski

Koncern

Naftowy

ORLEN

S.A.

1.125

05/27/28

233,942‌

TOTAL

POLAND

618,983‌

International

Bond

Fund

April

30,

2023

26

See

Notes

to

Financial

Statements

Consolidated

Portfolio

of

Investments

(Unaudited)

(continued)

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

PORTUGAL

-

0.1%

GBP

200,000

y

EDP

Finance

BV

8.625

%

01/04/24

$

256,686‌

TOTAL

PORTUGAL

256,686‌

QATAR

-

0.6%

CNY

16,000,000

QNB

Finance

Ltd

3.150

02/04/26

2,251,778‌

TOTAL

QATAR

2,251,778‌

ROMANIA

-

0.0%

EUR

250,000

z

NE

Property

BV

2.000

01/20/30

198,839‌

TOTAL

ROMANIA

198,839‌

SINGAPORE

-

0.2%

EUR

200,000

z

Temasek

Financial

I

Ltd

0.500

11/20/31

172,760‌

$

500,000

g

United

Overseas

Bank

Ltd

2.000

10/14/31

443,595‌

TOTAL

SINGAPORE

616,355‌

SOUTH

AFRICA

-

0.3%

1,250,000

z

Eskom

Holdings

SOC

Ltd

4.314

07/23/27

1,105,986‌

TOTAL

SOUTH

AFRICA

1,105,986‌

SUPRANATIONAL

-

0.1%

AUD

720,000

Asian

Development

Bank

3.900

02/17/26

480,442‌

TOTAL

SUPRANATIONAL

480,442‌

SWITZERLAND

-

0.3%

EUR

750,000

z

Cloverie

plc

for

Zurich

Insurance

Co

Ltd

1.500

12/15/28

747,490‌

EUR

600,000

z

UBS

Group

AG

0.250

11/05/28

540,224‌

TOTAL

SWITZERLAND

1,287,714‌

THAILAND

-

0.1%

430,000

g

Bangkok

Bank

PCL

3.466

09/23/36

352,058‌

300,000

g

Thaioil

Treasury

Center

Co

Ltd

2.500

06/18/30

246,254‌

TOTAL

THAILAND

598,312‌

UNITED

ARAB

EMIRATES

-

0.1%

292,074

g

Sweihan

PV

Power

Co

PJSC

3.625

01/31/49

241,786‌

TOTAL

UNITED

ARAB

EMIRATES

241,786‌

UNITED

KINGDOM

-

1.9%

EUR

500,000

y

AstraZeneca

plc

3.750

03/03/32

566,023‌

EUR

800,000

z

Barclays

plc

0.877

01/28/28

766,880‌

GBP

200,000

z

Barclays

plc

8.407

11/14/32

260,678‌

EUR

1,000,000

BP

Capital

Markets

plc

1.231

05/08/31

916,013‌

UGX

3,000,000,000

†,g

ICBC

Standard

Bank

plc

14.250

06/26/34

704,635‌

GBP

750,000

Lloyds

Banking

Group

plc

1.985

12/15/31

807,732‌

EUR

750,000

Natwest

Group

plc

1.750

03/02/26

789,076‌

EUR

500,000

Reckitt

Benckiser

Treasury

Services

Nederland

BV

0.750

05/19/30

466,319‌

EUR

700,000

z

Standard

Chartered

plc

1.200

09/23/31

661,016‌

GBP

700,000

Tesco

Corporate

Treasury

Services

plc

2.750

04/27/30

746,212‌

GBP

600,000

g

Vmed

O2

UK

Financing

I

plc

4.500

07/15/31

587,207‌

TOTAL

UNITED

KINGDOM

7,271,791‌

UNITED

STATES

-

8.5%

EUR

1,200,000

AbbVie,

Inc

1.250

06/01/24

1,290,113‌

JPY

100,000,000

Aflac,

Inc

0.550

03/12/30

702,519‌

EUR

250,000

g

Allied

Universal

Holdco

LLC

3.625

06/01/28

225,316‌

EUR

575,000

American

Honda

Finance

Corp

1.950

10/18/24

619,690‌

EUR

500,000

American

Medical

Systems

Europe

BV

1.625

03/08/31

468,396‌

EUR

450,000

American

Tower

Corp

0.450

01/15/27

435,449‌

EUR

300,000

Aptiv

plc

1.500

03/10/25

317,887‌

27

See

Notes

to

Financial

Statements

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

UNITED

STATES—continued

EUR

250,000

g

Ardagh

Metal

Packaging

Finance

USA

LLC

2.000

%

09/01/28

$

228,741‌

EUR

250,000

g

Ardagh

Metal

Packaging

Finance

USA

LLC

3.000

09/01/29

201,837‌

EUR

500,000

AT&T,

Inc

2.350

09/05/29

508,419‌

EUR

500,000

g

Avantor

Funding,

Inc

3.875

07/15/28

505,661‌

EUR

500,000

z

Bank

of

America

Corp

1.662

04/25/28

499,191‌

EUR

500,000

z

Bank

of

America

Corp

0.654

10/26/31

425,880‌

EUR

500,000

z

Bank

of

America

Corp

2.824

04/27/33

486,078‌

EUR

700,000

Becton

Dickinson

&

Co

1.401

05/24/23

770,400‌

EUR

600,000

z

Blackstone

Private

Credit

Fund

1.750

11/30/26

556,523‌

EUR

700,000

Capital

One

Financial

Corp

0.800

06/12/24

725,445‌

EUR

700,000

Celanese

US

Holdings

LLC

1.125

09/26/23

763,136‌

EUR

400,000

Celanese

US

Holdings

LLC

0.625

09/10/28

342,693‌

EUR

750,000

Chubb

INA

Holdings,

Inc

1.550

03/15/28

750,254‌

EUR

350,000

Chubb

INA

Holdings,

Inc

1.400

06/15/31

318,256‌

EUR

500,000

Citigroup,

Inc

1.250

07/06/26

518,367‌

EUR

700,000

Comcast

Corp

0.250

05/20/27

680,987‌

EUR

750,000

g

Coty,

Inc

3.875

04/15/26

791,490‌

EUR

500,000

g

Dana

Financing

Luxembourg

Sarl

3.000

07/15/29

431,702‌

GBP

200,000

Discovery

Communications

LLC

2.500

09/20/24

241,096‌

EUR

800,000

Dow

Chemical

Co

0.500

03/15/27

781,526‌

EUR

500,000

Equinix,

Inc

1.000

03/15/33

407,674‌

EUR

500,000

FedEx

Corp

1.625

01/11/27

510,497‌

EUR

375,000

Fidelity

National

Information

Services,

Inc

1.100

07/15/24

399,651‌

GBP

400,000

General

Motors

Financial

Co,

Inc

2.250

09/06/24

480,236‌

EUR

750,000

z

General

Motors

Financial

Co,

Inc

0.600

05/20/27

718,159‌

EUR

500,000

i,z

Goldman

Sachs

Group,

Inc

EURIBOR

3

M

+

1.000%

3.545

02/07/25

552,328‌

EUR

500,000

z

Goldman

Sachs

Group,

Inc

0.250

01/26/28

461,941‌

EUR

295,000

g

Goodyear

Europe

BV

2.750

08/15/28

270,756‌

EUR

500,000

Highland

Holdings

Sarl

0.318

12/15/26

486,200‌

EUR

1,000,000

Honeywell

International,

Inc

0.000

03/10/24

1,069,563‌

EUR

600,000

International

Business

Machines

Corp

0.650

02/11/32

514,121‌

EUR

500,000

g

International

Game

Technology

plc

3.500

06/15/26

534,389‌

EUR

500,000

g

IQVIA,

Inc

1.750

03/15/26

507,717‌

EUR

450,000

g

Liberty

Mutual

Group,

Inc

2.750

05/04/26

476,728‌

EUR

650,000

Liberty

Mutual

Group,

Inc

2.750

05/04/26

688,608‌

EUR

800,000

z

Liberty

Mutual

Group,

Inc

4.625

12/02/30

879,792‌

GBP

600,000

McKesson

Corp

3.125

02/17/29

670,667‌

EUR

400,000

z

Metropolitan

Life

Global

Funding

I

1.750

05/25/25

421,714‌

GBP

600,000

z

Metropolitan

Life

Global

Funding

I

4.125

09/02/25

734,622‌

EUR

600,000

z

Mondelez

International

Holdings

Netherlands

BV

1.250

09/09/41

427,452‌

EUR

670,000

Morgan

Stanley

1.342

10/23/26

691,068‌

EUR

500,000

Morgan

Stanley

2.950

05/07/32

498,555‌

EUR

500,000

g

Olympus

Water

US

Holding

Corp

3.875

10/01/28

450,827‌

EUR

100,000

g

Organon

Finance   LLC

2.875

04/30/28

95,214‌

$

750,000

g

Organon

Finance   LLC

5.125

04/30/31

668,283‌

GBP

500,000

z

Protective

Life

Global

Funding

5.248

01/13/28

628,094‌

EUR

500,000

Raytheon

Technologies

Corp

2.150

05/18/30

489,496‌

EUR

400,000

Southern

Co

1.875

09/15/81

346,415‌

EUR

450,000

Stryker

Corp

2.625

11/30/30

463,306‌

EUR

700,000

The

Procter

&

Gamble

Company

0.625

10/30/24

742,023‌

EUR

500,000

The

Procter

&

Gamble

Company

1.875

10/30/38

455,873‌

EUR

1,100,000

Thermo

Fisher

Scientific

Finance

I

BV

0.800

10/18/30

1,000,858‌

GBP

600,000

Time

Warner

Cable

LLC

5.750

06/02/31

722,141‌

EUR

400,000

Verizon

Communications,

Inc

1.875

10/26/29

394,076‌

TOTAL

UNITED

STATES

33,446,096‌

TOTAL

CORPORATE

BONDS

79,635,163‌

(Cost

$91,199,479)

International

Bond

Fund

April

30,

2023

28

See

Notes

to

Financial

Statements

Consolidated

Portfolio

of

Investments

(Unaudited)

(continued)

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

GOVERNMENT

BONDS

-

67.6%

ANGOLA

-

0.3%

$

1,550,000

g

Angolan

Government

International

Bond

8.750

%

04/14/32

$

1,280,827‌

TOTAL

ANGOLA

1,280,827‌

AUSTRALIA

-

2.1%

AUD

2,050,000

Australia

Government

Bond

0.250

11/21/25

1,268,431‌

AUD

3,765,000

z

Australia

Government

Bond

2.250

05/21/28

2,403,096‌

AUD

1,950,000

Australia

Government

Bond

1.000

12/21/30

1,099,436‌

AUD

2,600,000

Australia

Government

Bond

1.250

05/21/32

1,442,004‌

AUD

2,550,000

z

Australia

Government

Bond

1.750

06/21/51

1,078,359‌

AUD

1,685,000

New

South

Wales

Treasury

Corp

3.000

04/20/29

1,084,466‌

TOTAL

AUSTRALIA

8,375,792‌

BELGIUM

-

2.4%

EUR

2,125,000

g

Kingdom

of

Belgium

Government

Bond

0.000

10/22/27

2,081,031‌

EUR

3,825,000

g

Kingdom

of

Belgium

Government

Bond

0.350

06/22/32

3,351,502‌

EUR

525,000

g

Kingdom

of

Belgium

Government

Bond

1.450

06/22/37

463,628‌

EUR

5,150,000

g

Kingdom

of

Belgium

Government

Bond

0.400

06/22/40

3,524,622‌

TOTAL

BELGIUM

9,420,783‌

BENIN

-

0.2%

EUR

1,275,000

g

Benin

Government

International

Bond

4.950

01/22/35

948,540‌

TOTAL

BENIN

948,540‌

BRAZIL

-

0.3%

BRL

5,500,000

Brazil

Notas

do

Tesouro

Nacional

Serie

F

10.000

01/01/27

1,046,453‌

TOTAL

BRAZIL

1,046,453‌

CAMEROON

-

0.1%

EUR

650,000

g

Republic

of

Cameroon

International

Bond

5.950

07/07/32

499,460‌

TOTAL

CAMEROON

499,460‌

CANADA

-

3.4%

CAD

3,050,000

g

Canada

Housing

Trust

No

1.100

12/15/26

2,073,532‌

CAD

3,075,000

g

Canada

Housing

Trust

No

3.550

09/15/32

2,316,378‌

CAD

1,800,000

Canadian

Government

International

Bond

2.000

09/01/23

1,317,613‌

CAD

2,625,000

Canadian

Government

International

Bond

2.000

06/01/28

1,859,675‌

CAD

2,275,000

Canadian

Government

International

Bond

2.000

06/01/32

1,567,153‌

CAD

1,300,000

Canadian

Government

International

Bond

5.000

06/01/37

1,181,845‌

CAD

1,350,000

Hydro-Quebec

4.000

02/15/55

1,010,141‌

CAD

1,300,000

Province

of

Ontario

Canada

2.150

06/02/31

867,930‌

CAD

1,100,000

Province

of

Ontario

Canada

1.900

12/02/51

531,598‌

CAD

1,000,000

Province

of

Quebec

Canada

2.750

09/01/27

719,512‌

TOTAL

CANADA

13,445,377‌

CHINA

-

10.4%

CNY

83,560,000

China

Government

Bond

2.880

11/05/23

12,111,508‌

CNY

49,600,000

China

Government

Bond

2.940

10/17/24

7,227,180‌

CNY

60,500,000

China

Government

Bond

3.120

12/05/26

8,910,469‌

CNY

6,750,000

China

Government

Bond

2.500

07/25/27

969,588‌

CNY

14,900,000

China

Government

Bond

2.910

10/14/28

2,173,595‌

CNY

18,900,000

China

Government

Bond

3.860

07/22/49

3,052,494‌

CNY

15,000,000

China

Government

Bond

3.390

03/16/50

2,231,845‌

CNY

12,700,000

China

Government

Bond

3.810

09/14/50

2,039,011‌

CNY

12,400,000

China

Government

Bond

3.720

04/12/51

1,963,374‌

TOTAL

CHINA

40,679,064‌

29

See

Notes

to

Financial

Statements

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

COLOMBIA

-

0.3%

COP

5,710,000,000

Colombian

TES

7.750

%

09/18/30

$

986,458‌

TOTAL

COLOMBIA

986,458‌

COSTA

RICA

-

0.1%

$

400,000

g

Costa

Rica

Government

International

Bond

6.550

04/03/34

406,834‌

TOTAL

COSTA

RICA

406,834‌

COTE

D'IVOIRE

-

0.3%

EUR

1,000,000

g

Ivory

Coast

Government

International

Bond

5.875

10/17/31

894,522‌

EUR

100,000

g

Ivory

Coast

Government

International

Bond

4.875

01/30/32

83,264‌

TOTAL

COTE

D'IVOIRE

977,786‌

CYPRUS

-

1.2%

EUR

1,300,000

z

Cyprus

Government

International

Bond

2.375

09/25/28

1,338,724‌

EUR

1,100,000

z

Cyprus

Government

International

Bond

0.625

01/21/30

981,403‌

EUR

1,550,000

z

Cyprus

Government

International

Bond

0.950

01/20/32

1,336,317‌

EUR

575,000

z

Cyprus

Government

International

Bond

2.750

02/26/34

560,917‌

EUR

500,000

z

Cyprus

Government

International

Bond

2.750

05/03/49

435,638‌

TOTAL

CYPRUS

4,652,999‌

CZECH

REPUBLIC

-

0.4%

CZK

43,100,000

Czech

Republic

Government

Bond

1.750

06/23/32

1,598,573‌

TOTAL

CZECH

REPUBLIC

1,598,573‌

DOMINICAN

REPUBLIC

-

0.2%

DOP

15,000,000

g

Dominican

Republic

Government

International

Bond

9.750

06/05/26

272,752‌

750,000

g

Dominican

Republic

Government

International

Bond

4.875

09/23/32

645,743‌

TOTAL

DOMINICAN

REPUBLIC

918,495‌

ECUADOR

-

0.1%

78,000

g

Ecuador

Government

International

Bond

0.000

07/31/30

23,798‌

441,250

g

Ecuador

Government

International

Bond

(Step

Bond)

5.000

07/31/30

232,784‌

309,125

g

Ecuador

Government

International

Bond

(Step

Bond)

1.000

07/31/35

113,041‌

TOTAL

ECUADOR

369,623‌

EGYPT

-

0.6%

850,000

g

Egypt

Government

International

Bond

5.750

05/29/24

706,350‌

EGP

16,250,000

Egypt

Government

International

Bond

15.900

07/02/24

477,360‌

525,000

g

Egypt

Government

International

Bond

7.600

03/01/29

320,439‌

EUR

900,000

g

Egypt

Government

International

Bond

6.375

04/11/31

515,888‌

300,000

g

Egypt

Government

International

Bond

7.053

01/15/32

165,183‌

675,000

g

Egypt

Government

International

Bond

8.500

01/31/47

354,928‌

TOTAL

EGYPT

2,540,148‌

EL

SALVADOR

-

0.2%

1,000,000

g

El

Salvador

Government

International

Bond

6.375

01/18/27

621,933‌

TOTAL

EL

SALVADOR

621,933‌

FRANCE

-

2.1%

EUR

3,775,000

French

Republic

Government

Bond

OAT

0.750

11/25/28

3,759,939‌

EUR

1,250,000

g

French

Republic

Government

Bond

OAT

0.500

05/25/40

891,773‌

EUR

910,000

French

Republic

Government

Bond

OAT

0.750

05/25/52

538,686‌

EUR

1,560,000

g

French

Republic

Government

Bond

OAT

0.750

05/25/53

900,040‌

EUR

2,500,000

z

UNEDIC

ASSEO

0.250

07/16/35

1,936,964‌

TOTAL

FRANCE

8,027,402‌

GERMANY

-

5.3%

EUR

425,000

Bundesobligation

1.300

10/15/27

448,184‌

EUR

4,675,000

Bundesrepublik

Deutschland

0.500

08/15/27

4,773,162‌

EUR

170,000

Bundesrepublik

Deutschland

0.000

08/15/29

162,796‌

International

Bond

Fund

April

30,

2023

30

See

Notes

to

Financial

Statements

Consolidated

Portfolio

of

Investments

(Unaudited)

(continued)

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

GERMANY—continued

EUR

500,000

Bundesrepublik

Deutschland

0.000

%

02/15/31

$

463,544‌

EUR

5,200,000

Bundesrepublik

Deutschland

0.000

08/15/31

4,767,399‌

EUR

520,000

Bundesrepublik

Deutschland

0.000

02/15/32

470,841‌

EUR

7,600,000

Bundesrepublik

Deutschland

1.000

05/15/38

6,838,137‌

EUR

310,000

Bundesrepublik

Deutschland

1.250

08/15/48

270,241‌

EUR

3,245,000

Bundesrepublik

Deutschland

0.000

08/15/52

1,812,248‌

EUR

11,000,000

Kreditanstalt

fuer

Wiederaufbau

4.400

07/25/25

541,340‌

TOTAL

GERMANY

20,547,892‌

GHANA

-

0.2%

$

500,000

g

Ghana

Government

International

Bond

7.750

04/07/29

183,657‌

825,000

g

Ghana

Government

International

Bond

8.125

03/26/32

303,585‌

1,000,000

g

Ghana

Government

International

Bond

8.627

06/16/49

350,000‌

TOTAL

GHANA

837,242‌

GREECE

-

1.2%

EUR

575,000

g

Hellenic

Republic

Government

International

Bond

3.875

03/12/29

633,815‌

EUR

2,300,000

g

Hellenic

Republic

Government

International

Bond

1.500

06/18/30

2,134,347‌

EUR

1,300,000

g

Hellenic

Republic

Government

International

Bond

0.750

06/18/31

1,104,682‌

EUR

1,100,000

g

Hellenic

Republic

Government

International

Bond

1.750

06/18/32

999,438‌

TOTAL

GREECE

4,872,282‌

HUNGARY

-

1.1%

HUF

460,000,000

Hungary

Government

International

Bond

5.500

06/24/25

1,210,011‌

EUR

550,000

z

Hungary

Government

International

Bond

5.000

02/22/27

614,022‌

285,000

g

Hungary

Government

International

Bond

6.125

05/22/28

295,319‌

HUF

632,000,000

Hungary

Government

International

Bond

3.000

08/21/30

1,370,257‌

EUR

600,000

z

Hungary

Government

International

Bond

1.750

06/05/35

455,479‌

200,000

g,h

Magyar

Export-Import

Bank

Zrt

6.125

12/04/27

201,000‌

TOTAL

HUNGARY

4,146,088‌

INDONESIA

-

0.5%

IDR

13,000,000,000

Indonesia

Treasury

Bond

8.125

05/15/24

903,540‌

IDR

17,000,000,000

Indonesia

Treasury

Bond

6.375

04/15/32

1,145,809‌

TOTAL

INDONESIA

2,049,349‌

IRELAND

-

0.1%

EUR

280,000

z

Ireland

Government

Bond

3.000

10/18/43

300,515‌

TOTAL

IRELAND

300,515‌

ISRAEL

-

0.6%

ILS

5,250,000

Israel

Government

International

Bond

5.500

01/31/42

1,691,857‌

ILS

3,200,000

Israel

Government

International

Bond

3.750

03/31/47

814,002‌

TOTAL

ISRAEL

2,505,859‌

ITALY

-

1.9%

EUR

2,575,000

Italy

Buoni

Poliennali

Del

Tesoro

1.250

12/01/26

2,627,767‌

EUR

2,625,000

Italy

Buoni

Poliennali

Del

Tesoro

0.950

09/15/27

2,595,258‌

EUR

975,000

Italy

Buoni

Poliennali

Del

Tesoro

0.250

03/15/28

916,206‌

EUR

1,150,000

g

Italy

Buoni

Poliennali

Del

Tesoro

0.950

03/01/37

832,545‌

EUR

950,000

g

Italy

Buoni

Poliennali

Del

Tesoro

1.700

09/01/51

603,290‌

TOTAL

ITALY

7,575,066‌

JAPAN

-

9.8%

JPY

13,000,000

Japan

Finance

Organization

for

Municipalities

0.440

08/15/25

96,276‌

JPY

21,000,000

Japan

Finance

Organization

for

Municipalities

0.320

01/19/26

155,284‌

JPY

30,000,000

Japan

Finance

Organization

for

Municipalities

0.145

02/16/26

220,779‌

JPY

14,000,000

Japan

Finance

Organization

for

Municipalities

0.020

05/22/26

102,640‌

JPY

268,000,000

Japan

Government

Five

Year

Bond

0.005

09/20/26

1,968,414‌

JPY

322,000,000

Japan

Government

Ten

Year

Bond

0.100

09/20/29

2,351,646‌

31

See

Notes

to

Financial

Statements

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

JAPAN—continued

JPY

325,000,000

Japan

Government

Ten

Year

Bond

0.100

%

12/20/29

$

2,370,631‌

JPY

425,000,000

Japan

Government

Ten

Year

Bond

0.100

06/20/30

3,092,903‌

JPY

513,000,000

Japan

Government

Ten

Year

Bond

0.100

09/20/30

3,726,826‌

JPY

457,700,000

Japan

Government

Thirty

Year

Bond

0.500

09/20/46

2,918,893‌

JPY

73,000,000

Japan

Government

Thirty

Year

Bond

0.600

09/20/50

451,897‌

JPY

278,000,000

Japan

Government

Thirty

Year

Bond

0.700

09/20/51

1,756,436‌

JPY

143,000,000

Japan

Government

Thirty

Year

Bond

1.300

06/20/52

1,054,377‌

JPY

265,000,000

Japan

Government

Thirty

Year

Bond

1.600

12/20/52

2,096,246‌

JPY

340,000,000

Japan

Government

Twenty

Year

Bond

2.100

03/20/26

2,649,650‌

JPY

278,000,000

Japan

Government

Twenty

Year

Bond

0.600

12/20/36

2,014,743‌

JPY

256,000,000

Japan

Government

Twenty

Year

Bond

0.500

06/20/38

1,800,857‌

JPY

660,000,000

Japan

Government

Twenty

Year

Bond

0.700

09/20/38

4,769,091‌

JPY

185,000,000

Japan

Government

Twenty

Year

Bond

0.300

06/20/39

1,244,498‌

JPY

266,000,000

Japan

Government

Two

Year

Bond

0.005

07/01/24

1,954,706‌

JPY

197,000,000

Japan

Government

Two

Year

Bond

0.005

11/01/24

1,447,658‌

TOTAL

JAPAN

38,244,451‌

JORDAN

-

0.3%

$

1,000,000

g

Jordan

Government

International

Bond

7.750

01/15/28

1,017,700‌

TOTAL

JORDAN

1,017,700‌

KENYA

-

0.3%

1,200,000

g

Kenya

Government

International

Bond

7.000

05/22/27

964,704‌

575,000

g

Kenya

Government

International

Bond

6.300

01/23/34

375,187‌

TOTAL

KENYA

1,339,891‌

KOREA,

REPUBLIC

OF

-

3.1%

KRW

2,700,000,000

Korea

Treasury

Bond

2.875

06/10/24

2,007,191‌

KRW

1,900,000,000

Korea

Treasury

Bond

2.250

06/10/25

1,388,049‌

KRW

1,200,000,000

Korea

Treasury

Bond

1.375

12/10/29

792,850‌

KRW

7,440,000,000

Korea

Treasury

Bond

2.000

06/10/31

5,024,412‌

KRW

1,175,000,000

Korea

Treasury

Bond

2.375

12/10/31

811,695‌

KRW

1,940,000,000

Korea

Treasury

Bond

2.375

09/10/38

1,274,914‌

KRW

800,000,000

Korea

Treasury

Bond

1.875

09/10/41

474,963‌

KRW

730,000,000

Korea

Treasury

Bond

2.500

03/10/52

455,467‌

TOTAL

KOREA,

REPUBLIC

OF

12,229,541‌

LEBANON

-

0.0%

1,400,000

q,z

Lebanon

Government

International

Bond

6.850

03/23/27

79,856‌

TOTAL

LEBANON

79,856‌

MALAYSIA

-

0.6%

MYR

5,400,000

Malaysia

Government

Bond

3.757

05/22/40

1,158,533‌

MYR

4,355,000

Malaysia

Government

Bond

4.457

03/31/53

1,015,603‌

TOTAL

MALAYSIA

2,174,136‌

MEXICO

-

0.9%

MXN

30,800,000

Mexican

Bonos

5.750

03/05/26

1,551,075‌

MXN

34,100,000

Mexican

Bonos

8.500

11/18/38

1,798,967‌

TOTAL

MEXICO

3,350,042‌

MONGOLIA

-

0.1%

550,000

g

Mongolia

Government

International

Bond

4.450

07/07/31

422,117‌

TOTAL

MONGOLIA

422,117‌

MOROCCO

-

0.4%

700,000

g

Morocco

Government

International

Bond

5.950

03/08/28

716,716‌

EUR

1,100,000

g

Morocco

Government

International

Bond

1.500

11/27/31

905,427‌

TOTAL

MOROCCO

1,622,143‌

International

Bond

Fund

April

30,

2023

32

See

Notes

to

Financial

Statements

Consolidated

Portfolio

of

Investments

(Unaudited)

(continued)

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

NETHERLANDS

-

0.3%

EUR

550,000

g

Netherlands

Government

International

Bond

2.750

%

01/15/47

$

612,511‌

EUR

1,345,000

g

Netherlands

Government

International

Bond

0.000

01/15/52

713,610‌

TOTAL

NETHERLANDS

1,326,121‌

NEW

ZEALAND

-

1.2%

NZD

3,720,000

New

Zealand

Government

International

Bond

0.500

05/15/24

2,193,537‌

NZD

1,800,000

New

Zealand

Government

International

Bond

2.750

04/15/25

1,075,653‌

NZD

1,000,000

New

Zealand

Government

International

Bond

4.500

04/15/27

627,200‌

NZD

1,185,000

New

Zealand

Government

International

Bond

2.000

05/15/32

622,421‌

TOTAL

NEW

ZEALAND

4,518,811‌

NIGERIA

-

0.2%

$

925,000

g

Nigeria

Government

International

Bond

8.375

03/24/29

751,562‌

TOTAL

NIGERIA

751,562‌

NORWAY

-

1.0%

NOK

9,000,000

City

of

Oslo

Norway

2.050

10/31/24

818,522‌

NOK

34,375,000

g

Norway

Government

International

Bond

2.000

04/26/28

3,055,924‌

NOK

575,000

g

Norway

Government

International

Bond

1.250

09/17/31

46,415‌

TOTAL

NORWAY

3,920,861‌

PAKISTAN

-

0.1%

1,000,000

g

Pakistan

Government

International

Bond

6.000

04/08/26

359,200‌

TOTAL

PAKISTAN

359,200‌

PARAGUAY

-

0.2%

925,000

g

Paraguay

Government

International

Bond

5.400

03/30/50

786,511‌

TOTAL

PARAGUAY

786,511‌

PERU

-

0.4%

PEN

6,201,000

g

Peruvian

Government

International

Bond

5.400

08/12/34

1,410,827‌

TOTAL

PERU

1,410,827‌

POLAND

-

0.1%

280,000

Poland

Government

International

Bond

5.500

04/04/53

290,355‌

TOTAL

POLAND

290,355‌

REPUBLIC

OF

SERBIA

-

1.1%

EUR

1,700,000

g

Serbia

Government

International

Bond

1.500

06/26/29

1,437,334‌

375,000

g

Serbia

Government

International

Bond

6.500

09/26/33

380,176‌

EUR

725,000

g

Serbia

Government

International

Bond

2.050

09/23/36

483,594‌

RSD

120,000,000

Serbia

Treasury

Bonds

5.875

02/08/28

1,132,223‌

RSD

101,500,000

Serbia

Treasury

Bonds

4.500

08/20/32

809,799‌

TOTAL

REPUBLIC

OF

SERBIA

4,243,126‌

ROMANIA

-

0.9%

RON

8,150,000

Romanian

Government

International

Bond

4.000

10/25/23

1,800,761‌

660,000

g

Romanian

Government

International

Bond

3.000

02/27/27

601,909‌

EUR

800,000

g

Romanian

Government

International

Bond

2.000

01/28/32

630,107‌

EUR

850,000

g

Romanian

Government

International

Bond

2.000

04/14/33

647,402‌

TOTAL

ROMANIA

3,680,179‌

RWANDA

-

0.4%

1,950,000

g

Rwanda

International

Government

Bond

5.500

08/09/31

1,399,570‌

TOTAL

RWANDA

1,399,570‌

SENEGAL

-

0.4%

EUR

1,000,000

g

Senegal

Government

International

Bond

4.750

03/13/28

910,335‌

33

See

Notes

to

Financial

Statements

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

SENEGAL—continued

EUR

825,000

g

Senegal

Government

International

Bond

5.375

%

06/08/37

$

575,513‌

TOTAL

SENEGAL

1,485,848‌

SOUTH

AFRICA

-

0.7%

ZAR

16,500,000

Republic

of

South

Africa

Government

International

Bond

7.000

02/28/31

731,872‌

$

475,000

Republic

of

South

Africa

Government

International

Bond

5.875

04/20/32

431,006‌

ZAR

20,900,000

Republic

of

South

Africa

Government

International

Bond

8.875

02/28/35

959,370‌

ZAR

7,800,000

Republic

of

South

Africa

Government

International

Bond

8.750

01/31/44

323,066‌

500,000

Republic

of

South

Africa

Government

International

Bond

7.300

04/20/52

425,820‌

TOTAL

SOUTH

AFRICA

2,871,134‌

SPAIN

-

1.5%

EUR

1,095,000

g

Spain

Government

International

Bond

1.400

07/30/28

1,113,591‌

EUR

1,875,000

g

Spain

Government

International

Bond

0.600

10/31/29

1,771,256‌

EUR

1,250,000

g

Spain

Government

International

Bond

0.100

04/30/31

1,083,243‌

EUR

2,650,000

g

Spain

Government

International

Bond

1.200

10/31/40

1,968,081‌

TOTAL

SPAIN

5,936,171‌

SUPRANATIONAL

-

2.5%

GBP

695,000

African

Development

Bank

0.500

06/22/26

774,885‌

INR

52,500,000

Asian

Development

Bank

6.200

10/06/26

631,389‌

INR

41,700,000

Asian

Infrastructure

Investment

Bank

6.000

12/08/31

479,568‌

1,250,000

g

Banque

Ouest

Africaine

de

Developpement

4.700

10/22/31

1,018,135‌

EUR

650,000

g

Banque

Ouest

Africaine

de

Developpement

2.750

01/22/33

525,545‌

112,692

†

European

Bank

for

Reconstruction

&

Development

10.000

02/28/23

112,692‌

AUD

2,150,000

Inter-American

Development

Bank

4.750

08/27/24

1,441,710‌

INR

33,000,000

Inter-American

Development

Bank

7.000

04/17/33

398,913‌

CAD

1,600,000

International

Bank

for

Reconstruction

&

Development

1.900

01/16/25

1,137,342‌

IDR

31,200,000,000

International

Bank

for

Reconstruction

&

Development

6.250

01/12/28

2,138,031‌

GBP

700,000

International

Finance

Corp

0.250

12/15/25

787,642‌

GBP

400,000

z

International

Finance

Facility

for

Immunisation

Co

2.750

06/07/25

483,462‌

TOTAL

SUPRANATIONAL

9,929,314‌

THAILAND

-

0.8%

THB

30,000,000

Thailand

Government

International

Bond

1.450

12/17/24

872,589‌

THB

27,700,000

Thailand

Government

International

Bond

2.875

12/17/28

838,820‌

THB

27,500,000

Thailand

Government

International

Bond

3.300

06/17/38

845,755‌

THB

29,000,000

Thailand

Government

International

Bond

2.000

06/17/42

726,520‌

TOTAL

THAILAND

3,283,684‌

UKRAINE

-

0.1%

EUR

1,000,000

g

Ukraine

Government

International

Bond

6.750

06/20/28

174,585‌

EUR

425,000

g

Ukraine

Government

International

Bond

4.375

01/27/32

74,929‌

TOTAL

UKRAINE

249,514‌

UNITED

KINGDOM

-

3.2%

GBP

1,380,000

United

Kingdom

Gilt

0.250

01/31/25

1,620,722‌

GBP

290,000

United

Kingdom

Gilt

0.125

01/31/28

309,095‌

GBP

900,000

United

Kingdom

Gilt

1.625

10/22/28

1,021,709‌

GBP

650,000

United

Kingdom

Gilt

0.500

01/31/29

682,323‌

GBP

450,000

United

Kingdom

Gilt

0.250

07/31/31

430,180‌

GBP

3,895,000

United

Kingdom

Gilt

1.750

09/07/37

3,720,595‌

GBP

1,450,000

United

Kingdom

Gilt

1.250

10/22/41

1,162,823‌

GBP

900,000

United

Kingdom

Gilt

0.875

01/31/46

595,898‌

GBP

2,760,000

United

Kingdom

Gilt

0.625

10/22/50

1,518,125‌

International

Bond

Fund

April

30,

2023

34

See

Notes

to

Financial

Statements

Consolidated

Portfolio

of

Investments

(Unaudited)

(continued)

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

UNITED

KINGDOM—continued

GBP

2,150,000

United

Kingdom

Gilt

1.500

%

07/31/53

$

1,509,074‌

TOTAL

UNITED

KINGDOM

12,570,544‌

UNITED

STATES

-

0.8%

$

2,090,000

g,i

Connecticut

Avenue

Securities

Trust

7.915

03/25/42

2,113,386‌

1,128,897

g,i

Freddie

Mac

STACR

REMIC

Trust

6.465

01/25/34

1,120,541‌

TOTAL

UNITED

STATES

3,233,927‌

URUGUAY

-

0.4%

UYU

21,800,000

g

Uruguay

Government

International

Bond

8.500

03/15/28

526,279‌

UYU

40,600,000

Uruguay

Government

International

Bond

8.250

05/21/31

939,858‌

TOTAL

URUGUAY

1,466,137‌

UZBEKISTAN

-

0.2%

UZS

7,600,000,000

g

Republic

of

Uzbekistan

International

Bond

14.000

07/19/24

651,279‌

TOTAL

UZBEKISTAN

651,279‌

TOTAL

GOVERNMENT

BONDS

264,475,392‌

(Cost

$312,992,995)

STRUCTURED

ASSETS

-

4.9%

IRELAND

-

2.2%

837,809

g,i

Atom

Mortgage

Securities

DAC

SONIA

Interest

Rate

Benchmark

+

1.900%

6.100

07/22/31

944,922‌

Series

-

2021

1A

(Class

D)

1,221,857

g,i

Bruegel

2021

DAC

EURIBOR

3

M

+

2.470%

5.124

05/22/31

1,240,315‌

Series

-

2021

1A

(Class

D)

1,895,365

g,i

Frost

CMBS

DAC

SONIA

Interest

Rate

Benchmark

+

2.900%

6.993

11/20/33

2,151,132‌

Series

-

2021

1A

(Class

GBD)

883,671

g,i

Last

Mile

Logistics

Pan

Euro

Finance

DAC

EURIBOR

3

M

+

2.700%

1.000

08/17/33

885,037‌

Series

-

2021

1A

(Class

E)

1,079,778

g,i

Last

Mile

Securities

PE

2021

DAC

EURIBOR

3

M

+

2.350%

5.032

08/17/31

1,091,328‌

Series

-

2021

1A

(Class

D)

347,448

g,i

Taurus

UK

DAC

SONIA

Interest

Rate

Benchmark

+

1.300%

5.382

05/17/31

414,472‌

Series

-

2021

UK1A

(Class

B)

1,035,395

g,i

Taurus

UK

DAC

SONIA

Interest

Rate

Benchmark

+

1.650%

5.732

05/17/31

1,218,021‌

Series

-

2021

UK1A

(Class

C)

297,813

g,i

Taurus

UK

DAC

SONIA

Interest

Rate

Benchmark

+

2.600%

6.682

05/17/31

356,126‌

Series

-

2021

UK1A

(Class

D)

564,300

g,i

Taurus

UK

DAC

SONIA

Interest

Rate

Benchmark

+

1.500%

5.582

08/17/31

678,577‌

Series

-

2021

UK4A

(Class

B)

TOTAL

IRELAND

8,979,930‌

ITALY

-

0.2%

893,385

g,i

Cassia

SRL

EURIBOR

3

M

+

3.500%

6.154

05/22/34

919,148‌

Series

-

2022

1A

(Class

B)

TOTAL

ITALY

919,148‌

UNITED

STATES

-

2.5%

2,000,000

g,i

Alen

Mortgage

Trust

LIBOR

1

M

+

2.250%

7.198

04/15/34

1,558,974‌

Series

-

2021

ACEN

(Class

C)

1,144,959

Carvana

Auto

Receivables

Trust

1.270

03/10/28

1,096,729‌

Series

-

2021

N2

(Class

D)

1,500,000

i

COMM

Mortgage

Trust

4.490

08/10/48

1,371,741‌

Series

-

2015

CR24

(Class

C)

537,152

g

Diamond

Resorts

Owner

Trust

2.700

11/21/33

492,470‌

Series

-

2021

1A

(Class

C)

35

See

Notes

to

Financial

Statements

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

UNITED

STATES—continued

$

1,500,000

g,i

ELP

Commercial

Mortgage

Trust

LIBOR

1

M

+

2.667%

7.615

%

11/15/38

$

1,418,399‌

Series

-

2021

ELP

(Class

F)

244,009

g

MVW

LLC

1.940

01/22/41

222,304‌

Series

-

2021

1WA

(Class

C)

1,000,000

g,i

NCMF

Trust

8.225

03/15/39

969,939‌

Series

-

2022

MFP

(Class

D)

500,000

g

Oportun

Issuance

Trust

1.960

05/08/31

443,451‌

Series

-

2021

B

(Class

B)

500,000

g

Oportun

Issuance

Trust

3.650

05/08/31

449,963‌

Series

-

2021

B

(Class

C)

1,250,000

g

Purchasing

Power

Funding

LLC

4.370

10/15/25

1,166,557‌

Series

-

2021

A

(Class

D)

TOTAL

UNITED

STATES

9,190,527‌

TOTAL

STRUCTURED

ASSETS

19,089,605‌

(Cost

$21,232,605)

TOTAL

BONDS

363,200,160‌

(Cost

$425,425,079)

REFERENCERATE

&

SPREAD

SHORT-TERM

INVESTMENTS

-

5.1%

COMMERCIAL

PAPER

-

3.9%

15,000,000

g

HSBC

USA,

Inc

0.000

05/01/23

14,993,909‌

TOTAL

COMMERCIAL

PAPER

14,993,909‌

REPURCHASE

AGREEMENT

-

1.1%

4,355,000

r

Fixed

Income

Clearing

Corp

(FICC)

4.800

05/01/23

4,355,000‌

TOTAL

REPURCHASE

AGREEMENT

4,355,000‌

SHARES

COMPANY

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

0.1%

425,143

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4.840

425,143‌

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

425,143‌

TOTAL

SHORT-TERM

INVESTMENTS

19,774,052‌

(Cost

$19,780,143)

TOTAL

INVESTMENTS

-

98.2%

384,111,734‌

(Cost

$446,397,207)

OTHER

ASSETS

&

LIABILITIES,

NET

-

1.8%

7,144,222‌

NET

ASSETS

-

100.0%

$

391,255,956‌

International

Bond

Fund

April

30,

2023

36

See

Notes

to

Financial

Statements

Consolidated

Portfolio

of

Investments

(Unaudited)

(continued)

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CNY

Chinese

Yuan

COP

Colombia

Peso

CZK

Czech

Republic

Koruna

DOP

Dominican

Republic

Peso

EGP

Egyptian

Pound

EUR

Euro

EURIBOR

EURO

Interbank

Offer

Rate

GBP

Pound

Sterling

HUF

Hungary

Forint

IDR

Indonesian

Rupiah

ILS

Israeli

New

Shekel

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

LIBOR

London

Interbank

Offered

Rate

M

Month

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PEN

Peruvian

Sol

REMIC

Real

Estate

Mortgage

Investment

Conduit

RON

Romanian

Leu

RSD

Serbian

Dinar

SOFR

Secure

Overnight

Financing

Rate

SONIA

Sterling

Overnight

Interbank

Average

Rate

THB

Thai

Baht

UGX

Ugandan

Shilling

UYU

Uruguayan

Peso

UZS

Uzbekistani

Som

ZAR

South

African

Rand

†

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

‡

Perpetual

security

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$412,935.

g

Security

is

exempt

from

registration

under

Rule

144(A)

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.

h

All

or

a

portion

of

these

securities

were

purchased

on

a

delayed

delivery

basis.

i

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.

o

Payment

in

Kind

Bond

q

In

default

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.800%

dated

4/28/23

to

be

repurchased

at

$4,355,000

on

5/1/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.125%

and

maturity

date

4/15/25,

valued

at

$4,442,198.

y

All

or

a

portion

of

this

security

is

owned

by

TIAA-CREF

International

Bond

Taxable

Offshore

Limited

which

is

a

100%

owned

subsidiary

of

the

fund.

z

All

or

a

portion

of

this

security

is

owned

by

TIAA-CREF

International

Bond

Offshore

Limited

which

is

a

100%

owned

subsidiary

of

the

fund.

37

See

Notes

to

Financial

Statements

Forward

foreign

currency

contracts

outstanding

as

of

April

30,

2023

were

as

follows:

Currency

to

be

purchased

Receive

Currency

to

be

sold

Deliver

Counterparty

Settlement

date

Unrealized

appreciation

(depreciation)

$

2,994,450

EUR

2,699,428

Bank

of

America

07/14/23

  $

2,242‌

$

259,712

GBP

207,913

Bank

of

America

07/14/23

(2,224‌)

$

1,299,137

HUF

443,312,841

Bank

of

America

05/15/23

(3,522‌)

Total

  $

(3,504‌)

$

14,520,360

CAD

19,756,129

Barclays

Bank

Plc

Wholesale

07/14/23

  $

(83,501‌)

$

43,723,345

CNY

299,736,295

Citibank

N.A.

05/15/23

  $

384,317‌

$

1,104,463

COP

4,925,086,663

Citibank

N.A.

05/17/23

60,721‌

$

812,575

CZK

17,121,520

Citibank

N.A.

05/15/23

11,383‌

$

29,602,384

GBP

23,677,622

Citibank

N.A.

07/14/23

(198,515‌)

$

1,286,004

ILS

4,690,239

Citibank

N.A.

05/15/23

(6,821‌)

$

37,408,240

JPY

4,927,664,014

Citibank

N.A.

07/14/23

821,068‌

$

12,749,914

KRW

16,635,960,500

Citibank

N.A.

05/15/23

303,583‌

$

3,910,803

NOK

41,452,078

Citibank

N.A.

07/14/23

6,995‌

$

350,366

PEN

1,325,714

Citibank

N.A.

05/17/23

(6,901‌)

$

910,664

RON

4,070,396

Citibank

N.A.

05/15/23

968‌

$

1,673,518

THB

57,067,314

Citibank

N.A.

05/15/23

(327‌)

Total

  $

1,376,471‌

$

125,632,757

EUR

113,310,950

Morgan

Stanley

07/14/23

  $

246,992‌

$

538,905

EUR

487,320

Morgan

Stanley

07/14/23

(346‌)

$

1,481,146

IDR

21,949,103,167

Morgan

Stanley

05/15/23

(14,764‌)

$

1,195,473

MXN

21,717,459

Morgan

Stanley

05/15/23

(8,351‌)

$

522,134

ZAR

9,456,333

Morgan

Stanley

05/15/23

5,935‌

Total

  $

229,466‌

$

10,258,228

AUD

15,483,251

Standard

Chartered

Bank

07/14/23

  $

(19,988‌)

$

4,478,066

NZD

7,311,137

Standard

Chartered

Bank

07/17/23

(41,398‌)

Total

  $

(61,386‌)

Total

  $

1,457,546‌

AUD

Australian

Dollar

CAD

Canadian

Dollar

CNY

Chinese

Yuan

COP

Colombia

Peso

CZK

Czech

Republic

Koruna

EUR

Euro

GBP

Pound

Sterling

HUF

Hungary

Forint

IDR

Indonesia

Rupiah

ILS

Israeli

New

Shekel

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PEN

Peruvian

Sol

RON

Romanian

Leu

THB

Thai

Baht

ZAR

South

African

Rand

38

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

April

30,

2023

(Unaudited)

6.1

Emerging

Markets

Debt

Fund

6.2

International

Bond

Fund

§

ASSETS

Portfolio

investments,

at

value

*†

$

451,253,501‌

$

384,111,734‌

Cash

–‌

30,330‌

Cash

-

foreign

^

241,387‌

950,815‌

Due

from

affiliates

171,933‌

193,052‌

Receivables:

Dividends

and

interest

7,869,527‌

3,484,124‌

Fund

shares

sold

2,197,410‌

1,875,255‌

Investments

sold

500,000‌

–‌

Unrealized

appreciation

on

forward

foreign

currency

contracts

–‌

1,844,204‌

Other

11,812‌

7,063‌

Total

assets

462,245,570‌

392,496,577‌

LIABILITIES

Management

fees

payable

201,509‌

159,363‌

Service

agreement

fees

payable

5,274‌

1,029‌

Distribution

fees

payable

2,919‌

314‌

Due

to

affiliates

12,262‌

12,073‌

Overdraft

payable

1,126‌

–‌

Payables:

Collateral

for

securities

loaned

10,005,681‌

425,143‌

Fund

shares

redeemed

98,306‌

1,203‌

Investments

purchased

-

regular

settlement

1,800,000‌

154‌

Investments

purchased

-

delayed

delivery

1,118,061‌

198,482‌

Trustee

compensation

11,014‌

6,634‌

Unrealized

depreciation

on

forward

foreign

currency

contracts

–‌

386,658‌

Accrued

expenses

and

other

payables

58,844‌

49,568‌

Total

liabilities

13,314,996‌

1,240,621‌

Net

assets

$

448,930,574‌

$

391,255,956‌

NET

ASSETS

CONSIST

OF:

Paid-in-capital

$

578,056,636‌

$

491,687,088‌

Total

distributable

earnings

(loss)

(129,126,062‌)

(100,431,132‌)

Net

assets

$

448,930,574‌

$

391,255,956‌

§

Consolidated

Statement

of

Assets

and

Liabilities

(see

Notes

to

Financial

Statements)

*

Includes

securities

loaned

of

$

10,859,685‌

$

412,935‌

†

Portfolio

investments,

cost

$

552,587,619‌

$

446,397,207‌

^

Foreign

cash,

cost

$

268,972‌

$

1,181,785‌

39

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

concluded

concluded

April

30,

2023

(Unaudited)

6.1

Emerging

Markets

Debt

Fund

6.2

International

Bond

Fund

§

INSTITUTIONAL

CLASS:

Net

assets

$

57,155,504‌

$

716,911‌

Shares

outstanding

7,217,823‌

90,017‌

Net

asset

value

per

share

$

7.92‌

$

7.96‌

ADVISOR

CLASS:

Net

assets

$

10,935,126‌

$

807,474‌

Shares

outstanding

1,377,155‌

101,317‌

Net

asset

value

per

share

$

7.94‌

$

7.97‌

PREMIER

CLASS:

Net

assets

$

201,555‌

$

82,462‌

Shares

outstanding

25,460‌

10,285‌

Net

asset

value

per

share

$

7.92‌

$

8.02‌

RETIREMENT

CLASS:

Net

assets

$

16,994,052‌

$

4,670,896‌

Shares

outstanding

2,147,890‌

587,203‌

Net

asset

value

per

share

$

7.91‌

$

7.95‌

RETAIL

CLASS:

Net

assets

$

14,067,983‌

$

1,491,875‌

Shares

outstanding

1,777,213‌

187,428‌

Net

asset

value

per

share

$

7.92‌

$

7.96‌

CLASS

W:

Net

assets

$

349,576,354‌

$

383,486,338‌

Shares

outstanding

44,144,274‌

48,051,583‌

Net

asset

value

per

share

$

7.92‌

$

7.98‌

Authorized

shares

-

per

class

Unlimited

Unlimited

Par

value

per

share

$

0.0001‌

$

0.0001‌

40

Statement

of

Operations

See

Notes

to

Financial

Statements

Six

Months

Ended

April

30,

2023

(Unaudited)

6.1

Emerging

Markets

Debt

Fund

6.2

International

Bond

Fund

§

INVESTMENT

INCOME

Interest

$

15,870,217‌

$

6,330,169‌

Securities

lending

income,

net

36,135‌

1,072‌

Tax

withheld

–‌

(25,595‌)

Total

investment

income

15,906,352‌

6,305,646‌

EXPENSES

Management

fees

1,289,367‌

948,545‌

12b-1

distribution

and

service

fees

—

Premier

Class

149‌

61‌

12b-1

distribution

and

service

fees

—

Retail

Class

18,724‌

1,846‌

Shareholder

servicing

agent

fees

—

Institutional

Class

652‌

27‌

Shareholder

servicing

agent

fees

—

Advisor

Class

3,936‌

207‌

Shareholder

servicing

agent

fees

—

Premier

Class

24‌

15‌

Shareholder

servicing

agent

fees

—

Retirement

Class

19,749‌

5,741‌

Shareholder

servicing

agent

fees

—

Retail

Class

3,514‌

695‌

Shareholder

servicing

agent

fees

—

Class

W

281‌

–‌

Administrative

service

fees

27,204‌

26,845‌

Trustees

fees

4,117‌

3,303‌

Custodian

fees

21,579‌

55,722‌

Overdraft

expense

2,729‌

8,373‌

Professional

fees

32,614‌

70,113‌

Registration

fees

39,405‌

36,678‌

Shareholder

reporting

expenses

14,037‌

11,709‌

Other

7,237‌

23,285‌

Total

expenses

1,485,318‌

1,193,165‌

Expenses

reimbursed

by

the

investment

adviser

(1,150,371‌)

(1,152,407‌)

Fee

waiver

by

investment

adviser

and

Nuveen

Securities

–‌

(72‌)

Net

expenses

334,947‌

40,686‌

Net

investment

income

(loss)

15,571,405‌

6,264,960‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss):

Portfolio

investments

(18,798,226‌)

(4,847,322‌)

Forward

foreign

currency

contracts

(42,412‌)

(16,864,292‌)

Foreign

currency

transactions

(64,873‌)

(3,833,732‌)

Net

realized

gain

(loss)

(18,905,511‌)

(25,545,346‌)

Change

in

unrealized

appreciation

(depreciation)

on:

Portfolio

investments

58,233,619‌

40,306,132‌

Forward

foreign

currency

contracts

–‌

(2,583,146‌)

Translation

of

assets

(other

than

portfolio

investments)

and

liabilities

denominated

in

foreign

currencies

17,860‌

224,510‌

Net

change

in

unrealized

appreciation

(depreciation)

58,251,479‌

37,947,496‌

Net

realized

and

unrealized

gain

(loss)

39,345,968‌

12,402,150‌

Net

increase

(decrease)

in

net

assets

from

operations

$

54,917,373‌

$

18,667,110‌

§

Consolidated

Statement

of

Operations

(see

Notes

to

Financial

Statements)

41

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

6.1

Emerging

Markets

Debt

Fund

6.2

International

Bond

Fund

§

Unaudited

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

Unaudited

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

OPERATIONS

Net

investment

income

(loss)

$

15,571,405‌

$

36,019,918‌

$

6,264,960‌

$

11,894,949‌

Net

realized

gain

(loss)

(18,905,511‌)

(14,121,417‌)

(25,545,346‌)

28,812,200‌

Net

change

in

unrealized

appreciation

(depreciation)

58,251,479‌

(155,261,141‌)

37,947,496‌

(101,332,302‌)

Net

increase

(decrease)

in

net

assets

from

operations

54,917,373‌

(133,362,640‌)

18,667,110‌

(60,625,153‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

–‌

–‌

–‌

–‌

Dividends:

Institutional

Class

(1,542,540‌)

(2,562,552‌)

(28,907‌)

(58,285‌)

Advisor

Class

(327,263‌)

(980,991‌)

(5,538‌)

(24,223‌)

Premier

Class

(6,046‌)

(12,046‌)

(3,718‌)

(7,463‌)

Retirement

Class

(463,807‌)

(899,765‌)

(204,917‌)

(397,067‌)

Retail

Class

(447,429‌)

(760,240‌)

(65,023‌)

(126,081‌)

Class

W

(13,384,501‌)

(28,691,134‌)

(17,160,957‌)

(41,868,656‌)

Total

distributions

(16,171,586‌)

(33,906,728‌)

(17,469,060‌)

(42,481,775‌)

SHAREHOLDER

TRANSACTIONS

Subscriptions

97,872,406‌

250,965,212‌

66,804,728‌

101,338,544‌

Reinvestments

of

distributions

2,730,788‌

5,111,936‌

298,459‌

4,655,114‌

Redemptions

(197,262,024‌)

(184,536,424‌)

(53,093,187‌)

(151,809,511‌)

Net

increase

(decrease)

from

shareholder

transactions

(96,658,830‌)

71,540,724‌

14,010,000‌

(45,815,853‌)

Net

increase

(decrease)

in

net

assets

(57,913,043‌)

(95,728,644‌)

15,208,050‌

(148,922,781‌)

NET

ASSETS

Beginning

of

period

506,843,617‌

602,572,261‌

376,047,906‌

524,970,687‌

End

of

period

$

448,930,574‌

$

506,843,617‌

$

391,255,956‌

$

376,047,906‌

§

Consolidated

Statement

of

Changes

in

Net

Assets

(see

Notes

to

Financial

Statements)

Financial

Highlights

See

Notes

to

Financial

Statements

42

The

following

data

is

for

a

share

outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

6.1

EMERGING

MARKETS

DEBT

FUND

Institutional

Class:

4/30/23

#

$

7

.34‌

$

0

.24‌

$

0

.58‌

$

0

.82‌

$

(

0

.24‌

)

$

—‌

$

(

0

.24‌

)

$

7

.92‌

10/31/22

9

.97‌

0

.52‌

(

2

.66‌

)

(

2

.14‌

)

(

0

.49‌

)

—‌

(

0

.49‌

)

7

.34‌

10/31/21

9

.65‌

0

.47‌

0

.29‌

0

.76‌

(

0

.44‌

)

—‌

(

0

.44‌

)

9

.97‌

10/31/20

10

.10‌

0

.50‌

(

0

.48‌

)

0

.02‌

(

0

.47‌

)

—‌

(

0

.47‌

)

9

.65‌

10/31/19

9

.18‌

0

.58‌

0

.85‌

1

.43‌

(

0

.51‌

)

—‌

(

0

.51‌

)

10

.10‌

10/31/18

10

.47‌

0

.58‌

(

1

.13‌

)

(

0

.55‌

)

(

0

.53‌

)

(

0

.21‌

)

(

0

.74‌

)

9

.18‌

Advisor

Class:

4/30/23

#

7

.36‌

0

.24‌

0

.58‌

0

.82‌

(

0

.24‌

)

—‌

(

0

.24‌

)

7

.94‌

10/31/22

10

.00‌

0

.51‌

(

2

.67‌

)

(

2

.16‌

)

(

0

.48‌

)

—‌

(

0

.48‌

)

7

.36‌

10/31/21

9

.67‌

0

.46‌

0

.30‌

0

.76‌

(

0

.43‌

)

—‌

(

0

.43‌

)

10

.00‌

10/31/20

10

.13‌

0

.51‌

(

0

.51‌

)

0

.00‌

d

(

0

.46‌

)

—‌

(

0

.46‌

)

9

.67‌

10/31/19

9

.20‌

0

.57‌

0

.87‌

1

.44‌

(

0

.51‌

)

—‌

(

0

.51‌

)

10

.13‌

10/31/18

10

.48‌

0

.59‌

(

1

.14‌

)

(

0

.55‌

)

(

0

.52‌

)

(

0

.21‌

)

(

0

.73‌

)

9

.20‌

Premier

Class:

4/30/23

#

7

.34‌

0

.24‌

0

.58‌

0

.82‌

(

0

.24‌

)

—‌

(

0

.24‌

)

7

.92‌

10/31/22

9

.97‌

0

.50‌

(

2

.66‌

)

(

2

.16‌

)

(

0

.47‌

)

—‌

(

0

.47‌

)

7

.34‌

10/31/21

9

.65‌

0

.47‌

0

.28‌

0

.75‌

(

0

.43‌

)

—‌

(

0

.43‌

)

9

.97‌

10/31/20

10

.09‌

0

.51‌

(

0

.50‌

)

0

.01‌

(

0

.45‌

)

—‌

(

0

.45‌

)

9

.65‌

10/31/19

9

.17‌

0

.57‌

0

.85‌

1

.42‌

(

0

.50‌

)

—‌

(

0

.50‌

)

10

.09‌

10/31/18

10

.46‌

0

.55‌

(

1

.11‌

)

(

0

.56‌

)

(

0

.52‌

)

(

0

.21‌

)

(

0

.73‌

)

9

.17‌

Retirement

Class:

4/30/23

#

7

.34‌

0

.23‌

0

.58‌

0

.81‌

(

0

.24‌

)

—‌

(

0

.24‌

)

7

.91‌

10/31/22

9

.97‌

0

.50‌

(

2

.66‌

)

(

2

.16‌

)

(

0

.47‌

)

—‌

(

0

.47‌

)

7

.34‌

10/31/21

9

.64‌

0

.45‌

0

.30‌

0

.75‌

(

0

.42‌

)

—‌

(

0

.42‌

)

9

.97‌

10/31/20

10

.09‌

0

.49‌

(

0

.50‌

)

(

0

.01‌

)

(

0

.44‌

)

—‌

(

0

.44‌

)

9

.64‌

10/31/19

9

.18‌

0

.56‌

0

.84‌

1

.40‌

(

0

.49‌

)

—‌

(

0

.49‌

)

10

.09‌

10/31/18

10

.46‌

0

.55‌

(

1

.11‌

)

(

0

.56‌

)

(

0

.51‌

)

(

0

.21‌

)

(

0

.72‌

)

9

.18‌

Retail

Class:

4/30/23

#

7

.34‌

0

.23‌

0

.58‌

0

.81‌

(

0

.23‌

)

—‌

(

0

.23‌

)

7

.92‌

10/31/22

9

.97‌

0

.50‌

(

2

.67‌

)

(

2

.17‌

)

(

0

.46‌

)

—‌

(

0

.46‌

)

7

.34‌

10/31/21

9

.64‌

0

.43‌

0

.30‌

0

.73‌

(

0

.40‌

)

—‌

(

0

.40‌

)

9

.97‌

10/31/20

10

.09‌

0

.48‌

(

0

.49‌

)

(

0

.01‌

)

(

0

.44‌

)

—‌

(

0

.44‌

)

9

.64‌

10/31/19

9

.18‌

0

.56‌

0

.83‌

1

.39‌

(

0

.48‌

)

—‌

(

0

.48‌

)

10

.09‌

10/31/18

10

.46‌

0

.55‌

(

1

.12‌

)

(

0

.57‌

)

(

0

.50‌

)

(

0

.21‌

)

(

0

.71‌

)

9

.18‌

Class

W:

4/30/23

#

7

.34‌

0

.27‌

0

.59‌

0

.86‌

(

0

.27‌

)

—‌

(

0

.27‌

)

7

.93‌

10/31/22

9

.98‌

0

.57‌

(

2

.67‌

)

(

2

.10‌

)

(

0

.54‌

)

—‌

(

0

.54‌

)

7

.34‌

10/31/21

9

.65‌

0

.53‌

0

.30‌

0

.83‌

(

0

.50‌

)

—‌

(

0

.50‌

)

9

.98‌

10/31/20

10

.11‌

0

.57‌

(

0

.50‌

)

0

.07‌

(

0

.53‌

)

—‌

(

0

.53‌

)

9

.65‌

10/31/19

9

.19‌

0

.65‌

0

.84‌

1

.49‌

(

0

.57‌

)

—‌

(

0

.57‌

)

10

.11‌

10/31/18

†

9

.37‌

0

.05‌

(

0

.23‌

)

(

0

.18‌

)

—‌

—‌

—‌

9

.19‌

#

Unaudited

†

Class

W

commenced

operations

on

September

28,

2018.

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

c

Percentage

is

annualized.

d

Value

rounded

to

zero.

See

Notes

to

Financial

Statements

43

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

11

.30‌

%

$

57,156‌

0

.61‌

%

c

0

.61‌

%

c

6

.22‌

%

c

10‌

%

(

22

.07‌

)

35,533‌

0

.62‌

0

.62‌

5

.93‌

37‌

7

.90‌

77,422‌

0

.61‌

0

.61‌

4

.67‌

57‌

0

.44‌

47,256‌

0

.62‌

0

.62‌

5

.22‌

77‌

16

.00‌

40,886‌

0

.63‌

0

.63‌

6

.01‌

78‌

(

5

.58‌

)

16,835‌

0

.65‌

0

.65‌

5

.82‌

75‌

11

.22‌

10,935‌

0

.68‌

c

0

.68‌

c

6

.13‌

c

10‌

(

22

.17‌

)

17,890‌

0

.69‌

0

.69‌

5

.96‌

37‌

7

.91‌

19,272‌

0

.69‌

0

.69‌

4

.55‌

57‌

0

.26‌

20,506‌

0

.69‌

0

.69‌

5

.29‌

77‌

16

.00‌

18,116‌

0

.71‌

0

.71‌

5

.82‌

78‌

(

5

.56‌

)

2,330‌

0

.71‌

0

.71‌

5

.94‌

75‌

11

.21‌

202‌

0

.79‌

c

0

.79‌

c

6

.04‌

c

10‌

(

22

.21‌

)

187‌

0

.78‌

0

.78‌

5

.86‌

37‌

7

.74‌

253‌

0

.80‌

0

.80‌

4

.61‌

57‌

0

.29‌

244‌

0

.78‌

0

.78‌

5

.19‌

77‌

15

.84‌

882‌

0

.79‌

0

.79‌

5

.91‌

78‌

(

5

.72‌

)

1,040‌

0

.80‌

0

.80‌

5

.74‌

75‌

11

.05‌

16,994‌

0

.86‌

c

0

.83‌

c

6

.03‌

c

10‌

(

22

.21‌

)

13,771‌

0

.87‌

0

.80‌

5

.84‌

37‌

7

.78‌

19,212‌

0

.86‌

0

.82‌

4

.44‌

57‌

0

.18‌

17,840‌

0

.87‌

0

.87‌

5

.07‌

77‌

15

.61‌

19,204‌

0

.88‌

0

.88‌

5

.79‌

78‌

(

5

.73‌

)

14,626‌

0

.90‌

0

.90‌

5

.55‌

75‌

11

.15‌

14,068‌

0

.91‌

c

0

.91‌

c

5

.97‌

c

10‌

(

22

.32‌

)

8,722‌

0

.93‌

0

.93‌

5

.68‌

37‌

7

.61‌

15,698‌

0

.94‌

0

.94‌

4

.30‌

57‌

0

.12‌

19,832‌

0

.93‌

0

.93‌

5

.01‌

77‌

15

.55‌

22,567‌

0

.92‌

0

.92‌

5

.77‌

78‌

(

5

.79‌

)

6,326‌

0

.99‌

0

.99‌

5

.63‌

75‌

11

.65‌

349,576‌

0

.61‌

c

0.00‌

c

6

.77‌

c

10‌

(

21

.65‌

)

430,741‌

0

.62‌

0.00‌

6

.64‌

37‌

8

.66‌

470,716‌

0

.61‌

0.00‌

5

.24‌

57‌

0

.98‌

474,236‌

0

.62‌

0.00‌

5

.89‌

77‌

16

.72‌

433,771‌

0

.63‌

0.00‌

6

.68‌

78‌

(

1

.92‌

)

401,249‌

0

.64‌

c

0.00‌

c

6

.37‌

c

75‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

44

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

–

INTERNATIONAL

BOND

FUND

§

Institutional

Class:

4/30/23

#

$

7.96‌

$

0.11‌

$

0.25‌

$

0.36‌

$

(0.36‌)

$

—‌

$

(0.36‌)

$

7.96‌

10/31/22

9.94‌

0.18‌

(1.41‌)

(1.23‌)

(0.67‌)

(0.08‌)

(0.75‌)

7.96‌

10/31/21

10.24‌

0.15‌

(0.17‌)

(0.02‌)

(0.18‌)

(0.10‌)

(0.28‌)

9.94‌

10/31/20

10.27‌

0.14‌

0.10‌

0.24‌

(0.27‌)

—‌

(0.27‌)

10.24‌

10/31/19

9.71‌

0.19‌

0.91‌

1.10‌

(0.54‌)

—‌

(0.54‌)

10.27‌

10/31/18

9.89‌

0.19‌

(0.18‌)

0.01‌

(0.19‌)

—‌

(0.19‌)

9.71‌

Advisor

Class:

4/30/23

#

7.97‌

0.10‌

0.26‌

0.36‌

(0.36‌)

—‌

(0.36‌)

7.97‌

10/31/22

9.92‌

0.18‌

(1.40‌)

(1.22‌)

(0.65‌)

(0.08‌)

(0.73‌)

7.97‌

10/31/21

10.23‌

0.14‌

(0.17‌)

(0.03‌)

(0.18‌)

(0.10‌)

(0.28‌)

9.92‌

10/31/20

10.27‌

0.14‌

0.09‌

0.23‌

(0.27‌)

—‌

(0.27‌)

10.23‌

10/31/19

9.71‌

0.18‌

0.91‌

1.09‌

(0.53‌)

—‌

(0.53‌)

10.27‌

10/31/18

9.90‌

0.18‌

(0.18‌)

0.00‌

d

(0.19‌)

—‌

(0.19‌)

9.71‌

Premier

Class:

4/30/23

#

8.01‌

0.10‌

0.27‌

0.37‌

(0.36‌)

—‌

(0.36‌)

8.02‌

10/31/22

9.99‌

0.17‌

(1.42‌)

(1.25‌)

(0.65‌)

(0.08‌)

(0.73‌)

8.01‌

10/31/21

10.29‌

0.13‌

(0.16‌)

(0.03‌)

(0.17‌)

(0.10‌)

(0.27‌)

9.99‌

10/31/20

10.34‌

0.13‌

0.08‌

0.21‌

(0.26‌)

—‌

(0.26‌)

10.29‌

10/31/19

9.77‌

0.17‌

0.92‌

1.09‌

(0.52‌)

—‌

(0.52‌)

10.34‌

10/31/18

9.89‌

0.17‌

(0.17‌)

0.00‌

d

(0.12‌)

—‌

(0.12‌)

9.77‌

Retirement

Class:

4/30/23

#

7.95‌

0.10‌

0.26‌

0.36‌

(0.36‌)

—‌

(0.36‌)

7.95‌

10/31/22

9.91‌

0.16‌

(1.41‌)

(1.25‌)

(0.63‌)

(0.08‌)

(0.71‌)

7.95‌

10/31/21

10.22‌

0.12‌

(0.17‌)

(0.05‌)

(0.16‌)

(0.10‌)

(0.26‌)

9.91‌

10/31/20

10.27‌

0.12‌

0.09‌

0.21‌

(0.26‌)

—‌

(0.26‌)

10.22‌

10/31/19

9.71‌

0.16‌

0.91‌

1.07‌

(0.51‌)

—‌

(0.51‌)

10.27‌

10/31/18

9.88‌

0.16‌

(0.18‌)

(0.02‌)

(0.15‌)

—‌

(0.15‌)

9.71‌

Retail

Class:

4/30/23

#

7.96‌

0.09‌

0.27‌

0.36‌

(0.36‌)

—‌

(0.36‌)

7.96‌

10/31/22

9.91‌

0.15‌

(1.41‌)

(1.26‌)

(0.61‌)

(0.08‌)

(0.69‌)

7.96‌

10/31/21

10.22‌

0.11‌

(0.17‌)

(0.06‌)

(0.15‌)

(0.10‌)

(0.25‌)

9.91‌

10/31/20

10.28‌

0.11‌

0.09‌

0.20‌

(0.26‌)

—‌

(0.26‌)

10.22‌

10/31/19

9.71‌

0.15‌

0.92‌

1.07‌

(0.50‌)

—‌

(0.50‌)

10.28‌

10/31/18

9.88‌

0.15‌

(0.18‌)

(0.03‌)

(0.14‌)

—‌

(0.14‌)

9.71‌

Class

W:

4/30/23

#

7.96‌

0.13‌

0.27‌

0.40‌

(0.38‌)

—‌

(0.38‌)

7.98‌

10/31/22

9.99‌

0.24‌

(1.42‌)

(1.18‌)

(0.77‌)

(0.08‌)

(0.85‌)

7.96‌

10/31/21

10.29‌

0.21‌

(0.17‌)

0.04‌

(0.24‌)

(0.10‌)

(0.34‌)

9.99‌

10/31/20

10.28‌

0.21‌

0.08‌

0.29‌

(0.28‌)

—‌

(0.28‌)

10.29‌

10/31/19

9.71‌

0.25‌

0.92‌

1.17‌

(0.60‌)

—‌

(0.60‌)

10.28‌

10/31/18

†

9.74‌

0.02‌

(0.05‌)

(0.03‌)

—‌

—‌

—‌

9.71‌

#

Unaudited

§

Consolidated

Financial

Highlights

(see

Notes

to

Financial

Statements)

†

Class

W

commenced

operations

on

September

28,

2018.

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

c

Percentage

is

annualized.

d

Value

rounded

to

zero.

See

Notes

to

Financial

Statements

45

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

4.64‌

%

$

717‌

0.63‌

%

c

0.59‌

%

c

2.74‌

%

c

16‌

%

(12.72‌)

630‌

0.61‌

0.59‌

%

2.03‌

39‌

(0.26‌)

732‌

0.60‌

0.60‌

1.46‌

37‌

2.39‌

883‌

0.62‌

0.60‌

1.43‌

50‌

11.63‌

717‌

0.67‌

0.62‌

1.87‌

51‌

0.07‌

487‌

0.70‌

0.65‌

1.87‌

62‌

4.62‌

807‌

0.7

1‌ 

c

0.67‌

c

2.

65‌ 

c

16‌

(12.61‌)

106‌

0.69‌

0.67‌

2.10‌

39‌

(0.39‌)

117‌

0.68‌

0.68‌

1.38‌

37‌

2.30‌

132‌

0.64‌

0.62‌

1.42‌

50‌

11.60‌

106‌

0.70‌

0.65‌

1.85‌

51‌

(0.06‌)

102‌

0.71‌

0.66‌

1.83‌

62‌

4.70‌

82‌

0.81‌

c

0.75‌

c

2.

57‌ 

c

16‌

(12.89‌)

82‌

0.78‌

0.75‌

1.86‌

39‌

(0.42‌)

103‌

0.80‌

0.75‌

1.31‌

37‌

2.14‌

106‌

0.80‌

0.77‌

1.28‌

50‌

11.48‌

106‌

0.83‌

0.79‌

1.71‌

51‌

(0.04‌)

100‌

0.86‌

0.80‌

1.69‌

62‌

4.58‌

4,671‌

0.88‌

c

0.84‌

c

2.

49‌ 

c

16‌

(12.97‌)

4,435‌

0.86‌

0.84‌

1.77‌

39‌

(0.58‌)

5,682‌

0.84‌

0.84‌

1.21‌

37‌

2.13‌

8,041‌

0.87‌

0.85‌

1.18‌

50‌

11.36‌

5,903‌

0.91‌

0.87‌

1.62‌

51‌

(0.18‌)

4,326‌

0.95‌

0.90‌

1.61‌

62‌

4.54‌

1,492‌

0.97‌

c

0.92‌

c

2.

40‌ 

c

16‌

(13.01‌)

1,448‌

1.10‌

0.94‌

1.68‌

39‌

(0.68‌)

1,731‌

1.49‌

0.94‌

1.12‌

37‌

1.98‌

1,840‌

1.09‌

0.96‌

1.08‌

50‌

11.36‌

1,297‌

1.17‌

0.99‌

1.50‌

51‌

(0.36‌)

1,077‌

1.13‌

1.00‌

1.50‌

62‌

5.06‌

383,486‌

0.62‌

c

0.01‌

c

3.

32‌ 

c

16‌

(12.23‌)

369,347‌

0.61‌

0.00‌

2.60‌

39‌

0.29‌

516,606‌

0.59‌

0.00‌

2.07‌

37‌

2.95‌

427,813‌

0.62‌

0.00‌

2.05‌

50‌

12.44‌

404,046‌

0.66‌

0.00‌

2.49‌

51‌

(0.31‌)

336,319‌

0.67‌

c

0.00‌

c

2.98‌

c

62‌

46

Notes

to

Financial

Statements

(Unaudited)

1.

Organization

TIAA-CREF

Funds

(the

“Trust”)

is

a

Delaware

statutory

trust

that

is

registered

with

the

U.S.

Securities

and

Exchange

Commission

(“SEC”)

under

the

Investment

Company

Act

of

1940,

as

amended

(“1940

Act”),

as

an

open-end

management

investment

company.

The

following

are

the

TIAA-CREF

Funds

included

in

this

report:

Emerging

Markets

Debt

Fund

and

International

Bond

Fund

(collectively

the

“Funds”

or

individually,

the

“Fund”).

Current

Fiscal

Period:

 The

end

of

the

reporting

period

for

the Funds

is

April

30,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

six

months

ended

April

30,

2023

(the

"current

fiscal

period").

Teachers

Advisors,

LLC

(the

“Adviser”),

a

wholly

owned

indirect

subsidiary

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”),

is

registered

with

the

SEC

as

an

investment

adviser

and

provides

investment

management

services

for

the

Funds.

The

Funds

offer

their

shares,

without

a

sales

load,

through

their

principal

underwriter,

Nuveen

Securities,

LLC

(“Nuveen

Securities”),

which

is

a

wholly

owned

indirect

subsidiary

of

TIAA.

The

Funds

offer

six

share

classes:

Institutional

Class,

Advisor

Class,

Premier

Class,

Retirement

Class,

Retail

Class

and

Class

W

shares.

Each

class

differs

by

the

allocation

of

class-specific

expenses

and

voting

rights

in

matters

affecting

a

single

class.

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.

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.

Multiclass

Operations

and

Allocations:

Income, expenses,

realized

gains

and

losses

and

unrealized

appreciation

and

depreciation

of

a

Fund

are

allocated

on

a

pro

rata

basis

to

each

class

of

shares,

except

for

service

agreement

fees,

distribution

fees

and

transfer

agency

fees

and

expenses, which

are

unique

to

each

class

of

shares.

Most

expenses

of

the

Trust

can

be

directly

attributed

to

a

Fund.

Expenses

that

cannot

be

directly

attributed

are

allocated

to

each

Fund

in

the

Trust

based

upon

the

average

net

assets

of

each

Fund.

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.

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)”

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

“Net

change

in

unrealized

appreciation

(depreciation)”

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 “Net

change

in

unrealized

appreciation

(depreciation)”

on

the

Statement

of

Operations,

when

applicable. 

47

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.

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.

Trustees

may

elect

to

participate

in

a

deferred

compensation

plan

and

defer

all

or

a

portion

of

their

compensation.

In

addition,

trustees

participate

in

a

long-term

compensation

plan.

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

and

long-term

compensation

incurred,

are

reflected

in

the

Statement

of

Operations.

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.

Basis

for

Consolidation:

The

International

Bond

Fund

is

presented

on

a

consolidated

basis

with

the

TIAA-CREF

International

Bond

Fund

Offshore

Limited

(the

“Regulation

S

Subsidiary”)

and

the

TIAA-CREF

International

Bond

Fund

Taxable

Offshore

Limited

(the

“TEFRA

Bond

Subsidiary”).

Both

the

Regulation

S

Subsidiary

and

TEFRA

Bond

Subsidiary

(the

“Subsidiaries”)

are

wholly

owned

subsidiaries

of

the

International

Bond

Fund

organized

under

the

laws

of

the

Cayman

Islands.

The

Regulation

S

Subsidiary

commenced

operations

on

March

1,

2017

and

is

intended

to

provide

the

Fund

with

exposure

to

Regulation

S

fixed

income

securities.

Regulation

S

securities

are

securities

of

U.S.

and

non-U.S.

issuers

that

are

issued

through

private

placement

transactions

with

the

SEC

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

as

amended.

The

TEFRA

Bond

Subsidiary

commenced

operations

on

September

1,

2022

and

is

intended

to

provide

the

Fund

with

exposure

to

TEFRA

fixed

income

securities.

TEFRA

securities

are

securities

that

are

sold

subject

to

selling

restrictions

generally

designed

to

restrict

the

purchase

of

such

bonds

to

non-U.S.

persons

(as

defined

for

applicable

U.S.

federal

income

tax

purposes).

Both

Subsidiaries

are

advised

by

the

Adviser

and

have

the

same

investment

objective

as

the

Fund

(except

that

the

Regulation

S

Subsidiary

may

invest

without

limitation

in

Regulation

S

securities

and

the

TEFRA

Bond

Subsidiary

may

invest

without

limitation

in

TEFRA

bonds).

All

inter-company

transactions

and

balances

have

been

eliminated.

Select

financial

information

related

to

the

Subsidiary

is

as

follows:

New

Accounting

Pronouncement:

In

March

2020,

FASB

issued

Accounting

Standards

Update

(“ASU”)

2020-04,

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

main

objective

of

the

new

guidance

is

to

provide

relief

to

companies

that

will

be

impacted

by

the

expected

change

in

benchmark

interest

rates,

when

participating

banks

will

no

longer

be

required

to

submit

London

Interbank

Offered

Rate

(LIBOR)

quotes

by

the

UK

Financial

Conduct

Authority

(FCA).

The

new

guidance

allows

companies to,

provided

the

only

changes

to

existing

contracts

are

a

change

to

an

approved

benchmark

interest

rate,

account

for

modifications

as

a

continuance

of

the

existing

contract

without

additional

analysis.

For

new

and

existing

contracts,

the

Fund may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022.

In

December

2022,

FASB

deferred

ASU

2022-04

and

issued

ASU

2022-06,

Reference

Rate

Reform:

Deferral

of

the

Sunset

Date

of

Topic

848,

which

extends

the

application

of

the

amendments

through

December

31,

2024.

Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Funds' investments

and

has

currently

determined

that

it

is

unlikely

the

ASU’s

adoption

will

have

a

significant

impact

on

the Funds' financial

statements

and

various

filings.

New

Accounting

Pronouncement:

 In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

(“Topic

820”).

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-03

(1)

clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

an

equity

security,

(2)

amends

a

related

illustrative

example,

and

(3)

introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820.

For

public

business

entities,

the

amendments

in

ASU

2022-03

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

December

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

Management

is

currently

assessing

the

impact

of

these

provisions

on

the

Funds' financial

statements.

Regulation

S

Subsidiary

TEFRA

Bond

Subsidiary

Total

market

value

of

investments

$31,425,116

$3,300,517

Net

assets

31,789,308

3,300,359

Net

investment

income

(loss)

373,572

19,827

Net

realized

gain

(loss)

(677,291)

(159,447)

Net

change

in

unrealized

appreciation

(depreciation)

4,678,227

217,150

%

of

Fund's

consolidated

net

assets

8%

1%

Notes

to

Financial

Statements

(Unaudited)

(continued)

48

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

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. 

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.

Repurchase

agreements

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

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. 

As

of

the end

of

the

reporting

period,

the

Emerging

Markets

Debt

Fund

had

material

transfers

from

Level

2

to

Level

3

as

a

result

of

various

market

related

factors.

Please

refer

to

the

Level

3

reconciliation

below. 

The

following

table

summarizes

the

market

value

of

the Funds’

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

49

The

following

table

is

a

reconciliation

of

the

investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

the

determining

value:

The

following

table

summarizes

the

significant

unobservable

inputs

used

to

value

Level

3

investments

as

of

April

30,

2023

:

*

Single

source

broker

quote.

§

Unobservable

inputs

were

weighted

by

the

relative

fair

value

of

the

instruments.

4.

Investments

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.

Securities

Lending:

Certain Funds

may

lend

their

securities

to

qualified

institutional

borrowers

to

earn

additional

income.

A

Fund receives

collateral

(in

the

form

of

cash,

Treasury

securities

or

other

collateral

permitted

by

applicable

law)

against

the

loaned

securities

and

maintains

collateral

in

an

amount

not

less

than

100%

of

the

market

value

of

loaned

securities

during

the

period

of

the

loan;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the Fund

the

next

business

day.

Cash

collateral

received

by the

Fund will

generally

be

invested

in

high-quality

short-term

instruments

or

in

one

or

more

funds

maintained

by

the

securities

lending

agent

(“Agent”)

for

the

purpose

of

investing

cash

collateral.

The

value

of

the

loaned

securities

and

the

liability

to

return

the

cash

collateral

received

are

reflected

in

the

Statement

of

Assets

and

Liabilities.

Non-cash

collateral

is

not

disclosed

in

the

Funds’

Statement

of

Assets

and

Liabilities

as

it

is

held

by

the Agent

or

by

a

third-party

bank

engaged

by

the

Agent

as

a

special

"tri-party" custodian on

behalf

of

the Funds,

and

the

Funds

do

not

have

the

ability

to

sell

or

re-hypothecate

those

securities.

Fund

Level

1

Level

2

Level

3

Total

Emerging

Markets

Debt

Bank

loan

obligations

$—

$1,813,982

$—

$1,813,982

Corporate

bonds

—

207,452,724

—

207,452,724

Government

bonds

—

207,718,192

—

207,718,192

Structured

assets

—

—

2,597,700

2,597,700

Common

stocks

3,323,648

624,805

—

3,948,453

Short-term

investments

10,005,681

17,716,769

—

27,722,450

Total

$13,329,329

$435,326,472

$2,597,700

$451,253,501

1

1

1

1

1

International

Bond

Bank

loan

obligations

$—

$1,137,522

$—

$1,137,522

Corporate

bonds

—

78,930,528

704,635

79,635,163

Government

bonds

—

264,362,700

112,692

264,475,392

Structured

assets

—

19,089,605

—

19,089,605

Short-term

investments

425,143

19,348,909

—

19,774,052

Forward

foreign

currency

contracts*

—

1,457,546

—

1,457,546

Total

$425,143

$384,326,810

$817,327

$385,569,280

1

1

1

1

1

*

Represents

net

unrealized

appreciation

(depreciation)

as

reported

in

the

Fund's

Portfolio

of

Investments

Fund

Investments

Emerging

Markets

Debt

Balance

as

of

October

31,

2022

$10,780,015

Purchases

183,721

Sales

(2,926,263)

Gains

(losses)

(4,477,893)

Change

in

unrealized

appreciation

(depreciation)

6,519,782

Transfers

out

of

Level

3

(7,481,662)

Transfers

into

Level

3

-

Balance

as

of

April

30,

2023

$2,597,700

Fund

Fair

Value

Valuation

Technique

Unobservable

Input

Range

(Weighted

Average)

§

Emerging

Markets

Debt

Structured

assets

2,597,700

Broker

quote

*

Total

$2,597,700

Notes

to

Financial

Statements

(Unaudited)

(continued)

50

As

of

the

end

of

the

reporting

period,

securities

lending

transactions are

for 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

reporting

period,

the

total

value

of

securities

on

loan

and

the

total

value

of

collateral

received

were

as

follows:

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:

Purchases

and

sales

of

securities

(other

than

short-term

instruments)

for

all

of

the Funds for

the

current

fiscal

period,

were

as

follows:

The Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-

delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period.

The

Funds have

segregated

securities

in

their

portfolios

with

a

current

value

at

least

equal

to

the

amount

of

the

when-issued/delayed

delivery

purchase

commitments.

If

the

Funds have

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 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.

At

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:

During

the

current

fiscal

period,

the

effect

of

derivative

contracts

on

the Funds'

Statement

of

Operations

was

as

follows:

Forward

Foreign

Currency

Contracts:

Certain Funds

may

use

forward

foreign

currency

contracts

("forward

contracts")

to

hedge portfolio

currency

risk

and

to

facilitate

transactions

in

securities

denominated in

foreign

currencies

in

the

normal

course

of

pursuing

their

investment

objectives.

Aggregate

Value

of

Securities

on

Loan

Fund

Fixed

Income

Securities

Cash

Collateral

Received*

Non-Cash

Collateral

Received

Total

Collateral

Received

Emerging

Markets

Debt

$10,859,685

$10,005,681

$1,333,864

$11,339,545

International

Bond

412,935

425,143

–

425,143

*May

include

cash

and

investment

of

cash

collateral.

Fund

Non-U.S.

Government

Purchases

U.S.

Government

Purchases

Non-U.S.

Government

Sales

U.S.

Government

Sales

6.1

Emerging

Markets

Debt

$

46,028,704

$

–

$

150,128,234

$

–

6.2

International

Bond

53,601,088

2,169,689

55,709,656

1,856,188

Asset

Derivatives

Liability

Derivatives

Derivative

Instrument

Risk

Exposure

Location

Value

Location

Value

International

Bond

Fund

Forward

foreign

currency

contracts

Foreign

currency

exchange

rate

Unrealized

appreciation

on

forward

contracts

$

1,844,204

Unrealized

depreciation

on

forward

contracts

$

(386,658)

1

1

1

1

1

1

1

1

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

6.1

Emerging

Markets

Debt

Fund

Forward

contracts

Foreign

currency

exchange

rate

$

(42,412)

$

–

6.2

International

Bond

Fund

Forward

contracts

Foreign

currency

exchange

rate

(16,864,292)

(2,583,146)

51

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

ended was

as

follows:

6.

Fund

Shares

Transactions

in

Fund

shares

during

the

current

and

prior

fiscal

period

were

as

follows:

Fund

Average

Notional

Amount

of

Forward

Contracts

Outstanding*

6.1

Emerging

Markets

Debt

$

351,082

6.2

International

Bond

275,189,709

*

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.

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

6.1

Emerging

Markets

Debt

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

3,779,527

$

30,008,368

2,769,736

$

24,070,494

Advisor

Class

241,284

1,945,584

1,650,967

13,453,882

Premier

Class

12

99

69

654

Retirement

Class

475,664

3,774,623

269,859

2,442,759

Retail

Class

5,030,421

40,117,840

3,356,330

28,247,943

Class

W

2,786,913

22,025,892

21,570,782

182,749,480

Total

subscriptions

12,313,821

97,872,406

29,617,743

250,965,212

Reinvestments

of

distributions:

Institutional

Class

192,394

1,500,478

289,085

2,488,331

Advisor

Class

41,452

324,231

114,535

974,329

Premier

Class

14

106

23

193

Retirement

Class

59,468

463,571

105,150

899,292

Retail

Class

56,677

442,402

85,814

749,791

Class

W

–

–

–

–

Total

reinvestments

of

distributions

350,005

2,730,788

594,607

5,111,936

Redemptions:

Institutional

Class

(1,592,620)

(12,585,414)

(5,982,255)

(54,216,258)

Advisor

Class

(1,335,146)

(10,633,694)

(1,262,730)

(10,450,767)

Premier

Class

–

–

–

–

Retirement

Class

(264,053)

(2,071,996)

(425,603)

(3,715,544)

Retail

Class

(4,497,543)

(35,748,423)

(3,829,112)

(32,186,716)

Class

W

(17,291,878)

(136,222,497)

(10,092,773)

(83,967,139)

Total

redemptions

(24,981,240)

(197,262,024)

(21,592,473)

(184,536,424)

Net

increase

(decrease)

from

shareholder

transactions

(12,317,414)

$

(96,658,830)

8,619,877

$

71,540,724

Notes

to

Financial

Statements

(Unaudited)

(continued)

52

7.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund’s

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund’s

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund’s

financial

statements.

As

of

the

end

of

the

reporting

period,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable. 

As

of

prior

fiscal

period

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

As

of prior

fiscal

period end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

Six

Months

Ended

4/30/23

Year

Ended

10/31/22

6.2

International

Bond

Fund

Shares

Amount

Shares

Amount

Subscriptions:

Institutional

Class

7,257

$

50,524

10,579

$

108,013

Advisor

Class

88,002

689,581

248,625

2,222,292

Premier

Class

–

–

–

–

Retirement

Class

68,167

539,504

70,321

663,466

Retail

Class

11,584

91,375

15,027

136,282

Class

W

8,230,096

65,433,744

10,945,962

98,208,491

Total

subscriptions

8,405,106

66,804,728

11,290,514

101,338,544

Reinvestments

of

distributions:

Institutional

Class

3,631

28,542

6,699

57,534

Advisor

Class

152

1,199

1,937

15,563

Premier

Class

–

–

–

–

Retirement

Class

26,020

204,514

46,285

396,274

Retail

Class

8,158

64,204

14,628

124,685

Class

W

–

–

414,817

4,061,058

Total

reinvestments

of

distributions

37,961

298,459

484,366

4,655,114

Redemptions:

Institutional

Class

(46)

(360)

(11,751)

(102,231)

Advisor

Class

(120)

(946)

(249,055)

(2,169,777)

Premier

Class

–

–

–

–

Retirement

Class

(64,770)

(511,725)

(132,140)

(1,188,367)

Retail

Class

(14,307)

(113,321)

(22,354)

(186,770)

Class

W

(6,572,683)

(52,466,835)

(16,672,825)

(148,162,366)

Total

redemptions

(6,651,926)

(53,093,187)

(17,088,125)

(151,809,511)

Net

increase

(decrease)

from

shareholder

transactions

1,791,141

$

14,010,000

(5,313,245)

$

(45,815,853)

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

6.1

Emerging

Markets

Debt

$552,686,757

$1,518,926

$(102,952,182)

$(101,433,256)

6.2

International

Bond

448,055,429

2,705,122

(65,191,271)

(62,486,149)

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

6.1

Emerging

Markets

Debt

$5,371,779

$–

$(159,712,744)

$(13,519,387)

$–

$(11,497)

$(167,871,849)

6.2

International

Bond

15,399,959

–

(103,142,777)

(13,879,279)

–

(7,085)

(101,629,182)

Fund

Short-Term

Long-Term

Total

6.1

Emerging

Markets

Debt

$4,504,487

$9,014,900

$13,519,387

6.2

International

Bond

8,575,552

5,303,727

13,879,279

53

8.

Investment

Adviser

and

Other

Transactions

with

Affiliates

Under

the

terms

of

the

Investment

Management

Agreement

with

respect

to

each

Fund, the

Adviser provides

asset

management

services

to

the

Fund

for

an

annual

fee,

payable

monthly.

The

Funds

have

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.

Each

Subsidiary

has

entered

into

an

investment

management

agreement

with

the

Adviser.

Under

these

agreements,

the

Adviser

provides

the

same

management

services

to

the

Subsidiaries

as

it

does

to

the

International

Bond

Fund.

Advisors

is

not

compensated

directly

by

the

Subsidiaries

for

their

services,

rather

they

are

provided

a

management

fee

on

the

average

net

assets

of

the

Fund

which

includes

investments

in

the

Subsidiaries.

The

Fund

bears

all

operating

expenses

of

the

Regulation

S

Subsidiary.

The

TEFRA

Bond

Subsidiary

bears

all

of

its

operating

expenses,

which

the

Fund

indirectly

bears

through

its

investments

in

the

TEFRA

Bond

Subsidiary. 

Under

the

terms

of

a

Retirement

Class

Service

Agreement

with

respect

to

each

Fund,

the

Retirement

Class

of

the

Fund

incurs

an

annual

fee

of

0.25%

of

the

daily

net

assets,

payable

monthly

to

the

Adviser,

for

certain

administrative

costs

associated

with

the

maintenance

of

Retirement

Class

shares

on

retirement

plan

or

other

platforms.

Substantially

all

of

the

Retirement

Class

shareholder

servicing

fees

reported

on

the

Statements

of

operations

are

paid

to

the

Adviser

under

the

Service

Agreement.

Under

the

terms

of

a

distribution

Rule

12b-1

plan,

the

Retail

Class

of

each

Fund

compensates

Nuveen

Securities

for

providing

distribution,

promotional

and/or

shareholder

services

to

the

Retail

Class

of

the

Fund

at

the

annual

rate

of

0.25%

of

the

average

daily

net

assets

attributable

to

the

Fund’s

Retail

Class.

The

Premier

Class

of

each

Fund

is

subject

to

a

distribution

Rule

12b-1

plan

that

compensates

Nuveen

Securities

for

providing

distribution,

promotional

and/or

shareholder

services

to

the

Premier

Class

of

the

Fund

at

the

annual

rate

of

0.15%

of

the

average

daily

net

assets

attributable

to

the

Fund’s

Premier

Class.

The

Adviser has

contractually

agreed

to

waive

and/or

reimburse

Class

W’s

shares’

Management

fees

and

Other

expenses

(excluding

interest,

taxes,

brokerage

commissions

or

other

transactional

expenses,

acquired

fund

fees

and

expenses,

trustee

expenses

and

extraordinary

expenses)

in

their

entirety.

The

Adviser

expects

this

waiver

and/or

reimbursement

to

remain

in

effect

indefinitely,

unless

changed

or

terminated

with

approval

of

the

Board.

The

Management

fees

and

Other

expenses

of

Class

W

shares

that

have

been

waived

by the

Adviser may

be

incurred

directly

or

indirectly,

all

or

in

part,

by

investors

in

Class

W

shares.

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

reporting

period,

the

investment

management

fee,

service

agreement

fee,

distribution

fee

and

maximum

expense

amounts

(after

waivers

and

reimbursements)

are

equal

to

the

following

noted

annual

percentage

of

average

daily

net

assets

for

each

class:

Effective

May

1,

2022,

for

a

one

year

period, the

Adviser agreed

to

voluntarily

waive

a

portion

of

the

investment

management

fee

and/or

the

expense

cap

for

certain

funds.

This

waiver

is

voluntary

in

nature

and

can

be

discontinued

at

any

time

without

prior

notice

to

shareholders

upon

Board

approval.

The

investment

management

fee

and

maximum

expense

amounts

(after

voluntary

waivers)

are

equal

to

the

following

noted

annual

percentage

of

average

daily

net

assets

for

each

class:

Investment

Management

Fee

Range

Investment

Management

Fee-

Effective

Rate

Maximum

Expense

Amounts‡

Fund

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Class

W

6.1

Emerging

Markets

Debt*

0.450

%

—0.550

%

0.550

%

0.650

%

0.800

%

0.800

%

0.900

%

1.000

%

0.650

%

6.2

International

Bond*

0.400

%

—0.500

%

0.500

0.600

0.750

0.750

0.850

0.950

0.600

*

This

Fund

is

subject

to

a

breakpoint

schedule

on

its

investment

management

fee,

which

reduces

this

fee

as

the

Fund’s

net

assets

increase.

‡

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

February

29,

2024

for

the

Emerging

Markets

Debt

Fund

and

July

31,

2023

for

the

International

Bond

Fund.

The

reimbursement

arrangements

can

only

be

changed

with

the

approval

of

the

Board.

Investment

Management

Fee

Range

Maximum

Expense

Amounts‡

Fund

Institutional

Class

Advisor

Class

Premier

Class

Retirement

Class

Retail

Class

Class

W

6.1

Emerging

Markets

Debt*

0.450

%

—0.550

%

0.650

%

0.800

%

0.800

%

0.825

%

1.000

%

0.650

%

6.2

International

Bond*

0.400

%

—0.500

%

0.585

0.750

0.750

0.850

0.950

0.585

*

This

Fund

is

subject

to

a

breakpoint

schedule

on

its

investment

management

fee,

which

reduces

this

fee

as

the

Fund’s

net

assets

increase.

‡

Maximum

expense

amounts

reflect

all

expenses

excluding

interest,

taxes,

brokerage

commissions

or

other

transactional

expenses,

Acquired

fund

fees

and

expenses

and

extraordinary

expenses.

The

reimbursement

arrangements

can

only

be

changed

with

the

approval

of

the

Board.

Notes

to

Financial

Statements

(Unaudited)

(continued)

54

The Funds may

purchase

or

sell

investment

securities

in

transactions

with

affiliated

entities

under

procedures

adopted

by

the

Board,

pursuant

to

the

1940

Act.

These

transactions

are

effected

at

market

rates

without

incurring

broker

commissions.

During

the

current

fiscal

period,

the

Funds

did

not

engage

in

security

transactions

with

affiliated

entities. 

The

following

is

the

percentage

of

the

Funds'

shares

owned

by

affiliates

as

of

the

end

of

the

reporting

period:

9.

Emerging

Markets

Risks

The

Emerging

Markets

Debt

Fund

holds

a

large

portion

of

its

assets

in

emerging

market

securities.

Emerging

market

securities

are

often

subject

to

greater

price

volatility,

less

liquidity

and

higher

rates

of

inflation

and

deflation

than

U.S.

securities.

In

addition,

emerging

markets

may

be

subject

to

greater

political,

economic

and

social

uncertainty,

and

differing

regulatory

environments

that

may

potentially

impact

the

Fund’s

ability

to

buy

or

sell

certain

securities

or

repatriate

proceeds

to

U.S.

dollars.

10.

Inter-Fund

Lending

Program

Pursuant

to

an

exemptive

order

issued

by

the

SEC,

the

Funds may

participate

in

an

inter-fund

lending

program.

This

program

allows

the

Funds to

lend

cash

to

and/or

borrow

cash

from

certain

other

affiliated

Funds for

temporary

purposes,

(e.g.,

to

satisfy

redemption

requests

or

to

cover

unanticipated

cash

shortfalls).

The

program

is

subject

to

a

number

of

conditions,

including

the

requirement

that

no

Fund may

borrow

or

lend

money

under

the

program

unless

it

receives

a

more

favorable

interest

rate

than

is

available

from

a

bank

or

other

financial

institution

for

a

comparable

transaction.

In

addition,

a

Fund may

participate

in

the

program

only

if

its

participation

is

consistent

with

the

Fund’s investment

policies

and

limitations

and

authorized

by

its

portfolio

manager(s).

During the current

reporting

period,

there

were

no

inter-fund

borrowing

or

lending

transactions. 

11.

Line

of

Credit

The Funds

participate

in

a

$1

billion

unsecured

revolving

credit

facility

that

can

be

used

for

temporary

purposes,

including,

without

limitation,

the

funding

of

shareholder

redemptions.

The

current

facility

was

entered

into

on

June

14,

2022

expiring

on

June

13,

2023,

replacing

the

previous facility,

which

expired

June

2022.

Certain

affiliated

accounts

and

mutual

funds,

each

of

which

is

managed

by the

Adviser,

or

an

affiliate

of

the

Adviser, also

participate

in

this

facility.

An

annual

commitment

fee

for

the

credit

facility

is

borne

by

the

participating

accounts

and

mutual

funds

on

a

pro

rata

basis.

Interest

associated

with

any

borrowing

under

the

facility

is

charged

to

the

borrowing

accounts

or

mutual

funds

at

a

specified

rate

of

interest.

The Funds are

not

liable

for

borrowings

under

the

facility

by

other

affiliated

accounts

or

mutual

funds.

There

were

no

borrowings

under

this

credit

facility

by

the

Funds during

the

current fiscal

period.

12.

Subsequent

Events

The

Adviser

has

agreed

to

implement

voluntary

waivers

reducing

the

expense

caps

for

the

International

Bond

Fund

for

one

year

effective

May

1,

2023.

These

waivers

are

voluntary

in

nature

and

can

be

discontinued

at

any

time

without

prior

notice

to

shareholders

upon

Board

approval.

During

this

one-year

period,

the

expense

cap

after

the

waiver

for

each

class

is

as

follows:

Underlying

Fund

TIAA-CREF

Lifecycle

Funds

Total

6.1

Emerging

Markets

Debt

77

%

77

%

6.2

International

Bond

98

98

Fund

Waiver

Maximum

Expense

Amounts

International

Bond

-

Institutional

Class

0.005%

0.595%

International

Bond

-

Advisor

Class

0.005

0.745

International

Bond

-

Premier

Class

0.005

0.745

International

Bond

-

Retirement

Class

0.005

0.845

International

Bond

-

Retail

Class

0.005

0.945

International

Bond

-

Class

W

0.005

0.595

55

Approval

of

Investment

Management

Agreement

(Unaudited)

Board

renewal

of

the

investment

management

agreement

for

the

TIAA-CREF

Emerging

Markets

Debt

Fund

and

TIAA-CREF

International

Bond

Fund

The

Board

of

Trustees

(the

“Board”

or

the

“Trustees”)

of

the

TIAA-CREF

Funds

(the

“Trust”)

determines

whether

to

initially

approve

and

periodically

renew

the

investment

management

agreement

(the

“Agreement”)

between

Teachers

Advisors,

LLC

(“Advisors”)

and

the

Trust

on

behalf

of

each

series

of

the

Trust.

Under

the

Agreement,

Advisors

is

responsible

for

providing

investment

advisory

services

to

each

series

of

the

Trust

and

overseeing

the

everyday

operations

and

other

service

providers

of

the

Trust.

Below

is

a

summary

of

the

process

the

Board

undertook

related

to

its

most

recent

renewal

of

the

Agreement

with

respect

to

the

TIAA-CREF

Emerging

Markets

Debt

Fund

and

the

TIAA-CREF

International

Bond

Fund

(the

“Funds”).

Section

15(c)

of

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

requires

that,

after

an

initial

period

of

up

to

two

years,

the

Agreement

for

each

Fund

will

remain

in

effect

only

if

the

Board,

including

a

majority

of

those

Trustees

who

have

no

direct

or

indirect

interest

in

the

Agreement,

and

who

are

independent

Trustees

because

they

are

not

“interested

persons”

of

the

Trust,

as

that

term

is

defined

in

the

1940

Act,

annually

renews

the

Agreement.

None

of

the

Trustees

is

an

interested

person

of

the

Trust

under

the

1940

Act.

Rather,

they

are

all

deemed

to

be

independent

Trustees.

Overview

of

the

renewal

process

The

Board

held

an

in-person

meeting

on

March

10,

2023,

in

order

to

consider

the

annual

renewal

of

the

Agreement

with

respect

to

each

applicable

Fund

using

the

process

established

by

the

Board

described

further

below.

As

part

of

the

Board’s

established

process,

the

Board

delegated

certain

tasks

to

its

Operations

Committee.

Among

these

tasks,

the

Operations

Committee

or

certain

of

its

designated

members

worked

with

Advisors,

other

Board

members

and

legal

counsel

to

the

Trustees

to

develop

guidance

and

specific

requests

relating

to

the

types

of

information

to

be

provided

to

the

Board

in

connection

with

the

proposed

contract

renewals.

Among

other

matters,

the

Operations

Committee

or

certain

of

its

designated

members,

following

consultations

with

representatives

of

Advisors,

other

Board

members,

legal

counsel

to

the

Trustees

and

legal

counsel

to

Advisors

and

the

Trust,

confirmed

or

established

certain

guidance

regarding

the

preparation

of

reports

to

be

provided

to

the

Board

with

respect

to

each

Fund

by

the

Board

Reporting

and

Compliance

unit

of

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

using

data

from

Lipper,

Inc.,

an

independent

provider

of

investment

company

data.

The

Operations

Committee

considered

that

Broadridge

is

widely

recognized

as

a

leading

provider

of

comparative

analyses

used

by

independent

directors

and

trustees

of

investment

companies

during

their

advisory

contract

review

processes.

Based

on

guidance

provided

by

the

Operations

Committee

or

certain

of

its

designated

members,

on

behalf

of

the

Board,

Broadridge

produced,

among

other

information,

comparative

performance

and

expense

data

for

each

Fund,

including

data

relating

to

each

Fund’s

management

fee

rate,

total

expense

ratio,

short-term

and

long-term

investment

performance

and

portfolio

turnover

rate

(as

applicable).

Broadridge

compared

this

data,

as

relevant,

for

each

Fund

against

a

universe

of

investment

companies

(except

for

portfolio

turnover

rates)

and

against

a

more

selective

peer

group

of

mutual

funds

with

similar

investment

objectives

and

strategies,

each

of

which

was

selected

by

Broadridge,

and

also

compared

the

performance

of

each

Fund

against

one

or

more

appropriate

broad-based

indices.

In

each

case,

Broadridge

summarized,

and

the

Board

considered,

the

methodologies

Broadridge

employed

to

provide

the

data

contained

in

its

reports.

In

addition,

Broadridge

represented

to

the

Board

that

its

reports

were

designed

specifically

to

provide

the

Board

with

the

fee,

expense

and

performance

information

that

is

necessary

to

help

the

Board

satisfy

its

duties

under

Section

15(c)

of

the

1940

Act.

Broadridge

also

represented

that

the

purpose

of

its

reports

is

to

provide

an

objective

view

of

each

Fund’s

relative

position

regarding

the

level

of

fees,

expenses

and

performance

against

a

competitive

peer

group

and

universe

(as

applicable)

selected

by

Broadridge

(and

not

Advisors

or

the

Board).

The

Board

considered

the

propriety

of

each

Fund’s

applicable

peer

group

as

selected

by

Broadridge

and

use

of

the

Institutional

Class

as

the

base

class

for

comparison

purposes.

Among

other

matters,

the

Board

also

considered

information

from

Advisors

to

facilitate

the

Trustees’

evaluation

of

the

reasonableness

of

any

profits

earned

by

Advisors

with

respect

to

its

services

to

each

Fund

pursuant

to

the

Agreement.

56

Approval

of

Investment

Management

Agreement

(continued)

(Unaudited)

Legal

counsel

for

the

Trustees

also

requested

on

behalf

of

the

Board,

and

Advisors

provided,

information

that

was

designed

to

assist

the

Board

in

its

consideration

of

whether

to

renew

the

Agreement

for

each

Fund.

In

addition

to

the

data

provided

by

Broadridge

as

described

above,

the

information

included

that

was

provided

for

consideration,

but

was

not

limited

to,

the

following:

(1)

further

information

relating

to

each

Fund’s

investment

performance

and

a

narrative

analysis

of

the

performance

of

each

Fund

that

had

underperformed

certain

Board-specified

criteria,

together

with

an

explanation

of

any

events

that

had

a

material

impact

on

the

Fund’s

performance

during

that

period;

(2)

a

description

of

any

fee

waiver

or

expense

reimbursement

arrangements

that

were

proposed

or

were

in

place

during

the

prior

year

and

the

extent

to

which

such

arrangements

would

be

continued

or

modified

in

the

coming

year;

(3)

a

comparison

of

each

Fund’s

management

fee

rate

and

performance

to

other

accounts

with

comparable

strategies

managed

by

Advisors

or

certain

of

its

affiliates;

(4)

any

“fall-out”

benefits

that

accrued

or

were

identified

as

reasonably

likely

to

accrue

to

Advisors

or

its

affiliates

due

to

their

relationship

with

the

Funds

in

addition

to

the

Funds’

direct

fee

payments

to

Advisors

pursuant

to

the

Agreement;

(5)

information

regarding

Advisors’

financial

resources,

senior

professional

personnel,

overall

staffing

levels,

portfolio

manager

compensation

arrangements,

capacity

to

manage

the

Funds

at

current

and

foreseeable

asset

levels,

insurance

coverage,

portfolio

trading

and

best

execution

practices,

and

any

actual

and

potential

conflicts

of

interest

identified

by

Advisors

in

connection

with

rendering

services

to

the

Funds;

(6)

information

as

to

any

profits

earned

by

Advisors

in

connection

with

its

services

pursuant

to

the

Agreement;

(7)

a

copy

of

the

Agreement

and

certain

related

agreements

between

the

Funds

and

affiliates

of

Advisors;

(8)

a

copy

of

Advisors’

Form

ADV

as

filed

with

the

SEC

(which

was

presented

only

to

legal

counsel

for

the

Trustees);

and

(9)

draft

narrative

explanations

to

be

included

in

the

shareholder

reports

of

reasons

why

the

Board

should

renew

the

Agreement.

The

Trustees

were

also

provided

with

performance

ratings

of

Morningstar,

Inc.

(“Morningstar”),

which

is

a

widely

recognized

mutual

fund

ranking

service.

The

Board

also

considered

information

concerning

the

extent

to

which

Advisors

currently

waives

the

management

fee

and

other

expenses

for

Class

W

shares

of

the

Funds

which

are

paid

instead

by

funds

of

funds

that

invest

in

Class

W

shares,

including

an

annual

certification

from

Advisors

that

the

waiver

does

not

and

will

not

result

in

any

cross-subsidization

of

Class

W

shares

by

the

Funds’

other

share

classes.

On

March

2,

2023,

the

Board

held

a

virtual

meeting

via

videoconference

with

legal

counsel

to

the

Trustees

to

discuss

Advisors’

materials,

which

led

to

the

Trustees

providing

additional

questions

to,

and

requesting

additional

information

from,

Advisors.

Subsequently,

at

the

March

10,

2023

meeting,

the

Trustees

were

given

the

opportunity

to,

and

did,

ask

additional

questions

and

they

discussed

responses

from

Advisors

to

the

Board’s

follow-up

questions

and

requests

presented

by

the

Board

after

its

initial

review

of

the

information

described

above.

In

considering

whether

to

renew

the

Agreement

with

respect

to

each

Fund,

the

Board

considered

various

factors,

including:

(1)

the

nature,

extent

and

quality

of

services

provided

or

to

be

provided

by

Advisors

to

the

Fund;

(2)

the

Fund’s

investment

performance;

(3)

the

costs

of

the

services

provided

to

the

Fund

and

the

profits

realized

or

potential

profits

to

be

realized

(if

any)

by

Advisors

and

its

affiliates

from

their

relationship

with

the

Fund;

(4)

fees

charged

to

comparable

mutual

funds

by

other

advisers;

(5)

the

extent

to

which

economies

of

scale

have

been

realized

or

are

anticipated

to

be

realized

as

the

Fund

grows;

(6)

how

such

economies

of

scale

are

shared

with

the

Fund

for

the

benefit

of

its

investors,

such

as,

if

applicable,

through

management

fee

breakpoints;

(7)

comparisons,

if

applicable,

of

the

services

provided

by

Advisors

to,

and

the

fee

rates

and

performance

of,

the

Fund

to

other

clients

to

whom

Advisors

provides

comparable

services;

and

(8)

any

other

benefits

identified

by

Advisors

derived

or

anticipated

to

be

derived

by

Advisors

or

its

affiliates

from

their

relationship

with

the

Fund.

As

a

general

matter,

the

Board

considered

these

factors,

and

any

other

factors

deemed

relevant

by

the

Trustees,

in

their

totality,

and

no

single

factor

was

identified

as

being

the

determining

factor

in

deciding

whether

to

renew

the

Agreement.

In

addition

to

the

March

10,

2023

meeting

that

included

Advisors’

personnel,

the

Trustees

met

in

executive

sessions,

at

which

no

representatives

of

Advisors

were

present,

to

discuss

the

proposed

renewal

of

the

Agreement

for

each

Fund.

The

Board

also

received

and

considered

information

from

its

legal

counsel

as

to

certain

relevant

guidance

that

relates

to

the

renewal

process

under

Section

15(c)

of

the

1940

Act

and

certain

other

legal

authorities.

While

the

contract

renewal

process

included

a

series

of

discussions

and

meetings

leading

up

to

the

March

10,

2023

meeting,

the

oversight

and

evaluation

of

Advisors’

services

to

the

Funds

by

the

Board

and

its

Committees

is

an

ongoing

process.

The

Board,

as

well

as

its

Committees,

considered

reports

on

various

investment

and

operational

topics

that

had

been

identified

by

the

Board

or

its

Committees

for

review

in

the

year

since

the

last

annual

renewal

process.

Further,

at

their

regularly

scheduled

meetings,

the

Board

and

its

Investment

Committee

and

its

other

Committees

receive

and

consider,

among

other

matters,

information

regarding

the

performance

of

the

Funds.

Thus,

in

reaching

its

decisions

regarding

the

renewal

of

the

Agreement

for

each

Fund,

the

Board

took

into

account

the

information

described

herein

and

other

information

provided

to

the

Board

and

its

Committees

throughout

the

year.

The

Board

received

and

considered

both

Trust-level

and

Fund-specific

information,

but

made

its

renewal

determinations

on

a

Fund-by-

Fund

basis.

In

deciding

whether

to

renew

the

Agreement

for

each

Fund,

each

Trustee

may

have

accorded

different

weight

to

different

factors

and,

thus,

may

have

had

a

different

basis

for

his

or

her

ultimate

decision

to

vote

to

renew

the

Agreement

for

each

Fund.

At

its

meeting

on

March

10,

2023,

all

Board

members

voted

unanimously

to

renew

the

Agreement

for

each

Fund.

Set

forth

below

is

a

summary

of

the

primary

factors

that

the

Board

considered

with

respect

to

each

Fund.

57

The

nature,

extent

and

quality

of

services

The

Board

considered

the

level

and

depth

of

knowledge

of

Advisors,

including

the

professional

experience

and

qualifications

of

its

personnel.

The

Board

also

considered

that

Advisors

is

an

experienced

investment

adviser

that

has

managed

the

Funds

since

their

operations

commenced.

Investment

professionals

at

Advisors

also

manage

various

funds

and

accounts

of

the

College

Retirement

Equities

Fund,

the

TIAA-CREF

Life

Funds

and

TIAA

Separate

Account

VA-1,

as

well

as

advise

and

sub-advise

other

investment

companies

and

vehicles.

Under

the

Agreement,

Advisors

is

responsible

for,

among

other

duties:

managing

the

assets

of

the

Funds,

including

conducting

research,

identifying

investments

and

placing

orders

to

buy

and

sell

securities

for

the

Funds’

investment

portfolios;

active

daily

monitoring

of

the

Funds’

investment

portfolios;

reporting

on

the

investment

performance

and

other

metrics

of

the

Funds

to

the

Board

on

a

regular

basis;

responding

to

Fund

flows;

compliance

monitoring;

coordinating

the

activities

of

each

Fund’s

service

providers;

and

overseeing

the

provision

of

various

administrative

services

to

the

Funds.

The

Board

considered

that

Advisors

has

carried

out

these

responsibilities

in

a

competent

and

professional

manner.

The

Board

also

considered

that

Advisors

has

committed

significant

resources

to

supporting

the

series

of

the

Trust,

including

the

Funds.

It

also

considered

Advisors’

compliance

program

and

resources

and

its

compliance

record

with

respect

to

the

Funds.

The

Board

also

considered,

among

other

factors,

the

performance

of

each

Fund,

as

discussed

below.

In

addition,

the

Board

considered

the

nature

and

quality

of

non-portfolio

management

services

provided

by

Advisors

and

its

affiliates.

In

this

regard,

the

Board

considered

its

ongoing

review

of

the

performance

of

certain

affiliated

and

unaffiliated

service

providers,

including

the

quality

of

services

provided

by

those

firms

and

Advisors’

oversight

of

those

service

providers

and

the

outsourcing

of

certain

services

to

other

firms.

During

its

review,

the

Board

noted

its

ongoing

review

of

the

level

of

personnel

and

other

resources

available

to

Advisors

to

provide

portfolio

management

and

other

services

to

the

Funds,

including

the

impact

of

recent

and

anticipated

regulatory

requirements

and

operational

changes

on

such

resources,

so

as

to

assess

the

adequacy

of

the

resources

devoted

to

these

services.

Based

on

all

factors

considered,

the

Board

concluded

that

the

nature,

extent,

and

quality

of

services

provided

by

Advisors

to

each

Fund

under

the

Agreement

was

reasonable.

Investment

performance

The

Board

considered

the

investment

performance

of

each

Fund,

over

the

periods

indicated

in

the

Fund-by-Fund

synopsis

below.

The

Board

considered

each

Fund’s

performance

as

compared

to

its

peer

group

and

peer

universe

(as

applicable)

and

its

benchmark

index.

For

details

regarding

each

Fund’s

performance,

see

the

Fund-by-Fund

synopsis

below.

Thus,

the

Board

concluded

that,

under

the

totality

of

circumstances

considered,

the

investment

performance

of

each

Fund

was

reasonable

or

that

appropriate

actions

had

been

or

were

being

implemented.

Cost

and

profitability

The

Board

considered

financial

and

profitability

data

relating

to

Advisors’

services

to

the

Funds

for

the

calendar

year

2022.

The

Board

considered

Advisors’

profit

calculations

with

respect

to

its

services

to

each

Fund

both

before

and

after

taking

into

account

the

costs

incurred

directly

or

indirectly

by

Advisors

in

connection

with

the

distribution

of

shares

of

the

Fund.

The

Board

acknowledged

the

reasonableness

of

having

management

fee

rates

which

permit

Advisors

to

maintain

and

improve

the

quality

of

services

provided

to

the

Funds

and

recognized

the

entrepreneurial

and

other

risks

assumed

by

Advisors

in

managing

the

Funds.

The

Board

considered

that

Advisors

had

calculated

that

it

had

incurred

a

loss

with

respect

to

each

Fund

under

the

Agreement

for

the

one-year

period

ended

December

31,

2022.

58

Approval

of

Investment

Management

Agreement

(continued)

(Unaudited)

Fees

charged

by

other

advisers

The

Board

considered

comparative

information

regarding

each

Fund’s

contractual

and

effective

management

fee

rates

and

the

contractual

and

effective

management

fee

rates

paid

by

similar

mutual

funds

to

other

advisers,

as

analyzed

by

Broadridge

and

reflected

in

the

Fund-by-Fund

synopsis

below.

The

Board

determined

that

the

management

fee

rate

charged

to

a

Fund

under

the

Agreement

typically

was

lower

than

the

management

fee

rates

charged

to

many

or

most

other

comparable

mutual

funds.

In

this

regard,

the

Board

also

considered

the

inherent

limitations

of

such

comparisons

in

light

of

uncertainty

as

to

how

the

fees

of

such

similar

mutual

funds

are

set

and

potentially

material

differences

between

a

Fund

and

its

comparable

mutual

funds.

The

Board

considered

Broadridge’s

treatment

of

all

fund

fee

waivers,

regardless

of

their

type,

as

management

fee

waivers,

which

could

materially

impact

how

the

Funds’

actual

management

fee

rates

compare

to

those

of

similar

mutual

funds.

Additionally,

the

Board

considered

the

potential

limitations

of

such

comparisons

due

to,

among

other

factors,

the

fact

that,

in

many

instances,

Broadridge

based

its

comparisons

on

financial

data

relating

to

fiscal

periods

that

differed

from

the

period

for

which

the

Funds’

data

were

derived.

Based

on

all

factors

considered,

the

Board

concluded

that

the

management

fee

rates

under

the

Agreement

with

respect

to

each

Fund

were

reasonable

in

relation

to

those

charged

by

appropriate

groups

of

comparable

mutual

funds.

Economies

of

scale

The

Board

considered

whether

Advisors

has

experienced

or

is

anticipated

to

experience

economies

of

scale

in

connection

with

the

operation

of

each

Fund,

and

whether

any

such

economies

are

shared

with

the

Funds.

The

Board

also

considered

the

extent

to

which

the

current

fee

rate

schedule

breakpoints

for

the

Funds

affected

Advisors’

fees,

as

well

as

the

fact

that

Advisors

had

incurred

a

loss

on

each

of

the

Funds.

The

Board

considered,

in

connection

with

the

supporting

Broadridge

reports,

Advisors’

position

that

the

maximum

fee

rate

that

could

be

charged

to

each

Fund

based

on

its

level

of

assets

under

the

Agreement

is

comparatively

low

in

relation

to

peer

groups

of

mutual

funds.

Based

on

all

factors

considered,

the

Board

concluded

that

the

Funds’

management

fee

rate

schedules

were

reasonable

in

light

of

current

economies

of

scale

considerations

and

current

asset

levels.

Fee

and

performance

comparisons

with

other

Advisors

clients

The

Board

considered

that

Advisors

and

its

affiliate,

TIAA-CREF

Investment

Management,

LLC,

provide

investment

management

services

to

other

investment

companies,

including

other

mutual

funds,

foreign

funds

(UCITS),

and

separately

managed

accounts

that

may

have

similar

investment

strategies

as

the

Funds.

The

Board

also

considered

Advisors’

comments

that,

in

the

future,

Advisors

may

manage

client

assets

through additional

funds

and

accounts

with

similar

investment

strategies.

The

Board

also

considered

Advisors’

representation

that,

while

the

management

fee

rates

charged

to

the

Funds

may

differ

from

the

management

fee

rates

chargeable

to

these

other

funds

and

accounts,

this

may

be

due

in

part

to

the

fact

that

these

other

funds

and

accounts

may:

(1)

involve

less

entrepreneurial

risk

on

the

part

of

Advisors;

(2)

be

offered

in

different

types

of

markets;

(3)

be

provided

with

different

types

or

levels

of

services;

(4)

have

different

regulatory

burdens;

and/or

(5)

target

different

investors.

Based

on

all

factors

considered,

the

Board

concluded

that

the

management

fee

rates

under

the

Agreement

with

respect

to

each

Fund

were

reasonable

in

relation

to

those

charged

by

Advisors

to

its

comparable

clients.

Other

benefits

The

Board

also

considered

additional

“fall-out

benefits”

to

Advisors

and

its

affiliates

arising

from

the

Agreement.

Such

benefits

include,

among

others,

other

fees

paid

by

the

Funds

to

Advisors

or

its

affiliates

for

other

services,

such

as

distribution

and

administration,

and

investment-related

benefits,

such

as

economies

of

scale

to

the

extent

the

Funds

share

investment

resources

and/or

personnel

with

other

clients

of

Advisors

and

the

ability

to

incubate

strategies

within

one

or

more

Funds

that

could

be

subsequently

utilized

to

manage

other

non-Fund

products.

Advisors

and

its

affiliates

may

also

benefit

from

the

level

of

business

and

relationships

the

Funds

have

with

certain

service

providers.

Additionally,

the

Funds

may

be

utilized

as

investment

options

for

other

products

and

businesses

of

Advisors

and

its

affiliates,

such

as

variable

products,

fund

of

funds

and

529

education

savings

plans.

Also,

Advisors

and

its

affiliates

may

benefit

from

their

relationship

with

the

Funds

to

the

extent

that

this

relationship

results

in

potential

investors

viewing

Teachers

Insurance

and

Annuity

Association

of

America,

of

which

Advisors

is

an

indirect,

wholly-owned

subsidiary,

as

a

leading

retirement

plan

provider

in

the

academic

and

non-profit

markets

and

as

a

single

source

for

all

their

financial

service

needs.

The

Board

concluded

that

other

benefits

to

Advisors

and

its

affiliates

arising

from

the

Agreement

were

reasonable

in

light

of

various

relevant

factors.

59

Fund-by-fund

synopsis

of

factors

The

Board

considered

the

following

specific

factors

(among

others)

in

connection

with

its

determination

to

renew

the

Agreement

with

respect

to

each

Fund.

If

a

Fund

is

described

in

the

following

discussions

as

being

in

the

“1st”

quintile,

it

is

in

the

best

of

five

groups

(that

is,

the

group

has

the

best

performance

or

the

lowest

expenses,

as

the

case

may

be).

References

below

to

quintiles

are

based

on

data

provided

to

the

Board

in

the

reports

prepared

by

Broadridge.

The

specific

management

fee,

expense

and

performance

factors

outlined

below

are

based

on

the

Institutional

Class

of

each

Fund.

Because

the

Institutional

Class

generally

has

lower

non-

management

expenses

than

the

other

classes

of

these

Funds,

the

expenses

and

performance

of

these

other

classes

will

differ

from

the

expenses

and

performance

shown

for

the

Institutional

Class.

All

time

periods

referenced

below

are

ended

December

31,

2022.

Under

the

Morningstar

rating

system,

an

Overall

Morningstar

Rating

of

5

stars

is

the

highest

(best)

rating

category

and

1

star

is

the

lowest

(worst)

rating

category.

The

Morningstar

data

is

as

of

December

31,

2022.

Statements

below

regarding

a

Fund’s

“effective

management

fee

rate”

refer

to

the

overall

effective

blended

fee

rate

that

applied

to

that

Fund

after

taking

into

account

any

breakpoints

in

the

management

fee

rate

schedule

for

the

Fund

and

any

applicable

fee

waivers

and/or

expense

reimbursements.

Statements

below

regarding

“net

loss”

or

“net

profit”

refer

to

whether

Advisors

calculated

that

it

incurred

a

loss

or

earned

a

profit

for

the

services

that

it

rendered

to

a

Fund

during

2022

under

the

Agreement.

Emerging

Markets

Debt

Fund

The

Fund’s

annual

contractual

management

fee

rate

starts

at

0.55%

of

average

daily

net

assets,

and

includes

breakpoints

that

reduce

the

rate

paid

on

assets

above

certain

thresholds.

The

Fund’s

effective

management

fee

rate

at

its

December

31,

2022

asset

level

was

0.55%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

management

fee

and

contractual

management

fee

rate

were

each

in

the

1st

quintile

of

the

group

of

comparable

funds

selected

by

Broadridge

for

expense

comparison

purposes

(“Expense

Group”)

and

were

in

the

1st,

3rd

and

2nd

quintiles

within

the

universe

of

comparable

funds

identified

by

Broadridge

for

expense

comparison

purposes

(“Expense

Universe”),

respectively.

The

Fund

was

in

the

2nd,

2nd

and

1st

quintiles

of

the

group

of

comparable

funds

selected

by

Broadridge

for

performance

comparison

purposes

(“Performance

Group”),

respectively.

The

Fund

was

in

the

3rd,

2nd

and

2nd

quintiles

of

the

universe

of

comparable

funds

selected

by

Broadridge

for

performance

comparison

purposes

(“Performance

Universe”)

for

the

one-,

three-

and

five-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

4

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

International

Bond

Fund

The

Fund’s

annual

contractual

management

fee

rate

starts

at

0.50%

of

average

daily

net

assets,

and

includes

breakpoints

that

reduce

the

rate

paid

on

assets

above

certain

thresholds.

The

Fund’s

effective

management

fee

rate

at

its

December

31,

2022

asset

level

was

0.480%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

in

the

2nd,

2nd

and

1st

quintiles

of

its

Expense

Group,

respectively.

The

Fund’s

total

expense

ratio,

actual

management

fee

rate

and

contractual

management

fee

rate

were

in

the

1st,

2nd

and

1st

quintiles

of

its

Expense

Universe,

respectively.

The

Fund

was

in

the

2nd,

1st

and

1st

quintiles

of

its

Performance

Group

for

the

one-,

three-

and

five-year

periods,

respectively.

The

Fund

was

in

the

2nd,

2nd

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-

and

five-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

4

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

________________

Based

primarily

on

the

foregoing

factors

and

conclusions,

the

Board

renewed

the

Agreement

for

each

Fund.

Liquidity

Risk

Management

Program

60

(Unaudited)

Discussion

of

the

operation

and

effectiveness

of

the

Funds’

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

each

series

of

the

Trust

covered

by

this

Report

(the

“Funds”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”),

which

is

reasonably

designed

to

assess

and

manage

the

Funds’

liquidity

risk.

The

Program

consists

of

various

provisions

relating

to

assessing

and

managing

Fund

liquidity

risk,

as

discussed

further

below.

The

Funds’

Board

of

Trustees

(the

“Board”)

previously

approved

the

designation

of

Advisors

(the

“Administrator”)

as

Program

administrator.

The

Liquidity

Monitoring

and

Analysis

Team

(the

“LMAT”)

carries

out

day-to-day

Program

management

with

oversight

by

the

Liquidity

Oversight

Committee

(the

“LOSC”).

Personnel

from

the

Administrator

and

Nuveen

Fund

Advisors,

LLC,

an

affiliate

of

the

Administrator,

comprise

the

LMAT

and

LOSC.

At

a

February

14,

2023

Board

meeting,

the

Administrator

provided

the

Board

with

a

written

report

addressing

the

Program’s

operation,

adequacy,

and

effectiveness

of

implementation

for

the

period

from

January

1,

2022

through

December

31,

2022

(the

“Review

Period”),

as

required

under

the

Liquidity

Rule.

The

report

noted

that

the

Program

has

been

and

continues

to

be

adequately

and

effectively

implemented

to

monitor

and

(as

applicable)

respond

to

the

Funds’

liquidity

developments.

In

accordance

with

the

Program,

the

LMAT

assesses

each

Fund’s

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(i)

the

Fund’s

investment

strategy

and

the

liquidity

of

portfolio

investments,

(ii)

cash

flow

projections,

and

(iii)

holdings

of

cash

and

cash

equivalents

and

borrowing

arrangements

and

other

funding

sources.

Certain

factors

are

considered

under

both

normal

and

reasonably

foreseeable

stressed

conditions.

Each

Fund

portfolio

investment

is

classified

into

one

of

four

liquidity

categories

(including

“highly

liquid

investments”

and

“illiquid

investments,”

discussed

below).

The

classification

is

based

on

a

determination

of

how

long

it

is

reasonably

expected

to

take

to

convert

the

investment

into

cash,

or

sell

or

dispose

of

the

investment,

in

current

market

conditions

without

significantly

changing

the

market

value

of

the

investment.

Liquidity

classification

determinations

take

into

account

various

market,

trading,

and

investment-

specific

considerations,

as

well

as

market

depth,

and

utilize

third-party

vendor

data.

Any

Fund

that

does

not

primarily

hold

highly

liquid

investments

must,

among

other

things,

determine

a

minimum

percentage

of

Fund

net

assets

that

must

be

invested

in

highly

liquid

investments

(a

“Highly

Liquid

Investment

Minimum”).

During

the

Review

Period,

each

Fund

primarily

held

highly

liquid

investments

and

therefore

was

exempt

from

the

requirement

to

adopt

a

Highly

Liquid

Investment

Minimum

and

to

comply

with

the

related

requirements

under

the

Liquidity

Rule.

The

Liquidity

Rule

also

limits

the

Funds’

investments

in

illiquid

investments.

Specifically,

the

Liquidity

Rule

prohibits

acquisition

of

illiquid

investments

if

doing

so

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

illiquid

investments

and

requires

certain

reporting

anytime

a

Fund’s

holdings

of

illiquid

investments

exceed

15%

of

net

assets.

During

the

Review

Period,

no

Fund

exceeded

the

15%

limit

on

illiquid

investments.

61

Additional

Fund

Information

Portfolio

holdings

The

TIAA-CREF

Funds

file

complete

portfolio

listings

with

the

Securities

and

Exchange

Commission

(SEC),

and

they

are

available

to

the

public.

You

can

obtain

a

complete

list

of

the

TIAA-CREF

Funds’

holdings

(Schedules

of

Investments)

as

of

the

most

recently

completed

fiscal

quarter

in

the

following

ways:

By

visiting

our

website

at

TIAA.org

or

nuveen.com;

or

By

calling

us

at

800-842-2252

to

request

a

copy,

which

will

be

provided

free

of

charge.

You

can

also

obtain

a

complete

list

of

the

TIAA-CREF

Funds’

portfolio

holdings

as

of

the

most

recently

completed

fiscal

quarter,

and

for

prior

quarter-ends,

from

our

SEC

Form

N-CSR

and

Form

N-PORT

or

Form

N-Q

filings.

Form

N-CSR

filings

are

as

of

October

31

or

April

30;

Form

N-PORT

or

Form

N-Q

filings

are

as

of

January

31

or

July

31.

Copies

of

these

forms

are

available:

Through

the

Electronic

Data

Gathering

and

Retrieval

System

(EDGAR)

on

the

SEC’s

website

at

sec.gov;

or

From

the

SEC’s

Office

of

Investor

Education

and

Advocacy.

Call

202-551-8090

for

more

information.

Proxy

voting

TIAA-CREF

Funds’

ownership

of

stock

gives

it

the

right

to

vote

on

proxy

issues

of

companies

in

which

it

invests.

A

description

of

our

proxy

voting

policies

and

procedures

can

be

found

on

our

website

at

TIAA.org

or

on

the

SEC’s

website

at

sec.gov.

You

can

also

call

us

at

800-842-2252

to

request

a

free

copy.

A

report

of

how

the

funds

voted

during

the

most

recently

completed

twelve-month

period

ended

June

30

can

be

found

on

our

website

or

on

Form

N-PX

at

sec.gov.

Contacting

TIAA

There

are

three

easy

ways

to

contact

us:

by

email,

using

the

Contact

Us

link

at

the

top

of

our

home

page;

by

mail

at

TIAA,

730

Third

Avenue,

New

York,

NY

10017-3206;

or

by

phone

at

800-842-2252.

Fund

management

The

TIAA-CREF

Funds

are

managed

by

the

portfolio

management

teams

of

Teachers

Advisors,

LLC.

The

members

of

these

teams

are

responsible

for

the

day-to-day

investment

management

of

the

funds.

How

to

Reach

Us

©2023

Teachers

Insurance

and

Annuity

Association

of

America—College

Retirement

Equities

Fund,

730

Third

Avenue,

New

York,

NY

10017-3206

Websites

TIAA.org

nuveen.com

Automated

telephone

service

800-842-2252

24

hours

a

day,

7

days

a

week

For

the

hearing-

or

speech-impaired

800-842-2755

8

a.m.

to

10

p.m.

(ET),

Monday–Friday

You

should

carefully

consider

the

investment

objectives,

risks,

charges

and

expenses

of

any

fund

before

investing.

For

a

prospectus

that

contains

this

and

other

information,

please

visit

TIAA.org,

or

call

800-842-2252

for

the

Institutional,

Advisor,

Premier,

and

Retirement

classes

or

800-223-1200

for

the

Retail

Class.

Please

read

the

prospectus

carefully

before

investing.

Investment,

insurance

and

annuity

products

are

not

Federal

Deposit

Insurance

Corporation

(FDIC)

insured,

are

not

bank

guaranteed,

are

not

bank

deposits,

are

not

insured

by

any

federal

government

agency,

are

not

a

condition

to

any

banking

service

or

activity,

and

may

lose

value.

Nuveen,

a

subsidiary

of

TIAA,

provides

investment

advice

and

portfolio

management

services

through

a

dozen

affiliated

registered

investment

advisers.

Nuveen

Securities,

LLC

and

TIAA-CREF

Individual

&

Institutional

Services,

LLC,

members

FINRA,

distribute

securities

products.

This

material

is

for

informational

or

educational

purposes

only

and

does

not

constitute

fiduciary

investment

advice

under

ERISA,

a

securities

recommendation

under

all

securities

laws,

or

an

insurance

product

recommendation

under

state

insurance

laws

or

regulations.

This

material

does

not

take

into

account

any

specific

objectives

or

circumstances

of

any

particular

investor,

or

suggest

any

specific

course

of

action.

Investment

decisions

should

be

made

based

on

an

investor’s

own

objectives

and

circumstances.

2869071

We’re

fond

of

paper...in

its

original

form.

Switch

to

eDelivery

at

TIAA.org/eDelivery

or

check

with

your

financial

advisor

or

brokerage

account

for

eDelivery

options

A15652

(6/23)

Item 2. Code of Conduct.

Not Applicable.

Item 3. Audit Committee Financial Expert.

Not Applicable.

Item 4. Principal Accountant Fees and Services.

Not Applicable.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

Not Applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this semi-annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s semi-annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable.

Item 13. Exhibits.

13(a)(2)(i) Section 302 certification of the principal executive officer

13(a)(2)(ii) Section 302 certification of the principal financial officer

13(b) Section 906 certification of principal executive officer and principal financial officer

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.

Dated: June 21, 2023	TIAA-CREF FUNDS
	By:	/s/ Bradley Finkle                                                      Bradley Finkle Principal Executive Officer and President

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.

Dated: June 21, 2023	By:	/s/ Bradley Finkle                                                      Bradley Finkle Principal Executive Officer and President (principal executive officer)
Dated: June 21, 2023	By:	/s/ E. Scott Wickerham                                              E. Scott Wickerham Principal Financial Officer, Principal Accounting Officer and Treasurer (principal financial officer)