Select Bond Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2024 (unaudited)

Corporate Bonds (24.4%)	Shares/ Par +		Value $ (000’s)
Basic Materials (0.7%)
Air Products and Chemicals, Inc. 4.850%, 2/8/34		2,642,000		2,614
Anglo American Capital PLC 4.750%, 3/16/52 144A		1,176,000		993
Celanese US Holdings LLC
6.379%, 7/15/32		1,058,000		1,098
6.550%, 11/15/30		1,661,000		1,747
The Dow Chemical Co.
5.150%, 2/15/34		2,124,000		2,116
5.600%, 2/15/54		1,585,000		1,579
Glencore Finance Canada, Ltd.
5.300%, 10/25/42 144A		479,000		462
6.000%, 11/15/41 144A		390,000		391
Glencore Funding LLC
5.371%, 4/4/29 144A		4,241,000		4,249
5.634%, 4/4/34 144A		2,651,000		2,658
Newmont Corp. / Newcrest Finance Pty, Ltd. 5.350%, 3/15/34 144A		954,000		960
Total				18,867
Communications (2.2%)
AT&T, Inc.
3.500%, 6/1/41		1,024,000		799
3.500%, 9/15/53		1,588,000		1,120
3.550%, 9/15/55		1,586,000		1,109
3.650%, 9/15/59		1,003,000		698
3.800%, 12/1/57		2,885,000		2,089
5.400%, 2/15/34		5,506,000		5,578
Charter Communications Operating LLC / Charter Communications Operating Capital Corp.
3.500%, 6/1/41		551,000		370
3.500%, 3/1/42		2,654,000		1,771
3.900%, 6/1/52		810,000		515
5.250%, 4/1/53		1,325,000		1,049
5.500%, 4/1/63		550,000		431
6.150%, 11/10/26		2,222,000		2,239
Cisco Systems, Inc.
4.800%, 2/26/27		3,184,000		3,189
4.850%, 2/26/29		3,184,000		3,208
4.950%, 2/26/31		2,123,000		2,142
5.050%, 2/26/34		3,715,000		3,765
5.300%, 2/26/54		1,592,000		1,634
Comcast Corp.
2.987%, 11/1/63		1,199,000		736
4.049%, 11/1/52		1,033,000		831
5.350%, 11/15/27		2,106,000		2,146
Discovery Communications LLC 4.000%, 9/15/55		1,120,000		767
Meta Platforms, Inc.
5.600%, 5/15/53		2,020,000		2,135
5.750%, 5/15/63		2,020,000		2,166
Motorola Solutions, Inc.
5.000%, 4/15/29		743,000		739
5.400%, 4/15/34		1,061,000		1,059

Corporate Bonds (24.4%)	Shares/ Par +		Value $ (000’s)
Communications continued
Paramount Global 4.950%, 5/19/50		866,000		616
T-Mobile USA, Inc.
1.500%, 2/15/26		718,000		670
2.250%, 2/15/26		2,238,000		2,118
2.550%, 2/15/31		1,602,000		1,365
3.750%, 4/15/27		3,408,000		3,282
5.050%, 7/15/33		2,660,000		2,631
5.150%, 4/15/34		2,120,000		2,113
5.750%, 1/15/34		2,120,000		2,208
Verizon Communications, Inc.
2.355%, 3/15/32		3,217,000		2,644
2.650%, 11/20/40		1,342,000		946
5.500%, 2/23/54		1,910,000		1,931
Total				62,809
Consumer, Cyclical (1.4%)
Delta Air Lines, Inc./SkyMiles IP, Ltd. 4.750%, 10/20/28 144A		3,517,000		3,440
Ford Motor Credit Co. LLC
2.900%, 2/10/29		5,351,000		4,718
4.000%, 11/13/30		1,808,000		1,614
General Motors Financial Co., Inc. 5.750%, 2/8/31		2,641,000		2,670
Hyundai Capital America
1.300%, 1/8/26 144A		2,020,000		1,878
5.500%, 3/30/26 144A		1,093,000		1,095
5.600%, 3/30/28 144A		3,333,000		3,371
5.700%, 6/26/30 144A		1,065,000		1,085
5.950%, 9/21/26 144A		2,971,000		3,005
6.500%, 1/16/29 144A		955,000		1,002
Lowe’s Companies, Inc.
4.250%, 4/1/52		3,069,000		2,514
5.625%, 4/15/53		1,572,000		1,588
5.750%, 7/1/53		1,607,000		1,659
5.850%, 4/1/63		534,000		551
McDonald’s Corp.
4.700%, 12/9/35		1,804,000		1,754
4.800%, 8/14/28		2,121,000		2,127
5.450%, 8/14/53		997,000		1,012
Starbucks Corp. 4.850%, 2/8/27		5,283,000		5,273
Total				40,356
Consumer, Non-cyclical (4.1%)
AbbVie, Inc.
3.200%, 11/21/29		3,984,000		3,671
4.050%, 11/21/39		1,132,000		1,008
4.250%, 11/21/49		1,166,000		1,010
4.500%, 5/14/35		2,344,000		2,253
4.550%, 3/15/35		2,666,000		2,577
4.800%, 3/15/27		2,653,000		2,656
4.800%, 3/15/29		2,653,000		2,657
4.950%, 3/15/31		1,592,000		1,603
5.050%, 3/15/34		2,653,000		2,686

1

Select Bond Portfolio

Corporate Bonds (24.4%)	Shares/ Par +		Value $ (000’s)
Consumer, Non-cyclical continued
5.400%, 3/15/54		1,592,000		1,639
Adani International Container Terminal Private, Ltd. 3.000%, 2/16/31 144A		818,275		697
Amgen, Inc. 5.650%, 3/2/53		3,738,000		3,809
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. 4.700%, 2/1/36		6,670,000		6,449
Anheuser-Busch InBev Worldwide, Inc.
4.375%, 4/15/38		1,386,000		1,288
5.800%, 1/23/59		799,000		859
Bristol-Myers Squibb Co.
5.550%, 2/22/54		1,059,000		1,089
5.650%, 2/22/64		1,591,000		1,637
Bunge, Ltd. Finance Corp. 1.630%, 8/17/25		1,099,000		1,041
CommonSpirit Health 3.347%, 10/1/29		985,000		903
Constellation Brands, Inc.
4.800%, 1/15/29		1,272,000		1,261
4.900%, 5/1/33		1,060,000		1,040
5.250%, 11/15/48		2,224,000		2,124
CVS Health Corp.
5.050%, 3/25/48		1,268,000		1,152
5.875%, 6/1/53		746,000		759
DH Europe Finance II SARL 2.200%, 11/15/24		2,622,000		2,571
Eli Lilly & Co.
4.700%, 2/9/34		3,170,000		3,152
5.000%, 2/9/54		1,585,000		1,576
5.100%, 2/9/64		1,057,000		1,052
HCA, Inc.
3.625%, 3/15/32		277,000		245
4.625%, 3/15/52		1,021,000		853
5.250%, 6/15/49		786,000		717
5.900%, 6/1/53		3,564,000		3,584
Humana, Inc. 5.375%, 4/15/31		2,653,000		2,654
JBS USA LUX SA / JBS USA Food Co. / JBS Luxembourg SARL 7.250%, 11/15/53 144A		3,941,000		4,236
Kenvue, Inc. 5.050%, 3/22/28		2,131,000		2,154
Keurig Dr. Pepper, Inc.
4.500%, 4/15/52		2,013,000		1,725
5.300%, 3/15/34		2,654,000		2,663
Nestle Capital Corp.
4.875%, 3/12/34 144A		1,640,000		1,640
5.100%, 3/12/54 144A		1,640,000		1,633
PepsiCo, Inc. 3.900%, 7/18/32		2,628,000		2,491
Pfizer Investment Enterprises Pte., Ltd.
4.750%, 5/19/33		3,110,000		3,062
5.300%, 5/19/53		3,304,000		3,285
5.340%, 5/19/63		2,134,000		2,091
Philip Morris International, Inc.
4.875%, 2/15/28		4,067,000		4,056
4.875%, 2/13/29		2,295,000		2,280
5.000%, 11/17/25		2,262,000		2,256

Corporate Bonds (24.4%)	Shares/ Par +		Value $ (000’s)
Consumer, Non-cyclical continued
5.250%, 9/7/28		2,300,000		2,327
5.375%, 2/15/33		746,000		752
5.500%, 9/7/30		1,500,000		1,529
5.625%, 9/7/33		910,000		931
5.750%, 11/17/32		543,000		561
Tyson Foods, Inc.
5.400%, 3/15/29		1,750,000		1,766
5.700%, 3/15/34		2,660,000		2,695
UnitedHealth Group, Inc.
3.050%, 5/15/41		501,000		379
4.600%, 4/15/27		2,190,000		2,177
4.700%, 4/15/29		1,643,000		1,637
4.900%, 4/15/31		2,190,000		2,191
5.000%, 4/15/34		2,738,000		2,743
5.375%, 4/15/54		1,095,000		1,114
5.500%, 4/15/64		548,000		557
5.875%, 2/15/53		2,540,000		2,748
Total				119,951
Energy (1.4%)
Aker BP ASA
5.600%, 6/13/28 144A		2,805,000		2,841
6.000%, 6/13/33 144A		3,468,000		3,581
BP Capital Markets America, Inc.
4.699%, 4/10/29		2,652,000		2,645
4.812%, 2/13/33		3,170,000		3,128
4.989%, 4/10/34		2,641,000		2,638
Diamondback Energy, Inc.
4.250%, 3/15/52		320,000		259
6.250%, 3/15/33		1,060,000		1,130
6.250%, 3/15/53		2,190,000		2,363
Enbridge, Inc.
6.000%, 11/15/28		1,601,000		1,665
6.200%, 11/15/30		1,601,000		1,696
Energy Transfer LP
5.300%, 4/15/47		2,759,000		2,508
5.400%, 10/1/47		810,000		747
5.950%, 5/15/54		2,647,000		2,642
Galaxy Pipeline Assets Bidco, Ltd.
2.160%, 3/31/34 144A		1,871,316		1,609
2.625%, 3/31/36 144A		1,480,000		1,203
2.940%, 9/30/40 144A		404,041		324
MPLX LP
4.950%, 3/14/52		1,978,000		1,737
5.000%, 3/1/33		3,207,000		3,113
5.650%, 3/1/53		573,000		560
ONEOK, Inc. 6.625%, 9/1/53		2,759,000		3,041
Petroleos Mexicanos 2.460%, 12/15/25		1,283,800		1,218
Total				40,648
Financial (8.5%)
Agree LP
2.000%, 6/15/28		1,998,000		1,757
2.600%, 6/15/33		454,000		356
4.800%, 10/1/32		1,002,000		948
American Homes 4 Rent LP
3.625%, 4/15/32		1,839,000		1,617
4.300%, 4/15/52		824,000		646

2

Select Bond Portfolio

Corporate Bonds (24.4%)	Shares/ Par +		Value $ (000’s)
Financial continued
5.500%, 2/1/34		1,058,000		1,055
American Tower Corp.
2.950%, 1/15/51		533,000		344
3.125%, 1/15/27		901,000		852
5.500%, 3/15/28		2,128,000		2,146
5.900%, 11/15/33		3,181,000		3,294
Aon North America, Inc.
5.125%, 3/1/27		527,000		530
5.150%, 3/1/29		4,764,000		4,790
5.450%, 3/1/34		2,650,000		2,681
5.750%, 3/1/54		1,060,000		1,087
Banco Bilbao Vizcaya Argentaria SA
6.033%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 1.950%), 3/13/35 α		2,200,000		2,233
7.883%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 3.300%), 11/15/34 α		2,200,000		2,406
Banco Santander SA
5.538%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 1.450%), 3/14/30 α		3,800,000		3,800
6.527%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 1.650%), 11/7/27 α		1,600,000		1,641
6.607%, 11/7/28		1,600,000		1,691
6.938%, 11/7/33		4,000,000		4,418
Bank of America Corp.
1.734%, (US SOFR plus 0.960%), 7/22/27 α		7,317,000		6,746
3.419%, (US SOFR 3 Month plus 1.302%), 12/20/28 α		7,476,000		7,013
5.288%, (US SOFR plus 1.910%), 4/25/34 α		4,957,000		4,942
5.468%, (US SOFR plus 1.650%), 1/23/35 α		1,062,000		1,069
5.819%, (US SOFR plus 1.570%), 9/15/29 α		8,164,000		8,371
5.872%, (US SOFR plus 1.840%), 9/15/34 α		4,082,000		4,234
5.933%, (US SOFR plus 1.340%), 9/15/27 α		5,832,000		5,910
Barclays PLC
5.674%, (US SOFR plus 1.490%), 3/12/28 α		3,178,000		3,189
5.690%, (US SOFR plus 1.740%), 3/12/30 α		3,178,000		3,195
6.692%, (US SOFR plus 2.620%), 9/13/34 α		2,393,000		2,549
BlackRock Funding, Inc.
4.700%, 3/14/29		531,000		531
5.000%, 3/14/34		1,539,000		1,545
5.250%, 3/14/54		530,000		533
BNP Paribas SA
5.176%, (US SOFR plus 1.520%), 1/9/30 144A α		3,179,000		3,179
5.894%, (US SOFR plus 1.866%), 12/5/34 144A α		3,192,000		3,337
Brixmor Operating Partnership LP 2.500%, 8/16/31		1,759,000		1,444
Capitol One Financial Corp. 7.624%, (US SOFR plus 3.070%), 10/30/31 α		2,667,000		2,946
CBRE Services, Inc. 5.500%, 4/1/29		1,061,000		1,067
Citibank NA 5.803%, 9/29/28		5,347,000		5,535
Citigroup, Inc.
5.827%, (US SOFR plus 2.056%), 2/13/35 α		1,163,000		1,151
6.174%, (US SOFR plus 2.661%), 5/25/34 α		2,540,000		2,579

Corporate Bonds (24.4%)	Shares/ Par +		Value $ (000’s)
Financial continued
Citizens Financial Group, Inc. 5.841%, (US SOFR plus 2.010%), 1/23/30 α		2,648,000		2,644
Crown Castle, Inc.
2.100%, 4/1/31		1,808,000		1,463
2.900%, 4/1/41		1,065,000		753
5.100%, 5/1/33		1,563,000		1,524
5.800%, 3/1/34		3,302,000		3,378
Danske Bank A/S 5.705%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 1.400%), 3/1/30 144A α		2,693,000		2,710
Deutsche Bank AG 3.742%, (US SOFR plus 2.257%), 1/7/33 α		4,166,000		3,441
Essex Portfolio LP 2.550%, 6/15/31		948,000		787
Goldman Sachs Bank USA 5.283%, (US SOFR plus 0.777%), 3/18/27 α		5,836,000		5,833
HSBC USA, Inc. 5.294%, 3/4/27		7,952,000		7,998
ING Groep NV 5.335%, (US SOFR plus 1.440%), 3/19/30 α		2,695,000		2,688
Invitation Homes Operating Partnership LP
2.000%, 8/15/31		317,000		252
4.150%, 4/15/32		1,830,000		1,675
KeyCorp 6.401%, (US SOFR Index plus 2.420%), 3/6/35 α		2,650,000		2,706
Lloyds Banking Group PLC
5.462%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 1.375%), 1/5/28 α		6,371,000		6,372
5.679%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 1.750%), 1/5/35 α		3,179,000		3,198
M&T Bank Corp. 6.082%, (US SOFR plus 2.260%), 3/13/32 α		1,592,000		1,588
Morgan Stanley
5.164%, (US SOFR plus 1.590%), 4/20/29 α		1,058,000		1,057
5.173%, (US SOFR plus 1.450%), 1/16/30 α		4,776,000		4,780
5.449%, (US SOFR plus 1.630%), 7/20/29 α		2,114,000		2,133
5.466%, (US SOFR plus 1.730%), 1/18/35 α		4,554,000		4,595
6.342%, (US SOFR plus 2.560%), 10/18/33 α		3,641,000		3,896
Morgan Stanley Bank NA 4.952%, (US SOFR plus 1.080%), 1/14/28 α		5,388,000		5,366
Realty Income Corp.
2.100%, 3/15/28		1,012,000		905
2.200%, 6/15/28		985,000		880
2.850%, 12/15/32		1,331,000		1,107
3.400%, 1/15/30		1,080,000		983
4.900%, 7/15/33		1,575,000		1,522
5.125%, 2/15/34		3,319,000		3,257
5.625%, 10/13/32		791,000		807
Regency Centers LP
2.950%, 9/15/29		2,519,000		2,254
5.250%, 1/15/34		1,060,000		1,056
Santander Holdings USA, Inc. 7.660%, (US SOFR plus 3.280%), 11/9/31 α		2,667,000		2,899

3

Select Bond Portfolio

Corporate Bonds (24.4%)	Shares/ Par +		Value $ (000’s)
Financial continued
Societe Generale SA
5.634%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 1.750%), 1/19/30 144A α		1,030,000		1,026
6.066%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 2.100%), 1/19/35 144A α		1,135,000		1,142
7.132%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 2.950%), 1/19/55 144A α		1,162,000		1,160
Store Capital LLC
2.700%, 12/1/31		639,000		503
2.750%, 11/18/30		1,626,000		1,306
4.500%, 3/15/28		1,057,000		1,002
4.625%, 3/15/29		1,173,000		1,105
Sun Communities Operating LP 4.200%, 4/15/32		2,377,000		2,132
Truist Financial Corp.
5.435%, (US SOFR plus 1.620%), 1/24/30 α		2,646,000		2,643
5.711%, (US SOFR plus 1.922%), 1/24/35 α		1,588,000		1,595
7.161%, (US SOFR plus 2.446%), 10/30/29 α		3,730,000		3,978
Trust Fibra Uno 6.390%, 1/15/50 144A		1,215,000		986
UBS AG 5.650%, 9/11/28		2,480,000		2,539
UBS Group AG
3.091%, (US SOFR plus 1.730%), 5/14/32 144A α		1,650,000		1,403
4.194%, (US SOFR plus 3.730%), 4/1/31 144A α		1,682,000		1,562
4.282%, 1/9/28 144A		2,436,000		2,351
5.699%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 1.770%), 2/8/35 144A α		1,136,000		1,142
6.301%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 2.000%), 9/22/34 144A α		1,666,000		1,744
Wells Fargo & Co.
4.897%, (US SOFR plus 2.100%), 7/25/33 α		5,885,000		5,671
5.198%, (US SOFR plus 1.500%), 1/23/30 α		4,239,000		4,230
5.499%, (US SOFR plus 1.780%), 1/23/35 α		3,285,000		3,293
5.574%, (US SOFR plus 1.740%), 7/25/29 α		1,063,000		1,076
6.303%, (US SOFR plus 1.790%), 10/23/29 α		1,614,000		1,681
6.491%, (US SOFR plus 2.060%), 10/23/34 α		4,283,000		4,594
Total				245,728
Industrial (1.8%)
The Boeing Co.
3.250%, 2/1/35		1,055,000		830
3.750%, 2/1/50		2,093,000		1,456
5.805%, 5/1/50		4,045,000		3,827
Burlington Northern Santa Fe LLC
4.450%, 1/15/53		426,000		378
5.200%, 4/15/54		1,114,000		1,104
Carrier Global Corp.
5.900%, 3/15/34		2,132,000		2,241
6.200%, 3/15/54		747,000		823

Corporate Bonds (24.4%)	Shares/ Par +		Value $ (000’s)
Industrial continued
Caterpillar Financial Services Corp.
4.500%, 1/8/27		2,654,000		2,637
4.850%, 2/27/29		3,184,000		3,202
Crowley Conro LLC 4.181%, 8/15/43		1,190,015		1,079
Honeywell International, Inc.
5.000%, 3/1/35		3,281,000		3,293
5.250%, 3/1/54		1,094,000		1,104
5.350%, 3/1/64		1,094,000		1,108
John Deere Capital Corp.
4.150%, 9/15/27		2,130,000		2,092
4.500%, 1/8/27		3,716,000		3,688
4.500%, 1/16/29		3,716,000		3,679
4.950%, 7/14/28		847,000		853
5.150%, 9/8/26		3,705,000		3,726
Lockheed Martin Corp.
4.800%, 8/15/34		2,183,000		2,159
5.200%, 2/15/64		1,526,000		1,509
Northrop Grumman Corp.
4.400%, 5/1/30		1,226,000		1,192
5.200%, 6/1/54		272,000		265
RTX Corp.
6.100%, 3/15/34		2,753,000		2,942
6.400%, 3/15/54		2,202,000		2,491
Union Pacific Corp.
2.375%, 5/20/31		1,015,000		867
2.800%, 2/14/32		1,378,000		1,196
Waste Management, Inc. 4.875%, 2/15/34		2,110,000		2,096
Total				51,837
Technology (2.0%)
Apple, Inc.
2.375%, 2/8/41		777,000		553
2.650%, 5/11/50		846,000		562
2.650%, 2/8/51		654,000		431
3.950%, 8/8/52		1,499,000		1,263
4.850%, 5/10/53		542,000		538
Broadcom, Inc.
2.450%, 2/15/31 144A		1,670,000		1,408
3.150%, 11/15/25		1,251,000		1,210
4.926%, 5/15/37 144A		1,526,000		1,448
Intel Corp.
2.800%, 8/12/41		918,000		664
5.000%, 2/21/31		1,593,000		1,595
5.150%, 2/21/34		4,248,000		4,258
5.600%, 2/21/54		2,124,000		2,164
5.625%, 2/10/43		612,000		633
5.700%, 2/10/53		2,129,000		2,201
5.900%, 2/10/63		1,489,000		1,580
Intuit, Inc.
5.125%, 9/15/28		2,117,000		2,153
5.200%, 9/15/33		2,116,000		2,155
5.250%, 9/15/26		2,648,000		2,673
5.500%, 9/15/53		2,121,000		2,202
KLA Corp.
3.300%, 3/1/50		874,000		641
4.700%, 2/1/34		2,114,000		2,081
Marvell Technology, Inc.
5.750%, 2/15/29		1,590,000		1,627

4

Select Bond Portfolio

Corporate Bonds (24.4%)	Shares/ Par +		Value $ (000’s)
Technology continued
5.950%, 9/15/33		1,590,000		1,648
Micron Technology, Inc.
5.375%, 4/15/28		5,347,000		5,400
5.875%, 2/9/33		628,000		650
Oracle Corp. 4.000%, 7/15/46		1,854,000		1,460
QUALCOMM, Inc. 6.000%, 5/20/53		2,406,000		2,689
Texas Instruments, Inc.
4.600%, 2/8/29		2,113,000		2,116
4.850%, 2/8/34		2,641,000		2,654
5.000%, 3/14/53		2,350,000		2,306
5.150%, 2/8/54		1,057,000		1,061
VMware LLC
1.000%, 8/15/24		3,319,000		3,261
1.400%, 8/15/26		1,486,000		1,357
Total				58,642
Utilities (2.3%)
American Transmission Systems, Inc. 2.650%, 1/15/32 144A		664,000		550
Baltimore Gas & Electric Co.
2.250%, 6/15/31		1,425,000		1,200
5.400%, 6/1/53		1,596,000		1,587
CenterPoint Energy Houston Electric LLC
3.600%, 3/1/52		1,052,000		799
5.150%, 3/1/34		1,272,000		1,281
5.200%, 10/1/28		1,593,000		1,620
Consolidated Edison Co. of New York, Inc.
3.200%, 12/1/51		319,000		219
5.200%, 3/1/33		566,000		576
5.500%, 3/15/34		3,196,000		3,302
5.900%, 11/15/53		1,066,000		1,138
Consumers Energy Co.
2.500%, 5/1/60		866,000		499
4.600%, 5/30/29		2,337,000		2,310
DTE Electric Co.
2.950%, 3/1/50		1,663,000		1,118
3.650%, 3/1/52		761,000		576
5.200%, 3/1/34		2,122,000		2,132
Duke Energy Carolinas LLC
2.550%, 4/15/31		638,000		551
2.850%, 3/15/32		1,770,000		1,518
3.550%, 3/15/52		1,288,000		938
4.950%, 1/15/33		1,065,000		1,059
5.350%, 1/15/53		2,136,000		2,106
5.400%, 1/15/54		1,062,000		1,057
Duke Energy Corp. 3.500%, 6/15/51		294,000		206
Duke Energy Florida LLC 2.400%, 12/15/31		1,420,000		1,191
Duke Energy Progress LLC
2.500%, 8/15/50		1,437,000		864
5.250%, 3/15/33		1,060,000		1,072
Entergy Arkansas LLC
2.650%, 6/15/51		1,283,000		781
5.150%, 1/15/33		2,137,000		2,143
Israel Electric Corp., Ltd. 3.750%, 2/22/32 144A §		960,000		810

Corporate Bonds (24.4%)	Shares/ Par +		Value $ (000’s)
Utilities continued
Jersey Central Power & Light Co. 2.750%, 3/1/32 144A		1,565,000		1,300
Metropolitan Edison Co.
4.300%, 1/15/29 144A		1,675,000		1,616
5.200%, 4/1/28 144A		1,603,000		1,605
MidAmerican Energy Co.
2.700%, 8/1/52		1,235,000		769
5.300%, 2/1/55		1,005,000		994
Mississippi Power Co.
3.100%, 7/30/51		1,708,000		1,131
4.250%, 3/15/42		725,000		617
Northern States Power Co. 5.400%, 3/15/54		1,698,000		1,710
NSTAR Electric Co. 3.100%, 6/1/51		354,000		240
Pacific Gas & Electric Co.
3.500%, 8/1/50		529,000		361
3.950%, 12/1/47		3,311,000		2,477
4.200%, 6/1/41		827,000		666
4.750%, 2/15/44		479,000		404
4.950%, 7/1/50		4,555,000		3,918
5.800%, 5/15/34		2,439,000		2,462
PECO Energy Co. 2.850%, 9/15/51		1,718,000		1,109
Pennsylvania Electric Co.
3.250%, 3/15/28 144A		1,388,000		1,285
5.150%, 3/30/26 144A		1,069,000		1,060
Public Service Company of Oklahoma 3.150%, 8/15/51		964,000		645
Public Service Electric & Gas Co.
1.900%, 8/15/31		2,448,000		1,994
2.050%, 8/1/50		395,000		224
2.700%, 5/1/50		666,000		436
Public Service Enterprise Group, Inc.
5.200%, 4/1/29		1,591,000		1,592
5.450%, 4/1/34		742,000		743
5.875%, 10/15/28		2,145,000		2,209
Southern California Edison Co. 4.125%, 3/1/48		1,073,000		866
Virginia Electric & Power Co. 2.950%, 11/15/51		1,425,000		922
Total				66,558
Total Corporate Bonds (Cost: $715,531)				705,396
Governments (27.5%)
Governments (27.5%)
Bermuda Government International Bond 5.000%, 7/15/32 144A		1,186,000		1,141
Export Finance & Insurance Corp. 4.625%, 10/26/27 144A		3,690,000		3,697
Federal Home Loan Bank 1.250%, 9/30/31		5,185,000		4,384
Federal Home Loan Mortgage Corp. 0.000%, 12/14/29 PO		4,007,000		3,112
Federal National Mortgage Association
0.000%, 11/15/30 PO		11,778,000		8,747
1.520%, 8/21/35		5,256,000		3,735
1.900%, 1/25/36		4,686,000		3,446

5

Select Bond Portfolio

Governments (27.5%)	Shares/ Par +		Value $ (000’s)
Governments continued
Panama Government International Bond
4.500%, 4/16/50		753,000		507
6.853%, 3/28/54		1,137,000		1,031
8.000%, 3/1/38		797,000		835
Republic of Paraguay 5.400%, 3/30/50 144A		1,658,000		1,456
State of Israel
3.875%, 7/3/50		775,000		571
4.500%, 1/17/33		2,417,000		2,248
5.500%, 3/12/34		3,762,000		3,712
5.750%, 3/12/54		1,165,000		1,115
United Mexican States
2.659%, 5/24/31		1,776,000		1,482
3.250%, 4/16/30		826,000		735
3.500%, 2/12/34		5,037,000		4,189
4.600%, 1/23/46		1,555,000		1,249
4.600%, 2/10/48		1,040,000		831
6.400%, 5/7/54		981,000		977
US Treasury
0.375%, 1/31/26		2,372,000		2,193
0.375%, 7/31/27		20,972,000		18,396
0.500%, 8/31/27		26,833,000		23,571
0.625%, 7/31/26		2,074,000		1,895
0.625%, 11/30/27		6,657,000		5,826
0.750%, 4/30/26		5,370,000		4,961
0.750%, 1/31/28		7,356,000		6,436
1.000%, 7/31/28		14,153,000		12,332
1.125%, 5/15/40		3,189,000		1,992
1.125%, 8/15/40		85,136,000		52,701
1.125%, 10/31/26		20,978,000		19,267
1.125%, 8/31/28		16,188,000		14,155
1.250%, 4/30/28		51,451,000		45,617
1.250%, 9/30/28		5,072,000		4,450
1.375%, 11/15/40		63,912,000		41,098
1.500%, 8/15/26		9,178,000		8,553
1.750%, 8/15/41		73,828,000		49,822
1.750%, 3/15/25		9,616,000		9,321
1.875%, 2/15/41		6,625,000		4,619
1.875%, 2/28/27		15,708,000		14,616
2.000%, 11/15/41		39,094,000		27,427
2.000%, 11/15/26		838,000		787
2.250%, 11/15/25		8,770,000		8,424
2.375%, 2/15/42		7,768,000		5,778
2.375%, 5/15/51		34,114,000		23,159
2.375%, 3/31/29		18,481,000		16,938
2.625%, 7/31/29		5,197,000		4,802
2.750%, 7/31/27		8,192,000		7,780
2.875%, 5/15/52		6,847,000		5,181
2.875%, 8/15/28		11,113,000		10,494
3.125%, 11/15/41		9,692,000		8,142
3.250%, 6/30/29		29,890,000		28,505
3.625%, 3/31/30		5,850,000		5,663
3.625%, 2/15/53		2,973,000		2,611
3.875%, 5/15/43		13,658,000		12,605
3.875%, 12/31/29		14,486,000		14,223
4.000%, 2/15/34		17,444,000		17,155
4.000%, 1/15/27		9,568,000		9,454
4.000%, 1/31/29		3,480,000		3,444
4.125%, 8/15/53		8,677,000		8,339
4.125%, 1/31/25		1,831,000		1,816

Governments (27.5%)	Shares/ Par +		Value $ (000’s)
Governments continued
4.125%, 3/31/29		54,273,000		54,040
4.250%, 2/28/31		381,000		382
4.250%, 2/15/54		41,953,000		41,258
4.250%, 3/15/27		38,265,000		38,089
4.250%, 2/28/29		18,132,000		18,156
4.375%, 10/31/24		665,000		662
4.500%, 2/15/44		1,097,000		1,103
4.500%, 11/30/24		149,000		148
4.500%, 3/31/26		15,833,000		15,793
4.625%, 2/28/26		3,722,000		3,719
4.750%, 11/15/43		5,666,000		5,878
4.750%, 11/15/53		3,304,000		3,527
Total				796,503
Total Governments (Cost: $832,275)				796,503
Municipal Bonds (0.3%)
Municipal Bonds (0.3%)
County of Clark Department of Aviation 6.820%, 7/1/45 RB		1,780,000		2,104
North Texas Tollway Authority, Series 2009-B 6.718%, 1/1/49 RB		1,950,000		2,303
The Ohio State University 4.800%, 6/1/11 RB		1,070,000		959
Port Authority of New York & New Jersey 4.458%, 10/1/62 RB		3,110,000		2,785
The University of Texas System 2.439%, 8/15/49 RB		925,000		593
Total Municipal Bonds (Cost: $10,444)				8,744
Structured Products (49.9%)
Asset Backed Securities (7.9%)
Ally Auto Receivables Trust, Series 2022-3, Class A3 5.070%, 6/15/31		1,172,000		1,168
American Express Credit Account Master Trust, Series 2023-1, Class A 4.870%, 5/15/28		1,560,000		1,557
AmeriCredit Automobile Receivables Trust, Series 2022-2, Class A3 4.380%, 4/18/28		2,236,000		2,215
AmeriCredit Automobile Receivables Trust, Series 2023-1, Class A3 5.620%, 11/18/27		1,070,000		1,075
AmeriCredit Automobile Receivables Trust, Series 2023-2, Class A3 5.810%, 5/18/28		2,140,000		2,151
BA Credit Card Trust, Series 2023-A2, Class A2 4.980%, 11/15/28		9,049,000		9,071
BMW Vehicle Lease Trust, Series 2023-1, Class A4 5.070%, 6/25/26		1,628,000		1,621
Capital One Prime Auto Receivables Trust, Series 2023-1, Class A3 4.870%, 2/15/28		3,871,000		3,847

6

Select Bond Portfolio

Structured Products (49.9%)	Shares/ Par +		Value $ (000’s)
Asset Backed Securities continued
Chase Auto Owner Trust, Series 2022-AA, Class A4 3.990%, 3/27/28 144A		1,504,000		1,468
Chase Issuance Trust, Series 2024-A2I, Class A 4.630%, 1/15/31		4,157,000		4,140
College Avenue Student Loans LLC, Series 2017-A, Class A1
7.094%, (US SOFR 1 Month plus 1.765%), 11/26/46 144A		594,950		600
College Avenue Student Loans LLC, Series 2018-A, Class A2 4.130%, 12/26/47 144A		547,152		523
College Avenue Student Loans LLC, Series 2019-A, Class A2 3.280%, 12/28/48 144A		1,087,462		999
Discover Card Execution Note Trust, Series 2023-A1, Class A 4.310%, 3/15/28		3,151,000		3,106
Discover Card Execution Note Trust, Series 2023-A2, Class A 4.930%, 6/15/28		9,524,000		9,506
Ford Credit Auto Lease Trust, Series 2024-A, Class A3 5.060%, 5/15/27		4,725,000		4,718
Ford Credit Auto Lease Trust, Series 2024-A, Class A4 5.050%, 6/15/27		1,103,000		1,099
Ford Credit Auto Owner Trust, Series 2022-D, Class A4 5.300%, 3/15/28		1,060,000		1,063
Ford Credit Auto Owner Trust, Series 2023-A, Class A3 4.650%, 2/15/28		4,627,000		4,586
Ford Credit Auto Owner Trust, Series 2024-1, Class A 4.870%, 8/15/36 144A		3,126,000		3,120
GM Financial Automobile Leasing Trust, Series 2023-2, Class A4 5.090%, 5/20/27		1,491,000		1,486
GM Financial Automobile Leasing Trust, Series 2023-3, Class A4 5.440%, 8/20/27		955,000		957
GM Financial Consumer Automobile Receivables Trust, Series 2022-4, Class A3 4.820%, 8/16/27		1,841,000		1,832
GM Financial Revolving Receivables Trust, Series 2024-1, Class A 4.980%, 12/11/36 144A		3,678,000		3,694
Hyundai Auto Lease Securitization Trust, Series 2023-B, Class A4 5.170%, 4/15/27 144A		2,377,000		2,367
Hyundai Auto Lease Securitization Trust, Series 2023-C, Class A4 5.840%, 9/15/27 144A		1,597,000		1,613
Hyundai Auto Lease Securitization Trust, Series 2024-A, Class A3 5.020%, 3/15/27 144A		2,888,000		2,874
Hyundai Auto Lease Securitization Trust, Series 2024-A, Class A4 5.070%, 2/15/28 144A		1,097,000		1,092

Structured Products (49.9%)	Shares/ Par +		Value $ (000’s)
Asset Backed Securities continued
Hyundai Auto Receivables Trust, Series 2021-C, Class A4 1.030%, 12/15/27		1,869,000		1,768
Hyundai Auto Receivables Trust, Series 2022-A, Class A3 2.220%, 10/15/26		2,808,835		2,748
Hyundai Auto Receivables Trust, Series 2022-A, Class A4 2.350%, 4/17/28		1,194,000		1,138
Hyundai Auto Receivables Trust, Series 2023-A, Class A4 4.480%, 7/17/28		2,148,000		2,116
Hyundai Auto Receivables Trust, Series 2023-B, Class A3 5.480%, 4/17/28		1,222,000		1,230
Mercedes-Benz Auto Receivables Trust, Series 2022-1, Class A4 5.250%, 2/15/29		2,454,000		2,462
Navient Private Education Loan Trust, Series 2014-AA, Class A3
7.040%, (US SOFR 1 Month plus 1.715%), 10/15/31 144A		691,597		693
Navient Private Education Loan Trust, Series 2016-AA, Class A2B
7.590%, (US SOFR 1 Month plus 2.265%), 12/15/45 144A		346,406		349
Navient Private Education Refi Loan Trust, Series 2018-C, Class A2 3.520%, 6/16/42 144A		26,240		26
Navient Private Education Refi Loan Trust, Series 2018-DA, Class A2A 4.000%, 12/15/59 144A		1,409,968		1,368
Navient Private Education Refi Loan Trust, Series 2019-A, Class A2A 3.420%, 1/15/43 144A		1,065,007		1,036
Navient Private Education Refi Loan Trust, Series 2019-C, Class A2 3.130%, 2/15/68 144A		922,734		887
Navient Private Education Refi Loan Trust, Series 2019-D, Class A2A 3.010%, 12/15/59 144A		2,686,328		2,542
Navient Private Education Refi Loan Trust, Series 2019-FA, Class A2 2.600%, 8/15/68 144A		1,567,315		1,467
Navient Private Education Refi Loan Trust, Series 2020-EA, Class A 1.690%, 5/15/69 144A		92,055		83
Navient Private Education Refi Loan Trust, Series 2020-GA, Class A 1.170%, 9/16/69 144A		1,727,667		1,558
Navient Private Education Refi Loan Trust, Series 2021-BA, Class A 0.940%, 7/15/69 144A		735,547		643
Navient Private Education Refi Loan Trust, Series 2021-CA, Class A 1.060%, 10/15/69 144A		2,898,949		2,547
Navient Private Education Refi Loan Trust, Series 2021-EA, Class A 0.970%, 12/16/69 144A		4,190,180		3,622

7

Select Bond Portfolio

Structured Products (49.9%)	Shares/ Par +		Value $ (000’s)
Asset Backed Securities continued
Navient Private Education Refi Loan Trust, Series 2021-FA, Class A 1.110%, 2/18/70 144A		2,610,542		2,229
Navient Private Education Refi Loan Trust, Series 2021-GA, Class A 1.580%, 4/15/70 144A		666,647		583
Navient Private Education Refi Loan Trust, Series 2022-A, Class A 2.230%, 7/15/70 144A		6,456,316		5,697
Navient Student Loan Trust, Series 2021-3A, Class A1A 1.770%, 8/25/70 144A		2,690,643		2,342
Nelnet Student Loan Trust, Series 2004-3, Class A5
5.803%, (US 90 Day Average SOFR plus 0.442%), 10/27/36		270,705		267
Nelnet Student Loan Trust, Series 2004-4, Class A5
5.783%, (US 90 Day Average SOFR plus 0.422%), 1/25/37		1,767,227		1,751
Nelnet Student Loan Trust, Series 2005-1, Class A5
5.733%, (US 90 Day Average SOFR plus 0.372%), 10/25/33		4,197,324		4,150
Nelnet Student Loan Trust, Series 2005-2, Class A5
5.715%, (US 90 Day Average SOFR plus 0.362%), 3/23/37		3,679,379		3,639
Nelnet Student Loan Trust, Series 2005-3, Class A5
5.735%, (US 90 Day Average SOFR plus 0.382%), 12/24/35		2,784,623		2,748
Nelnet Student Loan Trust, Series 2005-4, Class A4
5.795%, (US 90 Day Average SOFR plus 0.442%), 3/22/32		524,182		505
Nissan Auto Lease Trust, Series 2023-B, Class A4 5.610%, 11/15/27		2,116,000		2,122
Nissan Auto Lease Trust, Series 2024-A, Class A4 4.970%, 9/15/28		1,155,000		1,150
Nissan Auto Receivables Owner Trust, Series 2022-B, Class A4 4.450%, 11/15/29		1,459,000		1,435
PenFed Auto Receivables Owner Trust, Series 2022-A, Class A3 3.960%, 4/15/26 144A		1,622,132		1,612
PenFed Auto Receivables Owner Trust, Series 2022-A, Class A4 4.180%, 12/15/28 144A		1,093,000		1,077
Santander Drive Auto Receivables Trust, Series 2022-2, Class A3 2.980%, 10/15/26		703,009		701
Santander Drive Auto Receivables Trust, Series 2022-3, Class A3 3.400%, 12/15/26		656,133		653
Santander Drive Auto Receivables Trust, Series 2022-4, Class A3 4.140%, 2/16/27		1,585,052		1,578

Structured Products (49.9%)	Shares/ Par +		Value $ (000’s)
Asset Backed Securities continued
Santander Drive Auto Receivables Trust, Series 2022-5, Class A3 4.110%, 8/17/26		874,945		872
Santander Drive Auto Receivables Trust, Series 2022-6, Class A3 4.490%, 11/16/26		2,760,133		2,751
Santander Drive Auto Receivables Trust, Series 2022-7, Class A3 5.750%, 4/15/27		1,242,000		1,242
Santander Drive Auto Receivables Trust, Series 2028-4, Class A3 5.250%, 4/17/28		2,011,000		2,010
SBNA Auto Lease Trust, Series 2024-A, Class A3 5.390%, 11/20/26 144A		2,203,000		2,203
SBNA Auto Lease Trust, Series 2024-A, Class A4 5.240%, 1/22/29 144A		3,016,000		3,009
SBNA Auto Receivables Trust, Series 2024-A, Class A3 5.320%, 12/15/28 144A		1,483,000		1,483
SBNA Auto Receivables Trust, Series 2024-A, Class A4 5.210%, 4/16/29 144A		636,000		636
SFS Auto Receivables Securitization Trust, Series 2024-1A, Class A3 4.950%, 5/21/29 144A		3,282,000		3,266
SFS Auto Receivables Securitization Trust, Series 2024-1A, Class A4 4.940%, 1/21/31 144A		557,000		554
SMB Private Education Loan Trust, Series 2016-B, Class A2A 2.430%, 2/17/32 144A		235,001		230
SMB Private Education Loan Trust, Series 2016-C, Class A2B
6.540%, (US SOFR 1 Month plus 1.215%), 9/15/34 144A		229,198		229
SMB Private Education Loan Trust, Series 2020-BA, Class A1A 1.290%, 7/15/53 144A		984,224		897
SMB Private Education Loan Trust, Series 2021-A, Class APT1 1.070%, 1/15/53 144A		3,762,347		3,319
SMB Private Education Loan Trust, Series 2021-B, Class A 1.310%, 7/17/51 144A		1,262,206		1,144
SMB Private Education Loan Trust, Series 2021-E, Class A1A 1.680%, 2/15/51 144A		2,344,401		2,124
SMB Private Education Loan Trust, Series 2024-A, Class A1B
6.769%, (US 30 Day Average SOFR plus 1.450%), 3/15/56 144A		2,705,000		2,708
SoFi Professional Loan Program LLC, Series 2017-D, Class A2FX 2.650%, 9/25/40 144A		36,758		35
SoFi Professional Loan Program LLC, Series 2020-C, Class AFX 1.950%, 2/15/46 144A		244,496		223

8

Select Bond Portfolio

Structured Products (49.9%)	Shares/ Par +		Value $ (000’s)
Asset Backed Securities continued
SoFi Professional Loan Program LLC, Series 2021-B, Class AFX 1.140%, 2/15/47 144A		2,026,904		1,723
Synchrony Card Funding LLC, Series 2023- A1, Class A 5.540%, 7/15/29		5,150,000		5,198
Synchrony Card Funding LLC, Series 2024- A1, Class A 5.040%, 3/15/30		2,059,000		2,059
T-Mobile U.S. Trust, Series 2022-1A, Class A 4.910%, 5/22/28 144A		2,281,000		2,270
T-Mobile U.S. Trust, Series 2024-1A, Class A 5.050%, 9/20/29 144A		3,303,000		3,302
Toyota Auto Receivables Owner Trust, Series 2022-D, Class A4 5.430%, 4/17/28		1,337,000		1,351
Toyota Auto Receivables Owner Trust, Series 2023-B, Class A3 4.710%, 2/15/28		2,775,000		2,755
Toyota Auto Receivables Owner Trust, Series 2023-C, Class A3 5.160%, 4/17/28		4,418,000		4,422
Verizon Master Trust, Series 2022-2, Class A 1.530%, 7/20/28		2,007,000		1,944
Verizon Master Trust, Series 2022-4, Class A 3.400%, 11/20/28		3,688,000		3,607
Verizon Master Trust, Series 2022-6, Class A 3.670%, 1/22/29		2,765,000		2,708
Verizon Master Trust, Series 2023-1, Class A 4.490%, 1/22/29		4,180,000		4,131
Verizon Master Trust, Series 2023-2, Class A 4.890%, 4/20/28		1,546,000		1,538
Verizon Master Trust, Series 2023-4, Class A1A 5.160%, 6/20/29		7,176,000		7,188
Verizon Master Trust, Series 2024-1, Class A1A 5.000%, 12/20/28		4,995,000		4,980
Verizon Master Trust, Series 2024-2, Class A 4.830%, 12/22/31 144A		2,397,000		2,395
Volkswagen Auto Loan Enhanced Trust, Series 2023-1, Class A3 5.020%, 6/20/28		3,085,000		3,081
Wells Fargo Card Issuance Trust, Series 2024- AI, Class A 4.940%, 2/15/29		6,308,000		6,319
World Omni Select Auto Trust, Series 2023-A, Class A2A 5.920%, 3/15/27		1,607,327		1,609
Total				227,585
Mortgage Securities (42.0%)
Angel Oak Mortgage Trust, Series 2020-2, Class A1A 2.531%, (AFC), 1/26/65 144A		747,075		690
Angel Oak Mortgage Trust, Series 2020-5, Class A1 1.373%, (AFC), 5/25/65 144A		213,418		198

Structured Products (49.9%)	Shares/ Par +		Value $ (000’s)
Mortgage Securities continued
Angel Oak Mortgage Trust, Series 2021-6, Class A1 1.458%, (AFC), 9/25/66 144A		1,516,579		1,233
Barclays Commercial Mortgage Securities LLC, Series 2018-C2, Class ASB 4.236%, 12/15/51		632,094		617
Bunker Hill Loan Depositary Trust, Series 2019-2, Class A1 2.879%, (AFC), 7/25/49 144A ∑		907,685		857
Bunker Hill Loan Depositary Trust, Series 2019-3, Class A1 2.724%, (AFC), 11/25/59 144A ∑		390,042		379
BX Commercial Mortgage Trust, Series 2021- VOLT, Class A
6.140%, (US SOFR 1 Month plus 0.815%), 9/15/36 144A		6,842,000		6,791
BX Commercial Mortgage Trust, Series 2021- XL2, Class A
6.128%, (US SOFR 1 Month plus 0.803%), 10/15/38 144A		2,499,049		2,480
CFCRE Commercial Mortgage Trust, Series 2017-C8, Class ASB 3.367%, 6/15/50		603,723		588
Citigroup Mortgage Loan Trust, Series 2005-1, Class 3A1 6.500%, 4/25/35		60,289		58
COLT Mortgage Loan Trust, Series 2021-2, Class A1 0.924%, (AFC), 8/25/66 144A		2,022,087		1,627
COLT Mortgage Loan Trust, Series 2021-4, Class A1 1.397%, (AFC), 10/25/66 144A		2,161,139		1,759
COMM Mortgage Trust, Series 2014-UBS4, Class A4 3.420%, 8/10/47		1,860,522		1,856
COMM Mortgage Trust, Series 2015-LC23, Class A3 3.521%, 10/10/48		1,180,282		1,156
EQUS Mortgage Trust, Series 2021-EQAZ, Class A
6.195%, (US SOFR 1 Month plus 0.869%), 10/15/38 144A		2,683,946		2,669
Federal Home Loan Mortgage Corp.
2.000%, 7/1/32		802,574		743
2.000%, 6/1/40		6,292,850		5,328
2.000%, 7/1/40		6,486,859		5,489
2.000%, 8/1/40		6,747,067		5,705
2.000%, 11/1/40		8,391,281		7,092
2.000%, 12/1/40		1,937,289		1,637
2.000%, 1/1/41		1,456,465		1,230
2.000%, 2/1/41		1,576,501		1,331
2.000%, 4/1/41		2,748,645		2,322
2.000%, 7/1/41		2,601,321		2,190
2.000%, 11/1/41		2,975,596		2,497
2.000%, 1/1/42		1,774,913		1,490
2.000%, 8/1/42		2,812,008		2,367
2.000%, 2/1/47		1,093,310		876
2.000%, 12/1/51		844,104		676
2.500%, 4/1/42		955,399		821
2.500%, 5/1/42		3,803,588		3,301
2.500%, 6/1/42		1,315,131		1,141

9

Select Bond Portfolio

Structured Products (49.9%)	Shares/ Par +		Value $ (000’s)
Mortgage Securities continued
2.500%, 8/1/43		3,086,118		2,694
2.500%, 6/1/46		3,591,142		3,134
2.500%, 9/1/51		6,372,365		5,366
2.500%, 2/1/52		674,347		565
2.500%, 3/1/52		2,233,665		1,860
3.000%, 9/1/33		1,072,098		1,001
3.000%, 4/1/40		1,734,614		1,568
3.000%, 4/1/43		4,821,586		4,305
3.000%, 5/1/43		4,312,474		3,864
3.000%, 8/1/43		3,100,749		2,768
3.000%, 4/1/45		4,544,756		4,058
3.000%, 5/1/45		2,346,829		2,081
3.000%, 1/1/46		2,152,764		1,922
3.000%, 9/1/46		3,155,604		2,781
3.000%, 1/1/47		2,386,291		2,100
3.000%, 2/1/47		2,982,752		2,636
3.000%, 4/1/47		10,611,981		9,333
3.127%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1 Year plus 1.640%), 11/1/48		1,480,650		1,461
3.297%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1 Year plus 1.633%), 2/1/50		1,944,325		1,921
3.912%, (US 30 Day Average SOFR plus 2.130%), 7/1/52		1,354,416		1,291
3.966%, (US 30 Day Average SOFR plus 2.140%), 8/1/52		1,781,190		1,676
4.000%, 7/1/49		3,689,865		3,505
4.000%, 3/1/50		6,327,397		6,046
4.107%, (US 30 Day Average SOFR plus 2.380%), 9/1/52		898,579		863
4.192%, (US 30 Day Average SOFR plus 2.305%), 5/1/53		5,171,403		5,004
4.299%, (US 30 Day Average SOFR plus 2.130%), 7/1/52		1,604,617		1,553
4.500%, 6/1/39		81,220		79
4.500%, 7/1/39		94,902		93
5.128%, (US 30 Day Average SOFR plus 2.214%), 8/1/53		1,088,779		1,080
5.180%, (US 30 Day Average SOFR plus 2.300%), 6/1/53		971,919		965
5.450%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1 Year plus 1.638%), 3/1/49		1,081,951		1,101
5.919%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1 Year plus 1.732%), 1/1/44		440,923		450
5.999%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1 Year plus 1.637%), 4/1/48		2,602,211		2,652
6.718%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1 Year plus 1.679%), 9/1/47		1,179,898		1,193
6.809%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1 Year plus 1.642%), 8/1/43		209,213		213
6.858%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1 Year plus 1.637%), 9/1/45		1,793,572		1,828

Structured Products (49.9%)	Shares/ Par +		Value $ (000’s)
Mortgage Securities continued
6.881%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1 Year plus 1.635%), 7/1/43		122,680		125
7.030%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1 Year plus 1.646%), 10/1/43		209,412		214
7.045%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1 Year plus 1.650%), 3/1/43		183,858		187
7.100%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1 Year plus 1.604%), 9/1/43		94,637		98
7.188%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1 Year plus 1.629%), 11/1/43		164,998		168
7.451%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1 Year plus 1.609%), 10/1/43		211,405		216
7.463%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1 Year plus 1.770%), 9/1/42		183,706		188
7.512%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1 Year plus 1.680%), 2/1/43		284,830		292
Federal Home Loan Mortgage Corp., Series 1582, Class M 2.500%, 5/25/49		1,607,808		1,403
Federal Home Loan Mortgage Corp., Series 2002-2439, Class LH 6.000%, 4/15/32		122,608		125
Federal Home Loan Mortgage Corp., Series 2012-264, Class 30 3.000%, 7/15/42		2,508,701		2,263
Federal Home Loan Mortgage Corp., Series 2012-271, Class F5
5.933%, (US 30 Day Average SOFR plus 0.615%), 8/15/42		963,436		949
Federal Home Loan Mortgage Corp., Series 2012-272, Class F1
5.933%, (US 30 Day Average SOFR plus 0.615%), 8/15/42		1,543,758		1,521
Federal Home Loan Mortgage Corp., Series 2012-280, Class F1
5.933%, (US 30 Day Average SOFR plus 0.615%), 9/15/42		1,558,683		1,535
Federal Home Loan Mortgage Corp., Series 4047, Class CX 3.500%, 5/15/42		2,934,000		2,633
Federal Home Loan Mortgage Corp., Series 4091, Class BX 3.250%, 10/15/41		1,548,562		1,414
Federal Home Loan Mortgage Corp., Series 4091, Class EX 3.375%, 7/15/42		983,942		899
Federal Home Loan Mortgage Corp., Series 4091, Class MX 3.250%, 2/15/42		1,266,586		1,151
Federal Home Loan Mortgage Corp., Series 4122, Class FP
5.833%, (US 30 Day Average SOFR plus 0.515%), 10/15/42		740,199		727

10

Select Bond Portfolio

Structured Products (49.9%)	Shares/ Par +		Value $ (000’s)
Mortgage Securities continued
Federal Home Loan Mortgage Corp., Series 4177, Class HB 2.500%, 10/15/42		1,010,000		860
Federal Home Loan Mortgage Corp., Series 4205, Class PA 1.750%, 5/15/43		861,079		719
Federal Home Loan Mortgage Corp., Series 4240, Class FA
5.933%, (US 30 Day Average SOFR plus 0.615%), 8/15/43		2,838,909		2,793
Federal Home Loan Mortgage Corp., Series 4248, Class FT
5.933%, (US 30 Day Average SOFR plus 0.615%), 9/15/43		988,867		975
Federal Home Loan Mortgage Corp., Series 4286, Class VF
5.883%, (US 30 Day Average SOFR plus 0.565%), 12/15/43		2,105,295		2,071
Federal Home Loan Mortgage Corp., Series 4446, Class CP 2.250%, 3/15/45		1,309,956		1,129
Federal Home Loan Mortgage Corp., Series 4582, Class HA 3.000%, 9/15/45		4,916,663		4,522
Federal Home Loan Mortgage Corp., Series 4614, Class FG
5.933%, (US 30 Day Average SOFR plus 0.615%), 9/15/46		1,133,520		1,114
Federal Home Loan Mortgage Corp., Series 4628, Class KF
5.933%, (US 30 Day Average SOFR plus 0.615%), 1/15/55		1,431,882		1,404
Federal Home Loan Mortgage Corp., Series 4719, Class LA 3.500%, 9/15/47		1,394,881		1,260
Federal Home Loan Mortgage Corp., Series 4719, Class LM 3.000%, 9/15/47		1,097,398		962
Federal Home Loan Mortgage Corp., Series 4742, Class PA 3.000%, 10/15/47		1,898,792		1,695
Federal Home Loan Mortgage Corp., Series 4753, Class BD 3.000%, 1/15/48		1,081,000		933
Federal Home Loan Mortgage Corp., Series 4793, Class FD
5.733%, (US 30 Day Average SOFR plus 0.415%), 6/15/48		422,195		410
Federal Home Loan Mortgage Corp., Series 4826, Class KF
5.733%, (US 30 Day Average SOFR plus 0.415%), 9/15/48		912,716		890
Federal Home Loan Mortgage Corp., Series 4857, Class JA 3.350%, 1/15/49		4,438,177		4,151
Federal Home Loan Mortgage Corp., Series 4880, Class DA 3.000%, 5/15/50		1,754,462		1,574

Structured Products (49.9%)	Shares/ Par +		Value $ (000’s)
Mortgage Securities continued
Federal Home Loan Mortgage Corp., Series 4903, Class NF
5.835%, (US 30 Day Average SOFR plus 0.515%), 8/25/49		872,315		856
Federal Home Loan Mortgage Corp., Series 4927, Class BG 3.000%, 11/25/49		1,921,531		1,731
Federal Home Loan Mortgage Corp., Series 4937, Class MD 2.500%, 10/25/49		1,920,754		1,655
Federal Home Loan Mortgage Corp., Series 4940, Class AG 3.000%, 5/15/40		1,273,644		1,177
Federal Home Loan Mortgage Corp., Series 4941, Class GA 2.000%, 12/15/47		1,099,155		906
Federal Home Loan Mortgage Corp., Series 4954, Class LB 2.500%, 2/25/50		912,230		786
Federal Home Loan Mortgage Corp., Series 4957, Class MY 3.000%, 2/25/50		1,143,000		928
Federal Home Loan Mortgage Corp., Series 4979, Class UC 1.500%, 6/25/50		3,538,589		2,819
Federal Home Loan Mortgage Corp., Series 4990, Class FN
5.785%, (US 30 Day Average SOFR plus 0.465%), 5/25/50		2,471,770		2,409
Federal Home Loan Mortgage Corp., Series 4993, Class KF
5.885%, (US 30 Day Average SOFR plus 0.565%), 7/25/50		8,109,861		7,950
Federal Home Loan Mortgage Corp., Series 5004, Class FM
5.785%, (US 30 Day Average SOFR plus 0.465%), 8/25/50		1,710,916		1,666
Federal Home Loan Mortgage Corp., Series 5020, Class ET 3.500%, 10/25/50		1,599,025		1,432
Federal Home Loan Mortgage Corp., Series 5058, Class BC 5.000%, 11/25/50		1,175,976		1,152
Federal Home Loan Mortgage Corp., Series 5091, Class AB 1.500%, 3/25/51		3,064,377		2,438
Federal Home Loan Mortgage Corp., Series 5092, Class HE 2.000%, 2/25/51		1,921,658		1,588
Federal Home Loan Mortgage Corp., Series 5116, Class PB 2.250%, 2/25/51		1,989,393		1,690
Federal Home Loan Mortgage Corp., Series 5118, Class CA 1.500%, 10/15/33		1,715,000		1,499
Federal Home Loan Mortgage Corp., Series 5119, Class AB 1.500%, 8/25/49		1,638,753		1,283

11

Select Bond Portfolio

Structured Products (49.9%)	Shares/ Par +		Value $ (000’s)
Mortgage Securities continued
Federal Home Loan Mortgage Corp., Series 5119, Class QF
5.520%, (US 30 Day Average SOFR plus 0.200%), 6/25/51		2,415,274		2,307
Federal Home Loan Mortgage Corp., Series 5143, Class GA 2.000%, 6/25/49		1,215,771		984
Federal Home Loan Mortgage Corp., Series 5159, Class UA 2.500%, 12/25/48		2,119,186		1,858
Federal Home Loan Mortgage Corp., Series 5178, Class TP 2.500%, 4/25/49		2,660,468		2,280
Federal Home Loan Mortgage Corp., Series 5182, Class D 2.500%, 11/25/43		8,153,581		7,390
Federal Home Loan Mortgage Corp., Series 5184, Class AB 2.500%, 5/25/48		1,180,067		1,042
Federal Home Loan Mortgage Corp., Series 5201, Class CA 2.500%, 7/25/48		2,365,330		2,099
Federal Home Loan Mortgage Corp., Series 5202, Class BH 2.000%, 12/25/47		1,284,430		1,138
Federal Home Loan Mortgage Corp., Series 5202, Class LA 2.500%, 5/25/49		2,428,909		2,094
Federal Home Loan Mortgage Corp., Series 5202, Class MB 3.000%, 11/25/48		3,124,567		2,795
Federal Home Loan Mortgage Corp., Series 5202, Class TA 2.500%, 12/25/48		3,715,148		3,316
Federal Home Loan Mortgage Corp., Series 5206, Class CA 3.000%, 2/25/47		1,348,112		1,207
Federal Home Loan Mortgage Corp., Series 5206, Class CD 3.500%, 5/25/49		2,403,667		2,193
Federal Home Loan Mortgage Corp., Series 5207, Class PA 3.000%, 6/25/51		2,577,604		2,294
Federal Home Loan Mortgage Corp., Series 5209, Class EA 3.000%, 8/25/50		1,991,311		1,785
Federal Home Loan Mortgage Corp., Series 5209, Class EJ 3.000%, 8/25/50		1,991,311		1,785
Federal Home Loan Mortgage Corp., Series 5210, Class DC 3.000%, 9/25/51		1,846,775		1,685
Federal Home Loan Mortgage Corp., Series 5214, Class BY 3.000%, 4/25/52		1,804,000		1,449
Federal Home Loan Mortgage Corp., Series 5217, Class CD 2.500%, 7/25/49		1,934,085		1,749
Federal Home Loan Mortgage Corp., Series 5220, Class QK 3.500%, 9/25/50		3,794,279		3,541

Structured Products (49.9%)	Shares/ Par +		Value $ (000’s)
Mortgage Securities continued
Federal Home Loan Mortgage Corp., Series 5228, Class TN 3.500%, 7/25/39		1,535,961		1,442
Federal Home Loan Mortgage Corp., Series 5300, Class C 2.000%, 9/25/47		3,265,274		2,962
Federal Home Loan Mortgage Corp., Series 5335, Class FB
6.133%, (US 30 Day Average SOFR plus 0.815%), 10/15/39		3,226,189		3,231
Federal Home Loan Mortgage Corp., Series 5338, Class FH
5.733%, (US 30 Day Average SOFR plus 0.415%), 4/15/45		3,152,108		3,077
Federal Home Loan Mortgage Corp., Series 5386, Class DM 2.000%, 3/25/44		1,988,000		1,400
Federal Home Loan Mortgage Corp., Series 5396, Class HF
6.270%, (US 30 Day Average SOFR plus 0.950%), 4/25/54		4,414,000		4,414
Federal Home Loan Mortgage Corp., Series 5399, Class FB
6.220%, (US 30 Day Average SOFR plus 0.900%), 4/25/54		2,506,000		2,507
Federal National Mortgage Association
1.500%, 7/1/51		9,445,470		7,123
2.000%, 3/1/28		899,233		852
2.000%, 2/1/31		1,945,240		1,804
2.000%, 6/1/40		1,925,329		1,631
2.000%, 7/1/40		6,398,903		5,416
2.000%, 9/1/40		7,197,457		6,084
2.000%, 10/1/40		9,317,480		7,863
2.000%, 11/1/40		6,515,648		5,504
2.000%, 12/1/40		33,822,971		28,563
2.000%, 1/1/41		11,699,063		9,887
2.000%, 2/1/41		100,496		85
2.000%, 4/1/41		1,310,513		1,106
2.000%, 5/1/41		12,764,045		10,779
2.000%, 6/1/41		1,020,284		860
2.000%, 7/1/41		11,672,761		9,829
2.000%, 10/1/41		4,267,827		3,609
2.000%, 11/1/41		3,605,963		3,037
2.000%, 1/1/42		2,769,069		2,325
2.000%, 2/1/42		30,246,606		25,408
2.000%, 4/1/42		2,214,191		1,872
2.000%, 11/1/42		1,111,459		939
2.000%, 4/1/46		6,709,939		5,402
2.000%, 1/1/47		1,251,244		1,005
2.000%, 3/1/47		8,934,505		7,171
2.500%, 12/1/40		3,975,041		3,472
2.500%, 5/1/41		4,113,190		3,593
2.500%, 8/1/41		2,053,045		1,789
2.500%, 2/1/42		2,367,288		2,068
2.500%, 4/1/42		5,073,959		4,373
2.500%, 5/1/42		3,107,918		2,682
2.500%, 6/1/42		2,759,195		2,395
2.500%, 5/1/46		985,759		833
2.500%, 12/1/47		5,614,788		4,936
2.500%, 10/1/50		3,678,338		3,106
2.500%, 3/1/52		2,599,817		2,172

12

Select Bond Portfolio

Structured Products (49.9%)	Shares/ Par +		Value $ (000’s)
Mortgage Securities continued
2.778%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1 Year plus 1.606%), 6/1/50		1,350,432		1,252
3.000%, 11/1/39		1,346,072		1,248
3.000%, 5/1/40		4,028,378		3,626
3.000%, 8/1/42		1,314,101		1,174
3.000%, 11/1/42		2,025,565		1,808
3.000%, 1/1/43		1,961,891		1,796
3.000%, 2/1/43		11,936,201		10,510
3.000%, 7/1/43		1,631,831		1,457
3.000%, 8/1/43		2,227,993		1,989
3.000%, 9/1/43		1,820,155		1,626
3.000%, 12/1/43		2,137,501		1,909
3.000%, 2/1/44		2,143,226		1,914
3.000%, 10/1/44		11,202,283		10,003
3.000%, 2/1/45		3,522,893		3,146
3.000%, 10/1/46		8,629,810		7,654
3.000%, 11/1/46		6,020,607		5,304
3.000%, 12/1/46		8,733,059		7,682
3.000%, 1/1/47		6,125,791		5,381
3.000%, 2/1/47		10,448,587		9,289
3.000%, 3/1/47		1,225,065		1,070
3.000%, 9/1/47		997,257		878
3.000%, 1/1/48		3,095,092		2,719
3.000%, 2/1/48		1,517,114		1,339
3.000%, 4/1/48		8,644,797		7,719
3.000%, 8/1/48		1,801,505		1,609
3.000%, 12/1/48		3,813,219		3,352
3.000%, 1/1/49		3,820,001		3,397
3.000%, 2/1/49		3,633,808		3,196
3.000%, 10/1/49		26,373,208		23,549
3.000%, 2/1/50		38,161,974		33,656
3.000%, 5/1/50		7,952,411		7,013
3.000%, 7/1/50		10,683,919		9,398
3.000%, 4/1/52		7,977,713		6,975
3.000%, 7/1/52		1,610,928		1,415
3.000%, 2/1/55		1,181,670		1,032
3.000%, 7/1/60		14,442,543		12,213
3.064%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1 Year plus 1.603%), 3/1/50		3,081,911		3,068
3.500%, 5/1/37		1,174,554		1,115
3.500%, 10/1/37		1,124,899		1,063
3.500%, 6/1/41		1,718,910		1,628
3.500%, 3/1/42		1,405,714		1,295
3.500%, 4/1/42		2,951,229		2,717
3.500%, 5/1/42		775,874		727
3.500%, 6/1/42		1,414,375		1,326
3.500%, 11/1/42		1,123,388		1,033
3.500%, 8/1/43		9,614,747		8,892
3.500%, 12/1/43		5,375,909		4,972
3.500%, 1/1/44		780,914		732
3.500%, 6/1/49		4,650,955		4,241
3.500%, 1/1/50		3,194,147		2,906
3.500%, 2/1/50		1,574,188		1,443
3.500%, 4/1/50		7,556,694		6,909
3.677%, (US 30 Day Average SOFR plus 2.370%), 8/1/52		1,936,113		1,832
3.962%, (US 30 Day Average SOFR plus 2.120%), 8/1/52		771,454		729

Structured Products (49.9%)	Shares/ Par +		Value $ (000’s)
Mortgage Securities continued
4.000%, 9/1/33		630,676		615
4.000%, 3/1/35		7,528,980		7,412
4.000%, 10/1/37		3,480,638		3,424
4.000%, 6/1/38		992,378		965
4.000%, 4/1/45		12,311,087		11,663
4.000%, 9/1/45		425,191		407
4.000%, 1/1/46		2,148,344		2,057
4.000%, 1/1/47		1,108,273		1,059
4.000%, 2/1/47		907,146		867
4.000%, 4/1/47		526,843		501
4.000%, 10/1/47		397,508		380
4.000%, 7/1/48		6,823,250		6,454
4.000%, 12/1/48		1,078,447		1,032
4.000%, 5/1/49		1,079,527		1,029
4.122%, (US 30 Day Average SOFR plus 2.120%), 9/1/52		2,677,175		2,596
4.140%, (US 30 Day Average SOFR plus 2.132%), 10/1/52		6,258,434		6,070
4.143%, (US 30 Day Average SOFR plus 2.120%), 7/1/52		2,689,191		2,556
4.205%, (US 30 Day Average SOFR plus 2.128%), 11/1/52		2,194,135		2,130
4.213%, (US 30 Day Average SOFR plus 2.370%), 9/1/52		877,121		848
4.296%, (US 30 Day Average SOFR plus 2.126%), 8/1/52		3,507,218		3,403
4.355%, (US 30 Day Average SOFR plus 2.125%), 7/1/52		3,282,738		3,192
4.500%, 6/1/41		86,188		85
4.500%, 3/1/43		1,072,469		1,052
4.500%, 10/1/45		1,718,267		1,677
4.500%, 2/1/46		65,738		64
4.500%, 7/1/48		1,761,126		1,711
4.500%, 11/1/48		790,427		776
4.616%, (US 30 Day Average SOFR plus 2.125%), 8/1/52		3,721,765		3,650
4.628%, (US 30 Day Average SOFR plus 2.123%), 8/1/52		2,911,310		2,824
4.648%, (US 30 Day Average SOFR plus 2.130%), 8/1/52		2,991,482		2,936
5.724%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1 Year plus 1.579%), 6/1/45		706,579		721
5.918%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1 Year plus 1.582%), 1/1/46		1,764,078		1,800
6.723%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1 Year plus 1.560%), 6/1/43		145,532		148
7.000%, 1/1/54		11,764,777		12,216
7.200%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1 Year plus 1.579%), 10/1/43		427,764		437
7.333%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1 Year plus 1.647%), 1/1/43		89,502		91
7.500%, 1/1/54		6,582,511		6,882
Federal National Mortgage Association Stripped, Series 2012-414, Class A35 3.500%, 10/25/42		2,124,466		1,946

13

Select Bond Portfolio

Structured Products (49.9%)	Shares/ Par +		Value $ (000’s)
Mortgage Securities continued
Federal National Mortgage Association, Series 2011-111, Class DB 4.000%, 11/25/41		1,541,657		1,465
Federal National Mortgage Association, Series 2012-133, Class JF
5.785%, (US 30 Day Average SOFR plus 0.465%), 12/25/42		1,290,736		1,263
Federal National Mortgage Association, Series 2012-151, Class NX 1.500%, 1/25/43		897,174		747
Federal National Mortgage Association, Series 2013-11, Class AP 1.500%, 1/25/43		2,833,359		2,542
Federal National Mortgage Association, Series 2013-15, Class FA
5.785%, (US 30 Day Average SOFR plus 0.465%), 3/25/43		1,547,255		1,514
Federal National Mortgage Association, Series 2013-43, Class BP 1.750%, 5/25/43		1,060,643		889
Federal National Mortgage Association, Series 2014-17, Class DY 3.500%, 4/25/44		1,915,000		1,706
Federal National Mortgage Association, Series 2014-25, Class EL 3.000%, 5/25/44		1,450,083		1,307
Federal National Mortgage Association, Series 2014-74, Class PC 2.500%, 6/25/44		1,160,504		1,071
Federal National Mortgage Association, Series 2015-20, Class EF
5.785%, (US 30 Day Average SOFR plus 0.465%), 4/25/45		3,626,205		3,545
Federal National Mortgage Association, Series 2015-26, Class GF
5.735%, (US 30 Day Average SOFR plus 0.415%), 5/25/45		2,261,915		2,209
Federal National Mortgage Association, Series 2015-32, Class FA
5.735%, (US 30 Day Average SOFR plus 0.415%), 5/25/45		1,381,814		1,347
Federal National Mortgage Association, Series 2015-48, Class FB
5.735%, (US 30 Day Average SOFR plus 0.415%), 7/25/45		1,689,934		1,648
Federal National Mortgage Association, Series 2015-8, Class AP 2.000%, 3/25/45		2,640,192		2,298
Federal National Mortgage Association, Series 2015-84, Class PA 1.700%, 8/25/33		3,296,655		2,985
Federal National Mortgage Association, Series 2016-19, Class FD
5.835%, (US 30 Day Average SOFR plus 0.515%), 4/25/46		4,836,195		4,776
Federal National Mortgage Association, Series 2016-45, Class PB 3.000%, 7/25/46		1,060,000		817
Federal National Mortgage Association, Series 2016-48, Class MA 2.000%, 6/25/38		3,376,186		3,063

Structured Products (49.9%)	Shares/ Par +		Value $ (000’s)
Mortgage Securities continued
Federal National Mortgage Association, Series 2016-57, Class PC 1.750%, 6/25/46		7,092,241		5,902
Federal National Mortgage Association, Series 2017-13, Class PA 3.000%, 8/25/46		1,138,011		1,035
Federal National Mortgage Association, Series 2017-30, Class FA
5.785%, (US 30 Day Average SOFR plus 0.465%), 5/25/47		852,566		834
Federal National Mortgage Association, Series 2017-78, Class FC
5.785%, (US 30 Day Average SOFR plus 0.465%), 10/25/47		1,640,133		1,602
Federal National Mortgage Association, Series 2018-14, Class KC 3.000%, 3/25/48		2,119,880		1,962
Federal National Mortgage Association, Series 2018-38, Class MA 3.300%, 6/25/48		2,185,756		2,034
Federal National Mortgage Association, Series 2018-45, Class TM 3.000%, 6/25/48		1,723,620		1,525
Federal National Mortgage Association, Series 2018-55, Class GA 3.375%, 8/25/48		1,673,564		1,556
Federal National Mortgage Association, Series 2018-64, Class A 3.000%, 9/25/48		1,462,103		1,264
Federal National Mortgage Association, Series 2018-8, Class KL 2.500%, 3/25/47		1,172,266		1,024
Federal National Mortgage Association, Series 2018-85, Class EA 3.500%, 12/25/48		1,200,054		1,121
Federal National Mortgage Association, Series 2019-15, Class FA
5.935%, (US 30 Day Average SOFR plus 0.615%), 4/25/49		858,003		844
Federal National Mortgage Association, Series 2019-25, Class PA 3.000%, 5/25/48		2,305,116		2,082
Federal National Mortgage Association, Series 2019-41, Class FG
5.935%, (US 30 Day Average SOFR plus 0.615%), 8/25/59		2,072,424		2,036
Federal National Mortgage Association, Series 2019-43, Class FC
5.835%, (US 30 Day Average SOFR plus 0.515%), 8/25/49		1,670,179		1,637
Federal National Mortgage Association, Series 2019-67, Class FB
5.885%, (US 30 Day Average SOFR plus 0.565%), 11/25/49		863,417		847
Federal National Mortgage Association, Series 2020-12, Class FL
5.885%, (US 30 Day Average SOFR plus 0.565%), 3/25/50		1,537,394		1,495

14

Select Bond Portfolio

Structured Products (49.9%)	Shares/ Par +		Value $ (000’s)
Mortgage Securities continued
Federal National Mortgage Association, Series 2020-34, Class F
5.885%, (US 30 Day Average SOFR plus 0.565%), 6/25/50		1,181,544		1,159
Federal National Mortgage Association, Series 2020-37, Class DA 1.500%, 6/25/50		1,223,607		1,051
Federal National Mortgage Association, Series 2020-45, Class JL 3.000%, 7/25/40		2,785,846		2,524
Federal National Mortgage Association, Series 2020-48, Class AB 2.000%, 7/25/50		1,249,104		1,018
Federal National Mortgage Association, Series 2020-48, Class DA 2.000%, 7/25/50		3,804,899		3,157
Federal National Mortgage Association, Series 2020-59, Class NC 3.000%, 8/25/40		1,815,226		1,644
Federal National Mortgage Association, Series 2021-22, Class MN 2.750%, 10/25/50		2,037,966		1,800
Federal National Mortgage Association, Series 2021-26, Class BD 1.750%, 5/25/51		1,121,227		967
Federal National Mortgage Association, Series 2021-27, Class EC 1.500%, 5/25/51		5,386,480		4,283
Federal National Mortgage Association, Series 2021-33, Class AV 2.500%, 3/25/48		834,648		614
Federal National Mortgage Association, Series 2021-42, Class AC 2.000%, 2/25/51		1,613,215		1,350
Federal National Mortgage Association, Series 2021-42, Class DC 2.000%, 11/25/50		3,914,215		3,258
Federal National Mortgage Association, Series 2021-73, Class A 2.500%, 11/25/49		2,136,637		1,848
Federal National Mortgage Association, Series 2021-73, Class DJ 2.000%, 3/25/49		2,223,429		1,857
Federal National Mortgage Association, Series 2021-76, Class KB 1.250%, 11/25/51		970,943		783
Federal National Mortgage Association, Series 2021-78, Class ND 1.500%, 11/25/51		3,016,907		2,418
Federal National Mortgage Association, Series 2021-86, Class MA 2.500%, 11/25/47		3,478,651		3,076
Federal National Mortgage Association, Series 2021-91, Class AB 2.500%, 9/25/49		2,061,170		1,788
Federal National Mortgage Association, Series 2021-95, Class MA 2.500%, 4/25/50		2,566,419		2,172
Federal National Mortgage Association, Series 2021-96, Class AH 2.500%, 3/25/49		2,250,935		1,922

Structured Products (49.9%)	Shares/ Par +		Value $ (000’s)
Mortgage Securities continued
Federal National Mortgage Association, Series 2022-11, Class D 3.000%, 1/25/50		2,248,425		2,023
Federal National Mortgage Association, Series 2022-18, Class DL 3.250%, 7/25/46		2,902,006		2,652
Federal National Mortgage Association, Series 2022-28, Class CA 2.000%, 1/25/48		1,981,846		1,777
Federal National Mortgage Association, Series 2022-3, Class N 2.000%, 10/25/47		5,961,633		5,148
Federal National Mortgage Association, Series 2022-4, Class MH 3.000%, 9/25/48		2,351,642		2,142
Federal National Mortgage Association, Series 2022-49, Class NQ 3.000%, 2/25/52		1,063,000		921
Federal National Mortgage Association, Series 2022-89, Class AY 3.000%, 2/25/48		2,263,000		1,873
Federal National Mortgage Association, Series 2022-9, Class DJ 3.250%, 3/25/49		1,612,653		1,471
Federal National Mortgage Association, Series 2023-14, Class EJ 2.750%, 4/25/49		2,009,386		1,825
Federal National Mortgage Association, Series 2023-37, Class FG
5.735%, (US 30 Day Average SOFR plus 0.415%), 8/25/50		5,612,229		5,467
Federal National Mortgage Association, Series 2023-37, Class FH
5.835%, (US 30 Day Average SOFR plus 0.515%), 1/25/50		3,457,034		3,390
Federal National Mortgage Association, Series 2023-38, Class FC
5.985%, (US 30 Day Average SOFR plus 0.665%), 6/25/40		2,227,518		2,209
Government National Mortgage Association
2.500%, 12/20/37		2,444,753		2,213
2.500%, 6/20/38		4,584,385		4,144
3.000%, 6/20/43		2,167,514		1,923
3.000%, 8/20/43		712,252		632
3.000%, 10/20/46		372,401		330
3.000%, 12/20/46		1,816,983		1,611
3.000%, 1/20/47		613,256		543
3.000%, 3/20/47		1,389,280		1,232
3.000%, 4/20/47		1,949,270		1,727
3.000%, 7/20/47		644,826		572
3.000%, 8/20/47		886,387		786
3.000%, 9/20/47		454,154		403
3.000%, 11/15/47		6,417,559		5,802
3.000%, 11/20/47		1,478,245		1,309
3.000%, 12/20/47		146,079		128
3.000%, 1/20/48		851,700		752
3.000%, 2/20/48		565,737		501
3.000%, 3/20/48		223,628		198
3.000%, 10/20/50		5,373,917		4,751
3.500%, 1/20/48		1,149,994		1,058
4.000%, 3/20/48		318,921		300

15

Select Bond Portfolio

Structured Products (49.9%)	Shares/ Par +		Value $ (000’s)
Mortgage Securities continued
4.000%, 4/20/48		1,067,027		1,003
4.500%, 8/15/47		204,670		200
4.500%, 2/20/49		1,356,230		1,286
6.000%, 1/20/53		8,959,789		9,103
Government National Mortgage Association TBA
6.500%, 4/18/54		21,600,000		21,960
6.500%, 5/15/54		5,300,000		5,383
Government National Mortgage Association, Series 2010-163, Class NC 4.000%, 12/20/40		1,754,416		1,701
Government National Mortgage Association, Series 2013-152, Class HA 2.500%, 6/20/43		1,892,623		1,699
Government National Mortgage Association, Series 2014-181, Class L 3.000%, 12/20/44		1,211,000		1,067
Government National Mortgage Association, Series 2015-144, Class CA 2.500%, 10/20/45		1,984,312		1,708
Government National Mortgage Association, Series 2015-161, Class GF
5.743%, (US SOFR 1 Month plus 0.415%), 11/20/45		1,078,746		1,054
Government National Mortgage Association, Series 2016-136, Class A 3.000%, 7/20/44		1,026,903		897
Government National Mortgage Association, Series 2016-93, Class AB 1.750%, 7/20/44		2,203,624		1,741
Government National Mortgage Association, Series 2017-139, Class GA 3.000%, 9/20/47		4,457,994		3,979
Government National Mortgage Association, Series 2017-167, Class BQ 2.500%, 8/20/44		1,132,178		1,026
Government National Mortgage Association, Series 2018-65, Class DC 3.500%, 5/20/48		1,482,000		1,321
Government National Mortgage Association, Series 2020-133, Class GA 1.000%, 9/20/50		2,328,941		1,944
Government National Mortgage Association, Series 2020-138, Class LE 1.500%, 9/20/50		5,359,303		4,207
Government National Mortgage Association, Series 2021-215, Class GA 2.000%, 12/20/51		1,219,864		1,032
Government National Mortgage Association, Series 2021-227, Class E 2.500%, 7/20/50		8,577,860		7,347
Government National Mortgage Association, Series 2021-27, Class BD 5.000%, 2/20/51		1,505,193		1,470
Government National Mortgage Association, Series 2021-27, Class CW 5.001%, 2/20/51		2,191,073		2,110
Government National Mortgage Association, Series 2021-27, Class NT 5.000%, 2/20/51		1,719,153		1,626

Structured Products (49.9%)	Shares/ Par +		Value $ (000’s)
Mortgage Securities continued
Government National Mortgage Association, Series 2021-27, Class Q 5.000%, 2/20/51		1,504,020		1,427
Government National Mortgage Association, Series 2021-8, Class CY 5.000%, 1/20/51		1,529,823		1,505
Government National Mortgage Association, Series 2022-107, Class C 2.500%, 6/20/51		7,073,115		5,777
Government National Mortgage Association, Series 2022-153, Class KA 4.000%, 12/20/49		1,967,117		1,883
Government National Mortgage Association, Series 2022-191, Class B 4.000%, 6/20/41		8,606,000		7,919
Government National Mortgage Association, Series 2022-191, Class BY 4.000%, 8/20/41		9,389,000		8,650
Government National Mortgage Association, Series 2022-197, Class LF
6.019%, (US 30 Day Average SOFR plus 0.700%), 11/20/52		6,448,229		6,390
Government National Mortgage Association, Series 2022-205, Class A 2.000%, 9/20/51		2,586,810		2,033
Government National Mortgage Association, Series 2022-31, Class GH 2.500%, 12/20/49		4,516,902		3,934
Government National Mortgage Association, Series 2022-34, Class DN 3.500%, 9/20/41		3,696,297		3,396
Government National Mortgage Association, Series 2022-5, Class BA 2.000%, 10/20/49		8,883,501		7,484
Government National Mortgage Association, Series 2022-50, Class CA 3.000%, 3/20/52		6,418,246		5,633
Government National Mortgage Association, Series 2022-50, Class DC 2.500%, 8/20/51		2,118,880		1,837
Government National Mortgage Association, Series 2022-66, Class CG 3.500%, 4/20/52		4,090,892		3,807
Government National Mortgage Association, Series 2022-84, Class A 2.500%, 1/20/52		13,365,049		11,029
GS Mortgage Securities Trust, Series 2015- GC32, Class A3 3.498%, 7/10/48		1,068,355		1,041
GS Mortgage Securities Trust, Series 2020- GSA2, Class A4 1.721%, 12/12/53		3,499,000		2,800
Impact Funding Affordable Multifamily Housing Mortgage Loan Trust, Series 2010-1, Class A1 5.314%, 1/25/51 144A		895,387		882
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A3 3.392%, 12/15/49		674,000		644

16

Select Bond Portfolio

Structured Products (49.9%)	Shares/ Par +		Value $ (000’s)
Mortgage Securities continued
JPMBB Commercial Mortgage Securities Trust, Series 2014-C23, Class A4 3.669%, 9/15/47		735,697		731
JPMBB Commercial Mortgage Securities Trust, Series 2015-C28, Class A3 2.912%, 10/15/48		3,340,808		3,276
JPMBB Commercial Mortgage Securities Trust, Series 2015-C30, Class A5 3.821%, 7/15/48		1,895,000		1,817
MED Trust, Series 2021-MDLN, Class A 6.389%, (US SOFR 1 Month plus 1.065%), 11/15/38 144A		4,312,304		4,302
MFRA Trust, Series 2021-NQM2, Class A1 1.029%, (AFC), 11/25/64 144A		826,659		711
Morgan Stanley Capital I Trust, Series 2020-HR8, Class A3 1.790%, 7/15/53		1,911,000		1,588
New Residential Mortgage Loan Trust, Series 2019-NQM4, Class A1 2.492%, (AFC), 9/25/59 144A		358,548		330
NewRez Warehouse Securitization Trust, Series 2021-1, Class A
6.194%, (US SOFR 1 Month plus 0.865%), 5/25/55 144A		2,104,267		2,105
Residential Funding Mortgage Securities I, Series 2003-S18, Class A1 4.500%, 10/25/25		2,120		1
Starwood Mortgage Residential Trust, Series 2020-1, Class A1 2.275%, (AFC), 2/25/50 144A		130,763		122
Starwood Mortgage Residential Trust, Series 2020-3, Class A1 1.486%, (AFC), 4/25/65 144A		555,936		524
Starwood Mortgage Residential Trust, Series 2020-INV1, Class A1 1.027%, (AFC), 11/25/55 144A		482,604		444
Starwood Mortgage Residential Trust, Series 2021-1, Class A1 1.219%, (AFC), 5/25/65 144A		683,372		596
Starwood Mortgage Residential Trust, Series 2021-4, Class A1 1.162%, (AFC), 8/25/56 144A		1,939,689		1,610
Uniform Mortgage Backed Security TBA
6.000%, 4/11/54		29,800,000		30,071
6.500%, 4/11/54		17,500,000		17,878
Verus Securitization Trust, Series 2019-4, Class A1 3.642%, (AFC), 11/25/59 144A ∑		535,442		518
Verus Securitization Trust, Series 2019-INV3, Class A1 3.692%, (AFC), 11/25/59 144A		226,053		219
Verus Securitization Trust, Series 2020-2, Class A1 2.226%, (AFC), 5/25/60 144A		192,766		190
Verus Securitization Trust, Series 2021-1, Class A1 0.815%, (AFC), 1/25/66 144A		864,768		754
Verus Securitization Trust, Series 2021-2, Class A1 1.031%, (AFC), 2/25/66 144A		1,673,824		1,443

Structured Products (49.9%)	Shares/ Par +		Value $ (000’s)
Mortgage Securities continued
Verus Securitization Trust, Series 2021-3, Class A1 1.046%, (AFC), 6/25/66 144A		1,363,753		1,131
Verus Securitization Trust, Series 2021-4, Class A1 0.938%, (AFC), 7/25/66 144A		1,770,972		1,398
Verus Securitization Trust, Series 2021-5, Class A1 1.013%, (AFC), 9/25/66 144A		4,461,228		3,704
Verus Securitization Trust, Series 2021-7, Class A1 1.829%, (AFC), 10/25/66 144A		1,983,788		1,716
Verus Securitization Trust, Series 2021-8, Class A1 1.824%, (AFC), 11/25/66 144A		1,938,454		1,658
Verus Securitization Trust, Series 2021-R1, Class A1 0.820%, (AFC), 10/25/63 144A		702,066		635
Verus Securitization Trust, Series 2021-R3, Class A1 1.020%, (AFC), 5/25/64 144A		802,219		712
Visio Trust, Series 2020-1R, Class A1 1.312%, 11/25/55 144A		527,467		489
Total				1,217,040
Total Structured Products (Cost: $1,483,719)				1,444,625
Total Investments (102.1%) (Cost: $3,041,969)@				2,955,268
Other Assets, Less Liabilities (-2.1%)				(59,742)
Net Assets (100.0%)				2,895,526

17

Select Bond Portfolio

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

144A Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2024 the value of these securities (in thousands) was $206,808 representing 7.2% of the net assets.

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

§ Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. At March 31, 2024, the aggregate value of these securities was $810 (in thousands), representing 0.0% of net assets.

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

@ At March 31, 2024, the aggregate cost of investments, including derivatives, for federal tax purposes (in thousands) was $3,041,969 and the net unrealized depreciation of investments based on that cost was $86,701 which is comprised of $19,975 aggregate gross unrealized appreciation and $106,676 aggregate gross unrealized depreciation. Because tax adjustments are calculated annually, these amounts do not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to the Financial Statements section in the Portfolio’s most recent annual report.

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

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

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

Level 3 - fair value is determined by significant unobservable inputs

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

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

		Valuation Inputs
Description		Level 1 - Quoted Prices			Level 2 - Other Significant  Observable Inputs			Level 3 - Significant  Unobservable  Inputs
		(Amounts in thousands)
Assets:
Municipal Bonds		$	—		$	8,744		$	—
Corporate Bonds			—			705,396			—
Governments			—			796,503			—
Structured Products			—			1,444,625			—
Total Assets:		$	—		$	2,955,268		$	—

18

Abbreviations (unaudited)

Abbreviations that may be used in the preceding statements

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

1