Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
1
/
December
2022
Issues
Maturity
Date
Principal
Amount
Value
BONDS
–
103.70%
ASSET-BACKED
SECURITIES
—
5.32%**
Aimco
CLO,
Series
2015-AA,
Class
BR2
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.60%)
5.68%
10/17/34
1,2,3
$
70,000
$
67,422
J.G.
Wentworth
XXX
LLC,
Series
2013-3A,
Class
A
4.08%
01/17/73
1
30,881
27,676
Madison
Park
Funding
XXXIX
Ltd.,
Series
2021-39A,
Class
B
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.65%)
5.97%
10/22/34
1,2,3
70,000
66,682
Octagon
Investment
Partners
46
Ltd.,
Series
2020-2A,
Class
AR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.16%)
5.24%
07/15/36
1,2,3
70,000
68,196
Skyline
Aircraft
Finance
LLC,
Series
2021-1,
Class
A
3.23%
05/10/37
4,5,6
35,913
31,833
SLM
Student
Loan
Trust,
Series
2008-2,
Class
B
(LIBOR
USD
3-Month
plus
1.20%)
5.56%
01/25/83
2
20,000
15,301
SLM
Student
Loan
Trust,
Series
2008-3,
Class
B
(LIBOR
USD
3-Month
plus
1.20%)
5.56%
04/26/83
2
20,000
18,436
SLM
Student
Loan
Trust,
Series
2008-5,
Class
B
(LIBOR
USD
3-Month
plus
1.85%)
6.21%
07/25/73
2
35,000
33,169
SLM
Student
Loan
Trust,
Series
2008-6,
Class
A4
(LIBOR
USD
3-Month
plus
1.10%)
5.46%
07/25/23
2
26,028
25,056
SLM
Student
Loan
Trust,
Series
2008-6,
Class
B
(LIBOR
USD
3-Month
plus
1.85%)
6.21%
07/26/83
2
20,000
18,230
SLM
Student
Loan
Trust,
Series
2008-7,
Class
B
(LIBOR
USD
3-Month
plus
1.85%)
6.21%
07/26/83
2
20,000
19,795
SLM
Student
Loan
Trust,
Series
2008-8,
Class
A4
(LIBOR
USD
3-Month
plus
1.50%)
5.86%
04/25/23
2
16,138
15,902
SLM
Student
Loan
Trust,
Series
2008-8,
Class
B
(LIBOR
USD
3-Month
plus
2.25%)
6.61%
10/25/75
2
30,000
28,657
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
SLM
Student
Loan
Trust,
Series
2008-9,
Class
A
(LIBOR
USD
3-Month
plus
1.50%)
5.86%
04/25/23
2
$
12,048
$
11,834
SLM
Student
Loan
Trust,
Series
2008-9,
Class
B
(LIBOR
USD
3-Month
plus
2.25%)
6.61%
10/25/83
2
15,000
15,006
Wachovia
Student
Loan
Trust,
Series
2006-1,
Class
A6
(LIBOR
USD
3-Month
plus
0.17%)
4.53%
04/25/40
1,2
26,740
25,542
Total
Asset-Backed
Securities
(Cost
$509,624)
488,737
CORPORATES
—
63.52%*
Banking
—
10.62%
Bank
of
America
Corp.
1.73%
07/22/27
6
50,000
43,847
2.30%
07/21/32
6
40,000
30,824
2.69%
04/22/32
6
35,000
28,049
Bank
of
America
Corp.
(MTN)
2.09%
06/14/29
6
175,000
147,303
Credit
Suisse
Group
AG
(Switzerland)
1.31%
02/02/27
1,3,6
45,000
35,885
3.09%
05/14/32
1,3,6
20,000
13,904
6.54%
08/12/33
1,3,6
35,000
30,803
9.02%
11/15/33
1,3,6
15,000
15,451
DNB
Bank
ASA
(Norway)
1.13%
09/16/26
1,3,6
15,000
13,258
Fifth
Third
Bancorp
2.55%
05/05/27
15,000
13,490
HSBC
Holdings
PLC
(United
Kingdom)
2.21%
08/17/29
3,6
95,000
76,897
JPMorgan
Chase
&
Co.
1.58%
04/22/27
6
240,000
211,422
Lloyds
Banking
Group
PLC
(United
Kingdom)
4.72%
08/11/26
3,6
30,000
29,343
Macquarie
Group
Ltd.
(Australia)
1.63%
09/23/27
1,3,6
45,000
38,203
NatWest
Group
PLC
(United
Kingdom)
4.27%
03/22/25
3,6
30,000
29,319
PNC
Financial
Services
Group,
Inc.
(The)
6.04%
10/28/33
6
10,000
10,463
Santander
UK
Group
Holdings
PLC
(United
Kingdom)
2.47%
01/11/28
3,6
15,000
12,842
Santander
UK
PLC
(United
Kingdom)
5.00%
11/07/23
1,3
35,000
35,121
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
2
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Banking
(continued)
Wells
Fargo
&
Co.
(MTN)
2.39%
06/02/28
6
$
170,000
$
150,297
4.90%
07/25/33
6
10,000
9,481
976,202
Communications
—
5.14%
AT&T,
Inc.
2.55%
12/01/33
89,000
68,661
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
2.30%
02/01/32
100,000
73,912
Comcast
Corp.
1.95%
01/15/31
10,000
8,079
Discovery
Communications
LLC
3.63%
05/15/30
35,000
28,937
Level
3
Financing,
Inc.
3.88%
11/15/29
1
30,000
23,728
Paramount
Global
4.20%
05/19/32
30,000
24,574
SES
SA
(Luxembourg)
3.60%
04/04/23
1,3
15,000
14,902
Sprint
Spectrum
Co.
LLC/Sprint
Spectrum
Co.
II
LLC/Sprint
Spectrum
Co.
III
LLC
4.74%
03/20/25
1
42,188
41,710
5.15%
03/20/28
1
60,000
59,195
Tencent
Holdings
Ltd.
(Cayman
Islands)
3.98%
04/11/29
1,3
30,000
27,642
T-Mobile
USA,
Inc.
2.55%
02/15/31
79,000
64,728
Verizon
Communications,
Inc.
2.36%
03/15/32
31,000
24,622
Walt
Disney
Co.
(The)
7.75%
01/20/24
12,000
12,382
473,072
Consumer
Discretionary
—
3.42%
Anheuser-Busch
InBev
Worldwide,
Inc.
3.50%
06/01/30
30,000
27,383
Bacardi
Ltd.
(Bermuda)
4.70%
05/15/28
1,3
10,000
9,566
Church
&
Dwight
Co.,
Inc.
5.60%
11/15/32
35,000
36,333
Clorox
Co.
(The)
1.80%
05/15/30
25,000
19,938
4.60%
05/01/32
5,000
4,812
Constellation
Brands,
Inc.
2.88%
05/01/30
30,000
25,606
Hyatt
Hotels
Corp.
1.80%
10/01/24
35,000
32,818
Imperial
Brands
Finance
PLC
(United
Kingdom)
4.25%
07/21/25
1,3
30,000
28,694
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Consumer
Discretionary
(continued)
Philip
Morris
International,
Inc.
5.75%
11/17/32
$
30,000
$
30,724
Reynolds
American,
Inc.
5.70%
08/15/35
50,000
45,261
WarnerMedia
Holdings,
Inc.
4.28%
03/15/32
1
65,000
53,628
314,763
Electric
—
4.64%
Alliant
Energy
Finance
LLC
1.40%
03/15/26
1
50,000
43,464
Ameren
Corp.
3.50%
01/15/31
75,000
66,520
Appalachian
Power
Co.,
Series
X
3.30%
06/01/27
20,000
18,754
Arizona
Public
Service
Co.
6.35%
12/15/32
15,000
15,800
Berkshire
Hathaway
Energy
Co.
1.65%
05/15/31
25,000
19,412
Black
Hills
Corp.
4.35%
05/01/33
36,000
31,882
Duke
Energy
Corp.
2.55%
06/15/31
35,000
28,604
EVERSOURCE
ENERGY
4.60%
07/01/27
15,000
14,818
ITC
Holdings
Corp.
4.95%
09/22/27
1
20,000
19,774
Jersey
Central
Power
&
Light
Co.
2.75%
03/01/32
1
35,000
28,203
Metropolitan
Edison
Co.
4.00%
04/15/25
1
25,000
23,925
Narragansett
Electric
Co.
(The)
3.40%
04/09/30
1
35,000
31,354
NextEra
Energy
Capital
Holdings,
Inc.
2.44%
01/15/32
17,000
13,734
Public
Service
Co.
of
New
Mexico
3.85%
08/01/25
40,000
38,255
Southwestern
Electric
Power
Co.,
Series
M
4.10%
09/15/28
15,000
14,259
Xcel
Energy,
Inc.
3.40%
06/01/30
20,000
17,889
426,647
Energy
—
2.82%
Aker
BP
ASA
(Netherlands)
3.10%
07/15/31
1,3
35,000
28,808
Energy
Transfer
LP
4.95%
06/15/28
45,000
43,600
Kinder
Morgan,
Inc.
5.30%
12/01/34
30,000
28,177
Petroleos
Mexicanos
(Mexico)
5.95%
01/28/31
3
30,000
22,812
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
3
/
December
2022
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Energy
(continued)
6.70%
02/16/32
3
$
13,000
$
10,237
Piedmont
Natural
Gas
Co.,
Inc.
2.50%
03/15/31
10,000
8,187
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.
4.65%
10/15/25
30,000
29,405
Rockies
Express
Pipeline
LLC
3.60%
05/15/25
1
20,000
18,916
4.95%
07/15/29
1
10,000
9,135
Ruby
Pipeline
LLC
8.00%
04/01/22
1,4,5,7,8
14,394
15,689
Southern
Co.
Gas
Capital
Corp.
5.15%
09/15/32
20,000
19,700
Southern
Natural
Gas
Co.
LLC
4.80%
03/15/47
1
30,000
24,383
259,049
Finance
—
7.71%
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
(Ireland)
3.00%
10/29/28
3
15,000
12,606
3.88%
01/23/28
3
16,000
14,316
Air
Lease
Corp.
3.63%
12/01/27
26,000
23,572
4.63%
10/01/28
15,000
14,064
Avolon
Holdings
Funding
Ltd.
(Cayman
Islands)
2.53%
11/18/27
1,3
21,000
16,816
2.75%
02/21/28
1,3
10,000
8,043
4.38%
05/01/26
1,3
5,000
4,569
Cboe
Global
Markets,
Inc.
3.00%
03/16/32
20,000
16,732
Citigroup,
Inc.
2.52%
11/03/32
6
90,000
70,023
2.56%
05/01/32
6
50,000
39,592
3.06%
01/25/33
6
25,000
20,225
Discover
Financial
Services
6.70%
11/29/32
25,000
25,455
Goldman
Sachs
Group,
Inc.
(The)
1.54%
09/10/27
6
90,000
77,790
2.65%
10/21/32
6
50,000
39,603
Intercontinental
Exchange,
Inc.
1.85%
09/15/32
25,000
18,841
JPMorgan
Chase
&
Co.
1.76%
11/19/31
6
100,000
76,032
Morgan
Stanley
2.48%
09/16/36
6
5,000
3,650
Morgan
Stanley
(GMTN)
1.51%
07/20/27
6
35,000
30,432
Morgan
Stanley
(MTN)
1.93%
04/28/32
6
135,000
101,687
2.51%
10/20/32
6
5,000
3,911
Nationwide
Building
Society
(United
Kingdom)
1.50%
10/13/26
1,3
25,000
21,579
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Finance
(continued)
ORIX
Corp.
(Japan)
4.00%
04/13/32
3
$
25,000
$
22,187
5.00%
09/13/27
3
10,000
9,993
Pipeline
Funding
Co.
LLC
7.50%
01/15/30
1
17,324
17,505
Raymond
James
Financial,
Inc.
4.65%
04/01/30
20,000
19,294
708,517
Food
—
1.68%
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
(Canada)
3.75%
12/01/31
1,3
32,000
26,133
Kraft
Heinz
Foods
Co.
5.00%
07/15/35
28,000
26,959
Mondelez
International,
Inc.
3.00%
03/17/32
30,000
25,623
Pilgrim's
Pride
Corp.
3.50%
03/01/32
1
60,000
46,961
Smithfield
Foods,
Inc.
2.63%
09/13/31
1
40,000
28,753
154,429
Health
Care
—
8.70%
AbbVie,
Inc.
4.50%
05/14/35
40,000
37,196
Alcon
Finance
Corp.
2.75%
09/23/26
1
40,000
36,665
Ascension
Health,
Series
B
2.53%
11/15/29
20,000
17,186
Banner
Health
2.34%
01/01/30
10,000
8,431
Barnabas
Health,
Inc.,
Series
2012
4.00%
07/01/28
15,000
14,072
Baxter
International,
Inc.
3.95%
04/01/30
10,000
9,128
Bayer
U.S.
Finance
II
LLC
4.38%
12/15/28
1
45,000
42,333
Becton
Dickinson
and
Co.
3.70%
06/06/27
20,000
18,928
Centene
Corp.
3.00%
10/15/30
50,000
41,100
Cigna
Corp.
2.40%
03/15/30
35,000
29,399
CommonSpirit
Health
2.78%
10/01/30
20,000
16,467
3.35%
10/01/29
50,000
43,450
CVS
Health
Corp.
3.25%
08/15/29
50,000
44,839
DENTSPLY
SIRONA,
Inc.
3.25%
06/01/30
35,000
29,133
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
4
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Health
Care
(continued)
Elanco
Animal
Health,
Inc.
6.40%
08/28/28
$
15,000
$
14,348
Elevance
Health,
Inc.
5.50%
10/15/32
20,000
20,501
Fresenius
Medical
Care
U.S.
Finance
III,
Inc.
1.88%
12/01/26
1
20,000
16,957
HCA,
Inc.
3.63%
03/15/32
1
10,000
8,468
4.13%
06/15/29
65,000
59,477
Humana,
Inc.
3.70%
03/23/29
10,000
9,150
5.88%
03/01/33
25,000
25,922
Illumina,
Inc.
2.55%
03/23/31
25,000
20,077
5.75%
12/13/27
15,000
15,216
Molina
Healthcare,
Inc.
3.88%
11/15/30
1
30,000
25,650
PerkinElmer,
Inc.
2.55%
03/15/31
35,000
28,324
Premier
Health
Partners,
Series
G
2.91%
11/15/26
15,000
13,228
Providence
St.
Joseph
Health
Obligated
Group,
Series
H
2.75%
10/01/26
20,000
18,768
Regeneron
Pharmaceuticals,
Inc.
1.75%
09/15/30
20,000
15,509
Royalty
Pharma
PLC
(United
Kingdom)
1.75%
09/02/27
3
25,000
21,248
Smith
&
Nephew
PLC
(United
Kingdom)
2.03%
10/14/30
3
30,000
23,521
STERIS
Irish
FinCo
UnLtd
Co.
(Ireland)
2.70%
03/15/31
3
30,000
24,370
Universal
Health
Services,
Inc.
1.65%
09/01/26
1
35,000
30,194
Zoetis,
Inc.
5.60%
11/16/32
20,000
20,769
800,024
Industrials
—
1.93%
Amcor
Finance
USA,
Inc.
3.63%
04/28/26
25,000
23,720
BAE
Systems
Holdings,
Inc.
3.80%
10/07/24
1
15,000
14,642
3.85%
12/15/25
1
10,000
9,652
Berry
Global,
Inc.
1.57%
01/15/26
20,000
17,871
1.65%
01/15/27
20,000
17,133
Boeing
Co.
(The)
4.88%
05/01/25
15,000
14,888
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Industrials
(continued)
General
Electric
Co.
(MTN)
(LIBOR
USD
3-Month
plus
0.38%)
4.91%
05/05/26
2
$
10,000
$
9,714
Sealed
Air
Corp.
1.57%
10/15/26
1
30,000
25,965
Sonoco
Products
Co.
3.13%
05/01/30
25,000
21,537
Sydney
Airport
Finance
Co.
Pty
Ltd.
(Australia)
3.63%
04/28/26
1,3
15,000
14,043
WRKCo,
Inc.
3.00%
06/15/33
10,000
8,000
177,165
Information
Technology
—
2.28%
Amazon.com,
Inc.
3.60%
04/13/32
10,000
9,182
Broadcom,
Inc.
2.60%
02/15/33
1
10,000
7,510
3.42%
04/15/33
1
35,000
28,147
Fidelity
National
Information
Services,
Inc.
5.10%
07/15/32
25,000
24,139
Fiserv,
Inc.
2.65%
06/01/30
20,000
16,859
Micron
Technology,
Inc.
2.70%
04/15/32
15,000
11,267
Netflix,
Inc.
3.63%
06/15/25
1
20,000
19,181
Open
Text
Corp.
(Canada)
6.90%
12/01/27
1,3
17,000
17,170
Oracle
Corp.
2.88%
03/25/31
70,000
58,120
6.25%
11/09/32
5,000
5,254
Take-Two
Interactive
Software,
Inc.
4.00%
04/14/32
15,000
13,303
210,132
Insurance
—
4.43%
Aon
Corp.
2.80%
05/15/30
25,000
21,371
Aon
Corp./Aon
Global
Holdings
PLC
2.60%
12/02/31
10,000
8,177
Athene
Global
Funding
1.61%
06/29/26
1
5,000
4,322
(SOFR
Index
plus
0.70%)
4.90%
05/24/24
1,2
30,000
29,474
Berkshire
Hathaway
Finance
Corp.
2.88%
03/15/32
5,000
4,341
Brown
&
Brown,
Inc.
2.38%
03/15/31
35,000
26,711
Equitable
Financial
Life
Global
Funding
1.30%
07/12/26
1
25,000
21,668
Farmers
Exchange
Capital
7.05%
07/15/28
1
5,000
5,140
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
5
/
December
2022
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Insurance
(continued)
Farmers
Insurance
Exchange
4.75%
11/01/57
1,6
$
45,000
$
36,244
Marsh
&
McLennan
Cos.,
Inc.
2.25%
11/15/30
30,000
24,632
Metropolitan
Life
Global
Funding
I
2.95%
04/09/30
1
15,000
13,047
MMI
Capital
Trust
I,
Series
B
7.63%
12/15/27
50,000
53,878
Nationwide
Mutual
Insurance
Co.
7.06%
12/15/24
1,6
50,000
49,882
New
York
Life
Insurance
Co.
5.88%
05/15/33
1
25,000
25,882
Progressive
Corp.
(The)
3.20%
03/26/30
10,000
9,005
Teachers
Insurance
&
Annuity
Association
of
America
4.38%
09/15/54
1,6
55,000
52,768
Willis
North
America,
Inc.
2.95%
09/15/29
25,000
21,068
407,610
Materials
—
0.44%
Georgia-Pacific
LLC
2.30%
04/30/30
1
20,000
16,635
International
Flavors
&
Fragrances,
Inc.
2.30%
11/01/30
1
30,000
23,870
40,505
Real
Estate
Investment
Trust
(REIT)
—
6.70%
American
Assets
Trust
LP
3.38%
02/01/31
25,000
19,847
American
Homes
4
Rent
LP
2.38%
07/15/31
30,000
23,126
American
Tower
Corp.
2.90%
01/15/30
15,000
12,732
Crown
Castle,
Inc.
3.30%
07/01/30
25,000
21,929
CubeSmart
LP
4.38%
02/15/29
15,000
13,866
Equinix,
Inc.
3.90%
04/15/32
25,000
22,177
Essex
Portfolio
LP
2.65%
03/15/32
10,000
7,926
Extra
Space
Storage
LP
2.35%
03/15/32
10,000
7,592
3.90%
04/01/29
25,000
22,481
GLP
Capital
LP/GLP
Financing
II,
Inc.
3.25%
01/15/32
4,000
3,214
4.00%
01/15/30
20,000
17,525
5.30%
01/15/29
20,000
19,094
Healthcare
Reality
Holdings
LP
2.00%
03/15/31
50,000
37,967
3.10%
02/15/30
15,000
12,623
Healthcare
Realty
Holdings
LP
3.88%
05/01/25
4,000
3,823
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Real
Estate
Investment
Trust
(REIT)
(continued)
Hudson
Pacific
Properties
LP
3.95%
11/01/27
$
75,000
$
63,923
Invitation
Homes
Operating
Partnership
LP
2.30%
11/15/28
45,000
37,287
Kilroy
Realty
LP
2.50%
11/15/32
40,000
28,549
3.05%
02/15/30
5,000
4,011
Life
Storage
LP
2.20%
10/15/30
40,000
31,174
LXP
Industrial
Trust
2.38%
10/01/31
25,000
18,997
2.70%
09/15/30
25,000
19,975
Mid-America
Apartments
LP
1.70%
02/15/31
20,000
15,671
Physicians
Realty
LP
2.63%
11/01/31
5,000
3,915
4.30%
03/15/27
16,000
15,123
Piedmont
Operating
Partnership
LP
2.75%
04/01/32
35,000
24,541
Rexford
Industrial
Realty
LP
2.13%
12/01/30
5,000
3,903
UDR,
Inc.
(MTN)
4.40%
01/26/29
10,000
9,369
Ventas
Realty
LP
4.13%
01/15/26
10,000
9,711
VICI
Properties
LP
5.13%
05/15/32
25,000
23,209
VICI
Properties
LP/VICI
Note
Co.,
Inc.
4.63%
06/15/25
1
50,000
47,974
Weyerhaeuser
Co.
3.38%
03/09/33
15,000
12,579
615,833
Retail
—
0.51%
Alimentation
Couche-Tard,
Inc.
(Canada)
2.95%
01/25/30
1,3
35,000
29,698
Starbucks
Corp.
2.55%
11/15/30
20,000
16,838
46,536
Services
—
1.17%
Global
Payments,
Inc.
5.30%
08/15/29
15,000
14,574
Moody's
Corp.
4.25%
08/08/32
30,000
28,129
Northwestern
University
3.69%
12/01/38
20,000
17,631
RELX
Capital,
Inc.
3.00%
05/22/30
30,000
25,614
Republic
Services,
Inc.
2.90%
07/01/26
5,000
4,664
S&P
Global,
Inc.
2.90%
03/01/32
1
10,000
8,542
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
6
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Services
(continued)
Waste
Connections,
Inc.
(Canada)
2.60%
02/01/30
3
$
10,000
$
8,550
107,704
Transportation
—
1.33%
Delta
Air
Lines
Pass-Through
Trust,
Series
2020-1,
Class
AA
2.00%
06/10/28
21,263
18,237
JetBlue
Airways
Pass-Through
Trust,
Series
2019-1,
Class
AA
2.75%
05/15/32
28,574
23,557
Norfolk
Southern
Corp.
3.00%
03/15/32
15,000
12,857
U.S.
Airways
Pass-Through
Trust,
Series
2010-1,
Class
A
6.25%
04/22/23
2,576
2,570
U.S.
Airways
Pass-Through
Trust,
Series
2011-1,
Class
A
7.13%
10/22/23
14,427
14,528
U.S.
Airways
Pass-Through
Trust,
Series
2012-1,
Class
A
5.90%
10/01/24
35,633
34,354
Union
Pacific
Corp.
2.89%
04/06/36
20,000
15,912
122,015
Total
Corporates
(Cost
$6,729,188)
5,840,203
MORTGAGE-BACKED
—
19.95%**
Non-Agency
Commercial
Mortgage-Backed
—
3.74%
Citigroup
Commercial
Mortgage
Trust,
Series
2013-GC11,
Class
XA
(IO)
1.26%
04/10/46
6
2,042,937
1,755
Citigroup
Commercial
Mortgage
Trust,
Series
2013-GC15,
Class
XA
(IO)
0.79%
09/10/46
6
6,994,843
17,911
Citigroup
Commercial
Mortgage
Trust,
Series
2014-GC25,
Class
XA
(IO)
0.95%
10/10/47
6
561,453
6,942
Commercial
Mortgage
Trust,
Series
2013-CR9,
Class
XA
(IO)
0.03%
07/10/45
6
10,769,773
310
Commercial
Mortgage
Trust,
Series
2014-CR19,
Class
XA
(IO)
0.93%
08/10/47
6
574,686
6,280
Commercial
Mortgage
Trust,
Series
2014-UBS2,
Class
XA
(IO)
1.06%
03/10/47
6
786,530
6,036
Commercial
Mortgage
Trust,
Series
2014-UBS3,
Class
XA
(IO)
1.06%
06/10/47
6
1,758,505
17,452
Commercial
Mortgage
Trust,
Series
2014-UBS5,
Class
XA
(IO)
0.83%
09/10/47
4,5,6
1,996,288
21,360
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
CSMC
Trust,
Series
2016-NXSR,
Class
XA
(IO)
0.71%
12/15/49
6
$
315,579
$
6,481
GS
Mortgage
Securities
Corp.
Trust,
Series
2020-UPTN,
Class
XA
(IO)
0.35%
02/10/37
1,6
375,000
2,429
GS
Mortgage
Securities
Trust,
Series
2010-C1,
Class
X
(IO)
0.46%
08/10/43
1,6
2,444,287
4,115
GS
Mortgage
Securities
Trust,
Series
2011-GC5,
Class
XA
(IO)
0.00%
08/10/44
1,6
238,430
1
GS
Mortgage
Securities
Trust,
Series
2013-GC14,
Class
XA
(IO)
0.51%
08/10/46
6
4,343,661
6,140
GS
Mortgage
Securities
Trust,
Series
2014-GC20,
Class
XA
(IO)
1.01%
04/10/47
6
2,265,142
18,473
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2014-C22,
Class
XA
(IO)
0.80%
09/15/47
6
1,802,371
16,909
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2014-C25,
Class
XA
(IO)
0.81%
11/15/47
6
1,410,444
16,684
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2010-C2,
Class
XB
(IO)
1.46%
11/15/43
1,6
597,694
7,204
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2014-C19,
Class
XA
(IO)
0.95%
12/15/47
6
1,779,929
23,698
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C22,
Class
XA
(IO)
1.00%
04/15/48
6
659,524
10,204
UBS-Barclays
Commercial
Mortgage
Trust,
Series
2012-C3,
Class
XB
(IO)
0.17%
08/10/49
1,4,5,6
307,584
82
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2014-LC16,
Class
XA
(IO)
1.08%
08/15/50
6
294,937
3,135
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2014-LC18,
Class
XA
(IO)
1.01%
12/15/47
6
4,356,950
71,079
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-NXS2,
Class
XA
(IO)
0.61%
07/15/58
6
2,070,615
24,221
WF-RBS
Commercial
Mortgage
Trust,
Series
2014-C19,
Class
XA
(IO)
0.96%
03/15/47
6
5,757,830
44,326
WF-RBS
Commercial
Mortgage
Trust,
Series
2014-LC14,
Class
XA
(IO)
1.24%
03/15/47
6
1,204,187
10,294
343,521
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
7
/
December
2022
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
—
4.12%
Ameriquest
Mortgage
Securities,
Inc.,
Asset-Backed
Pass-
Through
Certificates,
Series
2005-R11,
Class
M3
(LIBOR
USD
1-Month
plus
0.75%)
5.14%
01/25/36
2
$
100,000
$
95,350
Banc
of
America
Funding
Trust,
Series
2014-R7,
Class
2A1
(LIBOR
USD
1-Month
plus
0.14%)
4.53%
09/26/36
1,2
7,022
7,038
Bear
Stearns
ARM
Trust,
Series
2004-1,
Class
12A5
3.08%
04/25/34
6
6,718
6,188
Bombardier
Capital
Mortgage
Securitization
Corp.,
Series
2000-A,
Class
A2
7.58%
06/15/30
6
19,426
2,822
CIM
Trust,
Series
2021-R4,
Class
A1A
2.00%
05/01/61
1,6
68,734
59,772
CIT
Mortgage
Loan
Trust,
Series
2007-1,
Class
1A
(LIBOR
USD
1-Month
plus
1.35%)
5.74%
10/25/37
1,2
2,163
2,153
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
2005-OPT1,
Class
M1
(LIBOR
USD
1-Month
plus
0.63%)
5.02%
02/25/35
2
37,910
35,030
Countrywide
Asset-Backed
Certificates
Trust,
Series
2007-13,
Class
2A1
(LIBOR
USD
1-Month
plus
0.90%)
5.29%
10/25/47
2
18,970
17,724
GSR
Mortgage
Loan
Trust,
Series
2005-AR6,
Class
2A1
3.77%
09/25/35
6
9,767
9,173
HSI
Asset
Securitization
Corp.
Trust,
Series
2007-WF1,
Class
1A1
(LIBOR
USD
1-Month
plus
0.32%)
4.71%
05/25/37
2
9,451
9,394
IndyMac
Index
Mortgage
Loan
Trust,
Series
2007-FLX3,
Class
A1
(LIBOR
USD
1-Month
plus
0.48%)
4.87%
06/25/37
2
71,021
61,881
JPMorgan
Mortgage
Trust,
Series
2005-A3,
Class
2A1
2.86%
06/25/35
6
946
942
Long
Beach
Mortgage
Loan
Trust,
Series
2006-1,
Class
1A
(LIBOR
USD
1-Month
plus
0.44%)
4.83%
02/25/36
2
3,934
3,798
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2004-5AR,
Class
3A1
3.80%
07/25/34
6
10,820
10,102
Saxon
Asset
Securities
Trust,
Series
2007-2,
Class
A2A
(LIBOR
USD
1-Month
plus
0.10%)
4.49%
05/25/47
2
65,008
46,271
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2004-AR1,
Class
1A2
(LIBOR
USD
1-Month
plus
0.70%)
5.04%
03/19/34
2
$
1,447
$
1,376
Wells
Fargo
Home
Equity
Trust
Mortgage
Pass-Through
Certificates,
Series
2004-1,
Class
2A1
(LIBOR
USD
1-Month
plus
0.60%)
4.99%
04/25/34
2
10,693
10,171
379,185
U.S.
Agency
Commercial
Mortgage-Backed
—
0.40%
Fannie
Mae-Aces,
Series
2016-M2,
Class
X3
(IO)
2.09%
04/25/36
6
66,979
606
Fannie
Mae-Aces,
Series
2016-M4,
Class
X2
(IO)
2.67%
01/25/39
6
305,325
4,819
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K049,
Class
X3
(IO)
1.55%
10/25/43
6
250,000
8,851
Ginnie
Mae,
Series
2012-112,
Class
IO
(IO)
0.14%
02/16/53
6
2,150,802
6,378
Ginnie
Mae,
Series
2013-1,
Class
IO
(IO)
0.58%
02/16/54
6
496,353
5,600
Ginnie
Mae,
Series
2013-125,
Class
IO
(IO)
0.20%
10/16/54
6
794,546
10,494
36,748
U.S.
Agency
Mortgage-Backed
—
11.69%
Fannie
Mae
REMICS,
Series
2011-116,
Class
SA
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.00%,
6.00%
Cap)
1.61%
11/25/41
2
70,342
4,873
Fannie
Mae
REMICS,
Series
2012-128,
Class
UA
2.50%
06/25/42
18,228
15,902
Fannie
Mae
REMICS,
Series
2013-5,
Class
GF
(LIBOR
USD
1-Month
plus
1.10%)
5.00%
10/25/42
2
31,304
29,058
Freddie
Mac
Pool
SD8189
2.50%
01/01/52
46,679
39,696
Freddie
Mac
Pool
SD8199
2.00%
03/01/52
47,940
39,024
Freddie
Mac
REMICS,
Series
4064,
Class
TB
3.50%
06/15/42
98,618
90,461
Freddie
Mac
Strips,
Series
240,
Class
IO
(IO)
5.50%
07/15/36
151,786
32,106
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
8
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Mortgage-Backed
(continued)
Ginnie
Mae,
Series
2003-110,
Class
S
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.60%,
6.60%
Cap)
2.25%
10/20/33
2
$
187,742
$
14,745
Ginnie
Mae,
Series
2018-124,
Class
NW
3.50%
09/20/48
23,323
21,985
Ginnie
Mae,
Series
2018-154,
Class
BP
3.50%
11/20/48
2,407
2,259
Ginnie
Mae,
Series
2019-15,
Class
GT
3.50%
02/20/49
20,197
18,605
UMBS
(TBA)
2.50%
01/01/53
100,000
84,617
4.00%
01/01/53
50,000
46,884
4.50%
01/01/53
275,000
264,804
5.00%
01/01/53
375,000
369,507
1,074,526
Total
Mortgage-Backed
(Cost
$3,160,663)
1,833,980
MUNICIPAL
BONDS
—
4.96%*
California
—
0.76%
Los
Angeles
Unified
School
District
General
Obligation
Bonds,
School
Improvements,
Series
RY
6.76%
07/01/34
10,000
11,203
Regents
of
the
University
of
California
Medical
Center
Pooled
Revenue
Bonds,
Health,
Hospital
and
Nursing
Home
Improvements,
Series
N
3.01%
05/15/50
10,000
6,618
San
Francisco
City
&
County
Airport
Commercial-San
Francisco
International
Airport
Revenue
Bonds,
Series
C
3.05%
05/01/34
20,000
16,085
Santa
Clara
Valley
Transportation
Authority
Revenue
Bonds,
Transit
Improvements
5.88%
04/01/32
20,000
20,618
Santa
Monica
Community
College
District
General
Obligation
Bonds
2.05%
08/01/33
20,000
15,085
69,609
Florida
—
0.14%
County
of
Miami-Dade
Aviation
Revenue
Bonds,
Airport
and
Marina
Improvements,
Series
D
3.50%
10/01/31
15,000
13,131
Maryland
—
0.12%
City
of
Baltimore
Revenue
Bonds,
Series
B
2.13%
07/01/33
15,000
11,165
Massachusetts
—
0.25%
Massachusetts
School
Building
Authority
Revenue
Bonds,
Series
A
2.50%
02/15/37
15,000
10,676
Issues
Maturity
Date
Principal
Amount
Value
MUNICIPAL
BONDS
(continued)
Massachusetts
(continued)
Massachusetts
School
Building
Authority
Revenue
Bonds,
Series
B
2.97%
10/15/32
$
15,000
$
12,384
23,060
Michigan
—
0.25%
University
of
Michigan
Revenue
Bonds,
Series
C
3.44%
04/01/31
25,000
22,708
New
York
—
3.44%
City
of
New
York
General
Obligation
Bonds,
Series
D
1.92%
08/01/31
30,000
23,238
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
Bonds,
Public
Improvements
3.73%
08/01/29
5,000
4,585
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
Bonds,
Public
Improvements,
Series
D
2.50%
11/01/33
50,000
39,221
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
Bonds,
Public
Improvements,
Series
E
1.97%
02/01/33
100,000
74,260
New
York
State
Dormitory
Authority
Revenue
Bonds,
School
Improvements,
Series
F
2.96%
02/15/32
25,000
20,697
New
York
State
Dormitory
Authority
Revenue
Bonds,
Series
C
1.95%
03/15/29
75,000
61,332
New
York
State
Dormitory
Authority
Revenue
Bonds,
University
&
College
Improvements
5.29%
03/15/33
50,000
50,546
New
York
State
Urban
Development
Corp.
Revenue
Bonds,
Economic
Improvements,
Series
B
2.97%
03/15/34
15,000
12,175
New
York
State
Urban
Development
Corp.
Revenue
Bonds,
Economic
Improvements,
Series
F
2.00%
03/15/33
15,000
11,251
New
York
State
Urban
Development
Corp.
Revenue
Bonds,
Transit
Improvements,
Series
B
2.59%
03/15/35
25,000
19,055
316,360
Total
Municipal
Bonds
(Cost
$575,787)
456,033
U.S.
TREASURY
SECURITIES
—
9.95%
U.S.
Treasury
Bonds
—
0.17%
U.S.
Treasury
Bonds
4.00%
11/15/52
4,000
4,023
U.S.
Treasury
Bonds
-
Treasury
Inflation
Indexed
Bonds
0.63%
07/15/32
9
12,307
11,275
15,298
U.S.
Treasury
Notes
—
9.78%
U.S.
Treasury
Notes
3.88%
11/30/27
172,000
171,068
3.88%
12/31/27
123,000
122,299
4.13%
10/31/27
1,000
1,004
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
9
/
December
2022
Issues
Maturity
Date
Principal
Amount
Value
U.S.
TREASURY
SECURITIES
(continued)
U.S.
Treasury
Notes
(continued)
4.13%
11/15/32
$
229,000
$
233,598
4.25%
12/31/24
113,000
112,631
4.50%
11/30/24
259,000
259,051
899,651
Total
U.S.
Treasury
Securities
(Cost
$922,469)
914,949
Total
Bonds
—
103.70%
(Cost
$11,897,731)
9,533,902
Issues
Maturity
Date
Principal
Amount
/
Shares
Value
SHORT-TERM
INVESTMENTS
—
4.36%
Money
Market
Funds
—
4.36%
Dreyfus
Government
Cash
Management
Fund
4.19%
10
316,500
316,500
Fidelity
Investments
Money
Market
Funds
-
Government
Portfolio
4.06%
10
19,735
19,735
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
4.12%
10
65,000
65,000
Total
Short-Term
Investments
(Cost
$401,235)
401,235
Total
Investments
-
108.06%
(Cost
$12,298,966)
9,935,137
Liabilities
in
Excess
of
Other
Assets
-
(8.06)%
(741,043)
Net
Assets
-
100.00%
$
9,194,094
1
Securities
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
The
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
2
Floating
rate
security.
The
rate
disclosed
was
in
effect
at
December
31,
2022.
3
Foreign
denominated
security
issued
by
foreign
domiciled
entity.
4
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
5
Illiquid
security
as
determined
under
procedures
approved
by
the
Board
of
Trustees.
The
aggregate
value
of
illiquid
securities
is
$68,964,
which
is
0.75%
of
total
net
assets.
6
Variable
rate
security.
Interest
rate
disclosed
is
as
of
the
most
recent
information
available.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
7
Non-income producing
security.
8
Security
is
currently
in
default
with
regard
to
scheduled
interest
or
principal
payments.
9
Inflation
protected
security.
Principal
amount
reflects
original
security
face
amount.
10
Represents
the
current
yield
as
of
December
31,
2022.
*
Securities
with
a
call
or
reset
feature
will
have
an
effective
maturity
date
sooner
than
the
stated
maturity.
**
Securities
backed
by
mortgage
or
consumer
loans
where
payment
is
periodically
made
will
have
an
effective
maturity
date
sooner
than
the
stated
maturity
date.
Note:
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
for
more
meaningful
presentation
for
investors.
(CLO):
Collateralized
Loan
Obligation
(GMTN):
Global
Medium-Term
Note
(IO):
Interest
Only
(LIBOR):
London
InterBank
Offer
Rate
(MTN):
Medium-Term
Note
(S&P):
Standard
&
Poor’s
(SOFR):
Secured
Overnight
Financing
Rate
(TBA):
To-Be-Announced
(USD):
U.S.
Dollar
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
10
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
FUTURES
CONTRACTS:
LONG
POSITIONS
U.S.
Treasury
Two-Year
Note
10
03/31/23
$
2,050,781
$
2,388
$
2,388
U.S.
Treasury
Five-Year
Note
7
03/31/23
755,508
(545)
(545)
2,806,289
1,843
1,843
FUTURES
CONTRACTS:
SHORT
POSITIONS
U.S.
Treasury
Ten-Year
Ultra
Bond
12
03/22/23
(1,419,375)
3,875
3,875
U.S.
Treasury
Ultra
Bond
1
03/22/23
(134,313)
(281)
(281)
(1,553,688)
3,594
3,594
TOTAL
FUTURES
CONTRACTS
$
1,252,601
$
5,437
$
5,437
Received
by
the
Fund
Paid
by
the
Fund
Description
Maturity
Date
Rate
Frequency
Rate
Frequency
Notional
Amount
(000's)
Value
Premiums
Paid
Unrealized
Appreciation
(Depreciation)
SWAPS:
INTEREST
RATE
Interest
Rate
Swap
1
07/24/53
3-month
USD
LIBOR
Quarterly
1.77%
Semi-annually
$
40
$
12,210
$
—
$
12,210
Interest
Rate
Swap
1
07/24/53
3-month
USD
LIBOR
Quarterly
1.79%
Semi-annually
25
7,574
—
7,574
Interest
Rate
Swap
1
07/24/53
3-month
USD
LIBOR
Quarterly
1.81%
Semi-annually
20
5,977
—
5,977
Interest
Rate
Swap
1
07/24/25
1.03%
Semi-annually
3-month
USD
LIBOR
Quarterly
470
(28,597)
—
(28,597)
Interest
Rate
Swap
1
07/24/25
1.03%
Semi-annually
3-month
USD
LIBOR
Quarterly
340
(20,637)
—
(20,637)
Interest
Rate
Swap
1
07/24/25
1.07%
Semi-annually
3-month
USD
LIBOR
Quarterly
235
(14,095)
—
(14,095)
Interest
Rate
Swap
1
06/10/24
1.95%
Annual
3-month
USD
LIBOR
Annual
660
(28,417)
—
(28,417)
TOTAL
SWAPS
CONTRACTS
$
1,790
$
(65,985)
$
—
$
(65,985)
1
Centrally
cleared.
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
11
/
December
2022
SIGNIFICANT
ACCOUNTING
POLICIES
The
following
is
a
summary
of
significant
accounting
policies
consistently
followed
by
the
Fund:
Net
Asset
Value
The
Net
Asset
Value
(“NAV”)
of
each
class
of
the
Fund
is
determined
by
dividing
the
net
assets
attributable
to
each
class
of
shares
of
the
Fund
by
the
number
of
issued
and
outstanding
shares
of
the
class
of
the
Fund
on
each
business
day
as
of
4
p.m.
ET.
Security
Valuation
Pursuant
to
Rule
2a-5
under
the
1940
Act,
the
Board
of
Trustees
(the
"Board"
or
the
"Board
of
Trustees")
has
designated
the
Adviser
as
the
"valuation
designee"
with
respect
to
the
fair
valuation
of
the
Fund's
portfolio
securities,
subject
to
oversight
by
and
periodic
reporting
to
the
Board. Fixed
income
securities
for
which
market
quotations
are
readily
available were
valued
during
the
period at
prices
as
provided
by
independent
pricing
vendors
or
broker
quotes.
The
Fund
received
pricing
information
from
independent
pricing
vendors
selected
and
overseen
by
the
valuation
designee.
Securities
with
a
demand
feature
exercisable
within
one
to
seven
days
are
valued
at
par.
The
Fund
also
uses
a
benchmark
pricing
system
to
the
extent
vendors’
prices
for
their
securities
are
either
inaccurate
(such
as
when
the
reported
prices
are
different
from
recent
known
market
transactions)
or
are
not
available
from
another
pricing
source.
For
a
security
priced
using
this
system,
the
Adviser
initially
selects
a
proxy
composed
of
a
relevant
security
(e.g.,
U.S.
Treasury
Note)
or
benchmark
(e.g.,
LIBOR)
and
a
multiplier,
divisor
or
margin
that
the
Adviser
believes
would
together
best
reflect
changes
in
the
market
value
of
the
security.
The
value
of
the
security
changes
daily
based
on
changes
to
the
market
price
of
the
assigned
benchmark.
The
benchmark
pricing
system
is
continuously
reviewed
by
the
Adviser
and
implemented
according
to
the
pricing
policy
reviewed
by
the
Board.
S&P
500
Index
futures
contracts
are
valued
at
the
first
sale
price
after
4
p.m.
ET
on
the
Chicago
Mercantile
Exchange.
All
other
futures
contracts
are
valued
at
the
official
settlement
price
of
the
exchange
on
which
those
securities
are
traded.
Equity
securities,
including
depository
receipts,
are
valued
at
the
last
reported
sale
price
or
the
market’s
closing
price
on
the
exchange
or
market
on
which
such
securities
are
traded,
as
of
the
close
of
business
on
the
day
the
securities
are
being
valued
or,
lacking
any
sales,
at
the
average
of
the
bid
and
ask
prices.
In
cases
where
equity
securities
are
traded
on
more
than
one
exchange,
the
securities
are
valued
on
the
exchange
or
market
determined
by
the
Adviser
to
be
the
broadest
and
most
representative
market,
which
may
be
either
a
securities
exchange
or
the
over-the-counter
market.
Equity
options
are
valued
at
the
average
of
the
bid
and
ask
prices.
Securities
and
other
assets
that
could
not be
valued
as
described
above were
valued
for
the
period at
their
fair
value
as
determined
by
the
Adviser
in
accordance
with
procedures
approved by
and
under
the
general
oversight
of
the
Board.
Investments
in
registered
open-ended
investment
companies,
including
those
classified
as
money
market
funds,
are
valued
based
upon
the
reported
NAV
of
such
investments.
Fair
value
methods
approved
by
the
Board
of
Trustees
for
the
period included,
but were
not
limited
to,
obtaining
market
quotations
from
secondary
pricing
services,
broker-dealers,
or
widely
used
quotation
systems.
General
factors
considered
in
determining
the
fair
value
of
securities
include
fundamental
analytical
data,
the
nature
and
duration
of
any
restrictions
on
disposition
of
the
securities,
and
an
evaluation
of
the
forces
that
influence
the
market
in
which
the
investments
are
purchased
and
sold.
These
securities
are
either
categorized
as
Level
2
or
3
depending
on
the
relevant
inputs
used.
In
the
event
that
the
security
or
asset
could
not be
valued
pursuant
to
one
of
the
valuation
methods
approved
by
the
Board,
the
value
of
the
security
or
asset was
determined
in
good
faith
by
the Adviser,
as
the
valuation
designee.
When
the
Fund
uses
these
fair
valuation
methods that
use
significant
unobservable
inputs
to
determine
NAV,
securities
will
be
priced
by
a
method
that
the
Adviser
believes
accurately
reflects
fair
value
and
are
categorized
as
Level
3
of
the
fair
value
hierarchy.
These
methods
may
require
subjective
determinations
about
the
value
of
a
security.
While
the
Fund’s
policy
is
intended
to
result
in
a
calculation
of
its
NAV
that
fairly
reflects
security
values
as
of
the
time
of
pricing,
the
Fund
cannot
guarantee
that
values
determined
by
the
Adviser
would
accurately
reflect
the
price
that
the
Fund
could
obtain
for
a
security
if
it
were
to
dispose
of
that
security
as
of
the
time
of
pricing
(for
instance,
in
a
forced
or
distressed
sale).
The
prices
used
by
the
Fund
may
differ
from
the
value
that
would
be
realized
if
the
securities
were
sold.
Fair
Value
Measurements
Various
inputs
are
used
in
determining
the
fair
value
of
investments,
which
are
as
follows:
*
Level
1
-
unadjusted
quoted
prices
in
active
markets
for
identical
securities
*
Level
2
-
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
*
Level
3
-
significant
unobservable
inputs
that
are
not
corroborated
by
observable
market
data
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
12
The
inputs
or
methodology
used
for
valuing
investments
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
investments
and
the
determination
of
the
significance
of
a
particular
input
to
the
fair
value
measurement
in
its
entirety
requires
judgment
and
consideration
of
factors
specific
to
each
security.
The
availability
of
observable
inputs
can
vary
from
security
to
security
and
is
affected
by
a
wide
variety
of
factors,
including,
for
example,
the
type
of
security,
whether
the
security
is
new
and
not
yet
established
in
the
marketplace,
the
liquidity
of
markets,
and
other
characteristics
particular
to
the
security.
To
the
extent
that
valuation
is
based
on
models
or
inputs
that
are
less
observable
or
unobservable
in
the
market,
the
determination
of
fair
value
requires
more
judgment.
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized as
Level
3.
In
periods
of
market
dislocation,
the
observability
of
prices
and
inputs
may
be
reduced
for
many
instruments.
This
condition,
as
well
as
changes
related
to
liquidity
of
investments,
could
cause
a
security
to
be
reclassified
between
Level
1,
Level
2,
or
Level
3.
In
certain
cases,
the
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes
the
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
falls
in
its
entirety
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
summary
of
inputs
used
to
value
the
Fund’s
investments
and
other
financial
instruments
carried
at
fair
value
as
of
December
31,
2022
is
as
follows:
INVESTMENT
GRADE
CREDIT
FUND
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Investments
in
Securities
Assets:
Short-Term
Investments:
Money
Market
Funds
$
401,235
$
—
$
—
$
401,235
Long-Term
Investments:
Asset-Backed
Securities
—
456,904
31,833
488,737
Corporates
—
5,824,514
15,689
5,840,203
Mortgage-Backed
Securities
—
1,812,538
21,442
1,833,980
Municipal
Bonds
—
456,033
—
456,033
U.S.
Treasury
Securities
903,674
11,275
—
914,949
Other
Financial
Instruments
*
Assets:
Interest
rate
contracts
6,264
25,762
—
32,026
Liabilities:
Interest
rate
contracts
(
826
)
(
91,747
)
—
(
92,573
)
Total
$
1,310,347
$
8,495,279
$
68,964
$
9,874,590
*Other
financial
instruments
include
futures
and
swaps.
Interest
rate
contracts
include
futures
and
swaps.
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
13
/
December
2022
Certain
securities
held
by
the
Funds
are
categorized
as
Level
3
investments.
Their
prices
may
be
derived
by
utilizing
unobservable
prior
transaction
values
or
information
from
third
party
valuation
services.
The
value
of
Level
3
investments
could
be
significantly
affected
by
changes
in
these
unobservable
inputs.
For
the
period
ended
December
31,
2022
a
reconciliation
of
Level
3
investments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
at
the
beginning
and/or
end
of
the
period
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
INVESTMENT
GRADE
CREDIT
FUND
ASSET-BACKED
SECURITIES
CORPORATES
MORTGAGE-
BACKED
SECURITIES
Balance
as
of
April
1,
2022
$
35,499
$
13,386
$
37,672
Accrued
discounts/premiums
—
—
(
3,151
)
Realized
gain
(loss)
—
—
—
Change
in
unrealized
appreciation
(depreciation)*
(
1,965
)
2,303
(
13,079
)
Purchases
—
—
—
Sales
(
1,701
)
—
—
Transfers
into
Level
3**
—
—
—
Transfers
out
of
Level
3**
—
—
—
Balance
as
of
December
31,
2022
$
31,833
$
15,689
$
21,442
*The
change
in
unrealized
appreciation
(depreciation)
on
securities
still
held
at
December
31,
2022
was
$(12,741)
and
is
included
in
the
related
net
realized
gains
(losses)
and
net
change
in
appreciation
(depreciation)
in
the
Statements
of
Operations.
**There
were
no
transfers
between
level
2
and
3
for
the
period
ended
December
31,
2022.
Significant
unobservable
valuations
inputs
for
Level
3
investments
as
of
December
31,
2022,
are
as
follows:
INVESTMENT
GRADE
CREDIT
FUND
FAIR
VALUE
AT
12/31/22
VALUATION
TECHNIQUE
*
UNOBSERVABLE
INPUT
RANGE
WEIGHTED
AVERAGE
INPUT
TO
VALUATION
IF
INPUT
INCREASES
Asset-Backed
Securities
$31,833
Broker
Quote
Offered
Quote
$88.64
$88.64
Increase
Corporate
Securities
$15,689
Third-Party
Vendor
Vendor
Prices
$109.00
$109.00
Increase
Mortgage-Backed
Securities-
Non-Agency
Commercial
$21,442
Third-Party
Vendor
Vendor
Prices
$0.03
-
$1.07
$1.07
Increase
*
The
valuation
technique
employed
on
the
Level
3
securities
involves
the
use
of
vendor
prices,
broker
quotes
and
benchmark
pricing.
The
Adviser
monitors
the
third-party
brokers
and
vendors
using
the
valuation
process.