Ultra
Short
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
1
/
December
2022
Issues
Maturity
Date
Principal
Amount
Value
BONDS
–
117.81%
ASSET-BACKED
SECURITIES
—
7.87%**
Canyon
Capital
CLO
Ltd.,
Series
2021-1A,
Class
X
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
0.80%)
4.88%
04/15/34
1,2,3
$
262,500
$
261,581
Educational
Funding
of
the
South,
Inc.,
Series
2011-1,
Class
A2
(LIBOR
USD
3-Month
plus
0.65%)
5.01%
04/25/35
2
305,630
302,707
Higher
Education
Funding
I,
Series
2014-1,
Class
A
(LIBOR
USD
3-Month
plus
1.05%)
5.81%
05/25/34
1,2
64,018
63,978
LCM
29
Ltd.,
Series
29A,
Class
XR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
0.80%)
4.88%
04/15/31
1,2,3
409,091
405,458
Navient
Private
Education
Refi
Loan
Trust,
Series
2021-CA,
Class
A
1.06%
10/15/69
1
1,067,634
908,637
Nelnet
Student
Loan
Trust,
Series
2012-5A,
Class
A
(LIBOR
USD
1-Month
plus
0.60%)
4.99%
10/27/36
1,2
206,423
200,338
Octagon
Investment
Partners
XIV
Ltd.,
Series
2012-1A,
Class
AARR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
0.95%)
5.03%
07/15/29
1,2,3
671,517
664,870
OHA
Credit
Funding
2
Ltd.,
Series
2019-2A,
Class
XR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
0.80%)
5.08%
04/21/34
1,2,3
62,500
62,368
Palmer
Square
Loan
Funding
Ltd.,
Series
2020-1A,
Class
A1
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
0.80%)
5.48%
02/20/28
1,2,3
342,222
339,214
Palmer
Square
Loan
Funding
Ltd.,
Series
2021-2A,
Class
A1
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
0.80%)
5.48%
05/20/29
1,2,3
505,616
499,813
Progress
Residential
Trust,
Series
2019-SFR3,
Class
E
3.37%
09/17/36
1
325,000
303,822
Progress
Residential
Trust,
Series
2019-SFR4,
Class
G
3.93%
10/17/36
1
755,000
715,486
Progress
Residential
Trust,
Series
2020-SFR2,
Class
A
2.08%
06/17/37
1
882,909
811,773
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
Santander
Drive
Auto
Receivables
Trust,
Series
2020-4,
Class
C
1.01%
01/15/26
$
486,021
$
481,168
Santander
Drive
Auto
Receivables
Trust,
Series
2021-1,
Class
D
1.13%
11/16/26
990,000
935,538
SLM
Student
Loan
Trust,
Series
2003-14,
Class
A6
(LIBOR
USD
3-Month
plus
0.30%)
4.66%
07/25/25
2
17,039
17,031
SLM
Student
Loan
Trust,
Series
2013-4,
Class
A
(LIBOR
USD
1-Month
plus
0.55%)
4.94%
06/25/43
2
93,864
90,081
Tricon
American
Homes
Trust,
Series
2017-SFR2,
Class
A
2.93%
01/17/36
1
991,943
962,067
Total
Asset-Backed
Securities
(Cost
$8,368,109)
8,025,930
CORPORATES
—
32.01%*
Banking
—
10.04%
Bank
of
America
Corp.
3.37%
01/23/26
4
1,485,000
1,420,267
Bank
of
America
Corp.
(MTN)
1.32%
06/19/26
4
1,435,000
1,292,239
Credit
Suisse
Group
AG
(Switzerland)
1.31%
02/02/27
1,3,4
485,000
386,767
2.59%
09/11/25
1,3,4
235,000
208,822
3.80%
06/09/23
3
580,000
566,893
DNB
Bank
ASA
(Norway)
0.86%
09/30/25
1,3,4
715,000
657,474
HSBC
Holdings
PLC
(United
Kingdom)
0.98%
05/24/25
3,4
1,000,000
925,630
(LIBOR
USD
3-Month
plus
1.00%)
5.67%
05/18/24
2,3
795,000
793,548
ING
Groep
NV
(Netherlands)
3.87%
03/28/26
3,4
510,000
490,026
Lloyds
Banking
Group
PLC
(United
Kingdom)
1.63%
05/11/27
3,4
125,000
108,233
Macquarie
Group
Ltd.
(Australia)
1.20%
10/14/25
1,3,4
850,000
780,596
Santander
UK
Group
Holdings
PLC
(United
Kingdom)
3.37%
01/05/24
3,4
1,600,000
1,599,905
4.80%
11/15/24
3,4
425,000
418,001
Ultra
Short
Bond
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)
2.16%
02/11/26
4
$
630,000
$
587,800
10,236,201
Communications
—
1.17%
Qwest
Corp.
7.25%
09/15/25
400,000
402,000
SES
SA
(Luxembourg)
3.60%
04/04/23
1,3
600,000
596,081
Sprint
Spectrum
Co.
LLC/Sprint
Spectrum
Co.
II
LLC/Sprint
Spectrum
Co.
III
LLC
5.15%
03/20/28
1
200,000
197,317
1,195,398
Consumer
Discretionary
—
0.72%
Imperial
Brands
Finance
PLC
(United
Kingdom)
6.13%
07/27/27
1,3
135,000
134,424
Reynolds
American,
Inc.
4.85%
09/15/23
600,000
597,689
732,113
Electric
—
1.90%
Alliant
Energy
Finance
LLC
3.75%
06/15/23
1
725,000
720,115
American
Electric
Power
Co.,
Inc.
2.03%
03/15/24
620,000
597,456
Metropolitan
Edison
Co.
4.00%
04/15/25
1
500,000
478,503
Pennsylvania
Electric
Co.
4.15%
04/15/25
1
150,000
143,777
1,939,851
Energy
—
1.84%
Energy
Transfer
LP
5.95%
12/01/25
900,000
910,802
Southern
Co.
Gas
Capital
Corp.
3.88%
11/15/25
1,000,000
965,707
1,876,509
Finance
—
6.58%
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
(Ireland)
3.15%
02/15/24
3
510,000
495,190
Air
Lease
Corp.
2.25%
01/15/23
600,000
599,437
Avolon
Holdings
Funding
Ltd.
(Cayman
Islands)
2.53%
11/18/27
1,3
383,000
306,694
Capital
One
Financial
Corp.
1.34%
12/06/24
4
610,000
584,370
Citigroup,
Inc.
3.67%
07/24/28
4
1,190,000
1,094,981
Goldman
Sachs
Group,
Inc.
(The)
1.22%
12/06/23
1,045,000
1,009,049
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Finance
(continued)
JPMorgan
Chase
&
Co.
2.95%
02/24/28
4
$
1,085,000
$
983,454
Morgan
Stanley
2.48%
01/21/28
4
655,000
582,110
Morgan
Stanley
(MTN)
0.53%
01/25/24
4
90,000
89,449
Nationwide
Building
Society
(United
Kingdom)
3.77%
03/08/24
1,3,4
680,000
676,321
Park
Aerospace
Holdings
Ltd.
(Cayman
Islands)
4.50%
03/15/23
1,3
100,000
99,761
UBS
Group
AG
(Switzerland)
4.70%
08/05/27
1,3,4
200,000
193,657
6,714,473
Health
Care
—
1.35%
Bayer
U.S.
Finance
II
LLC
3.88%
12/15/23
1
1,140,000
1,123,930
Illumina,
Inc.
5.80%
12/12/25
250,000
252,384
1,376,314
Industrials
—
2.20%
Amcor
Flexibles
North
America,
Inc.
4.00%
05/17/25
400,000
389,472
Berry
Global,
Inc.
0.95%
02/15/24
635,000
603,790
Boeing
Co.
(The)
1.43%
02/04/24
375,000
358,990
General
Electric
Co.
(MTN)
(LIBOR
USD
3-Month
plus
0.38%)
4.91%
05/05/26
2
142,000
137,941
Sydney
Airport
Finance
Co.
Pty
Ltd.
(Australia)
3.90%
03/22/23
1,3
750,000
747,459
2,237,652
Information
Technology
—
1.50%
Netflix,
Inc.
3.63%
06/15/25
1
490,000
469,934
Skyworks
Solutions,
Inc.
0.90%
06/01/23
505,000
494,870
VMware,
Inc.
1.00%
08/15/24
610,000
567,671
1,532,475
Insurance
—
1.82%
Athene
Global
Funding
2.51%
03/08/24
1
135,000
129,498
(SOFR
Index
plus
0.70%)
4.90%
05/24/24
1,2
500,000
491,226
Nationwide
Mutual
Insurance
Co.
7.06%
12/15/24
1,4
670,000
668,426
Ultra
Short
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
3
/
December
2022
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Insurance
(continued)
Trinity
Acquisition
PLC
(United
Kingdom)
4.63%
08/15/23
3
$
570,000
$
567,131
1,856,281
Real
Estate
Investment
Trust
(REIT)
—
2.50%
Digital
Euro
Finco
LLC
2.63%
04/15/24
385,000
398,744
GLP
Capital
LP/GLP
Financing
II,
Inc.
5.38%
11/01/23
1,000,000
997,554
Piedmont
Operating
Partnership
LP
3.40%
06/01/23
665,000
658,742
VICI
Properties
LP/VICI
Note
Co.,
Inc.
4.25%
12/01/26
1
90,000
84,118
4.63%
06/15/25
1
230,000
220,680
5.75%
02/01/27
1
195,000
190,500
2,550,338
Services
—
0.39%
Global
Payments,
Inc.
2.15%
01/15/27
455,000
398,066
Total
Corporates
(Cost
$33,932,171)
32,645,671
MORTGAGE-BACKED
—
45.20%**
Non-Agency
Commercial
Mortgage-Backed
—
5.36%
Citigroup
Commercial
Mortgage
Trust,
Series
2016-C2,
Class
A2
1.85%
08/10/49
407,000
391,123
Commercial
Mortgage
Trust,
Series
2013-CR9,
Class
ASB
3.83%
07/10/45
47,435
47,136
FS
Rialto,
Series
2019-FL1,
Class
A
(Cayman
Islands)
(LIBOR
USD
1-Month
plus
1.20%)
5.53%
12/16/36
1,2,3
380,278
376,185
Great
Wolf
Trust,
Series
2019-WOLF,
Class
A
(LIBOR
USD
1-Month
plus
1.03%)
5.35%
12/15/36
1,2
850,000
825,253
Irvine
Core
Office
Trust,
Series
2013-IRV,
Class
A1
2.07%
05/15/48
1
80,435
80,008
MF1
Ltd.,
Series
2020-FL4,
Class
A
(CME
Term
SOFR
1-Month
plus
1.81%)
6.15%
11/15/35
1,2
351,201
345,547
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2013-C12,
Class
XA
(IO)
0.55%
10/15/46
4
2,473,410
4,160
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2014-C15,
Class
A3
3.77%
04/15/47
32,726
32,423
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
MSCG
Trust,
Series
2018-SELF,
Class
A
(LIBOR
USD
1-Month
plus
0.90%)
5.22%
10/15/37
1,2
$
1,188,033
$
1,168,817
SREIT
Trust,
Series
2021-MFP,
Class
A
(LIBOR
USD
1-Month
plus
0.73%)
5.05%
11/15/38
1,2
1,130,000
1,087,611
VMC
Finance
LLC,
Series
2019-FL3,
Class
A
(LIBOR
USD
1-Month
plus
1.10%)
5.43%
09/15/36
1,2
95,502
92,176
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2017-SMP,
Class
A
(LIBOR
USD
1-Month
plus
0.88%)
5.19%
12/15/34
1,2
1,100,000
1,017,503
5,467,942
Non-Agency
Mortgage-Backed
—
13.02%
Aames
Mortgage
Trust,
Series
2002-1,
Class
A3
(STEP-reset
date
02/25/23)
7.40%
06/25/32
11,192
10,827
Adjustable
Rate
Mortgage
Trust,
Series
2005-1,
Class
1A1
3.27%
05/25/35
4
19,720
18,808
Ajax
Mortgage
Loan
Trust,
Series
2019-F,
Class
A1
(STEP-reset
date
01/25/23)
2.86%
07/25/59
1
155,571
147,114
Alternative
Loan
Trust,
Series
2004-J6,
Class
2A1
6.50%
11/25/31
17,026
16,346
Ameriquest
Mortgage
Securities,
Inc.,
Asset-Backed
Pass-
Through
Certificates,
Series
2005-R10,
Class
M3
(LIBOR
USD
1-Month
plus
0.68%)
5.06%
01/25/36
2
531,412
518,142
Ameriquest
Mortgage
Securities,
Inc.,
Asset-Backed
Pass-
Through
Certificates,
Series
2005-R9,
Class
M1
(LIBOR
USD
1-Month
plus
0.71%)
5.09%
11/25/35
2
705,547
691,596
Banc
of
America
Funding
Trust,
Series
2003-2,
Class
1A1
6.50%
06/25/32
2,606
2,545
Bear
Stearns
ALT-A
Trust,
Series
2005-2,
Class
1M1
(LIBOR
USD
1-Month
plus
0.75%)
5.14%
03/25/35
2
94,203
93,475
Bear
Stearns
Asset-Backed
Securities
Trust,
Series
2006-2,
Class
M5
(LIBOR
USD
1-Month
plus
2.03%)
6.41%
07/25/36
2
563,402
560,573
CIT
Mortgage
Loan
Trust,
Series
2007-1,
Class
1A
(LIBOR
USD
1-Month
plus
1.35%)
5.74%
10/25/37
1,2
540,844
538,297
Ultra
Short
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
4
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Citigroup
Mortgage
Loan
Trust,
Series
2007-AMC4,
Class
A2D
(LIBOR
USD
1-Month
plus
0.27%)
4.66%
05/25/37
2
$
198,295
$
194,504
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
2006-WFH4,
Class
M2
(LIBOR
USD
1-Month
plus
0.44%)
4.82%
11/25/36
2
578,175
566,988
Countrywide
Asset-Backed
Certificates
Trust,
Series
2005-4,
Class
MV5
(LIBOR
USD
1-Month
plus
1.01%)
5.39%
10/25/35
2
652,629
640,556
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.,
Series
2002-AR31,
Class
4A2
4.25%
11/25/32
4
16,040
15,296
DSLA
Mortgage
Loan
Trust,
Series
2004-AR3,
Class
2A2A
(LIBOR
USD
1-Month
plus
0.74%)
5.08%
07/19/44
2
72,956
64,347
Encore
Credit
Receivables
Trust,
Series
2005-3,
Class
M4
(LIBOR
USD
1-Month
plus
0.90%)
5.29%
10/25/35
2
973,895
933,958
First
Franklin
Mortgage
Loan
Trust,
Series
2005-FF8,
Class
M2
(LIBOR
USD
1-Month
plus
0.78%)
5.17%
09/25/35
2
565,382
558,708
First
Franklin
Mortgage
Loan
Trust,
Series
2006-FF11,
Class
1A1
(LIBOR
USD
1-Month
plus
0.26%)
4.65%
08/25/36
2
367,985
366,730
First
Franklin
Mortgage
Loan
Trust,
Series
2006-FFH1,
Class
M1
(LIBOR
USD
1-Month
plus
0.56%)
4.94%
01/25/36
2
657,706
633,861
GE
Mortgage
Services
LLC,
Series
1998-HE1,
Class
A7
6.47%
06/25/28
1
1
GSAMP
Trust,
Series
2005-HE5,
Class
M3
(LIBOR
USD
1-Month
plus
0.69%)
5.08%
11/25/35
2
247,584
242,639
GSAMP
Trust,
Series
2006-HE3,
Class
A2C
(LIBOR
USD
1-Month
plus
0.32%)
4.71%
05/25/46
2
11,117
11,100
HSI
Asset
Securitization
Corp.
Trust,
Series
2006-OPT1,
Class
M1
(LIBOR
USD
1-Month
plus
0.54%)
4.93%
12/25/35
2
65,573
64,876
HSI
Asset
Securitization
Corp.
Trust,
Series
2006-OPT2,
Class
M2
(LIBOR
USD
1-Month
plus
0.59%)
4.97%
01/25/36
2
422,799
416,212
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
IndyMac
Index
Mortgage
Loan
Trust,
Series
2004-AR12,
Class
A1
(LIBOR
USD
1-Month
plus
0.78%)
5.17%
12/25/34
2
$
261,212
$
199,363
IndyMac
Index
Mortgage
Loan
Trust,
Series
2004-AR6,
Class
6A1
3.85%
10/25/34
4
72,323
65,152
JPMorgan
Mortgage
Acquisition
Trust,
Series
2007-CH4,
Class
A5
(LIBOR
USD
1-Month
plus
0.24%)
4.63%
05/25/37
2
1,355,912
1,342,753
JPMorgan
Mortgage
Trust,
Series
2005-A2,
Class
9A1
2.13%
04/25/35
4
67,762
64,633
MASTR
Adjustable
Rate
Mortgages
Trust,
Series
2004-12,
Class
5A1
4.11%
10/25/34
4
24,858
23,711
MASTR
Adjustable
Rate
Mortgages
Trust,
Series
2007-1,
Class
I2A1
(LIBOR
USD
1-Month
plus
0.32%)
4.71%
01/25/47
2
318,895
311,494
MASTR
Asset-Backed
Securities
Trust,
Series
2005-OPT1,
Class
M3
(LIBOR
USD
1-Month
plus
0.69%)
5.08%
03/25/35
2
17,158
17,147
MASTR
Seasoned
Securitization
Trust,
Series
2004-1,
Class
4A1
4.22%
10/25/32
4
17,165
16,454
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2003-A1,
Class
2A
(LIBOR
USD
12-Month
plus
1.63%)
7.18%
12/25/32
2
129,188
119,726
MortgageIT
Trust,
Series
2005-1,
Class
1A1
(LIBOR
USD
1-Month
plus
0.64%)
5.03%
02/25/35
2
419,967
402,884
Nomura
Resecuritization
Trust,
Series
2014-8R,
Class
2A1
3.00%
09/26/35
1,4
55,641
55,078
Nomura
Resecuritization
Trust,
Series
2015-9R,
Class
2A1
(STEP-reset
date
02/28/23)
3.00%
05/25/36
1
92,232
91,077
Ownit
Mortgage
Loan
Trust,
Series
2006-3,
Class
A2D
(LIBOR
USD
1-Month
plus
0.54%)
4.93%
03/25/37
2
600,350
570,279
Park
Place
Securities,
Inc.,
Asset-Backed
Pass-Through
Certificates,
Series
2005-WHQ3,
Class
M4
(LIBOR
USD
1-Month
plus
0.95%)
5.33%
06/25/35
2
100,071
99,172
PRPM
LLC,
Series
2021-3,
Class
A1
(STEP-reset
date
01/25/23)
1.87%
04/25/26
1
279,062
252,778
Ultra
Short
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
5
/
December
2022
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Residential
Asset
Mortgage
Products
Trust,
Series
2004-SL1,
Class
A2
8.50%
11/25/31
$
34,570
$
11,593
Residential
Asset
Securities
Corp.,
Series
2006-KS3,
Class
M1
(LIBOR
USD
1-Month
plus
0.33%)
4.88%
04/25/36
2
327,300
317,900
Residential
Asset
Securitization
Trust,
Series
2004-IP2,
Class
2A1
3.44%
12/25/34
4
54,238
45,687
Soundview
Home
Loan
Trust,
Series
2005-OPT1,
Class
M2
(LIBOR
USD
1-Month
plus
0.68%)
5.06%
06/25/35
2
666,509
647,910
Structured
Asset
Investment
Loan
Trust,
Series
2005-HE3,
Class
M1
(LIBOR
USD
1-Month
plus
0.72%)
5.11%
09/25/35
2
173,676
169,570
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust,
Series
2006-EQ1A,
Class
A1
(LIBOR
USD
1-Month
plus
0.14%)
4.52%
07/25/36
1,2
130,971
129,960
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust,
Series
2006-OPT1,
Class
A1
(LIBOR
USD
1-Month
plus
0.18%)
4.57%
04/25/36
2
315,035
308,866
Terwin
NIMs
Trust,
Series
2004-13AL,
Class
2PX
(IO)
0.34%
08/25/34
1,5,6
1,037,114
13,453
Towd
Point
Mortgage
Trust,
Series
2019-MH1,
Class
A1
3.00%
11/25/58
1,4
601,105
589,647
WaMu
Mortgage
Pass-Through
Certificates,
Series
2002-AR6,
Class
A
(Federal
Reserve
US
12-Month
Cumulative
Average
plus
1.40%)
3.45%
06/25/42
2
9,070
8,166
WaMu
Mortgage
Pass-Through
Certificates,
Series
2003-AR6,
Class
A1
3.39%
06/25/33
4
26,844
24,860
WaMu
Mortgage
Pass-Through
Certificates,
Series
2005-4,
Class
CB13
(LIBOR
USD
1-Month
plus
0.50%)
4.89%
06/25/35
2
85,794
70,714
13,277,526
U.S.
Agency
Commercial
Mortgage-Backed
—
2.76%
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KJ28,
Class
A1
1.77%
02/25/25
4,756
4,755
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KJ29,
Class
A1
0.74%
01/25/26
221,175
209,683
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Commercial
Mortgage-Backed
(continued)
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KJ31,
Class
A1
0.57%
05/25/26
$
232,560
$
224,619
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KJ32,
Class
A1
0.52%
06/25/25
283,656
268,007
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KJ34,
Class
A1
0.68%
06/25/26
302,746
276,564
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KS07,
Class
X
(IO)
0.63%
09/25/25
4
3,368,289
51,482
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
Q004,
Class
AFL
(Federal
Reserve
US
12-Month
Cumulative
Average
plus
0.74%)
3.17%
05/25/44
2
109,688
109,731
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
Q010,
Class
APT1
3.06%
04/25/46
4
58,770
58,943
Ginnie
Mae,
Series
2007-12,
Class
C
5.28%
04/16/41
4
44,157
43,991
Ginnie
Mae,
Series
2008-92,
Class
E
5.56%
03/16/44
4
102,004
100,848
Ginnie
Mae,
Series
2010-159,
Class
D
4.56%
09/16/44
4
124,536
121,533
Ginnie
Mae,
Series
2011-165,
Class
IO
(IO)
0.00%
10/16/51
4
2,135,533
21
Ginnie
Mae,
Series
2011-92,
Class
C
3.73%
04/16/52
4
925,192
869,666
Ginnie
Mae,
Series
2012-135,
Class
IO
(IO)
0.34%
01/16/53
4
1,646,921
14,949
Ginnie
Mae,
Series
2014-157,
Class
C
3.15%
10/16/54
4
477,673
464,682
2,819,474
U.S.
Agency
Mortgage-Backed
—
24.06%
Fannie
Mae
Pool
254548
5.50%
12/01/32
50,997
52,405
Fannie
Mae
Pool
555098
(LIBOR
USD
12-Month
plus
1.61%)
3.86%
11/01/32
2
5,712
5,607
Ultra
Short
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
6
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Mortgage-Backed
(continued)
Fannie
Mae
Pool
555424
5.50%
05/01/33
$
34,025
$
34,784
Fannie
Mae
Pool
655133
7.00%
08/01/32
5,437
5,445
Fannie
Mae
Pool
655151
7.00%
08/01/32
4,410
4,404
Fannie
Mae
Pool
762525
6.50%
11/01/33
8,769
8,728
Fannie
Mae
Pool
770900
(LIBOR
USD
12-Month
plus
1.56%)
2.94%
04/01/34
2
55,920
55,215
Fannie
Mae
Pool
AD0538
6.00%
05/01/24
3,827
3,828
Fannie
Mae
Pool
AE0443
6.50%
10/01/39
39,818
41,825
Fannie
Mae
Pool
AL0851
6.00%
10/01/40
34,993
36,691
Fannie
Mae
REMICS,
Series
1993-80,
Class
S
(-1.22
X
LIBOR
USD
1-Month
plus
10.88%,
10.88%
Cap)
5.51%
05/25/23
2
16
16
Fannie
Mae
REMICS,
Series
2001-42,
Class
SB
(-16.00
X
LIBOR
USD
1-Month
plus
128.00%,
8.50%
Cap)
8.50%
09/25/31
2
637
628
Fannie
Mae
REMICS,
Series
2001-60,
Class
OF
(LIBOR
USD
1-Month
plus
0.95%)
5.34%
10/25/31
2
48,824
49,120
Fannie
Mae
REMICS,
Series
2002-30,
Class
FB
(LIBOR
USD
1-Month
plus
1.00%)
5.39%
08/25/31
2
49,587
49,990
Fannie
Mae
REMICS,
Series
2003-124,
Class
TS
(-14.00
X
LIBOR
USD
1-Month
plus
100.80%,
9.80%
Cap)
9.80%
01/25/34
2
7,227
7,242
Fannie
Mae
REMICS,
Series
2004-60,
Class
FW
(LIBOR
USD
1-Month
plus
0.45%)
4.84%
04/25/34
2
130,291
130,227
Fannie
Mae
REMICS,
Series
2004-96,
Class
MT
(-17.50
X
LIBOR
USD
1-Month
plus
125.13%,
7.00%
Cap)
7.00%
12/25/34
2
10,049
9,191
Fannie
Mae
REMICS,
Series
2005-73,
Class
DF
(LIBOR
USD
1-Month
plus
0.25%)
4.64%
08/25/35
2
77,788
76,769
Fannie
Mae
REMICS,
Series
2007-68,
Class
SC
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.70%,
6.70%
Cap)
2.31%
07/25/37
2
54,873
5,627
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Mortgage-Backed
(continued)
Fannie
Mae
REMICS,
Series
2010-109,
Class
PF
(LIBOR
USD
1-Month
plus
0.40%)
4.79%
10/25/40
2
$
34,464
$
34,169
Fannie
Mae
REMICS,
Series
2010-26,
Class
S
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.23%,
6.23%
Cap)
1.84%
11/25/36
2
204,062
20,147
Fannie
Mae
REMICS,
Series
2010-95,
Class
FB
(LIBOR
USD
1-Month
plus
0.40%)
4.79%
09/25/40
2
45,301
45,378
Fannie
Mae
REMICS,
Series
2011-47,
Class
GF
(LIBOR
USD
1-Month
plus
0.57%)
4.96%
06/25/41
2
679,802
672,259
Fannie
Mae
REMICS,
Series
2018-79,
Class
FA
(LIBOR
USD
1-Month
plus
0.25%)
4.64%
11/25/48
2
44,627
43,609
Fannie
Mae
REMICS,
Series
2019-79,
Class
FA
(LIBOR
USD
1-Month
plus
0.50%)
4.89%
01/25/50
2
98,049
96,447
Fannie
Mae
REMICS,
Series
2020-10,
Class
FA
(LIBOR
USD
1-Month
plus
0.50%)
4.89%
03/25/50
2
301,701
297,119
Freddie
Mac
Pool
SD8189
2.50%
01/01/52
676,845
575,598
Freddie
Mac
Pool
SD8199
2.00%
03/01/52
767,039
624,376
Freddie
Mac
REMICS,
Series
1526,
Class
L
6.50%
06/15/23
74
74
Freddie
Mac
REMICS,
Series
2368,
Class
AF
(LIBOR
USD
1-Month
plus
0.95%)
5.27%
10/15/31
2
38,179
38,327
Freddie
Mac
REMICS,
Series
2733,
Class
FB
(LIBOR
USD
1-Month
plus
0.60%)
4.92%
10/15/33
2
331,313
333,665
Freddie
Mac
REMICS,
Series
2990,
Class
LE
(LIBOR
USD
1-Month
plus
0.32%)
4.64%
10/15/34
2
18,252
18,246
Freddie
Mac
REMICS,
Series
3085,
Class
FW
(LIBOR
USD
1-Month
plus
0.70%)
5.02%
08/15/35
2
213,297
212,651
Freddie
Mac
REMICS,
Series
3300,
Class
FA
(LIBOR
USD
1-Month
plus
0.30%)
4.62%
08/15/35
2
198,508
196,359
Ultra
Short
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
7
/
December
2022
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Mortgage-Backed
(continued)
Freddie
Mac
REMICS,
Series
3325,
Class
NF
(LIBOR
USD
1-Month
plus
0.30%)
4.62%
08/15/35
2
$
39,878
$
39,446
Freddie
Mac
REMICS,
Series
3792,
Class
DF
(LIBOR
USD
1-Month
plus
0.40%)
4.72%
11/15/40
2
11,889
11,876
Freddie
Mac
REMICS,
Series
3895,
Class
BF
(LIBOR
USD
1-Month
plus
0.50%)
4.82%
07/15/41
2
134,461
133,454
Freddie
Mac
REMICS,
Series
3907,
Class
FM
(LIBOR
USD
1-Month
plus
0.35%)
4.67%
05/15/26
2
14,500
14,500
Freddie
Mac
REMICS,
Series
3946,
Class
FD
(LIBOR
USD
1-Month
plus
0.35%)
4.67%
04/15/41
2
31,792
31,772
Freddie
Mac
REMICS,
Series
3946,
Class
FG
(LIBOR
USD
1-Month
plus
0.35%)
4.67%
10/15/39
2
3,092
3,091
Freddie
Mac
Strips,
Series
263,
Class
F5
(LIBOR
USD
1-Month
plus
0.50%)
4.82%
06/15/42
2
153,439
150,329
Ginnie
Mae
(TBA)
2.50%
01/20/53
4,225,000
3,660,538
Ginnie
Mae
II
Pool
80546
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1-Year
plus
1.50%)
1.75%
10/20/31
2
4,585
4,436
Ginnie
Mae
II
Pool
80610
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1-Year
plus
1.50%)
2.88%
06/20/32
2
64,465
63,261
Ginnie
Mae
II
Pool
80614
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1-Year
plus
1.50%)
2.63%
07/20/32
2
5,449
5,292
Ginnie
Mae
II
Pool
80687
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1-Year
plus
1.50%)
2.88%
04/20/33
2
45,312
44,410
Ginnie
Mae
II
Pool
8339
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1-Year
plus
1.50%)
1.75%
12/20/23
2
1,416
1,401
Ginnie
Mae
II
Pool
8684
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1-Year
plus
1.50%)
2.63%
08/20/25
2
7,216
7,117
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Mortgage-Backed
(continued)
Ginnie
Mae
II
Pool
MA0331
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1-Year
plus
1.50%)
2.63%
08/20/42
2
$
39,648
$
38,887
Ginnie
Mae,
Series
2002-72,
Class
FB
(LIBOR
USD
1-Month
plus
0.40%)
4.75%
10/20/32
2
39,814
39,787
Ginnie
Mae,
Series
2002-72,
Class
FC
(LIBOR
USD
1-Month
plus
0.40%)
4.75%
10/20/32
2
58,730
58,690
Ginnie
Mae,
Series
2004-2,
Class
FW
(LIBOR
USD
1-Month
plus
1.40%)
5.52%
01/16/34
2
284,435
287,197
Ginnie
Mae,
Series
2009-92,
Class
FC
(LIBOR
USD
1-Month
plus
0.80%)
5.13%
10/16/39
2
66,374
66,813
Ginnie
Mae,
Series
2010-19,
Class
FD
(LIBOR
USD
1-Month
plus
0.45%)
4.78%
07/16/39
2
19,921
19,992
Ginnie
Mae,
Series
2011-70,
Class
IL
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
7.10%,
0.60%
Cap)
0.60%
06/16/37
2
1,017,429
6,721
UMBS
(TBA)
2.00%
01/01/53
2,325,000
1,892,447
2.50%
01/01/53
3,350,000
2,834,676
3.00%
01/01/53
2,875,000
2,521,965
3.50%
01/01/53
200,000
181,625
4.00%
01/01/53
825,000
773,580
4.50%
01/01/53
2,125,000
2,046,216
5.00%
01/01/53
5,900,000
5,813,576
24,539,261
Total
Mortgage-Backed
(Cost
$47,326,642)
46,104,203
MUNICIPAL
BONDS
—
0.91%*
Colorado
—
0.91%
City
&
County
of
Denver
Airport
System
Revenue
Bonds,
Series
C
0.88%
11/15/23
965,000
932,029
Total
Municipal
Bonds
(Cost
$965,000)
U.S.
TREASURY
SECURITIES
—
31.82%
U.S.
Agency
Discount
Notes
—
2.19%
U.S.
International
Development
Finance
Corp.,
Series
2
1.49%
08/15/31
2,535,135
2,227,905
Ultra
Short
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
8
Issues
Maturity
Date
Principal
Amount
Value
U.S.
TREASURY
SECURITIES
(continued)
U.S.
Treasury
Notes
—
29.63%
U.S.
Treasury
Notes
3.88%
11/30/27
$
2,045,000
$
2,033,923
3.88%
12/31/27
1,040,000
1,034,072
4.00%
12/15/25
4,345,000
4,317,844
4.25%
12/31/24
5,745,000
5,726,259
4.50%
11/30/24
17,105,000
17,108,358
30,220,456
Total
U.S.
Treasury
Securities
(Cost
$32,861,427)
32,448,361
Total
Bonds
—
117.81%
(Cost
$123,453,349)
120,156,194
Issues
Maturity
Date
Principal
Amount
/
Shares
Value
SHORT-TERM
INVESTMENTS
—
6.21%
Money
Market
Funds
—
6.21%
Dreyfus
Government
Cash
Management
Fund
4.19%
7
3,589,000
3,589,000
Fidelity
Investments
Money
Market
Funds
-
Government
Portfolio
4.06%
7
283,953
283,953
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
4.12%
7
2,459,000
2,459,000
Total
Short-Term
Investments
(Cost
$6,331,953)
6,331,953
Total
Investments
-
124.02%
(Cost
$129,785,302)
126,488,147
Liabilities
in
Excess
of
Other
Assets
-
(24.02)%
(24,499,571)
Net
Assets
-
100.00%
$
101,988,576
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
Variable
rate
security.
Interest
rate
disclosed
is
as
of
the
most
recent
information
available.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
5
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
6
Illiquid
security
as
determined
under
procedures
approved
by
the
Board
of
Trustees.
The
aggregate
value
of
illiquid
securities
is
$13,453,
which
is
0.01%
of
total
net
assets.
7
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
(EUR):
Euro
(IO):
Interest
Only
(LIBOR):
London
InterBank
Offer
Rate
(MTN):
Medium-Term
Note
(SOFR):
Secured
Overnight
Financing
Rate
(STEP):
Step
Coupon
Bond
(TBA):
To-Be-Announced
(USD):
U.S.
Dollar
Currency
to
be
Purchased
Currency
to
be
Sold
Counterparty
Settlement
Date
Unrealized
(Depreciation)
FOREIGN
CURRENCY
EXCHANGE
CONTRACT
USD
387,254
EUR
391,000
Citibank
N.A.
01/13/23
$
(30,452)
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
FUTURES
CONTRACTS:
LONG
POSITIONS
U.S.
Treasury
Two-Year
Note
132
03/31/23
$
27,070,313
$
15,115
$
15,115
FUTURES
CONTRACTS:
SHORT
POSITIONS
U.S.
Treasury
Five-Year
Note
184
03/31/23
(19,859,063)
(3,238)
(3,238)
U.S.
Treasury
Ten-Year
Ultra
Bond
37
03/22/23
(4,376,406)
12,404
12,404
U.S.
Treasury
Ultra
Bond
11
03/22/23
(1,477,438)
(3,089)
(3,089)
(25,712,907)
6,077
6,077
TOTAL
FUTURES
CONTRACTS
$
1,357,406
$
21,192
$
21,192
Ultra
Short
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
9
/
December
2022
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Implied
Credit
Spread
at
12/31/22
1
Counterparty
Expiration
Date
Notional
Amount
(000's)
2
Value
3
Premiums
Paid
Unrealized
Appreciation
SWAPS:
CREDIT
DEFAULT
(SALES)
-
SINGLE
ISSUES
OTC
4
Berry
Global,
Inc.,
5.63%,
due
07/15/27
5.00%
3
Months
175
Credit
Suisse
First
Boston
International
12/20/23
$
390
$
12,732
$
11,531
$
1,201
1
An
implied
credit
spread
is
the
spread
in
yield
between
a
U.S.
Treasury
security
and
the
referenced
obligation
or
underlying
investment
that
are
identical
in
all
respects
except
for
the
quality
rating.
Implied
credit
spreads,
represented
in
absolute
terms,
utilized
in
determining
the
value
of
credit
default
swaps
on
corporate
issues
as
of
year-end
serve
as
an
indicator
of
the
current
status
of
the
payment
performance
risk
and
represent
the
likelihood
of
risk
of
default
for
the
credit
derivative.
The
implied
credit
spread
of
a
particular
referenced
entity
reflects
the
cost
of
buying/selling
protection
and
may
include
upfront
payments
required
to
be
made
to
enter
the
agreement.
Wider
credit
spreads,
in
comparison
to
narrower
credit
spreads,
represent
a
deterioration
of
the
referenced
entity's
credit
soundness
and
a
greater
likelihood
of
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
2
The
maximum
potential
amount
for
the
Fund
could
be
required
to
pay
as
a
seller
of
credit
protection
or
receive
as
a
buyer
of
credit
protection
if
a
credit
event
occurs
as
defined
under
the
terms
of
that
particular
swap
agreement.
3
The
quoted
market
prices
are
resulting
values
for
credit
default
swap
agreements
on
credit
indices
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
likelihood
of
an
expected
liability
(or
profit)
for
the
credit
derivative
had
the
notional
amount
of
the
swap
agreement
been
closed/sold
as
of
year-end.
Increasing
values
(buy
protection)
or
decreasing
values
(sell
protection),
when
compared
to
the
notional
amount
of
the
swap,
represent
a
deterioration
of
the
referenced
entity's
credit
soundness
and
a
greater
likelihood
of
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
4
If
the
Fund
is
a
seller
of
protection
and
credit
event
occurs,
as
defined
under
the
terms
of
that
particular
swap
agreement,
the
Fund
will
either
(i)
pay
to
the
buyer
of
protection
the
amount
equal
to
the
notional
amount
of
the
swap
and
take
delivery
of
the
referenced
obligation
or
underlying
investments
comprising
the
referenced
index
or
(ii)
pay
a
net
settlement
amount
in
the
form
of
cash
or
investments
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
referenced
obligation
or
underlying
investments
comprising
the
referenced
index.
Ultra
Short
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
10
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
Ultra
Short
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
11
/
December
2022
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:
ULTRA
SHORT
BOND
FUND
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Investments
in
Securities
Assets:
Short-Term
Investments:
Money
Market
Funds
$
6,331,953
$
—
$
—
$
6,331,953
Long-Term
Investments:
Asset-Backed
Securities
—
8,025,930
—
8,025,930
Corporates
—
32,645,671
—
32,645,671
Mortgage-Backed
Securities
—
46,090,750
13,453
46,104,203
Municipal
Bonds
—
932,029
—
932,029
U.S.
Treasury
Securities
30,220,456
2,227,905
—
32,448,361
Other
Financial
Instruments
*
Assets:
Credit
contracts
—
12,732
—
12,732
Interest
rate
contracts
27,519
—
—
27,519
Liabilities:
Foreign
currency
exchange
contracts
—
(
30,452
)
—
(
30,452
)
Interest
rate
contracts
(
6,327
)
—
—
(
6,327
)
Total
$
36,573,601
$
89,904,565
$
13,453
$
126,491,619
*Other
financial
instruments
include
foreign
currency
exchange
contracts,
futures
and
swaps.
Credit
contracts
include
swaps.
Interest
rate
contracts
include
futures.
Ultra
Short
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
12
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:
ULTRA
SHORT
BOND
FUND
MORTGAGE-
BACKED
SECURITIES
Balance
as
of
April
1,
2022
$
13,941
Accrued
discounts/premiums
(
4,507
)
Realized
gain
(loss)
—
Change
in
unrealized
appreciation*
4,019
Purchases
—
Sales
—
Transfers
into
Level
3**
—
Transfers
out
of
Level
3**
—
Balance
as
of
December
31,
2022
$
13,453
*The
change
in
unrealized
appreciation
(depreciation)
on
securities
still
held
at
December
31,
2022
was
$4,019
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:
ULTRA
SHORT
BOND
FUND
FAIR
VALUE
AT
12/31/22
VALUATION
TECHNIQUE
*
UNOBSERVABLE
INPUT
RANGE
WEIGHTED
AVERAGE
INPUT
TO
VALUATION
IF
INPUT
INCREASES
Mortgage-Backed
Securities-Non-Agency
$13,453
Third-Party
Vendor
Vendor
Prices
$1.30
$1.30
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.