Metropolitan West Funds NPORT-P Metropolitan West Unconstrained Bond Fund (Dec 2022 report)

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

1

/

December

2022

Issues

Maturity

Date

Principal

Amount

Value

BONDS

–

115.67%

ASSET-BACKED

SECURITIES

—

12.83%**  

321

Henderson

Receivables

VI

LLC,

Series

2010-1A,

Class

B

9.31%

07/15/61

1

$

186,353‌

$

193,149‌

AIG

CLO

Ltd.,

Series

2018-1A,

Class

BR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.70%)

5.94%

04/20/32

1,2,3

15,800,000‌

15,274,176‌

Allegro

CLO

XII

Ltd.,

Series

2020-1A,

Class

B

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.70%)

5.98%

01/21/32

1,2,3

5,270,000‌

5,082,915‌

AMSR

Trust,

Series

2020-SFR1,

Class

G

4.31%

04/17/37

1

10,503,000‌

9,653,094‌

AMSR

Trust,

Series

2020-SFR3,

Class

H

6.50%

09/17/37

1

6,000,000‌

5,619,857‌

AMSR

Trust,

Series

2022-SFR3,

Class

E1

4.00%

10/17/39

1

10,000,000‌

8,277,632‌

Bayview

Commercial

Asset

Trust,

Series

2004-2,

Class

A

(LIBOR

USD

1-Month

plus

0.65%)

5.03%

08/25/34

1,2

475,737‌

475,181‌

Bayview

Commercial

Asset

Trust,

Series

2005-1A,

Class

A1

(LIBOR

USD

1-Month

plus

0.45%)

4.84%

04/25/35

1,2

492,114‌

470,468‌

Blackrock

Rainier

CLO

VI

Ltd.,

Series

2021-6A,

Class

A

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.70%)

5.94%

04/20/33

1,2,3

10,000,000‌

9,714,700‌

BlueMountain

Fuji

U.S.

CLO

I

Ltd.,

Series

2017-1A,

Class

BR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.50%)

5.74%

07/20/29

1,2,3

5,500,000‌

5,292,837‌

Brazos

Higher

Education

Authority,

Inc.,

Series

2011-1,

Class

A2

(LIBOR

USD

3-Month

plus

0.80%)

5.50%

02/25/30

2

3,453‌

3,437‌

Carvana

Auto

Receivables

Trust,

Series

2021-N3,

Class

R

0.00%

06/12/28

1

19,250‌

4,347,646‌

Carvana

Auto

Receivables

Trust,

Series

2021-N4,

Class

R

0.00%

09/12/28

1

19,100‌

3,725,279‌

Carvana

Auto

Receivables

Trust,

Series

2021-P4,

Class

R

0.00%

09/11/28

1

14,200‌

6,483,359‌

Carvana

Auto

Receivables

Trust,

Series

2022-N1,

Class

R

0.00%

12/11/28

1

71,000‌

12,860,502‌

Issues

Maturity

Date

Principal

Amount

Value

ASSET-BACKED

SECURITIES

(continued)

Carvana

Auto

Receivables

Trust,

Series

2022-P2,

Class

R

1.00%

05/10/29

1

$

54,850‌

$

9,415,784‌

Cedar

Funding

XII

CLO

Ltd.,

Series

2020-12A,

Class

A1R

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.13%)

5.49%

10/25/34

1,2,3

1,000,000‌

970,000‌

CF

Hippolyta

Issuer,

LLC,

Series

2020-1,

Class

B1

2.28%

07/15/60

1

7,266,415‌

6,278,094‌

CIT

Education

Loan

Trust,

Series

2007-1,

Class

B

(LIBOR

USD

3-Month

plus

0.30%)

5.02%

06/25/42

1,2

1,591,333‌

1,395,004‌

CoreVest

American

Finance

Trust,

Series

2019-1,

Class

XA

(IO)

2.28%

03/15/52

1,4

2,822,976‌

105,574‌

CoreVest

American

Finance

Trust,

Series

2019-3,

Class

XA

(IO)

2.05%

10/15/52

1,4

4,660,528‌

199,217‌

CoreVest

American

Finance

Trust,

Series

2020-1,

Class

A2

2.30%

03/15/50

1

5,197,000‌

4,510,360‌

CoreVest

American

Finance

Trust,

Series

2020-3,

Class

XA

(IO)

3.71%

08/15/53

1,4

13,284,570‌

1,201,961‌

CoreVest

American

Finance

Trust,

Series

2020-4,

Class

XA

(IO)

3.85%

12/15/52

1,4

23,364,754‌

2,074,617‌

CoreVest

American

Finance

Trust,

Series

2020-4,

Class

XB

(IO)

2.80%

12/15/52

1,4

12,500,000‌

1,156,747‌

CoreVest

American

Finance

Trust,

Series

2021-3,

Class

XA

(IO)

2.39%

10/15/54

1,4

72,420,129‌

5,092,410‌

DataBank

Issuer,

Series

2021-1A,

Class

A2

2.06%

02/27/51

1

6,047,860‌

5,228,847‌

Edsouth

Indenture

No.

3

LLC,

Series

2012-2,

Class

A

(LIBOR

USD

1-Month

plus

0.73%)

5.12%

04/25/39

1,2

49,652‌

49,089‌

Educational

Funding

of

the

South,

Inc.,

Series

2012-1,

Class

A

(LIBOR

USD

1-Month

plus

1.05%)

5.09%

03/25/36

2

31,351‌

31,319‌

EFS

Volunteer

No.

2

LLC,

Series

2012-1,

Class

A2

(LIBOR

USD

1-Month

plus

1.35%)

5.74%

03/25/36

1,2

1,291,798‌

1,278,572‌

Flexential

Issuer,

Series

2021-1A,

Class

C

6.93%

11/27/51

1

9,755,000‌

8,003,983‌

FRTKL,

Series

2021-SFR1,

Class

G

4.11%

09/17/38

1

4,550,000‌

3,797,352‌

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

December

2022

/

2

Issues

Maturity

Date

Principal

Amount

Value

ASSET-BACKED

SECURITIES

(continued)

GBX

Leasing,

Series

2022-1,

Class

A

2.87%

02/20/52

1

$

9,719,764‌

$

8,161,950‌

Global

SC

Finance

II

SRL,

Series

2014-1A,

Class

A2

(Barbados)

3.09%

07/17/29

1,3

399,339‌

384,844‌

Goal

Capital

Funding

Trust,

Series

2006-1,

Class

B

(LIBOR

USD

3-Month

plus

0.45%)

5.15%

08/25/42

2

265,334‌

243,538‌

GoldenTree

Loan

Management

U.S.

CLO

1

Ltd.,

Series

2021-9A,

Class

B

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.50%)

5.74%

01/20/33

1,2,3

3,905,000‌

3,757,239‌

Golub

Capital

Partners

CLO

54M

L.P,

Series

2021-54A,

Class

A

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.53%)

6.06%

08/05/33

1,2,3

9,600,000‌

9,247,104‌

J.G.

Wentworth

XXXVII

LLC,

Series

2016-1A,

Class

A

3.41%

06/15/67

1

5,256,162‌

4,442,976‌

J.G.

Wentworth

XXXVIII

LLC,

Series

2017-1A,

Class

A

3.99%

08/16/60

1

3,011,130‌

2,615,982‌

LCM

XXI

LP,

Series

21A,

Class

AR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

0.88%)

5.12%

04/20/28

1,2,3

843,267‌

838,892‌

Magnetite

XXI

Ltd.,

Series

2019-21A,

Class

BR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.35%)

5.59%

04/20/34

1,2,3

8,000,000‌

7,580,480‌

Nelnet

Student

Loan

Trust,

Series

2006-2,

Class

B

(LIBOR

USD

3-Month

plus

0.20%)

4.56%

01/25/38

2

2,083,625‌

1,638,496‌

Nelnet

Student

Loan

Trust,

Series

2012-5A,

Class

A

(LIBOR

USD

1-Month

plus

0.60%)

4.99%

10/27/36

1,2

61,548‌

59,734‌

Nelnet

Student

Loan

Trust,

Series

2014-4A,

Class

A2

(LIBOR

USD

1-Month

plus

0.95%)

5.34%

11/25/48

1,2

1,865,000‌

1,817,169‌

Nelnet

Student

Loan

Trust,

Series

2015-1A,

Class

A

(LIBOR

USD

1-Month

plus

0.59%)

4.98%

04/25/46

1,2

1,298,575‌

1,255,777‌

Nelnet

Student

Loan

Trust,

Series

2015-3A,

Class

A3

(LIBOR

USD

1-Month

plus

0.90%)

5.29%

06/25/54

1,2

11,000,000‌

10,599,147‌

Issues

Maturity

Date

Principal

Amount

Value

ASSET-BACKED

SECURITIES

(continued)

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

$

6,610,000‌

$

6,439,680‌

OHA

Credit

Funding

7

Ltd.,

Series

2020-7A,

Class

AR

(Cayman

Islands)

(CME

Term

SOFR

3-Month

plus

1.30%)

5.26%

02/24/37

1,2,3

5,000,000‌

4,851,200‌

OHA

Credit

Funding

8

Ltd.,

Series

2021-8A,

Class

B1

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.50%)

5.69%

01/18/34

1,2,3

6,650,000‌

6,332,462‌

Park

Avenue

Institutional

Advisers

CLO

Ltd.,

Series

2021-1A,

Class

A2

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.75%)

5.99%

01/20/34

1,2,3

4,850,000‌

4,664,875‌

Progress

Residential

Trust,

Series

2019-SFR3,

Class

F

3.87%

09/17/36

1

8,200,000‌

7,711,304‌

Progress

Residential

Trust,

Series

2020-SFR1,

Class

H

5.27%

04/17/37

1

7,100,000‌

6,504,372‌

Progress

Residential

Trust,

Series

2021-SFR2,

Class

G

4.25%

04/19/38

1

7,956,000‌

6,788,112‌

Progress

Residential,

Series

2021-SFR3,

Class

F

3.44%

05/17/26

1

3,700,000‌

3,160,805‌

Progress

Residential,

Series

2021-SFR3,

Class

G

4.25%

05/17/26

1

15,752,000‌

13,415,295‌

Regata

XII

Funding

Ltd.,

Series

2019-1A,

Class

BR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.60%)

5.68%

10/15/32

1,2,3

3,890,000‌

3,734,400‌

Sabey

Data

Center

Issuer

LLC,

Series

2020-1,

Class

A2

3.81%

04/20/45

1

7,905,000‌

7,416,435‌

Skyline

Aircraft

Finance

LLC,

Series

2021-1,

Class

A

3.23%

05/10/37

4,5,6

9,247,724‌

8,196,879‌

SLC

Student

Loan

Trust,

Series

2004-1,

Class

B

(LIBOR

USD

3-Month

plus

0.29%)

4.94%

08/15/31

2

325,090‌

297,349‌

SLM

Student

Loan

EDC

Repackaging

Trust,

Series

2013-M1,

Class

M1R

0.00%

10/28/29

1

6,250‌

2,877,417‌

SLM

Student

Loan

Trust,

Series

2003-12,

Class

B

(LIBOR

USD

3-Month

plus

0.59%)

5.36%

12/15/68

2

3,028,358‌

2,859,489‌

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

3

/

December

2022

Issues

Maturity

Date

Principal

Amount

Value

ASSET-BACKED

SECURITIES

(continued)

SLM

Student

Loan

Trust,

Series

2003-4,

Class

A5D

(LIBOR

USD

3-Month

plus

0.75%)

5.52%

03/15/33

1,2

$

1,450,125‌

$

1,368,306‌

SLM

Student

Loan

Trust,

Series

2003-7,

Class

B

(LIBOR

USD

3-Month

plus

0.57%)

5.34%

09/15/39

2

2,149,112‌

2,029,499‌

SLM

Student

Loan

Trust,

Series

2004-10,

Class

B

(LIBOR

USD

3-Month

plus

0.37%)

4.73%

01/25/40

2

6,642,852‌

6,101,041‌

SLM

Student

Loan

Trust,

Series

2004-2,

Class

B

(LIBOR

USD

3-Month

plus

0.47%)

4.83%

07/25/39

2

385,873‌

358,321‌

SLM

Student

Loan

Trust,

Series

2005-3,

Class

B

(LIBOR

USD

3-Month

plus

0.15%)

4.51%

04/25/40

2

2,254,497‌

2,064,524‌

SLM

Student

Loan

Trust,

Series

2006-8,

Class

B

(LIBOR

USD

3-Month

plus

0.23%)

4.59%

01/25/41

2

2,613,468‌

2,349,048‌

SLM

Student

Loan

Trust,

Series

2007-7,

Class

B

(LIBOR

USD

3-Month

plus

0.75%)

5.11%

10/27/70

2

2,195,000‌

1,747,001‌

SLM

Student

Loan

Trust,

Series

2007-8,

Class

B

(LIBOR

USD

3-Month

plus

1.00%)

5.36%

04/27/83

2

4,075,226‌

3,883,950‌

SLM

Student

Loan

Trust,

Series

2008-2,

Class

B

(LIBOR

USD

3-Month

plus

1.20%)

5.56%

01/25/83

2

1,000,000‌

765,061‌

SLM

Student

Loan

Trust,

Series

2008-3,

Class

B

(LIBOR

USD

3-Month

plus

1.20%)

5.56%

04/26/83

2

710,000‌

654,474‌

SLM

Student

Loan

Trust,

Series

2008-4,

Class

A4

(LIBOR

USD

3-Month

plus

1.65%)

6.01%

07/25/22

2

827,987‌

816,127‌

SLM

Student

Loan

Trust,

Series

2008-4,

Class

B

(LIBOR

USD

3-Month

plus

1.85%)

6.21%

04/25/73

2

710,000‌

683,263‌

SLM

Student

Loan

Trust,

Series

2008-5,

Class

B

(LIBOR

USD

3-Month

plus

1.85%)

6.21%

07/25/73

2

7,315,000‌

6,932,313‌

SLM

Student

Loan

Trust,

Series

2008-6,

Class

A4

(LIBOR

USD

3-Month

plus

1.10%)

5.46%

07/25/23

2

9,229,686‌

8,884,822‌

Issues

Maturity

Date

Principal

Amount

Value

ASSET-BACKED

SECURITIES

(continued)

SLM

Student

Loan

Trust,

Series

2008-6,

Class

B

(LIBOR

USD

3-Month

plus

1.85%)

6.21%

07/26/83

2

$

710,000‌

$

647,168‌

SLM

Student

Loan

Trust,

Series

2008-7,

Class

B

(LIBOR

USD

3-Month

plus

1.85%)

6.21%

07/26/83

2

820,000‌

811,583‌

SLM

Student

Loan

Trust,

Series

2008-8,

Class

B

(LIBOR

USD

3-Month

plus

2.25%)

6.61%

10/25/75

2

735,000‌

702,101‌

SLM

Student

Loan

Trust,

Series

2008-9,

Class

B

(LIBOR

USD

3-Month

plus

2.25%)

6.61%

10/25/83

2

7,235,000‌

7,237,705‌

SLM

Student

Loan

Trust,

Series

2012-1,

Class

A3

(LIBOR

USD

1-Month

plus

0.95%)

5.34%

09/25/28

2

649,064‌

608,154‌

SLM

Student

Loan

Trust,

Series

2012-2,

Class

A

(LIBOR

USD

1-Month

plus

0.70%)

5.09%

01/25/29

2

966,160‌

898,316‌

SLM

Student

Loan

Trust,

Series

2012-7,

Class

B

(LIBOR

USD

1-Month

plus

1.80%)

6.19%

09/25/43

2

2,200,000‌

2,079,208‌

SLM

Student

Loan

Trust,

Series

2013-4,

Class

A

(LIBOR

USD

1-Month

plus

0.55%)

4.94%

06/25/43

2

839,835‌

805,992‌

SLM

Student

Loan

Trust,

Series

2014-1,

Class

A3

(LIBOR

USD

1-Month

plus

0.60%)

4.99%

02/26/29

2

828,188‌

774,685‌

Stack

Infrastructure

Issuer

LLC,

Series

2019-2A,

Class

A2

3.08%

10/25/44

1

5,000,000‌

4,698,866‌

Structured

Receivables

Finance

LLC,

Series

2010-A,

Class

B

7.61%

01/16/46

1

1,382,730‌

1,388,870‌

Structured

Receivables

Finance

LLC,

Series

2010-B,

Class

B

7.97%

08/15/36

1

1,022,896‌

1,048,507‌

Student

Loan

Consolidation

Center

Student

Loan

Trust

I,

Series

2002-2,

Class

B2

(28

Day

Auction

Rate

plus

0.00%)

1.61%

07/01/42

1,2

150,000‌

138,544‌

Textainer

Marine

Containers

VII

Ltd.,

Series

2020-3A,

Class

A

(Bermuda)

2.11%

09/20/45

1,3

6,918,675‌

5,995,012‌

TIF

Funding

II

LLC,

Series

2020-1A,

Class

A

2.09%

08/20/45

1

2,970,550‌

2,554,335‌

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

December

2022

/

4

Issues

Maturity

Date

Principal

Amount

Value

ASSET-BACKED

SECURITIES

(continued)

TIF

Funding

II,

LLC,

Series

2021-1A,

Class

B

2.54%

02/20/46

1

$

3,363,260‌

$

2,750,015‌

TRESTLES

CLO

V

Ltd.,

Series

2021-5A,

Class

A1

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.17%)

5.41%

10/20/34

1,2,3

7,025,000‌

6,809,613‌

Triton

Container

Finance

VIII,

LLC,

Series

2021-1A,

Class

B

2.58%

03/20/46

1

2,609,081‌

2,146,617‌

Total

Asset-Backed

Securities

(Cost

$394,264,624)

356,889,605‌

BANK

LOANS

—

4.31%*  

Automotive

—

0.02%

Clarios

Global

LP,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.25%)

7.63%

04/30/26

2

507,125‌

498,673‌

Communications

—

0.18%

CCI

Buyer,

Inc.,

Term

Loan

B,

1st

Lien

(SOFR

plus

3.75%)

8.58%

12/17/27

2

1,484,887‌

1,422,521‌

CSC

Holdings

LLC,

Term

Loan

B5,

1st

Lien

(LIBOR

plus

2.50%)

6.82%

04/15/27

2

1,028,841‌

922,099‌

Term

Loan,

1st

Lien

(LIBOR

plus

2.25%)

6.57%

07/17/25

2

44,211‌

41,934‌

EW

Scripps

Co.,

Term

Loan

B3,

1st

Lien

(LIBOR

plus

2.75%)

7.13%

01/07/28

2

210,784‌

205,497‌

SBA

Senior

Finance

II

LLC,

Term

Loan

B,

1st

Lien

(LIBOR

plus

1.75%)

6.14%

04/11/25

2

1,187,383‌

1,184,914‌

Zayo

Group

Holdings,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.00%)

7.38%

03/09/27

2

313,487‌

255,341‌

(SOFR

plus

3.25%)

8.57%

03/09/27

2

1,050,319‌

876,686‌

4,908,992‌

Consumer

Discretionary

—

0.46%

ADMI

Corp.,

Term

Loan

B2,

1st

Lien

(LIBOR

plus

3.38%)

7.76%

12/23/27

2

1,473,750‌

1,340,744‌

Issues

Maturity

Date

Principal

Amount

Value

BANK

LOANS

(continued)

Consumer

Discretionary

(continued)

Sunshine

Luxembourg

VII

SARL,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.75%)

8.48%

10/01/26

2

$

3,438,750‌

$

3,301,682‌

Triton

Water

Holdings,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.50%)

8.23%

03/31/28

2

5,737,633‌

5,355,363‌

Waystar

technologies,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

4.00%)

8.38%

10/22/26

2

2,912,650‌

2,868,960‌

12,866,749‌

Electric

—

0.02%

CommScope,

Inc.,

Term

Loan

B2,

1st

Lien

(France)

(LIBOR

plus

3.25%)

7.63%

04/06/26

2

329,915‌

311,852‌

Homer

City

Generation

LP,

Term

Loan,

1st

Lien

(France)

(LIBOR

plus

11.00%)

15.39%

04/05/23

2,5,6

575,805‌

345,483‌

657,335‌

Entertainment

—

0.11%

Alpha

Topco

Ltd.

-

Delta

2

(Lux)

Sarl,

Term

Loan

B,

1st

Lien

(SOFR

plus

3.25%)

7.57%

01/15/30

2

141,635‌

141,742‌

Cineworld

Finance

U.S.,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

2.50%)

9.00%

02/28/25

2

1,924,096‌

363,635‌

Crown

Finance

U.S.,

Inc.,

Delayed-Draw

Term

Loan,

1st

Lien

(Luxembourg)

(SOFR

plus

9.00%)

14.28%

09/07/23

2

1,457,372‌

1,435,212‌

Elanco

Animal

Health,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

1.75%)

5.87%

08/01/27

2

1,227,594‌

1,181,363‌

3,121,952‌

Finance

—

0.23%

Avolon

TLB

Borrower

1

U.S.

LLC,

Term

Loan

B5,

1st

Lien

(LIBOR

plus

2.25%)

6.60%

12/01/27

2

1,969,849‌

1,968,973‌

DCG

Acquisition

Corp.,

Term

Loan,

1st

Lien

(LIBOR

plus

4.50%)

8.92%

09/30/26

2

367,505‌

347,292‌

Deerfield

Dakota

Holding

LLC,

Term

Loan

B,

1st

Lien

(SOFR

plus

3.75%)

8.07%

04/09/27

2

200,713‌

187,950‌

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

5

/

December

2022

Issues

Maturity

Date

Principal

Amount

Value

BANK

LOANS

(continued)

Finance

(continued)

Mativ

Holdings,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.75%)

8.34%

05/06/29

2

$

3,570,625‌

$

3,374,241‌

Mozart

Borrower,

LP,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.25%)

7.63%

10/23/28

2

496,250‌

472,482‌

6,350,938‌

Food

—

0.11%

Hostess

Brands

LLC,

Term

Loan

B,

1st

Lien

(LIBOR

plus

2.25%)

6.63%

-

6.66%

08/03/25

2

701,035‌

699,976‌

Shearer's

Foods

LLC,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.50%)

7.88%

09/23/27

2

2,450,000‌

2,342,813‌

3,042,789‌

Gaming

—

0.10%

Golden

Nugget,

LLC,

Term

Loan

B,

1st

Lien

(SOFR

plus

3.00%)

8.32%

01/26/29

2

691,201‌

658,546‌

J&J

Ventures

Gaming

LLC,

Term

Loan,

1st

Lien

(LIBOR

plus

4.00%)

8.73%

04/26/28

2

1,019,107‌

979,616‌

Penn

National

Gaming,

Inc.,

Term

Loan

B,

1st

Lien

(SOFR

plus

1.75%)

7.17%

05/03/29

2

610,843‌

605,794‌

Scientific

Games

International,

Inc.,

Term

Loan

B,

1st

Lien

(Canada)

(SOFR

plus

2.00%)

7.42%

04/13/29

2

586,030‌

579,542‌

2,823,498‌

Health

Care

—

0.27%

Avolon

TLB

Borrower

1

U.S.

LLC,

Term

Loan

B3,

1st

Lien

(LIBOR

plus

1.75%)

6.10%

01/15/25

2

175,812‌

175,519‌

Bausch

&

Lomb

Corp.,

Term

Loan

B,

1st

Lien

(SOFR

plus

2.25%)

7.84%

05/10/27

2

116,697‌

111,319‌

Curia

Global, Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.75%)

8.16%

08/30/26

2

1,097,215‌

908,977‌

Genesee

&

Wyoming,

Inc.,

Term

Loan,

1st

Lien

(LIBOR

plus

2.00%)

6.73%

12/30/26

2

773,066‌

770,023‌

Issues

Maturity

Date

Principal

Amount

Value

BANK

LOANS

(continued)

Health

Care

(continued)

Grifols

Worldwide

Operations

USA,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

2.00%)

6.38%

11/15/27

2

$

618,651‌

$

599,578‌

Horizon

Therapeutics

USA,

Inc.,

Term

Loan

B2,

1st

Lien

(LIBOR

plus

1.75%)

6.19%

03/15/28

2

2,011‌

2,012‌

Jazz

Financing

Lux

SARL,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.50%)

7.88%

05/05/28

2

568,150‌

564,023‌

Organon

&

Co.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.00%)

7.75%

06/02/28

2

432,170‌

429,045‌

Pathway

Vet

Alliance

LLC,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.75%)

8.13%

03/31/27

2

1,125,399‌

943,456‌

Peraton

Corp.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.75%)

8.13%

02/01/28

2

264,155‌

258,433‌

PetVet

Care

Centers

LLC,

Term

Loan

B3,

1st

Lien

(Luxembourg)

(LIBOR

plus

3.50%)

7.88%

02/14/25

2

172,116‌

162,288‌

Phoenix

Newco,

Inc.,

Term

Loan,

1st

Lien

(LIBOR

plus

3.25%)

7.63%

11/15/28

2

2,507,055‌

2,420,010‌

U.S.

Renal

Care,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

5.50%)

9.94%

06/26/26

2

246,875‌

139,330‌

7,484,013‌

Industrials

—

0.98%

Arterrsa

Services  LLC,

Term

Loan,

1st

Lien

(Luxembourg)

(LIBOR

plus

3.50%)

8.23%

03/06/25

2

1,970,000‌

1,620,335‌

AZZ,

Inc.,

Term

Loan

B,

1st

Lien

(SOFR

plus

3.25%)

8.67%

05/11/29

2

238,205‌

238,466‌

Berry

Global,

Inc.,

Term

Loan

Z,

1st

Lien

(LIBOR

plus

1.75%)

6.02%

07/01/26

2

4,737,697‌

4,708,631‌

Clydesdale

Acquisition

Holdings,

Inc.,

Term

Loan,

1st

Lien

(SOFR

plus

3.25%)

8.60%

04/13/29

2

1,492,500‌

1,425,151‌

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

December

2022

/

6

Issues

Maturity

Date

Principal

Amount

Value

BANK

LOANS

(continued)

Industrials

(continued)

DIRECTV

Financing

LLC,

Term

Loan,

1st

Lien

(LIBOR

plus

5.00%)

9.38%

08/02/27

2

$

2,795,625‌

$

2,727,775‌

DTI

Holdco,

Inc.,

Term

Loan

B,

1st

Lien

(SOFR

plus

3.75%)

8.84%

04/26/29

2

244,369‌

225,736‌

II-VI,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

2.75%)

7.13%

07/02/29

2

447,867‌

444,284‌

Ingram

Micro,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.50%)

8.23%

06/30/28

2

662,193‌

653,915‌

Liqui-Box

Corp.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

4.50%)

9.23%

02/26/27

2

1,706,250‌

1,690,604‌

Michaels

Cos.,

Inc.

(The),

Term

Loan,

1st

Lien

(LIBOR

plus

4.25%)

8.98%

04/15/28

2

3,447,500‌

2,988,793‌

Plaze,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.75%)

8.13%

08/03/26

2

3,430,000‌

3,078,425‌

Term

Loan

B,

1st

Lien

(Luxembourg)

(LIBOR

plus

3.50%)

7.88%

08/03/26

2

1,698,335‌

1,524,255‌

Proampac

PG

Borrower

LLC,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.75%)

7.83%

-

8.43%

11/03/25

2

3,193,328‌

3,066,250‌

TransDigm,

Inc.,

Term

Loan

E,

1st

Lien

(LIBOR

plus

2.25%)

6.98%

05/30/25

2

485,000‌

480,647‌

Term

Loan

F,

1st

Lien

(LIBOR

plus

2.25%)

6.98%

12/09/25

2

458,563‌

453,863‌

Zep,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

4.00%)

8.58%

08/12/24

2

2,160,548‌

1,883,998‌

27,211,128‌

Information

Technology

—

0.71%

AppLovin

Corp.,

Term

Loan

B,

1st

Lien

(PRIME

plus

3.25%)

2.25%

08/15/25

2

3,727,347‌

3,598,828‌

Issues

Maturity

Date

Principal

Amount

Value

BANK

LOANS

(continued)

Information

Technology

(continued)

Arches

Buyer,

Inc.,

Term

Loan,

1st

Lien

(LIBOR

plus

3.25%)

7.63%

12/06/27

2

$

592,794‌

$

550,374‌

AthenaHealth

Group,

Inc.,

Delayed-Draw

Term

Loan

B,

1st

Lien

(Luxembourg)

(SOFR

plus

3.50%)

7.82%

02/15/29

2,7

18,142‌

16,426‌

Term

Loan

B,

1st

Lien

(France)

(SOFR

plus

3.50%)

7.82%

02/15/29

2

426,021‌

385,702‌

Caesars

Resort

Collection

LLC,

Term

Loan

B1,

1st

Lien

(LIBOR

plus

3.50%)

7.88%

07/21/25

2

1,701,146‌

1,699,113‌

Central

Parent,

Inc.,

Term

Loan,

1st

Lien

(Canada)

(SOFR

plus

4.50%)

9.08%

07/06/29

2

1,303,729‌

1,294,173‌

CT

Technologies

Intermediate

Holdings,

Inc.,

Term

Loan,

1st

Lien

(LIBOR

plus

4.25%)

8.63%

12/16/25

2

933,375‌

858,850‌

EagleView

Technology

Co.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.50%)

8.23%

08/14/25

2

5,118,367‌

4,512,967‌

Gainwell

Acquisition

Corp.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

4.00%)

8.73%

10/01/27

2

2,220,351‌

2,089,905‌

Mitnick

Corporate

Purchaser,

Inc.,

Term

Loan,

1st

Lien

(SOFR

plus

3.75%)

8.94%

05/02/29

2

159,600‌

149,925‌

Open

Text

Corp.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.50%)

7.86%

11/16/29

2

489,277‌

479,063‌

Prime

Security

Services

Borrower

LLC,

Term

Loan

B1,

1st

Lien

(LIBOR

plus

2.75%)

6.50%

09/23/26

2

606,909‌

602,357‌

Proofpoint,

Inc.,

Term

Loan

B,

1st

Lien

(Canada)

(LIBOR

plus

3.25%)

7.98%

08/31/28

2

149,246‌

143,877‌

RealPage,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.00%)

7.38%

04/24/28

2

159,194‌

151,712‌

Sophia

LP,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.50%)

8.23%

10/07/27

2

195,425‌

189,074‌

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

7

/

December

2022

Issues

Maturity

Date

Principal

Amount

Value

BANK

LOANS

(continued)

Information

Technology

(continued)

Spin

Holdco,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

4.00%)

8.77%

03/04/28

2

$

3,703,926‌

$

3,142,781‌

19,865,127‌

Insurance

—

0.11%

Acrisure

LLC,

Term

Loan

B1,

1st

Lien

(LIBOR

plus

3.50%)

7.88%

02/15/27

2

1,126,826‌

1,060,124‌

Asurion

LLC,

Term

Loan

B10,

1st

Lien

(SOFR

plus

3.00%)

8.68%

08/21/28

2

997,500‌

892,513‌

Term

Loan

B8,

1st

Lien

(LIBOR

plus

3.25%)

7.63%

12/23/26

2

781,013‌

698,194‌

Asurion,

LLC,

Term

Loan

B4,

2nd

Lien

(LIBOR

plus

5.25%)

9.63%

01/20/29

2

387,317‌

303,352‌

2,954,183‌

Materials

—

0.09%

Herens

U.S.

Holdco

Corp.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

4.00%)

8.73%

07/03/28

2

2,807,499‌

2,587,110‌

Real

Estate

Investment

Trust

(REIT)

—

0.23%

Aveanna

Healthcare

LLC,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.75%)

8.14%

07/17/28

2

3,213,508‌

2,488,862‌

Rent-A-Center,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.25%)

7.69%

02/17/28

2

3,900,525‌

3,768,882‌

6,257,744‌

Retail

—

0.46%

American

Airlines,

Inc.,

Term

Loan,

1st

Lien

(LIBOR

plus

4.75%)

8.99%

04/20/28

2

2,899,029‌

2,891,332‌

AmWINS

Group,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

2.25%)

6.63%

02/19/28

2

2,749,412‌

2,704,088‌

Aveanna

Healthcare

LLC,

Delayed-Draw

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.75%)

7.77%

07/17/28

2

707,017‌

547,584‌

Issues

Maturity

Date

Principal

Amount

Value

BANK

LOANS

(continued)

Retail

(continued)

BC

ULC,

Term

Loan

B,

1st

Lien

(Canada)

(LIBOR

plus

1.75%)

6.13%

-

6.16%

11/19/26

2,3

$

697,718‌

$

687,063‌

BW

Gas

&

Convenience

Holdings

LLC,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.50%)

7.88%

03/31/28

2

3,546,000‌

3,421,890‌

KFC

Holding

Co.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

1.75%)

6.09%

03/15/28

2

464,092‌

458,871‌

Level

3

Parent

LLC,

Term

Loan

B,

1st

Lien

(LIBOR

plus

1.75%)

6.13%

03/01/27

2

2,131,128‌

2,047,599‌

12,758,427‌

Services

—

0.16%

Amentum

Government

Services

Holdings

LLC,

Term

Loan

B,

1st

Lien

(LIBOR

plus

4.00%)

8.17%

-

8.38%

01/29/27

2

3,313,658‌

3,248,760‌

Element

Materials

Technology

Group

U.S.

Holdings,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

4.25%)

8.80%

06/22/29

2,8

269,491‌

263,989‌

Pre-Paid

Legal

Services,

Inc.,

Term

Loan,

1st

Lien

(LIBOR

plus

3.75%)

8.13%

12/15/28

2

585,591‌

564,469‌

Safe

Fleet

Holdings,

LLC,

Term

Loan,

1st

Lien

(SOFR

plus

3.75%)

8.17%

02/23/29

2

355,872‌

344,976‌

TruGreen

LP,

Term

Loan

B,

1st

Lien

(LIBOR

plus

4.00%)

8.38%

11/02/27

2

172,133‌

153,306‌

4,575,500‌

Transportation

—

0.07%

Kenan

Advantage

Group,

Inc.

(The),

Term

Loan,

2nd

Lien

(LIBOR

plus

7.25%)

11.63%

09/01/27

2

2,155,000‌

2,000,562‌

Total

Bank

Loans

(Cost

$127,860,374)

119,964,720‌

CORPORATES

—

31.44%*  

Banking

—

7.29%

Bank

of

America

Corp.

2.30%

07/21/32

4

6,275,000‌

4,835,537‌

2.57%

10/20/32

4

1,645,000‌

1,291,907‌

2.69%

04/22/32

4

1,240,000‌

993,747‌

3.42%

12/20/28

4

1,955,000‌

1,774,003‌

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

December

2022

/

8

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Banking

(continued)

Bank

of

America

Corp.

(MTN)

1.92%

10/24/31

4

$

5,770,000‌

$

4,408,143‌

2.09%

06/14/29

4

9,525,000‌

8,017,463‌

3.97%

03/05/29

4

790,000‌

731,164‌

(LIBOR

USD

3-Month

plus

0.65%)

5.41%

12/01/26

2

4,400,000‌

4,121,785‌

Bank

of

America

Corp.,

Series

N

1.66%

03/11/27

4

11,725,000‌

10,359,627‌

2.65%

03/11/32

4

1,200,000‌

966,501‌

Bank

of

America

Corp.,

Series

RR

4.38%

4,9

2,340,000‌

1,995,085‌

Comerica,

Inc.

5.63%

4,9

2,145,000‌

2,075,073‌

Credit

Suisse

Group

AG

(Switzerland)

1.31%

02/02/27

1,3,4

6,855,000‌

5,466,573‌

2.88%

04/02/32

3,4

1,500,000‌

1,159,068‌

3.09%

05/14/32

1,3,4

7,920,000‌

5,505,869‌

3.75%

03/26/25

3

2,090,000‌

1,882,705‌

3.87%

01/12/29

1,3,4

785,000‌

629,026‌

6.54%

08/12/33

1,3,4

9,904,000‌

8,716,305‌

9.02%

11/15/33

1,3,4

6,320,000‌

6,510,007‌

Credit

Suisse

Group

AG

(EMTN)

(Switzerland)

0.63%

01/18/33

3

1,920,000‌

1,139,939‌

Discover

Bank

(BKNT)

3.45%

07/27/26

2,811,000‌

2,591,866‌

DNB

Bank

ASA

(Norway)

1.13%

09/16/26

1,3,4

165,000‌

145,840‌

1.61%

03/30/28

1,3,4

6,000,000‌

5,079,406‌

Global

Bank

Corp.,

Series

REGS

(Panama)

5.25%

04/16/29

3,4

200,000‌

183,640‌

HSBC

Holdings

PLC

(United

Kingdom)

1.59%

05/24/27

3,4

2,340,000‌

2,020,279‌

1.65%

04/18/26

3,4

390,000‌

352,340‌

2.01%

09/22/28

3,4

290,000‌

242,354‌

2.10%

06/04/26

3,4

3,620,000‌

3,297,347‌

2.21%

08/17/29

3,4

14,100,000‌

11,413,171‌

2.80%

05/24/32

3,4

2,150,000‌

1,663,506‌

3.97%

05/22/30

3,4

1,765,000‌

1,546,152‌

4.04%

03/13/28

3,4

1,425,000‌

1,316,634‌

4.76%

06/09/28

3,4

2,260,000‌

2,142,084‌

JPMorgan

Chase

&

Co.

1.58%

04/22/27

4

10,020,000‌

8,826,846‌

2.58%

04/22/32

4

1,895,000‌

1,519,427‌

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Banking

(continued)

Lloyds

Banking

Group

PLC

(United

Kingdom)

1.63%

05/11/27

3,4

$

2,000,000‌

$

1,731,722‌

3.57%

11/07/28

3,4

3,240,000‌

2,919,250‌

3.87%

07/09/25

3,4

8,725,000‌

8,449,736‌

4.98%

08/11/33

3,4

685,000‌

631,031‌

Macquarie

Group

Ltd.

(Australia)

1.20%

10/14/25

1,3,4

1,000,000‌

918,348‌

2.69%

06/23/32

1,3,4

2,290,000‌

1,765,286‌

2.87%

01/14/33

1,3,4

7,960,000‌

6,126,183‌

4.44%

06/21/33

1,3,4

170,000‌

148,012‌

NatWest

Group

PLC

(United

Kingdom)

4.27%

03/22/25

3,4

7,587,000‌

7,414,717‌

PNC

Financial

Services

Group,

Inc.

(The)

6.04%

10/28/33

4

3,065,000‌

3,206,952‌

Santander

UK

Group

Holdings

PLC

(United

Kingdom)

1.09%

03/15/25

3,4

7,075,000‌

6,629,906‌

1.53%

08/21/26

3,4

1,210,000‌

1,066,985‌

1.67%

06/14/27

3,4

2,620,000‌

2,225,008‌

3.37%

01/05/24

3,4

900,000‌

899,947‌

4.80%

11/15/24

3,4

6,211,000‌

6,108,711‌

Santander

UK

PLC

(United

Kingdom)

5.00%

11/07/23

1,3

3,415,000‌

3,426,843‌

U.S.

Bancorp

3.70%

4,9

1,980,000‌

1,630,696‌

5.85%

10/21/33

4

3,110,000‌

3,237,735‌

Wells

Fargo

&

Co.

(MTN)

2.57%

02/11/31

4

7,525,000‌

6,247,595‌

2.88%

10/30/30

4

3,848,000‌

3,277,234‌

3.35%

03/02/33

4

18,320,000‌

15,446,677‌

4.90%

07/25/33

4

4,740,000‌

4,494,109‌

202,923,102‌

Communications

—

2.71%

AT&T,

Inc.

3.80%

12/01/57

1,681,000‌

1,172,395‌

4.30%

12/15/42

2,300,000‌

1,896,772‌

4.50%

05/15/35

2,150,000‌

1,965,284‌

4.75%

05/15/46

1,875,000‌

1,593,871‌

5.25%

03/01/37

4,985,000‌

4,817,886‌

C&W

Senior

Financing

DAC

(Ireland)

6.88%

09/15/27

1,3

300,000‌

280,200‌

Cable

One,

Inc.

4.00%

11/15/30

1

1,206,000‌

957,263‌

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital

4.80%

03/01/50

3,685,000‌

2,716,508‌

5.38%

05/01/47

3,050,000‌

2,417,878‌

5.75%

04/01/48

2,347,000‌

1,942,002‌

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

9

/

December

2022

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Communications

(continued)

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

5.25%

04/01/53

$

2,885,000‌

$

2,238,980‌

Cogent

Communications

Group,

Inc.

7.00%

06/15/27

1

1,025,000‌

998,327‌

CSC

Holdings

LLC

6.50%

02/01/29

1

2,650,000‌

2,171,980‌

7.50%

04/01/28

1

1,947,000‌

1,328,243‌

Diamond

Sports

Group,

LLC/Diamond

Sports

Finance

Co.

5.38%

08/15/26

1

8,511,000‌

1,010,681‌

Global

Switch

Finance

BV

(EMTN)

(Netherlands)

1.38%

10/07/30

3

4,505,000‌

4,082,309‌

Gray

Escrow

II,

Inc.

5.38%

11/15/31

1

1,329,000‌

963,739‌

Intelsat

Jackson

Holdings

SA

(Luxembourg)

6.50%

03/15/30

1,3

3,214,000‌

2,888,341‌

Intelsat

Jackson

Holdings

SA,

Class

B

(Luxembourg)

8.50%

10/15/24

†,1,3,5,6,10,11

7,892,000‌

—‌

9.75%

07/15/25

†,1,3,5,6,10,11

6,820,000‌

—‌

Level

3

Financing,

Inc.

3.75%

07/15/29

1

1,750,000‌

1,261,225‌

3.88%

11/15/29

1

3,455,000‌

2,732,682‌

National

CineMedia

LLC

5.88%

04/15/28

1

786,000‌

182,057‌

Netflix,

Inc.

4.63%

05/15/29

3,910,000‌

4,111,605‌

Scripps

Escrow,

Inc.

5.88%

07/15/27

1

2,082,000‌

1,873,800‌

SES

GLOBAL

Americas

Holdings,

Inc.

5.30%

03/25/44

1

8,494,000‌

6,535,536‌

Tencent

Holdings

Ltd.

(Cayman

Islands)

3.84%

04/22/51

1,3

3,585,000‌

2,573,747‌

Time

Warner

Cable

LLC

5.50%

09/01/41

4,443,000‌

3,703,802‌

T-Mobile

USA,

Inc.

2.55%

02/15/31

2,190,000‌

1,794,363‌

2.63%

02/15/29

565,000‌

479,053‌

3.88%

04/15/30

8,237,000‌

7,480,519‌

Vodafone

Group

PLC

(United

Kingdom)

4.25%

09/17/50

3

50,000‌

38,670‌

4.88%

06/19/49

3

1,328,000‌

1,116,002‌

5.25%

05/30/48

3

6,292,000‌

5,572,130‌

VZ

Secured

Financing

BV

(Netherlands)

5.00%

01/15/32

1,3

495,000‌

405,118‌

75,302,968‌

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Consumer

Discretionary

—

1.67%

Anheuser-Busch

Cos.

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

4.70%

02/01/36

$

3,200,000‌

$

3,032,532‌

Bacardi

Ltd.

(Bermuda)

4.45%

05/15/25

1,3

3,585,000‌

3,481,746‌

5.15%

05/15/38

1,3

1,500,000‌

1,361,883‌

BAT

Capital

Corp.

2.73%

03/25/31

915,000‌

714,136‌

4.54%

08/15/47

500,000‌

355,168‌

5.65%

03/16/52

4,125,000‌

3,443,951‌

Becle,

SAB

de

CV

(Mexico)

2.50%

10/14/31

1,3

4,450,000‌

3,464,080‌

Imperial

Brands

Finance

PLC

(United

Kingdom)

3.13%

07/26/24

1,3

1,500,000‌

1,439,028‌

3.50%

07/26/26

1,3

2,520,000‌

2,313,359‌

4.25%

07/21/25

1,3

1,880,000‌

1,798,147‌

Reynolds

American,

Inc.

5.85%

08/15/45

12,245,000‌

10,508,421‌

WarnerMedia

Holdings,

Inc.

4.28%

03/15/32

1

5,000‌

4,125‌

5.05%

03/15/42

1

7,970,000‌

6,137,195‌

5.14%

03/15/52

1

11,287,000‌

8,303,313‌

46,357,084‌

Electric

—

0.98%

Alliant

Energy

Finance,

LLC

3.60%

03/01/32

1

8,130,000‌

7,028,294‌

Cleco

Power

LLC

6.00%

12/01/40

825,000‌

805,771‌

Dominion

Energy,

Inc.

5.75%

10/01/54

4

2,515,000‌

2,357,604‌

Duke

Energy

Carolinas

LLC

3.70%

12/01/47

1,810,000‌

1,385,705‌

Duke

Energy

Corp.

3.85%

06/15/34

1,840,000‌

1,815,423‌

Eskom

Holdings

SOC

Ltd.,

Series

REGS

(South

Africa)

7.13%

02/11/25

3

800,000‌

730,479‌

FirstEnergy

Transmission

LLC

2.87%

09/15/28

1

9,558,000‌

8,357,584‌

Metropolitan

Edison

Co.

4.00%

04/15/25

1

2,625,000‌

2,512,140‌

Mong

Duong

Finance

Holdings

BV,

Series

REGS

(Netherlands)

5.13%

05/07/29

3

350,000‌

293,370‌

Southwestern

Electric

Power

Co.,

Series

M

4.10%

09/15/28

2,190,000‌

2,081,838‌

27,368,208‌

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

December

2022

/

10

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Energy

—

2.88%

Energy

Transfer

LP

4.40%

03/15/27

$

1,448,000‌

$

1,376,225‌

4.95%

06/15/28

375,000‌

363,331‌

5.00%

05/15/50

902,000‌

729,335‌

5.15%

03/15/45

1,901,000‌

1,591,007‌

5.40%

10/01/47

4,716,000‌

4,019,089‌

6.13%

12/15/45

500,000‌

465,335‌

Energy

Transfer

LP,

Series

B

6.63%

4,9

3,889,000‌

2,902,166‌

Energy

Transfer

Operating

LP

5.30%

04/15/47

1,765,000‌

1,490,933‌

6.25%

04/15/49

5,000‌

4,674‌

Galaxy

Pipeline

Assets

Bidco

Ltd.

(United

Kingdom)

2.16%

03/31/34

1,3

1,849,320‌

1,576,545‌

Global

Partners

LP/GLP

Finance

Corp.

6.88%

01/15/29

4,137,000‌

3,795,160‌

KazMunayGas

National

Co.

JSC,

Series

REGS

(Kazakhstan)

3.50%

04/14/33

3

336,000‌

250,918‌

4.75%

04/19/27

3

205,000‌

189,728‌

5.38%

04/24/30

3

2,424,000‌

2,178,742‌

KazTransGas

JSC,

Series

REGS

(Kazakhstan)

4.38%

09/26/27

3

650,000‌

589,036‌

Kinder

Morgan

Energy

Partners

LP

5.00%

08/15/42

1,090,000‌

937,551‌

NGL

Energy

Operating

LLC/NGL

Energy

Finance

Corp.

7.50%

02/01/26

1

1,929,000‌

1,719,744‌

Pertamina

Persero

PT

(Indonesia)

3.10%

08/27/30

1,3

4,579,000‌

3,959,180‌

Petroleos

Mexicanos

(Mexico)

6.35%

02/12/48

3

557,000‌

342,699‌

6.75%

09/21/47

3

3,815,000‌

2,442,682‌

6.95%

01/28/60

3

1,595,000‌

1,014,221‌

7.69%

01/23/50

3

4,993,000‌

3,466,059‌

Petronas

Capital

Ltd.

(Malaysia)

2.48%

01/28/32

1,3

2,550,000‌

2,113,185‌

3.50%

04/21/30

1,3

3,405,000‌

3,109,446‌

Plains

All

American

Pipeline

LP/PAA

Finance

Corp.

3.80%

09/15/30

2,000,000‌

1,742,864‌

4.50%

12/15/26

1,505,000‌

1,447,886‌

QatarEnergy

Trading

LLC,

Series

REGS

(Qatar)

2.25%

07/12/31

3

1,000,000‌

830,181‌

Rockies

Express

Pipeline

LLC

4.80%

05/15/30

1

2,000,000‌

1,772,500‌

4.95%

07/15/29

1

1,000,000‌

913,491‌

6.88%

04/15/40

1

3,175,000‌

2,665,685‌

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Energy

(continued)

Ruby

Pipeline

LLC

8.00%

04/01/22

1,5,6,10,11

$

3,943,939‌

$

4,298,894‌

Saudi

Arabian

Oil

Co.,

Series

REGS

(Saudi

Arabia)

1.63%

11/24/25

3

1,100,000‌

1,004,630‌

Southern

Co.

Gas

Capital

Corp.

3.25%

06/15/26

2,935,000‌

2,736,280‌

3.88%

11/15/25

2,410,000‌

2,327,353‌

Southern

Gas

Corridor

CJSC,

Series

REGS

(Azerbaijan)

6.88%

03/24/26

3

2,776,000‌

2,854,547‌

TransMontaigne

Partners

LP/TLP

Finance

Corp.

6.13%

02/15/26

3,846,000‌

3,326,790‌

Transocean

Poseidon

Ltd.

(Cayman

Islands)

6.88%

02/01/27

1,3

3,629,500‌

3,537,674‌

Transocean

Proteus

Ltd.

(Cayman

Islands)

6.25%

12/01/24

1,3

1,444,400‌

1,425,079‌

USA

Compression

Partners

LP/USA

Compression

Finance

Corp.

6.88%

09/01/27

3,877,000‌

3,631,219‌

Venture

Global

Calcasieu

Pass

LLC

3.88%

11/01/33

1

2,000,000‌

1,635,184‌

4.13%

08/15/31

1

3,891,000‌

3,321,301‌

80,098,549‌

Entertainment

—

0.03%

Cinemark

USA,

Inc.

5.25%

07/15/28

1

1,018,000‌

763,500‌

Finance

—

4.96%

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

(Ireland)

3.00%

10/29/28

3

11,100,000‌

9,328,153‌

3.30%

01/30/32

3

2,649,000‌

2,071,209‌

3.88%

01/23/28

3

1,090,000‌

975,302‌

Air

Lease

Corp.

2.25%

01/15/23

2,000,000‌

1,998,123‌

American

Express

Co.,

Series

D

3.55%

4,9

2,350,000‌

1,928,460‌

Avolon

Holdings

Funding

Ltd.

(Cayman

Islands)

2.53%

11/18/27

1,3

5,278,000‌

4,226,455‌

2.88%

02/15/25

1,3

4,555,000‌

4,209,727‌

3.95%

07/01/24

1,3

1,035,000‌

992,629‌

Capital

One

Financial

Corp.

1.88%

11/02/27

4

2,970,000‌

2,602,148‌

3.27%

03/01/30

4

2,675,000‌

2,298,443‌

Charles

Schwab

Corp.

(The)

5.00%

4,9

2,020,000‌

1,849,307‌

Citigroup,

Inc.

1.46%

06/09/27

4

2,575,000‌

2,237,555‌

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

11

/

December

2022

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Finance

(continued)

2.57%

06/03/31

4

$

6,390,000‌

$

5,182,268‌

2.67%

01/29/31

4

1,500,000‌

1,232,109‌

2.98%

11/05/30

4

2,380,000‌

2,001,889‌

3.06%

01/25/33

4

17,748,000‌

14,358,218‌

Citigroup,

Inc.,

Series

VAR

3.07%

02/24/28

4

2,020,000‌

1,824,795‌

Goldman

Sachs

Group,

Inc.

(The)

0.93%

10/21/24

4

5,565,000‌

5,332,995‌

1.95%

10/21/27

4

6,295,000‌

5,499,461‌

2.38%

07/21/32

4

6,585,000‌

5,111,004‌

2.62%

04/22/32

4

3,225,000‌

2,579,645‌

2.65%

10/21/32

4

18,803,000‌

14,893,155‌

Jane

Street

Group/JSG

Finance,

Inc.

4.50%

11/15/29

1

2,249,000‌

1,966,819‌

JPMorgan

Chase

&

Co.

1.05%

11/19/26

4

6,095,000‌

5,374,783‌

1.56%

12/10/25

4

2,290,000‌

2,121,438‌

2.55%

11/08/32

4

6,250,000‌

4,943,429‌

2.95%

02/24/28

4

2,625,000‌

2,379,324‌

Morgan

Stanley

0.79%

05/30/25

4

1,395,000‌

1,297,661‌

2.48%

09/16/36

4

6,995,000‌

5,106,763‌

2.95%

05/07/32

4

3,250,000‌

3,076,044‌

5.30%

04/20/37

4

73,000‌

66,854‌

Morgan

Stanley

(GMTN)

2.24%

07/21/32

4

4,715,000‌

3,615,550‌

Morgan

Stanley

(MTN)

1.93%

04/28/32

4

3,360,000‌

2,530,866‌

2.51%

10/20/32

4

850,000‌

664,876‌

Nationwide

Building

Society

(United

Kingdom)

2.97%

02/16/28

1,3,4

3,890,000‌

3,429,954‌

3.77%

03/08/24

1,3,4

2,570,000‌

2,556,095‌

4.36%

08/01/24

1,3,4

2,490,000‌

2,458,002‌

Park

Aerospace

Holdings

Ltd.

(Cayman

Islands)

4.50%

03/15/23

1,3

455,000‌

453,911‌

5.50%

02/15/24

1,3

861,000‌

850,157‌

UBS

Group

AG

(Switzerland)

4.70%

08/05/27

1,3,4

1,935,000‌

1,873,633‌

Vonovia

SE

(Georgia)

1.50%

06/14/41

3

600,000‌

355,571‌

137,854,780‌

Food

—

0.77%

H-Food

Holdings

LLC/Hearthside

Finance

Co.,

Inc.

8.50%

06/01/26

1

2,412,000‌

1,402,771‌

JBS

USA

LUX

SA/JBS

USA

Food

Co./JBS

USA

Finance,

Inc.

(Canada)

3.75%

12/01/31

1,3

796,000‌

650,055‌

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Food

(continued)

5.75%

04/01/33

1,3

$

6,200,000‌

$

5,929,217‌

6.50%

12/01/52

1,3

1,555,000‌

1,484,191‌

Kraft

Heinz

Foods

Co.

5.20%

07/15/45

1,000,000‌

927,547‌

Pilgrim's

Pride

Corp.

4.25%

04/15/31

1

4,000,000‌

3,406,756‌

Simmons

Foods,

Inc./Simmons

Prepared

Foods,

Inc./

Simmons

Pet

Food,

Inc./Simmons

Feed

4.63%

03/01/29

1

4,209,000‌

3,470,635‌

Smithfield

Foods,

Inc.

2.63%

09/13/31

1

4,690,000‌

3,371,235‌

TreeHouse

Foods,

Inc.

4.00%

09/01/28

1,000,000‌

851,600‌

21,494,007‌

Health

Care

—

2.81%

American

Medical

Systems

Europe

BV

(Netherlands)

1.88%

03/08/34

3

2,000,000‌

1,708,412‌

Bayer

U.S.

Finance

II

LLC

4.38%

12/15/28

1

9,281,000‌

8,730,917‌

4.63%

06/25/38

1

2,775,000‌

2,427,633‌

4.88%

06/25/48

1

4,415,000‌

3,828,539‌

5.50%

08/15/25

1

2,000,000‌

1,979,085‌

Cano

Health

LLC

6.25%

10/01/28

1

1,757,000‌

1,071,770‌

Centene

Corp.

2.45%

07/15/28

11,838,000‌

9,997,074‌

4.25%

12/15/27

2,830,000‌

2,660,393‌

CommonSpirit

Health

2.78%

10/01/30

3,680,000‌

3,029,939‌

3.91%

10/01/50

1,220,000‌

908,549‌

CVS

Health

Corp.

5.05%

03/25/48

5,417,000‌

4,894,904‌

DENTSPLY

SIRONA,

Inc.

3.25%

06/01/30

3,979,000‌

3,311,996‌

Fresenius

Finance

Ireland

PLC

(EMTN)

(Ireland)

0.88%

10/01/31

3

1,000,000‌

740,221‌

Grifols

Escrow

Issuer

SA

(Spain)

4.75%

10/15/28

1,3

1,064,000‌

921,236‌

Grifols

Escrow

Issuer

SA,

Series

REGS

(Spain)

3.88%

10/15/28

3

1,800,000‌

1,624,925‌

HCA,

Inc.

3.63%

03/15/32

1

6,060,000‌

5,131,551‌

4.13%

06/15/29

2,400,000‌

2,196,081‌

4.63%

03/15/52

1

855,000‌

670,283‌

5.25%

06/15/49

4,670,000‌

3,999,448‌

5.38%

09/01/26

1,600,000‌

1,584,432‌

5.50%

06/15/47

3,785,000‌

3,408,090‌

ModivCare,

Inc.

5.88%

11/15/25

1

1,311,000‌

1,233,148‌

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

December

2022

/

12

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Health

Care

(continued)

Molina

Healthcare,

Inc.

3.88%

11/15/30

1

$

1,378,000‌

$

1,178,190‌

Prestige

Brands,

Inc.

3.75%

04/01/31

1

3,359,000‌

2,774,350‌

Prime

Healthcare

Services,

Inc.

7.25%

11/01/25

1

4,031,000‌

3,401,156‌

Tenet

Healthcare

Corp.

6.13%

10/01/28

1

3,367,000‌

3,027,573‌

Universal

Health

Services,

Inc.

1.65%

09/01/26

1

1,500,000‌

1,294,029‌

2.65%

01/15/32

1

590,000‌

450,009‌

78,183,933‌

Industrials

—

1.36%

Amcor

Finance

USA,

Inc.

3.63%

04/28/26

2,125,000‌

2,016,191‌

Ardagh

Packaging

Finance

PLC/Ardagh

Holdings

USA,

Inc.

(Canada)

5.25%

08/15/27

1,3

3,722,000‌

2,811,375‌

Artera

Services

LLC

9.03%

12/04/25

1

4,010,000‌

3,364,978‌

Berry

Global,

Inc.

1.50%

01/15/27

1

1,595,000‌

1,522,852‌

1.57%

01/15/26

1,740,000‌

1,554,772‌

4.88%

07/15/26

1

1,195,000‌

1,153,236‌

Boeing

Co.

(The)

1.43%

02/04/24

8,790,000‌

8,414,719‌

Cellnex

Finance

Co.

SA

(EMTN)

(Spain)

2.00%

09/15/32

3

400,000‌

317,221‌

2.00%

02/15/33

3

300,000‌

236,374‌

General

Electric

Co.

(MTN)

(LIBOR

USD

3-Month

plus

0.48%)

5.09%

08/15/36

2

10,370,000‌

8,573,417‌

Heathrow

Funding

Ltd.

(EMTN)

(United

Kingdom)

1.88%

03/14/34

3

4,170,000‌

3,224,700‌

OT

Merger

Corp.

7.88%

10/15/29

1

7,500,000‌

3,880,277‌

Rolls-Royce

PLC

(EMTN)

(United

Kingdom)

1.63%

05/09/28

3

1,055,000‌

896,326‌

37,966,438‌

Information

Technology

—

0.72%

Broadcom,

Inc.

3.42%

04/15/33

1

2,350,000‌

1,889,826‌

Gen

Digital,

Inc.

6.75%

09/30/27

1

1,560,000‌

1,533,445‌

Lenovo

Group

Ltd.

(Hong

Kong)

6.54%

07/27/32

1,3

1,210,000‌

1,169,723‌

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Information

Technology

(continued)

NCR

Corp.

5.13%

04/15/29

1

$

4,863,000‌

$

4,072,465‌

Open

Text

Corp.

(Canada)

6.90%

12/01/27

1,3

1,510,000‌

1,525,100‌

Oracle

Corp.

2.88%

03/25/31

1,245,000‌

1,033,697‌

3.60%

04/01/40

2,400,000‌

1,769,358‌

3.60%

04/01/50

2,000,000‌

1,354,900‌

3.80%

11/15/37

1,490,000‌

1,173,472‌

3.95%

03/25/51

1,901,000‌

1,371,400‌

4.00%

11/15/47

2,050,000‌

1,507,070‌

6.90%

11/09/52

1,520,000‌

1,646,296‌

20,046,752‌

Insurance

—

1.41%

Acrisure

LLC/Acrisure

Finance,

Inc.

4.25%

02/15/29

1

660,000‌

549,368‌

6.00%

08/01/29

1

2,272,000‌

1,826,120‌

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co.-Issuer

6.75%

10/15/27

1

3,412,000‌

3,081,582‌

Aon

Corp./Aon

Global

Holdings

PLC

3.90%

02/28/52

2,065,000‌

1,602,722‌

AssuredPartners,

Inc.

5.63%

01/15/29

1

1,795,000‌

1,479,689‌

Athene

Global

Funding

1.99%

08/19/28

1

8,980,000‌

7,271,850‌

2.72%

01/07/29

1

1,535,000‌

1,269,999‌

3.21%

03/08/27

1

2,225,000‌

1,986,380‌

Brown

&

Brown,

Inc.

4.95%

03/17/52

2,980,000‌

2,438,211‌

Farmers

Exchange

Capital

7.20%

07/15/48

1

150,000‌

154,592‌

Farmers

Exchange

Capital

II

6.15%

11/01/53

1,4

2,500,000‌

2,385,101‌

Farmers

Insurance

Exchange

4.75%

11/01/57

1,4

3,800,000‌

3,060,626‌

8.63%

05/01/24

1

942,000‌

972,219‌

Nationwide

Mutual

Insurance

Co.

7.06%

12/15/24

1,4

3,825,000‌

3,816,012‌

Teachers

Insurance

&

Annuity

Association

of

America

3.30%

05/15/50

1

1,645,000‌

1,144,776‌

4.38%

09/15/54

1,4

6,470,000‌

6,207,407‌

39,246,654‌

Materials

—

0.28%

ASP

Unifrax

Holdings,

Inc.

5.25%

09/30/28

1

2,460,000‌

1,982,989‌

7.50%

09/30/29

1

1,020,000‌

654,094‌

SK

Invictus

Intermediate

II

SARL

(Luxembourg)

5.00%

10/30/29

1,3

5,432,000‌

4,461,302‌

Valvoline,

Inc.

3.63%

06/15/31

1

1,000,000‌

821,830‌

7,920,215‌

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

13

/

December

2022

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Real

Estate

Investment

Trust

(REIT)

—

2.25%

American

Assets

Trust

LP

3.38%

02/01/31

$

4,005,000‌

$

3,179,425‌

Annington

Funding

PLC

(EMTN)

(United

Kingdom)

2.31%

10/06/32

3

1,800,000‌

1,562,289‌

CapitaLand

Ascendas

REIT

(EMTN)

(Slovenia)

0.75%

06/23/28

3

525,000‌

439,810‌

China

Aoyuan

Group

Ltd.

(Cayman

Islands)

6.35%

02/08/24

3,5,6

2,660,000‌

224,770‌

China

SCE

Group

Holdings

Ltd.

(Cayman

Islands)

7.00%

05/02/25

3

1,070,000‌

448,062‌

CubeSmart

LP

2.50%

02/15/32

4,075,000‌

3,124,364‌

Digital

Dutch

Finco

BV

(Netherlands)

1.00%

01/15/32

3

2,600,000‌

1,943,248‌

1.50%

03/15/30

3

2,140,000‌

1,786,150‌

Digital

Intrepid

Holding

BV

(Netherlands)

1.38%

07/18/32

3

1,000,000‌

760,381‌

Extra

Space

Storage

LP

2.35%

03/15/32

2,130,000‌

1,617,129‌

3.90%

04/01/29

593,000‌

533,237‌

GLP

Capital

LP/GLP

Financing

II,

Inc.

5.30%

01/15/29

2,280,000‌

2,176,670‌

5.38%

04/15/26

6,060,000‌

5,955,145‌

5.75%

06/01/28

6,241,000‌

6,147,382‌

Healthcare

Reality

Holdings

LP

2.00%

03/15/31

1,465,000‌

1,112,430‌

3.50%

08/01/26

2,257,000‌

2,099,684‌

Healthcare

Realty

Holdings

LP

2.05%

03/15/31

261,000‌

191,371‌

3.63%

01/15/28

625,000‌

555,297‌

3.88%

05/01/25

2,190,000‌

2,092,846‌

Hudson

Pacific

Properties

LP

3.25%

01/15/30

675,000‌

516,729‌

3.95%

11/01/27

2,500,000‌

2,130,758‌

5.95%

02/15/28

955,000‌

892,567‌

Invitation

Homes

Operating

Partnership

LP

2.70%

01/15/34

1,585,000‌

1,159,571‌

LXP

Industrial

Trust

2.70%

09/15/30

2,000,000‌

1,598,022‌

Piedmont

Operating

Partnership

LP

3.40%

06/01/23

4,520,000‌

4,477,465‌

Prologis

Euro

Finance

LLC

0.50%

02/16/32

1,415,000‌

1,076,596‌

1.00%

02/06/35

930,000‌

684,207‌

1.00%

02/16/41

850,000‌

518,521‌

SELP

Finance

SARL

(Luxembourg)

0.88%

05/27/29

3

2,095,000‌

1,683,316‌

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Real

Estate

Investment

Trust

(REIT)

(continued)

Sunac

China

Holdings

Ltd.

(Cayman

Islands)

6.50%

01/10/25

3,5,6

$

2,515,000‌

$

546,763‌

6.80%

10/20/24

3,5,6,10,11

720,000‌

160,420‌

Times

China

Holdings

Ltd.

(Cayman

Islands)

6.75%

07/08/25

3,5,6

1,040,000‌

174,616‌

VICI

Properties

LP

5.13%

05/15/32

5,076,000‌

4,712,330‌

5.63%

05/15/52

713,000‌

631,352‌

VICI

Properties

LP/VICI

Note

Co.,

Inc.

3.75%

02/15/27

1

235,000‌

213,997‌

3.88%

02/15/29

1

2,060,000‌

1,808,431‌

4.50%

09/01/26

1

1,150,000‌

1,097,934‌

4.50%

01/15/28

1

765,000‌

706,227‌

4.63%

06/15/25

1

320,000‌

307,032‌

5.75%

02/01/27

1

1,400,000‌

1,367,695‌

Zhenro

Properties

Group

Ltd.

(Cayman

Islands)

6.63%

01/07/26

3,5,6

1,810,000‌

101,360‌

62,515,599‌

Retail

—

0.52%

Alimentation

Couche-Tard,

Inc.

(Canada)

3.55%

07/26/27

1,3

1,175,000‌

1,082,136‌

Bloomin'

Brands,

Inc./OSI

Restaurant

Partners

LLC

5.13%

04/15/29

1

5,439,000‌

4,623,150‌

Fertitta

Entertainment,

LLC/Fertitta

Entertainment

Finance

Co.,

Inc.

6.75%

01/15/30

1

5,028,000‌

4,074,440‌

FirstCash,

Inc.

5.63%

01/01/30

1

840,000‌

752,238‌

Michaels

Cos.,

Inc.

(The)

7.88%

05/01/29

1

5,775,000‌

3,868,951‌

14,400,915‌

Services

—

0.72%

Adtalem

Global

Education,

Inc.

5.50%

03/01/28

1

2,013,000‌

1,849,328‌

DP

World

Crescent

Ltd.

(Cayman

Islands)

4.85%

09/26/28

1,3

4,036,000‌

3,992,916‌

Global

Payments,

Inc.

5.40%

08/15/32

1,420,000‌

1,355,476‌

5.95%

08/15/52

2,390,000‌

2,177,224‌

Hertz

Corp.

(The)

5.00%

12/01/29

1

6,852,000‌

5,215,400‌

Waste

Pro

USA,

Inc.

5.50%

02/15/26

1

6,169,000‌

5,461,786‌

20,052,130‌

Transportation

—

0.08%

American

Airlines

Pass-Through

Trust,

Series

2015-2,

Class

AA

3.60%

09/22/27

1,962,780‌

1,764,412‌

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

December

2022

/

14

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Transportation

(continued)

U.S.

Airways

Pass-Through

Trust,

Series

2010-1,

Class

A

6.25%

04/22/23

$

437,867‌

$

436,813‌

U.S.

Airways

Pass-Through

Trust,

Series

2012-1,

Class

A

5.90%

10/01/24

49,491‌

47,714‌

2,248,939‌

Total

Corporates

(Cost

$998,953,662)

874,743,773‌

FOREIGN

GOVERNMENT

OBLIGATIONS

—

3.42%  

Foreign

Government

Obligations

—

3.42%

Abu

Dhabi

Government

International

Bond,

Series

REGS

(EMTN)

(United

Arab

Emirates)

3.13%

04/16/30

3

1,100,000‌

1,023,210‌

Bahrain

Government

International

Bond,

Series

REGS

(Bahrain)

7.00%

01/26/26

3

500,000‌

513,937‌

Brazilian

Government

International

Bond

(Brazil)

2.88%

06/06/25

3

3,400,000‌

3,214,700‌

3.88%

06/12/30

3

3,010,000‌

2,618,098‌

4.63%

01/13/28

3

830,000‌

796,800‌

Chile

Government

International

Bond

(Chile)

2.45%

01/31/31

3

3,764,000‌

3,132,315‌

2.55%

01/27/32

3

1,257,000‌

1,032,751‌

Colombia

Government

International

Bond

(Colombia)

3.00%

01/30/30

3

3,773,000‌

2,893,891‌

3.13%

04/15/31

3

2,000,000‌

1,491,427‌

4.50%

01/28/26

3

2,605,000‌

2,454,692‌

8.00%

04/20/33

3

200,000‌

201,000‌

Dominican

Republic

International

Bond

(Dominican

Republic)

4.50%

01/30/30

1,3

3,900,000‌

3,333,330‌

Dominican

Republic

International

Bond,

Series

REGS

(Dominican

Republic)

4.88%

09/23/32

3

1,530,000‌

1,275,731‌

Egypt

Government

International

Bond

(Egypt)

7.60%

03/01/29

1,3

700,000‌

572,155‌

Egypt

Government

International

Bond,

Series

REGS

(Egypt)

5.25%

10/06/25

3

1,700,000‌

1,530,000‌

Guatemala

Government

Bond

Series

REGS

(Guam)

4.90%

06/01/30

3

550,000‌

522,376‌

Issues

Maturity

Date

Principal

Amount

Value

FOREIGN

GOVERNMENT

OBLIGATIONS

(continued)

Foreign

Government

Obligations

(continued)

Guatemala

Government

Bond,

Series

REGS

(Guam)

3.70%

10/07/33

3

$

4,515,000‌

$

3,735,711‌

Hungary

Government

International

Bond

(Hungary)

2.13%

09/22/31

1,3

4,200,000‌

3,108,189‌

Indonesia

Government

International

Bond

(Indonesia)

2.85%

02/14/30

3

3,600,000‌

3,233,025‌

Mexico

Government

International

Bond

(Mexico)

2.66%

05/24/31

3

6,531,000‌

5,277,048‌

3.75%

01/11/28

3

5,025,000‌

4,758,172‌

Oman

Government

International

Bond,

Series

REGS

(Oman)

5.63%

01/17/28

3

4,640,000‌

4,590,352‌

Panama

Government

International

Bond

(Panama)

2.25%

09/29/32

3

3,000,000‌

2,232,766‌

3.16%

01/23/30

3

6,851,000‌

5,915,728‌

Paraguay

Government

International

Bond

(Paraguay)

2.74%

01/29/33

1,3

3,926,000‌

3,166,580‌

Perusahaan

Penerbit

SBSN

Indonesia

III

(Indonesia)

2.80%

06/23/30

1,3

2,100,000‌

1,847,297‌

Peruvian

Government

International

Bond

(Peru)

1.86%

12/01/32

3

1,000,000‌

732,780‌

2.78%

01/23/31

3

1,160,000‌

962,800‌

2.84%

06/20/30

3

4,025,000‌

3,413,613‌

4.13%

08/25/27

3

525,000‌

505,312‌

Philippine

Government

International

Bond

(Philippines)

1.65%

06/10/31

3

1,241,000‌

994,413‌

1.95%

01/06/32

3

930,000‌

760,554‌

2.46%

05/05/30

3

2,534,000‌

2,217,250‌

Qatar

Government

International

Bond,

Series

REGS

(Qatar)

3.75%

04/16/30

3

540,000‌

524,116‌

4.50%

04/23/28

3

3,226,000‌

3,246,324‌

Republic

of

Poland

Government

International

Bond

(Poland)

5.75%

11/16/32

3

560,000‌

598,227‌

Republic

of

South

Africa

Government

International

Bond

(South

Africa)

4.30%

10/12/28

3

2,607,000‌

2,331,440‌

4.85%

09/30/29

3

2,955,000‌

2,639,258‌

5.88%

04/20/32

3

1,064,000‌

964,729‌

Romanian

Government

International

Bond,

Series

REGS

(Romania)

3.00%

02/14/31

3

4,400,000‌

3,482,406‌

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

15

/

December

2022

Issues

Maturity

Date

Principal

Amount

Value

FOREIGN

GOVERNMENT

OBLIGATIONS

(continued)

Foreign

Government

Obligations

(continued)

Saudi

Government

International

Bond,

Series

REGS

(EMTN)

(Saudi

Arabia)

3.25%

10/22/30

3

$

2,220,000‌

$

2,031,411‌

3.63%

03/04/28

3

2,675,000‌

2,555,829‌

Uruguay

Government

International

Bond

(Uruguay)

4.38%

01/23/31

3

2,788,717‌

2,783,140‌

Total

Foreign

Government

Obligations

(Cost

$108,099,173)

95,214,883‌

MORTGAGE-BACKED

—

63.26%**  

Non-Agency

Commercial

Mortgage-Backed

—

8.78%

1345

Avenue

of

the

Americas

&

Park

Avenue

Plaza

Trust,

Series

2005-1,

Class

A3

5.28%

08/10/35

1

7,801,704‌

7,473,112‌

A10

Bridge

Asset

Financing,

Series

2021-D,

Class

A1FL

(SOFR30A

plus

1.45%)

1.50%

10/01/38

1,2

5,581,973‌

5,245,030‌

ACRES

Commercial

Realty

Ltd.,

Series

2021-FL1,

Class

AS

(Cayman

Islands)

(LIBOR

USD

1-Month

plus

1.60%)

5.93%

06/15/36

1,2,3

9,831,000‌

9,456,446‌

AREIT

Trust,

Series

2020-CRE4,

Class

B

(Cayman

Islands)

(SOFR30A

plus

4.26%)

8.07%

04/15/37

1,2,3

6,464,394‌

6,415,993‌

Banc

of

America

Merrill

Lynch

Commercial

Mortgage

Trust,

Series

2018-PARK,

Class

A

4.09%

08/10/38

1,4

7,985,000‌

7,225,660‌

Banc

of

America

Merrill

Lynch

Commercial

Mortgage

Trust,

Series

2020-BHP3,

Class

A

(LIBOR

USD

1-Month

plus

1.90%)

6.22%

03/15/37

1,2

8,585,000‌

8,429,086‌

Banc

of

America

Merrill

Lynch

Commercial

Mortgage

Trust,

Series

2020-BOC,

Class

A

2.63%

01/15/32

1

5,000,000‌

4,293,873‌

Banc

of

America

Merrill

Lynch

Commercial

Mortgage

Trust,

Series

2020-BOC,

Class

X

(IO)

0.47%

01/15/32

1,4

98,610,000‌

1,559,271‌

Blackstone

Industrial

Portfolio

-

Proj

Foxtrot

2.23%

04/09/24

4,5,6

3,250,000‌

3,070,275‌

BX

Commercial

Mortgage

Trust,

Series

2021-XL2,

Class

J

(LIBOR

USD

1-Month

plus

3.89%)

8.21%

10/15/38

1,2

10,564,552‌

9,616,404‌

BX

Trust,

Series

2019-OC11,

Class

A

3.20%

12/09/41

1

7,060,000‌

5,925,560‌

CALI

Mortgage

Trust,

Series

2019-101C,

Class

A

3.96%

03/10/39

1

2,020,000‌

1,753,262‌

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Commercial

Mortgage-Backed

(continued)

CAMB

Commercial

Mortgage

Trust,

Series

2019-LIFE,

Class

F

(LIBOR

USD

1-Month

plus

2.55%)

6.87%

12/15/37

1,2

$

9,700,000‌

$

9,263,312‌

CAMB

Commercial

Mortgage

Trust,

Series

2019-LIFE,

Class

G

(LIBOR

USD

1-Month

plus

3.25%)

7.57%

12/15/37

1,2

8,503,000‌

7,956,273‌

CD

Mortgage

Trust,

Series

2016-CD1,

Class

XA

(IO)

1.37%

08/10/49

4

60,053,590‌

2,136,869‌

Citigroup

Commercial

Mortgage

Trust,

Series

2015-GC27,

Class

XA

(IO)

1.31%

02/10/48

4

59,841,787‌

1,215,548‌

Commercial

Mortgage

Trust,

Series

2012-CR4,

Class

XA

(IO)

1.26%

10/15/45

4

10,452,440‌

432‌

Commercial

Mortgage

Trust,

Series

2012-CR5,

Class

XA

(IO)

1.09%

12/10/45

4

1,104,009‌

37‌

Commercial

Mortgage

Trust,

Series

2013-CR13,

Class

XA

(IO)

0.72%

11/10/46

4

58,898,152‌

258,454‌

Commercial

Mortgage

Trust,

Series

2014-CR16,

Class

XA

(IO)

0.94%

04/10/47

4

99,087,880‌

816,960‌

Commercial

Mortgage

Trust,

Series

2020-CBM,

Class

XCP

(IO)

0.60%

02/10/37

1,4

68,872,262‌

745,577‌

Credit

Suisse

Mortgage

Capital

Trust,

Series

2020-TMIC,

Class

A

(LIBOR

USD

1-Month

plus

3.00%)

7.82%

12/15/35

1,2

11,515,000‌

11,481,967‌

CSAIL

Commercial

Mortgage

Trust,

Series

2019-C16,

Class

XA

(IO)

1.55%

06/15/52

4

90,794,751‌

6,439,858‌

CSMC,

Series

2019-RIO,

Class

A

(LIBOR

USD

1-Month

plus

3.02%)

7.34%

12/15/22

1,2

7,192,468‌

—‌

CSMC,

Series

2021-BPNY,

Class

A

(LIBOR

USD

1-Month

plus

3.71%)

8.03%

08/15/23

1,2

12,734,000‌

12,237,215‌

DBJPM

Mortgage

Trust,

Series

2016-SFC,

Class

A

2.83%

08/10/36

1

4,000,000‌

3,252,600‌

Grace

Trust,

Series

2020-GRCE,

Class

A

2.35%

12/10/40

1

8,000,000‌

6,151,919‌

GS

Mortgage

Securities

Corp.

Trust,

Series

2020-UPTN,

Class

XA

(IO)

0.35%

02/10/37

1,4

40,999,000‌

265,559‌

GS

Mortgage

Securities

Trust,

Series

2014-GC20,

Class

XA

(IO)

1.01%

04/10/47

4

55,359,890‌

451,481‌

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

December

2022

/

16

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Commercial

Mortgage-Backed

(continued)

GSCG

Trust,

Series

2019-600C,

Class

G

3.99%

09/06/34

1,4

$

9,212,000‌

$

7,296,067‌

Hudson

Yards

Mortgage

Trust,

Series

2019-55HY,

Class

A

2.94%

12/10/41

1,4

6,555,000‌

5,507,915‌

Hudson

Yards

Mortgage

Trust,

Series

2019-55HY,

Class

F

2.94%

12/10/41

1,4

3,131,000‌

2,121,476‌

ILPT

Commercial

Mortgage

Trust,

Series

2022-LPFX,

Class

A

3.38%

03/15/32

1

11,770,000‌

9,855,056‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2022-NLP,

Class

H

(CME

Term

SOFR

1-Month

plus

5.01%)

9.35%

04/15/37

1,2

5,424,749‌

4,412,092‌

KKR

Industrial

Portfolio

Trust,

Series

2021-KDIP,

Class

E

(LIBOR

USD

1-Month

plus

1.55%)

5.87%

12/15/37

1,2

5,187,750‌

4,875,531‌

KREF

Ltd.,

Series

2021-FL2,

Class

AS

(Cayman

Islands)

(LIBOR

USD

1-Month

plus

1.30%)

5.63%

02/15/39

1,2,3

6,900,000‌

6,483,810‌

Life

Mortgage

Trust,

Series

2021-BMR,

Class

G

(LIBOR

USD

1-Month

plus

2.95%)

7.27%

03/15/38

1,2

10,535,474‌

9,919,124‌

Med

Trust,

Series

2021-MDLN,

Class

F

(LIBOR

USD

1-Month

plus

4.00%)

8.32%

11/15/38

1,2

4,000,000‌

3,688,418‌

MF1

Ltd.,

Series

2020-FL4,

Class

B

(CME

Term

SOFR

1-Month

plus

2.86%)

7.20%

11/15/35

1,2

11,579,000‌

11,221,682‌

MF1

Ltd.,

Series

2020-FL4,

Class

D

(CME

Term

SOFR

1-Month

plus

4.21%)

8.55%

11/15/35

1,2

4,850,000‌

4,579,490‌

MKT

Mortgage

Trust,

Series

2020-525M,

Class

XA

(IO)

0.21%

02/12/40

1,4

147,585,000‌

1,925,940‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C22,

Class

XA

(IO)

1.00%

04/15/48

4

68,137,111‌

1,054,217‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C24,

Class

XA

(IO)

0.69%

05/15/48

4

103,984,020‌

1,516,069‌

Morgan

Stanley

Capital

I

Trust,

Series

2018-MP,

Class

A

4.28%

07/11/40

1,4

4,000,000‌

3,566,478‌

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Commercial

Mortgage-Backed

(continued)

MSCG

Trust,

Series

2018-SELF,

Class

E

(LIBOR

USD

1-Month

plus

2.15%)

6.47%

10/15/37

1,2

$

4,625,104‌

$

4,321,869‌

Natixis

Commercial

Mortgage

Securities

Trust,

Series

2018-ALXA,

Class

E

4.32%

01/15/43

1,4

1,095,000‌

870,183‌

SFAVE

Commercial

Mortgage

Securities

Trust,

Series

2015-5AVE,

Class

A2B

4.14%

01/05/43

1,4

1,840,000‌

1,264,849‌

SFAVE

Commercial

Mortgage

Securities

Trust,

Series

2015-5AVE,

Class

C

4.39%

01/05/43

1,4

10,000,000‌

6,090,828‌

SFAVE

Commercial

Mortgage

Securities

Trust,

Series

2015-5AVE,

Class

D

4.39%

01/05/43

1,4

13,330,000‌

7,066,181‌

VMC

Finance

LLC,

Series

2021-HT1,

Class

B

(LIBOR

USD

1-Month

plus

4.50%)

8.84%

01/18/37

1,2

10,000,000‌

9,379,932‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2014-LC16,

Class

XA

(IO)

1.08%

08/15/50

4

40,111,428‌

426,388‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2016-C33,

Class

XA

(IO)

1.58%

03/15/59

4

77,076,147‌

3,035,340‌

WF-RBS

Commercial

Mortgage

Trust,

Series

2012-C10,

Class

XA

(IO)

1.18%

12/15/45

1,4

12,758,806‌

425‌

WF-RBS

Commercial

Mortgage

Trust,

Series

2013-C14,

Class

XA

(IO)

0.65%

06/15/46

4

58,270,381‌

32,346‌

WF-RBS

Commercial

Mortgage

Trust,

Series

2014-C23,

Class

XA

(IO)

0.55%

10/15/57

4

74,314,821‌

536,657‌

244,186,396‌

Non-Agency

Mortgage-Backed

—

33.45%

Accredited

Mortgage

Loan

Trust,

Series

2006-1,

Class

A4

(LIBOR

USD

1-Month

plus

0.28%)

0.92%

04/25/36

2

146,944‌

146,293‌

ACE

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2006-HE3,

Class

A2C

(LIBOR

USD

1-Month

plus

0.30%)

4.69%

06/25/36

2

4,714,751‌

3,430,757‌

ACE

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2006-NC3,

Class

A2C

(LIBOR

USD

1-Month

plus

0.16%)

4.55%

12/25/36

2

53,098,339‌

15,489,131‌

ACE

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2006-OP2,

Class

A2C

(LIBOR

USD

1-Month

plus

0.15%)

4.54%

08/25/36

2

26,086‌

25,994‌

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

17

/

December

2022

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

(continued)

ACE

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2007-ASP1,

Class

A1

(LIBOR

USD

1-Month

plus

0.32%)

4.71%

03/25/37

2

$

28,438,153‌

$

13,928,473‌

ACE

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2007-ASP1,

Class

A2D

(LIBOR

USD

1-Month

plus

0.76%)

5.15%

03/25/37

2

2,274,188‌

1,103,016‌

Adjustable

Rate

Mortgage

Trust,

Series

2005-4,

Class

5A1

2.98%

08/25/35

4

1,247,225‌

978,431‌

Adjustable

Rate

Mortgage

Trust,

Series

2007-1,

Class

1A1

4.18%

03/25/37

4

1,485,839‌

1,285,100‌

Alternative

Loan

Trust,

Series

2005-74T1,

Class

A1

6.00%

01/25/36

5,372,150‌

3,440,152‌

Alternative

Loan

Trust,

Series

2005-76,

Class

1A1

(Federal

Reserve

US

12-Month

Cumulative

Average

plus

1.48%)

3.53%

01/25/36

2

2,575,904‌

2,289,803‌

Alternative

Loan

Trust,

Series

2006-HY12,

Class

A5

3.57%

08/25/36

4

2,214,191‌

1,887,420‌

American

Home

Mortgage

Investment

Trust,

Series

2006-1,

Class

11A1

(LIBOR

USD

1-Month

plus

0.28%)

4.67%

03/25/46

2

8,717,217‌

7,365,919‌

American

Home

Mortgage

Investment

Trust,

Series

2006-1,

Class

12A1

(LIBOR

USD

1-Month

plus

0.40%)

4.79%

03/25/46

2

2,702,337‌

2,253,879‌

Argent

Securities,

Inc.,

Asset-Backed

Pass-Through

Certificates,

Series

2006-W3,

Class

A2C

(LIBOR

USD

1-Month

plus

0.36%)

4.75%

04/25/36

2

38,892,219‌

12,085,572‌

Asset-Backed

Funding

Certificates,

Series

2007-WMC1,

Class

A1A

(LIBOR

USD

1-Month

plus

1.25%)

5.64%

06/25/37

2

16,959,620‌

12,046,713‌

Asset-Backed

Funding

Certificates,

Series

2007-WMC1,

Class

A2B

(LIBOR

USD

1-Month

plus

1.00%)

5.39%

06/25/37

2

3,054,254‌

2,471,480‌

Asset-Backed

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2004-HE9,

Class

M1

(LIBOR

USD

1-Month

plus

0.98%)

5.36%

12/25/34

2

1,180,961‌

1,074,896‌

Asset-Backed

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2006-HE5,

Class

A5

(LIBOR

USD

1-Month

plus

0.48%)

2.80%

07/25/36

2

9,754,000‌

9,197,215‌

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

(continued)

Banc

of

America

Alternative

Loan

Trust,

Series

2003-8,

Class

1CB1

5.50%

10/25/33

$

440,765‌

$

416,521‌

Banc

of

America

Funding

Trust,

Series

2004-B,

Class

5A1

4.08%

11/20/34

4

153,283‌

146,102‌

Banc

of

America

Funding

Trust,

Series

2006-D,

Class

3A1

3.41%

05/20/36

4

622,284‌

522,569‌

Banc

of

America

Funding

Trust,

Series

2015-R3,

Class

6A2

4.36%

05/27/36

1,4

9,949,852‌

9,311,501‌

Banc

of

America

Mortgage

Trust,

Series

2005-K,

Class

2A1

3.94%

12/25/35

4

711,224‌

627,049‌

BCAP

LLC

Trust,

Series

2007-AA1,

Class

2A1

(LIBOR

USD

1-Month

plus

0.36%)

4.75%

03/25/37

2

2,545,026‌

2,270,651‌

BCAP

LLC

Trust,

Series

2014-RR3,

Class

4A1

3.03%

03/26/36

1,4

1,160,304‌

1,132,742‌

Bear

Stearns

ALT-A

Trust,

Series

2005-2,

Class

2A4

3.34%

04/25/35

4

850,476‌

765,771‌

Bear

Stearns

ALT-A

Trust,

Series

2005-8,

Class

11A1

(LIBOR

USD

1-Month

plus

0.54%)

4.93%

10/25/35

2

5,332,485‌

4,772,944‌

Bear

Stearns

ARM

Trust,

Series

2005-9,

Class

A1

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1-Year

plus

2.30%)

5.23%

10/25/35

2

953,645‌

886,324‌

Bear

Stearns

Asset-Backed

Securities

I

Trust,

Series

2005-AC6,

Class

1A3

5.50%

09/25/35

4

330,757‌

292,285‌

Bear

Stearns

Asset-Backed

Securities

I

Trust,

Series

2006-AC2,

Class

21A3

6.00%

03/25/36

19,433‌

19,005‌

Bear

Stearns

Mortgage

Funding

Trust,

Series

2007-AR4,

Class

1A1

(LIBOR

USD

1-Month

plus

0.40%)

4.79%

09/25/47

2

4,735,721‌

4,177,851‌

Bear

Stearns

Mortgage

Funding

Trust,

Series

2007-AR4,

Class

2A1

(LIBOR

USD

1-Month

plus

0.21%)

4.60%

06/25/37

2

3,577,554‌

3,038,825‌

Carrington

Mortgage

Loan

Trust,

Series

2005-OPT2,

Class

M4

(LIBOR

USD

1-Month

plus

0.98%)

5.36%

05/25/35

2

123,565‌

123,461‌

Carrington

Mortgage

Loan

Trust,

Series

2006-NC4,

Class

A4

(LIBOR

USD

1-Month

plus

0.24%)

4.63%

10/25/36

2

14,364,300‌

11,423,909‌

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

December

2022

/

18

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

(continued)

Carrington

Mortgage

Loan

Trust,

Series

2006-OPT1,

Class

M1

(LIBOR

USD

1-Month

plus

0.53%)

4.91%

02/25/36

2

$

1,365,134‌

$

1,314,111‌

Cascade

MH

Asset

Trust,

Series

2022-MH1,

Class

A

(STEP-reset

date

02/25/23)

4.25%

08/25/54

1

6,962,754‌

6,115,303‌

Chase

Mortgage

Finance

Trust,

Series

2007-A1,

Class

8A1

4.12%

02/25/37

4

442,964‌

422,236‌

CIM

Trust,

Series

2018-R5,

Class

A1

3.75%

07/25/58

1,4

3,540,442‌

3,380,608‌

CIM

Trust,

Series

2019-R3,

Class

A

2.63%

06/25/58

1,4

7,000,097‌

6,353,047‌

CIM

Trust,

Series

2020-NR1,

Class

A

(STEP-reset

date

02/25/23)

3.45%

06/26/62

1

10,554,763‌

10,350,654‌

CIM

Trust,

Series

2020-R1,

Class

A1

2.85%

10/27/59

1,4

10,859,211‌

9,409,134‌

CIM

Trust,

Series

2020-R3,

Class

A1A

4.00%

01/26/60

1,4

6,926,608‌

6,535,596‌

CIM

Trust,

Series

2020-R6,

Class

A1A

2.25%

12/25/60

1,4

5,412,821‌

4,629,208‌

CIM

Trust,

Series

2020-R7,

Class

A1A

2.25%

12/27/61

1,4

8,837,013‌

7,766,134‌

CIM

Trust,

Series

2021-NR3,

Class

A1

(STEP-reset

date

02/25/23)

2.57%

06/25/57

1

4,224,169‌

3,969,022‌

CIM

Trust,

Series

2021-NR4,

Class

A1

(STEP-reset

date

02/25/23)

2.82%

10/25/61

1

13,963,097‌

12,948,016‌

CIM

Trust,

Series

2021-R3,

Class

A1B

1.95%

06/25/57

1,4

18,287,000‌

13,480,642‌

CIM

Trust,

Series

2021-R4,

Class

A1A

2.00%

05/01/61

1,4

11,684,744‌

10,161,153‌

CIM

Trust,

Series

2021-R4,

Class

A1B

2.00%

05/01/61

1,4

10,243,493‌

7,173,705‌

CIM

Trust,

Series

2021-R5,

Class

A1A

2.00%

08/25/61

1,4

9,475,088‌

7,970,630‌

Citigroup

Mortgage

Loan

Trust,

Series

2006-AR3,

Class

1A2A

3.55%

06/25/36

4

76,406‌

70,032‌

Citigroup

Mortgage

Loan

Trust,

Series

2006-HE3,

Class

A2C

(LIBOR

USD

1-Month

plus

0.32%)

4.71%

12/25/36

2

6,355,801‌

3,975,725‌

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

(continued)

Citigroup

Mortgage

Loan

Trust,

Series

2006-HE3,

Class

A2D

(LIBOR

USD

1-Month

plus

0.46%)

4.85%

12/25/36

2

$

6,792,459‌

$

4,265,462‌

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2005-9,

Class

1A1

(LIBOR

USD

1-Month

plus

0.26%)

4.65%

11/25/35

2

42,095‌

34,765‌

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2006-WFH2,

Class

M1

(LIBOR

USD

1-Month

plus

0.41%)

4.79%

08/25/36

2

159,632‌

159,652‌

Countrywide

Home

Loan

Mortgage

Pass-Through

Trust,

Series

2005-3,

Class

1A2

(LIBOR

USD

1-Month

plus

0.58%)

4.97%

04/25/35

2

2,623,037‌

2,404,544‌

Countrywide

Home

Loan

Mortgage

Pass-Through

Trust,

Series

2005-9,

Class

1A1

(LIBOR

USD

1-Month

plus

0.60%)

4.99%

05/25/35

2

63,629‌

52,560‌

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.,

Series

2003-AR26,

Class

3A1

4.47%

11/25/33

4

340,648‌

323,410‌

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.,

Series

2005-11,

Class

1A1

6.50%

12/25/35

530,613‌

282,737‌

Credit

Suisse

First

Boston

Mortgage-Backed

Pass-Through

Certificates,

Series

2004-AR5,

Class

9A1

3.03%

06/25/34

4

29,049‌

28,269‌

Credit

Suisse

Mortgage

Capital

Trust,

Series

2006-8,

Class

3A1

6.00%

10/25/21

24,960‌

12,437‌

Credit

Suisse

Mortgage

Capital

Trust,

Series

2020-RPL2,

Class

A12

3.46%

02/25/60

1,4

10,070,589‌

9,969,344‌

Credit

Suisse

Mortgage

Capital

Trust,

Series

2022-RPL1,

Class

PT

4.38%

04/25/61

1,4

12,150,841‌

10,970,044‌

Credit-Based

Asset

Servicing

and

Securitization

LLC,

Series

2006-CB2,

Class

AF3

(STEP-reset

date

02/25/23)

3.02%

12/25/36

665,283‌

498,477‌

Credit-Based

Asset

Servicing

and

Securitization

LLC,

Series

2006-CB9,

Class

A2

(LIBOR

USD

1-Month

plus

0.22%)

4.61%

11/25/36

2

7,247,856‌

3,456,375‌

Credit-Based

Asset

Servicing

and

Securitization

LLC,

Series

2007-CB1,

Class

AF2

(STEP-reset

date

02/25/23)

3.10%

01/25/37

2,516,362‌

777,938‌

Credit-Based

Asset

Servicing

and

Securitization

LLC,

Series

2007-CB4,

Class

A1A

(LIBOR

USD

1-Month

plus

0.09%)

2.58%

04/25/37

2

824,920‌

798,542‌

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

19

/

December

2022

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

(continued)

Credit-Based

Asset

Servicing

and

Securitization

LLC,

Series

2007-CB5,

Class

A1

(LIBOR

USD

1-Month

plus

0.06%)

2.96%

04/25/37

2

$

1,319,526‌

$

908,860‌

Credit-Based

Asset

Servicing

and

Securitization

LLC,

Mortgage

Loan

Trust,

Series

2007-CB2,

Class

A2B

(STEP-reset

date

02/25/23)

3.55%

02/25/37

4,371,619‌

2,684,276‌

Credit-Based

Asset

Servicing

and

Securitization

LLC,

Mortgage

Loan

Trust,

Series

2007-CB2,

Class

A2C

(STEP-reset

date

02/25/23)

3.55%

02/25/37

1,046,311‌

659,961‌

Credit-Based

Asset

Servicing

and

Securitization

LLC,

Mortgage

Loan

Trust,

Series

2007-CB3,

Class

A3

(STEP-reset

date

02/25/23)

3.24%

03/25/37

5,521,957‌

2,115,000‌

CSMC

Mortgage-Backed

Trust,

Series

2006-1,

Class

1A4

5.50%

02/25/36

2,885,926‌

2,508,966‌

CSMC

Trust,

Series

2021-RPL7,

Class

A1

1.93%

07/27/61

1,4

8,521,894‌

7,735,250‌

CSMCM

Trust,

Series

2018-SP3,

Class

CERT

2.33%

10/25/58

1,4

13,696,130‌

11,259,872‌

DSLA

Mortgage

Loan

Trust,

Series

2004-AR4,

Class

2A1A

(LIBOR

USD

1-Month

plus

0.72%)

5.06%

01/19/45

2

441,299‌

354,075‌

DSLA

Mortgage

Loan

Trust,

Series

2005-AR6,

Class

2A1A

(LIBOR

USD

1-Month

plus

0.58%)

4.92%

10/19/45

2

3,424,793‌

2,909,273‌

DSLA

Mortgage

Loan

Trust,

Series

2006-AR2,

Class

2A1A

(LIBOR

USD

1-Month

plus

0.20%)

4.54%

10/19/36

2

5,434,668‌

3,707,538‌

DSLA

Mortgage

Loan

Trust,

Series

2007-AR1,

Class

2A1A

(LIBOR

USD

1-Month

plus

0.14%)

4.48%

03/19/37

2

1,224,955‌

965,086‌

Fannie

Mae

Connecticut

Avenue

Securities,

Series

2019-R06,

Class

2B1

(LIBOR

USD

1-Month

plus

3.75%)

8.14%

09/25/39

1,2

6,300,000‌

6,093,936‌

Fannie

Mae

Connecticut

Avenue

Securities,

Series

2021-R01,

Class

1B1

(SOFR30A

plus

3.10%)

7.03%

10/25/41

1,2

2,500,000‌

2,356,393‌

Fannie

Mae

Connecticut

Avenue

Securities,

Series

2021-R02,

Class

2B1

(SOFR30A

plus

3.30%)

7.23%

11/25/41

1,2

10,000,000‌

9,496,874‌

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

(continued)

Fannie

Mae

Connecticut

Avenue

Securities,

Series

2021-R03,

Class

1B2

(SOFR30A

plus

5.50%)

9.43%

12/25/41

1,2

$

1,950,000‌

$

1,678,553‌

First

Franklin

Mortgage

Loan

Trust,

Series

2006-FF13,

Class

A2C

(LIBOR

USD

1-Month

plus

0.32%)

4.71%

10/25/36

2

12,417,435‌

8,476,304‌

First

Franklin

Mortgage

Loan

Trust,

Series

2006-FF18,

Class

A2D

(LIBOR

USD

1-Month

plus

0.21%)

4.60%

12/25/37

2

745,983‌

665,594‌

First

Franklin

Mortgage

Loan

Trust,

Series

2006-FF4,

Class

A3

(LIBOR

USD

1-Month

plus

0.56%)

4.13%

03/25/36

2

2,814,003‌

2,775,840‌

First

Franklin

Mortgage

Loan

Trust,

Series

2006-FF5,

Class

M1

(LIBOR

USD

1-Month

plus

0.41%)

4.79%

04/25/36

2

3,860,000‌

2,922,446‌

First

Franklin

Mortgage

Loan

Trust,

Series

2006-FF9,

Class

2A4

(LIBOR

USD

1-Month

plus

0.50%)

4.89%

06/25/36

2

8,650,000‌

7,593,199‌

First

Franklin

Mortgage

Loan

Trust,

Series

2007-FF1,

Class

A2D

(LIBOR

USD

1-Month

plus

0.22%)

4.61%

01/25/38

2

3,989,847‌

2,135,642‌

First

Franklin

Mortgage

Loan

Trust,

Series

2007-FF2,

Class

A2B

(LIBOR

USD

1-Month

plus

0.10%)

4.49%

03/25/37

2

550,800‌

278,637‌

First

Horizon

Alternative

Mortgage

Securities

Trust,

Series

2004-AA3,

Class

A1

3.86%

09/25/34

4

148,508‌

134,121‌

First

Horizon

Alternative

Mortgage

Securities

Trust,

Series

2004-AA3,

Class

A3

3.86%

09/25/34

4

228,360‌

206,236‌

First

Horizon

Alternative

Mortgage

Securities

Trust,

Series

2005-AA10,

Class

1A1

4.23%

12/25/35

4

785,371‌

650,038‌

First

Horizon

Alternative

Mortgage

Securities

Trust,

Series

2005-AA12,

Class

2A1

4.03%

02/25/36

4

1,027,275‌

724,916‌

First

Horizon

Alternative

Mortgage

Securities

Trust,

Series

2005-AA2,

Class

2A1

3.94%

04/25/35

4

1,423,024‌

1,382,552‌

First

Horizon

Alternative

Mortgage

Securities

Trust,

Series

2005-AA3,

Class

3A1

4.20%

05/25/35

4

1,120,022‌

1,011,153‌

First

Horizon

Alternative

Mortgage

Securities

Trust,

Series

2005-AA7,

Class

2A1

3.74%

09/25/35

4

1,400,169‌

1,210,584‌

First

Horizon

Alternative

Mortgage

Securities

Trust,

Series

2005-AA8,

Class

2A1

3.83%

10/25/35

4

1,720,693‌

1,163,998‌

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

December

2022

/

20

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

(continued)

First

Horizon

Alternative

Mortgage

Securities

Trust,

Series

2005-AA9,

Class

2A1

4.04%

11/25/35

4

$

1,039,012‌

$

889,802‌

First

Horizon

Alternative

Mortgage

Securities

Trust,

Series

2006-AA1,

Class

1A1

3.86%

03/25/36

4

1,194,639‌

910,126‌

First

Horizon

Alternative

Mortgage

Securities

Trust,

Series

2006-AA7,

Class

A1

4.18%

01/25/37

4

1,985,914‌

1,484,479‌

First

Horizon

Mortgage

Pass-Through

Trust,

Series

2005-AR4,

Class

1A1

3.29%

09/25/35

4

1,319,482‌

877,522‌

First

Horizon

Mortgage

Pass-Through

Trust,

Series

2005-AR4,

Class

2A1

3.93%

10/25/35

4

45,452‌

42,422‌

First

Horizon

Mortgage

Pass-Through

Trust,

Series

2005-AR5,

Class

2A1

4.31%

11/25/35

4

573,513‌

458,367‌

First

Horizon

Mortgage

Pass-Through

Trust,

Series

2007-AR2,

Class

1A2

3.80%

08/25/37

4

53,343‌

18,302‌

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-DNA2,

Class

M2

(SOFR30A

plus

2.30%)

6.23%

08/25/33

1,2

9,435,000‌

9,337,108‌

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-DNA3,

Class

M2

(SOFR30A

plus

2.10%)

6.03%

10/25/33

1,2

5,245,000‌

5,149,040‌

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-HQA1,

Class

M2

(SOFR30A

plus

2.25%)

6.18%

08/25/33

1,2

9,450,000‌

8,712,824‌

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-HQA2,

Class

M2

(SOFR30A

plus

2.05%)

5.98%

12/25/33

1,2

5,000,000‌

4,389,499‌

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2022-DNA1,

Class

M1B

(SOFR30A

plus

1.85%)

5.78%

01/25/42

1,2

3,485,000‌

3,313,745‌

GMACM

Mortgage

Corp.

Loan

Trust,

Series

2005-AR5,

Class

2A1

4.20%

09/19/35

4

1,257,736‌

869,268‌

GMACM

Mortgage

Corp.

Loan

Trust,

Series

2005-AR5,

Class

3A1

3.88%

09/19/35

4

1,011,238‌

857,601‌

GMACM

Mortgage

Corp.

Loan

Trust,

Series

2006-AR1,

Class

1A1

2.98%

04/19/36

4

2,694,457‌

2,033,286‌

Greenpoint

Manufactured

Housing,

Series

2000-1,

Class

A4

8.14%

03/20/30

4

4,823,585‌

3,620,015‌

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

(continued)

GreenPoint

Mortgage

Funding

Trust,

Series

2007-AR1,

Class

2A1A

(LIBOR

USD

1-Month

plus

0.20%)

4.79%

03/25/47

2

$

8,729,039‌

$

7,696,378‌

GSAMP

Trust,

Series

2007-FM2,

Class

A1

(LIBOR

USD

1-Month

plus

0.14%)

4.53%

01/25/37

2

18,073,355‌

11,382,837‌

GSR

Mortgage

Loan

Trust,

Series

2005-7F,

Class

3A3

(IO)

(-1.00

X

LIBOR

USD

1-Month

plus

5.50%,

5.50%

Cap)

1.11%

09/25/35

2,5,6

11,335‌

170‌

GSR

Mortgage

Loan

Trust,

Series

2005-AR4,

Class

5A1

3.65%

07/25/35

4

363,570‌

335,998‌

GSR

Mortgage

Loan

Trust,

Series

2006-AR2,

Class

2A1

3.16%

04/25/36

4

172,466‌

113,223‌

GSR

Mortgage

Loan

Trust,

Series

2007-AR2,

Class

5A1A

4.22%

05/25/37

4

456,222‌

394,174‌

HarborView

Mortgage

Loan

Trust,

Series

2005-10,

Class

2A1A

(LIBOR

USD

1-Month

plus

0.62%)

4.96%

11/19/35

2

1,809,465‌

1,483,304‌

HarborView

Mortgage

Loan

Trust,

Series

2006-7,

Class

1A

(LIBOR

USD

1-Month

plus

0.42%)

4.76%

09/19/46

2

8,618,462‌

7,345,249‌

HarborView

Mortgage

Loan

Trust,

Series

2007-6,

Class

1A1A

(LIBOR

USD

1-Month

plus

0.20%)

4.54%

08/19/37

2

9,815,413‌

8,012,754‌

Home

Equity

Mortgage

Loan

Asset-Backed

Trust,

Series

2005-D,

Class

AII4

(LIBOR

USD

1-Month

plus

0.70%)

5.09%

03/25/36

2

1,433,184‌

1,408,471‌

HSI

Asset

Securitization

Corp.

Trust,

Series

2005-OPT1,

Class

M1

(LIBOR

USD

1-Month

plus

0.63%)

5.02%

11/25/35

2

1,556,335‌

1,516,086‌

HSI

Asset

Securitization

Corp.

Trust,

Series

2006-HE1,

Class

1A1

(LIBOR

USD

1-Month

plus

0.28%)

4.67%

10/25/36

2

11,007,782‌

3,648,091‌

HSI

Asset

Securitization

Corp.

Trust,

Series

2006-HE2,

Class

1A

(LIBOR

USD

1-Month

plus

0.26%)

4.65%

12/25/36

2

27,013,751‌

11,423,494‌

HSI

Asset

Securitization

Corp.

Trust,

Series

2006-WMC1,

Class

A1

(LIBOR

USD

1-Month

plus

0.10%)

4.49%

07/25/36

2

10,271,008‌

4,695,985‌

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

21

/

December

2022

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

(continued)

HSI

Asset

Securitization

Corp.

Trust,

Series

2006-WMC1,

Class

A2

(LIBOR

USD

1-Month

plus

0.20%)

4.59%

07/25/36

2

$

11,368,027‌

$

5,220,283‌

HSI

Asset

Securitization

Corp.

Trust,

Series

2006-WMC1,

Class

A4

(LIBOR

USD

1-Month

plus

0.50%)

4.89%

07/25/36

2

9,940,808‌

4,620,261‌

Impac

CMB

Trust,

Series

2005-2,

Class

1A1

(LIBOR

USD

1-Month

plus

0.52%)

4.91%

04/25/35

2

1,962,714‌

1,796,521‌

IndyMac

Index

Mortgage

Loan

Trust,

Series

2005-AR14,

Class

1A1A

(LIBOR

USD

1-Month

plus

0.56%)

4.95%

07/25/35

2

8,326,668‌

5,917,970‌

IndyMac

Index

Mortgage

Loan

Trust,

Series

2005-AR19,

Class

A1

3.04%

10/25/35

4

1,803,023‌

1,429,145‌

IndyMac

Index

Mortgage

Loan

Trust,

Series

2006-AR27,

Class

1A3

(LIBOR

USD

1-Month

plus

0.54%)

4.93%

10/25/36

2

5,126,807‌

2,404,632‌

IndyMac

Index

Mortgage

Loan

Trust,

Series

2006-AR4,

Class

A2A

(LIBOR

USD

1-Month

plus

0.50%)

4.89%

05/25/46

2

10,822,859‌

10,315,066‌

IndyMac

Index

Mortgage

Loan

Trust,

Series

2006-AR7,

Class

3A1

2.97%

05/25/36

4

213,325‌

175,033‌

IndyMac

Index

Mortgage

Loan

Trust,

Series

2006-AR9,

Class

3A3

3.13%

06/25/36

4

2,771,716‌

2,268,123‌

IndyMac

Index

Mortgage

Loan

Trust,

Series

2007-FLX4,

Class

2A1

(LIBOR

USD

1-Month

plus

0.18%)

4.57%

07/25/37

2

12,351,740‌

11,089,036‌

IndyMac

Manufactured

Housing

Contract

Pass-Through

Certificates,

Series

1998-1,

Class

A4

6.49%

09/25/28

21,722‌

22,329‌

JPMorgan

Mortgage

Acquisition

Trust,

Series

2006-ACC1,

Class

M1

(LIBOR

USD

1-Month

plus

0.41%)

4.79%

05/25/36

2

120,793‌

128,873‌

JPMorgan

Mortgage

Acquisition

Trust,

Series

2006-CH1,

Class

M2

(LIBOR

USD

1-Month

plus

0.29%)

4.68%

07/25/36

2

2,989,584‌

2,973,161‌

JPMorgan

Mortgage

Acquisition

Trust,

Series

2006-WMC4,

Class

A1A

(LIBOR

USD

1-Month

plus

0.13%)

4.52%

12/25/36

2

7,327,211‌

4,414,016‌

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

(continued)

JPMorgan

Mortgage

Acquisition

Trust,

Series

2006-WMC4,

Class

A4

(LIBOR

USD

1-Month

plus

0.15%)

4.54%

12/25/36

2

$

9,143,149‌

$

4,586,285‌

JPMorgan

Mortgage

Trust,

Series

2005-A6,

Class

7A1

3.96%

08/25/35

4

16,632‌

13,737‌

JPMorgan

Mortgage

Trust,

Series

2006-A3,

Class

2A1

2.89%

05/25/36

4

17,491‌

14,665‌

JPMorgan

Mortgage

Trust,

Series

2006-S2,

Class

2A2

5.88%

06/25/21

3,617‌

3,648‌

Legacy

Mortgage

Asset

Trust,

Series

2017-RPL1,

Class

A

(LIBOR

USD

1-Month

plus

1.75%)

6.14%

01/28/70

1,2

2,742,446‌

2,741,942‌

Lehman

XS

Trust,

Series

2005-5N,

Class

3A1A

(LIBOR

USD

1-Month

plus

0.30%)

4.69%

11/25/35

2

900,052‌

872,167‌

Lehman

XS

Trust,

Series

2006-17,

Class

1A3

(LIBOR

USD

1-Month

plus

0.50%)

4.89%

08/25/46

2

13,378,025‌

11,782,785‌

Lehman

XS

Trust,

Series

2006-GP2,

Class

1A5A

(LIBOR

USD

1-Month

plus

0.42%)

4.81%

06/25/46

2

3,629,370‌

3,214,876‌

Lehman

XS

Trust,

Series

2007-18N,

Class

1A1

(LIBOR

USD

1-Month

plus

1.70%)

5.74%

10/25/37

2

3,058,411‌

2,773,625‌

Long

Beach

Mortgage

Loan

Trust,

Series

2006-2,

Class

1A

(LIBOR

USD

1-Month

plus

0.36%)

4.75%

03/25/46

2

6,402,762‌

5,257,774‌

Long

Beach

Mortgage

Loan

Trust,

Series

2006-9,

Class

2A2

(LIBOR

USD

1-Month

plus

0.22%)

4.61%

10/25/36

2

49,458,023‌

15,241,709‌

MASTR

Adjustable

Rate

Mortgages

Trust,

Series

2003-7,

Class

3A1

3.39%

11/25/33

4

104,619‌

96,357‌

MASTR

Adjustable

Rate

Mortgages

Trust,

Series

2004-15,

Class

8A1

4.53%

10/25/34

4

83,270‌

79,105‌

MASTR

Adjustable

Rate

Mortgages

Trust,

Series

2004-3,

Class

3A3

3.30%

04/25/34

4

31,003‌

28,791‌

MASTR

Adjustable

Rate

Mortgages

Trust,

Series

2006-OA2,

Class

1A1

(Federal

Reserve

US

12-Month

Cumulative

Average

plus

0.80%)

2.85%

12/25/46

2

16,597,846‌

12,000,783‌

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

December

2022

/

22

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

(continued)

MASTR

Adjustable

Rate

Mortgages

Trust,

Series

2007-2,

Class

A1

(LIBOR

USD

1-Month

plus

0.30%)

4.69%

03/25/47

2

$

2,274,089‌

$

2,006,144‌

MASTR

Asset-Backed

Securities

Trust,

Series

2006-WMC1,

Class

A3

(LIBOR

USD

1-Month

plus

0.36%)

4.75%

02/25/36

2

16,482,125‌

6,441,350‌

MASTR

Asset-Backed

Securities

Trust,

Series

2007-HE1,

Class

A4

(LIBOR

USD

1-Month

plus

0.28%)

4.67%

05/25/37

2

3,150,000‌

2,417,748‌

MASTR

Asset-Backed

Securities

Trust,

Series

2007-WMC1,

Class

A2

(LIBOR

USD

1-Month

plus

0.05%)

4.44%

01/25/37

2

16,545,425‌

4,724,918‌

Merrill

Lynch

Alternative

Note

Asset

Trust,

Series

2007-A3,

Class

A2D

(LIBOR

USD

1-Month

plus

0.66%)

5.05%

04/25/37

2,5,6

883,581‌

38,984‌

Merrill

Lynch

Alternative

Note

Asset

Trust,

Series

2007-OAR2,

Class

A2

(LIBOR

USD

1-Month

plus

0.42%)

4.81%

04/25/37

2

7,759,066‌

6,446,216‌

Merrill

Lynch

First

Franklin

Mortgage

Loan

Trust,

Series

2007-1,

Class

A2C

(LIBOR

USD

1-Month

plus

0.50%)

4.89%

04/25/37

2

17,285,976‌

6,939,215‌

Merrill

Lynch

First

Franklin

Mortgage

Loan

Trust,

Series

2007-4,

Class

2A4

(LIBOR

USD

1-Month

plus

0.25%)

4.64%

07/25/37

2

891,145‌

604,847‌

Merrill

Lynch

First

Franklin

Mortgage

Loan

Trust,

Series

2007-5,

Class

1A

(LIBOR

USD

1-Month

plus

0.85%)

5.24%

10/25/37

2

23,400,748‌

13,779,209‌

Merrill

Lynch

Mortgage

Investors

Trust,

Series

2003-A6,

Class

2A

4.30%

10/25/33

4

69,660‌

66,705‌

Merrill

Lynch

Mortgage

Investors

Trust,

Series

2007-2,

Class

1A1

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1-Year

plus

2.40%)

7.18%

08/25/36

2

687,267‌

602,461‌

Morgan

Stanley

ABS

Capital

I

Trust,

Series

2006-NC2,

Class

A2D

(LIBOR

USD

1-Month

plus

0.58%)

4.97%

02/25/36

2

1,157,633‌

1,144,566‌

Morgan

Stanley

ABS

Capital

I,

Inc.,

Trust,

Series

2006-HE4,

Class

A3

(LIBOR

USD

1-Month

plus

0.30%)

4.69%

06/25/36

2

9,324,217‌

4,897,446‌

Morgan

Stanley

ABS

Capital

I,

Inc.,

Trust,

Series

2006-HE4,

Class

A4

(LIBOR

USD

1-Month

plus

0.48%)

4.87%

06/25/36

2

9,946,834‌

5,274,639‌

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

(continued)

Morgan

Stanley

ABS

Capital

I,

Inc.,

Trust,

Series

2007-NC3,

Class

A2C

(LIBOR

USD

1-Month

plus

0.19%)

4.58%

05/25/37

2

$

22,251,483‌

$

15,671,052‌

Morgan

Stanley

Home

Equity

Loan

Trust,

Series

2006-3,

Class

A4

(LIBOR

USD

1-Month

plus

0.52%)

4.91%

04/25/36

2

11,998,080‌

8,406,614‌

Morgan

Stanley

Mortgage

Loan

Trust,

Series

2004-7AR,

Class

2A4

3.31%

09/25/34

4

203,398‌

190,325‌

Morgan

Stanley

Mortgage

Loan

Trust,

Series

2006-2,

Class

1A

5.25%

02/25/21

44,851‌

41,844‌

MortgageIT

Trust,

Series

2005-2,

Class

2A

(LIBOR

USD

1-Month

plus

1.65%)

5.77%

05/25/35

2

567,451‌

526,935‌

New

Century

Home

Equity

Loan

Trust,

Series

2005-D,

Class

A2D

(LIBOR

USD

1-Month

plus

0.66%)

5.05%

02/25/36

2

48,662‌

48,626‌

New

York

Mortgage

Trust,

Series

2005-3,

Class

A1

(LIBOR

USD

1-Month

plus

0.48%)

4.87%

02/25/36

2

204,769‌

199,708‌

Nomura

Asset

Acceptance

Corp.,

Series

2005-AR4,

Class

4A1

4.25%

08/25/35

4

2,241,281‌

1,570,683‌

NRPL,

Series

2019-3A,

Class

A1

(STEP-reset

date

02/25/23)

6.00%

07/25/59

1

9,188,866‌

9,040,749‌

Oakwood

Mortgage

Investors,

Inc.,

Series

2000-A,

Class

A5

8.16%

09/15/29

4

10,246,882‌

2,774,063‌

Opteum

Mortgage

Acceptance

Corp.

Asset-Backed

Pass-

Through

Certificates,

Series

2005-3,

Class

M2

(LIBOR

USD

1-Month

plus

0.72%)

5.11%

07/25/35

2

339,061‌

341,491‌

Option

One

Mortgage

Loan

Trust,

Series

2007-4,

Class

2A2

(LIBOR

USD

1-Month

plus

0.18%)

4.57%

04/25/37

2

13,011,353‌

7,675,983‌

Option

One

Mortgage

Loan

Trust,

Series

2007-5,

Class

2A2

(LIBOR

USD

1-Month

plus

0.17%)

4.56%

05/25/37

2

19,190,000‌

10,186,140‌

Ownit

Mortgage

Loan

Trust,

Series

2006-2,

Class

A1

(LIBOR

USD

1-Month

plus

0.42%)

4.81%

01/25/37

2

4,487,430‌

4,248,809‌

PHH

Alternative

Mortgage

Trust,

Series

2007-2,

Class

1A4

(LIBOR

USD

1-Month

plus

0.60%)

4.99%

05/25/37

2

7,044,957‌

6,427,263‌

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

23

/

December

2022

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

(continued)

Popular

ABS

Mortgage

Pass-Through

Trust,

Series

2007-A,

Class

A3

(LIBOR

USD

1-Month

plus

0.31%)

4.70%

06/25/47

2

$

4,873,288‌

$

4,363,354‌

PRET

LLC,

Series

2022-RN2,

Class

A2

(STEP-reset

date

01/25/23)

6.50%

06/25/52

1

16,833,000‌

15,277,462‌

PRET,

LLC,

Series

2022-RN1,

Class

A1

(STEP-reset

date

01/25/23)

3.72%

07/25/51

1

15,630,760‌

14,662,081‌

Pretium

Mortgage

Credit

Partners

LLC,

Series

2022-RN3,

Class

A2

6.50%

08/25/52

1,4

14,985,000‌

13,567,022‌

PRPM

LLC,

Series

2021-9,

Class

A1

(STEP-reset

date

01/25/23)

2.36%

10/25/26

1

13,849,146‌

12,578,966‌

PRPM,

LLC,

Series

2021-8,

Class

A1

1.74%

09/25/26

1,4

9,285,317‌

8,365,617‌

RAAC

Trust,

Series

2005-SP1,

Class

4A1

7.00%

09/25/34

42,462‌

38,117‌

Residential

Accredit

Loans

Trust,

Series

2005-QA13,

Class

2A1

4.51%

12/25/35

4

1,398,288‌

1,117,285‌

Residential

Accredit

Loans

Trust,

Series

2005-QA4,

Class

A41

3.64%

04/25/35

4

7,758‌

7,516‌

Residential

Accredit

Loans

Trust,

Series

2005-QA7,

Class

A21

3.84%

07/25/35

4

496,052‌

455,530‌

Residential

Accredit

Loans

Trust,

Series

2005-QA8,

Class

CB21

4.26%

07/25/35

4

569,822‌

327,533‌

Residential

Accredit

Loans

Trust,

Series

2006-QS13,

Class

2A1

5.75%

09/25/21

3,449‌

2,090‌

Residential

Accredit

Loans

Trust,

Series

2006-QS16,

Class

A6

6.00%

11/25/36

342,902‌

276,962‌

Residential

Accredit

Loans

Trust,

Series

2007-QA3,

Class

A1

(LIBOR

USD

1-Month

plus

0.20%)

4.59%

05/25/37

2

12,870,474‌

11,434,629‌

Residential

Accredit

Loans

Trust,

Series

2007-QH6,

Class

A1

(LIBOR

USD

1-Month

plus

0.38%)

4.77%

07/25/37

2

7,859,244‌

7,100,939‌

Residential

Accredit

Loans

Trust,

Series

2007-QS1,

Class

2AV

(IO)

0.17%

01/25/37

4,5,6

1,538,015‌

8,547‌

Residential

Asset

Securitization

Trust,

Series

2006-A9CB,

Class

A9

6.00%

09/25/36

4,941,886‌

1,622,842‌

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

(continued)

Residential

Funding

Mortgage

Securities

Trust,

Series

2007-SA2,

Class

1A

3.66%

04/25/37

4

$

235,308‌

$

135,743‌

Saxon

Asset

Securities

Trust,

Series

2007-2,

Class

A2C

(LIBOR

USD

1-Month

plus

0.24%)

4.63%

05/25/47

2

13,070,870‌

9,295,446‌

Securitized

Asset-Backed

Receivables

LLC

Trust,

Series

2006-CB1,

Class

AF4

(STEP-reset

date

02/25/23)

2.91%

01/25/36

3,642,121‌

2,848,902‌

Securitized

Asset-Backed

Receivables

LLC

Trust,

Series

2006-WM4,

Class

A1

(LIBOR

USD

1-Month

plus

0.38%)

4.77%

11/25/36

1,2

8,959,017‌

4,243,693‌

Securitized

Asset-Backed

Receivables

LLC

Trust,

Series

2007-BR2,

Class

A2

(LIBOR

USD

1-Month

plus

0.23%)

4.62%

02/25/37

2

5,956,925‌

2,758,301‌

Securitized

Asset-Backed

Receivables

LLC

Trust,

Series

2007-BR4,

Class

A2B

(LIBOR

USD

1-Month

plus

0.20%)

4.59%

05/25/37

2

9,833,317‌

6,043,879‌

Securitized

Asset-Backed

Receivables

LLC

Trust,

Series

2007-NC1,

Class

A2B

(LIBOR

USD

1-Month

plus

0.30%)

4.69%

12/25/36

2

5,614,364‌

3,481,292‌

Soundview

Home

Loan

Trust,

Series

2006-WF2,

Class

M1

(LIBOR

USD

1-Month

plus

0.33%)

4.72%

12/25/36

2

40,409‌

40,420‌

Soundview

Home

Loan

Trust,

Series

2007-OPT1,

Class

2A3

(LIBOR

USD

1-Month

plus

0.21%)

4.60%

06/25/37

2

18,940,673‌

13,567,507‌

Soundview

Home

Loan

Trust,

Series

2007-WMC1,

Class

3A3

(LIBOR

USD

1-Month

plus

0.26%)

4.65%

02/25/37

2

984,614‌

288,428‌

Specialty

Underwriting

&

Residential

Finance

Trust,

Series

2007-BC2,

Class

A1

(LIBOR

USD

1-Month

plus

0.23%)

4.62%

04/25/37

2

20,116,670‌

14,344,268‌

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2004-12,

Class

2A

3.93%

09/25/34

4

351,762‌

339,640‌

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2004-2,

Class

4A2

3.89%

03/25/34

4

713,219‌

662,487‌

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2005-12,

Class

3A1

4.07%

06/25/35

4

282,957‌

254,224‌

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2005-21,

Class

2A

4.23%

11/25/35

4

723,904‌

580,223‌

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

December

2022

/

24

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

(continued)

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2005-7,

Class

1A3

3.85%

04/25/35

4

$

2,004,142‌

$

1,859,048‌

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2006-11,

Class

1A1

(LIBOR

USD

1-Month

plus

0.32%)

4.71%

12/25/36

2

994,692‌

896,180‌

Structured

Asset

Investment

Loan

Trust,

Series

2004-6,

Class

A3

(LIBOR

USD

1-Month

plus

0.80%)

5.19%

07/25/34

2

8,415,870‌

8,120,668‌

Structured

Asset

Mortgage

Investments

II

Trust,

Series

2006-AR3,

Class

22A1

3.13%

05/25/36

4

444,303‌

244,443‌

Structured

Asset

Mortgage

Investments

II

Trust,

Series

2006-AR5,

Class

1A1

(LIBOR

USD

1-Month

plus

0.42%)

4.81%

05/25/36

2

186,534‌

141,052‌

Structured

Asset

Mortgage

Investments

II

Trust,

Series

2006-AR7,

Class

A1BG

(LIBOR

USD

1-Month

plus

0.12%)

4.51%

08/25/36

2

6,359,818‌

5,347,803‌

Structured

Asset

Mortgage

Investments

II

Trust,

Series

2007-AR6,

Class

A1

(Federal

Reserve

US

12-Month

Cumulative

Average

plus

1.50%)

3.55%

08/25/47

2

9,158,043‌

7,544,320‌

Structured

Asset

Securities

Corp.

Mortgage

Loan

Trust,

Series

2005-2XS,

Class

2A2

(LIBOR

USD

1-Month

plus

1.50%)

5.62%

02/25/35

2

55,398‌

54,650‌

Structured

Asset

Securities

Corp.

Mortgage

Loan

Trust,

Series

2005-4XS,

Class

2A1A

(LIBOR

USD

1-Month

plus

1.75%)

5.87%

03/25/35

2

912,867‌

874,626‌

Structured

Asset

Securities

Corp.

Mortgage

Pass-Through

Certificates,

Series

2003-34A,

Class

3A3

3.99%

11/25/33

4

17,889‌

17,355‌

SunTrust

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2007-4,

Class

3A1

3.69%

10/25/37

4

833,385‌

704,197‌

SunTrust

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2007-S1,

Class

2A1

4.21%

01/25/37

4

310,804‌

299,953‌

SunTrust

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2007-S1,

Class

5A1

4.16%

01/25/37

4

73,783‌

68,239‌

Towd

Point

Mortgage

Trust,

Series

2017-4,

Class

B1

3.46%

06/25/57

1,4

8,650,000‌

6,856,788‌

VOLT

XCIV

LLC,

Series

2021-NPL3,

Class

A1

(STEP-reset

date

01/25/23)

2.24%

02/27/51

1

12,572,099‌

11,427,373‌

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

(continued)

WaMu

Asset-Backed

Certificates,

Series

2007-HE1,

Class

2A2

(LIBOR

USD

1-Month

plus

0.11%)

4.50%

01/25/37

2

$

5,314,887‌

$

2,436,261‌

WaMu

Asset-Backed

Certificates,

Series

2007-HE2,

Class

2A2

(LIBOR

USD

1-Month

plus

0.22%)

4.61%

02/25/37

2

28,373,632‌

8,651,475‌

WaMu

Mortgage

Pass-Through

Certificates,

Series

2004-AR13,

Class

A1A

(LIBOR

USD

1-Month

plus

0.72%)

5.11%

11/25/34

2

108,933‌

97,555‌

WaMu

Mortgage

Pass-Through

Certificates,

Series

2004-AR14,

Class

A1

3.95%

01/25/35

4

354,358‌

321,232‌

WaMu

Mortgage

Pass-Through

Certificates,

Series

2004-AR6,

Class

A

(LIBOR

USD

1-Month

plus

0.84%)

5.23%

05/25/44

2

10,589‌

10,510‌

WaMu

Mortgage

Pass-Through

Certificates,

Series

2005-AR12,

Class

1A6

3.81%

10/25/35

4

737,276‌

671,402‌

WaMu

Mortgage

Pass-Through

Certificates,

Series

2005-AR14,

Class

2A1

3.77%

12/25/35

4

16,950‌

15,348‌

WaMu

Mortgage

Pass-Through

Certificates,

Series

2005-AR16,

Class

1A3

3.84%

12/25/35

4

925,354‌

833,247‌

WaMu

Mortgage

Pass-Through

Certificates,

Series

2005-AR2,

Class

2A21

(LIBOR

USD

1-Month

plus

0.66%)

5.05%

01/25/45

2

345,085‌

331,438‌

WaMu

Mortgage

Pass-Through

Certificates,

Series

2005-AR9,

Class

A1A

(LIBOR

USD

1-Month

plus

0.64%)

5.03%

07/25/45

2

424,583‌

388,085‌

WaMu

Mortgage

Pass-Through

Certificates,

Series

2006-AR3,

Class

A1A

(Federal

Reserve

US

12-Month

Cumulative

Average

plus

1.00%)

3.05%

02/25/46

2

3,167,285‌

2,754,788‌

WaMu

Mortgage

Pass-Through

Certificates,

Series

2006-AR4,

Class

1A1A

(Federal

Reserve

US

12-Month

Cumulative

Average

plus

0.94%)

2.63%

05/25/46

2

1,401,265‌

1,209,912‌

WaMu

Mortgage

Pass-Through

Certificates,

Series

2006-AR7,

Class

2A

(Federal

Reserve

US

12-Month

Cumulative

Average

plus

0.98%)

3.03%

07/25/46

2

3,063,506‌

2,614,225‌

WaMu

Mortgage

Pass-Through

Certificates,

Series

2007-HY3,

Class

1A1

2.94%

03/25/37

4

1,567,214‌

1,223,665‌

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

25

/

December

2022

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

(continued)

WaMu

Mortgage

Pass-Through

Certificates,

Series

2007-OA5,

Class

1A

(Federal

Reserve

US

12-Month

Cumulative

Average

plus

0.75%)

2.80%

06/25/47

2

$

1,263,297‌

$

978,511‌

WaMu

Mortgage

Pass-Through

Certificates,

Series

2007-OC1,

Class

A1

(LIBOR

USD

1-Month

plus

0.48%)

4.87%

01/25/47

2

4,495,461‌

4,073,891‌

Wells

Fargo

Alternative

Loan

Trust,

Series

2007-PA5,

Class

1A1

6.25%

11/25/37

1,329,647‌

1,110,712‌

Wells

Fargo

Home

Equity

Asset-Backed

Securities

Trust,

Series

2007-1,

Class

A3

(LIBOR

USD

1-Month

plus

0.64%)

5.03%

03/25/37

2

4,690,000‌

4,086,375‌

Wells

Fargo

Mortgage-Backed

Securities

Trust,

Series

2006-AR14,

Class

2A1

4.51%

10/25/36

4

328,364‌

299,363‌

Wells

Fargo

Mortgage-Backed

Securities

Trust,

Series

2006-AR4,

Class

1A1

2.95%

04/25/36

4

71,433‌

65,153‌

930,610,278‌

U.S.

Agency

Commercial

Mortgage-Backed

—

1.27%

Fannie

Mae-Aces,

Series

2016-M11,

Class

X2

(IO)

3.03%

07/25/39

4

11,515,530‌

252,225‌

Fannie

Mae-Aces,

Series

2016-M2,

Class

X3

(IO)

2.09%

04/25/36

4

8,275,005‌

74,898‌

Fannie

Mae-Aces,

Series

2016-M4,

Class

X2

(IO)

2.67%

01/25/39

4

21,052,795‌

332,262‌

Fannie

Mae-Aces,

Series

2019-M29,

Class

X4

(IO)

0.70%

03/25/29

4

117,375,779‌

3,699,761‌

Freddie

Mac

Multifamily

PC

REMIC

Trust,

Series

2019-P002,

Class

X

(IO)

1.01%

07/25/33

4

14,520,699‌

1,210,388‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

K031,

Class

X1

(IO)

0.17%

04/25/23

4

323,039,074‌

92,308‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

K043,

Class

X3

(IO)

1.63%

02/25/43

4

58,000,000‌

1,778,318‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

K051,

Class

X3

(IO)

1.61%

10/25/43

4

44,865,280‌

1,800,791‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

K054,

Class

X1

(IO)

1.16%

01/25/26

4

52,300,247‌

1,514,565‌

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

U.S.

Agency

Commercial

Mortgage-Backed

(continued)

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

K055,

Class

X3

(IO)

1.64%

04/25/44

4

$

32,000,000‌

$

1,424,701‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

K056,

Class

X1

(IO)

1.24%

05/25/26

4

54,740,574‌

1,846,197‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

K057,

Class

X1

(IO)

1.17%

07/25/26

4

120,098,915‌

3,876,180‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

K726,

Class

X1

(IO)

0.90%

04/25/24

4

102,110,966‌

831,975‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

KC05,

Class

X1

(IO)

1.21%

06/25/27

4

86,090,918‌

2,790,168‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

KC07,

Class

X1

(IO)

0.72%

09/25/26

4

83,159,012‌

1,563,198‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

KF31,

Class

A

(LIBOR

USD

1-Month

plus

0.37%)

4.51%

04/25/24

2

828,741‌

825,594‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

KIR1,

Class

X

(IO)

1.04%

03/25/26

4

113,104,323‌

3,170,795‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

KL05,

Class

X1HG

(IO)

1.22%

12/25/27

4

49,531,000‌

2,191,136‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

KS06,

Class

X

(IO)

1.05%

08/25/26

4

65,473,956‌

1,671,386‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

KS07,

Class

X

(IO)

0.63%

09/25/25

4

100,567,485‌

1,537,104‌

FREMF

Mortgage

Trust,

Series

2019-KF71,

Class

B

(LIBOR

USD

1-Month

plus

2.30%)

6.44%

10/25/29

1,2

745,219‌

696,641‌

FREMF

Mortgage

Trust,

Series

2020-KF75,

Class

B

(LIBOR

USD

1-Month

plus

2.25%)

6.39%

12/25/29

1,2

1,763,719‌

1,634,022‌

Ginnie

Mae,

Series

2011-152,

Class

IO

(IO)

0.00%

08/16/51

4

4,849,693‌

5‌

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

December

2022

/

26

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

U.S.

Agency

Commercial

Mortgage-Backed

(continued)

Ginnie

Mae,

Series

2012-112,

Class

IO

(IO)

0.14%

02/16/53

4

$

23,389,971‌

$

69,354‌

Ginnie

Mae,

Series

2012-78,

Class

IO

(IO)

0.09%

06/16/52

4

31,712,770‌

23,555‌

Ginnie

Mae,

Series

2014-103,

Class

IO

(IO)

0.19%

05/16/55

4

14,339,178‌

112,303‌

Ginnie

Mae,

Series

2014-125,

Class

IO

(IO)

0.91%

11/16/54

4

8,823,210‌

202,447‌

35,222,277‌

U.S.

Agency

Mortgage-Backed

—

19.76%

Fannie

Mae

REMICS,

Series

2006-11,

Class

PS

(-3.67

X

LIBOR

USD

1-Month

plus

24.57%,

24.57%

Cap)

8.47%

03/25/36

2

11,546‌

13,416‌

Fannie

Mae

REMICS,

Series

2006-8,

Class

HJ

(IO)

(-1.00

X

LIBOR

USD

1-Month

plus

6.60%,

6.60%

Cap)

2.21%

03/25/36

2

492,708‌

43,257‌

Fannie

Mae

REMICS,

Series

2007-52,

Class

LS

(IO)

(-1.00

X

LIBOR

USD

1-Month

plus

6.05%,

6.05%

Cap)

1.66%

06/25/37

2

25,686‌

1,295‌

Fannie

Mae

REMICS,

Series

2007-77,

Class

SK

(IO)

(-1.00

X

LIBOR

USD

1-Month

plus

5.87%,

5.87%

Cap)

1.48%

08/25/37

2

51,045‌

3,886‌

Fannie

Mae

REMICS,

Series

2007-88,

Class

JI

(IO)

(-1.00

X

LIBOR

USD

1-Month

plus

6.45%,

6.45%

Cap)

2.06%

04/25/37

2

561,516‌

46,924‌

Fannie

Mae

REMICS,

Series

2008-18,

Class

SM

(IO)

(-1.00

X

LIBOR

USD

1-Month

plus

7.00%,

7.00%

Cap)

2.61%

03/25/38

2

35,308‌

1,776‌

Fannie

Mae

REMICS,

Series

2008-62,

Class

SN

(IO)

(-1.00

X

LIBOR

USD

1-Month

plus

6.20%,

6.20%

Cap)

1.81%

07/25/38

2

65,242‌

3,973‌

Fannie

Mae

REMICS,

Series

2010-116,

Class

SE

(IO)

(-1.00

X

LIBOR

USD

1-Month

plus

6.60%,

6.60%

Cap)

2.21%

10/25/40

2

29,563‌

2,870‌

Fannie

Mae

REMICS,

Series

2013-5,

Class

GF

(LIBOR

USD

1-Month

plus

1.10%)

5.00%

10/25/42

2

140,870‌

130,760‌

Fannie

Mae

REMICS,

Series

2014-49,

Class

CF

(LIBOR

USD

1-Month

plus

1.00%)

5.12%

07/25/43

2

4,570,881‌

4,528,866‌

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

U.S.

Agency

Mortgage-Backed

(continued)

Freddie

Mac

REMICS,

Series

3339,

Class

JS

(-6.50

X

LIBOR

USD

1-Month

plus

42.84%,

42.84%

Cap)

14.77%

07/15/37

2

$

7,710‌

$

10,695‌

Freddie

Mac

REMICS,

Series

3404,

Class

AS

(IO)

(-1.00

X

LIBOR

USD

1-Month

plus

5.90%,

5.90%

Cap)

1.58%

01/15/38

2

35,644‌

2,802‌

Freddie

Mac

REMICS,

Series

3439,

Class

SC

(IO)

(-1.00

X

LIBOR

USD

1-Month

plus

5.90%,

5.90%

Cap)

1.58%

04/15/38

2

28,704‌

1,606‌

Freddie

Mac

REMICS,

Series

3885,

Class

PO

(PO)

0.00%

11/15/33

12

10,639‌

8,846‌

Freddie

Mac

REMICS,

Series

4030,

Class

HS

(IO)

(-1.00

X

LIBOR

USD

1-Month

plus

6.61%,

6.61%

Cap)

2.29%

04/15/42

2

68,694‌

6,937‌

Freddie

Mac

REMICS,

Series

4993,

Class

OP

(PO)

0.00%

10/25/58

12

2,189,984‌

1,929,044‌

Ginnie

Mae,

Series

2011-146,

Class

EI

(IO)

5.00%

11/16/41

64,122‌

11,707‌

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

372,306‌

2,460‌

Ginnie

Mae,

Series

2011-81,

Class

IC

(IO)

(-1.00

X

LIBOR

USD

1-Month

plus

6.72%,

0.62%

Cap)

0.62%

07/20/35

2

446,196‌

5,579‌

Ginnie

Mae,

Series

2013-135,

Class

CS

(IO)

(-1.00

X

LIBOR

USD

1-Month

plus

6.20%,

6.20%

Cap)

1.87%

09/16/43

2

1,432,405‌

139,036‌

Ginnie

Mae,

Series

2017-136,

Class

IO

(IO)

5.00%

09/20/47

279,543‌

53,428‌

UMBS

(TBA)

2.00%

01/01/53

103,550,000‌

84,285,102‌

2.50%

01/01/53

123,200,000‌

104,248,399‌

3.00%

01/01/53

102,150,000‌

89,606,499‌

3.50%

01/01/53

2,625,000‌

2,383,829‌

4.00%

01/01/53

19,725,000‌

18,495,590‌

4.50%

01/01/53

97,125,000‌

93,524,127‌

5.00%

01/01/53

152,550,000‌

150,315,422‌

549,808,131‌

Total

Mortgage-Backed

(Cost

$2,037,643,150)

1,759,827,082‌

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

27

/

December

2022

Issues

Maturity

Date

Principal

Amount

Value

MUNICIPAL

BONDS

—

0.41%*  

California

—

0.09%

California

State

University

Revenue

Bonds,

University

&

College

Improvements,

Series

B

2.37%

11/01/35

$

1,995,000‌

$

1,423,369‌

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

Bonds,

Health,

Hospital

and

Nursing

Home

Improvements,

Series

N

3.26%

05/15/60

1,790,000‌

1,159,577‌

2,582,946‌

Florida

—

0.14%

County

of

Miami-Dade

Aviation

Revenue

Bonds,

Airport

and

Marina

Improvements,

Series

B

2.81%

10/01/34

1,000,000‌

781,571‌

2.86%

10/01/35

1,750,000‌

1,351,491‌

County

of

Miami-Dade

Aviation

Revenue

Bonds,

Airport

and

Marina

Improvements,

Series

D

3.35%

10/01/29

2,000,000‌

1,797,663‌

3,930,725‌

New

York

—

0.18%

Metropolitan

Transportation

Authority

Revenue

Bonds,

Transit

Improvements,

Series

C2

5.18%

11/15/49

975,000‌

870,288‌

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds,

Public

Improvements,

Subseries

FI

3.95%

08/01/32

1,000,000‌

900,407‌

New

York

State

Dormitory

Authority

Revenue

Bonds,

University

&

College

Improvements

5.29%

03/15/33

3,100,000‌

3,133,857‌

4,904,552‌

Total

Municipal

Bonds

(Cost

$14,103,872)

11,418,223‌

Total

Bonds

—

115.67%

(Cost

$3,680,924,855)

3,218,058,286‌

Issues

Shares

Value

COMMON

STOCK

—

0.34%

Communications

—

0.12%

Intelsat

Emergence

SA

3,5,6,10

(Luxembourg)

141,055‌

3,413,531‌

Electric

—

0.00%

Homer

City

Holdings

LLC

†,5,6

112,222‌

—‌

Financials

—

0.22%

AGNC

Investment

Corp.

582,000‌

6,023,700‌

Total

Common

Stock

(Cost

$17,826,354)

9,437,231‌

RIGHTS

—

0.00%

Communications

—

0.00%

Intelsat

Jackson

Holdings

SA,

Series

A

†,3,5,6,10

(Luxembourg)

14,771‌

—‌

Issues

Shares

Value

RIGHTS

—

0.00%

(continued)

Communications

—

0.00%

(continued)

Intelsat

Jackson

Holdings

SA,

Series

B

†,3,5,6,10

(Luxembourg)

14,771‌

$

—‌

—‌

Total

Rights

(Cost

$–)

—‌

Issues

Maturity

Date

Principal

Amount

/

Shares

Value

SHORT-TERM

INVESTMENTS

—

2.10%

Money

Market

Funds

—

1.39%

Dreyfus

Government

Cash

Management

Fund

4.19%

13

38,021,000‌

38,021,000‌

Fidelity

Investments

Money

Market

Funds

-

Government

Portfolio

4.06%

13,14

741,311‌

741,311‌

38,762,311‌

U.S.

Treasury

Bills

—

0.71%

U.S.

Treasury

Bills

4.58%

15

06/01/23

$

20,000,000‌

19,628,530‌

Total

Short-Term

Investments

(Cost

$58,390,556)

58,390,841‌

Total

Investments

-

118.11%

(Cost

$3,757,141,765)

3,285,886,358‌

Net

unrealized

appreciation

on

unfunded

commitments

-

0.00%

1,687‌

Liabilities

in

Excess

of

Other

Assets

-

(18.11)%

(503,871,942‌)

Net

Assets

-

100.00%

$

2,782,016,103‌

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

$20,580,692,

which

is

0.74%

of

total

net

assets.

7

Excluded

from

the

investment

total

above

is

an

unfunded

delayed

draw

term

loan

commitment

in

an

amount

not

to

exceed

$49,276,

at

an

interest

rate

of

7.82%

and

a

maturity

of

February

15,

2029.

The

investment

is

accruing

an

unused

commitment

fee

of

8.00%

per

annum.

8

Excluded

from

the

investment

total

above

is

an

unfunded

delayed

draw

term

loan

commitment

in

an

amount

not

to

exceed

$121,841,

at

an

interest

rate

of

8.80%

and

a

maturity

of

June

22,

2029.

The

investment

is

not

accruing

an

unused

commitment

fee.

9

Perpetual

security

with

no

stated

maturity

date.

10

Non-income producing

security.

11

Security

is

currently

in

default

with

regard

to

scheduled

interest

or

principal

payments.

12

Zero

coupon

bond.

The

rate

shown

is

the

effective

yield

as

of

December

31,

2022.

13

Represents

the

current

yield

as

of

December

31,

2022.

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

December

2022

/

28

14

Securities,

or

a

portion

thereof,

pledged

as

collateral

for

swaps.

The

total

market

value

of

collateral

pledged

is

$741,311.

15

Represents

annualized

yield

at

date

of

purchase.

†

Fair

valued

security.

The

aggregate

value

of

fair

valued

securities

is

$0,

which

is

0.00%

of

total

net

assets.

Fair

valued

securities

were

not

valued

utilizing

an

independent

quote

but

were

valued

pursuant

to

guidelines

approved

by

the

Board

of

Trustees.

See

Notes

to

Financial

Statements.

*

Securities

with

a

call

or

reset

feature

will

have

an

effective

maturity

date

sooner

than

the

stated

maturity.

**

Securities

backed

by

mortgage

or

consumer

loans

where

payment

is

periodically

made

will

have

an

effective

maturity

date

sooner

than

the

stated

maturity

date.

Note:

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

for

more

meaningful

presentation

for

investors.

(BKNT):

Bank

Note

(CLO):

Collateralized

Loan

Obligation

(EDC):

Economic

Development

Corporation

(EMTN):

Euro

Medium-Term

Note

(EUR):

Euro

(GBP):

British

Pound

(GMTN):

Global

Medium-Term

Note

(IO):

Interest

Only

(LIBOR):

London

InterBank

Offer

Rate

(MTN):

Medium-Term

Note

(PO):

Principal

Only

(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

Appreciation

(Depreciation)

FOREIGN

CURRENCY

EXCHANGE

CONTRACT

EUR

3,545,000

USD

3,580,892

Citibank

N.A.

01/13/23

$

206,244‌

GBP

1,231,000

USD

1,464,152

Bank

of

America

N.A.

01/13/23

17,205‌

GBP

801,000

USD

909,745

The

Bank

of

New

York

Mellon

01/13/23

54,160‌

277,609‌

USD

277,851

EUR

279,000

Barclays

Bank

PLC

01/13/23

(20,206‌)

USD

29,128,545

EUR

29,422,000

Bank

of

America

N.A.

01/13/23

(2,303,073‌)

USD

3,777,023

EUR

3,689,000

Citibank

N.A.

01/13/23

(163,948‌)

USD

209,440

EUR

210,000

The

Bank

of

New

York

Mellon

01/13/23

(14,904‌)

USD

3,567,263

EUR

3,581,000

Goldman

Sachs

International

01/13/23

(258,331‌)

USD

3,887,855

GBP

3,399,000

Citibank

N.A.

01/13/23

(202,424‌)

(2,962,886‌)

NET

UNREALIZED

DEPRECIATION

$

(2,685,277‌)

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

FUTURES

CONTRACTS:

LONG

POSITIONS

U.S.

Treasury

Five-Year

Note

3,727

03/31/23

$

402,253,947‌

$

(261,905‌)

$

(261,905‌)

U.S.

Treasury

Two-Year

Note

2,582

03/31/23

529,511,721‌

617,920‌

617,920‌

931,765,668‌

356,015‌

356,015‌

FUTURES

CONTRACTS:

SHORT

POSITIONS

U.S.

Treasury

Ten-Year

Ultra

Bond

3,406

03/22/23

(402,865,938‌)

1,302,205‌

1,302,205‌

U.S.

Treasury

Ultra

Bond

876

03/22/23

(117,657,750‌)

(245,972‌)

(245,972‌)

Euro-Bund

Future

137

03/08/23

(19,436,127‌)

1,156,332‌

1,156,332‌

Euro-Bobl

Future

78

03/08/23

(9,635,667‌)

284,576‌

284,576‌

(549,595,482‌)

2,497,141‌

2,497,141‌

TOTAL

FUTURES

CONTRACTS

$

382,170,186‌

$

2,853,156‌

$

2,853,156‌

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

29

/

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

1011778

BC

ULC/New

Red

Finance,

Inc.,

4.00%,

due

10/15/30

5

5.00%

3

Months

120

Citigroup

Global

Markets,

Inc.

06/20/23

$

9,250‌

$

182,362‌

$

140,644‌

$

41,718‌

Berry

Global,

Inc.,

5.63%,

due

07/15/27

5.00%

3

Months

175

Credit

Suisse

First

Boston

International

12/20/23

10,370‌

338,553‌

306,606‌

31,947‌

TOTAL

$

520,915‌

$

447,250‌

$

73,665‌

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.

5

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

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

$

7,250‌

$

2,213,162‌

$

—‌

$

2,213,162‌

Interest

Rate

Swap

1

07/24/53

3-month

USD

LIBOR

Quarterly

1.79%

Semi-annually

5,370‌

1,626,976‌

—‌

1,626,976‌

Interest

Rate

Swap

1

07/24/53

3-month

USD

LIBOR

Quarterly

1.81%

Semi-annually

3,625‌

1,083,351‌

—‌

1,083,351‌

Interest

Rate

Swap

1

09/28/53

3-month

USD

LIBOR

Quarterly

1.87%

Semi-annually

10,130‌

2,855,094‌

—‌

2,855,094‌

Interest

Rate

Swap

1

07/24/25

1.03%

Semi-annually

3-month

USD

LIBOR

Quarterly

86,810‌

(5,281,963‌)

—‌

(5,281,963‌)

Interest

Rate

Swap

1

07/24/25

1.03%

Semi-annually

3-month

USD

LIBOR

Quarterly

64,210‌

(3,897,380‌)

—‌

(3,897,380‌)

Interest

Rate

Swap

1

07/24/25

1.07%

Semi-annually

3-month

USD

LIBOR

Quarterly

43,405‌

(2,603,337‌)

—‌

(2,603,337‌)

Interest

Rate

Swap

1

09/28/25

1.39%

Semi-annually

3-month

USD

LIBOR

Quarterly

118,685‌

(6,032,284‌)

—‌

(6,032,284‌)

Interest

Rate

Swap

1

06/10/24

1.95%

Annual

3-month

USD

LIBOR

Annual

202,250‌

(9,009,403‌)

—‌

(9,009,403‌)

TOTAL

SWAPS

CONTRACTS

$

541,735‌

$

(19,045,784‌)

$

—‌

$

(19,045,784‌)

1

Centrally

cleared.

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

December

2022

/

30

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

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

31

/

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:

UNCONSTRAINED

BOND

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTAL

Investments

in

Securities

Assets:

Short-Term

Investments:

Money

Market

Funds

$

38,762,311‌

$

—‌

$

—‌

$

38,762,311‌

U.S.

Treasury

Bills

19,628,530‌

—‌

—‌

19,628,530‌

Long-Term

Investments:

Asset-Backed

Securities

—‌

348,692,726‌

8,196,879‌

356,889,605‌

Bank

Loans

—‌

119,619,237‌

345,483‌

119,964,720‌

Common

Stock

6,023,700‌

—‌

3,413,531‌

9,437,231‌

Corporates

—‌

869,236,950‌

5,506,823‌

874,743,773‌

Foreign

Government

Obligations

—‌

95,214,883‌

—‌

95,214,883‌

Mortgage-Backed

Securities

—‌

1,756,709,106‌

3,117,976‌

1,759,827,082‌

Municipal

Bonds

—‌

11,418,223‌

—‌

11,418,223‌

Rights

—‌

—‌

—‌

—‌

Other

Financial

Instruments

*

Assets:

Credit

contracts

—‌

338,553‌

182,362‌

520,915‌

Foreign

currency

exchange

contracts

—‌

277,609‌

—‌

277,609‌

Interest

rate

contracts

3,361,033‌

7,778,583‌

—‌

11,139,616‌

Liabilities:

Foreign

currency

exchange

contracts

—‌

(

2,962,886‌

)

—‌

(

2,962,886‌

)

Interest

rate

contracts

(

507,877‌

)

(

26,824,367‌

)

—‌

(

27,332,244‌

)

Total

$

67,267,697‌

$

3,179,498,617‌

$

20,763,054‌

$

3,267,529,368‌

*Other

financial

instruments

include

foreign

currency

exchange

contracts,

futures

and

swaps.

Credit

contracts

include

swaps.

Interest

rate

contracts

include

futures

and

swaps.

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

December

2022

/

32

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:

UNCONSTRAINED

BOND

FUND

ASSET-BACKED

SECURITIES

BANK

LOANS

COMMON

STOCK

CORPORATES

CREDIT

DEFAULT

SWAPS

MORTGAGE-

BACKED

SECURITIES

Balance

as

of

April

1,

2022

$

9,140,910‌

$

1,773,939‌

$

4,231,650‌

$

4,328,214‌

$

438,220‌

$

54,965‌

Accrued

discounts/premiums

—‌

6,599‌

—‌

55,369‌

(

231,895‌

)

56,367‌

Realized

gain

—‌

176‌

—‌

—‌

—‌

—‌

Change

in

unrealized

(depreciation)*

(

506,023‌

)

(

62,839‌

)

(

818,119‌

)

(

114,678‌

)

(

27,817‌

)

(

141,307‌

)

Purchases

—‌

60,259‌

—‌

1,237,918‌

3,854‌

3,147,951‌

Sales

(

438,008‌

)

(

7,500‌

)

—‌

—‌

—‌

—‌

Transfers

into

Level

3**

—‌

—‌

—‌

—‌

—‌

—‌

Transfers

out

of

Level

3**

—‌

(

1,425,151‌

)

—‌

—‌

—‌

—‌

Balance

as

of

December

31,

2022

$

8,196,879‌

$

345,483‌

$

3,413,531‌

$

5,506,823‌

$

182,362‌

$

3,117,976‌

*The

change

in

unrealized

appreciation

(depreciation)

on

securities

still

held

at

December

31,

2022

was

$(1,670,783)

and

is

included

in

the

related

net

realized

gains

(losses)

and

net

change

in

appreciation

(depreciation)

in

the

Statements

of

Operations.

**Transfers

into

and

transfers

out

of

level

3

represent

the

values

as

of

the

end

of

the

reporting

period.

As

of

March

31,

2022,

the

Fund

used

significant

unobservable

inputs

in

determining

the

value

of

certain

investments.

As

of

December

31,

2022,

the

Fund

used

observable

inputs

in

determining

the

value

of

the

same

investments.

As

a

result,

investments

with

an

end

of

period

value

of

$1,425,151

transferred

from

level

3

to

level

2

in

the

disclosure

hierarchy.

Significant

unobservable

valuations

inputs

for

Level

3

investments

as

of

December

31,

2022,

are

as

follows:

UNCONSTRAINED

BOND

FUND

FAIR

VALUE

AT

12/31/22

VALUATION

TECHNIQUE

*

UNOBSERVABLE

INPUT

RANGE

WEIGHTED

AVERAGE

INPUT

TO

VALUATION

IF

INPUT

INCREASES

Asset-Backed

Securities

$8,196,879

Broker

Quote

Offered

Quote

$88.64

$88.64

Increase

Bank

Loans

$345,483

Third-Party

Vendor

Vendor

Prices

$60.00

$60.00

Increase

Common

Stock

$—

Broker

Quote

Offered

Quote

$—

$—

Increase

Common

Stock

$3,413,531

Third-Party

Vendor

Vendor

Prices

$24.20

$24.20

Increase

Corporate

Securities

$—

Broker

Quote

Offered

Quote

$—

$—

Increase

Corporate

Securities

$5,506,823

Third-Party

Vendor

Vendor

Prices

$5.60

-

$109.00

$88.88

Increase

Credit

Default

Swaps

$182,362

Broker

Quote

Offered

Quote

$1.78

$1.78

Increase

Mortgage-Backed

Securities-Non-Agency

$47,701

Third-Party

Vendor

Vendor

Prices

$0.56

-

$4.41

$3.71

Increase

Mortgage-Backed

Securities-

Non-Agency

Commercial

$3,070,275

Broker

Quote

Offered

Quote

$94.47

$94.47

Increase

Rights

$—

Broker

Quote

Offered

Quote

$—

$—

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.

Unconstrained

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

33

/

December

2022

COMMITMENTS

AND

CONTINGENCIES

The

Unconstrained

Bond

Fund had

the

following

unfunded

commitments

and

unrealized

gain

(loss)

as

of

December

31,

2022:

UNCONSTRAINED

BOND

FUND

UNFUNDED

COMMITMENTS

MATURITY

AMOUNT

UNREALIZED

GAIN

(LOSS)

AthenaHealth

Group,

Inc.,

Delayed-Draw

Term

Loan

B,

1st

Lien

February

2029

$

49,276‌

$

(

1,060‌

)

Element

Materials

Technology

Group

U.S.

Holdings,

Inc.,

Delayed-Draw

Term

Loan

B,

1st

Lien

June

2029

121,841‌

2,747‌

Total

Unfunded

Commitments

$

171,117‌

$

1,687‌