Flexible
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
1
/
December
2022
Issues
Maturity
Date
Principal
Amount
Value
BONDS
–
94.05%
ASSET-BACKED
SECURITIES
—
10.76%**
AGL
CLO
13
Ltd.,
Series
2021-13A,
Class
B
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.65%)
5.89%
10/20/34
1,2,3
$
600,000
$
573,686
Aimco
CLO
11
Ltd.,
Series
2020-11A,
Class
AR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.13%)
5.21%
10/17/34
1,2,3
185,000
180,451
Aimco
CLO
14
Ltd.,
Series
2021-14A,
Class
SUB
(Cayman
Islands)
0.00%
04/20/34
1,3,4
700,000
517,986
AMMC
CLO
19
Ltd.,
Series
2016-19A,
Class
AR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.14%)
5.22%
10/16/28
1,2,3
3,412
3,410
AMSR
Trust,
Series
2020-SFR1,
Class
I
8.19%
04/17/37
1
605,000
576,597
AMSR
Trust,
Series
2020-SFR3,
Class
H
6.50%
09/17/37
1
635,000
594,768
AMSR
Trust,
Series
2021-SFR3,
Class
G
3.80%
10/17/38
1
600,000
501,536
BlueMountain
CLO
Ltd.,
Series
2018-3A,
Class
B
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.77%)
6.13%
10/25/30
1,2,3
250,000
240,700
BMO
SBA
COOF
Trust,
Series
2019-1,
Class
A
(IO)
1.65%
10/25/45
1,4
3,285,297
181,831
Carvana
Auto
Receivables
Trust,
Series
2020-P1,
Class
R
0.00%
09/08/27
1
1,300
202,329
Carvana
Auto
Receivables
Trust,
Series
2021-N3,
Class
R
0.00%
06/12/28
1
1,500
338,778
Carvana
Auto
Receivables
Trust,
Series
2022-P2,
Class
R
1.00%
05/10/29
1
3,050
523,576
CIFC
Funding
Ltd.,
Series
2017-4A,
Class
A2R
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.55%)
5.87%
10/24/30
1,2,3
575,000
554,496
CIFC
Funding
Ltd.,
Series
2018-1A,
Class
SUB
(Cayman
Islands)
0.00%
04/18/31
1,3,4
575,000
266,145
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
CIFC
Funding
Ltd.,
Series
2022-2A,
Class
INCB
(Cayman
Islands)
0.00%
04/19/35
1,3,4
$
475,000
$
385,028
CoreVest
American
Finance
Trust,
Series
2019-3,
Class
XA
(IO)
2.05%
10/15/52
1,4
558,352
23,867
CoreVest
American
Finance
Trust,
Series
2021-1,
Class
XB
(IO)
1.55%
04/15/53
1,4
4,459,000
297,277
Dryden
72
CLO
Ltd.,
Series
2019-72A,
Class
BR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.65%)
6.26%
05/15/32
1,2,3
925,000
893,185
Dryden
XXVI
Senior
Loan
Fund,
Series
2013-26A,
Class
AR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
0.90%)
4.98%
04/15/29
1,2,3
57,650
56,955
Dryden
XXVIII
Senior
Loan
Fund,
Series
2013-28A,
Class
A1LR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.20%)
5.81%
08/15/30
1,2,3
9,957
9,879
Elmwood
CLO
VI
Ltd.,
Series
2020-3A,
Class
BR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.65%)
5.89%
10/20/34
1,2,3
440,000
420,499
FirstKey
Homes
Trust,
Series
2020-SFR1,
Class
F2
4.28%
08/17/37
1
1,288,000
1,159,609
FirstKey
Homes
Trust,
Series
2021-SFR3,
Class
E1
2.99%
12/17/38
1
944,000
805,497
Flatiron
CLO
21
Ltd.,
Series
2021-1A,
Class
A1
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.11%)
5.34%
07/19/34
1,2,3
1,290,360
1,251,520
FRTKL,
Series
2021-SFR1,
Class
F
3.17%
09/17/38
1
1,000,000
823,773
Gilbert
Park
CLO
Ltd.,
Series
2017-1A,
Class
A
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.19%)
5.27%
10/15/30
1,2,3
335,000
330,971
GoldenTree
Loan
Management
U.S.
CLO
8
Ltd.,
Series
2020-8A,
Class
AR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.15%)
5.39%
10/20/34
1,2,3
250,000
243,858
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
2
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
Greenwood
Park
CLO
Ltd.,
Series
2018-1A,
Class
SUB
(Cayman
Islands)
0.00%
04/15/31
1,3,4
$
675,000
$
296,999
HOA
Funding,
LLC,
Series
2021-1A,
Class
A2
4.72%
08/20/51
1
878,875
660,180
Invesco
CLO
Ltd.,
Series
2021-1A,
Class
SUB
(Cayman
Islands)
0.00%
04/15/34
1,3,4
650,000
472,529
J.G.
Wentworth
XXX
LLC,
Series
2013-3A,
Class
A
4.08%
01/17/73
1
41,174
36,902
J.G.
Wentworth
XXXII
LLC,
Series
2014-2A,
Class
A
3.61%
01/17/73
1
42,233
36,616
JPMorgan
Chase
Bank
Auto
Credit
Linked
Notes,
Series
2021-1,
Class
R
28.35%
09/25/28
1
522,384
535,444
Madison
Park
Funding
XLVIII
Ltd.,
Series
2021-48A,
Class
A
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.15%)
5.38%
04/19/33
1,2,3
1,000,000
984,570
Navient
Student
Loan
Trust,
Series
2018-4A,
Class
B
(LIBOR
USD
1-Month
plus
1.30%)
5.69%
06/27/67
1,2
850,000
784,993
Nelnet
Student
Loan
Trust,
Series
2015-3A,
Class
A3
(LIBOR
USD
1-Month
plus
0.90%)
5.29%
06/25/54
1,2
630,000
607,042
Neuberger
Berman
CLO
XVI-S
Ltd.,
Series
2017-16SA,
Class
AR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.04%)
5.12%
04/15/34
1,2,3
1,200,000
1,167,671
Neuberger
Berman
Loan
Advisers
CLO
40
Ltd.,
Series
2021-40A,
Class
SUB
(Cayman
Islands)
0.00%
04/16/33
1,3,4
275,000
184,203
OCP
CLO
Ltd.,
Series
2017-14A,
Class
A1A
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.15%)
5.83%
11/20/30
1,2,3
325,000
320,856
Octagon
Investment
Partners
44
Ltd.,
Series
2019-1A,
Class
BR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.70%)
5.78%
10/15/34
1,2,3
700,000
670,659
Palmer
Square
CLO
Ltd.,
Series
2014-1A,
Class
A1R2
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.13%)
5.21%
01/17/31
1,2,3
550,000
544,852
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
Palmer
Square
CLO
Ltd.,
Series
2021-1A,
Class
SUB
(Cayman
Islands)
0.00%
04/20/34
1,3,4
$
625,000
$
389,714
PHEAA
Student
Loan
Trust,
Series
2014-3A,
Class
A
(LIBOR
USD
1-Month
plus
0.59%)
4.98%
08/25/40
1,2
28,435
27,359
Progress
Residential
Trust,
Series
2021-SFR2,
Class
H
5.00%
04/19/38
1
819,000
699,812
Progress
Residential
Trust,
Series
2021-SFR8,
Class
G
4.01%
10/17/38
1
838,000
703,453
Progress
Residential
Trust,
Series
2021-SFR9,
Class
E1
2.81%
11/17/40
1
1,531,000
1,194,283
Progress
Residential,
Series
2021-SFR1,
Class
H
5.00%
04/17/38
1
1,050,000
894,733
Progress
Residential,
Series
2021-SFR3,
Class
G
4.25%
05/17/26
1
1,211,000
1,031,356
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
750,000
720,000
Rockford
Tower
CLO
Ltd.,
Series
2017-2A,
Class
AR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.02%)
5.10%
10/15/29
1,2,3
53,689
52,988
Rockford
Tower
CLO
Ltd.,
Series
2017-3A,
Class
A
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.19%)
5.43%
10/20/30
1,2,3
810,000
800,086
Santander
Consumer
Auto
Receivables
Trust,
Series
2021-CA,
Class
R
0.00%
06/15/28
1
5,150
629,956
Skyline
Aircraft
Finance
LLC,
Series
2021-1,
Class
A
3.23%
05/10/37
4,5,6
493,811
437,697
SLM
Student
Loan
Trust,
Series
2004-1,
Class
B
(LIBOR
USD
3-Month
plus
0.50%)
4.86%
07/25/39
2
154,688
143,210
SLM
Student
Loan
Trust,
Series
2008-5,
Class
A4
(LIBOR
USD
3-Month
plus
1.70%)
6.06%
07/25/23
2
77,456
76,676
SLM
Student
Loan
Trust,
Series
2008-7,
Class
A4
(LIBOR
USD
3-Month
plus
0.90%)
5.26%
07/25/23
2
14,554
13,911
Flexible
Income
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
2008-7,
Class
B
(LIBOR
USD
3-Month
plus
1.85%)
6.21%
07/26/83
2
$
10,000
$
9,897
Stratus
CLO
Ltd.,
Series
2021-3A,
Class
SUB
(Cayman
Islands)
0.00%
12/29/29
1,3,4
975,000
731,811
Textainer
Marine
Containers
VII
Ltd.,
Series
2021-1A,
Class
B
(Bermuda)
2.52%
02/20/46
1,3
654,773
545,483
Tricon
American
Homes
Trust,
Series
2017-SFR2,
Class
E
4.22%
01/17/36
1
800,000
775,476
Voya
CLO
Ltd.,
Series
2018-4A,
Class
BR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.65%)
5.73%
01/15/32
1,2,3
250,000
240,300
Total
Asset-Backed
Securities
(Cost
$32,195,746)
29,379,924
BANK
LOANS
—
3.83%*
Communications
—
0.09%
CenturyLink,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.25%)
6.63%
03/15/27
2
5,202
4,950
CSC
Holdings
LLC,
Term
Loan
B5,
1st
Lien
(LIBOR
plus
2.50%)
6.82%
04/15/27
2
48,992
43,909
Frontier
Communications
Holdings
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.50%
05/01/28
2
122,813
117,604
National
CineMedia
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
8.00%)
12.50%
12/20/24
2
245,625
65,296
231,759
Consumer
Discretionary
—
0.25%
ADMI
Corp.,
Term
Loan
B2,
1st
Lien
(LIBOR
plus
3.38%)
7.76%
12/23/27
2
147,375
134,075
Naked
Juice,
LLC,
Term
Loan,
1st
Lien
(Luxembourg)
(SOFR
plus
3.25%)
7.93%
01/24/29
2,3
248,750
223,702
Sunshine
Luxembourg
VII
SARL,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.48%
10/01/26
2
245,625
235,834
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Consumer
Discretionary
(continued)
Waystar
technologies,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
8.38%
10/22/26
2
$
97,739
$
96,273
689,884
Electric
—
0.31%
Astoria
Energy
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
7.89%
12/10/27
2
263,934
261,075
Calpine
Corp.,
Term
Loan
B9,
1st
Lien
(LIBOR
plus
2.00%)
6.39%
04/05/26
2
244,924
242,245
Endure
Digital,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
7.72%
02/10/28
2
394,000
355,585
858,905
Entertainment
—
0.17%
Cineworld
Finance
U.S.,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.50%)
9.00%
02/28/25
2
122,619
23,174
Crown
Finance
U.S.,
Inc.,
Delayed-Draw
Term
Loan,
1st
Lien
(Luxembourg)
(SOFR
plus
9.00%)
14.28%
09/07/23
2
459,875
452,882
476,056
Finance
—
0.19%
DCG
Acquisition
Corp.,
Term
Loan,
1st
Lien
(LIBOR
plus
4.50%)
8.92%
09/30/26
2
269,504
254,681
Deerfield
Dakota
Holding
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
8.07%
04/09/27
2
10,866
10,175
Mativ
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.34%
05/06/29
2
270,875
255,977
520,833
Gaming
—
0.01%
Golden
Nugget,
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.00%)
8.32%
01/26/29
2
10,868
10,354
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
4
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Gaming
(continued)
Scientific
Games
International,
Inc.,
Term
Loan
B,
1st
Lien
(Canada)
(SOFR
plus
2.00%)
7.42%
04/13/29
2
$
10,895
$
10,775
21,129
Health
Care
—
0.75%
Avantor
Funding,
Inc.,
Term
Loan
B5,
1st
Lien
(LIBOR
plus
2.25%)
6.63%
11/08/27
2
35,423
35,313
Avolon
TLB
Borrower
1
U.S.
LLC,
Term
Loan
B3,
1st
Lien
(LIBOR
plus
1.75%)
6.10%
01/15/25
2
275,000
274,542
Buckeye
Partners
LP,
Term
Loan
B1,
1st
Lien
(LIBOR
plus
2.25%)
6.63%
11/01/26
2
245,000
243,942
Certara
Holdco,
Inc.,
Term
Loan
B,
1st
Lien
(France)
(LIBOR
plus
3.50%)
7.88%
08/15/26
2
270,875
267,997
Curia
Global, Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.16%
08/30/26
2
392,450
325,122
Genesee
&
Wyoming,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
2.00%)
6.73%
12/30/26
2
269,458
268,398
Horizon
Therapeutics
USA,
Inc.,
Term
Loan
B2,
1st
Lien
(LIBOR
plus
1.75%)
6.19%
03/15/28
2
270,188
270,260
Pathway
Vet
Alliance
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.13%
03/31/27
2
97,754
81,950
Peraton
Corp.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.13%
02/01/28
2
265,268
259,521
PetVet
Care
Centers
LLC,
Term
Loan
B3,
1st
Lien
(Luxembourg)
(LIBOR
plus
3.50%)
7.88%
02/14/25
2
10,866
10,245
2,037,290
Industrials
—
0.40%
Berry
Global,
Inc.,
Term
Loan
Z,
1st
Lien
(LIBOR
plus
1.75%)
6.02%
07/01/26
2
352,247
350,086
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
$
310,625
$
303,086
Ingram
Micro,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
8.23%
06/30/28
2
10,867
10,732
Michaels
Cos.,
Inc.
(The),
Term
Loan,
1st
Lien
(LIBOR
plus
4.25%)
8.98%
04/15/28
2
167,450
145,170
Proampac
PG
Borrower
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
7.83%
-
8.43%
11/03/25
2
196,513
188,692
TransDigm,
Inc.,
Term
Loan
F,
1st
Lien
(LIBOR
plus
2.25%)
6.98%
12/09/25
2
4,540
4,493
Zep,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
8.58%
08/12/24
2
98,930
86,267
1,088,526
Information
Technology
—
1.02%
AppLovin
Corp.,
Term
Loan
B,
1st
Lien
(PRIME
plus
3.25%)
2.25%
08/15/25
2
269,388
260,099
AthenaHealth
Group,
Inc.,
Delayed-Draw
Term
Loan
B,
1st
Lien
(Luxembourg)
(SOFR
plus
3.50%)
7.82%
02/15/29
2,7
36,232
32,803
Term
Loan
B,
1st
Lien
(France)
(SOFR
plus
3.50%)
7.82%
02/15/29
2
850,797
770,277
Central
Parent,
Inc.,
Term
Loan,
1st
Lien
(Canada)
(SOFR
plus
4.50%)
9.08%
07/06/29
2
10,950
10,870
CT
Technologies
Intermediate
Holdings,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
4.25%)
8.63%
12/16/25
2
73,688
67,804
EagleView
Technology
Co.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
8.23%
08/14/25
2
269,388
237,525
Gainwell
Acquisition
Corp.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
8.73%
10/01/27
2
245,614
231,184
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
5
/
December
2022
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Information
Technology
(continued)
Nouryon
USA
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.75%)
7.16%
10/01/25
2
$
308,105
$
304,485
Precision
Medicine
Group
LLC,
Delayed-Draw
Term
Loan,
1st
Lien
(LIBOR
plus
3.00%)
7.35%
11/20/27
2
17,231
16,068
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.00%)
7.73%
11/18/27
2
374,451
349,175
Prime
Security
Services
Borrower
LLC,
Term
Loan
B1,
1st
Lien
(LIBOR
plus
2.75%)
6.50%
09/23/26
2
15,184
15,070
RealPage,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.00%)
7.38%
04/24/28
2
271,563
258,799
Spin
Holdco,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
8.77%
03/04/28
2
270,188
229,254
2,783,413
Insurance
—
0.09%
Acrisure
LLC,
Term
Loan
B1,
1st
Lien
(LIBOR
plus
3.50%)
7.88%
02/15/27
2
247,455
232,807
Real
Estate
Investment
Trust
(REIT)
—
0.16%
Aveanna
Healthcare
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.14%
07/17/28
2,8
265,650
205,746
Rent-A-Center,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.25%)
7.69%
02/17/28
2
245,625
237,335
443,081
Retail
—
0.23%
AmWINS
Group,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.25%)
6.63%
02/19/28
2
171,502
168,675
U.S.
Anesthesia
Partners,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.25%)
8.37%
10/02/28
2
469,063
447,795
616,470
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Services
—
0.07%
Pre-Paid
Legal
Services,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
3.75%)
8.13%
12/15/28
2
$
10,868
$
10,476
Trans
Union
LLC,
Term
Loan
B6,
1st
Lien
(Luxembourg)
(LIBOR
plus
2.25%)
6.63%
12/01/28
2
182,757
181,273
TruGreen
LP,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
8.38%
11/02/27
2
10,867
9,678
201,427
Transportation
—
0.09%
Kenan
Advantage
Group,
Inc.
(The),
Term
Loan,
2nd
Lien
(LIBOR
plus
7.25%)
11.63%
09/01/27
2
275,000
255,292
Total
Bank
Loans
(Cost
$11,218,154)
10,456,872
CORPORATES
—
28.48%*
Banking
—
5.11%
ABN
AMRO
Bank
NV
(Netherlands)
2.47%
12/13/29
1,3,4
270,000
219,221
Bank
of
America
Corp.
2.30%
07/21/32
4
640,000
493,186
2.57%
10/20/32
4
130,000
102,096
2.69%
04/22/32
4
55,000
44,078
3.42%
12/20/28
4
310,000
281,300
Bank
of
America
Corp.
(MTN)
1.92%
10/24/31
4
245,000
187,174
2.02%
02/13/26
4
375,000
348,182
2.09%
06/14/29
4
310,000
260,936
3.82%
01/20/28
4
125,000
116,668
Bank
of
America
Corp.,
Series
N
1.66%
03/11/27
4
500,000
441,775
Bank
of
America
Corp.,
Series
RR
4.38%
4,9
100,000
85,260
Comerica,
Inc.
5.63%
4,9
15,000
14,511
Credit
Suisse
Group
AG
(Switzerland)
1.31%
02/02/27
1,3,4
600,000
478,475
3.09%
05/14/32
1,3,4
1,160,000
806,415
6.54%
08/12/33
1,3,4
230,000
202,418
9.02%
11/15/33
1,3,4
720,000
741,646
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
6
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Banking
(continued)
Credit
Suisse
Group
AG
(EMTN)
(Switzerland)
0.63%
01/18/33
3
$
410,000
$
243,424
Discover
Bank
2.45%
09/12/24
230,000
218,616
DNB
Bank
ASA
(Norway)
0.86%
09/30/25
1,3,4
220,000
202,300
HSBC
Holdings
PLC
(United
Kingdom)
1.59%
05/24/27
3,4
510,000
440,317
1.65%
04/18/26
3,4
130,000
117,447
2.01%
09/22/28
3,4
350,000
292,496
2.36%
08/18/31
3,4
255,000
195,617
2.87%
11/22/32
3,4
500,000
383,862
4.76%
06/09/28
3,4
255,000
241,695
JPMorgan
Chase
&
Co.
0.97%
06/23/25
4
280,000
261,279
1.58%
04/22/27
4
700,000
616,646
2.01%
03/13/26
4
25,000
23,161
2.58%
04/22/32
4
640,000
513,157
Lloyds
Banking
Group
PLC
(United
Kingdom)
1.63%
05/11/27
3,4
205,000
177,501
3.57%
11/07/28
3,4
390,000
351,391
3.87%
07/09/25
3,4
30,000
29,054
4.98%
08/11/33
3,4
415,000
382,303
Macquarie
Group
Ltd.
(Australia)
2.87%
01/14/33
1,3,4
375,000
288,608
5.03%
01/15/30
1,3,4
170,000
160,733
NatWest
Group
PLC
(United
Kingdom)
4.27%
03/22/25
3,4
500,000
488,646
PNC
Financial
Services
Group,
Inc.
(The)
6.04%
10/28/33
4
225,000
235,421
Santander
UK
Group
Holdings
PLC
(United
Kingdom)
1.09%
03/15/25
3,4
325,000
304,554
1.67%
06/14/27
3,4
325,000
276,003
3.37%
01/05/24
3,4
35,000
34,998
4.80%
11/15/24
3,4
245,000
240,965
U.S.
Bancorp
3.70%
4,9
105,000
86,477
5.85%
10/21/33
4
225,000
234,241
Wells
Fargo
&
Co.
(MTN)
2.39%
06/02/28
4
745,000
658,652
3.35%
03/02/33
4
770,000
649,233
3.53%
03/24/28
4
525,000
487,137
4.90%
07/25/33
4
305,000
289,178
13,948,453
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Communications
—
2.52%
AT&T,
Inc.
2.55%
12/01/33
$
452,000
$
348,705
4.75%
05/15/46
125,000
106,258
Cable
One,
Inc.
4.00%
11/15/30
1
60,000
47,625
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
2.80%
04/01/31
140,000
109,192
4.80%
03/01/50
250,000
184,295
5.38%
05/01/47
141,000
111,777
Charter
Communications
Operating,
LLC/Charter
Communications
Operating
Capital
5.25%
04/01/53
520,000
403,560
Cogent
Communications
Group,
Inc.
7.00%
06/15/27
1
225,000
219,145
CSC
Holdings
LLC
3.38%
02/15/31
1
175,000
114,410
6.50%
02/01/29
1
147,000
120,483
7.50%
04/01/28
1
453,000
309,037
Diamond
Sports
Group,
LLC/Diamond
Sports
Finance
Co.
5.38%
08/15/26
1
751,000
89,181
DIRECTV
Financing
LLC/DIRECTV
Financing
Co.
Obligor,
Inc.
5.88%
08/15/27
1
169,000
151,783
Global
Switch
Finance
BV
(EMTN)
(Netherlands)
1.38%
10/07/30
3
285,000
258,259
Gray
Escrow
II,
Inc.
5.38%
11/15/31
1
267,000
193,618
Intelsat
Jackson
Holdings
SA
(Luxembourg)
6.50%
03/15/30
1,3
335,000
301,056
Intelsat
Jackson
Holdings
SA,
Class
B
(Luxembourg)
5.50%
08/01/23
†,3,5,6,10,11
535,000
—
8.50%
10/15/24
†,1,3,5,6,10,11
270,000
—
9.75%
07/15/25
†,1,3,5,6,10,11
360,000
—
Level
3
Financing,
Inc.
3.63%
01/15/29
1
40,000
29,304
3.75%
07/15/29
1
250,000
180,175
3.88%
11/15/29
1
530,000
419,196
Lumen
Technologies,
Inc.
4.50%
01/15/29
1
500,000
347,500
Netflix,
Inc.
4.63%
05/15/29
100,000
105,156
Scripps
Escrow,
Inc.
5.88%
07/15/27
1
400,000
360,000
Sprint
Spectrum
Co.
LLC/Sprint
Spectrum
Co.
II
LLC/Sprint
Spectrum
Co.
III
LLC
4.74%
03/20/25
1
295,313
291,972
5.15%
03/20/28
1
495,000
488,358
Tencent
Holdings
Ltd.
(Cayman
Islands)
2.88%
04/22/31
1,3
200,000
166,752
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
7
/
December
2022
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Communications
(continued)
Time
Warner
Cable
LLC
5.50%
09/01/41
$
80,000
$
66,690
Vmed
O2
UK
Financing
I
PLC
(United
Kingdom)
4.25%
01/31/31
1,3
375,000
304,414
Vodafone
Group
PLC
(United
Kingdom)
4.25%
09/17/50
3
60,000
46,404
5.25%
05/30/48
3
300,000
265,677
VZ
Secured
Financing
BV
(Netherlands)
5.00%
01/15/32
1,3
750,000
613,815
Zayo
Group
Holdings,
Inc.
4.00%
03/01/27
1
185,000
137,033
6,890,830
Consumer
Discretionary
—
1.29%
Bacardi
Ltd.
(Bermuda)
4.45%
05/15/25
1,3
165,000
160,248
BAT
Capital
Corp.
3.56%
08/15/27
165,000
150,496
4.39%
08/15/37
150,000
117,114
5.65%
03/16/52
430,000
359,006
BAT
International
Finance
PLC
(United
Kingdom)
1.67%
03/25/26
3
83,000
73,637
Everi
Holdings,
Inc.
5.00%
07/15/29
1
350,000
303,187
Imperial
Brands
Finance
PLC
(United
Kingdom)
4.25%
07/21/25
1,3
160,000
153,034
6.13%
07/27/27
1,3
195,000
194,168
Reynolds
American,
Inc.
5.70%
08/15/35
100,000
90,522
5.85%
08/15/45
95,000
81,527
Spectrum
Brands,
Inc.
5.50%
07/15/30
1
425,000
377,187
Triton
Water
Holdings,
Inc.
6.25%
04/01/29
1
750,000
612,187
WarnerMedia
Holdings,
Inc.
4.28%
03/15/32
1
190,000
156,757
5.05%
03/15/42
1
480,000
369,618
5.14%
03/15/52
1
425,000
312,653
3,511,341
Electric
—
1.09%
Alliant
Energy
Finance
LLC
1.40%
03/15/26
1
245,000
212,975
Alliant
Energy
Finance,
LLC
3.60%
03/01/32
1
155,000
133,996
American
Electric
Power
Co.,
Inc.
2.03%
03/15/24
455,000
438,456
Comision
Federal
de
Electricidad
(Mexico)
4.69%
05/15/29
1,3
200,000
177,770
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Electric
(continued)
Duke
Energy
Carolinas
LLC
4.00%
09/30/42
$
250,000
$
207,269
Eversource
Energy,
Series
O
4.25%
04/01/29
8,000
7,589
FirstEnergy
Transmission
LLC
2.87%
09/15/28
1
418,000
365,502
Niagara
Mohawk
Power
Corp.
5.78%
09/16/52
1
365,000
366,633
Pennsylvania
Electric
Co.
4.15%
04/15/25
1
555,000
531,974
Pike
Corp.
5.50%
09/01/28
1
400,000
350,348
Public
Service
Co.
of
New
Mexico
3.85%
08/01/25
40,000
38,255
Tucson
Electric
Power
Co.
3.85%
03/15/23
140,000
139,549
2,970,316
Energy
—
2.47%
Energy
Transfer
LP
4.75%
01/15/26
10,000
9,757
4.90%
03/15/35
20,000
17,888
4.95%
06/15/28
100,000
96,888
5.00%
05/15/50
560,000
452,802
Energy
Transfer
LP,
Series
B
6.63%
4,9
733,000
547,001
Galaxy
Pipeline
Assets
Bidco
Ltd.
(United
Kingdom)
2.16%
03/31/34
1,3
369,864
315,309
Global
Partners
LP/GLP
Finance
Corp.
6.88%
01/15/29
430,000
394,469
Hess
Corp.
5.60%
02/15/41
20,000
18,953
KazMunayGas
National
Co.
JSC
(Kazakhstan)
3.50%
04/14/33
1,3
200,000
149,356
NGL
Energy
Operating
LLC/NGL
Energy
Finance
Corp.
7.50%
02/01/26
1
294,000
262,107
NGPL
Pipe
Co.
LLC
4.88%
08/15/27
1
40,000
38,129
Petroleos
Mexicanos
(Mexico)
5.95%
01/28/31
3
184,000
139,914
6.35%
02/12/48
3
5,000
3,076
6.75%
09/21/47
3
15,000
9,604
6.95%
01/28/60
3
5,000
3,180
Petronas
Capital
Ltd.
(Malaysia)
2.48%
01/28/32
1,3
200,000
165,740
3.50%
04/21/30
1,3
200,000
182,640
QatarEnergy
Trading
LLC,
Series
REGS
(Qatar)
2.25%
07/12/31
3
200,000
166,036
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
8
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Energy
(continued)
Rockies
Express
Pipeline
LLC
4.80%
05/15/30
1
$
234,000
$
207,383
4.95%
07/15/29
1
215,000
196,400
Ruby
Pipeline
LLC
8.00%
04/01/22
1,5,6,10,11
535,455
583,646
Southern
Natural
Gas
Co.
LLC
4.80%
03/15/47
1
65,000
52,830
TransMontaigne
Partners
LP/TLP
Finance
Corp.
6.13%
02/15/26
725,000
627,125
Transocean
Phoenix
2
Ltd.
(Cayman
Islands)
7.75%
10/15/24
1,3
62,000
61,677
Transocean
Poseidon
Ltd.
(Cayman
Islands)
6.88%
02/01/27
1,3
30,625
29,850
Transocean
Proteus
Ltd.
(Cayman
Islands)
6.25%
12/01/24
1,3
644,000
635,386
USA
Compression
Partners
LP/USA
Compression
Finance
Corp.
6.88%
09/01/27
600,000
561,963
Venture
Global
Calcasieu
Pass
LLC
4.13%
08/15/31
1
875,000
746,887
Williams
Cos.,
Inc.
(The)
4.30%
03/04/24
60,000
59,263
6,735,259
Entertainment
—
0.19%
Cinemark
USA,
Inc.
5.25%
07/15/28
1
685,000
513,750
Finance
—
3.88%
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
(Ireland)
2.45%
10/29/26
3
123,000
107,697
3.30%
01/30/32
3
565,000
441,764
3.88%
01/23/28
3
5,000
4,474
4.45%
10/01/25
3
110,000
106,153
Air
Lease
Corp.
2.25%
01/15/23
25,000
24,977
Air
Lease
Corp.
(MTN)
2.88%
01/15/26
380,000
352,014
American
Express
Co.
2.55%
03/04/27
190,000
173,094
Avolon
Holdings
Funding
Ltd.
(Cayman
Islands)
2.53%
11/18/27
1,3
583,000
466,848
Capital
One
Financial
Corp.
1.34%
12/06/24
4
360,000
344,874
Cboe
Global
Markets,
Inc.
3.00%
03/16/32
190,000
158,956
Charles
Schwab
Corp.
(The)
1.95%
12/01/31
150,000
117,798
5.00%
4,9
200,000
183,100
Citigroup,
Inc.
2.56%
05/01/32
4
240,000
190,044
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Finance
(continued)
2.57%
06/03/31
4
$
375,000
$
304,124
2.98%
11/05/30
4
145,000
121,964
3.06%
01/25/33
4
930,000
752,374
3.52%
10/27/28
4
435,000
397,610
Citigroup,
Inc.,
Series
VAR
3.07%
02/24/28
4
95,000
85,820
Discover
Financial
Services
3.95%
11/06/24
105,000
102,335
Goldman
Sachs
Group,
Inc.
(The)
0.93%
10/21/24
4
130,000
124,580
1.22%
12/06/23
455,000
439,346
1.95%
10/21/27
4
325,000
283,928
1.99%
01/27/32
4
375,000
285,788
2.38%
07/21/32
4
170,000
131,947
2.64%
02/24/28
4
575,000
512,046
2.65%
10/21/32
4
520,000
411,873
3.20%
02/23/23
100,000
99,755
Goldman
Sachs
Group,
Inc.
(The),
Series
VAR
1.09%
12/09/26
4
5,000
4,419
Intercontinental
Exchange,
Inc.
1.85%
09/15/32
195,000
146,958
JPMorgan
Chase
&
Co.
1.05%
11/19/26
4
270,000
238,095
2.55%
11/08/32
4
200,000
158,190
2.74%
10/15/30
4
160,000
134,515
2.95%
02/24/28
4
120,000
108,769
JPMorgan
Chase
&
Co.,
Series
KK
3.65%
4,9
115,000
98,756
Morgan
Stanley
0.99%
12/10/26
4
145,000
127,296
2.48%
09/16/36
4
170,000
124,110
2.94%
01/21/33
4
290,000
235,354
2.95%
05/07/32
4
155,000
146,704
Morgan
Stanley
(GMTN)
1.51%
07/20/27
4
120,000
104,338
2.24%
07/21/32
4
160,000
122,691
Morgan
Stanley
(MTN)
1.16%
10/21/25
4
495,000
456,165
1.93%
04/28/32
4
775,000
583,756
Nationwide
Building
Society
(United
Kingdom)
2.97%
02/16/28
1,3,4
200,000
176,347
3.77%
03/08/24
1,3,4
380,000
377,944
4.36%
08/01/24
1,3,4
130,000
128,330
Park
Aerospace
Holdings
Ltd.
(Cayman
Islands)
4.50%
03/15/23
1,3
30,000
29,928
5.50%
02/15/24
1,3
2,000
1,975
Pipeline
Funding
Co.
LLC
7.50%
01/15/30
1
151,585
153,167
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
9
/
December
2022
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Finance
(continued)
Raymond
James
Financial,
Inc.
4.65%
04/01/30
$
145,000
$
139,881
Vonovia
SE
(Georgia)
1.50%
06/14/41
3
100,000
59,262
10,582,233
Food
—
1.07%
Chobani
LLC/Chobani
Finance
Corp,
Inc.
4.63%
11/15/28
1
500,000
436,108
H-Food
Holdings
LLC/Hearthside
Finance
Co.,
Inc.
8.50%
06/01/26
1
350,000
203,553
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
(Canada)
3.75%
12/01/31
1,3
385,000
314,411
5.50%
01/15/30
1,3
376,000
358,653
Kraft
Heinz
Foods
Co.
3.00%
06/01/26
185,000
173,396
5.20%
07/15/45
150,000
139,132
Pilgrim's
Pride
Corp.
4.25%
04/15/31
1
180,000
153,304
5.88%
09/30/27
1
184,000
180,641
Simmons
Foods,
Inc./Simmons
Prepared
Foods,
Inc./
Simmons
Pet
Food,
Inc./Simmons
Feed
4.63%
03/01/29
1
350,000
288,601
Smithfield
Foods,
Inc.
5.20%
04/01/29
1
5,000
4,578
TreeHouse
Foods,
Inc.
4.00%
09/01/28
800,000
681,280
2,933,657
Gaming
—
0.27%
Caesars
Entertainment,
Inc.
4.63%
10/15/29
1
316,000
257,629
8.13%
07/01/27
1
475,000
467,690
725,319
Health
Care
—
3.27%
AbbVie,
Inc.
3.85%
06/15/24
10,000
9,851
4.50%
05/14/35
324,000
301,284
Amgen,
Inc.
3.15%
02/21/40
100,000
73,916
Baxter
International,
Inc.
0.87%
12/01/23
260,000
250,109
Bayer
U.S.
Finance
II
LLC
4.25%
12/15/25
1
255,000
247,358
4.38%
12/15/28
1
210,000
197,553
4.40%
07/15/44
1
245,000
191,600
4.88%
06/25/48
1
80,000
69,373
Becton
Dickinson
and
Co.
3.73%
12/15/24
3,000
2,928
Cano
Health
LLC
6.25%
10/01/28
1
290,000
176,900
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Health
Care
(continued)
Catalent
Pharma
Solutions,
Inc.
3.13%
02/15/29
1
$
750,000
$
598,125
Centene
Corp.
2.45%
07/15/28
349,000
294,727
3.00%
10/15/30
323,000
265,507
4.25%
12/15/27
455,000
427,731
CommonSpirit
Health
2.78%
10/01/30
35,000
28,817
3.35%
10/01/29
200,000
173,799
4.35%
11/01/42
100,000
84,125
CVS
Health
Corp.
5.05%
03/25/48
270,000
243,977
DENTSPLY
SIRONA,
Inc.
3.25%
06/01/30
265,000
220,578
Embecta
Corp.
6.75%
02/15/30
1
525,000
479,182
Grifols
Escrow
Issuer
SA
(Spain)
4.75%
10/15/28
1,3
715,000
619,064
HCA,
Inc.
3.50%
09/01/30
143,000
123,670
3.63%
03/15/32
1
425,000
359,886
4.13%
06/15/29
80,000
73,203
5.25%
06/15/49
185,000
158,436
5.38%
09/01/26
10,000
9,903
5.50%
06/15/47
120,000
108,050
5.63%
09/01/28
275,000
274,412
ModivCare
Escrow
Issuer,
Inc.
5.00%
10/01/29
1
275,000
231,913
ModivCare,
Inc.
5.88%
11/15/25
1
375,000
352,731
Molina
Healthcare,
Inc.
3.88%
11/15/30
1
600,000
513,000
4.38%
06/15/28
1
74,000
67,565
NYU
Langone
Hospitals,
Series
2020
3.38%
07/01/55
295,000
202,359
Organon
&
Co./Organon
Foreign
Debt
Co.-Issuer
BV
5.13%
04/30/31
1
315,000
273,842
Prestige
Brands,
Inc.
3.75%
04/01/31
1
450,000
371,675
Prime
Healthcare
Services,
Inc.
7.25%
11/01/25
1
450,000
379,687
Royalty
Pharma
PLC
(United
Kingdom)
1.75%
09/02/27
3
125,000
106,238
Tenet
Healthcare
Corp.
6.13%
10/01/28
1
415,000
373,164
8,936,238
Industrials
—
1.16%
Advanced
Drainage
Systems,
Inc.
6.38%
06/15/30
1
335,000
325,958
Ardagh
Packaging
Finance
PLC/Ardagh
Holdings
USA,
Inc.
(Canada)
5.25%
08/15/27
1,3
485,000
366,340
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
10
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Industrials
(continued)
Artera
Services
LLC
9.03%
12/04/25
1
$
669,000
$
561,389
BAE
Systems
Holdings,
Inc.
3.85%
12/15/25
1
250,000
241,303
Berry
Global,
Inc.
1.50%
01/15/27
1
200,000
190,953
1.65%
01/15/27
40,000
34,265
Boeing
Co.
(The)
1.43%
02/04/24
340,000
325,484
Energizer
Holdings,
Inc.
4.38%
03/31/29
1
475,000
400,187
General
Electric
Co.
(MTN)
(LIBOR
USD
3-Month
plus
0.38%)
4.91%
05/05/26
2
57,000
55,371
(LIBOR
USD
3-Month
plus
0.48%)
5.09%
08/15/36
2
52,000
42,991
Heathrow
Funding
Ltd.
(EMTN)
(United
Kingdom)
1.88%
03/14/34
3
230,000
177,861
OT
Merger
Corp.
7.88%
10/15/29
1
850,000
439,765
3,161,867
Information
Technology
—
0.97%
Broadcom,
Inc.
3.42%
04/15/33
1
190,000
152,795
Fiserv,
Inc.
2.65%
06/01/30
10,000
8,429
Gen
Digital,
Inc.
6.75%
09/30/27
1
360,000
353,872
NCR
Corp.
5.00%
10/01/28
1
550,000
473,253
5.13%
04/15/29
1
340,000
284,729
Netflix,
Inc.
5.88%
02/15/25
310,000
314,145
Open
Text
Corp.
(Canada)
6.90%
12/01/27
1,3
350,000
353,500
Oracle
Corp.
2.88%
03/25/31
65,000
53,968
3.80%
11/15/37
355,000
279,586
3.95%
03/25/51
320,000
230,851
4.00%
11/15/47
40,000
29,406
6.90%
11/09/52
115,000
124,555
2,659,089
Insurance
—
1.26%
Acrisure
LLC/Acrisure
Finance,
Inc.
4.25%
02/15/29
1
175,000
145,666
6.00%
08/01/29
1
400,000
321,500
Alliant
Holdings
Intermediate
LLC/Alliant
Holdings
Co.-Issuer
6.75%
10/15/27
1
452,000
408,228
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Insurance
(continued)
AmWINS
Group,
Inc.
4.88%
06/30/29
1
$
179,000
$
153,960
Aon
Corp./Aon
Global
Holdings
PLC
3.90%
02/28/52
280,000
217,318
AssuredPartners,
Inc.
5.63%
01/15/29
1
415,000
342,101
Athene
Global
Funding
1.99%
08/19/28
1
370,000
299,620
2.72%
01/07/29
1
95,000
78,599
3.21%
03/08/27
1
130,000
116,058
Berkshire
Hathaway
Finance
Corp.
2.50%
01/15/51
115,000
73,072
Brown
&
Brown,
Inc.
4.95%
03/17/52
160,000
130,911
Farmers
Exchange
Capital
II
6.15%
11/01/53
1,4
150,000
143,106
Farmers
Exchange
Capital
III
5.45%
10/15/54
1,4
85,000
78,435
Farmers
Insurance
Exchange
4.75%
11/01/57
1,4
135,000
108,733
HUB
International
Ltd.
7.00%
05/01/26
1
350,000
344,067
Metropolitan
Life
Global
Funding
I
2.95%
04/09/30
1
15,000
13,047
Nationwide
Mutual
Insurance
Co.
7.06%
12/15/24
1,4
375,000
374,119
Teachers
Insurance
&
Annuity
Association
of
America
4.27%
05/15/47
1
40,000
33,088
4.38%
09/15/54
1,4
65,000
62,362
3,443,990
Materials
—
0.54%
ASP
Unifrax
Holdings,
Inc.
5.25%
09/30/28
1
265,000
213,615
Freeport
Indonesia
PT
(Indonesia)
4.76%
04/14/27
1,3
200,000
192,750
Herens
Holdco
SARL
(Luxembourg)
4.75%
05/15/28
1,3
450,000
364,077
Indonesia
Asahan
Aluminium
Persero
PT,
Series
REGS
(Indonesia)
5.45%
05/15/30
3
200,000
191,897
International
Flavors
&
Fragrances,
Inc.
2.30%
11/01/30
1
170,000
135,263
SK
Invictus
Intermediate
II
SARL
(Luxembourg)
5.00%
10/30/29
1,3
450,000
369,585
1,467,187
Real
Estate
Investment
Trust
(REIT)
—
1.74%
American
Assets
Trust
LP
3.38%
02/01/31
500,000
396,932
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
11
/
December
2022
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Real
Estate
Investment
Trust
(REIT)
(continued)
Annington
Funding
PLC
(EMTN)
(United
Kingdom)
2.31%
10/06/32
3
$
100,000
$
86,794
Boston
Properties
LP
2.75%
10/01/26
10,000
9,022
CapitaLand
Ascendas
REIT
(EMTN)
(Slovenia)
0.75%
06/23/28
3
100,000
83,773
China
Aoyuan
Group
Ltd.
(Cayman
Islands)
6.35%
02/08/24
3,5,6
200,000
16,900
CubeSmart
LP
2.50%
02/15/32
305,000
233,848
Digital
Dutch
Finco
BV
(Netherlands)
1.00%
01/15/32
3
150,000
112,111
1.25%
02/01/31
3
220,000
171,873
Extra
Space
Storage
LP
2.35%
03/15/32
190,000
144,251
GLP
Capital
LP/GLP
Financing
II,
Inc.
4.00%
01/15/30
280,000
245,350
4.00%
01/15/31
3,000
2,560
5.38%
04/15/26
685,000
673,148
5.75%
06/01/28
10,000
9,850
Healthcare
Reality
Holdings
LP
2.00%
03/15/31
140,000
106,307
3.10%
02/15/30
115,000
96,780
Healthcare
Realty
Holdings
LP
2.05%
03/15/31
22,000
16,131
2.40%
03/15/30
325,000
254,383
3.63%
01/15/28
150,000
133,271
Healthpeak
Properties,
Inc.
3.40%
02/01/25
2,000
1,926
Hudson
Pacific
Properties
LP
3.95%
11/01/27
255,000
217,337
5.95%
02/15/28
60,000
56,078
Invitation
Homes
Operating
Partnership
LP
2.00%
08/15/31
170,000
125,625
2.30%
11/15/28
50,000
41,430
4.15%
04/15/32
115,000
100,685
Kilroy
Realty
LP
2.50%
11/15/32
50,000
35,687
LXP
Industrial
Trust
2.70%
09/15/30
160,000
127,842
Prologis
Euro
Finance
LLC
0.50%
02/16/32
100,000
76,085
1.00%
02/06/35
100,000
73,571
1.00%
02/16/41
100,000
61,002
SELP
Finance
SARL
(Luxembourg)
0.88%
05/27/29
3
160,000
128,559
Sunac
China
Holdings
Ltd.
(Cayman
Islands)
6.50%
01/10/25
3,5,6
210,000
45,654
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Real
Estate
Investment
Trust
(REIT)
(continued)
VICI
Properties
LP
5.13%
05/15/32
$
255,000
$
236,731
5.63%
05/15/52
79,000
69,953
VICI
Properties
LP/VICI
Note
Co.,
Inc.
3.75%
02/15/27
1
145,000
132,040
3.88%
02/15/29
1
135,000
118,514
4.50%
09/01/26
1
65,000
62,057
4.50%
01/15/28
1
5,000
4,616
4.63%
06/15/25
1
15,000
14,392
5.75%
02/01/27
1
80,000
78,154
Weyerhaeuser
Co.
3.38%
03/09/33
195,000
163,532
4,764,754
Retail
—
0.78%
Bloomin'
Brands,
Inc./OSI
Restaurant
Partners
LLC
5.13%
04/15/29
1
743,000
631,550
Fertitta
Entertainment,
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.
6.75%
01/15/30
1
725,000
587,504
FirstCash,
Inc.
5.63%
01/01/30
1
475,000
425,372
Michaels
Cos.,
Inc.
(The)
7.88%
05/01/29
1
745,000
499,112
2,143,538
Services
—
0.83%
Adtalem
Global
Education,
Inc.
5.50%
03/01/28
1
227,000
208,543
Global
Payments,
Inc.
5.40%
08/15/32
95,000
90,683
5.95%
08/15/52
183,000
166,708
Hertz
Corp.
(The)
4.63%
12/01/26
1
50,000
42,000
5.00%
12/01/29
1
650,000
494,748
Rent-A-Center,
Inc.
6.38%
02/15/29
1
300,000
244,888
WASH
Multifamily
Acquisition,
Inc.
5.75%
04/15/26
1
225,000
212,333
Waste
Pro
USA,
Inc.
5.50%
02/15/26
1
925,000
818,958
2,278,861
Transportation
—
0.04%
Delta
Air
Lines
Pass-Through
Trust,
Series
2020-1,
Class
AA
2.00%
06/10/28
21,263
18,237
JetBlue
Airways
Pass-Through
Trust,
Series
2019-1,
Class
AA
2.75%
05/15/32
25,976
21,416
JetBlue
Airways
Pass-Through
Trust,
Series
2020-1,
Class
A
4.00%
11/15/32
65,184
57,921
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
12
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Transportation
(continued)
U.S.
Airways
Pass-Through
Trust,
Series
2012-1,
Class
A
5.90%
10/01/24
$
11,878
$
11,451
109,025
Total
Corporates
(Cost
$87,356,014)
77,775,707
FOREIGN
GOVERNMENT
OBLIGATIONS
—
2.15%
Foreign
Government
Obligations
—
2.15%
Abu
Dhabi
Government
International
Bond,
Series
REGS
(United
Arab
Emirates)
2.50%
09/30/29
3
200,000
179,420
Brazilian
Government
International
Bond
(Brazil)
2.88%
06/06/25
3
200,000
189,100
3.88%
06/12/30
3
200,000
173,960
Chile
Government
International
Bond
(Chile)
2.55%
01/27/32
3
400,000
328,640
Colombia
Government
International
Bond
(Colombia)
3.00%
01/30/30
3
200,000
153,400
8.00%
04/20/33
3
200,000
201,000
Dominican
Republic
International
Bond,
Series
REGS
(Dominican
Republic)
4.50%
01/30/30
3
200,000
170,940
4.88%
09/23/32
3
200,000
166,762
Egypt
Government
International
Bond
(Egypt)
7.60%
03/01/29
1,3
200,000
163,473
Guatemala
Government
Bond
Series
REGS
(Guam)
4.90%
06/01/30
3
200,000
189,955
Hungary
Government
International
Bond
(Hungary)
2.13%
09/22/31
1,3
400,000
296,018
Mexico
Government
International
Bond
(Mexico)
2.66%
05/24/31
3
272,000
219,776
3.75%
01/11/28
3
200,000
189,380
Oman
Government
International
Bond,
Series
REGS
(Oman)
5.63%
01/17/28
3
250,000
247,325
Panama
Government
International
Bond
(Panama)
2.25%
09/29/32
3
240,000
178,621
3.16%
01/23/30
3
200,000
172,697
Paraguay
Government
International
Bond
(Paraguay)
4.95%
04/28/31
1,3
400,000
388,051
Issues
Maturity
Date
Principal
Amount
Value
FOREIGN
GOVERNMENT
OBLIGATIONS
(continued)
Foreign
Government
Obligations
(continued)
Perusahaan
Penerbit
SBSN
Indonesia
III,
Series
REGS
(Indonesia)
2.80%
06/23/30
3
$
200,000
$
175,933
Peruvian
Government
International
Bond
(Peru)
2.84%
06/20/30
3
450,000
381,646
Philippine
Government
International
Bond
(Philippines)
1.65%
06/10/31
3
200,000
160,260
Qatar
Government
International
Bond,
Series
REGS
(Qatar)
4.50%
04/23/28
3
200,000
201,260
Republic
of
Poland
Government
International
Bond
(Poland)
5.50%
11/16/27
3
200,000
205,861
5.75%
11/16/32
3
125,000
133,533
Republic
of
South
Africa
Government
International
Bond
(South
Africa)
4.30%
10/12/28
3
200,000
178,860
5.88%
04/20/32
3
200,000
181,340
Romanian
Government
International
Bond,
Series
REGS
(Romania)
3.00%
02/14/31
3
300,000
237,437
Turkey
Government
International
Bond
(Turkey)
3.25%
03/23/23
3
200,000
200,000
Uruguay
Government
International
Bond
(Uruguay)
4.38%
01/23/31
3
200,000
199,600
Total
Foreign
Government
Obligations
(Cost
$6,444,857)
5,864,248
MORTGAGE-BACKED
—
48.55%**
Non-Agency
Commercial
Mortgage-Backed
—
6.98%
Banc
of
America
Commercial
Mortgage
Trust,
Series
2015-UBS7,
Class
XA
(IO)
0.75%
09/15/48
4
6,114,079
98,493
Banc
of
America
Commercial
Mortgage
Trust,
Series
2015-UBS7,
Class
XE
(IO)
1.25%
09/15/48
1,4
500,000
12,623
BB-UBS
Trust,
Series
2012-SHOW,
Class
XA
(IO)
0.60%
11/05/36
1,4
3,109,000
31,175
BB-UBS
Trust,
Series
2012-SHOW,
Class
XB
(IO)
0.14%
11/05/36
1,4
1,395,000
4,284
Benchmark
Mortgage
Trust,
Series
2020-B18,
Class
AGNF
4.14%
07/15/53
1
529,000
428,432
Blackstone
Industrial
Portfolio
-
Proj
Foxtrot
2.23%
04/09/24
4,5,6
240,000
226,728
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
13
/
December
2022
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
BX
Trust,
Series
2019-OC11,
Class
E
3.94%
12/09/41
1,4
$
670,000
$
521,528
BX
Trust,
Series
2021-LGCY,
Class
J
(LIBOR
USD
1-Month
plus
3.19%)
7.51%
10/15/36
1,2
400,000
352,754
BX
Trust,
Series
2021-MFM1,
Class
G
(LIBOR
USD
1-Month
plus
3.90%)
8.22%
01/15/34
1,2
500,000
460,626
CD
Mortgage
Trust,
Series
2016-CD1,
Class
XA
(IO)
1.37%
08/10/49
4
9,111,821
324,223
Century
Plaza
Towers,
Series
2019-CPT,
Class
F
3.00%
11/13/39
1,4
450,000
295,061
Citigroup
Commercial
Mortgage
Trust,
Series
2013-GC15,
Class
XA
(IO)
0.79%
09/10/46
4
3,810,195
9,756
Citigroup
Commercial
Mortgage
Trust,
Series
2014-GC19,
Class
XA
(IO)
1.10%
03/11/47
4
917,213
7,407
Citigroup
Commercial
Mortgage
Trust,
Series
2014-GC25,
Class
XA
(IO)
0.95%
10/10/47
4
13,900,762
171,869
Citigroup
Commercial
Mortgage
Trust,
Series
2015-GC27,
Class
XA
(IO)
1.31%
02/10/48
4
1,585,238
32,200
Citigroup
Commercial
Mortgage
Trust,
Series
2016-GC36,
Class
XA
(IO)
1.21%
02/10/49
4
5,505,590
162,948
Citigroup
Commercial
Mortgage
Trust,
Series
2017-B1,
Class
XF
(IO)
0.82%
08/15/50
1,4
11,628,000
354,221
Commercial
Mortgage
Lease-Backed
Certificates-1,
Series
2001-CMLB,
Class
X
(IO)
1.04%
06/20/31
1,4
1,479,325
11,715
Commercial
Mortgage
Trust,
Series
2012-CR3,
Class
XA
(IO)
1.53%
10/15/45
4
66,835
170
Commercial
Mortgage
Trust,
Series
2012-CR4,
Class
XA
(IO)
1.26%
10/15/45
4
196,212
8
Commercial
Mortgage
Trust,
Series
2012-LC4,
Class
XB
(IO)
0.36%
12/10/44
1,4
1,446,787
17
Commercial
Mortgage
Trust,
Series
2013-CR7,
Class
XA
(IO)
1.12%
03/10/46
4
3,797,331
110
Commercial
Mortgage
Trust,
Series
2013-CR9,
Class
XA
(IO)
0.03%
07/10/45
4
11,029,631
318
Commercial
Mortgage
Trust,
Series
2014-CR14,
Class
XA
(IO)
0.51%
02/10/47
4
3,332,341
12,778
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
Commercial
Mortgage
Trust,
Series
2014-CR19,
Class
XA
(IO)
0.93%
08/10/47
4
$
909,153
$
9,935
Commercial
Mortgage
Trust,
Series
2014-CR19,
Class
XC
(IO)
0.78%
08/10/47
1,4
1,200,000
13,032
Commercial
Mortgage
Trust,
Series
2014-UBS3,
Class
XA
(IO)
1.06%
06/10/47
4
3,107,918
30,844
Commercial
Mortgage
Trust,
Series
2014-UBS5,
Class
XA
(IO)
0.83%
09/10/47
4,5,6
29,828,501
319,160
Commercial
Mortgage
Trust,
Series
2014-UBS6,
Class
XA
(IO)
0.84%
12/10/47
4
11,511,828
138,845
Commercial
Mortgage
Trust,
Series
2015-CR22,
Class
XA
(IO)
0.82%
03/10/48
4
10,053,474
138,323
Commercial
Mortgage
Trust,
Series
2015-CR25,
Class
XA
(IO)
0.80%
08/10/48
4
8,028,144
137,935
Commercial
Mortgage
Trust,
Series
2015-LC21,
Class
XE
(IO)
1.08%
07/10/48
1,4
10,015,000
230,907
Commercial
Mortgage
Trust,
Series
2016-CR28,
Class
XA
(IO)
0.63%
02/10/49
4
13,462,073
222,439
CSAIL
Commercial
Mortgage
Trust,
Series
2015-C2,
Class
XA
(IO)
0.72%
06/15/57
4
16,594,390
209,367
CSAIL
Commercial
Mortgage
Trust,
Series
2019-C16,
Class
XA
(IO)
1.55%
06/15/52
4
563,925
39,998
CSMC
Trust,
Series
2016-NXSR,
Class
XA
(IO)
0.71%
12/15/49
4
11,843,711
243,240
CSMC,
Series
2019-RIO,
Class
A
(LIBOR
USD
1-Month
plus
3.02%)
7.34%
12/15/22
1,2
421,511
—
DBJPM
16-C1
Mortgage
Trust,
Series
2016-C1,
Class
XA
(IO)
1.37%
05/10/49
4
8,792,493
294,425
DBUBS
Mortgage
Trust,
Series
2017-BRBK,
Class
F
3.53%
10/10/34
1,4
380,000
327,929
European
Loan
Conduit
No.
36
DAC,
Series
36A,
Class
E
(Ireland)
(3
month
Euribor
plus
3.35%)
5.15%
02/17/30
1,2,3
684,536
672,779
Extended
Stay
America
Trust,
Series
2021-ESH,
Class
F
(LIBOR
USD
1-Month
plus
3.70%)
8.02%
07/15/38
1,2
585,715
552,473
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
14
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
GS
Mortgage
Securities
Trust,
Series
2010-C1,
Class
X
(IO)
0.46%
08/10/43
1,4
$
5,315,793
$
8,948
GS
Mortgage
Securities
Trust,
Series
2011-GC3,
Class
X
(IO)
0.00%
03/10/44
1,4
139,338
1
GS
Mortgage
Securities
Trust,
Series
2011-GC5,
Class
XA
(IO)
0.00%
08/10/44
1,4
656,606
2
GS
Mortgage
Securities
Trust,
Series
2014-GC18,
Class
XA
(IO)
1.02%
01/10/47
4
25,617,442
167,521
GS
Mortgage
Securities
Trust,
Series
2015-GC32,
Class
XA
(IO)
0.71%
07/10/48
4
32,608,570
477,484
GS
Mortgage
Securities
Trust,
Series
2015-GC34,
Class
XA
(IO)
1.20%
10/10/48
4
5,329,920
142,483
GS
Mortgage
Securities
Trust,
Series
2015-GS1,
Class
XA
(IO)
0.76%
11/10/48
4
9,259,456
168,786
GS
Mortgage
Securities
Trust,
Series
2016-GS2,
Class
XA
(IO)
1.73%
05/10/49
4
251,197
11,004
GS
Mortgage
Securities
Trust,
Series
2016-GS4,
Class
XA
(IO)
0.57%
11/10/49
4
14,893,890
257,845
GSCG
Trust,
Series
2019-600C,
Class
G
3.99%
09/06/34
1,4
285,000
225,725
Hilton
USA
Trust,
Series
2016-SFP,
Class
E
5.52%
11/05/35
1
400,000
377,715
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2014-C19,
Class
XA
(IO)
0.62%
04/15/47
4
11,790,838
66,683
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2015-C30,
Class
XA
(IO)
0.43%
07/15/48
4
23,493,941
221,527
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2015-C30,
Class
XNR
(IO)
0.25%
07/15/48
1,4
44,664,247
202,434
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2015-C31,
Class
XA
(IO)
0.82%
08/15/48
4
6,426,206
112,527
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
2017-JP5,
Class
XA
(IO)
0.84%
03/15/50
4
4,369,301
104,384
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2016-C2,
Class
XA
(IO)
1.49%
06/15/49
4
249,656
9,087
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2012-CBX,
Class
XB
(IO)
0.44%
06/15/45
1,4
54,919,328
1,198,768
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2013-C10,
Class
XA
(IO)
0.94%
12/15/47
4
$
333,654
$
7
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2013-LC11,
Class
XA
(IO)
1.22%
04/15/46
4
1,731,668
473
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2019-COR4,
Class
A3
3.76%
03/10/52
500,000
468,640
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2020-ACE,
Class
XA
(IO)
0.34%
01/10/37
1,4
2,000,000
13,143
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2020-LOOP,
Class
XB
(IO)
0.25%
12/05/38
1,4
2,010,000
18,281
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2020-NNN,
Class
XAFX
(IO)
1.88%
01/16/37
1,4
450,000
12,285
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2020-NNN,
Class
XBFX
(IO)
0.57%
01/16/37
1,4
1,450,000
12,592
Last
Mile
Logistics
Pan
Euro
Finance
DAC,
Series
1A,
Class
F
(Ireland)
(3
month
Euribor
plus
3.65%)
5.45%
08/17/33
1,2,3
497,769
473,914
Med
Trust,
Series
2021-MDLN,
Class
G
(LIBOR
USD
1-Month
plus
5.25%)
9.57%
11/15/38
1,2
420,000
381,510
MFT
Trust,
Series
2020-ABC,
Class
D
3.48%
02/10/42
1,4
450,000
279,758
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2012-C5,
Class
XC
(IO)
0.05%
08/15/45
1,4
30,906,776
105,508
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2012-CKSV,
Class
XA
(IO)
1.00%
10/15/30
1,4
1,062,218
12,913
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2013-C12,
Class
XC
(IO)
1.05%
10/15/46
1,4
19,087,479
188,742
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2013-C13,
Class
XA
(IO)
0.93%
11/15/46
4
2,393,309
9,591
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2014-C18,
Class
XA
(IO)
0.60%
10/15/47
4
92,484
612
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C21,
Class
XA
(IO)
0.85%
03/15/48
4
3,254,058
44,023
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C22,
Class
XA
(IO)
1.00%
04/15/48
4
1,079,971
16,709
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
15
/
December
2022
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C24,
Class
XA
(IO)
0.69%
05/15/48
4
$
6,997,417
$
102,021
Morgan
Stanley
Capital
I
Trust,
Series
2011-C2,
Class
XB
(IO)
0.44%
06/15/44
1,4
11,239,423
44,770
MRCD
Mortgage
Trust,
Series
2019-PRKC,
Class
A
4.25%
12/15/36
1,4
500,000
365,698
MSCG
Trust,
Series
2018-SELF,
Class
F
(LIBOR
USD
1-Month
plus
3.05%)
7.37%
10/15/37
1,2
731,097
683,305
Natixis
Commercial
Mortgage
Securities
Trust,
Series
2018-ALXA,
Class
E
4.32%
01/15/43
1,4
100,000
79,469
Natixis
Commercial
Mortgage
Securities
Trust,
Series
2019-FAME,
Class
D
4.40%
08/15/36
1,4
665,000
569,668
Natixis
Commercial
Mortgage
Securities
Trust,
Series
2019-FAME,
Class
E
4.40%
08/15/36
1,4
395,000
308,309
SFAVE
Commercial
Mortgage
Securities
Trust,
Series
2015-5AVE,
Class
A2A
3.66%
01/05/43
1,4
400,000
259,838
SFAVE
Commercial
Mortgage
Securities
Trust,
Series
2015-5AVE,
Class
A2B
4.14%
01/05/43
1,4
460,000
316,212
SFAVE
Commercial
Mortgage
Securities
Trust,
Series
2015-5AVE,
Class
C
4.39%
01/05/43
1,4
925,000
563,402
SMRT,
Series
2022-MINI,
Class
F
(CME
Term
SOFR
1-Month
plus
3.35%)
7.69%
01/15/39
1,2
570,000
521,344
Taurus
UK
DAC,
Series
2021-UK1A,
Class
D
(Ireland)
(SONIA
plus
2.60%)
5.85%
05/17/31
1,2,3
471,537
527,581
UBS
Commercial
Mortgage
Trust,
Series
2017-C4,
Class
XA
(IO)
1.09%
10/15/50
4
8,278,237
320,422
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2014-LC16,
Class
XA
(IO)
1.08%
08/15/50
4
15,336,722
163,031
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2014-LC18,
Class
XA
(IO)
1.01%
12/15/47
4
1,354,562
22,098
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-C27,
Class
XA
(IO)
0.84%
02/15/48
4
17,362,443
241,774
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-C31,
Class
XA
(IO)
0.95%
11/15/48
4
17,324,530
370,437
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-LC20,
Class
XF
(IO)
1.74%
04/15/50
1,4
$
415,000
$
12,527
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-NXS3,
Class
XA
(IO)
0.88%
09/15/57
4
9,380,178
184,146
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2016-C34,
Class
XA
(IO)
2.06%
06/15/49
4
6,050,173
261,701
WF-RBS
Commercial
Mortgage
Trust,
Series
2012-C10,
Class
XA
(IO)
1.18%
12/15/45
1,4
227,352
8
WF-RBS
Commercial
Mortgage
Trust,
Series
2012-C10,
Class
XB
(IO)
0.46%
12/15/45
1,4
56,000,000
773
WF-RBS
Commercial
Mortgage
Trust,
Series
2012-C7,
Class
XB
(IO)
0.00%
06/15/45
1,4
13,098,115
1,059
WF-RBS
Commercial
Mortgage
Trust,
Series
2014-C20,
Class
XA
(IO)
0.90%
05/15/47
4
9,970,002
88,167
WF-RBS
Commercial
Mortgage
Trust,
Series
2014-C22,
Class
XA
(IO)
0.78%
09/15/57
4
1,776,011
16,963
WF-RBS
Commercial
Mortgage
Trust,
Series
2014-C24,
Class
XA
(IO)
0.84%
11/15/47
4
6,098,089
70,058
WF-RBS
Commercial
Mortgage
Trust,
Series
2014-LC14,
Class
XA
(IO)
1.24%
03/15/47
4
9,379,322
80,182
19,067,663
Non-Agency
Mortgage-Backed
—
22.07%
Alternative
Loan
Trust,
Series
2004-30CB,
Class
1A6
5.50%
02/25/35
1,101,790
1,007,279
Alternative
Loan
Trust,
Series
2005-46CB,
Class
A3
5.50%
10/25/35
269,347
194,034
Alternative
Loan
Trust,
Series
2005-46CB,
Class
A4
5.25%
10/25/35
203,528
144,121
Alternative
Loan
Trust,
Series
2005-46CB,
Class
A7
5.50%
10/25/35
574,140
413,603
Alternative
Loan
Trust,
Series
2005-55CB,
Class
1A1
5.50%
11/25/35
198,770
137,974
Alternative
Loan
Trust,
Series
2005-64CB,
Class
2A1
6.00%
11/25/35
3,071,953
633,407
Alternative
Loan
Trust,
Series
2005-65CB,
Class
2A4
5.50%
12/25/35
331,361
245,971
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
16
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Alternative
Loan
Trust,
Series
2005-67CB,
Class
A1
5.50%
01/25/36
$
67,889
$
54,172
Alternative
Loan
Trust,
Series
2005-74T1,
Class
A5
6.00%
01/25/36
502,003
321,466
Alternative
Loan
Trust,
Series
2005-7CB,
Class
2A2
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
5.05%,
5.05%
Cap)
0.66%
03/01/38
2,5,6
1,462,385
50,841
Alternative
Loan
Trust,
Series
2005-86CB,
Class
A1
5.50%
02/25/36
568,449
354,018
Alternative
Loan
Trust,
Series
2005-86CB,
Class
A8
5.50%
02/25/36
259,863
161,837
Alternative
Loan
Trust,
Series
2006-19CB,
Class
A15
6.00%
08/25/36
124,266
76,303
Alternative
Loan
Trust,
Series
2006-19CB,
Class
A17
(LIBOR
USD
1-Month
plus
0.40%)
4.79%
08/25/36
2
4,119,345
2,097,772
Alternative
Loan
Trust,
Series
2006-19CB,
Class
A18
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
5.60%,
5.60%
Cap)
1.21%
08/25/36
2,5,6
3,976,878
367,745
Alternative
Loan
Trust,
Series
2006-32CB,
Class
A18
6.00%
11/25/36
140,326
84,099
Alternative
Loan
Trust,
Series
2006-34,
Class
A5
6.25%
11/25/46
1,251,453
698,680
Alternative
Loan
Trust,
Series
2006-J1,
Class
1A11
5.50%
02/25/36
210,223
151,134
Alternative
Loan
Trust,
Series
2007-13,
Class
A1
6.00%
06/25/47
277,397
148,163
Alternative
Loan
Trust,
Series
2007-15CB,
Class
A6
5.75%
07/25/37
562,152
353,100
Alternative
Loan
Trust,
Series
2007-15CB,
Class
A7
6.00%
07/25/37
1,508,220
961,634
Alternative
Loan
Trust,
Series
2007-16CB,
Class
1A7
6.00%
08/25/37
7,399
5,801
Alternative
Loan
Trust,
Series
2007-18CB,
Class
2A25
6.00%
08/25/37
330,005
203,195
Alternative
Loan
Trust,
Series
2007-22,
Class
2A16
6.50%
09/25/37
243,849
103,380
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Alternative
Loan
Trust,
Series
2007-5CB,
Class
1A3
6.00%
04/25/37
$
182,277
$
103,793
Alternative
Loan
Trust,
Series
2007-5CB,
Class
1A4
6.00%
04/25/37
537,772
306,254
American
Home
Mortgage
Assets
Trust,
Series
2006-6,
Class
XP
(IO)
(PO)
0.03%
12/25/46
4,5,6
22,399,584
234,300
American
Home
Mortgage
Assets
Trust,
Series
2007-5,
Class
XP
(IO)
(PO)
0.06%
06/25/47
4,5,6
13,900
365
American
Home
Mortgage
Investment
Trust,
Series
2006-1,
Class
11A1
(LIBOR
USD
1-Month
plus
0.28%)
4.67%
03/25/46
2
13,076
11,049
Banc
of
America
Alternative
Loan
Trust,
Series
2006-5,
Class
CB8
(LIBOR
USD
1-Month
plus
0.31%)
4.70%
06/25/46
2
1,901,260
1,539,666
Banc
of
America
Alternative
Loan
Trust,
Series
2006-5,
Class
CB9
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.69%,
6.69%
Cap)
2.30%
06/25/46
2,5,6
1,901,272
161,848
Banc
of
America
Funding
Trust,
Series
2006-3,
Class
5A3
5.50%
03/25/36
5,780
4,919
Banc
of
America
Funding
Trust,
Series
2014-R7,
Class
1A1
(LIBOR
USD
1-Month
plus
0.15%)
4.54%
05/26/36
1,2
3,315
3,337
Banc
of
America
Funding
Trust,
Series
2015-R4,
Class
5A1
(LIBOR
USD
1-Month
plus
0.15%)
4.17%
10/25/36
1,2
6,833
6,742
Bear
Stearns
ALT-A
Trust,
Series
2005-7,
Class
22A1
3.73%
09/25/35
4
147,324
91,577
Bear
Stearns
ARM
Trust,
Series
2004-3,
Class
2A
3.32%
07/25/34
4
6,780
6,251
Bear
Stearns
ARM
Trust,
Series
2005-10,
Class
A3
3.86%
10/25/35
4
135,006
124,492
Bombardier
Capital
Mortgage
Securitization
Corp.,
Series
1999-B,
Class
A2
6.98%
12/15/29
4
997,492
142,301
Bombardier
Capital
Mortgage
Securitization
Corp.,
Series
2000-A,
Class
A3
7.83%
06/15/30
4
1,658,345
239,020
Bombardier
Capital
Mortgage
Securitization
Corp.,
Series
2000-A,
Class
A4
8.29%
06/15/30
4
142,144
22,588
Cascade
MH
Asset
Trust,
Series
2022-MH1,
Class
A
(STEP-reset
date
02/25/23)
4.25%
08/25/54
1
1,277,570
1,122,074
Flexible
Income
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)
CIM
Trust,
Series
2021-NR2,
Class
A1
(STEP-reset
date
02/25/23)
2.57%
07/25/59
1
$
499,715
$
470,632
CIM
Trust,
Series
2021-NR4,
Class
A1
(STEP-reset
date
02/25/23)
2.82%
10/25/61
1
1,078,350
999,957
CIM
Trust,
Series
2021-R5,
Class
A1B
2.00%
08/25/61
1,4
681,000
433,406
CIM
Trust,
Series
2022-NR1,
Class
A1
(STEP-reset
date
02/25/23)
5.00%
07/25/62
1
348,973
317,207
CIT
Mortgage
Loan
Trust,
Series
2007-1,
Class
1M2
(LIBOR
USD
1-Month
plus
1.75%)
6.14%
10/25/37
1,2
1,046,000
894,533
Citigroup
Mortgage
Loan
Trust,
Series
2006-WF1,
Class
A2C
(STEP-reset
date
02/25/23)
4.64%
03/25/36
31,033
15,011
Citigroup
Mortgage
Loan
Trust,
Series
2009-10,
Class
2A2
7.00%
12/25/35
1,4
538,582
383,540
CitiMortgage
Alternative
Loan
Trust,
Series
2006-A1,
Class
1A5
5.50%
04/25/36
282,177
249,809
CitiMortgage
Alternative
Loan
Trust,
Series
2007-A1,
Class
1A1
6.00%
01/25/37
114,003
100,658
CitiMortgage
Alternative
Loan
Trust,
Series
2007-A1,
Class
1A5
6.00%
01/25/37
217,612
192,138
CitiMortgage
Alternative
Loan
Trust,
Series
2007-A2,
Class
1A13
5.75%
02/25/37
246,638
211,364
CitiMortgage
Alternative
Loan
Trust,
Series
2007-A3,
Class
1A7
5.75%
03/25/37
207,401
178,081
CitiMortgage
Alternative
Loan
Trust,
Series
2007-A5,
Class
1A1
6.00%
05/25/37
917,135
825,952
Conseco
Finance
Corp.,
Series
1996-6,
Class
M1
7.95%
09/15/27
4
275,559
276,746
Conseco
Finance
Securitizations
Corp.,
Series
2000-1,
Class
A5
8.06%
09/01/29
4
3,422,743
753,755
Conseco
Finance
Securitizations
Corp.,
Series
2000-4,
Class
A5
7.97%
05/01/32
1,992,158
426,145
Countrywide
Home
Loan
Mortgage
Pass-Through
Trust,
Series
2007-14,
Class
A3
6.25%
09/25/37
22,726
12,971
Countrywide
Home
Loan
Mortgage
Pass-Through
Trust,
Series
2007-20,
Class
A1
6.50%
01/25/38
202,691
103,667
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Countrywide
Home
Loan
Mortgage
Pass-Through
Trust,
Series
2007-7,
Class
A9
5.50%
06/25/37
$
628,051
$
326,096
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Series
2006-CB7,
Class
A4
(LIBOR
USD
1-Month
plus
0.32%)
4.71%
10/25/36
2
37,473
24,973
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Series
2006-MH1,
Class
B1
(STEP-reset
date
02/25/23)
6.25%
10/25/36
1
50,955
52,416
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Series
2007-CB1,
Class
AF3
(STEP-reset
date
02/25/23)
3.10%
01/25/37
1,004,182
310,477
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Series
2007-CB1,
Class
AF6
(STEP-reset
date
02/25/23)
3.10%
01/25/37
1,772,804
548,474
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
967,631
594,148
CSMC
Mortgage-Backed
Trust,
Series
2006-6,
Class
1A8
6.00%
07/25/36
370,437
198,877
CSMC
Mortgage-Backed
Trust,
Series
2006-7,
Class
10A6
6.50%
08/25/36
1,164,939
709,995
CSMC
Mortgage-Backed
Trust,
Series
2006-7,
Class
8A11
6.50%
08/25/36
415,156
197,552
CSMC
Mortgage-Backed
Trust,
Series
2007-5,
Class
1A9
7.00%
08/25/37
4
172,532
95,237
CSMC
Trust,
Series
2020-RPL5,
Class
A1
3.02%
08/25/60
1,4
207,443
204,244
CSMC,
Series
2014-8R,
Class
3A2
4.31%
02/27/36
1,4
1,003,090
828,949
Deutsche
ALT-B
Securities,
Inc.,
Mortgage
Loan
Trust,
Series
2006-AB2,
Class
A2
4.84%
06/25/36
4
229,781
190,209
Deutsche
Mortgage
&
Asset
Receiving
Corp.,
Series
2014-RS1,
Class
1A2
6.50%
07/27/37
1,4
360,005
292,284
Fannie
Mae
Connecticut
Avenue
Securities,
Series
2019-R04,
Class
2B1
(LIBOR
USD
1-Month
plus
5.25%)
9.64%
06/25/39
1,2
725,558
744,195
Fannie
Mae
Connecticut
Avenue
Securities,
Series
2019-R06,
Class
2B1
(LIBOR
USD
1-Month
plus
3.75%)
8.14%
09/25/39
1,2
1,100,000
1,064,021
Fannie
Mae
Connecticut
Avenue
Securities,
Series
2019-R07,
Class
1B1
(LIBOR
USD
1-Month
plus
3.40%)
7.79%
10/25/39
1,2
1,000,000
970,149
Flexible
Income
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)
Fannie
Mae
Connecticut
Avenue
Securities,
Series
2021-R03,
Class
1B2
(SOFR30A
plus
5.50%)
9.43%
12/25/41
1,2
$
485,000
$
417,486
First
Franklin
Mortgage
Loan
Trust,
Series
2006-FF13,
Class
A2C
(LIBOR
USD
1-Month
plus
0.32%)
4.71%
10/25/36
2
387,399
264,444
First
Franklin
Mortgage
Loan
Trust,
Series
2007-FF2,
Class
A2D
(LIBOR
USD
1-Month
plus
0.22%)
4.61%
03/25/37
2
718,855
366,955
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2006-FA6,
Class
2A3
6.25%
11/25/36
723,298
263,829
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2007-FA1,
Class
A4
6.25%
03/25/37
602,450
286,803
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2007-FA2,
Class
1A4
5.75%
04/25/37
709,650
275,414
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-HQA2,
Class
M2
(SOFR30A
plus
2.05%)
5.98%
12/25/33
1,2
815,000
715,488
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2022-DNA1,
Class
M2
(SOFR30A
plus
2.50%)
6.43%
01/25/42
1,2
1,000,000
905,908
Fremont
Home
Loan
Trust,
Series
2005-E,
Class
2A4
(LIBOR
USD
1-Month
plus
0.66%)
5.05%
01/25/36
2
21,477
19,896
GreenPoint
Mortgage
Funding
Trust,
Series
2005-AR3,
Class
1A1
(LIBOR
USD
1-Month
plus
0.48%)
4.87%
08/25/45
2
4,768
3,612
GSAA
Home
Equity
Trust,
Series
2007-5,
Class
1F3B
6.00%
05/25/37
4
4,300,000
319,021
GSAA
Home
Equity
Trust,
Series
2007-5,
Class
1F5B
(STEP-reset
date
02/25/23)
6.44%
05/25/37
1,987,261
127,546
GSAA
Home
Equity
Trust,
Series
2007-5,
Class
2A2A
(LIBOR
USD
1-Month
plus
0.46%)
4.85%
04/25/47
2
836,493
425,519
GSAA
Trust,
Series
2007-3,
Class
2A1B
(LIBOR
USD
1-Month
plus
0.20%)
4.59%
03/25/47
2
166,316
12,508
GSMSC
Resecuritization
Trust,
Series
2015-5R,
Class
1C
(LIBOR
USD
1-Month
plus
0.14%)
2.56%
04/26/37
1,2
158,677
158,525
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
GSR
Mortgage
Loan
Trust,
Series
2005-AR6,
Class
2A1
3.77%
09/25/35
4
$
3,907
$
3,669
HarborView
Mortgage
Loan
Trust,
Series
2005-9,
Class
2A1A
(LIBOR
USD
1-Month
plus
0.68%)
5.03%
06/20/35
2
15,704
13,874
HarborView
Mortgage
Loan
Trust,
Series
2005-9,
Class
2X
(IO)
0.00%
06/20/35
1,4,5,6
1,151,617
181
HarborView
Mortgage
Loan
Trust,
Series
2006-5,
Class
X2
(IO)
0.06%
07/19/46
4,5,6
2,704,083
27
HSI
Asset
Loan
Obligation
Trust,
Series
2007-WF1,
Class
A5
(STEP-reset
date
02/25/23)
4.49%
12/25/36
256,324
88,205
IndyMac
Index
Mortgage
Loan
Trust,
Series
2006-AR3,
Class
2A1A
3.08%
03/25/36
4
82,221
57,051
IndyMac
Index
Mortgage
Loan
Trust,
Series
2007-F2,
Class
1A4
6.00%
07/25/37
712,338
539,273
JPMorgan
Alternative
Loan
Trust,
Series
2006-S1,
Class
3A4
6.18%
03/25/36
4
895,377
745,860
JPMorgan
Mortgage
Acquisition
Trust,
Series
2006-CH2,
Class
AF3
(STEP-reset
date
02/25/23)
5.46%
09/25/29
491,824
312,814
JPMorgan
Mortgage
Acquisition
Trust,
Series
2006-CW2,
Class
AF4
(STEP-reset
date
02/25/23)
6.08%
08/25/36
1,471,039
887,387
JPMorgan
Mortgage
Acquisition
Trust,
Series
2006-CW2,
Class
AF5
(STEP-reset
date
02/25/23)
6.34%
08/25/36
279,543
213,280
JPMorgan
Mortgage
Acquisition
Trust,
Series
2006-WF1,
Class
A5
(STEP-reset
date
02/25/23)
6.91%
07/25/36
1,731,055
493,176
JPMorgan
Mortgage
Acquisition
Trust,
Series
2007-CH1,
Class
AF6
(STEP-reset
date
02/25/23)
4.60%
11/25/36
4,299
4,235
JPMorgan
Mortgage
Acquisition
Trust,
Series
2007-CH2,
Class
AF2
(STEP-reset
date
02/25/23)
4.44%
01/25/37
417,126
221,583
JPMorgan
Mortgage
Acquisition
Trust,
Series
2007-CH2,
Class
AF3
(STEP-reset
date
02/25/23)
4.44%
10/25/30
640,399
341,845
JPMorgan
Mortgage
Trust,
Series
2007-S1,
Class
2A11
6.00%
03/25/37
358,357
161,683
Lehman
ABS
Manufactured
Housing
Contract
Trust,
Series
2001-B,
Class
M1
6.63%
04/15/40
4
764,171
757,625
Lehman
Mortgage
Trust,
Series
2006-1,
Class
1A5
5.50%
02/25/36
136,524
70,873
Flexible
Income
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)
Lehman
Mortgage
Trust,
Series
2006-7,
Class
2A5
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.55%,
6.55%
Cap)
2.16%
11/25/36
2,5,6
$
184,394
$
17,980
Lehman
Mortgage
Trust,
Series
2007-5,
Class
10A2
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.34%,
6.34%
Cap)
1.95%
06/25/37
2,5,6
8,572,538
567,968
Lehman
Mortgage
Trust,
Series
2007-5,
Class
7A3
7.50%
10/25/36
519,398
238,548
Lehman
XS
Trust,
Series
2005-1,
Class
3A4
(STEP-reset
date
02/25/23)
5.37%
07/25/35
41,316
41,316
Lehman
XS
Trust,
Series
2006-17,
Class
1A3
(LIBOR
USD
1-Month
plus
0.50%)
4.89%
08/25/46
2
214,334
188,776
Lehman
XS
Trust,
Series
2006-17,
Class
1AIO
(IO)
0.60%
08/25/46
5,6
8,164,149
192,366
MASTR
Alternative
Loan
Trust,
Series
2005-2,
Class
4A3
(LIBOR
USD
1-Month
plus
0.40%)
4.79%
03/25/35
2
13,682
13,363
MASTR
Asset-Backed
Securities
Trust,
Series
2006-NC2,
Class
A3
(LIBOR
USD
1-Month
plus
0.22%)
4.61%
08/25/36
2
731,721
296,984
Merrill
Lynch
Alternative
Note
Asset
Trust,
Series
2007-A1,
Class
A3
(LIBOR
USD
1-Month
plus
0.32%)
4.71%
01/25/37
2
664,425
221,293
Merrill
Lynch
Alternative
Note
Asset
Trust,
Series
2007-OAR2,
Class
A3
(LIBOR
USD
1-Month
plus
0.52%)
4.91%
04/25/37
2
1,961,965
258,326
Merrill
Lynch
First
Franklin
Mortgage
Loan
Trust,
Series
2007-3,
Class
A2B
(LIBOR
USD
1-Month
plus
0.26%)
4.65%
06/25/37
2
516,043
317,159
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2004-B,
Class
A1
(LIBOR
USD
1-Month
plus
0.50%)
4.89%
05/25/29
2
6,383
6,110
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2006-HE6,
Class
A2B
(LIBOR
USD
1-Month
plus
0.30%)
4.69%
11/25/37
2
809,197
263,220
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2006-RM2,
Class
A1A
(LIBOR
USD
1-Month
plus
0.37%)
4.76%
05/25/37
2
3,590,237
1,043,236
Mid-State
Capital
Corp.
Trust,
Series
2005-1,
Class
A
5.75%
01/15/40
4,925
4,838
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Mid-State
Capital
Corp.
Trust,
Series
2006-1,
Class
A
5.79%
10/15/40
1
$
37,098
$
35,986
Mid-State
Trust
XI,
Series
11,
Class
A1
4.86%
07/15/38
2,350
2,269
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2007-13,
Class
6A1
6.00%
10/25/37
175,030
97,562
Nationstar
Home
Equity
Loan
Trust,
Series
2007-C,
Class
2AV4
(LIBOR
USD
1-Month
plus
0.25%)
4.64%
06/25/37
2
20,553
19,906
Oakwood
Mortgage
Investors,
Inc.,
Series
1999-C,
Class
A2
7.48%
08/15/27
368,170
310,864
Oakwood
Mortgage
Investors,
Inc.,
Series
2002-A,
Class
A2
5.01%
03/15/20
4
3,160
3,123
Park
Place
Securities,
Inc.,
Asset-Backed
Pass-Through
Certificates,
Series
2005-WCH1,
Class
M4
(LIBOR
USD
1-Month
plus
1.25%)
5.63%
01/25/36
2
7,713
7,506
PRET
LLC,
Series
2021-RN2,
Class
A1
(STEP-reset
date
01/25/23)
1.74%
07/25/51
1
823,836
747,822
PRET
LLC,
Series
2022-RN2,
Class
A1
(STEP-reset
date
01/25/23)
5.00%
06/25/52
1
698,558
650,501
PRPM
LLC,
Series
2021-11,
Class
A1
(STEP-reset
date
01/25/23)
2.49%
11/25/26
1
399,110
361,926
PRPM
LLC,
Series
2021-3,
Class
A1
(STEP-reset
date
01/25/23)
1.87%
04/25/26
1
941,834
853,125
PRPM
LLC,
Series
2021-4,
Class
A1
(STEP-reset
date
01/25/23)
1.87%
04/25/26
1
1,241,668
1,118,061
PRPM
LLC,
Series
2021-9,
Class
A1
(STEP-reset
date
01/25/23)
2.36%
10/25/26
1
437,888
397,727
PRPM
LLC,
Series
2022-1,
Class
A1
(STEP-reset
date
01/25/23)
3.72%
02/25/27
1
1,160,531
1,090,487
PRPM
LLC,
Series
2022-3,
Class
A1
(STEP-reset
date
01/25/23)
5.56%
06/25/27
1
1,065,231
1,028,879
PRPM
LLC,
Series
2022-4,
Class
A1
(STEP-reset
date
01/25/23)
5.00%
08/25/27
1
268,802
253,544
PRPM,
LLC,
Series
2021-1,
Class
A1
2.12%
01/25/26
1,4
945,878
861,582
Flexible
Income
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)
PRPM,
LLC,
Series
2021-10,
Class
A1
(STEP-reset
date
01/25/23)
2.49%
10/25/26
1
$
438,021
$
407,084
PRPM,
LLC,
Series
2021-8,
Class
A1
1.74%
09/25/26
1,4
651,985
587,407
Residential
Accredit
Loans
Trust,
Series
2005-QS14,
Class
3A3
6.00%
09/25/35
137,819
117,569
Residential
Accredit
Loans
Trust,
Series
2005-QS16,
Class
A7
5.50%
11/25/35
438,975
376,442
Residential
Accredit
Loans
Trust,
Series
2006-QS15,
Class
A3
6.50%
10/25/36
882,111
744,561
Residential
Accredit
Loans
Trust,
Series
2006-QS4,
Class
A2
6.00%
04/25/36
302,564
236,614
Residential
Accredit
Loans
Trust,
Series
2006-QS4,
Class
A4
6.00%
04/25/36
374,811
288,929
Residential
Accredit
Loans
Trust,
Series
2006-QS6,
Class
1A15
6.00%
06/25/36
153,982
126,630
Residential
Accredit
Loans
Trust,
Series
2006-QS6,
Class
1A2
6.00%
06/25/36
604,895
497,446
Residential
Accredit
Loans
Trust,
Series
2007-QO2,
Class
A1
(LIBOR
USD
1-Month
plus
0.15%)
4.54%
02/25/47
2
519,845
191,298
Residential
Accredit
Loans
Trust,
Series
2007-QS1,
Class
1A4
6.00%
01/25/37
486,725
370,943
Residential
Accredit
Loans
Trust,
Series
2007-QS3,
Class
A1
6.50%
02/25/37
460,598
368,342
Residential
Accredit
Loans
Trust,
Series
2007-QS7,
Class
1A1
6.00%
05/25/37
50,071
39,942
Residential
Asset
Mortgage
Products
Trust,
Series
2006-EFC2,
Class
A4
(LIBOR
USD
1-Month
plus
0.22%)
4.61%
12/25/36
2
42,543
41,825
Residential
Asset
Securitization
Trust,
Series
2003-A15,
Class
1A3
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
7.55%,
7.55%
Cap)
3.16%
02/25/34
2,5,6
462,384
31,587
Residential
Asset
Securitization
Trust,
Series
2005-A14,
Class
A5
5.50%
12/25/35
81,383
44,070
Residential
Asset
Securitization
Trust,
Series
2005-A8CB,
Class
A9
5.38%
07/25/35
248,510
151,232
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Residential
Asset
Securitization
Trust,
Series
2006-A12,
Class
A1
6.25%
11/25/36
$
502,024
$
199,184
Residential
Asset
Securitization
Trust,
Series
2006-A15,
Class
A2
6.25%
01/25/37
512,716
199,089
Residential
Asset
Securitization
Trust,
Series
2006-A16,
Class
1A3
6.00%
02/25/37
329,926
153,899
Residential
Asset
Securitization
Trust,
Series
2006-A5CB,
Class
A4
6.00%
06/25/36
207,628
91,352
Residential
Asset
Securitization
Trust,
Series
2007-A1,
Class
A1
6.00%
03/25/37
325,151
112,577
Residential
Asset
Securitization
Trust,
Series
2007-A3,
Class
1A4
5.75%
04/25/37
476,236
252,105
Residential
Asset
Securitization
Trust,
Series
2007-A6,
Class
1A3
6.00%
06/25/37
144,490
83,415
Residential
Funding
Mortgage
Securities
Trust,
Series
2006-S10,
Class
1A1
6.00%
10/25/36
718,384
571,929
Residential
Funding
Mortgage
Securities
Trust,
Series
2006-S3,
Class
A7
5.50%
03/25/36
513,618
413,565
Residential
Funding
Mortgage
Securities
Trust,
Series
2006-S6,
Class
A10
6.00%
07/25/36
244,176
201,472
Residential
Funding
Mortgage
Securities
Trust,
Series
2006-S6,
Class
A14
6.00%
07/25/36
78,294
63,810
Residential
Funding
Mortgage
Securities
Trust,
Series
2007-S8,
Class
1A1
6.00%
09/25/37
147,163
102,357
Securitized
Asset-Backed
Receivables
LLC
Trust,
Series
2006-CB1,
Class
AF4
(STEP-reset
date
02/25/23)
2.91%
01/25/36
256,462
200,607
Securitized
Asset-Backed
Receivables
LLC
Trust,
Series
2007-NC1,
Class
A2B
(LIBOR
USD
1-Month
plus
0.30%)
4.69%
12/25/36
2
908,779
563,505
Soundview
Home
Loan
Trust,
Series
2007-OPT2,
Class
2A4
(LIBOR
USD
1-Month
plus
0.25%)
4.64%
07/25/37
2
288,567
230,742
Soundview
Home
Loan
Trust,
Series
2007-OPT4,
Class
1A1
(LIBOR
USD
1-Month
plus
1.00%)
5.39%
09/25/37
2
400,889
280,527
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2004-1,
Class
4A1
3.78%
02/25/34
4
1,289
1,204
Flexible
Income
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)
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2006-AR2,
Class
A1
(LIBOR
USD
1-Month
plus
0.46%)
4.85%
02/25/36
2
$
11,230
$
9,349
VOLT
CIII
LLC,
Series
2021-CF1,
Class
A1
(STEP-reset
date
01/25/23)
1.99%
08/25/51
1
865,068
777,674
VOLT
XCII
LLC,
Series
2021-NPL1,
Class
A1
(STEP-reset
date
01/25/23)
1.89%
02/27/51
1
1,297,282
1,126,302
VOLT
XCVI
LLC,
Series
2021-NPL5,
Class
A2
(STEP-reset
date
01/25/23)
4.83%
03/27/51
1
930,000
770,998
WaMu
Mortgage
Pass-Through
Certificates,
Series
2006-2,
Class
1A6
6.00%
03/25/36
24,635
22,718
WaMu
Mortgage
Pass-Through
Certificates,
Series
2006-AR3,
Class
X3
(IO)
1.15%
05/25/46
5,6
7,171,407
271,935
Wells
Fargo
Alternative
Loan
Trust,
Series
2007-PA2,
Class
1A1
6.00%
06/25/37
198,378
157,587
Wells
Fargo
Alternative
Loan
Trust,
Series
2007-PA5,
Class
1A1
6.25%
11/25/37
341,879
285,586
Wells
Fargo
Mortgage-Backed
Securities
Trust,
Series
2006-AR14,
Class
2A3
4.51%
10/25/36
4
38,674
35,069
Wells
Fargo
Mortgage-Backed
Securities
Trust,
Series
2006-AR4,
Class
2A1
2.88%
04/25/36
4
7,394
6,575
Wells
Fargo
Mortgage-Backed
Securities
Trust,
Series
2007-7,
Class
A1
6.00%
06/25/37
228,301
191,642
60,274,816
U.S.
Agency
Commercial
Mortgage-Backed
—
1.38%
Fannie
Mae
Pool
462209
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1-Year
plus
2.18%)
2.95%
04/01/36
2
51,473
51,366
Fannie
Mae-Aces,
Series
2016-M11,
Class
X2
(IO)
3.03%
07/25/39
4
283,390
6,207
Fannie
Mae-Aces,
Series
2016-M2,
Class
X3
(IO)
2.09%
04/25/36
4
100,468
909
Fannie
Mae-Aces,
Series
2016-M4,
Class
X2
(IO)
2.67%
01/25/39
4
538,357
8,496
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K028,
Class
X3
(IO)
1.64%
06/25/41
4
12,639,000
50,136
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Commercial
Mortgage-Backed
(continued)
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K031,
Class
X3
(IO)
1.66%
07/25/41
4
$
1,170,000
$
5,053
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K037,
Class
X3
(IO)
2.21%
01/25/42
4
390,000
8,265
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K043,
Class
X1
(IO)
0.51%
12/25/24
4
23,161,254
207,245
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K044,
Class
X3
(IO)
1.50%
01/25/43
4
4,900,000
137,531
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K045,
Class
X1
(IO)
0.42%
01/25/25
4
27,344,093
209,571
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K049,
Class
X1
(IO)
0.57%
07/25/25
4
12,481,188
146,508
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K049,
Class
X3
(IO)
1.55%
10/25/43
4
2,925,000
103,558
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K050,
Class
X1
(IO)
0.30%
08/25/25
4
21,684,228
150,269
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K056,
Class
X3
(IO)
2.11%
06/25/44
4
6,243,936
377,802
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K062,
Class
X3
(IO)
2.08%
01/25/45
4
3,000,000
213,031
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K106,
Class
X1
(IO)
1.35%
01/25/30
4
9,758,182
727,444
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K732,
Class
X3
(IO)
2.17%
05/25/46
4
4,850,000
239,030
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K735,
Class
X3
(IO)
2.15%
05/25/47
4
3,160,000
191,382
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K736,
Class
X3
(IO)
2.01%
09/25/47
4
2,495,000
156,298
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
22
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Commercial
Mortgage-Backed
(continued)
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KC05,
Class
X1
(IO)
1.21%
06/25/27
4
$
675,980
$
21,908
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KLU1,
Class
X3
(IO)
4.05%
01/25/31
4
292,901
38,561
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
Q013,
Class
XPT1
(IO)
1.66%
05/25/25
4
4,160,103
82,066
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
Q013,
Class
XPT2
(IO)
1.81%
05/25/27
4
3,696,038
105,289
Ginnie
Mae,
Series
2009-111,
Class
IO
(IO)
0.19%
09/16/51
4
906,777
25,052
Ginnie
Mae,
Series
2010-159,
Class
D
4.56%
09/16/44
4
125,372
122,349
Ginnie
Mae,
Series
2011-119,
Class
IO
(IO)
0.21%
08/16/51
4
1,148,140
2,474
Ginnie
Mae,
Series
2011-86,
Class
C
3.63%
09/16/51
4
232,871
218,147
Ginnie
Mae,
Series
2012-123,
Class
IO
(IO)
0.63%
12/16/51
4
1,546,140
24,100
Ginnie
Mae,
Series
2012-135,
Class
IO
(IO)
0.34%
01/16/53
4
270,370
2,454
Ginnie
Mae,
Series
2013-33,
Class
IO
(IO)
0.22%
04/16/54
4
361,649
1,271
Ginnie
Mae,
Series
2014-126,
Class
IO
(IO)
0.72%
02/16/55
4
5,330,480
120,496
3,754,268
U.S.
Agency
Mortgage-Backed
—
18.12%
Fannie
Mae
REMICS,
Series
2005-56,
Class
SP
(-6.00
X
LIBOR
USD
1-Month
plus
42.30%,
6.00%
Cap)
6.00%
08/25/33
2
3,378
3,330
Fannie
Mae
REMICS,
Series
2011-116,
Class
SA
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.00%,
6.00%
Cap)
1.61%
11/25/41
2
84,411
5,848
Fannie
Mae
REMICS,
Series
2012-139,
Class
AI
(IO)
3.00%
12/25/27
174,018
8,513
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Mortgage-Backed
(continued)
Freddie
Mac
Strips,
Series
240,
Class
IO
(IO)
5.50%
07/15/36
$
242,857
$
51,369
Ginnie
Mae,
Series
2003-110,
Class
S
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.60%,
6.60%
Cap)
2.25%
10/20/33
2
292,042
22,937
Ginnie
Mae,
Series
2018-124,
Class
NW
3.50%
09/20/48
27,988
26,382
Ginnie
Mae,
Series
2018-154,
Class
BP
3.50%
11/20/48
2,777
2,607
UMBS
(TBA)
2.00%
01/01/53
7,675,000
6,247,109
2.50%
01/01/53
9,975,000
8,440,567
3.00%
01/01/53
8,900,000
7,807,125
4.00%
01/01/53
3,600,000
3,375,621
4.50%
01/01/53
9,475,000
9,123,718
5.00%
01/01/53
14,575,000
14,361,502
49,476,628
Total
Mortgage-Backed
(Cost
$160,841,527)
132,573,375
MUNICIPAL
BONDS
—
0.28%*
California
—
0.03%
Los
Angeles
Department
of
Airports
Revenue
Bonds,
Port,
Airport
and
Marina
Improvements,
Series
A
3.89%
05/15/38
100,000
85,341
Florida
—
0.03%
County
of
Miami-Dade
Aviation
Revenue
Bonds,
Airport
and
Marina
Improvements,
Series
B
2.61%
10/01/32
100,000
79,656
New
York
—
0.19%
City
of
New
York
General
Obligation
Bonds,
Public
Improvements,
Series
F
3.62%
04/01/31
155,000
138,620
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
Bonds,
Public
Improvements,
Subseries
B3
1.85%
08/01/32
75,000
55,844
New
York
State
Dormitory
Authority
Revenue
Bonds,
School
Improvements,
Series
F
3.11%
02/15/39
150,000
118,251
New
York
State
Urban
Development
Corp.
Revenue
Bonds,
Economic
Improvements,
Series
F
2.00%
03/15/33
100,000
75,005
New
York
State
Urban
Development
Corp.
Revenue
Bonds,
Transit
Improvements,
Series
B
2.54%
03/15/34
175,000
135,723
523,443
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
23
/
December
2022
Issues
Maturity
Date
Principal
Amount
Value
MUNICIPAL
BONDS
(continued)
Ohio
—
0.03%
Ohio,
Taxable
Revenue
Bonds,
Advanced
Refunding,
Cleveland
Clinic
2.89%
01/01/32
$
100,000
$
83,591
Total
Municipal
Bonds
(Cost
$990,518)
772,031
Total
Bonds
—
94.05%
(Cost
$299,046,816)
256,822,157
Issues
Shares
Value
COMMON
STOCK
—
0.20%
Communications
—
0.10%
Intelsat
Emergence
SA
3,5,6,10
(Luxembourg)
11,030
266,926
Financials
—
0.10%
AGNC
Investment
Corp.
25,500
263,925
Total
Common
Stock
(Cost
$701,673)
530,851
RIGHTS
—
0.00%
Communications
—
0.00%
Intelsat
Jackson
Holdings
SA,
Series
A
†,3,5,6,10
(Luxembourg)
1,154
—
Intelsat
Jackson
Holdings
SA,
Series
B
†,3,5,6,10
(Luxembourg)
1,154
—
—
Total
Rights
(Cost
$–)
—
WARRANT
—
0.00%
Entertainment
—
0.00%
Cineworld
Group
PLC
3,10
(United
Kingdom)
152,713
9,185
Total
Warrant
(Cost
$–)
Issues
Maturity
Date
Principal
Amount
/
Shares
Value
SHORT-TERM
INVESTMENTS
—
24.84%
Money
Market
Funds
—
6.45%
Dreyfus
Government
Cash
Management
Fund
4.19%
12
11,506,500
11,506,500
Fidelity
Investments
Money
Market
Funds
-
Government
Portfolio
4.06%
12
111,969
111,969
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
4.12%
12
5,996,500
5,996,500
17,614,969
Issues
Maturity
Date
Principal
Amount/Shares
Value
SHORT-TERM
INVESTMENTS
(continued)
U.S.
Treasury
Bills
—
18.39%
U.S.
Treasury
Bills
2.85%
13
05/11/23
$
19,095,000
$
18,789,654
4.53%
13
05/18/23
10,000,000
9,831,815
4.56%
13
05/25/23
15,000,000
14,735,380
4.58%
13
06/01/23
7,000,000
6,869,985
50,226,834
Total
Short-Term
Investments
(Cost
$67,845,919)
67,841,803
Total
Investments
-
119.09%
(Cost
$367,594,408)
325,203,996
Net
unrealized
depreciation
on
unfunded
commitments
-
(0.01)%
(20,709)
Liabilities
in
Excess
of
Other
Assets
-
(19.08)%
(52,110,489)
Net
Assets
-
100.00%
$
273,072,798
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
$3,793,854,
which
is
1.39%
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
$98,409,
at
an
interest
rate
of
7.82%
and
a
maturity
of
February
15,
2029.
The
investment
is
accruing
an
unused
commitment
fee
of
2.50%
per
annum.
8
Excluded
from
the
investment
total
above
is
an
unfunded
delayed
draw
term
loan
commitment
in
an
amount
not
to
exceed
$45,267,
at
an
interest
rate
of
7.77%
and
a
maturity
of
July
17,
2028.
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
Represents
the
current
yield
as
of
December
31,
2022.
13
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.
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
24
Note:
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
for
more
meaningful
presentation
for
investors.
(CLO):
Collateralized
Loan
Obligation
(EMTN):
Euro
Medium-Term
Note
(EUR):
Euro
(EURIBOR):
Euro
InterBank
Offer
Rate
(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
(SONIA):
Sterling
Overnight
Index
Average
(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
60,000
USD
63,933
Citibank
N.A.
01/13/23
$
165
GBP
43,000
USD
48,838
The
Bank
of
New
York
Mellon
01/13/23
2,908
GBP
34,000
USD
38,543
Citibank
N.A.
01/13/23
2,372
5,445
USD
137,690
EUR
140,000
Goldman
Sachs
International
01/13/23
(11,872)
USD
51,730
EUR
53,000
Citibank
N.A.
01/13/23
(4,891)
USD
2,662,180
EUR
2,689,000
Bank
of
America
N.A.
01/13/23
(210,488)
USD
652,109
GBP
572,000
Citibank
N.A.
01/13/23
(36,223)
(263,474)
NET
UNREALIZED
DEPRECIATION
$
(258,029)
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
FUTURES
CONTRACTS:
LONG
POSITIONS
U.S.
Treasury
Five-Year
Note
1,064
03/31/23
$
114,837,188
$
(87,814)
$
(87,814)
U.S.
Treasury
Two-Year
Note
145
03/31/23
29,736,328
34,665
34,665
144,573,516
(53,149)
(53,149)
FUTURES
CONTRACTS:
SHORT
POSITIONS
U.S.
Treasury
Ten-Year
Ultra
Bond
241
03/22/23
(28,505,781)
80,166
80,166
U.S.
Treasury
Ultra
Bond
76
03/22/23
(10,207,750)
(21,340)
(21,340)
Euro-Bund
Future
8
03/08/23
(1,134,956)
67,523
67,523
Euro-Bobl
Future
5
03/08/23
(617,671)
18,242
18,242
(40,466,158)
144,591
144,591
TOTAL
FUTURES
CONTRACTS
$
104,107,358
$
91,442
$
91,442
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
25
/
December
2022
SIGNIFICANT
ACCOUNTING
POLICIES
The
following
is
a
summary
of
significant
accounting
policies
consistently
followed
by
the
Fund:
Net
Asset
Value
The
Net
Asset
Value
(“NAV”)
of
each
class
of
the
Fund
is
determined
by
dividing
the
net
assets
attributable
to
each
class
of
shares
of
the
Fund
by
the
number
of
issued
and
outstanding
shares
of
the
class
of
the
Fund
on
each
business
day
as
of
4
p.m.
ET.
Security
Valuation
Pursuant
to
Rule
2a-5
under
the
1940
Act,
the
Board
of
Trustees
(the
"Board"
or
the
"Board
of
Trustees")
has
designated
the
Adviser
as
the
"valuation
designee"
with
respect
to
the
fair
valuation
of
the
Fund's
portfolio
securities,
subject
to
oversight
by
and
periodic
reporting
to
the
Board. Fixed
income
securities
for
which
market
quotations
are
readily
available were
valued
during
the
period at
prices
as
provided
by
independent
pricing
vendors
or
broker
quotes.
The
Fund
received
pricing
information
from
independent
pricing
vendors
selected
and
overseen
by
the
valuation
designee.
Securities
with
a
demand
feature
exercisable
within
one
to
seven
days
are
valued
at
par.
The
Fund
also
uses
a
benchmark
pricing
system
to
the
extent
vendors’
prices
for
their
securities
are
either
inaccurate
(such
as
when
the
reported
prices
are
different
from
recent
known
market
transactions)
or
are
not
available
from
another
pricing
source.
For
a
security
priced
using
this
system,
the
Adviser
initially
selects
a
proxy
composed
of
a
relevant
security
(e.g.,
U.S.
Treasury
Note)
or
benchmark
(e.g.,
LIBOR)
and
a
multiplier,
divisor
or
margin
that
the
Adviser
believes
would
together
best
reflect
changes
in
the
market
value
of
the
security.
The
value
of
the
security
changes
daily
based
on
changes
to
the
market
price
of
the
assigned
benchmark.
The
benchmark
pricing
system
is
continuously
reviewed
by
the
Adviser
and
implemented
according
to
the
pricing
policy
reviewed
by
the
Board.
S&P
500
Index
futures
contracts
are
valued
at
the
first
sale
price
after
4
p.m.
ET
on
the
Chicago
Mercantile
Exchange.
All
other
futures
contracts
are
valued
at
the
official
settlement
price
of
the
exchange
on
which
those
securities
are
traded.
Equity
securities,
including
depository
receipts,
are
valued
at
the
last
reported
sale
price
or
the
market’s
closing
price
on
the
exchange
or
market
on
which
such
securities
are
traded,
as
of
the
close
of
business
on
the
day
the
securities
are
being
valued
or,
lacking
any
sales,
at
the
average
of
the
bid
and
ask
prices.
In
cases
where
equity
securities
are
traded
on
more
than
one
exchange,
the
securities
are
valued
on
the
exchange
or
market
determined
by
the
Adviser
to
be
the
broadest
and
most
representative
market,
which
may
be
either
a
securities
exchange
or
the
over-the-counter
market.
Equity
options
are
valued
at
the
average
of
the
bid
and
ask
prices.
Securities
and
other
assets
that
could
not be
valued
as
described
above were
valued
for
the
period at
their
fair
value
as
determined
by
the
Adviser
in
accordance
with
procedures
approved by
and
under
the
general
oversight
of
the
Board.
Investments
in
registered
open-ended
investment
companies,
including
those
classified
as
money
market
funds,
are
valued
based
upon
the
reported
NAV
of
such
investments.
Fair
value
methods
approved
by
the
Board
of
Trustees
for
the
period included,
but were
not
limited
to,
obtaining
market
quotations
from
secondary
pricing
services,
broker-dealers,
or
widely
used
quotation
systems.
General
factors
considered
in
determining
the
fair
value
of
securities
include
fundamental
analytical
data,
the
nature
and
duration
of
any
restrictions
on
disposition
of
the
securities,
and
an
evaluation
of
the
forces
that
influence
the
market
in
which
the
investments
are
purchased
and
sold.
These
securities
are
either
categorized
as
Level
2
or
3
depending
on
the
relevant
inputs
used.
In
the
event
that
the
security
or
asset
could
not be
valued
pursuant
to
one
of
the
valuation
methods
approved
by
the
Board,
the
value
of
the
security
or
asset was
determined
in
good
faith
by
the Adviser,
as
the
valuation
designee.
When
the
Fund
uses
these
fair
valuation
methods that
use
significant
unobservable
inputs
to
determine
NAV,
securities
will
be
priced
by
a
method
that
the
Adviser
believes
accurately
reflects
fair
value
and
are
categorized
as
Level
3
of
the
fair
value
hierarchy.
These
methods
may
require
subjective
determinations
about
the
value
of
a
security.
While
the
Fund’s
policy
is
intended
to
result
in
a
calculation
of
its
NAV
that
fairly
reflects
security
values
as
of
the
time
of
pricing,
the
Fund
cannot
guarantee
that
values
determined
by
the
Adviser
would
accurately
reflect
the
price
that
the
Fund
could
obtain
for
a
security
if
it
were
to
dispose
of
that
security
as
of
the
time
of
pricing
(for
instance,
in
a
forced
or
distressed
sale).
The
prices
used
by
the
Fund
may
differ
from
the
value
that
would
be
realized
if
the
securities
were
sold.
Fair
Value
Measurements
Various
inputs
are
used
in
determining
the
fair
value
of
investments,
which
are
as
follows:
*
Level
1
-
unadjusted
quoted
prices
in
active
markets
for
identical
securities
*
Level
2
-
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
*
Level
3
-
significant
unobservable
inputs
that
are
not
corroborated
by
observable
market
data
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
26
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:
FLEXIBLE
INCOME
FUND
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Investments
in
Securities
Assets:
Short-Term
Investments:
Money
Market
Funds
$
17,614,969
$
—
$
—
$
17,614,969
U.S.
Treasury
Bills
50,226,834
—
—
50,226,834
Long-Term
Investments:
Asset-Backed
Securities
—
28,942,227
437,697
29,379,924
Bank
Loans
—
10,456,872
—
10,456,872
Common
Stock
263,925
—
266,926
530,851
Corporates
—
77,129,507
646,200
77,775,707
Foreign
Government
Obligations
—
5,864,248
—
5,864,248
Mortgage-Backed
Securities
—
130,130,344
2,443,031
132,573,375
Municipal
Bonds
—
772,031
—
772,031
Rights
—
—
—
—
Warrant
—
9,185
—
9,185
Other
Financial
Instruments
*
Assets:
Foreign
currency
exchange
contracts
—
5,445
—
5,445
Interest
rate
contracts
200,596
—
—
200,596
Liabilities:
Foreign
currency
exchange
contracts
—
(
263,474
)
—
(
263,474
)
Interest
rate
contracts
(
109,154
)
—
—
(
109,154
)
Total
$
68,197,170
$
253,046,385
$
3,793,854
$
325,037,409
*Other
financial
instruments
include
foreign
currency
exchange
contracts
and
futures.
Interest
rate
contracts
include
futures.
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
27
/
December
2022
Certain
securities
held
by
the
Funds
are
categorized
as
Level
3
investments.
Their
prices
may
be
derived
by
utilizing
unobservable
prior
transaction
values
or
information
from
third
party
valuation
services.
The
value
of
Level
3
investments
could
be
significantly
affected
by
changes
in
these
unobservable
inputs.
For
the
period
ended
December
31,
2022
a
reconciliation
of
Level
3
investments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
at
the
beginning
and/or
end
of
the
period
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
FLEXIBLE
INCOME
FUND
ASSET-BACKED
SECURITIES
COMMON
STOCK
CORPORATES
MORTGAGE-
BACKED
SECURITIES
Balance
as
of
April
1,
2022
$
488,107
$
330,900
$
531,973
$
1,948,536
Accrued
discounts/premiums
—
—
(
4,084
)
(
643,831
)
Realized
(loss)
—
—
—
(
54,013
)
Change
in
unrealized
appreciation
(depreciation)*
(
27,021
)
(
63,974
)
64,911
(
1,108,592
)
Purchases
—
—
53,400
2,303,975
Sales
(
23,389
)
—
—
(
3,044
)
Transfers
into
Level
3**
—
—
—
—
Transfers
out
of
Level
3**
—
—
—
—
Balance
as
of
December
31,
2022
$
437,697
$
266,926
$
646,200
$
2,443,031
*The
change
in
unrealized
appreciation
(depreciation)
on
securities
still
held
at
December
31,
2022
was
$(1,134,676)
and
is
included
in
the
related
net
realized
gains
(losses)
and
net
change
in
appreciation
(depreciation)
in
the
Statements
of
Operations.
**There
were
no
transfers
between
level
2
and
3
for
the
period
ended
December
31,
2022.
Significant
unobservable
valuations
inputs
for
Level
3
investments
as
of
December
31,
2022,
are
as
follows:
FLEXIBLE
INCOME
FUND
FAIR
VALUE
AT
12/31/22
VALUATION
TECHNIQUE
*
UNOBSERVABLE
INPUT
RANGE
WEIGHTED
AVERAGE
INPUT
TO
VALUATION
IF
INPUT
INCREASES
Asset-Backed
Securities
$437,697
Broker
Quote
Offered
Quote
$88.64
$88.64
Increase
Common
Stock
$266,926
Third-Party
Vendor
Vendor
Prices
$24.20
$24.20
Increase
Corporate
Securities
$—
Broker
Quote
Offered
Quote
$—
$—
Increase
Corporate
Securities
$646,200
Third-Party
Vendor
Vendor
Prices
$8.45
-
$109.00
$100.21
Increase
Mortgage-Backed
Securities-Non-Agency
$1,897,143
Third-Party
Vendor
Vendor
Prices
$0.00
-
$9.75
$5.71
Increase
Mortgage-Backed
Securities-
Non-Agency
Commercial
$226,728
Broker
Quote
Offered
Quote
$94.47
$94.47
Increase
Mortgage-Backed
Securities-
Non-Agency
Commercial
$319,160
Third-Party
Vendor
Vendor
Prices
$1.07
$1.07
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.
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
28
COMMITMENTS
AND
CONTINGENCIES
The
Flexible
Income
Fund had
the
following
unfunded
commitments
and
unrealized
gain
(loss)
as
of
December
31,
2022:
FLEXIBLE
INCOME
FUND
UNFUNDED
COMMITMENTS
MATURITY
AMOUNT
UNREALIZED
(LOSS)
Aveanna
Healthcare
LLC,
Delayed-Draw
Term
Loan
B,
1st
Lien
July
2028
$
45,267
$
(
12,887
)
AthenaHealth
Group,
Inc.,
Delayed-Draw
Term
Loan
B,
1st
Lien
February
2029
98,409
(
7,822
)
Total
Unfunded
Commitments
$
143,676
$
(
20,709
)