Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
1
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
BONDS
–
103.20%
ASSET-BACKED
SECURITIES
—
3.91%**
Aimco
CLO,
Series
2015-AA,
Class
BR2
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.60%)
6.86%
10/17/34
1,2,3
$
70,000
$
68,095
J.G.
Wentworth
XXX
LLC,
Series
2013-3A,
Class
A
4.08%
01/17/73
1
29,421
26,430
Madison
Park
Funding
XXXIX
Ltd.,
Series
2021-39A,
Class
B
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.65%)
6.92%
10/22/34
1,2,3
70,000
68,321
Octagon
Investment
Partners
46
Ltd.,
Series
2020-2A,
Class
AR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.16%)
6.42%
07/15/36
1,2,3
70,000
68,570
Skyline
Aircraft
Finance
LLC,
Series
2021-1,
Class
A
3.23%
05/10/37
4,5,6
34,756
30,595
SLM
Student
Loan
Trust,
Series
2008-2,
Class
B
(LIBOR
USD
3-Month
plus
1.20%)
6.46%
01/25/83
2
20,000
18,831
SLM
Student
Loan
Trust,
Series
2008-3,
Class
B
(LIBOR
USD
3-Month
plus
1.20%)
6.46%
04/26/83
2
20,000
18,528
SLM
Student
Loan
Trust,
Series
2008-5,
Class
B
(LIBOR
USD
3-Month
plus
1.85%)
7.11%
07/25/73
2
35,000
34,149
SLM
Student
Loan
Trust,
Series
2008-6,
Class
A4
(LIBOR
USD
3-Month
plus
1.10%)
6.36%
07/25/23
2
23,001
22,617
SLM
Student
Loan
Trust,
Series
2008-6,
Class
B
(LIBOR
USD
3-Month
plus
1.85%)
7.11%
07/26/83
2
20,000
18,945
SLM
Student
Loan
Trust,
Series
2008-7,
Class
B
(LIBOR
USD
3-Month
plus
1.85%)
7.11%
07/26/83
2
20,000
18,509
Wachovia
Student
Loan
Trust,
Series
2006-1,
Class
A6
(LIBOR
USD
3-Month
plus
0.17%)
5.43%
04/25/40
1,2
22,637
21,791
Total
Asset-Backed
Securities
(Cost
$428,122)
415,381
CORPORATES
—
62.19%*
Banking
—
11.04%
Bank
of
America
Corp.
2.30%
07/21/32
6
155,000
123,982
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Banking
(continued)
Bank
of
America
Corp.
(MTN)
2.88%
10/22/30
6
$
150,000
$
129,048
Bank
of
America
Corp.,
Series
N
1.66%
03/11/27
6
50,000
44,925
DNB
Bank
ASA
(Norway)
1.13%
09/16/26
1,3,6
15,000
13,402
Fifth
Third
Bancorp
2.55%
05/05/27
15,000
13,261
HSBC
Holdings
PLC
(United
Kingdom)
2.21%
08/17/29
3,6
165,000
138,283
JPMorgan
Chase
&
Co.
1.58%
04/22/27
6
240,000
215,697
Macquarie
Group
Ltd.
(Australia)
1.63%
09/23/27
1,3,6
45,000
39,214
NatWest
Group
PLC
(United
Kingdom)
4.27%
03/22/25
3,6
15,000
14,734
PNC
Financial
Services
Group,
Inc.
(The)
5.07%
01/24/34
6
40,000
38,387
6.04%
10/28/33
6
10,000
10,281
Santander
UK
Group
Holdings
PLC
(United
Kingdom)
1.09%
03/15/25
3,6
15,000
14,367
2.47%
01/11/28
3,6
15,000
13,117
Santander
UK
PLC
(United
Kingdom)
5.00%
11/07/23
1,3
35,000
34,815
U.S.
Bancorp
4.84%
02/01/34
6
55,000
51,565
UBS
Group
AG
(Switzerland)
1.31%
02/02/27
1,3,6
45,000
39,395
2.59%
09/11/25
1,3,6
20,000
19,059
3.09%
05/14/32
1,3,6
40,000
32,389
4.19%
04/01/31
1,3,6
70,000
62,341
Wells
Fargo
&
Co.
(MTN)
3.35%
03/02/33
6
140,000
120,043
4.90%
07/25/33
6
5,000
4,799
1,173,104
Communications
—
4.09%
AT&T,
Inc.
2.55%
12/01/33
74,000
57,988
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
2.30%
02/01/32
100,000
75,736
Comcast
Corp.
1.95%
01/15/31
10,000
8,191
Discovery
Communications
LLC
3.63%
05/15/30
35,000
30,756
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
2
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Communications
(continued)
Meta
Platforms,
Inc.
4.95%
05/15/33
$
9,000
$
8,995
Sprint
Capital
Corp.
8.75%
03/15/32
20,000
24,194
Sprint
Spectrum
Co.
LLC/Sprint
Spectrum
Co.
II
LLC/Sprint
Spectrum
Co.
III
LLC
4.74%
03/20/25
1
32,813
32,395
5.15%
03/20/28
1
57,000
56,414
Tencent
Holdings
Ltd.
(Cayman
Islands)
3.98%
04/11/29
1,3
30,000
27,882
T-Mobile
USA,
Inc.
2.55%
02/15/31
79,000
65,690
5.05%
07/15/33
35,000
34,438
Walt
Disney
Co.
(The)
7.75%
01/20/24
12,000
12,133
434,812
Consumer
Discretionary
—
3.19%
Amcor
Finance
USA,
Inc.
5.63%
05/26/33
15,000
14,833
Bacardi
Ltd.
(Bermuda)
4.70%
05/15/28
1,3
10,000
9,678
Church
&
Dwight
Co.,
Inc.
5.60%
11/15/32
35,000
37,012
Constellation
Brands,
Inc.
2.88%
05/01/30
30,000
26,045
Hyatt
Hotels
Corp.
1.80%
10/01/24
35,000
33,397
Imperial
Brands
Finance
PLC
(United
Kingdom)
4.25%
07/21/25
1,3
30,000
28,866
JDE
Peet's
NV
(Netherlands)
2.25%
09/24/31
1,3
30,000
23,193
Kenvue,
Inc.
4.90%
03/22/33
1
30,000
30,376
Philip
Morris
International,
Inc.
5.75%
11/17/32
30,000
30,794
Reynolds
American,
Inc.
5.70%
08/15/35
50,000
47,169
WarnerMedia
Holdings,
Inc.
4.28%
03/15/32
65,000
57,681
339,044
Diversified
REITs
—
2.37%
American
Assets
Trust
LP
3.38%
02/01/31
25,000
19,631
American
Tower
Corp.
2.30%
09/15/31
35,000
27,884
2.90%
01/15/30
15,000
12,978
5.65%
03/15/33
5,000
5,097
Crown
Castle,
Inc.
3.30%
07/01/30
25,000
22,115
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Diversified
REITs
(continued)
GLP
Capital
LP/GLP
Financing
II,
Inc.
3.25%
01/15/32
$
4,000
$
3,220
4.00%
01/15/30
20,000
17,424
5.30%
01/15/29
20,000
18,950
LXP
Industrial
Trust
2.38%
10/01/31
25,000
19,023
2.70%
09/15/30
25,000
19,997
VICI
Properties
LP
5.13%
05/15/32
25,000
23,430
VICI
Properties
LP/VICI
Note
Co.,
Inc.
4.63%
06/15/25
1
50,000
48,403
Weyerhaeuser
Co.
3.38%
03/09/33
15,000
12,917
251,069
Electric
—
4.86%
Alliant
Energy
Finance
LLC
1.40%
03/15/26
1
50,000
44,284
Ameren
Corp.
3.50%
01/15/31
75,000
66,976
Appalachian
Power
Co.,
Series
X
3.30%
06/01/27
20,000
18,685
Arizona
Public
Service
Co.
6.35%
12/15/32
30,000
31,845
Berkshire
Hathaway
Energy
Co.
1.65%
05/15/31
25,000
19,406
Black
Hills
Corp.
4.35%
05/01/33
36,000
32,200
CenterPoint
Energy
Houston
Electric
LLC
4.95%
04/01/33
5,000
5,010
Duke
Energy
Corp.
2.55%
06/15/31
35,000
29,081
Eversource
Energy
4.60%
07/01/27
15,000
14,658
5.13%
05/15/33
10,000
9,883
Exelon
Corp.
5.30%
03/15/33
20,000
19,947
ITC
Holdings
Corp.
4.95%
09/22/27
1
20,000
19,764
5.40%
06/01/33
1
25,000
24,895
Jersey
Central
Power
&
Light
Co.
2.75%
03/01/32
1
35,000
28,894
Metropolitan
Edison
Co.
4.00%
04/15/25
1
25,000
23,937
Narragansett
Electric
Co.
(The)
3.40%
04/09/30
1
35,000
31,268
Oklahoma
Gas
and
Electric
Co.
5.40%
01/15/33
25,000
25,454
Public
Service
Co.
of
New
Mexico
3.85%
08/01/25
40,000
38,349
Southwestern
Electric
Power
Co.,
Series
M
4.10%
09/15/28
15,000
14,270
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
3
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Electric
(continued)
Xcel
Energy,
Inc.
3.40%
06/01/30
$
20,000
$
17,834
516,640
Energy
—
3.02%
Aker
BP
ASA
(Norway)
3.10%
07/15/31
1,3
35,000
28,992
CenterPoint
Energy
Resources
Corp.
5.40%
03/01/33
25,000
25,468
Enbridge,
Inc.
(Canada)
5.70%
03/08/33
3
5,000
5,070
KeySpan
Gas
East
Corp.
5.99%
03/06/33
1
25,000
25,251
Kinder
Morgan,
Inc.
5.30%
12/01/34
30,000
28,909
NiSource,
Inc.
5.40%
06/30/33
20,000
20,081
Petroleos
Mexicanos
(Mexico)
5.95%
01/28/31
3
30,000
21,939
Piedmont
Natural
Gas
Co.,
Inc.
2.50%
03/15/31
10,000
8,194
5.40%
06/15/33
25,000
24,961
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.
4.65%
10/15/25
30,000
29,267
Rockies
Express
Pipeline
LLC
3.60%
05/15/25
1
20,000
19,010
4.95%
07/15/29
1
10,000
9,210
Sabine
Pass
Liquefaction
LLC
4.50%
05/15/30
30,000
28,547
Southern
Co.
Gas
Capital
Corp.
5.15%
09/15/32
20,000
19,905
Southern
Natural
Gas
Co.
LLC
4.80%
03/15/47
1
30,000
25,311
320,115
Finance
—
7.73%
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
(Ireland)
3.00%
10/29/28
3
50,000
43,414
3.88%
01/23/28
3
16,000
14,717
Air
Lease
Corp.
3.63%
12/01/27
26,000
23,726
4.63%
10/01/28
15,000
14,112
Avolon
Holdings
Funding
Ltd.
(Cayman
Islands)
2.53%
11/18/27
1,3
21,000
17,728
2.75%
02/21/28
1,3
10,000
8,435
4.38%
05/01/26
1,3
5,000
4,674
Cboe
Global
Markets,
Inc.
3.00%
03/16/32
20,000
17,183
Citigroup,
Inc.
2.52%
11/03/32
6
145,000
116,718
2.56%
05/01/32
6
50,000
40,848
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Finance
(continued)
Discover
Financial
Services
6.70%
11/29/32
$
25,000
$
25,843
Goldman
Sachs
Group,
Inc.
(The)
1.95%
10/21/27
6
90,000
80,074
2.65%
10/21/32
6
95,000
77,468
Intercontinental
Exchange,
Inc.
1.85%
09/15/32
25,000
19,276
JPMorgan
Chase
&
Co.
1.95%
02/04/32
6
110,000
87,682
Morgan
Stanley
1.59%
05/04/27
6
35,000
31,343
2.48%
09/16/36
6
5,000
3,786
Morgan
Stanley
(MTN)
1.79%
02/13/32
6
175,000
135,844
Nationwide
Building
Society
(United
Kingdom)
1.50%
10/13/26
1,3
25,000
21,748
Pipeline
Funding
Co.
LLC
7.50%
01/15/30
1
17,072
16,973
Raymond
James
Financial,
Inc.
4.65%
04/01/30
20,000
19,525
821,117
Food
—
1.59%
General
Mills,
Inc.
4.95%
03/29/33
35,000
34,753
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
(Canada)
3.75%
12/01/31
1,3
32,000
26,467
Kellogg
Co.
5.25%
03/01/33
30,000
30,178
Pilgrim's
Pride
Corp.
3.50%
03/01/32
60,000
47,859
Smithfield
Foods,
Inc.
2.63%
09/13/31
1
40,000
29,603
168,860
Health
Care
—
8.74%
AbbVie,
Inc.
4.50%
05/14/35
30,000
28,520
Alcon
Finance
Corp.
2.75%
09/23/26
1
40,000
36,756
Amgen,
Inc.
5.25%
03/02/33
50,000
50,074
Ascension
Health,
Series
B
2.53%
11/15/29
20,000
17,212
Banner
Health
2.34%
01/01/30
10,000
8,515
Barnabas
Health,
Inc.,
Series
2012
4.00%
07/01/28
15,000
14,056
Baxter
International,
Inc.
3.95%
04/01/30
10,000
9,234
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
4
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Health
Care
(continued)
Bayer
U.S.
Finance
II
LLC
4.38%
12/15/28
1
$
45,000
$
42,710
Becton
Dickinson
&
Co.
3.70%
06/06/27
20,000
19,027
Centene
Corp.
3.00%
10/15/30
50,000
41,713
Cigna
Group
(The)
2.40%
03/15/30
35,000
29,759
5.40%
03/15/33
30,000
30,511
CommonSpirit
Health
2.78%
10/01/30
20,000
16,843
CVS
Health
Corp.
3.25%
08/15/29
50,000
44,931
5.25%
02/21/33
25,000
24,918
DENTSPLY
SIRONA,
Inc.
3.25%
06/01/30
35,000
30,298
Elanco
Animal
Health,
Inc.
6.65%
08/28/28
15,000
14,592
Elevance
Health,
Inc.
5.50%
10/15/32
20,000
20,573
Fresenius
Medical
Care
U.S.
Finance
III,
Inc.
1.88%
12/01/26
1
20,000
17,267
HCA,
Inc.
3.63%
03/15/32
1
25,000
21,717
4.13%
06/15/29
65,000
60,229
Humana,
Inc.
3.70%
03/23/29
10,000
9,167
Illumina,
Inc.
2.55%
03/23/31
25,000
20,748
5.75%
12/13/27
15,000
15,106
Medtronic
Global
Holdings
SCA
(Luxembourg)
4.50%
03/30/33
3
30,000
29,470
Molina
Healthcare,
Inc.
3.88%
11/15/30
1
30,000
25,875
Pfizer
Investment
Enterprises
Pte
Ltd.
(Slovenia)
4.75%
05/19/33
3
50,000
49,864
Premier
Health
Partners,
Series
G
2.91%
11/15/26
15,000
13,367
Providence
St.
Joseph
Health
Obligated
Group,
Series
H
2.75%
10/01/26
20,000
18,290
Regeneron
Pharmaceuticals,
Inc.
1.75%
09/15/30
20,000
15,951
Revvity,
Inc.
2.55%
03/15/31
35,000
28,797
Royalty
Pharma
PLC
(United
Kingdom)
1.75%
09/02/27
3
25,000
21,489
Smith
&
Nephew
PLC
(United
Kingdom)
2.03%
10/14/30
3
30,000
24,301
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Health
Care
(continued)
STERIS
Irish
FinCo
UnLtd
Co.
(Ireland)
2.70%
03/15/31
3
$
30,000
$
25,044
Universal
Health
Services,
Inc.
1.65%
09/01/26
35,000
30,738
Zoetis,
Inc.
5.60%
11/16/32
20,000
20,951
928,613
Health
Care
REITs
—
0.73%
Healthcare
Reality
Holdings
LP
2.00%
03/15/31
30,000
23,058
3.10%
02/15/30
15,000
12,844
Healthcare
Realty
Holdings
LP
3.88%
05/01/25
4,000
3,761
Physicians
Realty
LP
2.63%
11/01/31
5,000
3,898
4.30%
03/15/27
26,000
24,528
Ventas
Realty
LP
4.13%
01/15/26
10,000
9,571
77,660
Hotel
&
Resort
REITs
—
0.24%
Host
Hotels
&
Resorts
LP,
Series
I
3.50%
09/15/30
30,000
25,426
Industrial
REITs
—
0.04%
Rexford
Industrial
Realty
LP
2.13%
12/01/30
5,000
3,968
Industrials
—
1.68%
Amcor
Finance
USA,
Inc.
3.63%
04/28/26
25,000
23,658
BAE
Systems
Holdings,
Inc.
3.80%
10/07/24
1
15,000
14,596
3.85%
12/15/25
1
10,000
9,596
Berry
Global,
Inc.
1.57%
01/15/26
20,000
18,061
1.65%
01/15/27
20,000
17,267
Boeing
Co.
(The)
4.88%
05/01/25
15,000
14,790
General
Electric
Co.
(MTN)
(LIBOR
USD
3-Month
plus
0.38%)
5.71%
05/05/26
2
10,000
9,973
Sealed
Air
Corp.
1.57%
10/15/26
1
30,000
26,169
Sonoco
Products
Co.
3.13%
05/01/30
25,000
21,836
Sydney
Airport
Finance
Co.
Pty
Ltd.
(Australia)
3.63%
04/28/26
1,3
15,000
14,264
WRKCo,
Inc.
3.00%
06/15/33
10,000
8,158
178,368
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
5
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Information
Technology
—
2.17%
Amazon.com,
Inc.
3.60%
04/13/32
$
10,000
$
9,330
Broadcom,
Inc.
2.60%
02/15/33
1
10,000
7,802
3.42%
04/15/33
1
35,000
29,339
Fidelity
National
Information
Services,
Inc.
2.25%
03/01/31
30,000
24,030
Fiserv,
Inc.
2.65%
06/01/30
20,000
17,056
Micron
Technology,
Inc.
2.70%
04/15/32
15,000
11,858
Netflix,
Inc.
3.63%
06/15/25
1
20,000
19,285
Open
Text
Corp.
(Canada)
6.90%
12/01/27
1,3
17,000
17,297
Oracle
Corp.
2.88%
03/25/31
70,000
59,731
6.25%
11/09/32
20,000
21,256
Take-Two
Interactive
Software,
Inc.
4.00%
04/14/32
15,000
13,772
230,756
Insurance
—
4.32%
Aon
Corp.
2.80%
05/15/30
25,000
21,700
Aon
Corp./Aon
Global
Holdings
PLC
2.60%
12/02/31
10,000
8,273
Arthur
J
Gallagher
&
Co.
5.75%
03/02/53
50,000
50,401
Athene
Global
Funding
1.61%
06/29/26
1
5,000
4,340
(SOFR
Index
plus
0.70%)
5.79%
05/24/24
1,2
30,000
29,707
Berkshire
Hathaway
Finance
Corp.
2.88%
03/15/32
5,000
4,407
Brown
&
Brown,
Inc.
2.38%
03/15/31
35,000
28,308
Equitable
Financial
Life
Global
Funding
1.30%
07/12/26
1
25,000
21,817
Farmers
Exchange
Capital
7.05%
07/15/28
1
5,000
5,044
Farmers
Insurance
Exchange
4.75%
11/01/57
1,6
45,000
35,382
Marsh
&
McLennan
Cos.,
Inc.
2.25%
11/15/30
30,000
24,971
Metropolitan
Life
Global
Funding
I
2.95%
04/09/30
1
15,000
12,972
MMI
Capital
Trust
I,
Series
B
7.63%
12/15/27
50,000
52,415
Nationwide
Mutual
Insurance
Co.
7.84%
12/15/24
1,6
50,000
49,961
New
York
Life
Insurance
Co.
5.88%
05/15/33
1
25,000
25,851
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Insurance
(continued)
Progressive
Corp.
(The)
3.20%
03/26/30
$
10,000
$
8,976
Teachers
Insurance
&
Annuity
Association
of
America
4.38%
09/15/54
1,6
55,000
53,098
Willis
North
America,
Inc.
2.95%
09/15/29
25,000
21,534
459,157
Materials
—
0.45%
Georgia-Pacific
LLC
2.30%
04/30/30
1
20,000
17,059
International
Flavors
&
Fragrances,
Inc.
2.30%
11/01/30
1
30,000
23,797
3.27%
11/15/40
1
10,000
7,007
47,863
Office
REITs
—
1.04%
Hudson
Pacific
Properties
LP
3.95%
11/01/27
75,000
54,607
Kilroy
Realty
LP
2.50%
11/15/32
40,000
28,036
3.05%
02/15/30
5,000
3,917
Piedmont
Operating
Partnership
LP
2.75%
04/01/32
35,000
23,834
110,394
Real
Estate
Investment
Trust
(REIT)
—
0.61%
Crown
Castle,
Inc.
5.10%
05/01/33
29,000
28,603
Digital
Realty
Trust
LP
3.60%
07/01/29
10,000
8,893
Equinix,
Inc.
2.50%
05/15/31
12,000
9,782
3.20%
11/18/29
20,000
17,616
64,894
Residential
REITs
—
0.90%
American
Homes
4
Rent
LP
2.38%
07/15/31
30,000
23,994
Essex
Portfolio
LP
2.65%
03/15/32
10,000
8,071
Invitation
Homes
Operating
Partnership
LP
2.30%
11/15/28
45,000
38,384
Mid-America
Apartments
LP
1.70%
02/15/31
20,000
15,853
UDR,
Inc.
(MTN)
4.40%
01/26/29
10,000
9,417
95,719
Retail
—
0.63%
Alimentation
Couche-Tard,
Inc.
(Canada)
2.95%
01/25/30
1,3
35,000
30,105
Starbucks
Corp.
2.55%
11/15/30
20,000
17,071
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
6
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Retail
(continued)
Tractor
Supply
Co.
5.25%
05/15/33
$
20,000
$
19,848
67,024
Services
—
0.95%
Global
Payments,
Inc.
5.30%
08/15/29
15,000
14,666
Moody's
Corp.
4.25%
08/08/32
30,000
28,517
Northwestern
University
3.69%
12/01/38
20,000
17,742
RELX
Capital,
Inc.
3.00%
05/22/30
30,000
26,822
Republic
Services,
Inc.
2.90%
07/01/26
5,000
4,688
S&P
Global,
Inc.
2.90%
03/01/32
10,000
8,691
101,126
Specialized
REITs
—
0.72%
CubeSmart
LP
4.38%
02/15/29
15,000
14,076
Extra
Space
Storage
LP
2.35%
03/15/32
10,000
7,827
3.90%
04/01/29
25,000
22,807
Life
Storage
LP
2.20%
10/15/30
40,000
32,049
76,759
Transportation
—
1.08%
Delta
Air
Lines
Pass-Through
Trust,
Series
2020-1,
Class
AA
2.00%
06/10/28
20,515
18,223
JetBlue
Airways
Pass-Through
Trust,
Series
2019-1,
Class
AA
2.75%
05/15/32
27,769
23,524
Norfolk
Southern
Corp.
3.00%
03/15/32
15,000
12,921
U.S.
Airways
Pass-Through
Trust,
Series
2011-1,
Class
A
7.13%
10/22/23
13,274
13,298
Union
Pacific
Corp.
2.89%
04/06/36
20,000
15,988
United
Airlines
Pass-Through
Trust,
Series
2023-1,
Class
A
5.80%
01/15/36
30,000
30,585
114,539
Total
Corporates
(Cost
$7,268,680)
6,607,027
MORTGAGE-BACKED
—
18.94%**
Non-Agency
Commercial
Mortgage-Backed
—
1.80%
Citigroup
Commercial
Mortgage
Trust,
Series
2013-GC15,
Class
XA
(IO)
0.90%
09/10/46
6
1,789,810
138
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
Citigroup
Commercial
Mortgage
Trust,
Series
2014-GC25,
Class
XA
(IO)
1.09%
10/10/47
6
$
553,923
$
4,348
Commercial
Mortgage
Trust,
Series
2014-CR19,
Class
XA
(IO)
1.08%
08/10/47
6
564,709
3,756
Commercial
Mortgage
Trust,
Series
2014-UBS2,
Class
XA
(IO)
1.22%
03/10/47
6
769,442
1,906
Commercial
Mortgage
Trust,
Series
2014-UBS3,
Class
XA
(IO)
1.21%
06/10/47
6
1,729,487
8,135
Commercial
Mortgage
Trust,
Series
2014-UBS5,
Class
XA
(IO)
0.98%
09/10/47
4,5,6
1,972,564
13,548
CSMC
Trust,
Series
2016-NXSR,
Class
XA
(IO)
0.83%
12/15/49
6
308,896
5,337
GS
Mortgage
Securities
Corp.
Trust,
Series
2020-UPTN,
Class
XA
(IO)
0.45%
02/10/37
1,6
375,000
1,772
GS
Mortgage
Securities
Trust,
Series
2010-C1,
Class
X
(IO)
0.57%
08/10/43
1,6
2,419,511
2,489
GS
Mortgage
Securities
Trust,
Series
2011-GC5,
Class
XA
(IO)
0.09%
08/10/44
1,6
209,867
2
GS
Mortgage
Securities
Trust,
Series
2013-GC14,
Class
XA
(IO)
0.40%
08/10/46
6
2,426,915
3,251
GS
Mortgage
Securities
Trust,
Series
2014-GC20,
Class
XA
(IO)
1.17%
04/10/47
6
2,224,330
7,438
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2014-C22,
Class
XA
(IO)
0.95%
09/15/47
6
1,772,355
9,554
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2014-C25,
Class
XA
(IO)
0.95%
11/15/47
6
1,391,920
10,965
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2010-C2,
Class
XB
(IO)
1.56%
11/15/43
1,6
597,694
6,866
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2014-C19,
Class
XA
(IO)
1.10%
12/15/47
6
1,743,758
15,019
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C22,
Class
XA
(IO)
1.14%
04/15/48
6
651,403
7,442
UBS-Barclays
Commercial
Mortgage
Trust,
Series
2012-C3,
Class
XB
(IO)
0.34%
08/10/49
1,4,5,6
302,948
159
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2014-LC16,
Class
XA
(IO)
1.21%
08/15/50
6
258,017
1,364
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
7
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2014-LC18,
Class
XA
(IO)
1.16%
12/15/47
6
$
4,131,624
$
47,587
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-NXS2,
Class
XA
(IO)
0.74%
07/15/58
6
2,038,340
18,503
WF-RBS
Commercial
Mortgage
Trust,
Series
2014-C19,
Class
XA
(IO)
1.11%
03/15/47
6
5,253,174
18,390
WF-RBS
Commercial
Mortgage
Trust,
Series
2014-LC14,
Class
XA
(IO)
1.40%
03/15/47
6
1,169,831
3,036
191,005
Non-Agency
Mortgage-Backed
—
3.38%
Ameriquest
Mortgage
Securities,
Inc.,
Asset-Backed
Pass-
Through
Certificates,
Series
2005-R11,
Class
M3
(LIBOR
USD
1-Month
plus
0.75%)
5.90%
01/25/36
2
100,000
96,011
Banc
of
America
Funding
Trust,
Series
2014-R7,
Class
2A1
(LIBOR
USD
1-Month
plus
0.14%)
5.29%
09/26/36
1,2
5,028
5,045
Bear
Stearns
ARM
Trust,
Series
2004-1,
Class
12A5
4.10%
04/25/34
6
5,745
5,278
Bombardier
Capital
Mortgage
Securitization
Corp.,
Series
2000-A,
Class
A2
7.58%
06/15/30
6
19,426
2,496
CIM
Trust,
Series
2021-R4,
Class
A1A
2.00%
05/01/61
1,6
63,291
54,156
CIT
Mortgage
Loan
Trust,
Series
2007-1,
Class
1A
(LIBOR
USD
1-Month
plus
1.35%)
6.50%
10/25/37
1,2
1,063
1,061
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
2005-OPT1,
Class
M1
(LIBOR
USD
1-Month
plus
0.63%)
5.78%
02/25/35
2
36,949
33,748
Countrywide
Asset-Backed
Certificates
Trust,
Series
2007-13,
Class
2A1
(LIBOR
USD
1-Month
plus
0.90%)
6.05%
10/25/47
2
18,305
16,531
GSR
Mortgage
Loan
Trust,
Series
2005-AR6,
Class
2A1
4.07%
09/25/35
6
9,010
8,525
HSI
Asset
Securitization
Corp.
Trust,
Series
2007-WF1,
Class
1A1
(LIBOR
USD
1-Month
plus
0.32%)
5.47%
05/25/37
2
7,547
7,505
IndyMac
Index
Mortgage
Loan
Trust,
Series
2007-FLX3,
Class
A1
(LIBOR
USD
1-Month
plus
0.48%)
5.63%
06/25/37
2
69,012
61,751
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
JPMorgan
Mortgage
Trust,
Series
2005-A3,
Class
2A1
4.19%
06/25/35
6
$
8
$
8
Long
Beach
Mortgage
Loan
Trust,
Series
2006-1,
Class
1A
(LIBOR
USD
1-Month
plus
0.44%)
5.59%
02/25/36
2
3,655
3,538
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2004-5AR,
Class
3A1
4.85%
07/25/34
6
10,035
9,428
Saxon
Asset
Securities
Trust,
Series
2007-2,
Class
A2A
(LIBOR
USD
1-Month
plus
0.10%)
5.25%
05/25/47
2
62,976
43,107
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2004-AR1,
Class
1A2
(LIBOR
USD
1-Month
plus
0.70%)
5.85%
03/19/34
2
1,240
1,156
Wells
Fargo
Home
Equity
Trust
Mortgage
Pass-Through
Certificates,
Series
2004-1,
Class
2A1
(LIBOR
USD
1-Month
plus
0.60%)
5.75%
04/25/34
2
10,388
9,911
359,255
U.S.
Agency
Commercial
Mortgage-Backed
—
0.31%
Fannie
Mae-Aces,
Series
2016-M2,
Class
X3
(IO)
2.04%
04/25/36
6
44,597
392
Fannie
Mae-Aces,
Series
2016-M4,
Class
X2
(IO)
2.70%
01/25/39
6
298,962
4,137
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K049,
Class
X3
(IO)
1.60%
10/25/43
6
250,000
7,140
Ginnie
Mae,
Series
2012-112,
Class
IO
(IO)
0.13%
02/16/53
6
2,095,617
6,184
Ginnie
Mae,
Series
2013-1,
Class
IO
(IO)
0.58%
02/16/54
6
480,801
5,402
Ginnie
Mae,
Series
2013-125,
Class
IO
(IO)
0.23%
10/16/54
6
689,875
9,836
33,091
U.S.
Agency
Mortgage-Backed
—
13.45%
Fannie
Mae
REMICS,
Series
2011-116,
Class
SA
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.00%,
6.00%
Cap)
0.85%
11/25/41
2
62,838
4,183
Fannie
Mae
REMICS,
Series
2012-128,
Class
UA
2.50%
06/25/42
18,228
16,199
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
8
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Mortgage-Backed
(continued)
Fannie
Mae
REMICS,
Series
2013-5,
Class
GF
(LIBOR
USD
1-Month
plus
1.10%)
5.00%
10/25/42
2
$
29,456
$
26,536
Freddie
Mac
Pool
SD8189
2.50%
01/01/52
45,326
38,485
Freddie
Mac
Pool
SD8199
2.00%
03/01/52
46,797
38,142
Freddie
Mac
REMICS,
Series
4064,
Class
TB
3.50%
06/15/42
98,618
92,089
Freddie
Mac
Strips,
Series
240,
Class
IO
(IO)
5.50%
07/15/36
141,480
27,463
Ginnie
Mae
(TBA)
4.50%
07/20/53
50,000
48,256
5.00%
07/20/53
25,000
24,568
Ginnie
Mae,
Series
2003-110,
Class
S
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.60%,
6.60%
Cap)
1.44%
10/20/33
2
172,751
10,793
Ginnie
Mae,
Series
2018-124,
Class
NW
3.50%
09/20/48
22,417
20,731
Ginnie
Mae,
Series
2018-154,
Class
BP
3.50%
11/20/48
2,237
2,084
Ginnie
Mae,
Series
2019-15,
Class
GT
3.50%
02/20/49
18,736
17,156
UMBS
(TBA)
2.50%
07/01/53
75,000
63,569
2.50%
08/01/53
25,000
21,221
3.00%
07/01/53
200,000
176,031
4.00%
07/01/53
150,000
140,754
4.50%
07/01/53
100,000
96,137
4.50%
08/01/53
125,000
120,254
5.00%
07/01/53
225,000
220,482
5.50%
07/01/53
225,000
223,989
1,429,122
Total
Mortgage-Backed
(Cost
$3,362,305)
2,012,473
MUNICIPAL
BONDS
—
4.28%*
California
—
0.50%
San
Francisco
City
&
County
Airport
Commercial-San
Francisco
International
Airport
Revenue
Bonds,
Series
C
3.05%
05/01/34
20,000
16,688
Santa
Clara
Valley
Transportation
Authority
Revenue
Bonds,
Transit
Improvements
5.88%
04/01/32
20,000
20,788
Santa
Monica
Community
College
District
General
Obligation
Bonds
2.05%
08/01/33
20,000
15,705
53,181
Issues
Maturity
Date
Principal
Amount
Value
MUNICIPAL
BONDS
(continued)
Florida
—
0.13%
County
of
Miami-Dade
Aviation
Revenue
Bonds,
Airport
and
Marina
Improvements,
Series
D
3.50%
10/01/31
$
15,000
$
13,297
Maryland
—
0.11%
City
of
Baltimore
Revenue
Bonds,
Series
B
2.13%
07/01/33
15,000
11,916
Massachusetts
—
0.46%
Commonwealth
of
Massachusetts
Revenue
Bonds,
Series
B
4.11%
07/15/31
25,000
24,307
Massachusetts
School
Building
Authority
Revenue
Bonds,
Series
A
2.50%
02/15/37
15,000
11,122
Massachusetts
School
Building
Authority
Revenue
Bonds,
Series
B
2.97%
10/15/32
15,000
12,936
48,365
Michigan
—
0.22%
University
of
Michigan
Revenue
Bonds,
Series
C
3.44%
04/01/31
25,000
23,231
New
York
—
2.86%
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
Bonds,
Public
Improvements
3.73%
08/01/29
5,000
4,696
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
Bonds,
Public
Improvements,
Series
D
2.50%
11/01/33
50,000
40,447
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
Bonds,
Public
Improvements,
Series
E
1.97%
02/01/33
100,000
77,716
New
York
State
Dormitory
Authority
Revenue
Bonds,
School
Improvements,
Series
F
2.96%
02/15/32
25,000
21,691
New
York
State
Dormitory
Authority
Revenue
Bonds,
Series
C
1.95%
03/15/29
75,000
64,392
New
York
State
Dormitory
Authority
Revenue
Bonds,
University
&
College
Improvements
5.29%
03/15/33
50,000
51,380
New
York
State
Urban
Development
Corp.
Revenue
Bonds,
Economic
Improvements,
Series
B
2.97%
03/15/34
15,000
12,578
New
York
State
Urban
Development
Corp.
Revenue
Bonds,
Economic
Improvements,
Series
F
2.00%
03/15/33
15,000
11,667
New
York
State
Urban
Development
Corp.
Revenue
Bonds,
Transit
Improvements,
Series
B
2.59%
03/15/35
25,000
19,781
304,348
Total
Municipal
Bonds
(Cost
$546,580)
454,338
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
9
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
U.S.
TREASURY
SECURITIES
—
13.88%
U.S.
Treasury
Bonds
—
0.83%
U.S.
Treasury
Bonds
-
Treasury
Inflation
Indexed
Bonds
(WI)
1.13%
01/15/33
7
$
23,428
$
22,461
1.25%
04/15/28
7
67,774
65,571
88,032
U.S.
Treasury
Notes
—
13.05%
U.S.
Treasury
Notes
4.00%
06/30/28
230,000
228,751
4.25%
05/31/25
102,000
100,723
4.63%
06/30/25
864,000
860,085
U.S.
Treasury
Notes
(WI)
3.38%
05/15/33
148,000
142,750
3.63%
05/31/28
55,000
53,790
1,386,099
Total
U.S.
Treasury
Securities
(Cost
$1,480,345)
1,474,131
Total
Bonds
—
103.20%
(Cost
$13,086,032)
10,963,350
Issues
Maturity
Date
Principal
Amount
/
Shares
Value
SHORT-TERM
INVESTMENTS
—
7.48%
Money
Market
Funds
—
2.33%
Fidelity
Investments
Money
Market
Funds
-
Government
Portfolio
4.99%
8
21,441
21,441
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
5.02%
8
226,000
226,000
247,441
U.S.
Treasury
Bills
—
5.15%
U.S.
Treasury
Bills
5.36%
9
10/03/23
150,000
148,018
5.25%
9
10/26/23
300,000
295,022
U.S.
Treasury
Bills
(WI)
5.12%
9
08/15/23
105,000
104,355
547,395
Total
Short-Term
Investments
(Cost
$794,863)
794,836
Total
Investments
-
110.68%
(Cost
$13,880,895)
11,758,186
Liabilities
in
Excess
of
Other
Assets
-
(10.68)%
(1,134,675)
Net
Assets
-
100.00%
$
10,623,511
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
June
30,
2023.
3
Foreign
denominated
security
issued
by
foreign
domiciled
entity.
4
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
5
Illiquid
security
as
determined
under
procedures
approved
by
the
Board
of
Trustees.
The
aggregate
value
of
illiquid
securities
is
$44,302,
which
is
0.42%
of
total
net
assets.
6
Variable
rate
security.
Interest
rate
disclosed
is
as
of
the
most
recent
information
available.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
7
Inflation
protected
security.
Principal
amount
reflects
original
security
face
amount.
8
Represents
the
current
yield
as
of
June
30,
2023.
9
Represents
annualized
yield
at
date
of
purchase.
*
Securities
with
a
call
or
reset
feature
will
have
an
effective
maturity
date
sooner
than
the
stated
maturity.
**
Securities
backed
by
mortgage
or
consumer
loans
where
payment
is
periodically
made
will
have
an
effective
maturity
date
sooner
than
the
stated
maturity
date.
Note:
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
for
more
meaningful
presentation
for
investors.
(CLO):
Collateralized
Loan
Obligation
(IO):
Interest
Only
(LIBOR):
London
InterBank
Offer
Rate
(MTN):
Medium-Term
Note
(REIT):
Real
Estate
Investment
Trust
(S&P):
Standard
&
Poor’s
(SOFR):
Secured
Overnight
Financing
Rate
(TBA):
To-Be-Announced
(USD):
U.S.
Dollar
(WI):
When
Issued
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
10
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
FUTURES
CONTRACTS:
LONG
POSITIONS
U.S.
Treasury
Two-Year
Note
20
09/29/23
$
4,066,875
$
(58,568)
$
(58,568)
U.S.
Treasury
Five-Year
Note
7
09/29/23
749,656
(14,875)
(14,875)
4,816,531
(73,443)
(73,443)
FUTURES
CONTRACTS:
SHORT
POSITIONS
U.S.
Treasury
Ten-Year
Ultra
Bond
11
09/20/23
(1,302,813)
13,349
13,349
U.S.
Treasury
Ultra
Bond
1
09/20/23
(136,219)
(1,488)
(1,488)
(1,439,032)
11,861
11,861
TOTAL
FUTURES
CONTRACTS
$
3,377,499
$
(61,582)
$
(61,582)
Received
by
the
Fund
Paid
by
the
Fund
Description
Maturity
Date
Rate
Frequency
Rate
Frequency
Notional
Amount
(000's)
Value
Premiums
Paid
Unrealized
Appreciation
SWAPS:
INTEREST
RATE
Interest
Rate
Swap
1
09/20/53
USD-SOFR-
COMPOUND
Annual
3.00%
Annual
$
16
$
423
$
—
$
423
Interest
Rate
Swap
1
09/20/53
USD-SOFR-
COMPOUND
Annual
3.00%
Annual
52
1,373
—
1,373
TOTAL
SWAPS
CONTRACTS
$
68
$
1,796
$
—
$
1,796
1
Centrally
cleared.
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
11
/
June
2023
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
used
by
the
Adviser
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
used
by
the
Adviser,
the
value
of
the
security
or
asset was
determined
in
good
faith
by
the Adviser,
as
the
valuation
designee.
When
the
Fund
uses
these
fair
valuation
methods that
use
significant
unobservable
inputs
to
determine
NAV,
securities
will
be
priced
by
a
method
that
the
Adviser
believes
accurately
reflects
fair
value
and
are
categorized
as
Level
3
of
the
fair
value
hierarchy.
These
methods
may
require
subjective
determinations
about
the
value
of
a
security.
While
the
Fund’s
policy
is
intended
to
result
in
a
calculation
of
its
NAV
that
fairly
reflects
security
values
as
of
the
time
of
pricing,
the
Fund
cannot
guarantee
that
values
determined
by
the
Adviser
would
accurately
reflect
the
price
that
the
Fund
could
obtain
for
a
security
if
it
were
to
dispose
of
that
security
as
of
the
time
of
pricing
(for
instance,
in
a
forced
or
distressed
sale).
The
prices
used
by
the
Fund
may
differ
from
the
value
that
would
be
realized
if
the
securities
were
sold.
Fair
Value
Measurements
Various
inputs
are
used
in
determining
the
fair
value
of
investments,
which
are
as
follows:
*
Level
1
-
unadjusted
quoted
prices
in
active
markets
for
identical
securities
*
Level
2
-
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
*
Level
3
-
significant
unobservable
inputs
that
are
not
corroborated
by
observable
market
data
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
12
The
inputs
or
methodology
used
for
valuing
investments
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
investments
and
the
determination
of
the
significance
of
a
particular
input
to
the
fair
value
measurement
in
its
entirety
requires
judgment
and
consideration
of
factors
specific
to
each
security.
The
availability
of
observable
inputs
can
vary
from
security
to
security
and
is
affected
by
a
wide
variety
of
factors,
including,
for
example,
the
type
of
security,
whether
the
security
is
new
and
not
yet
established
in
the
marketplace,
the
liquidity
of
markets,
and
other
characteristics
particular
to
the
security.
To
the
extent
that
valuation
is
based
on
models
or
inputs
that
are
less
observable
or
unobservable
in
the
market,
the
determination
of
fair
value
requires
more
judgment.
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized as
Level
3.
In
periods
of
market
dislocation,
the
observability
of
prices
and
inputs
may
be
reduced
for
many
instruments.
This
condition,
as
well
as
changes
related
to
liquidity
of
investments,
could
cause
a
security
to
be
reclassified
between
Level
1,
Level
2,
or
Level
3.
In
certain
cases,
the
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes
the
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
falls
in
its
entirety
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
summary
of
inputs
used
to
value
the
Fund’s
investments
and
other
financial
instruments
carried
at
fair
value
as
of
June
30,
2023
is
as
follows:
INVESTMENT
GRADE
CREDIT
FUND
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Investments
in
Securities
Assets:
Short-Term
Investments:
Money
Market
Funds
$
247,441
$
—
$
—
$
247,441
U.S.
Treasury
Bills
547,395
—
—
547,395
Long-Term
Investments:
Asset-Backed
Securities
—
384,786
30,595
415,381
Corporates
—
6,607,027
—
6,607,027
Mortgage-Backed
Securities
—
1,998,766
13,707
2,012,473
Municipal
Bonds
—
454,338
—
454,338
U.S.
Treasury
Securities
1,386,099
88,032
—
1,474,131
Other
Financial
Instruments
*
Assets:
Interest
rate
contracts
13,349
1,796
—
15,145
Liabilities:
Interest
rate
contracts
(
74,931
)
—
—
(
74,931
)
Total
$
2,119,353
$
9,534,745
$
44,302
$
11,698,400
*Other
financial
instruments
include
futures
and
swaps.
Interest
rate
contracts
include
futures
and
swaps.
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
13
/
June
2023
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
June
30,
2023
a
reconciliation
of
Level
3
investments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
at
the
beginning
and/or
end
of
the
period
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
INVESTMENT
GRADE
CREDIT
FUND
ASSET-BACKED
SECURITIES
MORTGAGE-
BACKED
SECURITIES
TOTAL
Balance
as
of
April
1,
2023
$
31,899
$
17,682
$
49,581
Accrued
discounts/premiums
—
(
1,057
)
(
1,057
)
Realized
gain
(loss)
—
—
—
Change
in
unrealized
(depreciation)*
(
723
)
(
2,918
)
(
3,641
)
Purchases
—
—
—
Sales
(
581
)
—
(
581
)
Transfers
into
Level
3**
—
—
—
Transfers
out
of
Level
3**
—
—
—
Balance
as
of
June
30,
2023
$
30,595
$
13,707
$
44,302
*The
change
in
unrealized
appreciation
(depreciation)
on
securities
still
held
at
June
30,
2023
was
$(3,641)
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
June
30,
2023.
Significant
unobservable
valuations
inputs
for
Level
3
investments
as
of
June
30,
2023,
are
as
follows:
INVESTMENT
GRADE
CREDIT
FUND
FAIR
VALUE
AT
6/30/23
VALUATION
TECHNIQUE
*
UNOBSERVABLE
INPUT
RANGE
WEIGHTED
AVERAGE
INPUT
TO
VALUATION
IF
INPUT
INCREASES
Asset-Backed
Securities
$30,595
Broker
Quote
Offered
Quote
$88.03
$88.03
Increase
Mortgage-Backed
Securities-
Non-Agency
Commercial
$13,707
Third-Party
Vendor
Vendor
Prices
$0.05
-
$0.69
$0.68
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.