Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
1
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
BONDS
–
93.63%
ASSET-BACKED
SECURITIES
—
12.14%**
AGL
CLO
12
Ltd.,
Series
2021-12A,
Class
B
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.60%)
6.85%
07/20/34
1,2,3
$
125,000
$
121,795
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
Allegro
CLO
XII
Ltd.,
Series
2020-1A,
Class
B
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.70%)
6.96%
01/21/32
1,2,3
45,000
44,249
AMSR
Trust,
Series
2020-SFR1,
Class
H
5.30%
04/17/37
3
200,000
187,312
AMSR
Trust,
Series
2020-SFR1,
Class
I
8.19%
04/17/37
3
100,000
95,056
Carvana
Auto
Receivables
Trust,
Series
2022-P3,
Class
R
0.00%
09/10/29
3
1,750
307,393
Cedar
Funding
II
CLO
Ltd.,
Series
2013-1A,
Class
BRR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.35%)
6.60%
04/20/34
1,2,3
75,000
71,807
Cedar
Funding
XII
CLO
Ltd.,
Series
2020-12A,
Class
A1R
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.13%)
6.39%
10/25/34
1,2,3
180,000
176,752
CoreVest
American
Finance
Trust,
Series
2019-1,
Class
XA
(IO)
2.46%
03/15/52
3,4
54,179
1,177
CoreVest
American
Finance
Trust,
Series
2020-1,
Class
A2
2.30%
03/15/50
3
140,000
122,858
Crystal
River
CDO,
Series
2005-1A,
Class
A
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
0.36%)
5.88%
03/02/46
1,2,3,5,6
419,900
43,590
Diamond
Infrastructure
Funding
LLC,
Series
2021-1A,
Class
C
3.48%
04/15/49
3
215,000
187,471
Dryden
85
CLO
Ltd.,
Series
2020-85A,
Class
AR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.15%)
6.41%
10/15/35
1,2,3
150,000
147,076
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
Eaton
Vance
CLO
Ltd.,
Series
2020-1A,
Class
AR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.17%)
6.43%
10/15/34
1,2,3
$
90,000
$
88,530
FirstKey
Homes
Trust,
Series
2020-SFR1,
Class
F2
4.28%
08/17/37
3
162,000
151,514
FirstKey
Homes
Trust,
Series
2020-SFR1,
Class
G
4.78%
08/17/37
3
265,000
247,391
Flatiron
RR
CLO
22
LLC,
Series
2021-2A,
Class
B
(LIBOR
USD
3-Month
plus
1.60%)
6.86%
10/15/34
1,3
250,000
244,743
FRTKL,
Series
2021-SFR1,
Class
G
4.11%
09/17/38
3
300,000
254,220
Global
SC
Finance
II
SRL,
Series
2014-1A,
Class
A2
(Barbados)
3.09%
07/17/29
2,3
33,001
32,086
GLS
Auto
Receivables
Issuer
Trust,
Series
2023-2A,
Class
D
6.31%
03/15/29
3
220,000
216,169
GoldenTree
Loan
Management
U.S.
CLO
1
Ltd.,
Series
2021-9A,
Class
B
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.50%)
6.75%
01/20/33
1,2,3
325,000
316,856
GoldenTree
Loan
Management
U.S.
CLO
17
Ltd.,
Series
2023-17A,
Class
D
(United
Kingdom)
(CME
Term
SOFR
3-Month
plus
5.00%)
10.25%
07/20/36
1,2,3
175,000
175,058
Golub
Capital
Partners
CLO
54M
L.P,
Series
2021-54A,
Class
A
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.53%)
6.86%
08/05/33
1,2,3
90,000
87,847
Harvest
Commercial
Capital
Loan
Trust,
Series
2019-1,
Class
A
3.29%
09/25/46
3,4
20,868
19,992
HPS
Loan
Management
Ltd.
Series
10A-16,
Class
A1RR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.14%)
6.39%
04/20/34
1,2,3
85,000
83,617
HPS
Loan
Management
Ltd.,
Series
2023-18A,
Class
D
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
5.75%)
11.01%
07/20/36
1,2,3
175,000
175,087
KGS-Alpha
SBA
COOF
Trust,
Series
2015-1,
Class
A
(IO)
1.77%
10/25/35
3,4
930,877
28,322
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
2
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
Lehman
Brothers
Small
Balance
Commercial
Mortgage
Trust,
Series
2007-1A,
Class
1A
(LIBOR
USD
1-Month
plus
0.25%)
5.40%
03/25/37
1,3
$
10,604
$
10,579
Neuberger
Berman
Loan
Advisers
CLO
43
Ltd.,
Series
2021-43A,
Class
A
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.13%)
6.39%
07/17/35
1,2,3
85,000
83,716
OCP
CLO
Ltd.,
Series
2021-21A,
Class
B
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.70%)
6.95%
07/20/34
1,2,3
50,000
48,648
OCP
CLO
Ltd.,
Series
2023-28A,
Class
D
(United
Kingdom)
(CME
Term
SOFR
3-Month
plus
5.35%)
0.00%
07/16/36
1,2,3
250,000
250,937
Octagon
Investment
Partners
46
Ltd.,
Series
2020-2A,
Class
BR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.65%)
6.91%
07/15/36
1,2,3
125,000
121,550
OHA
Credit
Funding
7
Ltd.,
Series
2020-7A,
Class
AR
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.30%)
6.33%
02/24/37
1,2,3
150,000
147,105
Park
Avenue
Institutional
Advisers
CLO
Ltd.,
Series
2021-1A,
Class
A2
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.75%)
7.00%
01/20/34
1,2,3
40,000
38,963
Progress
Residential
Trust,
Series
2019-SFR4,
Class
F
3.68%
10/17/36
3
161,000
153,779
Progress
Residential
Trust,
Series
2021-SFR6,
Class
G
4.00%
07/17/38
3
250,000
215,975
Progress
Residential,
Series
2021-SFR1,
Class
F
2.76%
04/17/38
3
170,000
147,180
Rockford
Tower
CLO
Ltd.,
Series
2017-3A,
Class
A
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.19%)
6.44%
10/20/30
1,2,3
114,450
113,547
Rockford
Tower
CLO
Ltd.,
Series
2021-1A,
Class
B
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.65%)
6.90%
07/20/34
1,2,3
75,000
72,502
Skyline
Aircraft
Finance
LLC,
Series
2021-1,
Class
A
3.23%
05/10/37
4,5,6
65,168
57,365
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
SLC
Student
Loan
Trust,
Series
2004-1,
Class
B
(LIBOR
USD
3-Month
plus
0.29%)
5.61%
08/15/31
1
$
96,050
$
81,619
SLM
Student
Loan
Trust,
Series
2007-7,
Class
B
(LIBOR
USD
3-Month
plus
0.75%)
6.01%
10/27/70
1
215,000
184,151
SLM
Student
Loan
Trust,
Series
2008-2,
Class
B
(LIBOR
USD
3-Month
plus
1.20%)
6.46%
01/25/83
1
340,000
320,130
SLM
Student
Loan
Trust,
Series
2008-3,
Class
B
(LIBOR
USD
3-Month
plus
1.20%)
6.46%
04/26/83
1
340,000
314,979
SLM
Student
Loan
Trust,
Series
2008-4,
Class
B
(LIBOR
USD
3-Month
plus
1.85%)
7.11%
04/25/73
1
340,000
323,812
SLM
Student
Loan
Trust,
Series
2008-5,
Class
B
(LIBOR
USD
3-Month
plus
1.85%)
7.11%
07/25/73
1
235,000
229,289
SLM
Student
Loan
Trust,
Series
2008-6,
Class
B
(LIBOR
USD
3-Month
plus
1.85%)
7.11%
07/26/83
1
340,000
322,065
Stratus
CLO
Ltd.,
Series
2021-3A,
Class
SUB
(Cayman
Islands)
0.00%
12/29/29
2,3,4
250,000
174,899
Structured
Receivables
Finance
LLC,
Series
2010-A,
Class
B
7.61%
01/16/46
3
244,268
245,687
Structured
Receivables
Finance
LLC,
Series
2010-B,
Class
B
7.97%
08/15/36
3
276,957
281,008
Textainer
Marine
Containers
VII
Ltd.,
Series
2021-2A,
Class
A
(Bermuda)
2.23%
04/20/46
2,3
206,667
177,553
TIF
Funding
II
LLC,
Series
2021-1A,
Class
A
1.65%
02/20/46
3
214,816
179,085
Trestles
CLO
V
Ltd.,
Series
2021-5A,
Class
A1
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.17%)
6.42%
10/20/34
1,2,3
90,000
88,214
Tricon
American
Homes
Trust,
Series
2017-SFR2,
Class
E
4.22%
01/17/36
3
150,000
147,596
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
3
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
Tricon
American
Homes,
Series
2020-SFR1,
Class
D
2.55%
07/17/38
3
$
133,000
$
118,274
Total
Asset-Backed
Securities
(Cost
$8,804,416)
8,346,270
CORPORATES
—
29.12%*
Banking
—
5.46%
Bank
of
America
Corp.
2.30%
07/21/32
4
150,000
119,983
3.42%
12/20/28
4
35,000
32,212
Bank
of
America
Corp.
(MTN)
1.90%
07/23/31
4
25,000
19,885
1.92%
10/24/31
4
415,000
329,313
2.88%
10/22/30
4
50,000
43,016
3.82%
01/20/28
4
110,000
104,081
Bank
of
America
Corp.,
Series
N
1.66%
03/11/27
4
80,000
71,879
Bank
of
America
Corp.,
Series
RR
4.38%
4,7
15,000
12,987
Comerica,
Inc.
5.63%
4,7
45,000
37,411
DNB
Bank
ASA
(Norway)
1.13%
09/16/26
2,3,4
45,000
40,207
HSBC
Holdings
PLC
(United
Kingdom)
1.59%
05/24/27
2,4
25,000
22,077
1.65%
04/18/26
2,4
10,000
9,216
2.01%
09/22/28
2,4
115,000
98,657
2.36%
08/18/31
2,4
90,000
72,125
2.80%
05/24/32
2,4
50,000
40,540
6.33%
03/09/44
2,4
145,000
150,714
JPMorgan
Chase
&
Co.
1.58%
04/22/27
4
55,000
49,431
2.07%
06/01/29
4
5,000
4,293
2.58%
04/22/32
4
330,000
274,202
Lloyds
Banking
Group
PLC
(United
Kingdom)
4.98%
08/11/33
2,4
250,000
234,115
Macquarie
Group
Ltd.
(Australia)
2.69%
06/23/32
2,3,4
30,000
23,784
2.87%
01/14/33
2,3,4
95,000
75,962
NatWest
Group
PLC
(United
Kingdom)
4.27%
03/22/25
2,4
55,000
54,024
PNC
Financial
Services
Group,
Inc.
(The)
5.07%
01/24/34
4
40,000
38,387
6.04%
10/28/33
4
35,000
35,982
Santander
UK
Group
Holdings
PLC
(United
Kingdom)
1.09%
03/15/25
2,4
100,000
95,783
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Banking
(continued)
1.67%
06/14/27
2,4
$
50,000
$
43,327
U.S.
Bancorp
3.70%
4,7
15,000
11,078
4.84%
02/01/34
4
150,000
140,631
5.84%
06/12/34
4
40,000
40,309
5.85%
10/21/33
4
35,000
35,210
UBS
Group
AG
(Switzerland)
1.31%
02/02/27
2,3,4
30,000
26,264
2.59%
09/11/25
2,3,4
25,000
23,824
3.09%
05/14/32
2,3,4
15,000
12,146
4.19%
04/01/31
2,3,4
740,000
659,029
UBS
Group
AG
(EMTN)
(Switzerland)
0.63%
01/18/33
2
100,000
75,768
Wells
Fargo
&
Co.
(MTN)
2.39%
06/02/28
4
75,000
66,888
3.35%
03/02/33
4
500,000
428,725
3.53%
03/24/28
4
50,000
46,769
4.90%
07/25/33
4
55,000
52,786
3,753,020
Communications
—
2.92%
AT&T,
Inc.
3.80%
12/01/57
121,000
88,169
4.75%
05/15/46
15,000
13,254
Cable
One,
Inc.
4.00%
11/15/30
3
115,000
90,275
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.
4.25%
02/01/31
3
80,000
64,800
CCO
Holdings,
LLC/CCO
Holdings
Capital
Corp.
4.50%
06/01/33
3
75,000
59,062
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
4.80%
03/01/50
50,000
37,791
Charter
Communications
Operating,
LLC/Charter
Communications
Operating
Capital
5.25%
04/01/53
165,000
133,361
CommScope,
Inc.
4.75%
09/01/29
3
95,000
75,050
CSC
Holdings
LLC
5.75%
01/15/30
3
15,000
7,104
6.50%
02/01/29
3
117,000
94,698
7.50%
04/01/28
3
48,000
27,433
Diamond
Sports
Group,
LLC/Diamond
Sports
Finance
Co.
5.38%
08/15/26
3,8,9
43,000
1,478
DIRECTV
Financing
LLC/DIRECTV
Financing
Co.
Obligor,
Inc.
5.88%
08/15/27
3
30,000
27,372
Frontier
Communications
Holdings
LLC
6.75%
05/01/29
3
40,000
31,073
8.63%
03/15/31
3
111,000
107,491
Gray
Escrow
II,
Inc.
5.38%
11/15/31
3
41,000
27,375
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
4
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Communications
(continued)
Intelsat
Jackson
Holdings
SA
(Luxembourg)
6.50%
03/15/30
2,3
$
48,000
$
43,655
Intelsat
Jackson
Holdings
SA,
Class
B
(Luxembourg)
8.50%
10/15/24
†,2,3,5,6,8,9
38,000
—
9.75%
07/15/25
†,2,3,5,6,8,9
71,000
—
Meta
Platforms,
Inc.
4.45%
08/15/52
75,000
65,403
5.60%
05/15/53
65,000
66,825
Northwest
Fiber
LLC/Northwest
Fiber
Finance
Sub,
Inc.
4.75%
04/30/27
3
40,000
35,400
Qwest
Corp.
7.25%
09/15/25
70,000
68,250
Scripps
Escrow,
Inc.
5.88%
07/15/27
3
66,000
53,790
SES
GLOBAL
Americas
Holdings,
Inc.
5.30%
03/25/44
3
200,000
148,947
Sirius
XM
Radio,
Inc.
3.88%
09/01/31
3
55,000
42,584
Sprint
Spectrum
Co.
LLC/Sprint
Spectrum
Co.
II
LLC/Sprint
Spectrum
Co.
III
LLC
4.74%
03/20/25
3
78,750
77,748
Tencent
Holdings
Ltd.
(Cayman
Islands)
3.98%
04/11/29
2,3
25,000
23,235
Time
Warner
Cable
LLC
5.50%
09/01/41
100,000
83,273
5.88%
11/15/40
10,000
8,798
T-Mobile
USA,
Inc.
2.25%
02/15/26
66,000
60,823
2.55%
02/15/31
110,000
91,467
2.63%
04/15/26
38,000
35,263
5.05%
07/15/33
80,000
78,715
Vodafone
Group
PLC
(United
Kingdom)
4.88%
06/19/49
2
48,000
42,550
VZ
Secured
Financing
BV
(Netherlands)
5.00%
01/15/32
2,3
120,000
97,029
2,009,541
Consumer
Discretionary
—
1.55%
BAT
Capital
Corp.
2.73%
03/25/31
25,000
19,925
4.39%
08/15/37
20,000
16,014
4.54%
08/15/47
175,000
128,963
5.65%
03/16/52
125,000
108,937
Central
Garden
&
Pet
Co.
4.13%
10/15/30
40,000
33,606
Edgewell
Personal
Care
Co.
5.50%
06/01/28
3
32,000
30,407
Everi
Holdings,
Inc.
5.00%
07/15/29
3
73,000
64,240
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Consumer
Discretionary
(continued)
Imperial
Brands
Finance
PLC
(United
Kingdom)
3.13%
07/26/24
2,3
$
25,000
$
24,174
6.13%
07/27/27
2,3
70,000
70,238
JDE
Peet's
NV
(Netherlands)
2.25%
09/24/31
2,3
200,000
154,618
Spectrum
Brands,
Inc.
5.50%
07/15/30
3
10,000
9,225
Triton
Water
Holdings,
Inc.
6.25%
04/01/29
3
79,000
67,964
WarnerMedia
Holdings,
Inc.
4.28%
03/15/32
40,000
35,496
5.05%
03/15/42
70,000
58,785
5.14%
03/15/52
300,000
244,810
1,067,402
Consumer
Products
—
0.13%
Newell
Brands,
Inc.
6.00%
04/01/46
112,000
88,749
Diversified
REITs
—
0.96%
American
Assets
Trust
LP
3.38%
02/01/31
30,000
23,558
American
Tower
Corp.
1.00%
01/15/32
100,000
81,705
5.65%
03/15/33
35,000
35,679
Digital
Intrepid
Holding
BV
(Netherlands)
0.63%
07/15/31
2
100,000
75,902
GLP
Capital
LP/GLP
Financing
II,
Inc.
3.25%
01/15/32
4,000
3,220
4.00%
01/15/31
20,000
17,318
5.30%
01/15/29
75,000
71,062
5.38%
04/15/26
65,000
63,688
5.75%
06/01/28
25,000
24,482
LXP
Industrial
Trust
2.38%
10/01/31
55,000
41,851
2.70%
09/15/30
35,000
27,996
VICI
Properties
LP
5.13%
05/15/32
171,000
160,263
VICI
Properties
LP/VICI
Note
Co.,
Inc.
3.88%
02/15/29
3
5,000
4,392
4.13%
08/15/30
3
12,000
10,587
4.50%
09/01/26
3
5,000
4,751
4.50%
01/15/28
3
9,000
8,278
4.63%
06/15/25
3
5,000
4,840
659,572
Electric
—
1.68%
Alliant
Energy
Finance,
LLC
3.60%
03/01/32
3
55,000
48,078
American
Electric
Power
Co.,
Inc.
5.63%
03/01/33
60,000
61,178
Arizona
Public
Service
Co.
6.35%
12/15/32
245,000
260,069
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
5
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Electric
(continued)
Commonwealth
Edison
Co.
5.30%
02/01/53
$
130,000
$
132,855
Duke
Energy
Carolinas
LLC
5.35%
01/15/53
30,000
30,447
Duke
Energy
Corp.
3.85%
06/15/34
100,000
99,949
Entergy
Texas,
Inc.
3.45%
12/01/27
150,000
137,613
FirstEnergy
Transmission
LLC
2.87%
09/15/28
3
39,000
34,362
Jersey
Central
Power
&
Light
Co.
4.70%
04/01/24
3
55,000
54,433
Metropolitan
Edison
Co.
4.00%
04/15/25
3
75,000
71,810
Niagara
Mohawk
Power
Corp.
5.78%
09/16/52
3
60,000
60,410
TenneT
Holding
BV
(EMTN)
(Netherlands)
2.75%
05/17/42
2
105,000
101,917
Tucson
Electric
Power
Co.
5.50%
04/15/53
65,000
65,004
1,158,125
Energy
—
1.47%
Archrock
Partners
LP/Archrock
Partners
Finance
Corp.
6.25%
04/01/28
3
35,000
32,954
Enbridge,
Inc.
(Canada)
5.70%
03/08/33
2
20,000
20,282
Energy
Transfer
LP
5.00%
05/15/50
90,000
76,154
5.40%
10/01/47
159,000
140,784
5.50%
06/01/27
3,000
2,986
Global
Partners
LP/GLP
Finance
Corp.
6.88%
01/15/29
41,000
38,118
KeySpan
Gas
East
Corp.
5.99%
03/06/33
3
65,000
65,652
Kinder
Morgan
Energy
Partners
LP
5.00%
08/15/42
45,000
38,237
Petroleos
Mexicanos
(Mexico)
5.95%
01/28/31
2
63,000
46,072
6.35%
02/12/48
2
5,000
3,030
6.95%
01/28/60
2
35,000
21,735
Piedmont
Natural
Gas
Co.,
Inc.
5.40%
06/15/33
70,000
69,890
Rockies
Express
Pipeline
LLC
4.80%
05/15/30
3
100,000
88,000
Sabine
Pass
Liquefaction
LLC
4.50%
05/15/30
5,000
4,758
Southern
Co.
Gas
Capital
Corp.
3.88%
11/15/25
70,000
67,183
Sunoco
LP/Sunoco
Finance
Corp.
4.50%
05/15/29
56,000
49,773
4.50%
04/30/30
9,000
7,879
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Energy
(continued)
TransMontaigne
Partners
LP/TLP
Finance
Corp.
6.13%
02/15/26
$
73,000
$
63,303
Transocean
Poseidon
Ltd.
(Cayman
Islands)
6.88%
02/01/27
2,3
16,250
16,050
Transocean
Titan
Financing
Ltd.
(Cayman
Islands)
8.38%
02/01/28
2,3
32,000
32,680
Venture
Global
Calcasieu
Pass
LLC
3.88%
08/15/29
3
145,000
126,819
1,012,339
Entertainment
—
0.05%
Cinemark
USA,
Inc.
5.25%
07/15/28
3
41,000
36,285
Finance
—
3.46%
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
(Ireland)
2.45%
10/29/26
2
75,000
67,082
3.30%
01/30/32
2
155,000
126,785
Air
Lease
Corp.
(MTN)
2.30%
02/01/25
75,000
70,568
American
Express
Co.,
Series
D
3.55%
4,7
15,000
12,554
Avolon
Holdings
Funding
Ltd.
(Cayman
Islands)
2.53%
11/18/27
2,3
185,000
156,173
3.25%
02/15/27
2,3
15,000
13,418
Capital
One
Financial
Corp.
3.27%
03/01/30
4
40,000
34,124
Charles
Schwab
Corp.
(The)
Series
K
5.00%
4,7
15,000
12,607
Citigroup,
Inc.
2.52%
11/03/32
4
185,000
148,916
2.57%
06/03/31
4
45,000
37,564
2.67%
01/29/31
4
200,000
169,361
2.98%
11/05/30
4
20,000
17,376
3.52%
10/27/28
4
5,000
4,648
Citigroup,
Inc.,
Series
VAR
3.07%
02/24/28
4
40,000
36,853
GGAM
Finance
Ltd.
(Cayman
Islands)
8.00%
06/15/28
2,3
68,000
68,205
Goldman
Sachs
Group,
Inc.
(The)
0.93%
10/21/24
4
30,000
29,496
1.22%
12/06/23
75,000
73,627
1.54%
09/10/27
4
235,000
206,737
1.95%
10/21/27
4
10,000
8,897
2.38%
07/21/32
4
265,000
212,437
2.65%
10/21/32
4
30,000
24,464
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
6
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Finance
(continued)
Icahn
Enterprises
LP/Icahn
Enterprises
Finance
Corp.
4.38%
02/01/29
$
27,000
$
21,263
4.75%
09/15/24
20,000
19,125
5.25%
05/15/27
72,000
62,235
Jane
Street
Group/JSG
Finance,
Inc.
4.50%
11/15/29
3
74,000
63,895
JPMorgan
Chase
&
Co.
1.04%
02/04/27
4
175,000
156,007
2.55%
11/08/32
4
30,000
24,617
2.95%
02/24/28
4
20,000
18,387
Morgan
Stanley
0.79%
05/30/25
4
120,000
114,031
2.48%
09/16/36
4
110,000
83,289
Morgan
Stanley
(MTN)
1.93%
04/28/32
4
285,000
221,483
Nationwide
Building
Society
(United
Kingdom)
2.97%
02/16/28
2,3,4
50,000
44,959
4.36%
08/01/24
2,3,4
20,000
19,960
2,381,143
Food
—
0.74%
H-Food
Holdings
LLC/Hearthside
Finance
Co.,
Inc.
8.50%
06/01/26
3
66,000
26,161
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
(Canada)
3.75%
12/01/31
2,3
52,000
43,009
5.50%
01/15/30
2,3
25,000
24,002
5.75%
04/01/33
2,3
20,000
18,878
6.50%
12/01/52
2,3
10,000
9,499
Pilgrim's
Pride
Corp.
3.50%
03/01/32
36,000
28,715
4.25%
04/15/31
25,000
21,466
6.25%
07/01/33
115,000
112,019
Post
Holdings,
Inc.
5.75%
03/01/27
3
98,000
95,795
Simmons
Foods,
Inc./Simmons
Prepared
Foods,
Inc./
Simmons
Pet
Food,
Inc./Simmons
Feed
4.63%
03/01/29
3
115,000
93,203
Smithfield
Foods,
Inc.
2.63%
09/13/31
3
45,000
33,303
506,050
Gaming
—
0.14%
Penn
Entertainment,
Inc.
4.13%
07/01/29
3
79,000
64,978
5.63%
01/15/27
3
36,000
33,705
98,683
Health
Care
—
3.59%
1375209
BC
Ltd.
(Canada)
9.00%
01/30/28
2,3
62,000
62,227
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Health
Care
(continued)
AbbVie,
Inc.
3.60%
05/14/25
$
50,000
$
48,352
Amgen,
Inc.
4.88%
03/01/53
20,000
18,407
5.25%
03/02/33
65,000
65,097
5.60%
03/02/43
65,000
65,312
5.65%
03/02/53
65,000
65,932
Bayer
U.S.
Finance
II
LLC
2.85%
04/15/25
3
20,000
18,848
4.38%
12/15/28
3
70,000
66,438
4.63%
06/25/38
3
156,000
136,494
4.88%
06/25/48
3
50,000
45,020
Cano
Health
LLC
6.25%
10/01/28
3
42,000
26,327
Catalent
Pharma
Solutions,
Inc.
3.13%
02/15/29
3
115,000
93,611
Centene
Corp.
2.45%
07/15/28
46,000
39,494
3.00%
10/15/30
134,000
111,790
4.25%
12/15/27
49,000
45,860
CommonSpirit
Health
2.78%
10/01/30
40,000
33,687
CVS
Health
Corp.
5.05%
03/25/48
95,000
87,691
DENTSPLY
SIRONA,
Inc.
3.25%
06/01/30
45,000
38,955
Embecta
Corp.
5.00%
02/15/30
3
28,000
23,297
6.75%
02/15/30
3
53,000
48,232
Encompass
Health
Corp.
4.50%
02/01/28
20,000
18,625
Fortrea
Holdings,
Inc.
7.50%
07/01/30
3
35,000
35,855
Fresenius
Medical
Care
U.S.
Finance
III,
Inc.
1.88%
12/01/26
3
30,000
25,900
Grifols
Escrow
Issuer
SA
(Spain)
4.75%
10/15/28
2,3
109,000
94,681
HCA,
Inc.
3.50%
09/01/30
69,000
60,516
3.63%
03/15/32
3
195,000
169,395
5.25%
04/15/25
12,000
11,853
5.25%
06/15/49
110,000
99,360
5.50%
06/15/47
15,000
14,171
5.63%
09/01/28
14,000
14,042
Kevlar
SpA
(Italy)
6.50%
09/01/29
2,3
90,000
77,175
ModivCare
Escrow
Issuer,
Inc.
5.00%
10/01/29
3
70,000
51,892
ModivCare,
Inc.
5.88%
11/15/25
3
48,000
44,510
Molina
Healthcare,
Inc.
3.88%
11/15/30
3
35,000
30,188
3.88%
05/15/32
3
161,000
135,132
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
7
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Health
Care
(continued)
Option
Care
Health,
Inc.
4.38%
10/31/29
3
$
72,000
$
63,624
Organon
&
Co./Organon
Foreign
Debt
Co.-Issuer
BV
5.13%
04/30/31
3
104,000
86,060
Prestige
Brands,
Inc.
3.75%
04/01/31
3
116,000
96,191
Prime
Healthcare
Services,
Inc.
7.25%
11/01/25
3
90,000
85,726
Tenet
Healthcare
Corp.
4.88%
01/01/26
65,000
63,396
6.75%
05/15/31
3
33,000
33,223
Universal
Health
Services,
Inc.
1.65%
09/01/26
15,000
13,173
2,465,759
Health
Care
REITs
—
0.18%
Healthcare
Reality
Holdings
LP
2.00%
03/15/31
35,000
26,901
3.10%
02/15/30
30,000
25,687
Healthcare
Realty
Holdings
LP
2.05%
03/15/31
10,000
7,488
3.63%
01/15/28
70,000
62,032
122,108
Industrials
—
1.48%
Advanced
Drainage
Systems,
Inc.
6.38%
06/15/30
3
14,000
13,866
Ardagh
Packaging
Finance
PLC/Ardagh
Holdings
USA,
Inc.
(Canada)
5.25%
08/15/27
2,3
90,000
76,341
Artera
Services
LLC
9.03%
12/04/25
3
38,000
33,306
Ball
Corp.
4.00%
11/15/23
38,000
37,680
6.88%
03/15/28
91,000
92,773
Berry
Global,
Inc.
1.65%
01/15/27
5,000
4,317
4.88%
07/15/26
3
50,000
48,107
5.50%
04/15/28
3
115,000
113,527
Boeing
Co.
(The)
1.43%
02/04/24
60,000
58,421
4.88%
05/01/25
10,000
9,860
Energizer
Holdings,
Inc.
4.38%
03/31/29
3
46,000
39,784
General
Electric
Co.
(MTN)
(LIBOR
USD
3-Month
plus
0.48%)
5.80%
08/15/36
1
325,000
286,187
OT
Merger
Corp.
7.88%
10/15/29
3
123,000
75,498
TransDigm,
Inc.
6.75%
08/15/28
3
97,000
97,670
Trivium
Packaging
Finance
BV
(Netherlands)
5.50%
08/15/26
2,3
30,000
28,844
1,016,181
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Information
Technology
—
1.11%
Broadcom,
Inc.
2.60%
02/15/33
3
$
101,000
$
78,802
Fiserv,
Inc.
5.60%
03/02/33
130,000
132,662
Gen
Digital,
Inc.
6.75%
09/30/27
3
65,000
64,943
NCR
Corp.
5.13%
04/15/29
3
42,000
37,265
5.25%
10/01/30
3
72,000
62,702
Netflix,
Inc.
5.88%
02/15/25
50,000
50,236
Open
Text
Corp.
(Canada)
6.90%
12/01/27
2,3
18,000
18,315
Oracle
Corp.
3.80%
11/15/37
10,000
8,188
3.95%
03/25/51
243,000
184,036
6.50%
04/15/38
70,000
74,560
6.90%
11/09/52
45,000
50,590
762,299
Insurance
—
1.20%
Acrisure
LLC/Acrisure
Finance,
Inc.
6.00%
08/01/29
3
77,000
66,605
Alliant
Holdings
Intermediate
LLC/Alliant
Holdings
Co.-Issuer
6.75%
10/15/27
3
66,000
62,370
Aon
Corp./Aon
Global
Holdings
PLC
3.90%
02/28/52
55,000
43,298
Athene
Global
Funding
1.61%
06/29/26
3
30,000
26,039
1.99%
08/19/28
3
100,000
80,635
3.21%
03/08/27
3
25,000
22,399
(SOFR
Index
plus
0.70%)
5.79%
05/24/24
1,3
30,000
29,707
Brown
&
Brown,
Inc.
4.95%
03/17/52
45,000
38,827
Farmers
Exchange
Capital
II
6.15%
11/01/53
3,4
50,000
49,153
Farmers
Insurance
Exchange
4.75%
11/01/57
3,4
25,000
19,657
HUB
International
Ltd.
7.00%
05/01/26
3
15,000
14,994
Metropolitan
Life
Global
Funding
I
4.30%
08/25/29
3
150,000
142,258
Nationwide
Mutual
Insurance
Co.
7.84%
12/15/24
3,4
75,000
74,941
Teachers
Insurance
&
Annuity
Association
of
America
4.27%
05/15/47
3
65,000
53,896
Willis
North
America,
Inc.
2.95%
09/15/29
25,000
21,534
5.35%
05/15/33
80,000
78,099
824,412
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
8
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Materials
—
0.61%
ASP
Unifrax
Holdings,
Inc.
5.25%
09/30/28
3
$
30,000
$
21,707
Axalta
Coating
Systems,
LLC
3.38%
02/15/29
3
76,000
64,818
Clearwater
Paper
Corp.
4.75%
08/15/28
3
72,000
64,324
International
Flavors
&
Fragrances,
Inc.
2.30%
11/01/30
3
186,000
147,543
3.27%
11/15/40
3
5,000
3,503
3.47%
12/01/50
3
15,000
10,040
5.00%
09/26/48
5,000
4,240
SK
Invictus
Intermediate
II
SARL
(Luxembourg)
5.00%
10/30/29
2,3
45,000
35,799
Valvoline,
Inc.
3.63%
06/15/31
3
80,000
65,114
417,088
Office
REITs
—
0.14%
Hudson
Pacific
Properties
LP
3.25%
01/15/30
100,000
63,520
3.95%
11/01/27
15,000
10,922
4.65%
04/01/29
20,000
14,132
5.95%
02/15/28
5,000
4,030
92,604
Real
Estate
Investment
Trust
(REIT)
—
0.12%
American
Tower
Corp.
5.55%
07/15/33
85,000
85,690
Residential
REITs
—
0.29%
American
Homes
4
Rent
LP
3.38%
07/15/51
40,000
26,322
3.63%
04/15/32
5,000
4,340
4.30%
04/15/52
50,000
39,335
Invitation
Homes
Operating
Partnership
LP
2.00%
08/15/31
65,000
50,452
2.70%
01/15/34
105,000
79,662
200,111
Retail
—
0.40%
Fertitta
Entertainment,
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.
6.75%
01/15/30
3
126,000
107,415
FirstCash,
Inc.
5.63%
01/01/30
3
51,000
46,126
Michaels
Cos.,
Inc.
(The)
7.88%
05/01/29
3
93,000
62,775
Papa
John's
International,
Inc.
3.88%
09/15/29
3
70,000
59,292
275,608
Retail
REITs
—
0.04%
Brixmor
Operating
Partnership
LP
4.05%
07/01/30
30,000
27,029
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Services
—
0.70%
Adtalem
Global
Education,
Inc.
5.50%
03/01/28
3
$
76,000
$
69,102
Global
Payments,
Inc.
5.40%
08/15/32
40,000
39,006
5.95%
08/15/52
8,000
7,690
HealthEquity,
Inc.
4.50%
10/01/29
3
75,000
66,444
Hertz
Corp.
(The)
4.63%
12/01/26
3
3,000
2,722
5.00%
12/01/29
3
99,000
81,180
Upbound
Group,
Inc.
6.38%
02/15/29
3
74,000
65,860
WASH
Multifamily
Acquisition,
Inc.
5.75%
04/15/26
3
60,000
56,346
Waste
Pro
USA,
Inc.
5.50%
02/15/26
3
102,000
94,735
483,085
Specialized
REITs
—
0.39%
Blackstone
Property
Partners
Europe
Holdings
SARL
(EMTN)
(Luxembourg)
1.63%
04/20/30
2
100,000
76,886
CubeSmart
LP
2.50%
02/15/32
80,000
63,647
Extra
Space
Storage
LP
2.35%
03/15/32
105,000
82,183
2.55%
06/01/31
15,000
12,163
Life
Storage
LP
2.40%
10/15/31
45,000
35,734
270,613
Transportation
—
0.31%
JetBlue
Airways
Pass-Through
Trust,
Series
2020-1,
Class
A
4.00%
11/15/32
83,641
76,249
United
Airlines
Pass-Through
Trust,
Series
2023-1,
Class
A
5.80%
01/15/36
135,000
137,635
213,884
Total
Corporates
(Cost
$20,920,779)
20,027,380
MORTGAGE-BACKED
—
51.59%**
Non-Agency
Commercial
Mortgage-Backed
—
2.53%
Banc
of
America
Commercial
Mortgage
Trust,
Series
2015-UBS7,
Class
XE
(IO)
1.25%
09/15/48
3,4
1,500,000
31,533
Banc
of
America
Merrill
Lynch
Commercial
Mortgage
Trust,
Series
2019-BPR,
Class
AMP
3.29%
11/05/32
3
100,000
91,586
BX
Commercial
Mortgage
Trust,
Series
2021-VOLT,
Class
F
(LIBOR
USD
1-Month
plus
2.40%)
7.59%
09/15/36
1,3
100,000
93,587
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
9
/
June
2023
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
4
$
3,925,732
$
30,814
Citigroup
Commercial
Mortgage
Trust,
Series
2016-P4,
Class
XA
(IO)
2.05%
07/10/49
4
1,952,008
82,000
COBALT
CMBS
Commercial
Mortgage
Trust,
Series
2007-C2,
Class
X
(IO)
0.65%
04/15/47
3,4
201,726
814
Commercial
Mortgage
Trust,
Series
2012-CR3,
Class
XA
(IO)
1.38%
10/15/45
4
2,202,224
5,028
Commercial
Mortgage
Trust,
Series
2013-CR12,
Class
XA
(IO)
1.20%
10/10/46
4
1,022,046
609
Commercial
Mortgage
Trust,
Series
2020-CBM,
Class
XCP
(IO)
0.72%
02/10/37
3,4
1,667,987
13,113
Credit
Suisse
Mortgage
Capital
Trust,
Series
2014-USA,
Class
X1
(IO)
0.69%
09/15/37
3,4
9,783,817
85,784
CSAIL
Commercial
Mortgage
Trust,
Series
2015-C1,
Class
XA
(IO)
0.95%
04/15/50
4
1,629,634
13,578
CSMC,
Series
2018-SITE,
Class
B
4.53%
04/15/36
3
100,000
95,657
European
Loan
Conduit
No.
36
DAC,
Series
36A,
Class
E
(Ireland)
(3
month
Euribor
plus
3.35%)
6.71%
02/17/30
1,2,3
95,559
97,163
Frost
CMBS
DAC,
Series
2021-1X,
Class
EUA
(Ireland)
(3
month
Euribor
plus
1.15%)
4.53%
11/20/33
1,2
99,388
104,009
GS
Mortgage
Securities
Corp.
Trust,
Series
2020-UPTN,
Class
XA
(IO)
0.45%
02/10/37
3,4
940,000
4,442
GS
Mortgage
Securities
Trust,
Series
2013-GC16,
Class
XB
(IO)
0.34%
11/10/46
4
45,024,000
17,706
GS
Mortgage
Securities
Trust,
Series
2014-GC24,
Class
XA
(IO)
0.83%
09/10/47
4
2,635,871
15,537
GS
Mortgage
Securities
Trust,
Series
2015-GC32,
Class
XA
(IO)
0.85%
07/10/48
4
4,520,926
52,143
Impact
Funding
Affordable
Multifamily
Housing
Mortgage
Loan
Trust,
Series
2010-1,
Class
A1
5.31%
01/25/51
3
48,213
46,690
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2013-C15,
Class
XA
(IO)
1.12%
11/15/45
4
2,917,498
59
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2014-C22,
Class
XA
(IO)
0.95%
09/15/47
4
$
7,317,503
$
39,444
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2014-C25,
Class
XA
(IO)
0.95%
11/15/47
4
4,493,226
35,396
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2014-C26,
Class
XA
(IO)
1.07%
01/15/48
4
2,434,335
21,982
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2018-C8,
Class
XEF
(IO)
1.97%
06/15/51
3,4
1,157,000
80,492
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2013-C16,
Class
XA
(IO)
0.99%
12/15/46
4
4,014,491
465
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2019-ICON,
Class
C
4.54%
01/05/34
3
72,000
70,045
Ladder
Capital
Commercial
Mortgage
Mortgage
Trust,
Series
2013-GCP,
Class
XA
(IO)
1.32%
02/15/36
3,4
1,408,617
59,242
Med
Trust,
Series
2021-MDLN,
Class
G
(LIBOR
USD
1-Month
plus
5.25%)
10.44%
11/15/38
1,3
99,522
92,623
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2013-C9,
Class
XB
(IO)
0.24%
05/15/46
3,4
12,532,749
10,024
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2014-C19,
Class
XA
(IO)
1.10%
12/15/47
4
2,638,597
22,726
SFAVE
Commercial
Mortgage
Securities
Trust,
Series
2015-5AVE,
Class
A1
3.87%
01/05/43
3,4
220,000
155,309
SMRT,
Series
2022-MINI,
Class
E
(CME
Term
SOFR
1-Month
plus
2.70%)
7.85%
01/15/39
1,3
100,000
94,527
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-NXS2,
Class
XA
(IO)
0.74%
07/15/58
4
3,083,625
27,992
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2016-NXS6,
Class
XA
(IO)
1.73%
11/15/49
4
3,282,046
117,739
WF-RBS
Commercial
Mortgage
Trust,
Series
2013-C13,
Class
XB
(IO)
0.46%
05/15/45
3,4
1,088,137
1,095
WF-RBS
Commercial
Mortgage
Trust,
Series
2013-C14,
Class
XA
(IO)
0.56%
06/15/46
4
118,469
254
WF-RBS
Commercial
Mortgage
Trust,
Series
2013-C17,
Class
XA
(IO)
1.15%
12/15/46
4
4,449,880
3,989
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
10
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
WF-RBS
Commercial
Mortgage
Trust,
Series
2014-C21,
Class
XA
(IO)
1.15%
08/15/47
4
$
3,152,213
$
22,186
1,737,382
Non-Agency
Mortgage-Backed
—
33.27%
ACE
Securities
Corp.
Home
Equity
Loan
Trust,
Series
2007-ASP1,
Class
A2D
(LIBOR
USD
1-Month
plus
0.76%)
5.91%
03/25/37
1
370,469
157,879
ACE
Securities
Corp.
Home
Equity
Loan
Trust,
Series
2007-HE1,
Class
A1
(LIBOR
USD
1-Month
plus
0.30%)
5.45%
01/25/37
1
586,758
299,926
Ajax
Mortgage
Loan
Trust,
Series
2021-C,
Class
A
(STEP-reset
date
07/25/23)
2.12%
01/25/61
3
312,591
293,334
Alternative
Loan
Trust,
Series
2005-10CB,
Class
1A8
5.50%
05/25/35
327,245
274,982
Alternative
Loan
Trust,
Series
2005-59,
Class
1A1
(LIBOR
USD
1-Month
plus
0.66%)
4.05%
11/20/35
1
332,782
299,448
Alternative
Loan
Trust,
Series
2007-15CB,
Class
A7
6.00%
07/25/37
321,905
215,175
American
Home
Mortgage
Assets
Trust,
Series
2007-1,
Class
A1
(Federal
Reserve
US
12-Month
Cumulative
Average
plus
0.70%)
4.68%
02/25/47
1
716,584
288,607
APS
Resecuritization
Trust,
Series
2016-3,
Class
3MZ
0.99%
09/27/46
3,4
387,266
171,037
Banc
of
America
Funding
Trust,
Series
2006-7,
Class
T2A3
5.69%
10/25/36
4
231,492
201,649
Banc
of
America
Funding
Trust,
Series
2014-R5,
Class
1A2
(LIBOR
USD
6-Month
plus
1.50%)
3.53%
09/26/45
1,3
265,060
194,013
Banc
of
America
Funding
Trust,
Series
2015-R3,
Class
1A2
5.12%
03/27/36
3,4
407,742
315,078
BRAVO
Residential
Funding
Trust,
Series
2021-A,
Class
A1
(STEP-reset
date
07/25/23)
1.99%
10/25/59
3
296,857
280,390
Carrington
Mortgage
Loan
Trust,
Series
2006-NC4,
Class
A4
(LIBOR
USD
1-Month
plus
0.24%)
5.39%
10/25/36
1
175,000
150,453
Carrington
Mortgage
Loan
Trust,
Series
2007-RFC1,
Class
A3
(LIBOR
USD
1-Month
plus
0.14%)
5.29%
12/25/36
1
107,908
103,302
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
CIM
Trust,
Series
2020-R6,
Class
A1
2.25%
12/25/60
3,4
$
329,331
$
269,904
CIM
Trust,
Series
2021-NR1,
Class
A1
(STEP-reset
date
08/25/23)
2.57%
07/25/55
3
214,444
207,430
CIM
Trust,
Series
2021-NR2,
Class
A1
(STEP-reset
date
08/25/23)
2.57%
07/25/59
3
113,767
108,918
CIM
Trust,
Series
2021-R1,
Class
A2
2.40%
08/25/56
3,4
387,418
335,670
CIM
Trust,
Series
2021-R3,
Class
A1A
1.95%
06/25/57
3,4
68,327
58,715
CIM
Trust,
Series
2021-R5,
Class
A1B
2.00%
08/25/61
3,4
115,000
67,046
CIM
Trust,
Series
2022-NR1,
Class
A1
(STEP-reset
date
08/25/23)
5.00%
07/25/62
3
91,062
83,456
CIM
Trust,
Series
2023-NR1,
Class
A1
(STEP-reset
date
08/25/23)
6.00%
06/25/62
3
313,130
299,890
CIM
Trust,
Series
2023-NR2,
Class
A1
(STEP-reset
date
08/25/23)
6.00%
06/25/62
3
333,863
314,102
CIM
Trust,
Series
2023-R3,
Class
A1A
4.50%
01/25/63
3,4
254,276
223,966
CIT
Mortgage
Loan
Trust,
Series
2007-1,
Class
1M2
(LIBOR
USD
1-Month
plus
1.75%)
6.90%
10/25/37
1,3
240,000
200,842
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
2005-WF2,
Class
AF6A
(STEP-reset
date
08/25/23)
6.13%
08/25/35
339,491
300,162
COLT
Mortgage
Loan
Trust,
Series
2021-2,
Class
A1
0.92%
08/25/66
3,4
106,401
81,911
COLT
Mortgage
Loan
Trust,
Series
2021-HX1,
Class
A1
1.11%
10/25/66
3,4
336,515
269,493
Conseco
Finance
Corp.,
Series
1999-5,
Class
A5
7.86%
03/01/30
4
72,227
29,333
Credit
Suisse
Mortgage
Capital
Trust,
Series
2015-12R,
Class
2A2
3.30%
11/30/37
3,4
97,679
87,038
Credit
Suisse
Mortgage
Capital
Trust,
Series
2021-RPL4,
Class
A1
1.80%
12/27/60
3,4
218,238
200,761
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Mortgage
Loan
Trust,
Series
2007-CB2,
Class
A2C
(STEP-reset
date
08/25/23)
3.54%
02/25/37
235,203
147,102
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
11
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Mortgage
Loan
Trust,
Series
2007-CB3,
Class
A3
(STEP-reset
date
08/25/23)
3.29%
03/25/37
$
827,574
$
315,648
CSMC
Mortgage-Backed
Trust,
Series
2007-5,
Class
1A9
7.00%
08/25/37
4
431,583
275,267
CSMC
Trust,
Series
2021-RPL7,
Class
A1
1.93%
07/27/61
3,4
291,288
268,664
Deutsche
ALT-A
Securities
Mortgage
Loan
Trust,
Series
2007-AR3,
Class
2A5
(LIBOR
USD
1-Month
plus
0.40%)
5.55%
06/25/37
1
316,076
269,604
Ellington
Financial
Mortgage
Trust,
Series
2021-3,
Class
A1
1.24%
09/25/66
3,4
86,848
67,266
Fannie
Mae
Connecticut
Avenue
Securities,
Series
2019-R04,
Class
2B1
(LIBOR
USD
1-Month
plus
5.25%)
10.40%
06/25/39
1,3
182,820
192,803
Fannie
Mae
Connecticut
Avenue
Securities,
Series
2019-R06,
Class
2B1
(LIBOR
USD
1-Month
plus
3.75%)
8.90%
09/25/39
1,3
72,493
73,136
Fannie
Mae
Connecticut
Avenue
Securities,
Series
2021-R02,
Class
2B1
(SOFR30A
plus
3.30%)
8.37%
11/25/41
1,3
200,000
198,937
Fannie
Mae
Connecticut
Avenue
Securities,
Series
2021-R03,
Class
1B1
(SOFR30A
plus
2.75%)
7.82%
12/25/41
1,3
150,000
145,612
Fannie
Mae
Connecticut
Avenue
Securities,
Series
2021-R03,
Class
1B2
(SOFR30A
plus
5.50%)
10.57%
12/25/41
1,3
215,000
208,990
First
Franklin
Mortgage
Loan
Trust,
Series
2006-FF18,
Class
A2B
(LIBOR
USD
1-Month
plus
0.11%)
5.26%
12/25/37
1
281,222
241,602
First
Franklin
Mortgage
Loan
Trust,
Series
2007-FF1,
Class
A2D
(LIBOR
USD
1-Month
plus
0.44%)
5.59%
01/25/38
1
742,059
391,670
First
Franklin
Mortgage
Loan
Trust,
Series
2007-FF2,
Class
A2B
(LIBOR
USD
1-Month
plus
0.10%)
5.25%
03/25/37
1
540,043
261,267
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2020-DNA2,
Class
B2
(LIBOR
USD
1-Month
plus
4.80%)
9.95%
02/25/50
1,3
250,000
235,280
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-DNA1,
Class
B2
(SOFR30A
plus
4.75%)
9.82%
01/25/51
1,3
$
275,000
$
243,851
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-DNA2,
Class
B2
(SOFR30A
plus
6.00%)
11.07%
08/25/33
1,3
200,000
196,377
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-DNA5,
Class
B2
(SOFR30A
plus
5.50%)
10.57%
01/25/34
1,3
250,000
232,658
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-HQA2,
Class
M2
(SOFR30A
plus
2.05%)
7.12%
12/25/33
1,3
120,000
114,984
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2022-DNA1,
Class
M1B
(SOFR30A
plus
1.85%)
6.92%
01/25/42
1,3
150,000
145,564
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2022-DNA1,
Class
M2
(SOFR30A
plus
2.50%)
7.57%
01/25/42
1,3
200,000
193,651
GMACM
Mortgage
Corp.
Loan
Trust,
Series
2006-AR1,
Class
1A1
3.28%
04/19/36
4
181,538
142,139
GreenPoint
Mortgage
Funding
Trust,
Series
2005-AR1,
Class
A2
(LIBOR
USD
1-Month
plus
0.44%)
5.59%
06/25/45
1
102,776
95,836
GSAA
Home
Equity
Trust,
Series
2006-1,
Class
A3
(LIBOR
USD
1-Month
plus
0.66%)
5.81%
01/25/36
1
709,751
316,155
GSAA
Home
Equity
Trust,
Series
2006-10,
Class
AF3
5.98%
06/25/36
4
584,911
156,574
GSAA
Home
Equity
Trust,
Series
2006-6,
Class
AF3
5.73%
03/25/36
4
541,075
162,313
GSAA
Home
Equity
Trust,
Series
2007-4,
Class
A2
(LIBOR
USD
1-Month
plus
0.40%)
5.55%
03/25/37
1
1,033,938
316,883
GSAA
Home
Equity
Trust,
Series
2007-5,
Class
1AF6
(STEP-reset
date
08/25/23)
5.91%
05/25/37
695,083
251,195
GSAA
Home
Equity
Trust,
Series
2007-5,
Class
2A1B
(LIBOR
USD
1-Month
plus
0.28%)
5.43%
04/25/47
1
1,739,354
322,256
GSAA
Trust,
Series
2006-7,
Class
AF3
(STEP-reset
date
08/25/23)
6.72%
03/25/46
700,790
282,784
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
12
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
GSAMP
Trust,
Series
2007-NC1,
Class
A2C
(LIBOR
USD
1-Month
plus
0.15%)
5.30%
12/25/46
1
$
253,865
$
115,468
GSR
Mortgage
Loan
Trust,
Series
2007-AR2,
Class
5A1A
4.31%
05/25/37
4
172,265
151,288
HarborView
Mortgage
Loan
Trust,
Series
2005-3,
Class
1A
(LIBOR
USD
1-Month
plus
0.52%)
5.68%
06/19/35
1
308,171
175,348
HarborView
Mortgage
Loan
Trust,
Series
2006-4,
Class
1A1A
(LIBOR
USD
1-Month
plus
0.36%)
5.52%
05/19/46
1
593,311
316,266
HarborView
Mortgage
Loan
Trust,
Series
2006-5,
Class
1A1A
(Federal
Reserve
US
12-Month
Cumulative
Average
plus
0.91%)
4.89%
07/19/47
1
317,428
120,590
HSI
Asset
Loan
Obligation
Trust,
Series
2007-2,
Class
2A12
6.00%
09/25/37
230,082
175,591
HSI
Asset
Securitization
Corp.
Trust,
Series
2007-OPT1,
Class
1A
(LIBOR
USD
1-Month
plus
0.14%)
5.29%
12/25/36
1
204,660
172,002
Impac
CMB
Trust,
Series
2004-4,
Class
1A2
(LIBOR
USD
1-Month
plus
0.62%)
5.77%
09/25/34
1
42,279
42,012
Impac
CMB
Trust,
Series
2004-6,
Class
1A2
(LIBOR
USD
1-Month
plus
0.78%)
5.93%
10/25/34
1
78,051
76,342
IndyMac
Index
Mortgage
Loan
Trust,
Series
2005-AR25,
Class
2A1
3.54%
12/25/35
4
220,484
198,478
IndyMac
Manufactured
Housing
Contract
Pass-Through
Certificates,
Series
1997-1,
Class
A3
6.61%
02/25/28
23,961
23,737
IndyMac
Manufactured
Housing
Contract
Pass-Through
Certificates,
Series
1997-1,
Class
A4
6.75%
02/25/28
10,087
9,995
IndyMac
Manufactured
Housing
Contract
Pass-Through
Certificates,
Series
1998-1,
Class
A4
6.49%
09/25/28
29,924
29,827
IndyMac
Manufactured
Housing
Contract
Pass-Through
Certificates,
Series
1998-1,
Class
A5
6.96%
09/25/28
4
72,127
71,369
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
JPMorgan
Mortgage
Acquisition
Trust,
Series
2007-HE1,
Class
AF6
(STEP-reset
date
08/25/23)
4.25%
03/25/47
$
614,910
$
425,165
Long
Beach
Mortgage
Loan
Trust,
Series
2006-9,
Class
2A3
(LIBOR
USD
1-Month
plus
0.32%)
5.47%
10/25/36
1
395,168
121,123
Luminent
Mortgage
Trust,
Series
2006-5,
Class
A1A
(LIBOR
USD
1-Month
plus
0.38%)
5.53%
07/25/36
1
259,748
176,681
MASTR
Adjustable
Rate
Mortgages
Trust,
Series
2007-1,
Class
I1A
(LIBOR
USD
1-Month
plus
0.39%)
5.54%
01/25/47
1
442,992
186,295
MASTR
Adjustable
Rate
Mortgages
Trust,
Series
2007-2,
Class
A1
(LIBOR
USD
1-Month
plus
0.30%)
5.45%
03/25/47
1
226,483
200,783
MASTR
Alternative
Loan
Trust,
Series
2006-2,
Class
2A1
(LIBOR
USD
1-Month
plus
0.40%)
5.55%
03/25/36
1,5,6
2,400,730
243,054
MASTR
Asset-Backed
Securities
Trust,
Series
2007-HE1,
Class
A3
(LIBOR
USD
1-Month
plus
0.21%)
5.36%
05/25/37
1
146,306
137,838
MASTR
Asset-Backed
Securities
Trust,
Series
2007-HE1,
Class
A4
(LIBOR
USD
1-Month
plus
0.28%)
5.43%
05/25/37
1
300,000
234,045
Merrill
Lynch
Alternative
Note
Asset
Trust,
Series
2007-A3,
Class
A2D
(LIBOR
USD
1-Month
plus
0.66%)
5.81%
04/25/37
1,5,6
1,696,107
74,070
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2006-RM2,
Class
A1A
(LIBOR
USD
1-Month
plus
0.37%)
5.52%
05/25/37
1
443,452
127,217
Mid-State
Capital
Corp.
Trust,
Series
2005-1,
Class
A
5.75%
01/15/40
62,185
60,782
Mid-State
Trust
XI,
Series
11,
Class
B
8.22%
07/15/38
3,753
3,717
Morgan
Stanley
ABS
Capital
I,
Inc.,
Trust,
Series
2006-HE4,
Class
A3
(LIBOR
USD
1-Month
plus
0.30%)
5.45%
06/25/36
1
619,091
324,157
Morgan
Stanley
Home
Equity
Loan
Trust,
Series
2007-1,
Class
A3
(LIBOR
USD
1-Month
plus
0.14%)
5.29%
12/25/36
1
612,810
297,836
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2004-7AR,
Class
2A4
4.36%
09/25/34
4
101,927
97,105
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
13
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2006-15XS,
Class
A4A
(STEP-reset
date
08/25/23)
6.70%
11/25/36
$
425,559
$
98,967
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2006-7,
Class
5A2
5.96%
06/25/36
4
905,965
274,127
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2007-11AR,
Class
2A3
2.76%
06/25/37
4
309,573
177,503
New
Residential
Mortgage
Loan
Trust,
Series
2022-NQM2,
Class
A2
3.70%
03/27/62
3,4
250,000
190,512
Nomura
Resecuritization
Trust,
Series
2015-4R,
Class
2A2
(LIBOR
USD
1-Month
plus
0.31%)
3.29%
10/26/36
1,3
359,876
304,237
Oakwood
Mortgage
Investors,
Inc.,
Series
2002-A,
Class
A3
6.03%
05/15/24
4
15,327
15,296
OBX
Trust,
Series
2022-NQM1,
Class
A1
2.31%
11/25/61
3,4
249,219
209,937
Option
One
Mortgage
Loan
Trust,
Series
2006-3,
Class
1A1
(LIBOR
USD
1-Month
plus
0.14%)
5.29%
02/25/37
1
186,041
122,280
PRET
LLC,
Series
2022-RN2,
Class
A2
(STEP-reset
date
07/25/23)
6.50%
06/25/52
3
197,000
180,204
Pretium
Mortgage
Credit
Partners
LLC,
Series
2022-RN3,
Class
A2
6.50%
08/25/52
3,4
180,000
164,956
PRPM
LLC,
Series
2020-4,
Class
A1
(STEP-reset
date
07/25/23)
2.95%
10/25/25
3
71,376
70,469
PRPM
LLC,
Series
2021-4,
Class
A1
(STEP-reset
date
07/25/23)
1.87%
04/25/26
3
187,629
173,712
PRPM
LLC,
Series
2021-5,
Class
A1
(STEP-reset
date
07/25/23)
1.79%
06/25/26
3
92,806
84,670
PRPM
LLC,
Series
2021-9,
Class
A1
(STEP-reset
date
07/25/23)
2.36%
10/25/26
3
128,618
120,119
PRPM
LLC,
Series
2022-1,
Class
A1
(STEP-reset
date
07/25/23)
3.72%
02/25/27
3
188,291
179,218
PRPM
LLC,
Series
2022-4,
Class
A2
(STEP-reset
date
07/25/23)
5.00%
08/25/27
3
170,000
154,534
PRPM,
LLC,
Series
2021-8,
Class
A1
1.74%
09/25/26
3,4
77,683
71,775
Residential
Accredit
Loans
Trust,
Series
2005-QA3,
Class
NB1
3.61%
03/25/35
4
114,583
59,876
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Residential
Accredit
Loans
Trust,
Series
2006-QS5,
Class
A6
6.00%
05/25/36
$
278,738
$
223,771
Residential
Accredit
Loans
Trust,
Series
2007-QS1,
Class
1A5
(LIBOR
USD
1-Month
plus
0.55%)
5.70%
01/25/37
1
313,090
219,492
Residential
Asset
Securities
Corp.,
Series
2005-KS11,
Class
M3
(LIBOR
USD
1-Month
plus
0.66%)
5.81%
12/25/35
1
164,736
155,883
Residential
Asset
Securitization
Trust,
Series
2005-A5,
Class
A8
5.50%
05/25/35
374,015
272,755
SG
Mortgage
Securities
Trust,
Series
2006-OPT2,
Class
A3D
(LIBOR
USD
1-Month
plus
0.21%)
5.36%
10/25/36
1
250,000
188,337
Starwood
Mortgage
Residential
Trust,
Series
2021-6,
Class
A1
1.92%
11/25/66
3,4
208,518
169,672
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2004-12,
Class
2A
4.98%
09/25/34
4
82,707
80,212
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2005-AR8,
Class
A1B
(LIBOR
USD
1-Month
plus
0.17%)
5.32%
02/25/36
1
320,159
268,822
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2006-AR7,
Class
A1A
(LIBOR
USD
1-Month
plus
0.42%)
5.57%
08/25/36
1
384,113
300,509
Terwin
Mortgage
Trust,
Series
2004-7HE,
Class
A1
(LIBOR
USD
1-Month
plus
1.10%)
6.25%
07/25/34
1,3
55,991
50,540
Towd
Point
Mortgage
Trust,
Series
2017-4,
Class
A2
3.00%
06/25/57
3,4
350,000
308,544
Towd
Point
Mortgage
Trust,
Series
2019-HY2,
Class
M2
(LIBOR
USD
1-Month
plus
1.90%)
7.05%
05/25/58
1,3
210,000
205,803
TRK
Trust,
Series
2021-INV2,
Class
A1
1.97%
11/25/56
3,4
267,473
219,136
VOLT
XCIV
LLC,
Series
2021-NPL3,
Class
A1
(STEP-reset
date
07/25/23)
2.24%
02/27/51
3
90,607
83,692
WaMu
Asset-Backed
Certificates,
Series
2007-HE1,
Class
2A4
(LIBOR
USD
1-Month
plus
0.23%)
5.38%
01/25/37
1
534,266
245,251
22,882,970
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
14
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Commercial
Mortgage-Backed
—
0.87%
Fannie
Mae-Aces,
Series
2016-M11,
Class
X2
(IO)
3.09%
07/25/39
4
$
254,077
$
4,611
Freddie
Mac
Multifamily
PC
REMIC
Trust,
Series
2019-P002,
Class
X
(IO)
1.14%
07/25/33
4
535,000
42,871
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K034,
Class
X1
(IO)
0.20%
07/25/23
4
2,472,018
7
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K040,
Class
X3
(IO)
2.10%
11/25/42
4
1,100,000
25,645
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K047,
Class
X3
(IO)
1.55%
06/25/43
4
1,676,868
42,107
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K724,
Class
X1
(IO)
0.33%
11/25/23
4
11,788,138
6,699
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KC04,
Class
X1
(IO)
1.40%
12/25/26
4
2,239,825
49,293
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KC05,
Class
X1
(IO)
1.35%
06/25/27
4
1,921,728
52,066
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
Q010,
Class
XPT2
(IO)
0.36%
08/25/24
956,915
2,658
FREMF
Mortgage
Trust,
Series
2017-K66,
Class
X2A
(IO)
0.10%
06/25/27
3
42,810,526
125,698
FREMF
Mortgage
Trust,
Series
2017-K726,
Class
X2B
(IO)
0.10%
07/25/49
3
25,000,000
18,173
Ginnie
Mae,
Series
2009-114,
Class
IO
(IO)
0.01%
10/16/49
4
4,347,808
94
Ginnie
Mae,
Series
2010-148,
Class
IO
(IO)
0.29%
09/16/50
4
1,383,343
13,637
Ginnie
Mae,
Series
2012-123,
Class
IO
(IO)
0.63%
12/16/51
4
2,065,678
31,648
Ginnie
Mae,
Series
2012-125,
Class
IO
(IO)
0.18%
02/16/53
4
6,835,829
39,666
Ginnie
Mae,
Series
2012-27,
Class
IO
(IO)
0.27%
04/16/53
4
2,710,740
6,465
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Commercial
Mortgage-Backed
(continued)
Ginnie
Mae,
Series
2013-156,
Class
IO
(IO)
0.25%
06/16/55
4
$
3,544,206
$
17,474
Ginnie
Mae,
Series
2013-163,
Class
IO
(IO)
1.01%
02/16/46
4
1,289,498
15,418
Ginnie
Mae,
Series
2013-63,
Class
IO
(IO)
0.75%
09/16/51
4
3,943,707
71,929
Ginnie
Mae,
Series
2013-74,
Class
IO
(IO)
0.45%
12/16/53
4
924,070
6,277
Ginnie
Mae,
Series
2014-103,
Class
IO
(IO)
0.19%
05/16/55
4
860,762
5,652
Ginnie
Mae,
Series
2014-125,
Class
IO
(IO)
0.91%
11/16/54
4
512,449
11,875
Ginnie
Mae,
Series
2015-47,
Class
IO
(IO)
0.37%
10/16/56
4
529,974
7,011
596,974
U.S.
Agency
Mortgage-Backed
—
14.92%
Fannie
Mae
REMICS,
Series
2000-45,
Class
SA
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
7.95%,
7.95%
Cap)
2.80%
12/18/30
1
24,501
754
Fannie
Mae
REMICS,
Series
2001-42,
Class
SB
(-16.00
X
LIBOR
USD
1-Month
plus
128.00%,
8.50%
Cap)
8.50%
09/25/31
1
215
212
Fannie
Mae
REMICS,
Series
2003-124,
Class
TS
(-14.00
X
LIBOR
USD
1-Month
plus
100.80%,
9.80%
Cap)
9.80%
01/25/34
1
2,304
2,309
Fannie
Mae
REMICS,
Series
2005-92,
Class
US
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.10%,
6.10%
Cap)
0.95%
10/25/25
1
101,604
492
Fannie
Mae
REMICS,
Series
2006-125,
Class
SM
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
7.20%,
7.20%
Cap)
2.05%
01/25/37
1
422,297
43,234
Fannie
Mae
REMICS,
Series
2008-50,
Class
SA
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.05%,
6.05%
Cap)
0.90%
11/25/36
1
506,004
35,596
Fannie
Mae
REMICS,
Series
2010-43,
Class
KS
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.42%,
6.42%
Cap)
1.27%
05/25/40
1
489,693
46,292
Freddie
Mac
REMICS,
Series
1602,
Class
SN
(-4.25
X
PRIME
plus
46.22%,
10.09%
Cap)
10.09%
10/15/23
1
275
274
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
15
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Mortgage-Backed
(continued)
Freddie
Mac
REMICS,
Series
1673,
Class
SD
(-2.16
X
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10-Year
plus
19.39%,
18.31%
Cap)
11.66%
02/15/24
1
$
2,390
$
2,415
Freddie
Mac
REMICS,
Series
3247,
Class
SI
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.65%,
0.15%
Cap)
0.15%
08/15/36
1
6,612,082
20,957
Freddie
Mac
REMICS,
Series
3289,
Class
SD
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.12%,
6.12%
Cap)
0.93%
03/15/37
1
479,098
30,543
Ginnie
Mae
(TBA)
4.50%
07/20/53
300,000
289,532
5.00%
07/20/53
175,000
171,979
Ginnie
Mae,
Series
2004-8,
Class
SE
(-2.00
X
LIBOR
USD
1-Month
plus
14.30%,
14.30%
Cap)
4.00%
11/26/23
1
707
705
Ginnie
Mae,
Series
2013-25,
Class
SA
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.20%,
6.20%
Cap)
1.05%
02/20/43
1
1,245,947
124,541
UMBS
(TBA)
2.00%
07/01/53
225,000
183,542
2.00%
08/01/53
1,425,000
1,163,268
2.50%
07/01/53
475,000
402,604
2.50%
08/01/53
925,000
785,166
3.00%
07/01/53
925,000
814,144
3.00%
08/01/53
75,000
66,085
4.00%
07/01/53
1,375,000
1,290,243
4.50%
07/01/53
1,575,000
1,514,159
4.50%
08/01/53
350,000
336,711
5.00%
07/01/53
1,550,000
1,518,879
5.50%
07/01/53
1,425,000
1,418,598
10,263,234
Total
Mortgage-Backed
(Cost
$41,907,002)
35,480,560
MUNICIPAL
BONDS
—
0.16%*
California
—
0.05%
California
Health
Facilities
Financing
Authority
Revenue
Bonds,
Series
A
3.00%
08/15/51
20,000
15,475
California
State
University
Revenue
Bonds,
University
&
College
Improvements,
Series
B
2.37%
11/01/35
10,000
7,631
City
of
San
Francisco
Public
Utilities
Commission
Water
Revenue
Bonds,
Series
E
2.83%
11/01/41
20,000
15,645
38,751
Issues
Maturity
Date
Principal
Amount
Value
MUNICIPAL
BONDS
(continued)
Florida
—
0.02%
County
of
Miami-Dade
Aviation
Revenue
Bonds,
Airport
and
Marina
Improvements,
Series
B
2.86%
10/01/35
$
15,000
$
11,750
New
York
—
0.09%
Metropolitan
Transportation
Authority
Revenue
Bonds,
Transit
Improvements,
Series
C2
5.18%
11/15/49
5,000
4,580
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
Bonds,
Public
Improvements,
Subseries
B3
1.85%
08/01/32
75,000
58,374
62,954
Total
Municipal
Bonds
(Cost
$139,660)
113,455
U.S.
TREASURY
SECURITIES
—
0.62%
U.S.
Treasury
Bonds
—
0.62%
U.S.
Treasury
Bonds
-
Treasury
Inflation
Indexed
Bonds
(WI)
1.25%
04/15/28
10
439,013
424,745
Total
U.S.
Treasury
Securities
(Cost
$438,579)
Total
Bonds
—
93.63%
(Cost
$72,210,436)
64,392,410
Issues
Shares
Value
COMMON
STOCK
—
0.10%
Communications
—
0.03%
Intelsat
Emergence
SA
2,5,6
(Luxembourg)
1,041
23,579
Financials
—
0.07%
AGNC
Investment
Corp.
4,500
45,585
Total
Common
Stock
(Cost
$90,024)
69,164
RIGHTS
—
0.00%
Communications
—
0.00%
Intelsat
Jackson
Holdings
SA,
Series
A
†,2,5,6,9
(Luxembourg)
108
—
Intelsat
Jackson
Holdings
SA,
Series
B
†,2,5,6,9
(Luxembourg)
108
—
—
Total
Rights
(Cost
$–)
—
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
16
Issues
Maturity
Date
Principal
Amount
/
Shares
Value
SHORT-TERM
INVESTMENTS
—
20.41%
Money
Market
Funds
—
2.87%
Fidelity
Investments
Money
Market
Funds
-
Government
Portfolio
4.99%
11
34,260
$
34,260
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
5.02%
11
1,937,000
1,937,000
1,971,260
U.S.
Treasury
Bills
—
17.54%
U.S.
Cash
Management
Bills
4.90%
12
10/19/23
$
1,000,000
984,416
U.S.
Treasury
Bills
4.76%
12
08/03/23
1,000,000
995,601
5.36%
12
10/03/23
900,000
888,107
5.14%
12
10/12/23
9,335,000
9,199,461
12,067,585
Total
Short-Term
Investments
(Cost
$14,044,038)
14,038,845
Total
Investments
-
114.14%
(Cost
$86,344,498)
78,500,419
Liabilities
in
Excess
of
Other
Assets
-
(14.14)%
(9,725,029)
Net
Assets
-
100.00%
$
68,775,390
1
Floating
rate
security.
The
rate
disclosed
was
in
effect
at
June
30,
2023.
2
Foreign
denominated
security
issued
by
foreign
domiciled
entity.
3
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.
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
$441,658,
which
is
0.64%
of
total
net
assets.
7
Perpetual
security
with
no
stated
maturity
date.
8
Security
is
currently
in
default
with
regard
to
scheduled
interest
or
principal
payments.
9
Non-income producing
security.
10
Inflation
protected
security.
Principal
amount
reflects
original
security
face
amount.
11
Represents
the
current
yield
as
of
June
30,
2023.
12
Represents
annualized
yield
at
date
of
purchase.
†
Fair
valued
security.
The
aggregate
value
of
fair
valued
securities
is
$0,
which
is
0.00%
of
total
net
assets.
Fair
valued
securities
were
not
valued
utilizing
an
independent
quote
but
were
valued
pursuant
to
guidelines
approved
by
the
Board
of
Trustees.
See
Notes
to
Financial
Statements.
*
Securities
with
a
call
or
reset
feature
will
have
an
effective
maturity
date
sooner
than
the
stated
maturity.
**
Securities
backed
by
mortgage
or
consumer
loans
where
payment
is
periodically
made
will
have
an
effective
maturity
date
sooner
than
the
stated
maturity
date.
Note:
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
for
more
meaningful
presentation
for
investors.
(CDO):
Collateralized
Debt
Obligation
(CLO):
Collateralized
Loan
Obligation
(EMTN):
Euro
Medium-Term
Note
(EUR):
Euro
(EURIBOR):
Euro
InterBank
Offer
Rate
(IO):
Interest
Only
(LIBOR):
London
InterBank
Offer
Rate
(MTN):
Medium-Term
Note
(REIT):
Real
Estate
Investment
Trust
(SOFR):
Secured
Overnight
Financing
Rate
(STEP):
Step
Coupon
Bond
(TBA):
To-Be-Announced
(USD):
U.S.
Dollar
(WI):
When
Issued
Currency
to
be
Purchased
Currency
to
be
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
FOREIGN
CURRENCY
EXCHANGE
CONTRACT
USD
607,333
EUR
554,000
Citibank
N.A.
07/14/23
$
2,478
USD
101,754
EUR
95,000
Goldman
Sachs
International
07/14/23
(1,966)
NET
UNREALIZED
APPRECIATION
$
512
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
17
/
June
2023
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
FUTURES
CONTRACTS:
LONG
POSITIONS
U.S.
Treasury
Five-Year
Note
72
09/29/23
$
7,710,750
$
(152,225)
$
(152,225)
U.S.
Treasury
Two-Year
Note
37
09/29/23
7,523,719
(111,400)
(111,400)
15,234,469
(263,625)
(263,625)
FUTURES
CONTRACTS:
SHORT
POSITIONS
U.S.
Treasury
Ten-Year
Ultra
Bond
47
09/20/23
(5,566,563)
57,249
57,249
U.S.
Treasury
Ultra
Bond
14
09/20/23
(1,907,063)
(20,840)
(20,840)
Euro-Bund
Future
1
09/07/23
(145,910)
1,930
1,930
Euro-Bobl
Future
1
09/07/23
(126,240)
1,940
1,940
(7,745,776)
40,279
40,279
TOTAL
FUTURES
CONTRACTS
$
7,488,693
$
(223,346)
$
(223,346)
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
$
80
$
2,113
$
—
$
2,113
Interest
Rate
Swap
1
09/20/53
USD-SOFR-
COMPOUND
Annual
3.00%
Annual
76
2,007
—
2,007
TOTAL
SWAPS
CONTRACTS
$
156
$
4,120
$
—
$
4,120
1
Centrally
cleared.
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
18
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
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
19
/
June
2023
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:
STRATEGIC
INCOME
FUND
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Investments
in
Securities
Assets:
Short-Term
Investments:
Money
Market
Funds
$
1,971,260
$
—
$
—
$
1,971,260
U.S.
Treasury
Bills
12,067,585
—
—
12,067,585
Long-Term
Investments:
Asset-Backed
Securities
—
8,245,315
100,955
8,346,270
Common
Stock
45,585
—
23,579
69,164
Corporates
—
20,027,380
—
20,027,380
Mortgage-Backed
Securities
—
35,163,436
317,124
35,480,560
Municipal
Bonds
—
113,455
—
113,455
Rights
—
—
—
—
U.S.
Treasury
Securities
—
424,745
—
424,745
Other
Financial
Instruments
*
Assets:
Foreign
currency
exchange
contracts
—
2,478
—
2,478
Interest
rate
contracts
61,119
4,120
—
65,239
Liabilities:
Foreign
currency
exchange
contracts
—
(
1,966
)
—
(
1,966
)
Interest
rate
contracts
(
284,465
)
—
—
(
284,465
)
Total
$
13,861,084
$
63,978,963
$
441,658
$
78,281,705
*Other
financial
instruments
include
foreign
currency
exchange
contracts,
futures
and
swaps.
Interest
rate
contracts
include
futures
and
swaps.
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
20
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:
STRATEGIC
INCOME
FUND
ASSET-BACKED
SECURITIES
COMMON
STOCK
MORTGAGE-
BACKED
SECURITIES
TOTAL
Balance
as
of
April
1,
2023
$
104,763
$
27,066
$
326,465
$
458,294
Accrued
discounts/premiums
33
—
51,320
51,353
Realized
(loss)
—
—
(
307
)
(
307
)
Change
in
unrealized
(depreciation)*
(
2,752
)
(
3,487
)
(
60,342
)
(
66,581
)
Purchases
—
—
—
—
Sales
(
1,089
)
—
(
12
)
(
1,101
)
Transfers
into
Level
3**
—
—
—
—
Transfers
out
of
Level
3**
—
—
—
—
Balance
as
of
June
30,
2023
$
100,955
$
23,579
$
317,124
$
441,658
*The
change
in
unrealized
appreciation
(depreciation)
on
securities
still
held
at
June
30,
2023
was
$(66,581)
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:
STRATEGIC
INCOME
FUND
FAIR
VALUE
AT
6/30/23
VALUATION
TECHNIQUE
*
UNOBSERVABLE
INPUT
RANGE
WEIGHTED
AVERAGE
INPUT
TO
VALUATION
IF
INPUT
INCREASES
Asset-Backed
Securities
$57,365
Broker
Quote
Offered
Quote
$88.03
$88.03
Increase
Asset-Backed
Securities
$43,590
Third-Party
Vendor
Vendor
Prices
$10.38
$10.38
Increase
Common
Stock
$23,579
Third-Party
Vendor
Vendor
Prices
$22.65
$22.65
Increase
Corporate
Securities
$—
Broker
Quote
Offered
Quote
$—
$—
Increase
Mortgage-Backed
Securities-Non-Agency
$317,124
Third-Party
Vendor
Vendor
Prices
$4.37
-
$10.12
$8.78
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.