Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
1
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
BONDS
–
111.27%
ASSET-BACKED
SECURITIES
—
13.43%**
Access
Group,
Inc.,
Series
2015-1,
Class
A
(LIBOR
USD
1-Month
plus
0.70%)
5.85%
07/25/56
1,2
$
880,217
$
859,522
American
Credit
Acceptance
Receivables
Trust,
Series
2019-3,
Class
F
5.42%
05/12/26
1
7,780,000
7,766,474
American
Credit
Acceptance
Receivables
Trust,
Series
2019-4,
Class
D
2.97%
12/12/25
1
234,691
233,650
American
Credit
Acceptance
Receivables
Trust,
Series
2020-3,
Class
D
2.40%
06/15/26
1
1,700,000
1,674,070
AmeriCredit
Automobile
Receivables
Trust,
Series
2019-1,
Class
D
3.62%
03/18/25
4,610,000
4,585,163
AmeriCredit
Automobile
Receivables
Trust,
Series
2020-1,
Class
D
1.80%
12/18/25
6,065,000
5,801,028
AmeriCredit
Automobile
Receivables
Trust,
Series
2020-3,
Class
D
1.49%
09/18/26
2,587,000
2,394,416
AMMC
CLO
XIII
Ltd.,
Series
2013-13A,
Class
A1R2
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.05%)
6.32%
07/24/29
1,2,3
2,690,364
2,678,446
Barings
CLO
Ltd.,
Series
2018-3A,
Class
A1
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
0.95%)
6.20%
07/20/29
1,2,3
1,623,235
1,612,440
Bayview
Commercial
Asset
Trust,
Series
2005-1A,
Class
A1
(LIBOR
USD
1-Month
plus
0.45%)
5.60%
04/25/35
1,2
90,903
85,839
Brazos
Higher
Education
Authority,
Inc.,
Series
2011-2,
Class
A3
(LIBOR
USD
3-Month
plus
1.00%)
6.26%
10/27/36
2
3,921,878
3,901,368
Canyon
Capital
CLO
Ltd.,
Series
2021-1A,
Class
X
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
0.80%)
6.06%
04/15/34
1,2,3
225,000
224,892
Carmax
Auto
Owner
Trust,
Series
2019-4,
Class
C
2.60%
09/15/25
3,270,000
3,217,291
Carvana
Auto
Receivables
Trust,
Series
2021-N2,
Class
D
1.27%
03/10/28
3,760,557
3,591,172
CF
Hippolyta
Issuer,
LLC,
Series
2020-1,
Class
A1
1.69%
07/15/60
1
8,274,958
7,400,229
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
Dryden
30
Senior
Loan
Fund,
Series
2013-30A,
Class
AR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
0.82%)
6.14%
11/15/28
1,2,3
$
2,002,380
$
1,983,698
Education
Loan
Asset-Backed
Trust
I,
Series
2013-1,
Class
A2
(LIBOR
USD
1-Month
plus
0.80%)
5.95%
04/26/32
1,2
3,335,455
3,303,887
Exeter
Automobile
Receivables
Trust,
Series
2021-3A,
Class
C
0.96%
10/15/26
11,395,000
10,963,895
Flagship
Credit
Auto
Trust,
Series
2019-4,
Class
D
3.12%
01/15/26
1
2,967,000
2,874,993
GLS
Auto
Receivables
Issuer
Trust,
Series
2020-3A,
Class
D
2.27%
05/15/26
1
4,000,000
3,902,435
Goal
Capital
Funding
Trust,
Series
2006-1,
Class
B
(LIBOR
USD
3-Month
plus
0.45%)
5.85%
08/25/42
2
1,275,788
1,137,983
GoldenTree
Loan
Opportunities
IX
Ltd.,
Series
2014-9A,
Class
AR2
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.11%)
6.41%
10/29/29
1,2,3
2,563,014
2,549,712
J.G.
Wentworth
XXX
LLC,
Series
2013-3A,
Class
A
4.08%
01/17/73
1
2,782,690
2,499,834
JPMorgan
Chase
Bank
N.A.
-
CACLN,
Series
2021-1,
Class
C
1.02%
09/25/28
1
512,458
497,018
LCM
XXIV
Ltd.,
Series
24A,
Class
AR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
0.98%)
6.23%
03/20/30
1,2,3
3,928,647
3,893,290
Madison
Park
Funding
XIX
Ltd.,
Series
2015-19A,
Class
A1R2
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
0.92%)
6.19%
01/22/28
1,2,3
5,133,982
5,091,986
Madison
Park
Funding
XVII
Ltd.,
Series
2015-17A,
Class
AR2
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.00%)
6.26%
07/21/30
1,2,3
10,431,135
10,352,536
Magnetite
VII
Ltd.,
Series
2012-7A,
Class
A1R2
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
0.80%)
6.06%
01/15/28
1,2,3
4,246,932
4,225,017
Navient
Private
Education
Refi
Loan
Trust,
Series
2021-CA,
Class
A
1.06%
10/15/69
1
932,286
804,889
Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
2
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
Navient
Private
Education
Refi
Loan
Trust,
Series
2021-FA,
Class
A
1.11%
02/18/70
1
$
2,927,470
$
2,448,499
Navient
Student
Loan
Trust,
Series
2015-2,
Class
A3
(LIBOR
USD
1-Month
plus
0.57%)
5.72%
11/26/40
2
3,385,966
3,296,840
Navient
Student
Loan
Trust,
Series
2017-2A,
Class
A
(LIBOR
USD
1-Month
plus
1.05%)
6.20%
12/27/66
1,2
2,170,044
2,149,407
Nelnet
Student
Loan
Trust,
Series
2013-1A,
Class
A
(LIBOR
USD
1-Month
plus
0.60%)
5.75%
06/25/41
1,2
1,268,561
1,238,543
Nelnet
Student
Loan
Trust,
Series
2014-5A,
Class
A
(LIBOR
USD
1-Month
plus
0.55%)
5.70%
07/25/46
1,2
4,205,758
4,096,807
NYACK
Park
CLO
Ltd.,
Series
2021-1A,
Class
X
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
0.65%)
5.90%
10/20/34
1,2,3
1,171,875
1,155,691
OCP
CLO
Ltd.,
Series
2017-14A,
Class
A1A
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.15%)
6.53%
11/20/30
1,2,3
1,989,733
1,977,198
Palmer
Square
CLO
Ltd.,
Series
2018-1A,
Class
A1
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.03%)
6.29%
04/18/31
1,2,3
2,075,000
2,059,168
Palmer
Square
Loan
Funding
Ltd.,
Series
2021-2A,
Class
A1
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
0.80%)
6.18%
05/20/29
1,2,3
999,735
990,907
PHEAA
Student
Loan
Trust,
Series
2016-1A,
Class
A
(LIBOR
USD
1-Month
plus
1.15%)
6.30%
09/25/65
1,2
4,082,214
4,051,904
Progress
Residential
Trust,
Series
2020-SFR3,
Class
F
2.80%
10/17/27
1
6,980,000
6,270,349
ReadyCap
Commercial
Mortgage
Trust,
Series
2019-6,
Class
A
2.83%
10/25/52
1
3,392,540
3,170,580
Reese
Park
CLO
Ltd.,
Series
2020-1A,
Class
XR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
0.90%)
6.16%
10/15/34
1,2,3
1,583,333
1,572,551
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
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
$
1,669,063
$
1,655,894
Santander
Bank
Auto
Credit-Linked
Notes,
Series
2022-B,
Class
E
8.68%
08/16/32
1
3,097,939
3,038,503
Santander
Drive
Auto
Receivables
Trust,
Series
2020-4,
Class
D
1.48%
01/15/27
3,835,000
3,708,310
Santander
Drive
Auto
Receivables
Trust,
Series
2021-3,
Class
C
0.95%
09/15/27
1,988,888
1,948,893
Santander
Drive
Auto
Receivables
Trust,
Series
2021-3,
Class
D
1.33%
09/15/27
6,260,000
5,848,626
Skyline
Aircraft
Finance
LLC,
Series
2021-1,
Class
A
3.23%
05/10/37
4,5,6
5,908,591
5,201,107
SLC
Student
Loan
Trust,
Series
2007-1,
Class
A4
(LIBOR
USD
3-Month
plus
0.06%)
5.38%
05/15/29
2
1,335,766
1,327,271
SLM
Student
Loan
Trust,
Series
2008-4,
Class
A4
(LIBOR
USD
3-Month
plus
1.65%)
6.91%
07/25/22
2
2,619,866
2,603,995
SLM
Student
Loan
Trust,
Series
2008-6,
Class
A4
(LIBOR
USD
3-Month
plus
1.10%)
6.36%
07/25/23
2
1,918,250
1,886,255
SLM
Student
Loan
Trust,
Series
2012-2,
Class
A
(LIBOR
USD
1-Month
plus
0.70%)
5.85%
01/25/29
2
1,730,021
1,662,731
SLM
Student
Loan
Trust,
Series
2013-4,
Class
A
(LIBOR
USD
1-Month
plus
0.55%)
5.70%
06/25/27
2
1,956,831
1,900,201
SLM
Student
Loan
Trust,
Series
2014-1,
Class
A3
(LIBOR
USD
1-Month
plus
0.60%)
5.75%
02/26/29
2
3,127,103
3,001,149
Stack
Infrastructure
Issuer
LLC,
Series
2019-2A,
Class
A2
3.08%
10/25/44
1
5,000,000
4,762,851
Student
Loan
Consolidation
Center
Student
Loan
Trust
I,
Series
2002-2,
Class
B2
(28
Day
Auction
Rate
plus
0.00%)
1.61%
07/01/42
1,2
2,800,000
2,587,301
Tricon
American
Homes
Trust,
Series
2017-SFR2,
Class
A
2.93%
01/17/36
1
9,322,644
9,147,783
Tricon
American
Homes
Trust,
Series
2017-SFR2,
Class
B
3.28%
01/17/36
1
9,017,000
8,853,956
Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
3
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
Vantage
Data
Centers
Issuer
LLC,
Series
2019-1A,
Class
A2
3.19%
07/15/44
1
$
3,846,667
$
3,708,596
Voya
CLO,
Series
2017-2A,
Class
A1R
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
0.98%)
6.24%
06/07/30
1,2,3
7,629,693
7,576,583
World
Omni
Auto
Receivables
Trust,
Series
2021-D,
Class
B
1.52%
11/15/27
5,325,000
4,832,160
Total
Asset-Backed
Securities
(Cost
$214,169,136)
209,837,782
BANK
LOANS
—
2.35%*
Communications
—
0.16%
Charter
Communications
Operating
LLC,
Term
Loan
B2,
1st
Lien
(SOFR
plus
1.75%)
6.80%
02/01/27
2
241,228
240,072
CSC
Holdings
LLC,
Term
Loan
B5,
1st
Lien
(LIBOR
plus
2.50%)
7.69%
04/15/27
2
243,703
213,609
Frontier
Communications
Holdings
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.62%
05/01/28
2
110,163
107,049
Intelsat
Jackson
Holdings
SA,
Term
Loan,
1st
Lien
(Luxembourg)
(SOFR
plus
4.40%)
9.44%
02/01/29
2,3
708,330
706,368
Zayo
Group
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.00%)
8.19%
03/09/27
2
1,462,632
1,153,285
2,420,383
Consumer
Discretionary
—
0.21%
City
Brewing
Co.
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
8.32%
04/05/28
2
117,253
77,387
Hilton
Worldwide
Finance
LLC,
Term
Loan
B2,
1st
Lien
(SOFR
plus
1.75%)
6.94%
06/22/26
2
67,922
67,946
Naked
Juice,
LLC,
Term
Loan,
1st
Lien
(Luxembourg)
(SOFR
plus
3.25%)
8.45%
-
8.59%
01/24/29
2,3
1,235,019
1,153,341
Term
Loan,
2nd
Lien
(SOFR
plus
6.10%)
11.00%
01/24/30
2
136,414
109,574
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Consumer
Discretionary
(continued)
Osmosis
Buyer
Ltd.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
8.90%
07/31/28
2
$
376,557
$
370,156
Sunshine
Luxembourg
VII
SARL,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
9.00%
10/01/26
2
1,547,299
1,541,504
3,319,908
Entertainment
—
0.06%
Alpha
Topco
Ltd.
-
Delta
2
(Lux)
Sarl,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.00%)
8.05%
01/15/30
2
29,788
29,829
Crown
Finance
U.S.,
Inc.,
Delayed-Draw
Term
Loan,
1st
Lien
(Luxembourg)
(SOFR
plus
10.10%)
15.19%
-
15.24%
09/07/23
2,3
43,577
44,104
Elanco
Animal
Health,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
1.85%)
7.01%
08/01/27
2
608,538
598,269
William
Morris
Endeavor
Entertainment
LLC,
Term
Loan
B1,
1st
Lien
(LIBOR
plus
2.75%)
7.95%
05/16/25
2
313,690
313,470
985,672
Finance
—
0.16%
Deerfield
Dakota
Holding
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
8.99%
04/09/27
2
439,127
427,286
Delos
Finance
SARL,
Term
Loan,
1st
Lien
(Luxembourg)
(LIBOR
plus
1.75%)
7.26%
10/06/23
2,3
86,864
86,919
Jane
Street
Group
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.86%)
7.97%
01/26/28
2
736,776
735,792
Mozart
Borrower,
LP,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.25%)
8.38%
10/23/28
2
731,129
723,588
Setanta
Aircraft
Leasing
DAC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.00%)
7.54%
11/06/28
2
515,000
515,690
2,489,275
Food
—
0.08%
8th
Avenue
Food &
Provisions,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.86%)
8.97%
10/01/25
2
24,337
22,494
Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
4
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Food
(continued)
Chobani
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.61%)
8.42%
10/25/27
2
$
815,747
$
813,365
H-Food
Holdings
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
3.69%)
9.27%
05/23/25
2
45,591
40,263
Hostess
Brands
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.50%)
7.64%
06/21/30
2
414,717
414,458
1,290,580
Gaming
—
0.06%
Golden
Nugget,
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
9.13%
01/26/29
2
453,554
448,499
Scientific
Games
International,
Inc.,
Term
Loan
B,
1st
Lien
(Canada)
(SOFR
plus
3.10%)
8.25%
04/13/29
2,3
470,290
470,400
918,899
Health
Care
—
0.37%
Bausch
+
Lomb
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.35%)
8.59%
05/10/27
2
41,816
40,666
Genesee
&
Wyoming,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
2.00%)
7.24%
12/30/26
2
192,207
192,257
Grifols
Worldwide
Operations
USA,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.15%)
7.41%
11/15/27
2
1,556,389
1,534,016
Horizon
Therapeutics
USA,
Inc.,
Term
Loan
B1,
1st
Lien
(LIBOR
plus
2.00%)
7.06%
05/22/26
2
1,000,000
999,820
Term
Loan
B2,
1st
Lien
(LIBOR
plus
1.75%)
6.84%
03/15/28
2
329,452
328,894
ICON
Luxembourg
SARL,
Term
Loan,
1st
Lien
(Luxembourg)
(SOFR
plus
2.51%)
7.75%
07/03/28
2,3
247,900
248,210
Jazz
Financing
Lux
SARL,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.76%)
8.76%
05/05/28
2
469,990
469,863
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Health
Care
(continued)
Organon
&
Co.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.00%)
7.75%
06/02/28
2
$
910,474
$
911,471
Peraton
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.85%)
8.98%
02/01/28
2
566,828
558,023
Perrigo
Investments
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.35%)
7.15%
04/20/29
2
495,000
491,906
PRA
Health
Sciences,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
2.51%)
7.58%
07/03/28
2
61,764
61,842
5,836,968
Industrials
—
0.32%
AZZ,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.35%)
8.91%
05/14/29
2
524,925
525,910
Berry
Global,
Inc.,
Term
Loan
Z,
1st
Lien
(LIBOR
plus
1.75%)
6.51%
07/01/26
2
2,784,822
2,784,849
DIRECTV
Financing
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
5.00%)
10.18%
08/02/27
2
959,513
940,188
Filtration
Group
Corp.,
Term
Loan,
1st
Lien
(SOFR
plus
4.36%)
9.45%
10/21/28
2
79,766
79,856
II-VI,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.86%)
7.38%
07/02/29
2
137,082
137,039
Patriot
Container
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.85%)
9.05%
03/20/25
2
24,336
22,563
TransDigm,
Inc.,
Term
Loan
I,
1st
Lien
(SOFR
plus
3.25%)
8.49%
08/24/28
2
456,882
457,147
4,947,552
Information
Technology
—
0.50%
AppLovin
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.35%)
8.45%
08/15/25
2
848,564
849,294
Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
5
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Information
Technology
(continued)
Arches
Buyer,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
3.25%)
8.48%
12/06/27
2
$
125,340
$
121,188
AthenaHealth
Group,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.50%)
8.25%
02/15/29
2,3,7
493,558
476,284
Azalea
Topco,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.85%)
8.98%
07/24/26
2
486,288
474,130
Central
Parent,
Inc.,
Term
Loan,
1st
Lien
(Canada)
(SOFR
plus
4.25%)
9.15%
07/06/29
2,3
346,096
345,532
Entegris,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.75%)
7.85%
-
7.99%
07/06/29
2
140,570
139,691
Gainwell
Acquisition
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.10%)
8.72%
10/01/27
2
641,772
632,948
IQVIA,
Inc.,
Term
Loan
B3,
1st
Lien
(LIBOR
plus
1.75%)
7.29%
06/11/25
2
287,857
288,128
MH
Sub
I
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
4.25%)
9.35%
04/25/28
2
174,600
167,747
NCR
Corp.,
Term
Loan,
1st
Lien
(LIBOR
plus
2.50%)
7.78%
08/28/26
2
442,782
442,228
NortonLifeLock,
Inc.,
Term
Loan
A,
1st
Lien
(SOFR
plus
1.75%)
7.05%
09/10/27
2
586,105
574,386
Open
Text
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.50%)
8.74%
08/24/29
2
71,094
71,494
Term
Loan,
1st
Lien
(Canada)
(LIBOR
plus
1.75%)
7.25%
05/30/25
2,3
135,486
135,693
(SOFR
plus
3.60%)
8.74%
01/31/30
2,3
173,661
174,638
Oracle
Corp.,
Term
Loan
1,
1st
Lien
(SOFR
plus
0.60%)
6.46%
08/16/27
2
1,027,972
1,022,832
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Information
Technology
(continued)
Prime
Security
Services
Borrower
LLC,
Term
Loan
B1,
1st
Lien
(LIBOR
plus
2.75%)
7.94%
09/23/26
2
$
248,058
$
248,298
RealPage,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.11%)
8.19%
04/24/28
2
605,104
592,775
Renaissance
Holding
Corp.,
Term
Loan,
1st
Lien
(SOFR
plus
4.75%)
4.99%
04/07/30
2
80,182
79,349
Sophia
LP,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
9.04%
10/07/27
2
583,017
577,673
Spin
Holdco,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
9.23%
03/03/28
2
167,664
144,730
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B5,
1st
Lien
(SOFR
plus
1.75%)
6.97%
04/16/25
2
199,453
199,486
7,758,524
Insurance
—
0.07%
Acrisure
LLC,
Term
Loan
B1,
1st
Lien
(LIBOR
plus
3.50%)
8.67%
02/15/27
2
458,270
446,036
Asurion
LLC,
Term
Loan
B10,
1st
Lien
(SOFR
plus
4.10%)
8.91%
08/19/28
2
496,250
470,971
Term
Loan
B7,
1st
Lien
(LIBOR
plus
3.00%)
7.84%
11/03/24
2
161,573
161,612
1,078,619
Materials
—
0.00%
Chemours
Co.
(The),
Term
Loan
B2,
1st
Lien
(SOFR
plus
1.85%)
6.98%
04/03/25
2
60,437
60,097
Retail
—
0.10%
American
Airlines,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
4.75%)
10.00%
04/20/28
2
113,328
115,898
AmWINS
Group,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.25%)
7.42%
02/19/28
2
193,570
192,119
Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
6
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Retail
(continued)
KFC
Holding
Co.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
1.75%)
6.90%
03/15/28
2
$
196,258
$
194,958
Whatabrands LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.36%)
8.47%
08/03/28
2
985,000
980,459
1,483,434
Services
—
0.25%
Amentum
Government
Services
Holdings
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.11%)
8.63%
01/29/27
2
155,453
153,510
Amentum
Government
Services
Holdings,
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
8.82%
02/15/29
2
1,477,538
1,447,987
Corp.
Service
Co.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.35%)
8.45%
11/02/29
2
477,500
478,873
Element
Materials
Technology
Group
U.S.
Holdings,
Inc.,
Delayed-Draw
Term
Loan
B,
1st
Lien
(SOFR
plus
4.35%)
9.59%
06/22/29
2
265,939
261,285
Term
Loan
B,
1st
Lien
(SOFR
plus
4.35%)
9.42%
06/22/29
2
576,202
566,118
Pre-Paid
Legal
Services,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
3.75%)
8.94%
12/15/28
2
540,975
534,383
Safe
Fleet
Holdings,
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
3.85%)
8.93%
02/23/29
2
229,079
229,222
Trans
Union
LLC,
Term
Loan
B6,
1st
Lien
(Luxembourg)
(SOFR
plus
2.25%)
7.47%
12/01/28
2,3
135,640
135,477
TruGreen
LP,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.10%)
9.20%
11/02/27
2
169,107
156,085
3,962,940
Transportation
—
0.01%
United
Airlines,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.56%
04/21/28
2
101,599
101,712
Total
Bank
Loans
(Cost
$36,558,086)
36,654,563
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
—
29.39%*
Banking
—
10.09%
Bank
of
America
Corp.
1.73%
07/22/27
6
$
1,549,000
$
1,383,185
3.42%
12/20/28
6
5,370,000
4,942,234
Bank
of
America
Corp.
(GMTN)
3.59%
07/21/28
6
2,680,000
2,498,026
Bank
of
America
Corp.
(MTN)
0.98%
09/25/25
6
11,840,000
11,130,383
1.32%
06/19/26
6
7,263,000
6,652,166
2.55%
02/04/28
6
4,275,000
3,861,403
DNB
Bank
ASA
(Norway)
0.86%
09/30/25
1,3,6
8,340,000
7,825,191
HSBC
Holdings
PLC
(United
Kingdom)
0.98%
05/24/25
3,6
2,510,000
2,388,314
2.01%
09/22/28
3,6
20,105,000
17,247,885
ING
Groep
NV
(Netherlands)
3.87%
03/28/26
3,6
645,000
619,886
JPMorgan
Chase
&
Co.
0.97%
06/23/25
6
16,520,000
15,684,356
2.18%
06/01/28
6
879,000
781,836
Lloyds
Banking
Group
PLC
(United
Kingdom)
1.63%
05/11/27
3,6
2,175,000
1,925,862
3.57%
11/07/28
3,6
175,000
158,747
Macquarie
Group
Ltd.
(Australia)
1.20%
10/14/25
1,3,6
3,380,000
3,171,024
1.34%
01/12/27
1,3,6
3,425,000
3,050,311
PNC
Financial
Services
Group,
Inc.
(The)
5.58%
06/12/29
6
830,000
826,693
Santander
UK
Group
Holdings
PLC
(United
Kingdom)
1.09%
03/15/25
3,6
11,000,000
10,536,106
Santander
UK
PLC
(United
Kingdom)
5.00%
11/07/23
1,3
1,000,000
994,718
U.S.
Bancorp
4.65%
02/01/29
6
5,365,000
5,130,697
UBS
Group
AG
(Switzerland)
1.31%
02/02/27
1,3,6
5,545,000
4,854,370
2.13%
10/13/26
3,6
2,000,000
2,032,973
2.59%
09/11/25
1,3,6
9,715,000
9,257,929
3.87%
01/12/29
1,3,6
2,605,000
2,350,325
4.28%
01/09/28
1,3
5,375,000
4,971,875
7.75%
03/01/29
3,6
1,160,000
1,404,401
Wells
Fargo
&
Co.
(MTN)
2.39%
06/02/28
6
2,000,000
1,783,671
3.53%
03/24/28
6
32,200,000
30,119,252
157,583,819
Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
7
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Communications
—
0.87%
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
4.91%
07/23/25
$
1,720,000
$
1,687,763
Cox
Communications,
Inc.
3.15%
08/15/24
1
1,199,000
1,162,080
7.63%
06/15/25
900,000
913,848
Frontier
Communications
Holdings
LLC
8.63%
03/15/31
1
12,000
11,621
Qwest
Corp.
7.25%
09/15/25
4,665,000
4,548,375
Sprint
Spectrum
Co.
LLC/Sprint
Spectrum
Co.
II
LLC/Sprint
Spectrum
Co.
III
LLC
5.15%
03/20/28
1
983,250
973,136
T-Mobile
USA,
Inc.
3.75%
04/15/27
4,515,000
4,278,774
13,575,597
Consumer
Discretionary
—
1.66%
BAT
Capital
Corp.
3.56%
08/15/27
9,265,000
8,531,819
Imperial
Brands
Finance
PLC
(United
Kingdom)
3.13%
07/26/24
1,3
1,106,000
1,069,485
3.50%
07/26/26
1,3
5,205,000
4,838,345
JDE
Peet's
NV
(Netherlands)
0.80%
09/24/24
1,3
935,000
877,219
WarnerMedia
Holdings,
Inc.
3.76%
03/15/27
11,400,000
10,641,694
25,958,562
Diversified
REITs
—
1.30%
Digital
Euro
Finco
LLC
2.63%
04/15/24
7,715,000
8,236,610
GLP
Capital
LP/GLP
Financing
II,
Inc.
3.35%
09/01/24
1,197,000
1,160,013
4.00%
01/15/30
1,750,000
1,524,598
5.30%
01/15/29
2,179,000
2,064,602
VICI
Properties
LP
4.95%
02/15/30
40,000
37,592
VICI
Properties
LP/VICI
Note
Co.,
Inc.
3.88%
02/15/29
1
245,000
215,224
4.63%
06/15/25
1
4,640,000
4,491,817
5.75%
02/01/27
1
2,590,000
2,544,457
20,274,913
Electric
—
2.58%
Alliant
Energy
Finance
LLC
1.40%
03/15/26
1
6,540,000
5,792,387
American
Electric
Power
Co.,
Inc.
2.03%
03/15/24
4,880,000
4,748,056
Black
Hills
Corp.
5.95%
03/15/28
4,540,000
4,606,840
Duke
Energy
Corp.
4.30%
03/15/28
3,295,000
3,171,525
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Electric
(continued)
Eversource
Energy
2.90%
03/01/27
$
5,425,000
$
5,010,100
ITC
Holdings
Corp.
4.95%
09/22/27
1
4,960,000
4,901,503
Jersey
Central
Power
&
Light
Co.
4.30%
01/15/26
1
1,868,000
1,807,813
4.70%
04/01/24
1
8,348,000
8,261,940
Metropolitan
Edison
Co.
4.00%
04/15/25
1
1,467,000
1,404,600
Pennsylvania
Electric
Co.
4.15%
04/15/25
1
500,000
483,582
40,188,346
Energy
—
0.51%
Energy
Transfer
LP
4.95%
05/15/28
1,150,000
1,115,839
5.95%
12/01/25
2,520,000
2,525,023
Petroleos
Mexicanos
(Mexico)
6.70%
02/16/32
3
3,274,000
2,497,080
Southern
Co.
Gas
Capital
Corp.
3.88%
11/15/25
1,950,000
1,871,539
8,009,481
Finance
—
3.45%
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
(Ireland)
2.45%
10/29/26
3
500,000
447,215
Air
Lease
Corp.
3.38%
07/01/25
1,250,000
1,185,447
3.63%
04/01/27
4,835,000
4,470,745
Avolon
Holdings
Funding
Ltd.
(Cayman
Islands)
2.53%
11/18/27
1,3
5,905,000
4,984,890
2.75%
02/21/28
1,3
1,350,000
1,138,749
3.25%
02/15/27
1,3
2,350,000
2,102,119
Capital
One
Financial
Corp.
2.64%
03/03/26
6
2,685,000
2,508,612
Citigroup,
Inc.
0.78%
10/30/24
6
11,523,000
11,319,603
3.52%
10/27/28
6
6,987,000
6,494,848
Icahn
Enterprises
LP/Icahn
Enterprises
Finance
Corp.
4.75%
09/15/24
1,500,000
1,434,409
JPMorgan
Chase
&
Co.
0.56%
02/16/25
6
1,000,000
965,138
0.82%
06/01/25
6
2,535,000
2,408,689
1.04%
02/04/27
6
5,865,000
5,228,479
Morgan
Stanley
0.99%
12/10/26
6
5,000,000
4,465,513
1.59%
05/04/27
6
3,855,000
3,452,189
UBS
Group
AG
(Switzerland)
1.36%
01/30/27
1,3,6
730,000
640,059
4.70%
08/05/27
1,3,6
685,000
655,985
53,902,689
Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
8
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Food
—
0.44%
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
(Canada)
3.00%
02/02/29
1,3
$
5,590,000
$
4,759,236
5.13%
02/01/28
1,3
2,205,000
2,121,359
6,880,595
Health
Care
—
1.80%
Amgen,
Inc.
5.15%
03/02/28
8,405,000
8,401,420
Bayer
U.S.
Finance
II
LLC
2.85%
04/15/25
1
4,665,000
4,396,362
HCA,
Inc.
3.13%
03/15/27
1
2,510,000
2,306,536
5.38%
09/01/26
2,520,000
2,502,798
5.88%
02/15/26
3,980,000
3,983,181
HCA,
Inc.
(MTN)
7.58%
09/15/25
1,100,000
1,129,272
Illumina,
Inc.
5.75%
12/13/27
2,275,000
2,291,110
Premier
Health
Partners,
Series
G
2.91%
11/15/26
3,500,000
3,118,987
28,129,666
Health
Care
REITs
—
0.51%
Healthcare
Reality
Holdings
LP
3.50%
08/01/26
1,451,000
1,335,747
Healthcare
Realty
Holdings
LP
3.63%
01/15/28
3,255,000
2,884,478
Physicians
Realty
LP
4.30%
03/15/27
3,995,000
3,768,840
7,989,065
Industrials
—
1.30%
Amcor
Flexibles
North
America,
Inc.
4.00%
05/17/25
6,125,000
5,929,440
Artera
Services
LLC
9.03%
12/04/25
1
2,500,000
2,191,171
Berry
Global,
Inc.
1.65%
01/15/27
2,000,000
1,726,694
4.88%
07/15/26
1
1,365,000
1,313,335
General
Electric
Co.
(MTN)
(LIBOR
USD
3-Month
plus
0.38%)
5.71%
05/05/26
2
7,235,000
7,215,650
(LIBOR
USD
3-Month
plus
0.48%)
5.80%
08/15/36
2
2,182,000
1,921,419
20,297,709
Information
Technology
—
0.63%
Netflix,
Inc.
3.63%
06/15/25
1
3,207,000
3,092,371
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Information
Technology
(continued)
Oracle
Corp.
2.80%
04/01/27
$
7,385,000
$
6,796,646
9,889,017
Insurance
—
2.13%
Aon
Corp.
4.50%
12/15/28
2,442,000
2,350,945
Athene
Global
Funding
2.51%
03/08/24
1
2,935,000
2,848,235
(SOFR
Index
plus
0.70%)
5.79%
05/24/24
1,2
5,005,000
4,956,087
Farmers
Insurance
Exchange
8.63%
05/01/24
1
5,000,000
5,036,961
MMI
Capital
Trust
I,
Series
B
7.63%
12/15/27
2,000,000
2,096,589
Nationwide
Mutual
Insurance
Co.
7.84%
12/15/24
1,6
5,550,000
5,545,630
Teachers
Insurance
&
Annuity
Association
of
America
4.38%
09/15/54
1,6
2,800,000
2,703,191
Trinity
Acquisition
PLC
(United
Kingdom)
4.63%
08/15/23
3
3,410,000
3,400,590
Willis
North
America,
Inc.
4.65%
06/15/27
4,345,000
4,225,546
33,163,774
Materials
—
0.31%
International
Flavors
&
Fragrances,
Inc.
1.83%
10/15/27
1
4,960,000
4,185,851
2.30%
11/01/30
1
745,000
590,964
4,776,815
Office
REITs
—
0.16%
Hudson
Pacific
Properties
LP
3.95%
11/01/27
285,000
207,507
4.65%
04/01/29
1,845,000
1,303,695
5.95%
02/15/28
1,245,000
1,003,393
2,514,595
Real
Estate
Investment
Trust
(REIT)
—
0.54%
American
Tower
Corp.
5.25%
07/15/28
4,445,000
4,407,803
Annington
Funding
PLC
(EMTN)
(United
Kingdom)
2.65%
07/12/25
3
3,400,000
3,924,991
8,332,794
Retail
REITs
—
0.12%
Federal
Realty
OP
LP
7.48%
08/15/26
1,850,000
1,906,451
Services
—
0.52%
Global
Payments,
Inc.
2.15%
01/15/27
9,201,000
8,170,202
Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
9
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Specialized
REITs
—
0.40%
Life
Storage
LP
3.88%
12/15/27
$
6,745,000
$
6,270,757
Transportation
—
0.07%
Delta
Air
Lines
Pass-Through
Trust,
Series
2020-1,
Class
AA
2.00%
06/10/28
1,288,371
1,144,422
Total
Corporates
(Cost
$473,734,251)
458,959,269
MORTGAGE-BACKED
—
54.67%**
Non-Agency
Commercial
Mortgage-Backed
—
10.57%
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.,
Series
2021-FL3,
Class
A
(Cayman
Islands)
(LIBOR
USD
1-Month
plus
1.07%)
6.26%
08/15/34
1,2,3
5,000,000
4,893,317
Ashford
Hospitality
Trust,
Series
2018-KEYS,
Class
A
(LIBOR
USD
1-Month
plus
1.00%)
6.32%
06/15/35
1,2
2,234,007
2,185,429
BANK,
Series
2018-BN14,
Class
A2
4.13%
09/15/60
4,123,278
3,978,002
Benchmark
Mortgage
Trust,
Series
2020-B17,
Class
A2
2.21%
03/15/53
7,590,000
6,825,631
BX
Commercial
Mortgage
Trust,
Series
2020-VKNG,
Class
A
(CME
Term
SOFR
1-Month
plus
1.04%)
6.19%
10/15/37
1,2
4,719,596
4,664,277
BX
Commercial
Mortgage
Trust,
Series
2021-CIP,
Class
A
(LIBOR
USD
1-Month
plus
0.92%)
6.11%
12/15/38
1,2
4,245,000
4,144,020
BX
Commercial
Mortgage
Trust,
Series
2021-VINO,
Class
A
(LIBOR
USD
1-Month
plus
0.65%)
5.85%
05/15/38
1,2
5,354,000
5,209,490
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C4,
Class
ASB
3.09%
05/10/58
1,326,104
1,270,890
Cold
Storage
Trust,
Series
2020-ICE5,
Class
A
(LIBOR
USD
1-Month
plus
0.90%)
6.09%
11/15/37
1,2
8,456,667
8,320,753
Commercial
Mortgage
Trust,
Series
2014-CR15,
Class
ASB
3.60%
02/10/47
984,206
979,272
Commercial
Mortgage
Trust,
Series
2014-CR20,
Class
A3
3.33%
11/10/47
5,765,052
5,564,314
Commercial
Mortgage
Trust,
Series
2015-PC1,
Class
A4
3.62%
07/10/50
3,521,185
3,381,173
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
Commercial
Mortgage
Trust,
Series
2016-DC2,
Class
ASB
3.55%
02/10/49
$
127,579
$
123,781
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2019-ICE4,
Class
A
(LIBOR
USD
1-Month
plus
0.98%)
6.17%
05/15/36
1,2
11,067,266
11,015,614
DBGS
Mortgage
Trust,
Series
2018-BIOD,
Class
A
(LIBOR
USD
1-Month
plus
1.05%)
6.25%
05/15/35
1,2
9,082,801
9,003,265
Great
Wolf
Trust,
Series
2019-WOLF,
Class
A
(CME
Term
SOFR
1-Month
plus
1.15%)
6.30%
12/15/36
1,2
9,584,000
9,475,892
GS
Mortgage
Securities
Corp.
Trust,
Series
2019-70P,
Class
A
(LIBOR
USD
1-Month
plus
1.00%)
6.19%
10/15/36
1,2
10,000,000
9,583,459
GS
Mortgage
Securities
Corp.
Trust,
Series
2022-SHIP,
Class
A
(CME
Term
SOFR
1-Month
plus
0.73%)
5.88%
08/15/36
1,2
3,448,000
3,429,556
GS
Mortgage
Securities
Trust,
Series
2011-GC5,
Class
AS
5.21%
08/10/44
1,6
2,798,338
2,630,424
GS
Mortgage
Securities
Trust,
Series
2018-GS9,
Class
A2
3.84%
03/10/51
300,150
294,339
Houston
Galleria
Mall
Trust,
Series
2015-HGLR,
Class
A1A1
3.09%
03/05/37
1
3,750,000
3,501,321
Independence
Plaza
Trust,
Series
2018-INDP,
Class
A
3.76%
07/10/35
1
3,294,364
3,078,962
Independence
Plaza
Trust,
Series
2018-INDP,
Class
B
3.91%
07/10/35
1
10,000,000
9,256,105
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2013-LC11,
Class
XA
(IO)
1.09%
04/15/46
6
2,449,356
11,863
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2014-C20,
Class
A4A2
3.54%
07/15/47
1
860,526
842,217
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2021-MHC,
Class
A
(CME
Term
SOFR
1-Month
plus
0.91%)
6.06%
04/15/38
1,2
4,932,362
4,857,037
KKR
Industrial
Portfolio
Trust,
Series
2021-KDIP,
Class
A
(CME
Term
SOFR
1-Month
plus
0.66%)
5.81%
12/15/37
1,2
2,556,338
2,513,405
MF1
Ltd.,
Series
2020-FL4,
Class
A
(CME
Term
SOFR
1-Month
plus
1.81%)
6.96%
11/15/35
1,2
6,053,794
6,018,956
Low
Duration
Bond
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)
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2013-C12,
Class
XA
(IO)
0.79%
10/15/46
6
$
23,275,221
$
909
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C21,
Class
XA
(IO)
0.98%
03/15/48
6
31,900,123
309,975
One
Lincoln
Street
Commercial
Mortgage,
Series
2004-C3,
Class
A1
5.72%
10/15/30
1,6
4,634,368
4,629,496
One
New
York
Plaza
Trust,
Series
2020-1NYP,
Class
A
(LIBOR
USD
1-Month
plus
0.95%)
6.14%
01/15/36
1,2
3,240,000
3,064,347
SMRT,
Series
2022-MINI,
Class
A
(CME
Term
SOFR
1-Month
plus
1.00%)
6.15%
01/15/39
1,2
2,885,000
2,805,708
SREIT
Trust,
Series
2021-MFP2,
Class
A
(LIBOR
USD
1-Month
plus
0.82%)
6.01%
11/15/36
1,2
3,640,000
3,550,854
UBS
Commercial
Mortgage
Trust,
Series
2018-C11,
Class
A2
3.99%
06/15/51
121,381
121,051
UBS
Commercial
Mortgage
Trust,
Series
2018-C12,
Class
A2
4.15%
08/15/51
8,750,767
8,728,428
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2014-LC16,
Class
A4
3.55%
08/15/50
6,547,457
6,418,075
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2017-SMP,
Class
A
(LIBOR
USD
1-Month
plus
0.88%)
6.07%
12/15/34
1,2
6,300,000
5,765,715
Westfield
Galleria
at
Roseville
3.25%
03/29/25
4,5
2,700,000
2,640,060
165,087,382
Non-Agency
Mortgage-Backed
—
17.18%
Accredited
Mortgage
Loan
Trust,
Series
2007-1,
Class
A4
(LIBOR
USD
1-Month
plus
0.22%)
5.37%
02/25/37
2
841,872
831,631
ACE
Securities
Corp.
Home
Equity
Loan
Trust,
Series
2006-OP1,
Class
A2D
(LIBOR
USD
1-Month
plus
0.48%)
5.63%
04/25/36
2
6,470,354
5,457,540
Ameriquest
Mortgage
Securities,
Inc.,
Asset-Backed
Pass-
Through
Certificates,
Series
2005-R1,
Class
M3
(LIBOR
USD
1-Month
plus
0.80%)
5.95%
03/25/35
2
75,098
75,083
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Ameriquest
Mortgage
Securities,
Inc.,
Asset-Backed
Pass-
Through
Certificates,
Series
2005-R9,
Class
M1
(LIBOR
USD
1-Month
plus
0.71%)
5.86%
11/25/35
2
$
7,445,806
$
7,248,221
Argent
Securities,
Inc.,
Asset-Backed
Pass-Through
Certificates,
Series
2005-W2,
Class
M1
(LIBOR
USD
1-Month
plus
0.74%)
5.89%
10/25/35
2
4,803,622
4,677,924
Asset-Backed
Securities
Corp.
Home
Equity
Loan
Trust,
Series
2006-HE3,
Class
A5
(LIBOR
USD
1-Month
plus
0.54%)
2.90%
03/25/36
2
2,220,251
2,124,423
Banc
of
America
Alternative
Loan
Trust,
Series
2003-8,
Class
1CB1
5.50%
10/25/33
3,065,687
2,910,322
Bear
Stearns
ALT-A
Trust,
Series
2004-10,
Class
M1
(LIBOR
USD
1-Month
plus
0.90%)
6.05%
09/25/34
2
1,295,070
1,295,844
Bear
Stearns
ARM
Trust,
Series
2004-3,
Class
4A
5.14%
07/25/34
6
198,798
184,883
BNC
Mortgage
Loan
Trust,
Series
2007-1,
Class
A4
(LIBOR
USD
1-Month
plus
0.16%)
5.31%
03/25/37
2
4,219,522
3,893,778
Chase
Funding
Trust,
Series
2002-2,
Class
2A1
(LIBOR
USD
1-Month
plus
0.50%)
5.65%
05/25/32
2
1,266,413
1,243,772
Chase
Mortgage
Finance
Trust,
Series
2007-A1,
Class
8A1
4.12%
02/25/37
6
2,526,911
2,442,872
Chase
Mortgage
Finance
Trust,
Series
2007-A2,
Class
2A3
4.14%
06/25/35
6
443,046
430,309
Chevy
Chase
Mortgage
Funding
LLC,
Mortgage-Backed
Certificates,
Series
2005-2A,
Class
A1
(LIBOR
USD
1-Month
plus
0.18%)
5.33%
05/25/36
1,2
365,576
326,342
CIM
Trust,
Series
2021-R3,
Class
A1A
1.95%
06/25/57
1,6
7,054,805
6,062,342
CIM
Trust,
Series
2022-I1,
Class
A1
4.35%
02/25/67
1,6
5,512,155
5,312,676
CIT
Mortgage
Loan
Trust,
Series
2007-1,
Class
1A
(LIBOR
USD
1-Month
plus
1.35%)
6.50%
10/25/37
1,2
2,025,399
2,021,809
Low
Duration
Bond
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)
Citigroup
Mortgage
Loan
Trust,
Series
2006-AMC1,
Class
A1
(LIBOR
USD
1-Month
plus
0.29%)
5.44%
09/25/36
1,2
$
6,333,200
$
6,035,049
Countrywide
Asset-Backed
Certificates
Trust,
Series
2006-14,
Class
2A3
(LIBOR
USD
1-Month
plus
0.48%)
5.63%
02/25/37
2
2,471,710
2,308,348
Countrywide
Asset-Backed
Certificates
Trust,
Series
2006-4,
Class
M1
(LIBOR
USD
1-Month
plus
0.53%)
5.68%
07/25/36
2
3,604,758
3,517,567
Countrywide
Asset-Backed
Certificates
Trust,
Series
2007-7,
Class
1A
(LIBOR
USD
1-Month
plus
0.20%)
5.35%
10/25/47
2
7,502,678
7,104,462
Countrywide
Home
Loan
Mortgage
Pass-Through
Trust,
Series
2004-14,
Class
4A1
3.91%
08/25/34
6
7,031
6,337
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.,
Series
2004-AR1,
Class
5A1
4.40%
02/25/34
6
101,308
98,764
Credit
Suisse
Mortgage
Capital
Trust
Series
2022-RPL3,
Class
A1
3.71%
03/25/61
1,6
7,912,242
7,610,354
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Series
2007-CB4,
Class
A1A
(LIBOR
USD
1-Month
plus
0.09%)
2.67%
04/25/37
2
756,150
735,010
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Series
2007-CB5,
Class
A1
(LIBOR
USD
1-Month
plus
0.06%)
3.00%
04/25/37
2
1,957,978
1,194,599
DSLA
Mortgage
Loan
Trust,
Series
2005-AR2,
Class
2A1A
(LIBOR
USD
1-Month
plus
0.42%)
5.58%
03/19/45
2
247,474
234,647
Fannie
Mae
Connecticut
Avenue
Securities,
Series
2022-R03,
Class
1M1
(SOFR30A
plus
2.10%)
7.17%
03/25/42
1,2
4,762,682
4,776,492
Fannie
Mae
Connecticut
Avenue
Securities,
Series
2023-R01,
Class
1M1
(SOFR30A
plus
2.40%)
7.47%
12/25/42
1,2
3,087,043
3,107,338
First
Franklin
Mortgage
Loan
Trust,
Series
2004-FF5,
Class
A3C
(LIBOR
USD
1-Month
plus
1.00%)
6.15%
08/25/34
2
347,580
325,063
First
Franklin
Mortgage
Loan
Trust,
Series
2005-FF8,
Class
M2
(LIBOR
USD
1-Month
plus
0.78%)
5.93%
09/25/35
2
1,845,622
1,832,207
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
First
Franklin
Mortgage
Loan
Trust,
Series
2006-FF11,
Class
1A1
(LIBOR
USD
1-Month
plus
0.26%)
5.41%
08/25/36
2
$
1,630,206
$
1,623,426
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2004-AA3,
Class
A1
5.18%
09/25/34
6
1,320
1,204
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2022-DNA6,
Class
M1A
(SOFR30A
plus
2.15%)
7.22%
09/25/42
1,2
1,834,446
1,850,149
Fremont
Home
Loan
Trust,
Series
2005-E,
Class
2A4
(LIBOR
USD
1-Month
plus
0.66%)
5.81%
01/25/36
2
12,610,050
11,709,789
GMACM
Home
Equity
Loan
Trust,
Series
2000-HE2,
Class
A1
(LIBOR
USD
1-Month
plus
0.44%)
3.93%
06/25/30
2
55,720
51,466
GSAMP
Trust,
Series
2005-HE4,
Class
M3
(LIBOR
USD
1-Month
plus
0.78%)
5.93%
07/25/45
2
1,584,642
1,524,856
GSAMP
Trust,
Series
2006-HE2,
Class
M1
(LIBOR
USD
1-Month
plus
0.48%)
5.63%
03/25/46
2
3,763,946
3,634,714
GSR
Mortgage
Loan
Trust,
Series
2005-AR7,
Class
2A1
4.48%
11/25/35
6
83,003
75,057
Impac
CMB
Trust,
Series
2005-5,
Class
A1
(LIBOR
USD
1-Month
plus
0.32%)
5.79%
08/25/35
2
939,450
850,299
IndyMac
Index
Mortgage
Loan
Trust,
Series
2004-AR12,
Class
A1
(LIBOR
USD
1-Month
plus
0.78%)
5.93%
12/25/34
2
152,286
120,659
IndyMac
Index
Mortgage
Loan
Trust,
Series
2004-AR8,
Class
2A2A
(LIBOR
USD
1-Month
plus
0.80%)
5.95%
11/25/34
2
445,232
399,253
IndyMac
Manufactured
Housing
Contract
Pass-Through
Certificates,
Series
1998-1,
Class
A4
6.49%
09/25/28
175,239
174,670
JPMorgan
Mortgage
Acquisition
Trust,
Series
2005-FRE1,
Class
M1
(LIBOR
USD
1-Month
plus
0.62%)
2.81%
10/25/35
2
3,801,667
3,686,341
JPMorgan
Mortgage
Acquisition
Trust,
Series
2006-NC1,
Class
M1
(LIBOR
USD
1-Month
plus
0.48%)
5.63%
04/25/36
2
4,788,552
4,500,121
Low
Duration
Bond
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)
JPMorgan
Mortgage
Acquisition
Trust,
Series
2007-CH4,
Class
M1
(LIBOR
USD
1-Month
plus
0.23%)
5.38%
05/25/37
2
$
14,750,000
$
14,154,613
JPMorgan
Mortgage
Acquisition
Trust,
Series
2007-CH5,
Class
A1
(LIBOR
USD
1-Month
plus
0.16%)
5.31%
06/25/37
2
10,489,289
10,358,350
JPMorgan
Mortgage
Trust,
Series
2007-A1,
Class
1A1
4.37%
07/25/35
6
187,566
185,203
JPMorgan
Mortgage
Trust,
Series
2007-A1,
Class
5A2
4.05%
07/25/35
6
73,628
71,974
Lehman
ABS
Manufactured
Housing
Contract
Trust,
Series
2001-B,
Class
AIOC
(IO)
0.55%
04/15/40
4,5,6
49,575,614
611,533
LHOME
Mortgage
Trust,
Series
2021-RTL1,
Class
A1
2.09%
02/25/26
1,6
2,107,843
2,080,035
Long
Beach
Mortgage
Loan
Trust,
Series
2005-WL3,
Class
M1
(LIBOR
USD
1-Month
plus
0.65%)
5.80%
11/25/35
2
882,490
875,939
MASTR
Adjustable
Rate
Mortgages
Trust,
Series
2003-6,
Class
4A2
3.81%
01/25/34
6
1,981
1,897
MASTR
Adjustable
Rate
Mortgages
Trust,
Series
2004-13,
Class
3A1
4.56%
11/21/34
6
309,337
293,391
MASTR
Adjustable
Rate
Mortgages
Trust,
Series
2004-3,
Class
3A3
4.12%
04/25/34
6
48,434
45,347
MASTR
Alternative
Loan
Trust,
Series
2003-1,
Class
1A1
6.25%
12/25/32
829,679
816,584
MASTR
Alternative
Loan
Trust,
Series
2003-5,
Class
4A1
5.50%
07/25/33
1,502,088
1,403,029
MASTR
Alternative
Loan
Trust,
Series
2003-9,
Class
4A1
5.25%
11/25/33
1,702,917
1,627,111
MASTR
Alternative
Loan
Trust,
Series
2004-7,
Class
1A1
5.50%
07/25/34
1,514,988
1,416,069
MASTR
Asset-Backed
Securities
Trust,
Series
2006-HE1,
Class
M1
(LIBOR
USD
1-Month
plus
0.56%)
5.71%
01/25/36
2
5,374,394
5,175,720
MASTR
Seasoned
Securitization
Trust,
Series
2004-1,
Class
4A1
4.22%
10/25/32
6
84,225
81,615
Merrill
Lynch
First
Franklin
Mortgage
Loan
Trust,
Series
2007-3,
Class
A2C
(LIBOR
USD
1-Month
plus
0.36%)
5.51%
06/25/37
2
7,276,310
6,669,820
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2004-A4,
Class
A1
4.18%
08/25/34
6
$
479,261
$
433,981
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2006-F1,
Class
1A2
6.00%
04/25/36
784,898
406,222
Mid-State
Capital
Corp.
Trust,
Series
2006-1,
Class
A
5.79%
10/15/40
1
2,550,723
2,469,334
Mid-State
Trust,
Series
10W,
Class
A2
5.82%
02/15/36
261,419
251,652
Morgan
Stanley
ABS
Capital
I
Trust,
Series
2004-NC7,
Class
M2
(LIBOR
USD
1-Month
plus
0.93%)
6.08%
07/25/34
2
721,358
692,609
MortgageIT
Trust,
Series
2005-3,
Class
A1
(LIBOR
USD
1-Month
plus
0.60%)
5.75%
08/25/35
2
91,523
87,078
MortgageIT
Trust,
Series
2005-4,
Class
A1
(LIBOR
USD
1-Month
plus
0.56%)
5.71%
10/25/35
2
2,303,179
2,263,175
Nationstar
Home
Equity
Loan
Trust,
Series
2007-B,
Class
1AV1
(LIBOR
USD
1-Month
plus
0.22%)
5.37%
04/25/37
2
2,574,149
2,556,184
New
Century
Home
Equity
Loan
Trust,
Series
2005-3,
Class
M4
(LIBOR
USD
1-Month
plus
0.64%)
6.11%
07/25/35
2
347,100
346,450
New
Century
Home
Equity
Loan
Trust,
Series
2005-D,
Class
M1
(LIBOR
USD
1-Month
plus
0.68%)
5.83%
02/25/36
2
4,809,301
4,623,298
NLT
Trust,
Series
2021-INV2,
Class
A1
1.16%
08/25/56
1,6
6,199,993
5,087,286
Opteum
Mortgage
Acceptance
Corp.
Asset-Backed
Pass-
Through
Certificates,
Series
2005-5,
Class
1APT
(LIBOR
USD
1-Month
plus
0.56%)
5.71%
12/25/35
2
2,923,868
2,718,220
Park
Place
Securities,
Inc.,
Asset-Backed
Pass-Through
Certificates,
Series
2005-WCW3,
Class
M2
(LIBOR
USD
1-Month
plus
0.74%)
5.89%
08/25/35
2
2,166,745
2,091,730
PHH
Alternative
Mortgage
Trust,
Series
2007-3,
Class
A3
(LIBOR
USD
1-Month
plus
0.60%)
5.75%
07/25/37
2
4,620,497
4,336,999
PRPM
LLC,
Series
2020-4,
Class
A1
(STEP-reset
date
07/25/23)
2.95%
10/25/25
1
6,066,974
5,989,838
Low
Duration
Bond
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)
PRPM
LLC,
Series
2021-3,
Class
A1
(STEP-reset
date
07/25/23)
1.87%
04/25/26
1
$
9,590,065
$
8,904,208
PRPM
LLC,
Series
2022-3,
Class
A1
(STEP-reset
date
07/25/23)
5.56%
06/25/27
1
10,282,673
10,041,686
PRPM,
LLC,
Series
2021-1,
Class
A1
2.12%
01/25/26
1,6
4,480,699
4,196,262
PRPM,
LLC,
Series
2021-10,
Class
A1
(STEP-reset
date
07/25/23)
2.49%
10/25/26
1
9,922,524
9,286,936
PRPM,
LLC,
Series
2021-7,
Class
A1
(STEP-reset
date
07/25/23)
1.87%
08/25/26
1
10,687,041
9,798,818
Residential
Accredit
Loans
Trust,
Series
2005-QA3,
Class
NB1
3.61%
03/25/35
6
893,447
466,874
Residential
Asset
Mortgage
Products
Trust,
Series
2005-EFC1,
Class
M5
(LIBOR
USD
1-Month
plus
0.65%)
6.13%
05/25/35
2
2,155,910
2,123,513
Residential
Asset
Mortgage
Products
Trust,
Series
2006-NC2,
Class
A3
(LIBOR
USD
1-Month
plus
0.58%)
5.73%
02/25/36
2
196,426
195,598
Residential
Asset
Securities
Corp.,
Series
2005-KS11,
Class
M2
(LIBOR
USD
1-Month
plus
0.63%)
5.78%
12/25/35
2
1,720,700
1,702,613
Saxon
Asset
Securities
Trust,
Series
2006-2,
Class
M1
(LIBOR
USD
1-Month
plus
0.44%)
5.59%
09/25/36
2
11,000,000
10,328,430
Securitized
Asset-Backed
Receivables
LLC
Trust,
Series
2006-CB1,
Class
AF2
(STEP-reset
date
08/25/23)
2.86%
01/25/36
1,420,799
1,136,903
Soundview
Home
Loan
Trust,
Series
2006-OPT4,
Class
2A4
(LIBOR
USD
1-Month
plus
0.46%)
5.61%
06/25/36
2
3,698,904
3,534,424
Specialty
Underwriting
&
Residential
Finance
Trust,
Series
2005-BC2,
Class
M3
(LIBOR
USD
1-Month
plus
0.98%)
6.13%
12/25/35
2
1,172,754
1,163,973
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust,
Series
2006-BC6,
Class
A4
(LIBOR
USD
1-Month
plus
0.17%)
5.32%
01/25/37
2
1,088,070
1,065,952
Structured
Asset
Securities
Corp.
Mortgage
Pass-Through
Certificates,
Series
2003-26A,
Class
3A5
5.30%
09/25/33
6
202,870
196,853
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Terwin
Mortgage
Trust,
Series
2004-7HE,
Class
A1
(LIBOR
USD
1-Month
plus
1.10%)
6.25%
07/25/34
1,2
$
65,322
$
58,964
VOLT
XCIV
LLC,
Series
2021-NPL3,
Class
A1
(STEP-reset
date
07/25/23)
2.24%
02/27/51
1
6,868,573
6,344,417
WaMu
Mortgage
Pass-Through
Certificates,
Series
2004-AR14,
Class
A1
4.20%
01/25/35
6
276,470
253,299
WaMu
Mortgage
Pass-Through
Certificates,
Series
2004-CB2,
Class
2A
5.50%
07/25/34
702,249
657,463
WaMu
Mortgage
Pass-Through
Certificates,
Series
2005-AR13,
Class
A1A1
(LIBOR
USD
1-Month
plus
0.58%)
5.73%
10/25/45
2
855,276
808,019
WaMu
Mortgage
Pass-Through
Certificates,
Series
2005-AR2,
Class
2A21
(LIBOR
USD
1-Month
plus
0.66%)
5.81%
01/25/45
2
114,929
113,029
268,228,532
U.S.
Agency
Commercial
Mortgage-Backed
—
1.32%
Fannie
Mae-Aces,
Series
2021-M1,
Class
A1
0.87%
11/25/30
1,978,792
1,757,787
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KJ29,
Class
A1
0.74%
01/25/26
2,392,466
2,299,259
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KJ31,
Class
A1
0.57%
05/25/26
1,450,026
1,390,620
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KJ34,
Class
A1
0.68%
06/25/26
2,993,918
2,755,736
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KJ37,
Class
A1
1.68%
12/25/27
11,084,448
9,994,759
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
Q004,
Class
AFL
(Federal
Reserve
US
12-Month
Cumulative
Average
plus
0.74%)
4.95%
05/25/44
2
1,117,231
1,110,565
Ginnie
Mae,
Series
2008-92,
Class
E
5.56%
03/16/44
6
1,289,422
1,264,848
20,573,574
Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
14
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Mortgage-Backed
—
25.60%
Fannie
Mae
Pool
735861
6.50%
09/01/33
$
4,783
$
4,833
Fannie
Mae
Pool
770900
(LIBOR
USD
12-Month
plus
1.56%)
4.94%
04/01/34
2
80,113
78,715
Fannie
Mae
Pool
AD0538
6.00%
05/01/24
10,596
10,562
Fannie
Mae
Pool
AE0083
6.00%
01/01/40
452,239
469,134
Fannie
Mae
Pool
AL0851
6.00%
10/01/40
528,539
556,407
Fannie
Mae
REMICS,
Series
1997-76,
Class
FS
(LIBOR
USD
1-Month
plus
0.45%)
5.60%
09/17/27
2
3,873
3,816
Fannie
Mae
REMICS,
Series
2001-60,
Class
OF
(LIBOR
USD
1-Month
plus
0.95%)
6.10%
10/25/31
2
293,774
297,587
Fannie
Mae
REMICS,
Series
2007-64,
Class
FA
(LIBOR
USD
1-Month
plus
0.47%)
5.62%
07/25/37
2
146,879
145,372
Fannie
Mae
REMICS,
Series
2009-85,
Class
LF
(LIBOR
USD
1-Month
plus
1.20%)
6.35%
10/25/49
2
1,460,689
1,483,822
Fannie
Mae
REMICS,
Series
2009-96,
Class
FA
(LIBOR
USD
1-Month
plus
0.90%)
6.05%
11/25/49
2
991,461
990,072
Fannie
Mae
REMICS,
Series
2010-109,
Class
PF
(LIBOR
USD
1-Month
plus
0.40%)
5.55%
10/25/40
2
517,724
511,344
Fannie
Mae
REMICS,
Series
2010-26,
Class
S
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.23%,
6.23%
Cap)
1.08%
11/25/36
2
3,437,728
319,938
Fannie
Mae
REMICS,
Series
2010-43,
Class
DP
5.00%
05/25/40
400,621
398,020
Fannie
Mae
REMICS,
Series
2010-6,
Class
BF
(LIBOR
USD
1-Month
plus
0.76%)
5.91%
02/25/40
2
844,754
843,288
Fannie
Mae
REMICS,
Series
2010-95,
Class
S
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.60%,
6.60%
Cap)
1.45%
09/25/40
2
2,660,608
274,330
Fannie
Mae
REMICS,
Series
2019-79,
Class
FA
(LIBOR
USD
1-Month
plus
0.50%)
5.65%
01/25/50
2
2,972,376
2,896,601
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Mortgage-Backed
(continued)
Fannie
Mae
REMICS,
Series
2020-10,
Class
FA
(LIBOR
USD
1-Month
plus
0.50%)
5.65%
03/25/50
2
$
5,434,431
$
5,298,969
Freddie
Mac
Gold
Pool
A45796
7.00%
01/01/33
1,038
1,036
Freddie
Mac
Gold
Pool
C46104
6.50%
09/01/29
2,591
2,652
Freddie
Mac
Gold
Pool
G13475
6.00%
01/01/24
146
145
Freddie
Mac
Pool
SD8189
2.50%
01/01/52
12,532,588
10,641,072
Freddie
Mac
Pool
SD8199
2.00%
03/01/52
13,056,414
10,641,587
Freddie
Mac
REMICS,
Series
2174,
Class
PN
6.00%
07/15/29
167,648
167,310
Freddie
Mac
REMICS,
Series
2454,
Class
FQ
(LIBOR
USD
1-Month
plus
1.00%)
6.19%
06/15/31
2
2,631
2,663
Freddie
Mac
REMICS,
Series
2733,
Class
FB
(LIBOR
USD
1-Month
plus
0.60%)
5.79%
10/15/33
2
1,185,187
1,193,452
Freddie
Mac
REMICS,
Series
3071,
Class
TF
(LIBOR
USD
1-Month
plus
0.30%)
5.49%
04/15/35
2
515,739
514,045
Freddie
Mac
REMICS,
Series
3294,
Class
CB
5.50%
03/15/37
151,174
153,676
Freddie
Mac
REMICS,
Series
3300,
Class
FA
(LIBOR
USD
1-Month
plus
0.30%)
5.49%
08/15/35
2
322,561
317,604
Freddie
Mac
REMICS,
Series
3325,
Class
NF
(LIBOR
USD
1-Month
plus
0.30%)
5.49%
08/15/35
2
831,836
819,053
Freddie
Mac
REMICS,
Series
3524,
Class
FC
(LIBOR
USD
1-Month
plus
0.94%)
6.13%
06/15/38
2
209,514
210,326
Freddie
Mac
REMICS,
Series
3531,
Class
FM
(LIBOR
USD
1-Month
plus
0.90%)
6.09%
05/15/39
2
134,147
134,539
Freddie
Mac
REMICS,
Series
3792,
Class
DF
(LIBOR
USD
1-Month
plus
0.40%)
5.59%
11/15/40
2
17,509
17,497
Freddie
Mac
REMICS,
Series
4060,
Class
FJ
(LIBOR
USD
1-Month
plus
0.35%)
5.54%
02/15/41
2
185,302
185,302
Low
Duration
Bond
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
4959,
Class
JF
(LIBOR
USD
1-Month
plus
0.45%)
5.60%
03/25/50
2
$
4,893,695
$
4,749,806
Freddie
Mac
Strips,
Series
240,
Class
F30
(LIBOR
USD
1-Month
plus
0.30%)
5.49%
07/15/36
2
990,357
977,010
Freddie
Mac
Strips,
Series
263,
Class
F5
(LIBOR
USD
1-Month
plus
0.50%)
5.69%
06/15/42
2
1,086,580
1,064,257
Freddie
Mac
Strips,
Series
319,
Class
F2
(LIBOR
USD
1-Month
plus
0.50%)
5.69%
11/15/43
2
4,878,911
4,762,108
Ginnie
Mae
(TBA)
2.50%
07/15/53
33,825,000
29,280,671
4.50%
07/20/53
10,400,000
10,037,114
5.00%
07/20/53
4,600,000
4,520,578
Ginnie
Mae
II
Pool
2020
8.50%
06/20/25
97
97
Ginnie
Mae
II
Pool
2286
8.50%
09/20/26
34
34
Ginnie
Mae
II
Pool
2487
8.50%
09/20/27
1,372
1,372
Ginnie
Mae
II
Pool
80059
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1-Year
plus
1.50%)
2.88%
04/20/27
2
5,295
5,165
Ginnie
Mae
II
Pool
80589
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1-Year
plus
1.50%)
3.63%
03/20/32
2
8,280
7,823
Ginnie
Mae
II
Pool
80610
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1-Year
plus
1.50%)
2.88%
06/20/32
2
4,446
4,321
Ginnie
Mae
II
Pool
80968
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1-Year
plus
1.50%)
2.63%
07/20/34
2
129,626
126,037
Ginnie
Mae
II
Pool
81201
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1-Year
plus
2.00%)
4.13%
01/20/35
2
3,583
3,420
Ginnie
Mae
II
Pool
8599
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1-Year
plus
1.50%)
4.00%
02/20/25
2
2,565
2,504
Ginnie
Mae,
Series
2009-106,
Class
XI
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.80%,
6.80%
Cap)
1.65%
05/20/37
2
2,121,818
82,363
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Mortgage-Backed
(continued)
Ginnie
Mae,
Series
2013-53,
Class
AD
1.50%
12/20/26
$
376,932
$
359,879
UMBS
(TBA)
2.00%
07/01/53
18,200,000
14,846,508
2.00%
08/01/53
17,250,000
14,081,660
2.50%
07/01/53
19,475,000
16,506,772
2.50%
08/01/53
10,375,000
8,806,592
3.00%
07/01/53
46,875,000
41,257,317
3.00%
08/01/53
10,475,000
9,229,866
3.50%
08/01/53
3,975,000
3,626,411
4.00%
07/01/53
33,300,000
31,247,347
4.50%
07/01/53
23,475,000
22,568,182
4.50%
08/01/53
32,775,000
31,530,574
5.00%
07/01/53
72,350,000
70,897,348
5.50%
07/01/53
39,875,000
39,695,842
399,863,747
Total
Mortgage-Backed
(Cost
$881,128,910)
853,753,235
MUNICIPAL
BONDS
—
1.66%*
California
—
0.26%
Campbell
Union
School
District
General
Obligation,
School
Improvements,
Series
B
5.41%
08/01/27
3,995,000
4,052,740
Colorado
—
0.06%
City
&
County
of
Denver
Airport
System
Revenue
Bonds,
Series
C
0.88%
11/15/23
895,000
880,294
Florida
—
0.08%
County
of
Miami-Dade
Aviation
Revenue
Bonds,
Airport
and
Marina
Improvements,
Series
B
2.14%
10/01/28
445,000
384,992
2.29%
10/01/29
985,000
835,458
1,220,450
Maryland
—
0.10%
City
of
Baltimore
General
Obligation,
School
Improvements,
Series
C
5.00%
10/15/25
1,525,000
1,516,190
Massachusetts
—
0.32%
Commonwealth
of
Massachusetts
Revenue
Bonds,
Series
B
4.11%
07/15/31
5,235,000
5,089,947
New
York
—
0.84%
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
Bonds,
Public
Improvements
3.19%
08/01/25
1,110,000
1,065,414
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
Bonds,
Public
Improvements,
Subseries
B2
2.31%
11/01/26
4,060,000
3,736,822
Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
16
Issues
Maturity
Date
Principal
Amount
Value
MUNICIPAL
BONDS
(continued)
New
York
(continued)
New
York
State
Dormitory
Authority
Revenue
Bonds,
University
&
College
Improvements,
Series
D
5.00%
03/15/24
$
4,040,000
$
4,022,384
New
York
State
Dormitory
Authority
Revenue
Bonds,
University
&
College
Improvements,
Series
F
5.19%
03/15/24
4,360,000
4,346,599
13,171,219
Total
Municipal
Bonds
(Cost
$27,436,600)
25,930,840
U.S.
TREASURY
SECURITIES
—
9.77%
U.S.
Treasury
Bonds
—
0.77%
U.S.
Treasury
Bonds
-
Treasury
Inflation
Indexed
Bonds
(WI)
1.25%
04/15/28
8
12,385,418
11,982,892
U.S.
Treasury
Notes
—
9.00%
U.S.
Treasury
Notes
4.00%
06/30/28
23,140,000
23,014,357
4.63%
06/30/25
112,548,000
112,038,017
U.S.
Treasury
Notes
(WI)
3.63%
05/31/28
5,716,000
5,590,234
140,642,608
Total
U.S.
Treasury
Securities
(Cost
$153,336,481)
152,625,500
Total
Bonds
—
111.27%
(Cost
$1,786,363,464)
1,737,761,189
Issues
Shares
Value
COMMON
STOCK
—
0.00%
Electric
—
0.00%
Homer
City
Holdings
LLC
†,4,5
106,501
—
Total
Common
Stock
(Cost
$6,078,660)
Purchased
Swaptions
-
0.00%
(Cost
$939,000)
687
Issues
Maturity
Date
Principal
Amount
/
Shares
Value
SHORT-TERM
INVESTMENTS
—
13.59%
Money
Market
Funds
—
5.21%
Dreyfus
Government
Cash
Management
Fund
5.00%
9
2,520,000
2,520,000
Fidelity
Investments
Money
Market
Funds
-
Government
Portfolio
4.99%
9,10
346,234
346,234
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
5.02%
9
78,437,000
78,437,000
81,303,234
Issues
Maturity
Date
Principal
Amount/Shares
Value
SHORT-TERM
INVESTMENTS
(continued)
U.S.
Agency
Discount
Notes
—
2.45%
Federal
Home
Loan
Bank
0.00%
11
05/22/24
$
19,280,000
$
19,226,353
0.00%
11
05/21/24
19,100,000
19,021,641
38,247,994
U.S.
Treasury
Bills
—
5.93%
U.S.
Cash
Management
Bills
4.90%
11
10/19/23
25,000,000
24,610,389
U.S.
Treasury
Bills
5.25%
11
10/26/23
20,000,000
19,668,141
U.S.
Treasury
Bills
(WI)
5.12%
11
08/15/23
48,635,000
48,336,335
92,614,865
Total
Short-Term
Investments
(Cost
$212,335,776)
212,166,093
Total
Investments
Before
Written
Swaptions
-
124.86%
(Cost
$2,005,716,900)
1,949,927,969
Written
Swaptions
-
0.00%
(Cost
$(540,000))
(3)
Net
unrealized
appreciation
on
unfunded
commitments
-
0.00%
1,182
Liabilities
in
Excess
of
Other
Assets
-
(24.86)%
(388,197,805)
Net
Assets
-
100.00%
$
1,561,731,343
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
$8,452,700,
which
is
0.54%
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
Excluded
from
the
investment
total
above
is
an
unfunded
delayed
draw
term
loan
commitment
in
an
amount
not
to
exceed
$58,658,
at
an
interest
rate
of
8.70%
and
a
maturity
of
February
15,
2029.
The
investment
is
accruing
an
unused
commitment
fee
of
4.74%
per
annum.
8
Inflation
protected
security.
Principal
amount
reflects
original
security
face
amount.
9
Represents
the
current
yield
as
of
June
30,
2023.
10
Securities,
or
a
portion
thereof,
pledged
as
collateral
for
swaps.
The
total
market
value
of
collateral
pledged
is
$2,755.
11
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.
Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
17
/
June
2023
Note:
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
for
more
meaningful
presentation
for
investors.
(CLO):
Collateralized
Loan
Obligation
(EMTN):
Euro
Medium-Term
Note
(EUR):
Euro
(GBP):
British
Pound
(GMTN):
Global
Medium-Term
Note
(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
11,685,843
EUR
10,638,000
Citibank
N.A.
07/14/23
$
71,318
USD
3,945,975
GBP
3,125,000
Citibank
N.A.
07/14/23
(27,420)
NET
UNREALIZED
APPRECIATION
$
43,898
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
FUTURES
CONTRACTS:
LONG
POSITIONS
U.S.
Treasury
Two-Year
Note
6,174
09/29/23
$
1,255,444,313
$
(18,045,017)
$
(18,045,017)
FUTURES
CONTRACTS:
SHORT
POSITIONS
U.S.
Treasury
Five-Year
Note
3,544
09/29/23
(379,540,250)
7,717,662
7,717,662
U.S.
Treasury
Ten-Year
Ultra
Bond
728
09/20/23
(86,222,500)
873,564
873,564
U.S.
Treasury
Ultra
Bond
185
09/20/23
(25,200,469)
(260,400)
(260,400)
(490,963,219)
8,330,826
8,330,826
TOTAL
FUTURES
CONTRACTS
$
764,481,094
$
(9,714,191)
$
(9,714,191)
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Implied
Credit
Spread
at
06/30/23
1
Counterparty
Expiration
Date
Notional
Amount
(000's)
2
Value
3
Premiums
Paid
Unrealized
Appreciation
SWAPS:
CREDIT
DEFAULT
(SALES)
-
SINGLE
ISSUES
OTC
4
Berry
Global,
Inc.,
5.63%,
due
07/15/27
5.00%
3
Months
175
Credit
Suisse
First
Boston
International
12/20/23
$
3,425
$
58,305
$
49,046
$
9,259
1
An
implied
credit
spread
is
the
spread
in
yield
between
a
U.S.
Treasury
security
and
the
referenced
obligation
or
underlying
investment
that
are
identical
in
all
respects
except
for
the
quality
rating.
Implied
credit
spreads,
represented
in
absolute
terms,
utilized
in
determining
the
value
of
credit
default
swaps
on
corporate
issues
as
of
year-end
serve
as
an
indicator
of
the
current
status
of
the
payment
performance
risk
and
represent
the
likelihood
of
risk
of
default
for
the
credit
derivative.
The
implied
credit
spread
of
a
particular
referenced
entity
reflects
the
cost
of
buying/selling
protection
and
may
include
upfront
payments
required
to
be
made
to
enter
the
agreement.
Wider
credit
spreads,
in
comparison
to
narrower
credit
spreads,
represent
a
deterioration
of
the
referenced
entity's
credit
soundness
and
a
greater
likelihood
of
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
2
The
maximum
potential
amount
for
the
Fund
could
be
required
to
pay
as
a
seller
of
credit
protection
or
receive
as
a
buyer
of
credit
protection
if
a
credit
event
occurs
as
defined
under
the
terms
of
that
particular
swap
agreement.
3
The
quoted
market
prices
are
resulting
values
for
credit
default
swap
agreements
on
credit
indices
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
likelihood
of
an
expected
liability
(or
profit)
for
the
credit
derivative
had
the
notional
amount
of
the
swap
agreement
been
closed/sold
as
of
year-end.
Increasing
values
(buy
protection)
or
decreasing
values
(sell
protection),
when
compared
to
the
notional
amount
of
the
swap,
represent
a
deterioration
of
the
referenced
entity's
credit
soundness
and
a
greater
likelihood
of
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
4
If
the
Fund
is
a
seller
of
protection
and
credit
event
occurs,
as
defined
under
the
terms
of
that
particular
swap
agreement,
the
Fund
will
either
(i)
pay
to
the
buyer
of
protection
the
amount
equal
to
the
notional
amount
of
the
swap
and
take
delivery
of
the
referenced
obligation
or
underlying
investments
comprising
the
referenced
index
or
(ii)
pay
a
net
settlement
amount
in
the
form
of
cash
or
investments
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
referenced
obligation
or
underlying
investments
comprising
the
referenced
index.
Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
18
Fund
Received
by
the
Fund
Paid
by
the
Fund
Description
Counterparty
Maturity
Date
Rate
Frequency
Rate
Frequency
Notional
Amount
Value
Premiums
Paid
Unrealized
(Depreciation)
PURCHASED
SWAPTIONS
Option
to
enter
into
a
30-year
Interest
Rate
Swap
Goldman
Sachs
International
12/24/23
3-month
USD
LIBOR
Quarterly
6.00%
Quarterly
$
300,000
$
687
$
939,000
$
(938,313)
Received
by
the Fund
Paid
by
the
Fund
Description
Counterparty
Purchase
Date
Maturity
Date
Rate
Frequency
Rate
Frequency
Notional
Amount
(000's)
Value
Premiums
(Received)
Unrealized
Appreciation
WRITTEN
CALL
SWAPTIONS
Option
to
enter
into
a
30-year
Interest
Rate
Swap
Goldman
Sachs
International
04/29/15
12/24/23
7.50%
Quarterly
3-month
USD
LIBOR
Quarterly
$
300
$
(3)
$
(540,000)
$
539,997
Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
19
/
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
Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
20
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:
LOW
DURATION
BOND
FUND
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Investments
in
Securities
Assets:
Short-Term
Investments:
Money
Market
Funds
$
81,303,234
$
—
$
—
$
81,303,234
U.S.
Agency
Discount
Notes
—
38,247,994
—
38,247,994
U.S.
Treasury
Bills
92,614,865
—
—
92,614,865
Long-Term
Investments:
Asset-Backed
Securities
—
204,636,675
5,201,107
209,837,782
Bank
Loans
—
36,654,563
—
36,654,563
Common
Stock
—
—
—
—
Corporates
—
458,959,269
—
458,959,269
Mortgage-Backed
Securities
—
850,501,642
3,251,593
853,753,235
Municipal
Bonds
—
25,930,840
—
25,930,840
Purchased
Swaptions
—
687
—
687
U.S.
Treasury
Securities
140,642,608
11,982,892
—
152,625,500
Unfunded
Commitments
Appreciation
—
1,182
—
1,182
Other
Financial
Instruments
*
Assets:
Credit
contracts
—
58,305
—
58,305
Foreign
currency
exchange
contracts
—
71,318
—
71,318
Interest
rate
contracts
8,591,226
—
—
8,591,226
Liabilities:
Foreign
currency
exchange
contracts
—
(
27,420
)
—
(
27,420
)
Interest
rate
contracts
(
18,305,417
)
(
3
)
—
(
18,305,420
)
Total
$
304,846,516
$
1,627,017,944
$
8,452,700
$
1,940,317,160
*Other
financial
instruments
include
foreign
currency
exchange
contracts,
futures,
swaps
and
written
swaptions.
Credit
contracts
include
swaps.
Interest
rate
contracts
include
futures
and
written
swaptions.
Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
21
/
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:
COMMITMENTS
AND
CONTINGENCIES
The
Low
Duration
Bond
Fund had
the
following
unfunded
commitments
and
unrealized
gain
(loss)
as
of
June
30,
2023:
LOW
DURATION
BOND
FUND
ASSET-BACKED
SECURITIES
CREDIT
DEFAULT
SWAPS
MORTGAGE-
BACKED
SECURITIES
TOTAL
Balance
as
of
April
1,
2023
$
5,422,797
$
67,603
$
3,359,676
$
8,850,076
Accrued
discounts/premiums
—
(
48,325
)
(
21,148
)
(
69,473
)
Realized
gain
(loss)
—
—
—
—
Change
in
unrealized
(depreciation)*
(
122,942
)
(
19,278
)
(
86,935
)
(
229,155
)
Purchases
—
—
—
—
Sales
(
98,748
)
—
—
(
98,748
)
Transfers
into
Level
3**
—
—
—
—
Transfers
out
of
Level
3**
—
—
—
—
Balance
as
of
June
30,
2023
$
5,201,107
$
—
$
3,251,593
$
8,452,700
*The
change
in
unrealized
appreciation
(depreciation)
on
securities
still
held
at
June
30,
2023
was
$(209,877)
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:
LOW
DURATION
BOND
FUND
FAIR
VALUE
AT
6/30/23
VALUATION
TECHNIQUE
*
UNOBSERVABLE
INPUT
RANGE
WEIGHTED
AVERAGE
INPUT
TO
VALUATION
IF
INPUT
INCREASES
Asset-Backed
Securities
$5,201,107
Broker
Quote
Offered
Quote
$88.03
$88.03
Increase
Common
Stock
$—
Broker
Quote
Offered
Quote
$—
$—
Increase
Mortgage-Backed
Securities-Non-Agency
$611,533
Third-Party
Vendor
Vendor
Prices
$1.23
$1.23
Increase
Mortgage-Backed
Securities-
Non-Agency
Commercial
$2,640,060
Broker
Quote
Offered
Quote
$97.78
$97.78
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.
LOW
DURATION
BOND
FUND
UNFUNDED
COMMITMENTS
MATURITY
AMOUNT
UNREALIZED
GAIN
AthenaHealth
Group,
Inc.,
Delayed-Draw
Term
Loan
B,
1st
Lien
February
2029
$
58,658
$
1,182
Total
Unfunded
Commitments
$
58,658
$
1,182