Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
1
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
BONDS
–
115.05%
ASSET-BACKED
SECURITIES
—
13.12%**
321
Henderson
Receivables
VI
LLC,
Series
2010-1A,
Class
B
9.31%
07/15/61
1
$
165,653
$
168,767
AIG
CLO
Ltd.,
Series
2018-1A,
Class
BR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.70%)
6.95%
04/20/32
1,2,3
15,800,000
15,543,882
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
5,270,000
5,181,991
AMSR
Trust,
Series
2020-SFR1,
Class
G
4.31%
04/17/37
1
10,503,000
9,786,309
AMSR
Trust,
Series
2020-SFR3,
Class
H
6.50%
09/17/37
1
6,000,000
5,699,614
AMSR
Trust,
Series
2022-SFR3,
Class
E1
4.00%
10/17/39
1
10,000,000
8,764,416
Bayview
Commercial
Asset
Trust,
Series
2005-1A,
Class
A1
(LIBOR
USD
1-Month
plus
0.45%)
5.60%
04/25/35
1,2
438,009
413,609
Blackrock
Rainier
CLO
VI
Ltd.,
Series
2021-6A,
Class
A
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.70%)
6.95%
04/20/33
1,2,3
10,000,000
9,853,800
BlueMountain
Fuji
U.S.
CLO
I
Ltd.,
Series
2017-1A,
Class
BR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.50%)
6.75%
07/20/29
1,2,3
5,500,000
5,366,240
Carvana
Auto
Receivables
Trust,
Series
2021-N3,
Class
R
0.00%
06/12/28
1
19,250
3,820,981
Carvana
Auto
Receivables
Trust,
Series
2021-N4,
Class
R
0.00%
09/12/28
1
19,100
3,384,308
Carvana
Auto
Receivables
Trust,
Series
2021-P4,
Class
R
0.00%
09/11/28
1
14,200
5,173,104
Carvana
Auto
Receivables
Trust,
Series
2022-N1,
Class
R
0.00%
12/11/28
1
71,000
12,116,583
Carvana
Auto
Receivables
Trust,
Series
2022-P2,
Class
R
1.00%
05/10/29
1
54,850
11,123,669
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
1,000,000
981,956
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
CF
Hippolyta
Issuer,
LLC,
Series
2020-1,
Class
B1
2.28%
07/15/60
1
$
7,195,616
$
6,436,368
CIT
Education
Loan
Trust,
Series
2007-1,
Class
B
(SOFR90A
plus
0.56%)
5.54%
06/25/42
1,2
2,194,273
1,938,866
CoreVest
American
Finance
Trust,
Series
2019-1,
Class
XA
(IO)
2.46%
03/15/52
1,4
2,275,990
49,433
CoreVest
American
Finance
Trust,
Series
2019-3,
Class
XA
(IO)
2.20%
10/15/52
1,4
4,386,532
149,233
CoreVest
American
Finance
Trust,
Series
2020-1,
Class
A2
2.30%
03/15/50
1
5,197,000
4,560,669
CoreVest
American
Finance
Trust,
Series
2020-4,
Class
XA
(IO)
3.98%
12/15/52
1,4
21,084,697
1,580,391
CoreVest
American
Finance
Trust,
Series
2020-4,
Class
XB
(IO)
2.94%
12/15/52
1,4
12,500,000
1,035,522
CoreVest
American
Finance
Trust,
Series
2021-3,
Class
XA
(IO)
2.53%
10/15/54
1,4
68,307,789
4,373,850
DataBank
Issuer,
Series
2021-1A,
Class
A2
2.06%
02/27/51
1
6,047,860
5,303,508
Edsouth
Indenture
No.
3
LLC,
Series
2012-2,
Class
A
(LIBOR
USD
1-Month
plus
0.73%)
5.88%
04/25/39
1,2
38,991
38,638
Educational
Funding
of
the
South,
Inc.,
Series
2012-1,
Class
A
(LIBOR
USD
1-Month
plus
1.05%)
6.20%
03/25/36
2
24,277
24,255
EFS
Volunteer
No.
2
LLC,
Series
2012-1,
Class
A2
(LIBOR
USD
1-Month
plus
1.35%)
6.50%
03/25/36
1,2
1,099,299
1,100,004
Exeter
Automobile
Receivables
Trust,
Series
2023-3A,
Class
D
6.68%
04/16/29
6,120,000
6,103,873
Flexential
Issuer,
Series
2021-1A,
Class
C
6.93%
11/27/51
1
9,755,000
8,323,451
FRTKL,
Series
2021-SFR1,
Class
G
4.11%
09/17/38
1
9,435,000
7,995,226
GBX
Leasing,
Series
2022-1,
Class
A
2.87%
02/20/52
1
9,539,990
8,108,280
Global
SC
Finance
II
SRL,
Series
2014-1A,
Class
A2
(Barbados)
3.09%
07/17/29
1,3
274,828
267,205
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
2
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
Goal
Capital
Funding
Trust,
Series
2006-1,
Class
B
(LIBOR
USD
3-Month
plus
0.45%)
5.85%
08/25/42
2
$
234,090
$
208,804
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
3,905,000
3,807,149
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
9,600,000
9,370,360
J.G.
Wentworth
XXXVII
LLC,
Series
2016-1A,
Class
A
3.41%
06/15/67
1
4,935,308
4,231,415
J.G.
Wentworth
XXXVIII
LLC,
Series
2017-1A,
Class
A
3.99%
08/16/60
1
2,923,865
2,562,146
LCM
XXI
LP,
Series
21A,
Class
AR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
0.88%)
6.13%
04/20/28
1,2,3
241,630
241,548
Magnetite
XXI
Ltd.,
Series
2019-21A,
Class
BR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.35%)
6.60%
04/20/34
1,2,3
8,000,000
7,748,800
Nelnet
Student
Loan
Trust,
Series
2006-2,
Class
B
(LIBOR
USD
3-Month
plus
0.20%)
5.46%
01/25/38
2
2,083,625
1,793,051
Nelnet
Student
Loan
Trust,
Series
2012-5A,
Class
A
(LIBOR
USD
1-Month
plus
0.60%)
5.75%
10/27/36
1,2
54,036
52,814
Nelnet
Student
Loan
Trust,
Series
2014-4A,
Class
A2
(LIBOR
USD
1-Month
plus
0.95%)
6.10%
11/25/48
1,2
1,792,823
1,785,652
Nelnet
Student
Loan
Trust,
Series
2015-1A,
Class
A
(LIBOR
USD
1-Month
plus
0.59%)
5.74%
04/25/46
1,2
1,160,031
1,130,314
Nelnet
Student
Loan
Trust,
Series
2015-3A,
Class
A3
(LIBOR
USD
1-Month
plus
0.90%)
6.05%
06/25/54
1,2
11,000,000
10,612,185
Octagon
Investment
Partners
46
Ltd.,
Series
2020-2A,
Class
AR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.16%)
6.42%
07/15/36
1,2,3
6,400,000
6,269,280
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
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
$
5,000,000
$
4,903,510
OHA
Credit
Funding
8
Ltd.,
Series
2021-8A,
Class
B1
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.50%)
6.76%
01/18/34
1,2,3
6,650,000
6,524,554
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
4,850,000
4,724,239
Progress
Residential
Trust,
Series
2019-SFR3,
Class
F
3.87%
09/17/36
1
8,200,000
7,844,709
Progress
Residential
Trust,
Series
2020-SFR1,
Class
H
5.27%
04/17/37
1
7,100,000
6,693,715
Progress
Residential
Trust,
Series
2021-SFR2,
Class
G
4.25%
04/19/38
1
7,956,000
6,898,485
Progress
Residential,
Series
2021-SFR1,
Class
F
2.76%
04/17/38
1
4,237,000
3,668,252
Progress
Residential,
Series
2021-SFR3,
Class
F
3.44%
05/17/26
1
3,700,000
3,273,989
Progress
Residential,
Series
2021-SFR3,
Class
G
4.25%
05/17/26
1
15,752,000
13,871,080
Regata
XII
Funding
Ltd.,
Series
2019-1A,
Class
BR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.60%)
6.86%
10/15/32
1,2,3
3,890,000
3,806,832
RRE
15
Loan
Management
DAC,
Series
15X,
Class
A1
(Ireland)
(3
month
Euribor
plus
1.75%)
4.85%
10/15/35
2,3
5,000,000
5,431,325
Sabey
Data
Center
Issuer
LLC,
Series
2020-1,
Class
A2
3.81%
04/20/45
1
7,905,000
7,509,879
Skyline
Aircraft
Finance
LLC,
Series
2021-1,
Class
A
3.23%
05/10/37
4,5,6
8,949,778
7,878,147
SLC
Student
Loan
Trust,
Series
2004-1,
Class
B
(LIBOR
USD
3-Month
plus
0.29%)
5.61%
08/15/31
2
298,409
253,574
SLM
Student
Loan
EDC
Repackaging
Trust,
Series
2013-M1,
Class
M1R
0.00%
10/28/29
1
6,250
3,587,776
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
3
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
SLM
Student
Loan
Trust,
Series
2003-12,
Class
B
(LIBOR
USD
3-Month
plus
0.59%)
6.14%
12/15/68
2
$
2,790,845
$
2,666,208
SLM
Student
Loan
Trust,
Series
2003-4,
Class
A5D
(LIBOR
USD
3-Month
plus
0.75%)
6.30%
03/15/33
1,2
1,342,044
1,284,189
SLM
Student
Loan
Trust,
Series
2003-7,
Class
B
(LIBOR
USD
3-Month
plus
0.57%)
6.12%
09/15/39
2
1,989,669
1,811,611
SLM
Student
Loan
Trust,
Series
2004-10,
Class
B
(LIBOR
USD
3-Month
plus
0.37%)
5.63%
01/25/40
2
6,642,853
5,860,278
SLM
Student
Loan
Trust,
Series
2004-2,
Class
B
(LIBOR
USD
3-Month
plus
0.47%)
5.73%
07/25/39
2
342,889
317,773
SLM
Student
Loan
Trust,
Series
2005-3,
Class
B
(LIBOR
USD
3-Month
plus
0.15%)
5.41%
04/25/40
2
2,254,497
2,093,251
SLM
Student
Loan
Trust,
Series
2006-8,
Class
B
(LIBOR
USD
3-Month
plus
0.23%)
5.49%
01/25/41
2
2,328,343
2,155,608
SLM
Student
Loan
Trust,
Series
2007-7,
Class
B
(LIBOR
USD
3-Month
plus
0.75%)
6.01%
10/27/70
2
2,195,000
1,880,056
SLM
Student
Loan
Trust,
Series
2007-8,
Class
B
(LIBOR
USD
3-Month
plus
1.00%)
6.26%
04/27/83
2
3,707,675
3,433,298
SLM
Student
Loan
Trust,
Series
2008-2,
Class
B
(LIBOR
USD
3-Month
plus
1.20%)
6.46%
01/25/83
2
1,000,000
941,560
SLM
Student
Loan
Trust,
Series
2008-3,
Class
B
(LIBOR
USD
3-Month
plus
1.20%)
6.46%
04/26/83
2
710,000
657,749
SLM
Student
Loan
Trust,
Series
2008-4,
Class
A4
(LIBOR
USD
3-Month
plus
1.65%)
6.91%
07/25/22
2
708,246
703,955
SLM
Student
Loan
Trust,
Series
2008-4,
Class
B
(LIBOR
USD
3-Month
plus
1.85%)
7.11%
04/25/73
2
710,000
676,195
SLM
Student
Loan
Trust,
Series
2008-5,
Class
B
(LIBOR
USD
3-Month
plus
1.85%)
7.11%
07/25/73
2
7,315,000
7,137,238
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
SLM
Student
Loan
Trust,
Series
2008-6,
Class
A4
(LIBOR
USD
3-Month
plus
1.10%)
6.36%
07/25/23
2
$
8,156,014
$
8,019,976
SLM
Student
Loan
Trust,
Series
2008-6,
Class
B
(LIBOR
USD
3-Month
plus
1.85%)
7.11%
07/26/83
2
710,000
672,548
SLM
Student
Loan
Trust,
Series
2008-7,
Class
B
(LIBOR
USD
3-Month
plus
1.85%)
7.11%
07/26/83
2
820,000
758,853
SLM
Student
Loan
Trust,
Series
2012-1,
Class
A3
(LIBOR
USD
1-Month
plus
0.95%)
6.10%
09/25/28
2
601,008
579,320
SLM
Student
Loan
Trust,
Series
2012-2,
Class
A
(LIBOR
USD
1-Month
plus
0.70%)
5.85%
01/25/29
2
891,902
857,211
SLM
Student
Loan
Trust,
Series
2012-7,
Class
B
(LIBOR
USD
1-Month
plus
1.80%)
6.95%
09/25/43
2
2,200,000
2,026,259
SLM
Student
Loan
Trust,
Series
2013-4,
Class
A
(LIBOR
USD
1-Month
plus
0.55%)
5.70%
06/25/27
2
769,159
746,900
SLM
Student
Loan
Trust,
Series
2014-1,
Class
A3
(LIBOR
USD
1-Month
plus
0.60%)
5.75%
02/26/29
2
760,708
730,068
Stack
Infrastructure
Issuer
LLC,
Series
2019-2A,
Class
A2
3.08%
10/25/44
1
5,000,000
4,762,851
Structured
Receivables
Finance
LLC,
Series
2010-A,
Class
B
7.61%
01/16/46
1
1,335,839
1,343,601
Structured
Receivables
Finance
LLC,
Series
2010-B,
Class
B
7.97%
08/15/36
1
997,045
1,011,628
Student
Loan
Consolidation
Center
Student
Loan
Trust
I,
Series
2002-2,
Class
B2
(28
Day
Auction
Rate
plus
0.00%)
1.61%
07/01/42
1,2
150,000
138,605
Textainer
Marine
Containers
VII
Ltd.,
Series
2020-3A,
Class
A
(Bermuda)
2.11%
09/20/45
1,3
6,522,825
5,688,968
TIF
Funding
II
LLC,
Series
2020-1A,
Class
A
2.09%
08/20/45
1
2,825,350
2,452,834
TIF
Funding
II,
LLC,
Series
2021-1A,
Class
B
2.54%
02/20/46
1
3,201,969
2,617,854
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
4
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
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
$
7,025,000
$
6,885,631
Triton
Container
Finance
VIII,
LLC,
Series
2021-1A,
Class
B
2.58%
03/20/46
1
2,478,819
2,042,483
Total
Asset-Backed
Securities
(Cost
$396,558,342)
364,406,144
BANK
LOANS
—
3.77%*
Communications
—
0.19%
CCI
Buyer,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
9.24%
12/17/27
2
1,477,330
1,452,400
CSC
Holdings
LLC,
Term
Loan
B5,
1st
Lien
(LIBOR
plus
2.50%)
7.69%
04/15/27
2
908,538
796,347
Frontier
Communications
Holdings
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.62%
05/01/28
2
514,814
500,262
SBA
Senior
Finance
II
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
1.75%)
6.95%
04/11/25
2
1,181,167
1,182,242
Zayo
Group
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.00%)
8.19%
03/09/27
2
563,487
444,309
(SOFR
plus
4.25%)
9.35%
03/09/27
2
1,045,028
832,757
5,208,317
Consumer
Discretionary
—
0.27%
ADMI
Corp.,
Term
Loan
B2,
1st
Lien
(SOFR
plus
3.49%)
8.56%
12/23/27
2
1,466,250
1,383,773
City
Brewing
Co.
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
8.32%
04/05/28
2
784,743
517,931
Hilton
Worldwide
Finance
LLC,
Term
Loan
B2,
1st
Lien
(SOFR
plus
1.75%)
6.94%
06/22/26
2
114,995
115,036
Naked
Juice,
LLC,
Term
Loan,
2nd
Lien
(SOFR
plus
6.10%)
11.00%
01/24/30
2
1,110,195
891,764
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Consumer
Discretionary
(continued)
Sunshine
Luxembourg
VII
SARL,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
9.00%
10/01/26
2
$
585,754
$
583,560
Triton
Water
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.25%)
8.23%
03/31/28
2
4,212,327
4,082,672
7,574,736
Electric
—
0.02%
CommScope,
Inc.,
Term
Loan
B2,
1st
Lien
(France)
(SOFR
plus
3.36%)
8.44%
04/06/26
2,3
328,210
315,122
Homer
City
Generation
LP,
Term
Loan,
1st
Lien
(France)
(LIBOR
plus
11.00%)
15.00%
04/05/23
2,3,5,6
597,637
397,429
712,551
Entertainment
—
0.08%
Alpha
Topco
Ltd.
-
Delta
2
(Lux)
Sarl,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.00%)
8.05%
01/15/30
2
141,635
141,830
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
1,455,631
1,473,222
William
Morris
Endeavor
Entertainment
LLC,
Term
Loan
B1,
1st
Lien
(LIBOR
plus
2.75%)
7.95%
05/16/25
2
601,304
600,883
2,215,935
Finance
—
0.12%
Avolon
TLB
Borrower
1
U.S.
LLC,
Term
Loan
B5,
1st
Lien
(LIBOR
plus
2.25%)
7.40%
12/01/27
2
1,959,799
1,959,652
Term
Loan
B6,
1st
Lien
(SOFR
plus
2.50%)
7.59%
06/22/28
2
175,812
175,938
DCG
Acquisition
Corp.,
Term
Loan,
1st
Lien
(SOFR
plus
4.60%)
9.70%
09/30/26
2
365,635
360,607
Deerfield
Dakota
Holding
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
8.99%
04/09/27
2
199,684
194,300
Delos
Finance
SARL,
Term
Loan,
1st
Lien
(Luxembourg)
(LIBOR
plus
1.75%)
7.26%
10/06/23
2,3
147,093
147,185
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
5
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Finance
(continued)
Mozart
Borrower,
LP,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.25%)
8.38%
10/23/28
2
$
493,750
$
488,657
3,326,339
Food
—
0.09%
8th
Avenue
Food &
Provisions,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.86%)
8.97%
10/01/25
2
141,168
130,479
H-Food
Holdings
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
3.69%)
9.27%
05/23/25
2
548,894
484,742
Hostess
Brands
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.25%)
7.47%
08/03/25
2
292,109
292,502
(SOFR
plus
2.50%)
7.64%
06/21/30
2
1,531,268
1,530,311
2,438,034
Gaming
—
0.07%
Golden
Nugget,
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
9.13%
01/26/29
2
687,719
680,055
Penn
National
Gaming,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.85%)
7.66%
05/03/29
2
607,773
606,570
Scientific
Games
International,
Inc.,
Term
Loan
B,
1st
Lien
(Canada)
(SOFR
plus
3.10%)
8.25%
04/13/29
2,3
583,085
583,222
1,869,847
Health
Care
—
0.21%
Bausch
+
Lomb
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.35%)
8.59%
05/10/27
2
311,525
302,958
Curia
Global, Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.85%)
8.90%
08/28/26
2
1,091,646
943,880
Genesee
&
Wyoming,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
2.00%)
7.24%
12/30/26
2
818,438
818,651
ICON
Luxembourg
SARL,
Term
Loan,
1st
Lien
(Luxembourg)
(SOFR
plus
2.51%)
7.75%
07/03/28
2,3
479,513
480,113
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Health
Care
(continued)
Jazz
Financing
Lux
SARL,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.76%)
8.76%
05/05/28
2
$
564,952
$
564,800
Organon
&
Co.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.00%)
7.75%
06/02/28
2
393,480
393,910
Pathway
Vet
Alliance
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.94%
03/31/27
2
1,119,658
991,832
Phoenix
Newco,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
3.25%)
8.35%
11/15/28
2
998,213
991,725
PRA
Health
Sciences,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
2.51%)
7.58%
07/03/28
2
119,471
119,620
U.S.
Renal
Care,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
5.50%)
10.69%
06/26/26
2
245,625
115,240
5,722,729
Health
Care
REITs
—
0.10%
Aveanna
Healthcare
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
9.23%
07/17/28
2
3,199,351
2,746,115
Industrials
—
0.87%
Arterrsa
Services LLC,
Term
Loan,
1st
Lien
(Luxembourg)
(SOFR
plus
3.50%)
8.75%
03/06/25
2,3
1,960,000
1,720,390
ASP
Blade
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
9.18%
10/16/28
2
517,530
451,692
AZZ,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.35%)
8.91%
05/14/29
2
237,456
237,901
Berry
Global,
Inc.,
Term
Loan
Z,
1st
Lien
(LIBOR
plus
1.75%)
6.51%
07/01/26
2
4,597,957
4,598,003
DIRECTV
Financing
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
5.00%)
10.18%
08/02/27
2
1,894,438
1,856,284
DTI
Holdco,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.75%)
9.80%
04/26/29
2
243,144
226,959
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
6
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Industrials
(continued)
Filtration
Group
Corp.,
Term
Loan,
1st
Lien
(SOFR
plus
4.36%)
9.45%
10/21/28
2
$
328,768
$
329,138
II-VI,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.86%)
7.38%
07/02/29
2
419,069
418,940
Michaels
Cos.,
Inc.
(The),
Term
Loan,
1st
Lien
(SOFR
plus
4.25%)
9.58%
04/15/28
2
3,430,000
3,047,555
Patriot
Container
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.85%)
9.05%
03/20/25
2
141,165
130,880
Plaze,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.64%)
8.88%
08/03/26
2
3,412,500
3,204,918
Term
Loan
B,
1st
Lien
(Luxembourg)
(SOFR
plus
3.61%)
8.74%
08/03/26
2,3
1,689,580
1,586,803
Proampac
PG
Borrower
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
8.93%
-
9.14%
11/03/25
2
3,177,159
3,149,375
TransDigm,
Inc.,
Term
Loan
I,
1st
Lien
(SOFR
plus
3.25%)
8.49%
08/24/28
2
1,245,405
1,246,128
Zep,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
9.24%
08/12/24
2
2,160,548
1,855,911
24,060,877
Information
Technology
—
0.84%
AppLovin
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.35%)
8.45%
08/15/25
2
3,707,934
3,711,122
Arches
Buyer,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
3.25%)
8.48%
12/06/27
2
589,770
570,234
AthenaHealth
Group,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.50%)
8.25%
02/15/29
2,3,7
441,931
426,464
Central
Parent,
Inc.,
Term
Loan,
1st
Lien
(Canada)
(SOFR
plus
4.25%)
9.15%
07/06/29
2,3
749,961
748,738
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Information
Technology
(continued)
CT
Technologies
Intermediate
Holdings,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
4.25%)
9.44%
12/16/25
2
$
928,625
$
868,914
EagleView
Technology
Co.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
9.04%
08/14/25
2
5,091,709
4,521,005
Entegris,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.75%)
7.85%
-
7.99%
07/06/29
2
282,311
280,547
Gainwell
Acquisition
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.10%)
8.72%
10/01/27
2
2,209,023
2,178,648
IQVIA,
Inc.,
Term
Loan
B3,
1st
Lien
(LIBOR
plus
1.75%)
7.29%
06/11/25
2
1,113,607
1,114,654
MH
Sub
I
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
4.25%)
9.35%
04/25/28
2
283,663
272,530
NortonLifeLock,
Inc.,
Term
Loan
A,
1st
Lien
(SOFR
plus
1.75%)
7.05%
09/10/27
2
2,031,611
1,990,989
Open
Text
Corp.,
Term
Loan,
1st
Lien
(Canada)
(LIBOR
plus
1.75%)
7.25%
05/30/25
2,3
229,438
229,789
(SOFR
plus
3.60%)
8.74%
01/31/30
2,3
486,830
489,569
Oracle
Corp.,
Term
Loan
1,
1st
Lien
(SOFR
plus
0.60%)
6.46%
08/16/27
2
1,753,774
1,745,005
Prime
Security
Services
Borrower
LLC,
Term
Loan
B1,
1st
Lien
(LIBOR
plus
2.75%)
7.94%
09/23/26
2
603,820
604,403
RealPage,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.11%)
8.19%
04/24/28
2
158,388
155,161
Sophia
LP,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
9.04%
10/07/27
2
194,435
192,653
Spin
Holdco,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
9.23%
03/03/28
2
3,685,076
3,181,013
23,281,438
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
7
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Insurance
—
0.10%
Acrisure
LLC,
Term
Loan
B1,
1st
Lien
(LIBOR
plus
3.50%)
8.67%
02/15/27
2
$
1,121,033
$
1,091,107
Asurion
LLC,
Term
Loan
B10,
1st
Lien
(SOFR
plus
4.10%)
8.91%
08/19/28
2
992,500
941,942
Term
Loan
B8,
1st
Lien
(LIBOR
plus
3.25%)
8.79%
12/23/26
2
777,028
750,026
2,783,075
Materials
—
0.21%
Chemours
Co.
(The),
Term
Loan
B2,
1st
Lien
(SOFR
plus
1.85%)
6.98%
04/03/25
2
105,449
104,855
Herens
U.S.
Holdco
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.93%)
9.18%
07/03/28
2
2,793,479
2,377,558
Mativ
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
8.62%
04/20/28
2
3,561,563
3,434,682
5,917,095
Office
REITs
—
0.13%
Rent-A-Center,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.25%)
8.12%
02/17/28
2
3,691,419
3,696,034
Retail
—
0.37%
American
Airlines,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
4.75%)
10.00%
04/20/28
2
2,899,029
2,964,779
AmWINS
Group,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.25%)
7.42%
02/19/28
2
2,735,392
2,714,891
BC
ULC,
Term
Loan
B,
1st
Lien
(Canada)
(LIBOR
plus
1.75%)
6.94%
11/19/26
2,3
694,121
690,359
BW
Gas
&
Convenience
Holdings
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
8.67%
03/31/28
2
3,528,000
3,430,980
KFC
Holding
Co.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
1.75%)
6.90%
03/15/28
2
461,730
458,671
10,259,680
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Services
—
0.10%
Amentum
Government
Services
Holdings
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.11%)
8.63%
01/29/27
2
$
1,301,308
$
1,285,042
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
123,758
121,592
Term
Loan
B,
1st
Lien
(SOFR
plus
4.35%)
9.42%
06/22/29
2
268,143
263,451
Pre-Paid
Legal
Services,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
3.75%)
8.94%
12/15/28
2
582,641
575,542
Safe
Fleet
Holdings,
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
3.85%)
8.93%
02/23/29
2
354,080
354,301
TruGreen
LP,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.10%)
9.20%
11/02/27
2
171,254
158,068
2,757,996
Total
Bank
Loans
(Cost
$108,393,471)
104,570,798
CORPORATES
—
30.36%*
Banking
—
7.65%
Bank
of
America
Corp.
2.30%
07/21/32
4
2,875,000
2,299,669
3.42%
12/20/28
4
6,755,000
6,216,907
Bank
of
America
Corp.
(GMTN)
3.59%
07/21/28
4
395,000
368,179
Bank
of
America
Corp.
(MTN)
1.92%
10/24/31
4
7,570,000
6,006,986
2.09%
06/14/29
4
9,525,000
8,142,424
3.97%
03/05/29
4
790,000
739,574
(LIBOR
USD
3-Month
plus
0.65%)
6.15%
12/01/26
2
4,400,000
4,287,292
Bank
of
America
Corp.,
Series
N
1.66%
03/11/27
4
11,725,000
10,534,812
Bank
of
America
Corp.,
Series
RR
4.38%
4,8
2,340,000
2,025,914
Comerica,
Inc.
5.63%
4,8
2,145,000
1,783,251
Discover
Bank
(BKNT)
3.45%
07/27/26
2,811,000
2,589,119
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
8
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Banking
(continued)
DNB
Bank
ASA
(Norway)
1.13%
09/16/26
1,3,4
$
165,000
$
147,428
1.61%
03/30/28
1,3,4
633,000
546,641
Global
Bank
Corp.,
Series
REGS
(Panama)
5.25%
04/16/29
3,4
200,000
182,162
HSBC
Holdings
PLC
(United
Kingdom)
1.59%
05/24/27
3,4
2,340,000
2,066,383
1.65%
04/18/26
3,4
390,000
359,417
2.01%
09/22/28
3,4
290,000
248,788
2.21%
08/17/29
3,4
16,115,000
13,505,651
2.80%
05/24/32
3,4
2,955,000
2,395,911
4.76%
06/09/28
3,4
2,260,000
2,174,978
6.33%
03/09/44
3,4
1,115,000
1,158,940
JPMorgan
Chase
&
Co.
1.58%
04/22/27
4
10,020,000
9,005,333
2.58%
04/22/32
4
1,020,000
847,534
Lloyds
Banking
Group
PLC
(United
Kingdom)
1.63%
05/11/27
3,4
2,000,000
1,770,908
3.57%
11/07/28
3,4
3,240,000
2,939,094
3.87%
07/09/25
3,4
8,725,000
8,501,257
4.98%
08/11/33
3,4
685,000
641,475
Macquarie
Group
Ltd.
(Australia)
1.20%
10/14/25
1,3,4
1,000,000
938,173
2.69%
06/23/32
1,3,4
2,290,000
1,815,547
2.87%
01/14/33
1,3,4
7,960,000
6,364,821
NatWest
Group
PLC
(United
Kingdom)
4.27%
03/22/25
3,4
7,587,000
7,452,393
PNC
Financial
Services
Group,
Inc.
(The)
5.07%
01/24/34
4
5,840,000
5,604,539
6.04%
10/28/33
4
1,165,000
1,197,686
Santander
UK
Group
Holdings
PLC
(United
Kingdom)
1.09%
03/15/25
3,4
13,951,000
13,362,656
1.67%
06/14/27
3,4
2,620,000
2,270,337
4.80%
11/15/24
3,4
545,000
540,916
Santander
UK
PLC
(United
Kingdom)
5.00%
11/07/23
1,3
3,415,000
3,396,962
U.S.
Bancorp
3.70%
4,8
1,980,000
1,462,321
4.84%
02/01/34
4
6,710,000
6,290,922
5.84%
06/12/34
4
1,630,000
1,642,586
5.85%
10/21/33
4
1,320,000
1,327,907
UBS
Group
AG
(Switzerland)
1.31%
02/02/27
1,3,4
6,855,000
6,001,210
2.59%
09/11/25
1,3,4
3,155,000
3,006,564
2.88%
04/02/32
3,4
1,500,000
1,429,093
3.09%
05/14/32
1,3,4
10,540,000
8,534,599
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Banking
(continued)
3.87%
01/12/29
1,3,4
$
785,000
$
708,255
4.19%
04/01/31
1,3,4
790,000
703,558
6.54%
08/12/33
1,3,4
9,114,000
9,368,372
7.75%
03/01/29
3,4
635,000
768,788
9.02%
11/15/33
1,3,4
7,660,000
9,233,589
UBS
Group
AG
(EMTN)
(Switzerland)
0.63%
01/18/33
3
1,920,000
1,454,752
Wells
Fargo
&
Co.
(MTN)
2.88%
10/30/30
4
3,848,000
3,330,019
3.35%
03/02/33
4
23,935,000
20,523,058
4.90%
07/25/33
4
2,400,000
2,303,408
212,519,058
Communications
—
2.46%
C&W
Senior
Financing
DAC
(Ireland)
6.88%
09/15/27
1,3
300,000
261,750
Cable
One,
Inc.
4.00%
11/15/30
1
3,414,000
2,679,990
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
4.80%
03/01/50
4,765,000
3,601,530
5.38%
05/01/47
3,050,000
2,524,329
5.75%
04/01/48
2,347,000
2,004,925
Charter
Communications
Operating,
LLC/Charter
Communications
Operating
Capital
5.25%
04/01/53
1,885,000
1,523,551
CommScope,
Inc.
4.75%
09/01/29
1
2,658,000
2,099,820
CSC
Holdings
LLC
4.63%
12/01/30
1
500,000
225,000
5.38%
02/01/28
1
650,000
523,250
6.50%
02/01/29
1
2,650,000
2,144,872
7.50%
04/01/28
1
2,522,000
1,441,354
11.25%
05/15/28
1
1,000,000
972,071
Diamond
Sports
Group,
LLC/Diamond
Sports
Finance
Co.
5.38%
08/15/26
1,9,10
5,900,000
202,812
Frontier
Communications
Holdings
LLC
5.00%
05/01/28
1
3,000,000
2,590,359
6.75%
05/01/29
1
1,640,000
1,273,993
8.63%
03/15/31
1
1,924,000
1,863,178
Global
Switch
Finance
BV
(EMTN)
(Netherlands)
1.38%
10/07/30
3
4,505,000
4,090,927
Gray
Escrow
II,
Inc.
5.38%
11/15/31
1
1,329,000
887,345
Gray
Television,
Inc.
7.00%
05/15/27
1
1,100,000
939,217
Intelsat
Jackson
Holdings
SA
(Luxembourg)
6.50%
03/15/30
1,3
4,214,000
3,832,570
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
9
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Communications
(continued)
Intelsat
Jackson
Holdings
SA,
Class
B
(Luxembourg)
8.50%
10/15/24
†,1,3,5,6,9,10
$
7,892,000
$
—
9.75%
07/15/25
†,1,3,5,6,9,10
6,820,000
—
Meta
Platforms,
Inc.
4.45%
08/15/52
1,640,000
1,430,157
5.60%
05/15/53
2,980,000
3,063,663
Netflix,
Inc.
4.63%
05/15/29
3,910,000
4,324,297
Northwest
Fiber
LLC/Northwest
Fiber
Finance
Sub,
Inc.
4.75%
04/30/27
1
1,815,000
1,606,275
Scripps
Escrow,
Inc.
5.88%
07/15/27
1
2,082,000
1,696,830
SES
GLOBAL
Americas
Holdings,
Inc.
5.30%
03/25/44
1
8,494,000
6,325,782
Tele
Columbus
AG,
Series
REGS
(Georgia)
3.88%
05/02/25
3
1,795,000
1,331,675
Tencent
Holdings
Ltd.
(Cayman
Islands)
3.84%
04/22/51
1,3
1,585,000
1,168,852
Time
Warner
Cable
LLC
5.50%
09/01/41
4,443,000
3,699,814
T-Mobile
USA,
Inc.
2.55%
02/15/31
2,190,000
1,821,035
2.63%
02/15/29
565,000
490,624
Vodafone
Group
PLC
(United
Kingdom)
4.25%
09/17/50
3
50,000
40,211
4.88%
06/19/49
3
1,328,000
1,177,219
VZ
Secured
Financing
BV
(Netherlands)
5.00%
01/15/32
1,3
2,495,000
2,017,386
VZ
Secured
Financing
BV,
Series
REGS
(Netherlands)
3.50%
01/15/32
3
2,800,000
2,362,054
68,238,717
Consumer
Discretionary
—
1.65%
Bacardi
Ltd.
(Bermuda)
5.15%
05/15/38
1,3
1,500,000
1,411,426
BAT
Capital
Corp.
2.73%
03/25/31
915,000
729,259
4.54%
08/15/47
500,000
368,464
4.76%
09/06/49
8,059,000
6,092,192
5.65%
03/16/52
1,625,000
1,416,179
Becle,
SAB
de
CV
(Mexico)
2.50%
10/14/31
1,3
4,450,000
3,594,510
Imperial
Brands
Finance
PLC
(United
Kingdom)
3.13%
07/26/24
1,3
1,500,000
1,450,476
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Consumer
Discretionary
(continued)
3.50%
07/26/26
1,3
$
2,520,000
$
2,342,484
4.25%
07/21/25
1,3
1,880,000
1,808,969
Reynolds
American,
Inc.
5.85%
08/15/45
7,245,000
6,476,866
Triton
Water
Holdings,
Inc.
6.25%
04/01/29
1
4,875,000
4,193,962
WarnerMedia
Holdings,
Inc.
4.28%
03/15/32
5,000
4,437
5.05%
03/15/42
7,970,000
6,693,107
5.14%
03/15/52
11,287,000
9,210,556
45,792,887
Diversified
REITs
—
1.30%
American
Assets
Trust
LP
3.38%
02/01/31
4,005,000
3,144,951
American
Tower
Corp.
0.88%
05/21/29
1,765,000
1,570,259
1.00%
01/15/32
1,770,000
1,446,174
2.70%
04/15/31
3,045,000
2,528,065
CapitaLand
Ascendas
REIT
(EMTN)
(Slovenia)
0.75%
06/23/28
3
525,000
458,175
Digital
Dutch
Finco
BV
(Netherlands)
1.00%
01/15/32
3
2,600,000
2,008,236
1.50%
03/15/30
3
2,140,000
1,836,587
Digital
Intrepid
Holding
BV
(Netherlands)
1.38%
07/18/32
3
1,000,000
781,784
GLP
Capital
LP/GLP
Financing
II,
Inc.
5.30%
01/15/29
2,280,000
2,160,300
5.38%
04/15/26
3,068,000
3,006,070
5.75%
06/01/28
6,241,000
6,111,596
LXP
Industrial
Trust
2.70%
09/15/30
2,000,000
1,599,761
VICI
Properties
LP
4.95%
02/15/30
70,000
65,785
5.13%
05/15/32
4,753,000
4,454,564
5.63%
05/15/52
713,000
646,130
VICI
Properties
LP/VICI
Note
Co.,
Inc.
3.75%
02/15/27
1
120,000
110,473
3.88%
02/15/29
1
1,855,000
1,629,548
4.13%
08/15/30
1
493,000
434,939
4.50%
09/01/26
1
1,150,000
1,092,638
4.50%
01/15/28
1
861,000
791,965
4.63%
06/15/25
1
320,000
309,781
36,187,781
Electric
—
1.06%
Alliant
Energy
Finance,
LLC
3.60%
03/01/32
1
8,130,000
7,106,760
Cleco
Power
LLC
6.00%
12/01/40
825,000
811,152
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
10
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Electric
(continued)
Comision
Federal
de
Electricidad
(Mexico)
4.69%
05/15/29
1,3
$
650,000
$
584,870
Dominion
Energy,
Inc.
5.75%
10/01/54
4
2,515,000
2,418,706
Duke
Energy
Carolinas
LLC
3.70%
12/01/47
1,810,000
1,422,019
Duke
Energy
Corp.
3.85%
06/15/34
3,840,000
3,838,038
FirstEnergy
Transmission
LLC
2.87%
09/15/28
1
3,153,000
2,778,004
Metropolitan
Edison
Co.
4.00%
04/15/25
1
2,625,000
2,513,344
Mong
Duong
Finance
Holdings
BV,
Series
REGS
(Netherlands)
5.13%
05/07/29
3
350,000
307,580
Southwestern
Electric
Power
Co.,
Series
M
4.10%
09/15/28
2,190,000
2,083,367
TenneT
Holding
BV
(EMTN)
(Netherlands)
2.75%
05/17/42
3
1,670,000
1,620,973
4.50%
10/28/34
3
645,000
749,946
4.75%
10/28/42
3
2,705,000
3,287,944
29,522,703
Energy
—
1.94%
Ecopetrol
SA
(Colombia)
8.88%
01/13/33
3
780,000
772,317
Energy
Transfer
LP
4.40%
03/15/27
1,448,000
1,384,748
5.00%
05/15/50
202,000
170,925
5.15%
03/15/45
1,901,000
1,640,258
5.40%
10/01/47
4,131,000
3,657,726
6.13%
12/15/45
500,000
477,156
Energy
Transfer
LP,
Series
B
6.63%
4,8
3,889,000
2,989,938
Energy
Transfer
Operating
LP
5.30%
04/15/47
1,765,000
1,537,451
6.25%
04/15/49
5,000
4,890
Galaxy
Pipeline
Assets
Bidco
Ltd.
(United
Kingdom)
2.16%
03/31/34
1,3
1,774,200
1,510,811
Global
Partners
LP/GLP
Finance
Corp.
6.88%
01/15/29
2,917,000
2,711,949
KazMunayGas
National
Co.
JSC,
Series
REGS
(Kazakhstan)
3.50%
04/14/33
3
1,586,000
1,231,323
4.75%
04/19/27
3
205,000
194,955
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Energy
(continued)
KazMunayGas
National
Co.
JSC,
Series
REGS
(EMTN)
(Kazakhstan)
5.38%
04/24/30
3
$
2,424,000
$
2,255,313
Kinder
Morgan
Energy
Partners
LP
5.00%
08/15/42
1,090,000
926,183
NGL
Energy
Operating
LLC/NGL
Energy
Finance
Corp.
7.50%
02/01/26
1
1,631,000
1,608,113
Pertamina
Persero
PT
(Indonesia)
3.10%
08/27/30
1,3
4,579,000
4,020,980
Petroleos
Mexicanos
(Mexico)
6.35%
02/12/48
3
557,000
337,600
6.75%
09/21/47
3
3,555,000
2,235,644
6.95%
01/28/60
3
1,595,000
990,495
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.
3.80%
09/15/30
2,000,000
1,776,053
4.50%
12/15/26
1,505,000
1,457,448
QatarEnergy,
Series
REGS
(Qatar)
2.25%
07/12/31
3
1,000,000
839,985
QazaqGaz
NC
JSC,
Series
REGS
(Kazakhstan)
4.38%
09/26/27
3
650,000
606,798
Rockies
Express
Pipeline
LLC
4.80%
05/15/30
1
1,032,000
908,160
6.88%
04/15/40
1
3,175,000
2,857,500
Sabine
Pass
Liquefaction
LLC
4.50%
05/15/30
143,000
136,073
Southern
Co.
Gas
Capital
Corp.
3.25%
06/15/26
2,935,000
2,767,999
3.88%
11/15/25
2,410,000
2,313,030
Southern
Gas
Corridor
CJSC,
Series
REGS
(Azerbaijan)
6.88%
03/24/26
3
2,776,000
2,823,372
TransMontaigne
Partners
LP/TLP
Finance
Corp.
6.13%
02/15/26
3,846,000
3,335,097
Venture
Global
Calcasieu
Pass
LLC
3.88%
11/01/33
1
2,000,000
1,647,122
4.13%
08/15/31
1
2,000,000
1,726,559
53,853,971
Finance
—
4.57%
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
(Ireland)
3.00%
10/29/28
3
11,100,000
9,637,996
3.30%
01/30/32
3
2,649,000
2,166,791
3.88%
01/23/28
3
1,090,000
1,002,567
American
Express
Co.,
Series
D
3.55%
4,8
2,350,000
1,966,845
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
11
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Finance
(continued)
Avolon
Holdings
Funding
Ltd.
(Cayman
Islands)
2.53%
11/18/27
1,3
$
5,278,000
$
4,455,589
2.88%
02/15/25
1,3
4,555,000
4,251,736
3.95%
07/01/24
1,3
1,035,000
1,004,512
Capital
One
Financial
Corp.
3.27%
03/01/30
4
2,675,000
2,282,026
Charles
Schwab
Corp.
(The)
Series
K
5.00%
4,8
2,020,000
1,697,749
Citigroup,
Inc.
1.46%
06/09/27
4
2,575,000
2,287,925
2.57%
06/03/31
4
6,390,000
5,334,116
2.67%
01/29/31
4
1,500,000
1,270,211
2.98%
11/05/30
4
2,380,000
2,067,729
3.06%
01/25/33
4
17,748,000
14,812,924
Citigroup,
Inc.,
Series
VAR
3.07%
02/24/28
4
2,020,000
1,861,090
Gaci
First
Investment
Co.
(Cayman
Islands)
5.25%
10/13/32
3
650,000
663,168
GGAM
Finance
Ltd.
(Cayman
Islands)
8.00%
06/15/28
1,3
2,854,000
2,862,591
Goldman
Sachs
Group,
Inc.
(The)
0.93%
10/21/24
4
5,565,000
5,471,535
1.95%
10/21/27
4
6,295,000
5,600,709
2.38%
07/21/32
4
5,270,000
4,224,688
2.65%
10/21/32
4
15,228,000
12,417,791
Icahn
Enterprises
LP/Icahn
Enterprises
Finance
Corp.
4.38%
02/01/29
460,000
362,250
4.75%
09/15/24
700,000
669,391
5.25%
05/15/27
1,558,000
1,346,689
6.25%
05/15/26
2,023,000
1,845,357
Jane
Street
Group/JSG
Finance,
Inc.
4.50%
11/15/29
1
2,249,000
1,941,887
JPMorgan
Chase
&
Co.
1.56%
12/10/25
4
2,290,000
2,145,723
1.95%
02/04/32
4
1,415,000
1,127,904
2.55%
11/08/32
4
5,530,000
4,537,646
2.95%
02/24/28
4
510,000
468,880
Morgan
Stanley
0.79%
05/30/25
4
1,395,000
1,325,616
2.48%
09/16/36
4
7,080,000
5,360,763
2.95%
05/07/32
4
3,250,000
3,208,167
Morgan
Stanley
(GMTN)
2.24%
07/21/32
4
3,950,000
3,143,832
Morgan
Stanley
(MTN)
1.93%
04/28/32
4
3,360,000
2,611,172
Nationwide
Building
Society
(United
Kingdom)
2.97%
02/16/28
1,3,4
3,890,000
3,497,757
4.36%
08/01/24
1,3,4
2,490,000
2,485,044
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Finance
(continued)
Park
Aerospace
Holdings
Ltd.
(Cayman
Islands)
5.50%
02/15/24
1,3
$
861,000
$
851,414
UBS
Group
AG
(Switzerland)
1.36%
01/30/27
1,3,4
1,935,000
1,696,594
Vonovia
SE
(Georgia)
1.00%
06/16/33
3
300,000
222,962
1.50%
06/14/41
3
1,100,000
667,713
Vonovia
SE,
(EMTN)
(Georgia)
5.00%
11/23/30
3
200,000
213,396
127,070,445
Food
—
0.70%
H-Food
Holdings
LLC/Hearthside
Finance
Co.,
Inc.
8.50%
06/01/26
1
3,012,000
1,193,881
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
(Canada)
3.75%
12/01/31
1,3
796,000
658,368
5.75%
04/01/33
1,3
5,500,000
5,191,461
6.50%
12/01/52
1,3
1,555,000
1,477,122
Pilgrim's
Pride
Corp.
3.50%
03/01/32
382,000
304,701
4.25%
04/15/31
4,000,000
3,434,494
6.25%
07/01/33
385,000
375,022
Simmons
Foods,
Inc./Simmons
Prepared
Foods,
Inc./
Simmons
Pet
Food,
Inc./Simmons
Feed
4.63%
03/01/29
1
4,209,000
3,411,242
Smithfield
Foods,
Inc.
2.63%
09/13/31
1
4,690,000
3,470,910
19,517,201
Health
Care
—
3.23%
1375209
BC
Ltd.
(Canada)
9.00%
01/30/28
1,3
2,770,000
2,780,124
Amgen,
Inc.
4.88%
03/01/53
1,595,000
1,467,979
5.60%
03/02/43
2,890,000
2,903,890
5.65%
03/02/53
2,890,000
2,931,431
Bayer
U.S.
Finance
II
LLC
4.38%
12/15/28
1
9,281,000
8,808,701
4.63%
06/25/38
1
2,775,000
2,428,006
4.88%
06/25/48
1
4,415,000
3,975,281
5.50%
08/15/25
1
2,000,000
1,961,896
Cano
Health
LLC
6.25%
10/01/28
1
1,757,000
1,101,332
Catalent
Pharma
Solutions,
Inc.
3.50%
04/01/30
1
3,290,000
2,668,108
Centene
Corp.
2.45%
07/15/28
10,338,000
8,875,836
4.25%
12/15/27
2,830,000
2,648,626
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
12
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Health
Care
(continued)
CommonSpirit
Health
2.78%
10/01/30
$
3,680,000
$
3,099,175
3.91%
10/01/50
1,220,000
944,322
CVS
Health
Corp.
5.05%
03/25/48
3,417,000
3,154,122
DENTSPLY
SIRONA,
Inc.
3.25%
06/01/30
3,979,000
3,444,474
Fresenius
Finance
Ireland
PLC
(EMTN)
(Ireland)
0.88%
10/01/31
3
1,000,000
812,099
Grifols
Escrow
Issuer
SA
(Spain)
4.75%
10/15/28
1,3
1,967,000
1,708,603
Grifols
Escrow
Issuer
SA,
Series
REGS
(Spain)
3.88%
10/15/28
3
1,800,000
1,685,652
HCA,
Inc.
3.50%
07/15/51
1,743,000
1,208,841
3.63%
03/15/32
1
7,627,000
6,625,517
5.25%
06/15/49
4,670,000
4,218,276
5.38%
09/01/26
1,600,000
1,589,078
5.50%
06/15/47
2,255,000
2,130,366
Kevlar
SpA
(Italy)
6.50%
09/01/29
1,3
4,000,000
3,430,000
ModivCare
Escrow
Issuer,
Inc.
5.00%
10/01/29
1
5,593,000
4,146,199
Prestige
Brands,
Inc.
3.75%
04/01/31
1
2,695,000
2,234,787
Prime
Healthcare
Services,
Inc.
7.25%
11/01/25
1
2,681,000
2,553,679
Teva
Pharmaceutical
Finance
Netherlands
II
BV
(Netherlands)
7.88%
09/15/31
3
2,000,000
2,263,184
Universal
Health
Services,
Inc.
1.65%
09/01/26
1,500,000
1,317,344
2.65%
01/15/32
590,000
465,479
89,582,407
Health
Care
REITs
—
0.20%
Healthcare
Reality
Holdings
LP
2.00%
03/15/31
1,335,000
1,026,092
3.50%
08/01/26
2,257,000
2,077,727
Healthcare
Realty
Holdings
LP
2.05%
03/15/31
391,000
292,796
3.63%
01/15/28
625,000
553,855
3.88%
05/01/25
1,695,000
1,593,881
5,544,351
Industrial
REITs
—
0.17%
Prologis
Euro
Finance
LLC
0.50%
02/16/32
1,415,000
1,128,244
1.00%
02/06/35
930,000
694,588
1.00%
02/16/41
850,000
521,397
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Industrial
REITs
(continued)
Prologis
Euro
Finance
LLC,
(EMTN)
4.25%
01/31/43
$
610,000
$
616,853
SELP
Finance
SARL
(Luxembourg)
0.88%
05/27/29
3
2,095,000
1,788,106
4,749,188
Industrials
—
1.29%
Ardagh
Packaging
Finance
PLC/Ardagh
Holdings
USA,
Inc.
(Canada)
5.25%
08/15/27
1,3
3,441,000
2,908,387
Artera
Services
LLC
9.03%
12/04/25
1
3,677,000
3,222,774
Berry
Global,
Inc.
1.50%
01/15/27
1
1,595,000
1,562,842
1.57%
01/15/26
1,602,000
1,446,694
1.65%
01/15/27
105,000
90,651
4.88%
07/15/26
1
1,195,000
1,149,769
Boeing
Co.
(The)
1.43%
02/04/24
8,790,000
8,558,698
Cellnex
Finance
Co.
SA
(EMTN)
(Spain)
2.00%
09/15/32
3
2,100,000
1,808,099
2.00%
02/15/33
3
300,000
255,300
General
Electric
Co.
(MTN)
(LIBOR
USD
3-Month
plus
0.48%)
5.80%
08/15/36
2
10,370,000
9,131,582
OT
Merger
Corp.
7.88%
10/15/29
1
7,500,000
4,603,522
Rolls-Royce
PLC
(EMTN)
(United
Kingdom)
1.63%
05/09/28
3
1,055,000
976,505
35,714,823
Information
Technology
—
0.61%
Broadcom,
Inc.
3.42%
04/15/33
1
2,350,000
1,969,877
NCR
Corp.
5.13%
04/15/29
1
3,883,000
3,445,229
Open
Text
Corp.
(Canada)
6.90%
12/01/27
1,3
1,510,000
1,536,425
Oracle
Corp.
3.60%
04/01/40
2,400,000
1,857,746
3.60%
04/01/50
2,000,000
1,430,282
3.80%
11/15/37
1,490,000
1,220,068
3.95%
03/25/51
2,551,000
1,931,998
4.00%
11/15/47
2,050,000
1,579,539
6.50%
04/15/38
1,100,000
1,171,658
6.90%
11/09/52
760,000
854,407
16,997,229
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
13
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Insurance
—
1.14%
Acrisure
LLC/Acrisure
Finance,
Inc.
6.00%
08/01/29
1
$
2,272,000
$
1,965,280
Athene
Global
Funding
1.99%
08/19/28
1
8,980,000
7,241,020
2.72%
01/07/29
1
1,535,000
1,255,934
3.21%
03/08/27
1
2,225,000
1,993,558
Brown
&
Brown,
Inc.
4.95%
03/17/52
2,980,000
2,571,226
Farmers
Exchange
Capital
7.20%
07/15/48
1
150,000
155,324
Farmers
Exchange
Capital
II
6.15%
11/01/53
1,4
2,500,000
2,457,628
Farmers
Insurance
Exchange
4.75%
11/01/57
1,4
3,800,000
2,987,788
8.63%
05/01/24
1
942,000
948,963
Nationwide
Mutual
Insurance
Co.
7.84%
12/15/24
1,4
3,825,000
3,821,988
Teachers
Insurance
&
Annuity
Association
of
America
4.38%
09/15/54
1,4
6,470,000
6,246,302
31,645,011
Materials
—
0.48%
ASP
Unifrax
Holdings,
Inc.
5.25%
09/30/28
1
2,460,000
1,780,007
7.50%
09/30/29
1
1,020,000
640,338
International
Flavors
&
Fragrances,
Inc.
1.80%
09/25/26
590,000
579,728
2.30%
11/01/30
1
7,835,000
6,215,040
3.27%
11/15/40
1
130,000
91,090
3.47%
12/01/50
1
460,000
307,897
5.00%
09/26/48
35,000
29,681
SK
Invictus
Intermediate
II
SARL
(Luxembourg)
5.00%
10/30/29
1,3
4,038,000
3,212,350
Valvoline,
Inc.
3.63%
06/15/31
1
660,000
537,187
13,393,318
Office
REITs
—
0.14%
Hudson
Pacific
Properties
LP
3.25%
01/15/30
1,320,000
838,468
3.95%
11/01/27
3,035,000
2,209,767
4.65%
04/01/29
110,000
77,727
5.95%
02/15/28
875,000
705,196
3,831,158
Real
Estate
Investment
Trust
(REIT)
—
0.11%
American
Tower
Corp.
5.55%
07/15/33
2,454,000
2,473,924
Annington
Funding
PLC
(EMTN)
(United
Kingdom)
3.18%
07/12/29
3
300,000
304,479
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Real
Estate
Investment
Trust
(REIT)
(continued)
Vonovia
Finance
BV
(Netherlands)
2.25%
04/07/30
3
$
300,000
$
270,073
3,048,476
Residential
REITs
—
0.18%
American
Homes
4
Rent
LP
4.30%
04/15/52
3,314,000
2,607,125
Invitation
Homes
Operating
Partnership
LP
2.70%
01/15/34
3,325,000
2,522,627
5,129,752
Retail
—
0.28%
Fertitta
Entertainment,
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.
6.75%
01/15/30
1
4,400,000
3,751,000
Michaels
Cos.,
Inc.
(The)
7.88%
05/01/29
1
5,775,000
3,898,125
7,649,125
Services
—
0.69%
Adtalem
Global
Education,
Inc.
5.50%
03/01/28
1
1,000,000
909,239
Global
Payments,
Inc.
4.88%
03/17/31
290,000
315,462
5.40%
08/15/32
1,420,000
1,384,719
5.95%
08/15/52
2,390,000
2,297,227
HealthEquity,
Inc.
4.50%
10/01/29
1
1,034,000
916,041
Hertz
Corp.
(The)
5.00%
12/01/29
1
6,150,000
5,043,000
WASH
Multifamily
Acquisition,
Inc.
5.75%
04/15/26
1
2,587,000
2,429,431
Waste
Pro
USA,
Inc.
5.50%
02/15/26
1
6,169,000
5,729,599
19,024,718
Specialized
REITs
—
0.41%
Annington
Funding
PLC
(EMTN)
(United
Kingdom)
2.31%
10/06/32
3
1,800,000
1,594,628
Blackstone
Property
Partners
Europe
Holdings
SARL
(EMTN)
(Luxembourg)
1.00%
05/04/28
3
1,030,000
844,143
1.63%
04/20/30
3
800,000
615,093
1.75%
03/12/29
3
1,225,000
996,304
China
Aoyuan
Group
Ltd.
(Cayman
Islands)
6.35%
02/08/24
3,5,6
2,660,000
152,950
China
SCE
Group
Holdings
Ltd.
(Cayman
Islands)
7.00%
05/02/25
3
1,070,000
151,940
CubeSmart
LP
2.50%
02/15/32
4,075,000
3,242,000
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
14
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Specialized
REITs
(continued)
Extra
Space
Storage
LP
2.35%
03/15/32
$
2,990,000
$
2,340,253
3.90%
04/01/29
593,000
540,991
Life
Storage
LP
2.40%
10/15/31
450,000
357,338
Sunac
China
Holdings
Ltd.
(Cayman
Islands)
6.50%
01/10/25
3,5,6
2,515,000
411,733
6.80%
10/20/24
3,5,6,9,10
720,000
110,676
Times
China
Holdings
Ltd.
(Cayman
Islands)
6.75%
07/08/25
3,5,6
1,040,000
76,205
Zhenro
Properties
Group
Ltd.
(Cayman
Islands)
6.63%
01/07/26
3,5,6,9,10
1,810,000
76,925
11,511,179
Transportation
—
0.10%
American
Airlines
Pass-Through
Trust,
Series
2015-2,
Class
AA
3.60%
09/22/27
1,895,585
1,765,167
Transnet
SOC
Ltd.
(South
Africa)
8.25%
02/06/28
1,3
900,000
876,375
U.S.
Airways
Pass-Through
Trust,
Series
2012-1,
Class
A
5.90%
10/01/24
45,932
45,473
2,687,015
Total
Corporates
(Cost
$923,601,383)
843,210,513
FOREIGN
GOVERNMENT
OBLIGATIONS
—
2.55%
Foreign
Government
Obligations
—
2.55%
Bahrain
Government
International
Bond,
Series
REGS
(Bahrain)
7.00%
01/26/26
3
500,000
509,600
Brazilian
Government
International
Bond
(Brazil)
3.88%
06/12/30
3
3,010,000
2,674,385
6.00%
10/20/33
3
1,230,000
1,218,199
Chile
Government
International
Bond
(Chile)
2.55%
01/27/32
3
1,257,000
1,076,319
2.55%
07/27/33
3
3,232,000
2,649,208
Colombia
Government
International
Bond
(Colombia)
3.00%
01/30/30
3
1,598,000
1,249,828
3.13%
04/15/31
3
1,020,000
773,751
4.50%
03/15/29
3
1,007,000
883,542
8.00%
04/20/33
3
200,000
204,100
Dominican
Republic
International
Bond
(Dominican
Republic)
4.50%
01/30/30
1,3
3,900,000
3,427,708
Issues
Maturity
Date
Principal
Amount
Value
FOREIGN
GOVERNMENT
OBLIGATIONS
(continued)
Foreign
Government
Obligations
(continued)
Finance
Department
Government
of
Sharjah
(United
Arab
Emirates)
6.50%
11/23/32
1,3
$
1,629,000
$
1,679,906
Guatemala
Government
Bond,
Series
REGS
(Guam)
5.25%
08/10/29
3
3,050,000
2,909,871
Hungary
Government
International
Bond
(Hungary)
2.13%
09/22/31
1,3
4,200,000
3,266,760
Hungary
Government
International
Bond,
Series
REGS
(Hungary)
5.25%
06/16/29
3
300,000
292,529
Indonesia
Government
International
Bond
(Indonesia)
2.85%
02/14/30
3
3,600,000
3,203,082
Mexico
Government
International
Bond
(Mexico)
2.66%
05/24/31
3
5,531,000
4,611,772
4.88%
05/19/33
3
4,375,000
4,187,925
Oman
Government
International
Bond,
Series
REGS
(Oman)
5.63%
01/17/28
3
4,640,000
4,598,704
Panama
Government
International
Bond
(Panama)
2.25%
09/29/32
3
3,000,000
2,298,300
3.16%
01/23/30
3
5,251,000
4,610,395
Paraguay
Government
International
Bond,
Series
REGS
(Papua
New
Guinea)
4.95%
04/28/31
3
1,400,000
1,347,570
Perusahaan
Penerbit
SBSN
Indonesia
III
(Indonesia)
2.80%
06/23/30
1,3
2,100,000
1,854,140
Peruvian
Government
International
Bond
(Peru)
1.86%
12/01/32
3
1,000,000
770,645
2.78%
01/23/31
3
3,860,000
3,315,315
2.84%
06/20/30
3
2,625,000
2,303,753
4.13%
08/25/27
3
525,000
512,557
Republic
of
Poland
Government
International
Bond
(Poland)
4.88%
10/04/33
3
2,220,000
2,183,592
5.75%
11/16/32
3
560,000
588,404
Republic
of
South
Africa
Government
International
Bond
(South
Africa)
4.30%
10/12/28
3
827,000
731,482
4.85%
09/30/29
3
1,283,000
1,131,786
5.88%
04/20/32
3
1,064,000
944,739
Romanian
Government
International
Bond
(Romania)
6.63%
02/17/28
1,3
450,000
463,770
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
15
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
FOREIGN
GOVERNMENT
OBLIGATIONS
(continued)
Foreign
Government
Obligations
(continued)
Romanian
Government
International
Bond,
Series
REGS
(Romania)
3.00%
02/14/31
3
$
4,400,000
$
3,659,238
Saudi
Government
International
Bond,
Series
REGS
(EMTN)
(Saudi
Arabia)
3.25%
10/22/30
3
2,220,000
2,017,185
Uruguay
Government
International
Bond
(Uruguay)
4.38%
01/23/31
3
2,788,717
2,756,549
Total
Foreign
Government
Obligations
(Cost
$77,737,817)
70,906,609
MORTGAGE-BACKED
—
64.26%**
Non-Agency
Commercial
Mortgage-Backed
—
7.90%
1345
Avenue
of
the
Americas
&
Park
Avenue
Plaza
Trust,
Series
2005-1,
Class
A3
5.28%
08/10/35
1
7,801,704
7,401,115
A10
Bridge
Asset
Financing,
Series
2021-D,
Class
A1FL
(SOFR30A
plus
1.45%)
6.52%
10/01/38
1,2
4,230,232
4,045,726
ACRES
Commercial
Realty
Ltd.,
Series
2021-FL1,
Class
AS
(Cayman
Islands)
(CME
Term
SOFR
1-Month
plus
1.71%)
6.82%
06/15/36
1,2,3
9,831,000
9,589,327
Banc
of
America
Merrill
Lynch
Commercial
Mortgage
Trust,
Series
2018-PARK,
Class
A
4.23%
08/10/38
1,4
7,985,000
7,018,219
Banc
of
America
Merrill
Lynch
Commercial
Mortgage
Trust,
Series
2020-BHP3,
Class
A
(LIBOR
USD
1-Month
plus
1.90%)
7.09%
03/15/37
1,2
8,585,000
8,352,669
Banc
of
America
Merrill
Lynch
Commercial
Mortgage
Trust,
Series
2020-BOC,
Class
X
(IO)
0.57%
01/15/32
1,4
98,610,000
1,362,341
Blackstone
Industrial
Portfolio
-
Proj
Foxtrot
2.23%
04/09/24
4,5,6
3,175,016
2,951,177
BX
Commercial
Mortgage
Trust,
Series
2020-VIVA,
Class
D
3.67%
03/11/44
1,4
5,000,000
4,002,302
BX
Commercial
Mortgage
Trust,
Series
2021-XL2,
Class
J
(LIBOR
USD
1-Month
plus
3.89%)
9.08%
10/15/38
1,2
10,564,552
9,865,468
BX
Trust,
Series
2019-OC11,
Class
A
3.20%
12/09/41
1
7,060,000
6,049,905
BXHPP
Trust,
Series
2021-FILM,
Class
E
(LIBOR
USD
1-Month
plus
2.00%)
7.19%
08/15/36
1,2
3,917,000
3,351,840
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
CAMB
Commercial
Mortgage
Trust,
Series
2019-LIFE,
Class
F
(LIBOR
USD
1-Month
plus
2.55%)
7.74%
12/15/37
1,2
$
9,700,000
$
9,359,774
CAMB
Commercial
Mortgage
Trust,
Series
2019-LIFE,
Class
G
(LIBOR
USD
1-Month
plus
3.25%)
8.44%
12/15/37
1,2
8,503,000
8,239,046
CD
Mortgage
Trust,
Series
2016-CD1,
Class
XA
(IO)
1.50%
08/10/49
4
59,474,899
1,797,694
Citigroup
Commercial
Mortgage
Trust,
Series
2015-GC27,
Class
XA
(IO)
1.45%
02/10/48
4
57,275,050
830,697
Commercial
Mortgage
Trust,
Series
2012-CR4,
Class
XA
(IO)
1.33%
10/15/45
4
8,525,699
246
Commercial
Mortgage
Trust,
Series
2013-CR13,
Class
XA
(IO)
0.87%
11/10/46
4
56,349,459
39,532
Commercial
Mortgage
Trust,
Series
2014-CR16,
Class
XA
(IO)
1.10%
04/10/47
4
97,702,595
393,258
Commercial
Mortgage
Trust,
Series
2020-CBM,
Class
XCP
(IO)
0.72%
02/10/37
1,4
68,872,262
541,456
Credit
Suisse
Mortgage
Capital
Trust,
Series
2020-TMIC,
Class
A
(LIBOR
USD
1-Month
plus
3.50%)
8.69%
12/15/35
1,2
11,515,000
11,495,055
CSAIL
Commercial
Mortgage
Trust,
Series
2019-C16,
Class
XA
(IO)
1.71%
06/15/52
4
90,455,726
5,941,245
CSMC,
Series
2021-BPNY,
Class
A
(LIBOR
USD
1-Month
plus
3.71%)
8.91%
08/15/23
1,2
12,734,000
11,444,988
Grace
Trust,
Series
2020-GRCE,
Class
A
2.35%
12/10/40
1
8,000,000
6,220,968
Grace
Trust,
Series
2020-GRCE,
Class
D
2.77%
12/10/40
1,4
950,000
662,825
GS
Mortgage
Securities
Corp.
Trust,
Series
2020-UPTN,
Class
XA
(IO)
0.45%
02/10/37
1,4
40,999,000
193,739
GS
Mortgage
Securities
Trust,
Series
2014-GC20,
Class
XA
(IO)
1.17%
04/10/47
4
54,362,455
181,778
GSCG
Trust,
Series
2019-600C,
Class
G
4.12%
09/06/34
1,4
9,212,000
3,861,441
Hudson
Yards
Mortgage
Trust,
Series
2019-55HY,
Class
A
3.04%
12/10/41
1,4
6,555,000
5,518,700
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
16
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
Hudson
Yards
Mortgage
Trust,
Series
2019-55HY,
Class
F
3.04%
12/10/41
1,4
$
3,891,000
$
2,566,576
ILPT
Commercial
Mortgage
Trust,
Series
2022-LPFX,
Class
A
3.38%
03/15/32
1
11,770,000
9,848,559
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2022-NLP,
Class
H
(CME
Term
SOFR
1-Month
plus
5.01%)
10.16%
04/15/37
1,2
5,424,749
4,297,228
KKR
Industrial
Portfolio
Trust,
Series
2021-KDIP,
Class
E
(CME
Term
SOFR
1-Month
plus
1.66%)
6.81%
12/15/37
1,2
5,187,750
4,994,860
KREF
Ltd.,
Series
2021-FL2,
Class
AS
(Cayman
Islands)
(LIBOR
USD
1-Month
plus
1.30%)
6.46%
02/15/39
1,2,3
6,900,000
6,578,660
Life
Mortgage
Trust,
Series
2021-BMR,
Class
G
(CME
Term
SOFR
1-Month
plus
3.06%)
8.21%
03/15/38
1,2
10,535,474
9,954,844
Med
Trust,
Series
2021-MDLN,
Class
F
(LIBOR
USD
1-Month
plus
4.00%)
9.19%
11/15/38
1,2
3,980,895
3,763,406
MF1
Ltd.,
Series
2020-FL4,
Class
B
(CME
Term
SOFR
1-Month
plus
2.86%)
8.01%
11/15/35
1,2
6,000,000
5,933,885
MF1
Ltd.,
Series
2020-FL4,
Class
D
(CME
Term
SOFR
1-Month
plus
4.21%)
9.36%
11/15/35
1,2
4,481,000
4,385,936
MKT
Mortgage
Trust,
Series
2020-525M,
Class
XA
(IO)
0.29%
02/12/40
1,4
147,585,000
1,802,574
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C22,
Class
XA
(IO)
1.14%
04/15/48
4
67,298,076
768,847
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C24,
Class
XA
(IO)
0.83%
05/15/48
4
101,504,342
1,089,030
Morgan
Stanley
Capital
I
Trust,
Series
2018-MP,
Class
A
4.42%
07/11/40
1,4
4,000,000
3,276,674
MSCG
Trust,
Series
2018-SELF,
Class
E
(LIBOR
USD
1-Month
plus
2.15%)
7.34%
10/15/37
1,2
4,625,104
4,469,696
Natixis
Commercial
Mortgage
Securities
Trust,
Series
2018-ALXA,
Class
E
4.46%
01/15/43
1,4
1,095,000
813,861
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
SFAVE
Commercial
Mortgage
Securities
Trust,
Series
2015-5AVE,
Class
A2B
4.14%
01/05/43
1,4
$
1,840,000
$
1,193,795
SFAVE
Commercial
Mortgage
Securities
Trust,
Series
2015-5AVE,
Class
C
4.53%
01/05/43
1,4
10,000,000
5,763,595
SFAVE
Commercial
Mortgage
Securities
Trust,
Series
2015-5AVE,
Class
D
4.53%
01/05/43
1,4
13,330,000
6,925,833
VMC
Finance
LLC,
Series
2021-HT1,
Class
B
(LIBOR
USD
1-Month
plus
4.50%)
9.66%
01/18/37
1,2
3,200,000
3,002,518
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2014-LC16,
Class
XA
(IO)
1.21%
08/15/50
4
35,090,245
185,540
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2016-C33,
Class
XA
(IO)
1.73%
03/15/59
4
75,414,604
2,447,966
Westfield
Galleria
at
Roseville
3.25%
03/29/25
5,6
4,300,000
4,204,540
WF-RBS
Commercial
Mortgage
Trust,
Series
2013-C14,
Class
XA
(IO)
0.56%
06/15/46
4
2,948,701
6,319
WF-RBS
Commercial
Mortgage
Trust,
Series
2014-C23,
Class
XA
(IO)
0.69%
10/15/57
4
73,020,682
332,200
219,319,473
Non-Agency
Mortgage-Backed
—
32.82%
ACE
Securities
Corp.
Home
Equity
Loan
Trust,
Series
2006-HE3,
Class
A2C
(LIBOR
USD
1-Month
plus
0.30%)
5.45%
06/25/36
2
4,596,237
3,262,549
ACE
Securities
Corp.
Home
Equity
Loan
Trust,
Series
2006-NC3,
Class
A2C
(LIBOR
USD
1-Month
plus
0.32%)
5.47%
12/25/36
2
52,186,101
14,051,170
ACE
Securities
Corp.
Home
Equity
Loan
Trust,
Series
2007-ASP1,
Class
A1
(LIBOR
USD
1-Month
plus
0.32%)
5.47%
03/25/37
2
27,978,524
12,815,315
ACE
Securities
Corp.
Home
Equity
Loan
Trust,
Series
2007-ASP1,
Class
A2D
(LIBOR
USD
1-Month
plus
0.76%)
5.91%
03/25/37
2
2,222,813
947,274
Adjustable
Rate
Mortgage
Trust,
Series
2005-4,
Class
5A1
3.51%
08/25/35
4
1,196,599
946,881
Adjustable
Rate
Mortgage
Trust,
Series
2007-1,
Class
1A1
4.39%
03/25/37
4
1,458,133
1,265,169
Alternative
Loan
Trust,
Series
2005-74T1,
Class
A1
6.00%
01/25/36
5,322,477
3,380,644
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
17
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Alternative
Loan
Trust,
Series
2005-76,
Class
1A1
(Federal
Reserve
US
12-Month
Cumulative
Average
plus
1.48%)
5.46%
01/25/36
2
$
2,528,538
$
2,289,124
Alternative
Loan
Trust,
Series
2006-HY12,
Class
A5
3.95%
08/25/36
4
2,101,598
1,967,430
American
Home
Mortgage
Investment
Trust,
Series
2006-1,
Class
11A1
(LIBOR
USD
1-Month
plus
0.28%)
5.43%
03/25/46
2
8,145,083
7,033,270
American
Home
Mortgage
Investment
Trust,
Series
2006-1,
Class
12A1
(LIBOR
USD
1-Month
plus
0.40%)
5.55%
03/25/46
2
2,524,976
2,171,615
Argent
Securities,
Inc.,
Asset-Backed
Pass-Through
Certificates,
Series
2006-W3,
Class
A2C
(LIBOR
USD
1-Month
plus
0.36%)
5.51%
04/25/36
2
38,447,312
11,951,268
Asset-Backed
Funding
Certificates,
Series
2007-WMC1,
Class
A1A
(LIBOR
USD
1-Month
plus
1.25%)
6.40%
06/25/37
2
16,451,565
11,925,934
Asset-Backed
Funding
Certificates,
Series
2007-WMC1,
Class
A2B
(LIBOR
USD
1-Month
plus
1.00%)
6.15%
06/25/37
2
2,985,954
2,475,461
Asset-Backed
Securities
Corp.
Home
Equity
Loan
Trust,
Series
2004-HE9,
Class
M1
(LIBOR
USD
1-Month
plus
0.98%)
6.13%
12/25/34
2
1,128,308
1,030,662
Asset-Backed
Securities
Corp.
Home
Equity
Loan
Trust,
Series
2006-HE5,
Class
A5
(LIBOR
USD
1-Month
plus
0.48%)
2.82%
07/25/36
2
9,754,000
9,247,988
Banc
of
America
Alternative
Loan
Trust,
Series
2003-8,
Class
1CB1
5.50%
10/25/33
397,125
377,000
Banc
of
America
Funding
Trust,
Series
2004-B,
Class
5A1
4.10%
11/20/34
4
148,162
142,073
Banc
of
America
Funding
Trust,
Series
2006-D,
Class
3A1
4.39%
05/20/36
4
599,354
538,228
Banc
of
America
Funding
Trust,
Series
2015-R3,
Class
6A2
4.51%
05/27/36
1,4
9,273,183
8,734,719
Banc
of
America
Mortgage
Trust,
Series
2005-K,
Class
2A1
3.97%
12/25/35
4
621,753
555,597
BCAP
LLC
Trust,
Series
2007-AA1,
Class
2A1
(LIBOR
USD
1-Month
plus
0.36%)
5.51%
03/25/37
2
2,431,990
2,095,527
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
BCAP
LLC
Trust,
Series
2014-RR3,
Class
4A1
6.23%
03/26/36
1,4
$
596,557
$
590,753
Bear
Stearns
ALT-A
Trust,
Series
2005-2,
Class
2A4
3.66%
04/25/35
4
707,529
626,414
Bear
Stearns
ALT-A
Trust,
Series
2005-8,
Class
11A1
(LIBOR
USD
1-Month
plus
0.54%)
5.69%
10/25/35
2
5,120,255
4,536,406
Bear
Stearns
ARM
Trust,
Series
2005-9,
Class
A1
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1-Year
plus
2.30%)
5.23%
10/25/35
2
897,254
852,145
Bear
Stearns
Asset-Backed
Securities
I
Trust,
Series
2005-AC6,
Class
1A3
5.50%
09/25/35
4
263,152
231,221
Bear
Stearns
Asset-Backed
Securities
I
Trust,
Series
2006-AC2,
Class
21A3
6.00%
03/25/36
11,210
11,029
Bear
Stearns
Mortgage
Funding
Trust,
Series
2007-AR4,
Class
1A1
(LIBOR
USD
1-Month
plus
0.40%)
5.55%
09/25/47
2
4,525,234
3,978,704
Bear
Stearns
Mortgage
Funding
Trust,
Series
2007-AR4,
Class
2A1
(LIBOR
USD
1-Month
plus
0.21%)
5.36%
06/25/37
2
3,415,824
3,056,868
Carrington
Mortgage
Loan
Trust,
Series
2006-NC4,
Class
A4
(LIBOR
USD
1-Month
plus
0.24%)
5.39%
10/25/36
2
14,364,300
12,349,471
Carrington
Mortgage
Loan
Trust,
Series
2006-OPT1,
Class
M1
(LIBOR
USD
1-Month
plus
0.53%)
5.68%
02/25/36
2
1,125,005
1,085,671
Cascade
MH
Asset
Trust,
Series
2022-MH1,
Class
A
(STEP-reset
date
08/25/23)
4.25%
08/25/54
1
6,794,534
5,984,291
Chase
Mortgage
Finance
Trust,
Series
2007-A1,
Class
8A1
4.12%
02/25/37
4
408,207
394,631
CIM
Trust,
Series
2019-R3,
Class
A
2.63%
06/25/58
1,4
6,514,001
5,920,442
CIM
Trust,
Series
2020-R1,
Class
A1
2.85%
10/27/59
1,4
10,345,691
8,534,263
CIM
Trust,
Series
2020-R3,
Class
A1A
4.00%
01/26/60
1,4
6,389,271
5,877,557
CIM
Trust,
Series
2020-R6,
Class
A1A
2.25%
12/25/60
1,4
5,033,910
4,246,782
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
18
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
CIM
Trust,
Series
2020-R7,
Class
A1A
2.25%
12/27/61
1,4
$
8,091,219
$
6,938,722
CIM
Trust,
Series
2021-NR3,
Class
A1
(STEP-reset
date
08/25/23)
2.57%
06/25/57
1
3,428,677
3,283,356
CIM
Trust,
Series
2021-NR4,
Class
A1
(STEP-reset
date
08/25/23)
2.82%
10/25/61
1
12,516,045
11,724,827
CIM
Trust,
Series
2021-R3,
Class
A1B
1.95%
06/25/57
1,4
18,287,000
12,700,466
CIM
Trust,
Series
2021-R4,
Class
A1A
2.00%
05/01/61
1,4
10,759,479
9,206,493
CIM
Trust,
Series
2021-R4,
Class
A1B
2.00%
05/01/61
1,4
10,243,493
7,021,543
CIM
Trust,
Series
2021-R5,
Class
A1A
2.00%
08/25/61
1,4
9,017,020
7,205,124
CIM
Trust,
Series
2023-NR1,
Class
A1
(STEP-reset
date
08/25/23)
6.00%
06/25/62
1
14,165,830
13,566,864
CIM
Trust,
Series
2023-R1,
Class
A1A
5.40%
04/25/62
1,4
13,256,212
12,736,818
CIM
Trust,
Series
2023-R3,
Class
A1B
4.50%
01/25/63
1,4
11,444,000
8,109,826
Citigroup
Mortgage
Loan
Trust,
Series
2005-9,
Class
1A1
(LIBOR
USD
1-Month
plus
0.26%)
5.41%
11/25/35
2
40,207
33,160
Citigroup
Mortgage
Loan
Trust,
Series
2006-AR3,
Class
1A2A
4.16%
06/25/36
4
69,813
64,563
Citigroup
Mortgage
Loan
Trust,
Series
2006-HE3,
Class
A2C
(LIBOR
USD
1-Month
plus
0.32%)
5.47%
12/25/36
2
6,198,785
3,912,667
Citigroup
Mortgage
Loan
Trust,
Series
2006-HE3,
Class
A2D
(LIBOR
USD
1-Month
plus
0.46%)
5.61%
12/25/36
2
6,624,656
4,174,780
Countrywide
Home
Loan
Mortgage
Pass-Through
Trust,
Series
2005-3,
Class
1A2
(LIBOR
USD
1-Month
plus
0.58%)
5.73%
04/25/35
2
2,509,839
2,285,573
Countrywide
Home
Loan
Mortgage
Pass-Through
Trust,
Series
2005-9,
Class
1A1
(LIBOR
USD
1-Month
plus
0.60%)
5.75%
05/25/35
2
60,315
49,643
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.,
Series
2003-AR26,
Class
3A1
4.47%
11/25/33
4
327,327
313,824
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.,
Series
2005-11,
Class
1A1
6.50%
12/25/35
$
514,567
$
268,831
Credit
Suisse
First
Boston
Mortgage-Backed
Pass-Through
Certificates,
Series
2004-AR5,
Class
9A1
3.42%
06/25/34
4
28,485
26,925
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2022-RPL1,
Class
CERT
4.23%
04/25/61
1
493,980
418,800
Credit
Suisse
Mortgage
Capital
Trust,
Series
2006-8,
Class
3A1
6.00%
10/25/21
24,960
11,958
Credit
Suisse
Mortgage
Capital
Trust,
Series
2020-RPL2,
Class
A12
3.50%
02/25/60
1,4
9,561,785
9,567,448
Credit
Suisse
Mortgage
Capital
Trust,
Series
2022-RPL1,
Class
PT
4.51%
04/25/61
1,4
11,687,924
9,911,569
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Series
2006-CB2,
Class
AF3
(STEP-reset
date
08/25/23)
3.04%
12/25/36
651,896
500,594
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Series
2006-CB9,
Class
A2
(LIBOR
USD
1-Month
plus
0.22%)
5.37%
11/25/36
2
7,067,807
3,322,528
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Series
2007-CB1,
Class
AF2
(STEP-reset
date
08/25/23)
3.16%
01/25/37
2,476,399
752,547
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
564,020
548,251
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
1,293,578
789,236
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Mortgage
Loan
Trust,
Series
2007-CB2,
Class
A2B
(STEP-reset
date
08/25/23)
3.54%
02/25/37
4,250,204
2,603,586
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
1,017,251
636,214
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
5,434,405
2,072,754
CSMC
Mortgage-Backed
Trust,
Series
2006-1,
Class
1A4
5.50%
02/25/36
2,692,750
2,342,315
CSMC
Trust,
Series
2021-RPL7,
Class
A1
1.93%
07/27/61
1,4
8,013,939
7,391,512
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
19
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
CSMCM
Trust,
Series
2018-SP3,
Class
CERT
3.77%
10/25/58
1,4
$
13,069,733
$
10,862,947
DSLA
Mortgage
Loan
Trust,
Series
2004-AR4,
Class
2A1A
(LIBOR
USD
1-Month
plus
0.72%)
5.88%
01/19/45
2
434,101
349,230
DSLA
Mortgage
Loan
Trust,
Series
2005-AR6,
Class
2A1A
(LIBOR
USD
1-Month
plus
0.58%)
5.74%
10/19/45
2
3,372,776
2,881,930
DSLA
Mortgage
Loan
Trust,
Series
2006-AR2,
Class
2A1A
(LIBOR
USD
1-Month
plus
0.20%)
5.36%
10/19/36
2
5,329,968
3,732,544
DSLA
Mortgage
Loan
Trust,
Series
2007-AR1,
Class
2A1A
(LIBOR
USD
1-Month
plus
0.14%)
5.30%
03/19/37
2
1,171,392
937,692
Fannie
Mae
Connecticut
Avenue
Securities,
Series
2019-R06,
Class
2B1
(LIBOR
USD
1-Month
plus
3.75%)
8.90%
09/25/39
1,2
6,089,393
6,143,382
Fannie
Mae
Connecticut
Avenue
Securities,
Series
2021-R01,
Class
1B1
(SOFR30A
plus
3.10%)
8.17%
10/25/41
1,2
2,500,000
2,470,054
Fannie
Mae
Connecticut
Avenue
Securities,
Series
2021-R02,
Class
2B1
(SOFR30A
plus
3.30%)
8.37%
11/25/41
1,2
10,000,000
9,946,843
Fannie
Mae
Connecticut
Avenue
Securities,
Series
2021-R03,
Class
1B2
(SOFR30A
plus
5.50%)
10.57%
12/25/41
1,2
3,950,000
3,839,585
First
Franklin
Mortgage
Loan
Trust,
Series
2006-FF13,
Class
A2C
(LIBOR
USD
1-Month
plus
0.32%)
5.47%
10/25/36
2
12,079,968
8,134,840
First
Franklin
Mortgage
Loan
Trust,
Series
2006-FF18,
Class
A2D
(LIBOR
USD
1-Month
plus
0.21%)
5.36%
12/25/37
2
712,865
615,792
First
Franklin
Mortgage
Loan
Trust,
Series
2006-FF4,
Class
A3
(LIBOR
USD
1-Month
plus
0.56%)
4.23%
03/25/36
2
2,171,636
2,145,999
First
Franklin
Mortgage
Loan
Trust,
Series
2006-FF5,
Class
M1
(LIBOR
USD
1-Month
plus
0.41%)
5.56%
04/25/36
2
3,860,000
2,797,296
First
Franklin
Mortgage
Loan
Trust,
Series
2006-FF9,
Class
2A4
(LIBOR
USD
1-Month
plus
0.50%)
5.65%
06/25/36
2
8,650,000
7,673,321
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
First
Franklin
Mortgage
Loan
Trust,
Series
2007-FF1,
Class
A2D
(LIBOR
USD
1-Month
plus
0.44%)
5.59%
01/25/38
2
$
3,905,574
$
2,061,422
First
Franklin
Mortgage
Loan
Trust,
Series
2007-FF2,
Class
A2B
(LIBOR
USD
1-Month
plus
0.10%)
5.25%
03/25/37
2
536,843
259,719
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2004-AA3,
Class
A1
5.18%
09/25/34
4
131,364
119,778
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2004-AA3,
Class
A3
5.18%
09/25/34
4
201,997
184,181
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2005-AA10,
Class
1A1
5.54%
12/25/35
4
750,908
625,204
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2005-AA12,
Class
2A1
5.13%
02/25/36
4
944,348
639,928
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2005-AA3,
Class
3A1
5.81%
05/25/35
4
960,036
871,269
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2005-AA7,
Class
2A1
5.07%
09/25/35
4
1,268,046
1,100,745
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2005-AA8,
Class
2A1
5.19%
10/25/35
4
1,647,490
1,085,163
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2005-AA9,
Class
2A1
5.44%
11/25/35
4
917,657
785,303
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2006-AA1,
Class
1A1
5.24%
03/25/36
4
1,130,113
855,604
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2006-AA7,
Class
A1
5.12%
01/25/37
4
1,830,678
1,364,866
First
Horizon
Mortgage
Pass-Through
Trust,
Series
2005-AR4,
Class
1A1
3.28%
09/25/35
4
1,215,933
797,698
First
Horizon
Mortgage
Pass-Through
Trust,
Series
2005-AR4,
Class
2A1
4.02%
10/25/35
4
39,497
37,261
First
Horizon
Mortgage
Pass-Through
Trust,
Series
2005-AR5,
Class
2A1
4.31%
11/25/35
4
562,005
449,585
First
Horizon
Mortgage
Pass-Through
Trust,
Series
2007-AR2,
Class
1A2
4.90%
08/25/37
4
52,806
17,672
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-DNA2,
Class
M2
(SOFR30A
plus
2.30%)
7.37%
08/25/33
1,2
9,146,610
9,156,736
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
20
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-DNA3,
Class
M2
(SOFR30A
plus
2.10%)
7.17%
10/25/33
1,2
$
5,245,000
$
5,137,771
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-HQA1,
Class
M2
(SOFR30A
plus
2.25%)
7.32%
08/25/33
1,2
9,088,715
8,950,414
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-HQA2,
Class
M2
(SOFR30A
plus
2.05%)
7.12%
12/25/33
1,2
5,000,000
4,790,992
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2022-DNA1,
Class
M1B
(SOFR30A
plus
1.85%)
6.92%
01/25/42
1,2
3,485,000
3,381,948
GMACM
Mortgage
Corp.
Loan
Trust,
Series
2005-AR5,
Class
2A1
4.14%
09/19/35
4
1,255,425
915,021
GMACM
Mortgage
Corp.
Loan
Trust,
Series
2005-AR5,
Class
3A1
3.86%
09/19/35
4
962,028
789,216
GMACM
Mortgage
Corp.
Loan
Trust,
Series
2006-AR1,
Class
1A1
3.28%
04/19/36
4
2,661,812
2,084,124
GreenPoint
Manufactured
Housing,
Series
2000-1,
Class
A4
8.14%
03/20/30
4
4,529,442
3,284,536
GreenPoint
Mortgage
Funding
Trust,
Series
2007-AR1,
Class
2A1A
(LIBOR
USD
1-Month
plus
0.40%)
5.55%
03/25/47
2
8,525,589
7,477,261
GSAMP
Trust,
Series
2007-FM2,
Class
A1
(LIBOR
USD
1-Month
plus
0.14%)
5.29%
01/25/37
2
17,571,729
10,328,244
GSR
Mortgage
Loan
Trust,
Series
2005-7F,
Class
3A3
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
5.50%,
5.50%
Cap)
0.35%
09/25/35
2,5,6
10,076
103
GSR
Mortgage
Loan
Trust,
Series
2005-AR4,
Class
5A1
4.89%
07/25/35
4
351,797
330,086
GSR
Mortgage
Loan
Trust,
Series
2006-AR2,
Class
2A1
3.54%
04/25/36
4
162,529
107,828
GSR
Mortgage
Loan
Trust,
Series
2007-AR2,
Class
5A1A
4.31%
05/25/37
4
445,512
391,261
HarborView
Mortgage
Loan
Trust,
Series
2005-10,
Class
2A1A
(LIBOR
USD
1-Month
plus
0.62%)
5.78%
11/19/35
2
915,173
637,046
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
HarborView
Mortgage
Loan
Trust,
Series
2006-7,
Class
1A
(LIBOR
USD
1-Month
plus
0.42%)
5.57%
09/19/46
2
$
8,371,682
$
7,305,947
HarborView
Mortgage
Loan
Trust,
Series
2007-6,
Class
1A1A
(LIBOR
USD
1-Month
plus
0.20%)
5.36%
08/19/37
2
9,312,816
7,893,621
Home
Equity
Mortgage
Loan
Asset-Backed
Trust,
Series
2005-D,
Class
AII4
(LIBOR
USD
1-Month
plus
0.70%)
5.85%
03/25/36
2
1,139,249
1,124,993
HSI
Asset
Securitization
Corp.
Trust,
Series
2005-OPT1,
Class
M1
(LIBOR
USD
1-Month
plus
0.63%)
5.78%
11/25/35
2
1,371,668
1,332,248
HSI
Asset
Securitization
Corp.
Trust,
Series
2006-HE1,
Class
1A1
(LIBOR
USD
1-Month
plus
0.28%)
5.43%
10/25/36
2
10,882,452
3,584,672
HSI
Asset
Securitization
Corp.
Trust,
Series
2006-HE2,
Class
1A
(LIBOR
USD
1-Month
plus
0.26%)
5.41%
12/25/36
2
26,534,629
10,976,312
HSI
Asset
Securitization
Corp.
Trust,
Series
2006-WMC1,
Class
A1
(LIBOR
USD
1-Month
plus
0.10%)
5.25%
07/25/36
2
10,048,325
4,461,894
HSI
Asset
Securitization
Corp.
Trust,
Series
2006-WMC1,
Class
A2
(LIBOR
USD
1-Month
plus
0.20%)
5.35%
07/25/36
2
11,121,559
4,958,418
HSI
Asset
Securitization
Corp.
Trust,
Series
2006-WMC1,
Class
A4
(LIBOR
USD
1-Month
plus
0.50%)
5.65%
07/25/36
2
9,725,283
4,384,354
Impac
CMB
Trust,
Series
2005-2,
Class
1A1
(LIBOR
USD
1-Month
plus
0.52%)
5.67%
04/25/35
2
1,791,834
1,691,015
IndyMac
Index
Mortgage
Loan
Trust,
Series
2005-AR14,
Class
1A1A
(LIBOR
USD
1-Month
plus
0.56%)
5.71%
07/25/35
2
8,013,309
5,673,734
IndyMac
Index
Mortgage
Loan
Trust,
Series
2005-AR19,
Class
A1
3.28%
10/25/35
4
1,718,163
1,364,486
IndyMac
Index
Mortgage
Loan
Trust,
Series
2006-AR27,
Class
1A3
(LIBOR
USD
1-Month
plus
0.54%)
5.69%
10/25/36
2
5,025,691
2,149,080
IndyMac
Index
Mortgage
Loan
Trust,
Series
2006-AR4,
Class
A2A
(LIBOR
USD
1-Month
plus
0.50%)
5.65%
05/25/46
2
10,467,792
9,828,373
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
21
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
IndyMac
Index
Mortgage
Loan
Trust,
Series
2006-AR7,
Class
3A1
3.39%
05/25/36
4
$
209,179
$
174,023
IndyMac
Index
Mortgage
Loan
Trust,
Series
2006-AR9,
Class
3A3
3.37%
06/25/36
4
2,587,029
2,125,400
IndyMac
Index
Mortgage
Loan
Trust,
Series
2007-FLX4,
Class
2A1
(LIBOR
USD
1-Month
plus
0.18%)
5.33%
07/25/37
2
11,812,455
10,693,936
IndyMac
Manufactured
Housing
Contract
Pass-Through
Certificates,
Series
1998-1,
Class
A4
6.49%
09/25/28
19,234
19,171
JPMorgan
Mortgage
Acquisition
Trust,
Series
2006-CH1,
Class
M2
(LIBOR
USD
1-Month
plus
0.29%)
5.44%
07/25/36
2
1,663,250
1,656,247
JPMorgan
Mortgage
Acquisition
Trust,
Series
2006-WMC4,
Class
A1A
(LIBOR
USD
1-Month
plus
0.13%)
5.28%
12/25/36
2
7,102,795
4,205,801
JPMorgan
Mortgage
Acquisition
Trust,
Series
2006-WMC4,
Class
A4
(LIBOR
USD
1-Month
plus
0.15%)
5.30%
12/25/36
2
8,933,760
4,614,219
JPMorgan
Mortgage
Trust,
Series
2005-A6,
Class
7A1
4.08%
08/25/35
4
14,411
12,066
JPMorgan
Mortgage
Trust,
Series
2006-A3,
Class
2A1
3.85%
05/25/36
4
16,685
14,053
Legacy
Mortgage
Asset
Trust,
Series
2017-RPL1,
Class
A
(LIBOR
USD
1-Month
plus
1.75%)
6.93%
01/28/70
1,2
1,869,303
1,872,481
Lehman
XS
Trust,
Series
2005-5N,
Class
3A1A
(LIBOR
USD
1-Month
plus
0.30%)
5.45%
11/25/35
2
719,035
705,183
Lehman
XS
Trust,
Series
2006-17,
Class
1A3
(LIBOR
USD
1-Month
plus
0.50%)
5.65%
08/25/46
2
12,600,671
11,087,796
Lehman
XS
Trust,
Series
2006-GP2,
Class
1A5A
(LIBOR
USD
1-Month
plus
0.42%)
4.07%
06/25/46
2
3,434,657
3,059,994
Lehman
XS
Trust,
Series
2007-18N,
Class
1A1
(LIBOR
USD
1-Month
plus
1.70%)
6.85%
10/25/37
2
2,998,382
2,796,184
Long
Beach
Mortgage
Loan
Trust,
Series
2006-2,
Class
1A
(LIBOR
USD
1-Month
plus
0.36%)
5.51%
03/25/46
2
6,175,834
5,064,251
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Long
Beach
Mortgage
Loan
Trust,
Series
2006-9,
Class
2A2
(LIBOR
USD
1-Month
plus
0.22%)
5.37%
10/25/36
2
$
48,651,440
$
14,336,983
MASTR
Adjustable
Rate
Mortgages
Trust,
Series
2003-7,
Class
3A1
3.81%
11/25/33
4
75,429
70,257
MASTR
Adjustable
Rate
Mortgages
Trust,
Series
2004-15,
Class
8A1
5.12%
10/25/34
4
79,023
75,384
MASTR
Adjustable
Rate
Mortgages
Trust,
Series
2004-3,
Class
3A3
4.12%
04/25/34
4
30,069
28,153
MASTR
Adjustable
Rate
Mortgages
Trust,
Series
2006-OA2,
Class
1A1
(Federal
Reserve
US
12-Month
Cumulative
Average
plus
0.80%)
4.78%
12/25/46
2
16,045,278
11,841,691
MASTR
Asset-Backed
Securities
Trust,
Series
2006-WMC1,
Class
A3
(LIBOR
USD
1-Month
plus
0.36%)
5.51%
02/25/36
2
16,112,803
5,990,092
MASTR
Asset-Backed
Securities
Trust,
Series
2007-HE1,
Class
A4
(LIBOR
USD
1-Month
plus
0.28%)
5.43%
05/25/37
2
3,150,000
2,457,476
MASTR
Asset-Backed
Securities
Trust,
Series
2007-WMC1,
Class
A2
(LIBOR
USD
1-Month
plus
0.05%)
5.20%
01/25/37
2
16,268,482
4,763,331
Merrill
Lynch
Alternative
Note
Asset
Trust,
Series
2007-A3,
Class
A2D
(LIBOR
USD
1-Month
plus
0.66%)
5.81%
04/25/37
2,5,6
883,581
38,586
Merrill
Lynch
Alternative
Note
Asset
Trust,
Series
2007-OAR2,
Class
A2
(LIBOR
USD
1-Month
plus
0.42%)
5.57%
04/25/37
2
7,292,066
6,197,895
Merrill
Lynch
First
Franklin
Mortgage
Loan
Trust,
Series
2007-1,
Class
A2C
(LIBOR
USD
1-Month
plus
0.50%)
5.65%
04/25/37
2
16,950,311
6,885,327
Merrill
Lynch
First
Franklin
Mortgage
Loan
Trust,
Series
2007-4,
Class
2A4
(LIBOR
USD
1-Month
plus
0.50%)
5.65%
07/25/37
2
868,465
742,613
Merrill
Lynch
First
Franklin
Mortgage
Loan
Trust,
Series
2007-5,
Class
1A
(LIBOR
USD
1-Month
plus
0.85%)
6.00%
10/25/37
2
22,815,872
13,596,765
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2003-A6,
Class
2A
4.30%
10/25/33
4
66,263
63,929
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
22
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2007-2,
Class
1A1
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1-Year
plus
2.40%)
7.62%
08/25/36
2
$
631,842
$
559,551
Morgan
Stanley
ABS
Capital
I
Trust,
Series
2006-NC2,
Class
A2D
(LIBOR
USD
1-Month
plus
0.58%)
5.73%
02/25/36
2
948,789
940,680
Morgan
Stanley
ABS
Capital
I,
Inc.,
Trust,
Series
2006-HE4,
Class
A3
(LIBOR
USD
1-Month
plus
0.30%)
5.45%
06/25/36
2
9,092,160
4,760,666
Morgan
Stanley
ABS
Capital
I,
Inc.,
Trust,
Series
2006-HE4,
Class
A4
(LIBOR
USD
1-Month
plus
0.48%)
5.63%
06/25/36
2
9,699,281
5,125,928
Morgan
Stanley
ABS
Capital
I,
Inc.,
Trust,
Series
2007-NC3,
Class
A2C
(LIBOR
USD
1-Month
plus
0.19%)
5.34%
05/25/37
2
20,859,605
14,993,065
Morgan
Stanley
Home
Equity
Loan
Trust,
Series
2006-3,
Class
A4
(LIBOR
USD
1-Month
plus
0.52%)
5.67%
04/25/36
2
11,636,046
8,227,220
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2004-7AR,
Class
2A4
4.36%
09/25/34
4
178,373
169,934
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2006-2,
Class
1A
5.25%
02/25/21
43,674
41,850
MortgageIT
Trust,
Series
2005-2,
Class
2A
(LIBOR
USD
1-Month
plus
1.65%)
6.82%
05/25/35
2
516,536
484,135
New
York
Mortgage
Trust,
Series
2005-3,
Class
A1
(LIBOR
USD
1-Month
plus
0.48%)
5.63%
02/25/36
2
176,118
172,501
Nomura
Asset
Acceptance
Corp.,
Series
2005-AR4,
Class
4A1
4.77%
08/25/35
4
2,205,122
1,541,119
NRPL,
Series
2019-3A,
Class
A1
(STEP-reset
date
08/25/23)
6.00%
07/25/59
1
8,568,208
8,417,564
Oakwood
Mortgage
Investors,
Inc.,
Series
2000-A,
Class
A5
8.16%
09/15/29
4
10,211,723
2,458,208
Option
One
Mortgage
Loan
Trust,
Series
2007-4,
Class
2A2
(LIBOR
USD
1-Month
plus
0.18%)
5.33%
04/25/37
2
12,721,401
7,184,462
Option
One
Mortgage
Loan
Trust,
Series
2007-5,
Class
2A2
(LIBOR
USD
1-Month
plus
0.17%)
5.32%
05/25/37
2
18,740,601
9,915,087
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Ownit
Mortgage
Loan
Trust,
Series
2006-2,
Class
A1
(LIBOR
USD
1-Month
plus
0.42%)
5.57%
01/25/37
2
$
4,006,229
$
3,797,975
PHH
Alternative
Mortgage
Trust,
Series
2007-2,
Class
1A4
(LIBOR
USD
1-Month
plus
0.60%)
5.75%
05/25/37
2
6,350,399
5,850,792
Popular
ABS
Mortgage
Pass-Through
Trust,
Series
2007-A,
Class
A3
(LIBOR
USD
1-Month
plus
0.31%)
5.46%
06/25/47
2
4,620,597
4,177,641
PRET
LLC,
Series
2022-RN2,
Class
A2
(STEP-reset
date
07/25/23)
6.50%
06/25/52
1
16,833,000
15,397,825
PRET,
LLC,
Series
2022-RN1,
Class
A1
(STEP-reset
date
07/25/23)
3.72%
07/25/51
1
14,871,167
13,970,629
Pretium
Mortgage
Credit
Partners
LLC,
Series
2022-RN3,
Class
A2
6.50%
08/25/52
1,4
14,985,000
13,732,611
PRPM
LLC,
Series
2021-9,
Class
A1
(STEP-reset
date
07/25/23)
2.36%
10/25/26
1
15,371,192
14,355,492
PRPM,
LLC,
Series
2021-8,
Class
A1
1.74%
09/25/26
1,4
8,653,787
7,995,628
RAAC
Trust,
Series
2005-SP1,
Class
4A1
7.00%
09/25/34
27,712
21,470
Residential
Accredit
Loans
Trust,
Series
2005-QA13,
Class
2A1
4.83%
12/25/35
4
1,312,498
1,069,432
Residential
Accredit
Loans
Trust,
Series
2005-QA4,
Class
A41
4.26%
04/25/35
4
5,208
5,112
Residential
Accredit
Loans
Trust,
Series
2005-QA7,
Class
A21
4.87%
07/25/35
4
466,305
432,005
Residential
Accredit
Loans
Trust,
Series
2005-QA8,
Class
CB21
4.70%
07/25/35
4
534,932
302,890
Residential
Accredit
Loans
Trust,
Series
2006-QS13,
Class
2A1
5.75%
09/25/21
3,359
1,992
Residential
Accredit
Loans
Trust,
Series
2006-QS16,
Class
A6
6.00%
11/25/36
330,156
264,540
Residential
Accredit
Loans
Trust,
Series
2007-QA3,
Class
A1
(LIBOR
USD
1-Month
plus
0.20%)
5.35%
05/25/37
2
14,278,618
12,745,082
Residential
Accredit
Loans
Trust,
Series
2007-QH6,
Class
A1
(LIBOR
USD
1-Month
plus
0.38%)
5.53%
07/25/37
2
7,476,299
6,716,320
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
23
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Residential
Accredit
Loans
Trust,
Series
2007-QS1,
Class
2AV
(IO)
0.17%
01/25/37
4,5,6
$
1,443,422
$
7,506
Residential
Asset
Securitization
Trust,
Series
2006-A9CB,
Class
A9
6.00%
09/25/36
4,928,215
1,598,425
Residential
Funding
Mortgage
Securities
Trust,
Series
2007-SA2,
Class
1A
4.11%
04/25/37
4
232,021
138,293
Saxon
Asset
Securities
Trust,
Series
2007-2,
Class
A2C
(LIBOR
USD
1-Month
plus
0.24%)
5.39%
05/25/47
2
12,662,423
9,053,841
Securitized
Asset-Backed
Receivables
LLC
Trust,
Series
2006-CB1,
Class
AF4
(STEP-reset
date
08/25/23)
2.86%
01/25/36
3,593,785
2,875,117
Securitized
Asset-Backed
Receivables
LLC
Trust,
Series
2006-WM4,
Class
A1
(LIBOR
USD
1-Month
plus
0.38%)
5.53%
11/25/36
1,2
8,773,182
4,203,414
Securitized
Asset-Backed
Receivables
LLC
Trust,
Series
2007-BR2,
Class
A2
(LIBOR
USD
1-Month
plus
0.23%)
5.38%
02/25/37
2
5,857,454
2,572,840
Securitized
Asset-Backed
Receivables
LLC
Trust,
Series
2007-BR4,
Class
A2B
(LIBOR
USD
1-Month
plus
0.20%)
5.35%
05/25/37
2
9,452,204
5,773,128
Securitized
Asset-Backed
Receivables
LLC
Trust,
Series
2007-NC1,
Class
A2B
(LIBOR
USD
1-Month
plus
0.30%)
5.45%
12/25/36
2
5,497,597
3,008,442
Soundview
Home
Loan
Trust,
Series
2007-OPT1,
Class
2A3
(LIBOR
USD
1-Month
plus
0.21%)
5.36%
06/25/37
2
18,376,051
12,374,418
Soundview
Home
Loan
Trust,
Series
2007-WMC1,
Class
3A3
(LIBOR
USD
1-Month
plus
0.26%)
5.41%
02/25/37
2
971,242
281,834
Specialty
Underwriting
&
Residential
Finance
Trust,
Series
2007-BC2,
Class
A1
(LIBOR
USD
1-Month
plus
0.23%)
5.38%
04/25/37
2
19,411,692
13,467,795
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2004-12,
Class
2A
4.98%
09/25/34
4
302,520
293,394
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2004-2,
Class
4A2
5.12%
03/25/34
4
664,849
627,793
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2005-12,
Class
3A1
5.30%
06/25/35
4
225,597
199,661
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2005-21,
Class
2A
5.67%
11/25/35
4
659,116
528,759
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2005-7,
Class
1A3
4.70%
04/25/35
4
$
1,933,090
$
1,814,652
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2006-11,
Class
1A1
(LIBOR
USD
1-Month
plus
0.32%)
5.47%
12/25/36
2
949,865
876,227
Structured
Asset
Investment
Loan
Trust,
Series
2004-6,
Class
A3
(LIBOR
USD
1-Month
plus
0.80%)
5.95%
07/25/34
2
7,857,226
7,629,121
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2006-AR3,
Class
22A1
3.68%
05/25/36
4
420,001
230,187
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2006-AR5,
Class
1A1
(LIBOR
USD
1-Month
plus
0.42%)
5.57%
05/25/36
2
185,183
124,843
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2006-AR7,
Class
A1BG
(LIBOR
USD
1-Month
plus
0.12%)
5.27%
08/25/36
2
6,055,361
5,257,762
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2007-AR6,
Class
A1
(Federal
Reserve
US
12-Month
Cumulative
Average
plus
1.50%)
5.48%
08/25/47
2
8,778,341
7,212,379
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust,
Series
2005-2XS,
Class
2A2
(LIBOR
USD
1-Month
plus
1.50%)
6.67%
02/25/35
2
49,892
49,612
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust,
Series
2005-4XS,
Class
2A1A
(LIBOR
USD
1-Month
plus
1.75%)
6.92%
03/25/35
2
805,746
778,559
Structured
Asset
Securities
Corp.
Mortgage
Pass-Through
Certificates,
Series
2003-34A,
Class
3A3
4.83%
11/25/33
4
14,421
14,213
SunTrust
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2007-4,
Class
3A1
3.73%
10/25/37
4
789,341
691,750
SunTrust
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2007-S1,
Class
2A1
4.41%
01/25/37
4
296,723
289,316
SunTrust
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2007-S1,
Class
5A1
4.16%
01/25/37
4
69,943
65,954
Towd
Point
Mortgage
Trust,
Series
2017-4,
Class
B1
3.55%
06/25/57
1,4
8,650,000
7,155,077
VOLT
XCIV
LLC,
Series
2021-NPL3,
Class
A1
(STEP-reset
date
07/25/23)
2.24%
02/27/51
1
10,858,191
10,029,578
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
24
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
WaMu
Asset-Backed
Certificates,
Series
2007-HE1,
Class
2A2
(LIBOR
USD
1-Month
plus
0.11%)
5.26%
01/25/37
2
$
5,162,588
$
2,367,410
WaMu
Asset-Backed
Certificates,
Series
2007-HE2,
Class
2A2
(LIBOR
USD
1-Month
plus
0.22%)
5.37%
02/25/37
2
28,291,013
8,761,226
WaMu
Mortgage
Pass-Through
Certificates,
Series
2004-AR13,
Class
A1A
(LIBOR
USD
1-Month
plus
0.72%)
5.87%
11/25/34
2
102,645
93,957
WaMu
Mortgage
Pass-Through
Certificates,
Series
2004-AR14,
Class
A1
4.20%
01/25/35
4
320,373
293,522
WaMu
Mortgage
Pass-Through
Certificates,
Series
2004-AR6,
Class
A
(LIBOR
USD
1-Month
plus
0.84%)
5.99%
05/25/44
2
4,973
4,963
WaMu
Mortgage
Pass-Through
Certificates,
Series
2005-AR14,
Class
2A1
3.77%
12/25/35
4
16,610
15,297
WaMu
Mortgage
Pass-Through
Certificates,
Series
2005-AR16,
Class
1A3
3.88%
12/25/35
4
895,580
818,362
WaMu
Mortgage
Pass-Through
Certificates,
Series
2005-AR2,
Class
2A21
(LIBOR
USD
1-Month
plus
0.66%)
5.81%
01/25/45
2
321,054
315,745
WaMu
Mortgage
Pass-Through
Certificates,
Series
2005-AR9,
Class
A1A
(LIBOR
USD
1-Month
plus
0.64%)
5.79%
07/25/45
2
403,195
378,877
WaMu
Mortgage
Pass-Through
Certificates,
Series
2006-AR3,
Class
A1A
(Federal
Reserve
US
12-Month
Cumulative
Average
plus
1.00%)
4.98%
02/25/46
2
3,055,347
2,626,190
WaMu
Mortgage
Pass-Through
Certificates,
Series
2006-AR4,
Class
1A1A
(Federal
Reserve
US
12-Month
Cumulative
Average
plus
0.94%)
4.03%
05/25/46
2
1,303,218
1,167,373
WaMu
Mortgage
Pass-Through
Certificates,
Series
2006-AR7,
Class
2A
(Federal
Reserve
US
12-Month
Cumulative
Average
plus
0.98%)
4.96%
07/25/46
2
3,013,399
2,644,035
WaMu
Mortgage
Pass-Through
Certificates,
Series
2007-HY3,
Class
1A1
3.47%
03/25/37
4
1,526,205
1,215,775
WaMu
Mortgage
Pass-Through
Certificates,
Series
2007-OA5,
Class
1A
(Federal
Reserve
US
12-Month
Cumulative
Average
plus
0.75%)
4.73%
06/25/47
2
1,214,541
992,028
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
WaMu
Mortgage
Pass-Through
Certificates,
Series
2007-OC1,
Class
A1
(LIBOR
USD
1-Month
plus
0.48%)
5.63%
01/25/47
2
$
4,357,210
$
4,007,665
Wells
Fargo
Alternative
Loan
Trust,
Series
2007-PA5,
Class
1A1
6.25%
11/25/37
1,240,607
1,044,481
Wells
Fargo
Home
Equity
Asset-Backed
Securities
Trust,
Series
2007-1,
Class
A3
(LIBOR
USD
1-Month
plus
0.64%)
5.79%
03/25/37
2
4,690,000
4,109,622
Wells
Fargo
Mortgage-Backed
Securities
Trust,
Series
2006-AR14,
Class
2A1
4.51%
10/25/36
4
290,845
266,009
Wells
Fargo
Mortgage-Backed
Securities
Trust,
Series
2006-AR4,
Class
1A1
4.66%
04/25/36
4
68,266
61,488
911,680,058
U.S.
Agency
Commercial
Mortgage-Backed
—
1.08%
Fannie
Mae-Aces,
Series
2016-M11,
Class
X2
(IO)
3.09%
07/25/39
4
10,324,387
187,380
Fannie
Mae-Aces,
Series
2016-M2,
Class
X3
(IO)
2.04%
04/25/36
4
5,509,766
48,394
Fannie
Mae-Aces,
Series
2016-M4,
Class
X2
(IO)
2.70%
01/25/39
4
20,614,018
285,259
Fannie
Mae-Aces,
Series
2019-M29,
Class
X4
(IO)
0.70%
03/25/29
4
117,375,779
3,447,109
Freddie
Mac
Multifamily
PC
REMIC
Trust,
Series
2019-P002,
Class
X
(IO)
1.14%
07/25/33
4
14,520,699
1,163,589
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K043,
Class
X3
(IO)
1.69%
02/25/43
4
58,000,000
1,369,534
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K051,
Class
X3
(IO)
1.67%
10/25/43
4
44,865,280
1,529,159
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K054,
Class
X1
(IO)
1.29%
01/25/26
4
51,788,335
1,269,273
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K055,
Class
X3
(IO)
1.70%
04/25/44
4
32,000,000
1,277,974
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K056,
Class
X1
(IO)
1.37%
05/25/26
4
54,151,118
1,540,686
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
25
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Commercial
Mortgage-Backed
(continued)
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K057,
Class
X1
(IO)
1.30%
07/25/26
4
$
118,968,846
$
3,259,140
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K726,
Class
X1
(IO)
1.04%
04/25/24
4
101,321,329
396,921
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KC05,
Class
X1
(IO)
1.35%
06/25/27
4
85,661,038
2,320,823
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KC07,
Class
X1
(IO)
0.84%
09/25/26
4
82,557,454
1,289,205
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KF31,
Class
A
(LIBOR
USD
1-Month
plus
0.37%)
5.56%
04/25/24
2
814,672
813,700
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KIR1,
Class
X
(IO)
1.17%
03/25/26
4
111,721,843
2,626,558
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KL05,
Class
X1HG
(IO)
1.37%
12/25/27
4
49,531,000
1,976,201
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KS06,
Class
X
(IO)
1.17%
08/25/26
4
64,818,499
1,373,977
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KS07,
Class
X
(IO)
0.74%
09/25/25
4
99,635,512
1,257,111
FREMF
Mortgage
Trust,
Series
2019-KF71,
Class
B
(LIBOR
USD
1-Month
plus
2.30%)
7.49%
10/25/29
1,2
704,251
643,293
FREMF
Mortgage
Trust,
Series
2020-KF75,
Class
B
(LIBOR
USD
1-Month
plus
2.25%)
7.44%
12/25/29
1,2
1,616,530
1,467,749
Ginnie
Mae,
Series
2011-152,
Class
IO
(IO)
0.00%
08/16/51
4
4,661,011
60
Ginnie
Mae,
Series
2012-112,
Class
IO
(IO)
0.13%
02/16/53
4
22,789,831
67,257
Ginnie
Mae,
Series
2012-78,
Class
IO
(IO)
0.09%
06/16/52
4
30,820,950
21,565
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Commercial
Mortgage-Backed
(continued)
Ginnie
Mae,
Series
2014-103,
Class
IO
(IO)
0.19%
05/16/55
4
$
14,167,658
$
93,026
Ginnie
Mae,
Series
2014-125,
Class
IO
(IO)
0.91%
11/16/54
4
8,654,412
200,555
29,925,498
U.S.
Agency
Mortgage-Backed
—
22.46%
Fannie
Mae
REMICS,
Series
2006-11,
Class
PS
(-3.67
X
LIBOR
USD
1-Month
plus
24.57%,
24.57%
Cap)
5.68%
03/25/36
2
10,809
12,331
Fannie
Mae
REMICS,
Series
2006-8,
Class
HJ
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.60%,
6.60%
Cap)
1.45%
03/25/36
2
455,709
37,021
Fannie
Mae
REMICS,
Series
2007-52,
Class
LS
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.05%,
6.05%
Cap)
0.90%
06/25/37
2
24,453
1,082
Fannie
Mae
REMICS,
Series
2007-77,
Class
SK
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
5.87%,
5.87%
Cap)
0.72%
08/25/37
2
48,839
3,509
Fannie
Mae
REMICS,
Series
2007-88,
Class
JI
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.45%,
6.45%
Cap)
1.30%
04/25/37
2
514,521
40,911
Fannie
Mae
REMICS,
Series
2008-18,
Class
SM
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
7.00%,
7.00%
Cap)
1.85%
03/25/38
2
34,118
1,548
Fannie
Mae
REMICS,
Series
2008-62,
Class
SN
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.20%,
6.20%
Cap)
1.05%
07/25/38
2
63,287
3,597
Fannie
Mae
REMICS,
Series
2010-116,
Class
SE
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.60%,
6.60%
Cap)
1.45%
10/25/40
2
27,311
2,387
Fannie
Mae
REMICS,
Series
2013-5,
Class
GF
(LIBOR
USD
1-Month
plus
1.10%)
5.00%
10/25/42
2
132,553
119,414
Fannie
Mae
REMICS,
Series
2014-49,
Class
CF
(LIBOR
USD
1-Month
plus
1.00%)
6.00%
07/25/43
2
4,570,881
4,443,198
Freddie
Mac
REMICS,
Series
3339,
Class
JS
(-6.50
X
LIBOR
USD
1-Month
plus
42.84%,
42.84%
Cap)
9.08%
07/15/37
2
7,012
9,323
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
26
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Mortgage-Backed
(continued)
Freddie
Mac
REMICS,
Series
3404,
Class
AS
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
5.90%,
5.90%
Cap)
0.70%
01/15/38
2
$
33,012
$
2,349
Freddie
Mac
REMICS,
Series
3439,
Class
SC
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
5.90%,
5.90%
Cap)
0.71%
04/15/38
2
24,487
1,352
Freddie
Mac
REMICS,
Series
3885,
Class
PO
(PO)
0.00%
11/15/33
11
9,786
8,151
Freddie
Mac
REMICS,
Series
4030,
Class
HS
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.61%,
6.61%
Cap)
1.42%
04/15/42
2
64,091
5,963
Freddie
Mac
REMICS,
Series
4993,
Class
OP
(PO)
0.00%
10/25/58
11
1,994,063
1,785,557
Ginnie
Mae
(TBA)
4.50%
07/20/53
15,050,000
14,524,862
5.00%
07/20/53
7,150,000
7,026,551
Ginnie
Mae,
Series
2011-146,
Class
EI
(IO)
5.00%
11/16/41
60,155
10,706
Ginnie
Mae,
Series
2011-70,
Class
IL
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
7.10%,
0.60%
Cap)
0.60%
06/16/37
2
346,666
1,836
Ginnie
Mae,
Series
2011-81,
Class
IC
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.72%,
0.62%
Cap)
0.62%
07/20/35
2
411,870
4,437
Ginnie
Mae,
Series
2013-135,
Class
CS
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.20%,
6.20%
Cap)
1.04%
09/16/43
2
1,361,234
126,554
Ginnie
Mae,
Series
2017-136,
Class
IO
(IO)
5.00%
09/20/47
263,469
54,961
UMBS
(TBA)
2.00%
07/01/53
40,075,000
32,690,868
2.00%
08/01/53
63,475,000
51,816,428
2.50%
07/01/53
94,125,000
79,779,197
2.50%
08/01/53
29,075,000
24,679,678
3.00%
07/01/53
89,525,000
78,795,975
3.00%
08/01/53
36,825,000
32,447,716
3.50%
08/01/53
2,625,000
2,394,800
4.00%
07/01/53
46,500,000
43,633,682
4.50%
07/01/53
34,375,000
33,047,125
4.50%
08/01/53
48,325,000
46,490,160
5.00%
07/01/53
110,000,000
107,791,407
5.50%
07/01/53
62,375,000
62,094,749
623,889,385
Total
Mortgage-Backed
(Cost
$2,054,368,096)
1,784,814,414
Issues
Maturity
Date
Principal
Amount
Value
MUNICIPAL
BONDS
—
0.32%*
Florida
—
0.14%
County
of
Miami-Dade
Aviation
Revenue
Bonds,
Airport
and
Marina
Improvements,
Series
B
2.81%
10/01/34
$
1,000,000
$
793,119
2.86%
10/01/35
1,750,000
1,370,813
County
of
Miami-Dade
Aviation
Revenue
Bonds,
Airport
and
Marina
Improvements,
Series
D
3.35%
10/01/29
2,000,000
1,830,503
3,994,435
New
York
—
0.18%
Metropolitan
Transportation
Authority
Revenue
Bonds,
Transit
Improvements,
Series
C2
5.18%
11/15/49
975,000
893,007
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
Bonds,
Public
Improvements,
Subseries
FI
3.95%
08/01/32
1,000,000
930,379
New
York
State
Dormitory
Authority
Revenue
Bonds,
University
&
College
Improvements
5.29%
03/15/33
3,100,000
3,185,553
5,008,939
Total
Municipal
Bonds
(Cost
$10,301,027)
9,003,374
U.S.
TREASURY
SECURITIES
—
0.67%
U.S.
Treasury
Bonds
—
0.67%
U.S.
Treasury
Bonds
-
Treasury
Inflation
Indexed
Bonds
(WI)
1.25%
04/15/28
12
19,308,466
18,680,941
Total
U.S.
Treasury
Securities
(Cost
$19,289,522)
Total
Bonds
—
115.05%
(Cost
$3,590,249,658)
3,195,592,793
Issues
Shares
Value
COMMON
STOCK
—
0.33%
Communications
—
0.12%
Intelsat
Emergence
SA
3,5,6
(Luxembourg)
141,055
3,194,896
Electric
—
0.00%
Homer
City
Holdings
LLC
†,5,6
112,222
—
Financials
—
0.21%
AGNC
Investment
Corp.
582,000
5,895,660
Total
Common
Stock
(Cost
$17,377,911)
9,090,556
RIGHTS
—
0.00%
Communications
—
0.00%
Intelsat
Jackson
Holdings
SA,
Series
A
†,3,5,6,9
(Luxembourg)
14,771
—
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
27
/
June
2023
Issues
Shares
Value
RIGHTS
—
0.00%
(continued)
Communications
—
0.00%
(continued)
Intelsat
Jackson
Holdings
SA,
Series
B
†,3,5,6,9
(Luxembourg)
14,771
$
—
—
Total
Rights
(Cost
$–)
—
Issues
Maturity
Date
Principal
Amount
/
Shares
Value
SHORT-TERM
INVESTMENTS
—
5.16%
Money
Market
Funds
—
1.62%
Dreyfus
Government
Cash
Management
Fund
5.00%
13
17,485,000
17,485,000
Fidelity
Investments
Money
Market
Funds
-
Government
Portfolio
4.99%
13,14
2,094,059
2,094,059
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
5.02%
13
25,475,148
25,475,148
45,054,207
U.S.
Agency
Discount
Notes
—
1.24%
Federal
Home
Loan
Bank
5.09%
15
10/18/23
$
35,000,000
34,476,069
U.S.
Treasury
Bills
—
2.30%
U.S.
Cash
Management
Bills
4.90%
15
10/19/23
50,000,000
49,220,777
U.S.
Treasury
Bills
5.25%
15
10/26/23
15,000,000
14,751,106
63,971,883
Total
Short-Term
Investments
(Cost
$143,571,572)
143,502,159
Total
Investments
-
120.54%
(Cost
$3,751,199,141)
3,348,185,508
Net
unrealized
appreciation
on
unfunded
commitments
-
0.00%
1,896
Liabilities
in
Excess
of
Other
Assets
-
(20.54)%
(570,582,079)
Net
Assets
-
100.00%
$
2,777,605,325
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
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
$19,500,873,
which
is
0.70%
of
total
net
assets.
7
Excluded
from
the
investment
total
above
is
an
unfunded
delayed
draw
term
loan
commitment
in
an
amount
not
to
exceed
$52,522,
at
an
interest
rate
of
8.70%
and
a
maturity
of
February
15,
2029.
The
investment
is
accruing
an
unused
commitment
fee
of
8.00%
per
annum.
8
Perpetual
security
with
no
stated
maturity
date.
9
Non-income producing
security.
10
Security
is
currently
in
default
with
regard
to
scheduled
interest
or
principal
payments.
11
Zero
coupon
bond.
The
rate
shown
is
the
effective
yield
as
of
June
30,
2023.
12
Inflation
protected
security.
Principal
amount
reflects
original
security
face
amount.
13
Represents
the
current
yield
as
of
June
30,
2023.
14
Securities,
or
a
portion
thereof,
pledged
as
collateral
for
swaps.
The
total
market
value
of
collateral
pledged
is
$274,074.
15
Represents
annualized
yield
at
date
of
purchase.
†
Fair
valued
security.
The
aggregate
value
of
fair
valued
securities
is
$0,
which
is
0.00%
of
total
net
assets.
Fair
valued
securities
were
not
valued
utilizing
an
independent
quote
but
were
valued
pursuant
to
guidelines
approved
by
the
Board
of
Trustees.
See
Notes
to
Financial
Statements.
*
Securities
with
a
call
or
reset
feature
will
have
an
effective
maturity
date
sooner
than
the
stated
maturity.
**
Securities
backed
by
mortgage
or
consumer
loans
where
payment
is
periodically
made
will
have
an
effective
maturity
date
sooner
than
the
stated
maturity
date.
Note:
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
for
more
meaningful
presentation
for
investors.
(BKNT):
Bank
Note
(CLO):
Collateralized
Loan
Obligation
(EDC):
Economic
Development
Corporation
(EMTN):
Euro
Medium-Term
Note
(EUR):
Euro
(EURIBOR):
Euro
InterBank
Offer
Rate
(GBP):
British
Pound
(GMTN):
Global
Medium-Term
Note
(IO):
Interest
Only
(LIBOR):
London
InterBank
Offer
Rate
(MTN):
Medium-Term
Note
(PO):
Principal
Only
(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
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
28
Currency
to
be
Purchased
Currency
to
be
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
FOREIGN
CURRENCY
EXCHANGE
CONTRACT
GBP
66,000
USD
82,284
Goldman
Sachs
International
07/14/23
$
1,634
USD
60,910,513
EUR
55,499,000
Citibank
N.A.
07/14/23
316,931
USD
5,547,759
EUR
5,060,000
The
Bank
of
New
York
Mellon
07/14/23
23,271
USD
366,656
EUR
334,000
Goldman
Sachs
International
07/14/23
1,996
343,832
EUR
1,398,059
USD
1,526,607
Citibank
N.A.
07/06/23
(848)
EUR
3,287,000
USD
3,629,023
Citibank
N.A.
07/14/23
(40,290)
USD
1,703,487
GBP
1,367,000
Goldman
Sachs
International
07/14/23
(34,635)
USD
313,447
GBP
249,000
Citibank
N.A.
07/14/23
(3,153)
(78,926)
NET
UNREALIZED
APPRECIATION
$
264,906
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
FUTURES
CONTRACTS:
LONG
POSITIONS
U.S.
Treasury
Two-Year
Note
4,096
09/29/23
$
832,896,000
$
(12,347,612)
$
(12,347,612)
U.S.
Treasury
Five-Year
Note
3,358
09/29/23
359,620,813
(7,093,813)
(7,093,813)
1,192,516,813
(19,441,425)
(19,441,425)
FUTURES
CONTRACTS:
SHORT
POSITIONS
U.S.
Treasury
Ten-Year
Ultra
Bond
3,228
09/20/23
(382,316,250)
3,945,075
3,945,075
U.S.
Treasury
Ultra
Bond
893
09/20/23
(121,643,344)
(1,329,284)
(1,329,284)
Euro-Bobl
Future
157
09/07/23
(19,819,619)
304,631
304,631
Euro-Bund
Future
138
09/07/23
(20,135,627)
258,719
258,719
Euro-Buxl
30
Year
22
09/07/23
(3,350,679)
(37,475)
(37,475)
(547,265,519)
3,141,666
3,141,666
TOTAL
FUTURES
CONTRACTS
$
645,251,294
$
(16,299,759)
$
(16,299,759)
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
29
/
June
2023
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
$
10,370
$
176,534
$
148,499
$
28,035
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.
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
$
10,984
$
290,092
$
—
$
290,092
Interest
Rate
Swap
1
09/20/53
USD-SOFR-
COMPOUND
Annual
3.00%
Annual
10,038
265,107
—
265,107
TOTAL
SWAPS
CONTRACTS
$
21,022
$
555,199
$
—
$
555,199
1
Centrally
cleared.
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
30
SIGNIFICANT
ACCOUNTING
POLICIES
The
following
is
a
summary
of
significant
accounting
policies
consistently
followed
by
the
Fund:
Net
Asset
Value
The
Net
Asset
Value
(“NAV”)
of
each
class
of
the
Fund
is
determined
by
dividing
the
net
assets
attributable
to
each
class
of
shares
of
the
Fund
by
the
number
of
issued
and
outstanding
shares
of
the
class
of
the
Fund
on
each
business
day
as
of
4
p.m.
ET.
Security
Valuation
Pursuant
to
Rule
2a-5
under
the
1940
Act,
the
Board
of
Trustees
(the
"Board"
or
the
"Board
of
Trustees")
has
designated
the
Adviser
as
the
"valuation
designee"
with
respect
to
the
fair
valuation
of
the
Fund's
portfolio
securities,
subject
to
oversight
by
and
periodic
reporting
to
the
Board. Fixed
income
securities
for
which
market
quotations
are
readily
available were
valued
during
the
period at
prices
as
provided
by
independent
pricing
vendors
or
broker
quotes.
The
Fund
received
pricing
information
from
independent
pricing
vendors
selected
and
overseen
by
the
valuation
designee.
Securities
with
a
demand
feature
exercisable
within
one
to
seven
days
are
valued
at
par.
The
Fund
also
uses
a
benchmark
pricing
system
to
the
extent
vendors’
prices
for
their
securities
are
either
inaccurate
(such
as
when
the
reported
prices
are
different
from
recent
known
market
transactions)
or
are
not
available
from
another
pricing
source.
For
a
security
priced
using
this
system,
the
Adviser
initially
selects
a
proxy
composed
of
a
relevant
security
(e.g.,
U.S.
Treasury
Note)
or
benchmark
(e.g.,
LIBOR)
and
a
multiplier,
divisor
or
margin
that
the
Adviser
believes
would
together
best
reflect
changes
in
the
market
value
of
the
security.
The
value
of
the
security
changes
daily
based
on
changes
to
the
market
price
of
the
assigned
benchmark.
The
benchmark
pricing
system
is
continuously
reviewed
by
the
Adviser
and
implemented
according
to
the
pricing
policy
reviewed
by
the
Board.
S&P
500
Index
futures
contracts
are
valued
at
the
first
sale
price
after
4
p.m.
ET
on
the
Chicago
Mercantile
Exchange.
All
other
futures
contracts
are
valued
at
the
official
settlement
price
of
the
exchange
on
which
those
securities
are
traded.
Equity
securities,
including
depository
receipts,
are
valued
at
the
last
reported
sale
price
or
the
market’s
closing
price
on
the
exchange
or
market
on
which
such
securities
are
traded,
as
of
the
close
of
business
on
the
day
the
securities
are
being
valued
or,
lacking
any
sales,
at
the
average
of
the
bid
and
ask
prices.
In
cases
where
equity
securities
are
traded
on
more
than
one
exchange,
the
securities
are
valued
on
the
exchange
or
market
determined
by
the
Adviser
to
be
the
broadest
and
most
representative
market,
which
may
be
either
a
securities
exchange
or
the
over-the-counter
market.
Equity
options
are
valued
at
the
average
of
the
bid
and
ask
prices.
Securities
and
other
assets
that
could
not be
valued
as
described
above were
valued
for
the
period at
their
fair
value
as
determined
by
the
Adviser
in
accordance
with
procedures
approved by
and
under
the
general
oversight
of
the
Board.
Investments
in
registered
open-ended
investment
companies,
including
those
classified
as
money
market
funds,
are
valued
based
upon
the
reported
NAV
of
such
investments.
Fair
value
methods
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
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
31
/
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:
UNCONSTRAINED
BOND
FUND
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Investments
in
Securities
Assets:
Short-Term
Investments:
Money
Market
Funds
$
45,054,207
$
—
$
—
$
45,054,207
U.S.
Agency
Discount
Notes
—
34,476,069
—
34,476,069
U.S.
Treasury
Bills
63,971,883
—
—
63,971,883
Long-Term
Investments:
Asset-Backed
Securities
—
356,527,997
7,878,147
364,406,144
Bank
Loans
—
104,173,369
397,429
104,570,798
Common
Stock
5,895,660
—
3,194,896
9,090,556
Corporates
—
842,382,024
828,489
843,210,513
Foreign
Government
Obligations
—
70,906,609
—
70,906,609
Mortgage-Backed
Securities
—
1,777,612,502
7,201,912
1,784,814,414
Municipal
Bonds
—
9,003,374
—
9,003,374
Rights
—
—
—
—
U.S.
Treasury
Securities
—
18,680,941
—
18,680,941
Unfunded
Commitments
Appreciation
—
1,896
—
1,896
Other
Financial
Instruments
*
Assets:
Credit
contracts
—
176,534
—
176,534
Foreign
currency
exchange
contracts
—
343,832
—
343,832
Interest
rate
contracts
4,508,425
555,199
—
5,063,624
Liabilities:
Foreign
currency
exchange
contracts
—
(
78,926
)
—
(
78,926
)
Interest
rate
contracts
(
20,808,184
)
—
—
(
20,808,184
)
Total
$
98,621,991
$
3,214,761,420
$
19,500,873
$
3,332,884,284
*Other
financial
instruments
include
foreign
currency
exchange
contracts,
futures
and
swaps.
Credit
contracts
include
swaps.
Interest
rate
contracts
include
futures
and
swaps.
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
32
Certain
securities
held
by
the
Funds
are
categorized
as
Level
3
investments.
Their
prices
may
be
derived
by
utilizing
unobservable
prior
transaction
values
or
information
from
third
party
valuation
services.
The
value
of
Level
3
investments
could
be
significantly
affected
by
changes
in
these
unobservable
inputs.
For
the
period
ended
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:
UNCONSTRAINED
BOND
FUND
ASSET-BACKED
SECURITIES
BANK
LOANS
COMMON
STOCK
CORPORATES
CREDIT
DEFAULT
SWAPS
MORTGAGE-
BACKED
SECURITIES
TOTAL
Balance
as
of
April
1,
2023
$
8,213,942
$
386,748
$
3,667,430
$
1,354,993
$
93,403
$
7,311,772
$
21,028,288
Accrued
discounts/
premiums
—
59
—
37,988
(
66,973
)
29,948
1,022
Realized
gain
(loss)
—
—
—
—
—
—
—
Change
in
unrealized
(depreciation)*
(
186,221
)
(
11,211
)
(
472,534
)
(
564,492
)
(
26,430
)
(
139,808
)
(
1,400,696
)
Purchases
—
21,833
—
—
—
—
21,833
Sales
(
149,574
)
—
—
—
—
—
(
149,574
)
Transfers
into
Level
3**
—
—
—
—
—
—
—
Transfers
out
of
Level
3**
—
—
—
—
—
—
—
Balance
as
of
June
30,
2023
$
7,878,147
$
397,429
$
3,194,896
$
828,489
$
—
$
7,201,912
$
19,500,873
*The
change
in
unrealized
appreciation
(depreciation)
on
securities
still
held
at
June
30,
2023
was
$(1,374,266)
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:
UNCONSTRAINED
BOND
FUND
FAIR
VALUE
AT
6/30/23
VALUATION
TECHNIQUE
*
UNOBSERVABLE
INPUT
RANGE
WEIGHTED
AVERAGE
INPUT
TO
VALUATION
IF
INPUT
INCREASES
Asset-Backed
Securities
$7,878,147
Broker
Quote
Offered
Quote
$88.03
$88.03
Increase
Bank
Loans
$397,429
Third-Party
Vendor
Vendor
Prices
$66.50
$66.50
Increase
Common
Stock
$—
Broker
Quote
Offered
Quote
$—
$—
Increase
Common
Stock
$3,194,896
Third-Party
Vendor
Vendor
Prices
$22.65
$22.65
Increase
Corporate
Securities
$—
Broker
Quote
Offered
Quote
$—
$—
Increase
Corporate
Securities
$828,489
Third-Party
Vendor
Vendor
Prices
$4.25
-
$16.37
$12.32
Increase
Mortgage-Backed
Securities-Non-Agency
$46,195
Third-Party
Vendor
Vendor
Prices
$0.52
-
$4.37
$3.73
Increase
Mortgage-Backed
Securities-
Non-Agency
Commercial
$7,155,717
Broker
Quote
Offered
Quote
$92.95
-
$97.78
$95.79
Increase
Rights
$—
Broker
Quote
Offered
Quote
$—
$—
Increase
*
The
valuation
technique
employed
on
the
Level
3
securities
involves
the
use
of
vendor
prices,
broker
quotes
and
benchmark
pricing.
The
Adviser
monitors
the
third-party
brokers
and
vendors
using
the
valuation
process.
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
33
/
June
2023
COMMITMENTS
AND
CONTINGENCIES
The
Unconstrained
Bond
Fund had
the
following
unfunded
commitments
and
unrealized
gain
(loss)
as
of
June
30,
2023:
UNCONSTRAINED
BOND
FUND
UNFUNDED
COMMITMENTS
MATURITY
AMOUNT
UNREALIZED
GAIN
AthenaHealth
Group,
Inc.,
Delayed-Draw
Term
Loan
B,
1st
Lien
February
2029
$
52,522
$
1,896
Total
Unfunded
Commitments
$
52,522
$
1,896