Flexible
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
1
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
BONDS
–
102.70%
ASSET-BACKED
SECURITIES
—
11.64%**
AGL
CLO
13
Ltd.,
Series
2021-13A,
Class
B
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.65%)
6.90%
10/20/34
1,2,3
$
600,000
$
583,840
Aimco
CLO
11
Ltd.,
Series
2020-11A,
Class
AR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.13%)
6.39%
10/17/34
1,2,3
185,000
181,890
Aimco
CLO
14
Ltd.,
Series
2021-14A,
Class
SUB
(Cayman
Islands)
0.00%
04/20/34
1,3,4
700,000
531,042
AMSR
Trust,
Series
2020-SFR1,
Class
I
8.19%
04/17/37
1
605,000
575,090
AMSR
Trust,
Series
2020-SFR3,
Class
H
6.50%
09/17/37
1
635,000
603,209
AMSR
Trust,
Series
2021-SFR3,
Class
G
3.80%
10/17/38
1
600,000
512,530
BlueMountain
CLO
Ltd.,
Series
2018-3A,
Class
B
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.77%)
7.03%
10/25/30
1,2,3
250,000
245,250
BMO
SBA
COOF
Trust,
Series
2019-1,
Class
A
(IO)
1.72%
10/25/45
1,4
2,737,489
92,998
Carvana
Auto
Receivables
Trust,
Series
2020-P1,
Class
R
0.00%
09/08/27
1
1,300
156,407
Carvana
Auto
Receivables
Trust,
Series
2021-N3,
Class
R
0.00%
06/12/28
1
1,500
297,739
Carvana
Auto
Receivables
Trust,
Series
2022-P2,
Class
R
1.00%
05/10/29
1
3,050
618,545
Carvana
Auto
Receivables
Trust,
Series
2023-P1,
Class
R
0.00%
03/11/30
1
1,600
354,313
Carvana
Auto
Receivables
Trust,
Series
2023-P2,
Class
R
0.00%
06/10/30
1
2,000
462,236
CIFC
Funding
Ltd.,
Series
2017-4A,
Class
A2R
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.55%)
6.82%
10/24/30
1,2,3
575,000
564,734
CIFC
Funding
Ltd.,
Series
2018-1A,
Class
SUB
(Cayman
Islands)
0.00%
04/18/31
1,3,4
575,000
252,811
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
CIFC
Funding
Ltd.,
Series
2022-2A,
Class
INCB
(Cayman
Islands)
0.00%
04/19/35
1,3,4
$
475,000
$
361,750
CoreVest
American
Finance
Trust,
Series
2019-3,
Class
XA
(IO)
2.20%
10/15/52
1,4
525,526
17,879
CoreVest
American
Finance
Trust,
Series
2021-1,
Class
XB
(IO)
1.70%
04/15/53
1,4
4,459,000
287,803
Dryden
72
CLO
Ltd.,
Series
2019-72A,
Class
BR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.65%)
6.97%
05/15/32
1,2,3
925,000
901,607
Dryden
XXVI
Senior
Loan
Fund,
Series
2013-26A,
Class
AR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
0.90%)
6.16%
04/15/29
1,2,3
53,638
53,196
Dryden
XXVIII
Senior
Loan
Fund,
Series
2013-28A,
Class
A1LR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.20%)
6.52%
08/15/30
1,2,3
9,438
9,396
Elmwood
CLO
VI
Ltd.,
Series
2020-3A,
Class
BR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.65%)
6.90%
10/20/34
1,2,3
440,000
430,672
FirstKey
Homes
Trust,
Series
2020-SFR1,
Class
F2
4.28%
08/17/37
1
1,688,000
1,578,742
FirstKey
Homes
Trust,
Series
2021-SFR3,
Class
E1
2.99%
12/17/38
1
944,000
825,541
Flatiron
CLO
21
Ltd.,
Series
2021-1A,
Class
A1
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.11%)
6.38%
07/19/34
1,2,3
1,290,360
1,270,617
FRTKL,
Series
2021-SFR1,
Class
F
3.17%
09/17/38
1
1,779,000
1,510,157
Gilbert
Park
CLO
Ltd.,
Series
2017-1A,
Class
A
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.19%)
6.45%
10/15/30
1,2,3
335,000
332,740
GLS
Auto
Receivables
Issuer
Trust,
Series
2023-2A,
Class
D
6.31%
03/15/29
1
1,110,000
1,090,672
GoldenTree
Loan
Management
U.S.
CLO
17
Ltd.,
Series
2023-17A,
Class
D
(United
Kingdom)
(CME
Term
SOFR
3-Month
plus
5.00%)
10.25%
07/20/36
1,2,3
850,000
850,283
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
2
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
GoldenTree
Loan
Management
U.S.
CLO
8
Ltd.,
Series
2020-8A,
Class
AR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.15%)
6.40%
10/20/34
1,2,3
$
250,000
$
245,605
Greenwood
Park
CLO
Ltd.,
Series
2018-1A,
Class
SUB
(Cayman
Islands)
0.00%
04/15/31
1,3,4
675,000
239,883
HOA
Funding,
LLC,
Series
2021-1A,
Class
A2
4.72%
08/20/51
1
913,725
753,344
HPS
Loan
Management
Ltd.,
Series
2023-18A,
Class
D
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
5.75%)
11.01%
07/20/36
1,2,3
850,000
850,425
Invesco
CLO
Ltd.,
Series
2021-1A,
Class
SUB
(Cayman
Islands)
0.00%
04/15/34
1,3,4
650,000
442,098
J.G.
Wentworth
XXX
LLC,
Series
2013-3A,
Class
A
4.08%
01/17/73
1
39,227
35,240
J.G.
Wentworth
XXXII
LLC,
Series
2014-2A,
Class
A
3.61%
01/17/73
1
38,305
33,025
Madison
Park
Funding
XLVIII
Ltd.,
Series
2021-48A,
Class
A
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.15%)
6.42%
04/19/33
1,2,3
1,000,000
992,600
Navient
Student
Loan
Trust,
Series
2018-4A,
Class
B
(LIBOR
USD
1-Month
plus
1.30%)
6.45%
06/27/67
1,2
850,000
775,578
Nelnet
Student
Loan
Trust,
Series
2015-3A,
Class
A3
(LIBOR
USD
1-Month
plus
0.90%)
6.05%
06/25/54
1,2
630,000
607,789
Neuberger
Berman
CLO
XVI-S
Ltd.,
Series
2017-16SA,
Class
AR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.04%)
6.30%
04/15/34
1,2,3
1,200,000
1,177,021
Neuberger
Berman
Loan
Advisers
CLO
40
Ltd.,
Series
2021-40A,
Class
SUB
(Cayman
Islands)
0.00%
04/16/33
1,3,4
275,000
167,556
OCP
CLO
Ltd.,
Series
2017-14A,
Class
A1A
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.15%)
6.53%
11/20/30
1,2,3
323,332
321,295
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
OCP
CLO
Ltd.,
Series
2023-28A,
Class
D
(United
Kingdom)
(CME
Term
SOFR
3-Month
plus
5.35%)
0.00%
07/16/36
1,2,3
$
900,000
$
903,375
Octagon
Investment
Partners
44
Ltd.,
Series
2019-1A,
Class
BR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.70%)
6.96%
10/15/34
1,2,3
700,000
676,285
Palmer
Square
CLO
Ltd.,
Series
2014-1A,
Class
A1R2
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.13%)
6.39%
01/17/31
1,2,3
493,077
491,170
Palmer
Square
CLO
Ltd.,
Series
2021-1A,
Class
SUB
(Cayman
Islands)
0.00%
04/20/34
1,3,4
625,000
378,875
PHEAA
Student
Loan
Trust,
Series
2014-3A,
Class
A
(LIBOR
USD
1-Month
plus
0.59%)
5.74%
08/25/40
1,2
25,304
24,627
Progress
Residential
Trust,
Series
2020-SFR1,
Class
G
4.03%
04/17/37
1
1,000,000
931,266
Progress
Residential
Trust,
Series
2021-SFR11,
Class
F
4.42%
01/17/39
1
850,000
710,297
Progress
Residential
Trust,
Series
2021-SFR2,
Class
H
5.00%
04/19/38
1
819,000
711,233
Progress
Residential
Trust,
Series
2021-SFR6,
Class
G
4.00%
07/17/38
1
1,250,000
1,079,873
Progress
Residential
Trust,
Series
2021-SFR8,
Class
G
4.01%
10/17/38
1
838,000
718,487
Progress
Residential
Trust,
Series
2021-SFR9,
Class
E1
2.81%
11/17/40
1
1,531,000
1,204,848
Progress
Residential,
Series
2021-SFR1,
Class
H
5.00%
04/17/38
1
1,400,000
1,257,337
Progress
Residential,
Series
2021-SFR3,
Class
G
4.25%
05/17/26
1
1,211,000
1,066,397
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
750,000
733,965
Rockford
Tower
CLO
Ltd.,
Series
2017-2A,
Class
AR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.02%)
6.28%
10/15/29
1,2,3
48,551
48,166
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
3
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
Rockford
Tower
CLO
Ltd.,
Series
2017-3A,
Class
A
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.19%)
6.44%
10/20/30
1,2,3
$
772,538
$
766,442
Santander
Consumer
Auto
Receivables
Trust,
Series
2021-CA,
Class
R
0.00%
06/15/28
1
5,150
591,729
Skyline
Aircraft
Finance
LLC,
Series
2021-1,
Class
A
3.23%
05/10/37
4,5,6
477,901
420,678
SLM
Student
Loan
Trust,
Series
2004-1,
Class
B
(LIBOR
USD
3-Month
plus
0.50%)
5.76%
07/25/39
2
148,844
139,597
SLM
Student
Loan
Trust,
Series
2008-5,
Class
A4
(LIBOR
USD
3-Month
plus
1.70%)
6.96%
07/25/23
2
66,910
66,869
SLM
Student
Loan
Trust,
Series
2008-7,
Class
A4
(LIBOR
USD
3-Month
plus
0.90%)
6.16%
07/25/23
2
12,777
12,449
SLM
Student
Loan
Trust,
Series
2008-7,
Class
B
(LIBOR
USD
3-Month
plus
1.85%)
7.11%
07/26/83
2
10,000
9,254
Stratus
CLO
Ltd.,
Series
2021-3A,
Class
SUB
(Cayman
Islands)
0.00%
12/29/29
1,3,4
975,000
682,106
Textainer
Marine
Containers
VII
Ltd.,
Series
2021-1A,
Class
B
(Bermuda)
2.52%
02/20/46
1,3
624,080
520,481
Tricon
American
Homes
Trust,
Series
2017-SFR2,
Class
E
4.22%
01/17/36
1
800,000
787,179
Tricon
Residential
Trust,
Series
2021-SFR1,
Class
F
3.69%
07/17/38
1
900,000
782,511
Voya
CLO
Ltd.,
Series
2018-4A,
Class
BR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.65%)
6.91%
01/15/32
1,2,3
250,000
244,382
Total
Asset-Backed
Securities
(Cost
$40,647,692)
38,155,026
BANK
LOANS
—
3.90%*
Communications
—
0.14%
CSC
Holdings
LLC,
Term
Loan
B5,
1st
Lien
(LIBOR
plus
2.50%)
7.69%
04/15/27
2
208,111
182,413
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Communications
(continued)
Frontier
Communications
Holdings
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.62%
05/01/28
2
$
122,188
$
118,734
Virgin
Media
Bristol
LLC,
Term
Loan
Y,
1st
Lien
(SOFR
plus
3.35%)
8.31%
03/31/31
2
150,000
148,928
450,075
Consumer
Discretionary
—
0.29%
ADMI
Corp.,
Term
Loan
B2,
1st
Lien
(SOFR
plus
3.49%)
8.56%
12/23/27
2
146,625
138,377
City
Brewing
Co.
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
8.32%
04/05/28
2
179,755
118,638
Hilton
Worldwide
Finance
LLC,
Term
Loan
B2,
1st
Lien
(SOFR
plus
1.75%)
6.94%
06/22/26
2
13,386
13,391
Naked
Juice,
LLC,
Term
Loan,
1st
Lien
(Luxembourg)
(SOFR
plus
3.25%)
8.45%
-
8.59%
01/24/29
2,3
247,500
231,132
Term
Loan,
2nd
Lien
(SOFR
plus
6.10%)
11.00%
01/24/30
2
252,357
202,705
Sunshine
Luxembourg
VII
SARL,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
9.00%
10/01/26
2
244,375
243,460
947,703
Electric
—
0.19%
Calpine
Corp.,
Term
Loan
B9,
1st
Lien
(LIBOR
plus
2.00%)
7.20%
04/05/26
2
243,655
243,730
Endure
Digital,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
8.79%
02/10/28
2
392,000
366,030
609,760
Entertainment
—
0.16%
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
459,325
464,876
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
4
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Entertainment
(continued)
William
Morris
Endeavor
Entertainment
LLC,
Term
Loan
B1,
1st
Lien
(LIBOR
plus
2.75%)
7.95%
05/16/25
2
$
74,255
$
74,203
539,079
Finance
—
0.17%
Avolon
TLB
Borrower
1
U.S.
LLC,
Term
Loan
B6,
1st
Lien
(SOFR
plus
2.50%)
7.59%
06/22/28
2
275,000
275,197
DCG
Acquisition
Corp.,
Term
Loan,
1st
Lien
(SOFR
plus
4.60%)
9.70%
09/30/26
2
268,132
264,445
Deerfield
Dakota
Holding
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
8.99%
04/09/27
2
10,811
10,519
Delos
Finance
SARL,
Term
Loan,
1st
Lien
(Luxembourg)
(LIBOR
plus
1.75%)
7.26%
10/06/23
2,3
17,224
17,235
567,396
Food
—
0.11%
8th
Avenue
Food &
Provisions,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.86%)
8.97%
10/01/25
2
64,176
59,317
H-Food
Holdings
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
3.69%)
9.27%
05/23/25
2
127,786
112,851
Hostess
Brands
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.50%)
7.64%
06/21/30
2
176,388
176,278
348,446
Gaming
—
0.01%
Golden
Nugget,
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
9.13%
01/26/29
2
10,813
10,693
Scientific
Games
International,
Inc.,
Term
Loan
B,
1st
Lien
(Canada)
(SOFR
plus
3.10%)
8.25%
04/13/29
2,3
10,841
10,843
21,536
Health
Care
—
0.74%
Avantor
Funding,
Inc.,
Term
Loan
B5,
1st
Lien
(SOFR
plus
2.35%)
7.48%
11/08/27
2
25,894
25,916
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Health
Care
(continued)
Buckeye
Partners
LP,
Term
Loan
B1,
1st
Lien
(SOFR
plus
2.35%)
7.44%
11/01/26
2
$
243,750
$
242,404
Certara
Holdco,
Inc.,
Term
Loan
B,
1st
Lien
(France)
(LIBOR
plus
3.50%)
8.98%
08/15/26
2,3
269,500
268,996
Curia
Global, Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.85%)
8.90%
08/28/26
2
390,458
337,606
Genesee
&
Wyoming,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
2.00%)
7.24%
12/30/26
2
268,073
268,143
Horizon
Therapeutics
USA,
Inc.,
Term
Loan
B2,
1st
Lien
(LIBOR
plus
1.75%)
6.84%
03/15/28
2
268,813
268,357
ICON
Luxembourg
SARL,
Term
Loan,
1st
Lien
(Luxembourg)
(SOFR
plus
2.51%)
7.75%
07/03/28
2,3
440,406
440,956
Pathway
Vet
Alliance
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.94%
03/31/27
2
97,255
86,152
Peraton
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.85%)
8.98%
02/01/28
2
388,246
382,214
PRA
Health
Sciences,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
2.51%)
7.58%
07/03/28
2
109,727
109,865
2,430,609
Health
Care
REITs
—
0.07%
Aveanna
Healthcare
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
9.23%
07/17/28
2
264,480
227,013
Industrials
—
0.43%
ASP
Blade
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
9.18%
10/16/28
2
199,050
173,728
Berry
Global,
Inc.,
Term
Loan
Z,
1st
Lien
(LIBOR
plus
1.75%)
6.51%
07/01/26
2
341,857
341,861
DIRECTV
Financing
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
5.00%)
10.18%
08/02/27
2
294,875
288,936
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
5
/
June
2023
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
$
110,531
$
110,655
Michaels
Cos.,
Inc.
(The),
Term
Loan,
1st
Lien
(SOFR
plus
4.25%)
9.58%
04/15/28
2
166,600
148,024
Patriot
Container
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.85%)
9.05%
03/20/25
2
64,175
59,499
Proampac
PG
Borrower
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
8.93%
-
9.14%
11/03/25
2
195,518
193,808
Zep,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
9.24%
08/12/24
2
98,930
84,981
1,401,492
Information
Technology
—
0.97%
AppLovin
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.35%)
8.45%
08/15/25
2
267,985
268,215
Arches
Buyer,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
3.25%)
8.48%
12/06/27
2
124,680
120,550
AthenaHealth
Group,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.50%)
8.25%
02/15/29
2,3,7
882,572
851,682
Central
Parent,
Inc.,
Term
Loan,
1st
Lien
(Canada)
(SOFR
plus
4.25%)
9.14%
-
9.18%
07/06/29
2,3
10,895
10,877
CT
Technologies
Intermediate
Holdings,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
4.25%)
9.44%
12/16/25
2
73,313
68,599
EagleView
Technology
Co.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
9.04%
08/14/25
2
267,985
237,948
Gainwell
Acquisition
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.10%)
8.72%
-
8.99%
10/01/27
2
244,361
241,001
IQVIA,
Inc.,
Term
Loan
B3,
1st
Lien
(LIBOR
plus
1.75%)
7.29%
06/11/25
2
511,393
511,873
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Information
Technology
(continued)
MH
Sub
I
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
4.25%)
9.35%
04/25/28
2
$
32,625
$
31,344
NortonLifeLock,
Inc.,
Term
Loan
A,
1st
Lien
(SOFR
plus
1.75%)
7.05%
09/10/27
2
233,070
228,410
Open
Text
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.50%)
8.74%
08/24/29
2
34,189
34,382
Term
Loan,
1st
Lien
(Canada)
(LIBOR
plus
1.75%)
7.25%
05/30/25
2,3
27,195
27,237
(SOFR
plus
3.60%)
8.74%
01/31/30
2,3
34,275
34,468
Prime
Security
Services
Borrower
LLC,
Term
Loan
B1,
1st
Lien
(LIBOR
plus
2.75%)
7.94%
09/23/26
2
15,107
15,121
RealPage,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.11%)
8.19%
04/24/28
2
270,188
264,682
Spin
Holdco,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
9.23%
03/03/28
2
268,813
232,043
3,178,432
Insurance
—
0.16%
Acrisure
LLC,
Term
Loan
B1,
1st
Lien
(LIBOR
plus
3.50%)
8.67%
02/15/27
2
246,183
239,611
Asurion
LLC,
Term
Loan
B7,
1st
Lien
(LIBOR
plus
3.00%)
7.84%
11/03/24
2
288,431
288,500
528,111
Materials
—
0.15%
Chemours
Co.
(The),
Term
Loan
B2,
1st
Lien
(SOFR
plus
1.85%)
6.98%
04/03/25
2
24,262
24,126
Mativ
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
8.62%
04/20/28
2
270,188
260,562
Polar
U.S.
Borrower
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
4.75%)
9.72%
-
9.73%
10/15/25
2
254,500
201,902
486,590
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
6
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Office
REITs
—
0.07%
Rent-A-Center,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.25%)
8.12%
02/17/28
2
$
232,457
$
232,748
Retail
—
0.18%
AmWINS
Group,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.25%)
7.42%
02/19/28
2
170,627
169,348
U.S.
Anesthesia
Partners,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.25%)
9.42%
10/02/28
2
466,688
439,477
608,825
Services
—
0.06%
Pre-Paid
Legal
Services,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
3.75%)
8.94%
12/15/28
2
10,813
10,682
Trans
Union
LLC,
Term
Loan
B6,
1st
Lien
(Luxembourg)
(SOFR
plus
2.25%)
7.47%
12/01/28
2,3
170,507
170,302
TruGreen
LP,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.10%)
9.20%
11/02/27
2
10,811
9,979
190,963
Total
Bank
Loans
(Cost
$12,987,396)
12,768,778
CORPORATES
—
31.62%*
Banking
—
5.30%
ABN
AMRO
Bank
NV
(Netherlands)
2.47%
12/13/29
1,3,4
270,000
226,836
Bank
of
America
Corp.
2.30%
07/21/32
4
640,000
511,926
3.42%
12/20/28
4
685,000
630,434
Bank
of
America
Corp.
(MTN)
1.92%
10/24/31
4
385,000
305,507
2.55%
02/04/28
4
125,000
112,907
2.88%
10/22/30
4
270,000
232,287
Bank
of
America
Corp.,
Series
N
1.66%
03/11/27
4
500,000
449,246
Bank
of
America
Corp.,
Series
RR
4.38%
4,8
100,000
86,578
Comerica,
Inc.
5.63%
4,8
15,000
12,470
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Banking
(continued)
Discover
Bank
2.45%
09/12/24
$
230,000
$
218,095
DNB
Bank
ASA
(Norway)
0.86%
09/30/25
1,3,4
220,000
206,420
HSBC
Holdings
PLC
(United
Kingdom)
1.59%
05/24/27
3,4
510,000
450,365
1.65%
04/18/26
3,4
130,000
119,806
2.01%
09/22/28
3,4
350,000
300,262
2.36%
08/18/31
3,4
255,000
204,355
2.80%
05/24/32
3,4
500,000
405,400
4.76%
06/09/28
3,4
255,000
245,407
6.33%
03/09/44
3,4
455,000
472,930
JPMorgan
Chase
&
Co.
0.97%
06/23/25
4
280,000
265,836
1.58%
04/22/27
4
700,000
629,115
2.58%
04/22/32
4
550,000
457,004
4.01%
04/23/29
4
255,000
240,333
Lloyds
Banking
Group
PLC
(United
Kingdom)
1.63%
05/11/27
3,4
205,000
181,518
3.57%
11/07/28
3,4
420,000
380,993
4.98%
08/11/33
3,4
415,000
388,631
Macquarie
Group
Ltd.
(Australia)
2.87%
01/14/33
1,3,4
375,000
299,850
5.03%
01/15/30
1,3,4
170,000
165,955
NatWest
Group
PLC
(United
Kingdom)
4.27%
03/22/25
3,4
340,000
333,968
PNC
Financial
Services
Group,
Inc.
(The)
5.07%
01/24/34
4
95,000
91,169
5.58%
06/12/29
4
120,000
119,522
6.04%
10/28/33
4
225,000
231,313
Santander
UK
Group
Holdings
PLC
(United
Kingdom)
1.09%
03/15/25
3,4
730,000
699,214
1.67%
06/14/27
3,4
325,000
281,626
U.S.
Bancorp
3.70%
4,8
105,000
77,547
4.84%
02/01/34
4
790,000
740,660
5.84%
06/12/34
4
190,000
191,467
5.85%
10/21/33
4
225,000
226,348
UBS
Group
AG
(Switzerland)
1.31%
02/02/27
1,3,4
600,000
525,270
2.59%
09/11/25
1,3,4
130,000
123,884
3.09%
05/14/32
1,3,4
1,190,000
963,583
4.19%
04/01/31
1,3,4
2,565,000
2,284,338
UBS
Group
AG
(EMTN)
(Switzerland)
0.63%
01/18/33
3
410,000
310,650
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
7
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Banking
(continued)
Wells
Fargo
&
Co.
(MTN)
2.39%
06/02/28
4
$
745,000
$
664,417
3.35%
03/02/33
4
640,000
548,768
3.53%
03/24/28
4
525,000
491,075
4.90%
07/25/33
4
275,000
263,932
17,369,217
Communications
—
3.25%
Cable
One,
Inc.
4.00%
11/15/30
1
60,000
47,100
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.
4.25%
02/01/31
1
600,000
486,000
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
2.80%
04/01/31
140,000
113,012
4.80%
03/01/50
250,000
188,958
5.38%
05/01/47
141,000
116,698
Charter
Communications
Operating,
LLC/Charter
Communications
Operating
Capital
5.25%
04/01/53
520,000
420,290
CommScope,
Inc.
4.75%
09/01/29
1
391,000
308,890
CSC
Holdings
LLC
4.63%
12/01/30
1
300,000
135,000
5.38%
02/01/28
1
150,000
120,750
6.50%
02/01/29
1
322,000
260,622
7.50%
04/01/28
1
453,000
258,895
11.25%
05/15/28
1
315,000
306,203
Diamond
Sports
Group,
LLC/Diamond
Sports
Finance
Co.
5.38%
08/15/26
1,9,10
487,000
16,741
DIRECTV
Financing
LLC/DIRECTV
Financing
Co.
Obligor,
Inc.
5.88%
08/15/27
1
169,000
154,197
Frontier
Communications
Holdings
LLC
6.75%
05/01/29
1
575,000
446,675
8.63%
03/15/31
1
796,000
770,836
Global
Switch
Finance
BV
(EMTN)
(Netherlands)
1.38%
10/07/30
3
285,000
258,805
Gray
Escrow
II,
Inc.
5.38%
11/15/31
1
267,000
178,270
Gray
Television,
Inc.
7.00%
05/15/27
1
400,000
341,533
Intelsat
Jackson
Holdings
SA
(Luxembourg)
6.50%
03/15/30
1,3
535,000
486,574
Intelsat
Jackson
Holdings
SA,
Class
B
(Luxembourg)
5.50%
08/01/23
†,3,5,6,9,10
535,000
—
8.50%
10/15/24
†,1,3,5,6,9,10
270,000
—
9.75%
07/15/25
†,1,3,5,6,9,10
360,000
—
Level
3
Financing,
Inc.
10.50%
05/15/30
1
275,000
279,812
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Communications
(continued)
Meta
Platforms,
Inc.
4.45%
08/15/52
$
165,000
$
143,888
5.60%
05/15/53
520,000
534,599
Netflix,
Inc.
4.63%
05/15/29
100,000
110,596
Northwest
Fiber
LLC/Northwest
Fiber
Finance
Sub,
Inc.
4.75%
04/30/27
1
700,000
619,500
Scripps
Escrow,
Inc.
5.88%
07/15/27
1
400,000
326,000
Sprint
Spectrum
Co.
LLC/Sprint
Spectrum
Co.
II
LLC/Sprint
Spectrum
Co.
III
LLC
5.15%
03/20/28
1
470,250
465,413
Tele
Columbus
AG,
Series
REGS
(Georgia)
3.88%
05/02/25
3
410,000
304,171
Tencent
Holdings
Ltd.
(Cayman
Islands)
2.88%
04/22/31
1,3
200,000
170,225
Time
Warner
Cable
LLC
5.50%
09/01/41
80,000
66,618
Virgin
Media
Secured
Finance
PLC
(United
Kingdom)
4.50%
08/15/30
1,3
350,000
294,749
Vmed
O2
UK
Financing
I
PLC
(United
Kingdom)
4.25%
01/31/31
1,3
375,000
303,547
Vodafone
Group
PLC
(United
Kingdom)
4.25%
09/17/50
3
60,000
48,253
5.63%
02/10/53
3
300,000
295,697
VZ
Secured
Financing
BV
(Netherlands)
5.00%
01/15/32
1,3
1,400,000
1,132,000
Zayo
Group
Holdings,
Inc.
4.00%
03/01/27
1
185,000
130,866
10,641,983
Consumer
Discretionary
—
1.60%
BAT
Capital
Corp.
3.56%
08/15/27
165,000
151,943
4.39%
08/15/37
150,000
120,106
5.65%
03/16/52
430,000
374,743
BAT
International
Finance
PLC
(United
Kingdom)
1.67%
03/25/26
3
83,000
74,665
BAT
International
Finance
PLC
(EMTN)
(United
Kingdom)
2.25%
09/09/52
3
570,000
285,169
Central
Garden
&
Pet
Co.
4.13%
10/15/30
375,000
315,058
Everi
Holdings,
Inc.
5.00%
07/15/29
1
350,000
308,000
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
8
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Consumer
Discretionary
(continued)
Imperial
Brands
Finance
PLC
(United
Kingdom)
4.25%
07/21/25
1,3
$
160,000
$
153,955
6.13%
07/27/27
1,3
195,000
195,662
JDE
Peet's
NV
(Netherlands)
2.25%
09/24/31
1,3
750,000
579,819
Reynolds
American,
Inc.
5.70%
08/15/35
100,000
94,338
5.85%
08/15/45
95,000
84,928
Spectrum
Brands,
Inc.
5.50%
07/15/30
1
425,000
392,063
Triton
Water
Holdings,
Inc.
6.25%
04/01/29
1
1,375,000
1,182,912
WarnerMedia
Holdings,
Inc.
4.28%
03/15/32
190,000
168,606
5.05%
03/15/42
480,000
403,098
5.14%
03/15/52
425,000
346,814
5,231,879
Diversified
REITs
—
1.10%
American
Assets
Trust
LP
3.38%
02/01/31
500,000
392,628
American
Tower
Corp.
0.88%
05/21/29
180,000
160,139
1.00%
01/15/32
310,000
253,285
2.70%
04/15/31
80,000
66,419
5.65%
03/15/33
145,000
147,814
CapitaLand
Ascendas
REIT
(EMTN)
(Slovenia)
0.75%
06/23/28
3
100,000
87,272
Digital
Dutch
Finco
BV
(Netherlands)
1.00%
01/15/32
3
150,000
115,860
1.25%
02/01/31
3
220,000
179,495
Digital
Intrepid
Holding
BV
(Netherlands)
0.63%
07/15/31
3
100,000
75,902
GLP
Capital
LP/GLP
Financing
II,
Inc.
3.25%
01/15/32
7,000
5,635
4.00%
01/15/30
317,000
276,170
4.00%
01/15/31
48,000
41,563
5.38%
04/15/26
590,000
578,090
5.75%
06/01/28
10,000
9,793
LXP
Industrial
Trust
2.70%
09/15/30
160,000
127,981
VICI
Properties
LP
4.95%
02/15/30
10,000
9,398
5.13%
05/15/32
369,000
345,831
5.63%
05/15/52
145,000
131,401
VICI
Properties
LP/VICI
Note
Co.,
Inc.
3.75%
02/15/27
1
135,000
124,282
3.88%
02/15/29
1
110,000
96,631
4.13%
08/15/30
1
54,000
47,640
4.50%
09/01/26
1
65,000
61,758
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Diversified
REITs
(continued)
4.50%
01/15/28
1
$
13,000
$
11,958
4.63%
06/15/25
1
15,000
14,521
5.75%
02/01/27
1
80,000
78,593
Weyerhaeuser
Co.
3.38%
03/09/33
195,000
167,915
3,607,974
Electric
—
1.63%
Alliant
Energy
Finance
LLC
1.40%
03/15/26
1
245,000
216,993
Alliant
Energy
Finance,
LLC
3.60%
03/01/32
1
155,000
135,492
American
Electric
Power
Co.,
Inc.
2.03%
03/15/24
455,000
442,698
Arizona
Public
Service
Co.
6.35%
12/15/32
925,000
981,892
Comision
Federal
de
Electricidad
(Mexico)
4.69%
05/15/29
1,3
200,000
179,960
Duke
Energy
Carolinas
LLC
4.00%
09/30/42
250,000
207,788
5.35%
01/15/53
195,000
197,907
Duke
Energy
Corp.
3.85%
06/15/34
200,000
199,898
Duke
Energy
Progress
LLC
5.25%
03/15/33
170,000
173,196
Eversource
Energy,
Series
O
4.25%
04/01/29
8,000
7,603
FirstEnergy
Transmission
LLC
2.87%
09/15/28
1
418,000
368,286
Niagara
Mohawk
Power
Corp.
5.78%
09/16/52
1
365,000
367,496
Pennsylvania
Electric
Co.
4.15%
04/15/25
1
555,000
536,776
Pike
Corp.
5.50%
09/01/28
1
400,000
359,522
Public
Service
Co.
of
New
Mexico
3.85%
08/01/25
40,000
38,349
TenneT
Holding
BV
(EMTN)
(Netherlands)
2.75%
05/17/42
3
215,000
208,688
4.50%
10/28/34
3
200,000
232,542
4.75%
10/28/42
3
140,000
170,171
Tucson
Electric
Power
Co.
5.50%
04/15/53
305,000
305,019
5,330,276
Energy
—
2.09%
Archrock
Partners
LP/Archrock
Partners
Finance
Corp.
6.25%
04/01/28
1
350,000
329,543
CenterPoint
Energy
Resources
Corp.
5.40%
03/01/33
765,000
779,316
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
9
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Energy
(continued)
Enbridge,
Inc.
(Canada)
5.70%
03/08/33
3
$
90,000
$
91,268
Energy
Transfer
LP
4.90%
03/15/35
20,000
18,287
5.00%
05/15/50
490,000
414,620
Energy
Transfer
LP,
Series
B
6.63%
4,8
733,000
563,544
Galaxy
Pipeline
Assets
Bidco
Ltd.
(United
Kingdom)
2.16%
03/31/34
1,3
177,420
151,081
Global
Partners
LP/GLP
Finance
Corp.
6.88%
01/15/29
430,000
399,773
Hess
Corp.
5.60%
02/15/41
20,000
19,154
KazMunayGas
National
Co.
JSC
(Kazakhstan)
3.50%
04/14/33
1,3
200,000
155,274
KeySpan
Gas
East
Corp.
5.99%
03/06/33
1
385,000
388,862
NGL
Energy
Operating
LLC/NGL
Energy
Finance
Corp.
7.50%
02/01/26
1
294,000
289,875
NGPL
Pipe
Co.
LLC
4.88%
08/15/27
1
40,000
38,056
Petroleos
Mexicanos
(Mexico)
5.95%
01/28/31
3
199,000
145,529
6.35%
02/12/48
3
5,000
3,030
6.95%
01/28/60
3
5,000
3,105
Rockies
Express
Pipeline
LLC
4.80%
05/15/30
1
234,000
205,920
4.95%
07/15/29
1
215,000
198,012
Southern
Natural
Gas
Co.
LLC
4.80%
03/15/47
1
65,000
54,842
TMS
Issuer
SARL,
Series
REGS
(Luxembourg)
5.78%
08/23/32
3
200,000
205,640
TransMontaigne
Partners
LP/TLP
Finance
Corp.
6.13%
02/15/26
725,000
628,691
Transocean
Titan
Financing
Ltd.
(Cayman
Islands)
8.38%
02/01/28
1,3
426,000
435,053
Venture
Global
Calcasieu
Pass
LLC
3.88%
11/01/33
1
248,000
204,243
4.13%
08/15/31
1
1,225,000
1,057,517
Williams
Cos.,
Inc.
(The)
4.30%
03/04/24
60,000
59,325
6,839,560
Entertainment
—
0.19%
Banijay
Entertainment
SASU
(France)
5.38%
03/01/25
1,3
628,000
616,147
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Finance
—
3.55%
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
(Ireland)
2.45%
10/29/26
3
$
123,000
$
110,015
3.30%
01/30/32
3
565,000
462,151
3.88%
01/23/28
3
5,000
4,599
4.45%
10/01/25
3
110,000
105,931
Air
Lease
Corp.
(MTN)
2.88%
01/15/26
380,000
351,744
American
Express
Co.
2.55%
03/04/27
190,000
173,219
Avolon
Holdings
Funding
Ltd.
(Cayman
Islands)
2.53%
11/18/27
1,3
583,000
492,158
Capital
One
Financial
Corp.
1.34%
12/06/24
4
360,000
350,619
Cboe
Global
Markets,
Inc.
3.00%
03/16/32
190,000
163,238
Charles
Schwab
Corp.
(The)
Series
K
5.00%
4,8
200,000
168,094
Citigroup,
Inc.
2.52%
11/03/32
4
970,000
780,802
2.56%
05/01/32
4
240,000
196,069
2.57%
06/03/31
4
375,000
313,035
2.98%
11/05/30
4
145,000
125,975
3.52%
10/27/28
4
435,000
404,359
Discover
Financial
Services
3.95%
11/06/24
105,000
101,376
Gaci
First
Investment
Co.
(Cayman
Islands)
5.25%
10/13/32
3
300,000
306,077
GGAM
Finance
Ltd.
(Cayman
Islands)
8.00%
06/15/28
1,3
678,000
680,041
Goldman
Sachs
Group,
Inc.
(The)
0.93%
10/21/24
4
130,000
127,817
1.22%
12/06/23
455,000
446,668
1.54%
09/10/27
4
5,000
4,399
1.95%
10/21/27
4
325,000
289,155
1.99%
01/27/32
4
235,000
185,269
2.38%
07/21/32
4
170,000
136,280
2.65%
10/21/32
4
315,000
256,869
3.81%
04/23/29
4
575,000
534,534
Icahn
Enterprises
LP/Icahn
Enterprises
Finance
Corp.
4.38%
02/01/29
150,000
118,125
4.75%
09/15/24
195,000
186,473
5.25%
05/15/27
466,000
402,797
Intercontinental
Exchange,
Inc.
1.85%
09/15/32
195,000
150,353
Jane
Street
Group/JSG
Finance,
Inc.
4.50%
11/15/29
1
575,000
496,481
JPMorgan
Chase
&
Co.
1.04%
02/04/27
4
25,000
22,287
1.05%
11/19/26
4
270,000
242,343
2.55%
11/08/32
4
115,000
94,363
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
10
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Finance
(continued)
2.95%
02/24/28
4
$
120,000
$
110,325
JPMorgan
Chase
&
Co.,
Series
KK
3.65%
4,8
115,000
101,505
Morgan
Stanley
0.99%
12/10/26
4
145,000
129,500
2.48%
09/16/36
4
170,000
128,719
2.95%
05/07/32
4
155,000
153,005
Morgan
Stanley
(GMTN)
2.70%
01/22/31
4
290,000
247,360
Morgan
Stanley
(MTN)
1.16%
10/21/25
4
495,000
462,860
1.93%
04/28/32
4
745,000
578,965
Nationwide
Building
Society
(United
Kingdom)
2.97%
02/16/28
1,3,4
200,000
179,833
4.36%
08/01/24
1,3,4
130,000
129,741
Park
Aerospace
Holdings
Ltd.
(Cayman
Islands)
5.50%
02/15/24
1,3
2,000
1,978
Pipeline
Funding
Co.
LLC
7.50%
01/15/30
1
149,380
148,513
Raymond
James
Financial,
Inc.
4.65%
04/01/30
145,000
141,558
Vonovia
SE
(Georgia)
1.00%
06/16/33
3
100,000
74,321
1.50%
06/14/41
3
100,000
60,701
11,632,599
Food
—
0.92%
H-Food
Holdings
LLC/Hearthside
Finance
Co.,
Inc.
8.50%
06/01/26
1
932,000
369,421
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
(Canada)
3.75%
12/01/31
1,3
385,000
318,431
5.50%
01/15/30
1,3
376,000
360,979
Pilgrim's
Pride
Corp.
4.25%
04/15/31
180,000
154,552
5.88%
09/30/27
1
884,000
873,566
Simmons
Foods,
Inc./Simmons
Prepared
Foods,
Inc./
Simmons
Pet
Food,
Inc./Simmons
Feed
4.63%
03/01/29
1
750,000
607,848
Smithfield
Foods,
Inc.
5.20%
04/01/29
1
5,000
4,611
TreeHouse
Foods,
Inc.
4.00%
09/01/28
400,000
345,086
3,034,494
Health
Care
—
3.61%
1375209
BC
Ltd.
(Canada)
9.00%
01/30/28
1,3
400,000
401,462
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Health
Care
(continued)
AbbVie,
Inc.
3.85%
06/15/24
$
10,000
$
9,835
Amgen,
Inc.
3.15%
02/21/40
100,000
76,612
5.25%
03/02/33
305,000
305,454
5.60%
03/02/43
305,000
306,466
5.65%
03/02/53
305,000
309,373
Baxter
International,
Inc.
0.87%
12/01/23
260,000
254,779
Bayer
U.S.
Finance
II
LLC
4.25%
12/15/25
1
255,000
246,132
4.38%
12/15/28
1
210,000
199,314
4.40%
07/15/44
1
245,000
194,557
4.88%
06/25/48
1
80,000
72,032
Becton
Dickinson
&
Co.
3.73%
12/15/24
3,000
2,914
Cano
Health
LLC
6.25%
10/01/28
1
290,000
181,779
Catalent
Pharma
Solutions,
Inc.
3.13%
02/15/29
1
475,000
386,655
Centene
Corp.
2.45%
07/15/28
349,000
299,639
3.00%
10/15/30
323,000
269,465
4.25%
12/15/27
455,000
425,839
CommonSpirit
Health
2.78%
10/01/30
35,000
29,476
3.35%
10/01/29
80,000
70,463
CVS
Health
Corp.
5.05%
03/25/48
270,000
249,228
DENTSPLY
SIRONA,
Inc.
3.25%
06/01/30
265,000
229,401
Embecta
Corp.
6.75%
02/15/30
1
525,000
477,771
Grifols
Escrow
Issuer
SA
(Spain)
4.75%
10/15/28
1,3
1,000,000
868,634
HCA,
Inc.
3.50%
09/01/30
143,000
125,418
3.63%
03/15/32
1
425,000
369,194
4.13%
06/15/29
80,000
74,127
5.25%
06/15/49
185,000
167,105
5.38%
09/01/26
10,000
9,932
5.50%
06/15/47
120,000
113,368
5.63%
09/01/28
275,000
275,817
Kevlar
SpA
(Italy)
6.50%
09/01/29
1,3
800,000
686,000
ModivCare
Escrow
Issuer,
Inc.
5.00%
10/01/29
1
515,000
381,779
ModivCare,
Inc.
5.88%
11/15/25
1
799,000
740,902
Molina
Healthcare,
Inc.
3.88%
11/15/30
1
975,000
840,937
4.38%
06/15/28
1
74,000
68,304
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
11
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Health
Care
(continued)
NYU
Langone
Hospitals,
Series
2020
3.38%
07/01/55
$
295,000
$
208,199
Organon
&
Co./Organon
Foreign
Debt
Co.-Issuer
BV
5.13%
04/30/31
1
590,000
488,225
Prestige
Brands,
Inc.
3.75%
04/01/31
1
450,000
373,156
Prime
Healthcare
Services,
Inc.
7.25%
11/01/25
1
450,000
428,629
Royalty
Pharma
PLC
(United
Kingdom)
1.75%
09/02/27
3
125,000
107,445
Teva
Pharmaceutical
Finance
Netherlands
II
BV
(Netherlands)
7.88%
09/15/31
3
275,000
311,188
Teva
Pharmaceutical
Finance
Netherlands
III
BV
(Netherlands)
8.13%
09/15/31
3
200,000
209,774
11,846,779
Health
Care
REITs
—
0.19%
Healthcare
Reality
Holdings
LP
2.00%
03/15/31
125,000
96,076
3.10%
02/15/30
115,000
98,465
Healthcare
Realty
Holdings
LP
2.05%
03/15/31
37,000
27,707
2.40%
03/15/30
325,000
257,808
3.63%
01/15/28
150,000
132,925
Healthpeak
OP
LLC,
3.40%
02/01/25
2,000
1,923
614,904
Industrial
REITs
—
0.14%
Prologis
Euro
Finance
LLC
0.50%
02/16/32
100,000
79,734
1.00%
02/06/35
100,000
74,687
1.00%
02/16/41
100,000
61,341
Prologis
Euro
Finance
LLC,
(EMTN)
4.25%
01/31/43
100,000
101,123
SELP
Finance
SARL
(Luxembourg)
0.88%
05/27/29
3
160,000
136,562
453,447
Industrials
—
1.74%
Advanced
Drainage
Systems,
Inc.
6.38%
06/15/30
1
335,000
331,791
Ardagh
Packaging
Finance
PLC/Ardagh
Holdings
USA,
Inc.
(Canada)
5.25%
08/15/27
1,3
735,000
622,429
Artera
Services
LLC
9.03%
12/04/25
1
669,000
586,357
BAE
Systems
Holdings,
Inc.
3.85%
12/15/25
1
250,000
239,893
Berry
Global,
Inc.
1.50%
01/15/27
1
200,000
195,968
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Industrials
(continued)
1.65%
01/15/27
$
40,000
$
34,534
5.50%
04/15/28
1
255,000
251,734
Boeing
Co.
(The)
1.43%
02/04/24
340,000
331,053
Cellnex
Finance
Co.
SA
(EMTN)
(Spain)
2.00%
09/15/32
3
300,000
258,300
Energizer
Holdings,
Inc.
4.38%
03/31/29
1
925,000
800,005
General
Electric
Co.
(MTN)
(LIBOR
USD
3-Month
plus
0.38%)
5.71%
05/05/26
2
57,000
56,847
(LIBOR
USD
3-Month
plus
0.48%)
5.80%
08/15/36
2
52,000
45,790
OT
Merger
Corp.
7.88%
10/15/29
1
1,350,000
828,634
TransDigm,
Inc.
6.75%
08/15/28
1
1,115,000
1,122,705
5,706,040
Information
Technology
—
1.41%
Broadcom,
Inc.
3.42%
04/15/33
1
190,000
159,267
Fiserv,
Inc.
2.65%
06/01/30
10,000
8,528
5.60%
03/02/33
605,000
617,390
Gen
Digital,
Inc.
6.75%
09/30/27
1
360,000
359,683
NCR
Corp.
5.00%
10/01/28
1
550,000
491,266
5.13%
04/15/29
1
340,000
301,668
5.25%
10/01/30
1
700,000
609,601
Netflix,
Inc.
5.88%
02/15/25
310,000
311,460
Open
Text
Corp.
(Canada)
6.90%
12/01/27
1,3
350,000
356,125
Oracle
Corp.
3.80%
11/15/37
355,000
290,688
3.95%
03/25/51
1,225,000
927,753
4.00%
11/15/47
40,000
30,820
6.50%
04/15/38
85,000
90,537
6.90%
11/09/52
55,000
61,832
4,616,618
Insurance
—
0.79%
Acrisure
LLC/Acrisure
Finance,
Inc.
4.25%
02/15/29
1
175,000
151,324
6.00%
08/01/29
1
400,000
346,000
Aon
Corp./Aon
Global
Holdings
PLC
3.90%
02/28/52
280,000
220,427
Athene
Global
Funding
1.99%
08/19/28
1
370,000
298,349
2.72%
01/07/29
1
95,000
77,729
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
12
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Insurance
(continued)
3.21%
03/08/27
1
$
130,000
$
116,478
Berkshire
Hathaway
Finance
Corp.
2.85%
10/15/50
115,000
80,180
Brown
&
Brown,
Inc.
4.95%
03/17/52
160,000
138,052
Farmers
Exchange
Capital
II
6.15%
11/01/53
1,4
150,000
147,458
Farmers
Exchange
Capital
III
5.45%
10/15/54
1,4
85,000
75,631
Farmers
Insurance
Exchange
4.75%
11/01/57
1,4
135,000
106,145
HUB
International
Ltd.
7.00%
05/01/26
1
350,000
349,860
Metropolitan
Life
Global
Funding
I
2.95%
04/09/30
1
15,000
12,972
Nationwide
Mutual
Insurance
Co.
7.84%
12/15/24
1,4
375,000
374,705
Teachers
Insurance
&
Annuity
Association
of
America
4.27%
05/15/47
1
40,000
33,167
4.38%
09/15/54
1,4
65,000
62,753
2,591,230
Materials
—
0.77%
ASP
Unifrax
Holdings,
Inc.
5.25%
09/30/28
1
265,000
191,749
Freeport
Indonesia
PT
(Indonesia)
4.76%
04/14/27
1,3
200,000
194,033
Herens
Holdco
SARL
(Luxembourg)
4.75%
05/15/28
1,3
450,000
347,828
Indonesia
Asahan
Aluminium
PT/Mineral
Industri
Indonesia
Persero
PT,
Series
REGS
(Indonesia)
5.45%
05/15/30
3
200,000
195,108
International
Flavors
&
Fragrances,
Inc.
2.30%
11/01/30
1
885,000
702,018
3.27%
11/15/40
1
55,000
38,538
3.47%
12/01/50
1
45,000
30,121
5.00%
09/26/48
15,000
12,720
SK
Invictus
Intermediate
II
SARL
(Luxembourg)
5.00%
10/30/29
1,3
450,000
357,988
Valvoline,
Inc.
3.63%
06/15/31
1
550,000
447,656
2,517,759
Office
REITs
—
0.15%
Boston
Properties
LP
2.75%
10/01/26
10,000
8,866
Hudson
Pacific
Properties
LP
3.25%
01/15/30
170,000
107,985
3.95%
11/01/27
320,000
232,990
4.65%
04/01/29
95,000
67,128
5.95%
02/15/28
50,000
40,297
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Office
REITs
(continued)
Kilroy
Realty
LP
2.50%
11/15/32
$
50,000
$
35,045
492,311
Real
Estate
Investment
Trust
(REIT)
—
0.20%
American
Tower
Corp.
2.10%
06/15/30
550,000
446,016
Annington
Funding
PLC
(EMTN)
(United
Kingdom)
3.18%
07/12/29
3
100,000
101,493
Annington
Funding
PLC,
(EMTN)
(United
Kingdom)
3.69%
07/12/34
3
100,000
95,699
643,208
Residential
REITs
—
0.26%
American
Homes
4
Rent
LP
3.38%
07/15/51
675,000
444,190
Invitation
Homes
Operating
Partnership
LP
2.00%
08/15/31
305,000
236,739
2.30%
11/15/28
50,000
42,648
2.70%
01/15/34
190,000
144,150
867,727
Retail
—
0.87%
Bloomin'
Brands,
Inc./OSI
Restaurant
Partners
LLC
5.13%
04/15/29
1
743,000
666,843
Fertitta
Entertainment,
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.
6.75%
01/15/30
1
1,463,000
1,247,207
FirstCash,
Inc.
5.63%
01/01/30
1
475,000
429,603
Michaels
Cos.,
Inc.
(The)
7.88%
05/01/29
1
745,000
502,875
2,846,528
Services
—
1.07%
Adtalem
Global
Education,
Inc.
5.50%
03/01/28
1
362,000
329,145
Global
Payments,
Inc.
4.88%
03/17/31
100,000
108,780
5.40%
08/15/32
95,000
92,640
5.95%
08/15/52
183,000
175,896
HealthEquity,
Inc.
4.50%
10/01/29
1
525,000
465,108
Hertz
Corp.
(The)
4.63%
12/01/26
1
50,000
45,375
5.00%
12/01/29
1
925,000
758,500
Upbound
Group,
Inc.
6.38%
02/15/29
1
300,000
267,000
WASH
Multifamily
Acquisition,
Inc.
5.75%
04/15/26
1
450,000
422,591
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
13
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Services
(continued)
Waste
Pro
USA,
Inc.
5.50%
02/15/26
1
$
925,000
$
859,115
3,524,150
Specialized
REITs
—
0.70%
Annington
Funding
PLC
(EMTN)
(United
Kingdom)
2.31%
10/06/32
3
100,000
88,591
Blackstone
Property
Partners
Europe
Holdings
SARL
(EMTN)
(Luxembourg)
1.00%
05/04/28
3
195,000
159,813
1.75%
03/12/29
3
200,000
162,662
China
Aoyuan
Group
Ltd.
(Cayman
Islands)
6.35%
02/08/24
3,5,6
200,000
11,500
CubeSmart
LP
2.50%
02/15/32
350,000
278,454
Extra
Space
Storage
LP
2.35%
03/15/32
530,000
414,827
Iron
Mountain,
Inc.
5.63%
07/15/32
1
1,240,000
1,112,900
Life
Storage
LP
2.40%
10/15/31
45,000
35,734
Sunac
China
Holdings
Ltd.
(Cayman
Islands)
6.50%
01/10/25
3,5,6
210,000
34,379
2,298,860
Transportation
—
0.09%
Delta
Air
Lines
Pass-Through
Trust,
Series
2020-1,
Class
AA
2.00%
06/10/28
20,515
18,223
JetBlue
Airways
Pass-Through
Trust,
Series
2019-1,
Class
AA
2.75%
05/15/32
25,245
21,385
JetBlue
Airways
Pass-Through
Trust,
Series
2020-1,
Class
A
4.00%
11/15/32
62,731
57,187
Transnet
SOC
Ltd.
(South
Africa)
8.25%
02/06/28
1,3
200,000
194,750
U.S.
Airways
Pass-Through
Trust,
Series
2012-1,
Class
A
5.90%
10/01/24
11,024
10,914
302,459
Total
Corporates
(Cost
$110,321,789)
103,626,149
FOREIGN
GOVERNMENT
OBLIGATIONS
—
1.69%
Foreign
Government
Obligations
—
1.69%
Brazilian
Government
International
Bond
(Brazil)
3.88%
06/12/30
3
400,000
355,400
Issues
Maturity
Date
Principal
Amount
Value
FOREIGN
GOVERNMENT
OBLIGATIONS
(continued)
Foreign
Government
Obligations
(continued)
Chile
Government
International
Bond
(Chile)
2.55%
01/27/32
3
$
400,000
$
342,504
2.55%
07/27/33
3
200,000
163,936
Colombia
Government
International
Bond
(Colombia)
8.00%
04/20/33
3
400,000
408,200
Dominican
Republic
International
Bond,
Series
REGS
(Dominican
Republic)
4.50%
01/30/30
3
200,000
175,780
4.88%
09/23/32
3
200,000
170,729
Finance
Department
Government
of
Sharjah
(United
Arab
Emirates)
6.50%
11/23/32
1,3
200,000
206,250
Hungary
Government
International
Bond
(Hungary)
2.13%
09/22/31
1,3
400,000
311,120
Mexico
Government
International
Bond
(Mexico)
2.66%
05/24/31
3
272,000
226,795
4.88%
05/19/33
3
200,000
191,448
6.35%
02/09/35
3
200,000
210,425
Oman
Government
International
Bond,
Series
REGS
(Oman)
6.75%
10/28/27
3
200,000
207,077
Panama
Government
International
Bond
(Panama)
2.25%
09/29/32
3
440,000
337,084
3.16%
01/23/30
3
200,000
175,601
Paraguay
Government
International
Bond,
Series
REGS
(Papua
New
Guinea)
4.95%
04/28/31
3
200,000
192,510
Perusahaan
Penerbit
SBSN
Indonesia
III,
Series
REGS
(Indonesia)
2.55%
06/09/31
3
200,000
170,715
2.80%
06/23/30
3
200,000
176,585
Peruvian
Government
International
Bond
(Peru)
2.78%
01/23/31
3
200,000
171,778
2.84%
06/20/30
3
250,000
219,405
Philippine
Government
International
Bond
(Philippines)
2.46%
05/05/30
3
200,000
173,086
Republic
of
Poland
Government
International
Bond
(Poland)
5.50%
11/16/27
3
200,000
205,100
5.75%
11/16/32
3
125,000
131,340
Republic
of
South
Africa
Government
International
Bond
(South
Africa)
5.88%
04/20/32
3
200,000
177,582
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
14
Issues
Maturity
Date
Principal
Amount
Value
FOREIGN
GOVERNMENT
OBLIGATIONS
(continued)
Foreign
Government
Obligations
(continued)
Romanian
Government
International
Bond
(Romania)
6.63%
02/17/28
1,3
$
200,000
$
206,120
Romanian
Government
International
Bond,
Series
REGS
(Romania)
3.00%
02/14/31
3
300,000
249,493
Total
Foreign
Government
Obligations
(Cost
$5,779,757)
5,556,063
MORTGAGE-BACKED
—
52.79%**
Non-Agency
Commercial
Mortgage-Backed
—
4.87%
Banc
of
America
Commercial
Mortgage
Trust,
Series
2015-UBS7,
Class
XA
(IO)
0.89%
09/15/48
4
6,026,291
77,089
Banc
of
America
Commercial
Mortgage
Trust,
Series
2015-UBS7,
Class
XE
(IO)
1.25%
09/15/48
1,4
500,000
10,511
BB-UBS
Trust,
Series
2012-SHOW,
Class
XA
(IO)
0.73%
11/05/36
1,4
3,109,000
21,817
BB-UBS
Trust,
Series
2012-SHOW,
Class
XB
(IO)
0.28%
11/05/36
1,4
1,395,000
3,074
Benchmark
Mortgage
Trust,
Series
2020-B18,
Class
AGNF
4.14%
07/15/53
1
529,000
456,181
Blackstone
Industrial
Portfolio
-
Proj
Foxtrot
2.23%
04/09/24
4,5,6
234,463
217,933
BX
Trust,
Series
2021-MFM1,
Class
G
(CME
Term
SOFR
1-Month
plus
4.01%)
9.16%
01/15/34
1,2
452,123
424,641
CD
Mortgage
Trust,
Series
2016-CD1,
Class
XA
(IO)
1.50%
08/10/49
4
9,024,017
272,761
Century
Plaza
Towers,
Series
2019-CPT,
Class
F
3.10%
11/13/39
1,4
450,000
255,180
Citigroup
Commercial
Mortgage
Trust,
Series
2013-GC15,
Class
XA
(IO)
0.90%
09/10/46
4
974,936
75
Citigroup
Commercial
Mortgage
Trust,
Series
2014-GC19,
Class
XA
(IO)
1.26%
03/11/47
4
901,898
2,311
Citigroup
Commercial
Mortgage
Trust,
Series
2014-GC25,
Class
XA
(IO)
1.09%
10/10/47
4
13,714,345
107,649
Citigroup
Commercial
Mortgage
Trust,
Series
2015-GC27,
Class
XA
(IO)
1.45%
02/10/48
4
1,517,244
22,006
Citigroup
Commercial
Mortgage
Trust,
Series
2016-GC36,
Class
XA
(IO)
1.37%
02/10/49
4
5,449,499
133,370
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
Citigroup
Commercial
Mortgage
Trust,
Series
2017-B1,
Class
XF
(IO)
0.96%
08/15/50
1,4
$
11,628,000
$
323,007
Commercial
Mortgage
Lease-Backed
Certificates-1,
Series
2001-CMLB,
Class
X
(IO)
1.42%
06/20/31
1,4
1,282,480
8,871
Commercial
Mortgage
Trust,
Series
2012-CR3,
Class
XA
(IO)
1.38%
10/15/45
4
65,207
149
Commercial
Mortgage
Trust,
Series
2012-CR4,
Class
XA
(IO)
1.33%
10/15/45
4
160,043
5
Commercial
Mortgage
Trust,
Series
2012-LC4,
Class
XB
(IO)
0.44%
12/10/44
1,4
1,425,736
13
Commercial
Mortgage
Trust,
Series
2014-CR14,
Class
XA
(IO)
0.65%
02/10/47
4
3,295,423
3,128
Commercial
Mortgage
Trust,
Series
2014-CR19,
Class
XA
(IO)
1.08%
08/10/47
4
893,370
5,942
Commercial
Mortgage
Trust,
Series
2014-CR19,
Class
XC
(IO)
0.84%
08/10/47
1,4
1,200,000
9,863
Commercial
Mortgage
Trust,
Series
2014-UBS3,
Class
XA
(IO)
1.21%
06/10/47
4
3,056,633
14,377
Commercial
Mortgage
Trust,
Series
2014-UBS5,
Class
XA
(IO)
0.98%
09/10/47
4,5,6
29,474,005
202,438
Commercial
Mortgage
Trust,
Series
2014-UBS6,
Class
XA
(IO)
0.98%
12/10/47
4
11,347,121
91,823
Commercial
Mortgage
Trust,
Series
2015-CR22,
Class
XA
(IO)
0.95%
03/10/48
4
9,919,062
104,666
Commercial
Mortgage
Trust,
Series
2015-CR25,
Class
XA
(IO)
0.95%
08/10/48
4
7,740,989
105,096
Commercial
Mortgage
Trust,
Series
2015-LC21,
Class
XE
(IO)
1.22%
07/10/48
1,4
10,015,000
187,346
Commercial
Mortgage
Trust,
Series
2016-CR28,
Class
XA
(IO)
0.74%
02/10/49
4
14,041,889
199,969
CSAIL
Commercial
Mortgage
Trust,
Series
2015-C2,
Class
XA
(IO)
0.85%
06/15/57
4
16,380,235
152,499
CSAIL
Commercial
Mortgage
Trust,
Series
2019-C16,
Class
XA
(IO)
1.71%
06/15/52
4
561,819
36,901
CSMC
Trust,
Series
2016-NXSR,
Class
XA
(IO)
0.83%
12/15/49
4
11,592,913
200,286
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
15
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
DBJPM
16-C1
Mortgage
Trust,
Series
2016-C1,
Class
XA
(IO)
1.52%
05/10/49
4
$
8,714,318
$
242,757
DBUBS
Mortgage
Trust,
Series
2017-BRBK,
Class
F
3.65%
10/10/34
1,4
380,000
284,114
European
Loan
Conduit
No.
36
DAC,
Series
36A,
Class
E
(Ireland)
(3
month
Euribor
plus
3.35%)
6.71%
02/17/30
1,2,3
668,913
680,145
Extended
Stay
America
Trust,
Series
2021-ESH,
Class
F
(LIBOR
USD
1-Month
plus
3.70%)
8.89%
07/15/38
1,2
578,243
546,221
GS
Mortgage
Securities
Trust,
Series
2010-C1,
Class
X
(IO)
0.57%
08/10/43
1,4
5,261,909
5,413
GS
Mortgage
Securities
Trust,
Series
2011-GC3,
Class
X
(IO)
0.00%
03/10/44
1,4
137,410
1
GS
Mortgage
Securities
Trust,
Series
2011-GC5,
Class
XA
(IO)
0.09%
08/10/44
1,4
577,946
6
GS
Mortgage
Securities
Trust,
Series
2014-GC18,
Class
XA
(IO)
1.18%
01/10/47
4
24,966,111
42,647
GS
Mortgage
Securities
Trust,
Series
2015-GC32,
Class
XA
(IO)
0.85%
07/10/48
4
31,568,547
364,105
GS
Mortgage
Securities
Trust,
Series
2015-GC34,
Class
XA
(IO)
1.36%
10/10/48
4
5,249,628
113,415
GS
Mortgage
Securities
Trust,
Series
2015-GS1,
Class
XA
(IO)
0.90%
11/10/48
4
9,183,280
136,254
GS
Mortgage
Securities
Trust,
Series
2016-GS2,
Class
XA
(IO)
1.88%
05/10/49
4
249,665
9,158
GS
Mortgage
Securities
Trust,
Series
2016-GS4,
Class
XA
(IO)
0.69%
11/10/49
4
14,747,457
199,338
GSCG
Trust,
Series
2019-600C,
Class
G
4.12%
09/06/34
1,4
285,000
119,465
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2014-C19,
Class
XA
(IO)
0.72%
04/15/47
4
9,150,078
29,038
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2015-C30,
Class
XA
(IO)
0.57%
07/15/48
4
22,980,873
169,926
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2015-C30,
Class
XNR
(IO)
0.25%
07/15/48
1,4
44,664,247
167,929
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2015-C31,
Class
XA
(IO)
0.97%
08/15/48
4
$
6,321,078
$
88,622
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
2017-JP5,
Class
XA
(IO)
0.96%
03/15/50
4
4,212,605
92,720
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2016-C2,
Class
XA
(IO)
1.63%
06/15/49
4
243,748
7,380
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2012-CBX,
Class
XB
(IO)
0.55%
06/15/45
1,4
53,789,816
1,104,985
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2013-LC11,
Class
XA
(IO)
1.09%
04/15/46
4
221,172
1,071
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2019-COR4,
Class
A3
3.76%
03/10/52
500,000
454,724
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2020-ACE,
Class
XA
(IO)
0.47%
01/10/37
1,4
2,000,000
9,623
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2020-LOOP,
Class
XB
(IO)
0.38%
12/05/38
1,4
2,010,000
16,098
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2020-NNN,
Class
XAFX
(IO)
2.03%
01/16/37
1,4
450,000
8,308
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2020-NNN,
Class
XBFX
(IO)
0.68%
01/16/37
1,4
1,450,000
8,562
Last
Mile
Logistics
Pan
Euro
Finance
DAC,
Series
1A,
Class
F
(Ireland)
(3
month
Euribor
plus
3.65%)
7.01%
08/17/33
1,2,3
490,928
498,735
Med
Trust,
Series
2021-MDLN,
Class
G
(LIBOR
USD
1-Month
plus
5.25%)
10.44%
11/15/38
1,2
417,994
389,019
MFT
Trust,
Series
2020-ABC,
Class
D
3.59%
02/10/42
1,4
450,000
275,058
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2012-C5,
Class
XC
(IO)
0.14%
08/15/45
1,4
29,328,776
92,518
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2012-CKSV,
Class
XA
(IO)
1.15%
10/15/30
1,4
1,046,826
17,422
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2013-C12,
Class
XC
(IO)
1.39%
10/15/46
1,4
19,087,479
93,211
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2013-C13,
Class
XA
(IO)
1.07%
11/15/46
4
2,232,495
1,699
Flexible
Income
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)
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2014-C18,
Class
XA
(IO)
0.74%
10/15/47
4
$
89,200
$
364
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C21,
Class
XA
(IO)
0.98%
03/15/48
4
3,173,185
30,834
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C22,
Class
XA
(IO)
1.14%
04/15/48
4
1,066,672
12,186
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C24,
Class
XA
(IO)
0.83%
05/15/48
4
6,830,551
73,284
Morgan
Stanley
Capital
I
Trust,
Series
2011-C2,
Class
XB
(IO)
0.50%
06/15/44
1,4
11,069,909
37,419
MRCD
Mortgage
Trust,
Series
2019-PRKC,
Class
A
4.25%
12/15/36
1,4
500,000
353,489
MSCG
Trust,
Series
2018-SELF,
Class
F
(LIBOR
USD
1-Month
plus
3.05%)
8.24%
10/15/37
1,2
731,097
706,144
Natixis
Commercial
Mortgage
Securities
Trust,
Series
2018-ALXA,
Class
E
4.46%
01/15/43
1,4
100,000
74,325
Natixis
Commercial
Mortgage
Securities
Trust,
Series
2019-FAME,
Class
D
4.54%
08/15/36
1,4
665,000
471,397
Natixis
Commercial
Mortgage
Securities
Trust,
Series
2019-FAME,
Class
E
4.54%
08/15/36
1,4
395,000
264,203
SFAVE
Commercial
Mortgage
Securities
Trust,
Series
2015-5AVE,
Class
A2A
3.66%
01/05/43
1,4
400,000
283,205
SFAVE
Commercial
Mortgage
Securities
Trust,
Series
2015-5AVE,
Class
A2B
4.14%
01/05/43
1,4
460,000
298,449
SFAVE
Commercial
Mortgage
Securities
Trust,
Series
2015-5AVE,
Class
C
4.53%
01/05/43
1,4
925,000
533,133
SMRT,
Series
2022-MINI,
Class
F
(CME
Term
SOFR
1-Month
plus
3.35%)
8.50%
01/15/39
1,2
570,000
532,742
Taurus
UK
DAC,
Series
2021-UK1A,
Class
D
(Ireland)
(SONIA
plus
2.60%)
7.32%
05/17/31
1,2,3
471,537
561,569
UBS
Commercial
Mortgage
Trust,
Series
2017-C4,
Class
XA
(IO)
1.24%
10/15/50
4
8,203,323
283,782
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2014-LC16,
Class
XA
(IO)
1.21%
08/15/50
4
13,416,858
70,942
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2014-LC18,
Class
XA
(IO)
1.16%
12/15/47
4
$
1,284,509
$
14,795
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-C27,
Class
XA
(IO)
0.98%
02/15/48
4
16,982,964
171,550
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-C31,
Class
XA
(IO)
1.11%
11/15/48
4
17,124,316
296,179
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-LC20,
Class
XF
(IO)
1.89%
04/15/50
1,4
415,000
10,670
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-NXS3,
Class
XA
(IO)
1.02%
09/15/57
4
9,257,785
146,769
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2016-C34,
Class
XA
(IO)
2.23%
06/15/49
4
5,990,977
216,394
Westfield
Galleria
at
Roseville
3.25%
03/29/25
5,6
495,000
484,011
WF-RBS
Commercial
Mortgage
Trust,
Series
2012-C10,
Class
XB
(IO)
0.53%
12/15/45
1,4
53,249,928
580
WF-RBS
Commercial
Mortgage
Trust,
Series
2014-C20,
Class
XA
(IO)
1.05%
05/15/47
4
9,781,489
43,688
WF-RBS
Commercial
Mortgage
Trust,
Series
2014-C22,
Class
XA
(IO)
0.93%
09/15/57
4
1,725,115
10,162
WF-RBS
Commercial
Mortgage
Trust,
Series
2014-C24,
Class
XA
(IO)
0.98%
11/15/47
4
6,044,322
45,108
WF-RBS
Commercial
Mortgage
Trust,
Series
2014-LC14,
Class
XA
(IO)
1.40%
03/15/47
4
9,111,724
23,647
15,971,684
Non-Agency
Mortgage-Backed
—
24.44%
Alternative
Loan
Trust,
Series
2004-30CB,
Class
1A6
5.50%
02/25/35
1,031,502
940,765
Alternative
Loan
Trust,
Series
2005-10CB,
Class
1A8
5.50%
05/25/35
1,606,477
1,349,912
Alternative
Loan
Trust,
Series
2005-46CB,
Class
A3
5.50%
10/25/35
258,702
186,922
Alternative
Loan
Trust,
Series
2005-46CB,
Class
A4
5.25%
10/25/35
195,485
138,596
Alternative
Loan
Trust,
Series
2005-46CB,
Class
A7
5.50%
10/25/35
551,450
398,444
Alternative
Loan
Trust,
Series
2005-55CB,
Class
1A1
5.50%
11/25/35
196,236
136,273
Flexible
Income
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
2005-64CB,
Class
2A1
6.00%
11/25/35
$
3,033,728
$
528,408
Alternative
Loan
Trust,
Series
2005-65CB,
Class
2A4
5.50%
12/25/35
319,259
234,560
Alternative
Loan
Trust,
Series
2005-67CB,
Class
A1
5.50%
01/25/36
64,879
49,713
Alternative
Loan
Trust,
Series
2005-74T1,
Class
A5
6.00%
01/25/36
497,362
315,905
Alternative
Loan
Trust,
Series
2005-7CB,
Class
2A2
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
5.05%,
5.05%
Cap)
0.20%
03/01/38
2,5,6
1,403,732
43,458
Alternative
Loan
Trust,
Series
2005-86CB,
Class
A1
5.50%
02/25/36
549,623
342,078
Alternative
Loan
Trust,
Series
2005-86CB,
Class
A8
5.50%
02/25/36
251,256
156,379
Alternative
Loan
Trust,
Series
2006-19CB,
Class
A15
6.00%
08/25/36
121,143
74,987
Alternative
Loan
Trust,
Series
2006-19CB,
Class
A17
(LIBOR
USD
1-Month
plus
0.40%)
5.55%
08/25/36
2
4,016,177
1,970,946
Alternative
Loan
Trust,
Series
2006-19CB,
Class
A18
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
5.60%,
5.60%
Cap)
0.45%
08/25/36
2,5,6
3,877,180
328,345
Alternative
Loan
Trust,
Series
2006-32CB,
Class
A18
6.00%
11/25/36
137,179
83,550
Alternative
Loan
Trust,
Series
2006-34,
Class
A5
6.25%
11/25/46
1,254,283
664,599
Alternative
Loan
Trust,
Series
2006-J1,
Class
1A11
5.50%
02/25/36
204,951
147,728
Alternative
Loan
Trust,
Series
2007-13,
Class
A1
6.00%
06/25/47
273,608
150,103
Alternative
Loan
Trust,
Series
2007-15CB,
Class
A6
5.75%
07/25/37
544,991
340,146
Alternative
Loan
Trust,
Series
2007-15CB,
Class
A7
6.00%
07/25/37
1,462,179
977,385
Alternative
Loan
Trust,
Series
2007-16CB,
Class
1A7
6.00%
08/25/37
7,067
5,473
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Alternative
Loan
Trust,
Series
2007-18CB,
Class
2A25
6.00%
08/25/37
$
322,539
$
195,407
Alternative
Loan
Trust,
Series
2007-22,
Class
2A16
6.50%
09/25/37
244,241
100,394
Alternative
Loan
Trust,
Series
2007-5CB,
Class
1A3
6.00%
04/25/37
178,921
102,255
Alternative
Loan
Trust,
Series
2007-5CB,
Class
1A4
6.00%
04/25/37
527,862
301,716
American
Home
Mortgage
Assets
Trust,
Series
2006-6,
Class
XP
(IO)
(PO)
0.04%
12/25/46
4,5,6
22,356,043
118,460
American
Home
Mortgage
Assets
Trust,
Series
2007-1,
Class
A1
(Federal
Reserve
US
12-Month
Cumulative
Average
plus
0.70%)
4.68%
02/25/47
2
1,679,214
676,310
American
Home
Mortgage
Assets
Trust,
Series
2007-5,
Class
XP
(IO)
(PO)
0.06%
06/25/47
4,5,6
13,075
212
American
Home
Mortgage
Investment
Trust,
Series
2006-1,
Class
11A1
(LIBOR
USD
1-Month
plus
0.28%)
5.43%
03/25/46
2
12,218
10,550
Banc
of
America
Alternative
Loan
Trust,
Series
2006-5,
Class
CB8
(LIBOR
USD
1-Month
plus
0.31%)
5.46%
06/25/46
2
1,836,414
1,479,840
Banc
of
America
Alternative
Loan
Trust,
Series
2006-5,
Class
CB9
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.69%,
6.69%
Cap)
1.54%
06/25/46
2,5,6
1,836,426
139,222
Banc
of
America
Funding
Trust,
Series
2006-3,
Class
5A3
5.50%
03/25/36
5,377
4,645
Banc
of
America
Funding
Trust,
Series
2006-7,
Class
T2A5
(STEP-reset
date
08/25/23)
6.54%
10/25/36
729,925
636,635
Banc
of
America
Funding
Trust,
Series
2014-R5,
Class
1A2
(LIBOR
USD
6-Month
plus
1.50%)
3.53%
09/26/45
1,2
1,192,772
873,057
Banc
of
America
Funding
Trust,
Series
2015-R4,
Class
5A1
(LIBOR
USD
1-Month
plus
0.15%)
5.29%
10/25/36
1,2
5,435
5,397
BCAP
LLC
Trust,
Series
2007-AA2,
Class
2A12
5.50%
04/25/37
2,513,656
1,197,286
Bear
Stearns
ALT-A
Trust,
Series
2005-7,
Class
22A1
4.20%
09/25/35
4
142,039
88,354
Flexible
Income
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)
Bear
Stearns
ARM
Trust,
Series
2004-3,
Class
2A
4.25%
07/25/34
4
$
6,195
$
5,643
Bear
Stearns
ARM
Trust,
Series
2005-10,
Class
A3
4.59%
10/25/35
4
126,028
117,408
Bombardier
Capital
Mortgage
Securitization
Corp.,
Series
1999-B,
Class
A2
6.98%
12/15/29
4
997,492
123,321
Bombardier
Capital
Mortgage
Securitization
Corp.,
Series
2000-A,
Class
A3
7.83%
06/15/30
4
1,658,345
206,905
Bombardier
Capital
Mortgage
Securitization
Corp.,
Series
2000-A,
Class
A4
8.29%
06/15/30
4
142,144
19,997
BRAVO
Residential
Funding
Trust,
Series
2021-A,
Class
A1
(STEP-reset
date
07/25/23)
1.99%
10/25/59
1
1,257,931
1,188,151
Cascade
MH
Asset
Trust,
Series
2022-MH1,
Class
A
(STEP-reset
date
08/25/23)
4.25%
08/25/54
1
1,246,703
1,098,035
CHNGE
Mortgage
Trust,
Series
2023-1,
Class
M1
8.41%
03/25/58
1,4
580,000
575,244
CIM
Trust,
Series
2021-NR2,
Class
A1
(STEP-reset
date
08/25/23)
2.57%
07/25/59
1
420,442
402,522
CIM
Trust,
Series
2021-NR4,
Class
A1
(STEP-reset
date
08/25/23)
2.82%
10/25/61
1
966,597
905,492
CIM
Trust,
Series
2021-R5,
Class
A1B
2.00%
08/25/61
1,4
681,000
397,031
CIM
Trust,
Series
2022-NR1,
Class
A1
(STEP-reset
date
08/25/23)
5.00%
07/25/62
1
327,825
300,440
CIM
Trust,
Series
2023-NR1,
Class
A1
(STEP-reset
date
08/25/23)
6.00%
06/25/62
1
1,428,932
1,368,513
CIT
Mortgage
Loan
Trust,
Series
2007-1,
Class
1M2
(LIBOR
USD
1-Month
plus
1.75%)
6.90%
10/25/37
1,2
1,046,000
875,335
Citigroup
Mortgage
Loan
Trust,
Series
2006-WF1,
Class
A2C
(STEP-reset
date
08/25/23)
4.61%
03/25/36
30,057
15,053
Citigroup
Mortgage
Loan
Trust,
Series
2009-10,
Class
2A2
7.00%
12/25/35
1,4
519,820
367,174
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
2005-WF2,
Class
AF6A
(STEP-reset
date
08/25/23)
6.13%
08/25/35
1,697,454
1,500,809
CitiMortgage
Alternative
Loan
Trust,
Series
2005-A1,
Class
1A5
5.50%
07/25/35
1,657,616
1,455,513
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
CitiMortgage
Alternative
Loan
Trust,
Series
2006-A1,
Class
1A5
5.50%
04/25/36
$
268,177
$
237,494
CitiMortgage
Alternative
Loan
Trust,
Series
2007-A1,
Class
1A1
6.00%
01/25/37
108,539
96,609
CitiMortgage
Alternative
Loan
Trust,
Series
2007-A1,
Class
1A5
6.00%
01/25/37
207,181
184,409
CitiMortgage
Alternative
Loan
Trust,
Series
2007-A2,
Class
1A13
5.75%
02/25/37
235,171
206,253
CitiMortgage
Alternative
Loan
Trust,
Series
2007-A3,
Class
1A7
5.75%
03/25/37
200,951
175,905
CitiMortgage
Alternative
Loan
Trust,
Series
2007-A5,
Class
1A1
6.00%
05/25/37
868,565
797,327
Conseco
Finance
Corp.,
Series
1996-6,
Class
M1
7.95%
09/15/27
4
104,333
104,453
Conseco
Finance
Securitizations
Corp.,
Series
2000-1,
Class
A5
8.06%
09/01/29
4
3,422,743
678,653
Conseco
Finance
Securitizations
Corp.,
Series
2000-4,
Class
A5
7.97%
05/01/32
1,992,158
390,709
Countrywide
Home
Loan
Mortgage
Pass-Through
Trust,
Series
2007-14,
Class
A3
6.25%
09/25/37
22,635
12,878
Countrywide
Home
Loan
Mortgage
Pass-Through
Trust,
Series
2007-20,
Class
A1
6.50%
01/25/38
202,244
107,766
Countrywide
Home
Loan
Mortgage
Pass-Through
Trust,
Series
2007-7,
Class
A9
5.50%
06/25/37
613,205
307,615
Credit
Suisse
Mortgage
Capital
Trust
Series
2022-RPL3,
Class
A1
3.71%
03/25/61
1,4
1,494,535
1,437,511
Credit
Suisse
Mortgage
Capital
Trust,
Series
2020-RPL6,
Class
A1
2.69%
03/25/59
1,4
1,455,369
1,412,163
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Series
2006-CB7,
Class
A4
(LIBOR
USD
1-Month
plus
0.32%)
5.47%
10/25/36
2
36,229
24,178
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Series
2006-MH1,
Class
B1
(STEP-reset
date
08/25/23)
6.75%
10/25/36
1
44,955
45,020
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Series
2007-CB1,
Class
AF3
(STEP-reset
date
07/01/23)
3.16%
01/25/37
988,234
300,343
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Series
2007-CB1,
Class
AF6
(STEP-reset
date
08/25/23)
3.16%
01/25/37
1,744,650
530,560
Flexible
Income
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)
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
$
940,757
$
576,288
CSMC
Mortgage-Backed
Trust,
Series
2006-6,
Class
1A8
6.00%
07/25/36
364,661
192,405
CSMC
Mortgage-Backed
Trust,
Series
2006-7,
Class
10A6
6.50%
08/25/36
1,087,758
565,919
CSMC
Mortgage-Backed
Trust,
Series
2006-7,
Class
8A11
6.50%
08/25/36
412,302
194,957
CSMC
Mortgage-Backed
Trust,
Series
2007-5,
Class
1A9
7.00%
08/25/37
4
731,815
466,758
CSMC
Trust,
Series
2020-RPL5,
Class
A1
3.02%
08/25/60
1,4
192,399
185,942
CSMC,
Series
2014-8R,
Class
3A2
4.61%
02/27/36
1,4
996,055
746,845
Deutsche
ALT-B
Securities,
Inc.,
Mortgage
Loan
Trust,
Series
2006-AB2,
Class
A2
4.81%
06/25/36
4
222,984
193,882
Deutsche
Mortgage
&
Asset
Receiving
Corp.,
Series
2014-RS1,
Class
1A2
6.50%
07/27/37
1,4
339,439
274,245
Fannie
Mae
Connecticut
Avenue
Securities,
Series
2019-R04,
Class
2B1
(LIBOR
USD
1-Month
plus
5.25%)
10.40%
06/25/39
1,2
934,415
985,436
Fannie
Mae
Connecticut
Avenue
Securities,
Series
2019-R06,
Class
2B1
(LIBOR
USD
1-Month
plus
3.75%)
8.90%
09/25/39
1,2
1,063,227
1,072,654
Fannie
Mae
Connecticut
Avenue
Securities,
Series
2019-R07,
Class
1B1
(LIBOR
USD
1-Month
plus
3.40%)
8.55%
10/25/39
1,2
1,000,000
1,008,537
Fannie
Mae
Connecticut
Avenue
Securities,
Series
2020-R02,
Class
2B1
(LIBOR
USD
1-Month
plus
3.00%)
8.15%
01/25/40
1,2
1,000,000
962,076
Fannie
Mae
Connecticut
Avenue
Securities,
Series
2021-R03,
Class
1B2
(SOFR30A
plus
5.50%)
10.57%
12/25/41
1,2
985,000
957,466
First
Franklin
Mortgage
Loan
Trust,
Series
2006-FF13,
Class
A2C
(LIBOR
USD
1-Month
plus
0.32%)
5.47%
10/25/36
2
376,871
253,791
First
Franklin
Mortgage
Loan
Trust,
Series
2007-FF2,
Class
A2D
(LIBOR
USD
1-Month
plus
0.22%)
5.37%
03/25/37
2
704,816
345,036
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2006-FA6,
Class
2A3
6.25%
11/25/36
$
704,871
$
234,625
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2007-FA1,
Class
A4
6.25%
03/25/37
569,551
248,217
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2007-FA2,
Class
1A4
5.75%
04/25/37
709,566
268,157
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-DNA1,
Class
B1
(SOFR30A
plus
2.65%)
7.72%
01/25/51
1,2
700,000
671,848
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-HQA1,
Class
M2
(SOFR30A
plus
2.25%)
7.32%
08/25/33
1,2
961,769
947,134
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-HQA2,
Class
M2
(SOFR30A
plus
2.05%)
7.12%
12/25/33
1,2
815,000
780,932
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2022-DNA1,
Class
M2
(SOFR30A
plus
2.50%)
7.57%
01/25/42
1,2
1,000,000
968,255
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2022-DNA2,
Class
M2
(SOFR30A
plus
3.75%)
8.82%
02/25/42
1,2
1,000,000
1,007,818
GSAA
Home
Equity
Trust,
Series
2007-5,
Class
1F3B
6.00%
05/25/37
4
4,300,000
236,733
GSAA
Home
Equity
Trust,
Series
2007-5,
Class
1F5B
(STEP-reset
date
08/25/23)
6.44%
05/25/37
1,987,261
141,292
GSAA
Home
Equity
Trust,
Series
2007-5,
Class
2A2A
(LIBOR
USD
1-Month
plus
0.46%)
5.61%
04/25/47
2
815,319
400,322
GSAA
Trust,
Series
2006-7,
Class
AF3
(STEP-reset
date
08/25/23)
6.72%
03/25/46
2,943,320
1,187,693
GSAA
Trust,
Series
2007-3,
Class
2A1B
(LIBOR
USD
1-Month
plus
0.20%)
5.35%
03/25/47
2
166,316
7,596
GSMSC
Resecuritization
Trust,
Series
2015-5R,
Class
1C
(LIBOR
USD
1-Month
plus
0.14%)
3.46%
04/26/37
1,2
61,205
61,411
GSR
Mortgage
Loan
Trust,
Series
2005-AR6,
Class
2A1
4.07%
09/25/35
4
3,604
3,410
Flexible
Income
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)
HarborView
Mortgage
Loan
Trust,
Series
2005-9,
Class
2A1A
(LIBOR
USD
1-Month
plus
0.68%)
5.84%
06/20/35
2
$
14,878
$
13,614
HarborView
Mortgage
Loan
Trust,
Series
2005-9,
Class
2X
(IO)
0.00%
06/20/35
1,4,5,6
1,091,048
171
HarborView
Mortgage
Loan
Trust,
Series
2006-4,
Class
1A1A
(LIBOR
USD
1-Month
plus
0.36%)
5.52%
05/19/46
2
2,431,638
1,296,191
HarborView
Mortgage
Loan
Trust,
Series
2006-5,
Class
X2
(IO)
0.06%
07/19/46
4,5,6
2,674,267
27
HSI
Asset
Loan
Obligation
Trust,
Series
2007-WF1,
Class
A5
(STEP-reset
date
08/25/23)
4.50%
12/25/36
252,747
86,369
IndyMac
Index
Mortgage
Loan
Trust,
Series
2006-AR3,
Class
2A1A
3.44%
03/25/36
4
80,484
56,972
IndyMac
Index
Mortgage
Loan
Trust,
Series
2007-F2,
Class
1A4
6.00%
07/25/37
695,392
519,860
JPMorgan
Alternative
Loan
Trust,
Series
2006-S1,
Class
3A4
6.18%
03/25/36
4
892,010
762,340
JPMorgan
Mortgage
Acquisition
Trust,
Series
2006-CH2,
Class
AF3
(STEP-reset
date
08/25/23)
5.46%
09/25/29
473,034
295,978
JPMorgan
Mortgage
Acquisition
Trust,
Series
2006-CW2,
Class
AF4
(STEP-reset
date
08/25/23)
6.08%
08/25/36
1,451,652
856,359
JPMorgan
Mortgage
Acquisition
Trust,
Series
2006-CW2,
Class
AF5
(STEP-reset
date
08/25/23)
6.34%
08/25/36
275,859
194,376
JPMorgan
Mortgage
Acquisition
Trust,
Series
2006-WF1,
Class
A5
(STEP-reset
date
08/25/23)
6.91%
07/25/36
1,703,927
482,791
JPMorgan
Mortgage
Acquisition
Trust,
Series
2007-CH1,
Class
AF6
(STEP-reset
date
08/25/23)
4.59%
11/25/36
3,382
3,313
JPMorgan
Mortgage
Acquisition
Trust,
Series
2007-CH2,
Class
AF2
(STEP-reset
date
08/25/23)
4.46%
01/25/37
405,053
220,475
JPMorgan
Mortgage
Acquisition
Trust,
Series
2007-CH2,
Class
AF3
(STEP-reset
date
08/25/23)
4.46%
10/25/30
621,864
332,458
JPMorgan
Mortgage
Trust,
Series
2007-S1,
Class
2A11
6.00%
03/25/37
358,336
160,901
Lehman
ABS
Manufactured
Housing
Contract
Trust,
Series
2001-B,
Class
M1
6.63%
04/15/40
4
644,287
631,540
Lehman
Mortgage
Trust,
Series
2006-1,
Class
1A5
5.50%
02/25/36
134,836
69,721
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Lehman
Mortgage
Trust,
Series
2006-7,
Class
2A5
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.55%,
6.55%
Cap)
1.40%
11/25/36
2,5,6
$
184,386
$
18,891
Lehman
Mortgage
Trust,
Series
2006-9,
Class
3A2
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
7.23%,
7.23%
Cap)
2.08%
01/25/37
2,5,6
5,581,327
409,445
Lehman
Mortgage
Trust,
Series
2007-5,
Class
10A2
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.34%,
6.34%
Cap)
1.19%
06/25/37
2,5,6
8,543,792
517,076
Lehman
Mortgage
Trust,
Series
2007-5,
Class
7A3
7.50%
10/25/36
507,553
215,218
Lehman
XS
Trust,
Series
2005-1,
Class
3A4
(STEP-reset
date
08/25/23)
5.37%
07/25/35
38,780
38,780
Lehman
XS
Trust,
Series
2006-17,
Class
1A3
(LIBOR
USD
1-Month
plus
0.50%)
5.65%
08/25/46
2
201,880
177,642
Lehman
XS
Trust,
Series
2006-17,
Class
1AIO
(IO)
0.60%
08/25/46
5,6
8,013,373
163,338
MASTR
Alternative
Loan
Trust,
Series
2005-2,
Class
4A3
(LIBOR
USD
1-Month
plus
0.40%)
5.50%
03/25/35
2
12,100
12,016
MASTR
Asset-Backed
Securities
Trust,
Series
2006-NC2,
Class
A3
(LIBOR
USD
1-Month
plus
0.22%)
5.37%
08/25/36
2
713,980
279,559
Merrill
Lynch
Alternative
Note
Asset
Trust,
Series
2007-A1,
Class
A3
(LIBOR
USD
1-Month
plus
0.32%)
5.47%
01/25/37
2
656,977
211,558
Merrill
Lynch
Alternative
Note
Asset
Trust,
Series
2007-OAR2,
Class
A3
(LIBOR
USD
1-Month
plus
0.52%)
5.67%
04/25/37
2
1,961,965
187,944
Merrill
Lynch
First
Franklin
Mortgage
Loan
Trust,
Series
2007-3,
Class
A2B
(LIBOR
USD
1-Month
plus
0.26%)
5.41%
06/25/37
2
498,292
456,406
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2004-B,
Class
A1
(LIBOR
USD
1-Month
plus
0.50%)
5.65%
05/25/29
2
5,145
4,911
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2006-HE6,
Class
A2B
(LIBOR
USD
1-Month
plus
0.30%)
5.45%
11/25/37
2
788,354
251,933
Flexible
Income
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)
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2006-RM2,
Class
A1A
(LIBOR
USD
1-Month
plus
0.37%)
5.52%
05/25/37
2
$
3,547,616
$
1,017,738
Mid-State
Capital
Corp.
Trust,
Series
2005-1,
Class
A
5.75%
01/15/40
4,146
4,052
Mid-State
Capital
Corp.
Trust,
Series
2006-1,
Class
A
5.79%
10/15/40
1
34,071
32,984
Mid-State
Trust
XI,
Series
11,
Class
A1
4.86%
07/15/38
2,028
1,961
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2007-13,
Class
6A1
6.00%
10/25/37
175,128
101,791
Nationstar
Home
Equity
Loan
Trust,
Series
2007-C,
Class
2AV4
(LIBOR
USD
1-Month
plus
0.25%)
5.40%
06/25/37
2
18,713
17,740
Oakwood
Mortgage
Investors,
Inc.,
Series
1999-C,
Class
A2
7.48%
08/15/27
329,625
270,926
Oakwood
Mortgage
Investors,
Inc.,
Series
2002-A,
Class
A2
5.01%
03/15/20
4
1,259
1,251
Park
Place
Securities,
Inc.,
Asset-Backed
Pass-Through
Certificates,
Series
2005-WCH1,
Class
M4
(LIBOR
USD
1-Month
plus
1.25%)
6.40%
01/25/36
2
6,493
6,329
PRET
LLC,
Series
2021-RN2,
Class
A1
(STEP-reset
date
07/25/23)
1.74%
07/25/51
1
768,245
711,530
PRET
LLC,
Series
2022-RN2,
Class
A1
(STEP-reset
date
07/25/23)
5.00%
06/25/52
1
669,140
625,088
PRPM
LLC,
Series
2021-11,
Class
A1
(STEP-reset
date
07/25/23)
2.49%
11/25/26
1
358,289
335,094
PRPM
LLC,
Series
2021-3,
Class
A1
(STEP-reset
date
07/25/23)
1.87%
04/25/26
1
811,444
753,411
PRPM
LLC,
Series
2021-4,
Class
A1
(STEP-reset
date
07/25/23)
1.87%
04/25/26
1
1,159,276
1,073,293
PRPM
LLC,
Series
2021-9,
Class
A1
(STEP-reset
date
07/25/23)
2.36%
10/25/26
1
399,392
373,001
PRPM
LLC,
Series
2022-1,
Class
A1
(STEP-reset
date
07/25/23)
3.72%
02/25/27
1
1,105,185
1,051,934
PRPM
LLC,
Series
2022-3,
Class
A1
(STEP-reset
date
07/25/23)
5.56%
06/25/27
1
1,028,267
1,004,169
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
PRPM
LLC,
Series
2022-4,
Class
A1
(STEP-reset
date
07/25/23)
5.00%
08/25/27
1
$
255,317
$
243,799
PRPM,
LLC,
Series
2021-1,
Class
A1
2.12%
01/25/26
1,4
864,135
809,279
PRPM,
LLC,
Series
2021-10,
Class
A1
(STEP-reset
date
07/25/23)
2.49%
10/25/26
1
404,161
378,273
PRPM,
LLC,
Series
2021-8,
Class
A1
1.74%
09/25/26
1,4
607,641
561,427
Residential
Accredit
Loans
Trust,
Series
2005-QS14,
Class
3A3
6.00%
09/25/35
126,057
101,609
Residential
Accredit
Loans
Trust,
Series
2005-QS16,
Class
A7
5.50%
11/25/35
416,676
352,744
Residential
Accredit
Loans
Trust,
Series
2006-QS15,
Class
A3
6.50%
10/25/36
846,098
711,835
Residential
Accredit
Loans
Trust,
Series
2006-QS18,
Class
2A2
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.55%,
6.55%
Cap)
1.40%
12/25/36
2,5,6
4,168,621
458,810
Residential
Accredit
Loans
Trust,
Series
2006-QS4,
Class
A2
6.00%
04/25/36
291,663
234,768
Residential
Accredit
Loans
Trust,
Series
2006-QS4,
Class
A4
6.00%
04/25/36
361,307
290,827
Residential
Accredit
Loans
Trust,
Series
2006-QS6,
Class
1A15
6.00%
06/25/36
146,015
114,542
Residential
Accredit
Loans
Trust,
Series
2006-QS6,
Class
1A2
6.00%
06/25/36
573,598
449,960
Residential
Accredit
Loans
Trust,
Series
2006-QS6,
Class
1A4
6.00%
06/25/36
957,297
784,113
Residential
Accredit
Loans
Trust,
Series
2007-QH9,
Class
X
(IO)
(PO)
0.70%
11/25/37
4,5,6
32,925
1,042
Residential
Accredit
Loans
Trust,
Series
2007-QO2,
Class
A1
(LIBOR
USD
1-Month
plus
0.15%)
5.30%
02/25/47
2
513,444
194,358
Residential
Accredit
Loans
Trust,
Series
2007-QS1,
Class
1A4
6.00%
01/25/37
457,609
354,266
Residential
Accredit
Loans
Trust,
Series
2007-QS1,
Class
2A1
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.64%,
6.64%
Cap)
1.49%
01/25/37
2,5,6
6,490,860
625,679
Flexible
Income
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)
Residential
Accredit
Loans
Trust,
Series
2007-QS3,
Class
A1
6.50%
02/25/37
$
437,845
$
351,685
Residential
Accredit
Loans
Trust,
Series
2007-QS7,
Class
1A1
6.00%
05/25/37
49,118
39,644
Residential
Asset
Mortgage
Products
Trust,
Series
2006-EFC2,
Class
A4
(LIBOR
USD
1-Month
plus
0.44%)
5.59%
12/25/36
2
36,010
34,512
Residential
Asset
Securitization
Trust,
Series
2003-A15,
Class
1A3
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
7.55%,
7.55%
Cap)
2.40%
02/25/34
2,5,6
397,328
26,218
Residential
Asset
Securitization
Trust,
Series
2005-A8CB,
Class
A9
5.38%
07/25/35
242,401
145,417
Residential
Asset
Securitization
Trust,
Series
2006-A12,
Class
A1
6.25%
11/25/36
502,210
200,880
Residential
Asset
Securitization
Trust,
Series
2006-A15,
Class
A2
6.25%
01/25/37
512,793
193,154
Residential
Asset
Securitization
Trust,
Series
2006-A16,
Class
1A3
6.00%
02/25/37
329,926
152,614
Residential
Asset
Securitization
Trust,
Series
2006-A5CB,
Class
A4
6.00%
06/25/36
208,333
89,525
Residential
Asset
Securitization
Trust,
Series
2007-A1,
Class
A1
6.00%
03/25/37
325,239
111,476
Residential
Asset
Securitization
Trust,
Series
2007-A3,
Class
1A4
5.75%
04/25/37
476,801
251,737
Residential
Asset
Securitization
Trust,
Series
2007-A6,
Class
1A3
6.00%
06/25/37
142,147
79,753
Residential
Funding
Mortgage
Securities
Trust,
Series
2006-S10,
Class
1A1
6.00%
10/25/36
697,225
534,924
Residential
Funding
Mortgage
Securities
Trust,
Series
2006-S3,
Class
A7
5.50%
03/25/36
474,219
380,920
Residential
Funding
Mortgage
Securities
Trust,
Series
2006-S6,
Class
A10
6.00%
07/25/36
221,403
186,161
Residential
Funding
Mortgage
Securities
Trust,
Series
2006-S6,
Class
A14
6.00%
07/25/36
70,993
59,316
Residential
Funding
Mortgage
Securities
Trust,
Series
2007-S8,
Class
1A1
6.00%
09/25/37
142,696
97,154
Securitized
Asset-Backed
Receivables
LLC
Trust,
Series
2006-CB1,
Class
AF4
(STEP-reset
date
08/25/23)
2.86%
01/25/36
253,059
202,453
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Securitized
Asset-Backed
Receivables
LLC
Trust,
Series
2007-NC1,
Class
A2B
(LIBOR
USD
1-Month
plus
0.30%)
5.45%
12/25/36
2
$
889,878
$
486,967
Soundview
Home
Loan
Trust,
Series
2007-OPT2,
Class
2A4
(LIBOR
USD
1-Month
plus
0.25%)
5.40%
07/25/37
2
278,470
212,363
Soundview
Home
Loan
Trust,
Series
2007-OPT4,
Class
1A1
(LIBOR
USD
1-Month
plus
1.00%)
6.15%
09/25/37
2
392,991
267,094
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2004-1,
Class
4A1
5.28%
02/25/34
4
1,052
984
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2006-AR2,
Class
A1
(LIBOR
USD
1-Month
plus
0.46%)
5.61%
02/25/36
2
10,991
9,429
VOLT
CIII
LLC,
Series
2021-CF1,
Class
A1
(STEP-reset
date
07/25/23)
1.99%
08/25/51
1
744,147
693,591
VOLT
XCII
LLC,
Series
2021-NPL1,
Class
A1
(STEP-reset
date
07/25/23)
1.89%
02/27/51
1
1,074,246
975,465
VOLT
XCVI
LLC,
Series
2021-NPL5,
Class
A2
(STEP-reset
date
07/25/23)
4.83%
03/27/51
1
930,000
808,041
WaMu
Mortgage
Pass-Through
Certificates,
Series
2006-2,
Class
1A6
6.00%
03/25/36
22,424
20,764
WaMu
Mortgage
Pass-Through
Certificates,
Series
2006-AR3,
Class
X3
(IO)
1.15%
05/25/46
5,6
6,723,952
256,657
Wells
Fargo
Alternative
Loan
Trust,
Series
2007-PA2,
Class
1A1
6.00%
06/25/37
181,025
153,714
Wells
Fargo
Alternative
Loan
Trust,
Series
2007-PA5,
Class
1A1
6.25%
11/25/37
318,985
268,557
Wells
Fargo
Mortgage-Backed
Securities
Trust,
Series
2006-AR14,
Class
2A3
4.51%
10/25/36
4
34,255
31,542
Wells
Fargo
Mortgage-Backed
Securities
Trust,
Series
2006-AR4,
Class
2A1
4.69%
04/25/36
4
6,423
5,971
Wells
Fargo
Mortgage-Backed
Securities
Trust,
Series
2007-7,
Class
A1
6.00%
06/25/37
213,656
193,795
80,114,800
U.S.
Agency
Commercial
Mortgage-Backed
—
0.99%
Fannie
Mae
Pool
462209
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1-Year
plus
2.18%)
6.52%
04/01/36
2
48,049
47,931
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
23
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Commercial
Mortgage-Backed
(continued)
Fannie
Mae-Aces,
Series
2016-M11,
Class
X2
(IO)
3.09%
07/25/39
4
$
254,077
$
4,611
Fannie
Mae-Aces,
Series
2016-M2,
Class
X3
(IO)
2.04%
04/25/36
4
66,895
588
Fannie
Mae-Aces,
Series
2016-M4,
Class
X2
(IO)
2.70%
01/25/39
4
527,137
7,295
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K037,
Class
X3
(IO)
2.29%
01/25/42
4
390,000
4,139
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K043,
Class
X1
(IO)
0.63%
12/25/24
4
22,937,263
152,154
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K044,
Class
X3
(IO)
1.55%
01/25/43
4
4,900,000
105,828
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K045,
Class
X1
(IO)
0.54%
01/25/25
4
27,057,029
151,441
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K049,
Class
X1
(IO)
0.68%
07/25/25
4
12,252,787
117,220
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K049,
Class
X3
(IO)
1.60%
10/25/43
4
2,925,000
83,543
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K050,
Class
X1
(IO)
0.43%
08/25/25
4
21,462,848
117,612
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K056,
Class
X3
(IO)
2.19%
06/25/44
4
6,243,936
349,888
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K062,
Class
X3
(IO)
2.15%
01/25/45
4
3,000,000
191,227
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K106,
Class
X1
(IO)
1.48%
01/25/30
4
9,747,470
692,244
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K732,
Class
X3
(IO)
2.24%
05/25/46
4
4,850,000
193,248
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Commercial
Mortgage-Backed
(continued)
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K735,
Class
X3
(IO)
2.23%
05/25/47
4
$
3,160,000
$
174,198
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K736,
Class
X3
(IO)
2.08%
09/25/47
4
2,495,000
135,458
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KC05,
Class
X1
(IO)
1.35%
06/25/27
4
672,605
18,223
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KLU1,
Class
X3
(IO)
4.19%
01/25/31
4
290,286
30,620
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
Q013,
Class
XPT1
(IO)
1.66%
05/25/25
4
3,672,203
63,456
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
Q013,
Class
XPT2
(IO)
1.81%
05/25/27
4
3,648,668
96,504
Ginnie
Mae,
Series
2009-111,
Class
IO
(IO)
0.19%
09/16/51
4
896,517
29,410
Ginnie
Mae,
Series
2010-159,
Class
D
4.56%
09/16/44
4
115,552
113,588
Ginnie
Mae,
Series
2011-119,
Class
IO
(IO)
0.20%
08/16/51
4
1,130,113
2,148
Ginnie
Mae,
Series
2011-86,
Class
C
3.63%
09/16/51
4
224,691
210,441
Ginnie
Mae,
Series
2012-123,
Class
IO
(IO)
0.63%
12/16/51
4
1,512,712
23,176
Ginnie
Mae,
Series
2012-135,
Class
IO
(IO)
0.34%
01/16/53
4
265,691
2,436
Ginnie
Mae,
Series
2013-33,
Class
IO
(IO)
0.22%
04/16/54
4
344,352
846
Ginnie
Mae,
Series
2014-126,
Class
IO
(IO)
0.71%
02/16/55
4
5,108,078
109,782
3,229,255
U.S.
Agency
Mortgage-Backed
—
22.49%
Fannie
Mae
REMICS,
Series
2005-56,
Class
SP
(-6.00
X
LIBOR
USD
1-Month
plus
42.30%,
6.00%
Cap)
6.00%
08/25/33
2
2,469
2,431
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
24
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Mortgage-Backed
(continued)
Fannie
Mae
REMICS,
Series
2011-116,
Class
SA
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.00%,
6.00%
Cap)
0.85%
11/25/41
2
$
75,405
$
5,019
Fannie
Mae
REMICS,
Series
2012-139,
Class
AI
(IO)
3.00%
12/25/27
150,109
6,527
Freddie
Mac
Strips,
Series
240,
Class
IO
(IO)
5.50%
07/15/36
226,367
43,940
Ginnie
Mae
(TBA)
4.50%
07/20/53
1,500,000
1,447,661
5.00%
07/20/53
775,000
761,619
Ginnie
Mae,
Series
2003-110,
Class
S
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.60%,
6.60%
Cap)
1.44%
10/20/33
2
268,724
16,789
Ginnie
Mae,
Series
2018-124,
Class
NW
3.50%
09/20/48
26,900
24,878
Ginnie
Mae,
Series
2018-154,
Class
BP
3.50%
11/20/48
2,582
2,405
UMBS
(TBA)
2.00%
07/01/53
7,550,000
6,158,853
2.00%
08/01/53
5,725,000
4,673,479
2.50%
07/01/53
12,650,000
10,721,985
2.50%
08/01/53
2,725,000
2,313,057
3.00%
07/01/53
8,450,000
7,437,319
3.00%
08/01/53
3,275,000
2,885,710
4.00%
07/01/53
6,525,000
6,122,791
4.50%
07/01/53
3,400,000
3,268,661
4.50%
08/01/53
4,625,000
4,449,394
5.00%
07/01/53
16,850,000
16,511,684
5.50%
07/01/53
6,875,000
6,844,111
73,698,313
Total
Mortgage-Backed
(Cost
$203,560,198)
173,014,052
MUNICIPAL
BONDS
—
0.24%*
California
—
0.03%
Los
Angeles
Department
of
Airports
Revenue
Bonds,
Port,
Airport
and
Marina
Improvements,
Series
A
3.89%
05/15/38
100,000
88,592
Florida
—
0.02%
County
of
Miami-Dade
Aviation
Revenue
Bonds,
Airport
and
Marina
Improvements,
Series
B
2.61%
10/01/32
100,000
80,973
New
York
—
0.16%
City
of
New
York
General
Obligation
Bonds,
Public
Improvements,
Series
F
3.62%
04/01/31
155,000
142,528
Issues
Maturity
Date
Principal
Amount
Value
MUNICIPAL
BONDS
(continued)
New
York
(continued)
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
Bonds,
Public
Improvements,
Subseries
B3
1.85%
08/01/32
$
75,000
$
58,374
New
York
State
Dormitory
Authority
Revenue
Bonds,
School
Improvements,
Series
F
3.11%
02/15/39
150,000
122,988
New
York
State
Urban
Development
Corp.
Revenue
Bonds,
Economic
Improvements,
Series
F
2.00%
03/15/33
100,000
77,777
New
York
State
Urban
Development
Corp.
Revenue
Bonds,
Transit
Improvements,
Series
B
2.54%
03/15/34
175,000
140,549
542,216
Ohio
—
0.03%
Ohio,
Taxable
Revenue
Bonds,
Advanced
Refunding,
Cleveland
Clinic
2.89%
01/01/32
100,000
86,208
Total
Municipal
Bonds
(Cost
$988,650)
797,989
U.S.
TREASURY
SECURITIES
—
0.82%
U.S.
Treasury
Bonds
—
0.63%
U.S.
Treasury
Bonds
-
Treasury
Inflation
Indexed
Bonds
(WI)
1.25%
04/15/28
11
2,124,255
2,055,217
U.S.
Treasury
Notes
—
0.19%
U.S.
Treasury
Notes
4.00%
06/30/28
45,000
44,756
4.25%
05/31/25
199,000
196,509
4.63%
06/30/25
120,000
119,456
U.S.
Treasury
Notes
(WI)
3.38%
05/15/33
28,000
27,007
3.63%
05/31/28
259,000
253,301
641,029
Total
U.S.
Treasury
Securities
(Cost
$2,765,477)
2,696,246
Total
Bonds
—
102.70%
(Cost
$377,050,959)
336,614,303
Issues
Shares
Value
COMMON
STOCK
—
0.16%
Communications
—
0.08%
Intelsat
Emergence
SA
3,5,6
(Luxembourg)
11,030
249,830
Financials
—
0.08%
AGNC
Investment
Corp.
25,500
258,315
Total
Common
Stock
(Cost
$682,025)
508,145
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
25
/
June
2023
Issues
Shares
Value
RIGHTS
—
0.00%
Communications
—
0.00%
Intelsat
Jackson
Holdings
SA,
Series
A
†,3,5,6,9
(Luxembourg)
1,154
$
—
Intelsat
Jackson
Holdings
SA,
Series
B
†,3,5,6,9
(Luxembourg)
1,154
—
—
Total
Rights
(Cost
$–)
—
WARRANT
—
0.00%
Entertainment
—
0.00%
Cineworld
Group
PLC
3,9
(United
Kingdom)
152,713
5,339
Total
Warrant
(Cost
$–)
Issues
Maturity
Date
Principal
Amount
/
Shares
Value
SHORT-TERM
INVESTMENTS
—
19.20%
Money
Market
Funds
—
0.53%
Fidelity
Investments
Money
Market
Funds
-
Government
Portfolio
4.99%
12
352,367
352,367
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
5.02%
12
1,380,500
1,380,500
1,732,867
U.S.
Agency
Discount
Notes
—
1.52%
Federal
Home
Loan
Bank
4.93%
13
08/09/23
$
5,000,000
4,974,636
U.S.
Treasury
Bills
—
17.15%
U.S.
Cash
Management
Bills
4.95%
13
10/19/23
29,930,000
29,463,557
U.S.
Treasury
Bills
4.76%
13
08/03/23
10,000,000
9,956,008
5.06%
13
08/31/23
5,000,000
4,957,802
5.36%
13
10/03/23
5,000,000
4,933,930
5.14%
13
10/12/23
7,000,000
6,898,364
56,209,661
Total
Short-Term
Investments
(Cost
$62,957,668)
62,917,164
Total
Investments
-
122.06%
(Cost
$440,690,652)
400,044,951
Net
unrealized
depreciation
on
unfunded
commitments
-
0.00%
(1,519)
Liabilities
in
Excess
of
Other
Assets
-
(22.06)%
(72,282,043)
Net
Assets
-
100.00%
$
327,761,389
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
$4,727,820,
which
is
1.44%
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
$104,891,
at
an
interest
rate
of
8.70%
and
a
maturity
of
February
15,
2029.
The
investment
is
accruing
an
unused
commitment
fee
of
2.51%
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
Inflation
protected
security.
Principal
amount
reflects
original
security
face
amount.
12
Represents
the
current
yield
as
of
June
30,
2023.
13
Represents
annualized
yield
at
date
of
purchase.
†
Fair
valued
security.
The
aggregate
value
of
fair
valued
securities
is
$0,
which
is
0.00%
of
total
net
assets.
Fair
valued
securities
were
not
valued
utilizing
an
independent
quote
but
were
valued
pursuant
to
guidelines
approved
by
the
Board
of
Trustees.
See
Notes
to
Financial
Statements.
*
Securities
with
a
call
or
reset
feature
will
have
an
effective
maturity
date
sooner
than
the
stated
maturity.
**
Securities
backed
by
mortgage
or
consumer
loans
where
payment
is
periodically
made
will
have
an
effective
maturity
date
sooner
than
the
stated
maturity
date.
Note:
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
for
more
meaningful
presentation
for
investors.
(CLO):
Collateralized
Loan
Obligation
(EMTN):
Euro
Medium-Term
Note
(EUR):
Euro
(EURIBOR):
Euro
InterBank
Offer
Rate
(GBP):
British
Pound
(GMTN):
Global
Medium-Term
Note
(IO):
Interest
Only
(LIBOR):
London
InterBank
Offer
Rate
(MTN):
Medium-Term
Note
(PO):
Principal
Only
(REIT):
Real
Estate
Investment
Trust
(SOFR):
Secured
Overnight
Financing
Rate
(SONIA):
Sterling
Overnight
Index
Average
(STEP):
Step
Coupon
Bond
(TBA):
To-Be-Announced
(USD):
U.S.
Dollar
(WI):
When
Issued
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
26
Currency
to
be
Purchased
Currency
to
be
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
FOREIGN
CURRENCY
EXCHANGE
CONTRACT
USD
6,235,575
EUR
5,685,000
Citibank
N.A.
07/14/23
$
28,715
EUR
164,185
USD
179,281
Citibank
N.A.
07/06/23
(100)
EUR
181,000
USD
200,176
Citibank
N.A.
07/14/23
(2,561)
USD
391,023
GBP
313,000
Citibank
N.A.
07/14/23
(6,953)
USD
750,182
GBP
602,000
Goldman
Sachs
International
07/14/23
(15,252)
(24,866)
NET
UNREALIZED
APPRECIATION
$
3,849
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
FUTURES
CONTRACTS:
LONG
POSITIONS
U.S.
Treasury
Five-Year
Note
1,130
09/29/23
$
121,015,938
$
(2,389,086)
$
(2,389,086)
U.S.
Treasury
Two-Year
Note
175
09/29/23
35,585,156
(527,611)
(527,611)
156,601,094
(2,916,697)
(2,916,697)
FUTURES
CONTRACTS:
SHORT
POSITIONS
U.S.
Treasury
Ten-Year
Ultra
Bond
291
09/20/23
(34,465,313)
354,777
354,777
U.S.
Treasury
Ultra
Bond
105
09/20/23
(14,302,969)
(156,299)
(156,299)
Euro-Bund
Future
10
09/07/23
(1,459,103)
18,540
18,540
Euro-Bobl
Future
9
09/07/23
(1,136,157)
17,463
17,463
Euro-Buxl
30
Year
3
09/07/23
(456,911)
(5,110)
(5,110)
(51,820,453)
229,371
229,371
TOTAL
FUTURES
CONTRACTS
$
104,780,641
$
(2,687,326)
$
(2,687,326)
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
27
/
June
2023
SIGNIFICANT
ACCOUNTING
POLICIES
The
following
is
a
summary
of
significant
accounting
policies
consistently
followed
by
the
Fund:
Net
Asset
Value
The
Net
Asset
Value
(“NAV”)
of
each
class
of
the
Fund
is
determined
by
dividing
the
net
assets
attributable
to
each
class
of
shares
of
the
Fund
by
the
number
of
issued
and
outstanding
shares
of
the
class
of
the
Fund
on
each
business
day
as
of
4
p.m.
ET.
Security
Valuation
Pursuant
to
Rule
2a-5
under
the
1940
Act,
the
Board
of
Trustees
(the
"Board"
or
the
"Board
of
Trustees")
has
designated
the
Adviser
as
the
"valuation
designee"
with
respect
to
the
fair
valuation
of
the
Fund's
portfolio
securities,
subject
to
oversight
by
and
periodic
reporting
to
the
Board. Fixed
income
securities
for
which
market
quotations
are
readily
available were
valued
during
the
period at
prices
as
provided
by
independent
pricing
vendors
or
broker
quotes.
The
Fund
received
pricing
information
from
independent
pricing
vendors
selected
and
overseen
by
the
valuation
designee.
Securities
with
a
demand
feature
exercisable
within
one
to
seven
days
are
valued
at
par.
The
Fund
also
uses
a
benchmark
pricing
system
to
the
extent
vendors’
prices
for
their
securities
are
either
inaccurate
(such
as
when
the
reported
prices
are
different
from
recent
known
market
transactions)
or
are
not
available
from
another
pricing
source.
For
a
security
priced
using
this
system,
the
Adviser
initially
selects
a
proxy
composed
of
a
relevant
security
(e.g.,
U.S.
Treasury
Note)
or
benchmark
(e.g.,
LIBOR)
and
a
multiplier,
divisor
or
margin
that
the
Adviser
believes
would
together
best
reflect
changes
in
the
market
value
of
the
security.
The
value
of
the
security
changes
daily
based
on
changes
to
the
market
price
of
the
assigned
benchmark.
The
benchmark
pricing
system
is
continuously
reviewed
by
the
Adviser
and
implemented
according
to
the
pricing
policy
reviewed
by
the
Board.
S&P
500
Index
futures
contracts
are
valued
at
the
first
sale
price
after
4
p.m.
ET
on
the
Chicago
Mercantile
Exchange.
All
other
futures
contracts
are
valued
at
the
official
settlement
price
of
the
exchange
on
which
those
securities
are
traded.
Equity
securities,
including
depository
receipts,
are
valued
at
the
last
reported
sale
price
or
the
market’s
closing
price
on
the
exchange
or
market
on
which
such
securities
are
traded,
as
of
the
close
of
business
on
the
day
the
securities
are
being
valued
or,
lacking
any
sales,
at
the
average
of
the
bid
and
ask
prices.
In
cases
where
equity
securities
are
traded
on
more
than
one
exchange,
the
securities
are
valued
on
the
exchange
or
market
determined
by
the
Adviser
to
be
the
broadest
and
most
representative
market,
which
may
be
either
a
securities
exchange
or
the
over-the-counter
market.
Equity
options
are
valued
at
the
average
of
the
bid
and
ask
prices.
Securities
and
other
assets
that
could
not be
valued
as
described
above were
valued
for
the
period at
their
fair
value
as
determined
by
the
Adviser
in
accordance
with
procedures
approved by
and
under
the
general
oversight
of
the
Board.
Investments
in
registered
open-ended
investment
companies,
including
those
classified
as
money
market
funds,
are
valued
based
upon
the
reported
NAV
of
such
investments.
Fair
value
methods
used
by
the
Adviser
for
the
period included,
but were
not
limited
to,
obtaining
market
quotations
from
secondary
pricing
services,
broker-dealers,
or
widely
used
quotation
systems.
General
factors
considered
in
determining
the
fair
value
of
securities
include
fundamental
analytical
data,
the
nature
and
duration
of
any
restrictions
on
disposition
of
the
securities,
and
an
evaluation
of
the
forces
that
influence
the
market
in
which
the
investments
are
purchased
and
sold.
These
securities
are
either
categorized
as
Level
2
or
3
depending
on
the
relevant
inputs
used.
In
the
event
that
the
security
or
asset
could
not be
valued
pursuant
to
one
of
the
valuation
methods
used
by
the
Adviser,
the
value
of
the
security
or
asset was
determined
in
good
faith
by
the Adviser,
as
the
valuation
designee.
When
the
Fund
uses
these
fair
valuation
methods that
use
significant
unobservable
inputs
to
determine
NAV,
securities
will
be
priced
by
a
method
that
the
Adviser
believes
accurately
reflects
fair
value
and
are
categorized
as
Level
3
of
the
fair
value
hierarchy.
These
methods
may
require
subjective
determinations
about
the
value
of
a
security.
While
the
Fund’s
policy
is
intended
to
result
in
a
calculation
of
its
NAV
that
fairly
reflects
security
values
as
of
the
time
of
pricing,
the
Fund
cannot
guarantee
that
values
determined
by
the
Adviser
would
accurately
reflect
the
price
that
the
Fund
could
obtain
for
a
security
if
it
were
to
dispose
of
that
security
as
of
the
time
of
pricing
(for
instance,
in
a
forced
or
distressed
sale).
The
prices
used
by
the
Fund
may
differ
from
the
value
that
would
be
realized
if
the
securities
were
sold.
Fair
Value
Measurements
Various
inputs
are
used
in
determining
the
fair
value
of
investments,
which
are
as
follows:
*
Level
1
-
unadjusted
quoted
prices
in
active
markets
for
identical
securities
*
Level
2
-
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
*
Level
3
-
significant
unobservable
inputs
that
are
not
corroborated
by
observable
market
data
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
28
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:
FLEXIBLE
INCOME
FUND
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Investments
in
Securities
Assets:
Short-Term
Investments:
Money
Market
Funds
$
1,732,867
$
—
$
—
$
1,732,867
U.S.
Agency
Discount
Notes
—
4,974,636
—
4,974,636
U.S.
Treasury
Bills
56,209,661
—
—
56,209,661
Long-Term
Investments:
Asset-Backed
Securities
—
37,734,348
420,678
38,155,026
Bank
Loans
—
12,768,778
—
12,768,778
Common
Stock
258,315
—
249,830
508,145
Corporates
—
103,580,270
45,879
103,626,149
Foreign
Government
Obligations
—
5,556,063
—
5,556,063
Mortgage-Backed
Securities
—
169,002,619
4,011,433
173,014,052
Municipal
Bonds
—
797,989
—
797,989
Rights
—
—
—
—
U.S.
Treasury
Securities
641,029
2,055,217
—
2,696,246
Warrant
—
5,339
—
5,339
Liabilities:
Long-Term
Investments:
Unfunded
Commitments
Depreciation
—
(
1,519
)
—
(
1,519
)
Other
Financial
Instruments
*
Assets:
Foreign
currency
exchange
contracts
—
28,715
—
28,715
Interest
rate
contracts
390,780
—
—
390,780
Liabilities:
Foreign
currency
exchange
contracts
—
(
24,866
)
—
(
24,866
)
Interest
rate
contracts
(
3,078,106
)
—
—
(
3,078,106
)
Total
$
56,154,546
$
336,477,589
$
4,727,820
$
397,359,955
*Other
financial
instruments
include
foreign
currency
exchange
contracts
and
futures.
Interest
rate
contracts
include
futures.
Flexible
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
29
/
June
2023
Certain
securities
held
by
the
Funds
are
categorized
as
Level
3
investments.
Their
prices
may
be
derived
by
utilizing
unobservable
prior
transaction
values
or
information
from
third
party
valuation
services.
The
value
of
Level
3
investments
could
be
significantly
affected
by
changes
in
these
unobservable
inputs.
For
the
period
ended
June
30,
2023
a
reconciliation
of
Level
3
investments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
at
the
beginning
and/or
end
of
the
period
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
COMMITMENTS
AND
CONTINGENCIES
The
Flexible
Income
Fund had
the
following
unfunded
commitments
and
unrealized
gain
(loss)
as
of
June
30,
2023:
FLEXIBLE
INCOME
FUND
ASSET-BACKED
SECURITIES
COMMON
STOCK
CORPORATES
MORTGAGE-
BACKED
SECURITIES
TOTAL
Balance
as
of
April
1,
2023
$
438,609
$
286,780
$
69,795
$
3,404,250
$
4,199,434
Accrued
discounts/premiums
—
—
—
(
272,846
)
(
272,846
)
Realized
gain
(loss)
—
—
—
—
—
Change
in
unrealized
(depreciation)*
(
9,944
)
(
36,950
)
(
23,916
)
(
864,789
)
(
935,599
)
Purchases
—
—
—
1,744,818
1,744,818
Sales
(
7,987
)
—
—
—
(
7,987
)
Transfers
into
Level
3**
—
—
—
—
—
Transfers
out
of
Level
3**
—
—
—
—
—
Balance
as
of
June
30,
2023
$
420,678
$
249,830
$
45,879
$
4,011,433
$
4,727,820
*The
change
in
unrealized
appreciation
(depreciation)
on
securities
still
held
at
June
30,
2023
was
$(935,599)
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:
FLEXIBLE
INCOME
FUND
FAIR
VALUE
AT
6/30/23
VALUATION
TECHNIQUE
*
UNOBSERVABLE
INPUT
RANGE
WEIGHTED
AVERAGE
INPUT
TO
VALUATION
IF
INPUT
INCREASES
Asset-Backed
Securities
$420,678
Broker
Quote
Offered
Quote
$88.03
$88.03
Increase
Common
Stock
$249,830
Third-Party
Vendor
Vendor
Prices
$22.65
$22.65
Increase
Corporate
Securities
$—
Broker
Quote
Offered
Quote
$—
$—
Increase
Corporate
Securities
$45,879
Third-Party
Vendor
Vendor
Prices
$5.75
-
$16.37
$13.71
Increase
Mortgage-Backed
Securities-Non-Agency
$3,107,051
Third-Party
Vendor
Vendor
Prices
$0.00
-
$11.01
$7.38
Increase
Mortgage-Backed
Securities-
Non-Agency
Commercial
$701,944
Broker
Quote
Offered
Quote
$92.95
-
$97.78
$96.28
Increase
Mortgage-Backed
Securities-
Non-Agency
Commercial
$202,438
Third-Party
Vendor
Vendor
Prices
$0.69
$0.69
Increase
Rights
$—
Broker
Quote
Offered
Quote
$—
$—
Increase
*
The
valuation
technique
employed
on
the
Level
3
securities
involves
the
use
of
vendor
prices,
broker
quotes
and
benchmark
pricing.
The
Adviser
monitors
the
third-party
brokers
and
vendors
using
the
valuation
process.
FLEXIBLE
INCOME
FUND
UNFUNDED
COMMITMENTS
MATURITY
AMOUNT
UNREALIZED
(LOSS)
AthenaHealth
Group,
Inc.,
Delayed-Draw
Term
Loan
B,
1st
Lien
February
2029
$
104,891
$
(
1,519
)
Total
Unfunded
Commitments
$
104,891
$
(
1,519
)