Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
1
/
June
2024
Issues
Maturity
Date
Principal
Amount
Value
BONDS
–
116
.07
%
ASSET-BACKED
SECURITIES
—
10
.70
%
**
Access
Group,
Inc.,
Series
2015-1,
Class
A
(SOFR30A
plus
0.81%)
6.15%
07/25/56
1,2
$
671,447
$
665,081
AmeriCredit
Automobile
Receivables
Trust,
Series
2020-1,
Class
D
1.80%
12/18/25
5,265,958
5,255,188
AmeriCredit
Automobile
Receivables
Trust,
Series
2020-3,
Class
D
1.49%
09/18/26
2,587,000
2,512,817
Barings
CLO
Ltd.,
Series
2018-3A,
Class
A1
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.21%)
6.54%
07/20/29
1,2,3
317,398
317,382
Barings
CLO
Ltd.,
Series
2018-4A,
Class
A1R
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.15%)
6.48%
10/15/30
1,2,3
6,400,000
6,401,472
Carvana
Auto
Receivables
Trust,
Series
2021-N2,
Class
D
1.27%
03/10/28
988,900
933,142
Domino's
Pizza
Master
Issuer
LLC,
Series
2015-1A,
Class
A2II
4.47%
10/25/45
2
3,617,250
3,551,090
Domino's
Pizza
Master
Issuer
LLC,
Series
2018-1A,
Class
A2I
4.12%
07/25/48
2
2,145,140
2,095,110
Exeter
Automobile
Receivables
Trust,
Series
2022-1A,
Class
D
3.02%
06/15/28
2,669,000
2,564,167
Flagship
Credit
Auto
Trust,
Series
2019-4,
Class
D
3.12%
01/15/26
2
1,427,680
1,414,778
GLS
Auto
Receivables
Issuer
Trust,
Series
2020-3A,
Class
D
2.27%
05/15/26
2
757,937
754,814
Goal
Capital
Funding
Trust,
Series
2006-1,
Class
B
(LIBOR
USD
3-Month
plus
0.45%)
6.05%
08/25/42
1
1,004,687
962,972
J.G.
Wentworth
XXX
LLC,
Series
2013-3A,
Class
A
4.08%
01/17/73
2
2,532,088
2,353,281
JPMorgan
Chase
Bank
N.A.
-
CACLN,
Series
2021-1,
Class
C
1.02%
09/25/28
2
36,364
36,213
LCM
XXIV
Ltd.,
Series
24A,
Class
AR
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.24%)
6.57%
03/20/30
1,2,3
1,777,522
1,779,780
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
Madison
Park
Funding
XVII
Ltd.,
Series
2015-17A,
Class
AR2
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.26%)
6.59%
07/21/30
1,2,3
$
8,810,838
$
8,816,741
Madison
Park
Funding
XXIV
Ltd.,
Series
2016-24A,
Class
AR2
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.12%)
6.45%
10/20/29
1,2,3
6,250,000
6,254,231
Navient
Private
Education
Refi
Loan
Trust,
Series
2021-CA,
Class
A
1.06%
10/15/69
2
772,570
681,092
Navient
Private
Education
Refi
Loan
Trust,
Series
2021-FA,
Class
A
1.11%
02/18/70
2
3,777,631
3,237,453
Nelnet
Student
Loan
Trust,
Series
2013-1A,
Class
A
(SOFR30A
plus
0.71%)
6.05%
06/25/41
1,2
954,906
949,076
NYACK
Park
CLO
Ltd.,
Series
2021-1A,
Class
X
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
0.91%)
6.24%
10/20/34
1,2,3
837,054
836,476
OCP
CLO
Ltd.,
Series
2014-6A,
Class
A1R2
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.15%)
6.47%
10/17/30
1,2,3
6,300,000
6,300,630
OCP
CLO
Ltd.,
Series
2017-14A,
Class
A1A
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.41%)
6.74%
11/20/30
1,2,3
1,151,939
1,153,445
Octagon
Investment
Partners
XVII
Ltd.,
Series
2013-1A,
Class
BR2
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.66%)
6.99%
01/25/31
1,2,3
1,310,000
1,310,039
Palmer
Square
Loan
Funding
Ltd.,
Series
2021-2A,
Class
A1
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.06%)
6.39%
05/20/29
1,2,3
358,777
358,894
Palmer
Square
Loan
Funding
Ltd.,
Series
2022-3A,
Class
A1BR
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.40%)
6.73%
04/15/31
1,2,3
6,060,000
6,066,866
Progress
Residential
Trust,
Series
2020-SFR3,
Class
F
2.80%
10/17/27
2
6,980,000
6,664,473
ReadyCap
Commercial
Mortgage
Trust,
Series
2019-6,
Class
A
2.83%
10/25/52
2
1,952,203
1,903,304
Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
June
2024
/
2
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
Reese
Park
CLO
Ltd.,
Series
2020-1A,
Class
XR
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.16%)
6.49%
10/15/34
1,2,3
$
949,999
$
950,309
Rockford
Tower
CLO
Ltd.,
Series
2017-3A,
Class
A
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.45%)
6.78%
10/20/30
1,2,3
1,085,984
1,087,391
Rockford
Tower
CLO
Ltd.,
Series
2018-1A,
Class
A
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.36%)
6.69%
05/20/31
1,2,3
909,391
909,791
Santander
Bank
Auto
Credit-Linked
Notes,
Series
2022-B,
Class
E
8.68%
08/16/32
2
906,044
911,093
Santander
Drive
Auto
Receivables
Trust,
Series
2021-3,
Class
D
1.33%
09/15/27
5,806,895
5,650,929
Skyline
Aircraft
Finance
LLC,
Series
2021-1,
Class
A
3.23%
05/10/37
4,5,6
5,505,543
4,911,546
SLC
Student
Loan
Trust,
Series
2007-1,
Class
A4
(SOFR90A
plus
0.32%)
5.67%
05/15/29
1
561,992
560,877
SLM
Student
Loan
Trust,
Series
2008-4,
Class
A4
(SOFR90A
plus
1.91%)
7.26%
07/25/22
1
1,837,706
1,846,029
SLM
Student
Loan
Trust,
Series
2008-6,
Class
A4
(SOFR90A
plus
1.36%)
6.71%
07/25/23
1
1,431,469
1,426,212
SLM
Student
Loan
Trust,
Series
2012-2,
Class
A
(SOFR30A
plus
0.81%)
6.15%
01/25/29
1
1,369,017
1,338,470
SLM
Student
Loan
Trust,
Series
2014-1,
Class
A3
(SOFR30A
plus
0.71%)
6.05%
02/26/29
1
2,518,772
2,445,519
Student
Loan
Consolidation
Center
Student
Loan
Trust
I,
Series
2002-2,
Class
B2
(28
Day
Auction
Rate
plus
0.00%)
1.61%
07/01/42
1,2
2,800,000
2,587,715
Vantage
Data
Centers
Issuer
LLC,
Series
2020-1A,
Class
A2
1.65%
09/15/45
2
2,780,000
2,634,269
Voya
CLO
Ltd.,
Series
2015-3A,
Class
A1R3
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.15%)
6.47%
10/20/31
1,2,3
6,100,000
6,105,838
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
Voya
CLO,
Series
2017-2A,
Class
A1R
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.24%)
6.57%
06/07/30
1,2,3
$
4,006,130
$
4,009,896
World
Omni
Auto
Receivables
Trust,
Series
2021-D,
Class
B
1.52%
11/15/27
5,325,000
5,034,386
Total
Asset-Backed
Securities
(Cost
$119,309,842)
118,540,277
BANK
LOANS
—
1
.51
%
*
Communications
—
0
.26
%
CCI
Buyer,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
9.33%
12/17/27
1
67,056
67,208
Charter
Communications
Operating
LLC,
Term
Loan
B2,
1st
Lien
(SOFR
plus
1.75%)
7.05%
02/01/27
1
2,228,278
2,228,066
Frontier
Communications
Holdings
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.86%)
8.62%
10/08/27
1
109,036
109,118
New
Insight
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.76%)
11.07%
12/20/24
1
66,069
50,120
Numericable
U.S.
LLC,
Term
Loan
B14,
1st
Lien
(SOFR
plus
5.50%)
10.83%
08/16/28
1
74,926
55,258
Zayo
Group
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.11%)
8.46%
03/09/27
1
431,905
377,198
2,886,968
Consumer
Discretionary
—
0
.09
%
BrewCo
Borrower
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
3.50%)
8.84%
04/05/28
1
74,478
68,334
(SOFR
plus
6.25%)
11.58%
04/05/28
1
31,005
31,470
City
Brewing
Co.
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
5.26%)
8.84%
04/05/28
1,7
111,718
89,374
Naked
Juice,
LLC,
Term
Loan,
1st
Lien
(Luxembourg)
(SOFR
plus
3.35%)
8.68%
-
8.69%
01/24/29
1,3
685,839
637,508
Term
Loan,
2nd
Lien
(SOFR
plus
6.10%)
11.00%
01/24/30
1
136,414
110,987
Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
3
/
June
2024
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Consumer
Discretionary
(continued)
Osmosis
Buyer
Ltd.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
9.10%
07/31/28
1
$
87,583
$
87,838
1,025,511
Entertainment
—
0
.03
%
Elanco
Animal
Health,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
1.85%)
7.18%
08/01/27
1
1,408
1,405
William
Morris
Endeavor
Entertainment
LLC,
Term
Loan
B1,
1st
Lien
(SOFR
plus
2.86%)
8.21%
05/16/25
1
304,350
305,219
306,624
Finance
—
0
.05
%
Avolon
TLB
Borrower
1
U.S.
LLC,
Term
Loan
B6,
1st
Lien
(SOFR
plus
2.00%)
7.34%
06/22/28
1
235,104
235,692
Deerfield
Dakota
Holding
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
9.08%
04/09/27
1
172,519
172,646
Jane
Street
Group
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.61%)
7.96%
01/26/28
1
115,543
115,572
523,910
Food
—
0
.01
%
8th
Avenue
Food &
Provisions,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.86%)
9.21%
10/01/25
1
24,082
22,942
United
Natural
Foods,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.75%)
10.09%
04/25/31
1
126,039
126,617
149,559
Health
Care
—
0
.23
%
Carestream
Dental
Equipment,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
3.25%)
8.71%
09/01/24
1
117,441
102,174
Carestream
Dental,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
4.60%)
9.94%
09/01/24
1
35,849
29,844
Grifols
Worldwide
Operations
USA,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.10%)
7.44%
11/15/27
1
502,726
495,185
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Health
Care
(continued)
Jazz
Financing
Lux
SARL,
Term
Loan
B,
1st
Lien
(Luxembourg)
(SOFR
plus
3.11%)
8.46%
05/05/28
1,3
$
385,350
$
386,073
Jazz
Pharmaceuticals,
Inc.,
Term
Loan
B,
1st
Lien
(Luxembourg)
(SOFR
plus
2.25%)
7.58%
05/05/28
1,3
309,283
309,863
Medline
Borrower
LP,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.75%)
8.09%
10/23/28
1
259,721
260,532
Modivcare,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.75%)
10.18%
06/20/31
1
266,224
261,731
Peraton
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.85%)
9.19%
02/01/28
1
119,011
119,169
Perrigo
Investments
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.35%)
7.15%
04/20/29
1
491,250
490,943
Star
Parent,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
9.08%
09/27/30
1
96,458
96,496
2,552,010
Health
Care
REITs
—
0
.03
%
Healthpeak
Properties,
Inc.,
Delayed-Draw
Term
Loan,
1st
Lien
(SOFR
plus
1.60%)
6.30%
02/22/27
1
189,375
187,481
6.30%
08/20/27
1
189,375
187,482
374,963
Industrials
—
0
.13
%
Artera
Services
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
4.50%)
9.83%
02/15/31
1
83,272
83,814
Berry
Global,
Inc.,
Term
Loan
AA,
1st
Lien
(SOFR
plus
1.86%)
7.19%
07/01/29
1
1,137,301
1,139,263
Patriot
Container
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
8.85%)
9.19%
03/20/25
1
38,846
37,938
Transdigm,
Inc.,
Term
Loan
I,
1st
Lien
(SOFR
plus
2.75%)
8.08%
08/24/28
1
178,048
178,572
1,439,587
Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
June
2024
/
4
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Information
Technology
—
0
.15
%
Arches
Buyer,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.35%)
8.69%
12/06/27
1
$
124,055
$
118,947
Athenahealth
Group,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.25%)
8.25%
02/15/29
1
241,098
240,609
Buzz
Merger
Sub
Ltd.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.85%)
8.19%
01/29/27
1
69,561
69,705
Central
Parent
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.25%)
8.58%
07/06/29
1
150,000
148,266
EagleView
Technology
Co.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.76%)
9.10%
08/14/25
1
188,913
182,458
Gainwell
Acquisition
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.10%)
8.72%
-
8.99%
10/01/27
1
635,190
616,661
Magnite,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.50%)
9.84%
02/06/31
1
34,369
34,533
MH
Sub
I
LLC,
Term
Loan
B3,
1st
Lien
(SOFR
plus
4.25%)
9.59%
05/03/28
1
44,585
44,594
Renaissance
Holding
Corp.,
Term
Loan,
1st
Lien
(SOFR
plus
4.25%)
9.60%
04/05/30
1
74,265
74,300
Research
Now
Group
LLC
(DIP),
Term
Loan,
1st
Lien
(SOFR
plus
8.86%)
14.21%
08/06/24
1
2,401
2,425
Spin
Holdco,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
9.26%)
9.60%
03/03/28
1
96,129
82,370
1,614,868
Insurance
—
0
.09
%
Acrisure
LLC,
Term
Loan
B6,
1st
Lien
(SOFR
plus
3.25%)
8.59%
11/06/30
1
181,779
181,968
AmWINS
Group,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.36%)
7.71%
02/19/28
1
191,586
191,660
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Insurance
(continued)
Asurion
LLC,
Term
Loan
B10,
1st
Lien
(SOFR
plus
4.10%)
8.91%
08/19/28
1
$
491,250
$
486,490
Term
Loan
B8,
1st
Lien
(SOFR
plus
3.36%)
8.71%
12/23/26
1
124,356
123,492
983,610
Materials
—
0
.03
%
Chemours
Co.
(The),
Term
Loan
B3,
1st
Lien
(SOFR
plus
3.50%)
8.84%
08/18/28
1
261,807
261,153
Mativ
Holdings,
Inc.,
Delayed-Draw
Term
Loan,
1st
Lien
(SOFR
plus
2.60%)
7.94%
05/06/27
1
38,921
38,629
299,782
Residential
REITs
—
0
.22
%
Invitation
Homes
Operating
Partnership
LP,
Term
Loan
A,
1st
Lien
(SOFR
plus
1.10%)
6.44%
01/31/25
1
2,500,000
2,487,513
Retail
—
0
.04
%
1011778
BC
Unlimited
Liability
Co.,
Term
Loan
B6,
1st
Lien
(Canada)
(SOFR
plus
1.75%)
7.09%
09/20/30
1,3
20,531
20,505
KFC
Holding
Co.,
Term
Loan
B,
1st
Lien
(SOFR
plus
1.86%)
7.20%
03/15/28
1
194,250
194,458
Peer
Holding
III
BV,
Term
Loan
B5,
1st
Lien
(Netherlands)
(SOFR
plus
3.00%)
8.34%
06/21/31
1,3
92,323
92,534
Whatabrands
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.75%)
8.09%
08/03/28
1
99,750
99,888
407,385
Services
—
0
.15
%
Amentum
Government
Services
Holdings
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.11%)
8.63%
01/29/27
1
153,850
154,427
Boost
Newco
Borrower
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.50%)
7.84%
01/31/31
1
31,658
31,742
(SOFR
plus
3.00%)
8.33%
01/31/31
1
187,111
187,605
Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
5
/
June
2024
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Services
(continued)
Clean
Harbors,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
1.86%)
7.21%
10/08/28
1
$
69,667
$
70,103
Element
Materials
Technology
Group
U.S.
Holdings,
Inc.,
Delayed-Draw
Term
Loan,
1st
Lien
(SOFR
plus
4.35%)
9.68%
07/06/29
1
263,266
264,638
Term
Loan
B,
1st
Lien
(SOFR
plus
4.35%)
9.68%
07/06/29
1
570,411
573,382
Pre-Paid
Legal
Services,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
3.86%)
9.21%
12/15/28
1
80,155
80,205
TransUnion
Intermediate
Holdings,
Inc.,
Term
Loan
B8,
1st
Lien
(SOFR
plus
1.75%)
7.09%
06/05/31
1
87,755
87,711
TruGreen
LP,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.10%)
9.44%
11/02/27
1
167,372
161,682
1,611,495
Total
Bank
Loans
(Cost
$16,549,268)
16,663,785
CORPORATES
—
27
.46
%
*
Banking
—
7
.44
%
Bank
of
America
Corp.
3.71%
04/24/28
6
944,000
904,610
Bank
of
America
Corp.
(MTN)
0.98%
09/25/25
6
4,891,000
4,836,017
1.32%
06/19/26
6
7,263,000
6,963,863
2.09%
06/14/29
6
4,535,000
4,026,000
2.55%
02/04/28
6
4,275,000
3,991,835
HSBC
Holdings
PLC
(United
Kingdom)
2.01%
09/22/28
3,6
11,500,000
10,333,124
ING
Groep
NV
(Netherlands)
3.87%
03/28/26
3,6
645,000
635,754
JPMorgan
Chase
&
Co.
1.04%
02/04/27
6
14,051,000
13,095,897
2.08%
04/22/26
6
2,350,000
2,282,434
2.18%
06/01/28
6
879,000
806,844
Lloyds
Banking
Group
PLC
(United
Kingdom)
1.63%
05/11/27
3,6
2,175,000
2,020,945
3.57%
11/07/28
3,6
175,000
164,659
PNC
Financial
Services
Group,
Inc.
(The)
5.58%
06/12/29
6
830,000
839,404
6.62%
10/20/27
6
4,570,000
4,681,682
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Banking
(continued)
Santander
UK
Group
Holdings
PLC
(United
Kingdom)
1.67%
06/14/27
3,6
$
3,007,000
$
2,780,775
U.S.
Bancorp
4.65%
02/01/29
6
5,365,000
5,254,044
Wells
Fargo
&
Co.
(MTN)
2.39%
06/02/28
6
1,275,000
1,174,973
5.57%
07/25/29
6
17,460,000
17,628,275
82,421,135
Communications
—
0
.66
%
Altice
France
SA
(France)
5.50%
10/15/29
2,3
266,000
175,744
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.
4.75%
03/01/30
2
120,000
104,030
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
4.91%
07/23/25
397,000
393,668
Cox
Communications,
Inc.
3.15%
08/15/24
2
1,199,000
1,194,832
7.63%
06/15/25
900,000
911,254
CSC
Holdings
LLC
11.75%
01/31/29
2
1,014,000
866,963
Frontier
Communications
Holdings
LLC
8.63%
03/15/31
2
12,000
12,374
Sprint
Spectrum
Co.
LLC/Sprint
Spectrum
Co.
II
LLC/Sprint
Spectrum
Co.
III
LLC
5.15%
03/20/28
2
776,250
773,299
T-Mobile
USA,
Inc.
3.75%
04/15/27
3,015,000
2,898,907
7,331,071
Consumer
Discretionary
—
1
.49
%
BAT
Capital
Corp.
3.56%
08/15/27
2,440,000
2,318,095
Everi
Holdings,
Inc.
5.00%
07/15/29
2
250,000
245,980
Imperial
Brands
Finance
PLC
(United
Kingdom)
3.50%
07/26/26
2,3
5,205,000
4,994,438
JDE
Peet's
NV
(Netherlands)
0.80%
09/24/24
2,3
935,000
922,254
Spectrum
Brands,
Inc.
3.88%
03/15/31
2
87,000
72,733
WarnerMedia
Holdings,
Inc.
3.76%
03/15/27
8,400,000
7,969,270
16,522,770
Diversified
REITs
—
1
.68
%
American
Tower
Corp.
5.25%
07/15/28
7,290,000
7,282,544
Crown
Castle,
Inc.
3.80%
02/15/28
3,940,000
3,735,405
Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
June
2024
/
6
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Diversified
REITs
(continued)
GLP
Capital
LP/GLP
Financing
II,
Inc.
3.35%
09/01/24
$
1,197,000
$
1,195,180
4.00%
01/15/30
1,750,000
1,602,129
5.30%
01/15/29
2,179,000
2,153,925
VICI
Properties
LP
4.95%
02/15/30
40,000
38,613
VICI
Properties
LP/VICI
Note
Co.,
Inc.
5.75%
02/01/27
2
2,590,000
2,592,267
18,600,063
Electric
—
2
.27
%
Alliant
Energy
Finance
LLC
1.40%
03/15/26
2
6,540,000
6,075,013
5.95%
03/30/29
2
805,000
824,455
Duke
Energy
Corp.
3.75%
04/01/31
2,500,000
2,643,011
4.30%
03/15/28
1,835,000
1,781,380
Eversource
Energy
2.90%
03/01/27
5,425,000
5,097,657
FirstEnergy
Pennsylvania
Electric
Co.
4.00%
04/15/25
2
1,467,000
1,444,354
4.15%
04/15/25
2
500,000
492,907
ITC
Holdings
Corp.
4.95%
09/22/27
2
4,960,000
4,916,437
Jersey
Central
Power
&
Light
Co.
4.30%
01/15/26
2
1,868,000
1,835,690
25,110,904
Energy
—
0
.27
%
Energy
Transfer
LP
4.95%
05/15/28
1,150,000
1,133,739
Southern
Co.
Gas
Capital
Corp.
3.88%
11/15/25
1,950,000
1,907,628
3,041,367
Finance
—
4
.21
%
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
(Ireland)
2.45%
10/29/26
3
500,000
466,584
Air
Lease
Corp.
3.63%
04/01/27
4,835,000
4,623,434
Avolon
Holdings
Funding
Ltd.
(Cayman
Islands)
2.53%
11/18/27
2,3
5,905,000
5,311,967
2.75%
02/21/28
2,3
1,350,000
1,213,317
Capital
One
Financial
Corp.
2.64%
03/03/26
6
2,685,000
2,627,946
Citigroup,
Inc.
1.46%
06/09/27
6
5,000,000
4,636,489
3.52%
10/27/28
6
4,987,000
4,715,266
6.04%
10/30/24
6
3,023,000
3,025,506
Goldman
Sachs
Group,
Inc.
(The)
1.95%
10/21/27
6
10,000,000
9,238,326
Icahn
Enterprises
LP/Icahn
Enterprises
Finance
Corp.
4.38%
02/01/29
76,000
65,055
9.75%
01/15/29
2
540,000
561,136
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Finance
(continued)
Morgan
Stanley
0.99%
12/10/26
6
$
5,000,000
$
4,678,278
1.59%
05/04/27
6
5,855,000
5,459,475
46,622,779
Food
—
0
.34
%
JBS
USA
Holding
Lux
Sarl/JBS
USA
Food
Co./JBS
Lux
Co.
Sarl
(Luxembourg)
3.00%
02/02/29
3
1,795,000
1,601,400
5.13%
02/01/28
3
2,205,000
2,180,234
3,781,634
Health
Care
—
2
.49
%
1375209
BC
Ltd.
(Canada)
9.00%
01/30/28
2,3
850,000
819,038
Amgen,
Inc.
5.15%
03/02/28
4,405,000
4,405,879
Bayer
U.S.
Finance
II
LLC
2.85%
04/15/25
2
385,000
373,871
Bayer
U.S.
Finance
LLC
6.25%
01/21/29
2
6,230,000
6,362,144
Grifols
SA
(Spain)
4.75%
10/15/28
2,3
445,000
384,094
Grifols
SA,
Series
REGS
(Spain)
3.88%
10/15/28
3
300,000
264,590
HCA,
Inc.
3.13%
03/15/27
2,510,000
2,371,964
5.38%
09/01/26
2,520,000
2,514,014
5.88%
02/15/26
1,980,000
1,983,400
HCA,
Inc.
(MTN)
7.58%
09/15/25
1,100,000
1,124,817
Illumina,
Inc.
5.75%
12/13/27
2,275,000
2,296,958
Kedrion
SpA
(Italy)
6.50%
09/01/29
2,3
370,000
338,482
ModivCare
Escrow
Issuer,
Inc.
5.00%
10/01/29
2
15,000
10,577
ModivCare,
Inc.
5.88%
11/15/25
2
1,130,000
1,146,600
Premier
Health
Partners,
Series
G
2.91%
11/15/26
3,500,000
3,228,905
27,625,333
Health
Care
REITs
—
0
.75
%
DOC
DR
LLC
4.30%
03/15/27
3,995,000
3,910,922
Healthcare
Realty
Holdings
LP
3.50%
08/01/26
1,451,000
1,386,943
Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
7
/
June
2024
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Health
Care
REITs
(continued)
3.63%
01/15/28
$
3,255,000
$
3,017,643
8,315,508
Industrial
REITs
—
0
.31
%
LXP
Industrial
Trust
6.75%
11/15/28
3,325,000
3,448,387
Industrials
—
1
.22
%
Amcor
Flexibles
North
America,
Inc.
4.00%
05/17/25
4,125,000
4,065,611
Ardagh
Packaging
Finance
PLC/Ardagh
Holdings
USA,
Inc.,
Series
REGS
(Canada)
2.13%
08/15/26
3
300,000
268,111
Berry
Global,
Inc.
1.65%
01/15/27
2,000,000
1,821,500
4.88%
07/15/26
2
636,000
625,050
Boeing
Co.
(The)
6.26%
05/01/27
2
2,455,000
2,473,111
General
Electric
Co.
(MTN)
(CME
Term
SOFR
3-Month
plus
0.64%)
5.97%
05/05/26
1
2,235,000
2,241,360
(CME
Term
SOFR
3-Month
plus
0.74%)
6.06%
08/15/36
1
2,182,000
2,068,668
13,563,411
Information
Technology
—
0
.53
%
Netflix,
Inc.
3.63%
06/15/25
2
3,207,000
3,149,689
Open
Text
Corp.
(Canada)
6.90%
12/01/27
2,3
2,635,000
2,720,941
5,870,630
Insurance
—
1
.45
%
Aon
Corp.
4.50%
12/15/28
1,442,000
1,403,134
MMI
Capital
Trust
I,
Series
B
7.63%
12/15/27
2,000,000
2,100,035
Nationwide
Mutual
Insurance
Co.
7.89%
12/15/24
2,6
5,550,000
5,580,601
Teachers
Insurance
&
Annuity
Association
of
America
4.38%
09/15/54
2,6
2,800,000
2,786,725
Willis
North
America,
Inc.
2.95%
09/15/29
35,000
31,370
4.65%
06/15/27
4,202,000
4,132,124
16,033,989
Materials
—
0
.46
%
International
Flavors
&
Fragrances,
Inc.
1.83%
10/15/27
2
4,970,000
4,441,057
2.30%
11/01/30
2
745,000
621,448
5,062,505
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Office
REITs
—
0
.16
%
Hudson
Pacific
Properties
LP
3.25%
01/15/30
$
614,000
$
424,299
4.65%
04/01/29
1,715,000
1,323,905
1,748,204
Retail
REITs
—
0
.17
%
Federal
Realty
OP
LP
7.48%
08/15/26
1,850,000
1,901,220
Services
—
0
.69
%
Global
Payments,
Inc.
2.15%
01/15/27
7,201,000
6,667,475
Worldline
SA
(France)
0.00%
07/30/26
3,8
10,000
992,884
7,660,359
Specialized
REITs
—
0
.73
%
Blackstone
Property
Partners
Europe
Holdings
SARL
(EMTN)
(Luxembourg)
1.00%
05/04/28
3
1,700,000
1,606,067
Extra
Space
Storage
LP
3.88%
12/15/27
6,745,000
6,438,383
8,044,450
Transportation
—
0
.10
%
Delta
Air
Lines
Pass-Through
Trust,
Series
2020-1,
Class
AA
2.00%
06/10/28
1,194,494
1,085,498
Water
—
0
.04
%
Thames
Water
Utilities
Finance
PLC
(United
Kingdom)
0.88%
01/31/28
3
555,000
478,006
Total
Corporates
(Cost
$306,002,563)
304,269,223
MORTGAGE-BACKED
—
57
.86
%
**
Non-Agency
Commercial
Mortgage-Backed
—
10
.95
%
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.,
Series
2021-FL3,
Class
A
(Cayman
Islands)
(CME
Term
SOFR
1-Month
plus
1.18%)
6.51%
08/15/34
1,2,3
3,237,404
3,211,784
Ashford
Hospitality
Trust,
Series
2018-KEYS,
Class
A
(CME
Term
SOFR
1-Month
plus
1.17%)
6.63%
06/15/35
1,2
482,188
478,976
BANK,
Series
2018-BN14,
Class
A2
4.13%
09/15/60
3,720,584
3,622,577
Benchmark
Mortgage
Trust,
Series
2020-B17,
Class
A2
2.21%
03/15/53
7,590,000
6,955,603
Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
June
2024
/
8
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
BX
Commercial
Mortgage
Trust,
Series
2020-VKNG,
Class
A
(CME
Term
SOFR
1-Month
plus
1.04%)
6.37%
10/15/37
1,2
$
4,627,225
$
4,603,307
BX
Commercial
Mortgage
Trust,
Series
2021-CIP,
Class
A
(CME
Term
SOFR
1-Month
plus
1.04%)
6.36%
12/15/38
1,2
4,245,000
4,197,687
BX
Commercial
Mortgage
Trust,
Series
2021-VINO,
Class
A
(CME
Term
SOFR
1-Month
plus
0.77%)
6.10%
05/15/38
1,2
3,859,970
3,812,448
BX
Commercial
Mortgage
Trust,
Series
2021-XL2,
Class
A
(CME
Term
SOFR
1-Month
plus
0.80%)
6.13%
10/15/38
1,2
2,977,532
2,941,481
BX,
Series
2021-MFM1,
Class
A
(CME
Term
SOFR
1-Month
plus
0.81%)
6.14%
01/15/34
1,2
753,235
747,041
BX,
Series
2021-MFM1,
Class
B
(CME
Term
SOFR
1-Month
plus
1.06%)
6.39%
01/15/34
1,2
1,482,717
1,465,199
CAMB
Commercial
Mortgage
Trust,
Series
2019-LIFE,
Class
B
(CME
Term
SOFR
1-Month
plus
1.55%)
6.88%
12/15/37
1,2
3,128,000
3,124,902
Cold
Storage
Trust,
Series
2020-ICE5,
Class
A
(CME
Term
SOFR
1-Month
plus
1.01%)
6.34%
11/15/37
1,2
8,456,667
8,428,523
Commercial
Mortgage
Trust,
Series
2015-PC1,
Class
A4
3.62%
07/10/50
2,621,647
2,607,149
Commercial
Mortgage
Trust,
Series
2016-DC2,
Class
ASB
3.55%
02/10/49
70,578
69,590
DBGS
Mortgage
Trust,
Series
2018-BIOD,
Class
A
(CME
Term
SOFR
1-Month
plus
1.10%)
6.43%
05/15/35
1,2
9,082,801
9,035,417
Extended
Stay
America
Trust,
Series
2021-ESH,
Class
A
(CME
Term
SOFR
1-Month
plus
1.19%)
6.52%
07/15/38
1,2
2,024,382
2,018,121
GS
Mortgage
Securities
Corp.
Trust,
Series
2023-FUN,
Class
A
(CME
Term
SOFR
1-Month
plus
2.09%)
7.42%
03/15/28
1,2
1,755,000
1,758,573
GS
Mortgage
Securities
Trust,
Series
2011-GC5,
Class
AS
5.21%
08/10/44
2,6
2,251,164
2,177,805
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
GWT,
Series
2024-WLF2,
Class
A
(CME
Term
SOFR
1-Month
plus
1.69%)
7.02%
05/15/41
1,2
$
2,767,000
$
2,770,210
HILT
COMMERCIAL
Mortgage
Trust,
Series
2024-ORL,
Class
A
(CME
Term
SOFR
1-Month
plus
1.54%)
6.87%
05/15/37
1,2
2,480,000
2,475,454
Houston
Galleria
Mall
Trust,
Series
2015-HGLR,
Class
A1A1
3.09%
03/05/37
2
3,750,000
3,654,083
Houston
Galleria
Mall
Trust,
Series
2015-HGLR,
Class
A1A2
3.09%
03/05/37
2
5,050,000
4,919,692
HTL
Commercial
Mortgage
Trust,
Series
2024-T53,
Class
A
6.07%
05/10/39
2,6
2,668,000
2,661,627
Independence
Plaza
Trust,
Series
2018-INDP,
Class
A
3.76%
07/10/35
2
3,294,364
3,147,876
Independence
Plaza
Trust,
Series
2018-INDP,
Class
B
3.91%
07/10/35
2
10,000,000
9,546,488
INTOWN
Mortgage
Trust,
Series
2022-STAY,
Class
A
(CME
Term
SOFR
1-Month
plus
2.49%)
7.82%
08/15/39
1,2
3,167,000
3,181,614
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2013-LC11,
Class
XA
(IO)
1.08%
04/15/46
6
1,302,971
99
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2021-MHC,
Class
A
(CME
Term
SOFR
1-Month
plus
1.16%)
6.49%
04/15/38
1,2
4,932,362
4,905,617
MF1
Ltd.,
Series
2020-FL4,
Class
A
(CME
Term
SOFR
1-Month
plus
1.81%)
7.14%
11/15/35
1,2
4,139,097
4,146,301
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C21,
Class
XA
(IO)
0.97%
03/15/48
6
30,299,192
45,388
One
New
York
Plaza
Trust,
Series
2020-1NYP,
Class
A
(CME
Term
SOFR
1-Month
plus
1.06%)
6.39%
01/15/36
1,2
2,000,000
1,915,999
Shelter
Growth
CRE
Issuer
Ltd.,
Series
2021-FL3,
Class
A
(Cayman
Islands)
(CME
Term
SOFR
1-Month
plus
1.19%)
6.52%
09/15/36
1,2,3
1,214,311
1,213,926
SMRT,
Series
2022-MINI,
Class
A
(CME
Term
SOFR
1-Month
plus
1.00%)
6.33%
01/15/39
1,2
2,885,000
2,851,326
Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
9
/
June
2024
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
SREIT
Trust,
Series
2021-MFP2,
Class
A
(CME
Term
SOFR
1-Month
plus
0.94%)
6.27%
11/15/36
1,2
$
3,640,000
$
3,599,274
SREIT
Trust,
Series
2021-PALM,
Class
E
(CME
Term
SOFR
1-Month
plus
2.02%)
7.35%
10/15/34
1,2
2,500,000
2,450,680
UBS
Commercial
Mortgage
Trust,
Series
2018-C12,
Class
A2
4.15%
08/15/51
979,370
966,742
WB
Commercial
Mortgage
Trust,
Series
2024-HQ,
Class
A
6.13%
03/15/40
2,6
2,978,000
2,978,964
Westfield
Galleria
at
Roseville
8.58%
03/29/25
4,5
2,700,000
2,695,950
121,383,493
Non-Agency
Mortgage-Backed
—
17
.43
%
ACE
Securities
Corp.
Home
Equity
Loan
Trust,
Series
2006-OP1,
Class
A2D
(CME
Term
SOFR
1-Month
plus
0.59%)
5.94%
04/25/36
1
6,007,009
5,311,741
Ameriquest
Mortgage
Securities,
Inc.,
Asset-Backed
Pass-
Through
Certificates,
Series
2005-R9,
Class
M1
(CME
Term
SOFR
1-Month
plus
0.82%)
6.16%
11/25/35
1
5,194,464
5,050,975
Argent
Securities,
Inc.,
Asset-Backed
Pass-Through
Certificates,
Series
2005-W2,
Class
M1
(CME
Term
SOFR
1-Month
plus
0.85%)
6.19%
10/25/35
1
3,101,422
3,028,738
Asset-Backed
Securities
Corp.
Home
Equity
Loan
Trust,
Series
2006-HE3,
Class
A5
(CME
Term
SOFR
1-Month
plus
0.65%)
2.89%
03/25/36
1
1,896,803
1,829,304
Banc
of
America
Alternative
Loan
Trust,
Series
2003-8,
Class
1CB1
5.50%
10/25/33
2,618,227
2,519,862
Bear
Stearns
ALT-A
Trust,
Series
2004-10,
Class
M1
(CME
Term
SOFR
1-Month
plus
1.01%)
6.36%
09/25/34
1
383,472
383,726
Bear
Stearns
ARM
Trust,
Series
2004-3,
Class
4A
6.17%
07/25/34
6
178,790
168,697
BNC
Mortgage
Loan
Trust,
Series
2007-1,
Class
A4
(CME
Term
SOFR
1-Month
plus
0.27%)
5.62%
03/25/37
1
3,672,622
3,428,074
Chase
Funding
Trust,
Series
2002-2,
Class
2A1
(CME
Term
SOFR
1-Month
plus
0.61%)
5.96%
05/25/32
1
864,747
855,506
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Chase
Mortgage
Finance
Trust,
Series
2007-A1,
Class
8A1
5.78%
02/25/37
6
$
2,112,981
$
2,024,489
Chase
Mortgage
Finance
Trust,
Series
2007-A2,
Class
2A3
5.78%
06/25/35
6
382,813
372,259
Chevy
Chase
Mortgage
Funding
LLC,
Mortgage-Backed
Certificates,
Series
2005-2A,
Class
A1
(CME
Term
SOFR
1-Month
plus
0.29%)
5.64%
05/25/36
1,2
310,265
276,077
CIM
Trust,
Series
2021-R3,
Class
A1A
1.95%
06/25/57
2,6
5,820,311
5,157,839
CIM
Trust,
Series
2022-I1,
Class
A1
4.35%
02/25/67
2,6
4,658,210
4,533,246
Citigroup
Mortgage
Loan
Trust,
Series
2006-AMC1,
Class
A1
(CME
Term
SOFR
1-Month
plus
0.40%)
5.75%
09/25/36
1,2
5,402,541
5,170,658
Countrywide
Asset-Backed
Certificates
Trust,
Series
2006-14,
Class
2A3
(CME
Term
SOFR
1-Month
plus
0.59%)
5.94%
02/25/37
1
2,013,729
1,926,223
Countrywide
Asset-Backed
Certificates
Trust,
Series
2006-4,
Class
M1
(CME
Term
SOFR
1-Month
plus
0.64%)
5.98%
07/25/36
1
2,465,195
2,421,170
Countrywide
Asset-Backed
Certificates
Trust,
Series
2007-7,
Class
1A
(CME
Term
SOFR
1-Month
plus
0.31%)
5.66%
10/25/47
1
6,880,730
6,416,011
Countrywide
Home
Loan
Mortgage
Pass-Through
Trust,
Series
2004-14,
Class
4A1
5.36%
08/25/34
6
6,615
5,896
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.,
Series
2004-AR1,
Class
5A1
6.02%
02/25/34
6
68,686
67,016
Credit
Suisse
Mortgage
Capital
Trust
Series
2022-RPL3,
Class
A1
3.85%
03/25/61
2,6
6,945,303
7,247,017
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Series
2007-CB4,
Class
A1A
(CME
Term
SOFR
1-Month
plus
0.20%)
3.15%
04/25/37
1
247,429
244,392
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Series
2007-CB5,
Class
A1
(CME
Term
SOFR
1-Month
plus
0.17%)
3.38%
04/25/37
1
1,848,549
1,117,217
Fannie
Mae
Connecticut
Avenue
Securities,
Series
2022-R03,
Class
1M1
(SOFR30A
plus
2.10%)
7.44%
03/25/42
1,2
3,807,783
3,869,965
Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
June
2024
/
10
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Fannie
Mae
Connecticut
Avenue
Securities,
Series
2023-R01,
Class
1M1
(SOFR30A
plus
2.40%)
7.74%
12/25/42
1,2
$
2,655,388
$
2,735,310
First
Franklin
Mortgage
Loan
Trust,
Series
2004-FF5,
Class
A3C
(CME
Term
SOFR
1-Month
plus
1.11%)
6.46%
08/25/34
1
326,494
292,749
First
Franklin
Mortgage
Loan
Trust,
Series
2005-FF8,
Class
M2
(CME
Term
SOFR
1-Month
plus
0.89%)
6.24%
09/25/35
1
1,053,075
1,047,302
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2004-AA3,
Class
A1
5.82%
09/25/34
6
884
868
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2022-DNA6,
Class
M1A
(SOFR30A
plus
2.15%)
7.49%
09/25/42
1,2
1,286,599
1,306,296
Fremont
Home
Loan
Trust,
Series
2005-E,
Class
2A4
(CME
Term
SOFR
1-Month
plus
0.77%)
6.12%
01/25/36
1
4,911,392
4,648,046
GMACM
Home
Equity
Loan
Trust,
Series
2000-HE2,
Class
A1
(CME
Term
SOFR
1-Month
plus
0.55%)
4.38%
06/25/30
1
50,021
45,357
GSAMP
Trust,
Series
2005-HE4,
Class
M3
(CME
Term
SOFR
1-Month
plus
0.89%)
6.24%
07/25/45
1
1,100,374
1,069,528
GSAMP
Trust,
Series
2006-HE2,
Class
M1
(CME
Term
SOFR
1-Month
plus
0.59%)
5.94%
03/25/46
1
2,465,041
2,398,903
GSR
Mortgage
Loan
Trust,
Series
2005-AR7,
Class
2A1
5.05%
11/25/35
6
62,501
56,429
Impac
CMB
Trust,
Series
2005-5,
Class
A1
(CME
Term
SOFR
1-Month
plus
0.43%)
6.10%
08/25/35
1
813,547
755,917
IndyMac
Index
Mortgage
Loan
Trust,
Series
2004-AR8,
Class
2A2A
(CME
Term
SOFR
1-Month
plus
0.91%)
6.26%
11/25/34
1
413,613
363,245
IndyMac
Manufactured
Housing
Contract
Pass-Through
Certificates,
Series
1998-1,
Class
A4
6.49%
09/25/28
108,632
108,287
JPMorgan
Mortgage
Acquisition
Trust,
Series
2005-FRE1,
Class
M1
(CME
Term
SOFR
1-Month
plus
0.73%)
3.07%
10/25/35
1
2,587,790
2,510,518
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
JPMorgan
Mortgage
Acquisition
Trust,
Series
2006-NC1,
Class
M1
(CME
Term
SOFR
1-Month
plus
0.59%)
5.94%
04/25/36
1
$
3,780,580
$
3,626,030
JPMorgan
Mortgage
Acquisition
Trust,
Series
2007-CH4,
Class
M1
(CME
Term
SOFR
1-Month
plus
0.34%)
5.69%
05/25/37
1
7,750,000
7,448,128
JPMorgan
Mortgage
Acquisition
Trust,
Series
2007-CH5,
Class
A1
(CME
Term
SOFR
1-Month
plus
0.27%)
5.62%
06/25/37
1
6,310,570
6,263,075
JPMorgan
Mortgage
Trust,
Series
2007-A1,
Class
1A1
5.77%
07/25/35
6
154,101
153,143
JPMorgan
Mortgage
Trust,
Series
2007-A1,
Class
5A2
5.51%
07/25/35
6
61,933
60,055
JPMorgan
Mortgage
Trust,
Series
2024-4,
Class
A4A
6.00%
10/25/54
2,6
4,824,128
4,780,985
Lehman
ABS
Manufactured
Housing
Contract
Trust,
Series
2001-B,
Class
AIOC
(IO)
0.55%
04/15/40
4,5,6
39,698,321
431,580
MASTR
Adjustable
Rate
Mortgages
Trust,
Series
2003-6,
Class
4A2
4.37%
01/25/34
6
1,909
1,806
MASTR
Adjustable
Rate
Mortgages
Trust,
Series
2004-13,
Class
3A1
5.99%
11/21/34
6
263,898
245,716
MASTR
Adjustable
Rate
Mortgages
Trust,
Series
2004-3,
Class
3A3
5.15%
04/25/34
6
36,588
33,271
MASTR
Alternative
Loan
Trust,
Series
2003-1,
Class
1A1
6.25%
12/25/32
527,202
518,491
MASTR
Alternative
Loan
Trust,
Series
2003-5,
Class
4A1
5.50%
07/25/33
1,339,719
1,306,262
MASTR
Alternative
Loan
Trust,
Series
2003-9,
Class
4A1
5.25%
11/25/33
1,498,814
1,436,901
MASTR
Alternative
Loan
Trust,
Series
2004-7,
Class
1A1
5.50%
07/25/34
1,268,782
1,217,226
MASTR
Asset-Backed
Securities
Trust,
Series
2006-HE1,
Class
M1
(CME
Term
SOFR
1-Month
plus
0.67%)
6.01%
01/25/36
1
4,480,885
4,317,988
MASTR
Seasoned
Securitization
Trust,
Series
2004-1,
Class
4A1
6.22%
10/25/32
6
76,099
73,271
Merrill
Lynch
First
Franklin
Mortgage
Loan
Trust,
Series
2007-3,
Class
A2C
(CME
Term
SOFR
1-Month
plus
0.47%)
5.82%
06/25/37
1
3,108,855
3,040,252
Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
11
/
June
2024
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2004-A4,
Class
A1
5.50%
08/25/34
6
$
375,076
$
353,288
Mid-State
Capital
Corp.
Trust,
Series
2006-1,
Class
A
5.79%
10/15/40
2
2,131,116
2,094,856
Mid-State
Trust,
Series
10W,
Class
A2
5.82%
02/15/36
192,001
187,329
Morgan
Stanley
ABS
Capital
I
Trust,
Series
2004-NC7,
Class
M2
(CME
Term
SOFR
1-Month
plus
1.04%)
6.39%
07/25/34
1
672,406
675,984
MortgageIT
Trust,
Series
2005-3,
Class
A1
(CME
Term
SOFR
1-Month
plus
0.71%)
6.06%
08/25/35
1
77,427
72,701
MortgageIT
Trust,
Series
2005-4,
Class
A1
(CME
Term
SOFR
1-Month
plus
0.67%)
6.02%
10/25/35
1
1,653,806
1,642,285
Nationstar
Home
Equity
Loan
Trust,
Series
2007-B,
Class
1AV1
(CME
Term
SOFR
1-Month
plus
0.33%)
5.68%
04/25/37
1
932,416
929,372
New
Century
Home
Equity
Loan
Trust,
Series
2005-D,
Class
M1
(CME
Term
SOFR
1-Month
plus
0.79%)
6.13%
02/25/36
1
4,023,333
3,821,840
NLT
Trust,
Series
2021-INV2,
Class
A1
1.16%
08/25/56
2,6
5,488,291
4,541,418
Opteum
Mortgage
Acceptance
Corp.
Asset-Backed
Pass-
Through
Certificates,
Series
2005-5,
Class
1APT
(CME
Term
SOFR
1-Month
plus
0.67%)
6.02%
12/25/35
1
2,494,441
2,353,605
Park
Place
Securities,
Inc.,
Asset-Backed
Pass-Through
Certificates,
Series
2005-WCW3,
Class
M2
(CME
Term
SOFR
1-Month
plus
0.85%)
6.19%
08/25/35
1
1,659,484
1,579,168
PHH
Alternative
Mortgage
Trust,
Series
2007-3,
Class
A3
(CME
Term
SOFR
1-Month
plus
0.71%)
6.06%
07/25/37
1
3,824,192
3,697,117
PRPM
LLC,
Series
2020-4,
Class
A1
(STEP-reset
date
07/25/24)
5.61%
10/25/25
2
5,282,356
5,282,723
PRPM
LLC,
Series
2021-3,
Class
A1
(STEP-reset
date
07/25/24)
4.87%
04/25/26
2
5,951,007
5,881,509
PRPM
LLC,
Series
2022-3,
Class
A1
(STEP-reset
date
07/25/24)
5.56%
06/25/27
2
8,845,174
8,768,056
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
PRPM,
LLC,
Series
2021-10,
Class
A1
(STEP-reset
date
07/25/24)
2.49%
10/25/26
2
$
4,605,576
$
4,580,482
PRPM,
LLC,
Series
2021-7,
Class
A1
(STEP-reset
date
07/25/24)
1.87%
08/25/26
2
8,746,011
8,558,190
Residential
Accredit
Loans
Trust,
Series
2005-QA3,
Class
NB1
3.63%
03/25/35
6
851,743
452,526
Residential
Asset
Mortgage
Products
Trust,
Series
2005-EFC1,
Class
M5
(CME
Term
SOFR
1-Month
plus
0.76%)
6.43%
05/25/35
1
1,049,804
1,042,620
Residential
Asset
Securities
Corp.,
Series
2005-KS11,
Class
M2
(CME
Term
SOFR
1-Month
plus
0.74%)
6.09%
12/25/35
1
419,040
418,358
Saxon
Asset
Securities
Trust,
Series
2006-2,
Class
M1
(CME
Term
SOFR
1-Month
plus
0.55%)
5.89%
09/25/36
1
10,105,944
9,445,708
Securitized
Asset-Backed
Receivables
LLC
Trust,
Series
2006-CB1,
Class
AF2
(STEP-reset
date
08/25/24)
2.84%
01/25/36
1,338,271
1,076,952
Soundview
Home
Loan
Trust,
Series
2006-OPT4,
Class
2A4
(CME
Term
SOFR
1-Month
plus
0.57%)
5.92%
06/25/36
1
3,024,711
2,871,065
Specialty
Underwriting
&
Residential
Finance
Trust,
Series
2005-BC2,
Class
M3
(CME
Term
SOFR
1-Month
plus
1.09%)
6.43%
12/25/35
1
908,728
894,721
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust,
Series
2006-BC6,
Class
A4
(CME
Term
SOFR
1-Month
plus
0.28%)
5.63%
01/25/37
1
689,456
678,665
Structured
Asset
Securities
Corp.
Mortgage
Pass-Through
Certificates,
Series
2003-26A,
Class
3A5
6.46%
09/25/33
6
165,472
157,513
Terwin
Mortgage
Trust,
Series
2004-7HE,
Class
A1
(CME
Term
SOFR
1-Month
plus
1.21%)
6.56%
07/25/34
1,2
58,344
55,122
VOLT
XCIV
LLC,
Series
2021-NPL3,
Class
A1
(STEP-reset
date
07/25/24)
5.24%
02/27/51
2
3,900,445
3,861,187
WaMu
Mortgage
Pass-Through
Certificates,
Series
2004-AR14,
Class
A1
5.40%
01/25/35
6
237,210
223,779
WaMu
Mortgage
Pass-Through
Certificates,
Series
2004-CB2,
Class
2A
5.50%
07/25/34
432,399
411,767
Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
June
2024
/
12
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
WaMu
Mortgage
Pass-Through
Certificates,
Series
2005-AR13,
Class
A1A1
(CME
Term
SOFR
1-Month
plus
0.69%)
6.04%
10/25/45
1
$
708,841
$
680,162
WaMu
Mortgage
Pass-Through
Certificates,
Series
2005-AR2,
Class
2A21
(CME
Term
SOFR
1-Month
plus
0.77%)
6.12%
01/25/45
1
99,760
99,987
193,109,088
U.S.
Agency
Commercial
Mortgage-Backed
—
1
.32
%
Fannie
Mae-Aces,
Series
2021-M1,
Class
A1
0.87%
11/25/30
1,752,506
1,566,831
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KJ34,
Class
A1
0.68%
06/25/26
1,276,183
1,236,545
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KJ37,
Class
A1
1.68%
12/25/27
10,777,005
9,965,734
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
Q004,
Class
AFL
(Federal
Reserve
US
12-Month
Cumulative
Average
plus
0.74%)
5.91%
05/25/44
1
918,018
912,760
Ginnie
Mae,
Series
2008-92,
Class
E
5.56%
03/16/44
6
914,971
909,101
14,590,971
U.S.
Agency
Mortgage-Backed
—
28
.16
%
Fannie
Mae
Pool
735861
6.50%
09/01/33
4,104
4,151
Fannie
Mae
Pool
770900
(RFUCCT1Y
plus
1.55%)
6.93%
04/01/34
1
61,525
61,653
Fannie
Mae
Pool
AE0083
6.00%
01/01/40
379,521
388,263
Fannie
Mae
Pool
AL0851
6.00%
10/01/40
458,028
474,523
Fannie
Mae
REMICS,
Series
1997-76,
Class
FS
(SOFR30A
plus
0.56%)
5.90%
09/17/27
1
2,473
2,445
Fannie
Mae
REMICS,
Series
2001-60,
Class
OF
(SOFR30A
plus
1.06%)
6.40%
10/25/31
1
239,092
241,802
Fannie
Mae
REMICS,
Series
2007-64,
Class
FA
(SOFR30A
plus
0.58%)
5.92%
07/25/37
1
135,932
135,408
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Mortgage-Backed
(continued)
Fannie
Mae
REMICS,
Series
2009-85,
Class
LF
(SOFR30A
plus
1.31%)
6.65%
10/25/49
1
$
1,420,337
$
1,436,721
Fannie
Mae
REMICS,
Series
2009-96,
Class
FA
(SOFR30A
plus
1.01%)
6.35%
11/25/49
1
856,430
866,960
Fannie
Mae
REMICS,
Series
2010-109,
Class
PF
(SOFR30A
plus
0.51%)
5.85%
10/25/40
1
432,866
428,317
Fannie
Mae
REMICS,
Series
2010-26,
Class
S
(IO)
(-1.00
X
SOFR30A
plus
6.12%,
6.23%
Cap)
0.78%
11/25/36
1
2,857,305
248,412
Fannie
Mae
REMICS,
Series
2010-43,
Class
DP
5.00%
05/25/40
330,109
330,703
Fannie
Mae
REMICS,
Series
2010-6,
Class
BF
(SOFR30A
plus
0.87%)
6.21%
02/25/40
1
775,591
778,782
Fannie
Mae
REMICS,
Series
2010-95,
Class
S
(IO)
(-1.00
X
SOFR30A
plus
6.49%,
6.60%
Cap)
1.15%
09/25/40
1
2,334,086
229,568
Fannie
Mae
REMICS,
Series
2019-79,
Class
FA
(SOFR30A
plus
0.61%)
5.95%
01/25/50
1
2,764,426
2,717,857
Fannie
Mae
REMICS,
Series
2020-10,
Class
FA
(SOFR30A
plus
0.61%)
5.95%
03/25/50
1
4,941,713
4,868,108
Freddie
Mac
Gold
Pool
A45796
7.00%
01/01/33
684
704
Freddie
Mac
Gold
Pool
C46104
6.50%
09/01/29
1,692
1,738
Freddie
Mac
REMICS,
Series
2174,
Class
PN
6.00%
07/15/29
122,882
122,071
Freddie
Mac
REMICS,
Series
2454,
Class
FQ
(SOFR30A
plus
1.11%)
6.45%
06/15/31
1
2,084
2,103
Freddie
Mac
REMICS,
Series
2733,
Class
FB
(SOFR30A
plus
0.71%)
6.05%
10/15/33
1
978,322
971,743
Freddie
Mac
REMICS,
Series
3071,
Class
TF
(SOFR30A
plus
0.41%)
5.75%
04/15/35
1
181,554
181,428
Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
13
/
June
2024
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Mortgage-Backed
(continued)
Freddie
Mac
REMICS,
Series
3294,
Class
CB
5.50%
03/15/37
$
143,257
$
147,108
Freddie
Mac
REMICS,
Series
3300,
Class
FA
(SOFR30A
plus
0.41%)
5.75%
08/15/35
1
278,404
274,598
Freddie
Mac
REMICS,
Series
3325,
Class
NF
(SOFR30A
plus
0.41%)
5.75%
08/15/35
1
717,962
708,146
Freddie
Mac
REMICS,
Series
3524,
Class
FC
(SOFR30A
plus
1.05%)
6.39%
06/15/38
1
179,806
181,221
Freddie
Mac
REMICS,
Series
3531,
Class
FM
(SOFR30A
plus
1.01%)
6.35%
05/15/39
1
99,882
100,239
Freddie
Mac
REMICS,
Series
4959,
Class
JF
(SOFR30A
plus
0.56%)
5.90%
03/25/50
1
4,401,343
4,304,543
Freddie
Mac
Strips,
Series
240,
Class
F30
(SOFR30A
plus
0.41%)
5.75%
07/15/36
1
838,908
828,880
Freddie
Mac
Strips,
Series
263,
Class
F5
(SOFR30A
plus
0.61%)
5.95%
06/15/42
1
977,158
969,092
Freddie
Mac
Strips,
Series
319,
Class
F2
(SOFR30A
plus
0.61%)
5.95%
11/15/43
1
4,501,545
4,433,739
Ginnie
Mae
(TBA)
4.50%
07/15/54
17,550,000
16,684,232
5.00%
07/15/54
14,900,000
14,510,179
5.50%
07/15/54
5,450,000
5,408,297
Ginnie
Mae
II
Pool
2020
8.50%
06/20/25
42
42
Ginnie
Mae
II
Pool
2286
8.50%
09/20/26
19
19
Ginnie
Mae
II
Pool
2487
8.50%
09/20/27
520
520
Ginnie
Mae
II
Pool
80059
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1-Year
plus
1.50%)
3.88%
04/20/27
1
3,439
3,403
Ginnie
Mae
II
Pool
80589
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1-Year
plus
1.50%)
4.63%
03/20/32
1
7,494
7,398
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Mortgage-Backed
(continued)
Ginnie
Mae
II
Pool
80610
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1-Year
plus
1.50%)
3.88%
06/20/32
1
$
3,886
$
3,876
Ginnie
Mae
II
Pool
80968
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1-Year
plus
1.50%)
3.63%
07/20/34
1
106,132
104,868
Ginnie
Mae
II
Pool
81201
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1-Year
plus
2.00%)
5.13%
01/20/35
1
3,338
3,350
Ginnie
Mae
II
Pool
8599
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1-Year
plus
1.50%)
5.00%
02/20/25
1
738
732
Ginnie
Mae,
Series
2009-106,
Class
XI
(IO)
(-1.00
X
CME
Term
SOFR
1-Month
plus
6.69%,
6.80%
Cap)
1.35%
05/20/37
1
1,844,556
76,595
Ginnie
Mae,
Series
2013-53,
Class
AD
1.50%
12/20/26
155,176
150,896
Ginnie
Mae,
Series
2023-111,
Class
FN
(SOFR30A
plus
1.20%)
6.53%
08/20/53
1
7,848,128
7,921,589
Ginnie
Mae,
Series
2023-113,
Class
FD
(SOFR30A
plus
1.35%)
6.50%
08/20/53
1
7,053,255
7,074,337
Ginnie
Mae,
Series
2023-116,
Class
FL
(SOFR30A
plus
1.15%)
6.48%
08/20/53
1
6,630,476
6,658,327
Ginnie
Mae,
Series
2024-51,
Class
F
(SOFR30A
plus
1.00%)
6.33%
03/20/54
1
16,298,417
16,314,185
Ginnie
Mae,
Series
2024-51,
Class
PF
(SOFR30A
plus
1.00%)
6.33%
03/20/54
1
15,480,480
15,495,230
Ginnie
Mae,
Series
2024-51,
Class
TF
(SOFR30A
plus
1.00%)
6.33%
03/20/54
1
12,540,890
12,552,734
UMBS
(TBA)
3.50%
07/15/39
14,500,000
13,709,583
4.00%
07/01/39
26,300,000
25,303,269
4.00%
07/01/54
21,125,000
19,332,396
4.50%
07/15/39
40,675,000
39,793,390
4.50%
07/01/54
23,550,000
22,205,931
5.00%
07/15/39
40,350,000
39,999,822
5.00%
07/01/54
14,825,000
14,329,000
Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
June
2024
/
14
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Mortgage-Backed
(continued)
5.50%
07/01/54
$
8,075,000
$
7,963,626
312,048,852
Total
Mortgage-Backed
(Cost
$653,382,872)
641,132,404
MUNICIPAL
BONDS
—
1
.25
%
*
California
—
0
.30
%
Campbell
Union
School
District
General
Obligation,
School
Improvements,
Series
B
5.41%
08/01/27
3,295,000
3,304,259
Florida
—
0
.11
%
County
of
Miami-Dade
Aviation
Revenue
Bonds,
Airport
and
Marina
Improvements,
Series
B
2.14%
10/01/28
445,000
397,173
2.29%
10/01/29
985,000
862,872
1,260,045
Maryland
—
0
.09
%
City
of
Baltimore
General
Obligation,
School
Improvements,
Series
C
5.00%
10/15/25
1,035,000
1,029,596
Massachusetts
—
0
.31
%
Commonwealth
of
Massachusetts
Revenue
Bonds,
Series
B
4.11%
07/15/31
3,452,103
3,373,122
New
York
—
0
.44
%
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
Bonds,
Public
Improvements
3.19%
08/01/25
1,110,000
1,085,494
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
Bonds,
Public
Improvements,
Subseries
B2
2.31%
11/01/26
4,060,000
3,816,807
4,902,301
Total
Municipal
Bonds
(Cost
$14,680,591)
13,869,323
U.S.
TREASURY
SECURITIES
—
17
.29
%
U.S.
Treasury
Notes
—
17
.29
%
U.S.
Treasury
Notes
4.63%
06/15/27
62,685,000
62,873,545
U.S.
Treasury
Notes
(WI)
4.25%
06/30/29
63,020,000
62,757,827
4.50%
05/31/29
17,793,000
17,916,022
4.63%
06/30/26
48,160,000
48,074,403
Total
U.S.
Treasury
Securities
(Cost
$191,617,201)
191,621,797
Total
Bonds
—
116
.07
%
(Cost
$1,301,542,337)
1,286,096,809
Issues
Maturity
Date
Principal
Amount
/
Shares
Value
SHORT-TERM
INVESTMENTS
—
9
.58
%
Money
Market
Funds
—
9
.58
%
Dreyfus
Government
Cash
Management
Fund
5.19%
9
52,297,000
$
52,297,000
Fidelity
Investments
Money
Market
Funds
-
Government
Portfolio
6.21%
9,10
194,331
194,331
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
5.22%
9
53,692,000
53,692,000
Total
Short-Term
Investments
(Cost
$106,183,331)
106,183,331
Total
Investments
-
125.65%
(Cost
$1,407,725,668)
1,392,280,140
Liabilities
in
Excess
of
Other
Assets
-
(25.65)%
(
284,236,113
)
Net
Assets
-
100.00%
$
1,108,044,027
1
Floating
rate
security.
The
rate
disclosed
was
in
effect
at
June
30,
2024.
2
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.
3
Foreign
denominated
security
issued
by
foreign
domiciled
entity.
4
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
5
Illiquid
security
as
determined
under
procedures
approved
by
the
Board
of
Trustees.
The
aggregate
value
of
illiquid
securities
is
$8,039,076,
which
is
0.73%
of
total
net
assets.
6
Variable
rate
security.
Interest
rate
disclosed
is
as
of
the
most
recent
information
available.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
7
Payment-in-kind
(“PIK”)
security.
8
Zero
coupon
bond.
The
rate
shown
is
the
effective
yield
as
of
June
30,
2024.
9
Represents
the
current
yield
as
of
June
30,
2024.
10
Securities,
or
a
portion
thereof,
pledged
as
collateral
for
swaps.
The
total
market
value
of
collateral
pledged
is
$3,980.
*
Securities
with
a
call
or
reset
feature
will
have
an
effective
maturity
date
sooner
than
the
stated
maturity.
**
Securities
backed
by
mortgage
or
consumer
loans
where
payment
is
periodically
made
will
have
an
effective
maturity
date
sooner
than
the
stated
maturity
date.
Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
15
/
June
2024
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
(DIP):
Debtor-in-Possession
(EMTN):
Euro
Medium-Term
Note
(EUR):
Euro
(IO):
Interest
Only
(LIBOR):
London
InterBank
Offer
Rate
(MTN):
Medium-Term
Note
(REIT):
Real
Estate
Investment
Trust
(RFUCCT):
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
(SOFR):
Secured
Overnight
Financing
Rate
(STEP):
Step
Coupon
Bond
(TBA):
To-Be-Announced
(USD):
U.S.
Dollar
(WI):
When
Issued
Currency
to
be
Purchased
Currency
to
be
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
FOREIGN
CURRENCY
EXCHANGE
CONTRACT
EUR
8,051,000
USD
8,609,718
Citibank
N.A.
07/12/24
$
24,806
USD
10,916,939
EUR
9,995,000
Citibank
N.A.
07/12/24
197,518
USD
1,472,849
EUR
1,353,000
Goldman
Sachs
International
07/12/24
21,785
USD
2,670,416
EUR
2,474,000
The
Bank
of
New
York
Mellon
07/12/24
17,104
NET
UNREALIZED
APPRECIATION
$
261,213
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
FUTURES
CONTRACTS:
LONG
POSITIONS
U.S.
Treasury
Two-Year
Note
4,676
09/30/24
$
954,926,875
$
1,998,469
$
1,998,469
FUTURES
CONTRACTS:
SHORT
POSITIONS
U.S.
Treasury
Five-Year
Note
2,414
09/30/24
(
257,279,606
)
(
1,134,073
)
(
1,134,073
)
U.S.
Treasury
Ten-Year
Ultra
Bond
384
09/19/24
(
43,596,000
)
(
480,730
)
(
480,730
)
U.S.
Treasury
Ultra
Bond
63
09/19/24
(
7,896,656
)
(
87,739
)
(
87,739
)
Euro-Bobl
Future
33
09/06/24
(
4,118,221
)
(
42,834
)
(
42,834
)
Euro-Schatz
Future
30
09/06/24
(
3,398,519
)
(
15,308
)
(
15,308
)
(
316,289,002
)
(
1,760,684
)
(
1,760,684
)
TOTAL
FUTURES
CONTRACTS
$
638,637,873
$
237,785
$
237,785
Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
June
2024
/
16
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 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 included,
but were
not
limited
to,
obtaining
market
quotations
from
secondary
pricing
services,
broker-dealers,
or
widely
used
quotation
systems.
General
factors
considered
in
determining
the
fair
value
of
securities
include
fundamental
analytical
data,
the
nature
and
duration
of
any
restrictions
on
disposition
of
the
securities,
and
an
evaluation
of
the
forces
that
influence
the
market
in
which
the
investments
are
purchased
and
sold.
These
securities
are
either
categorized
as
Level
2
or
3
depending
on
the
relevant
inputs
used.
In
the
event
that
the
security
or
asset
could
not be
valued
pursuant
to
one
of
the
valuation
methods
used
by
the
Adviser,
the
value
of
the
security
or
asset was
determined
in
good
faith
by
the Adviser,
as
the
valuation
designee.
When
the
Fund
uses
these
fair
valuation
methods that
use
significant
unobservable
inputs
to
determine
NAV,
securities
will
be
priced
by
a
method
that
the
Adviser
believes
accurately
reflects
fair
value
and
are
categorized
as
Level
3
of
the
fair
value
hierarchy.
These
methods
may
require
subjective
determinations
about
the
value
of
a
security.
While
the
Fund’s
policy
is
intended
to
result
in
a
calculation
of
its
NAV
that
fairly
reflects
security
values
as
of
the
time
of
pricing,
the
Fund
cannot
guarantee
that
values
determined
by
the
Adviser
would
accurately
reflect
the
price
that
the
Fund
could
obtain
for
a
security
if
it
were
to
dispose
of
that
security
as
of
the
time
of
pricing
(for
instance,
in
a
forced
or
distressed
sale).
The
prices
used
by
the
Fund
may
differ
from
the
value
that
would
be
realized
if
the
securities
were
sold.
Fair
Value
Measurements
Various
inputs
are
used
in
determining
the
fair
value
of
investments,
which
are
as
follows:
*
Level
1
-
unadjusted
quoted
prices
in
active
markets
for
identical
securities
*
Level
2
-
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
*
Level
3
-
significant
unobservable
inputs
that
are
not
corroborated
by
observable
market
data
Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
17
/
June
2024
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,
2024
is
as
follows:
LOW
DURATION
BOND
FUND
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Investments
in
Securities
Assets:
Short-Term
Investments:
Money
Market
Funds
$
106,183,331
$
—
$
—
$
106,183,331
Long-Term
Investments:
Asset-Backed
Securities
—
113,628,731
4,911,546
118,540,277
Bank
Loans
—
16,663,785
—
16,663,785
Corporates
—
304,269,223
—
304,269,223
Mortgage-Backed
Securities
—
638,004,874
3,127,530
641,132,404
Municipal
Bonds
—
13,869,323
—
13,869,323
U.S.
Treasury
Securities
191,621,797
—
—
191,621,797
Other
Financial
Instruments
*
Assets:
Foreign
Currency
Exchange
Contracts
Foreign
Currency
Risk
—
261,213
—
261,213
Futures
Contracts
Interest
Rate
Risk
1,998,469
—
—
1,998,469
Liabilities:
Futures
Contracts
Interest
Rate
Risk
(
1,760,684
)
—
—
(
1,760,684
)
Total
$
298,042,913
$
1,086,697,149
$
8,039,076
$
1,392,779,138
*Other
financial
instruments
include
foreign
currency
exchange
contracts
and
futures.
Low
Duration
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
June
2024
/
18
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,
2024,
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:
LOW
DURATION
BOND
FUND
ASSET-BACKED
SECURITIES
COMMON
STOCK
MORTGAGE-
BACKED
SECURITIES
TOTAL
Balance
as
of
April
1,
2024
$
5,008,441
$
—
$
3,175,417
$
8,183,858
Accrued
discounts/premiums
—
—
(
51,725
)
(
51,725
)
Realized
(loss)
—
(
6,025,409
)
—
(
6,025,409
)
Change
in
unrealized
appreciation*
5,089
6,078,660
3,838
6,087,587
Purchases
—
—
—
—
Sales
(
101,984
)
(
53,251
)
—
(
155,235
)
Transfers
into
Level
3**
—
—
—
—
Transfers
out
of
Level
3**
—
—
—
—
Balance
as
of
June
30,
2024
$
4,911,546
$
—
$
3,127,530
$
8,039,076
*The
change
in
unrealized
appreciation
(depreciation)
on
securities
still
held
at
June
30,
2024
was
$8,927
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,
2024.
Significant
unobservable
valuations
inputs
for
Level
3
investments
as
of
June
30,
2024,
are
as
follows:
LOW
DURATION
BOND
FUND
FAIR
VALUE
AT
6/30/24
VALUATION
TECHNIQUE
*
UNOBSERVABLE
INPUT
RANGE
WEIGHTED
AVERAGE
INPUT
TO
VALUATION
IF
INPUT
INCREASES
Asset-Backed
Securities
$4,911,546
Broker
Quote
Offered
Quote
$89.21
$89.21
Increase
Mortgage-Backed
Securities-Non-Agency
$431,580
Third-Party
Vendor
Vendor
Prices
$1.09
$1.09
Increase
Mortgage-Backed
Securities-
Non-Agency
Commercial
$2,695,950
Broker
Quote
Offered
Quote
$99.85
$99.85
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.