Ultra
Short
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
1
/
June
2024
Issues
Maturity
Date
Principal
Amount
Value
BONDS
–
114.17%
ASSET-BACKED
SECURITIES
—
8.08%**
Aligned
Data
Centers
Issuer
LLC,
Series
2021-1A,
Class
A2
1.94%
08/15/46
1
$
240,000
$
221,144
AmeriCredit
Automobile
Receivables
Trust,
Series
2022-2,
Class
C
5.32%
04/18/28
320,000
319,213
AMMC
CLO
XI
Ltd.,
Series
2012-11A,
Class
A1R2
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.27%)
6.60%
04/30/31
1,2,3
133,203
133,304
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
275,000
275,063
Dryden
40
Senior
Loan
Fund,
Series
2015-40A,
Class
AR2
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.15%)
6.47%
08/15/31
1,2,3
246,902
247,100
Flatiron
CLO
17
Ltd.,
Series
2017-1A,
Class
AR
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.24%)
6.56%
05/15/30
1,2,3
128,951
129,066
GoldenTree
Loan
Management
U.S.
CLO
4
Ltd.,
Series
2019-4A,
Class
ARR
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.15%)
6.47%
04/24/31
1,2,3
250,000
250,112
Hotwire
Funding
LLC,
Series
2024-1A,
Class
A2
5.89%
06/20/54
1
140,000
142,126
HPS
Loan
Management
Ltd.,
Series
13A-18,
Class
A1R
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.13%)
6.46%
10/15/30
1,2,3
250,000
250,069
Madison
Park
Funding
XXIX
Ltd.,
Series
2018-29A,
Class
AR
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.18%)
6.51%
10/18/30
1,2,3
244,759
245,063
Navient
Private
Education
Refi
Loan
Trust,
Series
2021-CA,
Class
A
1.06%
10/15/69
1
318,838
281,086
Navient
Private
Education
Refi
Loan
Trust,
Series
2021-FA,
Class
A
1.11%
02/18/70
1
206,053
176,589
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
250,000
250,025
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
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
$
250,000
$
250,283
Regatta
XIV
Funding
Ltd.,
Series
2018-3A,
Class
AR
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.10%)
6.43%
10/25/31
1,2,3
320,000
320,400
Vantage
Data
Centers
Issuer
LLC,
Series
2021-1A,
Class
A2
2.17%
10/15/46
1
200,000
183,700
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
250,000
250,239
Total
Asset-Backed
Securities
(Cost
$3,943,498)
3,924,582
CORPORATES
—
25.01%*
Banking
—
7.79%
Bank
of
America
Corp.
3.42%
12/20/28
4
70,000
65,830
Bank
of
America
Corp.
(MTN)
3.82%
01/20/28
4
985,000
949,614
HSBC
Holdings
PLC
(United
Kingdom)
2.01%
09/22/28
2,4
85,000
76,375
2.10%
06/04/26
2,4
180,000
174,041
JPMorgan
Chase
&
Co.
1.04%
02/04/27
4
1,185,000
1,104,451
Lloyds
Banking
Group
PLC
(United
Kingdom)
1.63%
05/11/27
2,4
125,000
116,146
PNC
Financial
Services
Group,
Inc.
(The)
5.58%
06/12/29
4
55,000
55,623
6.62%
10/20/27
4
40,000
40,978
Santander
UK
Group
Holdings
PLC
(United
Kingdom)
1.67%
06/14/27
2,4
105,000
97,100
U.S.
Bancorp
4.65%
02/01/29
4
200,000
195,864
Wells
Fargo
&
Co.
(MTN)
2.16%
02/11/26
4
930,000
909,974
3,785,996
Communications
—
0.42%
Altice
France
SA
(France)
5.50%
10/15/29
1,2
11,000
7,268
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.
4.75%
03/01/30
1
5,000
4,335
Ultra
Short
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
June
2024
/
2
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Communications
(continued)
T-Mobile
USA,
Inc.
2.25%
02/15/26
$
200,000
$
190,147
201,750
Consumer
Discretionary
—
0.88%
Imperial
Brands
Finance
PLC
(United
Kingdom)
6.13%
07/27/27
1,2
135,000
137,376
Spectrum
Brands,
Inc.
3.88%
03/15/31
1
4,000
3,344
WarnerMedia
Holdings,
Inc.
3.76%
03/15/27
300,000
284,617
425,337
Diversified
REITs
—
1.36%
American
Tower
Corp.
5.25%
07/15/28
250,000
249,744
Crown
Castle,
Inc.
3.80%
02/15/28
135,000
127,990
VICI
Properties
LP/VICI
Note
Co.,
Inc.
5.75%
02/01/27
1
285,000
285,250
662,984
Electric
—
1.48%
Alliant
Energy
Finance
LLC
5.95%
03/30/29
1
135,000
138,262
Eversource
Energy
2.90%
03/01/27
200,000
187,932
FirstEnergy
Pennsylvania
Electric
Co.
4.00%
04/15/25
1
250,000
246,141
4.15%
04/15/25
1
150,000
147,872
720,207
Energy
—
1.01%
Southern
Co.
Gas
Capital
Corp.
3.88%
11/15/25
500,000
489,135
Finance
—
5.79%
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust
(Ireland)
2.45%
10/29/26
2
300,000
279,950
Air
Lease
Corp.
3.63%
04/01/27
200,000
191,249
Avolon
Holdings
Funding
Ltd.
(Cayman
Islands)
2.53%
11/18/27
1,2
283,000
254,579
Citigroup,
Inc.
1.46%
06/09/27
4
815,000
755,748
Goldman
Sachs
Group,
Inc.
(The)
1.54%
09/10/27
4
405,000
372,087
Morgan
Stanley
0.99%
12/10/26
4
605,000
566,072
Morgan
Stanley
(GMTN)
1.51%
07/20/27
4
225,000
208,112
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Finance
(continued)
Nationwide
Building
Society
(United
Kingdom)
2.97%
02/16/28
1,2,4
$
200,000
$
187,427
2,815,224
Health
Care
—
1.96%
1375209
BC
Ltd.
(Canada)
9.00%
01/30/28
1,2
35,000
33,725
Amgen,
Inc.
5.15%
03/02/28
195,000
195,039
Bayer
U.S.
Finance
LLC
6.25%
01/21/29
1
220,000
224,666
Grifols
SA
(Spain)
4.75%
10/15/28
1,2
35,000
30,210
HCA,
Inc.
5.38%
02/01/25
175,000
174,453
5.88%
02/15/26
250,000
250,429
ModivCare
,
Inc.
5.88%
11/15/25
1
45,000
45,661
954,183
Health
Care
REITs
—
0.42%
Healthcare
Realty
Holdings
LP
3.63%
01/15/28
220,000
203,958
Industrials
—
1.09%
Amcor
Flexibles
North
America,
Inc.
4.00%
05/17/25
300,000
295,681
Ardagh
Packaging
Finance
PLC/
Ardagh
Holdings
USA,
Inc.
(Canada)
4.13%
08/15/26
1,2
10,000
8,689
Berry
Global,
Inc.
5.50%
04/15/28
225,000
224,708
529,078
Insurance
—
0.77%
Nationwide
Mutual
Insurance
Co.
7.89%
12/15/24
1,4
370,000
372,040
Materials
—
0.72%
International
Flavors
&
Fragrances,
Inc.
1.83%
10/15/27
1
390,000
348,493
Services
—
0.64%
Adtalem
Global
Education,
Inc.
5.50%
03/01/28
1
10,000
9,618
Global
Payments,
Inc.
2.15%
01/15/27
300,000
277,773
Worldline
SA
(France)
0.00%
07/30/25
2,5
200
24,172
311,563
Specialized
REITs
—
0.68%
Extra
Space
Storage
LP
3.88%
12/15/27
205,000
195,681
Ultra
Short
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
3
/
June
2024
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Specialized
REITs
(continued)
5.70%
04/01/28
$
135,000
$
136,524
332,205
Total
Corporates
(Cost
$12,120,587)
12,152,153
MORTGAGE-BACKED
—
47.41%**
Non-Agency
Commercial
Mortgage-Backed
—
6.94%
BPR
Trust,
Series
2021-WILL,
Class
A
(CME
Term
SOFR
1-Month
plus
1.86%)
7.19%
06/15/38
1,3
199,398
199,039
BPR
Trust,
Series
2022-OANA,
Class
A
(CME
Term
SOFR
1-Month
plus
1.90%)
7.23%
04/15/37
1,3
152,000
152,488
BX
Commercial
Mortgage
Trust,
Series
2021-21M,
Class
A
(CME
Term
SOFR
1-Month
plus
0.84%)
6.17%
10/15/36
1,3
134,983
133,191
BX
Commercial
Mortgage
Trust,
Series
2021-VINO,
Class
A
(CME
Term
SOFR
1-Month
plus
0.77%)
6.10%
05/15/38
1,3
144,190
142,415
BX
Commercial
Mortgage
Trust,
Series
2021-XL2,
Class
A
(CME
Term
SOFR
1-Month
plus
0.80%)
6.13%
10/15/38
1,3
140,782
139,077
BX
Commercial
Mortgage
Trust,
Series
2022-CSMO,
Class
A
(CME
Term
SOFR
1-Month
plus
2.11%)
7.44%
06/15/27
1,3
205,000
205,200
BX,
Series
2021-MFM1,
Class
A
(CME
Term
SOFR
1-Month
plus
0.81%)
6.14%
01/15/34
1,3
154,785
153,512
CAMB
Commercial
Mortgage
Trust,
Series
2019-LIFE,
Class
B
(CME
Term
SOFR
1-Month
plus
1.55%)
6.88%
12/15/37
1,3
150,000
149,851
Citigroup
Commercial
Mortgage
Trust,
Series
2021-PRM2,
Class
A
(CME
Term
SOFR
1-Month
plus
1.06%)
6.39%
10/15/38
1,3
152,000
150,603
Fontainebleau
Miami
Beach
Trust,
Series
2019-FBLU,
Class
A
3.14%
12/10/36
1
150,000
147,679
FS
Rialto,
Series
2019-FL1,
Class
A
(Cayman
Islands)
(CME
Term
SOFR
1-Month
plus
1.31%)
6.64%
12/16/36
1,2,3
178,474
178,492
Great
Wolf
Trust,
Series
2024-WOLF,
Class
A
(CME
Term
SOFR
1-Month
plus
1.54%)
6.87%
03/15/39
1,3
152,000
151,914
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
GS
Mortgage
Securities
Corp.
Trust,
Series
2023-FUN,
Class
A
(CME
Term
SOFR
1-Month
plus
2.09%)
7.42%
03/15/28
1,3
$
125,000
$
125,254
HILT
COMMERCIAL
Mortgage
Trust,
Series
2024-ORL,
Class
A
(CME
Term
SOFR
1-Month
plus
1.54%)
6.87%
05/15/37
1,3
100,000
99,817
Hilton
USA
Trust,
Series
2016-HHV,
Class
A
3.72%
11/05/38
1
103,000
98,155
INTOWN
Mortgage
Trust,
Series
2022-STAY,
Class
A
(CME
Term
SOFR
1-Month
plus
2.49%)
7.82%
08/15/39
1,3
150,000
150,692
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2014-C26,
Class
A3
3.23%
01/15/48
171,420
170,068
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2016-NINE,
Class
A
2.95%
09/06/38
1,4
163,000
152,982
MF1
Ltd.,
Series
2020-FL4,
Class
A
(CME
Term
SOFR
1-Month
plus
1.81%)
7.14%
11/15/35
1,3
172,344
172,644
NRTH
Mortgage
Trust,
Series
2024-PARK,
Class
A
(CME
Term
SOFR
1-Month
plus
1.64%)
6.97%
03/15/41
1,3
150,000
149,884
PGA
Trust,
Series
2024-RSR2,
Class
A
(CME
Term
SOFR
1-Month
plus
1.89%)
7.22%
06/15/39
1,3
173,000
172,549
WB
Commercial
Mortgage
Trust,
Series
2024-HQ,
Class
A
6.13%
03/15/40
1,4
177,000
177,057
3,372,563
Non-Agency
Mortgage-Backed
—
9.13%
Aames
Mortgage
Trust,
Series
2002-1,
Class
A3
(STEP-reset
date
08/25/24)
7.40%
06/25/32
8,033
7,859
Adjustable
Rate
Mortgage
Trust,
Series
2005-1,
Class
1A1
5.47%
05/25/35
4
14,512
14,217
Ajax
Mortgage
Loan
Trust,
Series
2019-F,
Class
A1
(STEP-reset
date
07/25/24)
2.86%
07/25/59
1
115,937
109,426
Alternative
Loan
Trust,
Series
2004-J6,
Class
2A1
6.50%
11/25/31
15,176
14,727
Ameriquest
Mortgage
Securities,
Inc.,
Asset-Backed
Pass-
Through
Certificates,
Series
2005-R10,
Class
M3
(CME
Term
SOFR
1-Month
plus
0.79%)
6.13%
01/25/36
3
277,429
272,194
Ultra
Short
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
June
2024
/
4
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Ameriquest
Mortgage
Securities,
Inc.,
Asset-Backed
Pass-
Through
Certificates,
Series
2005-R3,
Class
M4
(CME
Term
SOFR
1-Month
plus
1.04%)
6.39%
05/25/35
3
$
149,815
$
147,850
Banc
of
America
Funding
Trust,
Series
2003-2,
Class
1A1
6.50%
06/25/32
2,382
2,341
Citigroup
Mortgage
Loan
Trust,
Series
2007-AMC4,
Class
A2D
(CME
Term
SOFR
1-Month
plus
0.38%)
5.73%
05/25/37
3
116,619
114,657
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
2006-WFH4,
Class
M2
(CME
Term
SOFR
1-Month
plus
0.55%)
5.89%
11/25/36
3
435,733
427,746
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.,
Series
2002-AR31,
Class
4A2
6.25%
11/25/32
4
14,092
13,987
First
Franklin
Mortgage
Loan
Trust,
Series
2005-FF8,
Class
M2
(CME
Term
SOFR
1-Month
plus
0.89%)
6.24%
09/25/35
3
285,541
283,976
First
Franklin
Mortgage
Loan
Trust,
Series
2006-FFH1,
Class
M1
(CME
Term
SOFR
1-Month
plus
0.67%)
6.01%
01/25/36
3
467,818
451,593
GSAMP
Trust,
Series
2005-HE5,
Class
M3
(CME
Term
SOFR
1-Month
plus
0.80%)
6.15%
11/25/35
3
74,875
74,153
HSI
Asset
Securitization
Corp.
Trust,
Series
2006-OPT2,
Class
M2
(CME
Term
SOFR
1-Month
plus
0.70%)
6.04%
01/25/36
3
251,368
246,067
IndyMac
Index
Mortgage
Loan
Trust,
Series
2004-AR6,
Class
6A1
5.65%
10/25/34
4
67,293
61,222
JPMorgan
Mortgage
Trust,
Series
2005-A2,
Class
9A1
6.13%
04/25/35
4
33,386
32,221
MASTR
Adjustable
Rate
Mortgages
Trust,
Series
2004-12,
Class
5A1
5.66%
10/25/34
4
7,728
7,380
MASTR
Adjustable
Rate
Mortgages
Trust,
Series
2007-1,
Class
I2A1
(CME
Term
SOFR
1-Month
plus
0.43%)
5.78%
01/25/47
3
8,923
8,916
MASTR
Seasoned
Securitization
Trust,
Series
2004-1,
Class
4A1
6.22%
10/25/32
4
14,776
14,227
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2003-A1,
Class
2A
(TSFR12M
plus
2.34%)
7.57%
12/25/32
3
90,900
88,319
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
MortgageIT
Trust,
Series
2005-1,
Class
1A1
(CME
Term
SOFR
1-Month
plus
0.75%)
6.10%
02/25/35
3
$
289,230
$
287,151
Ownit
Mortgage
Loan
Trust,
Series
2006-3,
Class
A2D
(CME
Term
SOFR
1-Month
plus
0.65%)
6.00%
03/25/37
3
370,392
348,758
Park
Place
Securities,
Inc.,
Asset-Backed
Pass-Through
Certificates,
Series
2004-WHQ2,
Class
M4
(CME
Term
SOFR
1-Month
plus
1.69%)
7.03%
02/25/35
3
251,451
244,195
PRPM
LLC,
Series
2021-3,
Class
A1
(STEP-reset
date
07/25/24)
4.87%
04/25/26
1
168,345
166,379
Residential
Asset
Mortgage
Products
Trust,
Series
2004-SL1,
Class
A2
8.50%
11/25/31
34,265
11,286
Residential
Asset
Securities
Corp.,
Series
2006-KS3,
Class
M1
(CME
Term
SOFR
1-Month
plus
0.44%)
5.95%
04/25/36
3
172,135
170,046
Residential
Asset
Securitization
Trust,
Series
2004-IP2,
Class
2A1
4.07%
12/25/34
4
47,367
40,962
Soundview
Home
Loan
Trust,
Series
2005-OPT1,
Class
M2
(CME
Term
SOFR
1-Month
plus
0.79%)
6.13%
06/25/35
3
322,425
314,768
Structured
Asset
Investment
Loan
Trust,
Series
2005-HE3,
Class
M1
(CME
Term
SOFR
1-Month
plus
0.83%)
6.18%
09/25/35
3
64,765
63,810
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust,
Series
2006-EQ1A,
Class
A1
(CME
Term
SOFR
1-Month
plus
0.38%)
5.73%
07/25/36
1,3
40,103
39,938
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust,
Series
2006-OPT1,
Class
A1
(CME
Term
SOFR
1-Month
plus
0.29%)
5.64%
04/25/36
3
25,432
25,354
Terwin
Mortgage
Trust,
Series
2006-5,
Class
1A2B
(CME
Term
SOFR
1-Month
plus
0.53%)
5.88%
07/25/37
1,3
232,697
230,726
Terwin
NIMs
Trust,
Series
2004-13AL,
Class
2PX
(IO)
0.34%
08/25/34
1,6,7
832,943
9,203
WaMu
Mortgage
Pass-Through
Certificates,
Series
2002-AR6,
Class
A
(Federal
Reserve
US
12-Month
Cumulative
Average
plus
1.40%)
6.55%
06/25/42
3
7,846
7,143
Ultra
Short
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
5
/
June
2024
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
WaMu
Mortgage
Pass-Through
Certificates,
Series
2003-AR6,
Class
A1
7.27%
06/25/33
4
$
20,153
$
19,318
WaMu
Mortgage
Pass-Through
Certificates,
Series
2005-4,
Class
CB13
(CME
Term
SOFR
1-Month
plus
0.61%)
5.50%
06/25/35
3
72,063
61,010
4,433,125
U.S.
Agency
Commercial
Mortgage-Backed
—
3.36%
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KJ34,
Class
A1
0.68%
06/25/26
116,488
112,870
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KS07,
Class
X
(IO)
0.73%
09/25/25
4
3,273,400
23,246
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
3
88,130
87,625
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
Q010,
Class
APT1
6.98%
04/25/46
4
27,210
27,294
Ginnie
Mae,
Series
2008-92,
Class
E
5.56%
03/16/44
4
63,532
63,124
Ginnie
Mae,
Series
2010-159,
Class
D
4.56%
09/16/44
4
94,545
93,160
Ginnie
Mae,
Series
2011-165,
Class
IO
(IO)
0.00%
10/16/51
4
2,049,761
21
Ginnie
Mae,
Series
2011-92,
Class
C
3.73%
04/16/52
4
847,302
798,436
Ginnie
Mae,
Series
2012-135,
Class
IO
(IO)
0.34%
01/16/53
4
1,549,577
15,165
Ginnie
Mae,
Series
2014-157,
Class
C
3.15%
10/16/54
4
433,385
412,765
1,633,706
U.S.
Agency
Mortgage-Backed
—
27.98%
Fannie
Mae
Pool
254548
5.50%
12/01/32
37,701
38,283
Fannie
Mae
Pool
555098
(RFUCCT1Y
plus
1.62%)
5.87%
11/01/32
3
4,651
4,657
Fannie
Mae
Pool
555424
5.50%
05/01/33
25,922
26,252
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Mortgage-Backed
(continued)
Fannie
Mae
Pool
655133
7.00%
08/01/32
$
4,613
$
4,633
Fannie
Mae
Pool
655151
7.00%
08/01/32
3,324
3,313
Fannie
Mae
Pool
762525
6.50%
11/01/33
7,582
7,520
Fannie
Mae
Pool
770900
(RFUCCT1Y
plus
1.55%)
6.93%
04/01/34
3
41,273
41,359
Fannie
Mae
Pool
AE0443
6.50%
10/01/39
33,654
34,733
Fannie
Mae
Pool
AL0851
6.00%
10/01/40
28,454
29,479
Fannie
Mae
REMICS,
Series
2001-42,
Class
SB
(-16.00
X
SOFR30A
plus
126.17%,
8.50%
Cap)
8.50%
09/25/31
3
461
455
Fannie
Mae
REMICS,
Series
2001-60,
Class
OF
(SOFR30A
plus
1.06%)
6.40%
10/25/31
3
34,809
35,203
Fannie
Mae
REMICS,
Series
2002-30,
Class
FB
(SOFR30A
plus
1.11%)
6.45%
08/25/31
3
31,426
31,574
Fannie
Mae
REMICS,
Series
2003-124,
Class
TS
(-14.00
X
SOFR30A
plus
99.20%,
9.80%
Cap)
9.80%
01/25/34
3
5,748
5,750
Fannie
Mae
REMICS,
Series
2004-60,
Class
FW
(SOFR30A
plus
0.56%)
5.90%
04/25/34
3
61,176
61,097
Fannie
Mae
REMICS,
Series
2004-96,
Class
MT
(-17.50
X
SOFR30A
plus
123.12%,
7.00%
Cap)
7.00%
12/25/34
3
10,049
9,176
Fannie
Mae
REMICS,
Series
2005-73,
Class
DF
(SOFR30A
plus
0.36%)
5.70%
08/25/35
3
46,001
45,548
Fannie
Mae
REMICS,
Series
2007-68,
Class
SC
(IO)
(-1.00
X
SOFR30A
plus
6.59%,
6.70%
Cap)
1.25%
07/25/37
3
41,908
3,928
Fannie
Mae
REMICS,
Series
2010-109,
Class
PF
(SOFR30A
plus
0.51%)
5.85%
10/25/40
3
26,310
26,034
Fannie
Mae
REMICS,
Series
2010-26,
Class
S
(IO)
(-1.00
X
SOFR30A
plus
6.12%,
6.23%
Cap)
0.78%
11/25/36
3
158,167
13,751
Ultra
Short
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
June
2024
/
6
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Mortgage-Backed
(continued)
Fannie
Mae
REMICS,
Series
2010-95,
Class
FB
(SOFR30A
plus
0.51%)
5.85%
09/25/40
3
$
28,233
$
28,032
Fannie
Mae
REMICS,
Series
2011-47,
Class
GF
(SOFR30A
plus
0.68%)
6.02%
06/25/41
3
522,412
519,380
Fannie
Mae
REMICS,
Series
2018-79,
Class
FA
(SOFR30A
plus
0.36%)
5.70%
11/25/48
3
36,794
36,094
Fannie
Mae
REMICS,
Series
2019-79,
Class
FA
(SOFR30A
plus
0.61%)
5.95%
01/25/50
3
88,090
86,606
Fannie
Mae
REMICS,
Series
2020-10,
Class
FA
(SOFR30A
plus
0.61%)
5.95%
03/25/50
3
249,917
246,194
Freddie
Mac
REMICS,
Series
2368,
Class
AF
(SOFR30A
plus
1.06%)
6.40%
10/15/31
3
26,585
26,798
Freddie
Mac
REMICS,
Series
2733,
Class
FB
(SOFR30A
plus
0.71%)
6.05%
10/15/33
3
249,394
247,717
Freddie
Mac
REMICS,
Series
3085,
Class
FW
(SOFR30A
plus
0.81%)
6.15%
08/15/35
3
170,931
167,065
Freddie
Mac
REMICS,
Series
3300,
Class
FA
(SOFR30A
plus
0.41%)
5.75%
08/15/35
3
159,080
156,905
Freddie
Mac
REMICS,
Series
3325,
Class
NF
(SOFR30A
plus
0.41%)
5.75%
08/15/35
3
31,957
31,520
Freddie
Mac
REMICS,
Series
3895,
Class
BF
(SOFR30A
plus
0.61%)
5.95%
07/15/41
3
103,924
102,534
Freddie
Mac
Strips,
Series
263,
Class
F5
(SOFR30A
plus
0.61%)
5.95%
06/15/42
3
131,364
130,279
Ginnie
Mae
(TBA)
4.50%
07/15/54
775,000
736,768
5.00%
07/15/54
625,000
608,649
5.50%
07/15/54
300,000
297,704
Ginnie
Mae
II
Pool
80546
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1-Year
plus
1.50%)
3.75%
10/20/31
3
3,310
3,263
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
3
$
46,164
$
46,050
Ginnie
Mae
II
Pool
80614
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1-Year
plus
1.50%)
3.63%
07/20/32
3
4,587
4,544
Ginnie
Mae
II
Pool
80687
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1-Year
plus
1.50%)
3.88%
04/20/33
3
37,437
36,939
Ginnie
Mae
II
Pool
8684
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1-Year
plus
1.50%)
3.63%
08/20/25
3
2,331
2,315
Ginnie
Mae
II
Pool
MA0331
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1-Year
plus
1.50%)
3.63%
08/20/42
3
36,816
36,596
Ginnie
Mae,
Series
2004-2,
Class
FW
(CME
Term
SOFR
1-Month
plus
1.51%)
6.84%
01/16/34
3
220,153
220,627
Ginnie
Mae,
Series
2009-92,
Class
FC
(CME
Term
SOFR
1-Month
plus
0.91%)
6.24%
10/16/39
3
54,081
54,352
Ginnie
Mae,
Series
2010-19,
Class
FD
(CME
Term
SOFR
1-Month
plus
0.56%)
5.89%
07/16/39
3
6,204
6,213
Ginnie
Mae,
Series
2011-70,
Class
IL
(IO)
(-1.00
X
CME
Term
SOFR
1-Month
plus
6.99%,
0.60%
Cap)
0.60%
06/16/37
3
856,475
2,586
Ginnie
Mae,
Series
2023-113,
Class
FD
(SOFR30A
plus
1.35%)
6.50%
08/20/53
3
498,944
500,435
Ginnie
Mae,
Series
2023-116,
Class
FL
(SOFR30A
plus
1.15%)
6.48%
08/20/53
3
458,026
459,950
Ginnie
Mae,
Series
2024-51,
Class
F
(SOFR30A
plus
1.00%)
6.33%
03/20/54
3
498,423
498,905
Ginnie
Mae,
Series
2024-51,
Class
PF
(SOFR30A
plus
1.00%)
6.33%
03/20/54
3
598,279
598,850
Ginnie
Mae,
Series
2024-51,
Class
TF
(SOFR30A
plus
1.00%)
6.33%
03/20/54
3
498,644
499,115
Ultra
Short
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
7
/
June
2024
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Mortgage-Backed
(continued)
UMBS
(TBA)
3.50%
07/15/39
$
425,000
$
401,833
4.00%
07/01/39
750,000
721,576
4.00%
07/01/54
850,000
777,871
4.50%
07/15/39
1,625,000
1,589,779
4.50%
07/01/54
825,000
777,915
5.00%
07/15/39
1,650,000
1,635,680
5.00%
07/01/54
650,000
628,253
5.50%
07/01/54
250,000
246,552
13,595,189
Total
Mortgage-Backed
(Cost
$23,470,930)
23,034,583
MUNICIPAL
BONDS
—
0.38%*
Massachusetts
—
0.38%
Commonwealth
of
Massachusetts
Revenue
Bonds,
Series
B
4.11%
07/15/31
187,937
183,637
Total
Municipal
Bonds
(Cost
$183,735)
U.S.
TREASURY
SECURITIES
—
33.29%
U.S.
Agency
Discount
Notes
—
3.83%
U.S.
International
Development
Finance
Corp.,
Series
2
1.49%
08/15/31
2,100,540
1,861,042
U.S.
Treasury
Notes
—
29.46%
U.S.
Treasury
Notes
4.63%
06/15/27
890,000
892,677
U.S.
Treasury
Notes
(WI)
4.25%
06/30/29
3,128,000
3,114,987
4.50%
05/31/29
826,000
831,711
4.63%
06/30/26
9,490,000
9,473,133
14,312,508
Total
U.S.
Treasury
Securities
(Cost
$16,427,377)
16,173,550
Total
Bonds
—
114.17%
(Cost
$56,146,127)
55,468,505
Issues
Maturity
Date
Principal
Amount
/
Shares
Value
SHORT-TERM
INVESTMENTS
—
8.47%
Money
Market
Funds
—
6.86%
Dreyfus
Government
Cash
Management
Fund
5.19%
8
1,492,000
1,492,000
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
5.22%
8
1,839,000
1,839,000
3,331,000
Issues
Maturity
Date
Principal
Amount/Shares
Value
SHORT-TERM
INVESTMENTS
(continued)
U.S.
Treasury
Bills
—
1.61%
U.S.
Treasury
Bills
5.29%
9
11/14/24
$
800,000
$
784,437
Total
Short-Term
Investments
(Cost
$4,115,433)
4,115,437
Total
Investments
-
122.64%
(Cost
$60,261,560)
59,583,942
Liabilities
in
Excess
of
Other
Assets
-
(22.64)%
(11,000,484)
Net
Assets
-
100.00%
$
48,583,458
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
Foreign
denominated
security
issued
by
foreign
domiciled
entity.
3
Floating
rate
security.
The
rate
disclosed
was
in
effect
at
June
30,
2024.
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
Zero
coupon
bond.
The
rate
shown
is
the
effective
yield
as
of
June
30,
2024.
6
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
7
Illiquid
security
as
determined
under
procedures
approved
by
the
Board
of
Trustees.
The
aggregate
value
of
illiquid
securities
is
$9,203,
which
is
0.02%
of
total
net
assets.
8
Represents
the
current
yield
as
of
June
30,
2024.
9
Represents
annualized
yield
at
date
of
purchase.
*
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
(EUR):
Euro
(GMTN):
Global
Medium-Term
Note
(IO):
Interest
Only
(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
(TSFR):
Term
Secured
Overnight
Financing
Rate
(WI):
When
Issued
Ultra
Short
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
June
2024
/
8
Currency
to
be
Purchased
Currency
to
be
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
FOREIGN
CURRENCY
EXCHANGE
CONTRACT
EUR
379,400
USD
405,585
Citibank
N.A.
07/12/24
$
1,313
USD
438,498
EUR
401,500
Citibank
N.A.
07/12/24
7,898
NET
UNREALIZED
APPRECIATION
$
9,211
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
FUTURES
CONTRACTS:
LONG
POSITIONS
U.S.
Treasury
Two-Year
Note
111
09/30/24
$
22,668,281
$
47,041
$
47,041
Euro-Schatz
Future
1
09/06/24
113,284
497
497
22,781,565
47,538
47,538
FUTURES
CONTRACTS:
SHORT
POSITIONS
U.S.
Treasury
Five-Year
Note
121
09/30/24
(12,895,954)
(56,846)
(56,846)
U.S.
Treasury
Ten-Year
Ultra
Bond
18
09/19/24
(2,043,563)
(22,534)
(22,534)
U.S.
Treasury
Ultra
Bond
2
09/19/24
(250,688)
(2,784)
(2,784)
(15,190,205)
(82,164)
(82,164)
TOTAL
FUTURES
CONTRACTS
$
7,591,360
$
(34,626)
$
(34,626)
Ultra
Short
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
9
/
June
2024
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
Ultra
Short
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
June
2024
/
10
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:
ULTRA
SHORT
BOND
FUND
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Investments
in
Securities
Assets:
Short-Term
Investments:
Money
Market
Funds
$
3,331,000
$
—
$
—
$
3,331,000
U.S.
Treasury
Bills
784,437
—
—
784,437
Long-Term
Investments:
Asset-Backed
Securities
—
3,924,582
—
3,924,582
Corporates
—
12,152,153
—
12,152,153
Mortgage-Backed
Securities
—
23,025,380
9,203
23,034,583
Municipal
Bonds
—
183,637
—
183,637
U.S.
Treasury
Securities
14,312,508
1,861,042
—
16,173,550
Other
Financial
Instruments
*
Assets:
Foreign
Currency
Exchange
Contracts
Foreign
Currency
Risk
—
9,211
—
9,211
Futures
Contracts
Interest
Rate
Risk
47,538
—
—
47,538
Liabilities:
Futures
Contracts
Interest
Rate
Risk
(82,164)
—
—
(82,164)
Total
$
18,393,319
$
41,156,005
$
9,203
$
59,558,527
*Other
financial
instruments
include
foreign
currency
exchange
contracts
and
futures.
Ultra
Short
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
11
/
June
2024
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:
ULTRA
SHORT
BOND
FUND
MORTGAGE-
BACKED
SECURITIES
TOTAL
Balance
as
of
April
1,
2024
$
9,388
$
9,388
Accrued
discounts/premiums
(1,313
)
(1,313
)
Realized
gain
(loss)
—
—
Change
in
unrealized
appreciation*
1,128
1,128
Purchases
—
—
Sales
—
—
Transfers
into
Level
3**
—
—
Transfers
out
of
Level
3**
—
—
Balance
as
of
June
30,
2024
$
9,203
$
9,203
*The
change
in
unrealized
appreciation
(depreciation)
on
securities
still
held
at
June
30,
2024
was
$1,127
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:
ULTRA
SHORT
BOND
FUND
FAIR
VALUE
AT
6/30/24
VALUATION
TECHNIQUE*
UNOBSERVABLE
INPUT
RANGE
WEIGHTED
AVERAGE
INPUT
TO
VALUATION
IF
INPUT
INCREASES
Mortgage-Backed
Securities-Non-Agency
$9,203
Third-Party
Vendor
Vendor
Prices
$1.10
$1.10
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.