Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
1
/
June
2024
Issues
Maturity
Date
Principal
Amount
Value
BONDS
–
91
.83
%
ASSET-BACKED
SECURITIES
—
16
.48
%
**
AGL
CLO
12
Ltd.,
Series
2021-12A,
Class
B
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.86%)
7.19%
07/20/34
1,2,3
$
125,000
$
125,138
Aimco
CLO,
Series
2015-AA,
Class
BR2
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.86%)
7.18%
10/17/34
1,2,3
70,000
69,792
Allegro
CLO
XII
Ltd.,
Series
2020-1A,
Class
B
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.96%)
7.29%
01/21/32
1,2,3
45,000
45,106
AMSR
Trust,
Series
2020-SFR1,
Class
H
5.30%
04/17/37
2
200,000
195,049
AMSR
Trust,
Series
2020-SFR1,
Class
I
8.19%
04/17/37
2
100,000
99,359
BCRED
CLO
LLC,
Series
2023-1A,
Class
A
(CME
Term
SOFR
3-Month
plus
2.30%)
7.66%
01/20/36
1,2
250,000
251,722
Bear
Mountain
Park
CLO
Ltd.,
Series
2022-1A,
Class
BR
(United
Kingdom)
(CME
Term
SOFR
3-Month
plus
1.75%)
0.01%
07/15/37
1,2,3
200,000
200,250
Carvana
Auto
Receivables
Trust,
Series
2022-P3,
Class
R
0.00%
09/10/29
2
1,750
212,948
Cedar
Funding
II
CLO
Ltd.,
Series
2013-1A,
Class
BRR
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.61%)
6.94%
04/20/34
1,2,3
75,000
74,852
CoreVest
American
Finance
Trust,
Series
2020-1,
Class
A2
2.30%
03/15/50
2
140,000
127,732
Crystal
River
CDO,
Series
2005-1A,
Class
A
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
0.62%)
5.97%
03/02/46
1,2,3,4,5
419,900
43,439
Diamond
Infrastructure
Funding
LLC,
Series
2021-1A,
Class
C
3.48%
04/15/49
2
215,000
194,005
Dryden
85
CLO
Ltd.,
Series
2020-85A,
Class
AR
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.41%)
6.74%
10/15/35
1,2,3
150,000
150,075
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
Eaton
Vance
CLO
Ltd.,
Series
2020-1A,
Class
AR
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.43%)
6.76%
10/15/34
1,2,3
$
90,000
$
89,996
Elmwood
CLO
30
Ltd.,
Series
2024-6A,
Class
B
(United
Kingdom)
(CME
Term
SOFR
3-Month
plus
1.75%)
7.06%
07/17/37
1,2,3
250,000
250,312
FirstKey
Homes
Trust,
Series
2020-SFR1,
Class
F2
4.28%
08/17/37
2
162,000
156,710
FirstKey
Homes
Trust,
Series
2020-SFR1,
Class
G
4.78%
08/17/37
2
265,000
257,745
FirstKey
Homes
Trust,
Series
2021-SFR2,
Class
C
1.71%
09/17/38
2
250,000
227,726
FirstKey
Homes
Trust,
Series
2022-SFR1,
Class
D
5.20%
05/19/39
2
350,000
340,399
Flatiron
RR
CLO
22
LLC,
Series
2021-2A,
Class
B
(CME
Term
SOFR
3-Month
plus
1.86%)
7.19%
10/15/34
1,2
250,000
250,010
FRTKL,
Series
2021-SFR1,
Class
G
4.11%
09/17/38
2
300,000
269,075
Global
SC
Finance
II
SRL,
Series
2014-1A,
Class
A2
(Barbados)
3.09%
07/17/29
2,3
2,501
2,485
GLS
Auto
Receivables
Issuer
Trust,
Series
2023-2A,
Class
D
6.31%
03/15/29
2
220,000
220,893
GoldenTree
Loan
Management
U.S.
CLO
17
Ltd.,
Series
2023-17A,
Class
D
(United
Kingdom)
(CME
Term
SOFR
3-Month
plus
5.00%)
10.32%
07/20/36
1,2,3
175,000
178,768
GoldenTree
Loan
Management
U.S.
CLO
20
Ltd.,
Series
2024-20A,
Class
B
(United
Kingdom)
(CME
Term
SOFR
3-Month
plus
1.80%)
7.13%
07/20/37
1,2,3
90,000
90,200
Golub
Capital
Partners
CLO
42M-R,
Ltd.,
Series
2019-42RA,
Class
A2R
(United
Kingdom)
(CME
Term
SOFR
3-Month
plus
2.75%)
8.07%
01/20/36
1,2,3
175,000
177,433
Golub
Capital
Partners
CLO
66B
Ltd.,
Series
2023-66A,
Class
A
(United
Kingdom)
(CME
Term
SOFR
3-Month
plus
1.95%)
7.27%
04/25/36
1,2,3
250,000
251,586
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
June
2024
/
2
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
Golub
Capital
Partners
CLO
69M,
Ltd.,
Series
2023-69A,
Class
B1
(United
Kingdom)
(CME
Term
SOFR
3-Month
plus
3.25%)
8.57%
11/09/36
1,2,3
$
250,000
$
254,266
Harvest
Commercial
Capital
Loan
Trust,
Series
2019-1,
Class
A
3.29%
09/25/46
2,6
10,216
9,991
HPS
Loan
Management
Ltd.
Series
10A-16,
Class
A1RR
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.40%)
6.73%
04/20/34
1,2,3
85,000
85,023
HPS
Loan
Management
Ltd.,
Series
2023-18A,
Class
D
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
5.75%)
11.07%
07/20/36
1,2,3
175,000
181,869
HPS
Loan
Management
Ltd.,
Series
2024-19A,
Class
C2
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
2.90%)
8.22%
04/15/37
1,2,3
250,000
250,318
KGS-Alpha
SBA
COOF
Trust,
Series
2015-1,
Class
A
(IO)
1.61%
10/25/35
2,6
677,826
23,649
Neuberger
Berman
Loan
Advisers
CLO
43
Ltd.,
Series
2021-43A,
Class
A
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.39%)
6.71%
07/17/35
1,2,3
85,000
85,077
Neuberger
Berman
Loan
Advisers
CLO
56
Ltd.,
Series
2024-56A,
Class
SUB
(Cayman
Islands)
0.00%
07/24/37
2,3,6
250,000
221,407
OCP
CLO
Ltd.,
Series
2021-21A,
Class
B
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.96%)
7.29%
07/20/34
1,2,3
50,000
50,005
OCP
CLO
Ltd.,
Series
2023-28A,
Class
D
(United
Kingdom)
(CME
Term
SOFR
3-Month
plus
5.35%)
10.68%
07/16/36
1,2,3
250,000
257,896
Octagon
Investment
Partners
46
Ltd.,
Series
2020-2A,
Class
BR
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.91%)
7.24%
07/15/36
1,2,3
125,000
125,136
OHA
Credit
Funding
7
Ltd.,
Series
2020-7A,
Class
AR
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.30%)
6.63%
02/24/37
1,2,3
150,000
150,038
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
Park
Avenue
Institutional
Advisers
CLO
Ltd.,
Series
2021-1A,
Class
A2
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
2.01%)
7.34%
01/20/34
1,2,3
$
40,000
$
40,020
Progress
Residential
Trust,
Series
2020-SFR3,
Class
G
4.11%
10/17/27
2
280,000
271,432
Progress
Residential
Trust,
Series
2021-SFR6,
Class
G
4.00%
07/17/38
2
250,000
227,562
Progress
Residential
Trust,
Series
2021-SFR7,
Class
F
3.83%
08/17/40
2
220,000
191,347
Progress
Residential,
Series
2021-SFR1,
Class
F
2.76%
04/17/38
2
292,000
268,979
Progress
Residential,
Series
2021-SFR3,
Class
E1
2.54%
05/17/26
2
225,000
209,403
Progress
Residential,
Series
2021-SFR3,
Class
F
3.44%
05/17/26
2
200,000
184,789
Progress
Residential,
Series
2021-SFR4,
Class
F
3.41%
05/17/38
2
320,000
294,136
Rad
CLO
22
Ltd.,
Series
2023-22A,
Class
D
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
5.00%)
10.37%
01/20/37
1,2,3
100,000
102,833
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
74,468
74,564
Rockford
Tower
CLO
Ltd.,
Series
2021-1A,
Class
B
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.91%)
7.24%
07/20/34
1,2,3
75,000
75,110
Skyline
Aircraft
Finance
LLC,
Series
2021-1,
Class
A
3.23%
05/10/37
4,5,6
60,723
54,171
SLC
Student
Loan
Trust,
Series
2004-1,
Class
B
(SOFR90A
plus
0.55%)
5.90%
08/15/31
1
83,735
75,534
SLM
Student
Loan
Trust,
Series
2007-7,
Class
B
(SOFR90A
plus
1.01%)
6.36%
10/27/70
1
215,000
215,444
SLM
Student
Loan
Trust,
Series
2008-2,
Class
B
(SOFR90A
plus
1.46%)
6.81%
01/25/83
1
340,000
342,279
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
3
/
June
2024
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
SLM
Student
Loan
Trust,
Series
2008-3,
Class
B
(SOFR90A
plus
1.46%)
6.81%
04/26/83
1
$
340,000
$
345,439
SLM
Student
Loan
Trust,
Series
2008-4,
Class
B
(SOFR90A
plus
2.11%)
7.46%
04/25/73
1
340,000
346,387
SLM
Student
Loan
Trust,
Series
2008-5,
Class
B
(SOFR90A
plus
2.11%)
7.46%
07/25/73
1
235,000
235,462
Stratus
CLO
Ltd.,
Series
2021-3A,
Class
SUB
(Cayman
Islands)
0.00%
12/29/29
2,3,6
250,000
70,419
Structured
Receivables
Finance
LLC,
Series
2010-A,
Class
B
7.61%
01/16/46
2
228,679
233,174
Structured
Receivables
Finance
LLC,
Series
2010-B,
Class
B
7.97%
08/15/36
2
263,650
268,674
Textainer
Marine
Containers
VII
Ltd.,
Series
2021-2A,
Class
A
(Bermuda)
2.23%
04/20/46
2,3
186,667
167,241
TIF
Funding
II
LLC,
Series
2021-1A,
Class
A
1.65%
02/20/46
2
389,547
339,030
Trestles
CLO
V
Ltd.,
Series
2021-5A,
Class
A1
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.43%)
6.76%
10/20/34
1,2,3
90,000
89,991
Tricon
American
Homes,
Series
2020-SFR1,
Class
D
2.55%
07/17/38
2
133,000
124,735
Tricon
American
Homes,
Series
2020-SFR1,
Class
F
4.88%
07/17/38
2
244,000
235,151
Total
Asset-Backed
Securities
(Cost
$11,530,173)
11,330,786
CORPORATES
—
24
.10
%
*
Banking
—
4
.60
%
Bank
of
America
Corp.
3.42%
12/20/28
6
35,000
32,915
Bank
of
America
Corp.
(MTN)
1.32%
06/19/26
6
100,000
95,881
1.53%
12/06/25
6
165,000
161,965
1.92%
10/24/31
6
585,000
478,716
3.82%
01/20/28
6
110,000
106,048
Bank
of
America
Corp.,
Series
N
1.66%
03/11/27
6
5,000
4,689
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Banking
(continued)
Bank
of
America
Corp.,
Series
RR,
NVS
4.38%
6,7
$
15,000
$
14,207
HSBC
Holdings
PLC
(United
Kingdom)
2.10%
06/04/26
3,6
330,000
319,075
2.36%
08/18/31
3,6
50,000
41,790
JPMorgan
Chase
&
Co.
1.04%
02/04/27
6
250,000
233,006
1.56%
12/10/25
6
505,000
495,754
1.58%
04/22/27
6
55,000
51,365
2.07%
06/01/29
6
205,000
182,462
PNC
Financial
Services
Group,
Inc.
(The)
6.04%
10/28/33
6
10,000
10,321
6.88%
10/20/34
6
105,000
114,481
Santander
UK
Group
Holdings
PLC
(United
Kingdom)
1.67%
06/14/27
3,6
50,000
46,238
U.S.
Bancorp
4.84%
02/01/34
6
90,000
85,418
5.84%
06/12/34
6
40,000
40,608
5.85%
10/21/33
6
35,000
35,607
U.S.
Bancorp
NVS
3.70%
6,7
15,000
13,599
Wells
Fargo
&
Co.
(MTN)
2.16%
02/11/26
6
240,000
234,832
2.39%
06/02/28
6
45,000
41,470
2.57%
02/11/31
6
95,000
82,268
3.35%
03/02/33
6
230,000
199,741
5.57%
07/25/29
6
40,000
40,385
3,162,841
Communications
—
2
.87
%
Altice
France
SA
(France)
5.50%
10/15/29
2,3
58,000
38,320
Cable
One,
Inc.
4.00%
11/15/30
2
115,000
85,924
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.
4.50%
08/15/30
2
60,000
50,824
4.75%
03/01/30
2
30,000
26,008
CCO
Holdings,
LLC/CCO
Holdings
Capital
Corp.
4.50%
06/01/33
2
75,000
59,198
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
3.70%
04/01/51
54,000
32,990
3.90%
06/01/52
149,000
94,770
4.80%
03/01/50
50,000
36,777
6.65%
02/01/34
50,000
50,574
Cogent
Communications
Group,
Inc.
7.00%
06/15/27
2
38,000
37,684
CommScope,
Inc.
4.75%
09/01/29
2
34,000
23,650
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
June
2024
/
4
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Communications
(continued)
CSC
Holdings
LLC
6.50%
02/01/29
2
$
92,000
$
67,521
7.50%
04/01/28
2
28,000
14,891
11.75%
01/31/29
2
89,000
76,094
DIRECTV
Financing
LLC/DIRECTV
Financing
Co.
Obligor,
Inc.
5.88%
08/15/27
2
30,000
28,246
Frontier
Communications
Holdings
LLC
5.88%
10/15/27
2
75,000
73,287
8.63%
03/15/31
2
111,000
114,457
Intelsat
Jackson
Holdings
SA
(Luxembourg)
6.50%
03/15/30
2,3
28,000
26,146
Scripps
Escrow,
Inc.
5.88%
07/15/27
2
66,000
39,989
SES
GLOBAL
Americas
Holdings,
Inc.
5.30%
03/25/44
2
200,000
148,217
Sirius
XM
Radio,
Inc.
3.88%
09/01/31
2
90,000
73,525
Sprint
Spectrum
Co.
LLC/Sprint
Spectrum
Co.
II
LLC/Sprint
Spectrum
Co.
III
LLC
4.74%
03/20/25
2
33,750
33,544
5.15%
03/20/28
2
393,750
392,254
Time
Warner
Cable
LLC
5.50%
09/01/41
154,000
128,910
5.88%
11/15/40
10,000
8,776
T-Mobile
USA,
Inc.
2.25%
02/15/26
66,000
62,749
VZ
Secured
Financing
BV
(Netherlands)
5.00%
01/15/32
2,3
175,000
149,557
1,974,882
Consumer
Discretionary
—
1
.30
%
BAT
Capital
Corp.
2.73%
03/25/31
25,000
21,130
5.65%
03/16/52
125,000
111,991
Central
Garden
&
Pet
Co.
4.13%
10/15/30
40,000
35,771
Edgewell
Personal
Care
Co.
5.50%
06/01/28
2
32,000
31,415
Everi
Holdings,
Inc.
5.00%
07/15/29
2
73,000
71,826
Imperial
Brands
Finance
PLC
(United
Kingdom)
3.13%
07/26/24
2,3
25,000
24,969
6.13%
07/27/27
2,3
70,000
71,232
JDE
Peet's
NV
(Netherlands)
2.25%
09/24/31
2,3
200,000
161,504
Spectrum
Brands,
Inc.
3.88%
03/15/31
2
8,000
6,688
WarnerMedia
Holdings,
Inc.
4.28%
03/15/32
40,000
34,925
5.05%
03/15/42
70,000
56,943
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Consumer
Discretionary
(continued)
5.14%
03/15/52
$
345,000
$
268,707
897,101
Diversified
REITs
—
0
.82
%
American
Assets
Trust
LP
3.38%
02/01/31
30,000
24,614
American
Tower
Corp.
1.00%
01/15/32
100,000
86,559
Crown
Castle,
Inc.
3.80%
02/15/28
160,000
151,692
Digital
Intrepid
Holding
BV
(Netherlands)
0.63%
07/15/31
3
100,000
84,404
GLP
Capital
LP/GLP
Financing
II,
Inc.
3.25%
01/15/32
49,000
41,138
4.00%
01/15/31
50,000
44,890
5.38%
04/15/26
25,000
24,816
5.75%
06/01/28
25,000
25,075
VICI
Properties
LP
4.95%
02/15/30
5,000
4,827
5.13%
05/15/32
61,000
58,152
VICI
Properties
LP/VICI
Note
Co.,
Inc.
4.13%
08/15/30
2
12,000
10,923
4.50%
01/15/28
2
9,000
8,663
565,753
Electric
—
1
.80
%
Alliant
Energy
Finance,
LLC
3.60%
03/01/32
2
55,000
47,888
American
Electric
Power
Co.,
Inc.
5.63%
03/01/33
60,000
59,898
Arizona
Public
Service
Co.
6.35%
12/15/32
245,000
257,425
Commonwealth
Edison
Co.
5.30%
02/01/53
130,000
123,026
Duke
Energy
Carolinas
LLC
5.35%
01/15/53
30,000
28,556
Duke
Energy
Corp.
3.75%
04/01/31
100,000
105,721
3.85%
06/15/34
100,000
103,820
Entergy
Texas,
Inc.
3.45%
12/01/27
150,000
141,249
FirstEnergy
Pennsylvania
Electric
Co.
4.00%
04/15/25
2
75,000
73,842
FirstEnergy
Transmission
LLC
2.87%
09/15/28
2
39,000
35,617
Jersey
Central
Power
&
Light
Co.
4.30%
01/15/26
2
100,000
98,270
TenneT
Holding
BV
(EMTN)
(Netherlands)
2.75%
05/17/42
3
105,000
98,168
Tucson
Electric
Power
Co.
5.50%
04/15/53
65,000
62,765
1,236,245
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
5
/
June
2024
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Energy
—
1
.01
%
Energy
Transfer
LP
5.00%
05/15/50
$
65,000
$
55,299
5.50%
06/01/27
3,000
3,009
Global
Partners
LP/GLP
Finance
Corp.
6.88%
01/15/29
41,000
40,752
8.25%
01/15/32
2
75,000
77,171
KeySpan
Gas
East
Corp.
5.99%
03/06/33
2
65,000
65,534
Kinder
Morgan
Energy
Partners
LP
5.00%
08/15/42
45,000
39,443
NGL
Energy
Operating
LLC/NGL
Energy
Finance
Corp.
8.38%
02/15/32
2
30,000
30,469
Petroleos
Mexicanos
(Mexico)
6.35%
02/12/48
3
5,000
3,180
Southern
Co.
Gas
Capital
Corp.
3.88%
11/15/25
70,000
68,479
Sunoco
LP/Sunoco
Finance
Corp.
4.50%
05/15/29
56,000
52,640
4.50%
04/30/30
9,000
8,331
TransCanada
PipeLines
Ltd.
(Canada)
4.63%
03/01/34
3
5,000
4,694
TransMontaigne
Partners
LP/TLP
Finance
Corp.
6.13%
02/15/26
73,000
71,448
USA
Compression
Partners
LP/USA
Compression
Finance
Corp.
7.13%
03/15/29
2
40,000
40,359
Venture
Global
Calcasieu
Pass
LLC
3.88%
08/15/29
2
60,000
54,722
Venture
Global
LNG,
Inc.
9.50%
02/01/29
2
35,000
38,354
9.88%
02/01/32
2
35,000
38,111
691,995
Finance
—
2
.95
%
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
(Ireland)
2.45%
10/29/26
3
75,000
69,988
3.30%
01/30/32
3
95,000
81,693
Air
Lease
Corp.
(MTN)
2.30%
02/01/25
75,000
73,409
American
Express
Co.,
NVS
3.55%
6,7
15,000
13,978
Avolon
Holdings
Funding
Ltd.
(Cayman
Islands)
2.53%
11/18/27
2,3
185,000
166,420
3.25%
02/15/27
2,3
15,000
14,053
Charles
Schwab
Corp.
(The)
Series
K,
NVS
5.00%
6,7
15,000
14,386
Citigroup,
Inc.
2.52%
11/03/32
6
140,000
115,214
2.98%
11/05/30
6
20,000
17,821
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Finance
(continued)
3.52%
10/27/28
6
$
5,000
$
4,727
GGAM
Finance
Ltd.
(Cayman
Islands)
8.00%
02/15/27
2,3
35,000
36,208
8.00%
06/15/28
2,3
68,000
71,591
Goldman
Sachs
Group,
Inc.
(The)
1.54%
09/10/27
6
235,000
215,903
1.95%
10/21/27
6
10,000
9,238
(SOFR
Rate
plus
0.49%)
5.84%
10/21/24
1
30,000
30,008
Goldman
Sachs
Group,
Inc.
(The),
Series
VAR
1.09%
12/09/26
6
625,000
584,504
Icahn
Enterprises
LP/Icahn
Enterprises
Finance
Corp.
4.38%
02/01/29
38,000
32,528
9.00%
06/15/30
2
72,000
71,714
9.75%
01/15/29
2
15,000
15,587
Jane
Street
Group/JSG
Finance,
Inc.
4.50%
11/15/29
2
74,000
69,480
Morgan
Stanley
2.19%
04/28/26
6
180,000
174,912
Morgan
Stanley
(GMTN)
2.24%
07/21/32
6
90,000
73,666
Morgan
Stanley
(MTN)
1.93%
04/28/32
6
35,000
28,158
Nationwide
Building
Society
(United
Kingdom)
2.97%
02/16/28
2,3,6
50,000
46,857
2,032,043
Food
—
0
.62
%
B&G
Foods,
Inc.
5.25%
04/01/25
11,000
10,925
ELO
SACA
(EMTN)
(France)
6.00%
03/22/29
3
100,000
105,507
H-Food
Holdings
LLC/Hearthside
Finance
Co.,
Inc.
8.50%
06/01/26
2
66,000
5,367
JBS
USA
Holding
Lux
Sarl/JBS
USA
Food
Co./JBS
Lux
Co.
Sarl
(Luxembourg)
3.75%
12/01/31
3
52,000
45,559
5.50%
01/15/30
3
25,000
24,635
6.50%
12/01/52
3
10,000
9,966
6.75%
03/15/34
2,3
117,000
124,021
Pilgrim's
Pride
Corp.
3.50%
03/01/32
36,000
30,496
4.25%
04/15/31
25,000
22,767
6.25%
07/01/33
10,000
10,165
Smithfield
Foods,
Inc.
2.63%
09/13/31
2
45,000
36,007
425,415
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
June
2024
/
6
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Gaming
—
0
.15
%
Penn
Entertainment,
Inc.
4.13%
07/01/29
2
$
79,000
$
67,940
5.63%
01/15/27
2
36,000
34,782
102,722
Health
Care
—
2
.05
%
1375209
BC
Ltd.
(Canada)
9.00%
01/30/28
2,3
69,000
66,487
AbbVie,
Inc.
3.60%
05/14/25
50,000
49,202
Bayer
U.S.
Finance
II
LLC
2.85%
04/15/25
2
20,000
19,422
4.63%
06/25/38
2
156,000
130,718
4.88%
06/25/48
2
50,000
40,252
Bayer
U.S.
Finance
LLC
6.88%
11/21/53
2
70,000
71,993
Catalent
Pharma
Solutions,
Inc.
3.13%
02/15/29
2
115,000
110,077
Centene
Corp.
3.00%
10/15/30
129,000
110,385
CommonSpirit
Health
2.78%
10/01/30
40,000
34,720
Embecta
Corp.
5.00%
02/15/30
2
28,000
23,085
6.75%
02/15/30
2
53,000
46,468
Encompass
Health
Corp.
4.50%
02/01/28
20,000
19,125
Fortrea
Holdings,
Inc.
7.50%
07/01/30
2
35,000
34,831
Fresenius
Medical
Care
U.S.
Finance
III,
Inc.
1.88%
12/01/26
2
30,000
27,344
Grifols
SA
(Spain)
4.75%
10/15/28
2,3
124,000
107,028
HCA,
Inc.
5.25%
04/15/25
12,000
11,947
5.63%
09/01/28
14,000
14,132
Kedrion
SpA
(Italy)
6.50%
09/01/29
2,3
105,000
96,056
ModivCare
Escrow
Issuer,
Inc.
5.00%
10/01/29
2
154,000
108,589
ModivCare,
Inc.
5.88%
11/15/25
2
15,000
15,220
Option
Care
Health,
Inc.
4.38%
10/31/29
2
72,000
66,215
Prestige
Brands,
Inc.
3.75%
04/01/31
2
116,000
101,049
Prime
Healthcare
Services,
Inc.
7.25%
11/01/25
2
90,000
89,961
Universal
Health
Services,
Inc.
1.65%
09/01/26
15,000
13,803
1,408,109
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Health
Care
REITs
—
0
.17
%
Healthcare
Realty
Holdings
LP
2.00%
03/15/31
$
25,000
$
19,743
2.05%
03/15/31
10,000
7,749
3.10%
02/15/30
30,000
26,192
3.63%
01/15/28
70,000
64,895
118,579
Industrial
REITs
—
0
.11
%
LXP
Industrial
Trust
2.38%
10/01/31
55,000
43,994
2.70%
09/15/30
35,000
29,558
Rexford
Industrial
Realty
LP
2.15%
09/01/31
5,000
3,989
77,541
Industrials
—
1
.46
%
Advanced
Drainage
Systems,
Inc.
6.38%
06/15/30
2
14,000
14,050
Ardagh
Packaging
Finance
PLC/Ardagh
Holdings
USA,
Inc.
(Canada)
4.13%
08/15/26
2,3
25,000
21,723
5.25%
08/15/27
2,3
90,000
55,937
Artera
Services
LLC
8.50%
02/15/31
2
45,000
46,361
Ball
Corp.
6.88%
03/15/28
91,000
93,389
Berry
Global,
Inc.
1.65%
01/15/27
5,000
4,554
4.88%
07/15/26
2
24,000
23,587
5.50%
04/15/28
115,000
114,851
5.65%
01/15/34
2
20,000
19,631
Boeing
Co.
(The)
4.88%
05/01/25
10,000
9,897
5.81%
05/01/50
80,000
72,313
6.53%
05/01/34
2
35,000
35,842
General
Electric
Co.
(MTN)
(CME
Term
SOFR
3-Month
plus
0.74%)
6.06%
08/15/36
1
325,000
308,120
OT
Merger
Corp.
7.88%
10/15/29
2
123,000
56,427
TransDigm,
Inc.
6.75%
08/15/28
2
97,000
98,418
Trivium
Packaging
Finance
BV
(Netherlands)
5.50%
08/15/26
2,3
30,000
29,426
1,004,526
Information
Technology
—
0
.60
%
Gen
Digital,
Inc.
6.75%
09/30/27
2
65,000
65,900
NCR
Voyix
Corp.
5.13%
04/15/29
2
42,000
39,611
Netflix,
Inc.
5.88%
02/15/25
50,000
50,089
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
7
/
June
2024
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Information
Technology
(continued)
Open
Text
Corp.
(Canada)
6.90%
12/01/27
2,3
$
178,000
$
183,806
Oracle
Corp.
6.50%
04/15/38
70,000
75,052
414,458
Insurance
—
0
.84
%
Acrisure
LLC/Acrisure
Finance,
Inc.
6.00%
08/01/29
2
39,000
36,120
Alliant
Holdings
Intermediate
LLC/Alliant
Holdings
Co.-Issuer
6.75%
10/15/27
2
66,000
65,092
Athene
Global
Funding
1.61%
06/29/26
2
30,000
27,794
1.99%
08/19/28
2
100,000
87,190
3.21%
03/08/27
2
25,000
23,420
Farmers
Exchange
Capital
II
6.15%
11/01/53
2,6
50,000
44,965
Farmers
Insurance
Exchange
4.75%
11/01/57
2,6
25,000
18,678
Metropolitan
Life
Global
Funding
I
4.30%
08/25/29
2
150,000
144,411
Nationwide
Mutual
Insurance
Co.
7.89%
12/15/24
2,6
75,000
75,414
Teachers
Insurance
&
Annuity
Association
of
America
4.27%
05/15/47
2
65,000
51,964
575,048
Materials
—
0
.74
%
ATI,
Inc.
7.25%
08/15/30
35,000
36,362
Axalta
Coating
Systems,
LLC
3.38%
02/15/29
2
76,000
68,291
Clearwater
Paper
Corp.
4.75%
08/15/28
2
112,000
104,168
International
Flavors
&
Fragrances,
Inc.
1.83%
10/15/27
2
110,000
98,293
2.30%
11/01/30
2
121,000
100,933
3.27%
11/15/40
2
5,000
3,546
3.47%
12/01/50
2
15,000
9,886
4.38%
06/01/47
20,000
15,435
Valvoline,
Inc.
3.63%
06/15/31
2
80,000
69,014
505,928
Office
REITs
—
0
.16
%
Hudson
Pacific
Properties
LP
3.25%
01/15/30
110,000
76,014
3.95%
11/01/27
10,000
8,377
4.65%
04/01/29
25,000
19,299
5.95%
02/15/28
5,000
4,256
107,946
Residential
REITs
—
0
.30
%
American
Homes
4
Rent
LP
3.38%
07/15/51
40,000
26,251
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Residential
REITs
(continued)
4.30%
04/15/52
$
50,000
$
38,765
Invitation
Homes
Operating
Partnership
LP
2.00%
08/15/31
170,000
135,056
5.50%
08/15/33
5,000
4,940
205,012
Retail
—
0
.34
%
Ferrellgas
LP/Ferrellgas
Finance
Corp.
5.88%
04/01/29
2
80,000
73,656
Fertitta
Entertainment,
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.
6.75%
01/15/30
2
26,000
22,858
FirstCash,
Inc.
6.88%
03/01/32
2
40,000
40,016
Michaels
Cos.,
Inc.
(The)
7.88%
05/01/29
2
93,000
60,399
Raising
Cane's
Restaurants
LLC
9.38%
05/01/29
2
35,000
37,862
234,791
Services
—
0
.45
%
Adtalem
Global
Education,
Inc.
5.50%
03/01/28
2
76,000
73,097
HealthEquity,
Inc.
4.50%
10/01/29
2
75,000
70,203
Hertz
Corp.
(The)
4.63%
12/01/26
2
3,000
2,188
VT
Topco,
Inc.
8.50%
08/15/30
2
70,000
73,556
Waste
Pro
USA,
Inc.
5.50%
02/15/26
2
17,000
16,761
Worldline
SA
(France)
0.00%
07/30/25
3,8
300
36,259
0.00%
07/30/26
3,8
400
39,715
311,779
Specialized
REITs
—
0
.46
%
Blackstone
Property
Partners
Europe
Holdings
SARL
(EMTN)
(Luxembourg)
1.63%
04/20/30
3
100,000
91,348
Extra
Space
Storage
LP
2.35%
03/15/32
25,000
19,970
2.40%
10/15/31
50,000
41,090
2.55%
06/01/31
15,000
12,497
Greystar
Real
Estate
Partners
LLC
7.75%
09/01/30
2
35,000
36,920
Realty
Income
Corp.
4.88%
07/06/30
100,000
111,702
313,527
Transportation
—
0
.30
%
JetBlue
Airways
Pass-Through
Trust,
Series
2020-1,
Class
A
4.00%
11/15/32
77,097
71,914
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
June
2024
/
8
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Transportation
(continued)
United
Airlines
Pass-Through
Trust,
Series
2023-1,
Class
A
5.80%
01/15/36
$
135,000
$
137,181
209,095
Total
Corporates
(Cost
$16,928,536)
16,575,336
MORTGAGE-BACKED
—
51
.11
%
**
Non-Agency
Commercial
Mortgage-Backed
—
5
.77
%
1211
Avenue
of
the
Americas
Trust,
Series
2015-1211,
Class
B
4.23%
08/10/35
2,6
150,000
143,775
Banc
of
America
Commercial
Mortgage
Trust,
Series
2015-UBS7,
Class
XE
(IO)
1.25%
09/15/48
2,6
1,500,000
19,306
Banc
of
America
Merrill
Lynch
Commercial
Mortgage
Trust,
Series
2019-BPR,
Class
AMP
3.29%
11/05/32
2
100,000
95,774
BANK,
Series
2020-BN25,
Class
AS
2.84%
01/15/63
258,000
219,517
BX
Commercial
Mortgage
Trust,
Series
2021-VOLT,
Class
F
(CME
Term
SOFR
1-Month
plus
2.51%)
7.84%
09/15/36
1,2
100,000
98,448
BX
Trust,
Series
2021-LBA,
Class
DV
(CME
Term
SOFR
1-Month
plus
1.71%)
7.04%
02/15/36
1,2
229,335
224,649
BXHPP
Trust,
Series
2021-FILM,
Class
C
(CME
Term
SOFR
1-Month
plus
1.21%)
6.54%
08/15/36
1,2
120,000
113,179
BXHPP
Trust,
Series
2021-FILM,
Class
D
(CME
Term
SOFR
1-Month
plus
1.61%)
6.94%
08/15/36
1,2
100,000
92,717
Citigroup
Commercial
Mortgage
Trust,
Series
2014-GC25,
Class
XA
(IO)
1.07%
10/10/47
6
2,480,810
174
Citigroup
Commercial
Mortgage
Trust,
Series
2016-P4,
Class
XA
(IO)
2.05%
07/10/49
6
1,931,124
51,726
Citigroup
Commercial
Mortgage
Trust,
Series
2018-C5,
Class
AS
4.41%
06/10/51
6
222,000
211,174
Citigroup
Commercial
Mortgage
Trust,
Series
2020-555,
Class
G
3.62%
12/10/41
2,6
200,000
140,466
COBALT
CMBS
Commercial
Mortgage
Trust,
Series
2007-C2,
Class
X
(IO)
0.65%
04/15/47
2,6
930,974
3,188
Commercial
Mortgage
Trust,
Series
2013-CR12,
Class
XA
(IO)
0.74%
10/10/46
6
128,874
7
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
Commercial
Mortgage
Trust,
Series
2020-CBM,
Class
XCP
(IO)
0.72%
02/10/37
2,6
$
1,667,987
$
2,807
Credit
Suisse
Mortgage
Capital
Trust,
Series
2014-USA,
Class
X1
(IO)
0.69%
09/15/37
2,6
9,783,817
30,830
CSAIL
Commercial
Mortgage
Trust,
Series
2015-C1,
Class
XA
(IO)
0.94%
04/15/50
6
1,556,075
3,144
DROP
Mortgage
Trust,
Series
2021-FILE,
Class
D
(CME
Term
SOFR
1-Month
plus
2.86%)
8.19%
10/15/43
1,2
150,000
120,090
FREMF
Mortgage
Trust,
Series
2017-K66,
Class
X2A
(IO)
0.10%
06/25/27
2
42,106,931
91,663
FREMF
Mortgage
Trust,
Series
2017-K726,
Class
X2B
(IO)
0.10%
07/25/49
2
8,966,471
115
Frost
CMBS
DAC,
Series
2021-1X,
Class
EUA
(Ireland)
(3-Month
Euribor
plus
1.15%)
4.98%
11/20/33
1,3
97,845
102,901
GS
Mortgage
Securities
Corp.
Trust,
Series
2020-UPTN,
Class
XA
(IO)
0.45%
02/10/37
2,6
940,000
961
GS
Mortgage
Securities
Corp.
Trust,
Series
2021-STAR,
Class
B
(CME
Term
SOFR
1-Month
plus
1.51%)
6.84%
12/15/36
1,2
150,000
147,975
GS
Mortgage
Securities
Trust,
Series
2014-GC24,
Class
XA
(IO)
0.68%
09/10/47
6
1,347,396
739
GS
Mortgage
Securities
Trust,
Series
2015-GC32,
Class
XA
(IO)
0.83%
07/10/48
6
4,324,307
21,265
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2014-C22,
Class
XA
(IO)
0.83%
09/15/47
6
3,852,785
11,062
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2014-C25,
Class
XA
(IO)
0.94%
11/15/47
6
4,153,855
4,232
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2014-C26,
Class
XA
(IO)
1.03%
01/15/48
6
2,110,765
1,098
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2018-C8,
Class
XEF
(IO)
1.92%
06/15/51
2,6
1,157,000
65,700
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2016-NINE,
Class
A
2.95%
09/06/38
2,6
225,000
211,171
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2019-ICON,
Class
C
4.54%
01/05/34
2
72,000
68,564
Strategic
Income
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)
Ladder
Capital
Commercial
Mortgage
Trust,
Series
2013-GCP,
Class
XA
(IO)
1.31%
02/15/36
2,6
$
1,373,324
$
46,268
Med
Trust,
Series
2021-MDLN,
Class
G
(CME
Term
SOFR
1-Month
plus
5.36%)
10.69%
11/15/38
1,2
99,522
99,756
MKT
Mortgage
Trust,
Series
2020-525M,
Class
D
3.04%
02/12/40
2,6
286,000
190,815
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2013-C9,
Class
XB
(IO)
0.17%
05/15/46
2,6
7,921,161
4,570
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2014-C19,
Class
XA
(IO)
1.02%
12/15/47
6
2,253,571
3,738
Natixis
Commercial
Mortgage
Securities
Trust,
Series
2018-ALXA,
Class
E
4.46%
01/15/43
2,6
180,000
100,728
SFAVE
Commercial
Mortgage
Securities
Trust,
Series
2015-5AVE,
Class
A1
3.87%
01/05/43
2,6
220,000
189,505
SFAVE
Commercial
Mortgage
Securities
Trust,
Series
2015-5AVE,
Class
D
4.53%
01/05/43
2,6
200,000
139,688
SHER
Trust,
Series
2024-DAL,
Class
B
(CME
Term
SOFR
1-Month
plus
2.24%)
7.57%
04/15/37
1,2
113,000
112,870
SHER
Trust,
Series
2024-DAL,
Class
C
(CME
Term
SOFR
1-Month
plus
2.89%)
8.22%
04/15/37
1,2
113,000
112,650
SMRT,
Series
2022-MINI,
Class
E
(CME
Term
SOFR
1-Month
plus
2.70%)
8.03%
01/15/39
1,2
100,000
97,845
SREIT
Trust,
Series
2021-PALM,
Class
C
(CME
Term
SOFR
1-Month
plus
1.07%)
6.40%
10/15/34
1,2
230,000
225,434
VASA
Trust,
Series
2021-VASA,
Class
B
(CME
Term
SOFR
1-Month
plus
1.36%)
6.69%
07/15/39
1,2
300,000
257,108
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-NXS2,
Class
XA
(IO)
0.72%
07/15/58
6
2,985,341
10,160
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2016-NXS6,
Class
XA
(IO)
1.73%
11/15/49
6
3,211,710
73,785
WF-RBS
Commercial
Mortgage
Trust,
Series
2013-C14,
Class
XA
(IO)
0.48%
06/15/46
6
65,258
135
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
WF-RBS
Commercial
Mortgage
Trust,
Series
2014-C21,
Class
XA
(IO)
0.98%
08/15/47
6
$
1,183,603
$
2,564
3,966,036
Non-Agency
Mortgage-Backed
—
29
.35
%
ACE
Securities
Corp.
Home
Equity
Loan
Trust,
Series
2007-ASP1,
Class
A2D
(CME
Term
SOFR
1-Month
plus
0.87%)
6.22%
03/25/37
1
363,574
139,452
ACE
Securities
Corp.
Home
Equity
Loan
Trust,
Series
2007-HE1,
Class
A1
(CME
Term
SOFR
1-Month
plus
0.41%)
5.76%
01/25/37
1
564,265
301,128
Ajax
Mortgage
Loan
Trust,
Series
2021-C,
Class
A
(STEP-reset
date
07/25/24)
2.12%
01/25/61
2
239,377
234,738
Alternative
Loan
Trust,
Series
2005-10CB,
Class
1A8
5.50%
05/25/35
294,295
239,227
Alternative
Loan
Trust,
Series
2005-59,
Class
1A1
(CME
Term
SOFR
1-Month
plus
0.77%)
6.12%
11/20/35
1
306,943
278,503
Alternative
Loan
Trust,
Series
2007-15CB,
Class
A7
6.00%
07/25/37
456,864
286,133
American
Home
Mortgage
Assets
Trust,
Series
2007-1,
Class
A1
(Federal
Reserve
US
12-Month
Cumulative
Average
plus
0.70%)
5.85%
02/25/47
1
700,077
266,200
APS
Resecuritization
Trust,
Series
2016-3,
Class
3MZ
2.36%
09/27/46
2,6
392,206
205,432
Banc
of
America
Funding
Trust,
Series
2006-7,
Class
T2A3
5.69%
10/25/36
6
209,359
176,420
Banc
of
America
Funding
Trust,
Series
2014-R5,
Class
1A2
(TSFR6M
plus
1.93%)
4.12%
09/26/45
1,2
241,276
170,573
Banc
of
America
Funding
Trust,
Series
2015-R3,
Class
1A2
7.49%
03/27/36
2,6
368,168
287,721
Carrington
Mortgage
Loan
Trust,
Series
2006-NC4,
Class
A4
(CME
Term
SOFR
1-Month
plus
0.35%)
5.70%
10/25/36
1
175,000
150,648
Carrington
Mortgage
Loan
Trust,
Series
2007-RFC1,
Class
A3
(CME
Term
SOFR
1-Month
plus
0.25%)
5.60%
12/25/36
1
86,369
83,515
CIM
Trust,
Series
2020-R6,
Class
A1
2.25%
12/25/60
2,6
294,977
252,538
Strategic
Income
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)
CIM
Trust,
Series
2021-NR1,
Class
A1
(STEP-reset
date
08/25/24)
5.57%
07/25/55
2
$
130,671
$
129,621
CIM
Trust,
Series
2021-NR2,
Class
A1
(STEP-reset
date
08/25/24)
5.57%
07/25/59
2
80,145
79,468
CIM
Trust,
Series
2021-R1,
Class
A2
2.40%
08/25/56
2,6
322,341
282,694
CIM
Trust,
Series
2021-R3,
Class
A1A
1.95%
06/25/57
2,6
56,371
49,955
CIM
Trust,
Series
2021-R5,
Class
A1B
2.00%
08/25/61
2,6
115,000
74,919
CIM
Trust,
Series
2022-NR1,
Class
A1
(STEP-reset
date
08/25/24)
5.00%
07/25/62
2
80,502
78,545
CIM
Trust,
Series
2023-NR1,
Class
A1
(STEP-reset
date
08/25/24)
6.00%
06/25/62
2
241,015
238,748
CIM
Trust,
Series
2023-NR2,
Class
A1
(STEP-reset
date
08/25/24)
6.00%
06/25/62
2
283,785
278,715
CIM
Trust,
Series
2023-R3,
Class
A1A
4.50%
01/25/63
2,6
227,488
209,425
CIT
Mortgage
Loan
Trust,
Series
2007-1,
Class
1M2
(CME
Term
SOFR
1-Month
plus
1.86%)
7.21%
10/25/37
1,2
240,000
223,470
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
2005-WF2,
Class
AF6A
(STEP-reset
date
08/25/24)
6.13%
08/25/35
300,418
263,406
COLT
Mortgage
Loan
Trust,
Series
2021-2,
Class
A1
0.92%
08/25/66
2,6
97,288
78,818
COLT
Mortgage
Loan
Trust,
Series
2021-HX1,
Class
A1
1.11%
10/25/66
2,6
308,953
254,202
Conseco
Finance
Corp.,
Series
1999-5,
Class
A5
7.86%
03/01/30
6
70,008
23,440
Credit
Suisse
Mortgage
Capital
Trust,
Series
2015-12R,
Class
2A2
3.20%
11/30/37
2,6
86,551
76,422
Credit
Suisse
Mortgage
Capital
Trust,
Series
2021-RPL4,
Class
A1
4.05%
12/27/60
2,6
195,407
189,055
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Mortgage
Loan
Trust,
Series
2007-CB2,
Class
A2C
(STEP-reset
date
08/25/24)
3.55%
02/25/37
216,232
122,374
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Mortgage
Loan
Trust,
Series
2007-CB3,
Class
A3
(STEP-reset
date
08/25/24)
3.28%
03/25/37
$
791,616
$
274,508
CSMC
Mortgage-Backed
Trust,
Series
2007-5,
Class
1A9
7.00%
08/25/37
6
428,048
245,641
CSMC
Trust,
Series
2021-RPL7,
Class
A1
1.93%
07/27/61
2,6
319,410
308,628
Deutsche
ALT-A
Securities
Mortgage
Loan
Trust,
Series
2007-AR3,
Class
2A5
(CME
Term
SOFR
1-Month
plus
0.51%)
5.86%
06/25/37
1
279,185
239,480
Ellington
Financial
Mortgage
Trust,
Series
2021-3,
Class
A1
1.24%
09/25/66
2,6
79,837
63,725
Fannie
Mae
Connecticut
Avenue
Securities,
Series
2019-R04,
Class
2B1
(SOFR30A
plus
5.36%)
10.70%
06/25/39
1,2
162,762
173,936
Fannie
Mae
Connecticut
Avenue
Securities,
Series
2019-R06,
Class
2B1
(SOFR30A
plus
3.86%)
9.20%
09/25/39
1,2
64,435
67,110
Fannie
Mae
Connecticut
Avenue
Securities,
Series
2021-R03,
Class
1B1
(SOFR30A
plus
2.75%)
8.09%
12/25/41
1,2
150,000
152,809
First
Franklin
Mortgage
Loan
Trust,
Series
2006-FF18,
Class
A2B
(CME
Term
SOFR
1-Month
plus
0.33%)
5.68%
12/25/37
1
259,189
230,162
First
Franklin
Mortgage
Loan
Trust,
Series
2007-FF1,
Class
A2D
(CME
Term
SOFR
1-Month
plus
0.55%)
5.90%
01/25/38
1
705,439
360,965
First
Franklin
Mortgage
Loan
Trust,
Series
2007-FF2,
Class
A2B
(CME
Term
SOFR
1-Month
plus
0.31%)
5.66%
03/25/37
1
510,461
242,670
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-HQA2,
Class
M2
(SOFR30A
plus
2.05%)
7.39%
12/25/33
1,2
114,826
117,283
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2022-DNA1,
Class
M1B
(SOFR30A
plus
1.85%)
7.19%
01/25/42
1,2
150,000
151,996
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2022-DNA1,
Class
M2
(SOFR30A
plus
2.50%)
7.84%
01/25/42
1,2
200,000
204,074
Strategic
Income
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)
Fremont
Home
Loan
Trust,
Series
2005-A,
Class
M4
(CME
Term
SOFR
1-Month
plus
1.13%)
6.48%
01/25/35
1
$
286,455
$
246,762
GMACM
Mortgage
Corp.
Loan
Trust,
Series
2006-AR1,
Class
1A1
3.62%
04/19/36
6
175,012
135,444
GreenPoint
Mortgage
Funding
Trust,
Series
2005-AR1,
Class
A2
(CME
Term
SOFR
1-Month
plus
0.55%)
5.90%
06/25/45
1
58,108
51,834
GSAA
Home
Equity
Trust,
Series
2006-1,
Class
A3
(CME
Term
SOFR
1-Month
plus
0.77%)
6.12%
01/25/36
1
666,403
278,047
GSAA
Home
Equity
Trust,
Series
2006-10,
Class
AF3
5.98%
06/25/36
6
569,705
143,622
GSAA
Home
Equity
Trust,
Series
2006-6,
Class
AF3
5.73%
03/25/36
6
524,285
147,708
GSAA
Home
Equity
Trust,
Series
2007-4,
Class
A2
(CME
Term
SOFR
1-Month
plus
0.51%)
5.86%
03/25/37
1
1,011,082
279,268
GSAA
Home
Equity
Trust,
Series
2007-5,
Class
1AF6
(STEP-reset
date
08/25/24)
5.91%
05/25/37
677,002
230,585
GSAA
Home
Equity
Trust,
Series
2007-5,
Class
2A1B
(CME
Term
SOFR
1-Month
plus
0.39%)
5.74%
04/25/47
1
1,739,354
325,195
GSAA
Trust,
Series
2006-7,
Class
AF3
(STEP-reset
date
08/25/24)
6.72%
03/25/46
671,198
247,091
GSAMP
Trust,
Series
2007-NC1,
Class
A2C
(CME
Term
SOFR
1-Month
plus
0.41%)
5.76%
12/25/46
1
243,410
119,205
HarborView
Mortgage
Loan
Trust,
Series
2005-3,
Class
1A
(CME
Term
SOFR
1-Month
plus
0.63%)
5.97%
06/19/35
1
289,394
159,075
HarborView
Mortgage
Loan
Trust,
Series
2006-4,
Class
1A1A
(CME
Term
SOFR
1-Month
plus
0.47%)
5.81%
05/19/46
1
586,265
300,662
HarborView
Mortgage
Loan
Trust,
Series
2006-5,
Class
1A1A
(Federal
Reserve
US
12-Month
Cumulative
Average
plus
0.91%)
6.06%
07/19/47
1
308,736
112,750
HSI
Asset
Loan
Obligation
Trust,
Series
2007-2,
Class
2A12
6.00%
09/25/37
196,491
144,704
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
HSI
Asset
Securitization
Corp.
Trust,
Series
2007-OPT1,
Class
1A
(CME
Term
SOFR
1-Month
plus
0.25%)
5.60%
12/25/36
1
$
189,908
$
159,860
Impac
CMB
Trust,
Series
2004-4,
Class
1A2
(CME
Term
SOFR
1-Month
plus
0.73%)
6.08%
09/25/34
1
30,462
30,287
Impac
CMB
Trust,
Series
2004-6,
Class
1A2
(CME
Term
SOFR
1-Month
plus
0.89%)
6.24%
10/25/34
1
52,674
52,186
IndyMac
Index
Mortgage
Loan
Trust,
Series
2005-AR25,
Class
2A1
3.85%
12/25/35
6
202,225
162,003
IndyMac
Index
Mortgage
Loan
Trust,
Series
2007-AR5,
Class
2A1
3.47%
05/25/37
6
191,449
147,323
IndyMac
Manufactured
Housing
Contract
Pass-Through
Certificates,
Series
1997-1,
Class
A3
6.61%
02/25/28
21,906
21,921
IndyMac
Manufactured
Housing
Contract
Pass-Through
Certificates,
Series
1997-1,
Class
A4
6.75%
02/25/28
9,222
9,231
IndyMac
Manufactured
Housing
Contract
Pass-Through
Certificates,
Series
1998-1,
Class
A4
6.49%
09/25/28
18,550
18,491
IndyMac
Manufactured
Housing
Contract
Pass-Through
Certificates,
Series
1998-1,
Class
A5
6.96%
09/25/28
6
44,712
44,145
JPMorgan
Mortgage
Acquisition
Trust,
Series
2007-HE1,
Class
AF6
(STEP-reset
date
08/25/24)
4.33%
03/25/47
580,659
372,021
Long
Beach
Mortgage
Loan
Trust,
Series
2006-9,
Class
2A3
(CME
Term
SOFR
1-Month
plus
0.43%)
5.78%
10/25/36
1
386,240
112,164
Luminent
Mortgage
Trust,
Series
2006-5,
Class
A1A
(CME
Term
SOFR
1-Month
plus
0.49%)
5.84%
07/25/36
1
244,141
149,249
MASTR
Adjustable
Rate
Mortgages
Trust,
Series
2007-1,
Class
I1A
(CME
Term
SOFR
1-Month
plus
0.50%)
5.85%
01/25/47
1
430,013
183,746
MASTR
Adjustable
Rate
Mortgages
Trust,
Series
2007-2,
Class
A1
(CME
Term
SOFR
1-Month
plus
0.41%)
5.76%
03/25/47
1
214,208
195,986
Strategic
Income
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)
MASTR
Alternative
Loan
Trust,
Series
2006-2,
Class
2A1
(CME
Term
SOFR
1-Month
plus
0.51%)
5.86%
03/25/36
1,4,5
$
2,399,670
$
250,786
MASTR
Asset-Backed
Securities
Trust,
Series
2007-HE1,
Class
A3
(CME
Term
SOFR
1-Month
plus
0.32%)
5.67%
05/25/37
1
106,781
101,940
MASTR
Asset-Backed
Securities
Trust,
Series
2007-HE1,
Class
A4
(CME
Term
SOFR
1-Month
plus
0.39%)
5.74%
05/25/37
1
300,000
242,736
Merrill
Lynch
Alternative
Note
Asset
Trust,
Series
2007-A3,
Class
A2D
(CME
Term
SOFR
1-Month
plus
0.77%)
6.12%
04/25/37
1,4,5
1,696,107
73,390
Merrill
Lynch
First
Franklin
Mortgage
Loan
Trust,
Series
2007-2,
Class
A2B
(CME
Term
SOFR
1-Month
plus
0.45%)
5.80%
05/25/37
1
344,286
241,840
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2006-RM2,
Class
A1A
(CME
Term
SOFR
1-Month
plus
0.48%)
5.83%
05/25/37
1
431,152
118,586
Mid-State
Capital
Corp.
Trust,
Series
2005-1,
Class
A
5.75%
01/15/40
43,919
43,280
Mid-State
Trust
XI,
Series
11,
Class
B
8.22%
07/15/38
2,705
2,707
Morgan
Stanley
ABS
Capital
I,
Inc.,
Trust,
Series
2006-HE4,
Class
A3
(CME
Term
SOFR
1-Month
plus
0.41%)
5.76%
06/25/36
1
590,893
300,192
Morgan
Stanley
Home
Equity
Loan
Trust,
Series
2007-1,
Class
A3
(CME
Term
SOFR
1-Month
plus
0.25%)
5.60%
12/25/36
1
584,656
279,333
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2004-7AR,
Class
2A4
5.52%
09/25/34
6
69,817
67,169
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2006-15XS,
Class
A4A
(STEP-reset
date
08/25/24)
6.70%
11/25/36
417,319
92,602
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2006-7,
Class
5A2
5.96%
06/25/36
6
886,549
249,580
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2007-11AR,
Class
2A3
2.89%
06/25/37
6
294,171
151,987
New
Residential
Mortgage
Loan
Trust,
Series
2022-NQM2,
Class
A2
3.70%
03/27/62
2,6
250,000
191,838
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Nomura
Resecuritization
Trust,
Series
2015-4R,
Class
2A2
(CME
Term
SOFR
1-Month
plus
0.42%)
3.00%
10/26/36
1,2
$
316,155
$
274,093
OBX
Trust,
Series
2022-NQM1,
Class
A1
2.31%
11/25/61
2,6
226,214
196,550
Option
One
Mortgage
Loan
Trust,
Series
2006-3,
Class
1A1
(CME
Term
SOFR
1-Month
plus
0.39%)
5.74%
02/25/37
1
175,153
108,265
PRET
LLC,
Series
2022-RN2,
Class
A2
(STEP-reset
date
07/25/24)
6.50%
06/25/52
2
197,000
188,560
PRET
LLC,
Series
2024-NPL3,
Class
A1
(STEP-reset
date
07/25/24)
7.52%
04/27/54
2
223,529
224,812
PRPM
LLC,
Series
2020-4,
Class
A1
(STEP-reset
date
07/25/24)
5.61%
10/25/25
2
62,145
62,150
PRPM
LLC,
Series
2021-4,
Class
A1
(STEP-reset
date
07/25/24)
4.87%
04/25/26
2
163,680
163,406
PRPM
LLC,
Series
2021-5,
Class
A1
(STEP-reset
date
07/25/24)
4.79%
06/25/26
2
79,444
78,869
PRPM
LLC,
Series
2021-9,
Class
A1
(STEP-reset
date
07/25/24)
2.36%
10/25/26
2
106,440
104,849
PRPM
LLC,
Series
2022-1,
Class
A1
(STEP-reset
date
07/25/24)
3.72%
02/25/27
2
165,617
162,891
PRPM
LLC,
Series
2022-4,
Class
A2
(STEP-reset
date
07/25/24)
5.00%
08/25/27
2
170,000
163,523
PRPM,
LLC,
Series
2021-8,
Class
A1
1.74%
09/25/26
2,6
64,668
62,853
Residential
Accredit
Loans
Trust,
Series
2005-QA3,
Class
NB1
3.63%
03/25/35
6
109,235
58,036
Residential
Accredit
Loans
Trust,
Series
2006-QS5,
Class
A6
6.00%
05/25/36
244,263
195,133
Residential
Accredit
Loans
Trust,
Series
2007-QS1,
Class
1A5
(CME
Term
SOFR
1-Month
plus
0.66%)
6.00%
01/25/37
1
286,854
207,045
Residential
Asset
Securities
Corp.,
Series
2005-KS11,
Class
M3
(CME
Term
SOFR
1-Month
plus
0.77%)
6.12%
12/25/35
1
164,736
157,936
Residential
Asset
Securitization
Trust,
Series
2005-A5,
Class
A8
5.50%
05/25/35
357,668
252,477
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
13
/
June
2024
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
SG
Mortgage
Securities
Trust,
Series
2006-OPT2,
Class
A3D
(CME
Term
SOFR
1-Month
plus
0.32%)
5.67%
10/25/36
1
$
250,000
$
180,024
Starwood
Mortgage
Residential
Trust,
Series
2021-6,
Class
A1
1.92%
11/25/66
2,6
189,268
161,561
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2004-12,
Class
2A
5.55%
09/25/34
6
63,640
61,055
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2005-AR8,
Class
A1B
(CME
Term
SOFR
1-Month
plus
0.28%)
5.63%
02/25/36
1
288,054
251,268
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2006-AR7,
Class
A1A
(CME
Term
SOFR
1-Month
plus
0.53%)
5.88%
08/25/36
1
354,837
278,762
Terwin
Mortgage
Trust,
Series
2004-7HE,
Class
A1
(CME
Term
SOFR
1-Month
plus
1.21%)
6.56%
07/25/34
1,2
50,009
47,247
Towd
Point
Mortgage
Trust,
Series
2017-4,
Class
A2
3.00%
06/25/57
2,6
350,000
317,411
Towd
Point
Mortgage
Trust,
Series
2019-HY2,
Class
M2
(CME
Term
SOFR
1-Month
plus
2.01%)
7.36%
05/25/58
1,2
210,000
210,579
TRK
Trust,
Series
2021-INV2,
Class
A1
1.97%
11/25/56
2,6
234,368
202,603
VOLT
XCIV
LLC,
Series
2021-NPL3,
Class
A1
(STEP-reset
date
07/25/24)
5.24%
02/27/51
2
51,453
50,935
WaMu
Asset-Backed
Certificates,
Series
2007-HE1,
Class
2A4
(CME
Term
SOFR
1-Month
plus
0.34%)
5.92%
01/25/37
1
511,130
217,016
20,186,932
U.S.
Agency
Commercial
Mortgage-Backed
—
0
.48
%
Fannie
Mae-Aces,
Series
2016-M11,
Class
X2
(IO)
3.10%
07/25/39
6
241,790
4,514
Freddie
Mac
Multifamily
PC
REMIC
Trust,
Series
2019-P002,
Class
X
(IO)
1.14%
07/25/33
6
535,000
31,249
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K040,
Class
X3
(IO)
2.09%
11/25/42
6
1,100,000
4,226
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K047,
Class
X3
(IO)
1.55%
06/25/43
6
1,676,868
20,154
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Commercial
Mortgage-Backed
(continued)
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KC04,
Class
X1
(IO)
1.40%
12/25/26
6
$
2,210,316
$
30,744
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KC05,
Class
X1
(IO)
1.36%
06/25/27
6
1,817,010
44,599
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
Q010,
Class
XPT2
(IO)
0.36%
08/25/24
464,162
244
Ginnie
Mae,
Series
2009-114,
Class
IO
(IO)
0.00%
10/16/49
6
4,040,897
65
Ginnie
Mae,
Series
2010-148,
Class
IO
(IO)
0.30%
09/16/50
6
1,335,406
13,434
Ginnie
Mae,
Series
2012-123,
Class
IO
(IO)
0.62%
12/16/51
6
1,972,550
32,017
Ginnie
Mae,
Series
2012-125,
Class
IO
(IO)
0.17%
02/16/53
6
6,271,499
27,637
Ginnie
Mae,
Series
2012-27,
Class
IO
(IO)
0.22%
04/16/53
6
2,590,659
5,332
Ginnie
Mae,
Series
2013-156,
Class
IO
(IO)
0.24%
06/16/55
6
3,428,555
14,722
Ginnie
Mae,
Series
2013-163,
Class
IO
(IO)
1.01%
02/16/46
6
1,030,117
11,705
Ginnie
Mae,
Series
2013-63,
Class
IO
(IO)
0.78%
09/16/51
6
3,492,901
66,525
Ginnie
Mae,
Series
2013-74,
Class
IO
(IO)
0.51%
12/16/53
6
608,546
4,570
Ginnie
Mae,
Series
2014-103,
Class
IO
(IO)
0.19%
05/16/55
6
839,315
5,053
Ginnie
Mae,
Series
2014-125,
Class
IO
(IO)
0.90%
11/16/54
6
491,884
9,912
Ginnie
Mae,
Series
2015-47,
Class
IO
(IO)
0.36%
10/16/56
6
516,678
6,312
333,014
U.S.
Agency
Mortgage-Backed
—
15
.51
%
Fannie
Mae
REMICS,
Series
2000-45,
Class
SA
(IO)
(-1.00
X
SOFR30A
plus
7.84%,
7.95%
Cap)
2.50%
12/18/30
1
4,577
70
Strategic
Income
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)
Fannie
Mae
REMICS,
Series
2001-42,
Class
SB
(-16.00
X
SOFR30A
plus
126.17%,
8.50%
Cap)
8.50%
09/25/31
1
$
170
$
168
Fannie
Mae
REMICS,
Series
2003-124,
Class
TS
(-14.00
X
SOFR30A
plus
99.20%,
9.80%
Cap)
9.80%
01/25/34
1
1,968
1,968
Fannie
Mae
REMICS,
Series
2005-92,
Class
US
(IO)
(-1.00
X
SOFR30A
plus
5.99%,
6.10%
Cap)
0.65%
10/25/25
1
9,103
20
Fannie
Mae
REMICS,
Series
2006-125,
Class
SM
(IO)
(-1.00
X
SOFR30A
plus
7.09%,
7.20%
Cap)
1.75%
01/25/37
1
376,338
32,505
Fannie
Mae
REMICS,
Series
2008-50,
Class
SA
(IO)
(-1.00
X
SOFR30A
plus
5.94%,
6.05%
Cap)
0.60%
11/25/36
1
424,846
28,203
Fannie
Mae
REMICS,
Series
2010-43,
Class
KS
(IO)
(-1.00
X
SOFR30A
plus
6.31%,
6.42%
Cap)
0.97%
05/25/40
1
427,806
38,784
Freddie
Mac
Pool
SD8245
4.50%
09/01/52
583,693
550,815
Freddie
Mac
Pool
SD8275
4.50%
12/01/52
916,538
864,627
Freddie
Mac
REMICS,
Series
3247,
Class
SI
(IO)
(-1.00
X
SOFR30A
plus
6.54%,
0.15%
Cap)
0.15%
08/15/36
1
5,401,940
22,944
Freddie
Mac
REMICS,
Series
3289,
Class
SD
(IO)
(-1.00
X
SOFR30A
plus
6.01%,
6.12%
Cap)
0.67%
03/15/37
1
447,070
24,980
Ginnie
Mae
(TBA)
4.50%
07/15/54
650,000
617,935
5.00%
07/15/54
850,000
827,762
5.50%
07/15/54
375,000
372,130
Ginnie
Mae
II
Pool
MA8151
4.50%
07/20/52
398,592
379,521
Ginnie
Mae,
Series
2013-25,
Class
SA
(IO)
(-1.00
X
CME
Term
SOFR
1-Month
plus
6.09%,
6.20%
Cap)
0.75%
02/20/43
1
1,125,251
110,293
UMBS
(TBA)
2.00%
07/15/54
900,000
704,005
2.50%
07/15/54
800,000
653,421
3.00%
07/01/54
800,000
680,547
4.00%
07/01/54
2,425,000
2,219,222
4.50%
07/01/54
1,400,000
1,320,098
5.00%
07/01/54
825,000
797,398
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Mortgage-Backed
(continued)
5.50%
07/01/54
$
425,000
$
419,138
10,666,554
Total
Mortgage-Backed
(Cost
$41,793,785)
35,152,536
MUNICIPAL
BONDS
—
0
.14
%
*
California
—
0
.03
%
California
Health
Facilities
Financing
Authority
Revenue
Bonds,
Series
A
3.00%
08/15/51
20,000
15,660
California
State
University
Revenue
Bonds,
University
&
College
Improvements,
Series
B
2.37%
11/01/35
10,000
7,675
23,335
Florida
—
0
.02
%
County
of
Miami-Dade
Aviation
Revenue
Bonds,
Airport
and
Marina
Improvements,
Series
B
2.86%
10/01/35
15,000
11,986
New
York
—
0
.09
%
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
Bonds,
Public
Improvements,
Subseries
B3
1.85%
08/01/32
75,000
59,603
Total
Municipal
Bonds
(Cost
$114,786)
94,924
Total
Bonds
—
91
.83
%
(Cost
$70,367,280)
63,153,582
Issues
Shares
Value
COMMON
STOCK
—
0
.12
%
Communications
—
0
.06
%
Intelsat
Emergence
SA
3,4,5,9
(Luxembourg)
1,042
39,179
Finance
—
0
.06
%
AGNC
Investment
Corp.
4,500
42,930
Total
Common
Stock
(Cost
$90,046)
82,109
Issues
Maturity
Date
Principal
Amount
/
Shares
Value
SHORT-TERM
INVESTMENTS
—
19
.66
%
Money
Market
Funds
—
5
.21
%
Dreyfus
Government
Cash
Management
Fund
5.19%
10
468,000
468,000
Fidelity
Investments
Money
Market
Funds
-
Government
Portfolio
6.21%
10
19,859
19,859
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
15
/
June
2024
Issues
Maturity
Date
Principal
Amount/Shares
Value
SHORT-TERM
INVESTMENTS
(continued)
Money
Market
Funds
(continued)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
5.22%
10
3,092,000
$
3,092,000
3,579,859
U.S.
Treasury
Bills
—
14
.45
%
U.S.
Treasury
Bills
5.29%
11
11/14/24
$
2,500,000
2,451,365
U.S.
Treasury
Bills
(WI)
5.23%
11
07/11/24
7,500,000
7,489,077
9,940,442
Total
Short-Term
Investments
(Cost
$13,520,461)
13,520,301
Total
Investments
-
111.61%
(Cost
$83,977,787)
76,755,992
Liabilities
in
Excess
of
Other
Assets
-
(11.61)%
(
7,985,185
)
Net
Assets
-
100.00%
$
68,770,807
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
$460,965,
which
is
0.67%
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
Perpetual
security
with
no
stated
maturity
date.
8
Zero
coupon
bond.
The
rate
shown
is
the
effective
yield
as
of
June
30,
2024.
9
Non-income producing
security.
10
Represents
the
current
yield
as
of
June
30,
2024.
11
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.
(CDO):
Collateralized
Debt
Obligation
(CLO):
Collateralized
Loan
Obligation
(EMTN):
Euro
Medium-Term
Note
(EUR):
Euro
(EURIBOR):
Euro
InterBank
Offer
Rate
(GMTN):
Global
Medium-Term
Note
(IO):
Interest
Only
(MTN):
Medium-Term
Note
(NVS):
Non-Voting
Shares
(REIT):
Real
Estate
Investment
Trust
(SOFR):
Secured
Overnight
Financing
Rate
(STEP):
Step
Coupon
Bond
(TBA):
To-Be-Announced
(TSFR):
Term
Secured
Overnight
Financing
Rate
(WI):
When
Issued
Currency
to
be
Purchased
Currency
to
be
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
FOREIGN
CURRENCY
EXCHANGE
CONTRACT
USD
106,755
EUR
99,000
The
Bank
of
New
York
Mellon
07/12/24
$
580
USD
887,991
EUR
813,000
Citibank
N.A.
07/12/24
16,066
NET
UNREALIZED
APPRECIATION
$
16,646
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
FUTURES
CONTRACTS:
LONG
POSITIONS
U.S.
Treasury
Five-Year
Note
109
09/30/24
$
11,617,016
$
63,888
$
63,888
U.S.
Treasury
Two-Year
Note
49
09/30/24
10,006,719
21,638
21,638
21,623,735
85,526
85,526
FUTURES
CONTRACTS:
SHORT
POSITIONS
U.S.
Treasury
Ten-Year
Ultra
Bond
18
09/19/24
(
2,043,562
)
(
15,409
)
(
15,409
)
U.S.
Treasury
Ultra
Bond
13
09/19/24
(
1,629,469
)
(
14,839
)
(
14,839
)
Euro-Bund
Future
4
09/06/24
(
564,255
)
(
6,907
)
(
6,907
)
Euro-Bobl
Future
3
09/06/24
(
374,384
)
(
3,894
)
(
3,894
)
(
4,611,670
)
(
41,049
)
(
41,049
)
TOTAL
FUTURES
CONTRACTS
$
17,012,065
$
44,477
$
44,477
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
June
2024
/
16
Received
by
the
Fund
Paid
by
the
Fund
Description
Maturity
Date
Rate
Frequency
Rate
Frequency
Notional
Amount
(000's)
Value
Premiums
Paid
Unrealized
Appreciation
SWAPS:
INTEREST
RATE
Interest
Rate
Swap
1
12/20/53
USD-SOFR-
COMPOUND
Annual
3.52%
Annual
$
157
$
4,669
$
—
$
4,669
TOTAL
SWAPS
CONTRACTS
$
157
$
4,669
$
—
$
4,669
1
Centrally
cleared.
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
17
/
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
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
June
2024
/
18
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:
STRATEGIC
INCOME
FUND
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Investments
in
Securities
Assets:
Short-Term
Investments:
Money
Market
Funds
$
3,579,859
$
—
$
—
$
3,579,859
U.S.
Treasury
Bills
9,940,442
—
—
9,940,442
Long-Term
Investments:
Asset-Backed
Securities
—
11,233,176
97,610
11,330,786
Common
Stock
42,930
—
39,179
82,109
Corporates
—
16,575,336
—
16,575,336
Mortgage-Backed
Securities
—
34,828,360
324,176
35,152,536
Municipal
Bonds
—
94,924
—
94,924
Other
Financial
Instruments
*
Assets:
Foreign
Currency
Exchange
Contracts
Foreign
Currency
Risk
—
16,646
—
16,646
Futures
Contracts
Interest
Rate
Risk
85,526
—
—
85,526
Swaps
Agreements
Interest
Rate
Risk
—
4,669
—
4,669
Liabilities:
Futures
Contracts
Interest
Rate
Risk
(41,049)
—
—
(41,049)
Total
$
13,607,708
$
62,753,111
$
460,965
$
76,821,784
*Other
financial
instruments
include
foreign
currency
exchange
contracts,
futures
and
swaps.
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
19
/
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:
STRATEGIC
INCOME
FUND
ASSET-BACKED
SECURITIES
COMMON
STOCK
CORPORATES
MORTGAGE-
BACKED
SECURITIES
TOTAL
Balance
as
of
April
1,
2024
$
98,071
$
28,004
$
23
$
335,654
$
461,752
Accrued
discounts/premiums
47
—
—
53,530
53,577
Realized
(loss)
—
—
(23,766)
—
(23,766)
Change
in
unrealized
appreciation
(depreciation)*
617
11,175
23,795
(
65,008)
(29,421)
Purchases
—
—
—
—
—
Sales
(1,125)
—
(52)
—
(1,177)
Transfers
into
Level
3**
—
—
—
—
—
Transfers
out
of
Level
3**
—
—
—
—
—
Balance
as
of
June
30,
2024
$
97,610
$
39,179
$
—
$
324,176
$
460,965
*The
change
in
unrealized
appreciation
(depreciation)
on
securities
still
held
at
June
30,
2024
was
$(53,217)
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:
STRATEGIC
INCOME
FUND
FAIR
VALUE
AT
6/30/24
VALUATION
TECHNIQUE*
UNOBSERVABLE
INPUT
RANGE
WEIGHTED
AVERAGE
INPUT
TO
VALUATION
IF
INPUT
INCREASES
Asset-Backed
Securities
$54,171
Broker
Quote
Offered
Quote
$89.21
$89.21
Increase
Asset-Backed
Securities
$43,439
Third-Party
Vendor
Vendor
Prices
$10.35
$10.35
Increase
Common
Stock
$39,179
Third-Party
Vendor
Vendor
Prices
$37.60
$37.60
Increase
Mortgage-Backed
Securities-Non-Agency
$324,176
Third-Party
Vendor
Vendor
Prices
$4.33
-
$10.45
$9.06
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.