1
Balanced
Fund
Schedule
of
Investments
December
31,
2021
(Unaudited)
Common
Stocks
-
45
.5
%
a
Information
Technology
%
of
Net
Assets
Shares
$
Value
Data
Processing
&
Outsourced
Services
4.4
Visa,
Inc.
-
Class
A
15,821
3,428,569
Mastercard,
Inc.
-
Class
A
9,492
3,410,666
Fidelity
National
Information
Services,
Inc.
24,409
2,664,242
a
Systems
Software
3.7
Microsoft
Corp.
15,821
5,320,918
Oracle
Corp.
31,642
2,759,499
a
Semiconductors
2.3
Analog
Devices,
Inc.
15,821
2,780,857
Texas
Instruments,
Inc.
11,301
2,129,900
a
IT
Consulting
&
Other
Services
1.4
Accenture
plc
-
Class
A
(a)
7,232
2,998,026
a
11.8
25,492,677
Financials
Investment
Banking
&
Brokerage
2.3
The
Charles
Schwab
Corp.
58,763
4,941,968
a
Multi-Sector
Holdings
2.1
Berkshire
Hathaway,
Inc.
-
Class
B
(b)
15,369
4,595,331
a
Insurance
Brokers
2.0
Aon
plc
-
Class
A
(a)
14,348
4,312,435
a
Property
&
Casualty
Insurance
1.7
Markel
Corp.
(b)
2,938
3,625,492
a
Financial
Exchanges
&
Data
1.2
S&P
Global,
Inc.
5,424
2,559,748
a
Diversified
Banks
1.0
JPMorgan
Chase
&
Co.
14,465
2,290,533
a
Mortgage
REITs
0.7
Redwood
Trust,
Inc.
108,485
1,430,917
a
11.0
23,756,424
Health
Care
Health
Care
Services
2.2
Laboratory
Corp.
of
America
Holdings
(b)
15,369
4,829,093
a
Life
Sciences
Tools
&
Services
2.2
Thermo
Fisher
Scientific,
Inc.
7,232
4,825,480
a
Health
Care
Equipment
2.1
Danaher
Corp.
13,561
4,461,705
a
6.5
14,116,278
Communication
Services
Cable
&
Satellite
2.5
Comcast
Corp.
-
Class
A
54,243
2,730,050
Liberty
Broadband
Corp.
-
Class
C
(b)
15,821
2,548,763
a
Interactive
Media
&
Services
2.3
Alphabet,
Inc.
-
Class
C
(b)
1,718
4,971,188
a
4.8
10,250,001
a
Materials
%
of
Net
Assets
Shares
$
Value
Construction
Materials
3.3
Vulcan
Materials
Co.
18,985
3,940,906
Martin
Marietta
Materials,
Inc.
7,232
3,185,841
a
Industrial
Gases
1.3
Linde
plc
(a)
8,136
2,818,554
a
4.6
9,945,301
Industrials
Industrial
Conglomerates
2.2
Roper
Technologies,
Inc.
5,424
2,667,849
Honeywell
International,
Inc.
9,944
2,073,423
a
Industrial
Machinery
2.1
IDEX
Corp.
9,944
2,349,966
Fortive
Corp.
27,121
2,069,061
a
4.3
9,160,299
Consumer
Discretionary
Automotive
Retail
1.3
AutoZone,
Inc.
(b)
1,356
2,842,705
Consumer
Staples
Distillers
&
Vintners
1.2
Diageo
plc
-
ADR
(a)
12,205
2,686,809
a
Total
Common
Stocks
(Cost
$45,897,385)
98,250,494
Non-Convertible
Preferred
Stocks
-
1
.7
%
a
Qurate
Retail,
Inc.
8.00%
3/15/31
(Cost
$3,461,303)
35,000
3,612,700
Corporate
Bonds
-
2
.7
%
a
a
a
$
Principal
Amount
$
Value
a
a
AutoZone,
Inc.
3.625%
4/15/25
500,000
533,588
First
Republic
Bank
2.5%
6/06/22
2,185,000
2,198,943
JPMorgan
Chase
&
Co.
3.375%
5/01/23
500,000
515,644
Markel
Corp.
4.9%
7/01/22
410,000
418,442
3.625%
3/30/23
500,000
515,612
U.S.
Bancorp
2.4%
7/30/24
500,000
516,883
Wells
Fargo
&
Co.
3.5%
3/08/22
1,000,000
1,005,754
a
Total
Corporate
Bonds
(Cost
$5,620,095)
5,704,866
Corporate
Convertible
Bonds
-
0
.9
%
a
a
Redwood
Trust,
Inc.
5.625%
7/15/24
(Cost
$1,884,284)
2,000,000
2,019,640
2
Balanced
Fund
(Continued)
Schedule
of
Investments
December
31,
2021
(Unaudited)
Asset-Backed
Securities
-
6
.6
%
a
a
a
$
Principal
Amount
$
Value
a
a
Automobile
American
Credit
Acceptance
Receivables
Trust
(ACAR)
Series
2020-4
Class
A
-
0.53%
3/13/24
(c)
42,630
42,635
Series
2021-2
Class
B
-
0.37%
10/15/24
(c)
110,127
110,082
ARI
Fleet
Lease
Trust
(ARIFL)
Series
2020-A
Class
A
-
1.77%
8/15/28
(c)
87,119
87,462
CFMT
LLC
(CFMT)
Series
2021-AL1
Class
B
-
1.39%
9/22/31
(c)
685,753
683,953
Chesapeake
Funding
II
LLC
(CFII)
Series
2021-1A
Class
A1
-
0.47%
4/15/33
(c)
396,692
395,034
DT
Auto
Owner
Trust
(DTAOT)
Series
2020-3A
Class
C
-
0.54%
4/15/24
(c)
129,974
130,011
Enterprise
Fleet
Financing
LLC
(EFF)
Series
2019-2
Class
A
-
2.29%
2/20/25
(c)
140,997
140,743
Series
2020-1
Class
A
-
1.78%
12/22/25
(c)
262,036
264,073
GLS
Auto
Receivables
Issuer
Trust
(GCAR)
Series
2020-1A
Class
A
-
2.17%
2/15/24
(c)
18,859
18,887
Series
2020-2A
Class
A1
-
1.58%
8/15/24
(c)
49,476
49,604
Series
2020-4A
Class
A
-
0.52%
2/15/24
(c)
86,151
86,171
Series
2021-1A
Class A1
-
0.34%
5/15/24
(c)
221,911
221,908
Series
2021-4A
Class
A
-
0.84%
7/15/25
(c)
500,000
500,026
JPMorgan
Chase
Auto
Credit
Linked
Note
(CACLN)
Series
2020-1
Class
A5
-
0.991%
1/25/28
(c)
346,463
346,618
Series
2020-2
Class
A2
-
0.84%
2/25/28
(c)
57,397
57,308
Series
2021-1
Class
A2
-
0.875%
9/25/28
(c)
552,888
551,189
Series
2021-2
Class
A4
-
0.889%
12/26/28
(c)
429,993
427,955
LAD
Auto
Receivables
Trust
(LADAR)
Series
2021-1A
Class
A
-
1.3%
8/17/26
(c)
908,653
905,749
Securitized
Term
Auto
Loan
Receivables
Trust
(SSTRT)
Series
2019-CRTA
Class
A
-
2.453%
3/25/26
(a)
(c)
73,813
74,549
Wheels
SPV
2
LLC
(WHLS)
Series
2020-1A
Class
A2
-
0.51%
8/20/29
(c)
698,824
698,224
a
5,792,181
a
Collateralized
Loan
Obligations
ABPCI
Direct
Lending
Fund
CLO
LP
(ABPCI)
Series
2020-10A
Class
A
-
2.0815%
1/20/32
Floating
Rate
(Qtrly
LIBOR
+
195)
(a)
(c)
(d)
500,000
500,292
Audax
Senior
Debt
CLO
LLC
(AUDAX)
Series
2021-6A
Class
A1
-
1.63797%
10/20/33
Floating
Rate
(Qtrly
LIBOR
+
150)
(c)
(d)
500,000
500,251
Blackrock
Rainier
CLO
VI
Ltd.
(BLKMM)
Series
2021-6A
Class
A
-
1.8315%
4/20/33
Floating
Rate
(Qtrly
LIBOR
+
170)
(a)
(c)
(d)
500,000
499,999
Cerberus
Loan
Funding
LP
(CERB)
Series
2020-1A
Class
A
-
1.97375%
10/15/31
Floating
Rate
(Qtrly
LIBOR
+
185)
(a)
(c)
(d)
500,000
501,328
Series
2021-6A
Class
A
-
1.55324%
11/22/33
Floating
Rate
(Qtrly
LIBOR
+
140)
(a)
(c)
(d)
400,000
400,038
Churchill
Middle
Market
CLO
Ltd.
(CHMML)
Series
2021-1A
Class
A1
-
1.63382%
10/24/33
Floating
Rate
(Qtrly
LIBOR
+
150)
(a)
(c)
(d)
250,000
250,000
Fortress
Credit
Opportunities
CLO
Ltd.
(FCO)
Series
2021-15A
Class
A2
-
1.67388%
4/25/33
Floating
Rate
(Qtrly
LIBOR
+
155)
(a)
(c)
(d)
500,000
499,998
Golub
Capital
Partners
CLO
Ltd.
(GOCAP)
Series
2021-54A
Class
A2
-
1.65065%
8/05/33
Floating
Rate
(Qtrly
LIBOR
+
153)
(a)
(c)
(d)
500,000
499,973
Monroe
Capital
MML
CLO
XII
Ltd.
(MCMML)
Series
2021-2A
Class
A1
-
1.63382%
9/14/33
Floating
Rate
(Qtrly
LIBOR
+
150)
(a)
(c)
(d)
500,000
500,247
a
a
a
$
Principal
Amount
$
Value
a
a
Palmer
Square
Loan
Funding
Ltd.
(PSTAT)
Series
2021-1A
Class
A1
-
1.3815%
4/20/29
Floating
Rate
(Qtrly
LIBOR
+
125)
(a)
(c)
(d)
500,000
499,999
a
4,652,125
a
Consumer
&
Specialty
Finance
Affirm
Asset
Securitization
Trust
(AFFRM)
Series
2021-A
Class
A4
-
0.88%
8/15/25
(c)
100,000
100,039
Foundation
Finance
Trust
(FFIN)
Series
2021-2A
Class
A
-
2.19%
1/15/42
(c)
250,000
249,749
Marlette
Funding
Trust
(MFT)
Series
2021-1A
Class
A2
-
0.6%
6/16/31
(c)
45,294
45,292
Onemain
Financial
Issuance
Trust
(OMFIT)
Series
2018-1A
Class
A
-
3.3%
3/14/29
(c)
139,735
139,842
SoFi
Consumer
Loan
Program
Trust
(SCLP)
Series
2019-4
Class
B
-
2.56%
8/25/28
(c)
285,000
286,463
Upstart
Securitization
Trust
(UPST)
Series
2021-3
Class
A
-
0.83%
7/20/31
(c)
205,040
204,373
Series
2021-5
Class
A
-
1.31%
11/20/31
(c)
250,000
249,198
a
1,274,956
a
Equipment
Amur
Equipment
Finance
Receivables
LLC
(AXIS)
Series
2021-1A
Class
A2
-
0.75%
11/20/26
(c)
672,991
670,334
CCG
Receivables
Trust
(CCG)
Series
2019-2
Class
A
-
2.11%
3/15/27
(c)
136,214
137,168
Dell
Equipment
Finance
Trust
(DEFT)
Series
2020-2
Class
A
-
0.47%
10/24/22
(c)
325,768
325,922
Series
2021-2
Class
A2
-
0.53%
12/22/26
(c)
625,000
618,605
SCF
Equipment
Leasing
LLC
(SCFET)
Series
2020-1A
Class
A
-
0.68%
10/20/25
(c)
189,527
189,612
a
1,941,641
a
Other
Octane
Receivables
Trust
(OCTL)
Series
2020-1A
Class
A2
-
1.71%
2/20/25
(c)
212,888
213,581
Series
2021-1A
Class
A5
-
0.93%
3/22/27
(c)
106,136
105,669
Series
2021-2A
Class
A
-
1.21%
9/20/28
(c)
239,538
238,365
557,615
a
Total
Asset-Backed
Securities
(Cost
$14,233,255)
14,218,518
Commercial
Mortgage-Backed
Securities
-
1
.8
%
a
a
AREIT
Trust
(AREIT)
Series
2021-CRE5
Class
A
-
1.18975%
7/17/26
Floating
Rate
(Mthly
LIBOR
+
108)
(c)
500,000
499,354
BFLD
Trust
(BFLD)
Series
2020-OBRK
Class
A
-
2.16%
11/15/22
Floating
Rate
(Mthly
LIBOR
+
205)
(c)
125,000
125,213
BPCRE
Ltd.
(BPCRE)
Series
2021-FL1
Class
A4
-
1.25863%
2/15/37
Floating
Rate
(Mthly
LIBOR
+
115)
(a)
(c)
500,000
501,077
GPMT
Ltd.
(GPMT)
Series
2021-FL3
Class
A
-
1.35388%
7/16/35
Floating
Rate
(Mthly
LIBOR
+
125)
(a)
(c)
435,861
436,363
HGI
CRE
CLO
Ltd.
(HGI)
Series
2021-FL1
Class
A4
-
1.1575%
6/16/36
Floating
Rate
(Mthly
LIBOR
+
105)
(a)
(c)
250,000
250,040
3
a
a
a
$
Principal
Amount
$
Value
a
a
Series
2021-FL2
Class
A4
-
1.1075%
9/19/26
Floating
Rate
(Mthly
LIBOR
+
100)
(a)
(c)
250,000
249,539
KREF
Ltd.
(KREF)
Series
2021-FL2
Class
A4
-
1.17863%
2/15/39
Floating
Rate
(Mthly
LIBOR
+
107)
(a)
(c)
500,000
499,387
LoanCore
Issuer
Ltd.
(LNCR)
Series
2021-CRE5
Class
A
-
1.40975%
7/15/36
Floating
Rate
(Mthly
LIBOR
+
130)
(a)
(c)
500,000
500,171
MF1
Ltd.
(MF1)
Series
2019-FL2
Class
D
-
2.51415%
12/25/34
Floating
Rate
(Mthly
LIBOR
+
246)
(a)
(c)
416,000
415,497
VMC
Finance
LLC
(VMC)
Series
2021-FL4
Class
A
-
1.20388%
6/16/36
Floating
Rate
(Mthly
LIBOR
+
110)
(c)
415,581
416,050
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$3,892,345)
3,892,691
Mortgage-Backed
Securities
-
2
.7
%
a
a
Federal
Home
Loan
Mortgage
Corporation
Collateralized
Mortgage
Obligations
Series
3649
Class
A
-
4%
3/15/25
14,370
14,845
a
Pass-Through
Securities
J14649
–
3.5%
4/01/26
24,561
25,886
E02948
–
3.5%
7/01/26
53,903
56,802
J16663
–
3.5%
9/01/26
31,278
32,966
ZS8692
–
2.5%
4/01/33
176,992
183,429
313,928
a
Federal
National
Mortgage
Association
Pass-Through
Securities
AR8198
–
2.5%
3/01/23
15,666
16,195
MA1502
–
2.5%
7/01/23
14,891
15,394
995755
–
4.5%
5/01/24
2,891
3,004
AB1769
–
3%
11/01/25
25,754
26,952
AB3902
–
3%
11/01/26
53,977
56,536
AK3264
–
3%
2/01/27
42,851
44,952
AB6291
–
3%
9/01/27
238,013
249,586
MA3189
–
2.5%
11/01/27
192,477
198,991
MA3791
–
2.5%
9/01/29
386,803
400,253
BM5708
–
3%
12/01/29
218,353
228,563
AS7701
–
2.5%
8/01/31
930,727
967,629
MA3540
–
3.5%
12/01/33
113,964
120,388
2,328,443
a
Government
National
Mortgage
Association
Pass-Through
Securities
5255
–
3%
12/20/26
52,264
54,655
a
Non-Government
Agency
Collateralized
Mortgage
Obligations
Flagstar
Mortgage
Trust
(FSMT)
Series
2021-7
Class
B
-
2.5%
8/25/51
(c)
(d)
465,740
469,717
JPMorgan
Mortgage
Trust
(JPMMT)
Series
2014-5
Class
B
-
2.86653%
10/25/29
(c)
(d)
80,229
81,499
Series
2016-3
Class
A
-
3%
10/25/46
(c)
(d)
232,693
231,674
Series
2017-3
Class
A
-
2.5%
8/25/47
(c)
(d)
253,021
251,750
Series
2020-7
Class
A
-
3%
1/25/51
(c)
(d)
91,543
91,946
a
a
a
$
Principal
Amount
$
Value
a
a
Series
2020-8
Class
A
-
3%
3/25/51
(c)
(d)
139,125
139,623
Series
2021-6
Class
B
-
2.5%
10/25/51
(c)
(d)
618,772
624,636
Series
2021-8
Class
B
-
2.5%
12/25/51
(c)
(d)
453,429
457,442
JPMorgan
Wealth
Management
(JPMWM)
Series
2020-ATR1
Class
A
-
3%
2/25/50
(c)
(d)
107,250
107,469
RCKT
Mortgage
Trust
(RCKT)
Series
2021-3
Class
A5
-
2.5%
7/25/51
(c)
(d)
451,152
455,709
Sequoia
Mortgage
Trust
(SEMT)
Series
2019-CH2
Class
A
-
4.5%
8/25/49
(c)
(d)
150,561
152,185
Series
2020-2
Class
A
-
3.5%
3/25/50
(c)
(d)
26,183
26,272
Series
2020-3
Class
A
-
3%
4/25/50
(c)
(d)
73,411
74,004
3,163,926
a
Total
Mortgage-Backed
Securities
(Cost
$5,812,079)
5,860,952
U.S.
Treasuries
-
27
.9
%
a
a
U.S.
Treasury
Notes
1.75%
2/28/22
2,000,000
2,005,258
0.375%
3/31/22
3,000,000
3,002,071
1.875%
4/30/22
1,000,000
1,005,695
1.75%
4/30/22
2,000,000
2,010,582
2.125%
6/30/22
2,000,000
2,018,643
2%
7/31/22
1,000,000
1,010,302
1.875%
7/31/22
1,000,000
1,009,404
1.875%
8/31/22
2,000,000
2,021,004
2%
11/30/22
3,000,000
3,043,614
2%
2/15/23
1,000,000
1,017,363
2.5%
3/31/23
2,000,000
2,049,531
1.625%
5/31/23
2,000,000
2,030,391
2.5%
8/15/23
2,000,000
2,060,078
2.125%
11/30/23
2,000,000
2,053,906
2.125%
2/29/24
2,000,000
2,057,656
2%
4/30/24
1,000,000
1,027,227
0.25%
6/15/24
2,000,000
1,970,781
1.25%
8/31/24
3,000,000
3,027,891
0.75%
11/15/24
2,000,000
1,989,063
1.375%
1/31/25
1,000,000
1,011,562
0.375%
4/30/25
2,000,000
1,955,938
0.25%
6/30/25
1,000,000
971,680
2.75%
8/31/25
2,000,000
2,116,172
0.375%
11/30/25
2,000,000
1,939,766
0.5%
2/28/26
4,000,000
3,887,031
0.75%
5/31/26
2,000,000
1,959,063
1.5%
8/15/26
2,000,000
2,022,969
1.625%
10/31/26
4,000,000
4,068,906
0.5%
8/31/27
2,000,000
1,908,828
1.25%
3/31/28
2,000,000
1,982,656
a
Total
U.S.
Treasuries
(Cost
$60,224,179)
60,235,031
Cash
Equivalents
-
9
.3
%
a
a
a
U.S.
Treasury
Bills,
0.02%
to
0.05%,
2/15/22
to
3/24/22
(e)
20,000,000
19,998,446
a
Total
Cash
Equivalents
(Cost
$19,998,540)
19,998,446
Total
Investments
in
Securities
(Cost
$161,023,465)
213,793,338
4
Balanced
Fund
(Continued)
Schedule
of
Investments
December
31,
2021
(Unaudited)
a
a
a
Cash
-
0.8%
(f)
1,688,700
Other
Assets
Less
Other
Liabilities
- 0.1%
297,351
Net
Assets
-
100%
215,779,389
Net
Asset
Value
Per
Share
-
Investor
Class
17.34
Net
Asset
Value
Per
Share
-
Institutional
Class
17.35
(a)
Foreign
domiciled
entity.
(b)
Non-income
producing.
(c)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
This
security
may
be
resold
in
transactions
that
are
exempt
from
registration,
normally
to
qualified
institutional
buyers.
(d)
The
interest
rate
resets
periodically
based
on
the
weighted
average
coupons
of
the
underlying
mortgage-related
or
asset-backed
obligations.
(e)
Interest
rates
presented
represent
the
effective
yield
at
December
31,
2021.
(f)
Cash
held
in
an
interest
bearing
account
with
a
.03%
interest
rate.
5
Core
Plus
Income
Fund
Schedule
of
Investments
December
31,
2021
(Unaudited)
Corporate
Bonds
-
28
.5
%
a
a
a
$
Principal
Amount
$
Value
a
a
Abercrombie
&
Fitch
Management
Co.
8.75%
7/15/25
(a)
1,458,000
1,571,360
Affiliated
Managers
Group,
Inc.
3.5%
8/01/25
445,000
473,489
Alexandria
Real
Estate
Equities,
Inc.
3.95%
1/15/28
366,000
404,423
Ally
Financial,
Inc.
5.125%
9/30/24
1,750,000
1,913,401
American
Airlines
Group,
Inc.
3.75%
3/01/25^
(a)
1,000,000
936,095
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd.
5.5%
4/20/26
(a)
3,300,000
3,436,719
Ares
Capital
Corp.
2.875%
6/15/28
1,000,000
996,310
Ashtead
Capital,
Inc.
4.375%
8/15/27
(a)
1,000,000
1,038,860
4%
5/01/28
(a)
670,000
700,476
2.45%
8/12/31
(a)
500,000
487,394
AT&T,
Inc.
6.8%
5/15/36
713,000
976,667
Bath
&
Body
Works,
Inc.
6.95%
3/01/33^
500,000
585,730
Berkshire
Hathaway
Finance
Corp.
4.25%
1/15/49
500,000
615,447
Booking
Holdings,
Inc.
3.6%
6/01/26
2,000,000
2,158,648
3.55%
3/15/28
464,000
504,128
Boston
Properties
LP
3.125%
9/01/23
555,000
571,149
Broadcom,
Inc.
3.419%
4/15/33
(a)
350,000
367,299
3.137%
11/15/35
(a)
1,014,000
1,021,133
Carlisle
Cos.,
Inc.
3.5%
12/01/24
532,000
561,441
3.75%
12/01/27
500,000
539,990���
CDW
LLC
/
CDW
Finance
Corp.
3.276%
12/01/28
1,000,000
1,026,510
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
4.2%
3/15/28
650,000
712,420
Choice
Hotels
International,
Inc.
3.7%
1/15/31
250,000
265,391
Cinemark
USA,
Inc.
5.875%
3/15/26
(a)
500,000
506,875
5.25%
7/15/28
(a)
2,000,000
1,953,420
Compass
Group
Diversified
Holdings
LLC
5.25%
4/15/29
(a)
2,081,000
2,183,614
Cox
Communications,
Inc.
3.5%
8/15/27
(a)
842,000
905,195
Credit
Suisse
Group
AG
3.8%
6/09/23
(b)
827,000
857,127
Credit
Suisse
Group
Funding
Ltd.
3.8%
9/15/22
(b)
1,000,000
1,021,764
Delta
Air
Lines
Inc/SkyMiles
IP
Ltd.
4.5%
10/20/25
(a)
560,000
588,914
4.75%
10/20/28
(a)
1,100,000
1,202,060
Devon
Energy
Corp.
5.25%
10/15/27
(a)
325,000
342,872
4.5%
1/15/30
(a)
920,000
988,079
Diamondback
Energy,
Inc.
2.875%
12/01/24
600,000
622,867
3.25%
12/01/26
75,000
79,152
a
a
a
$
Principal
Amount
$
Value
a
a
3.5%
12/01/29
100,000
106,150
Dow
Chemical
Co.
(The)
4.25%
10/01/34
1,052,000
1,216,201
Drax
Finco
PLC
6.625%
11/01/25
(a)
(b)
1,000,000
1,033,685
Duke
Energy
Carolinas
LLC
6%
12/01/28
445,000
550,169
Element
Fleet
Management
Corp.
3.85%
6/15/25
(a)
(b)
1,000,000
1,064,220
Energy
Transfer
LP
2.9%
5/15/25
500,000
516,935
4.75%
1/15/26
200,000
218,973
Enterprise
Products
Operating
LLC
4.45%
2/15/43
990,000
1,131,932
EPR
Properties
4.75%
12/15/26
1,250,000
1,336,748
4.5%
6/01/27
1,330,000
1,405,299
4.95%
4/15/28
830,000
896,333
EQT
Corp.
3%
10/01/22
801,000
810,119
Essential
Properties
LP
2.95%
7/15/31
1,500,000
1,480,081
Expedia
Group,
Inc.
3.8%
2/15/28
484,000
517,895
3.25%
2/15/30
90,000
91,942
Ford
Motor
Credit
Co.
LLC
1.22088%
8/03/22
Floating
Rate
(Qtrly
LIBOR
+
108)
2,000,000
2,003,635
3.81%
1/09/24
1,190,000
1,235,792
Georgia-Pacific
LLC
7.25%
6/01/28
1,000,000
1,295,730
Goldman
Sachs
Group,
Inc.
(The)
1.23013%
6/05/23
Floating
Rate
(Qtrly
LIBOR
+
105)
2,187,000
2,193,033
1.77563%
11/29/23
Floating
Rate
(Qtrly
LIBOR
+
160)
1,250,000
1,275,651
Hercules
Capital,
Inc.
2.625%
9/16/26
1,000,000
992,194
Hershey
Co.
(The)
2.3%
8/15/26
335,000
347,445
Highwoods
Realty
LP
2.6%
2/01/31
500,000
495,676
Host
Hotels
&
Resorts
LP
Series
H
3.375%
12/15/29
612,000
624,426
Indiana
Bell
Telephone
Co.,
Inc.
7.3%
8/15/26
535,000
649,018
iStar,
Inc.
4.25%
8/01/25
1,375,000
1,407,931
JPMorgan
Chase
&
Co.
2.972%
1/15/23
2,575,000
2,576,795
0.653%
9/16/24
Floating
Rate
(Qtrly
SOFR
+
60)
1,000,000
995,700
L
Brands,
Inc.
6.694%
1/15/27
2,445,000
2,814,195
Lennar
Corp.
4.75%
5/30/25
622,000
681,158
Level
3
Financing,
Inc.
5.25%
3/15/26
750,000
767,674
Lexington
Realty
Trust
2.7%
9/15/30
500,000
496,050
Markel
Corp.
4.9%
7/01/22
250,000
255,148
3.625%
3/30/23
200,000
206,245
3.5%
11/01/27
550,000
588,872
Marriott
International,
Inc.
Series
HH
2.85%
4/15/31
500,000
498,989
6
Core
Plus
Income
Fund
(Continued)
Schedule
of
Investments
December
31,
2021
(Unaudited)
a
a
a
$
Principal
Amount
$
Value
a
a
Marvell
Technology,
Inc.
4.2%
6/22/23
300,000
311,871
Masonite
International
Corp.
5.375%
2/01/28
(a)
1,646,000
1,728,572
3.5%
2/15/30
(a)
100,000
99,018
MasTec,
Inc.
4.5%
8/15/28
(a)
500,000
520,093
Matador
Resources
Co.
5.875%
9/15/26
1,450,000
1,495,465
Micron
Technology,
Inc.
4.185%
2/15/27
500,000
548,207
Mileage
Plus
Holdings
LLC/Mileage
Plus
Intellectual
Property
Assets
Ltd.
6.5%
6/20/27
(a)
1,355,000
1,448,502
Molex
Electronic
Technologies
LLC
3.9%
4/15/25
(a)
565,000
593,073
MPLX
LP
4.875%
12/01/24
750,000
814,588
4.875%
6/01/25
190,000
208,071
4%
3/15/28
85,000
92,186
4.8%
2/15/29
250,000
285,720
4.7%
4/15/48
551,000
637,237
Office
Properties
Income
Trust
4%
7/15/22
1,733,000
1,756,236
OneMain
Finance
Corp.
5.375%
11/15/29
900,000
979,875
PDC
Energy,
Inc.
6.125%
9/15/24
407,000
412,527
5.75%
5/15/26
2,827,000
2,924,970
Physicians
Realty
LP
4.3%
3/15/27
1,271,000
1,411,682
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.
3.55%
12/15/29
798,000
827,539
4.3%
1/31/43
75,000
75,608
QVC,
Inc.
4.375%
3/15/23
500,000
515,587
Realty
Income
Corp.
3.95%
8/15/27
575,000
637,951
RELX
Capital,
Inc.
4%
3/18/29
500,000
555,087
Starwood
Property
Trust,
Inc.
4.75%
3/15/25
1,125,000
1,171,187
STORE
Capital
Corp.
4.5%
3/15/28
503,000
556,750
4.625%
3/15/29
500,000
560,971
2.7%
12/01/31
1,250,000
1,223,725
Sumitomo
Mitsui
Banking
Corp.
3%
1/18/23
(b)
605,000
618,811
Symetra
Financial
Corp.
4.25%
7/15/24
640,000
680,160
T-Mobile
USA,
Inc.
2.625%
4/15/26
250,000
251,576
3.375%
4/15/29
1,250,000
1,275,838
United
Airlines
Holdings,
Inc.
4.875%
1/15/25^
200,000
205,960
Verizon
Communications,
Inc.
0.75%
3/22/24
1,000,000
996,397
VistaJet
Malta
Finance
plc/XO
Management
Holding,
Inc.
10.5%
6/01/24
(a)
(b)
1,000,000
1,071,040
Wells
Fargo
&
Co.
4.125%
8/15/23
1,439,000
1,509,655
a
a
a
$
Principal
Amount
$
Value
a
a
1.35863%
10/31/23
Floating
Rate
(Qtrly
LIBOR
+
123)
1,327,000
1,337,866
a
Total
Corporate
Bonds
(Cost
$94,159,273)
98,234,059
Corporate
Convertible
Bonds
-
0
.6
%
a
a
Redwood
Trust,
Inc.
4.75%
8/15/23
850,000
876,605
5.625%
7/15/24
700,000
706,874
5.75%
10/01/25
500,000
515,100
a
Total
Corporate
Convertible
Bonds
(Cost
$1,894,866)
2,098,579
Asset-Backed
Securities
-
21
.5
%
a
a
Automobile
ACC
Auto
Trust
(AUTOC)
Series
2021-A
Class
A
-
1.08%
4/15/27
(a)
561,501
560,221
American
Credit
Acceptance
Receivables
Trust
(ACAR)
Series
2020-4
Class
D
-
1.77%
12/14/26
(a)
615,000
618,346
Arivo
Acceptance
Auto
Loan
Receivables
Trust
(ARIVO)
Series
2019-1
Class
A
-
2.99%
7/15/24
(a)
175,052
176,211
Series
2021-1A
Class
A
-
1.19%
1/15/27
(a)
116,139
115,789
Carvana
Auto
Receivables
Trust
(CRVNA)
Series
2019-1A
Class
C
-
3.5%
2/15/24
(a)
292,235
293,312
CFMT
LLC
(CFMT)
Series
2021-AL1
Class
B
-
1.39%
9/22/31
(a)
1,600,091
1,595,891
DT
Auto
Owner
Trust
(DTAOT)
Series
2019-3A
Class
D
-
2.96%
4/15/25
(a)
1,000,000
1,021,261
Enterprise
Fleet
Financing
LLC
(EFF)
Series
2019-2
Class
A
-
2.29%
2/20/25
(a)
176,247
175,928
Exeter
Automobile
Receivables
Trust
(EART)
Series
2017-3A
Class
C
-
3.68%
7/17/23
(a)
29,100
29,338
First
Investors
Auto
Owner
Trust
(FIAOT)
Series
2017-3A
Class
C
-
3%
1/16/24
(a)
61,253
61,337
Series
2017-3A
Class
D
-
3.44%
3/15/24
(a)
571,000
576,120
GLS
Auto
Receivables
Issuer
Trust
(GCAR)
Series
2019-4A
Class
A
-
2.47%
11/15/23
(a)
4,964
4,974
Series
2020-1A
Class
A
-
2.17%
2/15/24
(a)
37,718
37,773
Series
2020-2A
Class
B
-
3.16%
6/16/25
(a)
750,000
766,309
JPMorgan
Chase
Bank
NA
(CACLN)
Series
2020-1
Class
D
-
1.886%
1/25/28
(a)
346,463
348,036
Series
2020-1
Class
F
-
6.684%
1/25/28
(a)
1,000,000
1,030,565
Series
2021-2
Class
E
-
2.28%
12/26/28
(a)
859,987
856,823
LAD
Auto
Receivables
Trust
(LADAR)
Series
2021-1A
Class
A
-
1.3%
8/17/26
(a)
1,590,142
1,585,062
Series
2021-1A
Class
D
-
3.99%
11/15/29
(a)
3,523,789
3,476,152
Santander
Bank
NA
(SBCLN)
Series
2021-1A
Class
C
-
3.268%
12/15/31
(a)
575,000
574,600
Securitized
Term
Auto
Loan
Receivables
Trust
(SSTRT)
Series
2019-CRTA
Class
C
-
2.849%
3/25/26
(a)
(b)
295,253
298,655
a
14,202,703
a
Collateralized
Loan
Obligations
ABPCI
Direct
Lending
Fund
CLO
X
LP
(ABPCI)
Series
2020-10A
Class
B1
-
2.4815%
1/20/32
Floating
Rate
(Qtrly
LIBOR
+
235)
(a)
(b)
(c)
1,000,000
999,994
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.
(ARCLO)
Series
2021-FL4
Class
C
-
2.39%
11/15/36
Floating
Rate
(Mthly
LIBOR
+
230)
(a)
(b)
(c)
5,000,000
5,004,106
7
a
a
a
$
Principal
Amount
$
Value
a
a
Audax
Senior
Debt
CLO
LLC
(AUDAX)
Series
2021-6A
Class
B
-
2.08797%
10/20/33
Floating
Rate
(Qtrly
LIBOR
+
195)
(a)
(c)
3,000,000
3,005,234
Ballyrock
CLO
Ltd.
(BALLY)
Series
2016-1A
Class
BR2
-
1.47375%
10/15/28
Floating
Rate
(Qtrly
LIBOR
+
135)
(a)
(b)
(c)
1,000,000
999,998
BlackRock
Elbert
CLO
V
Ltd.
(ELB)
Series
5A
Class
A1
-
2.10275%
12/15/31
Floating
Rate
(Qtrly
LIBOR
+
190)
(a)
(b)
(c)
500,000
500,795
Blackrock
Rainier
CLO
VI
Ltd.
(BLKMM)
Series
2021-6A
Class
B
-
2.1815%
4/20/33
Floating
Rate
(Qtrly
LIBOR
+
205)
(a)
(b)
(c)
1,800,000
1,799,993
Brightwood
Capital
MM
CLO
Ltd.
(BWCAP)
Series
2020-1A
Class
A
-
2.10275%
12/15/28
Floating
Rate
(Qtrly
LIBOR
+
190)
(a)
(b)
(c)
636,429
636,748
Cerberus
Loan
Funding
LP
(CERB)
Series
2020-1A
Class
B
-
2.67375%
10/15/31
Floating
Rate
(Qtrly
LIBOR
+
255)
(a)
(b)
(c)
500,000
500,095
Series
2020-1A
Class
C
-
3.82375%
10/15/31
Floating
Rate
(Qtrly
LIBOR
+
370)
(a)
(b)
(c)
500,000
500,091
Series
2020-2A
Class
A
-
2.02375%
10/15/32
Floating
Rate
(Qtrly
LIBOR
+
190)
(a)
(b)
(c)
495,000
495,632
Series
2020-2A
Class
B
-
2.72375%
10/15/32
Floating
Rate
(Qtrly
LIBOR
+
260)
(a)
(b)
(c)
500,000
499,997
Series
2021-2A
Class
B
-
2.02375%
4/22/33
Floating
Rate
(Qtrly
LIBOR
+
190)
(a)
(b)
(c)
1,500,000
1,499,994
Series
2021-6A
Class
B
-
1.90324%
11/22/33
Floating
Rate
(Qtrly
LIBOR
+
175)
(a)
(b)
(c)
1,650,000
1,650,202
Churchill
Middle
Market
CLO
Ltd.
(CHMML)
Series
2021-1A
Class
A1
-
1.63382%
10/24/33
Floating
Rate
(Qtrly
LIBOR
+
150)
(a)
(b)
(c)
1,000,000
1,000,000
Deerpath
Capital
CLO
Ltd.
(DPATH)
Series
2021-2A
Class
A1
-
1.84052%
1/15/34
Floating
Rate
(Qtrly
LIBOR
+
160)
(a)
(b)
(c)
1,000,000
1,000,000
Series
2021-2A
Class
C
-
3.14052%
1/15/34
Floating
Rate
(Qtrly
LIBOR
+
290)
(a)
(b)
(c)
2,300,000
2,300,000
Fortress
Credit
Opportunities
CLO
Ltd.
(FCO)
Series
2017-9A
Class
A1TR
-
1.67231%
10/15/33
Floating
Rate
(Qtrly
LIBOR
+
155)
(a)
(b)
(c)
1,500,000
1,499,792
Series
2021-15A
Class
B
-
1.97388%
4/25/33
Floating
Rate
(Qtrly
LIBOR
+
185)
(a)
(b)
(c)
1,500,000
1,499,994
Golub
Capital
Partners
CLO
Ltd.
(GOCAP)
Series
2016-31A
Class
CR
-
3.03975%
8/05/30
Floating
Rate
(Qtrly
LIBOR
+
290)
(a)
(b)
(c)
1,000,000
999,985
Series
2021-54A
Class
B
-
1.97065%
8/05/33
Floating
Rate
(Qtrly
LIBOR
+
185)
(a)
(b)
(c)
500,000
499,979
Series
2021-54A
Class
C
-
2.77065%
8/05/33
Floating
Rate
(Qtrly
LIBOR
+
265)
(a)
(b)
(c)
1,000,000
999,926
Guggenheim
MM
CLO
Ltd.
(GUGG)
Series
2021-4A
Class
B
-
2.49096%
1/15/34
Floating
Rate
(Qtrly
LIBOR
+
225)
(a)
(b)
(c)
2,500,000
2,500,000
Maranon
Loan
Funding
Ltd.
(MRNON)
Series
2021-2RA
Class
BR
-
2.17375%
7/15/33
Floating
Rate
(Qtrly
LIBOR
+
205)
(a)
(b)
(c)
2,500,000
2,500,248
Monroe
Capital
MML
CLO
XII
Ltd.
(MCMML)
Series
2021-2A
Class
C
9/14/33
Floating
Rate
(Qtrly
LIBOR
+
265)
(a)
(b)
(c)
2,000,000
1,982,472
Palmer
Square
Loan
Funding
Ltd.
(PSTAT)
Series
2021-1A
Class
B
-
1.9315%
4/20/29
Floating
Rate
(Qtrly
LIBOR
+
180)
(a)
(b)
(c)
1,000,000
999,997
a
35,875,272
a
a
a
$
Principal
Amount
$
Value
a
a
a
Consumer
&
Specialty
Finance
Affirm
Asset
Securitization
Trust
(AFFRM)
Series
2020-A
Class
A
-
2.1%
2/18/25
(a)
250,000
250,647
Series
2020-A
Class
B
-
3.54%
2/18/25
(a)
250,000
251,732
Series
2021-A
Class
D
-
3.49%
8/15/25
(a)
750,000
754,261
Series
2021-B
Class
A
-
1.03%
8/15/26
(a)
1,250,000
1,242,269
Bankers
Healthcare
Group
Securitization
Trust
(BHG)
Series
2020-A
Class
A
-
2.56%
9/17/31
(a)
405,458
409,658
Series
2021-A
Class
A
-
1.42%
11/17/33
(a)
399,589
397,172
Conn's
Receivables
Funding
LLC
(CONN)
Series
2020-A
Class
A
-
1.71%
6/16/25
(a)
32,271
32,310
Series
2021-A
Class
A
-
1.05%
5/15/26
(a)
1,787,730
1,786,441
Series
2021-A
Class
B
-
2.87%
5/15/26
(a)
2,350,000
2,342,563
Driven
Brands
Funding
LLC
(HONK)
Series
2019-2A
Class
A2
-
3.981%
10/20/49
(a)
490,000
513,458
Foundation
Finance
Trust
(FFIN)
Series
2019-1A
Class
A
-
3.86%
11/15/34
(a)
224,515
230,235
Freed
ABS
Trust
(FREED)
Series
2019-2
Class
B
-
3.19%
11/18/26
(a)
135,572
135,878
Series
2020-FP1
Class
B
-
3.06%
3/18/27
(a)
436,030
438,443
Jersey
Mike's
Funding
(JMIKE)
Series
2019-1A
Class
A2
-
4.433%
2/15/50
(a)
1,000,000
1,054,543
Marlette
Funding
Trust
(MFT)
Series
2019-2A
Class
B
-
3.53%
7/16/29
(a)
223,848
224,681
Series
2019-4A
Class
A
-
2.39%
12/17/29
(a)
12,303
12,320
Series
2021-2A
Class
B
-
1.06%
9/15/31
(a)
500,000
496,533
Oasis
LLC
(OASIS)
Series
2020-1A
Class
A
-
3.8196%
1/15/32
(a)
103,997
104,041
Pagaya
AI
Debt
Selection
Trust
(PAID)
Series
2020-3
Class
B
-
3.22%
5/17/27
(a)
1,000,000
1,012,720
Series
2021
Class
B
-
0.06%
1/16/29
(a)
933,629
929,579
Series
2021-1
Class
A
-
1.18%
11/15/27
(a)
1,159,314
1,156,940
Small
Business
Lending
Trust
(SBIZ)
Series
2020-A
Class
A
-
2.62%
12/15/26
(a)
29,470
29,499
SoFi
Consumer
Loan
Program
Trust
(SCLP)
Series
2018-4
Class
C
-
4.17%
11/26/27
(a)
362,148
365,708
Theorem
Funding
Trust
(THRM)
Series
2021-1A
Class
A
-
1.28%
12/15/27
(a)
1,667,139
1,664,365
Series
2021-1A
Class
B
-
2.21%
12/15/27
(a)
1,000,000
989,045
Upstart
Securitization
Trust
(UPST)
Series
2017-2
Class
C
-
5.59%
3/20/25
(a)
9,146
9,161
Series
2019-2
Class
B
-
3.734%
9/20/29
(a)
322,845
324,636
Series
2020-1
Class
A
-
2.322%
4/22/30
(a)
43,614
43,724
Series
2021-1
Class
B
-
1.89%
3/20/31
(a)
250,000
248,953
Series
2021-1
Class
C
-
4.06%
3/20/31
(a)
250,000
251,961
Series
2021-2
Class
A
-
0.91%
6/20/31
(a)
171,763
171,465
Zaxby's
Funding
LLC
(ZAXBY)
Series
2021-1A
Class
A2
-
3.238%
7/30/51
(a)
1,246,875
1,272,184
a
19,147,125
a
Equipment
Amur
Equipment
Finance
Receivables
IX
LLC
(AXIS)
Series
2021-1A
Class
D
-
2.3%
11/22/27
(a)
500,000
496,393
BCC
Funding
Corp
LLC
(BCCFC)
Series
2019-1A
Class
A2
-
2.46%
8/20/24
(a)
141,215
142,326
CCG
Receivables
Trust
(CCG)
Series
2019-1
Class
B
-
3.22%
9/14/26
(a)
750,000
763,061
Series
2019-2
Class
B
-
2.55%
3/15/27
(a)
300,000
304,669
Dell
Equipment
Finance
Trust
(DEFT)
Series
2019-1
Class
C
-
3.14%
3/22/24
(a)
750,000
751,016
8
Core
Plus
Income
Fund
(Continued)
Schedule
of
Investments
December
31,
2021
(Unaudited)
a
a
a
$
Principal
Amount
$
Value
a
a
Pawnee
Equipment
Receivables
Series
LLC
(PWNE)
Series
2019-1
Class
A2
-
2.29%
10/15/24
(a)
139,553
140,425
Series
2019-1
Class
D
-
2.86%
10/15/24
(a)
500,000
491,913
SCF
Equipment
Leasing
LLC
(SCFET)
Series
2019-2A
Class
A2
-
2.47%
4/20/26
(a)
186,000
188,593
a
3,278,396
a
Other
Hilton
Grand
Vacations
Trust
(HGVT)
Series
2020-AA
Class
B
-
4.22%
2/25/39
(a)
321,998
339,103
Octane
Receivables
Trust
(OCTL)
Series
2019-1A
Class
A
-
3.16%
9/20/23
(a)
94,289
94,754
Series
2020-1A
Class
B
-
1.98%
6/20/25
(a)
940,000
945,694
Sierra
Timeshare
Receivables
Funding
LLC
(SRFC)
Series
2019-2A
Class
B
-
2.82%
5/20/36
(a)
229,274
231,632
1,611,183
a
Total
Asset-Backed
Securities
(Cost
$73,990,667)
74,114,679
Commercial
Mortgage-Backed
Securities
-
9
.1
%
a
a
ACRES
Commercial
Realty
Corp.
(XAN)
Series
2020-RSO8
Class
C
-
2.31448%
3/15/35
Floating
Rate
(Mthly
LIBOR
+
215)
(a)
1,250,000
1,252,387
Series
2020-RSO8
Class
D
-
2.66448%
3/15/35
Floating
Rate
(Mthly
LIBOR
+
250)
(a)
1,276,000
1,270,130
AREIT
Trust
(AREIT)
Series
2021-CRE5
Class
A
-
1.18975%
7/17/26
Floating
Rate
(Mthly
LIBOR
+
108)
(a)
1,000,000
998,707
Bancorp
Commercial
Mortgage
Trust
(BANC)
Series
2019-CRE5
Class
E
-
3.85975%
3/15/36
Floating
Rate
(Mthly
LIBOR
+
375)
(a)
2,000,000
1,990,417
BDS
Ltd.
(BDS)
Series
2021-FL10
Class
A
-
1.45%
12/18/36
Floating
Rate
(Mthly
LIBOR
+
135)
(a)
(b)
1,000,000
997,717
Series
2021-FL10
Class
C
-
2.4%
12/18/36
Floating
Rate
(Mthly
LIBOR
+
230)
(a)
(b)
1,250,000
1,247,656
BFLD
Trust
(BFLD)
Series
2020-OBRK
Class
A
-
2.16%
11/15/22
Floating
Rate
(Mthly
LIBOR
+
205)
(a)
940,000
941,598
BPCRE
Ltd.
(BPCRE)
Series
2021-FL1
Class
D
-
2.70863%
2/15/37
Floating
Rate
(Mthly
LIBOR
+
260)
(a)
(b)
1,193,000
1,196,489
Citigroup
Commercial
Mortgage
Trust
(CCMT)
Series
2014-GC19
Class
A4
-
4.023%
3/10/47
500,000
525,361
COMM
Mortgage
Trust
(COMM)
Series
2021-CR1
Class
AM
-
3.912%
5/15/45
350,000
352,103
GPMT
Ltd.
(GPMT)
Series
2018-FL1
Class
C
-
2.23875%
11/19/35
Floating
Rate
(Mthly
LIBOR
+
215)
(a)
(b)
786,027
788,778
Series
2018-FL1
Class
D
-
3.03875%
11/21/35
Floating
Rate
(Mthly
LIBOR
+
295)
(a)
(b)
1,096,000
1,097,468
Series
2021-FL3
Class
A
-
1.35388%
7/16/35
Floating
Rate
(Mthly
LIBOR
+
125)
(a)
(b)
1,743,443
1,745,453
HGI
CRE
CLO
Ltd.
(HGI)
Series
2021-FL1
Class
AS
-
1.5075%
6/16/36
Floating
Rate
(Mthly
LIBOR
+
140)
(a)
(b)
1,500,000
1,495,698
Series
2021-FL2
Class
D
-
2.2575%
10/19/26
Floating
Rate
(Mthly
LIBOR
+
215)
(a)
(b)
1,000,000
995,059
Hilton
USA
Trust
(HILT)
Series
2016-SFP
Class
E
-
5.5191%
11/05/35
(a)
840,000
841,579
a
a
a
$
Principal
Amount
$
Value
a
a
KREF
Ltd.
(KREF)
Series
2021-FL2
Class
B
-
1.75863%
2/15/39
Floating
Rate
(Mthly
LIBOR
+
165)
(a)
(b)
2,500,000
2,503,749
LoanCore
Issuer
Ltd.
(LNCR)
Series
2018-CRE1
Class
C
-
2.65975%
5/15/28
Floating
Rate
(Mthly
LIBOR
+
255)
(a)
(b)
1,000,000
1,003,496
Series
2021-CRE5
Class
A
-
1.40975%
7/15/36
Floating
Rate
(Mthly
LIBOR
+
130)
(a)
(b)
2,000,000
2,000,685
MF1
Ltd.
(MF1)
Series
2019-FL2
Class
D
-
2.51415%
12/25/34
Floating
Rate
(Mthly
LIBOR
+
246)
(a)
(b)
500,000
499,396
PFP
Ltd.
(PFP)
Series
2019-5
Class
C
-
2.1075%
4/14/36
Floating
Rate
(Mthly
LIBOR
+
200)
(a)
(b)
1,500,000
1,499,778
ReadyCap
Commercial
Mortgage
Trust
(RCMT)
Series
2021-FL6
Class
B
-
1.69163%
7/25/36
Floating
Rate
(Mthly
LIBOR
+
160)
(a)
1,500,000
1,488,840
Series
2021-FL7
Class
A
-
1.28%
11/25/36
Floating
Rate
(Mthly
LIBOR
+
120)
(a)
1,000,000
1,000,631
TPG
Real
Estate
Finance
Issuer
Ltd.
(TRTX)
Series
2018-FL2
Class
B
-
1.75863%
11/15/37
Floating
Rate
(Mthly
LIBOR
+
165)
(a)
(b)
1,000,000
999,989
VMC
Finance
LLC
(VMC)
Series
2018-FL2
Class
C
-
2.05863%
10/15/35
Floating
Rate
(Mthly
LIBOR
+
195)
(a)
1,112,025
1,115,917
Series
2021-FL4
Class
A
-
1.20388%
6/16/36
Floating
Rate
(Mthly
LIBOR
+
110)
(a)
1,662,325
1,664,200
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$31,510,247)
31,513,281
Mortgage-Backed
Securities
-
2
.0
%
a
a
Federal
Home
Loan
Mortgage
Corporation
Collateralized
Mortgage
Obligations
Series
5026
Class
DH
-
1.75%
9/25/43
569,798
574,030
Series
4949
Class
BC
-
2.25%
3/25/49
379,735
384,869
a
Pass-Through
Securities
Pool#
C91945
–
3%
8/01/37
317,349
331,327
1,290,226
a
Federal
National
Mortgage
Association
Collateralized
Mortgage
Obligations
Series
2013-130
Class
CA
-
2.5%
6/25/43
157,094
160,376
Series
2013-130
Class
CD
-
3%
6/25/43
285,626
296,103
a
Pass-Through
Securities
Pool#
932836
–
3%
12/01/25
20,906
21,880
Pool#
468516
–
5.17%
6/01/28
209,246
229,937
Pool#
MA3443
–
4%
8/01/48
145,370
154,632
Pool#
FM5733
–
2%
1/01/51
1,402,214
1,400,192
2,263,120
a
Government
National
Mortgage
Association
Collateralized
Mortgage
Obligations
Series
2021-29
Class
CY
-
3%
9/20/50
1,000,000
1,056,945
Series
2018-52
Class
AE
-
2.75%
5/16/51
118,090
120,180
1,177,125
9
a
a
a
$
Principal
Amount
$
Value
a
a
a
Non-Government
Agency
Collateralized
Mortgage
Obligations
CSFB
Mortgage-Backed
Pass-Through
Certificates
(CSFB)
Series
2003-29
Class
2A3
-
5.5%
12/25/33
7,179
7,411
Flagstar
Mortgage
Trust
(FSMT)
Series
2017-1
Class
2A2
-
3%
3/25/47
(a)
(c)
90,873
90,818
JPMorgan
Mortgage
Trust
(JPMMT)
Series
2016-3
Class
A
-
3%
10/25/46
(a)
(c)
93,077
92,670
Series
2017-3
Class
A
-
2.5%
8/25/47
(a)
(c)
88,557
88,112
Series
2018-6
Class
2A2
-
3%
12/25/48
(a)
(c)
48,003
48,512
RCKT
Mortgage
Trust
(RCKT)
Series
2021-3
Class
A5
-
2.5%
7/25/51
(a)
(c)
1,804,607
1,822,837
Sequoia
Mortgage
Trust
(SEMT)
Series
2019-CH2
Class
A
-
4.5%
8/25/49
(a)
(c)
64,526
65,222
a
Pass-Through
Securities
Greenpoint
Mortgage
Pass-Through
Certificates
(GMSI)
Series
2003-1
Class
A1
-
2.44978%
10/25/33
(c)
58,591
59,918
2,275,500
a
Total
Mortgage-Backed
Securities
(Cost
$6,990,134)
7,005,971
Municipal
Bonds
-
0
.6
%
a
a
Central
Plains,
NE
Energy
Project
Revenue
5.25%
9/01/37
1,000,000
1,032,343
Detroit,
MI
City
School
District
General
Obligation
SBLF,
6.645%
5/01/29
460,000
600,831
Village
of
Rosemont
IL
General
Obligation
BAM,
5.375%
12/01/23
470,000
508,438
a
Total
Municipal
Bonds
(Cost
$2,128,268)
2,141,612
U.S.
Treasuries
-
32
.1
%
a
a
U.S.
Treasury
Bonds
3.5%
2/15/39
2,100,000
2,635,172
1.875%
2/15/41
11,500,000
11,386,348
1.75%
8/15/41
2,000,000
1,939,687
2.5%
5/15/46
8,400,000
9,286,922
2.25%
8/15/46
2,500,000
2,644,336
2.25%
8/15/49
3,500,000
3,747,324
U.S.
Treasury
Notes
2%
2/15/23
2,000,000
2,034,727
2%
8/15/25
2,000,000
2,062,969
0.25%
8/31/25
8,000,000
7,750,313
1.5%
8/15/26
4,850,000
4,905,699
2%
11/15/26
5,650,000
5,845,322
1.625%
11/30/26
3,000,000
3,051,680
2.25%
2/15/27
3,500,000
3,667,207
2.375%
5/15/27
3,000,000
3,166,875
2.25%
8/15/27
3,000,000
3,147,656
1.125%
2/29/28
5,500,000
5,421,367
1.25%
5/31/28
8,000,000
7,922,812
1.25%
9/30/28
7,000,000
6,920,156
1.75%
11/15/29
3,000,000
3,075,703
1.5%
2/15/30
5,250,000
5,278,301
0.875%
11/15/30
8,000,000
7,607,813
a
a
a
$
Principal
Amount
$
Value
a
a
1.125%
2/15/31
7,500,000
7,280,566
a
Total
U.S.
Treasuries
(Cost
$109,477,822)
110,778,955
Non-Convertible
Preferred
Stocks
-
0
.6
%
a
Shares
$
Value
Qurate
Retail,
Inc.
8.00%
3/15/31
(Cost
$2,031,076)
20,300
2,095,366
Short-Term
Securities
Held
as
Collateral
for
Securities
on
Loan
-
0
.3
%
a
a
a
$
Principal
Amount
$
Value
a
a
Citibank
N.A.
DDCA
0.03%
89,725
89,725
Goldman
Sachs
Financial
Square
Government
Fund
Institutional
Class
-
0.03%
807,525
807,525
a
Total
Short-Term
Securities
Held
as
Collateral
for
Securities
on
Loan
(Cost
$897,250)
897,250
Total
Investments
in
Securities
(Cost
$323,079,603)
328,879,752
Cash
-
4.2%
(d)
14,489,409
Other
Assets
Less
Other
Liabilities
- 0.5%
1,863,554
Net
Assets
-
100%
345,232,715
Net
Asset
Value
Per
Share
-
Investor
Class
10.93
Net
Asset
Value
Per
Share
-
Institutional
Class
10.93
^
This
security
or
a
partial
position
of
this
security
was
on
loan
as
of
December
31,
2021.
The
total
value
of
securities
on
loan
as
of
December
31,
2021
was
$875,820.
(a)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
This
security
may
be
resold
in
transactions
that
are
exempt
from
registration,
normally
to
qualified
institutional
buyers.
(b)
Foreign
domiciled
entity.
(c)
The
interest
rate
resets
periodically
based
on
the
weighted
average
coupons
of
the
underlying
mortgage-related
or
asset-backed
obligations.
(d)
Cash
held
in
an
interest
bearing
account
with
a
.03%
interest
rate.
10
Hickory
Fund
Schedule
of
Investments
December
31,
2021
(Unaudited)
Common
Stocks
-
94
.8
%
a
Communication
Services
%
of
Net
Assets
Shares
$
Value
Cable
&
Satellite
19.8
Liberty
Broadband
Corp.
(a)
Class
C
90,000
14,499,000
Class
A
23,750
3,821,375
Liberty
Media
Corp-Liberty
SiriusXM
(a)
Class
C
180,000
9,153,000
Class
A
50,000
2,542,500
Liberty
Global
PLC
-
Class
C
(a)
(b)
300,000
8,427,000
Liberty
Latin
America
Ltd.
-
Class
C
(a)
(b)
525,000
5,985,000
a
Wireless
Communication
Services
5.2
LICT
Corp.
(a)
450
11,700,000
a
Movies
&
Entertainment
1.5
Liberty
Media
Corp-Liberty
Braves
(a)
Class
C
105,000
2,950,500
Class
A
11,000
316,250
a
26.5
59,394,625
Consumer
Discretionary
Automotive
Retail
9.3
AutoZone,
Inc.
(a)
5,200
10,901,228
CarMax,
Inc.
(a)
77,000
10,027,710
a
Distributors
4.7
LKQ
Corp.
175,000
10,505,250
a
Internet
&
Direct
Marketing
Retail
1.0
Qurate
Retail,
Inc.
-
Class
A
300,000
2,280,000
a
15.0
33,714,188
Industrials
Research
&
Consulting
Services
6.1
CoStar
Group,
Inc.
(a)
90,000
7,112,700
Dun
&
Bradstreet
Holdings,
Inc.
(a)
320,000
6,556,800
a
Industrial
Machinery
5.4
Ingersoll
Rand,
Inc.
130,000
8,043,100
IDEX
Corp.
17,500
4,135,600
a
Aerospace
&
Defense
3.0
HEICO
Corp.
-
Class
A
52,000
6,683,040
a
14.5
32,531,240
Materials
Specialty
Chemicals
6.9
Axalta
Coating
Systems
Ltd.
(a)
(b)
255,000
8,445,600
Perimeter
Solutions
SA
(a)
(b)
500,000
6,945,000
a
Construction
Materials
6.0
Martin
Marietta
Materials,
Inc.
16,500
7,268,580
Vulcan
Materials
Co.
30,000
6,227,400
a
12.9
28,886,580
Financials
Property
&
Casualty
Insurance
4.4
Markel
Corp.
(a)
8,000
9,872,000
a
Financials
%
of
Net
Assets
Shares
$
Value
a
Financial
Exchanges
&
Data
3.3
MarketAxess
Holdings,
Inc.
18,000
7,402,860
a
Regional
Banks
3.0
First
Republic
Bank
33,000
6,814,830
a
10.7
24,089,690
Information
Technology
Application
Software
5.2
Guidewire
Software,
Inc.
(a)
57,500
6,527,975
ACI
Worldwide,
Inc.
(a)
150,000
5,205,000
a
Data
Processing
&
Outsourced
Services
2.5
Black
Knight,
Inc.
(a)
67,500
5,595,075
a
Electronic
Components
2.1
Dolby
Laboratories,
Inc.
-
Class
A
50,000
4,761,000
a
9.8
22,089,050
Health
Care
Health
Care
Services
5.4
Laboratory
Corp.
of
America
Holdings
(a)
38,500
12,097,085
a
Total
Common
Stocks
(Cost
$106,552,924)
212,802,458
Non-Convertible
Preferred
Stocks
-
1
.6
%
a
Qurate
Retail,
Inc.
8.00%
3/15/31
(Cost
$2,581,984)
35,000
3,612,700
Warrants
-
0
.1
%
a
Perimeter
Solutions
SA
(Cost
$5,000)
(b)
(c)
(d)
500,000
118,125
Cash
Equivalents
-
2
.2
%
a
a
a
$
Principal
Amount
$
Value
a
a
U.S.
Treasury
Bills
0.04%
3/10/22
(Cost
$4,999,504)
(e)
5,000,000
4,999,656
a
Total
Investments
in
Securities
(Cost
$114,139,412)
221,532,939
Cash
-
1.4%
(f)
3,134,722
Other
Assets
Less
Other
Liabilities
- (0.1%)
(
227,376
)
Net
Assets
-
100%
224,440,285
Net
Asset
Value
Per
Share
-
Investor
Class
57.50
(a)
Non-income
producing.
(b)
Foreign
domiciled
entity.
(c)
The
expiration
date
has
yet
to
be
determined
but
will
be
set
based
on
the
terms
outlined
in
the
prospectus.
(d)
This
security
is
classified
as
Level
3
within
the
fair
value
hierarchy.
(e)
Interest
rates
presented
represent
the
effective
yield
at
December
31,
2021.
(f)
Cash
held
in
an
interest
bearing
account
with
a
.03%
interest
rate.
11
Nebraska
Tax-Free
Income
Fund
Schedule
of
Investments
December
31,
2021
(Unaudited)
Municipal
Bonds
-
94
.4
%
a
a
%
of
Net
Assets
$
Principal
Amount
$
Value
a
a
Arizona
0.3
Arizona
Industrial
Development
Authority
Revenue
5%
2/01/23
100,000
104,952
a
California
0.7
San
Diego
County
Regional
Airport
Authority
Revenue
Series
B
5%
7/01/25
200,000
229,670
a
Colorado
0.3
Colorado
Bridge
Enterprise
Revenue
4%
12/31/23
100,000
106,837
a
Florida
0.6
State
of
Florida
General
Obligation
4%
6/01/36
200,000
221,077
a
Nebraska
86.9
Ashland-Greenwood
Public
Schools
General
Obligation
3%
12/15/42
100,000
110,058
Cass
County
School
District
No.
22
General
Obligation
2.05%
12/15/25
375,000
377,876
2.2%
12/15/26
250,000
251,955
City
of
Bellevue
NE
General
Obligation
Series
A
3%
9/15/32
500,000
532,279
City
of
Blair
NE
Water
System
Revenue
AMT,
2.65%
12/15/24
100,000
100,089
2.85%
12/15/25
100,000
100,095
3%
12/15/26
100,000
100,087
3.1%
12/15/27
100,000
100,075
3.2%
12/15/28
100,000
100,074
City
of
Columbus
NE
Combined
Utilities
System
Revenue
4%
6/15/33
200,000
241,472
AGM
Insured,
4%
12/15/26
100,000
115,749
4%
12/15/27
100,000
116,392
City
of
Grand
Island
NE
Combined
Utility
System
Revenue
Series
A
AGM
Insured,
4%
8/15/35
205,000
244,435
4%
8/15/36
125,000
148,652
City
of
Grand
Island
NE
General
Obligation
3%
11/15/27
150,000
163,255
3%
11/15/30
150,000
162,405
City
of
Gretna
NE
4%
12/15/25
500,000
550,340
City
of
Lincoln
NE
Electric
System
Revenue
5%
9/01/28
1,000,000
1,032,069
City
of
Lincoln
NE
General
Obligation
5%
5/15/22
100,000
101,761
5%
5/15/23
135,000
143,730
City
of
Norfolk
NE
General
Obligation
0.65%
5/15/24
375,000
375,032
City
of
Omaha
NE
General
Obligation
Series
A
4%
4/15/22
315,000
318,443
4%
4/15/23
185,000
193,919
4%
1/15/33
260,000
307,966
3%
4/15/34
100,000
112,303
3%
4/15/35
100,000
112,095
Series
B
3%
11/15/24
400,000
409,810
City
of
Omaha
NE
Sewer
Revenue
5%
11/15/22
200,000
208,385
a
a
%
of
Net
Assets
$
Principal
Amount
$
Value
a
a
5%
4/01/26
250,000
295,845
4%
4/01/31
350,000
396,762
Series
A
4%
4/01/34
100,000
121,484
City
of
Papillion
NE
General
Obligation
3%
9/15/24
420,000
424,212
Columbus
Ne
3%
12/15/29
150,000
163,593
3%
12/15/30
150,000
163,072
County
of
Kearney
NE
General
Obligation
4%
6/01/23
200,000
209,803
County
of
Saline
NE
Revenue
3%
2/15/31
200,000
212,852
County
of
Sarpy
NE
1.75%
6/15/26
500,000
500,427
County
of
Seward
NE
General
Obligation
3%
12/15/30
605,000
643,780
Dawson
County
Public
Power
District
Revenue
Series
A
2%
6/15/26
170,000
170,135
2.1%
6/15/27
105,000
105,098
Series
B
2.5%
6/15/28
135,000
135,157
3%
6/15/29
245,000
245,374
3%
6/15/30
355,000
355,491
Dodge
County
School
District
No.
595
General
Obligation
1.9%
6/15/32
200,000
201,797
Douglas
County
Hospital
Authority
No.
2
Revenue
5%
5/15/26
500,000
548,753
5%
5/15/30
140,000
164,989
4%
5/15/32
700,000
793,194
Douglas
County
Hospital
Authority
No.
3
Revenue
5%
11/01/22
250,000
259,761
Douglas
County
School
District
No.
59
NE
General
Obligation
3%
12/15/32
100,000
106,743
Kearney
School
District
General
Obligation
3%
12/15/24
250,000
267,841
Lancaster
County
School
District
001
General
Obligation
4%
1/15/33
250,000
289,078
Lincoln
Airport
Authority
Revenue
AMT,
5%
7/01/27
150,000
182,607
Lincoln-Lancaster
County
Public
Building
Commission
Revenue
3%
12/01/25
500,000
544,118
Madison
County
Hospital
Authority
No.
1
Revenue
5%
7/01/23
250,000
266,377
Metropolitan
Utilities
District
of
Omaha
Gas
System
Revenue
4%
12/01/27
450,000
495,082
Municipal
Energy
Agency
of
Nebraska
Revenue
5%
4/01/27
350,000
419,014
Series
A
5%
4/01/29
300,000
303,347
Nebraska
Cooperative
Republican
Platte
Enhancement
Project
Revenue
Series
A
2%
12/15/29
250,000
256,950
Nebraska
Educational
Health
Cultural
&
Social
Services
Finance
Authority
Revenue
4%
1/01/34
110,000
123,829
Nebraska
Investment
Finance
Authority
Revenue
Series
A
2.05%
9/01/24
120,000
123,935
Series
C
1.85%
3/01/23
100,000
101,555
2%
9/01/35
325,000
328,673
Nebraska
Public
Power
District
Revenue
Series
A-2
5%
1/01/24
250,000
250,000
Series
C
5%
1/01/32
65,000
75,696
5%
1/01/35
480,000
558,430
Nebraska
State
College
Facilities
Corp.
Revenue
AGM
Insured,
4%
7/15/28
750,000
849,761
12
Nebraska
Tax-Free
Income
Fund
(Continued)
Schedule
of
Investments
December
31,
2021
(Unaudited)
a
a
%
of
Net
Assets
$
Principal
Amount
$
Value
a
a
Omaha
Public
Facilities
Corp.
Revenue
4%
6/01/28
585,000
664,897
Series
A
4%
6/01/31
155,000
189,503
Series
C
4%
4/01/33
340,000
400,537
4%
4/01/39
500,000
580,443
Omaha
Public
Power
District
Revenue
Series
A
2.85%
2/01/27
500,000
524,674
Series
C
5%
2/01/39
150,000
169,858
Omaha
School
District
General
Obligation
5%
12/15/29
350,000
422,226
5%
12/15/31
135,000
162,731
Omaha-Douglas
Public
Building
Commission
General
Obligation
5%
5/01/26
725,000
736,456
Series
B
5%
5/01/32
550,000
700,463
Papillion
Municipal
Facilities
Corp.
Revenue
2%
12/15/32
100,000
102,681
2%
12/15/34
200,000
204,787
Papillion-La
Vista
School
District
No.
27
General
Obligation
Series
A
2.05%
12/01/24
150,000
150,674
2.2%
12/01/25
150,000
150,690
2.3%
12/01/26
275,000
276,196
Series
B
4%
12/01/35
400,000
487,370
Papio-Missouri
River
Natural
Resource
District
General
Obligation
5%
12/15/26
185,000
189,016
Public
Power
Generation
Agency
Revenue
5%
1/01/28
500,000
563,303
5%
1/01/32
140,000
165,599
Sarpy
County
School
District
No.
1
General
Obligation
5%
12/15/29
550,000
683,491
Southeast
Community
College
Certificates
of
Participation
3%
12/15/22
400,000
410,794
State
of
Nebraska
Certificates
of
Participation
Series
A
2%
4/01/26
150,000
156,026
University
of
Nebraska
Facilities
Corp.
Revenue
5%
7/15/29
380,000
448,916
University
of
Nebraska
Revenue
5%
7/01/23
250,000
255,964
3%
7/01/25
100,000
108,815
2.5%
7/01/26
210,000
228,038
3%
7/01/27
100,000
112,482
5%
5/15/30
100,000
124,508
Upper
Republican
Natural
Resource
District
Revenue
AGM
Insured,
4%
12/15/25
245,000
253,425
4%
12/15/27
395,000
408,550
Village
of
Boys
Town
NE
Revenue
3%
9/01/28
700,000
779,761
3%
7/01/35
325,000
360,225
Westside
Community
Schools
General
Obligation
2.5%
12/01/22
250,000
255,320
Winside
Public
Schools
General
Obligation
2%
6/15/31
350,000
358,392
a
30,272,227
a
a
%
of
Net
Assets
$
Principal
Amount
$
Value
a
a
a
New
Mexico
1.2
New
Mexico
Finance
Authority
Revenue
Series
C
4%
6/01/34
365,000
410,061
a
Texas
2.9
City
of
Austin
Tx
Airport
System
Revenue
Series
B
AMT,
5%
11/15/26
250,000
298,511
City
of
Austin
Tx
Electric
Utility
Revenue
Series
A
5%
11/15/35
100,000
131,033
County
of
Bexar
TX
General
Obligation
4%
6/15/36
500,000
560,998
a
990,542
a
Utah
0.4
City
of
Salt
Lake
City
UT
Public
Utilities
Revenue
5%
2/01/35
100,000
126,232
a
Washington
1.1
Pierce
County
School
District
No.
10
Tacoma
General
Obligation
Series
B
4%
12/01/35
100,000
122,500
Port
of
Seattle
WA
Revenue
Series
C
5%
5/01/26
200,000
235,240
a
357,740
a
Total
Municipal
Bonds
(Cost
$31,881,234)
32,819,338
Total
Investments
in
Securities
(Cost
$31,881,234)
32,819,338
Cash
-
4.9%
(a)
1,698,854
Other
Assets
Less
Other
Liabilities
- 0.7%
260,709
Net
Assets
-
100%
34,778,901
Net
Asset
Value
Per
Share
-
Investor
Class
10.19
(a)
Cash
held
in
an
interest
bearing
account
with
a
.03%
interest
rate.
13
Partners
III
Opportunity
Fund
Schedule
of
Investments
December
31,
2021
(Unaudited)
Common
Stocks
-
95
.1
%
a
Communication
Services
%
of
Net
Assets
Shares
$
Value
Cable
&
Satellite
17.2
Liberty
Media
Corp-Liberty
SiriusXM
(a)
Class
C
550,000
27,967,500
Class
A
250,000
12,712,500
Liberty
Broadband
Corp.
(a)
Class
C
150,000
24,165,000
Class
A
70,000
11,263,000
Liberty
Global
PLC
-
Class
C
(a)
(b)
1,000,000
28,090,000
a
Interactive
Media
&
Services
12.7
Alphabet,
Inc.
-
Class
C
(a)
15,000
43,403,850
Meta
Platforms,
Inc.
-
Class
A
(a)
100,000
33,635,000
a
29.9
181,236,850
Information
Technology
Data
Processing
&
Outsourced
Services
16.7
Visa,
Inc.
-
Class
A
145,000
31,422,950
Mastercard,
Inc.
-
Class
A
80,000
28,745,600
Fidelity
National
Information
Services,
Inc.
240,000
26,196,000
Black
Knight,
Inc.
(a)
180,000
14,920,200
a
Application
Software
3.9
CoreCard
Corp.^
(a)
615,000
23,862,000
a
Semiconductors
2.7
Texas
Instruments,
Inc.
85,000
16,019,950
a
23.3
141,166,700
Financials
Multi-Sector
Holdings
10.8
Berkshire
Hathaway,
Inc.
-
Class
B
(a)
220,000
65,780,000
a
Property
&
Casualty
Insurance
6.1
Markel
Corp.
(a)
30,000
37,020,000
a
Investment
Banking
&
Brokerage
4.0
The
Charles
Schwab
Corp.
290,000
24,389,000
a
Insurance
Brokers
2.0
Aon
plc
-
Class
A
(b)
40,000
12,022,400
a
22.9
139,211,400
Consumer
Discretionary
Internet
&
Direct
Marketing
Retail
4.3
Amazon.com,
Inc.
(a)
6,000
20,006,040
Qurate
Retail,
Inc.
-
Class
A
800,000
6,080,000
a
Automotive
Retail
2.6
CarMax,
Inc.
(a)
120,000
15,627,600
a
6.9
41,713,640
Industrials
Research
&
Consulting
Services
6.6
Dun
&
Bradstreet
Holdings,
Inc.
(a)
1,000,000
20,490,000
CoStar
Group,
Inc.
(a)
250,000
19,757,500
a
6.6
40,247,500
a
Materials
%
of
Net
Assets
Shares
$
Value
Specialty
Chemicals
3.4
Perimeter
Solutions
SA^
(a)
(b)
1,510,000
20,973,900
a
Health
Care
Health
Care
Services
2.1
Laboratory
Corp.
of
America
Holdings
(a)
40,000
12,568,400
a
Total
Common
Stocks
(Cost
$255,167,571)
577,118,390
Non-Convertible
Preferred
Stocks
-
3
.0
%
a
Qurate
Retail,
Inc.
8.00%
3/15/31
(Cost
$15,834,323)
175,000
18,063,500
Warrants
-
0
.1
%
a
Perimeter
Solutions
SA
(Cost
$15,000)
(b)
(c)
(d)
1,500,000
354,375
Cash
Equivalents
-
0
.8
%
a
a
a
$
Principal
Amount
$
Value
a
a
U.S.
Treasury
Bills
0.05%
3/24/22
(Cost
$4,999,602)
(e)
5,000,000
4,999,433
Short-Term
Securities
Held
as
Collateral
for
Securities
on
Loan
-
1
.6
%
a
a
Citibank
N.A.
DDCA
0.03%
976,720
976,720
Goldman
Sachs
Financial
Square
Government
Fund
Institutional
Class
-
0.03%
8,790,477
8,790,477
a
Total
Short-Term
Securities
Held
as
Collateral
for
Securities
on
Loan
(Cost
$9,767,197)
9,767,197
Total
Investments
in
Securities
(Cost
$285,783,693)
610,302,895
Due
from
Broker
-
21.7%
131,451,258
Securities
Sold
Short
-
(21.5)%
(
130,798,500
)
Cash
-
1.1%
(f)
6,953,700
Other
Assets
Less
Other
Liabilities
- (1.9%)
(
11,012,618
)
Net
Assets
-
100%
606,896,735
Net
Asset
Value
Per
Share
-
Investor
Class
14.49
Net
Asset
Value
Per
Share
-
Institutional
Class
15.53
Securities
Sold
Short
-
(21.5)%
Shares
$
Value
a
Invesco
QQQ
Trust
90,000
(
35,806,500
)
SPDR
S&P
500
ETF
Trust
200,000
(
94,992,000
)
Total
Securities
Sold
Short
(proceeds
$62,501,947)
(
130,798,500
)
^
This
security
or
a
partial
position
of
this
security
was
on
loan
as
of
December
31,
2021.
The
total
value
of
securities
on
loan
as
of
December
31,
2021
was
$9,540,540.
(a)
Non-income
producing.
(b)
Foreign
domiciled
entity.
(c)
The
expiration
date
has
yet
to
be
determined
but
will
be
set
based
on
the
terms
outlined
in
the
prospectus.
(d)
This
security
is
classified
as
Level
3
within
the
fair
value
hierarchy.
(e)
Interest
rates
presented
represent
the
effective
yield
at
December
31,
2021.
(f)
Cash
held
in
an
interest
bearing
account
with
a
.03%
interest
rate.
14
Partners
Value
Fund
Schedule
of
Investments
December
31,
2021
(Unaudited)
Common
Stocks
-
98
.0
%
a
Communication
Services
%
of
Net
Assets
Shares
$
Value
Cable
&
Satellite
16.1
Liberty
Media
Corp-Liberty
SiriusXM
(a)
Class
C
435,000
22,119,750
Class
A
120,000
6,102,000
Liberty
Broadband
Corp.
(a)
Class
C
90,000
14,499,000
Class
A
70,000
11,263,000
Liberty
Global
PLC
-
Class
C
(a)
(b)
725,000
20,365,250
Liberty
Latin
America
Ltd.
-
Class
C
(a)
(b)
1,205,550
13,743,270
a
Interactive
Media
&
Services
11.0
Alphabet,
Inc.
-
Class
C
(a)
14,500
41,957,055
Meta
Platforms,
Inc.
-
Class
A
(a)
55,000
18,499,250
a
27.1
148,548,575
Financials
Multi-Sector
Holdings
5.5
Berkshire
Hathaway,
Inc.
-
Class
B
(a)
100,000
29,900,000
a
Investment
Banking
&
Brokerage
4.6
The
Charles
Schwab
Corp.
300,000
25,230,000
a
Insurance
Brokers
3.6
Aon
plc
-
Class
A
(b)
66,077
19,860,103
a
Property
&
Casualty
Insurance
3.3
Markel
Corp.
(a)
14,500
17,893,000
a
Regional
Banks
2.4
First
Republic
Bank
64,000
13,216,640
a
Financial
Exchanges
&
Data
1.8
MarketAxess
Holdings,
Inc.
24,000
9,870,480
a
21.2
115,970,223
Information
Technology
Data
Processing
&
Outsourced
Services
9.4
Visa,
Inc.
-
Class
A
92,500
20,045,675
Mastercard,
Inc.
-
Class
A
50,000
17,966,000
Black
Knight,
Inc.
(a)
160,000
13,262,400
a
Application
Software
3.6
Guidewire
Software,
Inc.
(a)
120,000
13,623,600
ACI
Worldwide,
Inc.
(a)
180,000
6,246,000
a
Semiconductors
2.9
Texas
Instruments,
Inc.
85,000
16,019,950
a
15.9
87,163,625
Consumer
Discretionary
Automotive
Retail
6.7
CarMax,
Inc.
(a)
145,000
18,883,350
AutoZone,
Inc.
(a)
8,500
17,819,315
a
Distributors
4.1
LKQ
Corp.
375,000
22,511,250
a
10.8
59,213,915
a
Industrials
%
of
Net
Assets
Shares
$
Value
Research
&
Consulting
Services
5.5
CoStar
Group,
Inc.
(a)
250,000
19,757,500
Dun
&
Bradstreet
Holdings,
Inc.
(a)
500,000
10,245,000
a
Aerospace
&
Defense
2.8
HEICO
Corp.
-
Class
A
120,000
15,422,400
a
Industrial
Machinery
1.7
IDEX
Corp.
40,000
9,452,800
a
10.0
54,877,700
Materials
Construction
Materials
6.4
Martin
Marietta
Materials,
Inc.
40,000
17,620,800
Vulcan
Materials
Co.
83,500
17,332,930
a
Specialty
Chemicals
2.8
Axalta
Coating
Systems
Ltd.
(a)
(b)
465,000
15,400,800
a
9.2
50,354,530
Health
Care
Health
Care
Services
3.8
Laboratory
Corp.
of
America
Holdings
(a)
66,000
20,737,860
a
Total
Common
Stocks
(Cost
$240,880,315)
536,866,428
Cash
Equivalents
-
1
.1
%
a
a
a
$
Principal
Amount
$
Value
a
a
U.S.
Treasury
Bills,
0.00%
to
0.05%,
1/06/22
to
3/24/22
(c)
6,000,000
5,999,660
a
Total
Cash
Equivalents
(Cost
$5,999,743)
5,999,660
Total
Investments
in
Securities
(Cost
$246,880,058)
542,866,088
Cash
-
1.0%
(d)
5,392,478
Other
Assets
Less
Other
Liabilities
- (0.1%)
(
645,648
)
Net
Assets
-
100%
547,612,918
Net
Asset
Value
Per
Share
-
Investor
Class
35.25
Net
Asset
Value
Per
Share
-
Institutional
Class
36.07
(a)
Non-income
producing.
(b)
Foreign
domiciled
entity.
(c)
Interest
rates
presented
represent
the
effective
yield
at
December
31,
2021.
(d)
Cash
held
in
an
interest
bearing
account
with
a
.03%
interest
rate.
15
Short
Duration
Income
Fund
Schedule
of
Investments
December
31,
2021
(Unaudited)
Corporate
Bonds
-
15
.4
%
a
a
a
$
Principal
Amount
$
Value
a
a
Abercrombie
&
Fitch
Management
Co.
8.75%
7/15/25
(a)
2,125,000
2,290,219
American
Airlines
Group,
Inc.
3.75%
3/01/25^
(a)
750,000
702,071
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd.
5.5%
4/20/26
(a)
750,000
781,072
American
Tower
Corp.
2.25%
1/15/22
5,000,000
5,002,723
Ares
Capital
Corp.
(ARES)
4.2%
6/10/24
3,000,000
3,167,470
Ashtead
Capital,
Inc.
1.5%
8/12/26
(a)
1,000,000
982,702
4.375%
8/15/27
(a)
3,000,000
3,116,580
Boeing
Co.
(The)
4.508%
5/01/23
1,000,000
1,044,763
Boston
Properties
LP
3.125%
9/01/23
9,560,000
9,838,176
Brunswick
Corp./de
0.85%
8/18/24
500,000
493,149
Carlisle
Cos.,
Inc.
0.55%
9/01/23
2,000,000
1,982,829
3.5%
12/01/24
500,000
527,670
Cinemark
USA,
Inc.
5.875%
3/15/26
(a)
499,000
505,861
Delta
Air
Lines
Inc/SkyMiles
IP
Ltd.
4.5%
10/20/25
(a)
3,000,000
3,154,896
Delta
Air
Lines,
Inc.
3.625%
3/15/22
1,905,000
1,905,072
Devon
Energy
Corp.
5.25%
10/15/27
(a)
390,000
411,446
Diamondback
Energy,
Inc.
2.875%
12/01/24
3,379,000
3,507,780
Discovery
Communications
LLC
2.95%
3/20/23
2,277,000
2,329,454
Drax
Finco
PLC
6.625%
11/01/25
(a)
(b)
3,500,000
3,617,898
EPR
Properties
4.75%
12/15/26
2,354,000
2,517,363
EQT
Corp.
3%
10/01/22
1,180,000
1,193,434
Expedia
Group,
Inc.
3.6%
12/15/23
2,000,000
2,079,059
First
Republic
Bank
2.5%
6/06/22
4,200,000
4,226,802
FS
KKR
Capital
Corp.
1.65%
10/12/24
6,000,000
5,890,037
Hercules
Capital,
Inc.
2.625%
9/16/26
1,500,000
1,488,291
Highwoods
Realty
LP
3.625%
1/15/23
1,275,000
1,298,051
iStar,
Inc.
4.25%
8/01/25
2,402,000
2,459,528
JPMorgan
Chase
&
Co.
3.375%
5/01/23
3,956,000
4,079,775
0.768%
8/09/25
1,000,000
984,722
Kimco
Realty
Corp.
3.125%
6/01/23
495,000
507,502
Kinder
Morgan
Energy
Partners
LP
3.95%
9/01/22
2,000,000
2,027,034
L
Brands,
Inc.
6.694%
1/15/27
1,000,000
1,151,000
a
a
a
$
Principal
Amount
$
Value
a
a
Lennar
Corp.
4.875%
12/15/23
1,951,000
2,070,651
Level
3
Financing,
Inc.
5.25%
3/15/26
1,455,000
1,489,287
Markel
Corp.
4.9%
7/01/22
3,850,000
3,929,277
Masonite
International
Corp.
5.375%
2/01/28
(a)
1,000,000
1,050,165
Matador
Resources
Co.
5.875%
9/15/26
500,000
515,677
Metropolitan
Life
Global
Funding
I
2.4%
6/17/22
(a)
1,000,000
1,009,384
Mileage
Plus
Holdings
LLC/Mileage
Plus
Intellectual
Property
Assets
Ltd.
6.5%
6/20/27
(a)
1,000,000
1,069,005
MPLX
LP
3.375%
3/15/23
1,000,000
1,025,746
NXP
BV/NXP
Funding
LLC
4.625%
6/01/23
(a)
(b)
3,500,000
3,664,198
Office
Properties
Income
Trust
4%
7/15/22
1,000,000
1,013,408
PDC
Energy,
Inc.
6.125%
9/15/24
1,463,000
1,482,868
5.75%
5/15/26
3,000,000
3,103,965
QVC,
Inc.
4.375%
3/15/23
3,000,000
3,093,525
RELX
Capital,
Inc.
3.5%
3/16/23
1,800,000
1,853,351
Starwood
Property
Trust,
Inc.
4.75%
3/15/25
375,000
390,396
U.S.
Bancorp
2.4%
7/30/24
500,000
516,883
Walgreens
Boots
Alliance,
Inc.
0.95%
11/17/23
5,000,000
4,999,466
Wells
Fargo
&
Co.
3.5%
3/08/22
7,900,000
7,945,453
Xerox
Corp.
4.375%
3/15/23
1,370,000
1,416,922
a
Total
Corporate
Bonds
(Cost
$114,936,020)
116,904,056
Corporate
Convertible
Bonds
-
2
.6
%
a
a
Redwood
Trust,
Inc.
4.75%
8/15/23
10,000,000
10,313,000
5.625%
7/15/24
6,300,000
6,361,866
5.75%
10/01/25
3,000,000
3,090,600
a
Total
Corporate
Convertible
Bonds
(Cost
$18,593,114)
19,765,466
Asset-Backed
Securities
-
33
.1
%
a
a
Automobile
ACC
Auto
Trust
(AUTOC)
Series
2021-A
Class
A
-
1.08%
4/15/27
(a)
3,369,003
3,361,325
American
Credit
Acceptance
Receivables
Trust
(ACAR)
Series
2020-4
Class
A
-
0.53%
3/13/24
(a)
170,521
170,541
Series
2021-2
Class
B
-
0.37%
10/15/24
(a)
881,019
880,650
ARI
Fleet
Lease
Trust
(ARIFL)
Series
2018-B
Class
A2
-
3.22%
8/16/27
(a)
59,122
59,208
Series
2019-A
Class
A
-
2.41%
11/15/27
(a)
207,255
208,018
16
Short
Duration
Income
Fund
(Continued)
Schedule
of
Investments
December
31,
2021
(Unaudited)
a
a
a
$
Principal
Amount
$
Value
a
a
Series
2020-A
Class
A
-
1.77%
8/15/28
(a)
609,835
612,232
Arivo
Acceptance
Auto
Loan
Receivables
Trust
(ARIVO)
Series
2021-1A
Class
A
-
1.19%
1/15/27
(a)
580,692
578,945
Carvana
Auto
Receivables
Trust
(CRVNA)
Series
2019-1A
Class
C
-
3.5%
2/15/24
(a)
125,243
125,705
Series
2019-3A
B
Class
B
-
2.51%
4/15/24
(a)
140,501
140,849
CFMT
LLC
(CFMT)
Series
2021-AL1
Class
B
-
1.39%
9/22/31
(a)
6,400,366
6,383,565
Chesapeake
Funding
II
LLC
(CFII)
Series
2021-1A
Class
A1
-
0.47%
4/15/33
(a)
1,983,458
1,975,168
DT
Auto
Owner
Trust
(DTAOT)
Series
2020-3A
Class
C
-
0.54%
4/15/24
(a)
129,974
130,011
Enterprise
Fleet
Financing
LLC
(EFF)
Series
2019-2
Class
A
-
2.29%
2/20/25
(a)
916,482
914,826
Series
2020-1
Class
A
-
1.78%
12/22/25
(a)
1,834,253
1,848,512
Exeter
Automobile
Receivables
Trust
(EART)
Series
2017-3A
Class
C
-
3.68%
7/17/23
(a)
362,425
365,393
First
Investors
Auto
Owner
Trust
(FIAOT)
Series
2019-2A
Class
A
-
2.21%
9/16/24
(a)
155,985
156,287
Foursight
Capital
Automobile
Receivables
Trust
(FCRT)
Series
2021-1
Class
A2
-
0.4%
8/15/24
(a)
522,187
522,071
GLS
Auto
Receivables
Issuer
Trust
(GCAR)
Series
2019-4A
Class
A
-
2.47%
11/15/23
(a)
34,747
34,818
Series
2020-1A
Class
A
-
2.17%
2/15/24
(a)
546,905
547,711
Series
2020-2A
Class
A1
-
1.58%
8/15/24
(a)
645,334
647,014
Series
2020-2A
Class
B
-
3.16%
6/16/25
(a)
250,000
255,436
Series
2020-3A
Class
A
-
0.69%
10/16/23
(a)
17,470
17,472
Series
2020-3A
Class
B
-
1.38%
8/15/24
(a)
1,000,000
1,002,465
Series
2021-1A
Class A1
-
0.34%
5/15/24
(a)
937,652
937,638
Series
2021-4A
Class
A
-
0.84%
7/15/25
(a)
7,000,000
7,000,372
JPMorgan
Chase
Auto
Credit
Linked
Note
(CACLN)
Series
2020-1
Class
A5
-
0.991%
1/25/28
(a)
1,039,390
1,039,855
Series
2020-2
Class
A2
-
0.84%
2/25/28
(a)
1,090,536
1,088,847
Series
2021-1
Class
A2
-
0.875%
9/25/28
(a)
4,607,396
4,593,240
Series
2021-2
Class
A4
-
0.889%
12/26/28
(a)
3,869,941
3,851,596
LAD
Auto
Receivables
Trust
(LADAR)
Series
2021-1A
Class
A
-
1.3%
8/17/26
(a)
9,086,526
9,057,494
Santander
Bank
NA
(SBCLN)
Series
2021-1A
Class
B
-
1.833%
12/15/31
(a)
3,250,000
3,247,591
Securitized
Term
Auto
Loan
Receivables
Trust
(SSTRT)
Series
2019-CRTA
Class
A
-
2.453%
3/25/26
(a)
(b)
590,506
596,394
Series
2019-CRTA
Class
C
-
2.849%
3/25/26
(a)
(b)
442,879
447,982
United
Auto
Credit
Securitization
Trust
(UACST)
Series
2021-1
Class
A
-
0.34%
7/10/23
(a)
142,523
142,511
Westlake
Automobile
Receivables
Trust
(WLAKE)
Series
2020-2A
Class
A
-
0.93%
2/15/24
(a)
895,640
896,566
a
53,838,308
a
Collateralized
Loan
Obligations
ABPCI
Direct
Lending
Fund
CLO
LP
(ABPCI)
Series
2016-1A
Class
A1A2
-
1.8315%
7/20/33
Floating
Rate
(Qtrly
LIBOR
+
170)
(a)
(b)
(c)
2,000,000
1,999,994
Series
2020-10A
Class
A
-
2.0815%
1/20/32
Floating
Rate
(Qtrly
LIBOR
+
195)
(a)
(b)
(c)
6,500,000
6,503,791
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.
(ARCLO)
Series
2021-FL4
Class
A
-
1.44%
11/15/36
Floating
Rate
(Mthly
LIBOR
+
135)
(a)
(b)
(c)
5,000,000
5,003,879
Audax
Senior
Debt
CLO
LLC
(AUDAX)
Series
2021-6A
Class
A1
-
1.63797%
10/20/33
Floating
Rate
(Qtrly
LIBOR
+
150)
(a)
(c)
6,000,000
6,003,017
a
a
a
$
Principal
Amount
$
Value
a
a
Ballyrock
CLO
Ltd.
(BALLY)
Series
2016-1A
Class
BR2
-
1.47375%
10/15/28
Floating
Rate
(Qtrly
LIBOR
+
135)
(a)
(b)
(c)
4,000,000
3,999,992
BlackRock
Elbert
CLO
V
Ltd.
(ELB)
Series
5A
Class
A1
-
2.10275%
12/15/31
Floating
Rate
(Qtrly
LIBOR
+
190)
(a)
(b)
(c)
4,000,000
4,006,356
Blackrock
Rainier
CLO
VI
Ltd.
(BLKMM)
Series
2021-6A
Class
A
-
1.8315%
4/20/33
Floating
Rate
(Qtrly
LIBOR
+
170)
(a)
(b)
(c)
5,500,000
5,499,983
Brightwood
Capital
MM
CLO
Ltd.
(BWCAP)
Series
2020-1A
Class
A
-
2.10275%
12/15/28
Floating
Rate
(Qtrly
LIBOR
+
190)
(a)
(b)
(c)
2,643,628
2,644,952
Cerberus
Loan
Funding
LP
(CERB)
Series
2020-1A
Class
A
-
1.97375%
10/15/31
Floating
Rate
(Qtrly
LIBOR
+
185)
(a)
(b)
(c)
5,500,000
5,514,608
Series
2020-2A
Class
A
-
2.02375%
10/15/32
Floating
Rate
(Qtrly
LIBOR
+
190)
(a)
(b)
(c)
4,500,000
4,505,747
Series
2021-2A
Class
A
-
1.74375%
4/22/33
Floating
Rate
(Qtrly
LIBOR
+
162)
(a)
(b)
(c)
3,000,000
2,999,991
Series
2021-6A
Class
A
-
1.55324%
11/22/33
Floating
Rate
(Qtrly
LIBOR
+
140)
(a)
(b)
(c)
3,600,000
3,600,344
Churchill
Middle
Market
CLO
Ltd.
(CHMML)
Series
2021-1A
Class
A1
-
1.63382%
10/24/33
Floating
Rate
(Qtrly
LIBOR
+
150)
(a)
(b)
(c)
2,750,000
2,750,000
Deerpath
Capital
CLO
Ltd.
(DPATH)
Series
2021-2A
Class
A1
-
1.84052%
1/15/34
Floating
Rate
(Qtrly
LIBOR
+
160)
(a)
(b)
(c)
4,000,000
4,000,000
Fortress
Credit
Opportunities
CLO
Ltd.
(FCO)
Series
2017-9A
Class
A1TR
-
1.67231%
10/15/33
Floating
Rate
(Qtrly
LIBOR
+
155)
(a)
(b)
(c)
1,500,000
1,499,792
Series
2021-15A
Class
A2
-
1.67388%
4/25/33
Floating
Rate
(Qtrly
LIBOR
+
155)
(a)
(b)
(c)
3,500,000
3,499,989
Golub
Capital
Partners
CLO
Ltd.
(GOCAP)
Series
2016-31A
Class
CR
-
3.03975%
8/05/30
Floating
Rate
(Qtrly
LIBOR
+
290)
(a)
(b)
(c)
1,000,000
999,985
Series
2021-54A
Class
A2
-
1.65065%
8/05/33
Floating
Rate
(Qtrly
LIBOR
+
153)
(a)
(b)
(c)
4,500,000
4,499,754
Series
2021-54A
Class
B
-
1.97065%
8/05/33
Floating
Rate
(Qtrly
LIBOR
+
185)
(a)
(b)
(c)
2,500,000
2,499,895
Maranon
Loan
Funding
Ltd.
(MRNON)
Series
2021-2RA
Class
A1R
-
1.81375%
7/15/33
Floating
Rate
(Qtrly
LIBOR
+
169)
(a)
(b)
(c)
5,000,000
5,000,478
Monroe
Capital
MML
CLO
XII
Ltd.
(MCMML)
Series
2021-2A
Class
A1
-
1.63382%
9/14/33
Floating
Rate
(Qtrly
LIBOR
+
150)
(a)
(b)
(c)
7,500,000
7,503,709
Palmer
Square
Loan
Funding
Ltd.
(PSTAT)
Series
2021-1A
Class
A1
-
1.3815%
4/20/29
Floating
Rate
(Qtrly
LIBOR
+
125)
(a)
(b)
(c)
3,000,000
2,999,994
a
87,536,250
a
Consumer
&
Specialty
Finance
Affirm
Asset
Securitization
Trust
(AFFRM)
Series
2020-A
Class
A
-
2.1%
2/18/25
(a)
6,750,000
6,767,455
Series
2021-A
Class
A4
-
0.88%
8/15/25
(a)
2,150,000
2,150,844
Series
2021-B
Class
A
-
1.03%
8/15/26
(a)
2,000,000
1,987,630
Bankers
Healthcare
Group
Securitization
Trust
(BHG)
Series
2020-A
Class
A
-
2.56%
9/17/31
(a)
3,513,973
3,550,367
Series
2021-A
Class
A
-
1.42%
11/17/33
(a)
799,178
794,345
Conn's
Receivables
Funding
LLC
(CONN)
Series
2020-A
Class
A
-
1.71%
6/16/25
(a)
48,406
48,466
Series
2021-A
Class
A
-
1.05%
5/15/26
(a)
10,279,446
10,272,033
Foundation
Finance
Trust
(FFIN)
Series
2019-1A
Class
A
-
3.86%
11/15/34
(a)
1,379,164
1,414,298
17
a
a
a
$
Principal
Amount
$
Value
a
a
Series
2021-2A
Class
A
-
2.19%
1/15/42
(a)
2,750,000
2,747,244
Freed
ABS
Trust
(FREED)
Series
2021-1CP
Class
A
-
0.66%
3/20/28
(a)
417,663
417,218
Series
2021-2
Class
A
-
0.68%
6/19/28
(a)
580,027
579,608
Marlette
Funding
Trust
(MFT)
Series
2019-4A
Class
A
-
2.39%
12/17/29
(a)
86,119
86,240
Series
2021-1A
Class
A2
-
0.6%
6/16/31
(a)
1,087,052
1,087,008
Series
2021-2A
Class
A
-
0.51%
9/15/31
(a)
2,562,237
2,557,472
Series
2021-2A
Class
B
-
1.06%
9/15/31
(a)
2,000,000
1,986,134
Series
2021-3A
Class
A
-
0.65%
12/15/31
(a)
1,792,705
1,788,181
Onemain
Financial
Issuance
Trust
(OMFIT)
Series
2018-1A
Class
A
-
3.3%
3/14/29
(a)
3,385,768
3,388,374
Series
2018-1A
Class
B
-
3.61%
3/14/29
(a)
1,500,000
1,516,436
Pagaya
AI
Debt
Selection
Trust
(PAID)
Series
2020-3
Class
A
-
2.1%
5/17/27
(a)
1,093,120
1,097,349
Series
2021-1
Class
A
-
1.18%
11/15/27
(a)
5,023,693
5,013,406
Series
2021-3
Class
A
-
1.15%
5/15/29
(a)
1,436,359
1,430,405
Series
2021-HG1
Class
A
-
0.06%
1/16/29
(a)
4,667,102
4,648,273
Small
Business
Lending
Trust
(SBIZ)
Series
2020-A
Class
A
-
2.62%
12/15/26
(a)
147,350
147,497
SoFi
Consumer
Loan
Program
Trust
(SCLP)
Series
2018-4
Class
C
-
4.17%
11/26/27
(a)
1,665,883
1,682,258
Series
2019-4
Class
A
-
2.45%
8/25/28
(a)
30,146
30,179
Series
2020-1
Class
A
-
2.02%
1/25/29
(a)
245,907
246,891
Theorem
Funding
Trust
(THRM)
Series
2021-1A
Class
A
-
1.28%
12/15/27
(a)
4,667,989
4,660,224
Upstart
Securitization
Trust
(UPST)
Series
2017-2
Class
C
-
5.59%
3/20/25
(a)
45,729
45,806
Series
2019-2
Class
B
-
3.734%
9/20/29
(a)
538,075
541,059
Series
2020-1
Class
A
-
2.322%
4/22/30
(a)
709,710
711,502
Series
2020-3
Class
A
-
1.702%
11/20/30
(a)
1,638,727
1,643,851
Series
2021-1
Class
A
-
0.87%
3/20/31
(a)
1,028,763
1,025,527
Series
2021-2
Class
A
-
0.91%
6/20/31
(a)
1,202,341
1,200,256
Series
2021-3
Class
A
-
0.83%
7/20/31
(a)
1,640,322
1,634,983
Series
2021-5
Class
A
-
1.31%
11/20/31
(a)
2,750,000
2,741,174
a
71,639,993
a
Equipment
Amur
Equipment
Finance
Receivables
LLC
(AXIS)
Series
2020-1A
Class
A2
-
1.68%
8/20/25
(a)
736,193
739,883
Series
2021-1A
Class
A2
-
0.75%
11/20/26
(a)
3,813,617
3,798,558
Atalaya
Equipment
Leasing
Trust
(AELF)
Series
2021-1A
Class
A1
-
0.32573%
11/15/22
(a)
1,457,562
1,456,788
BCC
Funding
Corp
LLC
(BCCFC)
Series
2019-1A
Class
A2
-
2.46%
8/20/24
(a)
1,270,938
1,280,936
Series
2020-1
Class
A2
-
0.91%
8/20/25
(a)
525,379
526,090
CCG
Receivables
Trust
(CCG)
Series
2019-1
Class
B
-
3.22%
9/14/26
(a)
250,000
254,354
Series
2019-2
Class
A
-
2.11%
3/15/27
(a)
681,068
685,840
Dell
Equipment
Finance
Trust
(DEFT)
Series
2019-1
Class
C
-
3.14%
3/22/24
(a)
2,750,000
2,753,724
Series
2021-2
Class
A2
-
0.53%
12/22/26
(a)
625,000
618,604
Dext
ABS
LLC
(DEXT)
Series
2020-1
Class
A
-
1.46%
2/16/27
(a)
1,822,770
1,824,701
Series
2021-1
Class
A
-
1.12%
2/15/28
(a)
3,750,000
3,745,495
Hewett-Packard
Financial
Services
Equipment
Trust
(HPEFS)
Series
2019-1A
Class
D
-
2.72%
9/20/29
(a)
1,000,000
1,011,339
Series
2020-1A
Class
A3
-
1.76%
2/20/30
(a)
2,914,445
2,924,052
Pawnee
Equipment
Receivables
Series
LLC
(PWNE)
Series
2019-1
Class
A2
-
2.29%
10/15/24
(a)
2,651,515
2,668,068
a
a
a
$
Principal
Amount
$
Value
a
a
Series
2020-1
Class
A
-
1.37%
11/17/25
(a)
1,668,889
1,674,386
Series
2021-1
Class
A2
-
1.1%
7/15/27
(a)
1,500,000
1,492,003
a
27,454,821
a
Other
Hilton
Grand
Vacations
Trust
(HGVT)
Series
2020-AA
Class
A
-
2.74%
2/25/39
(a)
321,998
331,071
Octane
Receivables
Trust
(OCTL)
Series
2019-1A
Class
A
-
3.16%
9/20/23
(a)
471,444
473,772
Series
2020-1A
Class
A2
-
1.71%
2/20/25
(a)
3,193,326
3,203,716
Series
2021-1A
Class
A5
-
0.93%
3/22/27
(a)
1,468,219
1,461,757
Series
2021-2A
Class
A
-
1.21%
9/20/28
(a)
2,634,918
2,622,015
Sierra
Timeshare
Receivables
Funding
LLC
(SRFC)
Series
2019-2A
Class
A
-
2.59%
5/20/36
(a)
611,397
618,972
Series
2019-2A
Class
B
-
2.82%
5/20/36
(a)
76,425
77,211
Series
2020-2A
Class
A
-
1.33%
7/20/37
(a)
1,009,930
1,007,878
9,796,392
a
Total
Asset-Backed
Securities
(Cost
$250,225,152)
250,265,764
Commercial
Mortgage-Backed
Securities
-
11
.4
%
a
a
ACRES
Commercial
Realty
Corp.
(XAN)
Series
2020-RSO8
Class
C
-
2.31448%
3/15/35
Floating
Rate
(Mthly
LIBOR
+
215)
(a)
3,750,000
3,757,161
Series
2020-RSO8
Class
D
-
2.66448%
3/15/35
Floating
Rate
(Mthly
LIBOR
+
250)
(a)
1,500,000
1,493,099
AREIT
Trust
(AREIT)
Series
2021-CRE5
Class
A
-
1.18975%
7/17/26
Floating
Rate
(Mthly
LIBOR
+
108)
(a)
6,000,000
5,992,245
BDS
Ltd.
(BDS)
Series
2021-FL10
Class
A
-
1.45%
12/18/36
Floating
Rate
(Mthly
LIBOR
+
135)
(a)
(b)
4,000,000
3,990,868
BFLD
Trust
(BFLD)
Series
2020-OBRK
Class
A
-
2.16%
11/15/22
Floating
Rate
(Mthly
LIBOR
+
205)
(a)
2,625,000
2,629,463
BPCRE
Ltd.
(BPCRE)
Series
2021-FL1
Class
A4
-
1.25863%
2/15/37
Floating
Rate
(Mthly
LIBOR
+
115)
(a)
(b)
4,000,000
4,008,616
BPR
Trust
(BPR)
Series
2021-KEN
Class
A
-
1.36%
2/15/29
Floating
Rate
(Mthly
LIBOR
+
125)
(a)
3,000,000
3,002,432
GPMT
Ltd.
(GPMT)
Series
2018-FL1
Class
C
-
2.23875%
11/19/35
Floating
Rate
(Mthly
LIBOR
+
215)
(a)
(b)
5,581,708
5,601,244
Series
2018-FL1
Class
D
-
3.03875%
11/21/35
Floating
Rate
(Mthly
LIBOR
+
295)
(a)
(b)
4,500,000
4,506,025
Series
2021-FL3
Class
A
-
1.35388%
7/16/35
Floating
Rate
(Mthly
LIBOR
+
125)
(a)
(b)
4,358,608
4,363,634
HGI
CRE
CLO
Ltd.
(HGI)
Series
2021-FL1
Class
A4
-
1.1575%
6/16/36
Floating
Rate
(Mthly
LIBOR
+
105)
(a)
(b)
4,750,000
4,750,765
Series
2021-FL2
Class
A4
-
1.1075%
9/19/26
Floating
Rate
(Mthly
LIBOR
+
100)
(a)
(b)
2,750,000
2,744,926
Hilton
USA
Trust
(HILT)
Series
2016-SFP
Class
E
-
5.5191%
11/05/35
(a)
4,300,000
4,308,084
KREF
Ltd.
(KREF)
Series
2021-FL2
Class
A4
-
1.17863%
2/15/39
Floating
Rate
(Mthly
LIBOR
+
107)
(a)
(b)
4,500,000
4,494,484
LoanCore
Issuer
Ltd.
(LNCR)
Series
2021-CRE5
Class
A
-
1.40975%
7/15/36
Floating
Rate
(Mthly
LIBOR
+
130)
(a)
(b)
5,000,000
5,001,712
18
Short
Duration
Income
Fund
(Continued)
Schedule
of
Investments
December
31,
2021
(Unaudited)
a
a
a
$
Principal
Amount
$
Value
a
a
MF1
Ltd.
(MF1)
Series
21-FL7
Class
A
-
1.1875%
10/18/36
Floating
Rate
(Mthly
LIBOR
+
108)
(a)
(b)
2,000,000
1,993,824
PFP
Ltd.
(PFP)
Series
2019-5
Class
B
-
1.7575%
4/14/36
Floating
Rate
(Mthly
LIBOR
+
165)
(a)
(b)
2,500,000
2,502,955
Series
2019-5
Class
C
-
2.1075%
4/14/36
Floating
Rate
(Mthly
LIBOR
+
200)
(a)
(b)
1,500,000
1,499,778
Series
2021-7
Class
AS
-
1.25975%
4/14/38
Floating
Rate
(Mthly
LIBOR
+
115)
(a)
(b)
4,499,775
4,493,876
Ready
Capital
Mortgage
Financing
LLC
(RCMT)
Series
2020-FL4
Class
A
-
2.25188%
2/25/35
Floating
Rate
(Mthly
LIBOR
+
215)
(a)
3,873,629
3,903,072
ReadyCap
Commercial
Mortgage
Trust
(RCMT)
Series
2021-FL7
Class
A
-
1.28%
11/25/36
Floating
Rate
(Mthly
LIBOR
+
120)
(a)
4,000,000
4,002,524
VMC
Finance
LLC
(VMC)
Series
2018-FL2
Class
C
-
2.05863%
10/15/35
Floating
Rate
(Mthly
LIBOR
+
195)
(a)
3,336,074
3,347,750
Series
2021-FL4
Class
A
-
1.20388%
6/16/36
Floating
Rate
(Mthly
LIBOR
+
110)
(a)
4,155,813
4,160,501
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$86,560,235)
86,549,038
Mortgage-Backed
Securities
-
13
.3
%
a
a
Federal
Home
Loan
Mortgage
Corporation
Collateralized
Mortgage
Obligations
Series
3649
Class
A
-
4%
3/15/25
369,305
381,524
Series
4107
Class
LW
-
1.75%
8/15/27
3,920,475
3,892,739
Series
4281
Class
AG
-
2.5%
12/15/28
263,199
266,322
Series
3003
Class
LD
-
5%
12/15/34
549,323
618,590
Series
2952
Class
PA
-
5%
2/15/35
259,197
278,674
Series
3620
Class
PA
-
4.5%
12/15/39
446,875
474,467
Series
3842
Class
PH
-
4%
4/15/41
573,375
615,317
a
Pass-Through
Securities
G18190
–
5.5%
6/01/22
784
789
G13300
–
4.5%
5/01/23
13,937
14,473
G18296
–
4.5%
2/01/24
48,920
50,863
G18306
–
4.5%
4/01/24
107,593
111,893
G18308
–
4%
5/01/24
204,133
214,343
J13949
–
3.5%
12/01/25
1,035,230
1,090,407
E02804
–
3%
12/01/25
683,493
715,795
J14649
–
3.5%
4/01/26
677,188
713,717
E02948
–
3.5%
7/01/26
2,102,238
2,215,271
J16663
–
3.5%
9/01/26
1,878,167
1,979,513
E03033
–
3%
2/01/27
1,138,641
1,193,034
ZS8692
–
2.5%
4/01/33
884,962
917,143
G01818
–
5%
5/01/35
630,434
701,434
16,446,308
a
Federal
National
Mortgage
Association
Collateralized
Mortgage
Obligations
Series
2010-54
Class
WA
-
3.75%
6/25/25
99,044
100,356
a
Pass-Through
Securities
888439
–
5.5%
6/01/22
635
637
AR8198
–
2.5%
3/01/23
458,935
474,437
MA1502
–
2.5%
7/01/23
431,844
446,432
995960
–
5%
12/01/23
16,253
16,751
a
a
a
$
Principal
Amount
$
Value
a
a
AD0629
–
5%
2/01/24
12,565
12,949
930667
–
4.5%
3/01/24
95,007
98,753
995693
–
4.5%
4/01/24
69,682
72,324
MA0043
–
4%
4/01/24
299,378
314,207
995692
–
4.5%
5/01/24
220,992
229,561
931739
–
4%
8/01/24
48,767
51,212
AE0031
–
5%
6/01/25
85,478
88,192
AD7073
–
4%
6/01/25
168,311
176,854
AL0471
–
5.5%
7/01/25
184,894
190,793
310139
–
3.5%
11/01/25
1,233,223
1,299,387
AB1769
–
3%
11/01/25
592,337
619,895
AH3429
–
3.5%
1/01/26
3,138,653
3,305,836
AB2251
–
3%
2/01/26
787,019
824,418
AB3902
–
3%
11/01/26
551,387
577,526
AB4482
–
3%
2/01/27
2,797,222
2,934,814
AL1366
–
2.5%
2/01/27
994,925
1,031,556
AB6291
–
3%
9/01/27
561,834
589,152
MA3189
–
2.5%
11/01/27
907,392
938,102
MA3791
–
2.5%
9/01/29
1,909,361
1,975,752
BM5708
–
3%
12/01/29
1,528,468
1,599,942
MA0587
–
4%
12/01/30
1,783,154
1,910,282
BA4767
–
2.5%
1/01/31
1,017,613
1,056,180
AS7701
–
2.5%
8/01/31
3,014,567
3,138,298
555531
–
5.5%
6/01/33
1,343,235
1,518,826
MA3540
–
3.5%
12/01/33
1,025,679
1,083,495
725232
–
5%
3/01/34
123,199
138,968
995112
–
5.5%
7/01/36
599,179
681,713
27,497,600
a
Government
National
Mortgage
Association
Pass-Through
Securities
5255
–
3%
12/20/26
2,366,810
2,475,092
a
Non-Government
Agency
Collateralized
Mortgage
Obligations
Bunker
Hill
Loan
Depositary
Trust
(BHLD)
Series
2019-3A
Class
A1
-
2.724%
11/25/59
(a)
(c)
1,371,282
1,383,644
Citigroup
Mortgage
Loan
Trust,
Inc.
(CMLTI)
Series
2014-A
Class
A
-
4%
1/25/35
(a)
(c)
465,366
474,974
Flagstar
Mortgage
Trust
(FSMT)
Series
2017-1
Class
2A2
-
3%
3/25/47
(a)
(c)
947,679
947,101
Series
2021-7
Class
B
-
2.5%
8/25/51
(a)
(c)
6,054,620
6,106,324
Series
2021-10IN
Class
A6
-
2.5%
10/25/51
(a)
(c)
5,815,078
5,881,193
GS
Mortgage-Backed
Securities
Trust
(GSMBS)
Series
2021-PJ9
Class
A8
-
2.5%
2/26/52
(a)
(c)
3,817,035
3,859,768
Series
2020-NQM1
Class
A1
-
1.382%
9/27/60
(a)
(c)
792,033
787,874
JPMorgan
Mortgage
Trust
(JPMMT)
Series
2014-2
Class
2A2
-
3.5%
6/25/29
(a)
(c)
1,063,605
1,073,863
Series
2014-5
Class
B
-
2.86653%
10/25/29
(a)
(c)
2,326,629
2,363,469
Series
2016-3
Class
A
-
3%
10/25/46
(a)
(c)
1,825,708
1,817,713
Series
2017-3
Class
A
-
2.5%
8/25/47
(a)
(c)
3,453,740
3,436,388
Series
2018-6
Class
2A2
-
3%
12/25/48
(a)
(c)
752,039
760,019
Series
2020-7
Class
A
-
3%
1/25/51
(a)
(c)
274,629
275,838
Series
2020-8
Class
A
-
3%
3/25/51
(a)
(c)
417,375
418,869
Series
2021-4
Class
A4
-
2.5%
8/25/51
(a)
(c)
2,480,037
2,504,856
Series
2021-6
Class
B
-
2.5%
10/25/51
(a)
(c)
5,568,943
5,621,720
Series
2021-8
Class
B
-
2.5%
12/25/51
(a)
(c)
1,813,715
1,829,770
JPMorgan
Wealth
Management
(JPMWM)
Series
2020-ATR1
Class
A
-
3%
2/25/50
(a)
(c)
1,322,749
1,325,457
19
a
a
a
$
Principal
Amount
$
Value
a
a
Rate
Mortgage
Trust
(RATE)
Series
2021-J3
Class
A7
-
2.5%
10/25/51
(a)
(c)
4,844,522
4,890,434
RCKT
Mortgage
Trust
(RCKT)
Series
2021-3
Class
A5
-
2.5%
7/25/51
(a)
(c)
6,767,277
6,835,640
Sequoia
Mortgage
Trust
(SEMT)
Series
2019-CH2
Class
A
-
4.5%
8/25/49
(a)
(c)
924,875
934,851
Series
2019-5
Class
A4
-
3.5%
12/25/49
(a)
(c)
103,411
103,426
Series
2020-1
Class
A4
-
3.5%
2/25/50
(a)
(c)
12,408
12,415
Series
2020-2
Class
A
-
3.5%
3/25/50
(a)
(c)
235,644
236,445
Series
2020-3
Class
A
-
3%
4/25/50
(a)
(c)
660,695
666,036
54,548,087
a
Total
Mortgage-Backed
Securities
(Cost
$99,319,139)
100,967,087
U.S.
Treasuries
-
20
.4
%
a
a
U.S.
Treasury
Notes
2%
7/31/22
17,000,000
17,175,142
2%
2/15/23
7,000,000
7,121,543
1.5%
2/28/23
25,000,000
25,298,828
2%
5/31/24
15,000,000
15,413,672
1.125%
2/28/25
3,000,000
3,011,016
0.375%
4/30/25
5,000,000
4,889,844
0.25%
8/31/25
20,000,000
19,375,781
1.875%
7/31/26
15,000,000
15,427,148
1.625%
10/31/26
17,000,000
17,292,852
1.125%
2/28/27
6,500,000
6,450,234
1.125%
2/29/28
16,000,000
15,771,250
1.25%
3/31/28
7,000,000
6,939,297
a
Total
U.S.
Treasuries
(Cost
$154,233,919)
154,166,607
Short-Term
Securities
Held
as
Collateral
for
Securities
on
Loan
-
0
.0
%
a
a
Citibank
N.A.
DDCA
0.03%
36,188
36,188
Goldman
Sachs
Financial
Square
Government
Fund
Institutional
Class
-
0.03%
325,687
325,687
a
Total
Short-Term
Securities
Held
as
Collateral
for
Securities
on
Loan
(Cost
$361,875)
361,875
Total
Investments
in
Securities
(Cost
$724,229,454)
728,979,893
Cash
-
3.6%
(d)
27,208,710
Other
Assets
Less
Other
Liabilities
- 0.2%
1,546,340
Net
Assets
-
100%
757,734,943
Net
Asset
Value
Per
Share
-
Investor
Class
12.25
Net
Asset
Value
Per
Share
-
Institutional
Class
12.27
^
This
security
or
a
partial
position
of
this
security
was
on
loan
as
of
December
31,
2021.
The
total
value
of
securities
on
loan
as
of
December
31,
2021
was
$354,336.
(a)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
This
security
may
be
resold
in
transactions
that
are
exempt
from
registration,
normally
to
qualified
institutional
buyers.
(b)
Foreign
domiciled
entity.
(c)
The
interest
rate
resets
periodically
based
on
the
weighted
average
coupons
of
the
underlying
mortgage-related
or
asset-backed
obligations.
(d)
Cash
held
in
an
interest
bearing
account
with
a
.03%
interest
rate.
20
Ultra
Short
Government
Fund
Schedule
of
Investments
December
31,
2021
(Unaudited)
Asset-Backed
Securities
-
7
.6
%
a
a
a
$
Principal
Amount
$
Value
a
a
Automobile
ACC
Auto
Trust
(AUTOC)
Series
2021-A
Class
A
-
1.08%
4/15/27
(a)
187,167
186,740
American
Credit
Acceptance
Receivables
Trust
(ACAR)
Series
2020-4
Class
A
-
0.53%
3/13/24
(a)
42,630
42,635
Series
2021-2
Class
B
-
0.37%
10/15/24
(a)
110,127
110,082
ARI
Fleet
Lease
Trust
(ARIFL)
Series
2019-A
Class
A
-
2.41%
11/15/27
(a)
158,895
159,481
Series
2020-A
Class
A
-
1.77%
8/15/28
(a)
374,613
376,085
Carvana
Auto
Receivables
Trust
(CRVNA)
Series
2019-2A
Class
B
-
2.74%
12/15/23
(a)
8,435
8,440
CFMT
LLC
(CFMT)
Series
2021-AL1
Class
B
-
1.39%
9/22/31
(a)
457,169
455,969
DT
Auto
Owner
Trust
(DTAOT)
Series
2020-3A
Class
C
-
0.54%
4/15/24
(a)
64,987
65,005
GLS
Auto
Receivables
Issuer
Trust
(GCAR)
Series
2020-1A
Class
A
-
2.17%
2/15/24
(a)
75,435
75,546
Series
2020-4A
Class
A
-
0.52%
2/15/24
(a)
107,689
107,714
Series
2021-4A
Class
A
-
0.84%
7/15/25
(a)
500,000
500,027
United
Auto
Credit
Securitization
Trust
(UACST)
Series
2021-1
Class
A
-
0.34%
7/10/23
(a)
142,523
142,511
Westlake
Automobile
Receivables
Trust
(WLAKE)
Series
2020-2A
Class
A
-
0.93%
2/15/24
(a)
167,932
168,106
a
2,398,341
a
Consumer
&
Specialty
Finance
Conn's
Receivables
Funding
LLC
(CONN)
Series
2021-A
Class
A
-
1.05%
5/15/26
(a)
446,932
446,610
Marlette
Funding
Trust
(MFT)
Series
2021-2A
Class
A
-
0.51%
9/15/31
(a)
160,140
159,842
Onemain
Financial
Issuance
Trust
(OMFIT)
Series
2018-1A
Class
A
-
3.3%
3/14/29
(a)
209,602
209,763
Theorem
Funding
Trust
(THRM)
Series
2021-1A
Class
A
-
1.28%
12/15/27
(a)
333,428
332,873
Upstart
Securitization
Trust
(UPST)
Series
2020-1
Class
A
-
2.322%
4/22/30
(a)
112,119
112,402
Series
2021-3
Class
A
-
0.83%
7/20/31
(a)
205,040
204,373
a
1,465,863
a
Equipment
Atalaya
Equipment
Leasing
Trust
(AELF)
Series
2021-1A
Class
A1
-
0.32573%
11/15/22
(a)
182,195
182,099
Dell
Equipment
Finance
Trust
(DEFT)
Series
2020-2
Class
A
-
0.47%
10/24/22
(a)
186,153
186,241
Pawnee
Equipment
Receivables
LLC
(PWNE)
Series
2021-1
Class
A1
-
0.30165%
10/17/22
(a)
812,469
812,243
SCF
Equipment
Leasing
LLC
(SCFET)
Series
2020-1A
Class
A
-
0.68%
10/20/25
(a)
189,527
189,613
1,370,196
a
Total
Asset-Backed
Securities
(Cost
$5,236,162)
5,234,400
U.S.
Treasuries
-
83
.1
%
a
a
U.S.
Treasury
Notes
1.875%
1/31/22
9,000,000
9,012,425
1.875%
2/28/22
9,750,000
9,777,519
0.375%
3/31/22
17,500,000
17,512,082
1.75%
5/31/22
13,000,000
13,085,071
a
a
a
$
Principal
Amount
$
Value
a
a
0.125%
6/30/22
8,000,000
7,997,072
a
Total
U.S.
Treasuries
(Cost
$57,397,521)
57,384,169
Total
Investments
in
Securities
(Cost
$62,633,683)
62,618,569
Cash
-
9.0%
(b)
6,182,640
Other
Assets
Less
Other
Liabilities
- 0.3%
217,518
Net
Assets
-
100%
69,018,727
Net
Asset
Value
Per
Share
-
Institutional
Class
9.99
(a)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
This
security
may
be
resold
in
transactions
that
are
exempt
from
registration,
normally
to
qualified
institutional
buyers.
(b)
Cash
held
in
an
interest
bearing
account
with
a
.03%
interest
rate.
21
Value
Fund
Schedule
of
Investments
December
31,
2021
(Unaudited)
Common
Stocks
-
97
.5
%
a
Information
Technology
%
of
Net
Assets
Shares
$
Value
Data
Processing
&
Outsourced
Services
11.1
Mastercard,
Inc.
-
Class
A
115,000
41,321,800
Visa,
Inc.
-
Class
A
185,000
40,091,350
Fidelity
National
Information
Services,
Inc.
315,000
34,382,250
a
Semiconductors
3.5
Analog
Devices,
Inc.
210,000
36,911,700
a
IT
Consulting
&
Other
Services
3.2
Accenture
plc
-
Class
A
(a)
80,000
33,164,000
a
Application
Software
2.9
salesforce.com,
Inc.
(b)
120,000
30,495,600
a
Systems
Software
2.7
Oracle
Corp.
325,000
28,343,250
a
23.4
244,709,950
Communication
Services
Interactive
Media
&
Services
12.3
Alphabet,
Inc.
-
Class
C
(b)
27,000
78,126,930
Meta
Platforms,
Inc.
-
Class
A
(b)
150,000
50,452,500
a
Cable
&
Satellite
10.1
Liberty
Broadband
Corp.
-
Class
C
(b)
300,000
48,330,000
Liberty
Media
Corp-Liberty
SiriusXM
-
Class
C
(b)
650,000
33,052,500
Comcast
Corp.
-
Class
A
500,000
25,165,000
a
22.4
235,126,930
Financials
Multi-Sector
Holdings
4.7
Berkshire
Hathaway,
Inc.
-
Class
B
(b)
165,000
49,335,000
a
Investment
Banking
&
Brokerage
4.6
The
Charles
Schwab
Corp.
575,000
48,357,500
a
Insurance
Brokers
3.6
Aon
plc
-
Class
A
(a)
126,077
37,893,703
a
Financial
Exchanges
&
Data
2.8
S&P
Global,
Inc.
62,500
29,495,625
a
Diversified
Banks
1.2
JPMorgan
Chase
&
Co.
75,000
11,876,250
a
16.9
176,958,078
Health
Care
Life
Sciences
Tools
&
Services
4.5
Thermo
Fisher
Scientific,
Inc.
70,000
46,706,800
a
Health
Care
Equipment
4.4
Danaher
Corp.
140,000
46,061,400
a
Health
Care
Services
3.7
Laboratory
Corp.
of
America
Holdings
(b)
125,000
39,276,250
a
12.6
132,044,450
a
Consumer
Discretionary
%
of
Net
Assets
Shares
$
Value
Automotive
Retail
6.3
AutoZone,
Inc.
(b)
17,500
36,686,825
CarMax,
Inc.
(b)
225,000
29,301,750
a
Internet
&
Direct
Marketing
Retail
2.7
Amazon.com,
Inc.
(b)
8,500
28,341,890
a
9.0
94,330,465
Industrials
Research
&
Consulting
Services
4.0
CoStar
Group,
Inc.
(b)
525,000
41,490,750
a
Industrial
Conglomerates
2.8
Roper
Technologies,
Inc.
60,000
29,511,600
a
6.8
71,002,350
Materials
Construction
Materials
3.9
Vulcan
Materials
Co.
200,000
41,516,000
a
Industrial
Gases
2.5
Linde
plc
(a)
75,000
25,982,250
a
6.4
67,498,250
a
Total
Common
Stocks
(Cost
$436,955,810)
1,021,670,473
Cash
Equivalents
-
2
.1
%
a
a
a
$
Principal
Amount
$
Value
a
a
U.S.
Treasury
Bills,
0.02000%
to
0.05%,
2/15/22
to
3/24/22
(c)
22,000,000
21,998,817
a
Total
Cash
Equivalents
(Cost
$21,998,474)
21,998,817
Total
Investments
in
Securities
(Cost
$458,954,284)
1,043,669,290
Cash
-
0.5%
(d)
5,445,462
Other
Assets
Less
Other
Liabilities
- (0.1%)
(
764,640
)
Net
Assets
-
100%
1,048,350,112
Net
Asset
Value
Per
Share
-
Investor
Class
61.77
Net
Asset
Value
Per
Share
-
Institutional
Class
63.04
(a)
Foreign
domiciled
entity.
(b)
Non-income
producing.
(c)
Interest
rates
presented
represent
the
effective
yield
at
December
31,
2021.
(d)
Cash
held
in
an
interest
bearing
account
with
a
.03%
interest
rate.
22
NOTES
TO
SCHEDULES
OF
INVESTMENTS
December
31,
2021
(Unaudited)
(1)
Disclaimer
The
schedule
of
portfolio
holdings
are
unaudited
and
are
presented
for
informational
purposes
only.
Portfolio
composition
is
subject
to
change
at
any
time
and
references
to
specific
securities,
industries,
and
sectors
are
not
recommendations
to
purchase
or
sell
any
particular
security.
Current
and
future
portfolio
holdings
are
subject
to
risk.
(2)
Additional
Information
The
Funds’
annual
and
semi-annual
reports
contain
further
information,
including
the
Funds’
significant
accounting
policies,
pricing
and
fair
valuation
information
and
risks.
These
reports
are
available
on
the
Funds’
website
at
weitzinvestments.com.