1
Balanced
Fund
Schedule
of
Investments
June
30,
2023
(Unaudited)
Common
Stocks
-
44.0%
a
Financials
%
of
Net
Assets
Shares
$
Value
Transaction
&
Payment
Processing
Services
4.8
Mastercard,
Inc.
-
Class
A
10,500
4,129,650
Visa,
Inc.
-
Class
A
17,000
4,037,160
Fidelity
National
Information
Services,
Inc.
40,000
2,188,000
a
Multi-Sector
Holdings
2.8
Berkshire
Hathaway,
Inc.
-
Class
B
(a)
17,500
5,967,500
a
Insurance
Brokers
2.2
Aon
plc
-
Class
A
(b)
14,000
4,832,800
a
Property
&
Casualty
Insurance
1.8
Markel
Group,
Inc.
(a)
2,850
3,942,063
a
Financial
Exchanges
&
Data
1.4
S&P
Global,
Inc.
7,500
3,006,675
a
Diversified
Banks
1.4
JPMorgan
Chase
&
Co.
20,000
2,908,800
a
14.4
31,012,648
Information
Technology
Systems
Software
4.1
Microsoft
Corp.
15,000
5,108,100
Oracle
Corp.
30,000
3,572,700
a
Semiconductors
3.3
Analog
Devices,
Inc.
26,000
5,065,060
Texas
Instruments,
Inc.
11,301
2,034,406
a
IT
Consulting
&
Other
Services
1.7
Accenture
plc
-
Class
A
(b)
12,000
3,702,960
a
Application
Software
1.4
Roper
Technologies,
Inc.
6,200
2,980,960
a
10.5
22,464,186
Materials
Construction
Materials
4.2
Vulcan
Materials
Co.
20,000
4,508,800
Martin
Marietta
Materials,
Inc.
9,500
4,386,055
a
Industrial
Gases
1.3
Linde
plc
7,500
2,858,100
a
5.5
11,752,955
Health
Care
Life
Sciences
Tools
&
Services
3.7
Danaher
Corp.
16,500
3,960,000
Thermo
Fisher
Scientific,
Inc.
7,500
3,913,125
a
Health
Care
Services
1.8
Laboratory
Corp.
of
America
Holdings
16,000
3,861,280
a
5.5
11,734,405
a
Communication
Services
%
of
Net
Assets
Shares
$
Value
Cable
&
Satellite
2.1
Comcast
Corp.
-
Class
A
55,000
2,285,250
Liberty
Broadband
Corp.
-
Class
C
(a)
28,000
2,243,080
a
Interactive
Media
&
Services
1.7
Alphabet,
Inc.
-
Class
C
(a)
30,000
3,629,100
a
3.8
8,157,430
Industrials
Industrial
Machinery
&
Supplies
&
Components
2.4
Fortive
Corp.
35,000
2,616,950
IDEX
Corp.
12,000
2,583,120
a
Industrial
Conglomerates
0.9
Honeywell
International,
Inc.
9,500
1,971,250
a
3.3
7,171,320
Consumer
Staples
Distillers
&
Vintners
1.0
Diageo
plc
-
ADR
(b)
12,500
2,168,500
a
Total
Common
Stocks
(Cost
$48,942,194)
94,461,444
Non-Convertible
Preferred
Stocks
-
0.5%
a
Qurate
Retail,
Inc.
8.00%
3/15/31
(Cost
$3,038,411)
30,879
1,158,580
Corporate
Bonds
-
0.8%
a
a
a
$
Principal
Amount
$
Value
a
a
AutoZone,
Inc.
3.63%
4/15/25
500,000
482,787
Brown
&
Brown,
Inc
(BRO)
4.2%
9/15/24
390,000
381,027
JPMorgan
Chase
&
Co.
3.84%
6/14/25
Floating
Rate
(SOFR
+
98)
200,000
195,660
U.S.
Bancorp
2.4%
7/30/24
500,000
482,431
Vulcan
Materials
Co.
(VMC)
5.8%
3/1/26
250,000
250,089
a
Total
Corporate
Bonds
(Cost
$1,833,655)
1,791,994
Corporate
Convertible
Bonds
-
0.9%
a
a
Redwood
Trust,
Inc.
5.63%
7/15/24
(Cost
$1,949,776)
2,000,000
1,917,582
2
Balanced
Fund
(Continued)
Schedule
of
Investments
June
30,
2023
(Unaudited)
Asset-Backed
Securities
-
8.3%
a
a
a
$
Principal
Amount
$
Value
a
a
Automobile
AmeriCredit
Automobile
Receivables
Trust
(AMCAR)
Series
2020-2
Class
D
–
2.13%
3/18/26
595,000
563,728
ARI
Fleet
Lease
Trust
(ARIFL)
Series
2022-A
Class
A2
–
3.12%
1/15/31
(c)
67,798
66,776
BOF
URSA
VI
Funding
Trust
I
(BOF)
Series
2023-CAR1
Class A2
–
5.54%
10/27/31
(c)
132,448
130,665
Series
2023-CAR2
Class A2
–
5.54%
10/27/31
(c)
308,451
304,301
CarMax
Auto
Owner
Trust
(CARMX)
Series
2020-3
Class
D
–
2.53%
1/15/27
360,000
345,783
Series
2021-3
Class
C
–
1.25%
5/17/27
380,000
341,912
CFMT
LLC
(CFMT)
Series
2021-AL1
Class
B
–
1.39%
9/22/31
(c)
285,536
274,197
Chesapeake
Funding
II
LLC
(CFII)
Series
2021-1A
Class
A1
–
0.47%
4/15/33
(c)
205,965
200,029
Series
2023-1A
Class A1
–
5.65%
5/15/35
(c)
487,868
484,203
Enterprise
Fleet
Financing
LLC
(EFF)
Series
2023-1
Class
A2
–
5.51%
1/22/29
(c)
250,000
248,032
Series
2023-2
Class A2
–
5.56%
4/22/30
(c)
400,000
398,047
Flagship
Credit
Auto
Trust
(FCAT)
Series
2020-4
Class
C
–
1.28%
2/16/27
(c)
300,000
288,717
Series
2023-1
Class
A1
–
4.92%
2/15/24
(c)
57,924
57,907
Foursight
Capital
Automobile
Receivables
Trust
(FCRT)
Series
2022-2
Class
A2
–
4.49%
3/16/26
(c)
307,436
305,482
Series
2023-1
Class
A1
–
4.97%
2/15/24
(c)
86,067
86,039
GLS
Auto
Receivables
Issuer
Trust
(GCAR)
Series
2021-1A
Class
C
–
1.2%
1/15/27
(c)
266,749
263,573
Series
2021-4A
Class
A
–
0.84%
7/15/25
(c)
49,263
48,966
GM
Financial
Automobile
Leasing
Trust
(GMALT)
Series
2021-3
Class
B
–
0.76%
7/21/25
490,000
470,138
JPMorgan
Chase
Auto
Credit
Linked
Note
(CACLN)
Series
2020-1
Class
A5
–
0.99%
1/25/28
(c)
27,880
27,706
Series
2020-2
Class
A2
–
0.84%
2/25/28
(c)
11,227
11,037
Series
2021-1
Class
A2
–
0.88%
9/25/28
(c)
170,819
165,708
Series
2021-2
Class
A4
–
0.89%
12/26/28
(c)
138,680
134,114
LAD
Auto
Receivables
Trust
(LADAR)
Series
2021-1A
Class
A
–
1.3%
8/17/26
(c)
253,820
247,449
Series
2022-1A
Class
A
–
5.21%
6/15/27
(c)
420,120
415,338
Series
2023-1A
Class
A2
–
5.68%
10/15/26
(c)
247,004
245,864
Series
2023-2A
Class A2
–
5.93%
6/15/27
(c)
400,000
398,177
OneMain
Direct
Auto
Receivables
Trust
(ODART)
Series
2021-1A
Class
A
–
0.87%
7/14/28
(c)
500,000
472,366
Series
2022-1A
Class
C
–
1.42%
7/14/28
(c)
447,000
398,122
Santander
Drive
Auto
Receivables
Trust
(SDART)
Series
2020-2
Class
D
–
2.22%
9/15/26
289,102
283,968
Series
2020-4
Class
C
–
1.01%
1/15/26
28,603
28,490
Series
2022-6
Class
A2
–
4.37%
5/15/25
60,297
60,206
SFS
Auto
Receivables
Securitization
Trust
(SFS)
Series
2023-1A
Class A2A
–
5.89%
3/22/27
(c)
100,000
99,891
Westlake
Automobile
Receivables
Trust
(WLAKE)
Series
2021-2A
Class
B
–
0.62%
7/15/26
(c)
256,000
252,578
Series
2022-1A
Class
A2A
–
1.97%
12/16/24
(c)
42,433
42,276
Wheels
SPV
2
LLC
(WHLS)
Series
2020-1A
Class
A2
–
0.51%
8/20/29
(c)
6,373
6,355
a
8,168,140
a
Collateralized
Loan
Obligations
ABPCI
Direct
Lending
Fund
CLO
X
LP
(ABPCI)
Series
2020-10A
Class
A
���
7.2%
1/20/32
Floating
Rate
(Qtrly
LIBOR
+
195)
(b)
(c)
(d)
500,000
494,510
a
a
a
$
Principal
Amount
$
Value
a
a
Audax
Senior
Debt
CLO
6
LLC
(AUDAX)
Series
2021-6A
Class
A1
–
6.75%
10/20/33
Floating
Rate
(Qtrly
LIBOR
+
150)
(c)
(d)
500,000
486,680
BlackRock
Rainier
CLO
VI
Ltd.
(BLKMM)
Series
2021-6A
Class
A
–
6.95%
4/20/33
Floating
Rate
(Qtrly
LIBOR
+
170)
(b)
(c)
(d)
500,000
494,118
Capital
Four
US
CLO
II
Ltd.
(C4US)
Series
2022-1A
Class
A1
–
7.19%
10/20/30
Floating
Rate
(TSFR3M
+
214)
(b)
(c)
(d)
477,335
477,167
Cerberus
Loan
Funding
LP
(CERB)
Series
2020-1A
Class
A
–
7.11%
10/15/31
Floating
Rate
(Qtrly
LIBOR
+
185)
(b)
(c)
(d)
351,326
350,340
Series
2021-6A
Class
A
–
6.66%
11/22/33
Floating
Rate
(Qtrly
LIBOR
+
140)
(b)
(c)
(d)
79,055
78,764
Churchill
Middle
Market
CLO
III
Ltd.
(CHMML)
Series
2021-1A
Class
A1
–
6.77%
10/24/33
Floating
Rate
(Qtrly
LIBOR
+
150)
(b)
(c)
(d)
250,000
243,900
Fortress
Credit
Opportunities
XV
CLO
Ltd.
(FCO)
Series
2021-15A
Class
A2
–
6.81%
4/25/33
Floating
Rate
(Qtrly
LIBOR
+
155)
(b)
(c)
(d)
500,000
488,266
Golub
Capital
Partners
CLO
54M
LP
(GOCAP)
Series
2021-54A
Class
A2
–
6.86%
8/5/33
Floating
Rate
(Qtrly
LIBOR
+
153)
(b)
(c)
(d)
500,000
490,026
Monroe
Capital
MML
CLO
XII
Ltd.
(MCMML)
Series
2021-2A
Class
A1
–
7.06%
9/14/33
Floating
Rate
(Qtrly
LIBOR
+
150)
(b)
(c)
(d)
500,000
485,811
Palmer
Square
Loan
Funding
Ltd.
(PSTAT)
Series
2021-1A
Class
A2
–
6.5%
4/20/29
Floating
Rate
(Qtrly
LIBOR
+
125)
(b)
(c)
(d)
500,000
492,588
a
4,582,170
a
Consumer
&
Specialty
Finance
Foundation
Finance
Trust
(FFIN)
Series
2021-2A
Class
A
–
2.19%
1/15/42
(c)
145,137
131,744
Lendingpoint
Asset
Securitization
Trust
(LDPT)
Series
2022-C
Class
A
–
6.56%
2/15/30
(c)
239,310
239,023
Marlette
Funding
Trust
(MFT)
Series 2023-1A
Class
A
–
6.07%
4/15/33
(c)
198,131
197,451
Series
2022-1A
Class
A
–
1.36%
4/15/32
(c)
26,867
26,705
Octane
Receivables
Trust
(OCTL)
Series
2020-1A
Class
A2
–
1.71%
2/20/25
(c)
15,819
15,758
Series
2021-1A
Class
A5
–
0.93%
3/22/27
(c)
33,971
33,005
Series
2021-2A
Class
A
–
1.21%
9/20/28
(c)
97,533
93,791
Series
2022-1A
Class
A2
–
4.18%
3/20/28
(c)
178,058
174,801
Series
2022-2A
Class
A
–
5.11%
2/22/28
(c)
158,890
156,984
Upstart
Securitization
Trust
(UPST)
Series
2021-3
Class
A
–
0.83%
7/20/31
(c)
24,253
24,016
Series
2021-5
Class
A
–
1.31%
11/20/31
(c)
62,244
60,864
a
1,154,142
a
Equipment
Amur
Equipment
Finance
Receivables
IX
LLC
(AXIS)
Series
2021-1A
Class
A2
–
0.75%
11/20/26
(c)
216,891
211,483
Amur
Equipment
Finance
Receivables
XI
LLC
(AXIS)
Series
2022-2A
Class
A2
–
5.3%
6/21/28
(c)
136,993
135,809
Amur
Equipment
Finance
Receivables
XII
LLC
(AXIS)
Series
2023-1A
Class A1
–
5.63%
6/20/24
(c)
250,000
250,049
Series
2023-1A
Class A2
–
6.09%
12/20/29
(c)
250,000
249,484
Dell
Equipment
Finance
Trust
(DEFT)
Series
2021-2
Class
A2
–
0.53%
12/22/26
(c)
582,987
570,682
Series
2022-1
Class
A2
–
2.11%
8/23/27
(c)
69,201
68,838
3
a
a
a
$
Principal
Amount
$
Value
a
a
Series
2023-2
Class A2
–
5.84%
1/22/29
(c)
200,000
199,555
DLLST
LLC
(DLLST)
Series
2022-1A
Class
A2
–
2.79%
1/22/24
(c)
127,660
127,276
GreatAmerica
Leasing
Receivables
Funding
LLC
(GALC)
Series
2021-1
Class
B
–
0.72%
12/15/26
(c)
500,000
461,313
HPEFS
Equipment
Trust
(HPEFS)
Series 2023-1A
Class
A2
–
5.43%
8/20/25
(c)
500,000
497,434
MMAF
Equipment
Finance
LLC
(MMAF)
Series
2022-A
Class
A2
–
2.77%
2/13/25
(c)
251,288
247,927
Series
2022-B
Class
A2
–
5.57%
9/9/25
(c)
250,000
248,716
Series
2022-B
Class
A3
–
5.61%
7/10/28
(c)
250,000
249,723
SCF
Equipment
Leasing
LLC
(SCFET)
Series
2022-2A
Class
A2
–
6.24%
7/20/28
(c)
192,134
192,116
Series
2022-2A
Class
A3
–
6.5%
10/21/30
(c)
250,000
252,029
3,962,434
a
Total
Asset-Backed
Securities
(Cost
$18,073,573)
17,866,886
Commercial
Mortgage-Backed
Securities
-
2.7%
a
a
AREIT
Trust
(AREIT)
Series
2021-CRE5
Class
A
–
6.24%
11/17/38
Floating
Rate
(Mthly
LIBOR
+
108)
(c)
332,204
325,665
BFLD
Trust
(BFLD)
Series
2020-OBRK
Class
A
–
7.31%
11/15/28
Floating
Rate
(Mthly
LIBOR
+
205)
(c)
125,000
124,369
CLNC
Ltd.
(CLNC)
Series
2019-FL1
Class AS
–
6.76%
8/20/35
Floating
Rate
(TSFR1M
+
166)
(b)
(c)
500,000
489,019
FS
Rialto
Issuer
LLC
(FSRI)
Series
2022-FL5
Class
A
–
7.39%
6/19/37
Floating
Rate
(TSFR1M
+
230)
(b)
(c)
500,000
496,401
GPMT
Ltd.
(GPMT)
Series
2021-FL3
Class
A
–
6.41%
7/16/35
Floating
Rate
(Mthly
LIBOR
+
125)
(b)
(c)
283,113
279,652
HERA
Commercial
Mortgage
Ltd.
(HCM)
Series 2021-FL1
Class
A
–
6.21%
2/18/38
Floating
Rate
(US0001M
+
105)
(b)
(c)
431,902
417,625
HGI
CRE
CLO
Ltd.
(HGI)
Series
2021-FL1
Class
A4
–
6.21%
6/16/36
Floating
Rate
(Mthly
LIBOR
+
105)
(b)
(c)
192,499
190,767
Series
2021-FL1
Class
AS
–
6.56%
6/16/36
Floating
Rate
(Mthly
LIBOR
+
140)
(b)
(c)
500,000
487,313
Series
2021-FL2
Class
A4
–
6.16%
9/17/36
Floating
Rate
(Mthly
LIBOR
+
100)
(b)
(c)
223,014
215,525
KREF
Ltd.
(KREF)
Series
2021-FL2
Class
A4
–
6.23%
2/15/39
Floating
Rate
(Mthly
LIBOR
+
107)
(b)
(c)
500,000
484,571
Series
2022-FL3
Class
A
–
6.53%
2/17/39
Floating
Rate
(Mthly
SOFR
+
145)
(b)
(c)
500,000
489,061
LoanCore
Issuer
Ltd.
(LNCR)
Series
2018-CRE1
Class
D
–
8.14%
5/15/28
Floating
Rate
(US0001M
+
295)
(b)
(c)
400,000
402,245
Series
2021-CRE5
Class
A
–
6.49%
7/15/36
Floating
Rate
(Mthly
LIBOR
+
130)
(b)
(c)
500,000
490,868
PFP
Ltd.
(PFP)
Series
2022-9
Class
A
–
7.38%
8/19/35
Floating
Rate
(TSFR1M
+
218)
(b)
(c)
250,000
249,752
STWD
Ltd.
(STWD)
Series
2022-FL3
Class
A
–
6.42%
11/15/38
Floating
Rate
(SOFR
30
Day
Avg
+
135)
(b)
(c)
500,000
491,630
a
a
a
$
Principal
Amount
$
Value
a
a
VMC
Finance
LLC
(VMC)
Series
2021-FL4
Class
A
–
6.26%
6/16/36
Floating
Rate
(Mthly
LIBOR
+
110)
(c)
231,048
225,123
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$5,919,537)
5,859,586
Mortgage-Backed
Securities
-
2.0%
a
a
Federal
Home
Loan
Mortgage
Corporation
Collateralized
Mortgage
Obligations
Series
3649
Class
A
–
4%
3/15/25
4,587
4,514
a
Pass-Through
Securities
Pool#
J14649
–
3.5%
4/1/26
13,112
12,797
Pool#
E02948
–
3.5%
7/1/26
27,428
26,714
Pool#
J16663
–
3.5%
9/1/26
16,091
15,643
Pool#
ZS8692
–
2.5%
4/1/33
129,900
120,141
179,809
a
Federal
National
Mortgage
Association
Pass-Through
Securities
Pool#
MA1502
–
2.5%
7/1/23
13
13
Pool#
995755
–
4.5%
5/1/24
665
657
Pool#
AB1769
–
3%
11/1/25
10,196
9,913
Pool#
AB3902
–
3%
11/1/26
28,509
27,510
Pool#
AK3264
–
3%
2/1/27
23,336
22,478
Pool#
AB6291
–
3%
9/1/27
133,995
128,640
Pool#
MA3189
–
2.5%
11/1/27
111,634
106,270
Pool#
MA3791
–
2.5%
9/1/29
258,661
242,189
Pool#
BM5708
–
3%
12/1/29
124,973
119,761
Pool#
AS7701
–
2.5%
8/1/31
676,686
627,577
Pool#
MA3540
–
3.5%
12/1/33
76,047
72,908
1,357,916
a
Government
National
Mortgage
Association
Pass-Through
Securities
Pool#
5255
–
3%
12/20/26
27,564
26,660
a
Non-Government
Agency
Collateralized
Mortgage
Obligations
Flagstar
Mortgage
Trust
(FSMT)
Series
2021-7
Class
B
–
2.5%
8/25/51
(c)
(d)
401,096
345,390
GS
Mortgage-Backed
Securities
Trust
(GSMBS)
Series
2022-PJ1
Class
AB
–
2.5%
5/28/52
(c)
(d)
443,652
378,410
JPMorgan
Mortgage
Trust
(JPMMT)
Series
2014-5
Class
B
–
2.77%
10/25/29
(c)
(d)
46,629
44,030
Series
2016-3
Class
A
–
2.98%
10/25/46
(c)
(d)
141,131
129,294
Series
2017-3
Class
A
–
2.5%
8/25/47
(c)
(d)
179,840
154,235
Series
2020-7
Class
A
–
3%
1/25/51
(c)
(d)
29,525
28,638
Series
2020-8
Class
A
–
3%
3/25/51
(c)
(d)
74,237
69,817
Series
2021-6
Class
B
–
2.5%
10/25/51
(c)
(d)
521,780
450,061
Series
2021-8
Class
B
–
2.5%
12/25/51
(c)
(d)
386,657
332,152
Series
2022-2
Class
A4A
–
2.5%
8/25/52
(c)
(d)
309,655
265,450
JPMorgan
Wealth
Management
(JPMWM)
Series
2020-ATR1
Class
A
–
3%
2/25/50
(c)
(d)
32,591
31,757
RCKT
Mortgage
Trust
(RCKT)
Series
2021-3
Class
A5
–
2.5%
7/25/51
(c)
(d)
364,326
314,402
4
Balanced
Fund
(Continued)
Schedule
of
Investments
June
30,
2023
(Unaudited)
a
a
a
$
Principal
Amount
$
Value
a
a
Sequoia
Mortgage
Trust
(SEMT)
Series
2019-CH2
Class
A
–
4.5%
8/25/49
(c)
(d)
28,150
27,536
Series
2020-3
Class
A
–
3%
4/25/50
(c)
(d)
35,925
34,123
2,605,295
a
Total
Mortgage-Backed
Securities
(Cost
$4,684,567)
4,169,680
U.S.
Treasuries
-
36.5%
a
a
U.S.
Treasury
Notes
2.5%
8/15/23
2,000,000
1,993,401
2.88%
10/31/23
1,000,000
992,086
1.63%
10/31/23
2,000,000
1,976,438
2.13%
11/30/23
2,000,000
1,973,790
2.75%
2/15/24
2,000,000
1,967,247
2.13%
2/29/24
2,000,000
1,957,797
2%
4/30/24
2,000,000
1,944,531
2.5%
5/31/24
1,000,000
973,988
3%
6/30/24
2,000,000
1,952,906
1.25%
8/31/24
3,000,000
2,862,012
0.38%
9/15/24
2,000,000
1,885,508
4.25%
9/30/24
2,000,000
1,974,063
4.38%
10/31/24
2,000,000
1,976,211
2.25%
10/31/24
2,000,000
1,922,500
0.75%
11/15/24
2,000,000
1,881,484
1.13%
1/15/25
2,000,000
1,881,172
1.38%
1/31/25
2,000,000
1,886,563
2%
2/15/25
2,000,000
1,904,102
2.63%
3/31/25
2,000,000
1,920,117
0.38%
4/30/25
2,000,000
1,840,547
2.75%
5/15/25
3,000,000
2,882,109
0.25%
6/30/25
2,000,000
1,826,953
0.25%
7/31/25
2,000,000
1,820,352
3.13%
8/15/25
2,000,000
1,932,070
2.75%
8/31/25
2,000,000
1,916,250
3.5%
9/15/25
2,000,000
1,946,289
3%
10/31/25
2,000,000
1,924,063
2.25%
11/15/25
2,000,000
1,890,000
0.38%
11/30/25
2,000,000
1,805,742
0.38%
1/31/26
1,000,000
898,027
4%
2/15/26
1,000,000
984,785
0.5%
2/28/26
4,000,000
3,594,063
2.38%
4/30/26
2,000,000
1,886,406
0.75%
5/31/26
2,000,000
1,796,914
1.5%
8/15/26
2,000,000
1,828,516
1.63%
10/31/26
4,000,000
3,658,984
2%
11/15/26
3,000,000
2,775,586
1.88%
2/28/27
2,000,000
1,833,672
0.5%
8/31/27
2,000,000
1,716,211
2.25%
11/15/27
2,000,000
1,842,578
a
Total
U.S.
Treasuries
(Cost
$82,147,559)
78,426,033
Cash
Equivalents
-
4.3%
a
a
JPMorgan
U.S.
Government
Money
Market
Fund
-
Institutional
Class
4.95%
(e)
1,198,578
1,198,578
a
a
$
Principal
Amount
$
Value
a
a
U.S.
Treasury
Bills,
4.41%
to
4.9%,
7/25/23
to
8/22/23
(f)
8,000,000
7,959,088
a
Total
Cash
Equivalents
(Cost
$9,157,174)
9,157,666
Total
Investments
in
Securities
(Cost
$175,746,446)
214,809,451
Other
Assets
Less
Other
Liabilities
- 0.0%
70,947
Net
Assets
-
100%
214,880,398
Net
Asset
Value
Per
Share
-
Investor
Class
16.15
Net
Asset
Value
Per
Share
-
Institutional
Class
16.18
(a)
Non-income
producing.
(b)
Foreign
domiciled
entity.
(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)
Rate
presented
represents
the
30
day
average
yield
at
June
30,
2023.
(f)
Interest
rates
presented
represent
the
effective
yield
at
June
30,
2023.
5
Core
Plus
Income
Fund
Schedule
of
Investments
June
30,
2023
(Unaudited)
Corporate
Bonds
-
14.9%
a
a
a
$
Principal
Amount
$
Value
a
Abercrombie
&
Fitch
Management
Co.
8.75%
7/15/25^
(a)
1,428,000
1,450,909
Ally
Financial,
Inc.
8%
11/1/31
2,000,000
2,077,915
American
Airlines
Group,
Inc.
3.75%
3/1/25
(a)
1,000,000
949,884
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.
5.5%
4/20/26
(a)
3,300,000
3,272,246
5.75%
4/20/29
(a)
1,000,000
971,879
Ares
Capital
Corp.
2.88%
6/15/28
1,000,000
828,182
Ashtead
Capital,
Inc.
4.38%
8/15/27
(a)
1,000,000
941,006
4%
5/1/28
(a)
1,070,000
992,207
2.45%
8/12/31
(a)
500,000
392,736
5.55%
5/30/33
(a)
250,000
243,939
AT&T,
Inc.
6.8%
5/15/36
713,000
758,198
Axalta
Coating
Systems
LLC
3.38%
2/15/29
(a)
624,000
531,754
Bath
&
Body
Works,
Inc.
6.95%
3/1/33
3,675,000
3,301,710
6.88%
11/1/35
301,000
275,870
6.75%
7/1/36
2,756,000
2,483,518
Berkshire
Hathaway
Finance
Corp.
4.25%
1/15/49
500,000
456,116
Broadcom,
Inc.
3.42%
4/15/33
(a)
350,000
292,852
3.14%
11/15/35
(a)
1,014,000
778,161
Cantor
Fitzgerald
LP
4.5%
4/14/27
(a)
1,500,000
1,402,391
Carlisle
Cos.,
Inc.
3.5%
12/1/24
532,000
513,612
3.75%
12/1/27
500,000
475,022
CDW
LLC
/
CDW
Finance
Corp.
4.25%
4/1/28
4,000,000
3,672,285
3.28%
12/1/28
1,000,000
869,304
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
4.2%
3/15/28
650,000
609,640
Choice
Hotels
International,
Inc.
3.7%
1/15/31
250,000
211,428
Cinemark
USA,
Inc.
5.88%
3/15/26
(a)
500,000
474,860
5.25%
7/15/28^
(a)
3,000,000
2,641,997
Compass
Group
Diversified
Holdings
LLC
5.25%
4/15/29
(a)
2,581,000
2,265,210
CoStar
Group,
Inc.
2.8%
7/15/30
(a)
5,846,000
4,829,000
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.
4.5%
10/20/25
(a)
466,000
456,037
4.75%
10/20/28
(a)
1,100,000
1,068,644
Devon
Energy
Corp.
5.25%
10/15/27
325,000
320,309
4.5%
1/15/30
920,000
867,036
Diamondback
Energy,
Inc.
3.25%
12/1/26
75,000
70,504
3.5%
12/1/29
100,000
90,104
Dick's
Sporting
Goods,
Inc.
3.15%
1/15/32
1,700,000
1,394,252
a
a
a
$
Principal
Amount
$
Value
a
Dow
Chemical
Co.
(The)
4.25%
10/1/34
1,052,000
956,632
Drax
Finco
PLC
6.63%
11/1/25
(a)
(b)
1,000,000
986,258
Element
Fleet
Management
Corp.
3.85%
6/15/25
(a)
(b)
1,000,000
946,379
Energy
Transfer
LP
2.9%
5/15/25
500,000
473,957
Enterprise
Products
Operating
LLC
4.45%
2/15/43
990,000
871,329
EPR
Properties
(EPR)
4.75%
12/15/26
1,250,000
1,138,706
4.5%
6/1/27
3,330,000
2,991,096
4.95%
4/15/28
3,830,000
3,425,752
3.6%
11/15/31
350,000
273,397
Essential
Properties
LP
2.95%
7/15/31
4,750,000
3,565,060
Expedia
Group,
Inc.
3.8%
2/15/28
484,000
453,082
3.25%
2/15/30
90,000
78,402
Gap,
Inc.
(The)
3.88%
10/1/31
(a)
106,000
72,702
Hercules
Capital,
Inc.
2.63%
9/16/26
1,000,000
856,574
Highwoods
Realty
LP
3.88%
3/1/27
750,000
674,539
3.05%
2/15/30
1,600,000
1,244,903
2.6%
2/1/31
500,000
366,987
Host
Hotels
&
Resorts
LP
Series
H
3.38%
12/15/29
612,000
523,541
Indiana
Bell
Telephone
Co.,
Inc.
7.3%
8/15/26
535,000
559,225
International
Flavors
&
Fragrances,
Inc.
(IFF)
4.45%
9/26/28
1,662,000
1,559,186
5%
9/26/48
1,500,000
1,272,032
JPMorgan
Chase
&
Co.
0.65%
9/16/24
Floating
Rate
(Qtrly
SOFR
+
60)
1,000,000
988,400
Kilroy
Realty,
LP
2.65%
11/15/33
280,000
190,067
Kite
Realty
Group
Trust
(KRG)
4.75%
9/15/30
695,000
625,594
Lennar
Corp.
4.75%
5/30/25
622,000
608,058
LKQ
Corp.
6.25%
6/15/33
(a)
5,000,000
5,040,127
LXP
Industrial
Trust
2.7%
9/15/30
500,000
399,940
Markel
Group
Inc.
3.5%
11/1/27
550,000
512,898
Marriott
International,
Inc.
Series
HH
2.85%
4/15/31
500,000
420,711
Masonite
International
Corp.
5.38%
2/1/28
(a)
646,000
616,452
3.5%
2/15/30
(a)
200,000
168,472
MasTec,
Inc.
4.5%
8/15/28
(a)
1,500,000
1,384,742
Micron
Technology,
Inc.
4.19%
2/15/27
500,000
479,295
Mileage
Plus
Holdings
LLC/Mileage
Plus
Intellectual
Property
Assets
Ltd.
6.5%
6/20/27
(a)
1,444,000
1,448,905
6
Core
Plus
Income
Fund
(Continued)
Schedule
of
Investments
June
30,
2023
(Unaudited)
a
a
a
$
Principal
Amount
$
Value
a
MPLX
LP
4.88%
6/1/25
190,000
186,497
4%
3/15/28
85,000
80,164
4.8%
2/15/29
250,000
241,252
4.7%
4/15/48
551,000
453,008
OneMain
Finance
Corp.
3.88%
9/15/28
1,994,000
1,631,890
5.38%
11/15/29
3,303,000
2,811,208
Oracle
Corp.
4.13%
5/15/45
1,000,000
784,336
3.6%
4/1/50
470,000
336,116
Owl
Rock
Core
Income
Corp.
5.5%
3/21/25
6,807,000
6,553,960
PDC
Energy,
Inc.
6.13%
9/15/24
407,000
407,160
5.75%
5/15/26
2,827,000
2,818,227
Phillips
Edison
Grocery
Center
Operating
Partnership
I
LP
2.63%
11/15/31
4,100,000
3,040,023
Physicians
Realty
LP
4.3%
3/15/27
1,271,000
1,197,716
2.63%
11/1/31
3,000,000
2,338,972
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.
3.55%
12/15/29
798,000
703,844
4.3%
1/31/43
75,000
56,169
Realty
Income
Corp.
4.85%
3/15/30
1,000,000
968,098
RELX
Capital,
Inc.
4%
3/18/29
500,000
476,991
4.75%
5/20/32
250,000
245,414
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co-Issuer,
Inc.
3.88%
3/1/31
(a)
200,000
162,352
4%
10/15/33
(a)
1,450,000
1,135,625
Spirit
Realty
LP
4%
7/15/29
2,000,000
1,762,080
STORE
Capital
Corp.
4.5%
3/15/28
503,000
439,816
4.63%
3/15/29
500,000
421,694
2.7%
12/1/31
1,250,000
870,658
Take-Two
Interactive
Software,
Inc.
3.7%
4/14/27
1,000,000
947,310
Tempur
Sealy
International,
Inc.
4%
4/15/29
(a)
400,000
346,725
3.88%
10/15/31
(a)
1,500,000
1,224,042
T-Mobile
USA,
Inc.
2.63%
4/15/26
250,000
231,912
3.38%
4/15/29
4,000,000
3,615,791
Twilio,
Inc.
3.88%
3/15/31
300,000
250,110
United
Wholesale
Mortgage
LLC
5.75%
6/15/27
(a)
200,000
182,796
5.5%
4/15/29
(a)
700,000
600,943
VICI
Properties
LP
4.95%
2/15/30
500,000
469,492
VICI
Properties
LP/VICI
Note
Co.,
Inc.
4.13%
8/15/30
(a)
1,120,000
987,090
VistaJet
Malta
Finance
PLC
/
Vista
Management
Holding,
Inc.
7.88%
5/1/27
(a)
(b)
3,962,000
3,563,324
6.38%
2/1/30
(a)
(b)
100,000
80,613
a
a
a
$
Principal
Amount
$
Value
a
Vontier
Corp.
2.95%
4/1/31
100,000
80,088
a
Total
Corporate
Bonds
(Cost
$128,559,586)
122,107,623
Corporate
Convertible
Bonds
-
0.3%
a
Redwood
Trust,
Inc.
4.75%
8/15/23
850,000
848,966
5.63%
7/15/24
700,000
671,154
5.75%
10/1/25
500,000
437,487
a
Total
Corporate
Convertible
Bonds
(Cost
$2,034,226)
1,957,607
Asset-Backed
Securities
-
27.6%
a
Automobile
ACC
Auto
Trust
(AUTOC)
Series
2021-A
Class
A
–
1.08%
4/15/27
(a)
17,890
17,850
ACM
Auto
Trust
(ACM)
Series
2023-1A
Class
B
–
7.26%
1/22/30
(a)
2,550,000
2,539,413
Series
2023-1A
Class
C
–
8.59%
1/22/30
(a)
2,500,000
2,488,408
Series
2023-2A
Class A
–
7.97%
6/20/30
(a)
7,500,000
7,499,755
Series
2023-2A
Class B
–
9.85%
6/20/30
(a)
7,000,000
6,864,072
American
Credit
Acceptance
Receivables
Trust
(ACAR)
Series
2020-4
Class
D
–
1.77%
12/14/26
(a)
2,600,000
2,515,970
AmeriCredit
Automobile
Receivables
Trust
(AMCAR)
Series
2020-3
Class
D
–
1.49%
9/18/26
1,250,000
1,156,946
Series
2022-1
Class
C
–
2.98%
9/20/27
450,000
419,682
Arivo
Acceptance
Auto
Loan
Receivables
Trust
(ARIVO)
Series
2021-1A
Class
A
–
1.19%
1/15/27
(a)
30,553
29,804
Series
2022-2A
Class
C
–
9.84%
3/15/29
(a)
1,000,000
1,028,986
Avid
Automobile
Receivables
Trust
(AVID)
Series
2023-1
Class
A
–
6.63%
7/15/26
(a)
1,666,842
1,659,830
Series
2023-1
Class
B
–
7.12%
3/15/27
(a)
1,500,000
1,485,769
BOF
URSA
VI
Funding
Trust
I
(BOF)
Series
2023-CAR1
Class A2
–
5.54%
10/27/31
(a)
662,238
653,326
Series
2023-CAR2
Class A2
–
5.54%
10/27/31
(a)
1,542,257
1,521,503
BOF
VII
AL
Funding
Trust
I
(BOF)
Series
2023-CAR3
Class A2
–
6.29%
7/26/32
(a)
5,000,000
4,989,156
CFMT
LLC
(CFMT)
Series
2021-AL1
Class
B
–
1.39%
9/22/31
(a)
666,250
639,793
Drive
Auto
Receivables
Trust
(DRIVE)
Series
2021-1
Class
D
–
1.45%
1/16/29
610,000
574,025
DT
Auto
Owner
Trust
(DTAOT)
Series
2019-3A
Class
D
–
2.96%
4/15/25
(a)
404,446
401,342
Enterprise
Fleet
Financing
LLC
(EFF)
Series
2023-2
Class A2
–
5.56%
4/22/30
(a)
2,000,000
1,990,235
Exeter
Automobile
Receivables
Trust
(EART)
Series
2021-4A
Class
C
–
1.46%
10/15/27
1,145,000
1,096,083
First
Help
Financial
Trust
(FHF)
Series
2023-1A
Class A2
–
6.57%
6/15/28
(a)
3,500,000
3,467,425
First
Investors
Auto
Owner
Trust
(FIAOT)
Series
2022-1A
Class
A
–
2.03%
1/15/27
(a)
196,338
191,210
Series
2022-2A
Class
D
–
8.71%
10/16/28
(a)
1,000,000
1,037,427
Flagship
Credit
Auto
Trust
(FCAT)
Series
2021-1
Class
E
–
2.72%
4/17/28
(a)
1,500,000
1,367,905
Series
2021-2
Class
C
–
1.27%
6/15/27
(a)
2,100,000
1,958,590
Series
2021-3
Class
C
–
1.46%
9/15/27
(a)
255,000
233,335
7
a
a
a
$
Principal
Amount
$
Value
a
Series
2021-4
Class
D
–
2.26%
12/15/27
(a)
350,000
313,681
Foursight
Capital
Automobile
Receivables
Trust
(FCRT)
Series
2022-2
Class
A2
–
4.49%
3/16/26
(a)
307,436
305,482
GLS
Auto
Receivables
Issuer
Trust
(GCAR)
Series
2020-2A
Class
B
–
3.16%
6/16/25
(a)
75,342
75,212
Series
2021-1A
Class
C
–
1.2%
1/15/27
(a)
280,788
277,445
Series
2021-2A
Class
D
–
1.42%
4/15/27
(a)
405,000
375,907
Series
2021-3A
Class
C
–
1.11%
9/15/26
(a)
800,000
763,183
Series
2021-4A
Class
D
–
2.48%
10/15/27
(a)
455,000
418,833
JPMorgan
Chase
Bank
NA
(CACLN)
Series
2020-1
Class
D
–
1.89%
1/25/28
(a)
27,880
27,719
Series
2020-1
Class
F
–
6.68%
1/25/28
(a)
1,967,000
1,963,903
Series
2021-2
Class
E
–
2.28%
12/26/28
(a)
277,360
269,380
LAD
Auto
Receivables
Trust
(LADAR)
Series
2021-1A
Class
A
–
1.3%
8/17/26
(a)
444,184
433,035
Series
2021-1A
Class
D
–
3.99%
11/15/29
(a)
3,740,000
3,401,330
Series
2022-1A
Class
B
–
5.87%
9/15/27
(a)
1,720,000
1,702,130
Series
2022-1A
Class
C
–
6.85%
4/15/30
(a)
2,000,000
1,994,546
Series
2023-1A
Class
D
–
7.3%
6/17/30
(a)
3,000,000
3,026,747
Series
2023-2A
Class A2
–
5.93%
6/15/27
(a)
4,000,000
3,981,766
Lendbuzz
Securitization
Trust
(LBST)
Series
2023-1A
Class
A2
–
6.92%
8/15/28
(a)
5,000,000
4,961,010
Series
2023-2A
Class A1
–
5.84%
5/15/24
(a)
4,160,488
4,161,010
Lobel
Automobile
Receivables
Trust
(LOBEL)
Series
2023-1
Class A
–
6.97%
7/15/26
(a)
2,700,299
2,685,364
OneMain
Direct
Auto
Receivables
Trust
(ODART)
Series
2022-1A
Class
C
–
1.42%
7/14/28
(a)
4,000,000
3,562,613
Prestige
Auto
Receivables
Trust
(PART)
Series
2022-1A
Class
C
–
7.09%
8/15/28
(a)
1,000,000
1,002,560
Santander
Bank
NA
(SBCLN)
Series
2021-1A
Class
C
–
3.27%
12/15/31
(a)
205,677
198,865
Tricolor
Auto
Securitization
Trust
(TCAST)
Series
2023-1A
Class
A
–
6.48%
8/17/26
(a)
1,642,588
1,638,125
Series
2023-1A
Class
B
–
6.84%
11/16/26
(a)
1,480,000
1,469,897
United
Auto
Credit
Securitization
Trust
(UACST)
Series
2023-1
Class
A
–
5.57%
7/10/25
(a)
577,018
575,908
Westlake
Automobile
Receivables
Trust
(WLAKE)
Series
2021-1A
Class
C
–
0.95%
3/16/26
(a)
540,000
527,530
a
87,941,021
a
Collateralized
Loan
Obligations
ABPCI
Direct
Lending
Fund
CLO
X
LP
(ABPCI)
Series
2020-10A
Class
B1
–
7.6%
1/20/32
Floating
Rate
(Qtrly
LIBOR
+
235)
(a)
(b)
(c)
1,000,000
982,221
ABPCI
Direct
Lending
Fund
CLO
XI
LP
(ABPCI)
Series
2022-11A
Class
B1
–
8.68%
10/27/34
Floating
Rate
(TSFR3M
+
360)
(a)
(b)
(c)
1,500,000
1,501,928
ABPCI
Direct
Lending
Fund
CLO
XII
Ltd.
(ABPCI)
Series 2023-12A
Class
B
–
8.3%
4/29/35
Floating
Rate
(TSFR3M
+
350)
(a)
(b)
(c)
2,000,000
1,994,718
Antares
CLO
Ltd.
(ANTRS)
Series
2017-2A
Class DR
–
9%
10/20/33
Floating
Rate
(US0003M
+
375)
(a)
(b)
(c)
2,000,000
1,835,094
Audax
Senior
Debt
CLO
6
LLC
(AUDAX)
Series
2021-6A
Class
B
–
7.2%
10/20/33
Floating
Rate
(Qtrly
LIBOR
+
195)
(a)
(c)
3,000,000
2,818,533
AUF
Funding
LLC
(AUF)
Series
2022-1A
Class
B1
–
8.8%
1/20/31
Floating
Rate
(TSFR3M
+
375)
(a)
(c)
1,500,000
1,501,476
a
a
a
$
Principal
Amount
$
Value
a
BCRED
MML
CLO
LLC
(BXCMM)
Series
2022-1A
Class
A1
–
6.7%
4/20/35
Floating
Rate
(Qtrly
SOFR
+
165)
(a)
(b)
(c)
1,000,000
975,791
BlackRock
Elbert
CLO
V
LLC
(ELB)
Series
5A
Class
AR
–
7.1%
6/15/34
Floating
Rate
(TSFR3M
+
185)
(a)
(b)
(c)
1,040,000
1,025,029
BlackRock
Rainier
CLO
VI
Ltd.
(BLKMM)
Series
2021-6A
Class
B
–
7.3%
4/20/33
Floating
Rate
(Qtrly
LIBOR
+
205)
(a)
(b)
(c)
1,800,000
1,728,817
Brightwood
Capital
MM
CLO
Ltd.
(BWCAP)
Series
2020-1A
Class
A1R
–
7.79%
1/15/31
Floating
Rate
(TSFR3M
+
280)
(a)
(b)
(c)
2,442,945
2,442,838
Capital
Four
US
CLO
II
Ltd.
(C4US)
Series
2022-1A
Class
B
–
8.15%
10/20/30
Floating
Rate
(TSFR3M
+
310)
(a)
(b)
(c)
1,000,000
999,942
Cerberus
Loan
Funding
LP
(CERB)
Series
2020-1A
Class
B
–
7.81%
10/15/31
Floating
Rate
(Qtrly
LIBOR
+
255)
(a)
(b)
(c)
500,000
492,643
Series
2020-1A
Class
C
–
8.96%
10/15/31
Floating
Rate
(Qtrly
LIBOR
+
370)
(a)
(b)
(c)
500,000
491,183
Series
2020-2A
Class
A
–
7.16%
10/15/32
Floating
Rate
(Qtrly
LIBOR
+
190)
(a)
(b)
(c)
495,000
491,636
Series
2020-2A
Class
B
–
7.86%
10/15/32
Floating
Rate
(Qtrly
LIBOR
+
260)
(a)
(b)
(c)
500,000
491,110
Series
2021-2A
Class
B
–
7.16%
4/22/33
Floating
Rate
(Qtrly
LIBOR
+
190)
(a)
(b)
(c)
1,500,000
1,433,127
Series
2021-6A
Class
B
–
7.01%
11/22/33
Floating
Rate
(Qtrly
LIBOR
+
175)
(a)
(b)
(c)
1,650,000
1,635,254
Series
2022-1A
Class
A2
–
4.02%
4/15/34
(a)
1,750,000
1,597,654
Churchill
Middle
Market
CLO
III
Ltd.
(CHMML)
Series
2021-1A
Class
A1
–
6.77%
10/24/33
Floating
Rate
(Qtrly
LIBOR
+
150)
(a)
(b)
(c)
1,000,000
975,598
Deerpath
Capital
CLO
Ltd.
(DPATH)
Series
2020-1A
Class A1
–
7.11%
4/17/32
Floating
Rate
(US0003M
+
185)
(a)
(b)
(c)
2,500,000
2,489,239
Series
2021-2A
Class
A1
–
6.86%
1/15/34
Floating
Rate
(Qtrly
LIBOR
+
160)
(a)
(b)
(c)
1,000,000
978,177
Series
2021-2A
Class
C
–
8.16%
1/15/34
Floating
Rate
(Qtrly
LIBOR
+
290)
(a)
(b)
(c)
2,300,000
2,181,617
Series
2022-1A
Class
A1
–
6.94%
7/15/33
Floating
Rate
(TSFR3M
+
195)
(a)
(b)
(c)
750,000
741,473
Series
2023-1A
Class
B1
–
8.64%
4/15/35
Floating
Rate
(TSFR3M
+
390)
(a)
(b)
(c)
2,500,000
2,499,925
Series
2023-1A
Class
C
–
9.99%
4/15/35
Floating
Rate
(TSFR3M
+
525)
(a)
(b)
(c)
1,500,000
1,495,974
Fortress
Credit
Opportunities
IX
CLO
Ltd.
(FCO)
Series
2017-9A
Class
A1TR
–
6.81%
10/15/33
Floating
Rate
(Qtrly
LIBOR
+
155)
(a)
(b)
(c)
1,500,000
1,461,885
Fortress
Credit
Opportunities
XV
CLO
Ltd.
(FCO)
Series
2021-15A
Class
B
–
7.11%
4/25/33
Floating
Rate
(Qtrly
LIBOR
+
185)
(a)
(b)
(c)
1,500,000
1,421,280
Fortress
Credit
Opportunities
XXI
CLO
LLC
(FCO)
Series
2023-21A
Class
AT
–
7.32%
1/21/35
Floating
Rate
(TSFR3M
+
265)
(a)
(c)
2,000,000
1,998,324
Series
2023-21A
Class
C
–
9.57%
1/21/35
Floating
Rate
(TSFR3M
+
490)
(a)
(c)
1,000,000
994,961
Golub
Capital
Partners
ABS
Funding
(GOCAP)
Series
2023-1A
Class A
–
7.46%
7/25/33
(a)
5,000,000
5,000,000
Golub
Capital
Partners
CLO
31M
Ltd.
(GOCAP)
Series
2016-31A
Class
CR
–
8.23%
8/5/30
Floating
Rate
(Qtrly
LIBOR
+
290)
(a)
(b)
(c)
1,000,000
973,422
Golub
Capital
Partners
CLO
54M
LP
(GOCAP)
Series
2021-54A
Class
B
–
7.18%
8/5/33
Floating
Rate
(Qtrly
LIBOR
+
185)
(a)
(b)
(c)
500,000
474,417
8
Core
Plus
Income
Fund
(Continued)
Schedule
of
Investments
June
30,
2023
(Unaudited)
a
a
a
$
Principal
Amount
$
Value
a
Series
2021-54A
Class
C
–
7.98%
8/5/33
Floating
Rate
(Qtrly
LIBOR
+
265)
(a)
(b)
(c)
1,000,000
943,490
Golub
Capital
Partners
Short
Duration
(GSHOR)
Series
2022-1A
Class
B1
–
8.57%
10/25/31
Floating
Rate
(TSFR3M
+
350)
(a)
(c)
1,000,000
1,003,153
Guggenheim
MM
CLO
Ltd.
(GUGG)
Series
2021-4A
Class
B
–
7.51%
1/15/34
Floating
Rate
(Qtrly
LIBOR
+
225)
(a)
(b)
(c)
2,500,000
2,366,630
Ivy
Hill
Middle
Market
Credit
Fund
IX
Ltd.
(IVYH)
Series
9A
Class
A1TR
–
6.69%
4/23/34
Floating
Rate
(Qtrly
SOFR
+
162)
(a)
(b)
(c)
1,500,000
1,458,489
KKR
Lending
Partners
III
CLO
LLC
(KKRLP)
Series
2021-1A
Class
B
–
7.15%
10/20/30
Floating
Rate
(Qtrly
LIBOR
+
190)
(a)
(c)
3,000,000
2,902,164
KKR
Static
CLO
I
Ltd.
(KKRS)
Series
2022-1A
Class
B
–
7.65%
7/20/31
Floating
Rate
(TSFR3M
+
260)
(a)
(b)
(c)
1,250,000
1,251,563
Maranon
Loan
Funding
Ltd.
(MRNON)
Series
2021-2RA
Class
BR
–
7.31%
7/15/33
Floating
Rate
(Qtrly
LIBOR
+
205)
(a)
(b)
(c)
2,500,000
2,424,640
Monroe
Capital
Funding
CLO
X
Ltd.
(MCF)
Series 2023-1A
Class
B
–
8.33%
4/15/35
Floating
Rate
(TSFR3M
+
350)
(a)
(c)
1,500,000
1,491,285
Monroe
Capital
MML
CLO
XII
Ltd.
(MCMML)
Series
2021-2A
Class
C
–
8.21%
9/14/33
Floating
Rate
(Qtrly
LIBOR
+
265)
(a)
(b)
(c)
2,000,000
1,913,390
NXT
Capital
CLO
LLC
(NXT)
Series
2020-1A
Class C
–
8.6%
1/20/31
Floating
Rate
(US0003M
+
335)
(a)
(c)
800,000
776,181
Series
2020-1A
Class
B
–
7.65%
1/20/31
Floating
Rate
(US0003M
+
240)
(a)
(c)
1,400,000
1,356,917
Owl
Rock
CLO
IX
LLC
(OR)
Series
2022-9A
Class
B
–
9.13%
11/20/34
Floating
Rate
(TSFR3M
+
400)
(a)
(c)
1,000,000
1,002,237
Owl
Rock
CLO
VIII
LLC
(OR)
Series
2022-8A
Class
AT
–
7.63%
11/20/34
Floating
Rate
(TSFR3M
+
250)
(a)
(c)
1,000,000
997,942
Owl
Rock
CLO
XII
LLC
(OR)
Series
2023-12A
Class B
7/20/34
Floating
Rate
(TSFR3M
+
355)
(a)
(b)
(c)
1,000,000
1,000,000
Palmer
Square
Loan
Funding
Ltd.
(PSTAT)
Series
2021-1A
Class
A2
–
6.5%
4/20/29
Floating
Rate
(Qtrly
LIBOR
+
125)
(a)
(b)
(c)
250,000
246,294
Series
2021-1A
Class
B
–
7.05%
4/20/29
Floating
Rate
(Qtrly
LIBOR
+
180)
(a)
(b)
(c)
1,000,000
981,373
PennantPark
CLO
VI
LLC
(PCLO)
Series 2023-6A
Class
B1
–
8.71%
4/22/35
Floating
Rate
(TSFR3M
+
375)
(a)
(c)
2,000,000
1,992,836
Twin
Brook
CLO
(TWBRK)
Series
2023-1A
Class
B
–
7.99%
4/20/35
Floating
Rate
(TSFR3M
+
320)
(a)
(c)
1,000,000
1,001,552
Series
2023-1A
Class
C
–
8.89%
4/20/35
Floating
Rate
(TSFR3M
+
410)
(a)
(c)
3,000,000
3,004,074
a
76,239,496
a
Consumer
&
Specialty
Finance
ACHV
ABS
Trust
(ACHV)
Series
2023-1PL
Class
B
–
6.8%
3/18/30
(a)
1,000,000
995,127
Affirm
Asset
Securitization
Trust
(AFFRM)
Series
2021-B
Class
A
–
1.03%
8/17/26
(a)
1,250,000
1,216,197
Series
2022-Z1
Class
A
–
4.55%
6/15/27
(a)
743,939
733,625
a
a
a
$
Principal
Amount
$
Value
a
Bankers
Healthcare
Group
Securitization
Trust
(BHG)
Series 2023-A
Class
A
–
5.55%
4/17/36
(a)
960,112
946,419
Series
2020-A
Class
A
–
2.56%
9/17/31
(a)
130,282
127,764
Series
2021-A
Class
A
–
1.42%
11/17/33
(a)
221,294
206,521
Series
2022-B
Class
B
–
4.84%
6/18/35
(a)
1,498,342
1,434,825
Conn's
Receivables
Funding
LLC
(CONN)
Series
2021-A
Class
B
–
2.87%
5/15/26
(a)
263,525
262,990
Series
2022-A
Class
A
–
5.87%
12/15/26
(a)
44,610
44,612
Driven
Brands
Funding
LLC
(HONK)
Series
2019-2A
Class
A2
–
3.98%
10/20/49
(a)
482,500
439,413
Foundation
Finance
Trust
(FFIN)
Series
2019-1A
Class
A
–
3.86%
11/15/34
(a)
73,784
72,533
Series
2021-1A
Class
B
–
1.87%
5/15/41
(a)
3,421,000
2,962,007
FREED
ABS
Trust
(FREED)
Series
2022-1FP
Class
C
–
2.51%
3/19/29
(a)
2,530,000
2,426,419
Series
2022-3FP
Class
B
–
5.79%
8/20/29
(a)
1,445,399
1,436,934
Series
2022-4FP
Class
C
–
8.59%
12/18/29
(a)
2,000,000
2,039,410
Hilton
Grand
Vacations
Trust
(HGVT)
Series
2020-AA
Class
B
–
4.22%
2/25/39
(a)
186,609
178,558
Lendingpoint
Asset
Securitization
Trust
(LDPT)
Series
2022-C
Class
A
–
6.56%
2/15/30
(a)
1,196,548
1,195,117
LendingPoint
Asset
Securitization
Trust
(LDPT)
Series
2020-REV1
Class
A
–
2.73%
10/15/28
(a)
386,669
384,663
LP
LMS
Asset
Securitization
Trust
(LPMS)
Series 2023-1A
Class
A
–
8.18%
10/17/33
(a)
3,309,172
3,292,747
Marlette
Funding
Trust
(MFT)
Series 2023-1A
Class
A
–
6.07%
4/15/33
(a)
1,386,917
1,382,158
Series
2021-2A
Class
B
–
1.06%
9/15/31
(a)
223,997
220,558
Series
2022-1A
Class
A
–
1.36%
4/15/32
(a)
107,468
106,821
Octane
Receivables
Trust
(OCTL)
Series
2020-1A
Class
B
–
1.98%
6/20/25
(a)
4,190,000
4,117,079
Series
2021-1A
Class
B
–
1.53%
4/20/27
(a)
700,000
649,619
Series
2022-1A
Class
A2
–
4.18%
3/20/28
(a)
415,468
407,869
Pagaya
AI
Debt
Selection
Trust
(PAID)
Series
2021
Class
B
–
1.82%
1/16/29
(a)
364,066
342,000
Series
2021-1
Class
A
–
1.18%
11/15/27
(a)
44,769
44,672
Pagaya
AI
Debt
Trust
(PAID)
Series
2022-2
Class
A
–
4.97%
1/15/30
(a)
789,929
779,804
Series
2022-3
Class
A
–
6.06%
3/15/30
(a)
1,559,537
1,553,083
Series
2022-5
Class
A
–
8.1%
6/17/30
(a)
1,157,957
1,165,936
Series
2023-1
Class
A
–
7.56%
7/15/30
(a)
2,723,632
2,727,662
Series
2023-3
Class A
–
7.6%
12/16/30
(a)
4,946,367
4,960,936
Sierra
Timeshare
Receivables
Funding
LLC
(SRFC)
Series
2019-2A
Class
B
–
2.82%
5/20/36
(a)
115,197
110,826
Theorem
Funding
Trust
(THRM)
Series
2021-1A
Class
A
–
1.21%
12/15/27
(a)
115,625
114,934
Series
2021-1A
Class
B
–
1.84%
12/15/27
(a)
1,000,000
971,513
Series
2022-2A
Class
B
–
9.27%
12/15/28
(a)
1,000,000
1,012,970
Series
2022-3A
Class
A
–
7.6%
4/15/29
(a)
694,602
698,958
Upstart
Securitization
Trust
(UPST)
Series
2021-1
Class
B
–
1.89%
3/20/31
(a)
95,510
94,717
Series
2021-1
Class
C
–
4.06%
3/20/31
(a)
250,000
238,103
Series
2021-2
Class
A
–
0.91%
6/20/31
(a)
3,901
3,889
Series
2023-2
Class A
–
6.77%
6/20/33
(a)
6,000,000
5,991,562
a
48,091,550
a
Equipment
Amur
Equipment
Finance
Receivables
IX
LLC
(AXIS)
Series
2021-1A
Class
B
–
1.38%
2/22/27
(a)
1,035,000
978,574
Series
2021-1A
Class
D
–
2.3%
11/22/27
(a)
500,000
461,384
9
a
a
a
$
Principal
Amount
$
Value
a
Amur
Equipment
Finance
Receivables
XII
LLC
(AXIS)
Series
2023-1A
Class A2
–
6.09%
12/20/29
(a)
1,000,000
997,937
CCG
Receivables
Trust
(CCG)
Series
2019-2
Class
B
–
2.55%
3/15/27
(a)
165,588
165,353
Dext
ABS
LLC
(DEXT)
Series
2020-1
Class
B
–
1.92%
11/15/27
(a)
800,000
786,005
SCF
Equipment
Leasing
LLC
(SCFET)
Series
2019-2A
Class
A2
–
2.47%
4/20/26
(a)
53,817
53,591
a
3,442,844
a
Other
Jersey
Mike's
Funding
(JMIKE)
Series
2019-1A
Class
A2
–
4.43%
2/15/50
(a)
992,500
913,220
Monroe
Capital
ABS
Funding
II
Ltd.
(MCF)
Series
2023-1A
Class
D
–
10.2%
4/22/33
(a)
3,500,000
3,380,585
Oxford
Finance
Funding
Trust
(OXFIN)
Series
2023-1A
Class
A2
–
6.72%
2/15/31
(a)
5,000,000
4,896,847
Zaxby's
Funding
LLC
(ZAXBY)
Series
2021-1A
Class
A2
–
3.24%
7/30/51
(a)
1,228,125
1,027,443
10,218,095
a
Total
Asset-Backed
Securities
(Cost
$229,168,041)
225,933,006
Commercial
Mortgage-Backed
Securities
-
6.1%
a
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.
(ARCLO)
Series
2019-FL2
Class D
–
7.71%
9/15/34
Floating
Rate
(TSFR1M
+
256)
(a)
(b)
613,000
583,401
Series
2019-FL2
Class
B
–
7.01%
9/15/34
Floating
Rate
(TSFR1M
+
186)
(a)
(b)
2,340,000
2,333,895
Series
2019-FL2
Class
C
–
7.41%
9/15/34
Floating
Rate
(TSFR1M
+
226)
(a)
(b)
5,593,333
5,495,606
AREIT
Trust
(AREIT)
Series
2021-CRE5
Class
A
–
6.24%
11/17/38
Floating
Rate
(Mthly
LIBOR
+
108)
(a)
664,407
651,330
BDS
Ltd.
(BDS)
Series
2021-FL10
Class
C
–
7.46%
12/16/36
Floating
Rate
(Mthly
LIBOR
+
230)
(a)
(b)
1,250,000
1,194,692
BFLD
Trust
(BFLD)
Series
2020-OBRK
Class
A
–
7.31%
11/15/28
Floating
Rate
(Mthly
LIBOR
+
205)
(a)
1,780,000
1,771,010
BPCRE
Ltd.
(BPCRE)
Series
2022-FL2
Class
C
–
9.59%
1/16/37
Floating
Rate
(TSFR1M
+
450)
(a)
(b)
2,500,000
2,479,248
BPR
Trust
(BPR)
Series
2021-TY
Class
B
–
6.34%
9/15/38
Floating
Rate
(US0001M
+
115)
(a)
3,250,000
3,028,395
BRSP
Ltd.
(BRSP)
Series
2021-FL1
Class E
–
8.66%
8/19/38
Floating
Rate
(US0001M
+
345)
(a)
(b)
4,000,000
3,522,552
Series
2021-FL1
Class
B
–
7.11%
8/19/38
Floating
Rate
(US0001M
+
190)
(a)
(b)
1,100,000
1,055,145
FS
Rialto
Issuer
LLC
(FSRI)
Series
2022-FL7
Class
A
–
7.99%
10/19/39
Floating
Rate
(TSFR1M
+
290)
(a)
1,000,000
996,703
GPMT
Ltd.
(GPMT)
Series
2021-FL3
Class
A
–
6.41%
7/16/35
Floating
Rate
(Mthly
LIBOR
+
125)
(a)
(b)
1,132,454
1,118,608
a
a
a
$
Principal
Amount
$
Value
a
HERA
Commercial
Mortgage
Ltd.
(HCM)
Series
2021-FL1
Class
C
–
7.11%
2/18/38
Floating
Rate
(US0001M
+
195)
(a)
(b)
650,000
614,970
HGI
CRE
CLO
Ltd.
(HGI)
Series
2021-FL1
Class
A4
–
6.21%
6/16/36
Floating
Rate
(Mthly
LIBOR
+
105)
(a)
(b)
705,495
699,147
Series
2021-FL1
Class
AS
–
6.56%
6/16/36
Floating
Rate
(Mthly
LIBOR
+
140)
(a)
(b)
2,000,000
1,949,254
Series
2021-FL1
Class
B
–
6.76%
6/16/36
Floating
Rate
(Mthly
LIBOR
+
160)
(a)
(b)
5,100,000
4,933,240
Series
2021-FL1
Class
C
–
6.86%
6/16/36
Floating
Rate
(US0001M
+
170)
(a)
(b)
450,000
425,688
Series
2021-FL2
Class
D
–
7.31%
9/17/36
Floating
Rate
(Mthly
LIBOR
+
215)
(a)
(b)
1,000,000
927,651
Hilton
USA
Trust
(HILT)
Series
2016-SFP
Class
E
–
5.52%
11/5/35
(a)
840,000
614,650
ILPT
Commercial
Mortgage
Trust
(ILPT)
Series
2022-LPF2
Class
B
–
7.89%
10/15/39
Floating
Rate
(TSFR1M
+
274)
(a)
1,000,000
992,219
KREF
Ltd.
(KREF)
Series
2021-FL2
Class
B
–
6.81%
2/15/39
Floating
Rate
(Mthly
LIBOR
+
165)
(a)
(b)
2,500,000
2,361,930
LoanCore
Issuer
Ltd.
(LNCR)
Series
2018-CRE1
Class
C
–
7.74%
5/15/28
Floating
Rate
(Mthly
LIBOR
+
255)
(a)
(b)
1,000,000
984,022
Series
2018-CRE1
Class
D
–
8.14%
5/15/28
Floating
Rate
(US0001M
+
295)
(a)
(b)
1,000,000
1,005,613
MF1
Multifamily
Housing
Mortgage
Loan
Trust
(MFHM)
Series
2021-FL5
Class
AS
–
6.46%
7/15/36
Floating
Rate
(TSFR1M
+
131)
(a)
(b)
3,575,000
3,481,596
PFP
Ltd.
(PFP)
Series
2021-8
Class E
–
7.66%
8/9/37
Floating
Rate
(US0001M
+
250)
(a)
(b)
750,000
626,073
Series
2022-9
Class
A
–
7.38%
8/19/35
Floating
Rate
(TSFR1M
+
218)
(a)
(b)
750,000
749,254
STWD
Ltd.
(STWD)
Series
2021-FL2
Class C
–
7.26%
4/18/38
Floating
Rate
(US0001M
+
210)
(a)
(b)
2,109,000
1,967,443
Series
2022-FL3
Class
B
–
7.02%
11/15/38
Floating
Rate
(SOFR
30
Day
Avg.
+
195)
(a)
(b)
2,500,000
2,407,343
VMC
Finance
LLC
(VMC)
Series
2021-FL4
Class
A
–
6.26%
6/16/36
Floating
Rate
(Mthly
LIBOR
+
110)
(a)
924,191
900,491
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$50,567,518)
49,871,169
Mortgage-Backed
Securities
-
9.9%
a
Federal
Home
Loan
Mortgage
Corporation
Collateralized
Mortgage
Obligations
Series
5026
Class
DH
–
1.75%
9/25/43
445,342
397,526
Series
4949
Class
BC
–
2.25%
3/25/49
235,667
206,166
a
Pass-Through
Securities
Pool#
C91945
–
3%
8/1/37
245,047
226,327
POOL#
SD8258
–
Series
8258
5%
10/1/52
9,481,342
9,297,721
POOL#
SD8267
–
Series
8267
5%
11/1/52
3,827,288
3,754,747
POOL#
SD8323
–
Series
8323
5%
5/1/53
6,914,273
6,779,480
POOL#
SD8324
–
Series
8324
5.5%
5/1/53
8,860,501
8,822,940
POOL#
SD8341
–
Series
8341
5%
7/1/53
5,000,000
4,902,120
10
Core
Plus
Income
Fund
(Continued)
Schedule
of
Investments
June
30,
2023
(Unaudited)
a
a
a
$
Principal
Amount
$
Value
a
POOL#
SD8342
–
Series
8342
5.5%
7/1/53
5,000,000
4,978,802
39,365,829
a
Federal
National
Mortgage
Association
Collateralized
Mortgage
Obligations
Series
2013-130
Class
CA
–
2.5%
6/25/43
103,621
94,554
Series
2013-130
Class
CD
–
3%
6/25/43
188,402
175,543
a
Pass-Through
Securities
Pool#
932836
–
3%
12/1/25
9,319
9,054
Pool#
468516
–
5.17%
6/1/28
200,769
198,538
Pool#
MA3443
–
4%
8/1/48
100,437
95,759
Pool#
FM5733
–
2%
1/1/51
1,220,716
1,009,845
POOL#
MA4785
–
Series
4785
5%
10/1/52
13,130,175
12,880,001
POOL#
MA4806
–
Series
4806
5%
11/1/52
3,845,448
3,770,214
POOL#
MA5038
–
Series
5038
5%
6/1/53
3,440,214
3,372,870
21,606,378
a
Government
National
Mortgage
Association
Collateralized
Mortgage
Obligations
Series
2021-29
Class
CY
–
3%
9/20/50
1,000,000
819,334
Series
2018-52
Class
AE
–
2.75%
5/16/51
82,371
75,129
894,463
a
Non-Government
Agency
Collateralized
Mortgage
Obligations
Flagstar
Mortgage
Trust
(FSMT)
Series
2017-1
Class
2A2
–
3%
3/25/47
(a)
(c)
41,828
37,821
GS
Mortgage-Backed
Securities
Trust
(GSMBS)
Series
2023-PJ3
Class A3
–
5%
10/27/53
(a)
(c)
4,938,412
4,748,460
JPMorgan
Mortgage
Trust
(JPMMT)
Series
2016-3
Class
A
–
2.98%
10/25/46
(a)
(c)
56,453
51,718
Series
2017-3
Class
A
–
2.5%
8/25/47
(a)
(c)
62,944
53,982
Series
2018-6
Class
2A2
–
3%
12/25/48
(a)
(c)
22,092
20,376
Series
2023-3
Class A3A
–
5%
10/25/53
(a)
(c)
4,843,662
4,654,573
Series
2023-4
Class 1A2
–
6%
11/25/53
(a)
(c)
2,919,184
2,903,858
Morgan
Stanley
Residential
Mortgage
Loan
Trust
Series
2023-1
Class A1
–
4%
2/25/53
(a)
(c)
5,931,006
5,338,187
RCKT
Mortgage
Trust
(RCKT)
Series
2021-3
Class
A5
–
2.5%
7/25/51
(a)
(c)
1,457,303
1,257,609
Sequoia
Mortgage
Trust
(SEMT)
Series
2019-CH2
Class
A
–
4.5%
8/25/49
(a)
(c)
12,064
11,801
a
Pass-Through
Securities
Greenpoint
Mortgage
Pass-Through
Certificates
(GMSI)
Series
2003-1
Class
A1
–
4.72%
10/25/33
(c)
31,635
29,995
19,108,380
a
Total
Mortgage-Backed
Securities
(Cost
$82,297,944)
80,975,050
Municipal
Bonds
-
0.1%
a
Detroit,
MI
City
School
District
General
Obligation
SBLF,
6.65%
5/1/29
460,000
496,635
Village
of
Rosemont
IL
General
Obligation
BAM,
5.38%
12/1/23
470,000
468,663
a
Total
Municipal
Bonds
(Cost
$1,038,335)
965,298
U.S.
Treasuries
-
37.4%
a
a
a
$
Principal
Amount
$
Value
a
U.S.
Treasury
Bonds
3.5%
2/15/39
2,100,000
2,014,154
1.88%
2/15/41
11,500,000
8,360,410
1.75%
8/15/41
4,000,000
2,813,125
2%
11/15/41
7,500,000
5,495,215
2.38%
2/15/42
12,000,000
9,348,281
3.25%
5/15/42
15,000,000
13,392,773
4%
11/15/42
10,500,000
10,437,656
3.88%
2/15/43
5,000,000
4,876,563
3.13%
2/15/43
15,000,000
13,089,844
3.88%
5/15/43
11,500,000
11,223,281
2.88%
5/15/43
2,000,000
1,674,141
3.63%
8/15/43
4,000,000
3,756,563
3.63%
2/15/44
8,500,000
7,968,418
3.38%
5/15/44
15,500,000
13,982,695
3.13%
8/15/44
27,500,000
23,811,133
3%
11/15/44
24,000,000
20,323,594
2.5%
2/15/45
21,000,000
16,269,668
3%
5/15/45
23,000,000
19,440,840
3%
11/15/45
9,500,000
8,017,481
2.5%
5/15/46
8,400,000
6,465,375
2.25%
8/15/46
2,500,000
1,827,881
3%
2/15/47
1,000,000
842,656
U.S.
Treasury
Notes
2.5%
8/15/23
2,500,000
2,491,752
2.75%
8/31/23
5,000,000
4,979,553
2.88%
10/31/23
5,000,000
4,960,431
2.75%
11/15/23
11,000,000
10,898,361
2.88%
11/30/23
2,000,000
1,979,649
2.75%
2/15/24
13,000,000
12,787,104
2.25%
3/31/24
6,000,000
5,859,821
2.25%
2/15/27
3,500,000
3,255,410
2.38%
5/15/27
3,000,000
2,794,219
2.25%
8/15/27
3,000,000
2,773,828
1.13%
2/29/28
6,500,000
5,666,045
1.25%
5/31/28
8,000,000
6,980,000
1.25%
9/30/28
7,000,000
6,061,289
1.5%
11/30/28
3,000,000
2,624,824
1.88%
2/28/29
3,500,000
3,113,223
1.75%
11/15/29
3,000,000
2,631,328
1.5%
2/15/30
5,250,000
4,497,979
0.88%
11/15/30
8,000,000
6,475,938
1.13%
2/15/31
4,500,000
3,701,777
1.38%
11/15/31
5,500,000
4,536,533
1.88%
2/15/32
1,000,000
856,777
a
Total
U.S.
Treasuries
(Cost
$327,192,823)
305,357,588
Non-Convertible
Preferred
Stocks
-
0.1%
a
a
Shares
$
Value
Qurate
Retail,
Inc.
8.00%
3/15/31
(Cost
$2,672,824)
27,800
1,043,056
11
Cash
Equivalents
-
6.3%
a
a
a
$
Principal
Amount
$
Value
a
a
JPMorgan
U.S.
Government
Money
Market
Fund
-
Institutional
Class
4.95%
(Cost
$51,795,086)
(d)
51,795,086
51,795,086
Short-Term
Securities
Held
as
Collateral
for
Securities
on
Loan
-
0.2%
a
a
Shares
$
Value
Citibank
N.A.
DDCA
5.07%
187,367
187,367
Goldman
Sachs
Financial
Square
Government
Fund
Institutional
Class
–
5.02%
1,686,299
1,686,299
a
Total
Short-Term
Securities
Held
as
Collateral
for
Securities
on
Loan
(Cost
$1,873,666)
1,873,666
Total
Investments
in
Securities
(Cost
$877,200,049)
841,879,149
Other
Liabilities
in
Excess
of
Other
Assets
- (2.9%)
(23,993,468)
Net
Assets
-
100%
817,885,681
Net
Asset
Value
Per
Share
-
Investor
Class
9.67
Net
Asset
Value
Per
Share
-
Institutional
Class
9.67
^
This
security
or
a
partial
position
of
this
security
was
on
loan
as
of
June
30,
2023.
The
total
value
of
securities
on
loan
as
of
June
30,
2023
was
$1,833,474.
(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)
Rate
presented
represents
the
30
day
average
yield
at
June
30,
2023.
12
Nebraska
Tax-Free
Income
Fund
Schedule
of
Investments
June
30,
2023
(Unaudited)
Municipal
Bonds
-
91.3%
a
a
%
of
Net
Assets
$
Principal
Amount
$
Value
a
a
California
0.7
San
Diego
County
Regional
Airport
Authority
Revenue
Series
B
5%
7/1/25
200,000
204,628
a
Colorado
0.3
Colorado
Bridge
Enterprise
Revenue
4%
12/31/23
100,000
100,311
a
Florida
0.7
State
of
Florida
General
Obligation
4%
6/1/36
200,000
202,130
a
Nebraska
83.7
Ashland-Greenwood
Public
Schools
General
Obligation
3%
12/15/42
100,000
82,958
Cass
County
School
District
No.
22
General
Obligation
2.05%
12/15/25
375,000
360,084
2.2%
12/15/26
250,000
238,571
City
of
Bellevue
NE
General
Obligation
Series
A
3%
9/15/32
500,000
496,302
City
of
Blair
NE
Water
System
Revenue
2.65%
12/15/24
100,000
97,704
2.85%
12/15/25
100,000
96,810
3%
12/15/26
100,000
96,057
3.1%
12/15/27
100,000
95,327
3.2%
12/15/28
100,000
95,158
City
of
Columbus
NE
Combined
Utilities
System
Revenue
4%
12/15/26
100,000
103,480
4%
12/15/27
100,000
103,154
4%
6/15/33
200,000
209,966
City
of
Columbus
NE
General
Obligation
3%
12/15/29
150,000
149,519
3%
12/15/30
150,000
148,756
City
of
Grand
Island
NE
Combined
Utility
System
Revenue
Series
A
4%
8/15/35
205,000
213,324
4%
8/15/36
125,000
128,622
City
of
Grand
Island
NE
General
Obligation
3%
11/15/27
150,000
149,679
3%
11/15/30
150,000
149,400
City
of
Gretna
NE
Certificates
of
Participation
4%
12/15/25
500,000
503,728
City
of
Kearney
NE
General
Obligation
4%
5/15/34
220,000
223,113
City
of
Lincoln
NE
Electric
System
Revenue
3%
9/1/28
30,000
29,823
City
of
Norfolk
NE
General
Obligation
3.38%
5/15/34
500,000
497,375
City
of
Omaha
NE
General
Obligation
Series
A
3%
4/15/35
100,000
95,554
Series
A
Class
A
–
3%
4/15/34
100,000
97,621
City
of
Omaha
NE
Riverfront
Redevelopment
Special
Tax
Revenue
Series
A
4%
1/15/33
260,000
272,772
City
of
Omaha
NE
Sewer
Revenue
5%
4/1/26
250,000
262,800
4%
4/1/31
350,000
357,529
Series
A
4%
4/1/34
100,000
105,637
County
of
Saline
NE
Revenue
3%
2/15/31
200,000
188,231
County
of
Sarpy
NE
Certificates
of
Participation
1.75%
6/15/26
500,000
472,583
a
a
%
of
Net
Assets
$
Principal
Amount
$
Value
a
a
County
of
Seward
NE
General
Obligation
3%
12/15/30
605,000
600,382
Cozad
City
School
District
General
Obligation
4%
6/15/26
250,000
255,597
Dawson
County
Public
Power
District
Revenue
Series
A
2%
6/15/26
170,000
163,456
2.1%
6/15/27
105,000
101,006
Series
B
2.5%
6/15/28
135,000
132,581
3%
6/15/29
245,000
245,023
3%
6/15/30
355,000
355,046
Dodge
County
School
District
No.
595
General
Obligation
1.9%
6/15/32
200,000
173,573
Douglas
County
Hospital
Authority
No.
2
Revenue
5%
5/15/26
500,000
502,025
5%
5/15/30
140,000
147,348
4%
5/15/32
700,000
709,100
Douglas
County
Hospital
Authority
No.
3
Revenue
5%
11/1/26
250,000
257,842
Douglas
County
School
District
No.
59
NE
General
Obligation
3%
12/15/32
100,000
94,131
Kearney
School
District
General
Obligation
3%
12/15/24
250,000
248,424
Lancaster
County
School
District
001
General
Obligation
5%
1/15/24
50,000
50,481
4%
1/15/33
250,000
258,187
Lincoln
Airport
Authority
Revenue
5%
7/1/27
150,000
158,182
Lincoln-Lancaster
County
Public
Building
Commission
Revenue
3%
12/1/25
500,000
498,122
Madison
County
Hospital
Authority
No.
1
Revenue
5%
7/1/23
250,000
250,000
5%
7/1/35
140,000
142,947
Metropolitan
Utilities
District
of
Omaha
Gas
System
Revenue
4%
12/1/27
450,000
456,324
Municipal
Energy
Agency
of
Nebraska
Revenue
5%
4/1/27
350,000
370,452
5%
4/1/28
225,000
238,147
Nebraska
Cooperative
Republican
Platte
Enhancement
Project
Revenue
Series
A
2%
12/15/29
250,000
225,705
Nebraska
Educational
Health
Cultural
&
Social
Services
Finance
Authority
Revenue
4%
1/1/34
110,000
112,728
Nebraska
Investment
Finance
Authority
Revenue
4.45%
9/1/43
180,000
180,390
Series
A
2.05%
9/1/24
120,000
117,812
Series
B
1.35%
9/1/26
200,000
186,350
Series
C
2%
9/1/35
325,000
266,483
Nebraska
Public
Power
District
Revenue
Series
C
5%
1/1/32
65,000
67,271
5%
1/1/35
480,000
493,659
Nebraska
State
College
Facilities
Corp.
Revenue
4%
7/15/28
750,000
771,309
Omaha
Public
Facilities
Corp.
Revenue
4%
6/1/28
585,000
600,696
Series
A
4%
6/1/31
155,000
164,180
Series
C
4%
4/1/33
340,000
356,483
4%
4/1/39
500,000
493,862
Omaha
Public
Power
District
Revenue
Series
A
13
a
a
%
of
Net
Assets
$
Principal
Amount
$
Value
a
a
2.85%
2/1/27
500,000
490,207
Series
C
5%
2/1/39
150,000
152,678
Omaha
School
District
General
Obligation
5%
12/15/28
130,000
133,172
5%
12/15/29
350,000
370,714
5%
12/15/31
135,000
142,268
Omaha-Douglas
Public
Building
Commission
General
Obligation
Series
B
5%
5/1/32
550,000
610,001
Papillion
Municipal
Facilities
Corp.
Revenue
2%
12/15/32
100,000
87,243
2%
12/15/34
200,000
168,724
Papillion-La
Vista
School
District
No.
27
General
Obligation
Series
A
2.05%
12/1/24
150,000
146,754
2.2%
12/1/25
150,000
145,854
2.3%
12/1/26
275,000
267,549
Series
B
4%
12/1/35
400,000
418,182
Public
Power
Generation
Agency
Revenue
5%
1/1/28
500,000
509,237
5%
1/1/32
140,000
146,352
Sarpy
County
School
District
No.
1
General
Obligation
Pre-refunded/Escrowed,
5%
12/15/29
550,000
599,068
State
of
Nebraska
Certificates
of
Participation
3%
2/1/26
60,000
59,881
Series
A
2%
4/1/26
150,000
143,035
University
of
Nebraska
Facilities
Corp.
(The)
5%
7/15/29
380,000
399,409
University
of
Nebraska
Revenue
PRE-REFUNDED/ESCROWED
TO
MATURITY,
3%
7/1/25
100,000
99,998
2.5%
7/1/26
210,000
207,843
3%
7/1/27
100,000
101,005
5%
5/15/30
100,000
109,378
Upper
Republican
Natural
Resource
District
Revenue
4%
12/15/25
245,000
245,161
4%
12/15/27
395,000
395,309
Village
of
Boys
Town
NE
Revenue
3%
9/1/28
700,000
698,955
3%
7/1/35
325,000
307,332
Winside
Public
Schools
General
Obligation
2%
6/15/31
350,000
304,084
a
24,026,334
a
New
Mexico
1.3
New
Mexico
Finance
Authority
Revenue
Series
C
4%
6/1/34
365,000
373,142
a
Texas
3.1
City
of
Austin
Tx
Airport
System
Revenue
Series
B
5%
11/15/26
250,000
261,117
City
of
Austin
Tx
Electric
Utility
Revenue
Series
A
5%
11/15/35
100,000
113,067
County
of
Bexar
TX
General
Obligation
4%
6/15/36
500,000
505,682
a
879,866
a
a
%
of
Net
Assets
$
Principal
Amount
$
Value
a
a
a
Utah
0.4
City
of
Salt
Lake
City
UT
Public
Utilities
Revenue
5%
2/1/35
100,000
111,020
a
Washington
1.1
Pierce
County
School
District
No.
10
Tacoma
General
Obligation
Series
B
4%
12/1/35
100,000
104,211
Port
of
Seattle
WA
Revenue
Series
C
5%
5/1/26
200,000
207,145
a
311,356
a
Total
Municipal
Bonds
(Cost
$27,390,152)
26,208,787
Cash
Equivalents
-
8.0%
a
a
JPMorgan
U.S.
Government
Money
Market
Fund
-
Institutional
Class
4.95%
(Cost
$2,301,349)
(a)
2,301,349
2,301,349
a
Total
Investments
in
Securities
(Cost
$29,691,501)
28,510,136
Other
Assets
Less
Other
Liabilities
- 0.7%
211,456
Net
Assets
-
100%
28,721,592
Net
Asset
Value
Per
Share
-
Investor
Class
9.54
(a)
Rate
presented
represents
the
30
day
average
yield
at
June
30,
2023.
14
Partners
III
Opportunity
Fund
Schedule
of
Investments
June
30,
2023
(Unaudited)
Common
Stocks
-
91.5%
a
Financials
%
of
Net
Assets
Shares
$
Value
Transaction
&
Payment
Processing
Services
13.4
Mastercard,
Inc.
-
Class
A
55,000
21,631,500
Visa,
Inc.
-
Class
A
90,000
21,373,200
Fidelity
National
Information
Services,
Inc.
300,000
16,410,000
a
Multi-Sector
Holdings
10.4
Berkshire
Hathaway,
Inc.
-
Class
B
(a)
(b)
135,000
46,035,000
a
Property
&
Casualty
Insurance
5.0
Markel
Group,
Inc.
(a)
16,000
22,130,880
a
28.8
127,580,580
Communication
Services
Cable
&
Satellite
9.8
Liberty
Broadband
Corp.
(a)
Class
C
200,000
16,022,000
Class
A
90,000
7,175,700
Liberty
Media
Corp.-Liberty
SiriusXM
(a)
Class
C
500,000
16,365,000
Class
A
120,000
3,937,200
a
Interactive
Media
&
Services
9.3
Alphabet,
Inc.
-
Class
C
(a)
220,000
26,613,400
Meta
Platforms,
Inc.
-
Class
A
(a)
50,000
14,349,000
a
Alternative
Carriers
3.0
Liberty
Global
plc
-
Class
C
(a)
(c)
750,000
13,327,500
a
22.1
97,789,800
Information
Technology
Application
Software
8.3
Roper
Technologies,
Inc.
40,000
19,232,000
CoreCard
Corp.
†
(a)
500,000
12,680,000
Black
Knight,
Inc.
(a)
80,000
4,778,400
a
Systems
Software
3.1
Microsoft
Corp.
40,000
13,621,600
a
Semiconductors
2.8
Texas
Instruments,
Inc.
70,000
12,601,400
a
14.2
62,913,400
Health
Care
Life
Sciences
Tools
&
Services
7.9
Danaher
Corp.
80,000
19,200,000
Thermo
Fisher
Scientific,
Inc.
30,000
15,652,500
a
Health
Care
Services
3.3
Laboratory
Corp.
of
America
Holdings
60,000
14,479,800
a
11.2
49,332,300
Consumer
Discretionary
Broadline
Retail
5.6
Amazon.com,
Inc.
(a)
(b)
190,000
24,768,400
a
Consumer
Discretionary
%
of
Net
Assets
Shares
$
Value
a
Automotive
Retail
4.4
CarMax,
Inc.
(a)
230,000
19,251,000
a
10.0
44,019,400
Industrials
Research
&
Consulting
Services
3.0
CoStar
Group,
Inc.
(a)
150,000
13,350,000
Materials
Specialty
Chemicals
2.2
Perimeter
Solutions
SA
(a)
(c)
1,600,000
9,840,000
a
Total
Common
Stocks
(Cost
$236,085,869)
404,825,480
Non-Convertible
Preferred
Stocks
-
1.7%
a
Qurate
Retail,
Inc.
8.00%
3/15/31
(Cost
$17,921,852)
200,000
7,504,000
Warrants
-
0.0%
a
Perimeter
Solutions
SA
Expires
11/8/24
(Cost
$15,000)
(c)
(d)
1,500,000
0
Cash
Equivalents
-
6.7%
a
a
$
Principal
Amount
$
Value
a
a
JPMorgan
U.S.
Government
Money
Market
Fund
-
Institutional
Class
4.95%
(e)
9,658,804
9,658,804
U.S.
Treasury
Bills,
4.41%
to
4.9%,
7/25/23
to
8/22/23
(f)
20,000,000
19,897,808
a
Total
Cash
Equivalents
(Cost
$29,555,358)
29,556,612
Total
Investments
in
Securities
(Cost
$283,578,079)
441,886,092
Due
from
Broker
-
3.9%
17,185,251
Securities
Sold
Short
-
(4.0)%
(17,731,200)
Options
Written
-
(0.1)%
(456,600)
Other
Assets
Less
Other
Liabilities
- 0.3%
1,495,826
Net
Assets
-
100%
442,379,369
Net
Asset
Value
Per
Share
-
Investor
Class
11.39
Net
Asset
Value
Per
Share
-
Institutional
Class
12.38
Securities
Sold
Short
-
(4.0)%
Shares
$
Value
a
SPDR
S&P
500
ETF
Trust
40,000
(17,731,200)
Total
Securities
Sold
Short
(proceeds
$8,412,580)
(17,731,200)
Options
Written-
(0.1)%
$
Notional
Shares
subject
to
option
$
Value
Covered
Call
Options
CarMax,
Inc.
July
2023
/
$70
700,000
10,000
(139,500)
CarMax,
Inc.
July
2023
/
$75
2,250,000
30,000
(317,100)
Total
Options
Written
(premiums
received
$253,990)
(456,600)
15
†
Non-controlled
affiliate.
(a)
Non-income
producing.
(b)
Fully
or
partially
pledged
as
collateral
on
securities
sold
short
and
outstanding
written
options.
(c)
Foreign
domiciled
entity.
(d)
This
security
is
classified
as
Level
3
within
the
fair
value
hierarchy.
(e)
Rate
presented
represents
the
30
day
average
yield
at
June
30,
2023.
(f)
Interest
rates
presented
represent
the
effective
yield
at
June
30,
2023.
16
Partners
Value
Fund
Schedule
of
Investments
June
30,
2023
(Unaudited)
Common
Stocks
-
96.4%
a
Communication
Services
%
of
Net
Assets
Shares
$
Value
Interactive
Media
&
Services
10.0
Alphabet,
Inc.
-
Class
C
(a)
276,000
33,387,720
Meta
Platforms,
Inc.
-
Class
A
(a)
77,500
22,240,950
a
Cable
&
Satellite
8.9
Liberty
Media
Corp.-Liberty
SiriusXM
(a)
Class
C
575,000
18,819,750
Class
A
190,000
6,233,900
Liberty
Broadband
Corp.
(a)
Class
C
200,000
16,022,000
Class
A
100,000
7,973,000
a
Alternative
Carriers
4.4
Liberty
Global
plc
-
Class
C
(a)
(b)
695,000
12,350,150
Liberty
Latin
America
Ltd.
-
Class
C
(a)
(b)
1,425,000
12,283,500
a
Integrated
Telecommunication
Services
1.5
LICT
Corp.
(a)
446
8,251,000
a
Movies
&
Entertainment
1.0
Live
Nation
Entertainment,
Inc.
(a)
60,000
5,466,600
a
25.8
143,028,570
Financials
Transaction
&
Payment
Processing
Services
7.5
Visa,
Inc.
-
Class
A
92,500
21,966,900
Mastercard,
Inc.
-
Class
A
50,000
19,665,000
a
Multi-Sector
Holdings
6.2
Berkshire
Hathaway,
Inc.
-
Class
B
(a)
100,000
34,100,000
a
Property
&
Casualty
Insurance
3.3
Markel
Group,
Inc.
(a)
13,300
18,396,294
a
Insurance
Brokers
3.0
Aon
plc
-
Class
A
(b)
47,500
16,397,000
a
20.0
110,525,194
Industrials
Research
&
Consulting
Services
6.5
CoStar
Group,
Inc.
(a)
405,000
36,045,000
a
Aerospace
&
Defense
4.6
HEICO
Corp.
-
Class
A
180,000
25,308,000
a
Industrial
Machinery
&
Supplies
&
Components
2.0
IDEX
Corp.
51,500
11,085,890
a
13.1
72,438,890
Information
Technology
Application
Software
6.3
Guidewire
Software,
Inc.
(a)
212,000
16,128,960
Black
Knight,
Inc.
(a)
227,500
13,588,575
ACI
Worldwide,
Inc.
(a)
227,844
5,279,146
a
IT
Consulting
&
Other
Services
3.1
Gartner,
Inc.
(a)
49,200
17,235,252
a
Information
Technology
%
of
Net
Assets
Shares
$
Value
a
Semiconductors
2.8
Texas
Instruments,
Inc.
85,000
15,301,700
a
12.2
67,533,633
Materials
Construction
Materials
8.7
Martin
Marietta
Materials,
Inc.
54,000
24,931,260
Vulcan
Materials
Co.
105,000
23,671,200
a
Specialty
Chemicals
1.8
Perimeter
Solutions
SA
(a)
(b)
1,600,000
9,840,000
a
10.5
58,442,460
Consumer
Discretionary
Distributors
4.3
LKQ
Corp.
405,000
23,599,350
a
Automotive
Retail
3.9
CarMax,
Inc.
(a)
260,000
21,762,000
a
8.2
45,361,350
Health
Care
Health
Care
Services
3.8
Laboratory
Corp.
of
America
Holdings
88,000
21,237,040
a
Life
Sciences
Tools
&
Services
2.8
Danaher
Corp.
65,000
15,600,000
a
6.6
36,837,040
a
Total
Common
Stocks
(Cost
$263,844,540)
534,167,137
Warrants
-
0.0%
a
Perimeter
Solutions
SA
Expires
11/8/24
(Cost
$5,000)
(b)
(c)
500,000
0
Cash
Equivalents
-
3.8%
a
a
$
Principal
Amount
$
Value
a
a
JPMorgan
U.S.
Government
Money
Market
Fund
-
Institutional
Class
4.95%
(d)
1,973,574
1,973,574
U.S.
Treasury
Bills,
4.41%
to
4.9%,
7/25/23
to
8/22/23
(e)
19,000,000
18,913,203
a
Total
Cash
Equivalents
(Cost
$20,885,551)
20,886,777
Total
Investments
in
Securities
(Cost
$284,735,091)
555,053,914
Other
Liabilities
in
Excess
of
Other
Assets
- (0.2%)
(1,176,497)
Net
Assets
-
100%
553,877,417
Net
Asset
Value
Per
Share
-
Investor
Class
28.86
Net
Asset
Value
Per
Share
-
Institutional
Class
29.66
17
(a)
Non-income
producing.
(b)
Foreign
domiciled
entity.
(c)
This
security
is
classified
as
Level
3
within
the
fair
value
hierarchy.
(d)
Rate
presented
represents
the
30
day
average
yield
at
June
30,
2023.
(e)
Interest
rates
presented
represent
the
effective
yield
at
June
30,
2023.
18
Short
Duration
Income
Fund
Schedule
of
Investments
June
30,
2023
(Unaudited)
Corporate
Bonds
-
12.7%
a
a
a
$
Principal
Amount
$
Value
a
a
Abercrombie
&
Fitch
Management
Co.
8.75%
7/15/25^
(a)
5,525,000
5,613,634
American
Airlines
Group,
Inc.
3.75%
3/1/25
(a)
750,000
712,413
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.
5.5%
4/20/26
(a)
2,075,000
2,057,549
Ares
Capital
Corp.
(ARES)
4.2%
6/10/24
3,000,000
2,929,273
Ashtead
Capital,
Inc.
1.5%
8/12/26
(a)
1,000,000
874,566
4.38%
8/15/27
(a)
3,000,000
2,823,017
Bath
&
Body
Works,
Inc.
9.38%
7/1/25
(a)
1,000,000
1,062,400
6.69%
1/15/27
945,000
950,929
Boardwalk
Pipelines
LP
4.95%
12/15/24
2,580,000
2,539,062
Boston
Properties
LP
3.13%
9/1/23
9,560,000
9,502,759
Brunswick
Corp.
0.85%
8/18/24
500,000
470,350
Cantor
Fitzgerald
LP
4.5%
4/14/27
(a)
1,500,000
1,402,391
Carlisle
Cos.,
Inc.
0.55%
9/1/23
2,000,000
1,980,265
3.5%
12/1/24
500,000
482,718
Cinemark
USA,
Inc.
5.88%
3/15/26
(a)
2,199,000
2,088,434
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.
4.5%
10/20/25
(a)
2,500,000
2,446,552
Devon
Energy
Corp.
5.25%
10/15/27
390,000
384,372
Drax
Finco
PLC
6.63%
11/1/25
(a)
(b)
3,500,000
3,451,903
Energy
Transfer
LP
3.9%
5/15/24
1,852,000
1,821,179
EPR
Properties
(EPR)
4.75%
12/15/26
4,869,000
4,435,486
4.5%
6/1/27
1,000,000
898,227
Expedia
Group,
Inc.
(EXPE)
6.25%
5/1/25
(a)
1,672,000
1,678,360
Fidelity
National
Information
Services,
Inc.
(FIS)
4.5%
7/15/25
2,000,000
1,956,210
FS
KKR
Capital
Corp.
1.65%
10/12/24
6,000,000
5,581,970
Hercules
Capital,
Inc.
2.63%
9/16/26
1,500,000
1,284,861
Highwoods
Realty
LP
3.88%
3/1/27
750,000
674,539
JPMorgan
Chase
&
Co.
3.84%
6/14/25
Floating
Rate
(SOFR
+
98)
800,000
782,640
0.77%
8/9/25
Floating
Rate
(SOFR
+
49)
1,000,000
942,208
Kite
Realty
Group
Trust
(KRG)
4%
3/15/25
2,083,000
1,979,940
Lennar
Corp.
4.88%
12/15/23
1,951,000
1,943,095
LXP
Industrial
Trust
(LXP)
4.4%
6/15/24
2,000,000
1,953,067
Masonite
International
Corp.
5.38%
2/1/28
(a)
400,000
381,704
a
a
a
$
Principal
Amount
$
Value
a
a
Mileage
Plus
Holdings
LLC/Mileage
Plus
Intellectual
Property
Assets
Ltd.
6.5%
6/20/27
(a)
1,829,600
1,835,815
MPLX
LP
4.88%
6/1/25
1,961,000
1,924,845
OneMain
Finance
Corp.
6.13%
3/15/24
2,298,000
2,292,229
PDC
Energy,
Inc.
6.13%
9/15/24
1,463,000
1,463,577
5.75%
5/15/26
3,000,000
2,990,689
Starwood
Property
Trust,
Inc.
5.5%
11/1/23
(a)
730,000
724,470
4.75%
3/15/25
1,765,000
1,669,973
Synchrony
Bank
(SYF)
5.4%
8/22/25
1,000,000
957,520
Take-Two
Interactive
Software,
Inc.
3.3%
3/28/24
1,000,000
980,669
U.S.
Bancorp
2.4%
7/30/24
500,000
482,431
VICI
Properties
LP/VICI
Note
Co.,
Inc.
3.5%
2/15/25
(a)
6,323,000
6,047,330
Vontier
Corp.
(VON)
1.8%
4/1/26
1,004,000
893,116
Vulcan
Materials
Co.
(VMC)
5.8%
3/1/26
2,750,000
2,750,977
Walgreens
Boots
Alliance,
Inc.
0.95%
11/17/23
5,000,000
4,924,991
a
Total
Corporate
Bonds
(Cost
$100,688,173)
98,024,705
Corporate
Convertible
Bonds
-
1.1%
a
a
Redwood
Trust,
Inc.
5.63%
7/15/24
6,300,000
6,040,384
5.75%
10/1/25
3,000,000
2,624,920
a
Total
Corporate
Convertible
Bonds
(Cost
$9,290,005)
8,665,304
Asset-Backed
Securities
-
41.9%
a
a
Automobile
ACC
Auto
Trust
(AUTOC)
Series
2021-A
Class
A
–
1.08%
4/15/27
(a)
107,343
107,103
ACM
Auto
Trust
(ACM)
Series
2023-1A
Class
A
–
6.61%
1/22/30
(a)
2,662,568
2,659,122
Series
2023-1A
Class
B
–
7.26%
1/22/30
(a)
2,000,000
1,991,696
Series
2023-2A
Class A
–
7.97%
6/20/30
(a)
7,500,000
7,499,755
Series
2023-2A
Class B
–
9.85%
6/20/30
(a)
3,000,000
2,941,745
American
Credit
Acceptance
Receivables
Trust
(ACAR)
Series
2020-4
Class
D
–
1.77%
12/14/26
(a)
1,000,000
967,681
AmeriCredit
Automobile
Receivables
Trust
(AMCAR)
Series
2020-2
Class
D
–
2.13%
3/18/26
1,320,000
1,250,623
Series
2020-3
Class
D
–
1.49%
9/18/26
3,000,000
2,776,672
ARI
Fleet
Lease
Trust
(ARIFL)
Series
2022-A
Class
A2
–
3.12%
1/15/31
(a)
881,373
868,090
Arivo
Acceptance
Auto
Loan
Receivables
Trust
(ARIVO)
Series
2021-1A
Class
A
–
1.19%
1/15/27
(a)
152,766
149,020
Series
2022-1A
Class
A
–
3.93%
5/15/28
(a)
3,097,897
3,008,116
19
a
a
a
$
Principal
Amount
$
Value
a
a
Avid
Automobile
Receivables
Trust
(AVID)
Series
2023-1
Class
A
–
6.63%
7/15/26
(a)
2,500,264
2,489,744
BOF
URSA
VI
Funding
Trust
I
(BOF)
Series
2023-CAR1
Class A2
–
5.54%
10/27/31
(a)
529,790
522,660
Series
2023-CAR2
Class A2
–
5.54%
10/27/31
(a)
1,233,805
1,217,203
BOF
VII
AL
Funding
Trust
I
(BOF)
Series
2023-CAR3
Class A2
–
6.29%
7/26/32
(a)
5,000,000
4,989,156
CFMT
LLC
(CFMT)
Series
2021-AL1
Class
B
–
1.39%
9/22/31
(a)
2,664,999
2,559,170
Chesapeake
Funding
II
LLC
(CFII)
Series
2021-1A
Class
A1
–
0.47%
4/15/33
(a)
1,029,826
1,000,145
Series
2023-1A
Class A1
–
5.65%
5/15/35
(a)
2,439,339
2,421,014
Enterprise
Fleet
Financing
LLC
(EFF)
Series
2023-1
Class
A2
–
5.51%
1/22/29
(a)
750,000
744,096
Series
2023-2
Class A2
–
5.56%
4/22/30
(a)
4,350,000
4,328,761
Exeter
Automobile
Receivables
Trust
(EART)
Series
2020-1A
Class
D
–
2.73%
12/15/25
(a)
1,576,373
1,542,534
Series
2020-3A
Class
D
–
1.73%
7/15/26
1,440,000
1,408,369
Series
2021-1A
Class
D
–
1.08%
11/16/26
1,350,000
1,283,659
First
Help
Financial
Trust
(FHF)
Series
2022-1A
Class
A
–
4.43%
1/18/28
(a)
2,921,959
2,851,066
Series
2022-2A
Class
A
–
6.14%
12/15/27
(a)
720,821
708,704
Series
2023-1A
Class A2
–
6.57%
6/15/28
(a)
2,000,000
1,981,386
First
Investors
Auto
Owner
Trust
(FIAOT)
Series
2019-1A
Class
D
–
3.55%
4/15/25
(a)
311,797
311,360
Series
2022-1A
Class
A
–
2.03%
1/15/27
(a)
1,374,369
1,338,468
Flagship
Credit
Auto
Trust
(FCAT)
Series
2023-1
Class
A1
–
4.92%
2/15/24
(a)
115,848
115,814
Foursight
Capital
Automobile
Receivables
Trust
(FCRT)
Series
2022-1
Class
A2
–
1.15%
9/15/25
(a)
358,376
355,814
Series
2022-2
Class
A2
–
4.49%
3/16/26
(a)
3,689,238
3,665,784
Series
2023-1
Class
A2
–
5.43%
10/15/26
(a)
3,000,000
2,982,153
GLS
Auto
Receivables
Issuer
Trust
(GCAR)
Series
2020-2A
Class
B
–
3.16%
6/16/25
(a)
25,114
25,071
Series
2021-4A
Class
A
–
0.84%
7/15/25
(a)
689,682
685,517
Series
2022-2A
Class
A2
–
3.55%
1/15/26
(a)
1,754,971
1,736,629
JPMorgan
Chase
Auto
Credit
Linked
Note
(CACLN)
Series
2020-1
Class
A5
–
0.99%
1/25/28
(a)
83,640
83,117
Series
2020-2
Class
A2
–
0.84%
2/25/28
(a)
213,308
209,711
Series
2021-1
Class
A2
–
0.88%
9/25/28
(a)
1,423,495
1,380,897
Series
2021-2
Class
A4
–
0.89%
12/26/28
(a)
1,248,121
1,207,029
LAD
Auto
Receivables
Trust
(LADAR)
Series
2021-1A
Class
A
–
1.3%
8/17/26
(a)
2,538,196
2,474,487
Series
2022-1A
Class
A
–
5.21%
6/15/27
(a)
3,601,025
3,560,042
Series
2023-1A
Class
A2
–
5.68%
10/15/26
(a)
3,211,050
3,196,240
Series
2023-1A
Class
B
–
5.59%
8/16/27
(a)
2,500,000
2,469,370
Series
2023-2A
Class A2
–
5.93%
6/15/27
(a)
2,100,000
2,090,427
Lendbuzz
Securitization
Trust
(LBST)
Series
2023-1A
Class
A2
–
6.92%
8/15/28
(a)
7,000,000
6,945,415
OneMain
Direct
Auto
Receivables
Trust
(ODART)
Series
2021-1A
Class
A
–
0.87%
7/14/28
(a)
2,500,000
2,361,831
Series
2022-1A
Class
C
–
1.42%
7/14/28
(a)
4,100,000
3,651,678
Prestige
Auto
Receivables
Trust
(PART)
Series
2022-1A
Class
B
–
6.55%
7/17/28
(a)
3,000,000
3,005,110
Santander
Bank
NA
(SBCLN)
Series
2021-1A
Class
B
–
1.83%
12/15/31
(a)
1,162,523
1,124,432
Santander
Drive
Auto
Receivables
Trust
(SDART)
Series
2020-2
Class
D
–
2.22%
9/15/26
4,429,040
4,350,381
Series
2020-4
Class
C
–
1.01%
1/15/26
146,683
146,104
Series
2022-6
Class
A2
–
4.37%
5/15/25
944,657
943,231
a
a
a
$
Principal
Amount
$
Value
a
a
SFS
Auto
Receivables
Securitization
Trust
(SFS)
Series
2023-1A
Class A2A
–
5.89%
3/22/27
(a)
1,900,000
1,897,922
Tricolor
Auto
Securitization
Trust
(TCAST)
Series
2023-1A
Class
A
–
6.48%
8/17/26
(a)
2,463,882
2,457,187
United
Auto
Credit
Securitization
Trust
(UACST)
Series
2023-1
Class
A
–
5.57%
7/10/25
(a)
577,018
575,908
Westlake
Automobile
Receivables
Trust
(WLAKE)
Series
2020-3A
Class
D
–
1.65%
2/17/26
(a)
1,650,000
1,585,528
Series
2021-1A
Class
C
–
0.95%
3/16/26
(a)
3,885,000
3,795,285
Series
2022-1A
Class
A2A
–
1.97%
12/16/24
(a)
1,103,269
1,099,165
a
116,094,397
a
Collateralized
Loan
Obligations
ABPCI
Direct
Lending
Fund
CLO
I
LLC
(ABPCI)
Series
2016-1A
Class
A1A2
–
6.95%
7/20/33
Floating
Rate
(Qtrly
LIBOR
+
170)
(a)
(b)
(c)
2,000,000
1,962,020
ABPCI
Direct
Lending
Fund
CLO
X
LP
(ABPCI)
Series
2020-10A
Class
A
–
7.2%
1/20/32
Floating
Rate
(Qtrly
LIBOR
+
195)
(a)
(b)
(c)
6,500,000
6,428,630
Audax
Senior
Debt
CLO
6
LLC
(AUDAX)
Series
2021-6A
Class
A1
–
6.75%
10/20/33
Floating
Rate
(Qtrly
LIBOR
+
150)
(a)
(c)
6,000,000
5,840,160
AUF
Funding
LLC
(AUF)
Series
2022-1A
Class
B1
–
8.8%
1/20/31
Floating
Rate
(TSFR3M
+
375)
(a)
(c)
2,500,000
2,502,460
BCRED
MML
CLO
LLC
(BXCMM)
Series
2022-1A
Class
A1
–
6.7%
4/20/35
Floating
Rate
(Qtrly
SOFR
+
165)
(a)
(b)
(c)
3,000,000
2,927,373
BlackRock
Elbert
CLO
V
LLC
(ELB)
Series
5A
Class
AR
–
7.1%
6/15/34
Floating
Rate
(TSFR3M
+
185)
(a)
(b)
(c)
1,977,592
1,949,125
BlackRock
Rainier
CLO
VI
Ltd.
(BLKMM)
Series
2021-6A
Class
A
–
6.95%
4/20/33
Floating
Rate
(Qtrly
LIBOR
+
170)
(a)
(b)
(c)
5,500,000
5,435,303
Brightwood
Capital
MM
CLO
Ltd.
(BWCAP)
Series
2020-1A
Class
A1R
–
7.79%
1/15/31
Floating
Rate
(TSFR3M
+
280)
(a)
(b)
(c)
2,442,945
2,442,838
Capital
Four
US
CLO
II
Ltd.
(C4US)
Series
2022-1A
Class
A1
–
7.19%
10/20/30
Floating
Rate
(TSFR3M
+
214)
(a)
(b)
(c)
6,205,358
6,203,174
Cerberus
Loan
Funding
LP
(CERB)
Series
2020-1A
Class
A
–
7.11%
10/15/31
Floating
Rate
(Qtrly
LIBOR
+
185)
(a)
(b)
(c)
3,864,581
3,853,737
Series
2020-2A
Class
A
–
7.16%
10/15/32
Floating
Rate
(Qtrly
LIBOR
+
190)
(a)
(b)
(c)
4,500,000
4,469,418
Series
2021-2A
Class
A
–
6.88%
4/22/33
Floating
Rate
(Qtrly
LIBOR
+
162)
(a)
(b)
(c)
3,000,000
2,950,647
Series
2021-6A
Class
A
–
6.66%
11/22/33
Floating
Rate
(Qtrly
LIBOR
+
140)
(a)
(b)
(c)
711,493
708,882
Churchill
Middle
Market
CLO
III
Ltd.
(CHMML)
Series
2021-1A
Class
A1
–
6.77%
10/24/33
Floating
Rate
(Qtrly
LIBOR
+
150)
(a)
(b)
(c)
2,750,000
2,682,895
Deerpath
Capital
CLO
Ltd.
(DPATH)
Series
2021-2A
Class
A1
–
6.86%
1/15/34
Floating
Rate
(Qtrly
LIBOR
+
160)
(a)
(b)
(c)
4,000,000
3,912,708
Series
2023-1A
Class
A1
–
7.54%
4/15/35
Floating
Rate
(TSFR3M
+
280)
(a)
(b)
(c)
3,000,000
3,007,332
Fortress
Credit
Opportunities
IX
CLO
Ltd.
(FCO)
Series
2017-9A
Class
A1TR
–
6.81%
10/15/33
Floating
Rate
(Qtrly
LIBOR
+
155)
(a)
(b)
(c)
1,500,000
1,461,885
20
Short
Duration
Income
Fund
(Continued)
Schedule
of
Investments
June
30,
2023
(Unaudited)
a
a
a
$
Principal
Amount
$
Value
a
a
Fortress
Credit
Opportunities
XV
CLO
Ltd.
(FCO)
Series
2021-15A
Class
A2
–
6.81%
4/25/33
Floating
Rate
(Qtrly
LIBOR
+
155)
(a)
(b)
(c)
3,500,000
3,417,862
Golub
Capital
Partners
CLO
31M
Ltd.
(GOCAP)
Series
2016-31A
Class
CR
–
8.23%
8/5/30
Floating
Rate
(Qtrly
LIBOR
+
290)
(a)
(b)
(c)
1,000,000
973,422
Golub
Capital
Partners
CLO
54M
LP
(GOCAP)
Series
2021-54A
Class
A2
–
6.86%
8/5/33
Floating
Rate
(Qtrly
LIBOR
+
153)
(a)
(b)
(c)
4,500,000
4,410,234
Series
2021-54A
Class
B
–
7.18%
8/5/33
Floating
Rate
(Qtrly
LIBOR
+
185)
(a)
(b)
(c)
2,500,000
2,372,082
Golub
Capital
Partners
Short
Duration
(GSHOR)
Series
2022-1A
Class
B1
–
8.57%
10/25/31
Floating
Rate
(TSFR3M
+
350)
(a)
(c)
1,000,000
1,003,153
Ivy
Hill
Middle
Market
Credit
Fund
IX
Ltd.
(IVYH)
Series
9A
Class
A1TR
–
6.69%
4/23/34
Floating
Rate
(Qtrly
SOFR
+
162)
(a)
(b)
(c)
3,500,000
3,403,141
KKR
Lending
Partners
III
CLO
LLC
(KKRLP)
Series
2021-1A
Class
B
–
7.15%
10/20/30
Floating
Rate
(Qtrly
LIBOR
+
190)
(a)
(c)
2,000,000
1,934,776
KKR
Static
CLO
I
Ltd.
(KKRS)
Series
2022-1A
Class
B
–
7.65%
7/20/31
Floating
Rate
(TSFR3M
+
260)
(a)
(b)
(c)
1,250,000
1,251,563
Maranon
Loan
Funding
Ltd.
(MRNON)
Series
2021-2RA
Class
A1R
–
6.95%
7/15/33
Floating
Rate
(Qtrly
LIBOR
+
169)
(a)
(b)
(c)
5,000,000
4,936,780
Monroe
Capital
Funding
CLO
X
Ltd.
(MCF)
Series 2023-1A
Class
A
–
7.23%
4/15/35
Floating
Rate
(TSFR3M
+
240)
(a)
(c)
3,000,000
3,005,166
Monroe
Capital
MML
CLO
XII
Ltd.
(MCMML)
Series
2021-2A
Class
A1
–
7.06%
9/14/33
Floating
Rate
(Qtrly
LIBOR
+
150)
(a)
(b)
(c)
7,500,000
7,287,172
Owl
Rock
CLO
VIII
LLC
(OR)
Series
2022-8A
Class
AT
–
7.63%
11/20/34
Floating
Rate
(TSFR3M
+
250)
(a)
(c)
2,000,000
1,995,884
Palmer
Square
Loan
Funding
Ltd.
(PSTAT)
Series
2021-1A
Class
A2
–
6.5%
4/20/29
Floating
Rate
(Qtrly
LIBOR
+
125)
(a)
(b)
(c)
3,000,000
2,955,531
Twin
Brook
CLO
(TWBRK)
Series
2021-1A
Class
A
–
6.78%
1/20/34
Floating
Rate
(US0003M
+
153)
(a)
(c)
1,200,000
1,160,862
Series
2023-1A
Class
B
–
7.99%
4/20/35
Floating
Rate
(TSFR3M
+
320)
(a)
(c)
3,000,000
3,004,656
a
101,850,871
a
Consumer
&
Specialty
Finance
ACHV
ABS
Trust
(ACHV)
Series
2023-1PL
Class
A
–
6.42%
3/18/30
(a)
658,267
658,496
Affirm
Asset
Securitization
Trust
(AFFRM)
Series
2021-B
Class
A
–
1.03%
8/17/26
(a)
2,000,000
1,945,915
Series
2022-Z1
Class
A
–
4.55%
6/15/27
(a)
1,859,848
1,834,063
Bankers
Healthcare
Group
Securitization
Trust
(BHG)
Series 2023-A
Class
A
–
5.55%
4/17/36
(a)
3,840,450
3,785,677
Series
2020-A
Class
A
–
2.56%
9/17/31
(a)
1,129,108
1,107,283
Series
2021-A
Class
A
–
1.42%
11/17/33
(a)
442,588
413,041
Series
2022-B
Class
A
–
3.75%
6/18/35
(a)
669,791
659,855
Series
2022-B
Class
B
–
4.84%
6/18/35
(a)
1,498,342
1,434,825
Series
2022-C
Class
A
–
5.32%
10/17/35
(a)
1,358,077
1,343,281
Conn's
Receivables
Funding
LLC
(CONN)
Series
2022-A
Class
A
–
5.87%
12/15/26
(a)
156,136
156,143
Foundation
Finance
Trust
(FFIN)
Series
2019-1A
Class
A
–
3.86%
11/15/34
(a)
453,244
445,562
a
a
a
$
Principal
Amount
$
Value
a
a
Series
2021-2A
Class
A
–
2.19%
1/15/42
(a)
1,596,502
1,449,184
Series
2023-1A
Class A
–
5.67%
12/15/43
(a)
1,949,053
1,909,938
FREED
ABS
Trust
(FREED)
Series
2022-1FP
Class
B
–
1.91%
3/19/29
(a)
1,851,487
1,831,908
Series
2022-3FP
Class
B
–
5.79%
8/20/29
(a)
3,372,597
3,352,845
Series
2022-4FP
Class
B
–
7.58%
12/18/29
(a)
2,000,000
2,009,503
Hilton
Grand
Vacations
Trust
(HGVT)
Series
2020-AA
Class
A
–
2.74%
2/25/39
(a)
186,609
173,951
Lendingpoint
Asset
Securitization
Trust
(LPST)
Series
2022-B
Class
A
–
4.77%
10/15/29
(a)
423,233
416,952
Series
2022-C
Class
A
–
6.56%
2/15/30
(a)
3,350,334
3,346,329
LP
LMS
Asset
Securitization
Trust
(LPMS)
Series 2023-1A
Class
A
–
8.18%
10/17/33
(a)
1,654,586
1,646,373
Marlette
Funding
Trust
(MFT)
Series 2023-1A
Class
A
–
6.07%
4/15/33
(a)
3,170,095
3,159,219
Series
2021-2A
Class
B
–
1.06%
9/15/31
(a)
895,989
882,233
Series
2021-3A
Class
A
–
0.65%
12/15/31
(a)
24,358
24,319
Series
2022-1A
Class
A
–
1.36%
4/15/32
(a)
671,672
667,630
Series
2022-3A
Class
A
–
5.18%
11/15/32
(a)
1,797,627
1,787,429
Octane
Receivables
Trust
(OCTL)
Series
2020-1A
Class
A2
–
1.71%
2/20/25
(a)
237,277
236,363
Series
2021-1A
Class
A5
–
0.93%
3/22/27
(a)
469,925
456,576
Series
2021-2A
Class
A
–
1.21%
9/20/28
(a)
1,072,865
1,031,705
Series
2022-1A
Class
A2
–
4.18%
3/20/28
(a)
2,967,629
2,913,351
Series
2022-2A
Class
A
–
5.11%
2/22/28
(a)
1,430,011
1,412,853
Series
2023-1A
Class
A
–
5.87%
5/21/29
(a)
1,174,514
1,168,528
Series
2023-2A
Class A2
–
5.88%
6/20/31
(a)
5,600,000
5,568,517
Pagaya
AI
Debt
Selection
Trust
(PAID)
Series
2021-1
Class
A
–
1.18%
11/15/27
(a)
193,999
193,578
Series
2021-3
Class
A
–
1.15%
5/15/29
(a)
212,012
210,045
Series
2021-HG1
Class
A
–
1.22%
1/16/29
(a)
1,819,921
1,738,280
Pagaya
AI
Debt
Trust
(PAID)
Series
2022-2
Class
A
–
4.97%
1/15/30
(a)
789,929
779,804
Series
2022-3
Class
A
–
6.06%
3/15/30
(a)
2,807,166
2,795,550
Series
2022-5
Class
A
–
8.1%
6/17/30
(a)
1,929,929
1,943,226
Series
2023-1
Class
A
–
7.56%
7/15/30
(a)
1,815,755
1,818,441
Series
2023-3
Class A
–
7.6%
12/16/30
(a)
2,473,183
2,480,468
Sierra
Timeshare
Receivables
Funding
LLC
(SRFC)
Series
2019-2A
Class
A
–
2.59%
5/20/36
(a)
307,192
296,095
Series
2019-2A
Class
B
–
2.82%
5/20/36
(a)
38,399
36,942
Series
2020-2A
Class
A
–
1.33%
7/20/37
(a)
490,415
454,501
SoFi
Consumer
Loan
Program
Trust
(SOFI)
Series 2023-1S
Class
A
–
5.81%
5/15/31
(a)
376,876
376,308
Theorem
Funding
Trust
(THRM)
Series
2021-1A
Class
A
–
1.21%
12/15/27
(a)
323,750
321,816
Series
2022-3A
Class
A
–
7.6%
4/15/29
(a)
2,778,406
2,795,833
Upstart
Securitization
Trust
(UPST)
Series
2021-1
Class
B
–
1.89%
3/20/31
(a)
764,083
757,732
Series
2021-2
Class
A
–
0.91%
6/20/31
(a)
27,309
27,222
Series
2021-3
Class
A
–
0.83%
7/20/31
(a)
194,024
192,125
Series
2021-5
Class
A
–
1.31%
11/20/31
(a)
684,680
669,505
Series
2023-1
Class
A
–
6.59%
2/20/33
(a)
982,074
978,992
Series
2023-2
Class A
–
6.77%
6/20/33
(a)
4,000,000
3,994,375
a
72,090,685
a
Equipment
Amur
Equipment
Finance
Receivables
IX
LLC
(AXIS)
Series
2021-1A
Class
A2
–
0.75%
11/20/26
(a)
1,229,048
1,198,403
Series
2021-1A
Class
B
–
1.38%
2/22/27
(a)
1,000,000
945,482
21
a
a
a
$
Principal
Amount
$
Value
a
a
Amur
Equipment
Finance
Receivables
XI
LLC
(AXIS)
Series
2022-2A
Class
A2
–
5.3%
6/21/28
(a)
1,917,897
1,901,321
Amur
Equipment
Finance
Receivables
XII
LLC
(AXIS)
Series
2023-1A
Class A2
–
6.09%
12/20/29
(a)
3,500,000
3,492,781
Dell
Equipment
Finance
Trust
(DEFT)
Series
2021-2
Class
A2
–
0.53%
12/22/26
(a)
582,987
570,682
Series
2022-1
Class
A2
–
2.11%
8/23/27
(a)
761,216
757,219
Series
2023-2
Class A2
–
5.84%
1/22/29
(a)
1,800,000
1,795,992
Dext
ABS
LLC
(DEXT)
Series
2020-1
Class
A
–
1.46%
2/16/27
(a)
62,039
61,910
Series
2021-1
Class
A
–
1.12%
2/15/28
(a)
1,808,452
1,736,813
DLLST
LLC
(DLLST)
Series
2022-1A
Class
A2
–
2.79%
1/22/24
(a)
1,148,943
1,145,484
HPEFS
Equipment
Trust
(HPEFS)
Series 2023-1A
Class
A2
–
5.43%
8/20/25
(a)
2,500,000
2,487,170
MMAF
Equipment
Finance
LLC
(MMAF)
Series
2022-A
Class
A2
–
2.77%
2/13/25
(a)
2,094,067
2,066,057
Series
2022-B
Class
A2
–
5.57%
9/9/25
(a)
2,750,000
2,735,881
Series
2022-B
Class
A3
–
5.61%
7/10/28
(a)
4,250,000
4,245,285
Pawnee
Equipment
Receivables
Series
LLC
(PWNE)
Series
2020-1
Class
A
–
1.37%
11/17/25
(a)
58,388
58,252
Series
2021-1
Class
A2
–
1.1%
7/15/27
(a)
2,224,956
2,148,262
Series
2022-1
Class
A2
–
4.84%
2/15/28
(a)
2,681,204
2,666,416
SCF
Equipment
Leasing
LLC
(SCFET)
Series
2022-2A
Class
A2
–
6.24%
7/20/28
(a)
2,113,477
2,113,276
Series
2022-2A
Class
A3
–
6.5%
10/21/30
(a)
2,750,000
2,772,314
34,899,000
a
Total
Asset-Backed
Securities
(Cost
$328,921,361)
324,934,953
Commercial
Mortgage-Backed
Securities
-
9.3%
a
a
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.
(ARCLO)
Series
2019-FL2
Class
AS
–
6.71%
9/15/34
Floating
Rate
(TSFR1M
+
156)
(a)
(b)
604,458
603,812
Series
2019-FL2
Class
C
–
7.41%
9/15/34
Floating
Rate
(TSFR1M
+
226)
(a)
(b)
3,000,000
2,947,584
AREIT
Trust
(AREIT)
Series
2021-CRE5
Class
A
–
6.24%
11/17/38
Floating
Rate
(Mthly
LIBOR
+
108)
(a)
3,986,443
3,907,982
BFLD
Trust
(BFLD)
Series
2020-OBRK
Class
A
–
7.31%
11/15/28
Floating
Rate
(Mthly
LIBOR
+
205)
(a)
2,625,000
2,611,742
BPR
Trust
(BPR)
Series
2021-KEN
Class
A
–
6.51%
2/15/29
Floating
Rate
(Mthly
LIBOR
+
125)
(a)
3,000,000
2,945,283
BRSP
Ltd.
(BRSP)
Series
2021-FL1
Class
A
–
6.36%
8/19/38
Floating
Rate
(US0001M
+
115)
(a)
(b)
2,500,000
2,434,500
CLNC
Ltd.
(CLNC)
Series
2019-FL1
Class AS
–
6.76%
8/20/35
Floating
Rate
(TSFR1M
+
166)
(a)
(b)
4,694,000
4,590,914
FS
Rialto
Issuer
LLC
(FSRI)
Series
2022-FL5
Class
A
–
7.39%
6/19/37
Floating
Rate
(TSFR1M
+
230)
(a)
(b)
4,500,000
4,467,604
Series
2022-FL7
Class
A
–
7.99%
10/19/39
Floating
Rate
(TSFR1M
+
290)
(a)
1,500,000
1,495,055
GPMT
Ltd.
(GPMT)
Series
2021-FL3
Class
A
–
6.41%
7/16/35
Floating
Rate
(Mthly
LIBOR
+
125)
(a)
(b)
2,831,134
2,796,520
a
a
a
$
Principal
Amount
$
Value
a
a
HERA
Commercial
Mortgage
Ltd.
(HCM)
Series 2021-FL1
Class
A
–
6.21%
2/18/38
Floating
Rate
(US0001M
+
105)
(a)
(b)
3,887,117
3,758,628
HGI
CRE
CLO
Ltd.
(HGI)
Series
2021-FL1
Class
A4
–
6.21%
6/16/36
Floating
Rate
(Mthly
LIBOR
+
105)
(a)
(b)
3,657,487
3,624,573
Series
2021-FL1
Class
AS
–
6.56%
6/16/36
Floating
Rate
(Mthly
LIBOR
+
140)
(a)
(b)
4,000,000
3,898,508
Series
2021-FL2
Class
A4
–
6.16%
9/17/36
Floating
Rate
(Mthly
LIBOR
+
100)
(a)
(b)
2,453,157
2,370,773
Hilton
USA
Trust
(HILT)
Series
2016-SFP
Class
E
–
5.52%
11/5/35
(a)
4,300,000
3,146,423
ILPT
Commercial
Mortgage
Trust
(ILPT)
Series
2022-LPF2
Class
A
–
7.39%
10/15/39
Floating
Rate
(TSFR1M
+
225)
(a)
1,000,000
998,990
KREF
Ltd.
(KREF)
Series
2021-FL2
Class
A4
–
6.23%
2/15/39
Floating
Rate
(Mthly
LIBOR
+
107)
(a)
(b)
4,500,000
4,361,139
LoanCore
Issuer
Ltd.
(LNCR)
Series
2018-CRE1
Class
D
–
8.14%
5/15/28
Floating
Rate
(US0001M
+
295)
(a)
(b)
3,350,000
3,368,804
Series
2021-CRE5
Class
A
–
6.49%
7/15/36
Floating
Rate
(Mthly
LIBOR
+
130)
(a)
(b)
5,000,000
4,908,680
PFP
Ltd.
(PFP)
Series
2021-7
Class
AS
–
6.34%
4/14/38
Floating
Rate
(Mthly
LIBOR
+
115)
(a)
(b)
4,499,775
4,382,439
STWD
Ltd.
(STWD)
Series
2022-FL3
Class
A
–
6.42%
11/15/38
Floating
Rate
(SOFR
30
Day
Avg
+
135)
(a)
(b)
6,500,000
6,391,197
VMC
Finance
LLC
(VMC)
Series
2021-FL4
Class
A
–
6.26%
6/16/36
Floating
Rate
(Mthly
LIBOR
+
110)
(a)
2,310,478
2,251,228
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$74,206,877)
72,262,378
Mortgage-Backed
Securities
-
8.7%
a
a
Federal
Home
Loan
Mortgage
Corporation
Collateralized
Mortgage
Obligations
Series
3649
Class
A
–
4%
3/15/25
117,883
116,024
Series
4107
Class
LW
–
1.75%
8/15/27
3,920,443
3,611,060
Series
4281
Class
AG
–
2.5%
12/15/28
67,745
66,425
Series
3003
Class
LD
–
5%
12/15/34
393,244
389,074
Series
2952
Class
PA
–
5%
2/15/35
137,090
134,225
Series
3620
Class
PA
–
4.5%
12/15/39
289,254
280,019
Series
3842
Class
PH
–
4%
4/15/41
400,819
380,674
a
Pass-Through
Securities
Pool#
G18296
–
4.5%
2/1/24
10,145
10,044
Pool#
G18306
–
4.5%
4/1/24
23,167
22,927
Pool#
G18308
–
4%
5/1/24
41,801
41,166
Pool#
J13949
–
3.5%
12/1/25
438,573
428,756
Pool#
E02804
–
3%
12/1/25
316,456
307,598
Pool#
J14649
–
3.5%
4/1/26
361,518
352,819
Pool#
E02948
–
3.5%
7/1/26
1,069,708
1,041,868
Pool#
J16663
–
3.5%
9/1/26
966,225
939,305
Pool#
E03033
–
3%
2/1/27
622,549
600,744
Pool#
ZS8692
–
2.5%
4/1/33
649,500
600,703
Pool#
G01818
–
5%
5/1/35
481,958
486,257
9,809,688
22
Short
Duration
Income
Fund
(Continued)
Schedule
of
Investments
June
30,
2023
(Unaudited)
a
a
a
$
Principal
Amount
$
Value
a
a
a
Federal
National
Mortgage
Association
Collateralized
Mortgage
Obligations
Series
2010-54
Class
WA
–
3.75%
6/25/25
216
215
a
Pass-Through
Securities
Pool#
MA1502
–
2.5%
7/1/23
371
371
Pool#
995960
–
5%
12/1/23
15
14
Pool#
AD0629
–
5%
2/1/24
6
6
Pool#
930667
–
4.5%
3/1/24
15,978
15,777
Pool#
995693
–
4.5%
4/1/24
3,228
3,186
Pool#
MA0043
–
4%
4/1/24
56,657
55,737
Pool#
995692
–
4.5%
5/1/24
44,161
43,635
Pool#
931739
–
4%
8/1/24
15,038
14,716
Pool#
AE0031
–
5%
6/1/25
5,699
5,667
Pool#
AD7073
–
4%
6/1/25
65,175
63,666
Pool#
AL0471
–
5.5%
7/1/25
27,908
27,778
Pool#
310139
–
3.5%
11/1/25
560,203
546,996
Pool#
AB1769
–
3%
11/1/25
234,513
227,985
Pool#
AH3429
–
3.5%
1/1/26
1,271,037
1,240,359
Pool#
AB2251
–
3%
2/1/26
353,843
343,274
Pool#
AB3902
–
3%
11/1/26
291,224
281,021
Pool#
AB4482
–
3%
2/1/27
1,531,011
1,474,631
Pool#
AL1366
–
2.5%
2/1/27
575,011
549,470
Pool#
AB6291
–
3%
9/1/27
316,298
303,657
Pool#
MA3189
–
2.5%
11/1/27
526,276
500,986
Pool#
MA3791
–
2.5%
9/1/29
1,276,819
1,195,505
Pool#
BM5708
–
3%
12/1/29
874,813
838,328
Pool#
MA0587
–
4%
12/1/30
1,230,088
1,201,164
Pool#
BA4767
–
2.5%
1/1/31
702,755
653,501
Pool#
AS7701
–
2.5%
8/1/31
2,128,915
1,974,506
Pool#
555531
–
5.5%
6/1/33
978,688
1,002,005
Pool#
MA3540
–
3.5%
12/1/33
684,424
656,170
Pool#
725232
–
5%
3/1/34
90,610
91,311
Pool#
995112
–
5.5%
7/1/36
448,789
459,785
13,771,422
a
Government
National
Mortgage
Association
Pass-Through
Securities
Pool#
5255
–
3%
12/20/26
1,248,235
1,207,310
a
Non-Government
Agency
Collateralized
Mortgage
Obligations
Bunker
Hill
Loan
Depositary
Trust
(BHLD)
Series
2019-3A
Class
A1
–
2.72%
11/25/59
(a)
(c)
596,775
571,760
Citigroup
Mortgage
Loan
Trust
(CMLTI)
Series
2014-A
Class
A
–
4%
1/25/35
(a)
(c)
349,233
327,949
Flagstar
Mortgage
Trust
(FSMT)
Series
2017-1
Class
2A2
–
3%
3/25/47
(a)
(c)
436,203
394,414
Series
2021-7
Class
B
–
2.5%
8/25/51
(a)
(c)
5,214,241
4,490,066
Series
2021-10IN
Class
A6
–
2.5%
10/25/51
(a)
(c)
4,883,960
4,188,228
GS
Mortgage-Backed
Securities
Trust
(GSMBS)
Series
2021-PJ9
Class
A8
–
2.5%
2/26/52
(a)
(c)
3,306,448
2,834,438
Series
2022-PJ1
Class
AB
–
2.5%
5/28/52
(a)
(c)
3,992,872
3,405,692
Series
2022-PJ2
Class
A24
–
3%
6/25/52
(a)
(c)
2,602,875
2,277,904
Series
2020-NQM1
Class
A1
–
1.38%
9/27/60
(a)
(c)
392,466
355,689
JPMorgan
Mortgage
Trust
(JPMMT)
Series
2014-2
Class
2A2
–
3.5%
6/25/29
(a)
(c)
529,175
508,517
Series
2014-5
Class
B
–
2.77%
10/25/29
(a)
(c)
1,352,243
1,276,851
a
a
a
$
Principal
Amount
$
Value
a
a
Series
2016-3
Class
A
–
2.98%
10/25/46
(a)
(c)
1,107,315
1,014,440
Series
2017-3
Class
A
–
2.5%
8/25/47
(a)
(c)
2,454,820
2,105,305
Series
2018-6
Class
2A2
–
3%
12/25/48
(a)
(c)
346,110
319,227
Series
2020-7
Class
A
–
3%
1/25/51
(a)
(c)
88,575
85,915
Series
2020-8
Class
A
–
3%
3/25/51
(a)
(c)
222,710
209,452
Series
2021-4
Class
A4
–
2.5%
8/25/51
(a)
(c)
2,114,044
1,827,720
Series
2021-6
Class
B
–
2.5%
10/25/51
(a)
(c)
4,696,019
4,050,545
Series
2021-8
Class
B
–
2.5%
12/25/51
(a)
(c)
1,546,628
1,328,607
Series
2022-2
Class
A4A
–
2.5%
8/25/52
(a)
(c)
1,902,166
1,630,624
JPMorgan
Wealth
Management
(JPMWM)
Series
2020-ATR1
Class
A
–
3%
2/25/50
(a)
(c)
401,953
391,670
Rate
Mortgage
Trust
(RATE)
Series
2021-J3
Class
A7
–
2.5%
10/25/51
(a)
(c)
4,293,673
3,669,012
RCKT
Mortgage
Trust
(RCKT)
Series
2021-3
Class
A5
–
2.5%
7/25/51
(a)
(c)
5,464,886
4,716,034
Sequoia
Mortgage
Trust
(SEMT)
Series
2019-CH2
Class
A
–
4.5%
8/25/49
(a)
(c)
172,923
169,149
Series
2020-3
Class
A
–
3%
4/25/50
(a)
(c)
323,323
307,105
42,456,313
a
Total
Mortgage-Backed
Securities
(Cost
$74,967,546)
67,244,733
U.S.
Treasuries
-
24.5%
a
a
U.S.
Treasury
Notes
2%
5/31/24
18,000,000
17,449,520
3%
6/30/24
1,000,000
976,453
3.25%
8/31/24
13,000,000
12,689,980
2.13%
11/30/24
2,500,000
2,394,775
1.5%
11/30/24
17,000,000
16,144,024
2.75%
2/28/25
2,000,000
1,927,148
1.13%
2/28/25
9,000,000
8,437,500
0.38%
4/30/25
5,000,000
4,601,367
2.88%
6/15/25
9,000,000
8,659,336
3.13%
8/15/25
8,000,000
7,728,281
0.25%
8/31/25
20,000,000
18,150,000
3.5%
9/15/25
7,000,000
6,812,012
4.25%
10/15/25
12,000,000
11,867,813
4%
2/15/26
12,000,000
11,817,422
1.88%
7/31/26
15,000,000
13,890,527
1.63%
10/31/26
17,000,000
15,550,684
2.25%
2/15/27
2,000,000
1,860,234
1.13%
2/28/27
10,000,000
8,925,586
1.13%
2/29/28
16,000,000
13,947,188
1.25%
3/31/28
7,000,000
6,127,871
a
Total
U.S.
Treasuries
(Cost
$202,430,714)
189,957,721
Cash
Equivalents
-
3.2%
a
a
JPMorgan
U.S.
Government
Money
Market
Fund
-
Institutional
Class
4.95%
(Cost
$24,470,340)
(d)
24,470,340
24,470,340
23
Short-Term
Securities
Held
as
Collateral
for
Securities
on
Loan
-
0.1%
a
a
a
$
Principal
Amount
$
Value
a
a
Citibank
N.A.
DDCA
5.07%
74,671
74,671
Goldman
Sachs
Financial
Square
Government
Fund
Institutional
Class
–
5.02%
672,037
672,037
a
Total
Short-Term
Securities
Held
as
Collateral
for
Securities
on
Loan
(Cost
$746,708)
746,708
Total
Investments
in
Securities
(Cost
$815,721,724)
786,306,842
Other
Liabilities
in
Excess
of
Other
Assets
- (1.5%)
(11,241,951)
Net
Assets
-
100%
775,064,891
Net
Asset
Value
Per
Share
-
Investor
Class
11.69
Net
Asset
Value
Per
Share
-
Institutional
Class
11.72
^
This
security
or
a
partial
position
of
this
security
was
on
loan
as
of
June
30,
2023.
The
total
value
of
securities
on
loan
as
of
June
30,
2023
was
$731,109.
(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)
Rate
presented
represents
the
30
day
average
yield
at
June
30,
2023.
24
Ultra
Short
Government
Fund
Schedule
of
Investments
June
30,
2023
(Unaudited)
Asset-Backed
Securities
-
2.7%
a
a
a
$
Principal
Amount
$
Value
a
a
Automobile
ACC
Auto
Trust
(AUTOC)
Series
2021-A
Class
A
–
1.08%
4/15/27
(a)
5,964
5,950
ACM
Auto
Trust
(ACM)
Series
2023-1A
Class
A
–
6.61%
1/22/30
(a)
169,951
169,731
Avid
Automobile
Receivables
Trust
(AVID)
Series
2023-1
Class
A
–
6.63%
7/15/26
(a)
166,684
165,983
CFMT
LLC
(CFMT)
Series
2021-AL1
Class
B
–
1.39%
9/22/31
(a)
190,357
182,798
First
Investors
Auto
Owner
Trust
(FIAOT)
Series
2019-1A
Class
D
–
3.55%
4/15/25
(a)
218,258
217,952
Flagship
Credit
Auto
Trust
(FCAT)
Series
2023-1
Class
A1
–
4.92%
2/15/24
(a)
57,924
57,907
Foursight
Capital
Automobile
Receivables
Trust
(FCRT)
Series
2023-1
Class
A1
–
4.97%
2/15/24
(a)
86,067
86,039
GLS
Auto
Receivables
Issuer
Trust
(GCAR)
Series
2021-4A
Class
A
–
0.84%
7/15/25
(a)
49,263
48,965
LAD
Auto
Receivables
Trust
(LADAR)
Series
2022-1A
Class
A
–
5.21%
6/15/27
(a)
180,051
178,002
Westlake
Automobile
Receivables
Trust
(WLAKE)
Series
2022-1A
Class
A2A
–
1.97%
12/16/24
(a)
42,433
42,276
Wheels
SPV
2
LLC
(WHLS)
Series
2020-1A
Class
A2
–
0.51%
8/20/29
(a)
2,067
2,061
a
1,157,664
a
Consumer
&
Specialty
Finance
LendingPoint
Asset
Securitization
Trust
(LDPT)
Series
2020-REV1
Class
A
–
2.73%
10/15/28
(a)
193,334
192,332
SoFi
Consumer
Loan
Program
Trust
(SOFI)
Series 2023-1S
Class
A
–
5.81%
5/15/31
(a)
376,876
376,308
Theorem
Funding
Trust
(THRM)
Series
2021-1A
Class
A
–
1.21%
12/15/27
(a)
23,125
22,987
Upstart
Securitization
Trust
(UPST)
Series
2021-1
Class
B
–
1.89%
3/20/31
(a)
99,331
98,505
Series
2021-3
Class
A
–
0.83%
7/20/31
(a)
24,253
24,015
Series
2021-5
Class
A
–
1.31%
11/20/31
(a)
338,605
331,101
a
1,045,248
a
Equipment
Amur
Equipment
Finance
Receivables
XII
LLC
(AXIS)
Series
2023-1A
Class A1
–
5.63%
6/20/24
(a)
750,000
750,146
MMAF
Equipment
Finance
LLC
(MMAF)
Series
2022-B
Class
A1
–
4.92%
12/1/23
(a)
96,567
96,509
Pawnee
Equipment
Receivables
Series
LLC
(PWNE)
Series
2022-1
Class
A2
–
4.84%
2/15/28
(a)
335,151
333,302
1,179,957
a
Total
Asset-Backed
Securities
(Cost
$3,400,799)
3,382,869
U.S.
Treasuries
-
86.6%
a
a
U.S.
Treasury
Notes
2.75%
7/31/23
15,000,000
14,971,005
2.5%
8/15/23
18,000,000
17,940,613
2.75%
8/31/23
6,000,000
5,975,464
2.88%
10/31/23
17,500,000
17,361,510
2.75%
11/15/23
19,000,000
18,824,441
2.13%
11/30/23
17,000,000
16,777,212
a
a
a
$
Principal
Amount
$
Value
a
a
2.25%
1/31/24
8,000,000
7,853,346
2.75%
2/15/24
9,000,000
8,852,610
2.5%
4/30/24
2,000,000
1,952,344
a
Total
U.S.
Treasuries
(Cost
$110,587,809)
110,508,545
Cash
Equivalents
-
10.2%
a
a
JPMorgan
U.S.
Government
Money
Market
Fund
-
Institutional
Class
4.95%
(b)
7,086,342
7,086,342
U.S.
Treasury
Bill
4.6%
8/1/23
(c)
6,000,000
5,975,555
a
Total
Cash
Equivalents
(Cost
$13,061,697)
13,061,897
Total
Investments
in
Securities
(Cost
$127,050,305)
126,953,311
Other
Assets
Less
Other
Liabilities
- 0.5%
647,584
Net
Assets
-
100%
127,600,895
Net
Asset
Value
Per
Share
-
Institutional
Class
9.98
(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)
Rate
presented
represents
the
30
day
average
yield
at
June
30,
2023.
(c)
Interest
rates
presented
represent
the
effective
yield
at
June
30,
2023.
25
Value
Fund
Schedule
of
Investments
June
30,
2023
(Unaudited)
Common
Stocks
-
95.6%
a
Information
Technology
%
of
Net
Assets
Shares
$
Value
Application
Software
9.7
Adobe,
Inc.
(a)
60,000
29,339,400
Roper
Technologies,
Inc.
55,000
26,444,000
Salesforce,
Inc.
(a)
125,000
26,407,500
a
IT
Consulting
&
Other
Services
6.9
Gartner,
Inc.
(a)
90,000
31,527,900
Accenture
plc
-
Class
A
(b)
88,000
27,155,040
a
Semiconductors
4.8
Analog
Devices,
Inc.
210,000
40,910,100
a
Systems
Software
3.5
Oracle
Corp.
250,000
29,772,500
a
24.9
211,556,440
Financials
Transaction
&
Payment
Processing
Services
11.2
Visa,
Inc.
-
Class
A
170,000
40,371,600
Mastercard,
Inc.
-
Class
A
95,000
37,363,500
Fidelity
National
Information
Services,
Inc.
325,000
17,777,500
a
Multi-Sector
Holdings
4.6
Berkshire
Hathaway,
Inc.
-
Class
B
(a)
115,000
39,215,000
a
Insurance
Brokers
3.3
Aon
plc
-
Class
A
(b)
80,000
27,616,000
a
Financial
Exchanges
&
Data
3.1
S&P
Global,
Inc.
65,000
26,057,850
a
22.2
188,401,450
Communication
Services
Interactive
Media
&
Services
11.2
Alphabet,
Inc.
-
Class
C
(a)
495,000
59,880,150
Meta
Platforms,
Inc.
-
Class
A
(a)
122,500
35,155,050
a
Cable
&
Satellite
8.0
Liberty
Broadband
Corp.
-
Class
C
(a)
360,000
28,839,600
Liberty
Media
Corp.-Liberty
SiriusXM
-
Class
C
(a)
700,000
22,911,000
Charter
Communications,
Inc.
-
Class
A
(a)
43,821
16,098,521
a
19.2
162,884,321
Health
Care
Life
Sciences
Tools
&
Services
8.1
Danaher
Corp.
145,000
34,800,000
Thermo
Fisher
Scientific,
Inc.
65,000
33,913,750
a
Health
Care
Services
2.8
Laboratory
Corp.
of
America
Holdings
100,000
24,133,000
a
10.9
92,846,750
a
Materials
%
of
Net
Assets
Shares
$
Value
Construction
Materials
4.7
Vulcan
Materials
Co.
175,000
39,452,000
a
Industrial
Gases
2.2
Linde
plc
50,000
19,054,000
a
6.9
58,506,000
Consumer
Discretionary
Broadline
Retail
3.7
Amazon.com,
Inc.
(a)
240,000
31,286,400
a
Automotive
Retail
2.6
CarMax,
Inc.
(a)
265,000
22,180,500
a
6.3
53,466,900
Industrials
Research
&
Consulting
Services
5.2
CoStar
Group,
Inc.
(a)
500,000
44,500,000
a
Total
Common
Stocks
(Cost
$401,667,750)
812,161,861
Cash
Equivalents
-
4.5%
a
a
$
Principal
Amount
$
Value
a
a
JPMorgan
U.S.
Government
Money
Market
Fund
-
Institutional
Class
4.95%
(c)
13,227,788
13,227,788
U.S.
Treasury
Bills,
4.41%
to
4.9%,
7/25/23
to
8/22/23
(d)
25,000,000
24,882,546
a
Total
Cash
Equivalents
(Cost
$38,108,731)
38,110,334
Total
Investments
in
Securities
(Cost
$439,776,481)
850,272,195
Other
Liabilities
in
Excess
of
Other
Assets
- (0.1%)
(753,572)
Net
Assets
-
100%
849,518,623
Net
Asset
Value
Per
Share
-
Investor
Class
49.94
Net
Asset
Value
Per
Share
-
Institutional
Class
51.23
(a)
Non-income
producing.
(b)
Foreign
domiciled
entity.
(c)
Rate
presented
represents
the
30
day
average
yield
at
June
30,
2023.
(d)
Interest
rates
presented
represent
the
effective
yield
at
June
30,
2023.
26
NOTES
TO
SCHEDULES
OF
INVESTMENTS
June
30,
2023
(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)
Affiliated
Issuers
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
are
those
in
which
a
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
the
issuer.
A
summary
of
each
Fund's
holdings
in
the
securities
of
such
issuers
is
set
forth
below:
(3)
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.
Partners
Ill
Opportunity
Fund
Value
3/31/202
3
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain(Loss)
Net
Change
in
Unrealized
Appreciation/Depreciation
Value
6/30/2023
Shares
as
of
6/30/2023
Dividend
Income
Capital
Gains
Distributions
CoreCard
Corp.
$
15,215,650
$—
$
(130,767
)
$
127,267
$
(2,532,150)
$
1
2,680,000
500,000
$
—
$—