1
Conservative
Allocation
Fund
Schedule
of
Investments
December
31,
2023
(Unaudited)
Common
Stocks
-
45.9%
a
Financials
%
of
Net
Assets
Shares
$
Value
Transaction
&
Payment
Processing
Services
5.1
Mastercard,
Inc.
-
Class
A
10,500
4,478,355
Visa,
Inc.
-
Class
A
17,000
4,425,950
Fidelity
National
Information
Services,
Inc.
40,000
2,402,800
a
Multi-Sector
Holdings
2.8
Berkshire
Hathaway,
Inc.
-
Class
B
(a)
17,500
6,241,550
a
Insurance
Brokers
1.8
Aon
plc
-
Class
A
(b)
14,000
4,074,280
a
Diversified
Banks
1.5
JPMorgan
Chase
&
Co.
20,000
3,402,000
a
Financial
Exchanges
&
Data
1.5
S&P
Global,
Inc.
7,500
3,303,900
a
Property
&
Casualty
Insurance
1.5
Markel
Group,
Inc.
(a)
2,250
3,194,775
a
14.2
31,523,610
Information
Technology
Semiconductor
Materials
&
Equipment
4.3
Analog
Devices,
Inc.
25,000
4,964,000
Microchip
Technology,
Inc.
30,000
2,705,400
Texas
Instruments,
Inc.
11,301
1,926,368
a
Systems
Software
4.0
Microsoft
Corp.
15,000
5,640,600
Oracle
Corp.
30,000
3,162,900
a
IT
Consulting
&
Other
Services
1.9
Accenture
plc
-
Class
A
(b)
12,000
4,210,920
a
Application
Software
1.5
Roper
Technologies,
Inc.
6,000
3,271,020
a
11.7
25,881,208
Health
Care
Life
Sciences
Tools
&
Services
4.3
Danaher
Corp.
21,000
4,858,140
Thermo
Fisher
Scientific,
Inc.
8,750
4,644,413
a
Health
Care
Services
1.5
Laboratory
Corp.
of
America
Holdings
15,000
3,409,350
a
5.8
12,911,903
Materials
Construction
Materials
4.1
Vulcan
Materials
Co.
20,000
4,540,200
Martin
Marietta
Materials,
Inc.
9,000
4,490,190
a
Industrial
Gases
1.1
Linde
plc
6,000
2,464,260
a
5.2
11,494,650
a
Industrials
%
of
Net
Assets
Shares
$
Value
Industrial
Machinery
&
Supplies
&
Components
2.3
IDEX
Corp.
12,000
2,605,320
Fortive
Corp.
35,000
2,577,050
a
Environmental
&
Facilities
Services
1.2
Veralto
Corp.
32,500
2,673,450
a
Industrial
Conglomerates
0.9
Honeywell
International,
Inc.
9,500
1,992,245
a
4.4
9,848,065
Communication
Services
Cable
&
Satellite
2.0
Comcast
Corp.
-
Class
A
55,000
2,411,750
Charter
Communications,
Inc.
-
Class
A
(a)
5,000
1,943,400
a
Interactive
Media
&
Services
1.4
Alphabet,
Inc.
-
Class
C
(a)
22,000
3,100,460
a
3.4
7,455,610
Consumer
Staples
Distillers
&
Vintners
1.2
Diageo
plc
-
ADR
(b)
17,500
2,549,050
a
Total
Common
Stocks
(Cost
$54,091,658)
101,664,096
Non-Convertible
Preferred
Stocks
-
0.5%
a
Qurate
Retail,
Inc.
8.00%
3/15/31
(Cost
$2,948,209)
^
30,000
1,078,800
Corporate
Bonds
-
0.8%
a
a
a
$
Principal
Amount
$
Value
a
a
AutoZone,
Inc.
3.63%
4/15/25
500,000
491,348
Brown
&
Brown,
Inc
4.2%
9/15/24
390,000
385,970
JPMorgan
Chase
&
Co.
3.84%
6/14/25
Floating
Rate
(SOFR
+
98)
200,000
198,439
U.S.
Bancorp
2.4%
7/30/24
500,000
491,563
Vulcan
Materials
Co.
5.8%
3/1/26
250,000
250,273
a
Total
Corporate
Bonds
(Cost
$1,836,218)
1,817,593
Corporate
Convertible
Bonds
-
0.9%
a
a
Redwood
Trust,
Inc.
5.63%
7/15/24
(Cost
$1,973,461)
2,000,000
1,979,995
2
Conservative
Allocation
Fund
(Continued)
Schedule
of
Investments
December
31,
2023
(Unaudited)
Asset-Backed
Securities
-
8.7%
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
574,221
ARI
Fleet
Lease
Trust
(ARIFL)
Series
2022-A
Class
A2
–3.12%
1/15/31
(c)
39,329
38,973
Series
2023-B
Class
A2
–6.05%
7/15/32
(c)
150,000
151,748
BOF
URSA
VI
Funding
Trust
I
(BOF)
Series
2023-CAR1
Class
A2
–5.54%
10/27/31
(c)
103,000
102,580
Series
2023-CAR2
Class
A2
–5.54%
10/27/31
(c)
239,699
238,749
CarMax
Auto
Owner
Trust
(CARMX)
Series
2020-3
Class
D
–2.53%
1/15/27
360,000
352,220
Series
2021-3
Class
C
–1.25%
5/17/27
380,000
353,553
CFMT
LLC
(CFMT)
Series
2021-AL1
Class
B
–1.39%
9/22/31
(c)
202,770
196,650
Chesapeake
Funding
II
LLC
(CFII)
Series
2021-1A
Class
A1
–0.47%
4/15/33
(c)
135,991
133,112
Series
2023-1A
Class
A1
–5.65%
5/15/35
(c)
416,909
418,193
Series
2023-2A
Class
A1
–6.16%
10/15/35
(c)
143,023
144,573
Enterprise
Fleet
Financing
LLC
(EFF)
Series
2023-1
Class
A2
–5.51%
1/22/29
(c)
245,510
245,850
Series
2023-2
Class
A2
–5.56%
4/22/30
(c)
400,000
401,278
Series
2023-3
Class
A2
–6.4%
3/20/30
(c)
600,000
613,657
Flagship
Credit
Auto
Trust
(FCAT)
Series
2020-4
Class
C
–1.28%
2/16/27
(c)
216,150
211,789
Foursight
Capital
Automobile
Receivables
Trust
(FCRT)
Series
2022-2
Class
A2
–4.49%
3/16/26
(c)
106,047
105,798
GLS
Auto
Receivables
Issuer
Trust
(GCAR)
Series
2021-1A
Class
C
–1.2%
1/15/27
(c)
46,889
46,752
GM
Financial
Automobile
Leasing
Trust
(GMALT)
Series
2021-3
Class
B
–0.76%
7/21/25
490,000
484,412
JPMorgan
Chase
Auto
Credit
Linked
Note
(CACLN)
Series
2020-2
Class
A2
–0.84%
2/25/28
(c)
1,089
1,085
Series
2021-1
Class
A2
–0.88%
9/25/28
(c)
84,490
82,980
Series
2021-2
Class
A4
–0.89%
12/26/28
(c)
78,037
76,298
LAD
Auto
Receivables
Trust
(LADAR)
Series
2021-1A
Class
A
–1.3%
8/17/26
(c)
126,588
125,057
Series
2022-1A
Class
A
–5.21%
6/15/27
(c)
302,352
300,874
Series
2023-1A
Class
A2
–5.68%
10/15/26
(c)
157,417
157,258
Series
2023-2A
Class
A2
–5.93%
6/15/27
(c)
306,348
306,626
Series
2023-4A
Class
A3
–6.1%
12/15/27
(c)
225,000
227,453
Merchants
Fleet
Funding
LLC
(MFF)
Series
2023-1A
Class
A
–7.21%
5/20/36
(c)
460,000
465,024
OneMain
Direct
Auto
Receivables
Trust
(ODART)
Series
2021-1A
Class
A
–0.87%
7/14/28
(c)
436,376
418,961
Series
2022-1A
Class
C
–1.42%
7/14/28
(c)
447,000
406,655
Santander
Drive
Auto
Receivables
Trust
(SDART)
Series
2020-2
Class
D
–2.22%
9/15/26
143,012
141,304
SFS
Auto
Receivables
Securitization
Trust
(SFS)
Series
2023-1A
Class
A2A
–5.89%
3/22/27
(c)
90,302
90,476
Westlake
Automobile
Receivables
Trust
(WLAKE)
Series
2021-2A
Class
B
–0.62%
7/15/26
(c)
2,689
2,685
Wheels
Fleet
Lease
Funding
LLC
(WFLF)
Series
2023-2A
Class
A
–6.46%
8/18/38
(c)
700,000
708,853
a
8,325,697
a
Collateralized
Loan
Obligations
ABPCI
Direct
Lending
Fund
CLO
X
LP
(ABPCI)
Series
2020-10A
Class
A
–7.54%
1/20/32
Floating
Rate
(TSFR3M
+
221)
(b)
(c)
(d)
500,000
500,731
a
a
a
$
Principal
Amount
$
Value
a
a
Audax
Senior
Debt
CLO
6
LLC
(AUDAX)
Series
2021-6A
Class
A1
–7.18%
10/20/33
Floating
Rate
(TSFR3M
+
176)
(c)
(d)
500,000
496,976
BlackRock
Rainier
CLO
VI
Ltd.
(BLKMM)
Series
2021-6A
Class
A
–7.38%
4/20/33
Floating
Rate
(TSFR3M
+
196)
(b)
(c)
(d)
500,000
498,195
Capital
Four
US
CLO
II
Ltd.
(C4US)
Series
2022-1A
Class
A1
–7.56%
10/20/30
Floating
Rate
(TSFR3M
+
214)
(b)
(c)
(d)
453,048
454,087
Cerberus
Loan
Funding
LP
(CERB)
Series
2020-1A
Class
A
–7.51%
10/15/31
Floating
Rate
(TSFR3M
+
211)
(b)
(c)
(d)
229,540
229,527
Series
2021-6A
Class
A
–7.06%
11/22/33
Floating
Rate
(TSFR3M
+
166)
(b)
(c)
(d)
42,586
42,605
Churchill
Middle
Market
CLO
III
Ltd.
(CHMML)
Series
2021-1A
Class
A1
–7.16%
10/24/33
Floating
Rate
(TSFR3M
+
176)
(b)
(c)
(d)
250,000
248,514
Fortress
Credit
Opportunities
XV
CLO
Ltd.
(FCO)
Series
2021-15A
Class
A2
–7.19%
4/25/33
Floating
Rate
(TSFR3M
+
181)
(b)
(c)
(d)
500,000
496,727
Golub
Capital
Partners
CLO
54M
LP
(GOCAP)
Series
2021-54A
Class
A2
–7.18%
8/5/33
Floating
Rate
(TSFR3M
+
179)
(b)
(c)
(d)
500,000
497,804
Monroe
Capital
MML
CLO
XII
Ltd.
(MCMML)
Series
2021-2A
Class
A1
–7.15%
9/14/33
Floating
Rate
(TSFR3M
+
176)
(b)
(c)
(d)
500,000
498,521
Palmer
Square
Loan
Funding
Ltd.
(PSTAT)
Series
2021-1A
Class
A2
–6.93%
4/20/29
Floating
Rate
(TSFR3M
+
151)
(b)
(c)
(d)
500,000
493,261
a
4,456,948
a
Consumer
&
Specialty
Finance
Foundation
Finance
Trust
(FFIN)
Series
2021-2A
Class
A
–2.19%
1/15/42
(c)
123,556
112,196
Series
2023-2A
Class
A
–6.53%
6/15/49
(c)
213,142
217,408
Lendingpoint
Asset
Securitization
Trust
(LDPT)
Series
2022-C
Class
A
–6.56%
2/15/30
(c)
126,967
126,911
Marlette
Funding
Trust
(MFT)
Series
2023-1A
Class
A
–6.07%
4/15/33
(c)
110,866
110,801
Series
2023-3A
Class
A
–6.49%
9/15/33
(c)
162,278
162,502
Octane
Receivables
Trust
(OCTL)
Series
2021-1A
Class
A5
–0.93%
3/22/27
(c)
17,957
17,689
Series
2021-2A
Class
A
–1.21%
9/20/28
(c)
65,727
64,000
Series
2022-1A
Class
A2
–4.18%
3/20/28
(c)
121,548
120,190
Series
2022-2A
Class
A
–5.11%
2/22/28
(c)
114,098
113,337
Upstart
Securitization
Trust
(UPST)
Series
2021-5
Class
A
–1.31%
11/20/31
(c)
20,710
20,565
a
1,065,599
a
Equipment
Amur
Equipment
Finance
Receivables
IX
LLC
(AXIS)
Series
2021-1A
Class
A2
–0.75%
11/20/26
(c)
92,304
91,265
Amur
Equipment
Finance
Receivables
XI
LLC
(AXIS)
Series
2022-2A
Class
A2
–5.3%
6/21/28
(c)
109,729
109,478
Amur
Equipment
Finance
Receivables
XII
LLC
(AXIS)
Series
2023-1A
Class
A2
–6.09%
12/20/29
(c)
249,249
251,384
Dell
Equipment
Finance
Trust
(DEFT)
Series
2021-2
Class
A2
–0.53%
12/22/26
(c)
173,531
172,124
Series
2023-2
Class
A2
–5.84%
1/22/29
(c)
200,000
200,532
Series
2023-3
Class
A2
–6.1%
4/23/29
(c)
150,000
150,988
3
a
a
a
$
Principal
Amount
$
Value
a
a
Dext
ABS
LLC
(DEXT)
Series
2023-2
Class
A2
–6.56%
5/15/34
(c)
700,000
703,756
Granite
Park
Equipment
Leasing
LLC
(SCFGP)
Series
2023-1A
Class
A2
–6.51%
5/20/30
(c)
350,000
353,095
GreatAmerica
Leasing
Receivables
Funding
LLC
(GALC)
Series
2021-1
Class
B
–0.72%
12/15/26
(c)
500,000
476,071
HPEFS
Equipment
Trust
(HPEFS)
Series
2023-1A
Class
A2
–5.43%
8/20/25
(c)
461,182
460,629
MMAF
Equipment
Finance
LLC
(MMAF)
Series
2022-A
Class
A2
–2.77%
2/13/25
(c)
79,729
79,334
Series
2022-B
Class
A2
–5.57%
9/9/25
(c)
172,372
172,188
Series
2022-B
Class
A3
–5.61%
7/10/28
(c)
250,000
251,706
Series
2023-A
Class
A2
–5.79%
11/13/26
(c)
175,000
175,673
SCF
Equipment
Leasing
LLC
(SCFET)
Series
2022-2A
Class
A2
–6.24%
7/20/28
(c)
56,529
56,549
Series
2022-2A
Class
A3
–6.5%
10/21/30
(c)
250,000
252,092
SCF
Equipment
Trust
LLC
(SCFET)
Series
2023-1A
Class
A2
–6.56%
1/22/30
(c)
1,000,000
1,008,037
a
4,964,901
a
Other
Verizon
Master
Trust
(VZMT)
Series
2023-7
Class
A1A
–5.67%
11/20/29
465,000
478,290
a
Total
Asset-Backed
Securities
(Cost
$19,265,298)
19,291,435
Commercial
Mortgage-Backed
Securities
-
2.7%
a
a
AREIT
LLC
(AREIT)
Series
2023-CRE8
Class
AS
–8.23%
8/17/41
Floating
Rate
(TSFR1M
+
287)
(c)
500,000
498,932
AREIT
Trust
(AREIT)
Series
2021-CRE5
Class
A
–6.55%
11/17/38
Floating
Rate
(TSFR1M
+
119)
(c)
332,204
323,559
CLNC
Ltd.
(CLNC)
Series
2019-FL1
Class
AS
–7.02%
8/20/35
Floating
Rate
(TSFR1M
+
166)
(b)
(c)
500,000
493,967
FS
Rialto
Issuer
LLC
(FSRI)
Series
2022-FL5
Class
A
–7.66%
6/19/37
Floating
Rate
(TSFR1M
+
230)
(b)
(c)
500,000
495,764
GPMT
Ltd.
(GPMT)
Series
2021-FL3
Class
A
–6.72%
7/16/35
Floating
Rate
(TSFR1M
+
136)
(b)
(c)
272,998
268,268
HERA
Commercial
Mortgage
Ltd.
(HCM)
Series
2021-FL1
Class
A
–6.52%
2/18/38
Floating
Rate
(TSFR1M
+
116)
(b)
(c)
371,173
361,572
HGI
CRE
CLO
Ltd.
(HGI)
Series
2021-FL1
Class
A4
–6.52%
6/16/36
Floating
Rate
(TSFR1M
+
116)
(b)
(c)
142,692
139,404
Series
2021-FL1
Class
AS
–6.87%
6/16/36
Floating
Rate
(TSFR1M
+
151)
(b)
(c)
500,000
481,405
Series
2021-FL2
Class
A4
–6.47%
9/17/36
Floating
Rate
(TSFR1M
+
111)
(b)
(c)
137,050
133,475
HIG
RCP
LLC
(HIG)
Series
2023-FL1
Class
A
–7.64%
9/19/38
Floating
Rate
(TSFR1M
+
227)
(b)
(c)
500,000
498,117
KREF
Ltd.
(KREF)
Series
2021-FL2
Class
A4
–6.55%
2/15/39
Floating
Rate
(TSFR1M
+
118)
(b)
(c)
500,000
487,277
a
a
a
$
Principal
Amount
$
Value
a
a
Series
2022-FL3
Class
A
–6.81%
2/17/39
Floating
Rate
(TSFR1M
+
145)
(b)
(c)
500,000
494,725
LoanCore
Issuer
Ltd.
(LNCR)
Series
2021-CRE5
Class
A
–6.78%
7/15/36
Floating
Rate
(TSFR1M
+
141)
(b)
(c)
398,212
393,113
PFP
Ltd.
(PFP)
Series
2022-9
Class
A
–7.64%
8/19/35
Floating
Rate
(TSFR1M
+
227)
(b)
(c)
250,000
249,707
STWD
Ltd.
(STWD)
Series
2022-FL3
Class
A
–6.69%
11/15/38
Floating
Rate
(SOFR30A
+
135)
(b)
(c)
500,000
485,748
VMC
Finance
LLC
(VMC)
Series
2021-FL4
Class
A
–6.57%
6/16/36
Floating
Rate
(TSFR1M
+
121)
(c)
230,599
225,167
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$6,088,093)
6,030,200
Mortgage-Backed
Securities
-
2.9%
a
a
Federal
Home
Loan
Mortgage
Corporation
Collateralized
Mortgage
Obligations
Series
3649
Class
A
–4%
3/15/25
2,792
2,761
a
Pass-Through
Securities
Pool#
J14649
–
3.5%
4/1/26
8,894
8,682
Pool#
E02948
–
3.5%
7/1/26
19,281
18,784
Pool#
J16663
–
3.5%
9/1/26
13,261
13,015
Pool#
ZS8692
–
2.5%
4/1/33
119,178
110,964
Pool#
SB8257
–
5.5%
9/1/38
1,279,397
1,297,973
1,452,179
a
Federal
National
Mortgage
Association
Pass-Through
Securities
Pool#
995755
–
4.5%
5/1/24
185
184
Pool#
AB1769
–
3%
11/1/25
6,746
6,525
Pool#
AB3902
–
3%
11/1/26
22,319
21,739
Pool#
AK3264
–
3%
2/1/27
18,565
18,065
Pool#
AB6291
–
3%
9/1/27
111,312
108,060
Pool#
MA3189
–
2.5%
11/1/27
91,866
88,522
Pool#
MA3791
–
2.5%
9/1/29
219,476
209,571
Pool#
BM5708
–
3%
12/1/29
105,642
102,440
Pool#
AS7701
–
2.5%
8/1/31
607,457
573,765
Pool#
MA3540
–
3.5%
12/1/33
69,604
68,361
1,197,232
a
Government
National
Mortgage
Association
Pass-Through
Securities
Pool#
5255
–
3%
12/20/26
21,531
20,978
a
Non-Government
Agency
Collateralized
Mortgage
Obligations
Flagstar
Mortgage
Trust
(FSMT)
Series
2021-7
Class
B
–2.5%
8/25/51
(c)
(d)
384,515
335,872
GS
Mortgage-Backed
Securities
Trust
(GSMBS)
Series
2022-PJ1
Class
AB
–2.5%
5/28/52
(c)
(d)
429,958
372,801
JPMorgan
Mortgage
Trust
(JPMMT)
Series
2014-5
Class
B
–2.75%
10/25/29
(c)
(d)
40,248
38,535
Series
2016-3
Class
A
–2.97%
10/25/46
(c)
(d)
125,873
117,128
4
Conservative
Allocation
Fund
(Continued)
Schedule
of
Investments
December
31,
2023
(Unaudited)
a
a
a
$
Principal
Amount
$
Value
a
a
Series
2017-3
Class
A
–2.5%
8/25/47
(c)
(d)
159,213
137,920
Series
2020-7
Class
A
–3%
1/25/51
(c)
(d)
23,523
22,991
Series
2020-8
Class
A
–3%
3/25/51
(c)
(d)
64,972
62,139
Series
2021-6
Class
B
–2.5%
10/25/51
(c)
(d)
504,045
442,320
Series
2021-8
Class
B
–2.5%
12/25/51
(c)
(d)
368,227
322,760
Series
2022-2
Class
A4A
–2.5%
8/25/52
(c)
(d)
298,531
259,207
Series
2023-6
Class
A4A
–5.5%
12/26/53
(c)
(d)
687,119
681,647
JPMorgan
Wealth
Management
(JPMWM)
Series
2020-ATR1
Class
A
–3%
2/25/50
(c)
(d)
16,268
16,051
RCKT
Mortgage
Trust
(RCKT)
Series
2021-3
Class
A5
–2.5%
7/25/51
(c)
(d)
349,743
306,738
Sequoia
Mortgage
Trust
(SEMT)
Series
2019-CH2
Class
A
–4.5%
8/25/49
(c)
(d)
22,153
21,760
Series
2020-3
Class
A
–3%
4/25/50
(c)
(d)
30,644
29,492
Series
2023-3
Class
A4
–6%
9/25/53
(c)
(d)
466,819
468,866
3,636,227
a
Total
Mortgage-Backed
Securities
(Cost
$6,681,786)
6,306,616
U.S.
Treasuries
-
35.8%
a
a
U.S.
Treasury
Notes
2.75%
2/15/24
2,000,000
1,993,706
2.13%
2/29/24
2,000,000
1,989,757
2%
4/30/24
2,000,000
1,979,094
2.5%
5/31/24
1,000,000
988,848
3%
6/30/24
2,000,000
1,979,110
0.38%
9/15/24
2,000,000
1,936,941
4.25%
9/30/24
2,000,000
1,989,838
2.25%
10/31/24
2,000,000
1,956,954
1.13%
1/15/25
2,000,000
1,926,705
1.38%
1/31/25
2,000,000
1,930,078
2%
2/15/25
2,000,000
1,941,484
2.63%
3/31/25
2,000,000
1,952,969
2.75%
5/15/25
3,000,000
2,929,453
0.25%
6/30/25
2,000,000
1,878,828
0.25%
7/31/25
2,000,000
1,873,320
3.13%
8/15/25
2,000,000
1,960,469
2.75%
8/31/25
2,000,000
1,947,266
3.5%
9/15/25
2,000,000
1,970,820
3%
10/31/25
2,000,000
1,953,750
2.25%
11/15/25
2,000,000
1,926,641
0.38%
11/30/25
2,000,000
1,857,539
0.38%
1/31/26
1,000,000
924,043
4%
2/15/26
2,000,000
1,991,133
2.38%
4/30/26
2,000,000
1,922,500
0.75%
5/31/26
2,000,000
1,846,523
1.5%
8/15/26
2,000,000
1,872,187
4.63%
9/15/26
2,000,000
2,028,086
1.63%
10/31/26
4,000,000
3,745,469
2%
11/15/26
3,000,000
2,836,641
1.88%
2/28/27
2,000,000
1,875,117
2.38%
5/15/27
2,000,000
1,900,000
0.5%
8/31/27
2,000,000
1,767,383
4.13%
10/31/27
2,000,000
2,012,813
2.25%
11/15/27
2,000,000
1,880,859
3.5%
1/31/28
2,000,000
1,968,711
4%
2/29/28
2,000,000
2,006,914
3.5%
4/30/28
2,000,000
1,968,477
4.13%
7/31/28
2,000,000
2,020,898
a
a
a
$
Principal
Amount
$
Value
a
a
4.63%
9/30/28
2,000,000
2,064,688
2.88%
4/30/29
1,000,000
951,367
4%
10/31/29
1,000,000
1,004,863
a
Total
U.S.
Treasuries
(Cost
$80,791,876)
79,452,242
Cash
Equivalents
-
1.5%
a
a
JPMorgan
U.S.
Government
Money
Market
Fund
-
Institutional
Class
5.21%
(Cost
$3,433,184)
(e)
3,433,184
3,433,184
Short-Term
Securities
Held
as
Collateral
for
Securities
on
Loan
-
0.0%
a
a
a
Goldman
Sachs
Financial
Square
Government
Fund
Institutional
Class
–
5.23%
(e)
43,875
43,875
Citibank
N.A.
DDCA
5.32%
4,875
4,875
a
Total
Short-Term
Securities
Held
as
Collateral
for
Securities
on
Loan
(Cost
$48,750)
48,750
Total
Investments
in
Securities
(Cost
$177,158,533)
221,102,911
Other
Assets
Less
Other
Liabilities
- 0.3%
699,693
Net
Assets
-
100%
221,802,604
Net
Asset
Value
Per
Share
-
Investor
Class
16.55
Net
Asset
Value
Per
Share
-
Institutional
Class
16.57
^
This
security
or
a
partial
position
of
this
security
was
on
loan
as
of
December
31,
2023.
The
total
value
of
securities
on
loan
as
of
December
31,
2023
was
$47,541.
(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
7
day
average
yield
at
December
31,
2023.
5
Core
Plus
Income
Fund
Schedule
of
Investments
December
31,
2023
(Unaudited)
Corporate
Bonds
-
13.1%
a
a
a
$
Principal
Amount
$
Value
a
Abercrombie
&
Fitch
Management
Co.
8.75%
7/15/25
(a)
1,428,000
1,450,918
Aircastle,
Ltd.
5.25%
8/11/25
(a)
(b)
5,171,000
5,100,283
Ally
Financial,
Inc.
8%
11/1/31
2,000,000
2,193,331
American
Airlines
Group,
Inc.
3.75%
3/1/25
(a)
1,000,000
975,441
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.
5.5%
4/20/26
(a)
2,750,000
2,732,184
5.75%
4/20/29
(a)
1,000,000
975,908
Antares
Holdings,
LP
7.95%
8/11/28
(a)
3,000,000
3,108,514
Ares
Capital
Corp.
2.88%
6/15/28
1,000,000
886,938
Ashtead
Capital,
Inc.
4.38%
8/15/27
(a)
1,000,000
961,403
4%
5/1/28
(a)
1,070,000
1,007,947
2.45%
8/12/31
(a)
500,000
407,481
5.55%
5/30/33
(a)
250,000
247,599
5.95%
10/15/33
(a)
1,000,000
1,019,629
AT&T,
Inc.
6.8%
5/15/36
713,000
792,091
Axalta
Coating
Systems
LLC
3.38%
2/15/29
(a)
624,000
560,614
Bath
&
Body
Works,
Inc.
6.95%
3/1/33
3,675,000
3,677,661
6.88%
11/1/35
301,000
305,200
6.75%
7/1/36
2,756,000
2,777,196
Berkshire
Hathaway
Finance
Corp.
4.25%
1/15/49
500,000
466,926
Blue
Owl
Credit
Income
Corp.
7.75%
1/15/29
(a)
5,000,000
5,162,125
Broadcom,
Inc.
3.42%
4/15/33
(a)
350,000
307,567
3.14%
11/15/35
(a)
1,014,000
833,012
Cantor
Fitzgerald
LP
4.5%
4/14/27
(a)
1,500,000
1,441,029
7.2%
12/12/28
(a)
1,000,000
1,025,914
Carlisle
Cos.,
Inc.
3.5%
12/1/24
532,000
522,192
3.75%
12/1/27
500,000
479,464
CDW
LLC
/
CDW
Finance
Corp.
4.25%
4/1/28
4,000,000
3,834,217
3.28%
12/1/28
1,000,000
918,563
Charles
Schwab
Corp.
(The)
1.95%
12/1/31
5,000,000
4,013,730
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
4.2%
3/15/28
650,000
624,882
Choice
Hotels
International,
Inc.
3.7%
1/15/31
250,000
215,681
Cinemark
USA,
Inc.
5.88%
3/15/26
(a)
500,000
489,850
5.25%
7/15/28^
(a)
3,000,000
2,755,139
Compass
Group
Diversified
Holdings
LLC
5.25%
4/15/29
(a)
2,581,000
2,440,879
Concentrix
Corp.
6.6%
8/2/28
3,165,000
3,258,474
6.85%
8/2/33
4,812,000
4,952,745
a
a
a
$
Principal
Amount
$
Value
a
CoStar
Group,
Inc.
2.8%
7/15/30
(a)
5,846,000
4,975,145
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.
4.5%
10/20/25
(a)
370,000
364,522
4.75%
10/20/28
(a)
1,100,000
1,082,460
Devon
Energy
Corp.
5.25%
10/15/27
325,000
326,978
4.5%
1/15/30
920,000
884,034
Diamondback
Energy,
Inc.
3.25%
12/1/26
75,000
72,672
3.5%
12/1/29
100,000
92,938
Dick's
Sporting
Goods,
Inc.
3.15%
1/15/32
1,700,000
1,449,494
Dow
Chemical
Co.
(The)
4.25%
10/1/34
1,052,000
1,008,202
Drax
Finco
PLC
6.63%
11/1/25
(a)
(b)
1,000,000
984,829
Element
Fleet
Management
Corp.
3.85%
6/15/25
(a)
(b)
1,000,000
972,662
Energy
Transfer
LP
2.9%
5/15/25
500,000
484,845
6%
2/1/29
(a)
1,000,000
1,009,639
7.38%
2/1/31
(a)
900,000
946,404
Enterprise
Products
Operating
LLC
4.45%
2/15/43
990,000
905,089
EPR
Properties
(EPR)
4.75%
12/15/26
1,250,000
1,196,981
4.5%
6/1/27
3,330,000
3,144,563
4.95%
4/15/28
3,830,000
3,636,747
3.6%
11/15/31
350,000
290,611
Essential
Properties
LP
2.95%
7/15/31
11,081,000
8,725,437
Expedia
Group,
Inc.
3.8%
2/15/28
484,000
467,009
3.25%
2/15/30
90,000
82,561
Gap,
Inc.
(The)
3.88%
10/1/31
(a)
106,000
87,445
HEICO
Corp.
5.25%
8/1/28
3,000,000
3,065,099
5.35%
8/1/33
1,000,000
1,024,415
Hercules
Capital,
Inc.
2.63%
9/16/26
1,000,000
903,174
Highwoods
Realty
LP
3.88%
3/1/27
750,000
696,762
3.05%
2/15/30
1,600,000
1,324,123
2.6%
2/1/31
500,000
389,217
Host
Hotels
&
Resorts
LP
Series
H
3.38%
12/15/29
612,000
550,035
Indiana
Bell
Telephone
Co.,
Inc.
7.3%
8/15/26
535,000
558,072
Ingersoll
Rand,
Inc.
5.4%
8/14/28
1,000,000
1,031,127
International
Flavors
&
Fragrances,
Inc.
(IFF)
4.45%
9/26/28
1,662,000
1,622,846
5%
9/26/48
1,500,000
1,277,800
Kilroy
Realty,
LP
2.65%
11/15/33
280,000
212,630
Kite
Realty
Group
Trust
(KRG)
4.75%
9/15/30
2,315,000
2,183,011
Lennar
Corp.
4.75%
5/30/25
622,000
618,537
6
Core
Plus
Income
Fund
(Continued)
Schedule
of
Investments
December
31,
2023
(Unaudited)
a
a
a
$
Principal
Amount
$
Value
a
LKQ
Corp.
6.25%
6/15/33
5,000,000
5,229,136
LPL
Holdings,
Inc.
6.75%
11/17/28
3,000,000
3,199,935
LXP
Industrial
Trust
6.75%
11/15/28
3,000,000
3,156,273
2.7%
9/15/30
500,000
414,931
Markel
Group,
Inc.
3.5%
11/1/27
550,000
523,178
Marriott
International,
Inc.
Series
HH
2.85%
4/15/31
500,000
432,988
Masonite
International
Corp.
5.38%
2/1/28
(a)
646,000
621,039
3.5%
2/15/30
(a)
200,000
173,605
MasTec,
Inc.
4.5%
8/15/28
(a)
3,881,000
3,649,366
Micron
Technology,
Inc.
4.19%
2/15/27
500,000
490,670
Mileage
Plus
Holdings
LLC/Mileage
Plus
Intellectual
Property
Assets
Ltd.
6.5%
6/20/27
(a)
1,263,500
1,268,009
MPLX
LP
4.88%
6/1/25
190,000
188,942
4%
3/15/28
85,000
82,019
4.8%
2/15/29
250,000
248,434
4.7%
4/15/48
551,000
476,090
OneMain
Finance
Corp.
3.88%
9/15/28
1,994,000
1,765,816
5.38%
11/15/29
3,303,000
3,097,746
Oracle
Corp.
4.13%
5/15/45
1,000,000
817,592
3.6%
4/1/50
470,000
348,541
Owl
Rock
Core
Income
Corp.
5.5%
3/21/25
11,807,000
11,648,486
Penske
Truck
Leasing
Co.
Lp
/
PTL
Finance
Corp.
6.05%
8/1/28
(a)
2,000,000
2,075,011
Phillips
Edison
Grocery
Center
Operating
Partnership
I
LP
2.63%
11/15/31
4,100,000
3,281,863
Physicians
Realty
LP
4.3%
3/15/27
1,271,000
1,237,497
2.63%
11/1/31
7,577,000
6,240,154
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.
3.55%
12/15/29
798,000
735,309
4.3%
1/31/43
75,000
59,798
Polaris,
Inc.
6.95%
3/15/29
1,000,000
1,064,695
Realty
Income
Corp.
4.85%
3/15/30
1,000,000
1,005,400
RELX
Capital,
Inc.
4%
3/18/29
500,000
492,026
4.75%
5/20/32
250,000
252,102
Retail
Opportunity
Investments
Partnership
LP
6.75%
10/15/28
3,445,000
3,622,827
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co-Issuer,
Inc.
3.88%
3/1/31
(a)
200,000
176,154
4%
10/15/33
(a)
1,450,000
1,233,491
Spirit
Realty
LP
4%
7/15/29
2,000,000
1,899,768
STORE
Capital
Corp.
4.5%
3/15/28
503,000
463,004
4.63%
3/15/29
2,463,000
2,274,934
a
a
a
$
Principal
Amount
$
Value
a
2.7%
12/1/31
1,250,000
948,402
Take-Two
Interactive
Software,
Inc.
3.7%
4/14/27
1,000,000
969,828
Tempur
Sealy
International,
Inc.
4%
4/15/29
(a)
400,000
361,711
3.88%
10/15/31
(a)
1,500,000
1,269,986
T-Mobile
USA,
Inc.
2.63%
4/15/26
250,000
237,940
3.38%
4/15/29
4,000,000
3,720,953
Twilio,
Inc.
3.88%
3/15/31
300,000
267,754
United
Wholesale
Mortgage
LLC
5.75%
6/15/27
(a)
200,000
196,227
5.5%
4/15/29
(a)
700,000
663,512
VICI
Properties
LP
4.95%
2/15/30
500,000
485,655
VICI
Properties
LP/VICI
Note
Co.,
Inc.
4.13%
8/15/30
(a)
1,120,000
1,021,390
VistaJet
Malta
Finance
PLC
/
Vista
Management
Holding,
Inc.
7.88%
5/1/27^
(a)
(b)
4,462,000
3,842,926
6.38%
2/1/30^
(a)
(b)
100,000
69,918
Vontier
Corp.
2.95%
4/1/31
100,000
84,346
a
Total
Corporate
Bonds
(Cost
$188,685,466)
189,658,219
Corporate
Convertible
Bonds
-
0.1%
a
Redwood
Trust,
Inc.
5.63%
7/15/24
700,000
692,998
5.75%
10/1/25
500,000
469,688
a
Total
Corporate
Convertible
Bonds
(Cost
$1,199,139)
1,162,686
Asset-Backed
Securities
-
21.6%
a
Automobile
ACM
Auto
Trust
(ACM)
Series
2023-1A
Class
B
–7.26%
1/22/30
(a)
2,550,000
2,547,949
Series
2023-1A
Class
C
–8.59%
1/22/30
(a)
2,500,000
2,489,509
Series
2023-2A
Class
A
–7.97%
6/20/30
(a)
4,838,782
4,856,097
Series
2023-2A
Class
B
–9.85%
6/20/30
(a)
7,000,000
7,050,292
American
Credit
Acceptance
Receivables
Trust
(ACAR)
Series
2020-4
Class
D
–1.77%
12/14/26
(a)
2,600,000
2,576,521
AmeriCredit
Automobile
Receivables
Trust
(AMCAR)
Series
2020-2
Class
D
–2.13%
3/18/26
1,500,000
1,447,617
Series
2020-3
Class
D
–1.49%
9/18/26
1,250,000
1,182,475
Series
2022-1
Class
C
–2.98%
9/20/27
450,000
429,834
Arivo
Acceptance
Auto
Loan
Receivables
Trust
(ARIVO)
Series
2021-1A
Class
A
–1.19%
1/15/27
(a)
15,582
15,343
Series
2022-2A
Class
C
–9.84%
3/15/29
(a)
1,000,000
1,033,557
Avid
Automobile
Receivables
Trust
(AVID)
Series
2023-1
Class
A
–6.63%
7/15/26
(a)
810,309
809,866
Series
2023-1
Class
B
–7.12%
3/15/27
(a)
1,500,000
1,501,658
BOF
URSA
VI
Funding
Trust
I
(BOF)
Series
2023-CAR1
Class
A2
–5.54%
10/27/31
(a)
514,998
512,899
Series
2023-CAR2
Class
A2
–5.54%
10/27/31
(a)
1,198,496
1,193,746
7
a
a
a
$
Principal
Amount
$
Value
a
BOF
VII
AL
Funding
Trust
I
(BOF)
Series
2023-CAR3
Class
A2
–6.29%
7/26/32
(a)
4,051,091
4,078,307
CFMT
LLC
(CFMT)
Series
2021-AL1
Class
B
–1.39%
9/22/31
(a)
473,130
458,851
Drive
Auto
Receivables
Trust
(DRIVE)
Series
2021-1
Class
D
–1.45%
1/16/29
610,000
585,304
Enterprise
Fleet
Financing
LLC
(EFF)
Series
2023-2
Class
A2
–5.56%
4/22/30
(a)
2,000,000
2,006,390
Exeter
Automobile
Receivables
Trust
(EART)
Series
2021-4A
Class
C
–1.46%
10/15/27
1,145,000
1,122,570
FHF
Issuer
Trust
(FHF)
Series
2023-2A
Class
A2
–6.79%
10/15/29
(a)
1,750,000
1,773,279
First
Help
Financial
Trust
(FHF)
Series
2023-1A
Class
A2
–6.57%
6/15/28
(a)
3,108,968
3,099,744
First
Investors
Auto
Owner
Trust
(FIAOT)
Series
2022-1A
Class
A
–2.03%
1/15/27
(a)
123,612
121,477
Series
2022-2A
Class
D
–8.71%
10/16/28
(a)
1,000,000
1,054,023
Flagship
Credit
Auto
Trust
(FCAT)
Series
2021-1
Class
E
–2.72%
4/17/28
(a)
1,500,000
1,386,777
Series
2021-2
Class
C
–1.27%
6/15/27
(a)
2,100,000
1,995,599
Series
2021-3
Class
C
–1.46%
9/15/27
(a)
255,000
237,942
Series
2021-4
Class
D
–2.26%
12/15/27
(a)
350,000
318,982
Foursight
Capital
Automobile
Receivables
Trust
(FCRT)
Series
2022-2
Class
A2
–4.49%
3/16/26
(a)
106,047
105,798
GLS
Auto
Receivables
Issuer
Trust
(GCAR)
Series
2021-1A
Class
C
–1.2%
1/15/27
(a)
49,357
49,212
Series
2021-2A
Class
D
–1.42%
4/15/27
(a)
405,000
383,258
Series
2021-3A
Class
C
–1.11%
9/15/26
(a)
800,000
781,472
Series
2021-4A
Class
D
–2.48%
10/15/27
(a)
455,000
425,860
JPMorgan
Chase
Bank
NA
(CACLN)
Series
2021-2
Class
E
–2.28%
12/26/28
(a)
156,074
153,051
LAD
Auto
Receivables
Trust
(LADAR)
Series
2021-1A
Class
A
–1.3%
8/17/26
(a)
221,530
218,850
Series
2021-1A
Class
C
–2.35%
4/15/27
(a)
6,500,000
6,224,967
Series
2021-1A
Class
D
–3.99%
11/15/29
(a)
3,740,000
3,564,373
Series
2022-1A
Class
B
–5.87%
9/15/27
(a)
1,720,000
1,723,776
Series
2022-1A
Class
C
–6.85%
4/15/30
(a)
2,000,000
2,008,403
Series
2023-1A
Class
D
–7.3%
6/17/30
(a)
3,000,000
3,050,235
Series
2023-2A
Class
A2
–5.93%
6/15/27
(a)
3,063,475
3,066,260
Series
2023-4A
Class
C
–6.76%
3/15/29
(a)
1,510,000
1,541,323
Lendbuzz
Securitization
Trust
(LBST)
Series
2023-1A
Class
A2
–6.92%
8/15/28
(a)
4,234,021
4,258,263
Series
2023-3A
Class
A2
–7.5%
12/15/28
(a)
7,500,000
7,606,573
Lobel
Automobile
Receivables
Trust
(LOBEL)
Series
2023-1
Class
A
–6.97%
7/15/26
(a)
1,668,239
1,671,726
Series
2023-2
Class
A
–7.59%
4/16/29
(a)
1,028,924
1,035,935
OneMain
Direct
Auto
Receivables
Trust
(ODART)
Series
2021-1A
Class
D
–1.62%
11/14/30
(a)
1,000,000
895,361
Series
2022-1A
Class
C
–1.42%
7/14/28
(a)
4,000,000
3,638,969
Prestige
Auto
Receivables
Trust
(PART)
Series
2022-1A
Class
C
–7.09%
8/15/28
(a)
1,000,000
1,011,941
Research-Driven
Pagaya
Motor
Asset
Trust
(RPM)
Series
2023-3A
Class
A
–7.13%
1/26/32
(a)
4,988,895
5,020,986
Santander
Bank
NA
(SBCLN)
Series
2021-1A
Class
C
–3.27%
12/15/31
(a)
123,892
121,367
Tricolor
Auto
Securitization
Trust
(TCAST)
Series
2023-1A
Class
A
–6.48%
8/17/26
(a)
908,172
907,645
Series
2023-1A
Class
B
–6.84%
11/16/26
(a)
1,480,000
1,481,861
United
Auto
Credit
Securitization
Trust
(UACST)
Series
2023-1
Class
A
–5.57%
7/10/25
(a)
127,229
127,160
a
a
a
$
Principal
Amount
$
Value
a
Westlake
Automobile
Receivables
Trust
(WLAKE)
Series
2021-1A
Class
C
–0.95%
3/16/26
(a)
260,615
258,316
a
97,219,549
a
Collateralized
Loan
Obligations
ABPCI
Direct
Lending
Fund
CLO
X
LP
(ABPCI)
Series
2020-10A
Class
B1
–7.94%
1/20/32
Floating
Rate
(TSFR3M
+
261)
(a)
(b)
(c)
2,725,000
2,721,222
ABPCI
Direct
Lending
Fund
CLO
XI
LP
(ABPCI)
Series
2022-11A
Class
B1
–8.96%
10/27/34
Floating
Rate
(TSFR3M
+
360)
(a)
(b)
(c)
1,500,000
1,509,036
ABPCI
Direct
Lending
Fund
CLO
XII
Ltd.
(ABPCI)
Series
2023-12A
Class
B
–8.89%
4/29/35
Floating
Rate
(TSFR3M
+
350)
(a)
(b)
(c)
2,000,000
2,018,264
ABPCI
Direct
Lending
Fund
CLO
XVI
LP
(ABPCI)
Series
2023-16A
Class
C
–9.43%
2/1/36
Floating
Rate
(TSFR3M
+
425)
(a)
(c)
2,000,000
2,000,000
Antares
CLO
Ltd.
(ANTRS)
Series
2017-2A
Class
DR
–9.43%
10/20/33
Floating
Rate
(TSFR3M
+
401)
(a)
(b)
(c)
2,000,000
1,867,675
Audax
Senior
Debt
CLO
6
LLC
(AUDAX)
Series
2021-6A
Class
B
–7.63%
10/20/33
Floating
Rate
(TSFR3M
+
221)
(a)
(c)
3,000,000
2,908,126
AUF
Funding
LLC
(AUF)
Series
2022-1A
Class
B1
–9.17%
1/20/31
Floating
Rate
(TSFR3M
+
375)
(a)
(c)
1,500,000
1,513,695
Barings
Middle
Market
CLO,
Ltd.
(BMM)
Series
2023-IIA
Class
A2
–8.53%
1/20/32
Floating
Rate
(TSFR3M
+
320)
(a)
(b)
(c)
3,000,000
2,999,601
Series
2023-IIA
Class
B
–9.48%
1/20/32
Floating
Rate
(TSFR3M
+
415)
(a)
(b)
(c)
3,000,000
2,999,511
Series
2023-IIA
Class
C
–11.58%
1/20/32
Floating
Rate
(TSFR3M
+
625)
(a)
(b)
(c)
2,500,000
2,499,395
BBC
Middle
Market
CLO
(BCMM)
Series
2023-1A
Class
B1
–9.22%
7/20/35
Floating
Rate
(TSFR3M
+
380)
(a)
(c)
3,750,000
3,793,593
BCRED
MML
CLO
LLC
(BXCMM)
Series
2022-1A
Class
A1
–7.07%
4/20/35
Floating
Rate
(TSFR3M
+
165)
(a)
(b)
(c)
1,000,000
994,090
BlackRock
Elbert
CLO
V
LLC
(ELB)
Series
5A
Class
AR
–7.23%
6/15/34
Floating
Rate
(TSFR3M
+
185)
(a)
(b)
(c)
1,040,000
1,036,421
BlackRock
Rainier
CLO
VI
Ltd.
(BLKMM)
Series
2021-6A
Class
B
–7.73%
4/20/33
Floating
Rate
(TSFR3M
+
231)
(a)
(b)
(c)
1,800,000
1,768,672
Brightwood
Capital
MM
CLO
Ltd.
(BWCAP)
Series
2020-1A
Class
A1R
–8.19%
1/15/31
Floating
Rate
(TSFR3M
+
280)
(a)
(b)
(c)
2,145,998
2,146,406
Cerberus
Loan
Funding
LP
(CERB)
Series
2020-1A
Class
B
–8.21%
10/15/31
Floating
Rate
(TSFR3M
+
281)
(a)
(b)
(c)
500,000
501,617
Series
2020-1A
Class
C
–9.36%
10/15/31
Floating
Rate
(TSFR3M
+
396)
(a)
(b)
(c)
500,000
501,792
Series
2021-2A
Class
B
–7.56%
4/22/33
Floating
Rate
(TSFR3M
+
216)
(a)
(b)
(c)
1,500,000
1,469,282
Series
2021-6A
Class
B
–7.41%
11/22/33
Floating
Rate
(TSFR3M
+
201)
(a)
(b)
(c)
1,650,000
1,646,764
Series
2022-1A
Class
A2
–4.02%
4/15/34
(a)
1,750,000
1,669,498
Cerberus
Loan
Funding
XLII
LLC
(CERB)
Series
2023-3A
Class
B
–8.78%
9/13/35
Floating
Rate
(TSFR3M
+
335)
(a)
(c)
1,750,000
1,765,885
8
Core
Plus
Income
Fund
(Continued)
Schedule
of
Investments
December
31,
2023
(Unaudited)
a
a
a
$
Principal
Amount
$
Value
a
Churchill
Middle
Market
CLO
III
Ltd.
(CHMML)
Series
2021-1A
Class
A1
–7.16%
10/24/33
Floating
Rate
(TSFR3M
+
176)
(a)
(b)
(c)
1,000,000
994,057
CIFC-LBC
Middle
Market
CLO
(CLBC)
Series
2023-1A
Class
B1
–8.99%
10/20/35
Floating
Rate
(TSFR3M
+
355)
(a)
(c)
4,500,000
4,553,802
Series
2023-1A
Class
C
–9.74%
10/20/35
Floating
Rate
(TSFR3M
+
430)
(a)
(c)
5,000,000
5,046,419
Deerpath
Capital
CLO
Ltd.
(DPATH)
Series
2021-2A
Class
A1
–7.26%
1/15/34
Floating
Rate
(TSFR3M
+
186)
(a)
(b)
(c)
1,000,000
998,118
Series
2021-2A
Class
C
–8.56%
1/15/34
Floating
Rate
(TSFR3M
+
316)
(a)
(b)
(c)
2,300,000
2,247,593
Series
2022-1A
Class
A1
–7.34%
7/15/33
Floating
Rate
(TSFR3M
+
195)
(a)
(b)
(c)
750,000
747,073
Series
2023-1A
Class
B1
–9.29%
4/15/35
Floating
Rate
(TSFR3M
+
390)
(a)
(b)
(c)
2,500,000
2,529,789
Series
2023-1A
Class
C
–10.64%
4/15/35
Floating
Rate
(TSFR3M
+
525)
(a)
(b)
(c)
1,500,000
1,522,816
Fortress
Credit
Opportunities
IX
CLO
Ltd.
(FCO)
Series
2017-9A
Class
A1TR
–7.21%
10/15/33
Floating
Rate
(TSFR3M
+
181)
(a)
(b)
(c)
1,500,000
1,492,500
Fortress
Credit
Opportunities
XV
CLO
Ltd.
(FCO)
Series
2021-15A
Class
B
–7.49%
4/25/33
Floating
Rate
(TSFR3M
+
211)
(a)
(b)
(c)
1,500,000
1,465,954
Fortress
Credit
Opportunities
XXI
CLO
LLC
(FCO)
Series
2023-21A
Class
AT
–8.06%
1/21/35
Floating
Rate
(TSFR3M
+
265)
(a)
(c)
2,000,000
2,008,113
Series
2023-21A
Class
C
–10.31%
1/21/35
Floating
Rate
(TSFR3M
+
490)
(a)
(c)
1,000,000
1,011,696
Golub
Capital
Partners
CLO
31M
Ltd.
(GOCAP)
Series
2016-31A
Class
CR
–8.55%
8/5/30
Floating
Rate
(TSFR3M
+
316)
(a)
(b)
(c)
1,000,000
995,000
Golub
Capital
Partners
CLO
45M
Ltd.
(GOCAP)
Series
19-45A
Class
C
–9.48%
10/20/31
Floating
Rate
(TSFR3M
+
406)
(a)
(b)
(c)
3,000,000
3,011,012
Golub
Capital
Partners
CLO
54M
LP
(GOCAP)
Series
2021-54A
Class
B
–7.5%
8/5/33
Floating
Rate
(TSFR3M
+
211)
(a)
(b)
(c)
500,000
486,684
Series
2021-54A
Class
C
–8.3%
8/5/33
Floating
Rate
(TSFR3M
+
291)
(a)
(b)
(c)
1,000,000
976,706
Golub
Capital
Partners
Short
Duration
(GSHOR)
Series
2022-1A
Class
B1
–8.88%
10/25/31
Floating
Rate
(TSFR3M
+
350)
(a)
(c)
1,000,000
1,004,648
Guggenheim
MM
CLO
Ltd.
(GUGG)
Series
2021-4A
Class
B
–7.91%
1/15/34
Floating
Rate
(TSFR3M
+
251)
(a)
(b)
(c)
2,500,000
2,458,758
Ivy
Hill
Middle
Market
Credit
Fund
IX
Ltd.
(IVYH)
Series
9A
Class
A1TR
–7.03%
4/23/34
Floating
Rate
(TSFR3M
+
162)
(a)
(b)
(c)
1,500,000
1,482,990
KKR
Lending
Partners
III
CLO
LLC
(KKRLP)
Series
2021-1A
Class
B
–7.58%
10/20/30
Floating
Rate
(TSFR3M
+
216)
(a)
(c)
3,000,000
2,988,036
KKR
Static
CLO
I
Ltd.
(KKRS)
Series
2022-1A
Class
B
–8.02%
7/20/31
Floating
Rate
(TSFR3M
+
260)
(a)
(b)
(c)
1,250,000
1,253,414
Maranon
Loan
Funding
Ltd.
(MRNON)
Series
2021-2RA
Class
BR
–7.71%
7/15/33
Floating
Rate
(TSFR3M
+
231)
(a)
(b)
(c)
2,500,000
2,438,347
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
1,513,515
a
a
a
$
Principal
Amount
$
Value
a
Monroe
Capital
MML
CLO
XII
Ltd.
(MCMML)
Series
2021-2A
Class
C
–8.3%
9/14/33
Floating
Rate
(TSFR3M
+
291)
(a)
(b)
(c)
2,000,000
1,954,079
Monroe
Capital
MML
CLO
XV
LLC
(MCMML)
Series
2023-1A
Class
A1
–7.93%
9/23/35
Floating
Rate
(TSFR3M
+
250)
(a)
(c)
3,000,000
3,012,151
Series
2023-1A
Class
B
–8.88%
9/23/35
Floating
Rate
(TSFR3M
+
345)
(a)
(c)
3,000,000
3,027,324
NXT
Capital
CLO
LLC
(NXT)
Series
2020-1A
Class
B
–8.08%
1/20/31
Floating
Rate
(TSFR3M
+
266)
(a)
(c)
5,400,000
5,408,610
Series
2020-1A
Class
C
–9.03%
1/20/31
Floating
Rate
(TSFR3M
+
361)
(a)
(c)
800,000
796,444
Owl
Rock
CLO
IX
LLC
(OR)
Series
2022-9A
Class
B
–9.37%
11/20/34
Floating
Rate
(TSFR3M
+
400)
(a)
(c)
1,000,000
1,008,969
Owl
Rock
CLO
VIII
LLC
(OR)
Series
2022-8A
Class
AT
–7.87%
11/20/34
Floating
Rate
(TSFR3M
+
250)
(a)
(c)
1,000,000
1,003,149
Owl
Rock
CLO
XII
LLC
(OR)
Series
2023-12A
Class
B
–8.91%
7/20/34
Floating
Rate
(TSFR3M
+
355)
(a)
(b)
(c)
1,000,000
1,006,721
Palmer
Square
Loan
Funding
Ltd.
(PSTAT)
Series
2021-1A
Class
A2
–6.93%
4/20/29
Floating
Rate
(TSFR3M
+
151)
(a)
(b)
(c)
250,000
246,630
Series
2021-1A
Class
B
–7.48%
4/20/29
Floating
Rate
(TSFR3M
+
206)
(a)
(b)
(c)
1,000,000
994,184
PennantPark
CLO
VI
LLC
(PCLO)
Series
2023-6A
Class
B1
–9.16%
4/22/35
Floating
Rate
(TSFR3M
+
375)
(a)
(c)
2,000,000
2,022,559
Twin
Brook
CLO
(TWBRK)
Series
2023-1A
Class
B
–8.62%
4/20/35
Floating
Rate
(TSFR3M
+
320)
(a)
(c)
1,000,000
1,007,553
Series
2023-1A
Class
C
–9.52%
4/20/35
Floating
Rate
(TSFR3M
+
410)
(a)
(c)
3,000,000
3,014,650
Windhill
CLO,
Ltd.
(WNDHL)
Series
2023-1A
Class
C
–9.83%
10/22/35
Floating
Rate
(TSFR3M
+
450)
(a)
(b)
(c)
9,200,000
9,186,688
a
117,247,296
a
Consumer
&
Specialty
Finance
ACHV
ABS
Trust
(ACHV)
Series
2023-1PL
Class
B
–6.8%
3/18/30
(a)
792,371
793,512
Affirm
Asset
Securitization
Trust
(AFFRM)
Series
2022-Z1
Class
A
–4.55%
6/15/27
(a)
429,101
424,399
Series
2023-X1
Class
A
–7.11%
11/15/28
(a)
1,060,000
1,063,324
Bankers
Healthcare
Group
Securitization
Trust
(BHG)
Series
2020-A
Class
A
–2.56%
9/17/31
(a)
58,509
58,040
Series
2021-A
Class
A
–1.42%
11/17/33
(a)
189,708
178,943
Series
2022-B
Class
B
–4.84%
6/18/35
(a)
1,498,342
1,463,410
Series
2023-A
Class
A
–5.55%
4/17/36
(a)
829,188
825,280
BHG
Securitization
Trust
(BHG)
Series
2023-B
Class
A
–6.92%
12/17/36
(a)
1,729,208
1,757,332
Driven
Brands
Funding
LLC
(HONK)
Series
2019-2A
Class
A2
–3.98%
10/20/49
(a)
480,000
453,513
Foundation
Finance
Trust
(FFIN)
Series
2019-1A
Class
A
–3.86%
11/15/34
(a)
34,905
34,615
Series
2021-1A
Class
B
–1.87%
5/15/41
(a)
3,133,628
2,801,778
FREED
ABS
Trust
(FREED)
Series
2022-1FP
Class
C
–2.51%
3/19/29
(a)
2,444,377
2,413,275
Series
2022-3FP
Class
B
–5.79%
8/20/29
(a)
530,091
529,680
Series
2022-4FP
Class
C
–8.59%
12/18/29
(a)
2,000,000
2,041,106
9
a
a
a
$
Principal
Amount
$
Value
a
Hilton
Grand
Vacations
Trust
(HGVT)
Series
2020-AA
Class
B
–4.22%
2/25/39
(a)
157,835
152,852
Lendingpoint
Asset
Securitization
Trust
(LDPT)
Series
2022-C
Class
A
–6.56%
2/15/30
(a)
634,835
634,553
LP
LMS
Asset
Securitization
Trust
(LPMS)
Series
2023-1A
Class
A
–8.18%
10/17/33
(a)
2,148,432
2,158,895
Marlette
Funding
Trust
(MFT)
Series
2021-2A
Class
B
–1.06%
9/15/31
(a)
3,404
3,397
Series
2023-1A
Class
A
–6.07%
4/15/33
(a)
776,061
775,610
Octane
Receivables
Trust
(OCTL)
Series
2020-1A
Class
B
–1.98%
6/20/25
(a)
1,212,207
1,208,019
Series
2021-1A
Class
B
–1.53%
4/20/27
(a)
700,000
671,594
Series
2022-1A
Class
A2
–4.18%
3/20/28
(a)
283,612
280,443
Pagaya
AI
Debt
Selection
Trust
(PAID)
Series
2021
Class
B
–1.82%
1/16/29
(a)
231,386
220,138
Pagaya
AI
Debt
Trust
(PAID)
Series
2022-2
Class
A
–4.97%
1/15/30
(a)
455,889
453,346
Series
2022-3
Class
A
–6.06%
3/15/30
(a)
913,990
912,239
Series
2022-5
Class
A
–8.1%
6/17/30
(a)
769,892
780,640
Series
2023-1
Class
A
–7.56%
7/15/30
(a)
1,760,286
1,768,176
Series
2023-3
Class
A
–7.6%
12/16/30
(a)
3,504,107
3,524,436
Series
2023-5
Class
B
–7.63%
4/15/31
(a)
1,749,985
1,766,401
Series
2023-5
Class
C
–9.1%
4/15/31
(a)
2,999,975
3,055,527
Series
2023-5
Class
D
–9%
4/15/31
(a)
3,499,970
3,317,347
Series
2023-7
Class
C
–8.8%
7/15/31
(a)
8,000,000
8,134,647
Series
2023-7
Class
D
–9%
7/15/31
(a)
5,000,000
4,669,849
Prosper
Marketplace
Issuance
Trust
(PMIT)
Series
2023-1A
Class
A
–7.06%
7/16/29
(a)
671,810
675,020
Sierra
Timeshare
Receivables
Funding
LLC
(SRFC)
Series
2019-2A
Class
B
–2.82%
5/20/36
(a)
89,700
88,115
Theorem
Funding
Trust
(THRM)
Series
2021-1A
Class
B
–1.84%
12/15/27
(a)
516,533
512,621
Series
2022-2A
Class
B
–9.27%
12/15/28
(a)
1,000,000
1,037,694
Series
2022-3A
Class
A
–7.6%
4/15/29
(a)
472,967
476,360
Upstart
Securitization
Trust
(UPST)
Series
2021-1
Class
C
–4.06%
3/20/31
(a)
206,841
202,163
Series
2023-2
Class
A
–6.77%
6/20/33
(a)
4,593,310
4,615,809
a
56,934,098
a
Equipment
Amur
Equipment
Finance
Receivables
IX
LLC
(AXIS)
Series
2021-1A
Class
B
–1.38%
2/22/27
(a)
1,035,000
1,005,506
Series
2021-1A
Class
D
–2.3%
11/22/27
(a)
500,000
480,294
Amur
Equipment
Finance
Receivables
XII
LLC
(AXIS)
Series
2023-1A
Class
A2
–6.09%
12/20/29
(a)
996,998
1,005,536
Dext
ABS
LLC
(DEXT)
Series
2020-1
Class
B
–1.92%
11/15/27
(a)
152,670
152,144
a
2,643,480
a
Other
Adams
Outdoor
Advertising,
LP
(ADMSO)
Series
2023-1
Class
A2
–6.97%
7/15/53
(a)
6,000,000
6,091,570
Frontier
Issuer
LLC
(FYBR)
Series
2023-1
Class
A2
–6.6%
8/20/53
(a)
10,000,000
9,973,314
Golub
Capital
Partners
ABS
Funding
(GOCAP)
Series
2023-1A
Class
A
–7.46%
7/25/33
(a)
5,000,000
5,052,714
Jersey
Mike's
Funding
(JMIKE)
Series
2019-1A
Class
A2
–4.43%
2/15/50
(a)
2,649,975
2,517,426
a
a
a
$
Principal
Amount
$
Value
a
Monroe
Capital
ABS
Funding
II
Ltd.
(MCF)
Series
2023-1A
Class
D
–10.2%
4/22/33
(a)
3,500,000
3,516,034
Oxford
Finance
Funding
Trust
(OXFIN)
Series
2023-1A
Class
A2
–6.72%
2/15/31
(a)
5,000,000
4,990,353
Stack
Infrastructure
Issuer
LLC
(SIDC)
Series
2023-3A
Class
A2
–5.9%
10/25/48
(a)
4,250,000
4,210,488
Zaxby's
Funding
LLC
(ZAXBY)
Series
2021-1A
Class
A2
–3.24%
7/30/51
(a)
1,221,875
1,063,491
37,415,390
a
Total
Asset-Backed
Securities
(Cost
$310,372,905)
311,459,813
Commercial
Mortgage-Backed
Securities
-
4.6%
a
AREIT
LLC
(AREIT)
Series
2023-CRE8
Class
B
–8.68%
8/17/41
Floating
Rate
(TSFR1M
+
332)
(a)
5,000,000
4,968,839
Series
2023-CRE8
Class
C
–9.38%
8/17/41
Floating
Rate
(TSFR1M
+
402)
(a)
5,000,000
4,997,880
Series
2023-CRE8
Class
D
–10.73%
8/17/41
Floating
Rate
(TSFR1M
+
537)
(a)
3,000,000
3,004,895
AREIT
Trust
(AREIT)
Series
2021-CRE5
Class
A
–6.55%
11/17/38
Floating
Rate
(TSFR1M
+
119)
(a)
664,407
647,119
BDS
Ltd.
(BDS)
Series
2021-FL10
Class
C
–7.77%
12/16/36
Floating
Rate
(TSFR1M
+
241)
(a)
(b)
1,250,000
1,189,759
BPCRE
Ltd.
(BPCRE)
Series
2022-FL2
Class
C
–9.86%
1/16/37
Floating
Rate
(TSFR1M
+
450)
(a)
(b)
2,500,000
2,487,648
BPR
Trust
(BPR)
Series
2021-TY
Class
B
–6.63%
9/15/38
Floating
Rate
(TSFR1M
+
126)
(a)
3,250,000
3,107,173
BRSP
Ltd.
(BRSP)
Series
2021-FL1
Class
B
–7.37%
8/19/38
Floating
Rate
(TSFR1M
+
201)
(a)
(b)
1,100,000
1,043,117
Series
2021-FL1
Class
E
–8.92%
8/19/38
Floating
Rate
(TSFR1M
+
356)
(a)
(b)
4,000,000
3,518,242
FS
Rialto
Issuer
LLC
(FSRI)
Series
2021-FL2
Class
E
–8.92%
5/16/38
Floating
Rate
(TSFR1M
+
356)
(a)
1,000,000
898,755
Series
2022-FL7
Class
A
–8.26%
10/19/39
Floating
Rate
(TSFR1M
+
290)
(a)
1,000,000
1,005,861
GPMT
Ltd.
(GPMT)
Series
2021-FL3
Class
A
–6.72%
7/16/35
Floating
Rate
(TSFR1M
+
136)
(a)
(b)
1,091,993
1,073,070
HERA
Commercial
Mortgage
Ltd.
(HCM)
Series
2021-FL1
Class
C
–7.42%
2/18/38
Floating
Rate
(TSFR1M
+
206)
(a)
(b)
650,000
622,126
HGI
CRE
CLO
Ltd.
(HGI)
Series
2021-FL1
Class
A4
–6.52%
6/16/36
Floating
Rate
(TSFR1M
+
116)
(a)
(b)
522,955
510,907
Series
2021-FL1
Class
AS
–6.87%
6/16/36
Floating
Rate
(TSFR1M
+
151)
(a)
(b)
2,000,000
1,925,618
Series
2021-FL1
Class
B
–7.07%
6/16/36
Floating
Rate
(TSFR1M
+
171)
(a)
(b)
5,100,000
4,832,396
Series
2021-FL1
Class
C
–7.17%
6/16/36
Floating
Rate
(TSFR1M
+
181)
(a)
(b)
450,000
427,613
Series
2021-FL1
Class
E
–8.42%
6/16/36
Floating
Rate
(TSFR1M
+
306)
(a)
(b)
750,000
677,454
Series
2021-FL2
Class
D
–7.62%
9/17/36
Floating
Rate
(TSFR1M
+
226)
(a)
(b)
1,000,000
937,036
10
Core
Plus
Income
Fund
(Continued)
Schedule
of
Investments
December
31,
2023
(Unaudited)
a
a
a
$
Principal
Amount
$
Value
a
HIG
RCP
LLC
(HIG)
Series
2023-FL1
Class
B
–8.98%
9/19/38
Floating
Rate
(TSFR1M
+
361)
(a)
(b)
3,000,000
2,979,972
Series
2023-FL1
Class
C
–9.92%
9/19/38
Floating
Rate
(TSFR1M
+
456)
(a)
(b)
5,000,000
5,007,271
Series
2023-FL1
Class
D
–11.22%
9/19/38
Floating
Rate
(TSFR1M
+
586)
(a)
(b)
5,000,000
4,551,539
Hilton
USA
Trust
(HILT)
Series
2016-SFP
Class
E
–5.52%
11/5/35
(a)
840,000
97,531
ILPT
Commercial
Mortgage
Trust
(ILPT)
Series
2022-LPF2
Class
B
–8.11%
10/15/39
Floating
Rate
(TSFR1M
+
274)
(a)
3,000,000
2,934,803
KREF
Ltd.
(KREF)
Series
2021-FL2
Class
B
–7.13%
2/15/39
Floating
Rate
(TSFR1M
+
176)
(a)
(b)
2,500,000
2,259,021
LoanCore
Issuer
Ltd.
(LNCR)
Series
2021-CRE5
Class
B
–7.48%
7/15/36
Floating
Rate
(TSFR1M
+
211)
(a)
(b)
1,407,000
1,358,475
MF1
Multifamily
Housing
Mortgage
Loan
Trust
(MFHM)
Series
2021-FL5
Class
AS
–6.68%
7/15/36
Floating
Rate
(TSFR1M
+
131)
(a)
(b)
3,575,000
3,491,948
PFP
Ltd.
(PFP)
Series
2021-8
Class
E
–7.98%
8/9/37
Floating
Rate
(TSFR1M
+
261)
(a)
(b)
750,000
657,649
Series
2022-9
Class
A
–7.64%
8/19/35
Floating
Rate
(TSFR1M
+
227)
(a)
(b)
750,000
749,122
STWD
Ltd.
(STWD)
Series
2021-FL2
Class
C
–7.57%
4/18/38
Floating
Rate
(TSFR1M
+
221)
(a)
(b)
2,109,000
1,869,750
Series
2022-FL3
Class
B
–7.29%
11/15/38
Floating
Rate
(SOFR30A
+
195)
(a)
(b)
2,500,000
2,353,576
VMC
Finance
LLC
(VMC)
Series
2021-FL4
Class
A
–6.57%
6/16/36
Floating
Rate
(TSFR1M
+
121)
(a)
922,395
900,667
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$69,446,583)
67,086,832
Mortgage-Backed
Securities
-
16.0%
a
Federal
Home
Loan
Mortgage
Corporation
Collateralized
Mortgage
Obligations
Series
5026
Class
DH
–1.75%
9/25/43
422,756
382,599
Series
4949
Class
BC
–2.25%
3/25/49
210,277
185,902
a
Pass-Through
Securities
Pool#
C91945
–
3%
8/1/37
228,861
212,768
Pool#
SD8258
–
Series
8258
5%
10/1/52
9,172,135
9,077,656
Pool#
SD8267
–
Series
8267
5%
11/1/52
3,707,517
3,674,118
Pool#
SD8290
–
6%
1/1/53
4,349,778
4,419,620
Pool#
SD8323
–
Series
8323
5%
5/1/53
6,732,860
6,663,507
Pool#
SD8324
–
Series
8324
5.5%
5/1/53
8,503,909
8,541,608
Pool#
SD8329
–
5%
6/1/53
14,447,263
14,296,189
Pool#
SD3386
–
5.5%
7/1/53
4,892,985
4,913,913
Pool#
SD8341
–
Series
8341
5%
7/1/53
4,831,285
4,780,764
Pool#
SD8342
–
Series
8342
5.5%
7/1/53
13,419,342
13,476,738
Pool#
SD8350
–
6%
8/1/53
8,614,200
8,748,565
Pool#
SD8347
–
4.5%
8/1/53
11,609,781
11,260,231
Pool#
SD3857
–
6%
9/1/53
8,765,173
8,903,524
Pool#
SD8362
–
5.5%
9/1/53
19,484,299
19,567,636
Pool#
SD8374
–
6.5%
11/1/53
4,906,744
5,029,941
a
a
a
$
Principal
Amount
$
Value
a
Pool#
SD8383
–
5.5%
12/1/53
14,937,754
15,001,647
139,136,926
a
Federal
National
Mortgage
Association
Collateralized
Mortgage
Obligations
Series
2013-130
Class
CA
–2.5%
6/25/43
96,192
88,917
Series
2013-130
Class
CD
–3%
6/25/43
174,895
165,867
a
Pass-Through
Securities
Pool#
932836
–
3%
12/1/25
6,502
6,365
Pool#
468516
–
5.17%
6/1/28
197,780
197,405
Pool#
MA3443
–
4%
8/1/48
95,078
91,482
Pool#
FM5733
–
2%
1/1/51
1,165,120
969,930
Pool#
MA4785
–
Series
4785
5%
10/1/52
12,606,950
12,493,400
Pool#
MA4806
–
Series
4806
5%
11/1/52
3,706,591
3,669,789
Pool#
MA4941
–
5.5%
3/1/53
7,411,673
7,444,529
Pool#
MA5040
–
6%
6/1/53
1,890,626
1,920,411
Pool#
MA5038
–
Series
5038
5%
6/1/53
3,329,848
3,295,548
Pool#
MA5167
–
6.5%
10/1/53
2,903,642
2,976,545
Pool#
MA5166
–
6%
10/1/53
6,826,267
6,932,744
Pool#
MA5192
–
6.5%
11/1/53
6,497,610
6,660,749
Pool#
MA5191
–
6%
11/1/53
4,935,553
5,012,538
Pool#
MA5216
–
6%
12/1/53
9,928,365
10,083,229
62,009,448
a
Government
National
Mortgage
Association
Collateralized
Mortgage
Obligations
Series
2021-29
Class
CY
–3%
9/20/50
1,000,000
811,015
Series
2018-52
Class
AE
–2.75%
5/16/51
80,973
74,040
885,055
a
Non-Government
Agency
Collateralized
Mortgage
Obligations
Flagstar
Mortgage
Trust
(FSMT)
Series
2017-1
Class
2A2
–3%
3/25/47
(a)
(c)
38,330
35,052
GS
Mortgage-Backed
Securities
Trust
(GSMBS)
Series
2023-PJ3
Class
A3
–5%
10/27/53
(a)
(c)
4,813,708
4,695,409
JPMorgan
Mortgage
Trust
(JPMMT)
Series
2016-3
Class
A
–2.97%
10/25/46
(a)
(c)
50,349
46,851
Series
2017-3
Class
A
–2.5%
8/25/47
(a)
(c)
55,725
48,272
Series
2018-6
Class
2A2
–3%
12/25/48
(a)
(c)
19,887
18,616
Series
2023-3
Class
A3A
–5%
10/25/53
(a)
(c)
4,657,199
4,548,094
Series
2023-4
Class
1A2
–6%
11/25/53
(a)
(c)
2,722,566
2,731,351
Series
2023-9
Class
A2
–6%
4/25/54
(a)
(c)
3,139,023
3,151,114
Series
2023-10
Class
A2
–6%
5/25/54
(a)
(c)
2,319,253
2,328,187
Morgan
Stanley
Residential
Mortgage
Loan
Trust
(MSRM)
Series
2023-1
Class
A1
–4%
2/25/53
(a)
(c)
5,710,547
5,221,010
RCKT
Mortgage
Trust
(RCKT)
Series
2021-3
Class
A5
–2.5%
7/25/51
(a)
(c)
1,398,973
1,226,950
Sequoia
Mortgage
Trust
(SEMT)
Series
2019-CH2
Class
A
–4.5%
8/25/49
(a)
(c)
9,494
9,326
Series
2023-3
Class
A1
–6%
9/25/53
(a)
(c)
4,751,140
4,763,502
a
Pass-Through
Securities
Greenpoint
Mortgage
Pass-Through
Certificates
(GMSI)
Series
2003-1
Class
A1
–5.72%
10/25/33
(c)
30,343
28,694
28,852,428
a
Total
Mortgage-Backed
Securities
(Cost
$228,678,695)
230,883,857
11
Municipal
Bonds
-
0.0%
a
a
a
$
Principal
Amount
$
Value
a
Detroit,
MI
City
School
District
General
Obligation
SBLF,
6.65%
5/1/29
(Cost
$556,549)
460,000
499,836
U.S.
Treasuries
-
33.9%
a
U.S.
Treasury
Bonds
3.5%
2/15/39
2,100,000
1,989,955
1.88%
2/15/41
11,500,000
8,274,160
1.75%
8/15/41
4,000,000
2,783,594
2%
11/15/41
7,500,000
5,427,685
2.38%
2/15/42
28,000,000
21,495,469
3.25%
5/15/42
15,000,000
13,167,187
4%
11/15/42
35,000,000
34,025,195
3.88%
2/15/43
5,000,000
4,769,141
3.13%
2/15/43
15,000,000
12,827,930
3.88%
5/15/43
11,500,000
10,967,227
2.88%
5/15/43
2,000,000
1,642,656
4.38%
8/15/43
55,500,000
56,670,703
3.63%
8/15/43
17,000,000
15,635,351
3.75%
11/15/43
6,000,000
5,609,766
3.63%
2/15/44
10,500,000
9,624,726
3.38%
5/15/44
15,500,000
13,672,090
3.13%
8/15/44
27,500,000
23,296,582
3%
11/15/44
24,000,000
19,873,125
2.5%
2/15/45
21,000,000
15,909,961
3%
5/15/45
23,000,000
18,984,883
3%
11/15/45
9,500,000
7,820,430
2.5%
5/15/46
8,400,000
6,293,109
2.25%
8/15/46
2,500,000
1,778,467
3%
2/15/47
1,000,000
817,930
4.13%
8/15/53
13,000,000
13,144,219
U.S.
Treasury
Notes
2.75%
2/15/24
8,000,000
7,974,823
2.25%
3/31/24
6,000,000
5,955,306
4.38%
10/31/24
5,000,000
4,978,911
2.25%
2/15/27
3,500,000
3,323,154
2.38%
5/15/27
3,000,000
2,850,000
2.25%
8/15/27
3,000,000
2,830,078
1.13%
2/29/28
6,500,000
5,811,660
1.25%
5/31/28
8,000,000
7,147,656
1.25%
9/30/28
7,000,000
6,204,707
2.38%
10/15/28
13,000,000
13,454,309
1.5%
11/30/28
3,000,000
2,683,477
1.88%
2/28/29
3,500,000
3,173,242
4%
10/31/29
10,000,000
10,048,633
1.75%
11/15/29
3,000,000
2,677,969
1.5%
2/15/30
5,250,000
4,574,883
4%
2/28/30
20,000,000
20,098,828
0.88%
11/15/30
8,000,000
6,573,750
1.13%
2/15/31
4,500,000
3,757,149
1.38%
11/15/31
5,500,000
4,568,223
1.88%
2/15/32
1,000,000
860,039
4.13%
11/15/32
42,000,000
42,707,930
a
Total
U.S.
Treasuries
(Cost
$504,341,788)
488,756,268
Non-Convertible
Preferred
Stocks
-
0.1%
a
a
a
Shares
$
Value
Qurate
Retail,
Inc.
8.00%
3/15/31
(Cost
$2,672,824)
27,800
999,688
Cash
Equivalents
-
7.6%
a
a
$
Principal
Amount
$
Value
a
a
JPMorgan
U.S.
Government
Money
Market
Fund
-
Institutional
Class
5.21%
(d)
69,511,070
69,511,070
U.S.
Treasury
Bills,
5.09%
to
5.14%,
2/20/24
to
3/28/24
(e)
40,000,000
39,608,656
a
Total
Cash
Equivalents
(Cost
$109,112,175)
109,119,726
Short-Term
Securities
Held
as
Collateral
for
Securities
on
Loan
-
0.2%
a
a
Shares
$
Value
Goldman
Sachs
Financial
Square
Government
Fund
Institutional
Class
–
5.23%
(d)
2,551,340
2,551,340
Citibank
N.A.
DDCA
5.32%
283,482
283,482
a
Total
Short-Term
Securities
Held
as
Collateral
for
Securities
on
Loan
(Cost
$2,834,822)
2,834,822
Total
Investments
in
Securities
(Cost
$1,417,900,946)
1,402,461,747
Other
Assets
Less
Other
Liabilities
- 2.8%
40,569,122
Net
Assets
-
100%
1,443,030,869
Net
Asset
Value
Per
Share
-
Investor
Class
9.73
Net
Asset
Value
Per
Share
-
Institutional
Class
9.73
^
This
security
or
a
partial
position
of
this
security
was
on
loan
as
of
December
31,
2023.
The
total
value
of
securities
on
loan
as
of
December
31,
2023
was
$2,774,315.
(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
7
day
average
yield
at
December
31,
2023.
(e)
Interest
rates
presented
represent
the
effective
yield
at
December
31,
2023.
12
Large
Cap
Equity
Fund
Schedule
of
Investments
December
31,
2023
(Unaudited)
Common
Stocks
-
97.9%
a
Information
Technology
%
of
Net
Assets
Shares
$
Value
Application
Software
8.2
Salesforce,
Inc.
(a)
125,000
32,892,500
Roper
Technologies,
Inc.
40,000
21,806,800
Adobe,
Inc.
(a)
30,000
17,898,000
a
Semiconductor
Materials
&
Equipment
6.8
Analog
Devices,
Inc.
200,000
39,712,000
Microchip
Technology,
Inc.
225,000
20,290,500
a
IT
Consulting
&
Other
Services
6.1
Accenture
plc
-
Class
A
(b)
83,000
29,125,530
Gartner,
Inc.
(a)
55,000
24,811,050
a
Systems
Software
3.0
Oracle
Corp.
250,000
26,357,500
a
24.1
212,893,880
Financials
Transaction
&
Payment
Processing
Services
13.0
Visa,
Inc.
-
Class
A
170,000
44,259,500
Mastercard,
Inc.
-
Class
A
95,000
40,518,450
Global
Payments,
Inc.
140,000
17,780,000
Fidelity
National
Information
Services,
Inc.
200,000
12,014,000
a
Multi-Sector
Holdings
4.6
Berkshire
Hathaway,
Inc.
-
Class
B
(a)
115,000
41,015,900
a
Financial
Exchanges
&
Data
3.1
S&P
Global,
Inc.
62,500
27,532,500
a
Insurance
Brokers
2.6
Aon
plc
-
Class
A
(b)
80,000
23,281,600
a
23.3
206,401,950
Communication
Services
Interactive
Media
&
Services
10.8
Alphabet,
Inc.
-
Class
C
(a)
400,000
56,372,000
Meta
Platforms,
Inc.
-
Class
A
(a)
110,000
38,935,600
a
Cable
&
Satellite
6.8
Charter
Communications,
Inc.
-
Class
A
(a)
55,000
21,377,400
Liberty
Broadband
Corp.
-
Class
C
(a)
245,000
19,744,550
Liberty
Media
Corp.-Liberty
SiriusXM
(a)
683,813
19,680,138
a
17.6
156,109,688
Health
Care
Life
Sciences
Tools
&
Services
8.9
Thermo
Fisher
Scientific,
Inc.
75,000
39,809,250
Danaher
Corp.
167,500
38,749,450
a
Health
Care
Services
2.3
Laboratory
Corp.
of
America
Holdings
90,000
20,456,100
a
11.2
99,014,800
a
Materials
%
of
Net
Assets
Shares
$
Value
Construction
Materials
4.2
Vulcan
Materials
Co.
165,000
37,456,650
a
Industrial
Gases
2.0
Linde
plc
42,000
17,249,820
a
6.2
54,706,470
Consumer
Discretionary
Broadline
Retail
3.9
Amazon.com,
Inc.
(a)
225,000
34,186,500
a
Automotive
Retail
2.3
CarMax,
Inc.
(a)
265,000
20,336,100
a
6.2
54,522,600
Industrials
Research
&
Consulting
Services
2.8
Equifax,
Inc.
97,500
24,110,775
a
Environmental
&
Facilities
Services
2.3
Veralto
Corp.
250,000
20,565,000
a
5.1
44,675,775
Real
Estate
Real
Estate
Services
4.2
CoStar
Group,
Inc.
(a)
425,000
37,140,750
a
Total
Common
Stocks
(Cost
$406,954,855)
865,465,913
Cash
Equivalents
-
2.2%
a
a
$
Principal
Amount
$
Value
a
a
JPMorgan
U.S.
Government
Money
Market
Fund
-
Institutional
Class
5.21%
(c)
14,730,609
14,730,609
U.S.
Treasury
Bill
5.1%,
3/12/24
(d)
5,000,000
4,949,513
a
Total
Cash
Equivalents
(Cost
$19,678,582)
19,680,122
Total
Investments
in
Securities
(Cost
$426,633,437)
885,146,035
Other
Liabilities
in
Excess
of
Other
Assets
- (0.1%)
(618,996)
Net
Assets
-
100%
884,527,039
Net
Asset
Value
Per
Share
-
Investor
Class
51.58
Net
Asset
Value
Per
Share
-
Institutional
Class
53.02
(a)
Non-income
producing.
(b)
Foreign
domiciled
entity.
(c)
Rate
presented
represents
the
7
day
average
yield
at
December
31,
2023.
(d)
Interest
rates
presented
represent
the
effective
yield
at
December
31,
2023.
13
Multi
Cap
Equity
Fund
Schedule
of
Investments
December
31,
2023
(Unaudited)
Common
Stocks
-
96.2%
a
Communication
Services
%
of
Net
Assets
Shares
$
Value
Interactive
Media
&
Services
11.1
Alphabet,
Inc.
-
Class
C
(a)
250,000
35,232,500
Meta
Platforms,
Inc.
-
Class
A
(a)
70,000
24,777,200
a
Cable
&
Satellite
8.6
Liberty
Broadband
Corp.
(a)
Class
C
200,000
16,118,000
Class
A
100,000
8,064,000
Liberty
Media
Corp.-Liberty
SiriusXM
(a)
765,000
22,009,100
a
Alternative
Carriers
4.0
Liberty
Global,
Ltd.
-
Class
C
(a)
(b)
695,000
12,954,800
Liberty
Latin
America
Ltd.
-
Class
C
(a)
(b)
1,200,000
8,808,000
a
Movies
&
Entertainment
2.4
Liberty
Media
Corp.-Liberty
Live
(a)
193,500
7,195,065
Live
Nation
Entertainment,
Inc.
(a)
60,000
5,616,000
a
Integrated
Telecommunication
Services
1.3
LICT
Corp.
(a)
395
7,149,500
a
27.4
147,924,165
Financials
Transaction
&
Payment
Processing
Services
8.4
Visa,
Inc.
-
Class
A
92,500
24,082,375
Mastercard,
Inc.
-
Class
A
50,000
21,325,500
a
Multi-Sector
Holdings
6.6
Berkshire
Hathaway,
Inc.
-
Class
B
(a)
100,000
35,666,000
a
Property
&
Casualty
Insurance
3.5
Markel
Group,
Inc.
(a)
13,300
18,884,670
a
Insurance
Brokers
2.5
Aon
plc
-
Class
A
(b)
47,500
13,823,450
a
21.0
113,781,995
Industrials
Aerospace
&
Defense
4.7
HEICO
Corp.
-
Class
A
180,000
25,639,200
a
Research
&
Consulting
Services
2.5
Equifax,
Inc.
55,000
13,600,950
a
Industrial
Machinery
&
Supplies
&
Components
2.1
IDEX
Corp.
51,500
11,181,165
a
Environmental
&
Facilities
Services
1.1
Veralto
Corp.
70,000
5,758,200
a
10.4
56,179,515
Information
Technology
Application
Software
4.5
Guidewire
Software,
Inc.
(a)
120,000
13,084,800
ACI
Worldwide,
Inc.
(a)
365,000
11,169,000
a
Information
Technology
%
of
Net
Assets
Shares
$
Value
a
Semiconductor
Materials
&
Equipment
2.7
Texas
Instruments,
Inc.
85,000
14,489,100
a
IT
Consulting
&
Other
Services
2.3
Gartner,
Inc.
(a)
28,000
12,631,080
a
9.5
51,373,980
Materials
Construction
Materials
7.4
Martin
Marietta
Materials,
Inc.
41,000
20,455,310
Vulcan
Materials
Co.
87,000
19,749,870
a
Specialty
Chemicals
1.7
Perimeter
Solutions
SA
(a)
(b)
2,000,000
9,200,000
a
9.1
49,405,180
Consumer
Discretionary
Automotive
Retail
3.7
CarMax,
Inc.
(a)
260,000
19,952,400
a
Distributors
3.6
LKQ
Corp.
405,000
19,354,950
a
7.3
39,307,350
Health
Care
Health
Care
Services
3.5
Laboratory
Corp.
of
America
Holdings
82,000
18,637,780
a
Life
Sciences
Tools
&
Services
3.2
Danaher
Corp.
75,000
17,350,500
a
6.7
35,988,280
Real
Estate
Real
Estate
Services
4.8
CoStar
Group,
Inc.
(a)
300,000
26,217,000
a
Total
Common
Stocks
(Cost
$242,207,669)
520,177,465
Warrants
-
0.0%
a
Perimeter
Solutions
SA
Expires
11/8/24
(Cost
$5,000)
(b)
(c)
500,000
0
Cash
Equivalents
-
3.7%
a
a
$
Principal
Amount
$
Value
a
a
JPMorgan
U.S.
Government
Money
Market
Fund
-
Institutional
Class
5.21%
(d)
16,134,884
16,134,884
U.S.
Treasury
Bill
5.04%,
2/15/24
(e)
4,000,000
3,974,402
A
Total
Cash
Equivalents
(Cost
$20,108,559)
20,109,286
Total
Investments
in
Securities
(Cost
$262,321,228)
540,286,751
14
Multi
Cap
Equity
Fund
(Continued)
Schedule
of
Investments
December
31,
2023
(Unaudited)
a
a
$
Principal
Amount
$
Value
a
a
Other
Assets
Less
Other
Liabilities
- 0.1%
388,994
Net
Assets
-
100%
540,675,745
Net
Asset
Value
Per
Share
-
Investor
Class
29.98
Net
Asset
Value
Per
Share
-
Institutional
Class
30.86
(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
7
day
average
yield
at
December
31,
2023.
(e)
Interest
rates
presented
represent
the
effective
yield
at
December
31,
2023.
15
Nebraska
Tax
Free
Income
Fund
Schedule
of
Investments
December
31,
2023
(Unaudited)
Municipal
Bonds
-
94.1%
a
a
%
of
Net
Assets
$
Principal
Amount
$
Value
a
a
California
0.9
San
Diego
County
Regional
Airport
Authority
Revenue
Series
B
5%
7/1/25
200,000
204,771
a
Florida
0.8
State
of
Florida
General
Obligation
4%
6/1/36
200,000
201,467
a
Nebraska
87.4
Ashland-Greenwood
Public
Schools
General
Obligation
3%
12/15/42
100,000
82,970
Cass
County
School
District
No.
22
General
Obligation
2.05%
12/15/25
375,000
366,476
2.2%
12/15/26
250,000
243,958
City
of
Bellevue
NE
General
Obligation
Series
A
3%
9/15/32
500,000
499,340
City
of
Blair
NE
General
Obligation
5%
6/15/34
360,000
392,974
City
of
Blair
NE
Water
System
Revenue
2.65%
12/15/24
100,000
98,702
2.85%
12/15/25
100,000
98,062
3%
12/15/26
100,000
97,662
3.1%
12/15/27
100,000
97,122
3.2%
12/15/28
100,000
97,003
City
of
Columbus
NE
Combined
Utilities
System
Revenue
4%
12/15/26
100,000
104,136
4%
12/15/27
100,000
103,834
4%
6/15/33
200,000
212,010
City
of
Columbus
NE
General
Obligation
3%
12/15/29
150,000
150,263
3%
12/15/30
150,000
149,615
City
of
Grand
Island
NE
Combined
Utility
System
Revenue
Series
A
4%
8/15/35
205,000
216,913
4%
8/15/36
125,000
131,130
City
of
Grand
Island
NE
General
Obligation
3%
11/15/27
150,000
150,632
3%
11/15/30
150,000
150,016
City
of
Gretna
NE
Certificates
of
Participation
4%
12/15/25
500,000
504,224
City
of
Kearney
NE
General
Obligation
4%
5/15/34
220,000
224,390
City
of
Lincoln
NE
Electric
System
Revenue
3%
9/1/28
30,000
30,102
City
of
Norfolk
NE
General
Obligation
3.38%
5/15/34
500,000
500,679
City
of
Omaha
NE
General
Obligation
Series
A
3%
4/15/35
100,000
97,821
Series
A
Class
A
–
3%
4/15/34
100,000
98,383
City
of
Omaha
NE
Riverfront
Redevelopment
Special
Tax
Revenue
Series
A
4%
1/15/33
260,000
274,905
City
of
Omaha
NE
Sewer
Revenue
5%
4/1/26
250,000
262,547
4%
4/1/31
350,000
356,581
Series
A
4%
4/1/34
100,000
106,638
County
of
Saline
NE
Revenue
3%
2/15/31
200,000
197,263
County
of
Sarpy
NE
Certificates
of
Participation
1.75%
6/15/26
500,000
483,002
County
of
Seward
NE
General
Obligation
3%
12/15/30
605,000
604,198
Cozad
City
School
District
General
Obligation
4%
6/15/26
250,000
256,918
Dawson
County
Public
Power
District
Revenue
Series
A
a
a
%
of
Net
Assets
$
Principal
Amount
$
Value
a
a
2%
6/15/26
170,000
166,600
2.1%
6/15/27
105,000
103,273
Series
B
2.5%
6/15/28
135,000
135,005
3%
6/15/29
245,000
245,038
3%
6/15/30
355,000
355,058
Dodge
County
School
District
No.
595
General
Obligation
1.9%
6/15/32
200,000
179,825
Douglas
County
Hospital
Authority
No.
2
Revenue
5%
5/15/26
500,000
501,782
5%
5/15/30
140,000
147,345
4%
5/15/32
700,000
713,561
Douglas
County
Hospital
Authority
No.
3
Revenue
5%
11/1/26
250,000
258,049
Douglas
County
School
District
No.
59
NE
General
Obligation
3%
12/15/32
100,000
97,037
Kearney
School
District
General
Obligation
3%
12/15/24
250,000
249,811
Lancaster
County
School
District
001
General
Obligation
5%
1/15/24
50,000
50,032
Lincoln
Airport
Authority
Revenue
5%
7/1/27
150,000
159,070
Madison
County
Hospital
Authority
No.
1
Revenue
5%
7/1/35
140,000
142,356
Metropolitan
Utilities
District
of
Omaha
Gas
System
Revenue
4%
12/1/27
450,000
455,749
Municipal
Energy
Agency
of
Nebraska
Revenue
5%
4/1/27
350,000
371,125
5%
4/1/28
225,000
238,581
Nebraska
Cooperative
Republican
Platte
Enhancement
Project
Revenue
Series
A
2%
12/15/29
250,000
231,763
Nebraska
Educational
Health
Cultural
&
Social
Services
Finance
Authority
Revenue
4%
1/1/34
110,000
113,809
Nebraska
Investment
Finance
Authority
Revenue
4.45%
9/1/43
180,000
183,738
Series
A
2.05%
9/1/24
120,000
118,904
Series
B
1.35%
9/1/26
200,000
185,266
Series
C
2%
9/1/35
325,000
278,787
Nebraska
Public
Power
District
Revenue
Series
C
5%
1/1/32
65,000
67,329
Nebraska
State
College
Facilities
Corp.
Revenue
4%
7/15/28
250,000
258,741
Omaha
Public
Facilities
Corp.
Revenue
4%
6/1/28
85,000
87,686
Series
A
4%
6/1/31
155,000
165,953
Series
C
4%
4/1/33
340,000
359,746
4%
4/1/39
500,000
509,749
Omaha
Public
Power
District
Revenue
Series
A
2.85%
2/1/27
500,000
499,676
Series
C
5%
2/1/39
150,000
152,270
Omaha
School
District
General
Obligation
5%
12/15/28
130,000
132,430
5%
12/15/29
350,000
373,138
5%
12/15/31
135,000
143,018
Papillion
Municipal
Facilities
Corp.
Revenue
2%
12/15/32
100,000
90,472
2%
12/15/34
200,000
177,382
16
Nebraska
Tax
Free
Income
Fund
(Continued)
Schedule
of
Investments
December
31,
2023
(Unaudited)
a
a
%
of
Net
Assets
$
Principal
Amount
$
Value
a
a
Papillion-La
Vista
School
District
No.
27
General
Obligation
Series
A
2.05%
12/1/24
150,000
147,951
2.2%
12/1/25
150,000
147,242
2.3%
12/1/26
275,000
272,845
Series
B
4%
12/1/35
400,000
428,019
Public
Power
Generation
Agency
Revenue
5%
1/1/28
500,000
508,360
5%
1/1/32
140,000
146,079
State
of
Nebraska
Certificates
of
Participation
3%
2/1/26
60,000
60,194
Series
A
2%
4/1/26
150,000
145,874
University
of
Nebraska
Facilities
Corp.
(The)
5%
7/15/29
380,000
400,121
University
of
Nebraska
Revenue
3%
7/1/25
100,000
100,291
2.5%
7/1/26
210,000
209,419
3%
7/1/27
100,000
101,701
5%
5/15/30
100,000
109,302
Upper
Republican
Natural
Resource
District
Revenue
4%
12/15/25
245,000
245,223
4%
12/15/27
395,000
395,411
Village
of
Boys
Town
NE
Revenue
3%
9/1/28
700,000
709,572
3%
7/1/35
325,000
317,997
Winside
Public
Schools
General
Obligation
2%
6/15/31
350,000
314,195
a
20,899,419
a
New
Mexico
1.6
New
Mexico
Finance
Authority
Revenue
Series
C
4%
6/1/34
365,000
372,054
a
Texas
1.6
City
of
Austin
Tx
Airport
System
Revenue
Series
B
5%
11/15/26
250,000
262,086
City
of
Austin
Tx
Electric
Utility
Revenue
Series
A
5%
11/15/35
100,000
113,902
a
375,988
a
Utah
0.5
City
of
Salt
Lake
City
UT
Public
Utilities
Revenue
5%
2/1/35
100,000
111,876
a
Washington
1.3
Pierce
County
School
District
No.
10
Tacoma
General
Obligation
Series
B
4%
12/1/35
100,000
106,107
Port
of
Seattle
WA
Revenue
Series
C
5%
5/1/26
200,000
207,574
a
313,681
a
Total
Municipal
Bonds
(Cost
$23,145,431)
22,479,256
Cash
Equivalents
-
4.7%
a
a
$
Principal
Amount
$
Value
a
a
JPMorgan
U.S.
Government
Money
Market
Fund
-
Institutional
Class
5.21%
(Cost
$1,133,569)
(a)
1,133,569
1,133,569
a
Total
Investments
in
Securities
(Cost
$24,279,000)
23,612,825
Other
Assets
Less
Other
Liabilities
- 1.2%
275,288
Net
Assets
-
100%
23,888,113
Net
Asset
Value
Per
Share
-
Investor
Class
9.67
(a)
Rate
presented
represents
the
7
day
average
yield
at
December
31,
2023.
17
Partners
III
Opportunity
Fund
Schedule
of
Investments
December
31,
2023
(Unaudited)
Common
Stocks
-
93.9%
a
Financials
%
of
Net
Assets
Shares
$
Value
Transaction
&
Payment
Processing
Services
15.7
Visa,
Inc.
-
Class
A
80,000
20,828,000
Mastercard,
Inc.
-
Class
A
45,000
19,192,950
Fidelity
National
Information
Services,
Inc.
200,000
12,014,000
Global
Payments,
Inc.
90,000
11,430,000
a
Multi-Sector
Holdings
10.4
Berkshire
Hathaway,
Inc.
-
Class
B
(a)
(b)
117,500
41,907,550
a
Property
&
Casualty
Insurance
3.1
Markel
Group,
Inc.
(a)
9,000
12,779,100
a
29.2
118,151,600
Communication
Services
Interactive
Media
&
Services
10.2
Alphabet,
Inc.
-
Class
C
(a)
180,000
25,367,400
Meta
Platforms,
Inc.
-
Class
A
(a)
45,000
15,928,200
a
Cable
&
Satellite
9.9
Liberty
Broadband
Corp.
(a)
Class
C
235,000
18,938,650
Class
A
40,000
3,225,600
Liberty
Media
Corp.-Liberty
SiriusXM
(a)
620,000
17,838,800
a
Alternative
Carriers
3.3
Liberty
Global,
Ltd.
-
Class
C
(a)
(c)
700,000
13,048,000
a
Movies
&
Entertainment
1.8
Liberty
Media
Corp.-Liberty
Live
(a)
195,000
7,265,850
a
25.2
101,612,500
Health
Care
Life
Sciences
Tools
&
Services
9.9
Thermo
Fisher
Scientific,
Inc.
40,000
21,231,600
Danaher
Corp.
80,000
18,507,200
a
Health
Care
Services
3.9
Laboratory
Corp.
of
America
Holdings
70,000
15,910,300
a
13.8
55,649,100
Information
Technology
Application
Software
5.1
Roper
Technologies,
Inc.
25,000
13,629,250
CoreCard
Corp.
†
(a)
510,000
7,053,300
a
Systems
Software
3.7
Microsoft
Corp.
40,000
15,041,600
a
Semiconductor
Materials
&
Equipment
3.0
Texas
Instruments,
Inc.
70,000
11,932,200
a
11.8
47,656,350
Consumer
Discretionary
Broadline
Retail
4.9
Amazon.com,
Inc.
(a)
(b)
130,000
19,752,200
a
Consumer
Discretionary
%
of
Net
Assets
Shares
$
Value
a
Automotive
Retail
4.2
CarMax,
Inc.
(a)
220,000
16,882,800
a
9.1
36,635,000
Real
Estate
Real
Estate
Services
3.0
CoStar
Group,
Inc.
(a)
140,000
12,234,600
Materials
Specialty
Chemicals
1.8
Perimeter
Solutions
SA
(a)
(c)
1,600,000
7,360,000
a
Total
Common
Stocks
(Cost
$202,313,627)
379,299,150
Non-Convertible
Preferred
Stocks
-
1.4%
a
Qurate
Retail,
Inc.
8.00%
3/15/31
(Cost
$13,161,804)
155,000
5,573,800
Warrants
-
0.0%
a
Perimeter
Solutions
SA
Expires
11/8/24
(Cost
$15,000)
(c)
(d)
1,500,000
0
Cash
Equivalents
-
4.7%
a
a
$
Principal
Amount
$
Value
a
a
JPMorgan
U.S.
Government
Money
Market
Fund
-
Institutional
Class
5.21%
(Cost
$18,965,911)
(e)
18,965,911
18,965,911
a
Total
Investments
in
Securities
(Cost
$234,456,342)
403,838,861
Due
from
Broker
-
5.4%
21,684,260
Securities
Sold
Short
-
(5.3)%
(21,352,400)
Options
Written
-
(0.1)%
(276,000)
Other
Assets
Less
Other
Liabilities
- 0.0%
(112,703)
Net
Assets
-
100%
403,782,018
Net
Asset
Value
Per
Share
-
Investor
Class
11.10
Net
Asset
Value
Per
Share
-
Institutional
Class
12.18
Securities
Sold
Short
-
(5.3)%
Shares
$
Value
a
Live
Nation
Entertainment,
Inc.
25,000
(2,340,000)
SPDR
S&P
500
ETF
Trust
40,000
(19,012,400)
Total
Securities
Sold
Short
(proceeds
$10,576,102)
(21,352,400)
Options
Written-
(0.
1
)%
$
Notional
Shares
subject
to
option
$
Value
Covered
Call
Options
CarMax,
Inc.
April
2024
/
$90
1,800,000
20,000
(42,000)
CarMax,
Inc.
April
2024
/
$80
1,600,000
20,000
(108,000)
CarMax,
Inc.
July
2024
/
$85
1,700,000
20,000
(126,000)
Total
Options
Written
(premiums
received
$306,986)
(276,000)
18
Partners
III
Opportunity
Fund
(Continued)
Schedule
of
Investments
December
31,
2023
(Unaudited)
†
Non-controlled
affiliate.
(a)
Non-income
producing.
(b)
Fully
or
partially
pledged
as
collateral
on
securities
sold
short.
(c)
Foreign
domiciled
entity.
(d)
This
security
is
classified
as
Level
3
within
the
fair
value
hierarchy.
(e)
Rate
presented
represents
the
7
day
average
yield
at
December
31,
2023.
19
Short
Duration
Income
Fund
Schedule
of
Investments
December
31,
2023
(Unaudited)
Corporate
Bonds
-
10.2%
a
a
a
$
Principal
Amount
$
Value
a
a
Abercrombie
&
Fitch
Management
Co.
8.75%
7/15/25
(a)
5,525,000
5,613,671
Agree,
LP
2%
6/15/28
2,239,000
1,944,084
American
Airlines
Group,
Inc.
3.75%
3/1/25
(a)
750,000
731,581
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.
5.5%
4/20/26
(a)
1,729,167
1,717,964
Ares
Capital
Corp.
4.2%
6/10/24
3,000,000
2,971,962
7%
1/15/27
1,000,000
1,029,170
Ashtead
Capital,
Inc.
1.5%
8/12/26
(a)
1,000,000
907,194
4.38%
8/15/27
(a)
3,000,000
2,884,208
Bath
&
Body
Works,
Inc.
9.38%
7/1/25
(a)
1,000,000
1,056,860
6.69%
1/15/27
945,000
966,653
Boardwalk
Pipelines
LP
4.95%
12/15/24
2,580,000
2,563,474
Brunswick
Corp.
0.85%
8/18/24
500,000
484,024
Cantor
Fitzgerald
LP
4.5%
4/14/27
(a)
1,500,000
1,441,029
Carlisle
Cos.,
Inc.
3.5%
12/1/24
500,000
490,782
Cinemark
USA,
Inc.
5.88%
3/15/26^
(a)
2,199,000
2,154,362
Concentrix
Corp.
6.65%
8/2/26
2,910,000
2,984,418
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.
4.5%
10/20/25
(a)
1,998,000
1,968,421
Devon
Energy
Corp.
5.25%
10/15/27
390,000
392,373
Drax
Finco
PLC
6.63%
11/1/25
(a)
(b)
3,500,000
3,446,902
Energy
Transfer
LP
3.9%
5/15/24
1,852,000
1,838,426
5.63%
5/1/27
(a)
610,000
608,322
EPR
Properties
4.75%
12/15/26
4,869,000
4,662,479
4.5%
6/1/27
1,000,000
944,313
Expedia
Group,
Inc.
6.25%
5/1/25
(a)
1,672,000
1,689,256
Fidelity
National
Information
Services,
Inc.
4.5%
7/15/25
2,000,000
1,980,594
FS
KKR
Capital
Corp.
1.65%
10/12/24
6,000,000
5,791,158
Hercules
Capital,
Inc.
2.63%
9/16/26
1,500,000
1,354,761
Highwoods
Realty
LP
3.88%
3/1/27
750,000
696,761
JPMorgan
Chase
&
Co.
3.84%
6/14/25
Floating
Rate
(SOFR
+
98)
800,000
793,755
0.77%
8/9/25
Floating
Rate
(SOFR
+
49)
1,000,000
969,896
Kite
Realty
Group
Trust
4%
3/15/25
2,083,000
2,031,391
LXP
Industrial
Trust
4.4%
6/15/24
2,000,000
1,979,138
Masonite
International
Corp.
5.38%
2/1/28
(a)
400,000
384,544
a
a
a
$
Principal
Amount
$
Value
a
a
Mileage
Plus
Holdings
LLC/Mileage
Plus
Intellectual
Property
Assets
Ltd.
6.5%
6/20/27
(a)
1,600,900
1,606,614
MPLX
LP
4.88%
6/1/25
1,961,000
1,950,079
Retail
Opportunity
Investments
Partnership
LP
6.75%
10/15/28
3,500,000
3,680,667
Starwood
Property
Trust,
Inc.
4.75%
3/15/25
1,765,000
1,743,087
Synchrony
Bank
5.4%
8/22/25
1,000,000
985,548
Take-Two
Interactive
Software,
Inc.
3.3%
3/28/24
1,000,000
993,865
U.S.
Bancorp
2.4%
7/30/24
500,000
491,563
VICI
Properties
LP/VICI
Note
Co.,
Inc.
3.5%
2/15/25
(a)
6,323,000
6,165,273
4.63%
6/15/25
(a)
3,100,000
3,046,912
Vontier
Corp.
1.8%
4/1/26
1,004,000
924,229
Vulcan
Materials
Co.
5.8%
3/1/26
2,750,000
2,753,010
a
Total
Corporate
Bonds
(Cost
$86,450,764)
85,814,773
Corporate
Convertible
Bonds
-
1.1%
a
a
Redwood
Trust,
Inc.
5.63%
7/15/24
6,300,000
6,236,985
5.75%
10/1/25
3,000,000
2,818,125
a
Total
Corporate
Convertible
Bonds
(Cost
$9,294,747)
9,055,110
Asset-Backed
Securities
-
41.2%
a
a
Automobile
ACM
Auto
Trust
(ACM)
Series
2023-1A
Class
A
–6.61%
1/22/30
(a)
752,770
752,365
Series
2023-1A
Class
B
–7.26%
1/22/30
(a)
2,000,000
1,998,391
Series
2023-2A
Class
A
–7.97%
6/20/30
(a)
4,838,782
4,856,097
Series
2023-2A
Class
B
–9.85%
6/20/30
(a)
3,000,000
3,021,554
American
Credit
Acceptance
Receivables
Trust
(ACAR)
Series
2020-4
Class
D
–1.77%
12/14/26
(a)
1,000,000
990,969
AmeriCredit
Automobile
Receivables
Trust
(AMCAR)
Series
2020-2
Class
D
–2.13%
3/18/26
1,320,000
1,273,903
Series
2020-3
Class
D
–1.49%
9/18/26
3,000,000
2,837,941
ARI
Fleet
Lease
Trust
(ARIFL)
Series
2022-A
Class
A2
–3.12%
1/15/31
(a)
511,272
506,640
Series
2023-B
Class
A2
–6.05%
7/15/32
(a)
2,850,000
2,883,217
Arivo
Acceptance
Auto
Loan
Receivables
Trust
(ARIVO)
Series
2021-1A
Class
A
–1.19%
1/15/27
(a)
77,908
76,715
Series
2022-1A
Class
A
–3.93%
5/15/28
(a)
2,218,970
2,178,674
Avid
Automobile
Receivables
Trust
(AVID)
Series
2023-1
Class
A
–6.63%
7/15/26
(a)
1,215,463
1,214,799
BOF
URSA
VI
Funding
Trust
I
(BOF)
Series
2023-CAR1
Class
A2
–5.54%
10/27/31
(a)
411,999
410,320
Series
2023-CAR2
Class
A2
–5.54%
10/27/31
(a)
958,797
954,996
BOF
VII
AL
Funding
Trust
I
(BOF)
Series
2023-CAR3
Class
A2
–6.29%
7/26/32
(a)
4,051,091
4,078,307
20
Short
Duration
Income
Fund
(Continued)
Schedule
of
Investments
December
31,
2023
(Unaudited)
a
a
a
$
Principal
Amount
$
Value
a
a
CFMT
LLC
(CFMT)
Series
2021-AL1
Class
B
–1.39%
9/22/31
(a)
1,892,518
1,835,402
Chesapeake
Funding
II
LLC
(CFII)
Series
2021-1A
Class
A1
–0.47%
4/15/33
(a)
679,957
665,560
Series
2023-1A
Class
A1
–5.65%
5/15/35
(a)
2,084,547
2,090,968
Series
2023-2A
Class
A1
–6.16%
10/15/35
(a)
1,287,203
1,301,154
Enterprise
Fleet
Financing
LLC
(EFF)
Series
2023-1
Class
A2
–5.51%
1/22/29
(a)
736,530
737,550
Series
2023-2
Class
A2
–5.56%
4/22/30
(a)
4,350,000
4,363,898
Series
2023-3
Class
A2
–6.4%
3/20/30
(a)
3,100,000
3,170,560
Exeter
Automobile
Receivables
Trust
(EART)
Series
2020-1A
Class
D
–2.73%
12/15/25
(a)
938,401
926,135
Series
2020-3A
Class
D
–1.73%
7/15/26
820,870
811,121
Series
2021-1A
Class
D
–1.08%
11/16/26
1,350,000
1,306,269
FHF
Issuer
Trust
(FHF)
Series
2023-2A
Class
A2
–6.79%
10/15/29
(a)
1,750,000
1,773,279
First
Help
Financial
Trust
(FHF)
Series
2022-1A
Class
A
–4.43%
1/18/28
(a)
2,190,556
2,162,536
Series
2022-2A
Class
A
–6.14%
12/15/27
(a)
538,509
536,463
Series
2023-1A
Class
A2
–6.57%
6/15/28
(a)
1,776,553
1,771,282
First
Investors
Auto
Owner
Trust
(FIAOT)
Series
2022-1A
Class
A
–2.03%
1/15/27
(a)
865,287
850,339
Foursight
Capital
Automobile
Receivables
Trust
(FCRT)
Series
2022-2
Class
A2
–4.49%
3/16/26
(a)
1,272,568
1,269,572
Series
2023-1
Class
A2
–5.43%
10/15/26
(a)
1,834,107
1,828,878
GLS
Auto
Receivables
Issuer
Trust
(GCAR)
Series
2022-2A
Class
A2
–3.55%
1/15/26
(a)
637,436
635,231
JPMorgan
Chase
Auto
Credit
Linked
Note
(CACLN)
Series
2020-2
Class
A2
–0.84%
2/25/28
(a)
20,698
20,618
Series
2021-1
Class
A2
–0.88%
9/25/28
(a)
704,080
691,500
Series
2021-2
Class
A4
–0.89%
12/26/28
(a)
702,335
686,676
LAD
Auto
Receivables
Trust
(LADAR)
Series
2021-1A
Class
A
–1.3%
8/17/26
(a)
1,265,884
1,250,571
Series
2022-1A
Class
A
–5.21%
6/15/27
(a)
2,591,590
2,578,917
Series
2023-1A
Class
A2
–5.68%
10/15/26
(a)
2,046,427
2,044,360
Series
2023-1A
Class
B
–5.59%
8/16/27
(a)
2,500,000
2,499,591
Series
2023-2A
Class
A2
–5.93%
6/15/27
(a)
1,608,325
1,609,787
Series
2023-4A
Class
A3
–6.1%
12/15/27
(a)
3,625,000
3,664,517
Lendbuzz
Securitization
Trust
(LBST)
Series
2023-1A
Class
A2
–6.92%
8/15/28
(a)
5,927,630
5,961,568
Series
2023-3A
Class
A2
–7.5%
12/15/28
(a)
7,500,000
7,606,573
Lobel
Automobile
Receivables
Trust
(LOBEL)
Series
2023-2
Class
A
–7.59%
4/16/29
(a)
1,028,924
1,035,935
Merchants
Fleet
Funding
LLC
(MFF)
Series
2023-1A
Class
A
–7.21%
5/20/36
(a)
9,200,000
9,300,477
OneMain
Direct
Auto
Receivables
Trust
(ODART)
Series
2021-1A
Class
A
–0.87%
7/14/28
(a)
2,181,880
2,094,803
Series
2022-1A
Class
C
–1.42%
7/14/28
(a)
4,100,000
3,729,944
Prestige
Auto
Receivables
Trust
(PART)
Series
2022-1A
Class
B
–6.55%
7/17/28
(a)
3,000,000
3,011,839
Research-Driven
Pagaya
Motor
Asset
Trust
(RPM)
Series
2023-3A
Class
A
–7.13%
1/26/32
(a)
4,988,895
5,020,986
Series
2023-4A
Class
A
–7.54%
3/25/32
(a)
5,000,000
5,029,523
Santander
Bank
NA
(SBCLN)
Series
2021-1A
Class
B
–1.83%
12/15/31
(a)
700,258
682,335
Santander
Drive
Auto
Receivables
Trust
(SDART)
Series
2020-2
Class
D
–2.22%
9/15/26
2,190,936
2,164,783
SFS
Auto
Receivables
Securitization
Trust
(SFS)
Series
2023-1A
Class
A2A
–5.89%
3/22/27
(a)
1,715,737
1,719,038
Tricolor
Auto
Securitization
Trust
(TCAST)
Series
2023-1A
Class
A
–6.48%
8/17/26
(a)
1,362,258
1,361,468
a
a
a
$
Principal
Amount
$
Value
a
a
United
Auto
Credit
Securitization
Trust
(UACST)
Series
2023-1
Class
A
–5.57%
7/10/25
(a)
127,229
127,160
Westlake
Automobile
Receivables
Trust
(WLAKE)
Series
2020-3A
Class
D
–1.65%
2/17/26
(a)
1,650,000
1,623,939
Series
2021-1A
Class
C
–0.95%
3/16/26
(a)
1,874,979
1,858,438
Wheels
Fleet
Lease
Funding
LLC
(WFLF)
Series
2023-2A
Class
A
–6.46%
8/18/38
(a)
6,600,000
6,683,471
a
130,129,902
a
Collateralized
Loan
Obligations
ABPCI
Direct
Lending
Fund
CLO
I
LLC
(ABPCI)
Series
2016-1A
Class
A1A2
–7.38%
7/20/33
Floating
Rate
(TSFR3M
+
196)
(a)
(b)
(c)
2,000,000
1,989,880
ABPCI
Direct
Lending
Fund
CLO
X
LP
(ABPCI)
Series
2020-10A
Class
A
–7.54%
1/20/32
Floating
Rate
(TSFR3M
+
221)
(a)
(b)
(c)
6,500,000
6,509,508
Audax
Senior
Debt
CLO
6
LLC
(AUDAX)
Series
2021-6A
Class
A1
–7.18%
10/20/33
Floating
Rate
(TSFR3M
+
176)
(a)
(c)
6,000,000
5,963,710
AUF
Funding
LLC
(AUF)
Series
2022-1A
Class
B1
–9.17%
1/20/31
Floating
Rate
(TSFR3M
+
375)
(a)
(c)
2,500,000
2,522,825
BCRED
MML
CLO
LLC
(BXCMM)
Series
2022-1A
Class
A1
–7.07%
4/20/35
Floating
Rate
(TSFR3M
+
165)
(a)
(b)
(c)
3,000,000
2,982,269
BlackRock
Elbert
CLO
V
LLC
(ELB)
Series
5A
Class
AR
–7.23%
6/15/34
Floating
Rate
(TSFR3M
+
185)
(a)
(b)
(c)
2,000,000
1,993,117
BlackRock
Rainier
CLO
VI
Ltd.
(BLKMM)
Series
2021-6A
Class
A
–7.38%
4/20/33
Floating
Rate
(TSFR3M
+
196)
(a)
(b)
(c)
5,500,000
5,480,143
Brightwood
Capital
MM
CLO
Ltd.
(BWCAP)
Series
2020-1A
Class
A1R
–8.19%
1/15/31
Floating
Rate
(TSFR3M
+
280)
(a)
(b)
(c)
2,145,998
2,146,406
Capital
Four
US
CLO
II
Ltd.
(C4US)
Series
2022-1A
Class
A1
–7.56%
10/20/30
Floating
Rate
(TSFR3M
+
214)
(a)
(b)
(c)
5,889,626
5,903,129
Cerberus
Loan
Funding
LP
(CERB)
Series
2020-1A
Class
A
–7.51%
10/15/31
Floating
Rate
(TSFR3M
+
211)
(a)
(b)
(c)
2,524,941
2,524,798
Series
2021-2A
Class
A
–7.28%
4/22/33
Floating
Rate
(TSFR3M
+
188)
(a)
(b)
(c)
3,000,000
2,989,752
Series
2021-6A
Class
A
–7.06%
11/22/33
Floating
Rate
(TSFR3M
+
166)
(a)
(b)
(c)
383,276
383,448
Cerberus
Loan
Funding
XLII
LLC
(CERB)
Series
2023-4A
Class
A
–7.82%
10/15/35
Floating
Rate
(TSFR3M
+
243)
(a)
(c)
3,000,000
2,999,740
Churchill
Middle
Market
CLO
III
Ltd.
(CHMML)
Series
2021-1A
Class
A1
–7.16%
10/24/33
Floating
Rate
(TSFR3M
+
176)
(a)
(b)
(c)
2,750,000
2,733,656
CIFC-LBC
Middle
Market
CLO
(CLBC)
Series
2023-1A
Class
A1
–8.04%
10/20/35
Floating
Rate
(TSFR3M
+
260)
(a)
(c)
5,000,000
5,024,448
Deerpath
Capital
CLO
Ltd.
(DPATH)
Series
2021-2A
Class
A1
–7.26%
1/15/34
Floating
Rate
(TSFR3M
+
186)
(a)
(b)
(c)
4,000,000
3,992,471
Series
2023-1A
Class
A1
–8.19%
4/15/35
Floating
Rate
(TSFR3M
+
280)
(a)
(b)
(c)
3,000,000
3,013,025
Fortress
Credit
Opportunities
IX
CLO
Ltd.
(FCO)
Series
2017-9A
Class
A1TR
–7.21%
10/15/33
Floating
Rate
(TSFR3M
+
181)
(a)
(b)
(c)
1,500,000
1,492,500
21
a
a
a
$
Principal
Amount
$
Value
a
a
Fortress
Credit
Opportunities
XV
CLO
Ltd.
(FCO)
Series
2021-15A
Class
A2
–7.19%
4/25/33
Floating
Rate
(TSFR3M
+
181)
(a)
(b)
(c)
3,500,000
3,477,086
Golub
Capital
Partners
CLO
31M
Ltd.
(GOCAP)
Series
2016-31A
Class
CR
–8.55%
8/5/30
Floating
Rate
(TSFR3M
+
316)
(a)
(b)
(c)
1,000,000
995,000
Golub
Capital
Partners
CLO
54M
LP
(GOCAP)
Series
2021-54A
Class
A2
–7.18%
8/5/33
Floating
Rate
(TSFR3M
+
179)
(a)
(b)
(c)
4,500,000
4,480,233
Series
2021-54A
Class
B
–7.5%
8/5/33
Floating
Rate
(TSFR3M
+
211)
(a)
(b)
(c)
2,500,000
2,433,419
Golub
Capital
Partners
Short
Duration
(GSHOR)
Series
2022-1A
Class
B1
–8.88%
10/25/31
Floating
Rate
(TSFR3M
+
350)
(a)
(c)
1,000,000
1,004,648
Ivy
Hill
Middle
Market
Credit
Fund
IX
Ltd.
(IVYH)
Series
9A
Class
A1TR
–7.03%
4/23/34
Floating
Rate
(TSFR3M
+
162)
(a)
(b)
(c)
3,500,000
3,460,311
KKR
Lending
Partners
III
CLO
LLC
(KKRLP)
Series
2021-1A
Class
B
–7.58%
10/20/30
Floating
Rate
(TSFR3M
+
216)
(a)
(c)
2,000,000
1,992,024
KKR
Static
CLO
I
Ltd.
(KKRS)
Series
2022-1A
Class
B
–8.02%
7/20/31
Floating
Rate
(TSFR3M
+
260)
(a)
(b)
(c)
1,250,000
1,253,414
Maranon
Loan
Funding
Ltd.
(MRNON)
Series
2021-2RA
Class
A1R
–7.35%
7/15/33
Floating
Rate
(TSFR3M
+
195)
(a)
(b)
(c)
5,000,000
4,979,804
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
3,015,018
Monroe
Capital
MML
CLO
XII
Ltd.
(MCMML)
Series
2021-2A
Class
A1
–7.15%
9/14/33
Floating
Rate
(TSFR3M
+
176)
(a)
(b)
(c)
7,500,000
7,477,815
Owl
Rock
CLO
VIII
LLC
(OR)
Series
2022-8A
Class
AT
–7.87%
11/20/34
Floating
Rate
(TSFR3M
+
250)
(a)
(c)
2,000,000
2,006,298
Palmer
Square
Loan
Funding
Ltd.
(PSTAT)
Series
2021-1A
Class
A2
–6.93%
4/20/29
Floating
Rate
(TSFR3M
+
151)
(a)
(b)
(c)
3,000,000
2,959,564
Twin
Brook
CLO
(TWBRK)
Series
2021-1A
Class
A
–7.21%
1/20/34
Floating
Rate
(TSFR3M
+
179)
(a)
(c)
1,200,000
1,195,273
Series
2023-1A
Class
B
–8.62%
4/20/35
Floating
Rate
(TSFR3M
+
320)
(a)
(c)
3,000,000
3,022,660
a
104,397,392
a
Consumer
&
Specialty
Finance
Affirm
Asset
Securitization
Trust
(AFFRM)
Series
2022-Z1
Class
A
–4.55%
6/15/27
(a)
1,072,754
1,060,996
Series
2023-X1
Class
A
–7.11%
11/15/28
(a)
1,060,000
1,063,324
Bankers
Healthcare
Group
Securitization
Trust
(BHG)
Series
2020-A
Class
A
–2.56%
9/17/31
(a)
507,079
503,013
Series
2021-A
Class
A
–1.42%
11/17/33
(a)
379,416
357,886
Series
2022-B
Class
A
–3.75%
6/18/35
(a)
280,275
278,891
Series
2022-B
Class
B
–4.84%
6/18/35
(a)
1,498,342
1,463,410
Series
2022-C
Class
A
–5.32%
10/17/35
(a)
881,830
876,298
Series
2023-A
Class
A
–5.55%
4/17/36
(a)
3,316,754
3,301,121
BHG
Securitization
Trust
(BHG)
Series
2023-B
Class
A
–6.92%
12/17/36
(a)
1,729,208
1,757,332
Foundation
Finance
Trust
(FFIN)
Series
2019-1A
Class
A
–3.86%
11/15/34
(a)
214,413
212,634
Series
2021-2A
Class
A
–2.19%
1/15/42
(a)
1,359,120
1,234,152
Series
2023-1A
Class
A
–5.67%
12/15/43
(a)
1,671,216
1,672,569
a
a
a
$
Principal
Amount
$
Value
a
a
Series
2023-2A
Class
A
–6.53%
6/15/49
(a)
4,049,696
4,130,758
FREED
ABS
Trust
(FREED)
Series
2022-3FP
Class
B
–5.79%
8/20/29
(a)
1,236,879
1,235,921
Series
2022-4FP
Class
B
–7.58%
12/18/29
(a)
1,103,256
1,107,769
Hilton
Grand
Vacations
Trust
(HGVT)
Series
2020-AA
Class
A
–2.74%
2/25/39
(a)
157,835
149,674
Lendingpoint
Asset
Securitization
Trust
(LPST)
Series
2022-B
Class
A
–4.77%
10/15/29
(a)
270,865
268,521
Series
2022-C
Class
A
–6.56%
2/15/30
(a)
1,777,539
1,776,749
LP
LMS
Asset
Securitization
Trust
(LPMS)
Series
2023-1A
Class
A
–8.18%
10/17/33
(a)
1,074,216
1,079,448
Marlette
Funding
Trust
(MFT)
Series
2021-2A
Class
B
–1.06%
9/15/31
(a)
13,616
13,586
Series
2022-3A
Class
A
–5.18%
11/15/32
(a)
834,340
832,132
Series
2023-1A
Class
A
–6.07%
4/15/33
(a)
1,773,853
1,772,823
Series
2023-3A
Class
A
–6.49%
9/15/33
(a)
2,758,718
2,762,528
Octane
Receivables
Trust
(OCTL)
Series
2021-1A
Class
A5
–0.93%
3/22/27
(a)
248,403
244,699
Series
2021-2A
Class
A
–1.21%
9/20/28
(a)
722,996
704,002
Series
2022-1A
Class
A2
–4.18%
3/20/28
(a)
2,025,800
2,003,166
Series
2022-2A
Class
A
–5.11%
2/22/28
(a)
1,026,886
1,020,026
Series
2023-1A
Class
A
–5.87%
5/21/29
(a)
889,954
892,072
Series
2023-2A
Class
A2
–5.88%
6/20/31
(a)
5,052,269
5,064,253
Pagaya
AI
Debt
Selection
Trust
(PAID)
Series
2021-HG1
Class
A
–1.22%
1/16/29
(a)
1,065,308
1,034,185
Pagaya
AI
Debt
Trust
(PAID)
Series
2022-2
Class
A
–4.97%
1/15/30
(a)
455,889
453,346
Series
2022-3
Class
A
–6.06%
3/15/30
(a)
1,645,183
1,642,030
Series
2022-5
Class
A
–8.1%
6/17/30
(a)
1,283,153
1,301,066
Series
2023-1
Class
A
–7.56%
7/15/30
(a)
1,173,524
1,178,784
Series
2023-3
Class
A
–7.6%
12/16/30
(a)
1,752,054
1,762,218
Series
2023-5
Class
A
–7.18%
4/15/31
(a)
4,082,050
4,094,466
Series
2023-7
Class
A
–7.23%
7/15/31
(a)
1,000,000
1,003,346
Prosper
Marketplace
Issuance
Trust
(PMIT)
Series
2023-1A
Class
A
–7.06%
7/16/29
(a)
671,810
675,020
Sierra
Timeshare
Receivables
Funding
LLC
(SRFC)
Series
2019-2A
Class
A
–2.59%
5/20/36
(a)
239,199
234,842
Series
2019-2A
Class
B
–2.82%
5/20/36
(a)
29,900
29,372
Series
2020-2A
Class
A
–1.33%
7/20/37
(a)
394,671
375,269
SoFi
Consumer
Loan
Program
Trust
(SOFI)
Series
2023-1S
Class
A
–5.81%
5/15/31
(a)
187,357
187,143
Theorem
Funding
Trust
(THRM)
Series
2022-3A
Class
A
–7.6%
4/15/29
(a)
1,891,869
1,905,441
Upstart
Securitization
Trust
(UPST)
Series
2021-5
Class
A
–1.31%
11/20/31
(a)
227,810
226,211
Series
2023-1
Class
A
–6.59%
2/20/33
(a)
596,834
597,651
Series
2023-2
Class
A
–6.77%
6/20/33
(a)
3,062,207
3,077,206
a
58,617,349
a
Equipment
Amur
Equipment
Finance
Receivables
IX
LLC
(AXIS)
Series
2021-1A
Class
A2
–0.75%
11/20/26
(a)
523,053
517,169
Series
2021-1A
Class
B
–1.38%
2/22/27
(a)
1,000,000
971,503
Amur
Equipment
Finance
Receivables
XI
LLC
(AXIS)
Series
2022-2A
Class
A2
–5.3%
6/21/28
(a)
1,536,200
1,532,698
Amur
Equipment
Finance
Receivables
XII
LLC
(AXIS)
Series
2023-1A
Class
A2
–6.09%
12/20/29
(a)
3,489,492
3,519,377
Auxilior
Term
Funding
LLC
(XCAP)
Series
2023-1A
Class
A2
–6.18%
12/15/28
(a)
4,000,000
4,017,849
22
Short
Duration
Income
Fund
(Continued)
Schedule
of
Investments
December
31,
2023
(Unaudited)
a
a
a
$
Principal
Amount
$
Value
a
a
Dell
Equipment
Finance
Trust
(DEFT)
Series
2021-2
Class
A2
–0.53%
12/22/26
(a)
173,531
172,124
Series
2023-2
Class
A2
–5.84%
1/22/29
(a)
1,800,000
1,804,785
Series
2023-3
Class
A2
–6.1%
4/23/29
(a)
1,600,000
1,610,543
Series
2023-3
Class
A3
–5.93%
4/23/29
(a)
3,500,000
3,567,758
Dext
ABS
LLC
(DEXT)
Series
2021-1
Class
A
–1.12%
2/15/28
(a)
1,190,430
1,159,137
Series
2023-2
Class
A2
–6.56%
5/15/34
(a)
6,300,000
6,333,807
Granite
Park
Equipment
Leasing
LLC
(SCFGP)
Series
2023-1A
Class
A2
–6.51%
5/20/30
(a)
4,150,000
4,186,696
Series
2023-1A
Class
A3
–6.46%
9/20/32
(a)
1,400,000
1,444,056
HPEFS
Equipment
Trust
(HPEFS)
Series
2023-1A
Class
A2
–5.43%
8/20/25
(a)
2,305,910
2,303,146
MMAF
Equipment
Finance
LLC
(MMAF)
Series
2022-A
Class
A2
–2.77%
2/13/25
(a)
664,411
661,118
Series
2022-B
Class
A2
–5.57%
9/9/25
(a)
1,896,095
1,894,063
Series
2022-B
Class
A3
–5.61%
7/10/28
(a)
4,250,000
4,279,009
Series
2023-A
Class
A2
–5.79%
11/13/26
(a)
2,325,000
2,333,943
Pawnee
Equipment
Receivables
Series
LLC
(PWNE)
Series
2021-1
Class
A2
–1.1%
7/15/27
(a)
1,336,694
1,306,265
Series
2022-1
Class
A2
–4.84%
2/15/28
(a)
747,254
746,340
SCF
Equipment
Leasing
LLC
(SCFET)
Series
2022-2A
Class
A2
–6.24%
7/20/28
(a)
621,811
622,040
Series
2022-2A
Class
A3
–6.5%
10/21/30
(a)
2,750,000
2,773,011
Series
2023-1A
Class
A3
–6.17%
5/20/32
(a)
3,500,000
3,586,942
a
51,343,379
a
Other
Verizon
Master
Trust
(VZMT)
Series
2023-7
Class
A1A
–5.67%
11/20/29
3,000,000
3,085,744
a
Total
Asset-Backed
Securities
(Cost
$347,220,355)
347,573,766
Commercial
Mortgage-Backed
Securities
-
7.5%
a
a
AREIT
LLC
(AREIT)
Series
2023-CRE8
Class
AS
–8.23%
8/17/41
Floating
Rate
(TSFR1M
+
287)
(a)
5,000,000
4,989,319
AREIT
Trust
(AREIT)
Series
2021-CRE5
Class
A
–6.55%
11/17/38
Floating
Rate
(TSFR1M
+
119)
(a)
3,986,443
3,882,712
BPR
Trust
(BPR)
Series
2021-KEN
Class
A
–6.73%
2/15/29
Floating
Rate
(TSFR1M
+
136)
(a)
3,000,000
2,995,404
BRSP
Ltd.
(BRSP)
Series
2021-FL1
Class
A
–6.62%
8/19/38
Floating
Rate
(TSFR1M
+
126)
(a)
(b)
2,100,409
2,049,584
CLNC
Ltd.
(CLNC)
Series
2019-FL1
Class
AS
–7.02%
8/20/35
Floating
Rate
(TSFR1M
+
166)
(a)
(b)
4,694,000
4,637,364
FS
Rialto
Issuer
LLC
(FSRI)
Series
2022-FL5
Class
A
–7.66%
6/19/37
Floating
Rate
(TSFR1M
+
230)
(a)
(b)
4,500,000
4,461,875
Series
2022-FL7
Class
A
–8.26%
10/19/39
Floating
Rate
(TSFR1M
+
290)
(a)
1,500,000
1,508,792
GPMT
Ltd.
(GPMT)
Series
2021-FL3
Class
A
–6.72%
7/16/35
Floating
Rate
(TSFR1M
+
136)
(a)
(b)
2,729,982
2,682,676
a
a
a
$
Principal
Amount
$
Value
a
a
HERA
Commercial
Mortgage
Ltd.
(HCM)
Series
2021-FL1
Class
A
–6.52%
2/18/38
Floating
Rate
(TSFR1M
+
116)
(a)
(b)
3,340,557
3,254,149
HGI
CRE
CLO
Ltd.
(HGI)
Series
2021-FL1
Class
A4
–6.52%
6/16/36
Floating
Rate
(TSFR1M
+
116)
(a)
(b)
2,711,147
2,648,683
Series
2021-FL1
Class
AS
–6.87%
6/16/36
Floating
Rate
(TSFR1M
+
151)
(a)
(b)
4,000,000
3,851,237
Series
2021-FL2
Class
A4
–6.47%
9/17/36
Floating
Rate
(TSFR1M
+
111)
(a)
(b)
1,507,548
1,468,231
HIG
RCP
LLC
(HIG)
Series
2023-FL1
Class
A
–7.64%
9/19/38
Floating
Rate
(TSFR1M
+
227)
(a)
(b)
7,000,000
6,973,632
Hilton
USA
Trust
(HILT)
Series
2016-SFP
Class
E
–5.52%
11/5/35
(a)
4,300,000
499,268
ILPT
Commercial
Mortgage
Trust
(ILPT)
Series
2022-LPF2
Class
A
–7.61%
10/15/39
Floating
Rate
(TSFR1M
+
225)
(a)
1,000,000
998,341
KREF
Ltd.
(KREF)
Series
2021-FL2
Class
A4
–6.55%
2/15/39
Floating
Rate
(TSFR1M
+
118)
(a)
(b)
4,500,000
4,385,494
LoanCore
Issuer
Ltd.
(LNCR)
Series
2021-CRE5
Class
A
–6.78%
7/15/36
Floating
Rate
(TSFR1M
+
141)
(a)
(b)
3,982,118
3,931,133
STWD
Ltd.
(STWD)
Series
2022-FL3
Class
A
–6.69%
11/15/38
Floating
Rate
(SOFR30A
+
135)
(a)
(b)
6,500,000
6,314,723
VMC
Finance
LLC
(VMC)
Series
2021-FL4
Class
A
–6.57%
6/16/36
Floating
Rate
(TSFR1M
+
121)
(a)
2,305,987
2,251,668
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$68,288,286)
63,784,285
Mortgage-Backed
Securities
-
8.9%
a
a
Federal
Home
Loan
Mortgage
Corporation
Collateralized
Mortgage
Obligations
Series
3649
Class
A
–4%
3/15/25
71,749
70,954
Series
4107
Class
LW
–1.75%
8/15/27
3,920,433
3,699,172
Series
4281
Class
AG
–2.5%
12/15/28
28,967
28,612
Series
3003
Class
LD
–5%
12/15/34
358,477
359,994
Series
2952
Class
PA
–5%
2/15/35
115,501
113,977
Series
3620
Class
PA
–4.5%
12/15/39
257,430
251,057
Series
3842
Class
PH
–4%
4/15/41
368,472
357,381
a
Pass-Through
Securities
Pool#
G18296
–
4.5%
2/1/24
1,664
1,656
Pool#
G18306
–
4.5%
4/1/24
6,427
6,399
Pool#
G18308
–
4%
5/1/24
13,829
13,753
Pool#
J13949
–
3.5%
12/1/25
292,259
285,494
Pool#
E02804
–
3%
12/1/25
229,325
224,713
Pool#
J14649
–
3.5%
4/1/26
245,211
239,357
Pool#
E02948
–
3.5%
7/1/26
751,965
732,563
Pool#
J16663
–
3.5%
9/1/26
796,278
781,510
Pool#
E03033
–
3%
2/1/27
496,076
483,377
Pool#
ZS8692
–
2.5%
4/1/33
595,891
554,820
Pool#
G01818
–
5%
5/1/35
445,496
453,511
Pool#
SB8257
–
5.5%
9/1/38
6,945,300
7,046,140
15,704,440
23
a
a
a
$
Principal
Amount
$
Value
a
a
a
Federal
National
Mortgage
Association
Pass-Through
Securities
Pool#
930667
–
4.5%
3/1/24
2,904
2,888
Pool#
995693
–
4.5%
4/1/24
448
446
Pool#
MA0043
–
4%
4/1/24
13,337
13,241
Pool#
995692
–
4.5%
5/1/24
11,879
11,813
Pool#
931739
–
4%
8/1/24
6,772
6,703
Pool#
AE0031
–
5%
6/1/25
1,553
1,562
Pool#
AD7073
–
4%
6/1/25
42,444
41,925
Pool#
AL0471
–
5.5%
7/1/25
11,116
11,276
Pool#
310139
–
3.5%
11/1/25
386,617
380,055
Pool#
AB1769
–
3%
11/1/25
155,149
150,071
Pool#
AH3429
–
3.5%
1/1/26
905,031
889,406
Pool#
AB2251
–
3%
2/1/26
242,659
237,343
Pool#
AB3902
–
3%
11/1/26
227,996
222,065
Pool#
AB4482
–
3%
2/1/27
1,210,299
1,177,455
Pool#
AL1366
–
2.5%
2/1/27
460,752
445,266
Pool#
AB6291
–
3%
9/1/27
262,754
255,077
Pool#
MA3189
–
2.5%
11/1/27
433,081
417,321
Pool#
MA3791
–
2.5%
9/1/29
1,083,387
1,034,495
Pool#
BM5708
–
3%
12/1/29
739,494
717,080
Pool#
MA0587
–
4%
12/1/30
1,095,943
1,075,358
Pool#
BA4767
–
2.5%
1/1/31
570,280
539,656
Pool#
AS7701
–
2.5%
8/1/31
1,913,746
1,808,091
Pool#
555531
–
5.5%
6/1/33
898,512
925,589
Pool#
MA3540
–
3.5%
12/1/33
626,439
615,248
Pool#
725232
–
5%
3/1/34
82,573
83,936
Pool#
995112
–
5.5%
7/1/36
413,169
425,642
11,489,008
a
Government
National
Mortgage
Association
Pass-Through
Securities
Pool#
5255
–
3%
12/20/26
975,059
950,013
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)
447,039
435,551
Citigroup
Mortgage
Loan
Trust
(CMLTI)
Series
2014-A
Class
A
–4%
1/25/35
(a)
(c)
319,830
305,670
Flagstar
Mortgage
Trust
(FSMT)
Series
2017-1
Class
2A2
–3%
3/25/47
(a)
(c)
399,728
365,540
Series
2021-7
Class
B
–2.5%
8/25/51
(a)
(c)
4,998,688
4,366,334
Series
2021-10IN
Class
A6
–2.5%
10/25/51
(a)
(c)
4,617,261
4,031,956
GS
Mortgage-Backed
Securities
Trust
(GSMBS)
Series
2021-PJ9
Class
A8
–2.5%
2/26/52
(a)
(c)
3,145,789
2,742,818
Series
2022-PJ1
Class
AB
–2.5%
5/28/52
(a)
(c)
3,869,623
3,355,208
Series
2022-PJ2
Class
A24
–3%
6/25/52
(a)
(c)
2,482,548
2,209,271
Series
2020-NQM1
Class
A1
–1.38%
9/27/60
(a)
(c)
370,061
338,584
JPMorgan
Mortgage
Trust
(JPMMT)
Series
2014-2
Class
2A2
–3.5%
6/25/29
(a)
(c)
425,194
411,223
Series
2014-5
Class
B
–2.75%
10/25/29
(a)
(c)
1,167,178
1,117,507
Series
2016-3
Class
A
–2.97%
10/25/46
(a)
(c)
987,597
918,987
Series
2017-3
Class
A
–2.5%
8/25/47
(a)
(c)
2,173,252
1,882,600
Series
2018-6
Class
2A2
–3%
12/25/48
(a)
(c)
311,559
291,641
Series
2020-7
Class
A
–3%
1/25/51
(a)
(c)
70,569
68,974
Series
2020-8
Class
A
–3%
3/25/51
(a)
(c)
194,916
186,418
Series
2021-4
Class
A4
–2.5%
8/25/51
(a)
(c)
2,026,857
1,783,909
a
a
a
$
Principal
Amount
$
Value
a
a
Series
2021-6
Class
B
–2.5%
10/25/51
(a)
(c)
4,536,406
3,980,876
Series
2021-8
Class
B
–2.5%
12/25/51
(a)
(c)
1,472,908
1,291,039
Series
2022-2
Class
A4A
–2.5%
8/25/52
(a)
(c)
1,833,837
1,592,275
Series
2023-6
Class
A4A
–5.5%
12/26/53
(a)
(c)
2,977,516
2,953,804
JPMorgan
Wealth
Management
(JPMWM)
Series
2020-ATR1
Class
A
–3%
2/25/50
(a)
(c)
200,641
197,958
Rate
Mortgage
Trust
(RATE)
Series
2021-J3
Class
A7
–2.5%
10/25/51
(a)
(c)
4,172,170
3,624,721
RCKT
Mortgage
Trust
(RCKT)
Series
2021-3
Class
A5
–2.5%
7/25/51
(a)
(c)
5,246,148
4,601,063
Sequoia
Mortgage
Trust
(SEMT)
Series
2019-CH2
Class
A
–4.5%
8/25/49
(a)
(c)
136,082
133,669
Series
2020-3
Class
A
–3%
4/25/50
(a)
(c)
275,791
265,427
Series
2023-3
Class
A4
–6%
9/25/53
(a)
(c)
3,267,731
3,282,064
46,735,087
a
Total
Mortgage-Backed
Securities
(Cost
$80,930,315)
74,878,548
U.S.
Treasuries
-
26.7%
a
a
U.S.
Treasury
Notes
2%
5/31/24
13,000,000
12,827,094
3%
6/30/24
1,000,000
989,555
3.25%
8/31/24
13,000,000
12,846,545
2.13%
11/30/24
2,500,000
2,439,268
1.5%
11/30/24
17,000,000
16,489,402
2.75%
2/28/25
2,000,000
1,957,422
0.25%
8/31/25
20,000,000
18,673,828
3.5%
9/15/25
7,000,000
6,897,871
4.25%
10/15/25
12,000,000
11,979,141
4%
2/15/26
12,000,000
11,946,797
4.5%
7/15/26
22,000,000
22,208,398
1.88%
7/31/26
15,000,000
14,191,992
4.63%
9/15/26
12,000,000
12,168,516
1.63%
10/31/26
17,000,000
15,918,242
2.25%
2/15/27
2,000,000
1,898,945
1.13%
2/28/27
10,000,000
9,161,719
4.13%
9/30/27
10,000,000
10,064,453
1.13%
2/29/28
16,000,000
14,305,625
1.25%
3/31/28
7,000,000
6,278,262
4.38%
8/31/28
2,000,000
2,043,086
4.63%
9/30/28
4,000,000
4,129,375
4.63%
9/30/30
15,000,000
15,640,430
a
Total
U.S.
Treasuries
(Cost
$231,092,950)
225,055,966
Cash
Equivalents
-
3.8%
a
a
JPMorgan
U.S.
Government
Money
Market
Fund
-
Institutional
Class
5.21%
(Cost
$32,296,989)
(d)
32,296,989
32,296,989
Short-Term
Securities
Held
as
Collateral
for
Securities
on
Loan
-
0.1%
a
a
a
Goldman
Sachs
Financial
Square
Government
Fund
Institutional
Class
–
5.23%
(d)
1,006,409
1,006,409
24
Short
Duration
Income
Fund
(Continued)
Schedule
of
Investments
December
31,
2023
(Unaudited)
a
a
a
$
Principal
Amount
$
Value
a
a
Citibank
N.A.
DDCA
5.32%
111,823
111,823
a
Total
Short-Term
Securities
Held
as
Collateral
for
Securities
on
Loan
(Cost
$1,118,232)
1,118,232
Total
Investments
in
Securities
(Cost
$856,692,638)
839,577,669
Other
Assets
Less
Other
Liabilities
- 0.5%
3,980,838
Net
Assets
-
100%
843,558,507
Net
Asset
Value
Per
Share
-
Investor
Class
11.84
Net
Asset
Value
Per
Share
-
Institutional
Class
11.87
^
This
security
or
a
partial
position
of
this
security
was
on
loan
as
of
December
31,
2023.
The
total
value
of
securities
on
loan
as
of
December
31,
2023
was
$1,075,617.
(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
7
day
average
yield
at
December
31,
2023.
25
Ultra
Short
Government
Fund
Schedule
of
Investments
December
31,
2023
(Unaudited)
Asset-Backed
Securities
-
1.2%
a
a
a
$
Principal
Amount
$
Value
a
a
Automobile
ACM
Auto
Trust
(ACM)
Series
2023-1A
Class
A
–6.61%
1/22/30
(a)
48,049
48,023
ARI
Fleet
Lease
Trust
(ARIFL)
Series
2023-B
Class
A1
–5.92%
10/15/24
(a)
679,429
680,054
Avid
Automobile
Receivables
Trust
(AVID)
Series
2023-1
Class
A
–6.63%
7/15/26
(a)
81,031
80,987
CFMT
LLC
(CFMT)
Series
2021-AL1
Class
B
–1.39%
9/22/31
(a)
135,180
131,100
LAD
Auto
Receivables
Trust
(LADAR)
Series
2022-1A
Class
A
–5.21%
6/15/27
(a)
129,580
128,946
a
1,069,110
a
Consumer
&
Specialty
Finance
Affirm
Asset
Securitization
Trust
(AFFRM)
Series
2023-X1
Class
A
–7.11%
11/15/28
(a)
130,000
130,408
SoFi
Consumer
Loan
Program
Trust
(SOFI)
Series
2023-1S
Class
A
–5.81%
5/15/31
(a)
187,357
187,143
Upstart
Securitization
Trust
(UPST)
Series
2021-5
Class
A
–1.31%
11/20/31
(a)
112,662
111,872
a
429,423
a
Equipment
Dext
ABS
LLC
(DEXT)
Series
2023-2
Class
A1
–5.74%
11/15/24
(a)
567,047
567,101
Pawnee
Equipment
Receivables
Series
LLC
(PWNE)
Series
2022-1
Class
A2
–4.84%
2/15/28
(a)
93,407
93,292
660,393
a
Total
Asset-Backed
Securities
(Cost
$2,163,312)
2,158,926
U.S.
Treasuries
-
89.3%
a
a
U.S.
Treasury
Notes
2.25%
1/31/24
8,000,000
7,980,125
2.75%
2/15/24
9,000,000
8,971,676
2.5%
4/30/24
7,000,000
6,936,127
2.5%
5/15/24
12,000,000
11,883,028
2.5%
5/31/24
32,000,000
31,643,136
2%
5/31/24
11,000,000
10,853,695
3%
7/31/24
25,000,000
24,705,775
3.25%
8/31/24
27,000,000
26,681,287
4.25%
9/30/24
28,000,000
27,857,726
4.38%
10/31/24
8,000,000
7,966,257
a
Total
U.S.
Treasuries
(Cost
$165,247,790)
165,478,832
Cash
Equivalents
-
8.7%
a
a
U.S.
Treasury
Bill
5.08%,
5/30/24
(b)
10,000,000
9,791,265
JPMorgan
U.S.
Government
Money
Market
Fund
-
Institutional
Class
5.21%
(c)
6,266,148
6,266,148
a
Total
Cash
Equivalents
(Cost
$16,055,265)
16,057,413
Total
Investments
in
Securities
(Cost
$183,466,367)
183,695,171
a
a
$
Principal
Amount
$
Value
a
a
Other
Assets
Less
Other
Liabilities
- 0.8%
1,543,016
Net
Assets
-
100%
185,238,187
Net
Asset
Value
Per
Share
-
Institutional
Class
10.00
(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)
Interest
rates
presented
represent
the
effective
yield
at
December
31,
2023.
(c)
Rate
presented
represents
the
7
day
average
yield
at
December
31,
2023.
26
NOTES
TO
SCHEDULES
OF
INVESTMENTS
December
31,
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
12
/3
1
/2023
Shares
as
of
12
/3
1
/2023
Dividend
Income
Capital
Gains
Distributions
CoreCard
Corp.
$
15,215,650
$230,695
$
(130,767
)
$
127,267
$
(
8
,3
89
,5
45
)
$
7
,0
53
,
3
00
510,000
$
—
$—