N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number        811-07989                

                         Metropolitan West Funds                        

(Exact name of registrant as specified in charter)

865 South Figueroa Street, Suite 1800

                             Los Angeles, CA 90017                      

(Address of principal executive offices) (Zip code)

Peter Davidson, Esq.

Vice President and Assistant Secretary

865 South Figueroa Street, Suite 1800

                      Los Angeles, CA 90017                       

(Name and address of agent for service)

Registrant’s telephone number, including area code: (213) 244-0000

Date of fiscal year end: March 31

Date of reporting period: September 30, 2023

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

[THIS PAGE INTENTIONALLY LEFT BLANK]

Metropolitan West Funds
Table of Contents	September 30, 2023

Letter to Shareholders	1
Disclosure of Fund Expenses (Unaudited)	16
Summary of Portfolio Holdings	19
Schedule of Portfolio Investments	22
AlphaTrak 500 Fund	22
Corporate Bond Fund	31
Flexible Income Fund	38
Floating Rate Income Fund	64
High Yield Bond Fund	80
Intermediate Bond Fund	89
Investment Grade Credit Fund	108
Low Duration Bond Fund	118
Opportunistic High income Credit Fund	135
Strategic Income Fund	142
Sustainable Securitized Fund	159
Total Return Bond Fund	163
Ultra Short Bond Fund	215
Unconstrained Bond Fund	223
Statements of Assets and Liabilities	253
Statements of Operations	260
Statements of Changes in Net Assets	266
Financial Highlights	273
Notes to Financial Statements	306
Approval of Investment Management Agreement by Trustees	360
Privacy Policy	364

METROPOLITAN WEST FUNDS

Dear Fellow Shareholder,

Thank you for your continued investment in the Metropolitan West Funds. We are pleased to provide the following Semi-Annual Report for the Funds for the period ended September 30, 2023. Given the continued move higher in rates across the curve amidst the now 525 basis points (bps) of tightening from the Federal Reserve, fixed income pricing faced pressure during the period, reflected in the asset levels of the Fund complex, which ended the quarter at $65.4 billion. Despite the challenges, the team is confident in the long-term return prospects for our time-tested portfolio construction approach based on a foundation of bottom-up issue selection, a strong valuation framework and a disciplined allocation of capital until higher yielding opportunities (at much more attractive prices) emerge.

The September 30, 2023 Semi-Annual Report covers the following Metropolitan West Funds:

Metropolitan West AlphaTrak 500 Fund	M-Class (MWATX)
Metropolitan West Corporate Bond Fund	M-Class (MWCSX), I-Class (MWCBX)
Metropolitan West Flexible Income Fund	M-Class (MWFSX), I-Class (MWFEX)
Metropolitan West Floating Rate Income Fund	M-Class (MWFRX), I-Class (MWFLX),
	Plan-Class (MWFPX)
Metropolitan West High Yield Bond Fund	M-Class (MWHYX), I-Class (MWHIX)
Metropolitan West Intermediate Bond Fund	M-Class (MWIMX), I-Class (MWIIX)
Metropolitan West Investment Grade Credit Fund	M-Class (MWISX), I-Class (MWIGX)
Metropolitan West Low Duration Bond Fund	M-Class (MWLDX), I-Class (MWLIX),
	Administrative-Class (MWLNX)
Metropolitan West Opportunistic High Income Credit Fund	M-Class (MWORX), I-Class (MWOPX)
Metropolitan West Strategic Income Fund	M-Class (MWSTX), I-Class (MWSIX)
Metropolitan West Sustainable Securitized Fund	M-Class (MWERX), I-Class (MWESX)
Metropolitan West Total Return Bond Fund	M-Class (MWTRX), I-Class (MWTIX),
	I-2-Class (MWTTX),
	Administrative-Class (MWTNX),
	Plan-Class (MWTSX)
Metropolitan West Ultra Short Bond Fund	M-Class (MWUSX), I-Class (MWUIX)
Metropolitan West Unconstrained Bond Fund	M-Class (MWCRX), I-Class (MWCIX),
	Plan-Class (MWCPX)

Economic Review and Market Environment

Following the regional banking turmoil in March, pundit predictions of a historically elusive soft landing grew in prominence as inflation waned and economic data remained resilient, not least employment, which continued to be robust. Perhaps most importantly for the Fed, core inflation came in at 4.3% year-over-year, a significant improvement from last September’s 6.6% pace, while core PCE (Personal Consumption Expenditures, the Fed’s preferred gauge) fell below 4% for the first time in two years. Though inflation has eased, rates have not yet. In a sign that FOMC (Federal Open Market Committee) members continue to be focused on containing price pressures, there were two additional 25 bps hikes during the period followed by a pause in September, bringing the Fed Funds target to a range between 5.25% and 5.50%. Alongside the still-hawkish policy backdrop, longer-term interest rates also moved broadly higher. Since the lows in late March spurred by bank failures and expectations of Fed liquidity, 2-Year U.S. Treasury (UST) yields have surged nearly 128 bps higher, and closed September at 5.05%. Meanwhile, 10- and 30-Year UST yields rose to levels not seen since late 2007, though the curve remained inverted. With interest rates high, mortgage rates surged over 7.5%, sending housing affordability rates to decade lows and slowing the pace of home turnover to abnormally suppressed levels. Notwithstanding the first order impacts of higher interest rates in the housing market, U.S. consumers have generally remained resilient, likely due to the buffer of excess savings built up during the COVID years as a result of government transfer payments and stimulus, allowing consumers to continue to spend even in the face of rampant inflation and higher rates. However, the stockpile of savings has been eroded per the San Francisco Fed, suggesting the ability of consumers to continue to spend freely is waning.

In an echo of 2022’s difficult return environment, the semi-annual period was characterized by fixed income headwinds due to the continued rise of interest rates, with volatility affecting even the thus-far optimistic equity markets in September. Notwithstanding a drawdown of nearly 5% during the month, the S&P 500 Index delivered a 5.2% return for the semi-annual period. Meanwhile, fixed income markets did not offer any investor respite, with total returns weighed down by higher yields as reflected in an over 4.0% loss for the Bloomberg U.S. Aggregate Bond Index. Interestingly, credit spreads generally tightened during the period even as yields shot higher, leading to a further decoupling of the spread-versus-yield relationship. To this point, while investment grade corporates fell 3.4%, the sector outpaced duration-matched Treasuries by roughly 210 bps. Sectors such as finance companies, airlines, and REITs (Real Estate Investment Trusts) outperformed, whereas consumer cyclicals such as lodging, autos and retail, lagged alongside banking and communications. High yield credit was an outlier within fixed income in generating a positive total

1 / Semi-Annual Report September 2023

return (+2.2%) that was over 380 bps ahead of Treasuries, led by lower-quality CCC-rated bonds (+6.8%) given that cohort’s lower duration. Agency mortgage-backed securities (MBS) were particularly affected by the backdrop of rate volatility, and the sector delivered a 4.7% decline that was approximately 11 bps behind comparable Treasuries (one of the only fixed income sectors to post negative excess returns). Among the other securitized sectors, commercial MBS (CMBS) was down approximately 1.6% though the sector posted 114 bps of positive excess returns, led by non-agency collateral despite challenges to the commercial real estate landscape. The market has become bifurcated, with bonds backed by what is perceived to be clean collateral readily liquid and performing well whereas bonds backed by properties viewed as under pressure have performed poorly, with limited liquidity available. Finally, asset-backed securities (ABS) delivered a muted positive return profile, up 0.1% with just under 90 bps of positive excess returns.

The Economy and Market Ahead

The increased expectations for a soft landing notwithstanding, it has to be recognized that 525 bps of hikes to date is not subtle and the sharply higher rates now coursing through the curve will increase the likelihood and hasten the timing of a hard landing. Higher costs of capital have yet to affect a broad swath of the economy; namely, the corporate credit market where only a small share of debt has been reset so far, while other COVID-related distortions have extended the typical lagged effect of monetary policy. Furthermore, the pandemic-related savings that fueled consumers have dwindled, implying a measure of belt-tightening ahead. Once it becomes clear that growth is slowing, unemployment is rising, and inflation is firmly on track to a 2% level, the Fed will be forced to ease. History would indicate that the Fed typically eases faster than they hike, so the gradual pace of rate cuts priced into markets isn’t likely. Instead, experience with the Fed suggests rates will be held high too long, with an aggressive ease once the slowdown is apparent. Though timing is notoriously difficult to predict, and the economy has been performing thus far, indications are that the hard landing becomes clear in the first half of 2024. On the positive side, however, these market conditions create opportunities that can be exploited by disciplined active managers, setting the stage for strong performance as the volatility ultimately subsides.

Data sources for the discussion above include Barclays, Bloomberg, JPMorgan and Merrill Lynch.

Fund Performance Commentary

The performance data presented below represents past performance and is no guarantee of future results. Total returns include reinvestment of dividends and distributions. Current performance may be lower or higher than the performance data presented. Performance data current to the most recent month-end is available on the Funds’ website at TCW.com. Investment returns and principal value will fluctuate with market conditions. The value of an investment in a Fund, when redeemed, may be worth more or less than its original purchase cost.

Metropolitan West AlphaTrak 500 Fund

M-Class (MWATX)

For the six-month period ending September 30, 2023, the MetWest AlphaTrak 500 Fund (“Fund”) gained 3.91% net of fees, though this trailed the S&P 500 Index by approximately 127 bps. While the Fund’s holding of S&P 500 Index futures allows for replication of the Index returns, relative underperformance for the period was generated by the short fixed income portfolio backing the futures contracts. In particular, the Fund’s positive duration profile, which was extended alongside the rise in Treasury yields, resulted in the largest headwind to returns, though informing the extension is a view that rates at current levels and a yield curve going on fifteen months of inversion are not sustainable conditions in the long run. Higher yields and elevated volatility also weighed on the agency MBS sector, resulting in underperformance relative to Treasuries and negatively impacting Fund performance given the sizeable allocation to the space. Non-agency MBS holdings in the Fund, however, performed well given strong demand across the sector, limited new supply, and robust fundamentals of the underlying collateral. Elsewhere in securitized holdings, AAA-rated CLOs (collateralized loan obligations) contributed with their short duration and floating rate structures performing well in a rising rate environment, while high-quality non-agency CMBS issues also benefitted performance for the period. Meanwhile, despite the negative pricing impact of higher yields, short corporates outperformed Treasuries, led by financials, the Fund’s largest corporate exposure. Favorable issue selection among large money center banks contributed, as did select insurance names.

With the rise in rates over the period, the team extended the duration position to roughly 1.5 years, with a continued emphasis on front-end rates. Though rates are not expected to move substantially higher from here, the approach will be patient, recognizing that it might be mid-next year before the Fed starts to ease, rates move lower, and the curve re-steepens. Once rates do start to fall, the lengthened duration position will be maintained for a time to maximize the benefit and recoup the losses generated thus far, before gradually trimming the position once rates have fallen to levels near or below what we would consider to be long-term fair value. On corporate exposure, less-than-compelling yield spreads inform a more cautious stance at present, though sector positioning remains constant. Financials remain the most constructive theme, namely the U.S. money center banks, for which Dodd-Frank’s rigors kept these issuers clear of the trouble that visited the regional banks earlier this year. Other exposures lean

Semi-Annual Report September 2023 / 2

toward communications and select non-cyclicals that would hold up relatively well on any realization of economic slowing. The securitized area is another area of focus, reflected in a significant allocation to residential MBS. Last year’s agency MBS cheapening, and persistent volatility, have spreads at levels the team finds attractive, especially given the government guarantee and pull-to-par convexity of discount pricing. Meanwhile, non-agency MBS remains among the best values in fixed income with good yields and solid fundamentals; years of amortization and housing price appreciation have built up substantial equity in such properties, while an overall lag in housing supply in the decade-plus since the GFC (Global Financial Crisis) have been supportive as well. Finally, CMBS continues to be an area of concern, with significant declines in some office property valuations, given substantially higher rates and elevated vacancies given the work from home dynamic. Expectations are for ongoing appraisals lower, more defaults, more delinquencies, and wider spreads for lower-quality deals with questionable collateral; however, there are also many parts of the CMBS market that don’t have these same challenging dynamics (logistics/warehouses, hospitality, multifamily, retail, and even high-quality office space), and portfolio holdings reflect these more targeted positions, where we can get comfortable with the risk profile and the specific properties.

	Performance Through September 30, 2023
	6 Months (Cumulative)		1 Year (Annualized)		3 Year (Annualized)		5 Year (Annualized)	10 Year (Annualized)	Since Inception   (Annualized)
MWATX (Inception: June 29, 1998)		3.91%		20.56%		8.29%	8.96%	11.97%	7.41%
S&P 500 Index		5.18%		21.62%		10.15%	9.91%	11.91%	7.37%

Metropolitan West Corporate Bond Fund

M-Class (MWCSX), I-Class (MWCBX)

For the six-month period ending September 30, 2023, the MetWest Corporate Bond Fund – I Class (“Fund”) fell 4.27% net of fees, trailing the Bloomberg U.S. Corporate Index (“Index”) by 90 bps. Given a view that rates at current levels and a yield curve going on fifteen months of inversion are not sustainable in the long run, the duration profile of the Fund remained longer than the Index throughout the quarter, with the duration position increasing alongside the rise in Treasury yields and resulting in a significant headwind to relative performance. Further impacting relative performance was the growing underweight to corporate credit throughout the period as the Fund capitalized on falling yield premiums across the sector to trim exposure and maintain a more defensive posture, emphasizing industries that should hold up relatively well upon any realization of economic slowing in favor of those more exposed to cyclical volatility. To that end, an overweight to communications modestly detracted as they lagged the broader investment grade corporate universe, while an underweight to top-performing transportation further held back relative returns, though favorable issue selection among airline names helped to offset the sector drag. Financials represent the largest Fund exposure, and the outperformance of insurance and REITs – both overweight positions in the Fund – contributed to relative performance, with office REITs providing an additional boost. Finally, the modest off-Index allocation to high-quality securitized products contributed, led by interest-only CMBS issues.

With the continued rise in rates during the period, the team added incrementally to the duration positioning, reaching roughly 0.7 years long. Though rates are not expected to move substantially higher from here, the approach will be patient, recognizing that it might be mid-next year before the Fed starts to ease and rates move lower. Once rates do start to fall, the long-duration position will be maintained for a time in order to maximize the benefit and recoup the losses generated thus far, before gradually trimming the position once rates have fallen to levels near or below what we would consider to be long-term fair value. On the corporate credit side, a large swath of the investment grade corporate Index appears to be priced to perfection with yield spreads below historical averages, resulting in an increased market value and spread contribution (credit risk) underweight for the Fund. Though overall exposure was trimmed, sector positioning remains consistent; financials remain the most constructive theme, namely the U.S. money center bank issues, for which Dodd-Frank’s rigors kept these issuers clear of the trouble that visited the regional banks earlier this year. Other exposures lean toward communications, select non-cyclicals and regulated industries like utilities; those that are traditionally less correlated to cyclical volatility and consumer discretionary spending, and that would generally withstand slowing conditions or prolonged volatility.

3 / Semi-Annual Report September 2023

	Performance Through September 30, 2023
	6 Months (Cumulative)		1 Year (Annualized)		3 Year (Annualized)		5 Year (Annualized)			10 Year (Annualized)		Since   Inception     (Annualized)
MWCSX (Inception: June 29, 2018)		-4.39%		2.57%		-5.46%		1.28	%		—	1.54%
Bloomberg U.S. Corporate Index		-3.37%		3.65%		-4.93%		0.93	%		—	1.07%
MWCBX (Inception: June 29, 2018)		-4.27%		2.83%		-5.23%		1.53	%		—	1.80%
Bloomberg U.S. Corporate Index		-3.37%		3.65%		-4.93%		0.93	%		—	1.07%

Metropolitan West Flexible Income Fund

M-Class (MWFSX), I-Class (MWFEX)

The MetWest Flexible Income Fund – I Class (“Fund”) delivered a total return of negative 0.86% (net of fees) for the six-month period ending September 30, 2023, but outpaced the Bloomberg U.S. Aggregate Bond Index (“Index”) by nearly 320 bps. Duration positioning was extended throughout the period alongside the rise in Treasury yields but remained considerably shorter than the benchmark, boosting relative performance. The overweight to the front-end of the curve (2- and 5-Year maturities) detracted in the first half of the period as the curve inverted further, but contributed in the latter half on re-steepening. Corporate credit was trimmed throughout the second half of the period in accordance with the team’s value-oriented discipline given a continued reduction in yield compensation across both the investment grade and high yield corporate universe, with the latter outperforming Treasuries by 280 bps on a duration-adjusted basis. Key to outperformance within the corporate sector was favorable issue selection, driven by communications (cable satellite), non-cyclicals (tobacco), select capital goods names, and banks. While the Fund remains underweight agency MBS overall, the overweight to 30-year conventional boosted relative returns in the first half of the period, then detracted in the latter half as higher rates and a resurgence in volatility weighed on the sector, resulting in little impact overall. Elsewhere in securitized, ABS issues backed by CLOs and single family rental collateral boosted relative returns, while CMBS had little impact as contributions from interest only (IO) bonds that were supported by solid cash flows were offset by underperformance among single asset, single borrower (SASB) loans held in the Fund.

With the continued rise in rates during the third quarter, the team added incrementally to the duration positioning, reducing the underweight to just less than 2.0 years short versus the benchmark, with a continued emphasis remaining on front-end maturities as a change in expectations from Fed tightening to easing should lead to a normalizing of the yield curve from inverted to positively-sloped. Sector positioning remains consistent; while corporate holdings bear a slight market value overweight, the exposure is a modest spread contribution (credit risk) underweight. Financials remain the most constructive theme, namely the U.S. money center bank issues, for which Dodd-Frank’s rigors kept clear of the trouble that visited the regional banks earlier this year. Other exposures lean toward communications and select non-cyclicals that would hold up relatively well on any realization of economic slowing. Within securitized, residential MBS represents a sizeable position and is comprised of both non-agency and agency collateral. The cheapening of last year and persistent volatility have the agency MBS market at wider spreads that the team finds attractive, especially given the government guarantee and pull-to-par convexity of discount pricing. Non-agency MBS remains among the best values in fixed income with good yields and solid fundamentals. Years of amortization and housing price appreciation have built up substantial equity in such properties, underscoring the fundamentals, and an overall lag in housing supply in the decade-plus since the GFC have been supportive as well. CMBS continues to be an area of concern, with significant declines in some office property valuations, given substantially higher rates and elevated vacancies given the work from home dynamic. Expectations are for ongoing appraisals lower, more defaults, more delinquencies, and wider spreads for lower-quality deals with questionable collateral; however, there are also many parts of the CMBS market that don’t have these same challenging dynamics (logistics/warehouses, hospitality, multifamily, and even high-quality office space), and portfolio holdings reflect these more targeted positions, where we can get comfortable with the risk profile and the specific properties. Finally, ABS exposure currently focuses on CLOs and a variety of smaller collateral types (single-family rentals, container etc.).

	Performance Through September 30, 2023
	6 Months (Cumulative)		1 Year (Annualized)		3 Year (Annualized)		5 Year (Annualized)		10 Year (Annualized)		Since Inception   (Annualized)
MWFSX (Inception: November 30, 2018)		-0.86%		5.65%		-0.66%		—		—	5.26%
Bloomberg U.S. Aggregate Bond Index		-4.05%		0.64%		-5.21%		—		—	0.15%
MWFEX (Inception: November 30, 2018)		-0.86%		5.77%		-0.46%		—		—	5.42%
Bloomberg U.S. Aggregate Bond Index		-4.05%		0.64%		-5.21%		—		—	0.15%

Semi-Annual Report September 2023 / 4

Metropolitan West Floating Rate Income Fund

M-Class (MWFRX), I-Class (MWFLX), Plan-Class (MWFPX)

For the six-month period ending September 30, 2023, the MetWest Floating Rate Income Fund – I Class (“Fund”) gained 5.72% net of fees, though this trailed the Morningstar LSTA U.S. Leveraged Loan Index (“Index”) by approximately 100 bps. Given the significant outperformance of lower-quality loans during the period, the Fund’s underweight to CCC and B-rated loans was a formidable headwind to relative returns. Despite the drag, a more cautious stance is informed by the potential for prospective losses among higher risk and highly leveraged borrowers upon any realization of economic slowing, with the Fund opting to maintain buy liquidity to deploy upon more severe pricing dislocations. Further weighing on performance was issue selection, with holdings among the financial services, housing development and healthcare industries detracting the most, though software and transportation names helped to offset the drag slightly. Given the more defensive profile of the Fund currently, an overweight to non-cyclicals like food and beverage was maintained and benefitted performance given the industry’s strong returns for the period, though an underweight to top-performing automobiles and software/technology detracted.

Despite the Fed’s rhetoric and latest summary of economic projections pointing to a higher-for-longer rate environment, market participants in the leveraged loan space seemed to look through the potential difficulties and increased interest burdens such an environment may beget, to instead focus on recent loan outperformance and analysts’ calls of reduced recession risk. The increased expectations for a soft landing notwithstanding, it has to be recognized that 525 bps of hikes to date is not subtle, and sharply higher rates will increase the likelihood and hasten the timing of a hard landing, especially for companies that did not hedge their interest rate exposure. Such dramatic increases to the base rate create an interesting dichotomy in the leveraged loan market; on one hand, investors benefit from the floating rate nature of the sector as coupons step up alongside rising yields and contribute to total returns in the form of increased interest return. On the other, borrowers who use the bank loan market for funding see their interest burdens step up almost immediately with rising rates, potentially pressuring margins and ability to service debt as financing costs reset higher.

While performance of loans to date and a default rate below the historical average would suggest that investors have thus far been positively impacted more than borrowers have been negatively impacted, an inflection point is likely on the horizon. No matter the potential outcome of the economy in coming periods – whether it be a higher-for-longer environment or a harder landing recessionary environment – both present potentially problematic situations for the broader leveraged loan market, and especially for more indebted and interest rate sensitive borrowers. A recession could impair weaker companies’ fundamentals even further, though so too could meaningfully higher rates for a prolonged period. As such, disciplined active management centered around diligent bottom-up analysis is paramount in not only navigating around potentially challenged borrowers, but also in capitalizing on dislocated credits offering attractive total return potential. To that end, the Fund currently maintains a bias towards higher-quality loans, poised to deploy liquidity upon more attractive entry points. Current exposure is focused on industries that traditionally withstand volatility and are less tied to cyclical market patterns, including communications, non-cyclicals and on borrowers with strong cash flow profiles and coverage ratios. Meanwhile, industries experiencing significant destocking or typically associated with consumer discretionary spending are underweights.

	Performance Through September 30, 2023
	6 Months (Cumulative)		1 Year (Annualized)		3 Year (Annualized)		5 Year (Annualized)		10 Year (Annualized)		Since Inception   (Annualized)
MWFRX (Inception: June 28, 2013)		5.62%		10.90%		3.95%		3.36%		3.44%	3.54%
Morningstar LSTA U.S. Leveraged Loan Index		6.72%		13.05%		6.08%		4.46%		4.29%	4.30%
MWFLX (Inception: June 28, 2013)		5.72%		11.11%		4.16%		3.56%		3.65%	3.74%
Morningstar LSTA U.S. Leveraged Loan Index		6.72%		13.05%		6.08%		4.46%		4.29%	4.30%
MWFPX (Inception: January 29, 2021)		5.42%		10.75%		—		—		—	3.17%
Morningstar LSTA U.S. Leveraged Loan Index		6.72%		13.05%		—		—		—	4.92%

5 / Semi-Annual Report September 2023

Metropolitan West High Yield Bond Fund

M-Class (MWHYX), I-Class (MWHIX)

For the six-month period ending September 30, 2023, the MetWest High Yield Bond Fund – I Class (“Fund”) gained approximately 1.10% (net of fees), though this was approximately 112 bps behind the Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index. Performance was held back by an underweight to leading energy and consumer cyclical sub-sectors such as oil field services, leisure, and retailers, all of which outpaced the broader high yield Index. Among financials, an underweight to finance companies was a drag, and though an emphasis on banking and insurance was beneficial from a sector perspective, security selection detracted. These drags were offset by an overweight to communications and consumer non-cyclicals with a further benefit coming from issue selection within the latter (notably, food and beverage names). Finally, a continued focus on higher-quality issues was a headwind as CCC-rated issues led returns with a 6.8% gain that was over 790 bps ahead of duration-matched Treasuries, while B- and BB-rated cohorts were up 2.8% and 0.5%, respectively.

As always, TCW’s high yield portfolio construction is informed by a survey of value in the marketplace. With relatively tight aggregate spread levels for the asset class, compensation for potential downside risks is minimal and thus the approach has been one of de-risking. Furthermore, as high yield companies tend to require regular access to capital markets given the maturity of their debt, this segment will soon face refinancing risks amid higher rates that will ultimately raise interest expenses and cut into profits, increasing vulnerability to an economic downturn. This concern is already hitting floating rate borrowers which have seen a material step in costs this year. Despite the limited spread compensation more broadly, the team will look to continue opportunistically adding to certain segments of the high yield universe with compelling themes that have experienced price dislocations, as well as high conviction idiosyncratic mispricings. An up-in-quality bias also enhances the liquidity profile, leaving the Fund well-positioned to deploy capital into volatility. Until market valuations look more attractive, the strategy will remain focused on communications and consumer non-cyclicals (particularly healthcare and food & beverage) from an overall sector perspective, as well as insurance and banking names within financials, while energy, retail and technology credits remain relative underweights.

	Performance Through September 30, 2023
	6 Months (Cumulative)		1 Year (Annualized)		3 Year (Annualized)		5 Year (Annualized)		10 Year (Annualized)		Since Inception (Annualized)
MWHYX (Inception: September 30, 2002)		1.09%		8.11%		0.03%		3.15%		3.18%	6.90%
Bloomberg U.S. Corporate High Yield Index 2% Issuer Cap		2.22%		10.28%		1.75%		2.95%		4.24%	7.51%
MWHIX (Inception: March 31, 2003)		1.10%		8.25%		0.25%		3.39%		3.42%	6.43%
Bloomberg U.S. Corporate High Yield Index 2% Issuer Cap		2.22%		10.28%		1.75%		2.95%		4.24%	6.99%

Metropolitan West Intermediate Bond Fund

M-Class (MWIMX), I-Class (MWIIX)

The MetWest Intermediate Bond Fund – I Class (“Fund”) delivered a negative total return of 2.45% (net of fees) for the six-month period ending September 30, 2023, trailing the Bloomberg Intermediate U.S. Government/Credit Index (“Index”) by 81 bps. The largest headwind to returns came from the positive duration profile, which was extended throughout the period to end September at approximately 4.6 years, as Treasury yields moved higher across the curve. Within sector exposures, the agency MBS position was a small drag to performance, held back by rate volatility. Despite the drag during the period, wide nominal yield spreads and lack of credit risk make agency MBS attractive relative to other high-quality areas of fixed income and inform the continued and sizeable allocation to the space. Meanwhile, performance benefitted from the off-Index allocation to non-agency residential MBS as the sector continued to benefit from robust housing credit fundamentals such as falling loan-to-value ratios due to higher home prices, effectively deleveraging non-agency MBS deals. Elsewhere in securitized, non-agency CMBS backed by single asset, single borrower loans, along with ABS backed by CLOs were modestly additive from an issue selection standpoint. Away from securitized, corporate positioning was in line with the benchmark for most of the period, while issue selection boosted relative returns, with a preference for more defensive issuers and sectors that are less likely to be affected by cyclical volatility.

Semi-Annual Report September 2023 / 6

Given the rise in rates during the period, the team extended the duration position to roughly 1 year long versus the Index, with a continued emphasis on the 2-Year rate. Though rates are not expected to move substantially higher from here, the approach will be patient, recognizing that it might be mid-next year before the Fed starts to ease, rates move lower, and the curve re-steepens. Once rates do start to fall, the lengthened duration position will be maintained for a time to maximize the benefit and recoup the losses generated thus far, before gradually trimming the position once rates have fallen to levels near or below what we would consider to be long-term fair value. On corporate exposure, less-than-compelling yield spreads inform a reduced allocation at present, though sector positioning remains constant. Financials remain the most constructive theme, namely the U.S. money center banks, for which Dodd-Frank’s rigors kept these issuers clear of the trouble that visited the regional banks earlier this year. Other exposures lean toward communications and select non-cyclicals that would hold up relatively well on any realization of economic slowing. The securitized area is another area of focus, reflected in a significant allocation to residential MBS. Last year’s agency MBS cheapening, and persistent volatility, have spreads at levels the team finds attractive, especially given the government guarantee and pull-to-par convexity of discount pricing. Meanwhile, non-agency MBS remains among the best values in fixed income with good yields and solid fundamentals; years of amortization and housing price appreciation have built up substantial equity in such properties, while an overall lag in housing supply in the decade-plus since the GFC have been supportive as well. Finally, CMBS continues to be an area of concern, with significant declines in some office property valuations, given substantially higher rates and elevated vacancies given the work from home dynamic. Expectations are for ongoing appraisals lower, more defaults, more delinquencies, and wider spreads for lower-quality deals with questionable collateral; however, there are also many parts of the CMBS market that don’t have these same challenging dynamics (logistics/warehouses, hospitality, multifamily, retail, and even high-quality office space), and portfolio holdings reflect these more targeted positions, where we can get comfortable with the risk profile and the specific properties.

	Performance Through September 30, 2023
	6 Months (Cumulative)		1 Year (Annualized)		3 Year (Annualized)		5 Year (Annualized)		10 Year (Annualized)	Since Inception   (Annualized)
MWIMX (Inception: June 30, 2003)		-2.66%		1.78%		-3.35%		0.79%	0.98%	3.21%
Bloomberg Intermediate U.S. Government/Credit Index		-1.64%		2.20%		-2.93%		1.02%	1.27%	2.64%
MWIIX (Inception: June 28, 2002)		-2.45%		1.99%		-3.14%		1.01%	1.21%	3.99%
Bloomberg Intermediate U.S. Government/Credit Index		-1.64%		2.20%		-2.93%		1.02%	1.27%	3.01%

Metropolitan West Investment Grade Credit Fund

M-Class (MWISX), I-Class (MWIGX)

The MetWest Investment Grade Credit Fund – I Class (“Fund”) delivered a total return of negative 1.83% (net of fees) for the six-month period ending September 30, 2023, trailing the Bloomberg U.S. Intermediate Credit Index (“Index”) by 65 bps. Given a view that rates at current levels and a yield curve going on fifteen months of inversion are not long-run equilibrium conditions, the duration profile of the Fund remained longer than the Index, with the duration position increasing alongside the rise in Treasury yields and resulting in a significant headwind to relative performance. Despite this move higher in rates, yield spreads among corporate credit reached year-to-date tight levels during the period, prompting a trimming of the Fund’s corporate exposure in line with our value-oriented discipline. While this more defensive positioning produced a modest drag given the positive excess returns posted by corporates, the Fund maintains liquidity to deploy upon more attractive entry points. Within corporates, the underweight to industrials was a small drag as the sector outpaced Treasuries by 90 bps, however, issue selection helped to offset the sector drag, led by contributions from airlines, gaming, and packaging, all top performing subsectors. Turning to financials, the overweight gave way to an underweight position late in the period, with trimming among banks and insurance, while issue selection boosted relative performance, with contributions from high-quality office REITs and select insurance names. Meanwhile, issue selection among non-corporate credit, including an overweight to municipal debt, contributed as municipal bonds beat Treasuries and investment grade credit during the period. Finally, the off-Index position in securitized products provided a boost to relative performance, especially high-quality ABS CLOs and interest-only CMBS, while the allocation to agency MBS detracted modestly as the sector struggled in the second half of the period on elevated rate volatility and higher yields.

With the continued rise in rates during the third quarter, the team added incrementally to the duration positioning, reaching roughly 0.9 years long. Though rates are not expected to move substantially higher from here, the approach will be patient, recognizing that it might be mid-next year before the Fed starts to ease and rates move lower. Once rates do start to fall, the long-duration position will be maintained for a time to maximize the benefit and recoup the losses generated thus far, before gradually trimming the position once rates have fallen to levels near or below what we would consider to be long-term fair value. On the corporate credit side, a large swath of the investment grade corporate Index appears to be priced to perfection with yield spreads below

7 / Semi-Annual Report September 2023

historical averages, resulting in an increased market value and spread contribution (credit risk) underweight for the Fund. Though overall exposure was trimmed, sector positioning remains consistent; financials remain the most constructive theme, namely the U.S. money center bank issues, for which Dodd-Frank’s rigors kept these issuers clear of the trouble that visited the regional banks earlier this year. Other exposures lean toward communications, select non-cyclicals and regulated industries like utilities; those that are traditionally less correlated to cyclical volatility and consumer discretionary spending, and that would generally hold up relatively well on any realization of economic slowing. Within securitized, agency MBS represents a sizable position given the government-guaranteed nature, strong liquidity, and historically attractive spreads. Most notably, discount dollar prices provide upside optionality when rates begin to move lower. The strategy also maintains modest positions in CMBS and ABS, though caution and patience are warranted, particularly in CMBS. However, a slowing economy and increased commercial real estate and consumer stress should eventually present opportunity for attractive risk-adjusted returns.

	Performance Through September 30, 2023
	6 Months (Cumulative)		1 Year (Annualized)		3 Year (Annualized)		5 Year (Annualized)		10 Year (Annualized)		Since Inception   (Annualized)
MWISX (Inception: June 29, 2018)		-1.80%		3.63%		-3.00%		1.57%		—	2.18%
Bloomberg U.S. Intermediate Credit Index		-1.18%		3.81%		-2.56%		1.48%		—	1.55%
MWIGX (Inception: June 29, 2018)		-1.83%		3.71%		-2.84%		1.76%		—	2.37%
Bloomberg U.S. Intermediate Credit Index		-1.18%		3.81%		-2.56%		1.48%		—	1.55%

Metropolitan West Low Duration Bond Fund

M-Class (MWLDX), I-Class (MWLIX), Administrative-Class (MWLNX)

The MetWest Low Duration Bond Fund – I Class (“Fund”) delivered a negative total return of 0.343% (net of fees) for the six-month period ending September 30, 2023, trailing the ICE BofA 1-3 Year U.S. Treasury Index (“Index”) by 50 bps. The largest headwind to returns came from the positive duration profile, which was extended throughout the period to end September at approximately 2.8 years, as Treasury yields moved higher across the curve. Higher yields and elevated volatility also weighed on the agency MBS sector, resulting in underperformance relative to Treasuries and negatively impacting Fund performance given the sizeable allocation to the space. Despite the drag during the period, wide nominal yield spreads and lack of credit risk make agency MBS attractive relative to other high-quality areas of fixed income and inform the continued and sizeable allocation to MBS. Non-agency MBS holdings in the Fund, however, performed well given strong demand across the sector, limited new supply, and robust fundamentals of the underlying collateral. Elsewhere in securitized, non-agency CMBS backed by single asset, single borrower loans, along with ABS backed by CLOs were modestly additive from an issue selection standpoint. Finally, the off-Index allocation to corporate credit boosted relative returns as short corporates outperformed Treasuries, led by financials, the Fund’s largest corporate exposure. Key to outperformance within the corporate sector was favorable issue selection, driven by consumer cyclicals (gaming), transportation (airlines), office REITs, along with banks and finance companies.

Given the rise in rates during the period, the team extended the duration position to roughly 1 year long versus the Index, with a continued emphasis on the 2-Year rate. Though rates are not expected to move substantially higher from here, the approach will be patient, recognizing that it might be mid-next year before the Fed starts to ease, rates move lower, and the curve re-steepens. Once rates do start to fall, the lengthened duration position will be maintained for a time to maximize the benefit and recoup the losses generated thus far, before gradually trimming the position once rates have fallen to levels near or below what we would consider to be long-term fair value. On corporate exposure, less-than-compelling yield spreads inform a reduced allocation at present, though sector positioning remains constant. Financials remain the most constructive theme, namely the U.S. money center banks, for which Dodd-Frank’s rigors kept these issuers clear of the trouble that visited the regional banks earlier this year. Other exposures lean toward communications and select non-cyclicals that would hold up relatively well on any realization of economic slowing. The securitized area is another area of focus, reflected in a significant allocation to residential MBS. Last year’s agency MBS cheapening, and persistent volatility, have spreads at levels the team finds attractive, especially given the government guarantee and pull-to-par convexity of discount pricing. Meanwhile, non-agency MBS remains among the best values in fixed income with good yields and solid fundamentals; years of amortization and housing price appreciation have built up substantial equity in such properties, while an overall lag in housing supply in the decade-plus since the GFC have been supportive as well. Finally, CMBS continues to be an area of concern, with significant declines in some office property valuations, given substantially higher rates and elevated vacancies given the work from home dynamic. Expectations are for ongoing appraisals lower, more defaults, more delinquencies, and wider spreads for lower-quality deals with questionable collateral; however, there are also many parts of the

Semi-Annual Report September 2023 / 8

CMBS market that don’t have these same challenging dynamics (logistics/warehouses, hospitality, multifamily, retail, and even high-quality office space), and portfolio holdings reflect these more targeted positions, where we can get comfortable with the risk profile and the specific properties.

	Performance Through September 30, 2023
	6 Months (Cumulative)		1 Year (Annualized)		3 Year (Annualized)		5 Year (Annualized)		10 Year (Annualized)	Since Inception   (Annualized)
MWLDX (Inception: March 31, 1997)		-0.43%		2.66%		-1.04%		0.94%	0.93%	3.08%
ICE BofA 1-3 Year U.S. Treasury Index		0.17%		2.47%		-0.84%		1.06%	0.81%	2.75%
MWLIX (Inception: March 31, 2000)		-0.33%		2.87%		-0.84%		1.13%	1.14%	2.77%
ICE BofA 1-3 Year U.S. Treasury Index		0.17%		2.47%		-0.84%		1.06%	0.81%	2.38%
MWLNX (Inception: September 22, 2009)		-0.44%		2.67%		-1.10%		0.84%	0.83%	2.29%
ICE BofA 1-3 Year U.S. Treasury Index		0.17%		2.47%		-0.84%		1.06%	0.81%	0.92%

Metropolitan West Opportunistic High Income Credit Fund

M-Class (MWORX), I-Class (MWOPX)

The MetWest Opportunistic High Income Credit Fund – I Class (“Fund”) delivered a total return of 0.98% (net of fees) for the six-month period ending September 30, 2023, trailing the Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index (“Index”) by 124 bps. Fixed income markets were weighed down by the rise in Treasury rates over the period, but generally outperformed Treasuries on a duration-adjusted basis as yield spreads compressed, while equities were positive due to favorable performance in the first half of the period amid hopes of a soft landing. As such, the allocation to equities in the Fund benefitted relative performance, as did the overweight to investment grade credit, which outpaced Treasuries by 210 bps on a duration-adjusted basis, while the sizable underweight to high yield credit drove underperformance as the sector beat Treasuries by more than 380 bps on a duration-adjusted basis. Among corporates, positioning was largely focused on more defensive, less cyclical industries such as food and beverage and media entertainment, banking, and insurance, while underweight consumer cyclicals and energy. During the period, cyclicals and energy were among the best performing high yield corporate sectors, thus the underweight resulted in a drag on performance. However, issue selection across industrial sectors provided a boost to relative returns, partially offsetting the sector drag. Among financials, an underweight to finance companies was a drag, and though an emphasis on banking and insurance was beneficial from a sector perspective, security selection detracted. Finally, an overweight to higher-quality issues was a headwind as CCC-rated issues led returns with a 6.8% gain that was over 790 bps ahead of duration-matched Treasuries, while B- and BB-rated cohorts were up 2.8% and 0.5%, respectively.

As always, TCW’s high yield portfolio construction is informed by a survey of value in the marketplace. With relatively tight aggregate spread levels for the asset class, compensation for potential downside risks is minimal and thus the approach has been one of de-risking. Furthermore, as high yield companies tend to require regular access to capital markets given the maturity of their debt, this segment will soon face refinancing risks amid higher rates that will ultimately raise interest expenses and cut into profits, increasing vulnerability to an economic downturn. This concern is already hitting floating rate borrowers which have seen a material step-up in costs this year. Despite the limited spread compensation more broadly, the team will look to continue opportunistically adding to certain segments of the high yield universe with compelling themes that have experienced price dislocations, as well as high conviction idiosyncratic mispricings. An up-in-quality bias also enhances the liquidity profile, leaving the Fund well-positioned to deploy capital into volatility. Until market valuations look more attractive, the strategy will remain focused on communications and consumer non-cyclicals (particularly healthcare and food & beverage) from an overall sector perspective, as well as insurance and banking names within financials, while energy, retail and technology credits remain relative underweights. Outside of corporate credit, the team is generally constructive on securitized credit, particularly non-agency MBS, which remains among the best values in fixed income with good yields and solid fundamentals. Years of amortization and housing price appreciation have built up substantial equity in such properties, underscoring the fundamentals, and an overall lag in housing supply in the decade-plus since the GFC have been supportive as well. Finally, CMBS positioning includes an allocation to single asset, single borrower deals where we are comfortable with the risk profile and the specific properties, as well as select IO issues where there is attractive upside potential.

9 / Semi-Annual Report September 2023

	Performance Through September 30, 2023
	6 Months (Cumulative)		1 Year (Annualized)		3 Year (Annualized)	5 Year (Annualized)	10 Year (Annualized)	Since Inception (Annualized)
MWORX (Inception: August 2, 2021)		0.88%		7.37%	—	—	—	-4.19%
Bloomberg U.S. Corporate High Yield Index 2% Issuer Cap		2.22%		10.28%	—	—	—	-2.09%
MWOPX (Inception: August 2, 2021)		0.98%		7.61%	—	—	—	-4.03%
Bloomberg U.S. Corporate High Yield Index 2% Issuer Cap		2.22%		10.28%	—	—	—	-2.09%

Metropolitan West Strategic Income Fund

M-Class (MWSTX), I-Class (MWSIX)

For the six-month period ending September 30, 2023, the MetWest Strategic Income Fund – I Class (“Fund”) returned 0.85% (net of fees) lagging the ICE BofA U.S. 3-Month Treasury Bill Index +200 bps by approximately 266 bps. The largest headwind to returns came from the positive duration profile, which was maintained at 2.9 years, as Treasury yields moved higher across the curve (the 2-Year yield was up over 100 bps while the 10-Year was up 110 bps). Within sector exposures, the agency MBS position was another drag to performance, held back by rate volatility. Despite the drag during the period, wide nominal yield spreads and lack of credit risk make agency MBS attractive relative to other high-quality areas of fixed income and inform the continued allocation of about 15% to the space. Meanwhile, sustained demand for non-agency MBS benefitted the sector given limited supply amid a slowdown in home purchase/refinance activity, contributing to returns and more than offsetting the drag from agency MBS. Elsewhere in securitized, CMBS and ABS holdings were additive, notably from high-quality CLOs. Turning towards the credit allocation, investment grade corporates boosted returns given strong positive excess returns and tightening yield spreads during the period. The Fund took advantage of this shift in valuations to reduce exposure and trim into the strength, with remaining exposure emphasizing more defensive issuers and sectors that are less likely to be affected by cyclical volatility. Performance was also boosted by favorable issue selection among select high-quality industrials including wirelines and manufacturing names, as well as large G-SIB (Global Systemically Important Bank) banking holdings.

Though lower over the quarter, rates still skew high given the risk of recession. Yields remain above an apparent equilibrium, thus informing a duration position of approximately 2.9 years, with an emphasis on the front end of the yield curve. With regards to sector positioning, the team remains diligent in applying TCW’s disciplined process of using market volatility to add risk to the portfolio at more attractive levels to maximize long-term performance. Specific to corporate credit, that has translated to an emphasis on defensive sectors such as communications and consumer non-cyclicals (particularly healthcare), with an additional focus on high conviction names and money center banks among financials. Within securitized products, agency MBS represents a sizable position given the government-guaranteed nature, strong liquidity, and attractive spreads. Most notably, discount dollar prices provide compelling upside optionality if, and when, rates begin to move lower. Moving towards CMBS, caution is warranted, though there are still good risk-adjusted opportunities on diligent underwriting. For now, the modest position is focused on higher-quality issues, with an emphasis on selected single-asset, single-borrower structures and underlying properties. Going forward, as stress materializes in office buildings around the world, and that gets reflected in prices, expectations are for tremendous opportunity up and down the capital structure in CMBS deals. Finally, ABS exposure tends to be focused on CLOs, federally-guaranteed student loans, and a variety of smaller, typically non-consumer related collateral types (legal settlements, shipping containers, single-family rentals, etc.). CLOs in particular offer good liquidity, with minimal credit risk given top-of-the capital structure positions, at attractive spreads. While the challenges in ABS are not likely to be as acute as the ones facing CMBS, a recession, lower consumer spending, and general market volatility should create opportunities.

	Performance Through September 30, 2023
	6 Months (Cumulative)		1 Year (Annualized)		3 Year (Annualized)	5 Year (Annualized)	10 Year (Annualized)	Since Inception (Annualized)
MWSTX (Inception: June 30, 2003)		0.57%		5.62%	0.41%	1.78%	2.02%	3.53%
ICE BofA U.S. 3-Month Treasury Bill Index Plus 200 bps		3.51%		6.55%	3.67%	3.71%	3.11%	3.42%
MWSIX (Inception: March 31, 2004)		0.85%		6.04%	0.65%	2.01%	2.28%	3.12%
ICE BofA U.S. 3-Month Treasury Bill Index Plus 200 bps		3.51%		6.55%	3.67%	3.71%	3.11%	3.44%

Semi-Annual Report September 2023 / 10

Metropolitan West Sustainable Securitized Fund

M-Class (MWERX), I-Class (MWESX)

The MetWest Sustainable Securitized Fund – I Class (“Fund”) delivered a total return of negative 4.19% (net of fees) for the six-month period ending September 30, 2023, outperforming the Bloomberg U.S. Mortgage-Backed Securities (MBS) Index (“Index”) by 48 bps. Given a view that rates at current levels and a yield curve going on fifteen months of inversion are not sustainable in the long run, the duration profile of the Fund remained longer than the Index throughout the quarter. The duration position increased alongside the rise in Treasury yields, resulting in a headwind to relative performance, which was modestly offset by the Fund’s curve exposure as the rise in yields was led by longer tenors where the Fund has less exposure relative to the short-end. Despite higher rates, agency MBS was largely flat over the period, outperforming Treasuries in the first half of the period due to reduced volatility and underperforming in the second half as volatility returned. As a result, the Fund’s structural underweight to this sector had little impact on relative returns. Outperformance was largely driven by the Fund’s positioning in non-agency residential and commercial mortgages and ABS exposure. Non-agency MBS represents a sector with attractive risk-adjusted returns given the strength of underlying collateral, underpinned by home price appreciation over recent years that has lowered loan-to-value ratios, increased homeowner equity, and effectively de-leveraged many non-agency MBS deals. This has resulted in robust demand across non-agency MBS deal types, which has provided a technical tailwind given the relative lack of issuance amid surging mortgage rates and limited home purchase and refinance activity. Fund holdings of re-securitized legacy collateral provided a sizable boost to the Funds outperformance. Elsewhere in securitized, ABS CLOs performed well over the period adding to relative returns, while exposure to non-agency CMBS and opportunistic trading between senior and subordinated tranches of non-agency CMBS issues added to performance.

With the continued rise in rates during the third quarter, the team added incrementally to the duration positioning, reaching roughly 0.9 years long. Though rates are not expected to move substantially higher from here, the approach will be patient, recognizing that it might be mid-next year before the Fed starts to ease and rates move lower. Residential MBS represents the largest exposure, reflected in a market value allocation to agency MBS. This sector also presents the best opportunities to achieve important allocations to affordable housing. Meanwhile, non-agency MBS remains among the best values in fixed income with good yields and solid fundamentals, within select non-agency exposures that are aligned to social objectives, such as the legacy re-performing loans and manufactured housing. Finally, non-agency CMBS is a sector with both prospective volatility and opportunity, where many of the most compelling opportunities are trophy properties that have green attributes. These properties command rental premiums and have seen relatively ‘sticky’ tenant demand. Market liquidity and demand remain plentiful for these trophy properties, while deals backed by weaker collateral are likely to see principal losses and falling prices on continued materialization of commercial market stress, especially in more subordinated tranches. Regarding specific ESG-labeled opportunities such as green, social, and sustainable bonds, there is a small, yet growing opportunity for increased issuance within the securitized market. Issuance remains largely concentrated in sovereign and corporate green bonds, though we anticipate this will expand to other asset classes and labeled types. Overall, we expect the ESG-labeled market to grow over time as issuers structure bonds to meet the rising demand for these assets driven by the growth in the sustainable fund universe and ESG-related investments.

	Performance Through September 30, 2023
	6 Months (Cumulative)		1 Year (Annualized)		3 Year (Annualized)	5 Year (Annualized)	10 Year (Annualized)	Since Inception   (Annualized)
MWERX (Inception: October 1, 2021)		-4.41%		-2.02%	—	—	—	-8.46%
Bloomberg U.S. Mortgage-Backed Securities (MBS) Index		-4.67%		-0.17%	—	—	—	-7.33%
MWESX (Inception: October 1, 2021)		-4.19%		-1.70%	—	—	—	-8.44%
Bloomberg U.S. Mortgage-Backed Securities (MBS) Index		-4.67%		-0.17%	—	—	—	-7.33%

11 / Semi-Annual Report September 2023

Metropolitan West Total Return Bond Fund

M-Class (MWTRX), I-Class (MWTIX), I-2-Class (MWTTX), Administrative-Class (MWTNX),

Plan-Class (MWTSX)

The MetWest Total Return Bond Fund – I Class (“Fund”) delivered a total return of negative 4.78% (net of fees) for the six-month period ending September 30, 2023, trailing the Bloomberg U.S. Aggregate Bond Index (“Index”) by 73 bps. Interest rates were meaningfully higher over the period; thus, a longer-than-benchmark duration was a primary cause of the underperformance. Meanwhile, the Fund benefitted from exposure to corporate credit, as both the investment grade and high yield cohorts outpaced Treasuries on a duration-adjusted basis, while issue selection generated additional outperformance, particularly holdings in non-cyclicals and communications. Outperformance in this space provided opportunities to trim exposure, consistent with the team’s value-oriented discipline given a continued reduction in yield compensation, and the position moved to a modest underweight by the end of September, though the emphasis on more defensive industrial sectors and overweight to financials remained. Turning to securitized, the impact was more modest, but positive due to contributions from the overweight to ABS and CMBS as both sectors outpaced Treasuries on a duration-adjusted basis, with an additional boost from ABS CLOs that performed well over the period. Finally, agency MBS, an emphasis in the Fund, was largely flat over the period, outperforming Treasuries in the second quarter due to reduced volatility and underperforming in the third quarter as volatility returned. Overall, the position, which was upsized over the period, had little impact on relative returns, but is poised to benefit from continued improvements in the sector as nominal spreads compress from historically wide levels.

With the continued rise in rates during the third quarter, the team added incrementally to the duration positioning, reaching roughly 0.9 years long. Though rates are not expected to move substantially higher from here, the approach will be patient, recognizing that it might be mid-next year before the Fed starts to ease and rates move lower. Once rates do start to fall, the long-duration position will be maintained for a time in order to maximize the benefit and recoup the losses generated thus far, before gradually trimming the position once rates have fallen to levels near or below what we would consider to be long-term fair value. Sector positioning remains consistent; while corporate holdings bear a slight market value overweight, the exposure is a spread contribution (credit risk) underweight. Financials remain the most constructive theme, namely the U.S. money center bank issues, for which Dodd-Frank’s rigors kept clear of the trouble that visited the regional banks earlier this year. Other exposures lean toward communications and select non-cyclicals that would hold up relatively well on any realization of economic slowing. The securitized area is another area of focus, reflected in a market value and spread overweight to agency MBS. The cheapening of last year and persistent volatility have the market at wider spreads that the team finds attractive, especially given the government guarantee and pull-to-par convexity of discount pricing. Non-agency MBS remains among the best values in fixed income with good yields and solid fundamentals. Years of amortization and housing price appreciation have built up substantial equity in such properties, underscoring the fundamentals, and an overall lag in housing supply in the decade-plus since the GFC have been supportive as well. Finally, CMBS continues to be an area of concern, with significant declines in some office property valuations, given substantially higher rates and elevated vacancies given the work from home dynamic. Expectations are for ongoing appraisals lower, more defaults, more delinquencies, and wider spreads for lower-quality deals with questionable collateral; however, there are also many parts of the CMBS market that don’t have these same challenging dynamics (logistics/warehouses, hospitality, multifamily, retail, and even high-quality office space), and portfolio holdings reflect these more targeted positions, where we can get comfortable with the risk profile and the specific properties.

	Performance Through September 30, 2023
	6 Months (Cumulative)		1 Year (Annualized)		3 Year (Annualized)		5 Year (Annualized)		10 Year (Annualized)		Since Inception   (Annualized)
MWTRX (Inception: March 31, 1997)		-4.89%		0.12%		-5.82%		-0.15%		0.93%	4.78%
Bloomberg U.S. Aggregate Bond Index		-4.05%		0.64%		-5.21%		0.10%		1.13%	4.08%
MWTIX (Inception: March 31, 2000)		-4.78%		0.35%		-5.61%		0.09%		1.16%	4.54%
Bloomberg U.S. Aggregate Bond Index		-4.05%		0.64%		-5.21%		0.10%		1.13%	3.75%
MWTTX (Inception: March 6, 2020)		-4.71%		0.27%		-5.68%		—		—	-4.15%
Bloomberg U.S. Aggregate Bond Index		-4.05%		0.64%		-5.21%		—		—	-3.62%
MWTNX (Inception: December 18, 2009)		-4.93%		0.01%		-5.92%		-0.25%		0.83%	2.43%
Bloomberg U.S. Aggregate Bond Index		-4.05%		0.64%		-5.21%		0.10%		1.13%	1.93%
MWTSX (Inception: August 1, 2011)		-4.74%		0.42%		-5.54%		0.14%		1.23%	2.00%
Bloomberg U.S. Aggregate Bond Index		-4.05%		0.64%		-5.21%		0.10%		1.13%	1.38%

Semi-Annual Report September 2023 / 12

Metropolitan West Ultra Short Bond Fund

M-Class (MWUSX), I-Class (MWUIX)

For the six-month period ending September 30, 2023, the MetWest Ultra Short Bond Fund – I Class (“Fund”) gained 0.43% net of fees, though this trailed the ICE BofA 1-Year U.S. Treasury Index (“Index”) by 120 bps. Acknowledging the shorter-duration position typically characterizing the Fund, front-end rates at current levels and a yield curve going on fifteen months of inversion have informed a disciplined extension of the duration profile, reaching nearly 1.0 years long relative to the Index, and resulting in the largest headwind to both absolute and relative performance. This increase in rates – and volatility – also weighed on the agency MBS sector during the quarter, hampering Fund returns given the sizeable allocation to the space. Non-agency MBS fared better during the period given robust demand, limited supply, and strong underlying collateral, with issues backed by legacy (pre-2008 vintage) collateral contributing to Fund performance. Meanwhile, ABS also outperformed, resulting in strong contributions from the Fund’s CLO holdings given strong pricing amid high demand for short duration, floating rate issues. Turning to the corporate credit exposure, returns benefitted from the outright allocation to short corporates, which outperformed Treasuries, while also benefitting from the large position in top-performing financials. Insurance and REITs led, while shorter-dated bank paper also contributed.

Given the rise in rates during the period, the team extended the duration position to roughly 1 year long versus the Index, with a continued emphasis on the 2-Year rate. Though rates are not expected to move substantially higher from here, the approach will be patient, recognizing that it might be mid-next year before the Fed starts to ease, rates move lower, and the curve re-steepens. Once rates do start to fall, the lengthened duration position will be maintained for a time to maximize the benefit and recoup the losses generated thus far, before gradually trimming the position once rates have fallen to levels near or below what we would consider to be long-term fair value. On corporate exposure, less-than-compelling yield spreads inform a reduced allocation at present, though sector positioning remains constant. Financials remain the most constructive theme, namely the U.S. money center banks, for which Dodd-Frank’s rigors kept these issuers clear of the trouble that visited the regional banks earlier this year. Other exposures lean toward communications and select non-cyclicals that would hold up relatively well on any realization of economic slowing. The securitized area is another area of focus, reflected in a significant allocation to residential MBS. Last year’s agency MBS cheapening, and persistent volatility, have spreads at levels the team finds attractive, especially given the government guarantee and pull-to-par convexity of discount pricing. Meanwhile, non-agency MBS remains among the best values in fixed income with good yields and solid fundamentals; years of amortization and housing price appreciation have built up substantial equity in such properties, while an overall lag in housing supply in the decade-plus since the GFC have been supportive as well. Finally, CMBS continues to be an area of concern, with significant declines in some office property valuations, given substantially higher rates and elevated vacancies given the work from home dynamic. Expectations are for ongoing appraisals lower, more defaults, more delinquencies, and wider spreads for lower-quality deals with questionable collateral; however, there are also many parts of the CMBS market that don’t have these same challenging dynamics (logistics/warehouses, hospitality, multifamily, retail, and even high-quality office space), and portfolio holdings reflect these more targeted positions, where we can get comfortable with the risk profile and the specific properties.

	Performance Through September 30, 2023
	6 Months (Cumulative)		1 Year (Annualized)		3 Year (Annualized)		5 Year (Annualized)		10 Year (Annualized)	Since Inception   (Annualized)
MWUSX (Inception: June 30, 2003)		0.35%		2.95%		-0.12%		0.85%	0.79%	1.58%
ICE BofA 1-Year U.S. Treasury Index		1.63%		3.68%		0.61%		1.46%	1.00%	1.54%
MWUIX (Inception: July 31, 2004)		0.43%		3.11%		0.05%		1.01%	0.98%	1.47%
ICE BofA 1-Year U.S. Treasury Index		1.63%		3.68%		0.61%		1.46%	1.00%	1.58%

Metropolitan West Unconstrained Bond Fund

M-Class (MWCRX), I-Class (MWCIX), Plan-Class (MWCPX)

Alongside the rising rate environment, the MetWest Unconstrained Bond Fund – I Class (“Fund”) fell a modest 0.15% (net of fees) for the six-month period ending September 30, 2023, trailing the Bloomberg U.S. Treasury Bills: 1-3 Months Index (“Index”) by approximately 274 bps. The largest headwind to returns came from the positive duration profile, which was extended throughout the period to end September at approximately 3.3 years, as Treasury yields moved higher across the curve (the 2-Year yield was up over 100 bps while the 10-Year was up 110 bps). Within sector exposures, the agency MBS position was another drag to performance, held back by rate volatility. Despite the drag during the period, wide nominal yield spreads and lack of credit risk make agency MBS attractive relative to other high-quality areas of fixed income and inform the continued and sizeable

13 / Semi-Annual Report September 2023

allocation to the space. Meanwhile, sustained demand for non-agency MBS benefitted the sector given limited supply amid a slowdown in home purchase/refinance activity, contributing to returns. Elsewhere in securitized, while CMBS holdings detracted, this was offset by benefit from ABS holdings – notably from high-quality CLOs. Turning towards the credit allocation, investment grade corporates boosted returns given strong positive excess returns and tightening yield spreads during the period. The Fund took advantage of this shift in valuations to reduce exposure and trim into the strength, with remaining exposure emphasizing more defensive issuers and sectors that are less likely to be affected by cyclical volatility. Performance was also boosted by favorable issue selection among select high-quality industrials including wirelines and manufacturing names, as well as large G-SIB banking holdings.

Though rates are not expected to move substantially higher from here, the approach will be patient, recognizing that it might be mid-next year before the Fed starts to ease and rates move lower. Once rates do start to fall, the lengthened duration position will be maintained for a time to maximize the benefit and recoup the losses generated thus far, before gradually trimming the position once rates have fallen to levels near or below what we would consider to be long-term fair value. On corporate exposure, less-than-compelling yield spreads inform a reduced allocation at present, though sector positioning remains consistent. Financials remain the most constructive theme, namely the U.S. money center banks, for which Dodd-Frank’s rigors kept these issuers clear of the trouble that visited the regional banks earlier this year. Other exposures lean toward communications and select non-cyclicals that would hold up relatively well on any realization of economic slowing. The securitized area is another area of focus, reflected in a significant allocation to residential MBS. Last year’s agency MBS cheapening, and persistent volatility, have yield spreads at levels the team finds attractive, especially given the government guarantee and pull-to-par convexity of discount pricing. Meanwhile, non-agency MBS remains among the best values in fixed income with good yields and solid fundamentals; years of amortization and housing price appreciation have built up substantial equity in such properties, while an overall lag in housing supply in the decade-plus since the GFC have been supportive as well. Finally, CMBS is a sector with both prospective volatility and opportunity; market liquidity and demand remain plentiful for senior issues backed by trophy properties, while deals backed by weaker collateral are likely to see principal losses and falling prices on continued materialization of commercial market stress, especially in more subordinated tranches. As this stress unfolds, there will undoubtedly be forced sellers, helping engender a wave of price discovery across issues that have thus far been more thinly traded, while also presenting potential opportunity to scale down the capital structure of deals backed by strong collateral.

	Performance Through September 30, 2023
	6 Months (Cumulative)		1 Year (Annualized)		3 Year (Annualized)		5 Year (Annualized)		10 Year (Annualized)		Since Inception   (Annualized)
MWCRX (Inception: October 1, 2011)		-0.29%		4.19%		-1.00%		0.96%		1.76%	3.51%
Bloomberg U.S. Treasury Bills: 1-3 Months Index		2.59%		4.63%		1.75%		1.71%		1.09%	0.92%
MWCIX (Inception: October 1, 2011)		-0.15%		4.48%		-0.72%		1.24%		2.06%	3.79%
Bloomberg U.S. Treasury Bills: 1-3 Months Index		2.59%		4.63%		1.75%		1.71%		1.09%	0.92%
MWCPX (Inception: March 6, 2020)		-0.12%		4.64%		-0.64%		—		—	-0.23%
Bloomberg U.S. Treasury Bills: 1-3 Months Index		2.59%		4.63%		1.75%		—		—	1.54%

A Disciplined Value Philosophy

A silver lining in the clouds of the fixed income market is the price (downward) and yield (upward) adjustments that occur, with the rains that come bringing clear benefit to those prepared for the storm, not just to prevent severe portfolio damage when the squall hits, but to be ready for profitable opportunity in the inhospitable conditions that may follow. While the challenges of 2022 brought questions about the durability of the asset class in its return potential and diversification benefit, a restoration to more normal interest rates and risk premiums is a clear answer to such concerns. Add in a disciplined but active component of investment oversight and management that intently drives positioning toward better value, and we believe more beneficial return outcomes emerge. We remain resolute in our approach, appreciative of our client commitments and optimistic for what we will see when the sun breaks through.

Semi-Annual Report September 2023 / 14

Thank you again for your investment in the Metropolitan West Funds. As always, we look forward to continuing to work with you in the achievement of your financial aims.

Sincerely,

Kathryn Koch

President and Principal Executive Officer of the Trust

Metropolitan West Funds

Portfolio composition is subject to change. The current and future portfolio holdings of the Funds are subject to investment risk.

Bond Funds have similar interest rate, issue, and credit risks as those risks associated with the underlying bonds in their portfolio, all of which could reduce a Fund’s value. As interest rates rise, the value of a Bond Fund can decline and an investor can lose principal. Additional risks to the Funds include derivatives risk, foreign securities risk, asset-backed securities investment risk, and prepayment risk. The High Yield Bond Fund purchases more speculative bonds, which are subject to greater risks than higher rated bonds, including leverage risk. The Strategic Income Fund engages in sophisticated investment strategies, and is subject to short sales and leverage risks. The AlphaTrak 500 trades futures and derivative contracts. These Funds may not be suitable for all investors.

Derivatives risk refers to the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset. Foreign securities risk refers to the risk that the value of a Fund’s investments in foreign securities may decline based on changes to currency values, or political and economic environments in the countries where the Fund invests. Asset-backed securities investment risk refers to the risk that the impairment of the value of the collateral underlying the security in which a Fund invests, such as the non-payment of loans, will result in a reduction in the value of the security. Prepayment risk refers to the possibility that falling interest rates may cause the underlying loans to pay off at a faster than expected rate. This tends to reduce returns since the funds prepaid will have to be reinvested at the then lower prevailing rates. Short sale risk refers to the limited ability of a Fund to sell a debt or equity security short (without owning it) and to borrow the same security from a broker or other institution to complete the sale. If the value of the short sale increases, a Fund would lose money because it will need to replace the borrowed security by purchasing it at a higher price. Leverage risk refers to the limited ability of a Fund to borrow from broker-dealers or other institutions to leverage a transaction, provided that the borrowing is fully-collateralized. The Fund’s assets may change in value while the borrowing is outstanding, which could create interest expenses that can exceed the income from the assets retained.

The views and forecasts expressed here are as of October 2023, are subject to change without notice and may not come to pass. Investment strategies may not achieve the desired results due to implementation lag, other timing factors, portfolio management decision making, economic or market conditions or other unanticipated factors.

This report must be preceded or accompanied by a prospectus.

15 / Semi-Annual Report September 2023

Metropolitan West Funds

Disclosure of Fund Expenses (Unaudited)

For the Six Months Ended September 30, 2023

We believe it is important for you to understand the impact of fees regarding your investment. All mutual funds have operating expenses. As a shareholder of a mutual fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund. A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing fees (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

This table illustrates your Fund’s costs in two ways:

Actual Fund Return: This section helps you to estimate the actual expenses, after any applicable fee waivers, that you paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return for the past six-month period, the “Expense Ratio” column shows the period’s annualized expense ratio, and the “Expenses Paid During Period” column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund at the beginning of the period.

You may use the information here, together with your account value, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Fund in the first line under the heading entitled “Expenses Paid During Period.”

Hypothetical 5% Return: This section is intended to help you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had an annual return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not the Fund’s actual return, the results do not apply to your investment. This example is useful in making comparisons to other mutual funds because the Securities and Exchange Commission (SEC) requires all mutual funds to calculate expenses based on an assumed 5% annual return. You can assess your Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight and help you compare your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees. The Metropolitan West Funds do not charge any sales loads or exchange fees, but these may be present in other funds to which you compare this data. Therefore, the hypothetical portions of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Beginning Account Value 04/01/23	Ending Account Value 09/30/23	Expense Ratio1	Expenses Paid  During Period2
ALPHATRAK 500 FUND
Actual Fund Return	$1,000.00	$1,039.07	0.45%	$2.31
Hypothetical 5% Return	$1,000.00	$1,022.87	0.45%	$2.29
CORPORATE BOND FUND
Actual Fund Return
Class M	$1,000.00	$956.15	0.75%	$3.69
Class I	$1,000.00	$957.35	0.50%	$2.46
Hypothetical 5% Return
Class M	$1,000.00	$1,021.37	0.75%	$3.81
Class I	$1,000.00	$1,022.62	0.50%	$2.54
FLEXIBLE INCOME FUND
Actual Fund Return
Class M	$1,000.00	$991.43	0.80%	$4.00
Class I	$1,000.00	$991.36	0.55%	$2.75
Hypothetical 5% Return
Class M	$1,000.00	$1,021.11	0.80%	$4.06
Class I	$1,000.00	$1,022.37	0.55%	$2.80

¹  Annualized, based on the Fund’s most recent fiscal half-year expenses.

²  Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183 days then divided by 366 (to reflect the one-half year period shown).

Semi-Annual Report September 2023 / 16

	Beginning Account Value 04/01/23	Ending Account Value 09/30/23	Expense Ratio1	Expenses Paid  During Period2
FLOATING RATE INCOME FUND
Actual Fund Return
Class M	$1,000.00	$1,056.17	0.90%	$4.65
Class I	$1,000.00	$1,057.22	0.70%	$3.62
Plan Class	$1,000.00	$1,054.20	0.60%	$3.10
Hypothetical 5% Return
Class M	$1,000.00	$1,020.61	0.90%	$4.57
Class I	$1,000.00	$1,021.62	0.70%	$3.56
Plan Class	$1,000.00	$1,022.12	0.60%	$3.05
HIGH YIELD BOND FUND
Actual Fund Return
Class M	$1,000.00	$1,010.89	0.85%	$4.30
Class I	$1,000.00	$1,011.00	0.60%	$3.03
Hypothetical 5% Return
Class M	$1,000.00	$1,020.86	0.85%	$4.32
Class I	$1,000.00	$1,022.12	0.60%	$3.05
INTERMEDIATE BOND FUND
Actual Fund Return
Class M	$1,000.00	$973.39	0.70%	$3.47
Class I	$1,000.00	$975.48	0.48%	$2.38
Hypothetical 5% Return
Class M	$1,000.00	$1,021.62	0.70%	$3.56
Class I	$1,000.00	$1,022.72	0.48%	$2.44
INVESTMENT GRADE CREDIT FUND
Actual Fund Return
Class M	$1,000.00	$982.00	0.70%	$3.49
Class I	$1,000.00	$981.72	0.49%	$2.44
Hypothetical 5% Return
Class M	$1,000.00	$1,021.62	0.70%	$3.56
Class I	$1,000.00	$1,022.67	0.49%	$2.49
LOW DURATION BOND FUND
Actual Fund Return
Class M	$1,000.00	$995.69	0.63%	$3.16
Class I	$1,000.00	$996.70	0.43%	$2.16
Administrative Class	$1,000.00	$995.56	0.70%	$3.51
Hypothetical 5% Return
Class M	$1,000.00	$1,021.97	0.63%	$3.20
Class I	$1,000.00	$1,022.97	0.43%	$2.19
Administrative Class	$1,000.00	$1,021.62	0.70%	$3.56
OPPORTUNISTIC HIGH INCOME CREDIT FUND
Actual Fund Return
Class M	$1,000.00	$1,008.75	0.85%	$4.29
Class I	$1,000.00	$1,009.77	0.60%	$3.03
Hypothetical 5% Return
Class M	$1,000.00	$1,020.86	0.85%	$4.32
Class I	$1,000.00	$1,022.12	0.60%	$3.05

¹  Annualized, based on the Fund’s most recent fiscal half-year expenses.

²  Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183 days then divided by 366 (to reflect the one-half year period shown).

17 / Semi-Annual Report September 2023

	Beginning Account Value 04/01/23	Ending Account Value 09/30/23	Expense Ratio1	Expenses Paid  During Period2
STRATEGIC INCOME FUND
Actual Fund Return
Class M	$1,000.00	$1,005.70	1.04%	$5.24
Class I	$1,000.00	$1,008.54	0.80%	$4.04
Hypothetical 5% Return
Class M	$1,000.00	$1,019.91	1.04%	$5.28
Class I	$1,000.00	$1,021.11	0.80%	$4.06
SUSTAINABLE SECURITIZED FUND
Actual Fund Return
Class M	$1,000.00	$955.93	0.70%	$3.44
Class I	$1,000.00	$958.06	0.49%	$2.41
Hypothetical 5% Return
Class M	$1,000.00	$1,021.62	0.70%	$3.56
Class I	$1,000.00	$1,022.67	0.49%	$2.49
TOTAL RETURN BOND FUND
Actual Fund Return
Class M	$1,000.00	$951.08	0.68%	$3.33
Class I	$1,000.00	$952.17	0.45%	$2.21
Class I-2	$1,000.00	$952.88	0.52%	$2.55
Administrative Class	$1,000.00	$950.67	0.78%	$3.82
Plan Class	$1,000.00	$952.61	0.37%	$1.82
Hypothetical 5% Return
Class M	$1,000.00	$1,021.72	0.68%	$3.46
Class I	$1,000.00	$1,022.87	0.45%	$2.29
Class I-2	$1,000.00	$1,022.52	0.52%	$2.64
Administrative Class	$1,000.00	$1,021.22	0.78%	$3.96
Plan Class	$1,000.00	$1,023.28	0.37%	$1.88
ULTRA SHORT BOND FUND
Actual Fund Return
Class M	$1,000.00	$1,003.48	0.50%	$2.52
Class I	$1,000.00	$1,004.31	0.34%	$1.71
Hypothetical 5% Return
Class M	$1,000.00	$1,022.62	0.50%	$2.54
Class I	$1,000.00	$1,023.43	0.34%	$1.73
UNCONSTRAINED BOND FUND
Actual Fund Return
Class M	$1,000.00	$997.12	1.04%	$5.22
Class I	$1,000.00	$998.48	0.76%	$3.82
Plan Class	$1,000.00	$998.76	0.70%	$3.52
Hypothetical 5% Return
Class M	$1,000.00	$1,019.91	1.04%	$5.28
Class I	$1,000.00	$1,021.32	0.76%	$3.86
Plan Class	$1,000.00	$1,021.62	0.70%	$3.56

¹  Annualized, based on the Fund’s most recent fiscal half-year expenses.

²  Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183 days then divided by 366 (to reflect the one-half year period shown).

Semi-Annual Report September 2023 / 18

Metropolitan West Funds

Summary of Portfolio Holdings

September 30, 2023 (Unaudited)

These tables are provided to give you a quick reference to the composition of each Fund. The “Sector Diversification” table is a percentage of net assets. We hope that this information enhances your understanding of the different kinds of investments in the Funds.

ALPHATRAK 500 FUND
Sector Diversification
U.S. Treasury Bills	29.24%
Corporate Bonds	25.21%
Asset-Backed Securities	17.46%
U.S. Agency Mortgage-Backed	13.22%
Non-Agency Commercial Mortgage-Backed	7.49%
Non-Agency Mortgage-Backed	6.84%
Mutual Funds	2.22%
Money Market Funds	1.69%
Municipal Bonds	1.43%
U.S. Agency Commercial Mortgage-Backed	1.31%
Common Stock	0.06%
Rights	0.00%
Other*	(6.17)%
Total	100.00%

CORPORATE BOND FUND
Sector Diversification
Corporate Bonds	84.59%
U.S. Treasury Securities	10.78%
Municipal Bonds	2.18%
Money Market Funds	1.78%
Asset-Backed Securities	0.62%
U.S. Agency Commercial Mortgage-Backed	0.27%
Non-Agency Commercial Mortgage-Backed	0.17%
U.S. Agency Mortgage-Backed	0.13%
Other*	(0.52)%
Total	100.00%

FLEXIBLE INCOME FUND
Sector Diversification
Corporate Bonds	29.58%
Non-Agency Mortgage-Backed	23.65%
U.S. Agency Mortgage-Backed	22.25%
U.S. Treasury Bills	14.67%
Asset-Backed Securities	12.66%
U.S. Treasury Securities	5.28%
Non-Agency Commercial Mortgage-Backed	4.66%
Bank Loans	4.32%
Money Market Funds	3.04%
Foreign Government Obligations	1.78%
U.S. Agency Commercial Mortgage-Backed	0.90%
Municipal Bonds	0.19%
Common Stock	0.15%
Rights	0.00%
Warrant	0.00%
Other*	(23.13)%
Total	100.00%

FLOATING RATE INCOME FUND
Sector Diversification
Bank Loans	88.89%
U.S. Treasury Bills	5.08%
Corporate Bonds	4.27%
Money Market Funds	1.61%
Asset-Backed Securities	0.47%
Common Stock	0.06%
Rights	0.00%
Warrant	0.00%
Other*	(0.38)%
Total	100.00%

HIGH YIELD BOND FUND
Sector Diversification
Corporate Bonds	81.12%
Bank Loans	9.94%
U.S. Treasury Bills	5.81%
U.S. Treasury Securities	0.79%
Common Stock	0.75%
Money Market Funds	0.63%
Rights	0.00%
Warrant	0.00%
Other*	0.96%
Total	100.00%

INTERMEDIATE BOND FUND
Sector Diversification
U.S. Treasury Securities	43.13%
Corporate Bonds	27.48%
U.S. Agency Mortgage-Backed	12.73%
Money Market Funds	9.14%
U.S. Treasury Bills	8.66%
Non-Agency Mortgage-Backed	6.52%
Asset-Backed Securities	4.65%
Non-Agency Commercial Mortgage-Backed	2.68%
Bank Loans	1.10%
Municipal Bonds	0.80%
U.S. Agency Commercial Mortgage-Backed	0.28%
Common Stock	0.03%
Rights	0.00%
Other*	(17.20)%
Total	100.00%

19 / Semi-Annual Report September 2023

INVESTMENT GRADE CREDIT FUND
Sector Diversification
Corporate Bonds	57.09%
U.S. Treasury Securities	21.80%
U.S. Agency Mortgage-Backed	12.65%
Money Market Funds	8.24%
U.S. Treasury Bills	3.84%
Asset-Backed Securities	3.82%
Municipal Bonds	3.36%
Non-Agency Mortgage-Backed	2.99%
Non-Agency Commercial Mortgage-Backed	1.15%
U.S. Agency Commercial Mortgage-Backed	0.26%
Other*	(15.20)%
Total	100.00%

LOW DURATION BOND FUND
Sector Diversification
U.S. Agency Mortgage-Backed	27.70%
Corporate Bonds	26.46%
Non-Agency Mortgage-Backed	16.76%
U.S. Treasury Securities	13.91%
Asset-Backed Securities	11.75%
Non-Agency Commercial Mortgage-Backed	11.14%
Money Market Funds	10.24%
U.S. Agency Discount Notes	2.75%
Bank Loans	2.14%
Municipal Bonds	1.71%
U.S. Treasury Bills	1.56%
U.S. Agency Commercial Mortgage-Backed	1.35%
Common Stock	0.00%
Purchased Swaptions	0.00%
Written Swaptions	0.00%
Other*	(27.47)%
Total	100.00%

OPPORTUNISTIC HIGH INCOME CREDIT FUND
Sector Diversification
Corporate Bonds	61.61%
Common Stock	10.58%
Bank Loans	7.82%
Non-Agency Mortgage-Backed	7.35%
Non-Agency Commercial Mortgage-Backed	3.96%
U.S. Treasury Bills	3.78%
Master Limited Partnerships	2.80%
Money Market Funds	0.43%
U.S. Agency Commercial Mortgage-Backed	0.10%
Other*	1.57%
Total	100.00%

STRATEGIC INCOME FUND
Sector Diversification
Non-Agency Mortgage-Backed	31.70%
Corporate Bonds	27.64%
U.S. Treasury Bills	14.66%
U.S. Agency Mortgage-Backed	14.62%
Asset-Backed Securities	13.27%
Non-Agency Commercial Mortgage-Backed	4.17%
U.S. Treasury Securities	3.74%
Money Market Funds	3.46%
U.S. Agency Commercial Mortgage-Backed	0.81%
Municipal Bonds	0.13%
Common Stock	0.09%
Rights	0.00%
Other*	(14.29)%
Total	100.00%

SUSTAINABLE SECURITIZED FUND
Sector Diversification
U.S. Agency Mortgage-Backed	59.25%
Non-Agency Commercial Mortgage-Backed	19.20%
Asset-Backed Securities	17.44%
Non-Agency Mortgage-Backed	9.28%
U.S. Treasury Securities	5.84%
Money Market Funds	3.98%
U.S. Agency Commercial Mortgage-Backed	3.72%
Other*	(18.71)%
Total	100.00%

TOTAL RETURN BOND FUND
Sector Diversification
U.S. Agency Mortgage-Backed	38.20%
Corporate Bonds	27.80%
U.S. Treasury Securities	27.01%
Non-Agency Mortgage-Backed	9.80%
Money Market Funds	8.55%
U.S. Agency Discount Notes	7.69%
Asset-Backed Securities	5.31%
Non-Agency Commercial Mortgage-Backed	3.91%
U.S. Treasury Bills	3.56%
Bank Loans	1.55%
Foreign Government Obligations	0.66%
U.S. Agency Commercial Mortgage-Backed	0.64%
Municipal Bonds	0.34%
Common Stock	0.09%
Rights	0.00%
Other*	(35.11)%
Total	100.00%

Semi-Annual Report September 2023 / 20

ULTRA SHORT BOND FUND
Sector Diversification
U.S. Agency Mortgage-Backed	23.98%
Corporate Bonds	23.88%
U.S. Treasury Securities	17.40%
U.S. Treasury Bills	13.90%
Non-Agency Mortgage-Backed	12.81%
Asset-Backed Securities	8.28%
Money Market Funds	7.12%
Non-Agency Commercial Mortgage-Backed	5.46%
U.S. Agency Commercial Mortgage-Backed	3.47%
Municipal Bonds	0.34%
Other*	(16.64)%
Total	100.00%

UNCONSTRAINED BOND FUND
Sector Diversification
Non-Agency Mortgage-Backed	33.41%
Corporate Bonds	27.83%
U.S. Agency Mortgage-Backed	22.33%
Asset-Backed Securities	14.78%
Non-Agency Commercial Mortgage-Backed	8.51%
Bank Loans	3.57%
U.S. Treasury Bills	2.53%
Foreign Government Obligations	2.50%
U.S. Treasury Securities	2.21%
Money Market Funds	1.91%
U.S. Agency Commercial Mortgage-Backed	1.36%
Common Stock	0.33%
Municipal Bonds	0.33%
Rights	0.00%
Other*	(21.60)%
Total	100.00%

* Includes cash and equivalents, futures, foreign currency exchange contracts, swaps, pending trades, fund share transactions, interest and dividends receivable and accrued expenses payable.

In addition to the annual and semi-annual reports, the Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. Such filings occur no later than 60 days after the end of the Funds’ first and third quarters and are available on the SEC’s website at www.sec.gov.

21 / Semi-Annual Report September 2023

AlphaTrak 500 Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
BONDS – 72.96%
ASSET-BACKED SECURITIES — 17.46%**
Access Group, Inc.,
Series 2015-1, Class A
(LIBOR USD 1-Month plus 0.70%)
6.13%		07/25/56	1,2	$	8,301	$	8,145
Aimco CLO 11 Ltd.,
Series 2020-11A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.39%)
6.70%		10/17/34	1,2,3		100,000		99,463
Apidos CLO XII,
Series 2013-12A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.34%)
6.65%		04/15/31	1,2,3		114,663		114,467
Apidos CLO XXII,
Series 2015-22A, Class A1R
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.32%)
6.65%		04/20/31	1,2,3		199,398		199,086
Barings CLO Ltd.,
Series 2018-3A, Class A1
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.21%)
6.54%		07/20/29	1,2,3		31,752		31,749
Barings CLO Ltd.,
Series 2020-4A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.48%)
6.81%		01/20/32	1,2,3		90,000		89,883
Carmax Auto Owner Trust,
Series 2020-1, Class C
2.34%		11/17/25			135,000		132,823
Carvana Auto Receivables Trust,
Series 2022-P3, Class A3
4.61%		11/10/27			165,000		161,779
Cedar Funding XII CLO Ltd.,
Series 2020-12A, Class A1R
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.39%)
6.74%		10/25/34	1,2,3		100,000		99,101
Dryden 30 Senior Loan Fund,
Series 2013-30A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.08%)
6.45%		11/15/28	1,2,3		63,337		63,115
Dryden 58 CLO Ltd.,
Series 2018-58A, Class A1
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.26%)
6.57%		07/17/31	1,2,3		150,000		149,550
Dryden XXVI Senior Loan Fund,
Series 2013-26A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.16%)
6.47%		04/15/29	1,2,3		38,963		38,781

Issues	Maturity Date			Principal     Amount		Value
ASSET-BACKED SECURITIES (continued)
Eaton Vance CLO Ltd.,
Series 2020-1A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.43%)
6.74%		10/15/34	1,2,3	$	150,000	$	148,732
Exeter Automobile Receivables Trust,
Series 2021-1A, Class D
1.08%		11/16/26			145,000		139,716
Exeter Automobile Receivables Trust,
Series 2022-6A, Class C
6.32%		05/15/28			130,000		129,223
Flagship Credit Auto Trust,
Series 2021-1, Class C
0.91%		03/15/27	2		150,000		144,241
GLS Auto Receivables Issuer Trust,
Series 2020-4A, Class D
1.64%		10/15/26	2		160,000		154,004
GoldenTree Loan Management U.S. CLO 8 Ltd.,
Series 2020-8A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.41%)
6.74%		10/20/34	1,2,3		140,000		139,406
LCM 29 Ltd.,
Series 29A, Class XR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.06%)
6.37%		04/15/31	1,2,3		34,091		34,105
Madison Park Funding XVII Ltd.,
Series 2015-17A, Class AR2
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.26%)
6.60%		07/21/30	1,2,3		164,121		163,530
Navient Student Loan Trust,
Series 2014-1, Class A3
(SOFR30A plus 0.62%)
5.94%		06/25/31	1		60,077		58,328
Nelnet Student Loan Trust,
Series 2014-3A, Class A
(SOFR30A plus 0.69%)
6.01%		06/25/41	1,2		8,538		8,369
NYACK Park CLO Ltd.,
Series 2021-1A, Class X
(Cayman Islands)
(CME Term SOFR 3-Month plus 0.91%)
6.24%		10/20/34	1,2,3		41,786		41,399
Oak Street Investment Grade Net Lease Fund,
Series 2020-1A, Class A1
1.85%		11/20/50	2		95,059		84,378
OCP CLO Ltd.,
Series 2017-14A, Class A1A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.41%)
6.79%		11/20/30	1,2,3		81,768		81,727

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 22

AlphaTrak 500 Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
ASSET-BACKED SECURITIES (continued)
Octagon Investment Partners 35 Ltd.,
Series 2018-1A, Class A1A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.32%)
6.65%		01/20/31	1,2,3	$	151,056	$	150,723
OHA Credit Funding 7 Ltd.,
Series 2020-7A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.30%)
6.62%		02/24/37	1,2,3		115,000		114,307
Palmer Square CLO Ltd.,
Series 2014-1A, Class A1R2
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.39%)
6.70%		01/17/31	1,2,3		67,602		67,490
Palmer Square CLO Ltd.,
Series 2018-1A, Class A1
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.29%)
6.60%		04/18/31	1,2,3		141,723		141,617
Progress Residential Trust,
Series 2019-SFR3, Class A
2.27%		09/17/36	2		118,543		114,309
Progress Residential Trust,
Series 2019-SFR4, Class A
2.69%		10/17/36	2		99,550		96,066
Rockford Tower CLO Ltd.,
Series 2017-3A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.45%)
6.78%		10/20/30	1,2,3		122,383		122,100
Rockford Tower CLO Ltd.,
Series 2018-2A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.42%)
6.75%		10/20/31	1,2,3		150,000		149,602
Santander Drive Auto Receivables Trust,
Series 2022-2, Class C
3.76%		07/16/29			160,000		152,716
Santander Drive Auto Receivables Trust,
Series 2022-4, Class C
5.00%		11/15/29			160,000		156,162
SLM Student Loan Trust,
Series 2005-7, Class A4
(SOFR90A plus 0.41%)
5.47%		10/25/29	1		35,538		35,492
SLM Student Loan Trust,
Series 2008-5, Class A4
(SOFR90A plus 1.96%)
7.02%		07/25/23	1		66,991		66,898
SLM Student Loan Trust,
Series 2008-6, Class A4
(SOFR90A plus 1.36%)
6.42%		07/25/23	1		104,097		102,871

Issues	Maturity Date			Principal     Amount		Value
ASSET-BACKED SECURITIES (continued)
SLM Student Loan Trust,
Series 2012-1, Class A3
(SOFR30A plus 1.06%)
6.38%		09/25/28	1	$	111,024	$	108,445
SLM Student Loan Trust,
Series 2012-2, Class A
(SOFR30A plus 0.81%)
6.13%		01/25/29	1		64,666		62,404
Sofi Professional Loan Program Trust,
Series 2021-B, Class AFX
1.14%		02/15/47	2		183,163		150,766
Sofi Professional Loan Program, LLC,
Series 2019-A, Class A2FX
3.69%		06/15/48	2		114,959		110,352
Stack Infrastructure Issuer LLC,
Series 2019-2A, Class A2
3.08%		10/25/44	2		60,000		57,673
Stratus CLO Ltd.,
Series 2021-2A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.16%)
6.49%		12/28/29	1,2,3		78,435		78,181
Westlake Automobile Receivables Trust,
Series 2022-2A, Class C
4.85%		09/15/27	2		150,000		146,844
Westlake Automobile Receivables Trust,
Series 2023-1A, Class B
5.41%		01/18/28	2		150,000		148,350
World Omni Select Auto Trust,
Series 2023-A, Class C
6.00%		01/16/29			150,000		148,360
Total Asset-Backed Securities
(Cost $5,041,232)							4,996,828
CORPORATES — 25.21%*
Banking — 8.38%
Bank of America Corp.
1.73%		07/22/27	4		175,000		155,119
Bank of America Corp.
(MTN)
2.55%		02/04/28	4		235,000		209,535
DNB Bank ASA
(Norway)
0.86%		09/30/25	2,3,4		200,000		189,734
HSBC Holdings PLC
(United Kingdom)
0.98%		05/24/25	3,4		395,000		380,694
ING Groep NV
(Netherlands)
3.87%		03/28/26	3,4		200,000		193,043
JPMorgan Chase & Co.
1.58%		04/22/27	4		30,000		26,775
Lloyds Banking Group PLC
(United Kingdom)
3.57%		11/07/28	3,4		30,000		26,816

See accompanying Notes to Financial Statements.

23 / Semi-Annual Report September 2023

AlphaTrak 500 Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Banking (continued)
Macquarie Group Ltd.
(Australia)
1.20%		10/14/25	2,3,4	$	90,000	$	85,374
1.34%		01/12/27	2,3,4		70,000		62,651
NatWest Group PLC
(United Kingdom)
4.27%		03/22/25	3,4		90,000		89,056
PNC Financial Services Group, Inc. (The)
5.58%		06/12/29	4		15,000		14,564
Santander UK Group Holdings PLC
(United Kingdom)
1.09%		03/15/25	3,4		275,000		267,429
UBS Group AG
(Switzerland)
1.31%		02/02/27	2,3,4		145,000		128,540
2.59%		09/11/25	2,3,4		175,000		168,447
Wells Fargo & Co.
(MTN)
2.16%		02/11/26	4		330,000		311,631
2.39%		06/02/28	4		100,000		87,729
							2,397,137
Communications — 2.11%
AT&T, Inc.
(CME Term SOFR 3-Month plus 1.44%)
6.85%		06/12/24	1		175,000		176,075
Charter Communications Operating LLC/Charter
Communications Operating Capital
(CME Term SOFR 3-Month plus 1.91%)
7.28%		02/01/24	1		125,000		125,432
Frontier Communications Holdings LLC
8.63%		03/15/31	2		32,000		30,077
Intelsat Jackson Holdings SA
(Luxembourg)
6.50%		03/15/30	2,3		66,000		58,653
Intelsat Jackson Holdings SA,
Class B
(Luxembourg)
8.50%		10/15/24	†,2,3,5,6,7,8		20,000		—
9.75%		07/15/25	†,2,3,5,6,7,8		61,000		—
Qwest Corp.
7.25%		09/15/25			100,000		97,250
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint
Spectrum Co. III LLC
5.15%		03/20/28	2		45,000		44,222
T-Mobile USA, Inc.
2.63%		04/15/26			79,000		73,088
							604,797
Consumer Discretionary — 0.46%
Bacardi Ltd.
(Bermuda)
4.45%		05/15/25	2,3		100,000		97,086

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Consumer Discretionary (continued)
Imperial Brands Finance PLC
(United Kingdom)
6.13%		07/27/27	2,3	$	35,000	$	34,861
							131,947
Diversified REITs — 0.36%
GLP Capital LP/GLP Financing II, Inc.
3.25%		01/15/32			6,000		4,654
VICI Properties LP/VICI Note Co., Inc.
4.50%		01/15/28	2		6,000		5,482
4.63%		06/15/25	2		95,000		91,842
							101,978
Electric — 0.94%
American Electric Power Co., Inc.
2.03%		03/15/24			120,000		117,774
FirstEnergy Transmission LLC
2.87%		09/15/28	2		63,000		54,700
Pennsylvania Electric Co.
4.15%		04/15/25	2		50,000		48,207
5.15%		03/30/26	2		50,000		49,102
							269,783
Energy — 1.32%
Energy Transfer LP
4.25%		04/01/24			150,000		148,671
5.50%		06/01/27			12,000		11,819
Plains All American Pipeline LP/PAA Finance Corp.
4.65%		10/15/25			125,000		121,347
Southern Co. Gas Capital Corp.
3.88%		11/15/25			100,000		96,338
							378,175
Finance — 5.25%
Avolon Holdings Funding Ltd.
(Cayman Islands)
2.53%		11/18/27	2,3		5,000		4,225
Capital One Financial Corp.
1.34%		12/06/24	4		120,000		118,714
Citigroup, Inc.
3.52%		10/27/28	4		290,000		262,504
Goldman Sachs Group, Inc. (The)
1.22%		12/06/23			90,000		89,264
1.95%		10/21/27	4		90,000		79,487
Goldman Sachs Group, Inc. (The)
(MTN)
(CME Term SOFR 3-Month plus 1.86%)
7.27%		11/29/23	1		75,000		75,076
JPMorgan Chase & Co.
0.56%		02/16/25	4		290,000		283,642
0.82%		06/01/25	4		110,000		105,985
1.04%		02/04/27	4		50,000		44,497
Morgan Stanley
(GMTN)
1.51%		07/20/27	4		320,000		282,034

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 24

AlphaTrak 500 Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Finance (continued)
UBS Group AG
(Switzerland)
1.49%		08/10/27	2,3,4	$	180,000	$	157,035
							1,502,463
Health Care — 3.09%
AbbVie, Inc.
3.75%		11/14/23			125,000		124,697
Amgen, Inc.
5.15%		03/02/28			130,000		127,908
Bayer U.S. Finance II LLC
4.25%		12/15/25	2		165,000		158,898
Catalent Pharma Solutions, Inc.
3.50%		04/01/30	2		57,000		47,004
Embecta Corp.
5.00%		02/15/30	2		45,000		35,457
HCA, Inc.
5.00%		03/15/24			75,000		74,628
5.25%		06/15/26			155,000		151,872
Humana, Inc.
5.70%		03/13/26			70,000		69,751
Kedrion SpA
(Italy)
6.50%		09/01/29	2,3		25,000		21,562
ModivCare Escrow Issuer, Inc.
5.00%		10/01/29	2		40,000		28,750
Organon & Co./Organon Foreign Debt Co.-Issuer BV
5.13%		04/30/31	2		16,000		12,920
Prestige Brands, Inc.
3.75%		04/01/31	2		40,000		32,250
							885,697
Health Care REITs — 0.32%
Healthcare Reality Holdings LP
3.50%		08/01/26			45,000		41,773
Healthcare Realty Holdings LP
3.63%		01/15/28			55,000		49,055
							90,828
Industrials — 0.36%
Artera Services LLC
9.03%		12/04/25	2		9,000		8,317
General Electric Co.
(MTN)
(CME Term SOFR 3-Month plus 0.64%)
6.01%		05/05/26	1		29,000		28,968
(CME Term SOFR 3-Month plus 0.74%)
6.11%		08/15/36	1		75,000		66,828
							104,113
Information Technology — 0.37%
VMware, Inc.
1.00%		08/15/24			110,000		105,417

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Insurance — 1.07%
Athene Global Funding
(SOFR Index plus 0.70%)
6.04%		05/24/24	1,2	$	85,000	$	84,599
Guardian Life Global Funding
5.74%		10/02/28	2		125,000		125,461
Nationwide Mutual Insurance Co.
7.96%		12/15/24	2,4		90,000		90,013
Willis North America, Inc.
4.65%		06/15/27			5,000		4,789
							304,862
Materials — 0.73%
Georgia-Pacific LLC
3.60%		03/01/25	2		115,000		111,432
International Flavors & Fragrances, Inc.
1.83%		10/15/27	2		55,000		45,662
2.30%		11/01/30	2		70,000		52,717
							209,811
Retail — 0.06%
Michaels Cos., Inc. (The)
5.25%		05/01/28	2		20,000		15,996
Services — 0.08%
Waste Pro USA, Inc.
5.50%		02/15/26	2		23,000		21,502
Specialized REITs — 0.31%
Extra Space Storage LP
2.20%		10/15/30			110,000		85,384
2.40%		10/15/31			5,000		3,830
							89,214
Total Corporates
(Cost $7,401,618)							7,213,720
MORTGAGE-BACKED — 28.86%**
Non-Agency Commercial Mortgage-Backed — 7.49%
1345 Avenue of the Americas & Park Avenue Plaza Trust,
Series 2005-1, Class A3
5.28%		08/10/35	2		32,780		30,951
ACAM Ltd.,
Series 2019-FL1, Class A
(Cayman Islands)
(CME Term SOFR 1-Month plus 1.51%)
6.85%		11/17/34	1,2,3		4,179		4,191
BANK,
Series 2018-BN14, Class A2
4.13%		09/15/60			50,587		48,554
Barclays Commercial Mortgage Securities Trust,
Series 2018-BXH, Class A
(CME Term SOFR 1-Month plus 1.05%)
6.38%		10/15/37	1,2		6,158		6,054
Beast Mortgage Trust,
Series 2021-SSCP, Class A
(CME Term SOFR 1-Month plus 0.86%)
6.20%		04/15/36	1,2		250,000		244,216

See accompanying Notes to Financial Statements.

25 / Semi-Annual Report September 2023

AlphaTrak 500 Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
BFLD Trust,
Series 2020-EYP, Class A
(CME Term SOFR 1-Month plus 1.26%)
6.60%		10/15/35	1,2	$	125,000	$	98,748
BX Commercial Mortgage Trust,
Series 2021-CIP, Class A
(CME Term SOFR 1-Month plus 1.04%)
6.37%		12/15/38	1,2		130,000		127,389
BX Trust,
Series 2021-SDMF, Class A
(CME Term SOFR 1-Month plus 0.70%)
6.04%		09/15/34	1,2		121,000		118,101
Citigroup Commercial Mortgage Trust,
Series 2015-GC29, Class AAB
2.98%		04/10/48			19,728		19,442
Citigroup Commercial Mortgage Trust,
Series 2015-P1, Class AAB
3.47%		09/15/48			19,813		19,369
Cold Storage Trust,
Series 2020-ICE5, Class A
(CME Term SOFR 1-Month plus 1.01%)
6.35%		11/15/37	1,2		108,129		107,121
Commercial Mortgage Trust,
Series 2012-CR4, Class XA (IO)
1.29%		10/15/45	4		65,302		4
Commercial Mortgage Trust,
Series 2015-PC1, Class A4
3.62%		07/10/50			46,333		44,875
Credit Suisse Mortgage Capital Certificates,
Series 2019-ICE4, Class A
(CME Term SOFR 1-Month plus 1.03%)
6.36%		05/15/36	1,2		244,392		243,822
GS Mortgage Securities Trust,
Series 2010-C1, Class X (IO)
0.56%		08/10/43	2,4		1,516,572		4,865
GS Mortgage Securities Trust,
Series 2011-GC3, Class X (IO)
0.00%		03/10/44	2,4		322,531		3
JPMBB Commercial Mortgage Securities Trust,
Series 2013-C17, Class XA (IO)
0.78%		01/15/47	4		823,127		32
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2013-LC11, Class XA (IO)
1.05%		04/15/46	4		167,709		780
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2015-JP1, Class XA (IO)
1.04%		01/15/49	4,5,8		609,403		9,496
LB-UBS Commercial Mortgage Trust,
Series 2006-C6, Class XCL (IO)
0.43%		09/15/39	2,4		303,520		1,136
MF1 Ltd.,
Series 2020-FL4, Class A
(CME Term SOFR 1-Month plus 1.81%)
7.15%		11/15/35	1,2		114,234		114,336

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2014-C14, Class XA (IO)
1.04%		02/15/47	4	$	795,910	$	41
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C26, Class ASB
3.32%		10/15/48			31,149		30,320
One New York Plaza Trust,
Series 2020-1NYP, Class A
(CME Term SOFR 1-Month plus 1.06%)
6.40%		01/15/36	1,2		94,000		89,741
Queens Center Mortgage Trust,
Series 2013-QCA, Class B
3.38%		01/11/37	2		150,000		130,919
SREIT Trust,
Series 2021-MFP, Class A
(CME Term SOFR 1-Month plus 0.85%)
6.18%		11/15/38	1,2		250,000		245,554
TMSQ Mortgage Trust,
Series 2014-1500, Class XA (IO)
0.28%		10/10/36	2,4		14,000,000		14,753
UBS-Barclays Commercial Mortgage Trust,
Series 2012-C3, Class XB (IO)
0.34%		08/10/49	2,4,5,8		244,204		99
Wells Fargo Commercial Mortgage Trust,
Series 2014-LC16, Class A4
3.55%		08/15/50			72,222		71,384
Wells Fargo Commercial Mortgage Trust,
Series 2017-SMP, Class A
(CME Term SOFR 1-Month plus 0.92%)
6.25%		12/15/34	1,2		200,000		183,224
WF-RBS Commercial Mortgage Trust,
Series 2014-C20, Class A4
3.72%		05/15/47			104,079		103,221
WF-RBS Commercial Mortgage Trust,
Series 2014-C21, Class ASB
3.39%		08/15/47			4,359		4,269
WF-RBS Commercial Mortgage Trust,
Series 2014-C25, Class XA (IO)
0.93%		11/15/47	4		4,870,926		27,490
							2,144,500
Non-Agency Mortgage-Backed — 6.84%
Alternative Loan Trust,
Series 2007-22, Class 2A16
6.50%		09/25/37			192,628		74,586
Asset-Backed Funding Certificates,
Series 2004-OPT4, Class M1
(CME Term SOFR 1-Month plus 1.01%)
6.33%		02/25/34	1		77,136		75,766
Banc of America Funding Trust,
Series 2015-R7, Class 1A1
(Federal Reserve US 12-Month Cumulative Average plus 0.92%)
3.21%		09/26/46	1,2		24,065		24,063

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 26

AlphaTrak 500 Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Centex Home Equity Loan Trust,
Series 2005-B, Class M2
(CME Term SOFR 1-Month plus 0.76%)
6.08%		03/25/35	1	$	68,177	$	67,348
Centex Home Equity Loan Trust,
Series 2005-D, Class M4
(CME Term SOFR 1-Month plus 1.03%)
6.04%		10/25/35	1		26,030		26,005
CIM Trust,
Series 2019-R1, Class A
3.25%		10/25/58	2,4		82,831		71,161
CIM Trust,
Series 2021-R3, Class A1A
1.95%		06/25/57	2,4		103,282		88,690
Citigroup Mortgage Loan Trust, Inc.,
Series 2005-HE4, Class M2
(CME Term SOFR 1-Month plus 0.79%)
6.11%		10/25/35	1		122,821		117,771
Citigroup Mortgage Loan Trust, Inc.,
Series 2007-WFH3, Class M1
(CME Term SOFR 1-Month plus 0.50%)
5.82%		06/25/37	1		81,190		80,027
Countrywide Asset-Backed Certificates Trust,
Series 2007-13, Class 2A1
(CME Term SOFR 1-Month plus 1.01%)
6.33%		10/25/47	1		57,921		51,629
Countrywide Home Loan Mortgage Pass-Through Trust,
Series 2005-9, Class 1A1
(CME Term SOFR 1-Month plus 0.71%)
6.03%		05/25/35	1		38,189		31,109
Credit-Based Asset Servicing and Securitization LLC,
Series 2003-CB1, Class AF (STEP-reset date 11/25/23)
3.95%		01/25/33			4,673		4,248
DSLA Mortgage Loan Trust,
Series 2004-AR3, Class 2A2A
(CME Term SOFR 1-Month plus 0.85%)
6.18%		07/19/44	1		1,941		1,766
First Franklin Mortgage Loan Trust,
Series 2006-FF4, Class A3
(CME Term SOFR 1-Month plus 0.67%)
4.45%		03/25/36	1		14,381		14,188
GMACM Mortgage Corp. Loan Trust,
Series 2006-AR1, Class 1A1
3.28%		04/19/36	4		60,007		46,094
HarborView Mortgage Loan Trust,
Series 2005-9, Class 2A1A
(CME Term SOFR 1-Month plus 0.79%)
6.12%		06/20/35	1		97,857		88,839
HSI Asset Securitization Corp. Trust,
Series 2007-WF1, Class 1A1
(CME Term SOFR 1-Month plus 0.43%)
5.75%		05/25/37	1		25,342		25,214
IndyMac Index Mortgage Loan Trust,
Series 2004-AR5, Class 2A1A
(CME Term SOFR 1-Month plus 0.97%)
6.29%		08/25/34	1		6,138		5,307

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
IndyMac Index Mortgage Loan Trust,
Series 2006-AR4, Class A1A
(CME Term SOFR 1-Month plus 0.53%)
5.85%		05/25/46	1	$	68,554	$	59,849
IndyMac Index Mortgage Loan Trust,
Series 2007-AR1, Class 2A1
3.84%		06/25/37	4		56,441		35,354
JPMorgan Mortgage Acquisition Trust,
Series 2005-WMC1, Class M3
(CME Term SOFR 1-Month plus 0.82%)
6.14%		09/25/35	1		127,704		123,100
Morgan Stanley ABS Capital I, Inc. Trust,
Series 2007-HE7, Class A2B
(CME Term SOFR 1-Month plus 1.11%)
6.43%		07/25/37	1		54,129		52,510
Option One Mortgage Loan Trust 2005-4 Asset-Backed
Certificates,
Series 2005-4, Class M2
(CME Term SOFR 1-Month plus 0.80%)
6.12%		11/25/35	1		70,382		64,725
PRPM LLC,
Series 2021-3, Class A1 (STEP-reset date 10/25/23)
1.87%		04/25/26	2		130,398		124,078
PRPM LLC,
Series 2021-6, Class A1 (STEP-reset date 10/25/23)
1.79%		07/25/26	2		60,553		56,960
Residential Asset Mortgage Products Trust,
Series 2004-SL1, Class A2
8.50%		11/25/31			4,078		1,354
Residential Asset Mortgage Products Trust,
Series 2006-NC3, Class M1
(CME Term SOFR 1-Month plus 0.45%)
5.94%		03/25/36	1		74,497		70,829
Residential Asset Securities Corp.,
Series 2005-AHL2, Class M1
(CME Term SOFR 1-Month plus 0.74%)
6.06%		10/25/35	1		18,311		18,200
Structured Asset Mortgage Investments II Trust,
Series 2006-AR1, Class 3A1
(CME Term SOFR 1-Month plus 0.57%)
5.89%		02/25/36	1		36,790		29,207
Terwin NIMs Trust,
Series 2004-13AL, Class 2PX (IO)
0.34%		08/25/34	2,5,8		1,367,994		15,557
VOLT CIII LLC,
Series 2021-CF1, Class A1 (STEP-reset date 10/25/23)
1.99%		08/25/51	2		83,251		77,525
VOLT XCIX, LLC,
Series 2021-NPL8, Class A1 (STEP-reset date 10/25/23)
2.12%		04/25/51	2		158,359		148,073
WaMu Mortgage Pass-Through Certificates,
Series 2002-AR6, Class A
(Federal Reserve US 12-Month Cumulative Average plus 1.40%)
6.03%		06/25/42	1		1,023		931

See accompanying Notes to Financial Statements.

27 / Semi-Annual Report September 2023

AlphaTrak 500 Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
WaMu Mortgage Pass-Through Certificates,
Series 2005-AR8, Class 2AB2
(CME Term SOFR 1-Month plus 0.95%)
6.27%		07/25/45	1	$	87,314	$	81,253
Wells Fargo Home Equity Asset-Backed Securities Trust,
Series 2005-4, Class M3
(CME Term SOFR 1-Month plus 0.86%)
6.18%		12/25/35	1		100,000		97,715
Wells Fargo Mortgage-Backed Securities Trust,
Series 2003-I, Class A1
6.07%		09/25/33	4		5,410		5,212
							1,956,243
U.S. Agency Commercial Mortgage-Backed — 1.31%
Freddie Mac Multifamily Structured Pass-Through Certificates,
Series K036, Class X1 (IO)
1.12%		10/25/23	4		474,714		551
Freddie Mac Multifamily Structured Pass-Through Certificates,
Series K044, Class X1 (IO)
0.87%		01/25/25	4		1,091,933		9,255
Freddie Mac Multifamily Structured Pass-Through Certificates,
Series K054, Class X1 (IO)
1.29%		01/25/26	4		3,417,486		74,666
Freddie Mac Multifamily Structured Pass-Through Certificates,
Series K732, Class X3 (IO)
2.24%		05/25/46	4		250,000		8,806
Freddie Mac Multifamily Structured Pass-Through Certificates,
Series KC05, Class X1 (IO)
1.36%		06/25/27	4		916,510		23,065
Freddie Mac Multifamily Structured Pass-Through Certificates,
Series KF88, Class AL
(SOFR30A plus 0.44%)
5.76%		09/25/30	1		116,071		114,771
Freddie Mac Multifamily Structured Pass-Through Certificates,
Series KJ31, Class A1
0.57%		05/25/26			17,479		17,011
Freddie Mac Multifamily Structured Pass-Through Certificates,
Series KS07, Class X (IO)
0.74%		09/25/25	4		2,847,092		31,918
Ginnie Mae,
Series 2014-157, Class C
3.15%		10/16/54	4		100,194		95,824
							375,867
U.S. Agency Mortgage-Backed — 13.22%
Fannie Mae Pool AL0851
6.00%		10/01/40			1,595		1,648

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae REMICS,
Series 1997-91, Class SL (IO)
(-2.00 X SOFR30A plus 15.77%, 7.50% Cap)
5.15%		11/25/23	1	$	8	$	—
Fannie Mae REMICS,
Series 2002-21, Class FB
(SOFR30A plus 1.01%)
6.33%		04/25/32	1		13,898		13,947
Fannie Mae REMICS,
Series 2002-53, Class FY
(SOFR30A plus 0.61%)
5.93%		08/25/32	1		60,821		60,235
Fannie Mae REMICS,
Series 2003-11, Class FA
(SOFR30A plus 1.11%)
6.43%		09/25/32	1		2,981		3,008
Fannie Mae REMICS,
Series 2003-81, Class FE
(SOFR30A plus 0.61%)
5.93%		09/25/33	1		22,177		21,843
Fannie Mae REMICS,
Series 2006-48, Class FL
(SOFR30A plus 0.51%)
5.83%		06/25/36	1		28,801		28,346
Fannie Mae REMICS,
Series 2006-8, Class NF
(SOFR30A plus 0.48%)
5.80%		03/25/36	1		23,737		23,287
Fannie Mae REMICS,
Series 2008-12, Class FA
(SOFR30A plus 0.78%)
6.10%		03/25/38	1		77,038		76,424
Fannie Mae REMICS,
Series 2010-109, Class PF
(SOFR30A plus 0.51%)
5.83%		10/25/40	1		2,568		2,516
Fannie Mae REMICS,
Series 2010-74, Class AF
(SOFR30A plus 0.65%)
5.97%		07/25/37	1		25,161		24,846
Freddie Mac REMICS,
Series 2684, Class F
(SOFR30A plus 1.01%)
6.33%		01/15/33	1		2,665		2,673
Freddie Mac REMICS,
Series 3231, Class FB
(SOFR30A plus 0.46%)
5.78%		10/15/36	1		46,294		45,336
Freddie Mac Strips,
Series 263, Class F5
(SOFR30A plus 0.61%)
5.93%		06/15/42	1		7,512		7,329
Ginnie Mae (TBA)
4.50%		10/20/53			150,000		138,580
5.00%		10/20/53			75,000		71,074

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 28

AlphaTrak 500 Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Ginnie Mae,
Series 2023-113, Class FD
(SOFR30A plus 1.35%)
6.50%		08/20/53	1	$	149,582	$	147,237
Ginnie Mae,
Series 2023-116, Class FL
(SOFR30A plus 1.15%)
6.46%		08/20/53	1		149,595		148,498
UMBS (TBA)
2.50%		10/01/53			150,000		119,021
3.00%		10/01/53			825,000		682,269
3.50%		10/01/53			50,000		43,008
4.00%		10/01/53			475,000		422,936
4.50%		10/01/53			500,000		459,102
5.00%		10/01/53			675,000		636,741
5.50%		10/01/53			625,000		604,028
							3,783,932
Total Mortgage-Backed
(Cost $9,177,833)							8,260,542
MUNICIPAL BONDS — 1.43%*
Colorado — 0.47%
City & County of Denver Airport System Revenue Bonds, Series C
0.88%		11/15/23			135,000		134,221
Maryland — 0.28%
City of Baltimore General Obligation, School Improvements, Series C
5.00%		10/15/25			80,000		79,522
Massachusetts — 0.18%
Commonwealth of Massachusetts Revenue Bonds, Series B
4.11%		07/15/31			56,504		53,181
New York — 0.50%
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Public Improvements, Series A2
2.15%		05/01/25			150,000		142,372
Total Municipal Bonds
(Cost $427,345)							409,296
Total Bonds — 72.96%
(Cost $22,048,028)							20,880,386
Issues				Shares		Value
COMMON STOCK — 0.06%
Communications — 0.06%
Intelsat Emergence SA3,5,7,8
(Luxembourg)					773		17,315
Total Common Stock
(Cost $25,883)

Issues			Shares		Value
RIGHTS — 0.00%
Communications — 0.00%
Intelsat Jackson Holdings SA, Series A†,3,5,7,8
(Luxembourg)				80	$	—
Intelsat Jackson Holdings SA, Series B†,3,5,7,8
(Luxembourg)				80		—
						—
Total Rights
(Cost $–)						—
Issues			Shares		Value
MUTUAL FUNDS — 2.22%
Mutual Funds — 2.22%
SPDR S&P 500 ETF Trust9				1,486		635,235
Total Mutual Funds
(Cost $660,955)
Issues	Maturity Date		Principal Amount/Shares		Value
SHORT-TERM INVESTMENTS — 30.93%
Money Market Funds — 1.69%
Fidelity Investments Money Market Funds - Government Portfolio
5.23%10				178,669		178,669
Morgan Stanley Institutional Liquidity Funds - Government Portfolio
5.27%10				304,000		304,000
						482,669
U.S. Treasury Bills — 29.24%
U.S. Treasury Bills
5.41%11		02/15/24	$	470,000		460,607
U.S. Treasury Bills (WI)
5.32%11		11/07/23		310,000		308,366
5.35%11		11/14/23		1,500,000		1,490,537
5.39%11		11/28/23		500,000		495,786
5.48%11		03/07/24		3,750,000		3,663,130
5.44%11		03/21/24		2,000,000		1,949,508
						8,367,934
Total Short-Term Investments
(Cost $8,851,196)						8,850,603
Total Investments - 106.17%
(Cost $31,586,062)						30,383,539
Liabilities in Excess of Other Assets - (6.17)%						(1,766,438	)
Net Assets - 100.00%					$	28,617,101

¹  Floating rate security. The rate disclosed was in effect at September 30, 2023.

²  Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

³  Foreign denominated security issued by foreign domiciled entity.

See accompanying Notes to Financial Statements.

29 / Semi-Annual Report September 2023

AlphaTrak 500 Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

⁴  Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

⁵  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁶  Security is currently in default with regard to scheduled interest or principal payments.

⁷  Non-income producing security.

⁸  Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $42,467, which is 0.15% of total net assets.

⁹  SPDR S&P 500 ETF Trust (the “S&P 500 ETF”) is a unit investment trust created under the laws of the State of New York and registered under the Investment Company Act of 1940, as amended. The S&P 500 ETF was created to provide investors with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the component common stocks, in substantially the same weighting, which comprise the Standard & Poor’s 500 Index (the “S&P 500 Index”). Each unit of fractional undivided interest in the S&P 500 ETF is referred to as a “Unit”. The S&P 500 ETF seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500 Index. You can access the financial statements of this ETF by going to its homepage at https://us.spdrs.com/en/etf/spdr-sp-500-etf-SPY.

¹⁰  Represents the current yield as of September 30, 2023.

¹¹  Represents annualized yield at date of purchase.

^†  Fair valued security. The aggregate value of fair valued securities is $0, which is 0.00% of total net assets. Fair valued securities were not valued utilizing an independent quote but were valued pursuant to guidelines approved by the Board of Trustees. See Notes to Financial Statements.

* Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

** Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date sooner than the stated maturity date.

Note: For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(CLO): Collateralized Loan Obligation

(ETF): Exchange-Traded Fund

(GMTN): Global Medium-Term Note

(IO): Interest Only

(LIBOR): London InterBank Offer Rate

(MTN): Medium-Term Note

(REIT): Real Estate Investment Trust

(S&P): Standard & Poor’s

(SOFR): Secured Overnight Financing Rate

(SPDR): Standard & Poor’s Depositary Receipts

(STEP): Step Coupon Bond

(TBA): To-Be-Announced

(USD): U.S. Dollar

(WI): When Issued

Description	Number of Contracts	Expiration Date	Notional Amount		Value		Unrealized (Depreciation)
FUTURES CONTRACTS: LONG POSITIONS
S&P 500 E-mini Index	132	12/15/23	$	28,553,250		$    (1,221,913)	$	(1,221,913	)

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 30

Corporate Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
BONDS – 98.74%
ASSET-BACKED SECURITIES — 0.62%**
Skyline Aircraft Finance LLC,
Series 2021-1, Class A
3.23%		05/10/37	1,2,3	$	38,662	$	33,801
Total Asset-Backed Securities
(Cost $38,662)
CORPORATES — 84.59%*
Banking — 12.63%
Bank of America Corp.
2.30%		07/21/32	3		10,000		7,589
Bank of America Corp.
(MTN)
1.92%		10/24/31	3		20,000		15,104
2.09%		06/14/29	3		110,000		92,081
3.97%		03/05/29	3		20,000		18,351
Bank of America Corp.,
Series N
1.66%		03/11/27	3		63,000		56,526
HSBC Holdings PLC
(United Kingdom)
2.80%		05/24/32	3,4		90,000		69,781
JPMorgan Chase & Co.
2.07%		06/01/29	3		25,000		21,090
Lloyds Banking Group PLC
(United Kingdom)
1.63%		05/11/27	3,4		10,000		8,871
3.57%		11/07/28	3,4		35,000		31,285
Macquarie Group Ltd.
(Australia)
1.34%		01/12/27	3,4,5		10,000		8,950
1.63%		09/23/27	3,4,5		20,000		17,486
NatWest Group PLC
(United Kingdom)
4.27%		03/22/25	3,4		5,000		4,948
PNC Financial Services Group, Inc. (The)
5.07%		01/24/34	3		60,000		54,421
Santander UK Group Holdings PLC
(United Kingdom)
1.09%		03/15/25	3,4		55,000		53,486
U.S. Bancorp
4.84%		02/01/34	3		20,000		17,656
5.85%		10/21/33	3		15,000		14,220
UBS Group AG
(Switzerland)
1.31%		02/02/27	3,4,5		30,000		26,594
3.09%		05/14/32	3,4,5		30,000		23,793
6.54%		08/12/33	3,4,5		35,000		34,573
Wells Fargo & Co.
5.39%		04/24/34	3		15,000		14,054
Wells Fargo & Co.
(MTN)
3.35%		03/02/33	3		125,000		101,004
							691,863

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Communications — 6.93%
AT&T, Inc.
3.80%		12/01/57		$	68,000	$	43,093
Charter Communications Operating LLC/Charter
Communications Operating Capital
2.30%		02/01/32			20,000		14,595
3.90%		06/01/52			5,000		3,014
5.38%		05/01/47			42,000		32,071
5.75%		04/01/48			15,000		11,989
Comcast Corp.
4.00%		11/01/49			15,000		11,118
Cox Communications, Inc.
2.60%		06/15/31	5		40,000		31,184
Meta Platforms, Inc.
4.95%		05/15/33			4,000		3,838
5.60%		05/15/53			20,000		18,961
Qwest Corp.
7.25%		09/15/25			20,000		19,450
SES GLOBAL Americas Holdings, Inc.
5.30%		03/25/44	5		35,000		23,602
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint
Spectrum Co. III LLC
5.15%		03/20/28	5		13,500		13,267
Tencent Holdings Ltd.
(Cayman Islands)
3.98%		04/11/29	4,5		30,000		27,257
Time Warner Cable LLC
5.50%		09/01/41			33,000		25,836
T-Mobile USA, Inc.
2.55%		02/15/31			93,000		74,036
Vodafone Group PLC
(United Kingdom)
4.25%		09/17/50	4		36,000		26,017
							379,328
Consumer Discretionary — 3.83%
Altria Group, Inc.
3.70%		02/04/51			5,000		3,100
3.88%		09/16/46			11,000		7,254
5.95%		02/14/49			15,000		13,450
Amcor Finance USA, Inc.
5.63%		05/26/33			20,000		19,231
Bacardi Ltd.
(Bermuda)
4.70%		05/15/28	4,5		20,000		19,049
BAT Capital Corp.
4.39%		08/15/37			35,000		26,809
4.54%		08/15/47			35,000		24,119
Imperial Brands Finance PLC
(United Kingdom)
4.25%		07/21/25	4,5		35,000		33,742
JDE Peet’s NV
(Netherlands)
2.25%		09/24/31	4,5		25,000		18,609
WarnerMedia Holdings, Inc.
5.14%		03/15/52			60,000		44,579
							209,942

See accompanying Notes to Financial Statements.

31 / Semi-Annual Report September 2023

Corporate Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Diversified REITs — 3.24%
American Assets Trust LP
3.38%		02/01/31		$	30,000	$	22,506
American Tower Corp.
2.70%		04/15/31			21,000		16,674
Crown Castle, Inc.
3.30%		07/01/30			50,000		42,238
GLP Capital LP/GLP Financing II, Inc.
3.25%		01/15/32			2,000		1,551
4.00%		01/15/30			30,000		25,518
LXP Industrial Trust
2.38%		10/01/31			5,000		3,675
2.70%		09/15/30			45,000		34,890
VICI Properties LP
5.13%		05/15/32			20,000		17,954
Weyerhaeuser Co.
3.38%		03/09/33			15,000		12,293
							177,299
Electric — 8.29%
AEP Transmission Co. LLC,
Series M
3.65%		04/01/50			5,000		3,557
AEP Transmission Co. LLC,
Series N
2.75%		08/15/51			40,000		23,029
Alabama Power Co.
5.50%		03/15/41			9,000		8,291
Alliant Energy Finance LLC
1.40%		03/15/26	5		45,000		39,966
Appalachian Power Co.
4.45%		06/01/45			10,000		7,655
Arizona Public Service Co.
3.35%		05/15/50			10,000		6,293
6.35%		12/15/32			15,000		15,373
Baltimore Gas and Electric Co.
2.90%		06/15/50			33,000		19,730
Black Hills Corp.
4.35%		05/01/33			35,000		29,937
Commonwealth Edison Co.
6.45%		01/15/38			10,000		10,385
Consolidated Edison Co. of New York, Inc.,
Series 2017
3.88%		06/15/47			10,000		7,190
Duke Energy Carolinas LLC
3.75%		06/01/45			70,000		50,387
3.88%		03/15/46			15,000		10,880
Evergy, Inc.
2.45%		09/15/24			5,000		4,832
FirstEnergy Transmission LLC
5.45%		07/15/44	5		30,000		26,500
Interstate Power and Light Co.
2.30%		06/01/30			20,000		16,038
Metropolitan Edison Co.
4.00%		04/15/25	5		19,000		18,226
Narragansett Electric Co. (The)
3.40%		04/09/30	5		10,000		8,679

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Electric (continued)
Niagara Mohawk Power Corp.
5.78%		09/16/52	5	$	15,000	$	13,886
PacifiCorp.
4.13%		01/15/49			60,000		42,347
Public Service Co. of New Mexico
3.85%		08/01/25			20,000		19,133
Virginia Electric & Power Co.,
Series B
3.80%		09/15/47			20,000		14,210
Virginia Electric and Power Co.
2.45%		12/15/50			12,000		6,425
Vistra Operations Co., LLC
3.55%		07/15/24	5		6,000		5,860
Xcel Energy, Inc.
4.80%		09/15/41			55,000		45,037
							453,846
Energy — 4.63%
Aker BP ASA
(Norway)
3.10%		07/15/31	4,5		30,000		24,052
Boston Gas Co.
3.76%		03/16/32	5		10,000		8,394
Columbia Pipelines Operating Co. LLC
6.04%		11/15/33	5		15,000		14,650
Energy Transfer LP
5.00%		05/15/50			15,000		11,763
5.40%		10/01/47			6,000		4,944
6.13%		12/15/45			12,000		10,725
EQM Midstream Partners LP
6.50%		07/15/48			8,000		7,120
KeySpan Gas East Corp.
5.82%		04/01/41	5		15,000		13,434
Kinder Morgan Energy Partners LP
(MTN)
6.95%		01/15/38			5,000		5,140
Kinder Morgan, Inc.
(GMTN)
7.80%		08/01/31			5,000		5,419
NGPL Pipe Co. LLC
3.25%		07/15/31	5		20,000		15,922
4.88%		08/15/27	5		10,000		9,446
Plains All American Pipeline LP/PAA Finance Corp.
4.50%		12/15/26			13,000		12,427
Rockies Express Pipeline LLC
3.60%		05/15/25	5		30,000		28,315
6.88%		04/15/40	5		17,000		14,945
Sabine Pass Liquefaction LLC
4.20%		03/15/28			3,000		2,793
Southern Co. Gas Capital Corp.
4.40%		06/01/43			10,000		7,615
5.88%		03/15/41			15,000		14,074
Southern Natural Gas Co. LLC
4.80%		03/15/47	5		15,000		11,583

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 32

Corporate Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Energy (continued)
TransCanada PipeLines Ltd.
(Canada)
4.63%		03/01/34	4	$	10,000	$	8,721
5.00%		10/16/43	4		15,000		12,407
Williams Cos., Inc. (The)
3.50%		10/15/51			15,000		9,577
							253,466
Finance — 10.66%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
(Ireland)
3.00%		10/29/28	4		15,000		12,869
3.30%		01/30/32	4		28,000		22,302
3.88%		01/23/28	4		4,000		3,633
Air Lease Corp.
3.63%		12/01/27			19,000		17,226
4.25%		09/15/24			10,000		9,827
Avolon Holdings Funding Ltd.
(Cayman Islands)
2.53%		11/18/27	4,5		3,000		2,535
2.75%		02/21/28	4,5		10,000		8,483
4.38%		05/01/26	4,5		10,000		9,393
Capital One Financial Corp.
3.27%		03/01/30	3		10,000		8,371
Citigroup, Inc.
2.52%		11/03/32	3		40,000		30,571
2.57%		06/03/31	3		100,000		79,781
2.98%		11/05/30	3		5,000		4,182
3.52%		10/27/28	3		10,000		9,052
Discover Financial Services
6.70%		11/29/32			25,000		24,170
Goldman Sachs Group, Inc. (The)
1.99%		01/27/32	3		50,000		37,520
2.60%		02/07/30			80,000		65,517
JPMorgan Chase & Co.
2.55%		11/08/32	3		45,000		34,891
3.90%		01/23/49	3		65,000		47,016
LSEGA Financing PLC
(United Kingdom)
2.00%		04/06/28	4,5		30,000		25,505
Morgan Stanley
2.48%		09/16/36	3		40,000		29,240
Morgan Stanley
(GMTN)
1.51%		07/20/27	3		5,000		4,407
3.77%		01/24/29	3		20,000		18,263
Morgan Stanley
(MTN)
1.93%		04/28/32	3		50,000		37,241
Park Aerospace Holdings Ltd.
(Cayman Islands)
5.50%		02/15/24	4,5		2,000		1,990
Pipeline Funding Co. LLC
7.50%		01/15/30	5		25,212		26,017

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Finance (continued)
Raymond James Financial, Inc.
3.75%		04/01/51		$	20,000	$	13,606
							583,608
Food — 1.83%
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
(Canada)
5.75%		04/01/33	4		10,000		9,139
6.50%		12/01/52	4		25,000		22,400
Kraft Heinz Foods Co.
4.63%		10/01/39			10,000		8,447
Pilgrim’s Pride Corp.
3.50%		03/01/32			45,000		34,861
Smithfield Foods, Inc.
2.63%		09/13/31	5		35,000		25,206
							100,053
Health Care — 10.01%
AbbVie, Inc.
4.40%		11/06/42			10,000		8,300
Alcon Finance Corp.
2.60%		05/27/30	5		30,000		24,734
Amgen, Inc.
4.40%		05/01/45			15,000		11,877
4.88%		03/01/53			10,000		8,349
5.65%		03/02/53			5,000		4,681
5.75%		03/02/63			10,000		9,249
Barnabas Health, Inc.,
Series 2012
4.00%		07/01/28			5,000		4,659
Baxter International, Inc.
3.95%		04/01/30			10,000		8,911
Bayer U.S. Finance II LLC
4.38%		12/15/28	5		25,000		23,246
4.88%		06/25/48	5		17,000		13,572
Centene Corp.
3.00%		10/15/30			21,000		16,964
Children’s Hospital Medical Center
2.82%		11/15/50			20,000		11,925
Cigna Group (The)
5.40%		03/15/33			10,000		9,703
CommonSpirit Health
2.78%		10/01/30			5,000		4,127
CVS Health Corp.
5.05%		03/25/48			18,000		14,965
5.25%		02/21/33			28,000		26,515
Elanco Animal Health, Inc.
6.65%		08/28/28			5,000		4,875
Hackensack Meridian Health, Inc.,
Series 2020
2.88%		09/01/50			30,000		18,279
HCA, Inc.
3.63%		03/15/32			5,000		4,149
5.25%		06/15/49			40,000		32,911

See accompanying Notes to Financial Statements.

33 / Semi-Annual Report September 2023

Corporate Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Health Care (continued)
Illumina, Inc.
2.55%		03/23/31		$	20,000	$	15,554
Mass General Brigham, Inc.,
Series 2020
3.34%		07/01/60			10,000		6,303
OhioHealth Corp.,
Series 2020
3.04%		11/15/50			15,000		9,795
Pfizer Investment Enterprises Pte Ltd.
(Slovenia)
4.75%		05/19/33	4		20,000		18,959
Revvity, Inc.
2.55%		03/15/31			25,000		19,741
Royalty Pharma PLC
(United Kingdom)
1.75%		09/02/27	4		45,000		38,383
Sharp HealthCare,
Series 20B
2.68%		08/01/50			50,000		28,717
Smith & Nephew PLC
(United Kingdom)
2.03%		10/14/30	4		30,000		23,112
STERIS Irish FinCo UnLtd Co.
(Ireland)
2.70%		03/15/31	4		30,000		24,327
Thermo Fisher Scientific, Inc.
5.09%		08/10/33			17,000		16,452
UnitedHealth Group, Inc.
3.70%		08/15/49			10,000		7,212
4.25%		04/15/47			15,000		11,951
Universal Health Services, Inc.
1.65%		09/01/26			40,000		35,268
West Virginia United Health System Obligated Group,
Series 2020
3.13%		06/01/50			35,000		20,324
Zoetis, Inc.
5.60%		11/16/32			10,000		9,968
							548,057
Health Care REITs — 0.76%
Healthcare Realty Holdings LP
3.63%		01/15/28			30,000		26,757
Physicians Realty LP
2.63%		11/01/31			20,000		15,084
							41,841
Hotel & Resort REITs — 0.30%
Host Hotels & Resorts LP,
Series I
3.50%		09/15/30			20,000		16,656
Industrial REITs — 0.27%
Rexford Industrial Realty LP
2.15%		09/01/31			20,000		14,927

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Industrials — 2.44%
Amcor Flexibles North America, Inc.
2.63%		06/19/30		$	5,000	$	4,046
BAE Systems Holdings, Inc.
3.85%		12/15/25	5		20,000		19,222
Berry Global, Inc.
1.57%		01/15/26			28,000		25,316
Boeing Co. (The)
5.93%		05/01/60			12,000		10,807
CCL Industries, Inc.
(Canada)
3.05%		06/01/30	4,5		25,000		20,697
Ingersoll Rand, Inc.
5.70%		08/14/33			15,000		14,487
Northrop Grumman Corp.
5.15%		05/01/40			5,000		4,571
Sealed Air Corp.
1.57%		10/15/26	5		20,000		17,407
Sonoco Products Co.
3.13%		05/01/30			10,000		8,419
Sydney Airport Finance Co. Pty Ltd.
(Australia)
3.63%		04/28/26	4,5		5,000		4,732
WRKCo, Inc.
3.00%		06/15/33			5,000		3,921
							133,625
Information Technology — 3.67%
Broadcom, Inc.
2.60%		02/15/33	5		30,000		22,390
3.14%		11/15/35	5		25,000		18,325
CDW LLC/CDW Finance Corp.
3.28%		12/01/28			25,000		21,606
Fiserv, Inc.
2.65%		06/01/30			15,000		12,333
Intel Corp.
3.25%		11/15/49			5,000		3,190
5.70%		02/10/53			15,000		14,078
Micron Technology, Inc.
2.70%		04/15/32			25,000		19,096
Open Text Corp.
(Canada)
6.90%		12/01/27	4,5		17,000		17,084
Oracle Corp.
3.60%		04/01/50			80,000		51,795
3.95%		03/25/51			12,000		8,232
Take-Two Interactive Software, Inc.
4.00%		04/14/32			15,000		13,079
							201,208
Insurance — 6.32%
Allstate Corp. (The)
3.85%		08/10/49			20,000		14,157
Aon Corp./Aon Global Holdings PLC
3.90%		02/28/52			25,000		17,835
Arthur J Gallagher & Co.
3.05%		03/09/52			20,000		11,656

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 34

Corporate Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Insurance (continued)
Athene Global Funding
1.61%		06/29/26	5	$	15,000	$	13,112
1.99%		08/19/28	5		10,000		8,172
(SOFR Index plus 0.70%)
6.04%		05/24/24	5,6		30,000		29,859
Brown & Brown, Inc.
2.38%		03/15/31			45,000		34,794
Farmers Insurance Exchange
4.75%		11/01/57	3,5		55,000		41,334
Guardian Life Insurance Co. of America (The)
3.70%		01/22/70	5		45,000		26,956
MMI Capital Trust I,
Series B
7.63%		12/15/27			25,000		25,873
Nationwide Mutual Insurance Co.
7.96%		12/15/24	3,5		45,000		45,006
New York Life Insurance Co.
3.75%		05/15/50	5		15,000		10,378
Teachers Insurance & Annuity Association of America
4.38%		09/15/54	3,5		35,000		34,045
Willis North America, Inc.
5.35%		05/15/33			35,000		32,682
							345,859
Materials — 0.80%
International Flavors & Fragrances, Inc.
1.23%		10/01/25	5		5,000		4,483
2.30%		11/01/30	5		15,000		11,296
5.00%		09/26/48			25,000		18,684
Nutrien Ltd.
(Canada)
5.80%		03/27/53	4		10,000		9,227
							43,690
Office REITs — 1.84%
Boston Properties LP
2.55%		04/01/32			10,000		7,229
3.40%		06/21/29			5,000		4,192
Hudson Pacific Properties LP
3.95%		11/01/27			50,000		39,513
Kilroy Realty LP
2.50%		11/15/32			15,000		10,269
2.65%		11/15/33			15,000		10,137
Piedmont Operating Partnership LP
2.75%		04/01/32			45,000		29,270
							100,610
Real Estate Investment Trust (REIT) — 1.33%
American Tower Corp.
5.55%		07/15/33			20,000		19,075
Digital Realty Trust LP
3.60%		07/01/29			5,000		4,422
Equinix, Inc.
2.50%		05/15/31			45,000		35,164

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Real Estate Investment Trust (REIT) (continued)
NNN REIT, Inc.
5.60%		10/15/33		$	15,000	$	14,145
							72,806
Residential REITs — 0.28%
American Homes 4 Rent LP
2.38%		07/15/31			15,000		11,451
Essex Portfolio LP
2.65%		03/15/32			5,000		3,850
							15,301
Retail — 0.34%
Alimentation Couche-Tard, Inc.
(Canada)
3.80%		01/25/50	4,5		15,000		9,852
Lowe’s Cos., Inc.
5.75%		07/01/53			5,000		4,672
McDonald’s Corp.
(MTN)
4.20%		04/01/50			5,000		3,886
							18,410
Services — 0.82%
Global Payments, Inc.
4.45%		06/01/28			30,000		27,851
RELX Capital, Inc.
4.00%		03/18/29			15,000		13,996
William Marsh Rice University
2.60%		05/15/50			5,000		3,011
							44,858
Specialized REITs — 1.19%
CubeSmart LP
4.38%		02/15/29			5,000		4,628
Extra Space Storage LP
2.20%		10/15/30			49,000		38,034
3.90%		04/01/29			25,000		22,447
							65,109
Transportation — 1.79%
Delta Air Lines Pass-Through Trust,
Series 2020-1, Class AA
2.00%		06/10/28			20,515		17,991
JetBlue Airways Pass-Through Trust,
Series 2019-1, Class AA
2.75%		05/15/32			12,622		10,657
JetBlue Airways Pass-Through Trust,
Series 2020-1, Class A
4.00%		11/15/32			25,092		22,582
U.S. Airways Pass-Through Trust,
Series 2011-1, Class A
7.13%		10/22/23			16,224		16,220
United Airlines Pass-Through Trust,
Series 2016-2, Class AA
2.88%		10/07/28			7,093		6,248

See accompanying Notes to Financial Statements.

35 / Semi-Annual Report September 2023

Corporate Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Transportation (continued)
United Airlines Pass-Through Trust,
Series 2023-1, Class A
5.80%		01/15/36		$	25,000	$	24,326
							98,024
Water — 0.39%
Essential Utilities, Inc.
5.30%		05/01/52			25,000		21,538
Total Corporates
(Cost $5,680,591)							4,631,924
MORTGAGE-BACKED — 0.57%**
Non-Agency Commercial Mortgage-Backed — 0.17%
Commercial Mortgage Trust,
Series 2014-UBS5, Class XA (IO)
0.98%		09/10/47	1,2,3		560,978		2,668
Commercial Mortgage Trust,
Series 2014-UBS6, Class XA (IO)
0.97%		12/10/47	3		394,547		2,363
GS Mortgage Securities Trust,
Series 2010-C1, Class X (IO)
0.56%		08/10/43	3,5		1,244,151		3,991
GS Mortgage Securities Trust,
Series 2011-GC3, Class X (IO)
0.00%		03/10/44	3,5		80,633		1
UBS-Barclays Commercial Mortgage Trust,
Series 2012-C3, Class XB (IO)
0.34%		08/10/49	1,2,3,5		179,083		72
							9,095
U.S. Agency Commercial Mortgage-Backed — 0.27%
Ginnie Mae,
Series 2009-111, Class IO (IO)
0.19%		09/16/51	3		501,336		13,692
Ginnie Mae,
Series 2012-144, Class IO (IO)
0.33%		01/16/53	3		139,874		941
							14,633
U.S. Agency Mortgage-Backed — 0.13%
Fannie Mae REMICS,
Series 2011-116, Class SA (IO)
(-1.00 X SOFR30A plus 5.89%, 6.00% Cap)
0.57%		11/25/41	6		22,844		1,359
Fannie Mae REMICS,
Series 2012-128, Class UA
2.50%		06/25/42			6,926		5,949
							7,308
Total Mortgage-Backed
(Cost $157,914)							31,036

Issues	Maturity Date			Principal     Amount		Value
MUNICIPAL BONDS — 2.18%*
California — 0.74%
Los Angeles Department of Airports Revenue Bonds, Port,
Airport and Marina Improvements, Series A
3.89%		05/15/38		$	15,000	$	12,558
San Francisco City & County Airport Commercial-San
Francisco International Airport Revenue Bonds, Series C
3.05%		05/01/34			35,000		27,828
							40,386
Florida — 0.24%
County of Miami-Dade Aviation Revenue Bonds, Airport and
Marina Improvements, Series D
3.50%		10/01/31			15,000		13,091
Massachusetts — 0.28%
Massachusetts School Building Authority Revenue Bonds,
Series A
2.50%		02/15/37			10,000		7,006
Massachusetts School Building Authority Revenue Bonds,
Series B
2.97%		10/15/32			10,000		8,316
							15,322
New York — 0.92%
Metropolitan Transportation Authority Revenue Bonds,
Transit Improvements, Series C2
5.18%		11/15/49			10,000		8,625
New York City Transitional Finance Authority Future Tax
Secured Revenue Bonds, Public Improvements
3.73%		08/01/29			5,000		4,610
New York City Transitional Finance Authority Future Tax
Secured Revenue Bonds, Public Improvements, Series E
1.97%		02/01/33			20,000		14,862
New York State Urban Development Corp. Revenue Bonds,
Transit Improvements, Series B
2.54%		03/15/34			10,000		7,605
2.59%		03/15/35			20,000		14,897
							50,599
Total Municipal Bonds
(Cost $148,646)							119,398
U.S. TREASURY SECURITIES — 10.78%
U.S. Treasury Bonds — 5.19%
U.S. Treasury Bonds
4.13%		08/15/53			238,000		216,026
U.S. Treasury Bonds - Treasury Inflation Indexed Bonds
1.25%		04/15/28	7		49,945		47,487
U.S. Treasury Bonds - Treasury Inflation Indexed Bonds (WI)
1.38%		07/15/33	7		22,147		20,488
							284,001
U.S. Treasury Notes — 5.59%
U.S. Treasury Notes
3.88%		08/15/33			281,000		265,479
4.38%		08/31/28			3,000		2,970

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 36

Corporate Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date		Principal     Amount		Value
U.S. TREASURY SECURITIES (continued)
U.S. Treasury Notes (continued)
U.S. Treasury Notes (WI)
4.50%		09/30/28	$	30,000	$	30,020
4.63%		09/15/26		8,000		7,961
						306,430
Total U.S. Treasury Securities
(Cost $617,754)						590,431
Total Bonds — 98.74%
(Cost $6,643,567)						5,406,590
Issues	Maturity Date		Principal Amount/Shares		Value
SHORT-TERM INVESTMENTS — 1.78%
Money Market Funds — 1.78%
Fidelity Investments Money Market Funds - Government Portfolio
5.23%8				22,538		22,538
Morgan Stanley Institutional Liquidity Funds - Government Portfolio
5.27%8				75,000		75,000
Total Short-Term Investments
(Cost $97,538)						97,538
Total Investments - 100.52%
(Cost $6,741,105)						5,504,128
Liabilities in Excess of Other Assets - (0.52)%						(28,592	)
Net Assets - 100.00%					$	5,475,536

¹  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

²  Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $36,541, which is 0.67% of total net assets.

³  Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

⁴  Foreign denominated security issued by foreign domiciled entity.

⁵  Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

⁶  Floating rate security. The rate disclosed was in effect at September 30, 2023.

⁷  Inflation protected security. Principal amount reflects original security face amount.

⁸  Represents the current yield as of September 30, 2023.

* Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

** Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date sooner than the stated maturity date.

Note: For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(GMTN): Global Medium-Term Note

(IO): Interest Only

(MTN): Medium-Term Note

(REIT): Real Estate Investment Trust

(SOFR): Secured Overnight Financing Rate

(WI): When Issued

Description	Number of Contracts		Expiration Date		Notional Amount			Value			Unrealized Appreciation (Depreciation)
FUTURES CONTRACTS: LONG POSITIONS
U.S. Treasury Two-Year Note		14		12/29/23	$	2,837,953		$	(12,600	)	$	(12,600	)
FUTURES CONTRACTS: SHORT POSITIONS
U.S. Treasury Ten-Year Ultra Bond		4		12/19/23		(446,250	)		11,825			11,825
U.S. Treasury Five-Year Note		2		12/29/23		(210,719	)		2,497			2,497
						(656,969	)		14,322			14,322
TOTAL FUTURES CONTRACTS					$	2,180,984		$	1,722		$	1,722

			Received by the Fund			Paid by the Fund
Description	Maturity Date		Rate	Frequency		Rate		Frequency		Notional     Amount     (000’s)		Value		Premiums Paid		Unrealized Appreciation
SWAPS: INTEREST RATE
			USD-SOFR-
Interest Rate Swap1		12/20/53	COMPOUND		Annual		3.52%		Annual	$	77	$	5,979	$	—	$	5,979
TOTAL SWAPS CONTRACTS										$	77	$	5,979	$	—	$	5,979

¹  Centrally cleared.

See accompanying Notes to Financial Statements.

37 / Semi-Annual Report September 2023

Flexible Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
BONDS – 105.27%
ASSET-BACKED SECURITIES — 12.66%**
AGL CLO 13 Ltd.,
Series 2021-13A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.91%)
7.24%		10/20/34	1,2,3	$	600,000	$	593,199
Aimco CLO 11 Ltd.,
Series 2020-11A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.39%)
6.70%		10/17/34	1,2,3		185,000		184,006
Aimco CLO 14 Ltd.,
Series 2021-14A, Class SUB
(Cayman Islands)
0.00%		04/20/34	1,3,4		700,000		571,993
AMSR Trust,
Series 2020-SFR1, Class I
8.19%		04/17/37	1		605,000		589,469
AMSR Trust,
Series 2020-SFR3, Class H
6.50%		09/17/37	1		635,000		603,069
AMSR Trust,
Series 2021-SFR3, Class G
3.80%		10/17/38	1		600,000		506,233
BlueMountain CLO Ltd.,
Series 2018-3A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 2.03%)
7.38%		10/25/30	1,2,3		250,000		246,272
BMO SBA COOF Trust,
Series 2019-1, Class A (IO)
1.61%		10/25/45	1,4		2,504,294		82,710
Carvana Auto Receivables Trust,
Series 2020-P1, Class R
0.00%		09/08/27	1		1,300		141,991
Carvana Auto Receivables Trust,
Series 2021-N3, Class R
0.00%		06/12/28	1		1,500		264,117
Carvana Auto Receivables Trust,
Series 2022-P2, Class R
1.00%		05/10/29	1		3,050		573,093
Carvana Auto Receivables Trust,
Series 2023-N3, Class R
0.00%		09/10/30	†,1		2,200		352,000
Carvana Auto Receivables Trust,
Series 2023-N3, Class XS
0.00%		09/10/30	†,1		29,850,000		534,300
Carvana Auto Receivables Trust,
Series 2023-P1, Class R
0.00%		03/11/30	1		3,100		619,298
Carvana Auto Receivables Trust,
Series 2023-P2, Class R
0.00%		06/10/30	1		2,000		504,891
Carvana Auto Receivables Trust,
Series 2023-P3, Class R
0.00%		08/12/30	†,1		2,000		418,080

Issues	Maturity Date			Principal         Amount		Value
ASSET-BACKED SECURITIES (continued)
CIFC Funding Ltd.,
Series 2017-4A, Class A2R
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.81%)
7.16%		10/24/30	1,2,3	$	575,000	$	569,710
CIFC Funding Ltd.,
Series 2018-1A, Class SUB
(Cayman Islands)
0.00%		04/18/31	1,3,4		575,000		249,623
CIFC Funding Ltd.,
Series 2022-2A, Class INCB
(Cayman Islands)
0.00%		04/19/35	1,3,4		475,000		400,789
CoreVest American Finance Trust,
Series 2019-3, Class XA (IO)
2.19%		10/15/52	1,4		493,353		10,455
CoreVest American Finance Trust,
Series 2021-1, Class XB (IO)
1.66%		04/15/53	1,4		4,459,000		251,566
Dryden 72 CLO Ltd.,
Series 2019-72A, Class BR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.91%)
7.28%		05/15/32	1,2,3		925,000		912,605
Dryden XXVI Senior Loan Fund,
Series 2013-26A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.16%)
6.47%		04/15/29	1,2,3		49,872		49,639
Dryden XXVIII Senior Loan Fund,
Series 2013-28A, Class A1LR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.46%)
6.83%		08/15/30	1,2,3		9,305		9,294
Elmwood CLO VI Ltd.,
Series 2020-3A, Class BR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.91%)
7.24%		10/20/34	1,2,3		440,000		432,300
FirstKey Homes Trust,
Series 2020-SFR1, Class F2
4.28%		08/17/37	1		1,688,000		1,580,717
FirstKey Homes Trust,
Series 2021-SFR3, Class E1
2.99%		12/17/38	1		944,000		826,145
Flatiron CLO 21 Ltd.,
Series 2021-1A, Class A1
(Cayman Islands)
(LIBOR USD 3-Month plus 1.11%)
6.69%		07/19/34	1,2,3		1,290,360		1,282,937
FRTKL,
Series 2021-SFR1, Class F
3.17%		09/17/38	1		1,779,000		1,512,152

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 38

Flexible Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
ASSET-BACKED SECURITIES (continued)
Gilbert Park CLO Ltd.,
Series 2017-1A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.45%)
6.76%		10/15/30	1,2,3	$	321,601	$	321,424
GLS Auto Receivables Issuer Trust,
Series 2023-2A, Class D
6.31%		03/15/29	1		1,110,000		1,094,373
GoldenTree Loan Management U.S. CLO 17 Ltd.,
Series 2023-17A, Class D
(United Kingdom)
(CME Term SOFR 3-Month plus 5.00%)
10.25%		07/20/36	1,2,3		850,000		864,705
GoldenTree Loan Management U.S. CLO 8 Ltd.,
Series 2020-8A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.41%)
6.74%		10/20/34	1,2,3		250,000		248,939
Golub Capital Partners CLO 69M,
Series 2023-69A, Class B1
(CME Term SOFR 3-Month plus 3.25%)
0.00%		11/09/36	1,2		1,200,000		1,201,500
HOA Funding, LLC,
Series 2021-1A, Class A2
4.72%		08/20/51	1		911,400		749,582
HPS Loan Management Ltd.,
Series 2023-18A, Class D
(Cayman Islands)
(CME Term SOFR 3-Month plus 5.75%)
11.01%		07/20/36	1,2,3		850,000		853,494
J.G. Wentworth XXX LLC,
Series 2013-3A, Class A
4.08%		01/17/73	1		38,316		33,423
J.G. Wentworth XXXII LLC,
Series 2014-2A, Class A
3.61%		01/17/73	1		37,685		31,345
Madison Park Funding XLVIII Ltd.,
Series 2021-48A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.41%)
6.73%		04/19/33	1,2,3		1,000,000		997,100
Navient Student Loan Trust,
Series 2018-4A, Class B
(SOFR30A plus 1.41%)
6.73%		06/27/67	1,2		850,000		795,273
Neuberger Berman CLO XVI-S Ltd.,
Series 2017-16SA, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.30%)
6.61%		04/15/34	1,2,3		1,200,000		1,189,451
Neuberger Berman Loan Advisers CLO 40 Ltd.,
Series 2021-40A, Class SUB
(Cayman Islands)
0.00%		04/16/33	1,3,4		275,000		170,141

Issues	Maturity Date			Principal         Amount		Value
ASSET-BACKED SECURITIES (continued)
OCP CLO Ltd.,
Series 2017-14A, Class A1A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.41%)
6.79%		11/20/30	1,2,3	$	312,641	$	312,485
OCP CLO Ltd.,
Series 2023-28A, Class D
(United Kingdom)
(CME Term SOFR 3-Month plus 5.35%)
10.77%		07/16/36	1,2,3		900,000		916,030
Octagon Investment Partners 44 Ltd.,
Series 2019-1A, Class BR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.96%)
7.27%		10/15/34	1,2,3		700,000		688,691
Palmer Square CLO Ltd.,
Series 2014-1A, Class A1R2
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.39%)
6.70%		01/17/31	1,2,3		437,422		436,700
Palmer Square CLO Ltd.,
Series 2021-1A, Class SUB
(Cayman Islands)
0.00%		04/20/34	1,3,4		625,000		422,837
PHEAA Student Loan Trust,
Series 2014-3A, Class A
(SOFR30A plus 0.70%)
6.02%		08/25/40	1,2		24,274		23,840
Progress Residential Trust,
Series 2020-SFR1, Class G
4.03%		04/17/37	1		1,400,000		1,303,241
Progress Residential Trust,
Series 2021-SFR11, Class F
4.42%		01/17/39	1		1,250,000		1,033,583
Progress Residential Trust,
Series 2021-SFR2, Class H
5.00%		04/19/38	1		819,000		734,234
Progress Residential Trust,
Series 2021-SFR6, Class G
4.00%		07/17/38	1		1,250,000		1,082,108
Progress Residential Trust,
Series 2021-SFR8, Class G
4.01%		10/17/38	1		1,488,000		1,271,454
Progress Residential Trust,
Series 2021-SFR9, Class E1
2.81%		11/17/40	1		1,531,000		1,214,126
Progress Residential,
Series 2021-SFR1, Class H
5.00%		04/17/38	1		1,400,000		1,240,362
Progress Residential,
Series 2021-SFR3, Class G
4.25%		05/17/26	1		1,211,000		1,070,401
Progress Residential,
Series 2021-SFR4, Class F
3.41%		05/17/38	1		1,030,000		900,610

See accompanying Notes to Financial Statements.

39 / Semi-Annual Report September 2023

Flexible Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
ASSET-BACKED SECURITIES (continued)
Regata XII Funding Ltd.,
Series 2019-1A, Class BR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.86%)
7.17%		10/15/32	1,2,3	$	750,000	$	739,725
Rockford Tower CLO Ltd.,
Series 2017-2A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.28%)
6.59%		10/15/29	1,2,3		47,966		47,805
Rockford Tower CLO Ltd.,
Series 2017-3A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.45%)
6.78%		10/20/30	1,2,3		762,539		760,778
Santander Consumer Auto Receivables Trust,
Series 2020-BA, Class R
0.00%		08/15/28	1		2,000		412,372
Santander Consumer Auto Receivables Trust,
Series 2021-CA, Class R
0.00%		06/15/28	1		5,150		584,444
Skyline Aircraft Finance LLC,
Series 2021-1, Class A
3.23%		05/10/37	4,5,6		472,540		413,122
SLM Student Loan Trust,
Series 2004-1, Class B
(SOFR90A plus 0.76%)
5.82%		07/25/39	2		144,323		135,594
SLM Student Loan Trust,
Series 2008-5, Class A4
(SOFR90A plus 1.96%)
7.02%		07/25/23	2		61,037		60,951
SLM Student Loan Trust,
Series 2008-7, Class A4
(SOFR90A plus 1.16%)
6.22%		07/25/23	2		12,074		11,857
SLM Student Loan Trust,
Series 2008-7, Class B
(SOFR90A plus 2.11%)
7.17%		07/26/83	2		10,000		9,239
Stratus CLO Ltd.,
Series 2021-3A, Class SUB
(Cayman Islands)
0.00%		12/29/29	1,3,4		975,000		686,555
Textainer Marine Containers VII Ltd.,
Series 2021-1A, Class B
(Bermuda)
2.52%		02/20/46	1,3		608,734		507,643
Tricon American Homes Trust,
Series 2017-SFR2, Class E
4.22%		01/17/36	1		800,000		792,612
Tricon Residential Trust,
Series 2021-SFR1, Class F
3.69%		07/17/38	1		900,000		785,009

Issues	Maturity Date			Principal         Amount		Value
ASSET-BACKED SECURITIES (continued)
Voya CLO Ltd.,
Series 2018-4A, Class BR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.91%)
7.22%		01/15/32	1,2,3	$	250,000	$	247,167
Total Asset-Backed Securities
(Cost $44,059,288)							42,268,978
BANK LOANS — 4.32%*
Communications — 0.13%
CSC Holdings LLC,
Term Loan B5, 1st Lien
(LIBOR plus 2.50%)
7.95%		04/15/27	2		207,573		188,632
Frontier Communications Holdings LLC,
Term Loan B, 1st Lien
(SOFR plus 3.86%)
8.62%		10/08/27	2		121,875		118,796
Virgin Media Bristol LLC,
Term Loan Y, 1st Lien
(SOFR plus 3.35%)
8.31%		03/31/31	2		150,000		146,679
							454,107
Consumer Discretionary — 0.26%
City Brewing Co. LLC,
Term Loan B, 1st Lien
(SOFR plus 3.76%)
8.32%		04/05/28	2		269,098		178,053
Hilton Worldwide Finance LLC,
Term Loan B2, 1st Lien
(SOFR plus 1.85%)
7.17%		06/22/26	2		13,386		13,397
Naked Juice, LLC,
Term Loan, 1st Lien (Luxembourg)
(SOFR plus 3.35%)
8.74%		01/24/29	2,3		246,875		235,372
Term Loan, 2nd Lien
(SOFR plus 6.10%)
11.49%		01/24/30	2		252,357		207,208
Sunshine Luxembourg VII SARL,
Term Loan B, 1st Lien
(SOFR plus 3.85%)
9.24%		10/01/26	2		243,750		243,649
							877,679
Electric — 0.19%
Calpine Corp.,
Term Loan B9, 1st Lien
(SOFR plus 2.11%)
7.43%		04/05/26	2		243,020		243,160
Endure Digital, Inc.,
Term Loan B, 1st Lien
(LIBOR plus 3.50%)
8.79%		02/10/28	2		391,000		380,900
							624,060

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 40

Flexible Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Entertainment — 0.02%
William Morris Endeavor Entertainment LLC,
Term Loan B1, 1st Lien
(SOFR plus 2.86%)
8.18%		05/16/25	2	$	72,973	$	72,973
Finance — 0.16%
Avolon TLB Borrower 1 U.S. LLC,
Term Loan B6, 1st Lien
(SOFR plus 2.50%)
7.82%		06/22/28	2		274,313		274,639
DCG Acquisition Corp.,
Term Loan, 1st Lien
(SOFR plus 4.60%)
9.92%		09/30/26	2		267,446		265,858
Deerfield Dakota Holding LLC,
Term Loan B, 1st Lien
(SOFR plus 3.75%)
9.14%		04/09/27	2		10,783		10,538
							551,035
Food — 0.10%
8th Avenue Food & Provisions, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.86%)
9.18%		10/01/25	2		64,008		61,768
H-Food Holdings LLC,
Term Loan, 1st Lien
(LIBOR plus 3.69%)
9.27%		05/23/25	2		127,450		111,713
Hostess Brands LLC,
Term Loan B, 1st Lien
(SOFR plus 2.50%)
7.89%		06/21/30	2		175,947		176,552
							350,033
Gaming — 0.04%
Golden Nugget, LLC,
Term Loan B, 1st Lien
(SOFR plus 4.00%)
9.32%		01/26/29	2		110,533		109,606
Scientific Games International, Inc.,
Term Loan B, 1st Lien (Canada)
(SOFR plus 3.10%)
8.43%		04/13/29	2,3		10,813		10,826
							120,432
Health Care — 0.94%
Avantor Funding, Inc.,
Term Loan B5, 1st Lien
(SOFR plus 2.35%)
7.67%		11/08/27	2		20,773		20,795
Bausch + Lomb Corp.,
Term Loan, 1st Lien (Canada)
(SOFR plus 3.00%)
9.42%		09/14/28	2,3		343,584		339,718

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Health Care (continued)
Buckeye Partners LP,
Term Loan B1, 1st Lien
(SOFR plus 2.35%)
7.67%		11/01/26	2	$	243,125	$	243,237
Certara Holdco, Inc.,
Term Loan B, 1st Lien (France)
(SOFR plus 3.76%)
9.18%		08/15/26	2,3		268,813		269,149
Curia Global, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.85%)
9.17%		08/28/26	2		389,462		325,446
Genesee & Wyoming, Inc.,
Term Loan, 1st Lien
(SOFR plus 2.10%)
7.49%		12/30/26	2		267,380		267,394
Horizon Therapeutics USA, Inc.,
Term Loan B2, 1st Lien
(SOFR plus 1.86%)
7.18%		03/15/28	2		268,125		268,216
ICON Luxembourg SARL,
Term Loan B, 1st Lien (Luxembourg)
(SOFR plus 2.51%)
7.90%		07/03/28	2,3		405,648		405,993
Organon & Co.,
Term Loan B, 1st Lien
(SOFR plus 3.11%)
7.75%		06/02/28	2		400,000		399,900
Pathway Vet Alliance LLC,
Term Loan B, 1st Lien
(SOFR plus 3.86%)
9.18%		03/31/27	2		97,006		90,929
Peraton Corp.,
Term Loan B, 1st Lien
(SOFR plus 3.85%)
9.17%		02/01/28	2		236,938		236,741
PRA Health Sciences, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.51%)
7.90%		07/03/28	2		101,067		101,154
Star Parent, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.00%)
9.31%		09/19/30	2		162,291		158,921
							3,127,593
Health Care REITs — 0.07%
Aveanna Healthcare LLC,
Term Loan B, 1st Lien
(SOFR plus 3.85%)
9.27%		07/17/28	2		263,808		238,275
Industrials — 0.49%
ASP Blade Holdings, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.26%)
9.65%		10/16/28	2		198,575		175,925

See accompanying Notes to Financial Statements.

41 / Semi-Annual Report September 2023

Flexible Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Industrials (continued)
Berry Global, Inc.,
Term Loan Z, 1st Lien
(SOFR plus 2.01%)
6.51%		07/01/26	2	$	321,078	$	321,433
DIRECTV Financing LLC,
Term Loan, 1st Lien
(SOFR plus 5.00%)
10.43%		08/02/27	2		287,000		281,141
Filtration Group Corp.,
Term Loan, 1st Lien
(SOFR plus 4.36%)
9.68%		10/21/28	2		110,254		110,545
Michaels Cos., Inc. (The),
Term Loan, 1st Lien
(SOFR plus 4.51%)
9.90%		04/15/28	2		166,175		152,125
Patriot Container Corp.,
Term Loan B, 1st Lien
(SOFR plus 3.85%)
9.17%		03/20/25	2		65,610		62,534
ProAmpac PG Borrower LLC,
Term Loan B, 1st Lien
(SOFR plus 3.75%)
9.26% - 9.39%		11/03/25	2		195,020		194,386
(SOFR plus 4.75%)
9.84%		11/03/28	2		345,911		344,787
							1,642,876
Information Technology — 0.75%
Arches Buyer, Inc.,
Term Loan, 1st Lien
(SOFR plus 3.35%)
8.67%		12/06/27	2		124,041		121,696
Athenahealth Group, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.25%)
8.25%		02/15/29	2		231,984		228,288
Central Parent, Inc.,
Term Loan B, 1st Lien (Canada)
(SOFR plus 4.25%)
9.14% - 9.18%		07/06/29	2,3		10,868		10,883
CT Technologies Intermediate Holdings, Inc.,
Term Loan, 1st Lien
(SOFR plus 4.36%)
9.68%		12/16/25	2		73,125		70,318
EagleView Technology Co.,
Term Loan B, 1st Lien
(SOFR plus 3.76%)
9.15%		08/14/25	2		266,582		253,686
Entegris, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.50%)
7.82% - 7.89%		07/06/29	2		8,499		8,499

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Information Technology (continued)
Gainwell Acquisition Corp.,
Term Loan B, 1st Lien
(SOFR plus 4.10%)
9.49%		10/01/27	2	$	243,734	$	238,403
IQVIA, Inc.,
Term Loan B3, 1st Lien
(SOFR plus 2.01%)
7.40%		06/11/25	2		511,393		513,400
MH Sub I LLC,
Term Loan B, 1st Lien
(SOFR plus 4.36%)
9.68%		05/03/28	2		32,543		31,539
NortonLifeLock, Inc.,
Term Loan A2, 1st Lien
(SOFR plus 1.60%)
6.92%		09/10/27	2		230,082		228,933
Open Text Corp.,
Term Loan B, 1st Lien (Canada)
(SOFR plus 1.85%)
7.17%		05/30/25	2,3		27,123		27,173
(SOFR plus 2.85%)
8.17%		01/31/30	2,3		53,654		53,724
Prime Security Services Borrower LLC,
Term Loan B1, 1st Lien
(SOFR plus 2.86%)
8.19%		09/23/26	2		15,068		15,063
RealPage, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.11%)
8.43%		04/24/28	2		269,500		266,748
Spin Holdco, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.26%)
9.66%		03/03/28	2		268,125		232,787
SS&C Technologies Holdings, Inc.,
Term Loan B5, 1st Lien
(SOFR plus 1.86%)
7.18%		04/16/25	2		195,310		195,489
							2,496,629
Insurance — 0.07%
Acrisure LLC,
Term Loan B1, 1st Lien
(LIBOR plus 3.50%)
8.93%		02/15/27	2		245,547		242,609
Materials — 0.35%
Chemours Co. (The),
Term Loan B3, 1st Lien
(SOFR plus 3.50%)
8.82%		08/18/28	2		499,030		494,040
Mativ Holdings, Inc.,
Delayed-Draw Term Loan, 1st Lien
(SOFR plus 2.50%)
7.94%		05/06/27	2		195,227		190,346

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 42

Flexible Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Materials (continued)
Polar U.S. Borrower LLC,
Term Loan, 1st Lien
(SOFR plus 4.75%)
9.82% - 10.15%		10/15/25	2	$	254,500	$	205,668
Schweitzer-Mauduit International, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.86%)
9.18%		04/20/28	2		268,813		266,124
							1,156,178
Office REITs — 0.07%
Rent-A-Center, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.51%)
8.12%		02/17/28	2		231,835		231,654
Retail — 0.24%
1011778 BC Unlimited Liability Co.,
Term Loan B5, 1st Lien (Canada)
(SOFR plus 2.25%)
7.57%		09/13/30	2,3		210,199		209,653
AmWINS Group, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.36%)
7.68%		02/19/28	2		170,190		169,378
U.S. Anesthesia Partners, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.36%)
9.69%		10/02/28	2		465,500		428,425
							807,456
Services — 0.24%
Amentum Government Services Holdings LLC,
Term Loan B, 1st Lien
(SOFR plus 4.11%)
8.63%		01/29/27	2		114,704		114,130
GTCR W Merger Sub LLC,
Term Loan B, 1st Lien
(SOFR plus 3.75%)
8.34%		09/20/30	2		331,132		331,253
Pre-Paid Legal Services, Inc.,
Term Loan, 1st Lien
(SOFR plus 3.61%)
8.93%		12/15/28	2		10,786		10,698
Prime Security Services Borrower, LLC,
Term Loan A, 1st Lien
(SOFR plus 1.25%)
8.19%		03/14/28	2		160,000		157,600
Trans Union LLC,
Term Loan B6, 1st Lien (Luxembourg)
(SOFR plus 2.36%)
7.68%		12/01/28	2,3		164,382		164,506

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Services (continued)
TruGreen LP,
Term Loan B, 1st Lien
(SOFR plus 4.10%)
9.42%		11/02/27	2	$	10,784	$	10,277
							788,464
Specialized REITs — 0.20%
Greystar Real Estate Partners, LLC,
Term Loan B, 1st Lien
(SOFR plus 3.75%)
9.15%		08/07/30	2		655,350		655,350
Total Bank Loans
(Cost $14,543,913)							14,437,403
CORPORATES — 29.58%*
Banking — 5.02%
ABN AMRO Bank NV
(Netherlands)
2.47%		12/13/29	1,3,4		270,000		223,249
Bank of America Corp.
2.30%		07/21/32	4		640,000		485,697
3.42%		12/20/28	4		685,000		614,534
Bank of America Corp.
(MTN)
1.92%		10/24/31	4		385,000		290,747
2.55%		02/04/28	4		125,000		111,455
2.88%		10/22/30	4		270,000		225,231
Bank of America Corp.,
Series N
1.66%		03/11/27	4		500,000		448,617
Bank of America Corp.,
Series RR
4.38%4,7					100,000		84,429
Comerica, Inc.
5.63%4,7					15,000		13,782
Discover Bank
2.45%		09/12/24			230,000		220,945
DNB Bank ASA
(Norway)
0.86%		09/30/25	1,3,4		220,000		208,708
HSBC Holdings PLC
(United Kingdom)
1.59%		05/24/27	3,4		510,000		449,869
2.01%		09/22/28	3,4		350,000		297,152
2.36%		08/18/31	3,4		255,000		196,214
2.80%		05/24/32	3,4		500,000		387,672
4.76%		06/09/28	3,4		255,000		241,354
6.33%		03/09/44	3,4		455,000		437,194
JPMorgan Chase & Co.
0.97%		06/23/25	4		280,000		268,778
1.58%		04/22/27	4		700,000		624,744
2.07%		06/01/29	4		120,000		101,231
2.58%		04/22/32	4		550,000		434,355
4.01%		04/23/29	4		255,000		235,137

See accompanying Notes to Financial Statements.

43 / Semi-Annual Report September 2023

Flexible Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Banking (continued)
Lloyds Banking Group PLC
(United Kingdom)
1.63%		05/11/27	3,4	$	205,000	$	181,849
3.57%		11/07/28	3,4		420,000		375,423
4.98%		08/11/33	3,4		415,000		369,646
Macquarie Group Ltd.
(Australia)
2.87%		01/14/33	1,3,4		375,000		283,758
5.03%		01/15/30	1,3,4		170,000		162,000
NatWest Group PLC
(United Kingdom)
4.27%		03/22/25	3,4		195,000		192,954
PNC Financial Services Group, Inc. (The)
5.07%		01/24/34	4		95,000		86,167
5.58%		06/12/29	4		120,000		116,513
6.04%		10/28/33	4		225,000		218,394
Santander UK Group Holdings PLC
(United Kingdom)
1.09%		03/15/25	3,4		730,000		709,904
1.67%		06/14/27	3,4		325,000		284,579
U.S. Bancorp
3.70%4,7					105,000		77,213
4.84%		02/01/34	4		790,000		697,431
5.84%		06/12/34	4		190,000		179,116
5.85%		10/21/33	4		225,000		213,293
UBS Group AG
(Switzerland)
1.31%		02/02/27	1,3,4		600,000		531,892
2.59%		09/11/25	1,3,4		130,000		125,132
3.09%		05/14/32	1,3,4		1,190,000		943,784
4.19%		04/01/31	1,3,4		2,565,000		2,241,044
UBS Group AG
(EMTN)
(Switzerland)
0.63%		01/18/33	3		410,000		295,655
Wells Fargo & Co.
(MTN)
2.39%		06/02/28	4		745,000		653,583
3.35%		03/02/33	4		640,000		517,141
3.53%		03/24/28	4		525,000		482,134
4.90%		07/25/33	4		275,000		248,994
							16,788,693
Communications — 2.49%
Cable One, Inc.
4.00%		11/15/30	1		60,000		45,825
Charter Communications Operating LLC/Charter
Communications Operating Capital
2.80%		04/01/31			140,000		109,259
4.80%		03/01/50			250,000		174,996
5.38%		05/01/47			141,000		107,666
Charter Communications Operating, LLC/Charter
Communications Operating Capital
5.25%		04/01/53			520,000		389,115
CommScope, Inc.
4.75%		09/01/29	1		391,000		291,784

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Communications (continued)
CSC Holdings LLC
4.63%		12/01/30	1	$	300,000	$	161,238
5.38%		02/01/28	1		150,000		122,318
6.50%		02/01/29	1		322,000		267,128
7.50%		04/01/28	1		453,000		294,892
11.25%		05/15/28	1		315,000		313,961
Diamond Sports Group, LLC/Diamond Sports Finance Co.
5.38%		08/15/26	1,8,9		487,000		10,957
DIRECTV Financing LLC/DIRECTV Financing Co. Obligor,
Inc.
5.88%		08/15/27	1		169,000		149,632
Frontier Communications Holdings LLC
6.75%		05/01/29	1		575,000		443,145
8.63%		03/15/31	1		796,000		748,162
Global Switch Finance BV
(EMTN)
(Netherlands)
1.38%		10/07/30	3		285,000		251,632
Gray Escrow II, Inc.
5.38%		11/15/31	1		267,000		174,536
Gray Television, Inc.
7.00%		05/15/27	1		400,000		343,537
Intelsat Jackson Holdings SA
(Luxembourg)
6.50%		03/15/30	1,3		535,000		475,444
Intelsat Jackson Holdings SA,
Class B
(Luxembourg)
5.50%		08/01/23	†,3,5,6,8,9		535,000		—
8.50%		10/15/24	†,1,3,5,6,8,9		270,000		—
9.75%		07/15/25	†,1,3,5,6,8,9		360,000		—
Level 3 Financing, Inc.
10.50%		05/15/30	1		275,000		277,062
Netflix, Inc.
4.63%		05/15/29			100,000		106,906
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.
4.75%		04/30/27	1		700,000		616,000
Scripps Escrow, Inc.
5.88%		07/15/27	1		400,000		296,936
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint
Spectrum Co. III LLC
5.15%		03/20/28	1		445,500		437,797
Tele Columbus AG,
Series REGS
(Georgia)
3.88%		05/02/25	3		410,000		253,259
Tencent Holdings Ltd.
(Cayman Islands)
2.88%		04/22/31	1,3		200,000		162,205
Time Warner Cable LLC
5.50%		09/01/41			80,000		62,632
VZ Secured Financing BV
(Netherlands)
5.00%		01/15/32	1,3		1,400,000		1,104,315

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 44

Flexible Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Communications (continued)
Zayo Group Holdings, Inc.
4.00%		03/01/27	1	$	185,000	$	137,511
							8,329,850
Consumer Discretionary — 1.57%
Banijay Entertainment SASU
(France)
8.13%		05/01/29	1,3		350,000		347,629
BAT Capital Corp.
3.56%		08/15/27			44,000		40,223
4.39%		08/15/37			150,000		114,897
5.65%		03/16/52			430,000		344,550
BAT International Finance PLC
(United Kingdom)
1.67%		03/25/26	3		83,000		74,809
BAT International Finance PLC
(EMTN)
(United Kingdom)
2.25%		09/09/52	3		570,000		275,129
Central Garden & Pet Co.
4.13%		10/15/30			375,000		313,275
Everi Holdings, Inc.
5.00%		07/15/29	1		350,000		301,658
Imperial Brands Finance PLC
(United Kingdom)
4.25%		07/21/25	1,3		160,000		154,251
6.13%		07/27/27	1,3		195,000		194,228
JDE Peet’s NV
(Netherlands)
2.25%		09/24/31	1,3		750,000		558,265
Reynolds American, Inc.
5.70%		08/15/35			100,000		89,311
5.85%		08/15/45			95,000		78,690
Spectrum Brands, Inc.
5.50%		07/15/30	1		425,000		391,000
Triton Water Holdings, Inc.
6.25%		04/01/29	1		1,375,000		1,130,938
WarnerMedia Holdings, Inc.
4.28%		03/15/32			190,000		161,300
5.05%		03/15/42			480,000		371,712
5.14%		03/15/52			425,000		315,769
							5,257,634
Diversified REITs — 1.00%
American Assets Trust LP
3.38%		02/01/31			500,000		375,091
American Tower Corp.
0.88%		05/21/29			180,000		155,654
1.00%		01/15/32			310,000		246,057
2.70%		04/15/31			80,000		63,522
CapitaLand Ascendas REIT
(EMTN)
(Slovenia)
0.75%		06/23/28	3		100,000		86,197

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Diversified REITs (continued)
Digital Dutch Finco BV
(Netherlands)
1.00%		01/15/32	3	$	150,000	$	114,694
1.25%		02/01/31	3		220,000		179,044
Digital Intrepid Holding BV
(Netherlands)
0.63%		07/15/31	3		100,000		75,637
GLP Capital LP/GLP Financing II, Inc.
3.25%		01/15/32			347,000		269,133
4.00%		01/15/30			317,000		269,640
4.00%		01/15/31			73,000		60,865
5.38%		04/15/26			250,000		242,624
5.75%		06/01/28			10,000		9,598
LXP Industrial Trust
2.70%		09/15/30			160,000		124,054
VICI Properties LP
4.95%		02/15/30			10,000		9,227
5.13%		05/15/32			414,000		371,646
5.63%		05/15/52			120,000		100,197
VICI Properties LP/VICI Note Co., Inc.
3.75%		02/15/27	1		135,000		123,251
3.88%		02/15/29	1		110,000		95,170
4.13%		08/15/30	1		54,000		46,191
4.50%		09/01/26	1		65,000		61,581
4.50%		01/15/28	1		13,000		11,877
4.63%		06/15/25	1		15,000		14,501
5.75%		02/01/27	1		80,000		77,530
Weyerhaeuser Co.
3.38%		03/09/33			195,000		159,804
							3,342,785
Electric — 1.53%
Alliant Energy Finance LLC
1.40%		03/15/26	1		245,000		217,592
Alliant Energy Finance, LLC
3.60%		03/01/32	1		155,000		128,578
American Electric Power Co., Inc.
2.03%		03/15/24			455,000		446,559
Arizona Public Service Co.
6.35%		12/15/32			925,000		948,013
Comision Federal de Electricidad,
Series REGS
(Mexico)
3.88%		07/26/33	3		200,000		152,500
Duke Energy Carolinas LLC
4.00%		09/30/42			250,000		191,864
5.35%		01/15/53			195,000		178,639
Duke Energy Corp.
3.85%		06/15/34			200,000		188,700
Duke Energy Progress LLC
5.25%		03/15/33			170,000		164,835
Eversource Energy,
Series O
4.25%		04/01/29			8,000		7,470
FirstEnergy Transmission LLC
2.87%		09/15/28	1		418,000		362,933

See accompanying Notes to Financial Statements.

45 / Semi-Annual Report September 2023

Flexible Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Electric (continued)
Niagara Mohawk Power Corp.
5.78%		09/16/52	1	$	365,000	$	337,881
Pennsylvania Electric Co.
4.15%		04/15/25	1		555,000		535,099
Pike Corp.
5.50%		09/01/28	1		400,000		350,348
Public Service Co. of New Mexico
3.85%		08/01/25			40,000		38,266
TenneT Holding BV
(EMTN)
(Netherlands)
2.75%		05/17/42	3		215,000		194,697
4.50%		10/28/34	3		200,000		223,383
4.75%		10/28/42	3		140,000		157,525
Tucson Electric Power Co.
5.50%		04/15/53			305,000		276,870
							5,101,752
Energy — 1.82%
Archrock Partners LP/Archrock Partners Finance Corp.
6.25%		04/01/28	1		350,000		329,630
CenterPoint Energy Resources Corp.
5.40%		03/01/33			765,000		737,422
Energy Transfer LP
4.90%		03/15/35			20,000		17,561
5.00%		05/15/50			490,000		384,261
Energy Transfer LP,
Series B
6.63%4,7					733,000		586,923
Galaxy Pipeline Assets Bidco Ltd.
(United Kingdom)
2.16%		03/31/34	1,3		177,420		148,264
Global Partners LP/GLP Finance Corp.
6.88%		01/15/29			430,000		400,566
KazMunayGas National Co. JSC
(Kazakhstan)
3.50%		04/14/33	1,3		200,000		150,446
KeySpan Gas East Corp.
5.99%		03/06/33	1		385,000		371,573
National Gas Transmission PLC,
(EMTN)
(United Kingdom)
4.25%		04/05/30	3		100,000		104,211
NGL Energy Operating LLC/NGL Energy Finance Corp.
7.50%		02/01/26	1		294,000		290,850
NGPL Pipe Co. LLC
4.88%		08/15/27	1		40,000		37,785
Petroleos Mexicanos
(Mexico)
5.95%		01/28/31	3		199,000		142,464
6.35%		02/12/48	3		5,000		2,866
6.95%		01/28/60	3		5,000		2,968
Rockies Express Pipeline LLC
4.80%		05/15/30	1		234,000		202,995
4.95%		07/15/29	1		215,000		191,812

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Energy (continued)
Southern Natural Gas Co. LLC
4.80%		03/15/47	1	$	65,000	$	50,193
TMS Issuer SARL,
Series REGS
(Luxembourg)
5.78%		08/23/32	3		200,000		200,242
TransCanada PipeLines Ltd.
(Canada)
4.63%		03/01/34	3		35,000		30,524
TransMontaigne Partners LP/TLP Finance Corp.
6.13%		02/15/26			725,000		621,687
Venture Global Calcasieu Pass LLC
4.13%		08/15/31	1		1,225,000		1,007,253
Williams Cos., Inc. (The)
4.30%		03/04/24			60,000		59,569
							6,072,065
Finance — 3.29%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
(Ireland)
2.45%		10/29/26	3		123,000		110,271
3.30%		01/30/32	3		565,000		450,029
3.88%		01/23/28	3		5,000		4,541
4.45%		10/01/25	3		110,000		105,965
Air Lease Corp.
(MTN)
2.88%		01/15/26			380,000		353,983
American Express Co.
2.55%		03/04/27			190,000		171,621
Avolon Holdings Funding Ltd.
(Cayman Islands)
2.53%		11/18/27	1,3		583,000		492,581
Capital One Financial Corp.
1.34%		12/06/24	4		360,000		356,142
Cboe Global Markets, Inc.
3.00%		03/16/32			190,000		156,117
Charles Schwab Corp. (The)
Series K
5.00%4,7					200,000		167,645
Citigroup, Inc.
2.52%		11/03/32	4		970,000		741,349
2.56%		05/01/32	4		240,000		185,885
2.57%		06/03/31	4		375,000		299,177
2.98%		11/05/30	4		145,000		121,284
3.52%		10/27/28	4		435,000		393,756
Discover Financial Services
3.95%		11/06/24			105,000		102,222
Gaci First Investment Co.
(Cayman Islands)
5.25%		10/13/32	3		300,000		293,040
GGAM Finance Ltd.
(Cayman Islands)
8.00%		06/15/28	1,3		678,000		676,590
Goldman Sachs Group, Inc. (The)
0.93%		10/21/24	4		130,000		128,975
1.22%		12/06/23			455,000		451,280

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 46

Flexible Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Finance (continued)
1.54%		09/10/27	4	$	5,000	$	4,379
1.95%		10/21/27	4		325,000		287,036
1.99%		01/27/32	4		235,000		176,343
2.38%		07/21/32	4		170,000		129,528
2.65%		10/21/32	4		315,000		243,279
3.81%		04/23/29	4		575,000		522,623
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.38%		02/01/29			150,000		121,500
5.25%		05/15/27			466,000		410,700
Intercontinental Exchange, Inc.
1.85%		09/15/32			195,000		142,683
Jane Street Group/JSG Finance, Inc.
4.50%		11/15/29	1		575,000		493,963
JPMorgan Chase & Co.
1.04%		02/04/27	4		25,000		22,248
1.05%		11/19/26	4		270,000		242,749
2.55%		11/08/32	4		115,000		89,165
JPMorgan Chase & Co.,
Series KK
3.65%4,7					115,000		100,664
Morgan Stanley
0.99%		12/10/26	4		145,000		129,366
2.48%		09/16/36	4		170,000		124,269
2.95%		05/07/32	4		155,000		145,901
Morgan Stanley
(GMTN)
2.70%		01/22/31	4		290,000		237,052
Morgan Stanley
(MTN)
1.16%		10/21/25	4		495,000		467,360
1.93%		04/28/32	4		745,000		554,887
Nationwide Building Society
(United Kingdom)
2.97%		02/16/28	1,3,4		200,000		178,972
Park Aerospace Holdings Ltd.
(Cayman Islands)
5.50%		02/15/24	1,3		2,000		1,990
Pipeline Funding Co. LLC
7.50%		01/15/30	1		147,070		151,766
Raymond James Financial, Inc.
4.65%		04/01/30			145,000		136,579
Vonovia SE
(Georgia)
1.00%		06/16/33	3		100,000		72,590
1.50%		06/14/41	3		100,000		58,067
							11,008,112
Food — 1.30%
B&G Foods, Inc.
5.25%		04/01/25			350,000		345,187
H-Food Holdings LLC/Hearthside Finance Co., Inc.
8.50%		06/01/26	1		932,000		234,114
JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg Sarl
(Canada)
6.75%		03/15/34	1,3		185,000		180,109

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Food (continued)
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance,
Inc.
(Canada)
3.75%		12/01/31	3	$	385,000	$	308,766
5.50%		01/15/30	3		376,000		351,341
Pilgrim’s Pride Corp.
4.25%		04/15/31			180,000		150,378
5.88%		09/30/27	1		884,000		897,817
6.88%		05/15/34			700,000		687,583
Simmons Foods, Inc./Simmons Prepared Foods, Inc./
Simmons Pet Food, Inc./Simmons Feed
4.63%		03/01/29	1		1,050,000		862,364
Smithfield Foods, Inc.
5.20%		04/01/29	1		5,000		4,572
TreeHouse Foods, Inc.
4.00%		09/01/28			400,000		324,842
							4,347,073
Gaming — 0.15%
Ontario Gaming GTA LP
(Canada)
8.00%		08/01/30	1,3		500,000		498,728
Health Care — 2.86%
1375209 BC Ltd.
(Canada)
9.00%		01/30/28	1,3		1,000,000		989,663
AbbVie, Inc.
3.85%		06/15/24			10,000		9,855
Amgen, Inc.
3.15%		02/21/40			100,000		70,613
5.25%		03/02/33			145,000		138,653
5.60%		03/02/43			305,000		284,132
5.75%		03/02/63			38,000		35,147
Bausch & Lomb Escrow Corp.
(Canada)
8.38%		10/01/28	1,3		850,000		852,366
Baxter International, Inc.
0.87%		12/01/23			260,000		257,902
Bayer AG
(EMTN)
(Georgia)
4.63%		05/26/33	3		100,000		104,846
Bayer U.S. Finance II LLC
4.25%		12/15/25	1		255,000		245,569
4.38%		12/15/28	1		210,000		195,266
4.40%		07/15/44	1		245,000		183,896
4.88%		06/25/48	1		80,000		63,867
Becton Dickinson & Co.
3.73%		12/15/24			3,000		2,927
Cano Health LLC
6.25%		10/01/28	1		118,000		52,416
Catalent Pharma Solutions, Inc.
3.13%		02/15/29	1		475,000		390,027
Centene Corp.
2.45%		07/15/28			349,000		295,086
3.00%		10/15/30			323,000		260,928

See accompanying Notes to Financial Statements.

47 / Semi-Annual Report September 2023

Flexible Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Health Care (continued)
4.25%		12/15/27		$	455,000	$	419,858
CommonSpirit Health
3.35%		10/01/29			80,000		69,685
CVS Health Corp.
5.05%		03/25/48			145,000		120,548
DENTSPLY SIRONA, Inc.
3.25%		06/01/30			265,000		221,954
Embecta Corp.
6.75%		02/15/30	1		525,000		433,517
Grifols SA
(Spain)
4.75%		10/15/28	1,3		900,000		769,978
HCA, Inc.
3.50%		09/01/30			143,000		121,034
3.63%		03/15/32			225,000		186,712
4.13%		06/15/29			80,000		72,345
5.25%		06/15/49			185,000		152,214
5.38%		09/01/26			10,000		9,812
5.50%		06/15/47			120,000		102,572
5.63%		09/01/28			275,000		267,983
Kedrion SpA
(Italy)
6.50%		09/01/29	1,3		800,000		690,000
ModivCare Escrow Issuer, Inc.
5.00%		10/01/29	1		515,000		370,153
Molina Healthcare, Inc.
4.38%		06/15/28	1		74,000		66,332
Prime Healthcare Services, Inc.
7.25%		11/01/25	1		450,000		418,635
Royalty Pharma PLC
(United Kingdom)
1.75%		09/02/27	3		125,000		106,620
Teva Pharmaceutical Finance Netherlands II BV
(Netherlands)
7.88%		09/15/31	3		275,000		302,565
Teva Pharmaceutical Finance Netherlands III BV
(Netherlands)
8.13%		09/15/31	3		200,000		206,858
							9,542,534
Health Care REITs — 0.17%
Healthcare Reality Holdings LP
2.00%		03/15/31			65,000		48,774
3.10%		02/15/30			115,000		95,897
Healthcare Realty Holdings LP
2.05%		03/15/31			37,000		26,854
2.40%		03/15/30			325,000		251,271
3.63%		01/15/28			150,000		133,785
Healthpeak OP LLC,
3.40%		02/01/25			2,000		1,932
							558,513
Industrial REITs — 0.13%
Prologis Euro Finance LLC
0.50%		02/16/32			100,000		75,284
1.00%		02/06/35			100,000		69,988

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Industrial REITs (continued)
1.00%		02/16/41		$	100,000	$	56,420
Prologis Euro Finance LLC,
(EMTN)
4.25%		01/31/43			100,000		92,184
SELP Finance SARL
(Luxembourg)
0.88%		05/27/29	3		160,000		133,554
							427,430
Industrials — 1.65%
Advanced Drainage Systems, Inc.
6.38%		06/15/30	1		335,000		322,131
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
(Canada)
5.25%		08/15/27	1,3		735,000		614,891
Artera Services LLC
9.03%		12/04/25	1		669,000		618,253
BAE Systems Holdings, Inc.
3.85%		12/15/25	1		250,000		240,283
Berry Global, Inc.
1.50%		01/15/27	1		200,000		191,454
1.65%		01/15/27			40,000		34,424
5.50%		04/15/28	1		255,000		246,486
Boeing Co. (The)
1.43%		02/04/24			340,000		334,736
Cellnex Finance Co. SA
(EMTN)
(Spain)
2.00%		09/15/32	3		100,000		82,750
Energizer Holdings, Inc.
4.38%		03/31/29	1		925,000		774,688
General Electric Co.
(MTN)
(CME Term SOFR 3-Month plus 0.64%)
6.01%		05/05/26	2		57,000		56,936
(CME Term SOFR 3-Month plus 0.74%)
6.11%		08/15/36	2		52,000		46,334
OT Merger Corp.
7.88%		10/15/29	1		1,350,000		840,431
TransDigm, Inc.
6.75%		08/15/28	1		1,115,000		1,099,641
							5,503,438
Information Technology — 1.15%
Broadcom, Inc.
3.42%		04/15/33	1		190,000		151,723
Fiserv, Inc.
2.65%		06/01/30			10,000		8,222
5.60%		03/02/33			295,000		286,171
Gen Digital, Inc.
6.75%		09/30/27	1		360,000		353,033
NCR Corp.
5.00%		10/01/28	1		550,000		495,770
5.25%		10/01/30	1		700,000		603,941
Netflix, Inc.
5.88%		02/15/25			310,000		309,778

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 48

Flexible Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Information Technology (continued)
Open Text Corp.
(Canada)
6.90%		12/01/27	1,3	$	350,000	$	351,725
Oracle Corp.
3.80%		11/15/37			355,000		272,636
3.95%		03/25/51			1,225,000		840,369
4.00%		11/15/47			40,000		28,134
6.50%		04/15/38			85,000		85,704
6.90%		11/09/52			55,000		56,691
							3,843,897
Insurance — 0.76%
Acrisure LLC/Acrisure Finance, Inc.
4.25%		02/15/29	1		175,000		146,876
6.00%		08/01/29	1		400,000		339,000
Aon Corp./Aon Global Holdings PLC
3.90%		02/28/52			280,000		199,751
Athene Global Funding
1.99%		08/19/28	1		370,000		302,347
2.72%		01/07/29	1		95,000		78,909
3.21%		03/08/27	1		130,000		116,585
Berkshire Hathaway Finance Corp.
2.85%		10/15/50			115,000		71,658
Brown & Brown, Inc.
4.95%		03/17/52			160,000		128,077
Farmers Exchange Capital II
6.15%		11/01/53	1,4		150,000		138,841
Farmers Exchange Capital III
5.45%		10/15/54	1,4		85,000		72,793
Farmers Insurance Exchange
4.75%		11/01/57	1,4		135,000		101,457
HUB International Ltd.
7.00%		05/01/26	1		350,000		349,990
Metropolitan Life Global Funding I
2.95%		04/09/30	1		15,000		12,726
Nationwide Mutual Insurance Co.
7.96%		12/15/24	1,4		375,000		375,053
Teachers Insurance & Annuity Association of America
4.27%		05/15/47	1		40,000		30,316
4.38%		09/15/54	1,4		65,000		63,226
							2,527,605
Materials — 0.97%
ASP Unifrax Holdings, Inc.
5.25%		09/30/28	1		265,000		189,185
ATI, Inc.
7.25%		08/15/30			325,000		324,594
Clearwater Paper Corp.
4.75%		08/15/28	1		600,000		514,244
Herens Holdco SARL
(Luxembourg)
4.75%		05/15/28	1,3		450,000		349,755

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Materials (continued)
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia
Persero PT,
Series REGS
(Indonesia)
5.45%		05/15/30	3	$	200,000	$	187,000
International Flavors & Fragrances, Inc.
2.30%		11/01/30	1		965,000		726,740
3.27%		11/15/40	1		55,000		34,521
3.47%		12/01/50	1		45,000		26,245
4.38%		06/01/47			115,000		77,310
5.00%		09/26/48			15,000		11,210
SK Invictus Intermediate II SARL
(Luxembourg)
5.00%		10/30/29	1,3		450,000		361,166
Valvoline, Inc.
3.63%		06/15/31	1		550,000		426,675
							3,228,645
Office REITs — 0.16%
Boston Properties LP
2.75%		10/01/26			10,000		8,970
Hudson Pacific Properties LP
3.25%		01/15/30			170,000		116,773
3.95%		11/01/27			320,000		252,882
4.65%		04/01/29			95,000		71,612
5.95%		02/15/28			50,000		41,758
Kilroy Realty LP
2.50%		11/15/32			50,000		34,231
							526,226
Real Estate Investment Trust (REIT) — 0.24%
American Tower Corp.
2.10%		06/15/30			550,000		428,498
Annington Funding PLC
(EMTN)
(United Kingdom)
3.18%		07/12/29	3		100,000		101,535
Annington Funding PLC,
(EMTN)
(United Kingdom)
3.69%		07/12/34	3		100,000		93,501
Realty Income Corp.
5.13%		07/06/34			165,000		173,299
							796,833
Residential REITs — 0.25%
American Homes 4 Rent LP
3.38%		07/15/51			675,000		405,036
Invitation Homes Operating Partnership LP
2.00%		08/15/31			305,000		225,822
2.70%		01/15/34			190,000		139,057
5.50%		08/15/33			60,000		56,066
							825,981
Retail — 1.10%
Bloomin’ Brands, Inc./OSI Restaurant Partners LLC
5.13%		04/15/29	1		743,000		649,196

See accompanying Notes to Financial Statements.

49 / Semi-Annual Report September 2023

Flexible Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Retail (continued)
Ferrellgas LP/Ferrellgas Finance Corp.
5.38%		04/01/26	1	$	175,000	$	164,938
5.88%		04/01/29	1		385,000		348,086
Fertitta Entertainment, LLC/Fertitta Entertainment Finance
Co., Inc.
6.75%		01/15/30	1		1,393,000		1,138,036
FirstCash, Inc.
5.63%		01/01/30	1		475,000		428,193
LCM Investments Holdings II LLC
8.25%		08/01/31	1		480,000		467,400
Michaels Cos., Inc. (The)
7.88%		05/01/29	1		745,000		487,403
							3,683,252
Services — 1.12%
Adtalem Global Education, Inc.
5.50%		03/01/28	1		362,000		333,686
Global Payments, Inc.
4.88%		03/17/31			200,000		206,686
5.40%		08/15/32			95,000		89,060
5.95%		08/15/52			183,000		164,044
Hertz Corp. (The)
4.63%		12/01/26	1		50,000		44,562
5.00%		12/01/29	1		1,000,000		787,500
Upbound Group, Inc.
6.38%		02/15/29	1		300,000		268,875
VT Topco, Inc.
8.50%		08/15/30	1		560,000		555,058
WASH Multifamily Acquisition, Inc.
5.75%		04/15/26	1		450,000		420,490
Waste Pro USA, Inc.
5.50%		02/15/26	1		925,000		864,742
							3,734,703
Specialized REITs — 0.77%
Annington Funding PLC
(EMTN)
(United Kingdom)
2.31%		10/06/32	3		100,000		86,979
Blackstone Property Partners Europe Holdings SARL
(EMTN)
(Luxembourg)
1.00%		05/04/28	3		195,000		163,212
1.75%		03/12/29	3		200,000		166,288
China Aoyuan Group Ltd.
(Cayman Islands)
6.35%		02/08/24	3,5,6		200,000		4,000
CubeSmart LP
2.50%		02/15/32			325,000		247,397
Extra Space Storage LP
2.35%		03/15/32			530,000		401,053
2.40%		10/15/31			71,000		54,390
Greystar Real Estate Partners LLC
7.75%		09/01/30	1		350,000		348,250
Iron Mountain, Inc.
5.63%		07/15/32	1		1,240,000		1,075,700

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Specialized REITs (continued)
Sunac China Holdings Ltd.
(Cayman Islands)
6.50%		01/10/25	3,5,6	$	210,000	$	28,736
							2,576,005
Transportation — 0.03%
Delta Air Lines Pass-Through Trust,
Series 2020-1, Class AA
2.00%		06/10/28			20,515		17,991
JetBlue Airways Pass-Through Trust,
Series 2019-1, Class AA
2.75%		05/15/32			25,245		21,313
JetBlue Airways Pass-Through Trust,
Series 2020-1, Class A
4.00%		11/15/32			62,731		56,455
U.S. Airways Pass-Through Trust,
Series 2012-1, Class A
5.90%		10/01/24			11,024		11,099
							106,858
Water — 0.05%
Thames Water Utilities Finance PLC
(EMTN)
(United Kingdom)
4.38%		01/18/31	3		200,000		188,056
Total Corporates
(Cost $107,831,967)							98,816,668
FOREIGN GOVERNMENT OBLIGATIONS — 1.78%
Foreign Government Obligations — 1.78%
Brazilian Government International Bond
(Brazil)
3.88%		06/12/30	3		400,000		349,560
Chile Government International Bond
(Chile)
2.55%		01/27/32	3		200,000		162,199
2.55%		07/27/33	3		200,000		154,314
Colombia Government International Bond
(Colombia)
8.00%		04/20/33	3		400,000		396,920
Dominican Republic International Bond,
Series REGS
(Dominican Republic)
4.50%		01/30/30	3		200,000		169,920
4.88%		09/23/32	3		200,000		163,080
Finance Department Government of Sharjah
(United Arab Emirates)
6.50%		11/23/32	1,3		200,000		199,440
Guatemala Government Bond,
Series REGS
(Guam)
3.70%		10/07/33	3		200,000		154,160
5.25%		08/10/29	3		300,000		277,410
Hungary Government International Bond
(Hungary)
2.13%		09/22/31	1,3		400,000		296,240

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 50

Flexible Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Foreign Government Obligations (continued)
Mexico Government International Bond
(Mexico)
4.88%		05/19/33	3	$	200,000	$	179,569
6.35%		02/09/35	3		400,000		391,676
Oman Government International Bond,
Series REGS
(Oman)
6.75%		10/28/27	3		200,000		203,856
Panama Government International Bond
(Panama)
2.25%		09/29/32	3		440,000		319,880
3.16%		01/23/30	3		200,000		168,800
Paraguay Government International Bond,
Series REGS
(Papua New Guinea)
4.95%		04/28/31	3		400,000		370,520
Perusahaan Penerbit SBSN Indonesia III,
Series REGS
(Indonesia)
2.55%		06/09/31	3		200,000		163,416
2.80%		06/23/30	3		200,000		168,740
Peruvian Government International Bond
(Peru)
2.78%		01/23/31	3		200,000		164,420
2.84%		06/20/30	3		250,000		211,475
Philippine Government International Bond
(Philippines)
2.46%		05/05/30	3		200,000		165,940
Republic of Poland Government International Bond
(Poland)
5.50%		11/16/27	3		200,000		200,540
5.75%		11/16/32	3		125,000		125,587
Republic of South Africa Government International Bond
(South Africa)
5.88%		04/20/32	3		400,000		340,730
Romanian Government International Bond
(Romania)
6.63%		02/17/28	1,3		200,000		203,060
Romanian Government International Bond,
Series REGS
(Romania)
3.00%		02/14/31	3		300,000		242,130
Total Foreign Government Obligations
(Cost $6,379,012)							5,943,582
MORTGAGE-BACKED — 51.46%**
Non-Agency Commercial Mortgage-Backed — 4.66%
Banc of America Commercial Mortgage Trust,
Series 2015-UBS7, Class XA (IO)
0.89%		09/15/48	4		5,785,051		63,803
Banc of America Commercial Mortgage Trust,
Series 2015-UBS7, Class XE (IO)
1.25%		09/15/48	1,4		500,000		9,356
BB-UBS Trust,
Series 2012-SHOW, Class XA (IO)
0.73%		11/05/36	1,4		3,109,000		16,465

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
BB-UBS Trust,
Series 2012-SHOW, Class XB (IO)
0.28%		11/05/36	1,4	$	1,395,000	$	2,341
Benchmark Mortgage Trust,
Series 2020-B18, Class AGNF
4.14%		07/15/53	1		529,000		461,492
Blackstone Industrial Portfolio - Proj Foxtrot
2.23%		04/09/24	4,5,6		217,428		204,491
BX Trust,
Series 2021-MFM1, Class G
(CME Term SOFR 1-Month plus 4.01%)
9.35%		01/15/34	1,2		678,184		642,755
CD Mortgage Trust,
Series 2016-CD1, Class XA (IO)
1.50%		08/10/49	4		8,980,125		244,714
Century Plaza Towers,
Series 2019-CPT, Class F
3.10%		11/13/39	1,4		450,000		254,653
Citigroup Commercial Mortgage Trust,
Series 2014-GC19, Class XA (IO)
1.24%		03/11/47	4		717,591		657
Citigroup Commercial Mortgage Trust,
Series 2014-GC25, Class XA (IO)
1.09%		10/10/47	4		13,621,480		74,810
Citigroup Commercial Mortgage Trust,
Series 2015-GC27, Class XA (IO)
1.45%		02/10/48	4		1,508,092		17,241
Citigroup Commercial Mortgage Trust,
Series 2016-GC36, Class XA (IO)
1.37%		02/10/49	4		5,421,642		118,553
Citigroup Commercial Mortgage Trust,
Series 2017-B1, Class XF (IO)
0.95%		08/15/50	1,4		11,628,000		304,548
Commercial Mortgage Lease-Backed Certificates-1,
Series 2001-CMLB, Class X (IO)
1.65%		06/20/31	1,4		678,896		4,064
Commercial Mortgage Trust,
Series 2012-CR3, Class XA (IO)
1.02%		10/15/45	4		5,907		8
Commercial Mortgage Trust,
Series 2012-CR4, Class XA (IO)
1.29%		10/15/45	4		160,043		10
Commercial Mortgage Trust,
Series 2012-LC4, Class XB (IO)
0.44%		12/10/44	1,4		1,424,691		28
Commercial Mortgage Trust,
Series 2014-CR14, Class XA (IO)
0.48%		02/10/47	4		1,860,793		124
Commercial Mortgage Trust,
Series 2014-CR19, Class XA (IO)
1.08%		08/10/47	4		797,276		4,369
Commercial Mortgage Trust,
Series 2014-CR19, Class XC (IO)
0.84%		08/10/47	1,4		1,200,000		7,568

See accompanying Notes to Financial Statements.

51 / Semi-Annual Report September 2023

Flexible Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
Commercial Mortgage Trust,
Series 2014-UBS3, Class XA (IO)
1.21%		06/10/47	4	$	3,039,518	$	7,385
Commercial Mortgage Trust,
Series 2014-UBS5, Class XA (IO)
0.98%		09/10/47	4,5,6		28,893,674		137,397
Commercial Mortgage Trust,
Series 2014-UBS6, Class XA (IO)
0.97%		12/10/47	4		11,179,578		66,966
Commercial Mortgage Trust,
Series 2015-CR22, Class XA (IO)
0.95%		03/10/48	4		9,852,009		82,875
Commercial Mortgage Trust,
Series 2015-CR25, Class XA (IO)
0.94%		08/10/48	4		7,691,016		90,272
Commercial Mortgage Trust,
Series 2015-LC21, Class XE (IO)
1.22%		07/10/48	1,4		10,015,000		171,848
Commercial Mortgage Trust,
Series 2016-CR28, Class XA (IO)
0.75%		02/10/49	4		13,984,553		169,993
CSAIL Commercial Mortgage Trust,
Series 2015-C2, Class XA (IO)
0.85%		06/15/57	4		16,284,774		123,433
CSAIL Commercial Mortgage Trust,
Series 2019-C16, Class XA (IO)
1.71%		06/15/52	4		560,755		35,217
CSMC Trust,
Series 2016-NXSR, Class XA (IO)
0.83%		12/15/49	4		11,556,222		183,085
DBJPM 16-C1 Mortgage Trust,
Series 2016-C1, Class XA (IO)
1.52%		05/10/49	4		8,675,493		215,772
DBUBS Mortgage Trust,
Series 2017-BRBK, Class F
3.65%		10/10/34	1,4		380,000		270,035
European Loan Conduit No. 36 DAC,
Series 36A, Class E
(Ireland)
(3-Month Euribor plus 3.35%)
7.15%		02/17/30	1,2,3		668,913		651,259
Extended Stay America Trust,
Series 2021-ESH, Class F
(CME Term SOFR 1-Month plus 3.81%)
9.15%		07/15/38	1,2		570,293		555,311
Great Wolf Trust,
Series 2019-WOLF, Class E
(CME Term SOFR 1-Month plus 2.85%)
8.18%		12/15/36	1,2		954,000		940,215
GS Mortgage Securities Trust,
Series 2010-C1, Class X (IO)
0.56%		08/10/43	1,4		5,235,259		16,795
GS Mortgage Securities Trust,
Series 2011-GC3, Class X (IO)
0.00%		03/10/44	1,4		137,076		1

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
GS Mortgage Securities Trust,
Series 2011-GC5, Class XA (IO)
0.09%		08/10/44	1,4	$	529,811	$	5
GS Mortgage Securities Trust,
Series 2014-GC18, Class XA (IO)
1.16%		01/10/47	4		19,073,882		16,502
GS Mortgage Securities Trust,
Series 2015-GC32, Class XA (IO)
0.84%		07/10/48	4		31,321,680		308,650
GS Mortgage Securities Trust,
Series 2015-GC34, Class XA (IO)
1.35%		10/10/48	4		5,122,112		97,714
GS Mortgage Securities Trust,
Series 2015-GS1, Class XA (IO)
0.90%		11/10/48	4		9,146,934		119,577
GS Mortgage Securities Trust,
Series 2016-GS2, Class XA (IO)
1.88%		05/10/49	4		248,907		8,186
GS Mortgage Securities Trust,
Series 2016-GS4, Class XA (IO)
0.69%		11/10/49	4		14,684,042		197,614
GSCG Trust,
Series 2019-600C, Class G
4.12%		09/06/34	1,4		285,000		5,711
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C19, Class XA (IO)
0.71%		04/15/47	4		9,070,782		1,980
JPMBB Commercial Mortgage Securities Trust,
Series 2015-C30, Class XA (IO)
0.56%		07/15/48	4		22,629,754		143,113
JPMBB Commercial Mortgage Securities Trust,
Series 2015-C30, Class XNR (IO)
0.25%		07/15/48	1,4		44,664,247		150,679
JPMBB Commercial Mortgage Securities Trust,
Series 2015-C31, Class XA (IO)
0.96%		08/15/48	4		6,219,398		76,073
JPMCC Commercial Mortgage Securities Trust,
Series 2017-JP5, Class XA (IO)
0.96%		03/15/50	4		4,192,323		85,515
JPMDB Commercial Mortgage Securities Trust,
Series 2016-C2, Class XA (IO)
1.63%		06/15/49	4		242,561		6,618
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2012-CBX, Class XB (IO)
0.56%		06/15/45	1,4		53,301,455		1,049,172
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2013-LC11, Class XA (IO)
1.05%		04/15/46	4		140,608		654
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2019-COR4, Class A3
3.76%		03/10/52			500,000		455,273
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2020-ACE, Class XA (IO)
0.47%		01/10/37	1,4		2,000,000		7,727

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 52

Flexible Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2020-LOOP, Class XB (IO)
0.38%		12/05/38	1,4	$	2,010,000	$	14,849
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2020-NNN, Class XAFX (IO)
2.03%		01/16/37	1,4		450,000		6,293
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2020-NNN, Class XBFX (IO)
0.68%		01/16/37	1,4		1,450,000		6,446
Last Mile Logistics Pan Euro Finance DAC,
Series 1A, Class F
(Ireland)
(3-Month Euribor plus 3.65%)
7.44%		08/17/33	1,2,3		490,928		467,778
Med Trust,
Series 2021-MDLN, Class G
(CME Term SOFR 1-Month plus 5.36%)
10.70%		11/15/38	1,2		417,994		395,264
MFT Trust,
Series 2020-ABC, Class D
3.59%		02/10/42	1,4		450,000		183,522
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2012-C5, Class XC (IO)
0.14%		08/15/45	1,4		28,718,788		92,090
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2012-CKSV, Class XA (IO)
1.03%		10/15/30	1,4		1,015,729		15,243
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2013-C12, Class XC (IO)
1.36%		10/15/46	1,4		19,087,479		36,244
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2013-C13, Class XA (IO)
0.95%		11/15/46	4		1,005,140		39
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2014-C18, Class XA (IO)
0.74%		10/15/47	4		88,361		243
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C21, Class XA (IO)
0.98%		03/15/48	4		3,154,023		24,260
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C22, Class XA (IO)
1.14%		04/15/48	4		1,060,319		9,833
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C24, Class XA (IO)
0.83%		05/15/48	4		6,781,440		61,291
Morgan Stanley Capital I Trust,
Series 2011-C2, Class XB (IO)
0.50%		06/15/44	1,4		10,985,057		37,153
MRCD Mortgage Trust,
Series 2019-PRKC, Class A
4.25%		12/15/36	1,4		500,000		166,957
MSCG Trust,
Series 2018-SELF, Class F
(CME Term SOFR 1-Month plus 3.10%)
8.43%		10/15/37	1,2		731,097		718,157

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
Natixis Commercial Mortgage Securities Trust,
Series 2018-ALXA, Class E
4.46%		01/15/43	1,4	$	100,000	$	48,921
Natixis Commercial Mortgage Securities Trust,
Series 2019-FAME, Class D
4.54%		08/15/36	1,4		665,000		432,937
Natixis Commercial Mortgage Securities Trust,
Series 2019-FAME, Class E
4.54%		08/15/36	1,4		395,000		215,879
SFAVE Commercial Mortgage Securities Trust,
Series 2015-5AVE, Class A2A
3.66%		01/05/43	1,4		400,000		272,405
SFAVE Commercial Mortgage Securities Trust,
Series 2015-5AVE, Class A2B
4.14%		01/05/43	1,4		460,000		305,308
SFAVE Commercial Mortgage Securities Trust,
Series 2015-5AVE, Class C
4.53%		01/05/43	1,4		925,000		510,508
SMRT,
Series 2022-MINI, Class F
(CME Term SOFR 1-Month plus 3.35%)
8.68%		01/15/39	1,2		570,000		527,376
Taurus UK DAC,
Series 2021-UK1A, Class D
(Ireland)
(SONIA plus 2.60%)
7.82%		05/17/31	1,2,3		471,537		553,092
UBS Commercial Mortgage Trust,
Series 2017-C4, Class XA (IO)
1.24%		10/15/50	4		8,166,184		271,361
Wells Fargo Commercial Mortgage Trust,
Series 2014-LC16, Class XA (IO)
1.21%		08/15/50	4		13,291,100		38,189
Wells Fargo Commercial Mortgage Trust,
Series 2014-LC18, Class XA (IO)
1.16%		12/15/47	4		1,274,669		11,571
Wells Fargo Commercial Mortgage Trust,
Series 2015-C27, Class XA (IO)
0.98%		02/15/48	4		16,851,291		135,997
Wells Fargo Commercial Mortgage Trust,
Series 2015-C31, Class XA (IO)
1.10%		11/15/48	4		17,024,583		257,081
Wells Fargo Commercial Mortgage Trust,
Series 2015-LC20, Class XF (IO)
1.89%		04/15/50	1,4		415,000		9,367
Wells Fargo Commercial Mortgage Trust,
Series 2015-NXS3, Class XA (IO)
1.02%		09/15/57	4		9,198,310		127,330
Wells Fargo Commercial Mortgage Trust,
Series 2016-C34, Class XA (IO)
2.23%		06/15/49	4		5,955,190		193,928
Westfield Galleria at Roseville
8.40%		03/29/25	5,6		495,000		485,644
WF-RBS Commercial Mortgage Trust,
Series 2012-C10, Class XB (IO)
0.52%		12/15/45	1,4		51,344,318		1,150

See accompanying Notes to Financial Statements.

53 / Semi-Annual Report September 2023

Flexible Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
WF-RBS Commercial Mortgage Trust,
Series 2014-C20, Class XA (IO)
1.05%		05/15/47	4	$	9,429,682	$	23,028
WF-RBS Commercial Mortgage Trust,
Series 2014-C22, Class XA (IO)
0.91%		09/15/57	4		1,689,368		7,020
WF-RBS Commercial Mortgage Trust,
Series 2014-C24, Class XA (IO)
0.98%		11/15/47	4		6,017,696		32,477
WF-RBS Commercial Mortgage Trust,
Series 2014-LC14, Class XA (IO)
1.39%		03/15/47	4		7,941,798		1,096
							15,577,999
Non-Agency Mortgage-Backed — 23.65%
Alternative Loan Trust,
Series 2004-30CB, Class 1A6
5.50%		02/25/35			1,000,613		898,041
Alternative Loan Trust,
Series 2005-10CB, Class 1A8
5.50%		05/25/35			1,574,385		1,284,909
Alternative Loan Trust,
Series 2005-46CB, Class A3
5.50%		10/25/35			252,624		175,582
Alternative Loan Trust,
Series 2005-46CB, Class A4
5.25%		10/25/35			190,892		130,190
Alternative Loan Trust,
Series 2005-46CB, Class A7
5.50%		10/25/35			538,495		374,271
Alternative Loan Trust,
Series 2005-55CB, Class 1A1
5.50%		11/25/35			192,314		127,616
Alternative Loan Trust,
Series 2005-64CB, Class 2A1
6.00%		11/25/35			3,033,665		492,554
Alternative Loan Trust,
Series 2005-65CB, Class 2A4
5.50%		12/25/35			315,675		225,449
Alternative Loan Trust,
Series 2005-67CB, Class A1
5.50%		01/25/36			62,881		47,184
Alternative Loan Trust,
Series 2005-74T1, Class A5
6.00%		01/25/36			489,411		277,021
Alternative Loan Trust,
Series 2005-7CB, Class 2A2 (IO)
(-1.00 X CME Term SOFR 1-Month plus 4.94%, 5.05% Cap)
0.20%		03/01/38	2,5,6		1,378,591		23,576
Alternative Loan Trust,
Series 2005-86CB, Class A1
5.50%		02/25/36			537,395		328,298
Alternative Loan Trust,
Series 2005-86CB, Class A8
5.50%		02/25/36			245,667		150,079

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Alternative Loan Trust,
Series 2006-19CB, Class A15
6.00%		08/25/36		$	119,754	$	70,388
Alternative Loan Trust,
Series 2006-19CB, Class A17
(CME Term SOFR 1-Month plus 0.51%)
5.83%		08/25/36	2		3,970,279		2,006,332
Alternative Loan Trust,
Series 2006-19CB, Class A18 (IO)
(-1.00 X CME Term SOFR 1-Month plus 5.49%, 5.60% Cap)
0.17%		08/25/36	2,5,6		3,832,827		208,426
Alternative Loan Trust,
Series 2006-32CB, Class A18
6.00%		11/25/36			135,758		78,437
Alternative Loan Trust,
Series 2006-34, Class A5
6.25%		11/25/46			1,254,438		641,976
Alternative Loan Trust,
Series 2006-J1, Class 1A11
5.50%		02/25/36			196,977		136,128
Alternative Loan Trust,
Series 2007-13, Class A1
6.00%		06/25/47			273,381		141,031
Alternative Loan Trust,
Series 2007-15CB, Class A6
5.75%		07/25/37			541,431		313,056
Alternative Loan Trust,
Series 2007-15CB, Class A7
6.00%		07/25/37			1,928,405		1,154,556
Alternative Loan Trust,
Series 2007-16CB, Class 1A7
6.00%		08/25/37			6,925		5,206
Alternative Loan Trust,
Series 2007-18CB, Class 2A25
6.00%		08/25/37			316,548		176,840
Alternative Loan Trust,
Series 2007-22, Class 2A16
6.50%		09/25/37			240,785		93,233
Alternative Loan Trust,
Series 2007-5CB, Class 1A3
6.00%		04/25/37			176,761		97,282
Alternative Loan Trust,
Series 2007-5CB, Class 1A4
6.00%		04/25/37			521,486		287,041
American Home Mortgage Assets Trust,
Series 2006-6, Class XP (IO) (PO)
0.04%		12/25/46	4,5,6		21,412,358		41,784
American Home Mortgage Assets Trust,
Series 2007-1, Class A1
(Federal Reserve US 12-Month Cumulative Average plus
0.70%)
5.33%		02/25/47	2		2,273,308		883,241
American Home Mortgage Assets Trust,
Series 2007-5, Class XP (IO) (PO)
0.07%		06/25/47	4,5,6		12,854		127

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 54

Flexible Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Banc of America Alternative Loan Trust,
Series 2006-5, Class CB8
(CME Term SOFR 1-Month plus 0.42%)
5.74%		06/25/46	2	$	1,797,917	$	1,439,242
Banc of America Alternative Loan Trust,
Series 2006-5, Class CB9 (IO)
(-1.00 X CME Term SOFR 1-Month plus 6.58%, 6.69% Cap)
1.26%		06/25/46	2,5,6		1,797,929		109,929
Banc of America Funding Trust,
Series 2006-3, Class 5A3
5.50%		03/25/36			5,063		4,295
Banc of America Funding Trust,
Series 2006-7, Class T2A5 (STEP-reset date 11/25/23)
6.54%		10/25/36			710,359		612,103
Banc of America Funding Trust,
Series 2014-R5, Class 1A2
(TSFR6M plus 1.93%)
3.82%		09/26/45	1,2		1,164,666		848,671
Banc of America Funding Trust,
Series 2015-R4, Class 5A1
(CME Term SOFR 1-Month plus 0.26%)
5.58%		10/25/36	1,2		4,547		4,531
BCAP LLC Trust,
Series 2007-AA2, Class 2A12
5.50%		04/25/37			2,511,619		1,154,841
Bear Stearns ALT-A Trust,
Series 2005-7, Class 22A1
4.60%		09/25/35	4		138,253		84,332
Bear Stearns ARM Trust,
Series 2004-3, Class 2A
4.21%		07/25/34	4		5,940		5,344
Bear Stearns ARM Trust,
Series 2005-10, Class A3
5.21%		10/25/35	4		123,291		115,133
Bombardier Capital Mortgage Securitization Corp.,
Series 1999-B, Class A2
6.98%		12/15/29	4		997,492		115,565
Bombardier Capital Mortgage Securitization Corp.,
Series 2000-A, Class A3
7.83%		06/15/30	4		1,658,345		192,231
Bombardier Capital Mortgage Securitization Corp.,
Series 2000-A, Class A4
8.29%		06/15/30	4		142,144		19,203
BRAVO Residential Funding Trust,
Series 2021-A, Class A1 (STEP-reset date 10/25/23)
1.99%		10/25/59	1		1,576,101		1,511,427
Cascade MH Asset Trust,
Series 2022-MH1, Class A (STEP-reset date 11/25/23)
4.25%		08/25/54	1		1,228,456		1,080,274
CHNGE Mortgage Trust,
Series 2023-1, Class M1
8.38%		03/25/58	1,4		580,000		568,330
CIM Trust,
Series 2021-NR2, Class A1 (STEP-reset date 11/25/23)
2.57%		07/25/59	1		390,077		376,675

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
CIM Trust,
Series 2021-NR4, Class A1 (STEP-reset date 11/25/23)
2.82%		10/25/61	1	$	906,786	$	842,927
CIM Trust,
Series 2021-R5, Class A1B
2.00%		08/25/61	1,4		681,000		373,608
CIM Trust,
Series 2022-NR1, Class A1 (STEP-reset date 11/25/23)
5.00%		07/25/62	1		314,738		293,118
CIM Trust,
Series 2023-NR1, Class A1 (STEP-reset date 11/25/23)
6.00%		06/25/62	1		1,343,827		1,293,681
CIT Mortgage Loan Trust,
Series 2007-1, Class 1M2
(CME Term SOFR 1-Month plus 1.86%)
7.18%		10/25/37	1,2		1,046,000		866,500
Citigroup Mortgage Loan Trust,
Series 2006-WF1, Class A2C (STEP-reset date 11/25/23)
4.59%		03/25/36			29,741		14,005
Citigroup Mortgage Loan Trust,
Series 2009-10, Class 2A2
7.00%		12/25/35	1,4		518,259		340,418
Citigroup Mortgage Loan Trust, Inc.,
Series 2005-WF2, Class AF6A (STEP-reset date 11/25/23)
6.13%		08/25/35			1,659,928		1,472,056
CitiMortgage Alternative Loan Trust,
Series 2005-A1, Class 1A5
5.50%		07/25/35			1,603,004		1,384,870
CitiMortgage Alternative Loan Trust,
Series 2006-A1, Class 1A5
5.50%		04/25/36			257,310		224,128
CitiMortgage Alternative Loan Trust,
Series 2007-A1, Class 1A1
6.00%		01/25/37			105,778		92,113
CitiMortgage Alternative Loan Trust,
Series 2007-A1, Class 1A5
6.00%		01/25/37			201,912		175,828
CitiMortgage Alternative Loan Trust,
Series 2007-A2, Class 1A13
5.75%		02/25/37			230,785		197,504
CitiMortgage Alternative Loan Trust,
Series 2007-A3, Class 1A7
5.75%		03/25/37			195,793		168,673
CitiMortgage Alternative Loan Trust,
Series 2007-A5, Class 1A1
6.00%		05/25/37			834,761		752,845
Conseco Finance Securitizations Corp.,
Series 2000-1, Class A5
8.06%		09/01/29	4		3,422,743		643,963
Conseco Finance Securitizations Corp.,
Series 2000-4, Class A5
7.97%		05/01/32			1,992,158		368,566
Countrywide Home Loan Mortgage Pass-Through Trust,
Series 2007-20, Class A1
6.50%		01/25/38			203,809		101,163

See accompanying Notes to Financial Statements.

55 / Semi-Annual Report September 2023

Flexible Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Countrywide Home Loan Mortgage Pass-Through Trust,
Series 2007-7, Class A9
5.50%		06/25/37		$	613,205	$	293,455
Credit Suisse Mortgage Capital Trust
Series 2022-RPL3, Class A1
3.72%		03/25/61	1,4		1,445,639		1,408,375
Credit Suisse Mortgage Capital Trust,
Series 2020-RPL6, Class A1
2.69%		03/25/59	1,4		1,418,453		1,387,678
Credit-Based Asset Servicing and Securitization LLC,
Series 2006-CB7, Class A4
(CME Term SOFR 1-Month plus 0.43%)
5.75%		10/25/36	2		35,603		22,609
Credit-Based Asset Servicing and Securitization LLC,
Series 2006-MH1, Class B1 (STEP-reset date 11/25/23)
6.75%		10/25/36	1		42,418		42,348
Credit-Based Asset Servicing and Securitization LLC,
Series 2007-CB1, Class AF3 (STEP-reset date 11/25/23)
3.16%		01/25/37			980,271		276,932
Credit-Based Asset Servicing and Securitization LLC,
Series 2007-CB1, Class AF6 (STEP-reset date 11/25/23)
3.16%		01/25/37			1,730,591		541,789
Credit-Based Asset Servicing and Securitization LLC,
Mortgage Loan Trust,
Series 2007-CB2, Class A2B (STEP-reset date 11/25/23)
3.54%		02/25/37			923,347		562,441
CSMC Mortgage-Backed Trust,
Series 2006-7, Class 10A6
6.50%		08/25/36			1,086,923		552,958
CSMC Mortgage-Backed Trust,
Series 2006-7, Class 8A11
6.50%		08/25/36			412,302		185,427
CSMC Mortgage-Backed Trust,
Series 2007-5, Class 1A9
7.00%		08/25/37	4		730,080		436,601
CSMC Trust,
Series 2020-RPL5, Class A1
3.02%		08/25/60	1,4		184,710		179,168
CSMC,
Series 2014-8R, Class 3A2
4.64%		02/27/36	1,4		996,323		753,182
Deutsche ALT-B Securities, Inc., Mortgage Loan Trust,
Series 2006-AB2, Class A2
4.81%		06/25/36	4		219,574		185,599
Deutsche Mortgage & Asset Receiving Corp.,
Series 2014-RS1, Class 1A2
6.50%		07/27/37	1,4		324,987		252,713
Fannie Mae Connecticut Avenue Securities,
Series 2019-R04, Class 2B1
(SOFR30A plus 5.36%)
10.68%		06/25/39	1,2		905,889		953,503
Fannie Mae Connecticut Avenue Securities,
Series 2019-R06, Class 2B1
(SOFR30A plus 3.86%)
9.18%		09/25/39	1,2		1,025,564		1,043,904

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Fannie Mae Connecticut Avenue Securities,
Series 2019-R07, Class 1B1
(SOFR30A plus 3.51%)
8.83%		10/25/39	1,2	$	1,000,000	$	1,009,951
Fannie Mae Connecticut Avenue Securities,
Series 2020-R02, Class 2B1
(SOFR30A plus 3.11%)
8.43%		01/25/40	1,2		1,000,000		1,002,150
Fannie Mae Connecticut Avenue Securities,
Series 2021-R03, Class 1B2
(SOFR30A plus 5.50%)
10.81%		12/25/41	1,2		985,000		968,344
First Franklin Mortgage Loan Trust,
Series 2006-FF13, Class A2C
(CME Term SOFR 1-Month plus 0.43%)
5.75%		10/25/36	2		370,750		239,636
First Franklin Mortgage Loan Trust,
Series 2007-FF2, Class A2D
(CME Term SOFR 1-Month plus 0.55%)
5.87%		03/25/37	2		689,665		339,054
First Horizon Alternative Mortgage Securities Trust,
Series 2006-FA6, Class 2A3
6.25%		11/25/36			693,065		217,292
First Horizon Alternative Mortgage Securities Trust,
Series 2007-FA1, Class A4
6.25%		03/25/37			566,198		235,898
First Horizon Alternative Mortgage Securities Trust,
Series 2007-FA2, Class 1A4
5.75%		04/25/37			707,585		252,371
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2021-DNA1, Class B1
(SOFR30A plus 2.65%)
7.96%		01/25/51	1,2		700,000		681,499
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2021-HQA1, Class M2
(SOFR30A plus 2.25%)
7.56%		08/25/33	1,2		918,155		913,012
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2021-HQA2, Class M2
(SOFR30A plus 2.05%)
7.36%		12/25/33	1,2		815,000		795,089
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2022-DNA1, Class M2
(SOFR30A plus 2.50%)
7.81%		01/25/42	1,2		1,000,000		983,464
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2022-DNA2, Class M2
(SOFR30A plus 3.75%)
9.06%		02/25/42	1,2		1,000,000		1,027,702
GSAA Home Equity Trust,
Series 2007-5, Class 1F3B
6.00%		05/25/37	4		4,300,000		228,786
GSAA Home Equity Trust,
Series 2007-5, Class 1F5B (STEP-reset date 11/25/23)
6.44%		05/25/37			1,987,261		132,492

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 56

Flexible Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
GSAA Home Equity Trust,
Series 2007-5, Class 2A2A
(CME Term SOFR 1-Month plus 0.57%)
5.89%		04/25/47	2	$	804,997	$	386,324
GSAA Trust,
Series 2006-7, Class AF3 (STEP-reset date 11/25/23)
6.72%		03/25/46			2,918,945		1,141,635
GSAA Trust,
Series 2007-3, Class 2A1B
(CME Term SOFR 1-Month plus 0.31%)
5.63%		03/25/47	2		166,316		8,054
GSMSC Resecuritization Trust,
Series 2015-5R, Class 1C
(CME Term SOFR 1-Month plus 0.25%)
3.60%		04/26/37	1,2		39,508		39,357
GSR Mortgage Loan Trust,
Series 2005-AR6, Class 2A1
4.35%		09/25/35	4		3,306		3,074
HarborView Mortgage Loan Trust,
Series 2005-9, Class 2A1A
(CME Term SOFR 1-Month plus 0.79%)
6.12%		06/20/35	2		14,435		13,105
HarborView Mortgage Loan Trust,
Series 2005-9, Class 2X (IO)
0.00%		06/20/35	1,4,5,6		1,058,602		166
HarborView Mortgage Loan Trust,
Series 2006-4, Class 1A1A
(CME Term SOFR 1-Month plus 0.47%)
5.80%		05/19/46	2		2,419,684		1,221,903
HarborView Mortgage Loan Trust,
Series 2006-5, Class X2 (IO)
0.07%		07/19/46	4,5,6		2,605,110		26
HSI Asset Loan Obligation Trust,
Series 2007-WF1, Class A5 (STEP-reset date 11/25/23)
4.51%		12/25/36			250,629		83,320
IndyMac Index Mortgage Loan Trust,
Series 2006-AR3, Class 2A1A
3.55%		03/25/36	4		79,244		57,161
JPMorgan Alternative Loan Trust,
Series 2006-S1, Class 3A4
6.18%		03/25/36	4		891,002		729,539
JPMorgan Mortgage Acquisition Trust,
Series 2006-CH2, Class AF3 (STEP-reset date 11/25/23)
5.46%		09/25/29			464,798		288,233
JPMorgan Mortgage Acquisition Trust,
Series 2006-CW2, Class AF4 (STEP-reset date 11/25/23)
6.08%		08/25/36			1,427,389		808,904
JPMorgan Mortgage Acquisition Trust,
Series 2006-CW2, Class AF5 (STEP-reset date 11/25/23)
6.34%		08/25/36			271,248		184,436
JPMorgan Mortgage Acquisition Trust,
Series 2006-WF1, Class A5 (STEP-reset date 11/25/23)
6.91%		07/25/36			1,689,735		453,491
JPMorgan Mortgage Acquisition Trust,
Series 2007-CH1, Class AF6 (STEP-reset date 11/25/23)
4.58%		11/25/36			2,932		2,869

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
JPMorgan Mortgage Acquisition Trust,
Series 2007-CH2, Class AF2 (STEP-reset date 11/25/23)
4.45%		01/25/37		$	399,079	$	210,839
JPMorgan Mortgage Acquisition Trust,
Series 2007-CH2, Class AF3 (STEP-reset date 11/25/23)
4.45%		10/25/30			612,691		311,013
JPMorgan Mortgage Trust,
Series 2007-S1, Class 2A11
6.00%		03/25/37			357,350		152,363
Lehman ABS Manufactured Housing Contract Trust,
Series 2001-B, Class M1
6.63%		04/15/40	4		595,994		595,201
Lehman Mortgage Trust,
Series 2006-1, Class 1A5
5.50%		02/25/36			134,816		66,113
Lehman Mortgage Trust,
Series 2006-7, Class 2A5 (IO)
(-1.00 X CME Term SOFR 1-Month plus 6.44%, 6.55% Cap)
1.12%		11/25/36	2,5,6		184,373		16,341
Lehman Mortgage Trust,
Series 2006-9, Class 3A2 (IO)
(-1.00 X CME Term SOFR 1-Month plus 7.12%, 7.23% Cap)
1.80%		01/25/37	2,5,6		5,581,637		325,497
Lehman Mortgage Trust,
Series 2007-5, Class 10A2 (IO)
(-1.00 X CME Term SOFR 1-Month plus 6.23%, 6.34% Cap)
0.91%		06/25/37	2,5,6		8,418,014		779,677
Lehman Mortgage Trust,
Series 2007-5, Class 7A3
7.50%		10/25/36			498,063		194,239
Lehman XS Trust,
Series 2005-1, Class 3A4 (STEP-reset date 11/25/23)
5.37%		07/25/35			34,748		34,748
Lehman XS Trust,
Series 2006-17, Class 1A3
(CME Term SOFR 1-Month plus 0.61%)
5.93%		08/25/46	2		192,335		166,800
Lehman XS Trust,
Series 2006-17, Class 1AIO (IO)
0.60%		08/25/46	5,6		7,764,497		153,826
MASTR Alternative Loan Trust,
Series 2005-2, Class 4A3
(CME Term SOFR 1-Month plus 0.51%)
5.50%		03/25/35	2		11,391		11,407
MASTR Asset-Backed Securities Trust,
Series 2006-NC2, Class A3
(CME Term SOFR 1-Month plus 0.33%)
5.65%		08/25/36	2		705,145		271,805
Merrill Lynch Alternative Note Asset Trust,
Series 2007-A1, Class A3
(CME Term SOFR 1-Month plus 0.43%)
5.75%		01/25/37	2		653,440		204,391
Merrill Lynch Alternative Note Asset Trust,
Series 2007-OAR2, Class A3
(CME Term SOFR 1-Month plus 0.63%)
5.95%		04/25/37	2		1,961,965		234,130

See accompanying Notes to Financial Statements.

57 / Semi-Annual Report September 2023

Flexible Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Merrill Lynch First Franklin Mortgage Loan Trust,
Series 2007-3, Class A2B
(CME Term SOFR 1-Month plus 0.37%)
5.69%		06/25/37	2	$	490,162	$	452,453
Merrill Lynch Mortgage Investors Trust,
Series 2004-B, Class A1
(CME Term SOFR 1-Month plus 0.61%)
5.93%		05/25/29	2		4,917		4,710
Merrill Lynch Mortgage Investors Trust,
Series 2006-HE6, Class A2B
(CME Term SOFR 1-Month plus 0.41%)
5.73%		11/25/37	2		782,362		249,831
Merrill Lynch Mortgage Investors Trust,
Series 2006-RM2, Class A1A
(CME Term SOFR 1-Month plus 0.48%)
5.80%		05/25/37	2		3,519,729		916,318
Mid-State Capital Corp. Trust,
Series 2005-1, Class A
5.75%		01/15/40			3,835		3,749
Mid-State Capital Corp. Trust,
Series 2006-1, Class A
5.79%		10/15/40	1		32,580		31,440
Mid-State Trust XI,
Series 11, Class A1
4.86%		07/15/38			1,891		1,827
Morgan Stanley Mortgage Loan Trust,
Series 2007-13, Class 6A1
6.00%		10/25/37			173,804		94,911
Nationstar Home Equity Loan Trust,
Series 2007-C, Class 2AV4
(CME Term SOFR 1-Month plus 0.36%)
5.68%		06/25/37	2		18,023		16,957
Oakwood Mortgage Investors, Inc.,
Series 1999-C, Class A2
7.48%		08/15/27			306,999		246,255
Oakwood Mortgage Investors, Inc.,
Series 2002-A, Class A2
5.01%		03/15/20	4		190		189
Park Place Securities, Inc., Asset-Backed Pass-Through
Certificates,
Series 2005-WCH1, Class M4
(CME Term SOFR 1-Month plus 1.36%)
6.68%		01/25/36	2		5,760		5,661
PRET LLC,
Series 2021-RN2, Class A1 (STEP-reset date 10/25/23)
1.74%		07/25/51	1		717,050		668,533
PRET LLC,
Series 2022-RN2, Class A1 (STEP-reset date 10/25/23)
5.00%		06/25/52	1		652,476		622,776
PRPM LLC,
Series 2021-11, Class A1 (STEP-reset date 10/25/23)
2.49%		11/25/26	1		338,536		321,362
PRPM LLC,
Series 2021-3, Class A1 (STEP-reset date 10/25/23)
1.87%		04/25/26	1		733,491		697,939

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
PRPM LLC,
Series 2021-4, Class A1 (STEP-reset date 10/25/23)
1.87%		04/25/26	1	$	1,987,053	$	1,835,809
PRPM LLC,
Series 2021-9, Class A1 (STEP-reset date 10/25/23)
2.36%		10/25/26	1		380,480		356,355
PRPM LLC,
Series 2022-1, Class A1 (STEP-reset date 10/25/23)
3.72%		02/25/27	1		1,065,307		1,023,821
PRPM LLC,
Series 2022-3, Class A1 (STEP-reset date 10/25/23)
5.56%		06/25/27	1		994,581		975,957
PRPM LLC,
Series 2022-4, Class A1 (STEP-reset date 10/25/23)
5.00%		08/25/27	1		249,718		242,469
PRPM, LLC,
Series 2021-1, Class A1
2.12%		01/25/26	1,4		819,367		775,455
PRPM, LLC,
Series 2021-10, Class A1 (STEP-reset date 10/25/23)
2.49%		10/25/26	1		385,516		359,359
PRPM, LLC,
Series 2021-8, Class A1
1.74%		09/25/26	1,4		581,995		536,464
Residential Accredit Loans Trust,
Series 2005-QS14, Class 3A3
6.00%		09/25/35			120,405		93,964
Residential Accredit Loans Trust,
Series 2005-QS16, Class A7
5.50%		11/25/35			404,890		336,047
Residential Accredit Loans Trust,
Series 2006-QS15, Class A3
6.50%		10/25/36			827,038		679,286
Residential Accredit Loans Trust,
Series 2006-QS18, Class 2A2 (IO)
(-1.00 X CME Term SOFR 1-Month plus 6.44%, 6.55% Cap)
1.12%		12/25/36	2,5,6		4,076,261		344,364
Residential Accredit Loans Trust,
Series 2006-QS4, Class A2
6.00%		04/25/36			285,489		223,807
Residential Accredit Loans Trust,
Series 2006-QS4, Class A4
6.00%		04/25/36			353,658		277,248
Residential Accredit Loans Trust,
Series 2006-QS6, Class 1A15
6.00%		06/25/36			142,402		109,500
Residential Accredit Loans Trust,
Series 2006-QS6, Class 1A2
6.00%		06/25/36			559,405		430,154
Residential Accredit Loans Trust,
Series 2006-QS6, Class 1A4
6.00%		06/25/36			933,610		721,615
Residential Accredit Loans Trust,
Series 2007-QH9, Class X (IO) (PO)
0.71%		11/25/37	4,5,6		31,670		874

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 58

Flexible Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Residential Accredit Loans Trust,
Series 2007-QO2, Class A1
(CME Term SOFR 1-Month plus 0.26%)
5.58%		02/25/47	2	$	512,488	$	183,245
Residential Accredit Loans Trust,
Series 2007-QS1, Class 1A4
6.00%		01/25/37			452,002		340,876
Residential Accredit Loans Trust,
Series 2007-QS1, Class 2A1 (IO)
(-1.00 X CME Term SOFR 1-Month plus 6.53%, 6.64% Cap)
1.21%		01/25/37	2,5,6		6,356,948		482,073
Residential Accredit Loans Trust,
Series 2007-QS3, Class A1
6.50%		02/25/37			422,727		332,209
Residential Accredit Loans Trust,
Series 2007-QS7, Class 1A1
6.00%		05/25/37			48,284		35,857
Residential Asset Mortgage Products Trust,
Series 2006-EFC2, Class A4
(CME Term SOFR 1-Month plus 0.55%)
5.87%		12/25/36	2		31,609		30,666
Residential Asset Securitization Trust,
Series 2003-A15, Class 1A3 (IO)
(-1.00 X CME Term SOFR 1-Month plus 7.44%, 7.55% Cap)
2.12%		02/25/34	2,5,6		393,277		23,402
Residential Asset Securitization Trust,
Series 2005-A8CB, Class A9
5.38%		07/25/35			239,005		137,187
Residential Asset Securitization Trust,
Series 2006-A12, Class A1
6.25%		11/25/36			502,210		181,203
Residential Asset Securitization Trust,
Series 2006-A15, Class A2
6.25%		01/25/37			505,901		179,996
Residential Asset Securitization Trust,
Series 2006-A16, Class 1A3
6.00%		02/25/37			330,595		130,827
Residential Asset Securitization Trust,
Series 2006-A5CB, Class A4
6.00%		06/25/36			208,057		85,374
Residential Asset Securitization Trust,
Series 2007-A1, Class A1
6.00%		03/25/37			325,239		105,705
Residential Asset Securitization Trust,
Series 2007-A3, Class 1A4
5.75%		04/25/37			477,318		238,577
Residential Asset Securitization Trust,
Series 2007-A6, Class 1A3
6.00%		06/25/37			142,221		77,703
Residential Funding Mortgage Securities Trust,
Series 2006-S10, Class 1A1
6.00%		10/25/36			692,263		509,500
Residential Funding Mortgage Securities Trust,
Series 2006-S3, Class A7
5.50%		03/25/36			462,242		366,443

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Residential Funding Mortgage Securities Trust,
Series 2006-S6, Class A10
6.00%		07/25/36		$	218,648	$	179,753
Residential Funding Mortgage Securities Trust,
Series 2006-S6, Class A14
6.00%		07/25/36			70,109		56,967
Residential Funding Mortgage Securities Trust,
Series 2007-S8, Class 1A1
6.00%		09/25/37			139,381		91,471
Securitized Asset-Backed Receivables LLC Trust,
Series 2006-CB1, Class AF4 (STEP-reset date 11/25/23)
2.85%		01/25/36			249,438		200,397
Securitized Asset-Backed Receivables LLC Trust,
Series 2007-NC1, Class A2B
(CME Term SOFR 1-Month plus 0.41%)
5.73%		12/25/36	2		875,934		473,935
Soundview Home Loan Trust,
Series 2007-OPT2, Class 2A4
(CME Term SOFR 1-Month plus 0.36%)
5.68%		07/25/37	2		270,487		204,183
Soundview Home Loan Trust,
Series 2007-OPT4, Class 1A1
(CME Term SOFR 1-Month plus 1.11%)
6.43%		09/25/37	2		387,132		261,979
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-1, Class 4A1
6.38%		02/25/34	4		1,007		936
Structured Asset Mortgage Investments II Trust,
Series 2006-AR2, Class A1
(CME Term SOFR 1-Month plus 0.57%)
5.89%		02/25/36	2		9,737		8,262
VOLT CIII LLC,
Series 2021-CF1, Class A1 (STEP-reset date 10/25/23)
1.99%		08/25/51	1		702,359		654,053
VOLT XCII LLC,
Series 2021-NPL1, Class A1 (STEP-reset date 10/25/23)
1.89%		02/27/51	1		946,414		893,941
VOLT XCVI LLC,
Series 2021-NPL5, Class A2 (STEP-reset date 10/25/23)
4.83%		03/27/51	1		930,000		736,467
WaMu Mortgage Pass-Through Certificates,
Series 2006-2, Class 1A6
6.00%		03/25/36			22,125		20,050
WaMu Mortgage Pass-Through Certificates,
Series 2006-AR3, Class X3 (IO)
1.15%		05/25/46	5,6		6,523,663		240,749
Wells Fargo Alternative Loan Trust,
Series 2007-PA2, Class 1A1
6.00%		06/25/37			177,630		148,296
Wells Fargo Alternative Loan Trust,
Series 2007-PA5, Class 1A1
6.25%		11/25/37			308,270		255,393
Wells Fargo Mortgage-Backed Securities Trust,
Series 2006-AR14, Class 2A3
6.32%		10/25/36	4		33,410		31,008

See accompanying Notes to Financial Statements.

59 / Semi-Annual Report September 2023

Flexible Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Wells Fargo Mortgage-Backed Securities Trust,
Series 2006-AR4, Class 2A1
4.77%		04/25/36	4	$	6,363	$	6,231
Wells Fargo Mortgage-Backed Securities Trust,
Series 2007-7, Class A1
6.00%		06/25/37			1,657,352		1,438,450
							78,974,178
U.S. Agency Commercial Mortgage-Backed — 0.90%
Fannie Mae Pool 462209
(US Treasury Yield Curve Rate T Note Constant Maturity
1-Year plus 2.18%)
6.51%		04/01/36	2		46,112		45,696
Fannie Mae-Aces,
Series 2016-M11, Class X2 (IO)
3.09%		07/25/39	4		251,084		4,105
Fannie Mae-Aces,
Series 2016-M2, Class X3 (IO)
2.04%		04/25/36	4		65,990		583
Fannie Mae-Aces,
Series 2016-M4, Class X2 (IO)
2.70%		01/25/39	4		521,405		7,127
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series K037, Class X3 (IO)
2.30%		01/25/42	4		390,000		2,079
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series K043, Class X1 (IO)
0.63%		12/25/24	4		22,825,751		122,732
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series K044, Class X3 (IO)
1.55%		01/25/43	4		4,900,000		89,433
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series K045, Class X1 (IO)
0.54%		01/25/25	4		26,913,994		120,066
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series K049, Class X1 (IO)
0.68%		07/25/25	4		12,183,829		99,746
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series K049, Class X3 (IO)
1.60%		10/25/43	4		2,925,000		74,300
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series K050, Class X1 (IO)
0.42%		08/25/25	4		21,352,768		106,021
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series K056, Class X3 (IO)
2.19%		06/25/44	4		6,243,936		321,284

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Commercial Mortgage-Backed (continued)
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series K062, Class X3 (IO)
2.15%		01/25/45	4	$	3,000,000	$	179,033
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series K106, Class X1 (IO)
1.48%		01/25/30	4		9,741,354		660,879
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series K732, Class X3 (IO)
2.24%		05/25/46	4		4,850,000		170,839
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series K735, Class X3 (IO)
2.23%		05/25/47	4		3,160,000		160,462
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series K736, Class X3 (IO)
2.08%		09/25/47	4		2,495,000		125,441
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series KC05, Class X1 (IO)
1.36%		06/25/27	4		641,557		16,146
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series KLU1, Class X3 (IO)
4.24%		01/25/31	4		255,969		28,461
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series Q013, Class XPT1 (IO)
1.66%		05/25/25	4		3,328,670		56,808
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series Q013, Class XPT2 (IO)
1.81%		05/25/27	4		3,639,733		115,348
Ginnie Mae,
Series 2009-111, Class IO (IO)
0.19%		09/16/51	4		891,264		24,340
Ginnie Mae,
Series 2010-159, Class D
4.56%		09/16/44	4		110,552		107,700
Ginnie Mae,
Series 2011-119, Class IO (IO)
0.19%		08/16/51	4		1,120,951		2,017
Ginnie Mae,
Series 2011-86, Class C
3.63%		09/16/51	4		220,542		203,375
Ginnie Mae,
Series 2012-123, Class IO (IO)
0.62%		12/16/51	4		1,495,831		34,490
Ginnie Mae,
Series 2012-135, Class IO (IO)
0.34%		01/16/53	4		263,330		2,462

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 60

Flexible Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Commercial Mortgage-Backed (continued)
Ginnie Mae,
Series 2013-33, Class IO (IO)
0.21%		04/16/54	4	$	341,806	$	821
Ginnie Mae,
Series 2014-126, Class IO (IO)
0.71%		02/16/55	4		4,821,319		113,040
							2,994,834
U.S. Agency Mortgage-Backed — 22.25%
Fannie Mae REMICS,
Series 2005-56, Class SP
(-6.00 X SOFR30A plus 41.61%, 6.00% Cap)
6.00%		08/25/33	2		2,112		2,082
Fannie Mae REMICS,
Series 2011-116, Class SA (IO)
(-1.00 X SOFR30A plus 5.89%, 6.00% Cap)
0.57%		11/25/41	2		68,532		4,077
Fannie Mae REMICS,
Series 2012-139, Class AI (IO)
3.00%		12/25/27			136,938		5,710
Freddie Mac Strips,
Series 240, Class IO (IO)
5.50%		07/15/36			215,490		43,113
Ginnie Mae (TBA)
4.50%		10/20/53			1,500,000		1,385,801
5.00%		10/20/53			775,000		734,433
5.50%		10/15/53			2,575,000		2,498,957
Ginnie Mae,
Series 2003-110, Class S (IO)
(-1.00 X CME Term SOFR 1-Month plus 6.49%, 6.60% Cap)
1.16%		10/20/33	2		255,484		14,593
Ginnie Mae,
Series 2018-124, Class NW
3.50%		09/20/48			26,195		23,160
Ginnie Mae,
Series 2018-154, Class BP
3.50%		11/20/48			2,488		2,224
Ginnie Mae,
Series 2023-111, Class FN
(SOFR30A plus 1.20%)
6.51%		08/20/53	2		2,119,457		2,112,042
UMBS (TBA)
2.00%		10/15/53			10,700,000		8,136,954
2.50%		10/01/53			9,450,000		7,498,348
3.00%		10/01/53			11,725,000		9,696,484
4.00%		10/01/53			6,525,000		5,809,799
4.50%		10/01/53			8,025,000		7,368,580
5.00%		10/01/53			20,150,000		19,007,911
5.50%		10/01/53			10,325,000		9,978,548
							74,322,816
Total Mortgage-Backed
(Cost $207,585,811)							171,869,827

Issues	Maturity Date			Principal         Amount		Value
MUNICIPAL BONDS — 0.19%*
California — 0.03%
Los Angeles Department of Airports Revenue Bonds, Port,
Airport and Marina Improvements, Series A
3.89%		05/15/38		$	100,000	$	83,720
Florida — 0.02%
County of Miami-Dade Aviation Revenue Bonds, Airport and
Marina Improvements, Series B
2.61%		10/01/32			100,000		79,693
New York — 0.12%
City of New York General Obligation Bonds, Public
Improvements, Series F
3.62%		04/01/31			155,000		137,741
New York City Transitional Finance Authority Future Tax
Secured Revenue Bonds, Public Improvements, Subseries
B3
1.85%		08/01/32			75,000		56,158
New York State Urban Development Corp. Revenue Bonds,
Economic Improvements, Series F
2.00%		03/15/33			100,000		74,487
New York State Urban Development Corp. Revenue Bonds,
Transit Improvements, Series B
2.54%		03/15/34			175,000		133,085
							401,471
Ohio — 0.02%
Ohio, Taxable Revenue Bonds, Advanced Refunding,
Cleveland Clinic
2.89%		01/01/32			100,000		82,569
Total Municipal Bonds
(Cost $826,298)							647,453
U.S. TREASURY SECURITIES — 5.28%
U.S. Treasury Bonds — 0.61%
U.S. Treasury Bonds - Treasury Inflation Indexed Bonds
1.25%		04/15/28	10		2,140,509		2,035,156
U.S. Treasury Notes — 4.67%
U.S. Treasury Notes
3.88%		08/15/33			60,000		56,686
4.38%		08/31/28			1,005,000		995,042
U.S. Treasury Notes (WI)
4.50%		09/30/28			3,460,000		3,462,298
4.63%		09/15/26			11,150,000		11,095,989
							15,610,015
Total U.S. Treasury Securities
(Cost $17,724,534)							17,645,171
Total Bonds — 105.27%
(Cost $398,950,823)							351,629,082

See accompanying Notes to Financial Statements.

61 / Semi-Annual Report September 2023

Flexible Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues			Shares		Value
COMMON STOCK — 0.15%
Communications — 0.08%
Intelsat Emergence SA3,5,6,9
(Luxembourg)				11,053	$	247,587
Financials — 0.07%
AGNC Investment Corp.				25,500		240,720
Total Common Stock
(Cost $682,515)						488,307
RIGHTS — 0.00%
Communications — 0.00%
Intelsat Jackson Holdings SA, Series A†,3,5,6,9
(Luxembourg)				1,155		—
Intelsat Jackson Holdings SA, Series B†,3,5,6,9
(Luxembourg)				1,155		—
						—
Total Rights
(Cost $12)						—
WARRANT — 0.00%
Entertainment — 0.00%
Cineworld Group PLC3,9
(United Kingdom)				152,713		—
Total Warrant
(Cost $–)
Issues	Maturity Date		Principal Amount/Shares		Value
SHORT-TERM INVESTMENTS — 17.71%
Money Market Funds — 3.04%
Fidelity Investments Money Market Funds - Government Portfolio
5.23%11				215,569		215,569
Morgan Stanley Institutional Liquidity Funds - Government
Portfolio
5.27%11				9,943,000		9,943,000
						10,158,569
U.S. Treasury Bills — 14.67%
U.S. Treasury Bills
5.41%12		02/15/24	$	5,000,000		4,900,078
U.S. Treasury Bills (WI)
4.95%12		10/19/23		23,185,000		23,127,192
5.48%12		03/07/24		11,500,000		11,233,597

Issues	Maturity Date		Principal Amount/Shares		Value
SHORT-TERM INVESTMENTS (continued)
U.S. Treasury Bills (continued)
5.44%12		03/21/24	$	10,000,000	$	9,747,537
						49,008,404
Total Short-Term Investments
(Cost $59,174,023)						59,166,973
Total Investments - 123.13%
(Cost $458,807,373)						411,284,362
Liabilities in Excess of Other Assets - (23.13)% (77,269,402)
Net Assets - 100.00%					$	334,014,960

¹  Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

²  Floating rate security. The rate disclosed was in effect at September 30, 2023.

³  Foreign denominated security issued by foreign domiciled entity.

⁴  Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

⁵  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁶  Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $4,271,814, which is 1.28% of total net assets.

⁷  Perpetual security with no stated maturity date.

⁸  Security is currently in default with regard to scheduled interest or principal payments.

⁹  Non-income producing security.

¹⁰  Inflation protected security. Principal amount reflects original security face amount.

¹¹  Represents the current yield as of September 30, 2023.

¹²  Represents annualized yield at date of purchase.

^†  Fair valued security. The aggregate value of fair valued securities is $1,304,380, which is 0.39% of total net assets. Fair valued securities were not valued utilizing an independent quote but were valued pursuant to guidelines approved by the Board of Trustees. See Notes to Financial Statements.

^*  Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

^**  Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date sooner than the stated maturity date.

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 62

Flexible Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Note: For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(CLO): Collateralized Loan Obligation

(EMTN): Euro Medium-Term Note

(EUR): Euro

(EURIBOR): Euro InterBank Offer Rate

(GBP): British Pound

(GMTN): Global Medium-Term Note

(IO): Interest Only

(LIBOR): London InterBank Offer Rate

(MTN): Medium-Term Note

(PO): Principal Only

(REIT): Real Estate Investment Trust

(SOFR): Secured Overnight Financing Rate

(SONIA): Sterling Overnight Index Average

(STEP): Step Coupon Bond

(TBA): To-Be-Announced

(USD): U.S. Dollar

(WI): When Issued

Currency to be Purchased	Currency to be Sold	Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
FOREIGN CURRENCY EXCHANGE CONTRACT
USD 6,544,885	EUR 5,996,000	Citibank N.A.		10/13/23	$	192,846
USD 1,174,874	GBP 915,000	Citibank N.A.		10/13/23		57,971
						250,817
EUR 157,000	USD 167,572	Citibank N.A.		10/13/23		(1,250)
NET UNREALIZED APPRECIATION					$	249,567

Description	Number of Contracts	Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
FUTURES CONTRACTS: LONG POSITIONS
U.S. Treasury Five-Year Note	1,254	12/29/23	$	132,120,656	$	(1,451,844)	$	(1,451,844)
U.S. Treasury Two-Year Note	78	12/29/23		15,811,453		(70,200)		(70,200)
				147,932,109		(1,522,044)		(1,522,044)
FUTURES CONTRACTS: SHORT POSITIONS
U.S. Treasury Ten-Year Ultra Bond	288	12/19/23		(32,130,000)		827,061		827,061
U.S. Treasury Ultra Bond	89	12/19/23		(10,563,188)		817,521		817,521
Euro-Bund Future	11	12/07/23		(1,498,174)		46,222		46,222
Euro-Bobl Future	9	12/07/23		(1,102,953)		11,273		11,273
Euro-Buxl 30 Year	3	12/07/23		(388,646)		35,570		35,570
				(45,682,961)		1,737,647		1,737,647
TOTAL FUTURES CONTRACTS			$	102,249,148	$	215,603	$	215,603

See accompanying Notes to Financial Statements.

63 / Semi-Annual Report September 2023

Floating Rate Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
BONDS – 93.63%
ASSET-BACKED SECURITIES — 0.47%**
AMMC CLO 18 Ltd.,
Series 2016-18A, Class BR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.86%)
7.25%		05/26/31	1,2,3	$	1,165,000	$	1,154,795
Golub Capital Partners CLO 69M,
Series 2023-69A, Class B1
(CME Term SOFR 3-Month plus 3.25%)
0.00%		11/09/36	2,3		500,000		500,625
Total Asset-Backed Securities
(Cost $1,626,484)							1,655,420
BANK LOANS — 88.89%*
Automotive — 0.70%
Clarios Global LP,
Term Loan B, 1st Lien (Canada)
(SOFR plus 3.75%)
9.07%		05/06/30	1,2		1,120,000		1,119,479
First Brands Group LLC,
Term Loan B, 1st Lien
(SOFR plus 5.00%)
10.88%		03/30/27	2		1,339,394		1,324,882
							2,444,361
Communications — 6.01%
Altice Financing SA,
Term Loan B, 1st Lien
(SOFR plus 5.00%)
9.56%		10/29/27	2		806,393		801,687
Banijay Group U.S. Holding, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.85%)
9.18%		03/01/28	2		1,468,845		1,471,144
CCI Buyer, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.00%)
9.39%		12/17/27	2		968,829		957,731
CenturyLink, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.36%)
7.17%		03/15/27	2		488,021		349,967
Ciena Corp.,
Term Loan B, 1st Lien
(SOFR plus 2.50%)
7.82%		01/18/30	2		1,243,750		1,248,153
Consolidated Communications, Inc.,
Term Loan B1, 1st Lien
(SOFR plus 3.61%)
8.93%		10/02/27	2		1,250,000		1,114,550
CSC Holdings LLC,
Term Loan B5, 1st Lien
(LIBOR plus 2.50%)
7.95%		04/15/27	2		1,679,376		1,526,133

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Communications (continued)
Cyxtera DC Holdings, Inc.,
Term Loan B, 1st Lien
(LIBOR plus 2.00%)
5.07%		05/01/24	2	$	997,361	$	589,241
Term Loan, 1st Lien
(SOFR plus 8.50%)
13.96%		12/07/23	2		259,639		261,684
Dawn Acquisition LLC,
Term Loan B, 1st Lien
(SOFR plus 4.01%)
9.40%		12/31/25	2		254,556		213,767
Frontier Communications Holdings LLC,
Term Loan B, 1st Lien
(SOFR plus 3.86%)
8.62%		10/08/27	2		726,978		708,611
Intelsat Jackson Holdings SA,
Term Loan, 1st Lien (Luxembourg)
(SOFR plus 4.40%)
9.77%		02/01/29	1,2		1,868,329		1,866,526
NEP Group, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.11%)
9.43%		10/17/25	2		245,625		237,847
NEP/NCP Holdco, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.36%)
8.68%		10/17/25	2		972,674		943,343
Term Loan, 2nd Lien
(SOFR plus 7.11%)
12.43%		10/19/26	2		440,000		351,635
New Insight Holdings, Inc.,
Term Loan B, 1st Lien
(SOFR plus 5.76%)
11.13%		12/20/24	2		471,250		344,529
Numericable U.S. LLC,
Term Loan B14, 1st Lien
(SOFR plus 5.50%)
10.81%		08/16/28	2		1,496,250		1,358,782
Radiate Holdco LLC,
Term Loan B, 1st Lien
(SOFR plus 3.36%)
8.68%		09/25/26	2		248,106		203,876
Red Ventures LLC,
Term Loan B4, 1st Lien
(SOFR plus 3.00%)
8.32%		02/24/30	2		995,000		989,403
SBA Senior Finance II LLC,
Term Loan B, 1st Lien
(SOFR plus 1.75%)
7.07%		04/11/25	2		1,488,220		1,489,411
United Talent Agency LLC,
Term Loan B, 1st Lien
(SOFR plus 4.11%)
9.43%		07/07/28	2		992,405		989,924

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 64

Floating Rate Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Communications (continued)
UPC Financing Partnership,
Term Loan AT, 1st Lien
(SOFR plus 2.36%)
7.70%		04/28/28	2	$	250,000	$	245,375
Virgin Media Bristol LLC,
Term Loan Y, 1st Lien
(SOFR plus 3.35%)
8.31%		03/31/31	2		1,200,000		1,173,432
Zayo Group Holdings, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.11%)
8.43%		03/09/27	2		1,385,276		1,135,303
(SOFR plus 4.33%)
9.64%		03/09/27	2		492,500		402,619
							20,974,673
Consumer Discretionary — 4.81%
Arterra Wines Canada, Inc.,
Term Loan B1, 1st Lien
(SOFR plus 3.76%)
9.15%		11/24/27	2		1,173,155		1,129,162
City Brewing Co. LLC,
Term Loan B, 1st Lien
(SOFR plus 3.76%)
8.32%		04/05/28	2		1,727,421		1,142,974
Four Seasons Hotels Ltd.,
Term Loan B, 1st Lien (Canada)
(SOFR plus 2.60%)
7.92%		11/30/29	1,2		397,995		399,292
Hanesbrands, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.75%)
8.55%		03/08/30	2		601,975		591,440
Naked Juice, LLC,
Term Loan, 1st Lien (Luxembourg)
(SOFR plus 3.35%)
8.74%		01/24/29	1,2		493,750		470,744
Term Loan, 2nd Lien
(SOFR plus 6.10%)
11.49%		01/24/30	2		2,100,000		1,724,299
New Trojan Parent, Inc.,
Term Loan, 1st Lien
(SOFR plus 3.36%)
8.68% - 8.69%		01/06/28	2		1,565,741		837,672
Osmosis Buyer Ltd.,
Term Loan B, 1st Lien
(SOFR plus 3.75%)
9.08%		07/31/28	2		1,876,421		1,860,443
Pegasus Bidco BV,
Term Loan B2, 1st Lien
(SOFR plus 4.25%)
9.61%		07/12/29	2		992,500		994,361
Playa Hotels &Amp; Resorts B.V.,
Term Loan B, 1st Lien
(SOFR plus 4.25%)
9.58%		01/05/29	2		620,313		621,265

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Consumer Discretionary (continued)
Sunshine Luxembourg VII SARL,
Term Loan B, 1st Lien
(SOFR plus 3.85%)
9.24%		10/01/26	2	$	2,193,750	$	2,192,840
Tecta America Corp.,
Term Loan B, 1st Lien
(SOFR plus 4.36%)
9.68%		04/10/28	2		864,017		863,555
Triton Water Holdings, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.51%)
8.23%		03/31/28	2		1,714,350		1,674,345
Waystar Technologies, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.11%)
9.43%		10/22/26	2		942,687		944,898
Wyndham Hotels & Resorts, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.35%)
7.67%		05/24/30	2		1,337,888		1,340,517
							16,787,807
Electric — 1.45%
Calpine Construction Finance Co. LP,
Term Loan B, 1st Lien
(SOFR plus 2.25%)
7.57%		07/31/30	2		650,000		647,445
Calpine Corp.,
Term Loan B5, 1st Lien
(SOFR plus 2.61%)
7.93%		12/16/27	2		714,286		714,836
CommScope, Inc.,
Term Loan B2, 1st Lien (France)
(SOFR plus 3.36%)
8.68%		04/06/26	1,2		430,099		393,756
Edgewater Generation LLC,
Term Loan B, 1st Lien
(SOFR plus 3.86%)
9.18%		12/13/25	2		750,000		731,141
Endure Digital, Inc.,
Term Loan B, 1st Lien
(LIBOR plus 3.50%)
8.79%		02/10/28	2		209,464		204,054
Generation Bridge Northeast LLC,
Term Loan B, 1st Lien
(SOFR plus 4.25%)
9.57%		08/07/29	2		536,585		537,479
Hamilton Projects Acquiror LLC,
Term Loan B, 1st Lien
(SOFR plus 4.61%)
9.93%		06/17/27	2		475,713		474,424
Lackawanna Energy Center LLC,
Term Loan B2, 1st Lien
(SOFR plus 5.00%)
10.32%		08/06/29	2		707,725		700,941

See accompanying Notes to Financial Statements.

65 / Semi-Annual Report September 2023

Floating Rate Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Electric (continued)
Term Loan C, 1st Lien
(SOFR plus 5.00%)
10.32%		07/20/29	2	$	153,102	$	151,635
Talen Energy Supply, LLC,
Term Loan TLB, 1st Lien
(SOFR plus 4.50%)
9.88%		05/17/30	2		275,500		277,108
Term Loan TLC, 1st Lien
(SOFR plus 4.50%)
9.88%		05/17/30	2		223,810		225,115
							5,057,934
Energy — 0.71%
Apro LLC,
Term Loan B, 1st Lien
(SOFR plus 3.86%)
9.19%		11/14/26	2		1,063,284		1,063,815
Calpine Corp.,
Term Loan B10, 1st Lien
(SOFR plus 2.11%)
7.43%		08/12/26	2		185,988		186,146
ChampionX Corp.,
Term Loan B, 1st Lien
(SOFR plus 3.25%)
8.69%		06/07/29	2		500,000		501,875
Parkway Generation LLC,
Term Loan B, 1st Lien
(SOFR plus 4.86%)
10.18%		02/16/29	2		474,554		474,628
Term Loan C, 1st Lien
(SOFR plus 4.86%)
10.18%		02/16/29	2		62,722		62,731
Whitewater Whistler Holdings LLC,
Term Loan B, 1st Lien
(SOFR plus 2.75%)
8.07%		02/15/30	2		176,471		176,471
							2,465,666
Entertainment — 2.93%
Elanco Animal Health, Inc.,
Term Loan B, 1st Lien
(SOFR plus 1.85%)
7.18%		08/01/27	2		743,804		730,527
Formula One Management Ltd.,
Term Loan B, 1st Lien
(SOFR plus 3.00%)
8.05%		01/15/30	2		4,961,392		4,966,973
NAI Entertainment Holdings LLC,
Term Loan B, 1st Lien
(SOFR plus 3.00%)
8.45%		05/08/25	2		422,847		410,215
SMG US Midco 2, Inc.,
Term Loan, 1st Lien
(SOFR plus 2.76%)
8.13%		01/23/25	2		979,650		980,111

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Entertainment (continued)
WildBrain Ltd.,
Term Loan B, 1st Lien
(SOFR plus 4.36%)
9.68%		03/24/28	2	$	1,462,500	$	1,440,562
William Morris Endeavor Entertainment LLC,
Term Loan B1, 1st Lien
(SOFR plus 2.86%)
8.18%		05/16/25	2		1,708,248		1,708,248
							10,236,636
Finance — 4.26%
Auris Lux III SA,
Term Loan B2, 1st Lien (Luxembourg)
(LIBOR plus 3.75%)
9.12%		02/27/26	1,2		1,193,758		1,166,397
Camelot Finance SA,
Term Loan B, 1st Lien
(SOFR plus 3.11%)
8.43%		10/30/26	2		816,071		816,581
Cushman & Wakefield U.S. Borrower LLC,
Term Loan B, 1st Lien
(SOFR plus 3.35%)
8.15%		01/31/30	2		424,359		418,524
DCG Acquisition Corp.,
Term Loan, 1st Lien
(SOFR plus 4.60%)
9.92%		09/30/26	2		1,035,983		1,029,829
Deerfield Dakota Holding LLC,
Term Loan B, 1st Lien
(SOFR plus 3.75%)
9.14%		04/09/27	2		1,478,355		1,444,789
Term Loan B, 2nd Lien
(SOFR plus 7.01%)
8.65%		04/07/28	2		250,000		237,344
Delos Aircraft Designated Activity Co.,
Term Loan B, 1st Lien (Ireland)
(SOFR plus 2.00%)
7.39%		10/14/27	1,2		1,290,796		1,293,222
Delos Finance SARL,
Term Loan B, 1st Lien (Luxembourg)
(LIBOR plus 1.75%)
7.42%		10/06/23	1,2		1,000,000		1,000,000
Finco I LLC,
Term Loan B, 1st Lien
(SOFR plus 3.00%)
8.37%		06/27/29	2		518,700		519,242
First Eagle Holdings, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.60%)
7.99%		02/01/27	2		1,130,978		1,123,202
Focus Financial Partners LLC,
Term Loan B5, 1st Lien
(SOFR plus 3.25%)
8.06%		06/30/28	2		495,000		494,347

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 66

Floating Rate Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Finance (continued)
Term Loan B6, 1st Lien
(SOFR plus 3.50%)
8.82%		06/30/28	2	$	75,000	$	75,020
Guardian U.S. Holdco,
Term Loan B, 1st Lien
(SOFR plus 4.00%)
9.39%		01/31/30	2		498,750		499,935
Guggenheim Partners Investment Management Holdings
LLC,
Term Loan B, 1st Lien
(PRIME plus 3.25%)
8.49%		12/12/29	2		744,375		746,370
Hertz Corp. (The),
Term Loan B, 1st Lien
(LIBOR plus 3.36%)
8.68%		06/30/28	2		1,238,961		1,239,649
Term Loan C, 1st Lien
(SOFR plus 3.36%)
8.68%		06/30/28	2		238,871		239,004
Jane Street Group LLC,
Term Loan B, 1st Lien
(SOFR plus 2.86%)
8.18%		01/26/28	2		1,701,875		1,699,858
Mozart Borrower, LP,
Term Loan B, 1st Lien
(SOFR plus 3.36%)
8.68%		10/23/28	2		827,810		826,540
							14,869,853
Food — 3.98%
8th Avenue Food & Provisions, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.86%)
9.18%		10/01/25	2		1,241,560		1,198,105
(SOFR plus 4.86%)
10.18%		10/01/25	2		490,000		473,463
Aramark Services, Inc.,
Term Loan B5, 1st Lien
(SOFR plus 2.61%)
7.93%		04/06/28	2		1,000,000		1,001,750
B&G Foods, Inc.,
Term Loan B4, 1st Lien
(SOFR plus 2.50%)
7.82%		10/10/26	2		500,000		495,260
Chobani LLC,
Term Loan B, 1st Lien
(SOFR plus 3.61%)
8.42%		10/25/27	2		720,108		721,458
Dessert Holdings, Inc.,
Term Loan, 1st Lien
(SOFR plus 4.11%)
9.43%		06/09/28	2		853,549		768,195
Flora Food Group,
Term Loan B2, 1st Lien
(SOFR plus 3.16%)
8.21%		07/02/25	2		273,310		273,310

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Food (continued)
Froneri U.S., Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.35%)
7.67%		01/29/27	2	$	642,452	$	638,909
H-Food Holdings LLC,
Term Loan, 1st Lien
(LIBOR plus 3.69%)
9.27%		05/23/25	2		246,745		216,279
Hostess Brands LLC,
Term Loan B, 1st Lien
(SOFR plus 2.50%)
7.89%		06/21/30	2		1,325,991		1,330,546
Matterhorn Merger Sub LLC,
Term Loan B2, 1st Lien
(LIBOR plus 4.00%)
9.58%		05/23/25	2		1,454,610		1,277,337
Shearer’s Foods LLC,
Term Loan B, 1st Lien
(SOFR plus 3.61%)
8.93%		09/23/27	2		1,159,979		1,160,222
Sigma Bidco BV,
Term Loan B7, 1st Lien
(SOFR plus 5.21%)
8.21%		01/02/28	2		517,625		505,818
Simply Good Foods USA, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.60%)
7.92%		03/17/27	2		203,571		204,399
Snacking Investments Bidco,
Term Loan B, 1st Lien
(SOFR plus 4.00%)
9.32%		12/18/26	2		1,219,141		1,219,714
Sovos Brands Intermediate, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.76%)
9.13%		06/08/28	2		1,536,207		1,538,127
Utz Quality Foods LLC,
Term Loan B, 1st Lien
(SOFR plus 3.11%)
7.92%		01/20/28	2		854,983		855,649
							13,878,541
Gaming — 3.11%
Bally’s Corp.,
Term Loan B, 1st Lien
(SOFR plus 3.51%)
8.84%		10/02/28	2		241,907		237,604
Caesars Entertainment, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.35%)
8.15%		02/06/30	2		447,750		448,451
Entain PLC,
Term Loan B2, 1st Lien
(SOFR plus 3.60%)
8.99%		10/31/29	2		397,001		397,126

See accompanying Notes to Financial Statements.

67 / Semi-Annual Report September 2023

Floating Rate Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Gaming (continued)
Flutter Entertainment PLC,
Term Loan B, 1st Lien
(SOFR plus 3.51%)
8.90%		07/22/28	2	$	990,000	$	992,970
Golden Entertainment, Inc.,
Term Loan B1, 1st Lien
(SOFR plus 2.85%)
8.17%		05/22/30	2		847,875		847,875
Golden Nugget, LLC,
Term Loan B, 1st Lien
(SOFR plus 4.00%)
9.32%		01/26/29	2		1,466,360		1,454,064
GVC Holdings Gibraltar Ltd.,
Term Loan B4, 1st Lien
(SOFR plus 2.60%)
7.99%		03/29/27	2		1,710,625		1,710,471
J&J Ventures Gaming LLC,
Delayed-Draw Term Loan B, 1st Lien
(SOFR plus 3.25%)
9.71%		04/26/28	2		321,429		309,375
(SOFR plus 4.36%)
9.69%		04/26/28	2		178,571		171,875
Term Loan B, 1st Lien
(SOFR plus 4.26%)
9.65%		04/26/28	2		489,900		470,916
Ontario Gaming Gta Ltd. Partnership,
Term Loan B, 1st Lien (Canada)
(SOFR plus 4.25%)
9.64%		08/01/30	1,2		853,887		855,578
PCI Gaming Authority,
Term Loan B, 1st Lien
(SOFR plus 2.61%)
7.93%		05/29/26	2		1,250,000		1,250,706
Penn National Gaming, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.85%)
7.66%		05/03/29	2		987,500		987,500
Scientific Games Holdings LP,
Term Loan B, 1st Lien
(SOFR plus 3.50%)
8.77%		04/04/29	2		495,238		493,072
Stars Group Holdings BV,
Term Loan B, 1st Lien
(SOFR plus 2.51%)
7.90%		07/21/26	2		234,453		234,600
							10,862,183
Health Care — 13.17%
ADMI Corp.,
Term Loan B, 1st Lien (France)
(SOFR plus 3.11%)
8.43%		04/30/25	1,2		947,638		933,087
Avantor Funding, Inc.,
Term Loan B5, 1st Lien
(SOFR plus 2.35%)
7.67%		11/08/27	2		150,420		150,582

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Health Care (continued)
Bausch + Lomb Corp.,
Term Loan B, 1st Lien
(SOFR plus 3.35%)
8.76%		05/10/27	2	$	3,015,842	$	2,937,098
Term Loan, 1st Lien (Canada)
(SOFR plus 3.00%)
9.42%		09/14/28	1,2		500,000		494,375
Bella Holding Co. LLC,
Term Loan, 1st Lien
(SOFR plus 3.10%)
8.42%		05/10/28	2		980,000		975,786
Cano Health, LLC,
Term Loan, 1st Lien
(SOFR plus 4.10%)
9.42%		11/23/27	2		844,625		549,475
Carestream Dental, Inc.,
Term Loan, 1st Lien
(LIBOR plus 4.50%)
10.23%		09/01/24	2		1,564,013		1,380,632
Catalent Pharma Solutions, Inc.,
Term Loan B3, 1st Lien
(SOFR plus 2.11%)
7.44%		02/22/28	2		996,170		976,406
Certara Holdco, Inc.,
Term Loan B, 1st Lien (France)
(SOFR plus 3.76%)
9.18%		08/15/26	1,2		1,955,000		1,957,444
Charlotte Buyer, Inc.,
Term Loan B, 1st Lien
(SOFR plus 5.25%)
10.58%		02/11/28	2		1,441,619		1,428,615
Curia Global, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.85%)
9.17%		08/28/26	2		2,147,742		1,794,717
CVET Midco 2 LP,
Term Loan, 1st Lien
(SOFR plus 5.00%)
10.39%		10/13/29	2		545,380		540,411
Dermatology Intermediate Holdings, Inc.,
Delayed-Draw Term Loan, 1st Lien
(SOFR plus 4.25%)
9.62% - 9.64%		04/02/29	2		280,462		279,165
eResearchTechnology, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.61%)
9.93%		02/04/27	2		1,235,165		1,214,433
Genesee & Wyoming, Inc.,
Term Loan, 1st Lien
(SOFR plus 2.10%)
7.49%		12/30/26	2		498,708		498,733
Grifols Worldwide Operations USA, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.10%)
7.42%		11/15/27	2		1,925,556		1,895,710

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 68

Floating Rate Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Health Care (continued)
Heartland Dental LLC,
Term Loan B, 1st Lien
(SOFR plus 5.00%)
10.33%		04/28/28	2	$	981,732	$	972,759
Horizon Therapeutics USA, Inc.,
Term Loan B1, 1st Lien
(SOFR plus 2.11%)
7.06%		05/22/26	2		1,500,000		1,501,170
Term Loan B2, 1st Lien
(SOFR plus 1.86%)
7.18%		03/15/28	2		497,449		497,618
ICON Luxembourg SARL,
Term Loan B, 1st Lien (Luxembourg)
(SOFR plus 2.51%)
7.90%		07/03/28	1,2		177,343		177,493
Jazz Financing Lux SARL,
Term Loan B, 1st Lien
(SOFR plus 3.61%)
8.93%		05/05/28	2		1,811,027		1,811,661
LSCS Holdings, Inc.,
Term Loan, 1st Lien
(SOFR plus 4.61%)
9.93%		12/16/28	2		419,758		414,616
National Seating & Mobility,
Term Loan, 1st Lien
(SOFR plus 5.35%)
10.74%		11/16/26	2		1,438,477		1,389,569
NMN Holdings III Corp.,
Term Loan, 1st Lien
(SOFR plus 3.86%)
9.18%		11/13/25	2		1,183,172		1,131,704
Option Care Health, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.86%)
8.18%		10/27/28	2		1,965,000		1,972,988
Organon & Co.,
Term Loan B, 1st Lien
(SOFR plus 3.11%)
7.75%		06/02/28	2		1,301,675		1,301,350
Pacific Dental Services, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.61%)
8.93% - 8.94%		05/05/28	2		977,500		976,889
Peraton Corp.,
Term Loan B, 1st Lien
(SOFR plus 3.85%)
9.17%		02/01/28	2		1,145,305		1,144,354
Perrigo Investments LLC,
Term Loan B, 1st Lien
(SOFR plus 2.35%)
7.15%		04/20/29	2		1,975,000		1,970,675
PetVet Care Centers LLC,
Term Loan B3, 1st Lien (Luxembourg)
(SOFR plus 3.60%)
8.92%		02/14/25	1,2		703,285		701,087

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Health Care (continued)
Phoenix Newco, Inc.,
Term Loan, 1st Lien
(SOFR plus 3.36%)
8.68%		11/15/28	2	$	1,966,278	$	1,954,884
Pluto Acquisition I, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.26%)
9.68%		06/22/26	2		731,876		643,136
PRA Health Sciences, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.51%)
7.90%		07/03/28	2		44,185		44,223
Premise Health Holding Corp.,
Term Loan, 1st Lien (Luxembourg)
(SOFR plus 4.00%)
8.91%		07/10/25	1,2		2,083,049		2,036,180
Prestige Brands, Inc.,
Term Loan B5, 1st Lien
(SOFR plus 2.11%)
7.43%		07/03/28	2		1,093,750		1,097,556
Resonetics LLC,
Term Loan, 1st Lien
(LIBOR plus 4.00%)
9.63%		04/28/28	2		1,716,228		1,690,176
RXB Holdings, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.61%)
9.95%		12/20/27	2		498,724		493,737
(SOFR plus 5.25%)
10.57%		03/17/28	2		706,897		701,595
Sharp Services LLC,
Term Loan B, 1st Lien
(SOFR plus 4.10%)
9.49%		12/31/28	2		979,418		973,296
(SOFR plus 4.50%)
9.87%		12/31/28	2		250,000		249,688
Star Parent, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.00%)
9.31%		09/19/30	2		1,514,644		1,483,193
U.S. Renal Care, Inc.,
Term Loan, 1st Lien
(SOFR plus 5.26%)
10.61%		06/20/28	2		185,934		124,576
Vizient, Inc.,
Term Loan B7, 1st Lien
(SOFR plus 2.35%)
7.67%		05/16/29	2		497,481		498,570
							45,961,412
Industrial REITs — 0.17%
Avison Young Canada, Inc.,
Term Loan B, 1st Lien
(SOFR plus 6.76%)
12.15%		01/31/26	2		1,469,152		582,151

See accompanying Notes to Financial Statements.

69 / Semi-Annual Report September 2023

Floating Rate Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Industrials — 12.08%
Alliance Laundry Systems, LLC,
Term Loan B, 1st Lien
(SOFR plus 3.60%)
8.90%		10/08/27	2	$	1,445,842	$	1,447,346
Anchor Packaging LLC,
Term Loan, 1st Lien
(SOFR plus 3.60%)
8.92%		07/18/26	2		206,687		205,396
Arterrsa Services LLC,
Term Loan, 1st Lien (Luxembourg)
(SOFR plus 3.60%)
8.99%		03/06/25	1,2		1,466,250		1,378,282
ASP Blade Holdings, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.26%)
9.65%		10/16/28	2		1,227,042		1,087,086
AZZ, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.75%)
8.91% - 9.33%		05/14/29	2		1,609,511		1,614,871
BCPE Empire Holdings, Inc.,
Term Loan, 1st Lien
(SOFR plus 4.75%)
10.07%		12/10/28	2		1,036,444		1,037,610
Bleriot U.S. Bidco, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.26%)
9.65%		10/30/28	2		349,125		349,966
Charter Next generation, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.86%)
9.18%		12/01/27	2		1,237,310		1,227,770
Compass Power Generation LLC,
Term Loan B, 1st Lien
(SOFR plus 4.36%)
9.68%		04/14/29	2		820,028		818,904
Conserve Merger Sub, Inc.,
Term Loan, 1st Lien (France)
(SOFR plus 3.60%)
8.93%		08/08/25	1,2		1,900,000		1,899,288
Convergint Technologies,
Term Loan, 1st Lien
(SOFR plus 3.86%)
9.18%		03/31/28	2		488,766		481,283
Dermatology Intermediate Holdings, Inc.,
Term Loan, 1st Lien
(SOFR plus 4.25%)
9.62%		04/02/29	2		1,497,579		1,490,652
DG Investment Intermediate Holdings 2, Inc.,
Term Loan, 2nd Lien
(SOFR plus 6.86%)
12.18%		03/30/29	2		250,000		222,188
DIRECTV Financing LLC,
Term Loan, 1st Lien
(SOFR plus 5.00%)
10.43%		08/02/27	2		477,529		467,780

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Industrials (continued)
DTI Holdco, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.75%)
10.12%		04/26/29	2	$	1,482,513	$	1,446,903
Eagle 4 Ltd.,
Term Loan B, 1st Lien
(SOFR plus 4.01%)
9.40%		07/12/28	2		491,062		490,755
EMRLD Borrower LP,
Term Loan B, 1st Lien
(SOFR plus 3.00%)
8.32%		05/31/30	2		917,431		917,436
Engineered Machinery Holdings, Inc.,
Term Loan, 1st Lien
(SOFR plus 3.76%)
9.15%		05/19/28	2		233,213		232,297
Filtration Group Corp.,
Term Loan, 1st Lien
(SOFR plus 4.36%)
9.68%		10/21/28	2		746,250		748,220
Gates Global LLC,
Term Loan B4, 1st Lien
(SOFR plus 3.50%)
8.82%		11/16/29	2		495,000		495,851
Gopher Resource LLC,
Term Loan, 1st Lien
(LIBOR plus 3.25%)
8.98%		03/06/25	2		497,313		420,053
Hyland Software, Inc.,
Term Loan, 1st Lien
(SOFR plus 3.50%)
8.82%		07/01/24	2		1,138,196		1,128,407
II-VI, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.86%)
7.38% - 7.67%		07/02/29	2		457,076		456,434
Janus International Group LLC,
Term Loan B, 1st Lien
(SOFR plus 3.35%)
8.68%		07/25/30	2		619,303		618,142
KAMC Holdings, Inc.,
Term Loan, 1st Lien
(SOFR plus 4.43%)
9.73%		08/14/26	2,4,5		720,000		644,400
Michaels Cos., Inc. (The),
Term Loan, 1st Lien
(SOFR plus 4.51%)
9.90%		04/15/28	2		1,225,596		1,121,972
NMN Holdings III Corp.,
Delayed-Draw Term Loan, 1st Lien
(SOFR plus 3.86%)
9.18%		11/13/25	2		253,910		242,865
Osmose Utilities Services, Inc.,
Term Loan, 1st Lien
(SOFR plus 3.36%)
7.88%		06/23/28	2		1,228,712		1,221,469

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 70

Floating Rate Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Industrials (continued)
Patriot Container Corp.,
Term Loan B, 1st Lien
(SOFR plus 3.85%)
9.17%		03/20/25	2	$	1,988,417	$	1,895,210
Peacock Merger Corp.,
Term Loan, 1st Lien
(SOFR plus 4.40%)
9.79%		12/29/28	2		481,326		457,712
Plaze, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.64%)
8.95%		08/03/26	2		486,250		470,600
Term Loan B, 1st Lien (Luxembourg)
(SOFR plus 3.61%)
8.93%		08/03/26	1,2		1,737,725		1,681,796
ProAmpac PG Borrower LLC,
Term Loan B, 1st Lien
(SOFR plus 3.75%)
9.26% - 9.39%		11/03/25	2		1,395,418		1,390,882
(SOFR plus 4.75%)
9.84%		11/03/28	2		425,000		423,619
Protective Industrial Products, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.11%)
9.43%		12/29/27	2		1,352,753		1,313,862
Refficiency Holdings LLC,
Term Loan, 1st Lien
(SOFR plus 3.85%)
9.17%		12/16/27	2		538,352		537,006
Rockwood Service Corp.,
Term Loan B, 1st Lien
(SOFR plus 4.00%)
9.69%		01/23/27	2		178,594		179,621
Spirit Aerosystems, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.25%)
9.62%		01/15/27	2		990,000		989,752
SPX flow, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.60%)
9.41% - 9.58%		04/05/29	2		621,413		620,919
Standard Industries, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.61%)
7.94%		09/22/28	2		489,154		489,883
Transcendia Holdings, Inc.,
Term Loan B, 1st Lien
(LIBOR plus 3.50%)
9.23%		05/30/24	2		2,384,909		1,806,568
TransDigm, Inc.,
Term Loan I, 1st Lien
(SOFR plus 3.25%)
8.64%		08/24/28	2		1,742,497		1,745,355

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Industrials (continued)
Vantage Elevator Solutions,
Term Loan, 1st Lien
(SOFR plus 3.86%)
9.18%		11/19/28	2	$	1,966,278	$	1,856,501
Windsor Holdings III, LLC,
Term Loan B, 1st Lien
(SOFR plus 4.50%)
9.83%		08/01/30	2		662,162		661,334
Wrench Group LLC,
Term Loan, 1st Lien
(SOFR plus 4.26%)
9.65%		04/30/26	2		1,707,851		1,706,783
							42,141,029
Information Technology — 14.54%
Applovin Corp.,
Term Loan B, 1st Lien
(SOFR plus 3.10%)
8.42%		08/14/30	2		1,586,409		1,584,592
Arches Buyer, Inc.,
Term Loan, 1st Lien
(SOFR plus 3.35%)
8.67%		12/06/27	2		989,796		971,084
Athenahealth Group, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.25%)
8.25%		02/15/29	2		1,261,948		1,241,839
Azalea Topco, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.90%)
9.32%		07/24/26	2		492,500		475,107
Barracuda Parent LLC,
Term Loan, 1st Lien
(SOFR plus 4.50%)
9.87%		08/15/29	2		131,556		130,520
Bracket Intermediate Holding Corp.,
Term Loan, 1st Lien
(SOFR plus 5.10%)
10.49%		05/03/28	2		498,750		499,321
Buzz Merger Sub Ltd.,
Term Loan B, 1st Lien
(SOFR plus 2.75%)
8.17%		01/29/27	2		498,708		498,865
Castle U.S. Holding Corp.,
Term Loan B, 1st Lien
(SOFR plus 4.01%)
9.43%		01/29/27	2		970,833		767,822
Central Parent, Inc.,
Term Loan B, 1st Lien (Canada)
(SOFR plus 4.25%)
9.14% - 9.18%		07/06/29	1,2		1,637,625		1,639,959
CHG Healthcare Services, Inc.,
Term Loan, 1st Lien
(SOFR plus 3.36%)
8.68%		09/29/28	2		483,761		482,361

See accompanying Notes to Financial Statements.

71 / Semi-Annual Report September 2023

Floating Rate Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Information Technology (continued)
CT Technologies Intermediate Holdings, Inc.,
Term Loan, 1st Lien
(SOFR plus 4.36%)
9.68%		12/16/25	2	$	1,600,603	$	1,539,156
Dun & Bradstreet Corp. (The),
Term Loan B, 1st Lien
(SOFR plus 2.85%)
8.17%		02/06/26	2		634,686		634,486
EagleView Technology Co.,
Term Loan B, 1st Lien
(SOFR plus 3.76%)
9.15%		08/14/25	2		2,652,441		2,524,129
Electron Bidco, Inc.,
Term Loan, 1st Lien
(SOFR plus 3.11%)
8.43%		11/01/28	2		985,000		982,262
Emerald Topco, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.76%)
9.18%		07/24/26	2		1,300,105		1,253,952
Ensemble RCM LLC,
Term Loan B, 1st Lien
(SOFR plus 3.85%)
9.22%		08/03/26	2		968,488		970,653
Entegris, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.50%)
7.82% - 7.89%		07/06/29	2		1,164,564		1,164,564
Epicor Software Corp.,
Term Loan, 1st Lien
(SOFR plus 4.25%)
9.09%		07/30/27	2		750,000		751,875
EQT Box Merger Sub, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.50%)
8.82% - 8.84%		04/17/28	2		1,478,072		1,470,423
Gainwell Acquisition Corp.,
Term Loan B, 1st Lien
(SOFR plus 4.10%)
9.49%		10/01/27	2		1,462,406		1,430,416
Go Daddy Operating Co., LLC,
Term Loan B5, 1st Lien
(SOFR plus 2.50%)
7.82%		11/09/29	2		349,125		349,870
Helios Software Holdings, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.35%)
9.74%		07/18/30	2		1,160,000		1,156,520
Idemia America Corp.,
Term Loan B4, 1st Lien
(SOFR plus 4.75%)
10.14%		09/22/28	2		283,074		283,517
Imperva, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.26%)
9.63%		01/12/26	2		978,782		981,841

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Information Technology (continued)
IQVIA, Inc.,
Term Loan B3, 1st Lien
(SOFR plus 2.01%)
7.40%		06/11/25	2	$	500,000	$	501,963
Logmein, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.90%)
10.27%		08/31/27	2		454,453		303,968
Magenta Buyer LLC,
Term Loan, 1st Lien
(SOFR plus 5.26%)
10.63%		07/27/28	2		970,063		726,737
Magenta Buyer, LLC,
Term Loan, 2nd Lien
(SOFR plus 8.51%)
13.88%		07/27/29	2		446,493		215,433
Magnite, Inc.,
Term Loan B, 1st Lien
(SOFR plus 5.11%)
10.43% - 10.93%		04/28/28	2		925,269		930,473
Match Group, Inc.,
Term Loan B, 1st Lien
(SOFR plus 1.90%)
7.30%		02/13/27	2		1,000,000		997,500
MeridianLink, Inc.,
Term Loan B, 1st Lien
(LIBOR plus 3.00%)
8.73%		11/10/28	2		487,556		487,191
MH Sub I LLC,
Term Loan B, 1st Lien
(SOFR plus 4.36%)
9.68%		05/03/28	2		1,300,418		1,260,287
Mitchell International, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.86%)
9.18%		10/15/28	2		1,157,534		1,140,507
Mitnick Corporate Purchaser, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.60%)
9.97%		05/02/29	2		439,656		424,358
Monotype Imaging Holdings, Inc.,
Term Loan B, 1st Lien
(SOFR plus 5.10%)
10.49%		10/09/26	2		1,470,000		1,473,675
NCR Corp.,
Term Loan B, 1st Lien
(SOFR plus 2.61%)
7.93%		08/28/26	2		1,967,694		1,969,662
Northwest Fiber LLC,
Term Loan B, 1st Lien
(SOFR plus 3.86%)
9.18%		04/30/27	2		429,094		424,400
Open Text Corp.,
Term Loan B, 1st Lien (Canada)
(SOFR plus 2.85%)
8.17%		01/31/30	1,2		1,241,872		1,243,499

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 72

Floating Rate Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Information Technology (continued)
Pactiv Evergreen Group Holdings, Inc.,
Term Loan B3, 1st Lien
(SOFR plus 3.36%)
8.68%		09/22/28	2	$	1,217,538	$	1,217,855
Peraton Corp.,
Term Loan, 2nd Lien
(SOFR plus 7.85%)
13.23%		02/01/29	2		248,837		244,276
Playtika Holding Corp.,
Term Loan B, 1st Lien
(SOFR plus 2.86%)
8.18%		03/13/28	2		1,484,887		1,485,124
Pretium Packaging Holdings, Inc.,
Term Loan, 1st Lien
(SOFR plus 4.26%)
9.44% - 9.53%		10/02/28	2		1,721,844		1,068,206
Project Alpha Intermediate Holding, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.11%)
9.43%		04/26/24	2		919,884		920,174
Project Boost Purchaser, LLC,
Term Loan B, 1st Lien
(SOFR plus 3.61%)
8.93%		06/01/26	2		1,473,146		1,473,249
Proofpoint, Inc.,
Term Loan B, 1st Lien (Canada)
(SOFR plus 3.36%)
8.68%		08/31/28	1,2		930,385		923,859
Quartz AcquireCo LLC,
Term Loan B, 1st Lien
(SOFR plus 3.50%)
8.82%		06/28/30	2		410,000		410,000
RealPage, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.11%)
8.43%		04/24/28	2		1,213,136		1,200,750
Renaissance Holding Corp.,
Term Loan, 1st Lien
(SOFR plus 4.75%)
10.07%		04/07/30	2		1,125,000		1,117,969
Sophia LP,
Term Loan B, 1st Lien
(SOFR plus 3.60%)
8.92%		10/07/27	2		904,515		903,575
Spin Holdco, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.26%)
9.66%		03/03/28	2		1,451,279		1,260,008
TIBCO Software, Inc.,
Term Loan A, 1st Lien
(SOFR plus 4.60%)
9.50%		09/29/28	2		313,233		301,357
Uber Technologies, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.75%)
8.16%		03/03/30	2		992,500		993,289

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Information Technology (continued)
Zoominfo LLC,
Term Loan B, 1st Lien
(SOFR plus 2.85%)
8.17%		02/28/30	2	$	496,250	$	497,180
Zotec Partners LLC,
Term Loan B, 1st Lien (France)
(SOFR plus 3.75%)
8.91%		02/14/24	1,2		922,781		838,005
							50,739,663
Insurance — 1.69%
Acrisure LLC,
Term Loan B1, 1st Lien
(LIBOR plus 3.50%)
8.93%		02/15/27	2		1,433,368		1,416,218
AssuredPartners, Inc.,
Term Loan, 1st Lien
(SOFR plus 3.50%)
8.82%		02/12/27	2		1,231,867		1,229,939
Asurion LLC,
Term Loan B10, 1st Lien
(SOFR plus 4.10%)
8.91%		08/19/28	2		764,096		742,365
Term Loan B9, 1st Lien
(SOFR plus 3.36%)
8.68%		07/31/27	2		1,321,240		1,279,291
HUB International Ltd.,
Term Loan B, 1st Lien
(SOFR plus 4.00%)
9.37%		11/10/29	2		1,240,625		1,244,148
							5,911,961
Materials — 3.70%
American Rock Salt Co. LLC,
Term Loan B, 1st Lien
(SOFR plus 4.11%)
9.43%		06/09/28	2		431,422		401,580
Archroma Finance Sarl,
Term Loan B, 1st Lien
(SOFR plus 5.50%)
10.60%		06/30/27	2		248,127		238,513
Arsenal Aic Parent LLC,
Term Loan B, 1st Lien
(SOFR plus 4.50%)
9.88%		08/19/30	2		554,667		554,320
Avient Corp.,
Term Loan B7, 1st Lien
(SOFR plus 2.50%)
7.87%		08/29/29	2		234,551		235,597
Chemours Co. (The),
Term Loan B3, 1st Lien
(SOFR plus 3.50%)
8.82%		08/18/28	2		747,791		740,313

See accompanying Notes to Financial Statements.

73 / Semi-Annual Report September 2023

Floating Rate Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Materials (continued)
Cyanco Intermediate 2 Corp.,
Term Loan B, 1st Lien
(SOFR plus 4.75%)
10.07%		06/29/28	2	$	650,000	$	652,031
HB Fuller Co.,
Term Loan B, 1st Lien
(SOFR plus 2.50%)
7.84%		02/15/30	2		498,747		500,929
Herens U.S. Holdco Corp.,
Term Loan B, 1st Lien
(SOFR plus 4.03%)
9.42%		07/03/28	2		768,144		684,129
LSF11 A5 HoldCo LLC,
Term Loan B, 1st Lien
(SOFR plus 3.61%)
8.93%		10/15/28	2		1,228,133		1,200,807
Lummus Technology Holdings V LLC,
Term Loan B, 1st Lien
(SOFR plus 3.61%)
8.93%		06/30/27	2		294,799		294,451
Mativ Holdings, Inc.,
Delayed-Draw Term Loan, 1st Lien
(SOFR plus 2.50%)
7.94%		05/06/27	2		1,500,000		1,462,500
Momentive Performance Materials, Inc.,
Term Loan, 1st Lien
(SOFR plus 4.50%)
9.82%		03/29/28	2		361,779		353,034
Nouryon Finance BV,
Term Loan B, 1st Lien
(SOFR plus 4.10%)
9.43%		04/03/28	2		1,122,188		1,110,494
Plaskolite PPC Intermediate II LLC,
Term Loan, 1st Lien
(SOFR plus 4.26%)
9.63%		12/15/25	2		1,446,579		1,387,168
Polar U.S. Borrower LLC,
Term Loan, 1st Lien
(SOFR plus 4.75%)
9.82% - 10.15%		10/15/25	2		1,524,790		1,232,221
Potters Borrower LP,
Term Loan, 1st Lien
(SOFR plus 4.10%)
9.49%		12/14/27	2		1,456,236		1,463,291
TMS International Corp.,
Term Loan B, 1st Lien
(SOFR plus 4.75%)
10.07% - 10.12%		03/02/30	2		398,000		400,488
							12,911,866
Office REITs — 0.26%
Rent-A-Center, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.51%)
8.12%		02/17/28	2		911,597		910,886

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Retail — 4.06%
1011778 BC Unlimited Liability Co.,
Term Loan B5, 1st Lien (Canada)
(SOFR plus 2.25%)
7.57%		09/13/30	1,2	$	1,497,423	$	1,493,529
American Airlines, Inc.,
Term Loan, 1st Lien
(SOFR plus 5.01%)
10.34%		04/20/28	2		2,612,500		2,695,943
AmWINS Group, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.36%)
7.68%		02/19/28	2		498,719		496,340
BW Gas & Convenience Holdings LLC,
Term Loan B, 1st Lien
(SOFR plus 3.61%)
8.93%		03/31/28	2		224,426		222,462
Dave & Buster’s, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.85%)
9.19%		06/29/29	2		1,250,000		1,251,825
EG America LLC,
Term Loan BB, 1st Lien
(SOFR plus 4.00%)
9.32%		02/05/25	2		297,388		298,039
Term Loan BC, 1st Lien
(SOFR plus 5.50%)
10.84%		02/07/28	2		196,707		188,839
IRB Holding Corp.,
Term Loan B, 1st Lien
(SOFR plus 3.10%)
8.42%		12/15/27	2		994,955		992,513
KFC Holding Co.,
Term Loan B, 1st Lien
(SOFR plus 1.86%)
7.20%		03/15/28	2		1,487,290		1,488,882
MIC Glen LLC,
Term Loan, 1st Lien
(SOFR plus 3.36%)
8.68%		07/21/28	2		714,618		708,683
Sally Holdings LLC,
Term Loan B, 1st Lien
(SOFR plus 2.25%)
7.57%		02/28/30	2		918,206		920,359
SRS Distribution, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.61%)
8.15%		06/02/28	2		88,300		87,541
Tacala Investment Corp.,
Term Loan B, 1st Lien
(SOFR plus 4.11%)
9.43%		02/05/27	2		1,160,215		1,157,680
Term Loan B, 2nd Lien
(SOFR plus 8.00%)
13.43%		02/04/28	2		735,000		713,317

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 74

Floating Rate Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Retail (continued)
Whatabrands LLC,
Term Loan B, 1st Lien
(SOFR plus 3.11%)
8.43%		08/03/28	2	$	1,471,281	$	1,467,603
							14,183,555
Services — 9.95%
Allied Universal Holdco LLC,
Term Loan B, 1st Lien
(SOFR plus 3.85%)
9.17%		05/12/28	2		580,835		561,990
(SOFR plus 4.75%)
10.07%		05/12/28	2		250,000		246,875
Alterra Mountain Co.,
Term Loan B, 1st Lien
(SOFR plus 3.85%)
9.17%		05/31/30	2		149,625		149,999
Amentum Government Services Holdings, LLC,
Term Loan B, 1st Lien
(SOFR plus 4.00%)
8.82% - 9.03%		02/15/29	2		1,723,163		1,703,786
ArchKey Holdings, Inc.,
Term Loan, 1st Lien
(SOFR plus 5.51%)
10.68% - 10.88%		06/29/28	2		242,516		242,138
Arcis Golf LLC,
Term Loan B, 1st Lien
(SOFR plus 4.36%)
9.68%		11/24/28	2		985,000		988,285
Artera Services LLC,
Term Loan, 1st Lien
(SOFR plus 3.35%)
8.74%		03/06/25	2		145,790		137,245
Belron Finance U.S. LLC,
Term Loan B, 1st Lien (Luxembourg)
(SOFR plus 2.85%)
8.16%		04/18/29	1,2		1,072,313		1,074,827
CCRR Parent, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.86%)
9.18%		03/06/28	2		496,183		475,095
CH Gunther PPC Parent LLC,
Term Loan B, 1st Lien
(SOFR plus 3.11%)
8.43%		12/08/28	2		984,935		980,626
Confluent Medical Technologies, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.75%)
9.14%		02/16/29	2		735,028		725,841
CoreLogic, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.61%)
8.93%		06/02/28	2		217,665		201,929

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Services (continued)
Corp. Service Co.,
Term Loan B, 1st Lien
(SOFR plus 3.35%)
8.67%		11/02/29	2	$	1,595,438	$	1,597,232
Covanta Holding Corp.,
Term Loan B, 1st Lien
(SOFR plus 2.50%)
7.82%		11/30/28	2		916,359		912,428
(SOFR plus 3.00%)
8.33%		11/30/28	2		144,186		144,036
Term Loan C, 1st Lien
(SOFR plus 2.50%)
7.82%		11/30/28	2		69,686		69,387
(SOFR plus 3.00%)
8.33%		11/30/28	2		10,814		10,803
CRCI Longhorn Holdings, Inc.,
Term Loan, 2nd Lien
(LIBOR plus 7.25%)
12.71%		08/10/26	2		505,676		482,920
Creative Artists Agency, LLC,
Term Loan B, 1st Lien
(SOFR plus 3.50%)
8.82%		11/27/28	2		995,001		992,783
Dodge Data & Analytics, LLC,
Term Loan, 1st Lien
(SOFR plus 4.90%)
10.29%		02/23/29	2		486,263		402,385
Element Materials Technology Group U.S. Holdings, Inc.,
Delayed-Draw Term Loan, 1st Lien
(SOFR plus 4.35%)
9.74%		06/22/29	2		579,829		574,515
Term Loan B, 1st Lien
(SOFR plus 4.35%)
9.74%		06/22/29	2		1,256,296		1,244,782
GFL Environmental, Inc.,
Term Loan B, 1st Lien (Canada)
(SOFR plus 2.50%)
7.84%		05/31/27	1,2		500,000		500,235
(SOFR plus 3.00%)
8.42%		05/31/27	1,2		567,967		568,632
GTCR W Merger Sub LLC,
Term Loan B, 1st Lien
(SOFR plus 3.75%)
8.34%		09/20/30	2		1,750,000		1,750,639
Kuehg Corp.,
Term Loan, 1st Lien
(SOFR plus 5.00%)
10.39%		06/12/30	2		1,000,000		1,003,280
Lakeland Holdings LLC,
Term Loan, 1st Lien
(LIBOR plus 8.00%)
8.00%		09/25/27	2,4,5,6		634,811		488,804
Madison IAQ LLC,
Term Loan, 1st Lien
(SOFR plus 3.36%)
8.69%		06/21/28	2		246,843		243,249

See accompanying Notes to Financial Statements.

75 / Semi-Annual Report September 2023

Floating Rate Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Services (continued)
Mavenir Systems, Inc.,
Term Loan B, 1st Lien
(SOFR plus 5.01%)
10.39%		08/18/28	2	$	640,250	$	510,759
NAB Holdings, LLC,
Term Loan B, 1st Lien
(SOFR plus 3.15%)
8.54%		11/23/28	2		729,432		728,257
Neptune Bidco U.S., Inc.,
Term Loan A, 1st Lien
(SOFR plus 4.85%)
10.15%		10/11/28	2		573,563		514,365
Term Loan B, 1st Lien
(SOFR plus 5.10%)
10.40%		04/11/29	2		498,750		450,643
Nielsen Consumer, Inc.,
Term Loan B, 1st Lien
(SOFR plus 6.25%)
11.57%		03/06/28	2		498,750		487,112
Omnia Partners, LLC,
Term Loan, 1st Lien
(SOFR plus 4.25%)
9.60%		07/19/30	2,7		1,063,623		1,066,170
Pre-Paid Legal Services, Inc.,
Term Loan, 1st Lien
(SOFR plus 3.61%)
8.93%		12/15/28	2		1,713,807		1,699,882
Prime Security Services Borrower, LLC,
Term Loan A, 1st Lien
(SOFR plus 1.25%)
8.19%		03/14/28	2		1,000,000		985,000
Prometric Holdings, Inc.,
Term Loan B, 1st Lien
(SOFR plus 5.25%)
10.59%		01/29/28	2		750,000		731,250
Safe Fleet Holdings, LLC,
Term Loan, 1st Lien
(SOFR plus 3.85%)
9.17%		02/23/29	2		1,225,016		1,227,791
Signal Parent, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.60%)
8.92%		04/03/28	2		497,455		421,904
Trans Union LLC,
Term Loan B6, 1st Lien (Luxembourg)
(SOFR plus 2.36%)
7.68%		12/01/28	1,2		1,559,237		1,560,414
Trugreen LP,
Term Loan B, 2nd Lien
(LIBOR plus 8.76%)
14.13%		11/02/28	2,4		500,000		352,500
TruGreen LP,
Term Loan B, 1st Lien
(SOFR plus 4.10%)
9.42%		11/02/27	2		1,219,056		1,161,761

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Services (continued)
University Support Services, LLC,
Term Loan B, 1st Lien
(SOFR plus 3.35%)
8.67%		02/10/29	2	$	1,815,433	$	1,802,725
Vaco Holdings, LLC,
Term Loan B, 1st Lien
(SOFR plus 5.25%)
10.59%		01/19/29	2		728,197		702,485
Verscend Holding Corp.,
Term Loan B, 1st Lien
(SOFR plus 4.11%)
9.43%		08/27/25	2		977,416		978,902
VT Topco, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.25%)
9.66%		08/09/30	2		523,810		524,739
WW International, Inc.,
Term Loan B, 1st Lien (France)
(SOFR plus 3.61%)
8.93%		04/13/28	1,2		445,000		338,387
							34,719,792
Specialized REITs — 0.36%
Greystar Real Estate Partners, LLC,
Term Loan B, 1st Lien
(SOFR plus 3.75%)
9.15%		08/07/30	2		1,250,000		1,250,000
Transportation — 0.95%
Air Canada,
Term Loan B, 1st Lien
(SOFR plus 3.76%)
9.13%		08/11/28	2		493,750		494,780
Kenan Advantage Group, Inc. (The),
Term Loan B1, 1st Lien
(SOFR plus 4.18%)
9.48%		03/24/26	2		746,164		745,283
Kestrel Bidco, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.10%)
8.42%		12/11/26	2		712,775		699,410
United Airlines, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.86%)
8.56%		04/21/28	2		1,358,036		1,362,280
							3,301,753
Total Bank Loans
(Cost $316,547,149)							310,191,722
CORPORATES — 4.27%*
Automobile Components — 0.27%
Allison Transmission, Inc.
3.75%		01/30/31	3		550,000		445,753

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 76

Floating Rate Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Automobile Components (continued)
Ford Motor Credit Co. LLC
3.37%		11/17/23		$	500,000	$	496,750
							942,503
Banking — 0.14%
PNC Financial Services Group, Inc. (The)
5.58%		06/12/29	8		500,000		485,469
Communications — 0.75%
AT&T, Inc.
5.25%		03/01/37			500,000		452,739
Diamond Sports Group, LLC/Diamond Sports Finance Co.
5.38%		08/15/26	3,9,10		690,000		15,525
Frontier Communications Holdings LLC
5.00%		05/01/28	3		500,000		427,828
Intelsat Jackson Holdings SA, Class B
(Luxembourg)
8.50%		10/15/24	†,1,3,4,5,9,10		1,000,000		—
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.
4.75%		04/30/27	3		500,000		440,000
T-Mobile USA, Inc.
3.75%		04/15/27			500,000		467,110
Vmed O2 UK Financing I PLC
(United Kingdom)
4.75%		07/15/31	1,3		500,000		406,250
Vodafone Group PLC
(United Kingdom)
4.88%		06/19/49	1		250,000		199,777
Ziggo BV
(Netherlands)
4.88%		01/15/30	1,3		250,000		205,190
							2,614,419
Consumer Discretionary — 0.21%
BAT Capital Corp.
2.73%		03/25/31			400,000		308,518
WarnerMedia Holdings, Inc.
4.28%		03/15/32			500,000		424,475
							732,993
Diversified REITs — 0.25%
GLP Capital LP/GLP Financing II, Inc.
4.00%		01/15/30			500,000		425,300
VICI Properties LP
4.95%		02/15/30			500,000		461,340
							886,640
Electric — 0.13%
Pike Corp.
5.50%		09/01/28	3		500,000		437,936
Energy — 0.14%
Brooklyn Union Gas Co. (The)
6.39%		09/15/33	3		500,000		491,456

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Entertainment — 0.12%
WMG Acquisition Corp.
3.88%		07/15/30	3	$	500,000	$	424,850
Finance — 0.13%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
5.25%		05/15/27			500,000		440,665
Food — 0.20%
JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg Sarl
(Canada)
6.75%		03/15/34	1,3		500,000		486,780
Pilgrim’s Pride Corp.
3.50%		03/01/32			250,000		193,669
							680,449
Gaming — 0.14%
Ontario Gaming GTA LP
(Canada)
8.00%		08/01/30	1,3		500,000		498,728
Health Care — 0.72%
Amgen, Inc.
5.75%		03/02/63			250,000		231,230
Centene Corp.
2.45%		07/15/28			500,000		422,760
Grifols SA
(Spain)
4.75%		10/15/28	1,3		50,000		42,776
HCA, Inc.
5.25%		06/15/26			500,000		489,909
IQVIA, Inc.
5.70%		05/15/28	3		500,000		486,421
ModivCare Escrow Issuer, Inc.
5.00%		10/01/29	3		500,000		359,371
Molina Healthcare, Inc.
3.88%		05/15/32	3		500,000		402,290
Prime Healthcare Services, Inc.
7.25%		11/01/25	3		100,000		93,030
							2,527,787
Industrials — 0.48%
Ball Corp.
3.13%		09/15/31			500,000		392,581
Berry Global, Inc.
1.65%		01/15/27			500,000		430,300
Ingersoll Rand, Inc.
5.70%		08/14/33			500,000		482,894
OT Merger Corp.
7.88%		10/15/29	3		500,000		311,271
Titan Acquisition Ltd./Titan Co-Borrower LLC
(Canada)
7.75%		04/15/26	1,3		50,000		49,250
							1,666,296
Information Technology — 0.29%
Central Parent, Inc./CDK Global, Inc.
7.25%		06/15/29	3		250,000		242,603

See accompanying Notes to Financial Statements.

77 / Semi-Annual Report September 2023

Floating Rate Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Information Technology (continued)
MSCI, Inc.
3.63%		09/01/30	3	$	500,000	$	419,670
NCR Corp.
5.13%		04/15/29	3		50,000		44,124
Oracle Corp.
2.95%		04/01/30			380,000		319,919
							1,026,316
Retail — 0.17%
1011778 BC ULC/New Red Finance, Inc.
(Canada)
3.50%		02/15/29	1,3		500,000		431,250
Michaels Cos., Inc. (The)
7.88%		05/01/29	3		250,000		163,558
							594,808
Services — 0.13%
Waste Pro USA, Inc.
5.50%		02/15/26	3		500,000		467,428
Total Corporates
(Cost $16,165,168)							14,918,743
Total Bonds — 93.63%
(Cost $334,338,801)							326,765,885
Issues				Shares		Value
COMMON STOCK — 0.06%
Communications — 0.06%
Intelsat Emergence SA1,4,5,9
(Luxembourg)					9,683		216,899
Total Common Stock
(Cost $324,124)
RIGHTS — 0.00%
Communications — 0.00%
Intelsat Jackson Holdings SA, Series A†,1,4,5,9
(Luxembourg)					1,013		—
Intelsat Jackson Holdings SA, Series B†,1,4,5,9
(Luxembourg)					1,013		—
							—
Total Rights
(Cost $23)							—
WARRANT — 0.00%
Entertainment — 0.00%
Cineworld Group PLC1,9
(United Kingdom)					229,579		—
Total Warrant
(Cost $–)

Issues	Maturity Date		Principal Amount/Shares		Value
SHORT-TERM INVESTMENTS — 6.69%
Money Market Funds — 1.61%
Fidelity Investments Money Market Funds - Government Portfolio
5.23%11				3,607,575	$	3,607,575
Morgan Stanley Institutional Liquidity Funds - Government Portfolio
5.27%11				2,003,000		2,003,000
						5,610,575
U.S. Treasury Bills — 5.08%
U.S. Treasury Bills (WI)
4.90%12		10/19/23	$	4,020,000		4,009,977
5.38%12		12/05/23		3,000,000		2,971,672
5.43%12		03/07/24		8,000,000		7,814,676
5.44%12		03/21/24		3,000,000		2,924,261
						17,720,586
Total Short-Term Investments
(Cost $23,333,035)						23,331,161
Total Investments - 100.38%
(Cost $357,995,983)						350,313,945
Net unrealized appreciation on unfunded commitments - 0.00%						582
Liabilities in Excess of Other Assets - (0.38)%						(1,343,592	)
Net Assets - 100.00%					$	348,970,935

¹  Foreign denominated security issued by foreign domiciled entity.

²  Floating rate security. The rate disclosed was in effect at September 30, 2023.

³  Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

⁴  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁵  Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $1,350,103, which is 0.39% of total net assets.

⁶  Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer - 8.00% cash or 13.25% payment-in-kind interest.

⁷  Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $100,155, at an interest rate of 9.57% and a maturity of July 19, 2030. The investment is accruing an unused commitment fee of 0.35% per annum.

⁸  Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

⁹  Non-income producing security.

¹⁰  Security is currently in default with regard to scheduled interest or principal payments.

¹¹ Represents the current yield as of September 30, 2023.

¹²  Represents annualized yield at date of purchase.

^†  Fair valued security. The aggregate value of fair valued securities is $0, which is 0.00% of total net assets. Fair valued securities were not valued utilizing an independent quote but were valued pursuant to guidelines approved by the Board of Trustees. See Notes to Financial Statements.

* Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

** Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date sooner than the stated maturity date.

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 78

Floating Rate Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Note: For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(CLO): Collateralized Loan Obligation

(LIBOR): London InterBank Offer Rate

(REIT): Real Estate Investment Trust

(SOFR): Secured Overnight Financing Rate

(WI): When Issued

See accompanying Notes to Financial Statements.

79 / Semi-Annual Report September 2023

High Yield Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
BONDS – 91.85%
BANK LOANS — 9.94%*
Communications — 0.74%
Cyxtera DC Holdings, Inc.,
Term Loan B, 1st Lien
(LIBOR plus 2.00%)
5.07%		05/01/24	1	$	1,000,000	$	590,800
NEP/NCP Holdco, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.36%)
8.68%		10/17/25	1		994,778		964,780
Term Loan, 2nd Lien
(SOFR plus 7.11%)
12.43%		10/19/26	1		875,000		699,274
Zayo Group Holdings, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.11%)
8.43%		03/09/27	1		1,800,000		1,475,190
							3,730,044
Consumer Discretionary — 1.11%
City Brewing Co. LLC,
Term Loan B, 1st Lien
(SOFR plus 3.76%)
8.32%		04/05/28	1		2,049,027		1,355,769
Hanesbrands, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.75%)
8.55%		03/08/30	1		796,000		782,070
Naked Juice, LLC,
Term Loan, 2nd Lien
(SOFR plus 6.10%)
11.49%		01/24/30	1		2,891,000		2,373,786
New Trojan Parent, Inc.,
Term Loan, 1st Lien
(SOFR plus 3.36%)
8.68% - 8.69%		01/06/28	1		1,944,233		1,040,165
							5,551,790
Entertainment — 0.68%
Elanco Animal Health, Inc.,
Term Loan B, 1st Lien
(SOFR plus 1.85%)
7.18%		08/01/27	1		3,470,599		3,408,649
Finance — 0.35%
Auris Lux III SA,
Term Loan B2, 1st Lien (Luxembourg)
(LIBOR plus 3.75%)
9.12%		02/27/26	1,2		1,057,457		1,033,220
Cushman & Wakefield U.S. Borrower LLC,
Term Loan B, 1st Lien
(SOFR plus 4.00%)
9.32%		01/31/30	1		700,000		695,625
							1,728,845

Issues	Maturity Date			Principal     Amount		Value
BANK LOANS (continued)
Food — 0.38%
8th Avenue Food & Provisions, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.86%)
10.18%		10/01/25	1	$	746,193	$	721,009
B&G Foods, Inc.,
Term Loan B4, 1st Lien
(SOFR plus 2.50%)
7.82%		10/10/26	1		775,000		767,653
H-Food Holdings LLC,
Term Loan, 1st Lien
(LIBOR plus 3.69%)
9.27%		05/23/25	1		497,375		435,964
							1,924,626
Gaming — 0.18%
Ontario Gaming Gta Ltd. Partnership,
Term Loan B, 1st Lien (Canada)
(SOFR plus 4.25%)
9.64%		08/01/30	1,2		900,000		901,782
Health Care — 0.36%
eResearchTechnology, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.61%)
9.93%		02/04/27	1		845,955		831,755
Grifols Worldwide Operations USA, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.10%)
7.42%		11/15/27	1		1,000,000		984,500
							1,816,255
Health Care REITs — 0.24%
Aveanna Healthcare LLC,
Term Loan B, 1st Lien
(SOFR plus 3.85%)
9.27%		07/17/28	1		1,340,310		1,210,588
Industrials — 3.10%
Arterrsa Services LLC,
Term Loan, 1st Lien (Luxembourg)
(SOFR plus 3.60%)
8.99%		03/06/25	1,2		1,496,173		1,406,411
AZZ, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.75%)
8.91% - 9.33%		05/14/29	1		900,000		902,997
Clydesdale Acquisition Holdings, Inc.,
Term Loan, 1st Lien
(SOFR plus 4.28%)
9.59%		04/13/29	1		2,172,500		2,146,072
DIRECTV Financing LLC,
Term Loan, 1st Lien
(SOFR plus 5.00%)
10.43%		08/02/27	1		606,800		594,412

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 80

High Yield Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
BANK LOANS (continued)
Industrials (continued)
Patriot Container Corp.,
Term Loan B, 1st Lien
(SOFR plus 3.85%)
9.17%		03/20/25	1	$	734,173	$	699,759
Plaze, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.64%)
8.95%		08/03/26	1		2,266,448		2,193,502
ProAmpac PG Borrower LLC,
Term Loan B, 1st Lien
(SOFR plus 3.75%)
9.26% - 9.39%		11/03/25	1		2,554,762		2,546,459
(SOFR plus 4.75%)
9.84%		11/03/28	1		2,500,000		2,491,875
SPX flow, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.60%)
9.41% - 9.58%		04/05/29	1		429,171		428,830
Titan Acquisition, Ltd.,
Term Loan B, 1st Lien
(LIBOR plus 3.00%)
8.73%		03/28/25	1		899,313		893,355
Transcendia Holdings, Inc.,
Term Loan B, 1st Lien
(LIBOR plus 3.50%)
9.23%		05/30/24	1		1,585,672		1,201,146
							15,504,818
Information Technology — 0.93%
CT Technologies Intermediate Holdings, Inc.,
Term Loan, 1st Lien
(SOFR plus 4.36%)
9.68%		12/16/25	1		1,023,750		984,448
Magnite, Inc.,
Term Loan B, 1st Lien
(SOFR plus 5.11%)
10.43% - 10.93%		04/28/28	1		502,430		505,256
MH Sub I LLC,
Term Loan B, 1st Lien
(SOFR plus 4.36%)
9.68%		05/03/28	1		746,487		723,450
Spin Holdco, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.26%)
9.66%		03/03/28	1		2,681,250		2,327,875
SS&C Technologies Holdings, Inc.,
Term Loan B5, 1st Lien
(SOFR plus 1.86%)
7.18%		04/16/25	1		96,676		96,765
							4,637,794
Insurance — 0.18%
HUB International Ltd.,
Term Loan B, 1st Lien
(SOFR plus 4.25%)
9.58%		06/20/30	1		902,771		906,252

Issues	Maturity Date			Principal     Amount		Value
BANK LOANS (continued)
Materials — 0.64%
Arsenal Aic Parent LLC,
Term Loan B, 1st Lien
(SOFR plus 4.50%)
9.88%		08/19/30	1	$	750,000	$	749,531
Chemours Co. (The),
Term Loan B3, 1st Lien
(SOFR plus 3.50%)
8.82%		08/18/28	1		800,000		792,000
Iris Holding, Inc.,
Term Loan, 1st Lien
(SOFR plus 4.85%)
10.22%		06/28/28	1		905,850		845,965
Polar U.S. Borrower LLC,
Term Loan, 1st Lien
(SOFR plus 4.75%)
9.82% - 10.15%		10/15/25	1		1,000,000		808,125
							3,195,621
Retail — 0.33%
American Airlines, Inc.,
Term Loan, 1st Lien
(SOFR plus 5.01%)
10.34%		04/20/28	1		408,500		421,547
Tacala Investment Corp.,
Term Loan B, 2nd Lien
(SOFR plus 8.00%)
13.43%		02/04/28	1		1,249,500		1,212,640
							1,634,187
Services — 0.52%
GTCR W Merger Sub LLC,
Term Loan B, 1st Lien
(SOFR plus 3.75%)
8.34%		09/20/30	1		750,000		750,274
Neptune Bidco U.S., Inc.,
Term Loan B, 1st Lien
(SOFR plus 5.10%)
10.40%		04/11/29	1		1,331,663		1,203,217
VT Topco, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.25%)
9.66%		08/09/30	1		675,000		676,198
							2,629,689
Specialized REITs — 0.20%
Greystar Real Estate Partners, LLC,
Term Loan B, 1st Lien
(SOFR plus 3.75%)
9.15%		08/07/30	1		1,000,000		1,000,000
Total Bank Loans
(Cost $50,911,512)							49,780,940
CORPORATES — 81.12%*
Automobile Components — 3.27%
Allison Transmission, Inc.
3.75%		01/30/31	3		880,000		713,205

See accompanying Notes to Financial Statements.

81 / Semi-Annual Report September 2023

High Yield Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Automobile Components (continued)
Ford Motor Credit Co. LLC
3.37%		11/17/23		$	15,749,000	$	15,646,631
							16,359,836
Banking — 2.58%
Bank of America Corp.,
Series RR
4.38%4,5					2,040,000		1,722,359
Bank of New York Mellon Corp. (The),
Series I
3.75%4,5					2,515,000		2,047,551
U.S. Bancorp
3.70%4,5					3,515,000		2,584,782
UBS Group AG
(Switzerland)
6.37%		07/15/26	2,3,5		710,000		707,855
6.54%		08/12/33	2,3,5		3,520,000		3,477,056
9.02%		11/15/33	2,3,5		2,070,000		2,400,096
							12,939,699
Communications — 13.51%
Altice France Holding SA
(Luxembourg)
10.50%		05/15/27	2,3		1,562,000		986,012
Altice France SA
(France)
5.13%		01/15/29	2,3		1,628,000		1,161,578
5.50%		10/15/29	2,3		4,046,000		2,916,956
8.13%		02/01/27	2,3		1,537,000		1,366,681
Cable One, Inc.
4.00%		11/15/30	3		4,802,000		3,667,527
CCO Holdings LLC/CCO Holdings Capital Corp.
5.50%		05/01/26	3		13,919,000		13,510,617
Cogent Communications Group, Inc.
7.00%		06/15/27	3		790,000		754,271
CommScope, Inc.
4.75%		09/01/29	3		3,143,000		2,345,464
Consolidated Communications, Inc.
6.50%		10/01/28	3		850,000		666,187
CSC Holdings LLC
4.63%		12/01/30	3		787,000		422,981
5.75%		01/15/30	3		611,000		343,239
6.50%		02/01/29	3		6,983,000		5,793,034
7.50%		04/01/28	3		4,075,000		2,652,723
Diamond Sports Group, LLC/Diamond Sports Finance Co.
5.38%		08/15/26	3,6,7		3,620,000		81,450
DISH DBS Corp.
5.25%		12/01/26	3		2,790,000		2,376,315
7.38%		07/01/28			2,365,000		1,499,246
DISH Network Corp.
11.75%		11/15/27	3		1,048,000		1,053,369
Frontier Communications Holdings LLC
5.00%		05/01/28	3		1,704,000		1,458,038
6.75%		05/01/29	3		1,597,000		1,230,788
8.63%		03/15/31	3		1,852,000		1,740,698

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Communications (continued)
Global Switch Finance BV
(EMTN)
(Netherlands)
1.38%		10/07/30	2	$	975,000	$	860,847
Gray Escrow II, Inc.
5.38%		11/15/31	3		3,710,000		2,425,204
Intelsat Jackson Holdings SA
(Luxembourg)
6.50%		03/15/30	2,3		2,171,000		1,929,326
Intelsat Jackson Holdings SA,
Class B
(Luxembourg)
5.50%		08/01/23	†,2,6,7,8,9		6,350,000		—
8.50%		10/15/24	†,2,3,6,7,8,9		2,853,000		—
9.75%		07/15/25	†,2,3,6,7,8,9		4,051,000		—
Level 3 Financing, Inc.
10.50%		05/15/30	3		2,939,000		2,961,042
Nexstar Media, Inc.
4.75%		11/01/28	3		1,200,000		994,309
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.
4.75%		04/30/27	3		1,729,000		1,521,520
Scripps Escrow II, Inc.
5.38%		01/15/31	3		1,758,000		1,117,912
Scripps Escrow, Inc.
5.88%		07/15/27	3		587,000		435,754
SES GLOBAL Americas Holdings, Inc.
5.30%		03/25/44	3		1,680,000		1,132,904
Sirius XM Radio, Inc.
3.88%		09/01/31	3		1,657,000		1,256,679
Sprint LLC
7.13%		06/15/24			167,000		168,123
Tele Columbus AG,
Series REGS
(Georgia)
3.88%		05/02/25	2		1,110,000		685,652
VZ Secured Financing BV
(Netherlands)
5.00%		01/15/32	2,3		3,887,000		3,066,051
VZ Secured Financing BV,
Series REGS
(Netherlands)
3.50%		01/15/32	2		1,260,000		1,030,443
Zayo Group Holdings, Inc.
4.00%		03/01/27	3		2,683,000		1,994,275
							67,607,215
Consumer Discretionary — 4.12%
Banijay Entertainment SASU
(France)
8.13%		05/01/29	2,3		1,040,000		1,032,954
BAT Capital Corp.
5.28%		04/02/50			1,517,000		1,151,149
Central Garden & Pet Co.
4.13%		04/30/31	3		1,030,000		840,921
Everi Holdings, Inc.
5.00%		07/15/29	3		1,665,000		1,435,030

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 82

High Yield Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Consumer Discretionary (continued)
Hilton Domestic Operating Co., Inc.
3.63%		02/15/32	3	$	2,673,000	$	2,157,515
Primo Water Holdings, Inc.
4.38%		04/30/29	3		2,947,000		2,522,868
Triton Water Holdings, Inc.
6.25%		04/01/29	3		5,022,000		4,130,595
WarnerMedia Holdings, Inc.
5.14%		03/15/52			5,810,000		4,316,748
Wyndham Hotels & Resorts, Inc.
4.38%		08/15/28	3		3,399,000		3,054,486
							20,642,266
Consumer Products — 1.07%
Newell Brands, Inc.
4.88%		06/01/25			3,921,000		3,773,962
6.50%		04/01/46			1,779,000		1,320,319
Spectrum Brands, Inc.
5.00%		10/01/29	3		270,000		247,347
							5,341,628
Diversified REITs — 2.59%
American Assets Trust LP
3.38%		02/01/31			3,170,000		2,378,077
GLP Capital LP/GLP Financing II, Inc.
5.75%		06/01/28			1,820,000		1,746,801
VICI Properties LP/VICI Note Co., Inc.
4.63%		06/15/25	3		3,820,000		3,693,017
5.75%		02/01/27	3		5,307,000		5,143,166
							12,961,061
Electric — 0.05%
Pike Corp.
5.50%		09/01/28	3		258,000		225,975
Energy — 5.85%
Archrock Partners LP/Archrock Partners Finance Corp.
6.25%		04/01/28	3		645,000		607,461
Energy Transfer LP,
Series B
6.63%4,5					5,757,000		4,609,710
Global Partners LP/GLP Finance Corp.
6.88%		01/15/29			3,696,000		3,443,009
NGL Energy Operating LLC/NGL Energy Finance Corp.
7.50%		02/01/26	3		2,450,000		2,423,750
Petroleos Mexicanos
(Mexico)
5.95%		01/28/31	2		524,000		375,132
Rockies Express Pipeline LLC
4.80%		05/15/30	3		650,000		563,875
6.88%		04/15/40	3		2,138,000		1,879,601
SM Energy Co.
6.50%		07/15/28			2,020,000		1,940,953
TransMontaigne Partners LP/TLP Finance Corp.
6.13%		02/15/26			3,139,000		2,691,692
Transocean Titan Financing Ltd.
(Cayman Islands)
8.38%		02/01/28	2,3		700,000		714,000

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Energy (continued)
USA Compression Partners LP/USA Compression Finance Corp.
6.88%		09/01/27		$	1,170,000	$	1,135,459
Venture Global Calcasieu Pass LLC
4.13%		08/15/31	3		6,149,000		5,056,000
6.25%		01/15/30	3		4,000,000		3,820,000
							29,260,642
Entertainment — 0.35%
Cinemark USA, Inc.
5.25%		07/15/28	3		583,000		521,785
WMG Acquisition Corp.
3.75%		12/01/29	3		1,476,000		1,247,220
							1,769,005
Finance — 3.17%
American Express Co.,
Series D
3.55%4,5					2,150,000		1,718,910
Avolon Holdings Funding Ltd.
(Cayman Islands)
2.53%		11/18/27	2,3		2,083,000		1,759,942
Charles Schwab Corp. (The)
Series K
5.00%4,5					2,430,000		2,036,880
Citigroup, Inc.
2.56%		05/01/32	5		1,545,000		1,196,633
Cushman & Wakefield U.S. Borrower LLC
8.88%		09/01/31	3		1,047,000		1,011,321
GGAM Finance Ltd.
(Cayman Islands)
8.00%		06/15/28	2,3		877,000		875,176
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.38%		02/01/29			1,475,000		1,194,750
5.25%		05/15/27			781,000		688,319
6.25%		05/15/26			500,000		466,085
6.38%		12/15/25			459,000		437,126
Jane Street Group/JSG Finance, Inc.
4.50%		11/15/29	3		4,412,000		3,790,199
JPMorgan Chase & Co.,
Series KK
3.65%4,5					805,000		704,647
							15,879,988
Food — 6.18%
B&G Foods, Inc.
5.25%		04/01/25			1,906,000		1,879,792
Chobani LLC/Chobani Finance Corp, Inc.
4.63%		11/15/28	3		290,000		256,080
H-Food Holdings LLC/Hearthside Finance Co., Inc.
8.50%		06/01/26	3		1,387,000		348,407
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
(Canada)
3.75%		12/01/31	2		1,789,000		1,434,761
5.75%		04/01/33	2		8,573,000		7,834,874

See accompanying Notes to Financial Statements.

83 / Semi-Annual Report September 2023

High Yield Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Food (continued)
Nathan’s Famous, Inc.
6.63%		11/01/25	3	$	372,000	$	372,000
Pilgrim’s Pride Corp.
3.50%		03/01/32			11,796,000		9,138,075
5.88%		09/30/27	3		1,896,000		1,925,634
6.25%		07/01/33			1,275,000		1,200,519
Post Holdings, Inc.
5.75%		03/01/27	3		3,054,000		2,947,110
Simmons Foods, Inc./Simmons Prepared Foods, Inc./
Simmons Pet Food, Inc./Simmons Feed
4.63%		03/01/29	3		4,369,000		3,588,254
							30,925,506
Gaming — 1.54%
Caesars Resort Collection LLC/CRC Finco, Inc.
5.75%		07/01/25	3		4,375,000		4,363,796
CDI Escrow Issuer, Inc.
5.75%		04/01/30	3		3,067,000		2,775,134
Ontario Gaming GTA LP
(Canada)
8.00%		08/01/30	2,3		561,000		559,572
							7,698,502
Health Care — 11.30%
1375209 BC Ltd.
(Canada)
9.00%		01/30/28	2,3		3,354,000		3,319,330
Bausch & Lomb Escrow Corp.
(Canada)
8.38%		10/01/28	2,3		3,285,000		3,294,145
Bausch Health Cos., Inc.
(Canada)
14.00%		10/15/30	2,3		342,000		203,593
Cano Health LLC
6.25%		10/01/28	3		1,563,000		694,284
Catalent Pharma Solutions, Inc.
3.50%		04/01/30	3		3,667,000		3,023,937
5.00%		07/15/27	3		2,855,000		2,622,314
Centene Corp.
2.45%		07/15/28			5,294,000		4,476,179
2.63%		08/01/31			1,219,000		933,778
3.00%		10/15/30			865,000		698,769
4.25%		12/15/27			8,170,000		7,538,990
Embecta Corp.
6.75%		02/15/30	3		2,405,000		1,985,919
Grifols SA
(Spain)
4.75%		10/15/28	2,3		1,000,000		855,531
Grifols SA,
Series REGS
(Spain)
3.88%		10/15/28	2		375,000		338,552
Heartland Dental LLC/Heartland Dental Finance Corp.
10.50%		04/30/28	3		791,000		795,017

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Health Care (continued)
Kedrion SpA
(Italy)
6.50%		09/01/29	2,3	$	2,163,000	$	1,865,587
ModivCare Escrow Issuer, Inc.
5.00%		10/01/29	3		5,450,000		3,917,147
Molina Healthcare, Inc.
3.88%		11/15/30	3		1,443,000		1,197,329
Option Care Health, Inc.
4.38%		10/31/29	3		1,000,000		862,192
Organon & Co./Organon Foreign Debt Co.-Issuer BV
5.13%		04/30/31	3		578,000		466,735
Prestige Brands, Inc.
3.75%		04/01/31	3		1,847,000		1,489,135
Prime Healthcare Services, Inc.
7.25%		11/01/25	3		2,262,000		2,104,339
Star Parent, Inc.
9.00%		10/01/30	3		1,925,000		1,946,344
Teleflex, Inc.
4.25%		06/01/28	3		2,500,000		2,239,025
Tenet Healthcare Corp.
4.88%		01/01/26			8,753,000		8,397,296
Teva Pharmaceutical Finance Netherlands III BV
(Netherlands)
8.13%		09/15/31	2		1,257,000		1,300,105
							56,565,572
Industrials — 5.45%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
(Canada)
5.25%		08/15/27	2,3		3,147,000		2,632,056
Artera Services LLC
9.03%		12/04/25	3		714,000		659,840
Ball Corp.
3.13%		09/15/31			4,138,000		3,249,004
6.88%		03/15/28			1,250,000		1,256,250
General Electric Co.
(MTN)
(CME Term SOFR 3-Month plus 0.74%)
6.11%		08/15/36	1		1,300,000		1,158,350
Graham Packaging Co., Inc.
7.13%		08/15/28	3		2,012,000		1,698,901
Graphic Packaging International LLC
4.13%		08/15/24			3,745,000		3,670,100
II-VI, Inc.
5.00%		12/15/29	3		566,000		491,514
OT Merger Corp.
7.88%		10/15/29	3		4,058,000		2,526,272
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group
Issuer, Inc.
4.38%		10/15/28	3		1,761,000		1,532,070
Rolls-Royce PLC
(EMTN)
(United Kingdom)
1.63%		05/09/28	2		400,000		362,140
TransDigm, Inc.
6.25%		03/15/26	3		5,044,000		4,980,950

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 84

High Yield Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Industrials (continued)
6.75%		08/15/28	3	$	2,650,000	$	2,613,498
Trivium Packaging Finance BV
(Netherlands)
5.50%		08/15/26	2,3		506,000		472,368
							27,303,313
Information Technology — 4.19%
Alteryx, Inc.
8.75%		03/15/28	3		1,355,000		1,358,388
Booz Allen Hamilton, Inc.
4.00%		07/01/29	3		2,816,000		2,492,567
MSCI, Inc.
3.63%		09/01/30	3		2,270,000		1,905,304
3.63%		11/01/31	3		1,266,000		1,037,401
NCR Corp.
5.25%		10/01/30	3		4,100,000		3,537,370
Open Text Corp.
(Canada)
6.90%		12/01/27	2,3		1,352,000		1,358,665
Science Applications International Corp.
4.88%		04/01/28	3		2,023,000		1,838,444
Uber Technologies, Inc.
7.50%		05/15/25	3		4,145,000		4,175,569
8.00%		11/01/26	3		1,710,000		1,733,513
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.
3.88%		02/01/29	3		1,827,000		1,525,545
							20,962,766
Insurance — 0.62%
Acrisure LLC/Acrisure Finance, Inc.
6.00%		08/01/29	3		3,678,000		3,117,105
Materials — 4.01%
ASP Unifrax Holdings, Inc.
5.25%		09/30/28	3		1,756,000		1,253,621
7.50%		09/30/29	3		2,579,000		1,416,573
ATI, Inc.
5.13%		10/01/31			857,000		740,259
7.25%		08/15/30			550,000		549,313
Axalta Coating Systems, LLC
3.38%		02/15/29	3		3,523,000		2,935,215
Clearwater Paper Corp.
4.75%		08/15/28	3		3,233,000		2,770,919
Herens Holdco SARL
(Luxembourg)
4.75%		05/15/28	2,3		2,896,000		2,250,869
International Flavors & Fragrances, Inc.
2.30%		11/01/30	3		1,655,000		1,246,378
Olympus Water U.S. Holding Corp.
7.13%		10/01/27	3		798,000		743,216
SCIH Salt Holdings, Inc.
4.88%		05/01/28	3		272,000		239,700
SK Invictus Intermediate II SARL
(Luxembourg)
5.00%		10/30/29	2,3		4,120,000		3,306,671
Valvoline, Inc.
3.63%		06/15/31	3		2,112,000		1,638,432

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Materials (continued)
WR Grace Holdings, LLC
5.63%		08/15/29	3	$	1,234,000	$	999,379
							20,090,545
Office REITs — 0.26%
Hudson Pacific Properties LP
3.25%		01/15/30			1,188,000		816,034
4.65%		04/01/29			650,000		489,973
							1,306,007
Retail — 5.07%
Bloomin’ Brands, Inc./OSI Restaurant Partners LLC
5.13%		04/15/29	3		267,000		233,291
Ferrellgas LP/Ferrellgas Finance Corp.
5.38%		04/01/26	3		1,040,000		980,200
5.88%		04/01/29	3		850,000		768,502
Fertitta Entertainment, LLC/Fertitta Entertainment Finance Co., Inc.
6.75%		01/15/30	3		3,966,000		3,240,093
FirstCash, Inc.
5.63%		01/01/30	3		2,071,000		1,866,924
LCM Investments Holdings II LLC
8.25%		08/01/31	3		2,125,000		2,069,219
Michaels Cos., Inc. (The)
7.88%		05/01/29	3		3,428,000		2,242,707
Papa John’s International, Inc.
3.88%		09/15/29	3		3,439,000		2,840,805
Yum! Brands, Inc.
3.88%		11/01/23			11,184,000		11,149,050
							25,390,791
Services — 5.24%
Adtalem Global Education, Inc.
5.50%		03/01/28	3		1,926,000		1,775,355
Block, Inc.
3.50%		06/01/31			1,095,000		862,312
Carriage Services, Inc.
4.25%		05/15/29	3		2,361,000		2,027,275
GTCR W-2 Merger Sub LLC
7.50%		01/15/31	3		1,000,000		1,001,995
HealthEquity, Inc.
4.50%		10/01/29	3		1,204,000		1,038,634
Hertz Corp. (The)
5.00%		12/01/29	3		5,142,000		4,049,325
Prime Security Services Borrower LLC/Prime Finance, Inc.
3.38%		08/31/27	3		300,000		263,005
5.25%		04/15/24	3		4,315,000		4,289,866
Upbound Group, Inc.
6.38%		02/15/29	3		3,350,000		3,002,437
VT Topco, Inc.
8.50%		08/15/30	3		1,639,000		1,624,537
WASH Multifamily Acquisition, Inc.
5.75%		04/15/26	3		2,000,000		1,868,843
Waste Pro USA, Inc.
5.50%		02/15/26	3		4,739,000		4,430,284
							26,233,868

See accompanying Notes to Financial Statements.

85 / Semi-Annual Report September 2023

High Yield Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Specialized REITs — 0.41%
Blackstone Property Partners Europe Holdings SARL
(EMTN)
(Luxembourg)
1.75%		03/12/29	2	$	635,000	$	527,964
Greystar Real Estate Partners LLC
7.75%		09/01/30	3		1,550,000		1,542,250
							2,070,214
Transportation — 0.24%
U.S. Airways Pass-Through Trust,
Series 2012-1, Class A
5.90%		10/01/24			1,175,865		1,183,861
Water — 0.05%
Thames Water Utilities Finance PLC
(EMTN)
(United Kingdom)
4.38%		01/18/31	2		255,000		239,772
Total Corporates
(Cost $438,798,522)							406,075,137
U.S. TREASURY SECURITIES — 0.79%
U.S. Treasury Notes — 0.79%
U.S. Treasury Notes (WI)
4.63%		09/15/26			3,975,000		3,955,745
Total U.S. Treasury Securities
(Cost $3,947,238)
Total Bonds — 91.85%
(Cost $493,657,272)							459,811,822
Issues				Shares		Value
COMMON STOCK — 0.75%
Communications — 0.56%
Intelsat Emergence SA2,6,8,9
(Luxembourg)					125,716		2,816,038
Electric — 0.00%
Homer City Holdings LLC†,6,8,9,10					502,908		—
Transportation — 0.19%
Hertz Global Holdings, Inc.6					75,000		918,750
Total Common Stock
(Cost $32,362,379)							3,734,788
RIGHTS — 0.00%
Communications — 0.00%
Intelsat Jackson Holdings SA, Series A†,2,6,8,9
(Luxembourg)					13,164		—

Issues			Shares		Value
RIGHTS — 0.00% (continued)
Communications — 0.00% (continued)
Intelsat Jackson Holdings SA, Series B†,2,6,8,9
(Luxembourg)				13,164	$	—
						—
Total Rights
(Cost $334)						—
WARRANT — 0.00%
Intelsat Jackson Holdings SA,2,6,8,9
(Luxembourg)				16		17
Entertainment — 0.00%
Cineworld Group PLC2,6
(United Kingdom)				288,340		—
Total Warrant
(Cost $60)						17
Issues	Maturity Date		Principal Amount/Shares		Value
SHORT-TERM INVESTMENTS — 6.44%
Money Market Funds — 0.63%
Fidelity Investments Money Market Funds - Government Portfolio
5.23%11				342,168		342,168
Morgan Stanley Institutional Liquidity Funds - Government Portfolio
5.27%11				2,809,000		2,809,000
						3,151,168
U.S. Treasury Bills — 5.81%
U.S. Treasury Bills (WI)
4.90%12		10/19/23	$	1,070,000		1,067,332
5.44%12		11/28/23		13,500,000		13,386,232
5.43%12		03/07/24		15,000,000		14,652,517
						29,106,081
Total Short-Term Investments
(Cost $32,259,229)						32,257,249
Total Investments - 99.04%
(Cost $558,279,274)						495,803,876
Cash and Other Assets, Less Liabilities - 0.96%						4,789,670
Net Assets - 100.00%					$	500,593,546

¹  Floating rate security. The rate disclosed was in effect at September 30, 2023.

²  Foreign denominated security issued by foreign domiciled entity.

³  Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

⁴  Perpetual security with no stated maturity date.

⁵  Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 86

High Yield Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

⁶  Non-income producing security.

⁷  Security is currently in default with regard to scheduled interest or principal payments.

⁸  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁹  Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $2,816,055, which is 0.56% of total net assets.

¹⁰  Affiliated investment.

¹¹  Represents the current yield as of September 30, 2023.

¹²  Represents annualized yield at date of purchase.

^†  Fair valued security. The aggregate value of fair valued securities is $0, which is 0.00% of total net assets. Fair valued securities were not valued utilizing an independent quote but were valued pursuant to guidelines approved by the Board of Trustees. See Notes to Financial Statements.

* Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

Note: For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(EMTN): Euro Medium-Term Note

(EUR): Euro

(LIBOR): London InterBank Offer Rate

(MTN): Medium-Term Note

(REIT): Real Estate Investment Trust

(SOFR): Secured Overnight Financing Rate

(WI): When Issued

Currency to be Purchased	Currency to be Sold	Counterparty	Settlement         Date	Unrealized Appreciation (Depreciation)
FOREIGN CURRENCY EXCHANGE CONTRACT
USD 5,355,445	EUR 4,912,000	Citibank N.A.	10/13/23	$	151,773
EUR 914,000	USD 997,293	Citibank N.A.	10/13/23		(29,020)
NET UNREALIZED APPRECIATION				$	122,753

Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation (Depreciation)
FUTURES CONTRACTS: LONG POSITIONS
U.S. Treasury Five-Year Note		493		12/29/23	$	51,942,172	$	(376,905)	$	(376,905)
U.S. Treasury Two-Year Note		170		12/29/23		34,460,859		(115,269)		(115,269)
U.S. Treasury Ultra Bond		2		12/19/23		237,375		(13,003)		(13,003)
						86,640,406		(505,177)		(505,177)
FUTURES CONTRACTS: SHORT POSITIONS
U.S. Treasury Ten-Year Ultra Bond		46		12/19/23		(5,131,875)		146,905		146,905
Euro-Bobl Future		26		12/07/23		(3,186,308)		32,554		32,554
Euro-Bund Future		4		12/07/23		(544,790)		16,808		16,808
						(8,862,973)		196,267		196,267
TOTAL FUTURES CONTRACTS					$	77,777,433	$	(308,910)	$	(308,910)

Reference Obligation/Index

Financing Rate Paid by the Fund

Payment Frequency

Implied Credit Spread at 09/30/231

Counterparty

Expiration Date

Notional Amount (000’s)2

Value3

Premiums Paid

Unrealized Appreciation

SWAPS: CREDIT DEFAULT (SALES) - SINGLE ISSUES

OTC4

Berry Global, Inc., 5.63%, due 07/15/27

5.00%

3 Months

175

Credit Suisse First Boston International

12/20/23

$

3,995

$

36,211

$

26,585

$

9,626

¹  An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swaps on corporate issues as of year-end serve as an indicator of the current status of the payment performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter the agreement. Wider credit spreads, in comparison to narrower credit spreads, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

²  The maximum potential amount for the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

See accompanying Notes to Financial Statements.

87 / Semi-Annual Report September 2023

High Yield Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

³  The quoted market prices are resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of year-end. Increasing values (buy protection) or decreasing values (sell protection), when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

⁴  If the Fund is a seller of protection and credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection the amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying investments comprising the referenced index or (ii) pay a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index.

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 88

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
BONDS – 99.37%
ASSET-BACKED SECURITIES — 4.65%**
Academic Loan Funding Trust,
Series 2012-1A, Class A2
(SOFR30A plus 1.21%)
6.53%		12/27/44	1,2	$	400,136	$	394,378
Allegro CLO VI Ltd.,
Series 2017-2A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.76%)
7.07%		01/17/31	1,2,3		1,750,000		1,724,914
Allegro CLO VIII Ltd.,
Series 2018-2A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.36%)
6.67%		07/15/31	1,2,3		2,500,000		2,494,325
Cedar Funding XII CLO Ltd.,
Series 2020-12A, Class A1R
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.39%)
6.74%		10/25/34	1,2,3		2,000,000		1,982,020
CIT Education Loan Trust,
Series 2007-1, Class A
(SOFR90A plus 0.35%)
5.60%		03/25/42	1,2		138,364		133,713
Clover CLO Ltd.,
Series 2019-2A, Class BR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.86%)
7.21%		10/25/33	1,2,3		2,100,000		2,071,146
CoreVest American Finance Trust,
Series 2019-1, Class XA (IO)
2.45%		03/15/52	1,4		147,247		315
Dryden XXVI Senior Loan Fund,
Series 2013-26A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.16%)
6.47%		04/15/29	1,2,3		1,390,973		1,384,472
Global SC Finance II SRL,
Series 2014-1A, Class A2
(Barbados)
3.09%		07/17/29	1,3		139,360		136,121
J.G. Wentworth XXX LLC,
Series 2013-3A, Class A
4.08%		01/17/73	1		320,893		279,922
J.G. Wentworth XXXII LLC,
Series 2014-2A, Class A
3.61%		01/17/73	1		577,835		480,619
LCM XX LP,
Series 20A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.30%)
6.63%		10/20/27	1,2,3		11,446		11,443
Lucali CLO Ltd.,
Series 2020-1A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.86%)
7.17%		01/15/33	1,2,3		775,000		767,479

Issues	Maturity Date			Principal     Amount		Value
ASSET-BACKED SECURITIES (continued)
Madison Park Funding XXV Ltd.,
Series 2017-25A, Class A1R
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.23%)
6.58%		04/25/29	1,2,3	$	1,886,559	$	1,878,749
Navient Student Loan Trust,
Series 2014-1, Class A3
(SOFR30A plus 0.62%)
5.94%		06/25/31	2		400,512		388,851
Navient Student Loan Trust,
Series 2014-3, Class A
(SOFR30A plus 0.73%)
6.05%		03/25/83	2		1,177,728		1,169,590
Navient Student Loan Trust,
Series 2014-4, Class A
(SOFR30A plus 0.73%)
6.05%		03/25/83	2		1,065,875		1,037,711
Navient Student Loan Trust,
Series 2016-2A, Class A3
(SOFR30A plus 1.61%)
6.93%		06/25/65	1,2		1,308,599		1,325,469
Nelnet Student Loan Trust,
Series 2014-4A, Class A2
(SOFR30A plus 1.06%)
6.38%		11/25/48	1,2		1,261,864		1,247,391
Neuberger Berman CLO XX Ltd.,
Series 2015-20A, Class ARR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.42%)
6.73%		07/15/34	1,2,3		2,140,000		2,131,401
OCP CLO Ltd.,
Series 2020-19A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.41%)
6.74%		10/20/34	1,2,3		1,750,000		1,734,607
Octagon Investment Partners 46 Ltd.,
Series 2020-2A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.42%)
6.73%		07/15/36	1,2,3		2,000,000		1,989,680
Progress Residential Trust,
Series 2021-SFR8, Class D
2.08%		10/17/38	1		1,150,000		994,705
Recette CLO Ltd.,
Series 2015-1A, Class ARR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.34%)
6.67%		04/20/34	1,2,3		1,875,000		1,856,882
Regata XII Funding Ltd.,
Series 2019-1A, Class BR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.86%)
7.17%		10/15/32	1,2,3		2,100,000		2,071,230

See accompanying Notes to Financial Statements.

89 / Semi-Annual Report September 2023

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
ASSET-BACKED SECURITIES (continued)
Rockford Tower CLO Ltd.,
Series 2019-2A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.36%)
6.74%		08/20/32	1,2,3	$	2,000,000	$	1,984,794
Skyline Aircraft Finance LLC,
Series 2021-1, Class A
3.23%		05/10/37	4,5,6		1,976,077		1,727,601
SLC Student Loan Trust,
Series 2004-1, Class B
(SOFR90A plus 0.55%)
5.68%		08/15/31	2		79,592		67,947
SLC Student Loan Trust,
Series 2008-1, Class A4A
(SOFR90A plus 1.86%)
7.08%		12/15/32	2		143,651		144,632
SLM Student Loan Trust,
Series 2004-2, Class B
(SOFR90A plus 0.73%)
5.79%		07/25/39	2		103,414		96,285
SLM Student Loan Trust,
Series 2006-8, Class A6
(SOFR90A plus 0.42%)
5.48%		01/25/41	2		729,314		714,154
SLM Student Loan Trust,
Series 2008-2, Class B
(SOFR90A plus 1.46%)
6.52%		01/25/83	2		185,000		183,490
SLM Student Loan Trust,
Series 2008-3, Class B
(SOFR90A plus 1.46%)
6.52%		04/26/83	2		185,000		171,905
SLM Student Loan Trust,
Series 2008-4, Class B
(SOFR90A plus 2.11%)
7.17%		04/25/73	2		185,000		179,036
SLM Student Loan Trust,
Series 2008-5, Class B
(SOFR90A plus 2.11%)
7.17%		07/25/73	2		2,235,000		2,168,688
SLM Student Loan Trust,
Series 2008-6, Class A4
(SOFR90A plus 1.36%)
6.42%		07/25/23	2		1,270,852		1,255,887
SLM Student Loan Trust,
Series 2008-6, Class B
(SOFR90A plus 2.11%)
7.17%		07/26/83	2		185,000		175,116
SLM Student Loan Trust,
Series 2008-7, Class B
(SOFR90A plus 2.11%)
7.17%		07/26/83	2		185,000		170,918
SLM Student Loan Trust,
Series 2009-3, Class A
(SOFR30A plus 0.86%)
6.18%		01/25/45	1,2		1,993,586		1,974,981

Issues	Maturity Date			Principal     Amount		Value
ASSET-BACKED SECURITIES (continued)
SLM Student Loan Trust,
Series 2011-2, Class A2
(SOFR30A plus 1.31%)
6.63%		10/25/34	2	$	309,642	$	311,118
SLM Student Loan Trust,
Series 2012-7, Class A3
(SOFR30A plus 0.76%)
6.08%		05/26/26	2		449,775		430,452
Structured Receivables Finance LLC,
Series 2010-A, Class B
7.61%		01/16/46	1		399,653		400,370
Student Loan Consolidation Center Student Loan Trust I,
Series 2002-2, Class B2
(28 Day Auction Rate plus 0.00%)
1.61%		07/01/42	1,2		450,000		415,833
Velocity Commercial Capital Loan Trust,
Series 2019-1, Class A
3.76%		03/25/49	1,4		1,696,426		1,545,612
Voya CLO Ltd.,
Series 2014-4A, Class A2RA
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.86%)
7.17%		07/14/31	1,2,3		1,650,000		1,629,045
Total Asset-Backed Securities
(Cost $46,739,783)							45,434,997
BANK LOANS — 1.10%*
Communications — 0.09%
Charter Communications Operating LLC,
Term Loan B2, 1st Lien
(SOFR plus 1.75%)
7.12%		02/01/27	2		96,241		96,247
CSC Holdings LLC,
Term Loan B5, 1st Lien
(LIBOR plus 2.50%)
7.95%		04/15/27	2		97,229		88,357
Frontier Communications Holdings LLC,
Term Loan B, 1st Lien
(SOFR plus 3.86%)
8.62%		10/08/27	2		46,405		45,232
SBA Senior Finance II LLC,
Term Loan B, 1st Lien
(SOFR plus 1.75%)
7.07%		04/11/25	2		133,368		133,474
Virgin Media Bristol LLC,
Term Loan Y, 1st Lien
(SOFR plus 3.35%)
8.31%		03/31/31	2		150,000		146,679
Zayo Group Holdings, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.11%)
8.43%		03/09/27	2		400,395		328,144
(SOFR plus 4.33%)
9.64%		03/09/27	2		62,994		51,497
							889,630

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 90

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
BANK LOANS (continued)
Consumer Discretionary — 0.05%
City Brewing Co. LLC,
Term Loan B, 1st Lien
(SOFR plus 3.76%)
8.32%		04/05/28	2	$	74,123	$	49,045
Hilton Worldwide Finance LLC,
Term Loan B2, 1st Lien
(SOFR plus 1.85%)
7.17%		06/22/26	2		36,228		36,257
Naked Juice, LLC,
Term Loan, 1st Lien (Luxembourg)
(SOFR plus 3.35%)
8.74%		01/24/29	2,3		187,993		179,233
Term Loan, 2nd Lien
(SOFR plus 6.10%)
11.49%		01/24/30	2		57,817		47,473
Osmosis Buyer Ltd.,
Term Loan B, 1st Lien
(SOFR plus 3.75%)
9.08%		07/31/28	2		71,823		71,212
Sunshine Luxembourg VII SARL,
Term Loan B, 1st Lien
(SOFR plus 3.85%)
9.24%		10/01/26	2		84,067		84,032
							467,252
Entertainment — 0.07%
Elanco Animal Health, Inc.,
Term Loan B, 1st Lien
(SOFR plus 1.85%)
7.18%		08/01/27	2		616,348		605,346
Formula One Management Ltd.,
Term Loan B, 1st Lien
(SOFR plus 3.00%)
8.05%		01/15/30	2		11,946		11,960
William Morris Endeavor Entertainment LLC,
Term Loan B1, 1st Lien
(SOFR plus 2.86%)
8.18%		05/16/25	2		61,454		61,453
							678,759
Finance — 0.06%
Avolon TLB Borrower 1 U.S. LLC,
Term Loan B6, 1st Lien
(SOFR plus 2.50%)
7.82%		06/22/28	2		52,612		52,674
Deerfield Dakota Holding LLC,
Term Loan B, 1st Lien
(SOFR plus 3.75%)
9.14%		04/09/27	2		129,190		126,257
Mozart Borrower, LP,
Term Loan B, 1st Lien
(SOFR plus 3.36%)
8.68%		10/23/28	2		98,500		98,349

Issues	Maturity Date			Principal     Amount		Value
BANK LOANS (continued)
Finance (continued)
Setanta Aircraft Leasing DAC,
Term Loan B, 1st Lien
(LIBOR plus 2.26%)
7.65%		11/06/28	2	$	275,000	$	275,216
							552,496
Food — 0.01%
8th Avenue Food & Provisions, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.86%)
9.18%		10/01/25	2		14,674		14,160
Froneri U.S., Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.35%)
7.67%		01/29/27	2		41,494		41,265
H-Food Holdings LLC,
Term Loan, 1st Lien
(LIBOR plus 3.69%)
9.27%		05/23/25	2		24,254		21,259
							76,684
Gaming — 0.04%
Golden Nugget, LLC,
Term Loan B, 1st Lien
(SOFR plus 4.00%)
9.32%		01/26/29	2		59,654		59,154
Penn National Gaming, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.85%)
7.66%		05/03/29	2		46,887		46,886
Scientific Games International, Inc.,
Term Loan B, 1st Lien (Canada)
(SOFR plus 3.10%)
8.43%		04/13/29	2,3		315,260		315,654
							421,694
Health Care — 0.16%
Avantor Funding, Inc.,
Term Loan B5, 1st Lien
(SOFR plus 2.35%)
7.67%		11/08/27	2		150,029		150,191
Bausch + Lomb Corp.,
Term Loan B, 1st Lien
(SOFR plus 3.35%)
8.76%		05/10/27	2		90,088		87,735
Term Loan, 1st Lien (Canada)
(SOFR plus 3.00%)
9.42%		09/14/28	2,3		65,962		65,220
Genesee & Wyoming, Inc.,
Term Loan, 1st Lien
(SOFR plus 2.10%)
7.49%		12/30/26	2		26,302		26,304
Horizon Therapeutics USA, Inc.,
Term Loan B1, 1st Lien
(SOFR plus 2.11%)
7.06%		05/22/26	2		100,000		100,078

See accompanying Notes to Financial Statements.

91 / Semi-Annual Report September 2023

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
BANK LOANS (continued)
Health Care (continued)
Term Loan B2, 1st Lien
(SOFR plus 1.86%)
7.18%		03/15/28	2	$	208,044	$	208,115
ICON Luxembourg SARL,
Term Loan B, 1st Lien (Luxembourg)
(SOFR plus 2.51%)
7.90%		07/03/28	2,3		77,738		77,804
Jazz Financing Lux SARL,
Term Loan B, 1st Lien
(SOFR plus 3.61%)
8.93%		05/05/28	2		364,471		364,598
Organon & Co.,
Term Loan B, 1st Lien
(SOFR plus 3.11%)
7.75%		06/02/28	2		200,000		199,950
Peraton Corp.,
Term Loan B, 1st Lien
(SOFR plus 3.85%)
9.17%		02/01/28	2		183,231		183,079
PRA Health Sciences, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.51%)
7.90%		07/03/28	2		19,369		19,385
Star Parent, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.00%)
9.31%		09/19/30	2		47,650		46,660
							1,529,119
Industrials — 0.14%
ASP Blade Holdings, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.26%)
9.65%		10/16/28	2		49,644		43,981
Berry Global, Inc.,
Term Loan Z, 1st Lien
(SOFR plus 2.01%)
6.51%		07/01/26	2		817,332		818,235
DIRECTV Financing LLC,
Term Loan, 1st Lien
(SOFR plus 5.00%)
10.43%		08/02/27	2		294,623		288,608
Filtration Group Corp.,
Term Loan, 1st Lien
(SOFR plus 4.36%)
9.68%		10/21/28	2		29,013		29,090
II-VI, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.86%)
7.38% - 7.67%		07/02/29	2		32,610		32,564
Patriot Container Corp.,
Term Loan B, 1st Lien
(SOFR plus 3.85%)
9.17%		03/20/25	2		29,856		28,456

Issues	Maturity Date			Principal     Amount		Value
BANK LOANS (continued)
Industrials (continued)
TransDigm, Inc.,
Term Loan I, 1st Lien
(SOFR plus 3.25%)
8.64%		08/24/28	2	$	155,159	$	155,413
							1,396,347
Information Technology — 0.27%
Arches Buyer, Inc.,
Term Loan, 1st Lien
(SOFR plus 3.35%)
8.67%		12/06/27	2		51,809		50,829
Athenahealth Group, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.25%)
8.25%		02/15/29	2		34,093		33,549
Central Parent, Inc.,
Term Loan B, 1st Lien (Canada)
(SOFR plus 4.25%)
9.14% - 9.18%		07/06/29	2,3		101,240		101,384
EagleView Technology Co.,
Term Loan B, 1st Lien
(SOFR plus 3.76%)
9.15%		08/14/25	2		9,264		8,816
Entegris, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.50%)
7.82% - 7.89%		07/06/29	2		24,635		24,635
Gainwell Acquisition Corp.,
Term Loan B, 1st Lien
(SOFR plus 4.10%)
9.49%		10/01/27	2		196,962		192,654
IQVIA, Inc.,
Term Loan B3, 1st Lien
(SOFR plus 2.01%)
7.40%		06/11/25	2		98,003		98,388
MH Sub I LLC,
Term Loan B, 1st Lien
(SOFR plus 4.36%)
9.68%		05/03/28	2		88,611		85,877
NCR Corp.,
Term Loan B, 1st Lien
(SOFR plus 2.61%)
7.93%		08/28/26	2		196,516		196,712
NortonLifeLock, Inc.,
Term Loan A2, 1st Lien
(SOFR plus 1.60%)
6.92%		09/10/27	2		215,798		214,720
Open Text Corp.,
Term Loan B, 1st Lien (Canada)
(SOFR plus 1.85%)
7.17%		05/30/25	2,3		73,281		73,416
(SOFR plus 2.85%)
8.17%		01/31/30	2,3		166,384		166,601

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 92

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
BANK LOANS (continued)
Information Technology (continued)
Oracle Corp.,
Term Loan A1, 1st Lien
(SOFR plus 0.60%)
6.46%		08/16/27	2	$	556,429	$	555,733
Prime Security Services Borrower LLC,
Term Loan B1, 1st Lien
(SOFR plus 2.86%)
8.19%		09/23/26	2		98,949		98,915
Proofpoint, Inc.,
Term Loan B, 1st Lien (Canada)
(SOFR plus 3.36%)
8.68%		08/31/28	2,3		22,187		22,031
RealPage, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.11%)
8.43%		04/24/28	2		40,977		40,559
Renaissance Holding Corp.,
Term Loan, 1st Lien
(SOFR plus 4.75%)
10.07%		04/07/30	2		77,468		76,984
Sophia LP,
Term Loan B, 1st Lien
(SOFR plus 3.60%)
8.92%		10/07/27	2		88,169		88,077
Spin Holdco, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.26%)
9.66%		03/03/28	2		227,071		197,144
SS&C Technologies Holdings, Inc.,
Term Loan B5, 1st Lien
(SOFR plus 1.86%)
7.18%		04/16/25	2		364,983		365,317
							2,692,341
Insurance — 0.03%
Acrisure LLC,
Term Loan B1, 1st Lien
(LIBOR plus 3.50%)
8.93%		02/15/27	2		245,547		242,609
Asurion LLC,
Term Loan B8, 1st Lien
(SOFR plus 3.36%)
8.68%		12/23/26	2		60,196		59,068
							301,677
Materials — 0.02%
Chemours Co. (The),
Term Loan B3, 1st Lien
(SOFR plus 3.50%)
8.82%		08/18/28	2		188,145		186,263
Retail — 0.07%
1011778 BC Unlimited Liability Co.,
Term Loan B5, 1st Lien (Canada)
(SOFR plus 2.25%)
7.57%		09/13/30	2,3		95,551		95,303

Issues	Maturity Date			Principal     Amount		Value
BANK LOANS (continued)
Retail (continued)
KFC Holding Co.,
Term Loan B, 1st Lien
(SOFR plus 1.86%)
7.20%		03/15/28	2	$	81,331	$	81,418
Whatabrands LLC,
Term Loan B, 1st Lien
(SOFR plus 3.11%)
8.43%		08/03/28	2		466,688		465,521
							642,242
Services — 0.09%
Amentum Government Services Holdings LLC,
Term Loan B, 1st Lien
(SOFR plus 4.11%)
8.63%		01/29/27	2		283,274		281,858
Element Materials Technology Group U.S. Holdings, Inc.,
Delayed-Draw Term Loan, 1st Lien
(SOFR plus 4.35%)
9.74%		06/22/29	2		19,540		19,361
Term Loan B, 1st Lien
(SOFR plus 4.35%)
9.74%		06/22/29	2		42,337		41,949
GTCR W Merger Sub LLC,
Term Loan B, 1st Lien
(SOFR plus 3.75%)
8.34%		09/20/30	2		150,681		150,736
Pre-Paid Legal Services, Inc.,
Term Loan, 1st Lien
(SOFR plus 3.61%)
8.93%		12/15/28	2		62,385		61,878
Trans Union LLC,
Term Loan B6, 1st Lien (Luxembourg)
(SOFR plus 2.36%)
7.68%		12/01/28	2,3		180,647		180,783
TruGreen LP,
Term Loan B, 1st Lien
(SOFR plus 4.10%)
9.42%		11/02/27	2		185,718		176,989
							913,554
Transportation — 0.00%
United Airlines, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.86%)
8.56%		04/21/28	2		30,847		30,943
Total Bank Loans
(Cost $10,752,877)							10,779,001
CORPORATES — 27.48%*
Banking — 5.61%
Bank of America Corp.
2.30%		07/21/32	4		1,420,000		1,077,640
3.42%		12/20/28	4		860,000		771,532
Bank of America Corp.
(MTN)
1.92%		10/24/31	4		1,135,000		857,138

See accompanying Notes to Financial Statements.

93 / Semi-Annual Report September 2023

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Banking (continued)
2.09%		06/14/29	4	$	2,355,000	$	1,971,385
2.55%		02/04/28	4		160,000		142,662
3.09%		10/01/25	4		93,000		89,960
3.82%		01/20/28	4		605,000		562,111
3.97%		03/05/29	4		1,540,000		1,413,016
Bank of America Corp.,
Series N
1.66%		03/11/27	4		3,725,000		3,342,196
Bank of New York Mellon Corp. (The)
(MTN)
3.44%		02/07/28	4		2,110,000		1,966,661
DNB Bank ASA
(Norway)
0.86%		09/30/25	1,3,4		900,000		853,804
HSBC Holdings PLC
(United Kingdom)
1.59%		05/24/27	3,4		1,730,000		1,526,026
2.01%		09/22/28	3,4		2,425,000		2,058,840
2.21%		08/17/29	3,4		1,195,000		986,514
2.80%		05/24/32	3,4		720,000		558,248
4.76%		06/09/28	3,4		1,240,000		1,173,643
6.33%		03/09/44	3,4		150,000		144,130
JPMorgan Chase & Co.
0.97%		06/23/25	4		755,000		724,740
1.58%		04/22/27	4		1,035,000		923,729
2.07%		06/01/29	4		30,000		25,308
4.01%		04/23/29	4		3,055,000		2,817,032
Lloyds Banking Group PLC
(United Kingdom)
3.57%		11/07/28	3,4		915,000		817,885
4.72%		08/11/26	3,4		1,036,000		1,007,862
Macquarie Group Ltd.
(Australia)
1.20%		10/14/25	1,3,4		975,000		924,889
1.34%		01/12/27	1,3,4		1,085,000		971,080
NatWest Group PLC
(United Kingdom)
4.27%		03/22/25	3,4		385,000		380,960
PNC Financial Services Group, Inc. (The)
5.07%		01/24/34	4		590,000		535,142
5.58%		06/12/29	4		460,000		446,632
Santander UK Group Holdings PLC
(United Kingdom)
1.09%		03/15/25	3,4		3,460,000		3,364,750
1.67%		06/14/27	3,4		435,000		380,898
2.47%		01/11/28	3,4		1,245,000		1,084,859
Santander UK PLC
(United Kingdom)
5.00%		11/07/23	1,3		330,000		329,337
U.S. Bancorp
4.84%		02/01/34	4		500,000		441,412
5.84%		06/12/34	4		530,000		499,639
UBS Group AG
(Switzerland)
1.31%		02/02/27	1,3,4		3,425,000		3,036,215
2.59%		09/11/25	1,3,4		315,000		303,205

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Banking (continued)
2.88%		04/02/32	3,4	$	400,000	$	364,809
3.09%		05/14/32	1,3,4		880,000		697,924
3.87%		01/12/29	1,3,4		145,000		131,344
4.19%		04/01/31	1,3,4		5,345,000		4,669,934
4.28%		01/09/28	1,3		1,715,000		1,580,268
7.75%		03/01/29	3,4		525,000		615,266
Wells Fargo & Co.
(MTN)
2.16%		02/11/26	4		305,000		288,022
2.39%		06/02/28	4		5,445,000		4,776,858
3.35%		03/02/33	4		2,195,000		1,773,631
3.53%		03/24/28	4		1,140,000		1,046,920
4.90%		07/25/33	4		495,000		448,190
							54,904,246
Communications — 2.04%
Cable One, Inc.
4.00%		11/15/30	1		1,000,000		763,750
Charter Communications Operating LLC/Charter
Communications Operating Capital
2.30%		02/01/32			825,000		602,050
2.80%		04/01/31			1,825,000		1,424,271
Cox Communications, Inc.
2.60%		06/15/31	1		705,000		549,612
CSC Holdings LLC
4.50%		11/15/31	1		500,000		354,502
5.38%		02/01/28	1		275,000		224,249
6.50%		02/01/29	1		924,000		766,542
7.50%		04/01/28	1		90,000		58,588
Diamond Sports Group, LLC/Diamond Sports Finance Co.
5.38%		08/15/26	1,7,8		462,000		10,395
Fox Corp.
3.50%		04/08/30			1,500,000		1,302,386
Frontier Communications Holdings LLC
8.63%		03/15/31	1		900,000		845,912
Global Switch Finance BV
(EMTN)
(Netherlands)
1.38%		10/07/30	3		925,000		816,701
Intelsat Jackson Holdings SA
(Luxembourg)
6.50%		03/15/30	1,3		2,108,000		1,873,339
Intelsat Jackson Holdings SA,
Class B
(Luxembourg)
8.50%		10/15/24	†,1,3,5,6,7,8		1,003,000		—
9.75%		07/15/25	†,1,3,5,6,7,8		585,000		—
Meta Platforms, Inc.
4.95%		05/15/33			843,000		808,789
Netflix, Inc.
4.63%		05/15/29			720,000		769,720
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.
4.75%		04/30/27	1		95,000		83,600
SES GLOBAL Americas Holdings, Inc.
5.30%		03/25/44	1		750,000		505,761

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 94

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Communications (continued)
Sprint Capital Corp.
8.75%		03/15/32		$	745,000	$	862,506
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint
Spectrum Co. III LLC
4.74%		03/20/25	1		68,250		67,545
5.15%		03/20/28	1		1,606,500		1,578,724
Tencent Holdings Ltd.
(Cayman Islands)
2.88%		04/22/31	1,3		1,210,000		981,339
T-Mobile USA, Inc.
2.25%		02/15/26			700,000		645,068
2.55%		02/15/31			740,000		589,105
3.75%		04/15/27			2,275,000		2,125,350
3.88%		04/15/30			800,000		709,079
VZ Secured Financing BV
(Netherlands)
5.00%		01/15/32	1,3		300,000		236,639
VZ Secured Financing BV,
Series REGS
(Netherlands)
3.50%		01/15/32	3		500,000		408,906
							19,964,428
Consumer Discretionary — 1.20%
Bacardi Ltd.
(Bermuda)
4.45%		05/15/25	1,3		1,045,000		1,014,548
BAT Capital Corp.
2.73%		03/25/31			555,000		428,069
3.46%		09/06/29			1,570,000		1,345,584
3.56%		08/15/27			145,000		132,554
4.39%		08/15/37			830,000		635,762
BAT International Finance PLC
(United Kingdom)
1.67%		03/25/26	3		330,000		297,433
Imperial Brands Finance PLC
(United Kingdom)
3.13%		07/26/24	1,3		1,000,000		975,606
6.13%		07/27/27	1,3		385,000		383,476
JDE Peet’s NV
(Netherlands)
0.80%		09/24/24	1,3		1,650,000		1,566,537
Reynolds American, Inc.
5.70%		08/15/35			940,000		839,523
Triton Water Holdings, Inc.
6.25%		04/01/29	1		500,000		411,250
WarnerMedia Holdings, Inc.
4.28%		03/15/32			4,320,000		3,667,462
							11,697,804
Diversified REITs — 1.14%
American Tower Corp.
0.88%		05/21/29			515,000		445,343
1.00%		01/15/32			510,000		404,804
2.30%		09/15/31			1,230,000		934,323
2.70%		04/15/31			230,000		182,625

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Diversified REITs (continued)
5.65%		03/15/33		$	570,000	$	548,234
CapitaLand Ascendas REIT
(EMTN)
(Slovenia)
0.75%		06/23/28	3		375,000		323,239
Crown Castle, Inc.
2.50%		07/15/31			1,333,000		1,039,753
Digital Dutch Finco BV
(Netherlands)
1.25%		02/01/31	3		1,185,000		964,397
Digital Intrepid Holding BV
(Netherlands)
0.63%		07/15/31	3		245,000		185,311
GLP Capital LP/GLP Financing II, Inc.
4.00%		01/15/30			30,000		25,518
4.00%		01/15/31			505,000		421,051
5.38%		04/15/26			848,000		822,982
5.75%		06/01/28			1,465,000		1,406,078
VICI Properties LP
4.95%		02/15/30			20,000		18,454
VICI Properties LP/VICI Note Co., Inc.
3.88%		02/15/29	1		1,675,000		1,449,174
4.13%		08/15/30	1		165,000		141,138
4.50%		01/15/28	1		605,000		552,746
4.63%		06/15/25	1		60,000		58,005
5.75%		02/01/27	1		540,000		523,329
Weyerhaeuser Co.
3.38%		03/09/33			810,000		663,804
							11,110,308
Electric — 2.00%
Alliant Energy Finance, LLC
3.60%		03/01/32	1		1,625,000		1,347,994
Appalachian Power Co.,
Series H
5.95%		05/15/33			350,000		343,730
Appalachian Power Co.,
Series X
3.30%		06/01/27			410,000		376,394
Arizona Public Service Co.
5.55%		08/01/33			975,000		945,044
Black Hills Corp.
5.95%		03/15/28			1,765,000		1,767,227
Duke Energy Corp.
2.65%		09/01/26			30,000		27,610
3.10%		06/15/28			1,030,000		1,025,799
4.30%		03/15/28			1,105,000		1,047,298
Eversource Energy
4.60%		07/01/27			1,295,000		1,246,610
5.13%		05/15/33			905,000		843,660
FirstEnergy Transmission LLC
2.87%		09/15/28	1		853,000		740,626
ITC Holdings Corp.
4.95%		09/22/27	1		2,190,000		2,132,638
5.40%		06/01/33	1		1,000,000		950,704

See accompanying Notes to Financial Statements.

95 / Semi-Annual Report September 2023

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Electric (continued)
Jersey Central Power & Light Co.
4.70%		04/01/24	1	$	995,000	$	986,045
Metropolitan Edison Co.
4.00%		04/15/25	1		770,000		738,643
4.30%		01/15/29	1		550,000		511,534
Pennsylvania Electric Co.
5.15%		03/30/26	1		500,000		491,017
Public Service Co. of New Mexico
3.85%		08/01/25			1,405,000		1,344,102
Southwestern Electric Power Co.
5.30%		04/01/33			1,030,000		973,303
TenneT Holding BV
(EMTN)
(Netherlands)
4.50%		10/28/34	3		1,565,000		1,747,968
							19,587,946
Energy — 1.42%
Boston Gas Co.
3.76%		03/16/32	1		2,400,000		2,014,627
Columbia Pipelines Operating Co. LLC
5.93%		08/15/30	1		1,465,000		1,448,305
Energy Transfer LP
3.75%		05/15/30			315,000		275,086
4.95%		05/15/28			750,000		717,596
Energy Transfer Operating LP
5.25%		04/15/29			1,145,000		1,098,295
National Gas Transmission PLC,
(EMTN)
(United Kingdom)
4.25%		04/05/30	3		455,000		474,159
NiSource, Inc.
5.40%		06/30/33			1,400,000		1,339,073
Petroleos Mexicanos
(Mexico)
5.95%		01/28/31	3		2,452,000		1,755,387
6.35%		02/12/48	3		125,000		71,653
Piedmont Natural Gas Co., Inc.
5.40%		06/15/33			550,000		525,503
Plains All American Pipeline LP/PAA Finance Corp.
3.80%		09/15/30			525,000		451,307
Rockies Express Pipeline LLC
4.80%		05/15/30	1		400,000		347,000
4.95%		07/15/29	1		1,000,000		892,147
Sabine Pass Liquefaction LLC
4.50%		05/15/30			292,000		267,887
Southern Co. Gas Capital Corp.
5.75%		09/15/33			1,500,000		1,471,897
TransCanada PipeLines Ltd.
(Canada)
4.63%		03/01/34	3		100,000		87,211
Venture Global Calcasieu Pass LLC
3.88%		08/15/29	1		825,000		695,860
							13,932,993

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Finance — 4.40%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
(Ireland)
2.45%		10/29/26	3	$	2,045,000	$	1,833,374
3.00%		10/29/28	3		1,000,000		857,909
3.30%		01/30/32	3		285,000		227,005
Air Lease Corp.
3.25%		03/01/25			820,000		784,175
3.25%		10/01/29			525,000		446,898
3.63%		12/01/27			355,000		321,864
Avolon Holdings Funding Ltd.
(Cayman Islands)
2.53%		11/18/27	1,3		1,558,000		1,316,366
2.88%		02/15/25	1,3		1,160,000		1,094,937
Capital One Financial Corp.
1.34%		12/06/24	4		2,090,000		2,067,600
Cboe Global Markets, Inc.
3.00%		03/16/32			820,000		673,767
Citigroup, Inc.
2.52%		11/03/32	4		3,285,000		2,510,650
2.56%		05/01/32	4		785,000		607,998
2.57%		06/03/31	4		1,305,000		1,041,136
2.98%		11/05/30	4		290,000		242,567
3.52%		10/27/28	4		1,505,000		1,362,307
Durrah MSN 35603
(Cayman Islands)
1.68%		01/22/25	3		866,976		844,818
GGAM Finance Ltd.
(Cayman Islands)
8.00%		06/15/28	1,3		457,000		456,049
Goldman Sachs Group, Inc. (The)
0.93%		10/21/24	4		840,000		833,379
1.22%		12/06/23			2,090,000		2,072,910
2.38%		07/21/32	4		490,000		373,346
2.65%		10/21/32	4		2,475,000		1,911,475
3.75%		02/25/26			20,000		19,020
3.81%		04/23/29	4		2,555,000		2,322,263
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
5.25%		05/15/27			526,000		463,580
6.25%		05/15/26			300,000		279,651
Jane Street Group/JSG Finance, Inc.
4.50%		11/15/29	1		300,000		257,720
JPMorgan Chase & Co.
0.56%		02/16/25	4		910,000		890,051
1.04%		02/04/27	4		1,465,000		1,303,752
1.56%		12/10/25	4		2,280,000		2,155,036
1.95%		02/04/32	4		890,000		675,390
Morgan Stanley
2.48%		09/16/36	4		620,000		453,216
2.95%		05/07/32	4		415,000		390,638
Morgan Stanley
(GMTN)
1.51%		07/20/27	4		1,245,000		1,097,289
2.70%		01/22/31	4		1,570,000		1,283,352
Morgan Stanley
(MTN)
1.16%		10/21/25	4		4,790,000		4,522,537

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 96

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Finance (continued)
2.63%		02/18/26	4	$	860,000	$	818,141
Nationwide Building Society
(United Kingdom)
2.97%		02/16/28	1,3,4		700,000		626,402
Park Aerospace Holdings Ltd.
(Cayman Islands)
5.50%		02/15/24	1,3		40,000		39,808
Safina Ltd.
(Cayman Islands)
2.00%		12/30/23	3		639,971		635,069
Sandalwood 2013 LLC
2.90%		07/10/25			634,492		618,901
TIAA FSB Holdings, Inc.
5.75%		07/02/25			1,150,000		1,082,817
UBS Group AG
(Switzerland)
1.36%		01/30/27	1,3,4		1,000,000		888,872
Vonovia SE
(Georgia)
1.00%		06/16/33	3		300,000		217,769
Vonovia SE,
(EMTN)
(Georgia)
5.00%		11/23/30	3		100,000		104,464
							43,026,268
Food — 0.61%
JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg Sarl
(Canada)
6.75%		03/15/34	1,3		2,030,000		1,976,327
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance,
Inc.
(Canada)
3.00%		02/02/29	3		1,435,000		1,206,922
3.00%		05/15/32	3		1,185,000		893,877
Pilgrim’s Pride Corp.
3.50%		03/01/32			925,000		716,575
5.88%		09/30/27	1		65,000		66,016
6.25%		07/01/33			580,000		546,119
Post Holdings, Inc.
5.75%		03/01/27	1		600,000		579,000
							5,984,836
Health Care — 3.51%
AbbVie, Inc.
3.60%		05/14/25			1,152,000		1,113,895
3.85%		06/15/24			1,342,000		1,322,555
Aetna, Inc.
3.50%		11/15/24			1,250,000		1,217,684
Alcon Finance Corp.
2.75%		09/23/26	1		2,300,000		2,115,948
Amgen, Inc.
3.00%		02/22/29			500,000		444,253
5.25%		03/02/33			4,240,000		4,054,411
Bayer U.S. Finance II LLC
4.38%		12/15/28	1		2,914,000		2,709,554

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Health Care (continued)
5.50%		08/15/25	1	$	1,100,000	$	1,089,752
Bayer U.S. Finance LLC
3.38%		10/08/24	1		1,020,000		992,794
Baylor Scott & White Holdings
2.65%		11/15/26			1,530,000		1,393,456
Becton Dickinson & Co.
3.36%		06/06/24			589,000		578,726
Catalent Pharma Solutions, Inc.,
Series REGS
2.38%		03/01/28			530,000		472,299
Centene Corp.
3.00%		10/15/30			2,000,000		1,615,650
4.25%		12/15/27			445,000		410,630
CommonSpirit Health
2.78%		10/01/30			1,055,000		870,784
DENTSPLY SIRONA, Inc.
3.25%		06/01/30			1,540,000		1,289,845
Fresenius Finance Ireland PLC
(EMTN)
(Ireland)
0.88%		10/01/31	3		550,000		428,441
Grifols SA
(Spain)
4.75%		10/15/28	1,3		1,068,000		913,707
HCA, Inc.
4.13%		06/15/29			1,145,000		1,035,431
5.25%		04/15/25			865,000		854,605
5.88%		02/15/26			2,530,000		2,518,861
5.88%		02/01/29			1,000,000		985,599
7.05%		12/01/27			80,000		82,386
Humana, Inc.
1.35%		02/03/27			955,000		832,108
3.85%		10/01/24			860,000		842,726
IQVIA, Inc.
5.70%		05/15/28	1		1,725,000		1,678,152
Kedrion SpA
(Italy)
6.50%		09/01/29	1,3		700,000		603,750
Medtronic Global Holdings SCA
(Luxembourg)
3.38%		10/15/34	3		300,000		294,314
ModivCare Escrow Issuer, Inc.
5.00%		10/01/29	1		1,250,000		898,428
Organon & Co./Organon Foreign Debt Co.-Issuer BV
5.13%		04/30/31	1		230,000		185,725
Royalty Pharma PLC
(United Kingdom)
2.20%		09/02/30	3		675,000		524,615
							34,371,084
Health Care REITs — 0.40%
Healthcare Reality Holdings LP
3.50%		08/01/26			225,000		208,867
Healthcare Realty Holdings LP
3.63%		01/15/28			911,000		812,519
3.88%		05/01/25			1,255,000		1,183,708

See accompanying Notes to Financial Statements.

97 / Semi-Annual Report September 2023

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Health Care REITs (continued)
Physicians Realty LP
3.95%		01/15/28		$	1,223,000	$	1,106,402
4.30%		03/15/27			590,000		554,459
							3,865,955
Hotel & Resort REITs — 0.07%
Host Hotels & Resorts LP,
Series H
3.38%		12/15/29			758,000		637,300
Industrial REITs — 0.15%
Prologis Euro Finance LLC
0.50%		02/16/32			625,000		470,522
0.63%		09/10/31			150,000		117,665
Prologis Euro Finance LLC
(EMTN)
1.00%		02/08/29			380,000		335,348
Rexford Industrial Realty LP
2.15%		09/01/31			135,000		100,756
SELP Finance SARL
(Luxembourg)
0.88%		05/27/29	3		555,000		463,265
							1,487,556
Industrials — 0.92%
Amcor Finance USA, Inc.
3.63%		04/28/26			1,950,000		1,840,380
Artera Services LLC
9.03%		12/04/25	1		227,000		209,781
BAE Systems Holdings, Inc.
3.80%		10/07/24	1		630,000		616,459
Berry Global, Inc.
1.50%		01/15/27	1		690,000		660,518
1.65%		01/15/27			95,000		81,757
4.88%		07/15/26	1		1,055,000		1,010,949
Boeing Co. (The)
1.43%		02/04/24			1,300,000		1,279,873
Cellnex Finance Co. SA
(EMTN)
(Spain)
2.00%		09/15/32	3		300,000		248,251
General Electric Co.
(MTN)
(CME Term SOFR 3-Month plus 0.64%)
6.01%		05/05/26	2		1,028,000		1,026,851
(CME Term SOFR 3-Month plus 0.74%)
6.11%		08/15/36	2		1,115,000		993,508
Rolls-Royce PLC
(EMTN)
(United Kingdom)
1.63%		05/09/28	3		230,000		208,230
Sydney Airport Finance Co. Pty Ltd.
(Australia)
3.38%		04/30/25	1,3		410,000		393,691

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Industrials (continued)
TransDigm, Inc.
6.75%		08/15/28	1	$	425,000	$	419,146
							8,989,394
Information Technology — 0.68%
Apple, Inc.
3.25%		02/23/26			20,000		19,117
Broadcom, Inc.
2.60%		02/15/33	1		1,017,000		759,017
Fiserv, Inc.
5.63%		08/21/33			1,475,000		1,430,334
Open Text Corp.
(Canada)
6.90%		12/01/27	1,3		250,000		251,232
Oracle Corp.
2.30%		03/25/28			1,000,000		866,298
2.88%		03/25/31			1,255,000		1,025,865
2.95%		04/01/30			1,855,000		1,561,708
VMware, Inc.
1.00%		08/15/24			815,000		781,043
							6,694,614
Insurance — 1.23%
Aon Corp.
4.50%		12/15/28			1,235,000		1,174,363
Athene Global Funding
1.99%		08/19/28	1		2,555,000		2,087,830
3.21%		03/08/27	1		530,000		475,309
Brown & Brown, Inc.
4.20%		03/17/32			1,330,000		1,149,754
Equitable Financial Life Global Funding
1.30%		07/12/26	1		1,190,000		1,041,115
Metropolitan Life Global Funding I
3.30%		03/21/29	1		1,200,000		1,066,817
4.30%		08/25/29	1		1,535,000		1,433,148
Nationwide Mutual Insurance Co.
7.96%		12/15/24	1,4		1,212,000		1,212,173
New York Life Global Funding
3.00%		01/10/28	1		50,000		45,289
Trinity Acquisition PLC
(United Kingdom)
4.40%		03/15/26	3		1,385,000		1,330,195
Willis North America, Inc.
4.65%		06/15/27			1,025,000		981,706
							11,997,699
Materials — 0.25%
International Flavors & Fragrances, Inc.
1.23%		10/01/25	1		950,000		851,726
1.80%		09/25/26			220,000		210,767
2.30%		11/01/30	1		1,805,000		1,359,342
							2,421,835
Office REITs — 0.20%
Hudson Pacific Properties LP
3.25%		01/15/30			310,000		212,938
3.95%		11/01/27			145,000		114,587

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 98

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Office REITs (continued)
4.65%		04/01/29		$	1,315,000	$	991,254
Kilroy Realty LP
4.25%		08/15/29			721,000		618,174
							1,936,953
Real Estate Investment Trust (REIT) — 0.12%
American Tower Corp.
5.25%		07/15/28			400,000		386,844
Annington Funding PLC
(EMTN)
(United Kingdom)
3.18%		07/12/29	3		200,000		203,069
Realty Income Corp.
5.13%		07/06/34			465,000		488,387
Vonovia Finance BV
(Netherlands)
2.25%		04/07/30	3		100,000		89,408
							1,167,708
Residential REITs — 0.15%
American Homes 4 Rent LP
3.63%		04/15/32			895,000		739,642
Invitation Homes Operating Partnership LP
2.00%		08/15/31			415,000		307,266
2.70%		01/15/34			560,000		409,851
							1,456,759
Retail — 0.29%
7-Eleven, Inc.
0.80%		02/10/24	1		1,565,000		1,535,426
Fertitta Entertainment, LLC/Fertitta Entertainment Finance
Co., Inc.
6.75%		01/15/30	1		227,000		185,452
FirstCash, Inc.
5.63%		01/01/30	1		415,000		374,106
Michaels Cos., Inc. (The)
5.25%		05/01/28	1		405,000		323,913
Tractor Supply Co.
5.25%		05/15/33			490,000		462,300
							2,881,197
Services — 0.16%
Global Payments, Inc.
4.88%		03/17/31			200,000		206,686
5.30%		08/15/29			1,240,000		1,182,572
Upbound Group, Inc.
6.38%		02/15/29	1		100,000		89,625
WASH Multifamily Acquisition, Inc.
5.75%		04/15/26	1		100,000		93,442
							1,572,325
Specialized REITs — 0.60%
Annington Funding PLC
(EMTN)
(United Kingdom)
2.31%		10/06/32	3		560,000		487,082

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Specialized REITs (continued)
Blackstone Property Partners Europe Holdings SARL
(EMTN)
(Luxembourg)
1.00%		05/04/28	3	$	325,000	$	272,020
1.63%		04/20/30	3		235,000		185,092
1.75%		03/12/29	3		415,000		345,047
CubeSmart LP
3.00%		02/15/30			220,000		183,119
4.38%		02/15/29			673,000		622,853
Extra Space Storage LP
2.20%		10/15/30			1,149,000		891,874
2.55%		06/01/31			163,000		127,037
3.88%		12/15/27			915,000		839,323
3.90%		04/01/29			1,650,000		1,481,483
Public Storage Operating Co.
0.50%		09/09/30			575,000		466,896
							5,901,826
Transportation — 0.28%
Canadian Pacific Railway Co.
(Canada)
1.35%		12/02/24	3		490,000		464,723
U.S. Airways Pass-Through Trust,
Series 2011-1, Class A
7.13%		10/22/23			321,526		321,461
U.S. Airways Pass-Through Trust,
Series 2012-1, Class A
5.90%		10/01/24			229,661		231,223
U.S. Airways Pass-Through Trust,
Series 2012-2, Class A
4.63%		06/03/25			218,195		209,240
United Airlines Pass-Through Trust,
Series 2023-1, Class A
5.80%		01/15/36			1,500,000		1,459,535
							2,686,182
Water — 0.05%
Thames Water Utilities Finance PLC
(EMTN)
(United Kingdom)
4.38%		01/18/31	3		490,000		460,738
Total Corporates
(Cost $287,020,766)							268,737,954
MORTGAGE-BACKED — 22.21%**
Non-Agency Commercial Mortgage-Backed — 2.68%
Arbor Realty Commercial Real Estate Notes Ltd.,
Series 2021-FL2, Class A
(Cayman Islands)
(CME Term SOFR 1-Month plus 1.21%)
6.55%		05/15/36	1,2,3		1,688,000		1,676,332
Banc of America Merrill Lynch Commercial Mortgage Trust,
Series 2018-PARK, Class A
4.23%		08/10/38	1,4		1,095,000		961,291

See accompanying Notes to Financial Statements.

99 / Semi-Annual Report September 2023

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
BX Commercial Mortgage Trust,
Series 2019-XL, Class A
(CME Term SOFR 1-Month plus 1.03%)
6.37%		10/15/36	1,2	$	1,648,466	$	1,644,481
BX Trust,
Series 2019-OC11, Class A
3.20%		12/09/41	1		375,000		316,452
BXSC Commercial Mortgage Trust,
Series 2022-WSS, Class D
(CME Term SOFR 1-Month plus 3.19%)
8.52%		03/15/35	1,2		1,550,000		1,531,121
Century Plaza Towers,
Series 2019-CPT, Class A
2.87%		11/13/39	1		715,000		568,516
Citigroup Commercial Mortgage Trust,
Series 2016-GC36, Class A5
3.62%		02/10/49			3,250,000		3,040,990
Citigroup Commercial Mortgage Trust,
Series 2016-GC37, Class A4
3.31%		04/10/49			1,000,000		934,422
Commercial Mortgage Trust,
Series 2014-UBS2, Class XA (IO)
1.19%		03/10/47	4		15,505,230		3,442
Credit Suisse Mortgage Capital Trust,
Series 2019-ICE4, Class E
(CME Term SOFR 1-Month plus 2.20%)
7.53%		05/15/36	1,2		1,820,471		1,799,754
DC Office Trust,
Series 2019-MTC, Class A
2.97%		09/15/45	1		765,000		604,091
Frost CMBS DAC,
Series 2021-1X, Class EUA
(Ireland)
(3-Month Euribor plus 1.15%)
4.97%		11/20/33	2,3		1,338,217		1,348,014
GPMT Ltd.,
Series 2021-FL4, Class AS
(Cayman Islands)
(CME Term SOFR 1-Month plus 1.81%)
7.14%		12/15/36	1,2,3		2,380,000		2,290,846
Hudson Yards Mortgage Trust,
Series 2019-30HY, Class A
3.23%		07/10/39	1		760,000		644,104
Hudson Yards Mortgage Trust,
Series 2019-55HY, Class A
3.04%		12/10/41	1,4		765,000		629,546
JPMBB Commercial Mortgage Securities Trust,
Series 2015-C29, Class XA (IO)
0.69%		05/15/48	4		19,824,068		135,753
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2019-OSB, Class A
3.40%		06/05/39	1		740,000		629,201

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
Last Mile Logistics Pan Euro Finance DAC,
Series 1A, Class A
(Ireland)
(3-Month Euribor plus 0.75%)
4.54%		08/17/33	1,2,3	$	2,338,773	$	2,399,052
Last Mile Securities PE 2021 DAC,
Series 2021-1A, Class A1
(Ireland)
(3-Month Euribor plus 0.90%)
4.69%		08/17/31	1,2,3		2,172,553		2,229,471
MKT Mortgage Trust,
Series 2020-525M, Class A
2.69%		02/12/40	1		520,000		373,135
One Bryant Park Trust,
Series 2019-OBP, Class A
2.52%		09/15/54	1		960,000		765,734
RBS Commercial Funding, Inc., Trust,
Series 2013-GSP, Class A
3.96%		01/15/32	1,4		560,000		550,973
SFAVE Commercial Mortgage Securities Trust,
Series 2015-5AVE, Class A2B
4.14%		01/05/43	1,4		45,000		29,867
Taurus UK DAC,
Series 2021-UK4X, Class D
(Ireland)
(SONIA plus 2.10%)
7.32%		08/17/31	2,3		655,585		743,330
Wells Fargo Commercial Mortgage Trust,
Series 2015-C26, Class XA (IO)
1.32%		02/15/48	4		29,857,141		342,296
							26,192,214
Non-Agency Mortgage-Backed — 6.52%
ACE Securities Corp. Home Equity Loan Trust,
Series 2005-HE2, Class M5
(CME Term SOFR 1-Month plus 1.13%)
6.45%		04/25/35	2		2,036,788		1,968,311
Argent Securities, Inc., Asset-Backed Pass-Through
Certificates,
Series 2005-W3, Class M1
(CME Term SOFR 1-Month plus 0.77%)
6.09%		11/25/35	2		4,544,351		4,363,105
Asset-Backed Securities Corp. Home Equity Loan Trust,
Series 2004-HE9, Class M1
(CME Term SOFR 1-Month plus 1.09%)
6.41%		12/25/34	2		305,258		269,194
Banc of America Funding Trust,
Series 2003-2, Class 1A1
6.50%		06/25/32			3,440		3,340
Banc of America Funding Trust,
Series 2014-R6, Class 2A11
5.69%		07/26/36	1,4		1,700,000		1,353,026
Bear Stearns ALT-A Trust,
Series 2004-12, Class 1M1
(CME Term SOFR 1-Month plus 1.04%)
6.36%		01/25/35	2		1,234,309		1,228,147

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 100

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Chevy Chase Mortgage Funding LLC, Mortgage-Backed
Certificates,
Series 2005-2A, Class A1
(CME Term SOFR 1-Month plus 0.29%)
5.61%		05/25/36	1,2	$	33,919	$	30,275
CIM Trust,
Series 2021-R3, Class A1A
1.95%		06/25/57	1,4		2,174,363		1,867,164
Citigroup Mortgage Loan Trust, Inc.,
Series 2005-OPT1, Class M1
(CME Term SOFR 1-Month plus 0.74%)
6.06%		02/25/35	2		3,336,754		3,025,239
Citigroup Mortgage Loan Trust, Inc.,
Series 2006-WFH1, Class M5
(CME Term SOFR 1-Month plus 0.89%)
6.21%		01/25/36	2		1,071,447		1,059,923
Countrywide Asset-Backed Certificates Trust,
Series 2005-7, Class MV5
(CME Term SOFR 1-Month plus 1.24%)
6.56%		11/25/35	2		4,021,655		3,894,583
Countrywide Home Loan Mortgage Pass-Through Trust,
Series 2004-14, Class 4A1
5.37%		08/25/34	4		50,598		45,030
Credit Suisse Mortgage Capital Trust
Series 2022-RPL3, Class A1
3.72%		03/25/61	1,4		3,826,690		3,728,051
Credit Suisse Mortgage Capital Trust,
Series 2022-ATH2, Class A1
4.55%		05/25/67	1,4		1,766,627		1,675,806
Credit-Based Asset Servicing and Securitization LLC,
Series 2003-CB3, Class AF1 (STEP-reset date 11/25/23)
3.38%		12/25/32			430,750		398,378
Credit-Based Asset Servicing and Securitization LLC,
Series 2006-CB2, Class AF4 (STEP-reset date 11/25/23)
3.05%		12/25/36			335,508		261,906
Credit-Based Asset Servicing and Securitization LLC,
Series 2007-CB5, Class A1
(CME Term SOFR 1-Month plus 0.17%)
3.06%		04/25/37	2		96,286		56,408
Credit-Based Asset Servicing and Securitization LLC,
Series 2007-CB5, Class A3
(CME Term SOFR 1-Month plus 0.36%)
3.06%		04/25/37	2		1,144,128		681,564
Fannie Mae Connecticut Avenue Securities,
Series 2022-R01, Class 1M1
(SOFR30A plus 1.00%)
6.31%		12/25/41	1,2		909,950		903,868
First Horizon Alternative Mortgage Securities Trust,
Series 2004-AA3, Class A1
6.06%		09/25/34	4		30,846		28,963
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2022-DNA1, Class M1A
(SOFR30A plus 1.00%)
6.31%		01/25/42	1,2		1,505,300		1,491,806

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2022-DNA2, Class M1B
(SOFR30A plus 2.40%)
7.71%		02/25/42	1,2	$	2,480,000	$	2,494,633
GCAT Trust,
Series 2021-NQM5, Class A1
1.26%		07/25/66	1,4		3,988,078		3,052,803
GSAA Home Equity Trust,
Series 2005-9, Class M2
(CME Term SOFR 1-Month plus 0.86%)
6.18%		08/25/35	2		2,158,000		2,113,476
GSR Mortgage Loan Trust,
Series 2004-9, Class 5A7
4.56%		08/25/34	4		7,382		7,326
HarborView Mortgage Loan Trust,
Series 2007-7, Class 2A1A
(CME Term SOFR 1-Month plus 2.11%)
6.43%		10/25/37	2		1,408,649		1,290,211
HSI Asset Securitization Corp. Trust,
Series 2005-OPT1, Class M1
(CME Term SOFR 1-Month plus 0.74%)
6.06%		11/25/35	2		105,156		102,376
IndyMac Index Mortgage Loan Trust,
Series 2004-AR7, Class A2
(CME Term SOFR 1-Month plus 0.97%)
6.29%		09/25/34	2		6,824		6,096
IndyMac Index Mortgage Loan Trust,
Series 2004-AR8, Class 2A2A
(CME Term SOFR 1-Month plus 0.91%)
6.23%		11/25/34	2		18,889		16,582
IndyMac Index Mortgage Loan Trust,
Series 2007-AR11, Class 1A1
3.09%		06/25/37	4		464,636		415,550
IndyMac Manufactured Housing Contract Pass-Through
Certificates,
Series 1997-1, Class A3
6.61%		02/25/28			16,441		16,299
IndyMac Manufactured Housing Contract Pass-Through
Certificates,
Series 1997-1, Class A4
6.75%		02/25/28			4,377		4,340
IndyMac Manufactured Housing Contract Pass-Through
Certificates,
Series 1998-1, Class A4
6.49%		09/25/28			32,078		31,907
JPMorgan Mortgage Acquisition Trust,
Series 2006-CH1, Class M2
(CME Term SOFR 1-Month plus 0.40%)
5.72%		07/25/36	2		378,017		376,657
JPMorgan Mortgage Trust,
Series 2007-A3, Class 3A2
4.19%		05/25/37	4		97,206		82,373
MASTR Adjustable Rate Mortgages Trust,
Series 2003-6, Class 4A2
3.81%		01/25/34	4		22,321		21,341

See accompanying Notes to Financial Statements.

101 / Semi-Annual Report September 2023

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
MASTR Adjustable Rate Mortgages Trust,
Series 2007-HF2, Class A1
(CME Term SOFR 1-Month plus 0.73%)
6.05%		09/25/37	2	$	375,880	$	367,383
MASTR Seasoned Securitization Trust,
Series 2004-1, Class 4A1
5.73%		10/25/32	4		4,152		3,992
MASTR Seasoned Securitization Trust,
Series 2005-1, Class 4A1
6.30%		10/25/32	4		11,043		10,347
Merrill Lynch First Franklin Mortgage Loan Trust,
Series 2007-3, Class A2C
(CME Term SOFR 1-Month plus 0.47%)
5.79%		06/25/37	2		304,862		281,519
Merrill Lynch First Franklin Mortgage Loan Trust,
Series 2007-3, Class A2D
(CME Term SOFR 1-Month plus 0.61%)
5.93%		06/25/37	2		563,376		520,389
Mid-State Trust XI,
Series 11, Class A1
4.86%		07/15/38			260,456		251,635
Morgan Stanley ABS Capital I Trust,
Series 2004-NC7, Class M2
(CME Term SOFR 1-Month plus 1.04%)
6.36%		07/25/34	2		110,022		106,809
Morgan Stanley ABS Capital I, Inc., Trust,
Series 2005-HE3, Class M5
(CME Term SOFR 1-Month plus 1.15%)
6.47%		07/25/35	2		2,903,895		2,783,338
Nationstar Home Equity Loan Trust,
Series 2007-B, Class 1AV1
(CME Term SOFR 1-Month plus 0.33%)
5.65%		04/25/37	2		713,826		706,823
New Century Home Equity Loan Trust,
Series 2005-1, Class M1
(CME Term SOFR 1-Month plus 0.79%)
6.11%		03/25/35	2		1,035,916		1,033,713
New York Mortgage Trust,
Series 2005-3, Class A1
(CME Term SOFR 1-Month plus 0.59%)
5.91%		02/25/36	2		247,631		242,272
PRPM LLC,
Series 2020-4, Class A1 (STEP-reset date 10/25/23)
2.95%		10/25/25	1		2,093,605		2,052,269
PRPM LLC,
Series 2021-11, Class A1 (STEP-reset date 10/25/23)
2.49%		11/25/26	1		1,295,361		1,229,647
PRPM LLC,
Series 2021-6, Class A1 (STEP-reset date 10/25/23)
1.79%		07/25/26	1		1,698,521		1,597,726
PRPM LLC,
Series 2022-3, Class A1 (STEP-reset date 10/25/23)
5.56%		06/25/27	1		2,072,043		2,033,244
RBSSP Resecuritization Trust,
Series 2009-12, Class 17A2
4.79%		10/25/35	1,4		887,980		851,856

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Residential Asset Mortgage Products Trust,
Series 2003-SL1, Class A41
8.00%		04/25/31		$	15,201	$	12,856
Residential Asset Mortgage Products Trust,
Series 2004-SL1, Class A7
7.00%		11/25/31			5,847		4,942
Residential Asset Securitization Trust,
Series 2004-IP2, Class 2A1
3.71%		12/25/34	4		11,271		10,072
Saxon Asset Securities Trust,
Series 2007-1, Class A2D
(CME Term SOFR 1-Month plus 0.35%)
5.67%		01/25/47	2		4,316,774		3,944,274
Soundview Home Loan Trust,
Series 2005-OPT4, Class M1
(CME Term SOFR 1-Month plus 0.80%)
6.12%		12/25/35	2		4,500,000		3,745,555
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-15, Class A
4.53%		10/25/34	4		518,028		482,239
Structured Asset Mortgage Investments II Trust,
Series 2005-AR1, Class A1
(CME Term SOFR 1-Month plus 0.59%)
5.92%		04/19/35	2		275,908		259,402
Structured Asset Mortgage Investments II Trust,
Series 2005-AR8, Class A2
(Federal Reserve US 12-Month Cumulative Average plus 1.48%)
3.91%		02/25/36	2		210,440		175,285
Structured Asset Mortgage Investments II Trust,
Series 2006-AR3, Class 22A1
4.00%		05/25/36	4		1,682,018		917,478
VOLT XCIX, LLC,
Series 2021-NPL8, Class A1 (STEP-reset date 10/25/23)
2.12%		04/25/51	1		1,032,061		965,026
VOLT XCVI LLC,
Series 2021-NPL5, Class A1 (STEP-reset date 10/25/23)
2.12%		03/27/51	1		554,243		526,990
WaMu Mortgage Pass-Through Certificates,
Series 2005-AR13, Class A1A3
(CME Term SOFR 1-Month plus 1.67%)
6.99%		10/25/45	2		353,729		335,731
							63,818,869
U.S. Agency Commercial Mortgage-Backed — 0.28%
Fannie Mae Pool AN2786
2.76%		09/01/36			46,557		36,658
Fannie Mae Pool BL6060
2.46%		04/01/40			1,160,000		763,798
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series KJ42, Class A1
3.90%		07/25/29			2,023,426		1,918,351
							2,718,807

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 102

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed — 12.73%
Fannie Mae Pool 253974
7.00%		08/01/31		$	479	$	479
Fannie Mae Pool 527247
7.00%		09/01/26			3		3
Fannie Mae Pool 545191
7.00%		09/01/31			361		365
Fannie Mae Pool 545646
7.00%		09/01/26			3		3
Fannie Mae Pool 549740
6.50%		10/01/27			984		989
Fannie Mae Pool 630599
7.00%		05/01/32			1,904		1,912
Fannie Mae Pool 655928
7.00%		08/01/32			1,238		1,280
Fannie Mae Pool 735207
7.00%		04/01/34			593		603
Fannie Mae Pool 735861
6.50%		09/01/33			26,609		26,791
Fannie Mae Pool 764388
(RFUCCT6M plus 1.38%)
4.76%		03/01/34	2		6,285		6,158
Fannie Mae Pool 776708
5.00%		05/01/34			57,101		55,983
Fannie Mae Pool 844773
(RFUCCT1Y plus 1.56%)
3.81%		12/01/35	2		2,636		2,597
Fannie Mae Pool 889184
5.50%		09/01/36			44,195		43,996
Fannie Mae Pool 890221
5.50%		12/01/33			62,289		62,067
Fannie Mae Pool 939419
(RFUCCT1Y plus 1.27%)
4.64%		05/01/37	2		19,138		18,643
Fannie Mae Pool AL0209
4.50%		05/01/41			177,458		170,113
Fannie Mae Pool CA1710
4.50%		05/01/48			7,667		7,167
Fannie Mae Pool CA1711
4.50%		05/01/48			523,105		489,007
Fannie Mae Pool CA2208
4.50%		08/01/48			6,790		6,347
Fannie Mae Pool CB2430
3.00%		12/01/51			2,292,242		1,899,779
Fannie Mae Pool FM2318
3.50%		09/01/49			891,456		780,840
Fannie Mae Pool FS1598
2.00%		04/01/52			3,026,775		2,301,983
Fannie Mae Pool FS2646
3.00%		06/01/52			3,382,287		2,807,440
Fannie Mae Pool MA1527
3.00%		08/01/33			11,809		10,752
Fannie Mae Pool MA1561
3.00%		09/01/33			660,638		601,510
Fannie Mae Pool MA1608
3.50%		10/01/33			569,314		528,740

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool MA3427
4.00%		07/01/33		$	5,540	$	5,266
Fannie Mae Pool MA3537
4.50%		12/01/48			471,418		440,673
Fannie Mae Pool MA3811
3.00%		10/01/49			414,518		341,662
Fannie Mae Pool MA4152
2.00%		10/01/40			2,313,217		1,873,956
Fannie Mae Pool MA4333
2.00%		05/01/41			641,955		516,349
Fannie Mae Pool MA4512
2.50%		01/01/52			2,077,334		1,652,035
Fannie Mae Pool MA4548
2.50%		02/01/52			2,527,649		2,010,036
Fannie Mae REMICS,
Series 2001-52, Class YZ
6.50%		10/25/31			65,018		65,646
Fannie Mae REMICS,
Series 2003-124, Class TS
(-14.00 X SOFR30A plus 99.20%, 9.80% Cap)
9.80%		01/25/34	2		2,004		1,989
Fannie Mae REMICS,
Series 2007-64, Class FA
(SOFR30A plus 0.58%)
5.90%		07/25/37	2		27,375		27,085
Fannie Mae REMICS,
Series 2008-50, Class SA (IO)
(-1.00 X SOFR30A plus 5.94%, 6.05% Cap)
0.62%		11/25/36	2		468,125		27,427
Fannie Mae REMICS,
Series 2018-38, Class PA
3.50%		06/25/47			2,987		2,795
Fannie Mae REMICS,
Series 2018-43, Class CT
3.00%		06/25/48			179,511		154,299
Fannie Mae REMICS,
Series 2018-55, Class PA
3.50%		01/25/47			20,802		19,907
Fannie Mae REMICS,
Series 2018-86, Class JA
4.00%		05/25/47			128,017		123,026
Fannie Mae Trust,
Series 2003-W6, Class 5T (IO)
(-1.00 X SOFR30A plus 8.04%, 0.55% Cap)
0.55%		09/25/42	2		5,873,903		100,620
Freddie Mac Gold Pool A25162
5.50%		05/01/34			48,409		48,473
Freddie Mac Gold Pool A33262
5.50%		02/01/35			21,488		21,326
Freddie Mac Gold Pool A68781
5.50%		10/01/37			2,838		2,822
Freddie Mac Gold Pool C03813
3.50%		04/01/42			478,296		427,707
Freddie Mac Gold Pool G01548
7.50%		07/01/32			140,165		146,381

See accompanying Notes to Financial Statements.

103 / Semi-Annual Report September 2023

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac Gold Pool G01644
5.50%		02/01/34		$	32,058	$	31,959
Freddie Mac Gold Pool G02366
6.50%		10/01/36			26,827		27,795
Freddie Mac Gold Pool G08844
5.00%		10/01/48			132,245		127,209
Freddie Mac Gold Pool G15897
2.50%		09/01/31			15,972		14,648
Freddie Mac Gold Pool G16085
2.50%		02/01/32			967,421		875,399
Freddie Mac Gold Pool G16524
3.50%		05/01/33			34,924		32,752
Freddie Mac Gold Pool G16756
3.50%		01/01/34			586,532		548,341
Freddie Mac Gold Pool G18581
2.50%		01/01/31			15,307		13,983
Freddie Mac Pool SD7503
3.50%		08/01/49			2,398,839		2,100,904
Freddie Mac Pool SD8199
2.00%		03/01/52			1,636,930		1,244,951
Freddie Mac REMICS,
Series 1602, Class SN
(-4.25 X PRIME plus 46.22%, 10.09% Cap)
10.09%		10/15/23	2		20		20
Freddie Mac REMICS,
Series 2174, Class PN
6.00%		07/15/29			10,780		10,694
Freddie Mac REMICS,
Series 3460, Class SA (IO)
(-1.00 X SOFR30A plus 6.09%, 6.20% Cap)
0.77%		06/15/38	2		444,505		25,460
Freddie Mac REMICS,
Series 4030, Class HS (IO)
(-1.00 X SOFR30A plus 6.50%, 6.61% Cap)
1.18%		04/15/42	2		398,714		32,448
Ginnie Mae (TBA)
2.50%		10/20/53			3,900,000		3,188,091
4.50%		10/20/53			4,425,000		4,088,112
5.00%		10/20/53			2,200,000		2,084,844
Ginnie Mae I Pool 782810
4.50%		11/15/39			324,523		309,375
Ginnie Mae II Pool 80968
(US Treasury Yield Curve Rate T Note Constant Maturity
1-Year plus 1.50%)
2.63%		07/20/34	2		8,883		8,623
Ginnie Mae II Pool MA4454
5.00%		05/20/47			12,484		12,146
Ginnie Mae II Pool MA4511
4.00%		06/20/47			3,144		2,885
Ginnie Mae II Pool MA4588
4.50%		07/20/47			109,575		103,573
Ginnie Mae II Pool MA4589
5.00%		07/20/47			611,667		594,940
Ginnie Mae II Pool MA4838
4.00%		11/20/47			287,163		262,566

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Ginnie Mae II Pool MA4901
4.00%		12/20/47		$	232,535	$	212,616
Ginnie Mae II Pool MA5399
4.50%		08/20/48			283,927		266,123
Ginnie Mae II Pool MA5530
5.00%		10/20/48			3,427		3,305
Ginnie Mae II Pool MA6030
3.50%		07/20/49			39,093		33,733
Ginnie Mae II Pool MA6080
3.00%		08/20/49			20,655		17,064
Ginnie Mae II Pool MA6209
3.00%		10/20/49			363,898		300,640
Ginnie Mae,
Series 2004-8, Class SE
(-2.00 X CME Term SOFR 1-Month plus 14.07%, 14.30%
Cap)
3.44%		11/26/23	2		35		35
UMBS (TBA)
2.50%		10/01/53			5,975,000		4,741,019
3.00%		10/01/53			11,600,000		9,593,109
3.50%		10/01/53			375,000		322,558
4.00%		10/01/53			11,825,000		10,528,869
4.50%		10/01/53			27,125,000		24,906,260
5.00%		10/01/53			22,600,000		21,319,047
5.50%		10/01/53			19,350,000		18,700,717
							124,521,840
Total Mortgage-Backed
(Cost $231,334,288)							217,251,730
MUNICIPAL BONDS — 0.80%*
California — 0.00%
Los Angeles Department of Water & Power Power System
Revenue Bonds, Electric Light & Power Improvements,
Series C
5.52%		07/01/27			50,000		50,843
Florida — 0.05%
County of Miami-Dade Aviation Revenue Bonds, Airport and
Marina Improvements, Series C
4.06%		10/01/31			280,000		254,563
County of Miami-Dade Aviation Revenue Bonds, Airport and
Marina Improvements, Series D
3.50%		10/01/31			245,000		213,823
							468,386
Massachusetts — 0.17%
Commonwealth of Massachusetts Revenue Bonds, Series B
4.11%		07/15/31			1,729,016		1,627,350
Michigan — 0.07%
University of Michigan Revenue Bonds, Series C
3.48%		04/01/33			750,000		652,724
New York — 0.51%
City of New York General Obligation, Public Improvements,
Series 2
1.70%		03/01/29			250,000		207,632

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 104

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MUNICIPAL BONDS (continued)
New York (continued)
Metropolitan Transportation Authority Revenue Bonds,
Transit Improvements
6.55%		11/15/31		$	25,000	$	25,358
New York City Transitional Finance Authority Future Tax
Secured Revenue Bonds, School Improvements, Series G-3
5.27%		05/01/27			1,465,000		1,467,588
New York City Transitional Finance Authority Future Tax
Secured Revenue Bonds, Series F, Subseries F-3
5.13%		02/01/35			718,000		694,663
5.15%		02/01/36			718,000		692,281
New York State Dormitory Authority Revenue Bonds, Series C
1.95%		03/15/29			590,000		499,643
New York State Dormitory Authority Revenue Bonds,
University & College Improvements, Series D
5.50%		03/15/30			70,000		69,881
New York State Urban Development Corp. Revenue Bonds,
Transit Improvements, Series B
2.01%		03/15/30			1,630,000		1,336,641
							4,993,687
Pennsylvania — 0.00%
Pennsylvania Economic Development Financing Authority
Revenue Bonds, University of Pittsburgh Medical Center,
Series B
3.20%		11/15/27			40,000		36,430
Total Municipal Bonds
(Cost $8,436,982)							7,829,420
U.S. TREASURY SECURITIES — 43.13%
U.S. Treasury Bonds — 1.25%
U.S. Treasury Bonds
4.13%		08/15/53			215,000		195,149
U.S. Treasury Bonds - Treasury Inflation - Indexed Bonds
1.25%		04/15/28	9		6,007,695		5,712,004
U.S. Treasury Bonds - Treasury Inflation Indexed Bonds
(WI)
1.38%		07/15/33	9		6,854,416		6,341,170
							12,248,323
U.S. Treasury Notes — 41.88%
U.S. Treasury Notes
3.88%		08/15/33			57,975,000		54,772,788
4.38%		08/31/28			45,720,000		45,266,986
U.S. Treasury Notes (WI)
4.50%		09/30/28			192,810,000		192,938,035
4.63%		09/15/26			36,215,000		36,039,575
5.13%		09/30/25			80,720,000		80,640,169
							409,657,553
Total U.S. Treasury Securities
(Cost $424,991,028)							421,905,876
Total Bonds — 99.37%
(Cost $1,009,275,724)							971,938,978

Issues	Shares		Value
COMMON STOCK — 0.03%
Communications — 0.03%
Intelsat Emergence SA3,5,6,7
(Luxembourg)		15,282	$	342,317
Electric — 0.00%
Homer City Holdings LLC†,5,6,7		8,014		—
Total Common Stock
(Cost $968,944)				342,317
RIGHTS — 0.00%
Communications — 0.00%
Intelsat Jackson Holdings SA, Series A†,3,5,6,7
(Luxembourg)		1,599		—
Intelsat Jackson Holdings SA, Series B†,3,5,6,7
(Luxembourg)		1,599		—
				—
Total Rights
(Cost $35)				—

Issues	Maturity Date		Principal     Amount/Shares		Value
SHORT-TERM INVESTMENTS — 17.80%
Money Market Funds — 9.14%
Dreyfus Government Cash Management Fund
5.22%10			40,404,000		40,404,000
Fidelity Investments Money Market Funds - Government
Portfolio
5.23%10,11			179,337		179,337
Morgan Stanley Institutional Liquidity Funds - Government
Portfolio
5.27%10			48,860,000		48,860,000
					89,443,337
U.S. Treasury Bills — 8.66%
U.S. Treasury Bills (WI)
5.45%12	11/28/23	$	75,400,000		74,764,583
5.38%12	12/05/23		10,000,000		9,905,573
					84,670,156
Total Short-Term Investments
(Cost $174,119,010)					174,113,493
Total Investments - 117.20%
(Cost $1,184,363,713)					1,146,394,788
Liabilities in Excess of Other Assets - (17.20)%					(168,261,841)
Net Assets - 100.00%				$	978,132,947

¹  Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

²  Floating rate security. The rate disclosed was in effect at September 30, 2023.

³  Foreign denominated security issued by foreign domiciled entity.

See accompanying Notes to Financial Statements.

105 / Semi-Annual Report September 2023

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

⁴  Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

⁵  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁶  Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $2,069,918, which is 0.21% of total net assets.

⁷  Non-income producing security.

⁸  Security is currently in default with regard to scheduled interest or principal payments.

⁹  Inflation protected security. Principal amount reflects original security face amount.

¹⁰  Represents the current yield as of September 30, 2023.

¹¹  Securities, or a portion thereof, pledged as collateral for swaps. The total market value of collateral pledged is $3,294.

¹²  Represents annualized yield at date of purchase.

^†  Fair valued security. The aggregate value of fair valued securities is $0, which is 0.00% of total net assets. Fair valued securities were not valued utilizing an independent quote but were valued pursuant to guidelines approved by the Board of Trustees. See Notes to Financial Statements.

* Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

** Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date sooner than the stated maturity date.

Note: For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(CLO): Collateralized Loan Obligation

(EMTN): Euro Medium-Term Note

(EUR): Euro

(EURIBOR): Euro InterBank Offer Rate

(GBP): British Pound

(GMTN): Global Medium-Term Note

(IO): Interest Only

(LIBOR): London InterBank Offer Rate

(MTN): Medium-Term Note

(REIT): Real Estate Investment Trust

(SOFR): Secured Overnight Financing Rate

(SONIA): Sterling Overnight Index Average

(STEP): Step Coupon Bond

(TBA): To-Be-Announced

(WI): When Issued

Currency to be Purchased	Currency to be Sold		Counterparty	Settlement Date		Unrealized       Appreciation        (Depreciation)
FOREIGN CURRENCY EXCHANGE CONTRACT
USD 22,576,144		EUR 20,681,000	Citibank N.A.		10/13/23	$	667,115
USD 1,505,830		GBP 1,173,000	Citibank N.A.		10/13/23		73,997
							741,112
EUR 314,000		USD 335,145	Citibank N.A.		10/13/23		(2,499	)
NET UNREALIZED APPRECIATION						$	738,613

Description	Number of Contracts	Expiration Date	Notional Amount		Value		Unrealized       Appreciation        (Depreciation)
FUTURES CONTRACTS: LONG POSITIONS
U.S. Treasury Two-Year Note	1,674	12/29/23	$	339,338,110	$	(1,110,683)	$	(1,110,683)
U.S. Treasury Ten-Year Ultra Bond	174	12/19/23		19,411,875		(614,042)		(614,042)
U.S. Treasury Five-Year Note	171	12/29/23		18,016,453		(131,787)		(131,787)
				376,766,438		(1,856,512)		(1,856,512)
FUTURES CONTRACTS: SHORT POSITIONS
U.S. Treasury Ultra Bond	78	12/19/23		(9,257,625)		685,779		685,779
Euro-Bobl Future	49	12/07/23		(6,004,965)		61,347		61,347
Euro-Bund Future	37	12/07/23		(5,039,311)		155,475		155,475
				(20,301,901)		902,601		902,601
TOTAL FUTURES CONTRACTS			$	356,464,537	$	(953,911)	$	(953,911)

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 106

Intermediate Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Reference Obligation/Index

Financing Rate Paid by the Fund

Payment Frequency

Implied Credit Spread at 09/30/231

Counterparty

Expiration Date

Notional Amount (000’s)2

Value3

Premiums Paid

Unrealized     Appreciation

SWAPS: CREDIT DEFAULT (SALES) - SINGLE ISSUES

OTC4

Berry Global, Inc., 5.63%, due

Credit Suisse First Boston

07/15/27

5.00%

3 Months

175

International

12/20/23

$    1,155

$

10,469

$

7,686

$

2,783

¹  An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swaps on corporate issues as of year-end serve as an indicator of the current status of the payment performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter the agreement. Wider credit spreads, in comparison to narrower credit spreads, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

²  The maximum potential amount for the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

³  The quoted market prices are resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of year-end. Increasing values (buy protection) or decreasing values (sell protection), when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

⁴  If the Fund is a seller of protection and credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection the amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying investments comprising the referenced index or (ii) pay a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index.

See accompanying Notes to Financial Statements.

107 / Semi-Annual Report September 2023

Investment Grade Credit Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
BONDS – 103.12%
ASSET-BACKED SECURITIES — 3.82%**
Aimco CLO,
Series 2015-AA, Class BR2
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.86%)
7.17%		10/17/34	1,2,3	$	70,000	$	68,488
Allegro CLO VIII Ltd.,
Series 2018-2A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.36%)
6.67%		07/15/31	1,2,3		30,000		29,932
J.G. Wentworth XXX LLC,
Series 2013-3A, Class A
4.08%		01/17/73	1		28,737		25,068
Madison Park Funding XXXIX Ltd.,
Series 2021-39A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.91%)
7.26%		10/22/34	1,2,3		70,000		68,726
Octagon Investment Partners 46 Ltd.,
Series 2020-2A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.42%)
6.73%		07/15/36	1,2,3		70,000		69,639
Skyline Aircraft Finance LLC,
Series 2021-1, Class A
3.23%		05/10/37	4,5,6		34,367		30,045
SLM Student Loan Trust,
Series 2008-2, Class B
(SOFR90A plus 1.46%)
6.52%		01/25/83	2		20,000		19,837
SLM Student Loan Trust,
Series 2008-3, Class B
(SOFR90A plus 1.46%)
6.52%		04/26/83	2		20,000		18,584
SLM Student Loan Trust,
Series 2008-5, Class B
(SOFR90A plus 2.11%)
7.17%		07/25/73	2		35,000		33,962
SLM Student Loan Trust,
Series 2008-6, Class A4
(SOFR90A plus 1.36%)
6.42%		07/25/23	2		21,687		21,431
SLM Student Loan Trust,
Series 2008-6, Class B
(SOFR90A plus 2.11%)
7.17%		07/26/83	2		20,000		18,931
SLM Student Loan Trust,
Series 2008-7, Class B
(SOFR90A plus 2.11%)
7.17%		07/26/83	2		20,000		18,478

Issues	Maturity Date			Principal         Amount		Value
ASSET-BACKED SECURITIES (continued)
Wachovia Student Loan Trust,
Series 2006-1, Class A6
(SOFR90A plus 0.43%)
5.49%		04/25/40	1,2	$	21,635	$	20,920
Total Asset-Backed Securities
(Cost $454,669)							444,041
CORPORATES — 57.09%*
Banking — 9.08%
Bank of America Corp.
2.30%		07/21/32	6		165,000		125,219
Bank of America Corp.
(MTN)
2.88%		10/22/30	6		150,000		125,128
Bank of America Corp.,
Series N
1.66%		03/11/27	6		50,000		44,862
HSBC Holdings PLC
(United Kingdom)
2.80%		05/24/32	3,6		125,000		96,918
JPMorgan Chase & Co.
1.58%		04/22/27	6		235,000		209,735
Macquarie Group Ltd.
(Australia)
1.63%		09/23/27	1,3,6		25,000		21,858
NatWest Group PLC
(United Kingdom)
4.27%		03/22/25	3,6		5,000		4,947
PNC Financial Services Group, Inc. (The)
5.07%		01/24/34	6		40,000		36,281
6.04%		10/28/33	6		10,000		9,706
Santander UK Group Holdings PLC
(United Kingdom)
1.09%		03/15/25	3,6		15,000		14,587
2.47%		01/11/28	3,6		15,000		13,071
Santander UK PLC
(United Kingdom)
5.00%		11/07/23	1,3		35,000		34,930
U.S. Bancorp
4.84%		02/01/34	6		55,000		48,555
UBS Group AG
(Switzerland)
1.31%		02/02/27	1,3,6		45,000		39,892
2.59%		09/11/25	1,3,6		20,000		19,251
3.09%		05/14/32	1,3,6		40,000		31,724
4.19%		04/01/31	1,3,6		70,000		61,159
Wells Fargo & Co.
(MTN)
3.35%		03/02/33	6		140,000		113,125
4.90%		07/25/33	6		5,000		4,527
							1,055,475
Communications — 3.71%
AT&T, Inc.
2.55%		12/01/33			74,000		54,194

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 108

Investment Grade Credit Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Communications (continued)
Charter Communications Operating LLC/Charter
Communications Operating Capital
2.30%		02/01/32		$	100,000	$	72,976
Comcast Corp.
1.95%		01/15/31			10,000		7,823
Discovery Communications LLC
3.63%		05/15/30			35,000		29,607
Meta Platforms, Inc.
4.95%		05/15/33			9,000		8,635
Sprint Capital Corp.
8.75%		03/15/32			20,000		23,155
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint
Spectrum Co. III LLC
4.74%		03/20/25	1		28,125		27,835
5.15%		03/20/28	1		54,000		53,066
Tencent Holdings Ltd.
(Cayman Islands)
3.98%		04/11/29	1,3		30,000		27,257
T-Mobile USA, Inc.
2.55%		02/15/31			79,000		62,891
5.05%		07/15/33			55,000		51,052
Walt Disney Co. (The)
7.75%		01/20/24			12,000		12,062
							430,553
Consumer Discretionary — 2.95%
Amcor Finance USA, Inc.
5.63%		05/26/33			15,000		14,423
Bacardi Ltd.
(Bermuda)
4.70%		05/15/28	1,3		10,000		9,524
BAT Capital Corp.
4.39%		08/15/37			20,000		15,320
Church & Dwight Co., Inc.
5.60%		11/15/32			35,000		35,116
Constellation Brands, Inc.
2.88%		05/01/30			30,000		25,201
Hyatt Hotels Corp.
1.80%		10/01/24			35,000		33,585
Imperial Brands Finance PLC
(United Kingdom)
4.25%		07/21/25	1,3		30,000		28,922
JDE Peet’s NV
(Netherlands)
2.25%		09/24/31	1,3		30,000		22,331
Kenvue, Inc.
4.90%		03/22/33	1		30,000		28,703
Philip Morris International, Inc.
5.75%		11/17/32			30,000		29,273
Reynolds American, Inc.
5.70%		08/15/35			50,000		44,655
WarnerMedia Holdings, Inc.
4.28%		03/15/32			65,000		55,182
							342,235

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Diversified REITs — 1.97%
American Assets Trust LP
3.38%		02/01/31		$	25,000	$	18,755
American Tower Corp.
2.30%		09/15/31			35,000		26,587
2.90%		01/15/30			15,000		12,486
5.65%		03/15/33			25,000		24,045
Crown Castle, Inc.
3.30%		07/01/30			25,000		21,119
GLP Capital LP/GLP Financing II, Inc.
3.25%		01/15/32			4,000		3,102
4.00%		01/15/30			20,000		17,012
5.30%		01/15/29			20,000		18,668
LXP Industrial Trust
2.38%		10/01/31			25,000		18,374
2.70%		09/15/30			25,000		19,384
VICI Properties LP
5.13%		05/15/32			25,000		22,442
VICI Properties LP/VICI Note Co., Inc.
4.63%		06/15/25	1		15,000		14,501
Weyerhaeuser Co.
3.38%		03/09/33			15,000		12,293
							228,768
Electric — 4.50%
Alliant Energy Finance LLC
1.40%		03/15/26	1		50,000		44,407
Ameren Corp.
3.50%		01/15/31			75,000		64,447
Appalachian Power Co.,
Series X
3.30%		06/01/27			20,000		18,361
Arizona Public Service Co.
6.35%		12/15/32			30,000		30,746
Berkshire Hathaway Energy Co.
1.65%		05/15/31			25,000		18,737
Black Hills Corp.
4.35%		05/01/33			36,000		30,793
CenterPoint Energy Houston Electric LLC
4.95%		04/01/33			5,000		4,753
Commonwealth Edison Co.
6.45%		01/15/38			20,000		20,771
Duke Energy Corp.
2.55%		06/15/31			35,000		27,750
Eversource Energy
4.60%		07/01/27			15,000		14,440
5.13%		05/15/33			10,000		9,322
Exelon Corp.
5.30%		03/15/33			20,000		19,091
ITC Holdings Corp.
4.95%		09/22/27	1		20,000		19,476
5.40%		06/01/33	1		25,000		23,768
Jersey Central Power & Light Co.
2.75%		03/01/32	1		35,000		27,494
Metropolitan Edison Co.
4.00%		04/15/25	1		25,000		23,982

See accompanying Notes to Financial Statements.

109 / Semi-Annual Report September 2023

Investment Grade Credit Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Electric (continued)
Narragansett Electric Co. (The)
3.40%		04/09/30	1	$	35,000	$	30,375
Oklahoma Gas and Electric Co.
5.40%		01/15/33			25,000		24,225
Public Service Co. of New Mexico
3.85%		08/01/25			40,000		38,266
Southwestern Electric Power Co.,
Series M
4.10%		09/15/28			15,000		13,921
Xcel Energy, Inc.
3.40%		06/01/30			20,000		17,292
							522,417
Energy — 3.75%
Aker BP ASA
(Norway)
3.10%		07/15/31	1,3		35,000		28,061
Boston Gas Co.
3.76%		03/16/32	1		25,000		20,986
CenterPoint Energy Resources Corp.
5.40%		03/01/33			25,000		24,099
Columbia Pipelines Operating Co. LLC
6.04%		11/15/33	1		30,000		29,300
KeySpan Gas East Corp.
5.99%		03/06/33	1		25,000		24,128
Kinder Morgan, Inc.
5.30%		12/01/34			30,000		27,548
NiSource, Inc.
5.40%		06/30/33			20,000		19,129
Petroleos Mexicanos
(Mexico)
5.95%		01/28/31	3		30,000		21,477
Piedmont Natural Gas Co., Inc.
2.50%		03/15/31			10,000		7,885
5.40%		06/15/33			50,000		47,773
Plains All American Pipeline LP/PAA Finance Corp.
4.65%		10/15/25			30,000		29,123
Rockies Express Pipeline LLC
3.60%		05/15/25	1		20,000		18,877
4.95%		07/15/29	1		10,000		8,921
Sabine Pass Liquefaction LLC
4.50%		05/15/30			30,000		27,523
Southern Co. Gas Capital Corp.
5.15%		09/15/32			20,000		18,885
5.75%		09/15/33			27,000		26,494
Southern Natural Gas Co. LLC
4.80%		03/15/47	1		30,000		23,166
TransCanada PipeLines Ltd.
(Canada)
5.60%		03/31/34	3		35,000		32,842
							436,217
Finance — 6.90%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
(Ireland)
3.00%		10/29/28	3		50,000		42,896

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Finance (continued)
3.88%		01/23/28	3	$	16,000	$	14,531
Air Lease Corp.
3.63%		12/01/27			26,000		23,573
4.63%		10/01/28			15,000		13,907
Avolon Holdings Funding Ltd.
(Cayman Islands)
2.53%		11/18/27	1,3		21,000		17,743
2.75%		02/21/28	1,3		10,000		8,483
4.38%		05/01/26	1,3		5,000		4,697
Cboe Global Markets, Inc.
3.00%		03/16/32			20,000		16,433
Citigroup, Inc.
2.52%		11/03/32	6		170,000		129,927
2.56%		05/01/32	6		50,000		38,726
Discover Financial Services
6.70%		11/29/32			25,000		24,170
Goldman Sachs Group, Inc. (The)
1.95%		10/21/27	6		60,000		52,991
2.65%		10/21/32	6		75,000		57,924
Intercontinental Exchange, Inc.
1.85%		09/15/32			25,000		18,293
JPMorgan Chase & Co.
1.95%		02/04/32	6		110,000		83,475
2.96%		01/25/33	6		40,000		31,915
Morgan Stanley
2.48%		09/16/36	6		5,000		3,655
Morgan Stanley
(GMTN)
1.51%		07/20/27	6		35,000		30,847
Morgan Stanley
(MTN)
1.79%		02/13/32	6		175,000		129,696
Nationwide Building Society
(United Kingdom)
1.50%		10/13/26	1,3		25,000		21,855
Pipeline Funding Co. LLC
7.50%		01/15/30	1		16,808		17,345
Raymond James Financial, Inc.
4.65%		04/01/30			20,000		18,838
							801,920
Food — 1.40%
General Mills, Inc.
4.95%		03/29/33			35,000		32,764
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
(Canada)
3.75%		12/01/31	3		32,000		25,664
Kellogg Co.
5.25%		03/01/33			30,000		28,577
Pilgrim’s Pride Corp.
3.50%		03/01/32			60,000		46,481
Smithfield Foods, Inc.
2.63%		09/13/31	1		40,000		28,807
							162,293

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 110

Investment Grade Credit Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Health Care — 8.04%
AbbVie, Inc.
4.50%		05/14/35		$	30,000	$	27,124
Alcon Finance Corp.
2.75%		09/23/26	1		40,000		36,799
Amgen, Inc.
5.25%		03/02/33			50,000		47,811
Ascension Health,
Series B
2.53%		11/15/29			20,000		17,052
Banner Health
2.34%		01/01/30			10,000		8,276
Barnabas Health, Inc.,
Series 2012
4.00%		07/01/28			15,000		13,976
Baxter International, Inc.
3.95%		04/01/30			10,000		8,911
Bayer U.S. Finance II LLC
4.38%		12/15/28	1		45,000		41,843
Becton Dickinson & Co.
3.70%		06/06/27			20,000		18,752
Centene Corp.
3.00%		10/15/30			50,000		40,391
Cigna Group (The)
2.40%		03/15/30			35,000		28,756
5.40%		03/15/33			30,000		29,110
CommonSpirit Health
2.78%		10/01/30			20,000		16,508
CVS Health Corp.
3.25%		08/15/29			50,000		43,769
5.25%		02/21/33			25,000		23,674
DENTSPLY SIRONA, Inc.
3.25%		06/01/30			35,000		29,315
Elanco Animal Health, Inc.
6.65%		08/28/28			15,000		14,625
Elevance Health, Inc.
5.50%		10/15/32			20,000		19,697
Fresenius Medical Care U.S. Finance III, Inc.
1.88%		12/01/26	1		20,000		17,455
HCA, Inc.
3.63%		03/15/32			25,000		20,746
4.13%		06/15/29			65,000		58,780
Humana, Inc.
3.70%		03/23/29			10,000		9,108
Illumina, Inc.
2.55%		03/23/31			25,000		19,443
5.75%		12/13/27			15,000		14,749
Medtronic Global Holdings SCA
(Luxembourg)
4.50%		03/30/33	3		30,000		27,956
Molina Healthcare, Inc.
3.88%		11/15/30	1		30,000		24,893
Pfizer Investment Enterprises Pte Ltd.
(Slovenia)
4.75%		05/19/33	3		50,000		47,397

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Health Care (continued)
Premier Health Partners,
Series G
2.91%		11/15/26		$	15,000	$	13,421
Providence St. Joseph Health Obligated Group,
Series H
2.75%		10/01/26			20,000		18,302
Regeneron Pharmaceuticals, Inc.
1.75%		09/15/30			20,000		15,404
Revvity, Inc.
2.55%		03/15/31			35,000		27,637
Royalty Pharma PLC
(United Kingdom)
1.75%		09/02/27	3		25,000		21,324
Smith & Nephew PLC
(United Kingdom)
2.03%		10/14/30	3		30,000		23,112
STERIS Irish FinCo UnLtd Co.
(Ireland)
2.70%		03/15/31	3		30,000		24,327
Thermo Fisher Scientific, Inc.
5.09%		08/10/33			34,000		32,904
Universal Health Services, Inc.
1.65%		09/01/26			35,000		30,859
Zoetis, Inc.
5.60%		11/16/32			20,000		19,937
							934,143
Health Care REITs — 0.66%
Healthcare Reality Holdings LP
2.00%		03/15/31			30,000		22,511
3.10%		02/15/30			15,000		12,508
Healthcare Realty Holdings LP
3.88%		05/01/25			4,000		3,773
Physicians Realty LP
2.63%		11/01/31			5,000		3,771
4.30%		03/15/27			26,000		24,434
Ventas Realty LP
4.13%		01/15/26			10,000		9,577
							76,574
Hotel & Resort REITs — 0.21%
Host Hotels & Resorts LP,
Series I
3.50%		09/15/30			30,000		24,983
Industrial REITs — 0.22%
Rexford Industrial Realty LP
2.13%		12/01/30			5,000		3,803
2.15%		09/01/31			30,000		22,390
							26,193
Industrials — 1.86%
Amcor Finance USA, Inc.
3.63%		04/28/26			25,000		23,595
BAE Systems Holdings, Inc.
3.80%		10/07/24	1		15,000		14,678
3.85%		12/15/25	1		10,000		9,611

See accompanying Notes to Financial Statements.

111 / Semi-Annual Report September 2023

Investment Grade Credit Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Industrials (continued)
Berry Global, Inc.
1.57%		01/15/26		$	20,000	$	18,083
1.65%		01/15/27			20,000		17,212
Boeing Co. (The)
4.88%		05/01/25			15,000		14,745
General Electric Co.
(MTN)
(CME Term SOFR 3-Month plus 0.64%)
6.01%		05/05/26	2		10,000		9,989
Ingersoll Rand, Inc.
5.70%		08/14/33			40,000		38,631
Sealed Air Corp.
1.57%		10/15/26	1		30,000		26,111
Sonoco Products Co.
3.13%		05/01/30			25,000		21,047
Sydney Airport Finance Co. Pty Ltd.
(Australia)
3.63%		04/28/26	1,3		15,000		14,195
WRKCo, Inc.
3.00%		06/15/33			10,000		7,842
							215,739
Information Technology — 2.00%
Amazon.com, Inc.
3.60%		04/13/32			10,000		8,879
Broadcom, Inc.
2.60%		02/15/33	1		10,000		7,463
3.42%		04/15/33	1		35,000		27,949
Fidelity National Information Services, Inc.
2.25%		03/01/31			30,000		23,458
Fiserv, Inc.
2.65%		06/01/30			20,000		16,444
5.63%		08/21/33			10,000		9,697
Micron Technology, Inc.
2.70%		04/15/32			15,000		11,458
Netflix, Inc.
3.63%		06/15/25	1		20,000		19,317
Open Text Corp.
(Canada)
6.90%		12/01/27	1,3		17,000		17,084
Oracle Corp.
2.88%		03/25/31			70,000		57,220
6.25%		11/09/32			20,000		20,251
Take-Two Interactive Software, Inc.
4.00%		04/14/32			15,000		13,079
							232,299
Insurance — 3.89%
Aon Corp.
2.80%		05/15/30			25,000		20,844
Aon Corp./Aon Global Holdings PLC
2.60%		12/02/31			10,000		7,904
Arthur J Gallagher & Co.
5.75%		03/02/53			50,000		45,762
Athene Global Funding
1.61%		06/29/26	1		5,000		4,371

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Insurance (continued)
(SOFR Index plus 0.70%)
6.04%		05/24/24	1,2	$	30,000	$	29,858
Berkshire Hathaway Finance Corp.
2.88%		03/15/32			5,000		4,200
Brown & Brown, Inc.
2.38%		03/15/31			10,000		7,732
4.20%		03/17/32			25,000		21,612
Equitable Financial Life Global Funding
1.30%		07/12/26	1		25,000		21,872
Farmers Exchange Capital
7.05%		07/15/28	1		5,000		4,968
Farmers Insurance Exchange
4.75%		11/01/57	1,6		45,000		33,819
Marsh & McLennan Cos., Inc.
2.25%		11/15/30			30,000		24,038
Metropolitan Life Global Funding I
2.95%		04/09/30	1		15,000		12,726
MMI Capital Trust I,
Series B
7.63%		12/15/27			50,000		51,747
Nationwide Mutual Insurance Co.
7.96%		12/15/24	1,6		50,000		50,007
New York Life Insurance Co.
5.88%		05/15/33	1		25,000		24,848
Progressive Corp. (The)
3.20%		03/26/30			10,000		8,701
Teachers Insurance & Annuity Association of America
4.38%		09/15/54	1,6		55,000		53,499
Willis North America, Inc.
5.35%		05/15/33			25,000		23,344
							451,852
Materials — 0.39%
Georgia-Pacific LLC
2.30%		04/30/30	1		20,000		16,283
International Flavors & Fragrances, Inc.
2.30%		11/01/30	1		30,000		22,593
3.27%		11/15/40	1		10,000		6,276
							45,152
Office REITs — 0.98%
Hudson Pacific Properties LP
3.95%		11/01/27			75,000		59,269
Kilroy Realty LP
2.50%		11/15/32			40,000		27,385
3.05%		02/15/30			5,000		3,933
Piedmont Operating Partnership LP
2.75%		04/01/32			35,000		22,766
							113,353
Real Estate Investment Trust (REIT) — 0.96%
Crown Castle, Inc.
5.10%		05/01/33			41,000		37,869
Digital Realty Trust LP
3.60%		07/01/29			10,000		8,843
Equinix, Inc.
2.50%		05/15/31			35,000		27,350

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 112

Investment Grade Credit Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Real Estate Investment Trust (REIT) (continued)
NNN REIT, Inc.
5.60%		10/15/33		$	40,000	$	37,720
							111,782
Residential REITs — 0.47%
American Homes 4 Rent LP
2.38%		07/15/31			30,000		22,902
Essex Portfolio LP
2.65%		03/15/32			10,000		7,701
Mid-America Apartments LP
1.70%		02/15/31			20,000		15,271
UDR, Inc.
(MTN)
4.40%		01/26/29			10,000		9,249
							55,123
Retail — 0.72%
Alimentation Couche-Tard, Inc.
(Canada)
2.95%		01/25/30	1,3		35,000		29,157
Starbucks Corp.
2.55%		11/15/30			20,000		16,421
Tractor Supply Co.
5.25%		05/15/33			40,000		37,739
							83,317
Services — 0.83%
Global Payments, Inc.
5.30%		08/15/29			15,000		14,305
Moody’s Corp.
4.25%		08/08/32			30,000		27,234
Northwestern University
3.69%		12/01/38			20,000		16,377
RELX Capital, Inc.
3.00%		05/22/30			30,000		25,672
Republic Services, Inc.
2.90%		07/01/26			5,000		4,680
S&P Global, Inc.
2.90%		03/01/32			10,000		8,235
							96,503
Specialized REITs — 0.64%
CubeSmart LP
4.38%		02/15/29			15,000		13,882
Extra Space Storage LP
2.20%		10/15/30			40,000		31,049
2.35%		03/15/32			10,000		7,567
3.90%		04/01/29			25,000		22,447
							74,945
Transportation — 0.96%
Delta Air Lines Pass-Through Trust,
Series 2020-1, Class AA
2.00%		06/10/28			20,515		17,991
JetBlue Airways Pass-Through Trust,
Series 2019-1, Class AA
2.75%		05/15/32			27,769		23,445

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Transportation (continued)
Norfolk Southern Corp.
3.00%		03/15/32		$	15,000	$	12,364
U.S. Airways Pass-Through Trust,
Series 2011-1, Class A
7.13%		10/22/23			13,274		13,271
Union Pacific Corp.
2.89%		04/06/36			20,000		15,088
United Airlines Pass-Through Trust,
Series 2023-1, Class A
5.80%		01/15/36			30,000		29,191
							111,350
Total Corporates
(Cost $7,462,293)							6,633,186
MORTGAGE-BACKED — 17.05%**
Non-Agency Commercial Mortgage-Backed — 1.15%
Citigroup Commercial Mortgage Trust,
Series 2014-GC25, Class XA (IO)
1.09%		10/10/47	6		550,172		3,022
Commercial Mortgage Trust,
Series 2014-CR19, Class XA (IO)
1.08%		08/10/47	6		503,967		2,762
Commercial Mortgage Trust,
Series 2014-UBS2, Class XA (IO)
1.19%		03/10/47	6		679,612		151
Commercial Mortgage Trust,
Series 2014-UBS3, Class XA (IO)
1.21%		06/10/47	6		1,719,803		4,178
Commercial Mortgage Trust,
Series 2014-UBS5, Class XA (IO)
0.98%		09/10/47	4,5,6		1,933,725		9,195
CSMC Trust,
Series 2016-NXSR, Class XA (IO)
0.83%		12/15/49	6		307,919		4,878
GS Mortgage Securities Corp. Trust,
Series 2020-UPTN, Class XA (IO)
0.45%		02/10/37	1,6		375,000		1,426
GS Mortgage Securities Trust,
Series 2010-C1, Class X (IO)
0.56%		08/10/43	1,6		2,407,256		7,722
GS Mortgage Securities Trust,
Series 2011-GC5, Class XA (IO)
0.09%		08/10/44	1,6		192,387		2
GS Mortgage Securities Trust,
Series 2014-GC20, Class XA (IO)
1.17%		04/10/47	6		2,204,003		2,578
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C22, Class XA (IO)
0.94%		09/15/47	6		1,613,040		6,534
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C25, Class XA (IO)
0.95%		11/15/47	6		1,363,278		7,869
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2010-C2, Class XB (IO)
1.52%		11/15/43	1,6		597,694		5,863

See accompanying Notes to Financial Statements.

113 / Semi-Annual Report September 2023

Investment Grade Credit Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2014-C19, Class XA (IO)
1.10%		12/15/47	6	$	1,727,005	$	10,592
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C22, Class XA (IO)
1.14%		04/15/48	6		647,523		6,005
UBS-Barclays Commercial Mortgage Trust,
Series 2012-C3, Class XB (IO)
0.34%		08/10/49	1,4,5,6		301,185		122
Wells Fargo Commercial Mortgage Trust,
Series 2014-LC16, Class XA (IO)
1.21%		08/15/50	6		255,598		734
Wells Fargo Commercial Mortgage Trust,
Series 2014-LC18, Class XA (IO)
1.16%		12/15/47	6		4,099,972		37,218
Wells Fargo Commercial Mortgage Trust,
Series 2015-NXS2, Class XA (IO)
0.74%		07/15/58	6		2,011,642		15,467
WF-RBS Commercial Mortgage Trust,
Series 2014-C19, Class XA (IO)
1.11%		03/15/47	6		4,810,259		7,120
WF-RBS Commercial Mortgage Trust,
Series 2014-LC14, Class XA (IO)
1.39%		03/15/47	6		1,019,627		141
							133,579
Non-Agency Mortgage-Backed — 2.99%
Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-
Through Certificates,
Series 2005-R11, Class M3
(CME Term SOFR 1-Month plus 0.86%)
6.18%		01/25/36	2		100,000		95,357
Banc of America Funding Trust,
Series 2014-R7, Class 2A1
(LIBOR USD 1-Month plus 0.14%)
5.57%		09/26/36	1,2		4,511		4,460
Bear Stearns ARM Trust,
Series 2004-1, Class 12A5
4.18%		04/25/34	6		5,667		5,144
Bombardier Capital Mortgage Securitization Corp.,
Series 2000-A, Class A2
7.58%		06/15/30	6		19,426		2,397
CIM Trust,
Series 2021-R4, Class A1A
2.00%		05/01/61	1,6		60,647		51,592
CIT Mortgage Loan Trust,
Series 2007-1, Class 1A
(CME Term SOFR 1-Month plus 1.46%)
6.78%		10/25/37	1,2		459		459
Citigroup Mortgage Loan Trust, Inc.,
Series 2005-OPT1, Class M1
(CME Term SOFR 1-Month plus 0.74%)
6.06%		02/25/35	2		35,905		32,553

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Countrywide Asset-Backed Certificates Trust,
Series 2007-13, Class 2A1
(CME Term SOFR 1-Month plus 1.01%)
6.33%		10/25/47	2	$	17,947	$	15,998
GSR Mortgage Loan Trust,
Series 2005-AR6, Class 2A1
4.35%		09/25/35	6		8,265		7,685
HSI Asset Securitization Corp. Trust,
Series 2007-WF1, Class 1A1
(CME Term SOFR 1-Month plus 0.43%)
5.75%		05/25/37	2		5,963		5,933
IndyMac Index Mortgage Loan Trust,
Series 2007-FLX3, Class A1
(CME Term SOFR 1-Month plus 0.59%)
5.91%		06/25/37	2		68,700		62,180
JPMorgan Mortgage Trust,
Series 2005-A3, Class 2A1
4.16%		06/25/35	6		1		1
Long Beach Mortgage Loan Trust,
Series 2006-1, Class 1A
(CME Term SOFR 1-Month plus 0.55%)
5.87%		02/25/36	2		3,452		3,264
Morgan Stanley Mortgage Loan Trust,
Series 2004-5AR, Class 3A1
4.94%		07/25/34	6		9,557		8,898
Saxon Asset Securities Trust,
Series 2007-2, Class A2A
(CME Term SOFR 1-Month plus 0.21%)
5.53%		05/25/47	2		62,101		40,934
Structured Asset Mortgage Investments II Trust,
Series 2004-AR1, Class 1A2
(CME Term SOFR 1-Month plus 0.81%)
6.14%		03/19/34	2		1,193		1,102
Wells Fargo Home Equity Trust Mortgage Pass-Through
Certificates,
Series 2004-1, Class 2A1
(CME Term SOFR 1-Month plus 0.71%)
6.03%		04/25/34	2		10,109		9,590
							347,547
U.S. Agency Commercial Mortgage-Backed — 0.26%
Fannie Mae-Aces,
Series 2016-M2, Class X3 (IO)
2.04%		04/25/36	6		43,993		389
Fannie Mae-Aces,
Series 2016-M4, Class X2 (IO)
2.70%		01/25/39	6		295,711		4,042
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series K049, Class X3 (IO)
1.60%		10/25/43	6		250,000		6,351
Ginnie Mae,
Series 2012-112, Class IO (IO)
0.11%		02/16/53	6		1,786,793		4,201

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 114

Investment Grade Credit Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Commercial Mortgage-Backed (continued)
Ginnie Mae,
Series 2013-1, Class IO (IO)
0.58%		02/16/54	6	$	472,948	$	5,320
Ginnie Mae,
Series 2013-125, Class IO (IO)
0.23%		10/16/54	6		684,367		9,725
							30,028
U.S. Agency Mortgage-Backed — 12.65%
Fannie Mae Pool BW9897
4.50%		10/01/52			23,603		21,673
Fannie Mae REMICS,
Series 2011-116, Class SA (IO)
(-1.00 X SOFR30A plus 5.89%, 6.00% Cap)
0.57%		11/25/41	2		57,110		3,398
Fannie Mae REMICS,
Series 2012-128, Class UA
2.50%		06/25/42			18,228		15,656
Fannie Mae REMICS,
Series 2013-5, Class GF
(SOFR30A plus 1.21%)
5.00%		10/25/42	2		29,456		28,153
Freddie Mac Pool SD8189
2.50%		01/01/52			44,473		35,369
Freddie Mac Pool SD8199
2.00%		03/01/52			46,111		35,069
Freddie Mac REMICS,
Series 4064, Class TB
3.50%		06/15/42			98,618		88,340
Freddie Mac Strips,
Series 240, Class IO (IO)
5.50%		07/15/36			134,681		26,945
Ginnie Mae (TBA)
4.50%		10/20/53			50,000		46,193
5.00%		10/20/53			25,000		23,692
Ginnie Mae,
Series 2003-110, Class S (IO)
(-1.00 X CME Term SOFR 1-Month plus 6.49%, 6.60% Cap)
1.16%		10/20/33	2		164,240		9,381
Ginnie Mae,
Series 2018-124, Class NW
3.50%		09/20/48			21,829		19,299
Ginnie Mae,
Series 2018-154, Class BP
3.50%		11/20/48			2,156		1,928
Ginnie Mae,
Series 2019-15, Class GT
3.50%		02/20/49			18,204		16,136
Ginnie Mae,
Series 2023-113, Class FD
(SOFR30A plus 1.35%)
6.50%		08/20/53	2		49,861		49,079
Ginnie Mae,
Series 2023-116, Class FL
(SOFR30A plus 1.15%)
6.46%		08/20/53	2		49,865		49,499

Issues	Maturity Date		Principal         Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
UMBS (TBA)
2.50%		10/01/53	$	50,000	$	39,674
3.00%		10/01/53		200,000		165,398
4.00%		10/01/53		150,000		133,559
4.50%		10/01/53		200,000		183,641
5.00%		10/01/53		225,000		212,247
5.50%		10/01/53		275,000		265,772
						1,470,101
Total Mortgage-Backed
(Cost $3,175,424)						1,981,255
MUNICIPAL BONDS — 3.36%*
California — 0.27%
San Francisco City & County Airport Commercial-San
Francisco International Airport Revenue Bonds, Series C
3.05%		05/01/34		20,000		15,901
Santa Monica Community College District General
Obligation Bonds
2.05%		08/01/33		20,000		15,086
						30,987
Florida — 0.11%
County of Miami-Dade Aviation Revenue Bonds, Airport and
Marina Improvements, Series D
3.50%		10/01/31		15,000		13,091
Maryland — 0.10%
City of Baltimore Revenue Bonds, Series B
2.13%		07/01/33		15,000		11,325
Massachusetts — 0.35%
Commonwealth of Massachusetts Revenue Bonds, Series B
4.11%		07/15/31		18,835		17,727
Massachusetts School Building Authority Revenue Bonds,
Series A
2.50%		02/15/37		15,000		10,509
Massachusetts School Building Authority Revenue Bonds,
Series B
2.97%		10/15/32		15,000		12,474
						40,710
Michigan — 0.19%
University of Michigan Revenue Bonds, Series C
3.44%		04/01/31		25,000		22,316
New York — 2.34%
New York City Transitional Finance Authority Future Tax
Secured Revenue Bonds, Public Improvements
3.73%		08/01/29		5,000		4,611
New York City Transitional Finance Authority Future Tax
Secured Revenue Bonds, Public Improvements, Series D
2.50%		11/01/33		50,000		38,871
New York City Transitional Finance Authority Future Tax
Secured Revenue Bonds, Public Improvements, Series E
1.97%		02/01/33		100,000		74,310

See accompanying Notes to Financial Statements.

115 / Semi-Annual Report September 2023

Investment Grade Credit Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MUNICIPAL BONDS (continued)
New York (continued)
New York State Dormitory Authority Revenue Bonds, Series C
1.95%		03/15/29		$	75,000	$	63,514
New York State Dormitory Authority Revenue Bonds,
University & College Improvements
5.29%		03/15/33			50,000		49,255
New York State Urban Development Corp. Revenue Bonds,
Economic Improvements, Series B
2.97%		03/15/34			15,000		11,912
New York State Urban Development Corp. Revenue Bonds,
Economic Improvements, Series F
2.00%		03/15/33			15,000		11,173
New York State Urban Development Corp. Revenue Bonds,
Transit Improvements, Series B
2.59%		03/15/35			25,000		18,621
							272,267
Total Municipal Bonds
(Cost $489,596)							390,696
U.S. TREASURY SECURITIES — 21.80%
U.S. Treasury Bonds — 0.77%
U.S. Treasury Bonds
4.13%		08/15/53			1,000		908
U.S. Treasury Bonds - Treasury Inflation Indexed Bonds
1.25%		04/15/28	7		68,292		64,931
U.S. Treasury Bonds - Treasury Inflation Indexed Bonds
(WI)
1.38%		07/15/33	7		25,167		23,282
							89,121
U.S. Treasury Notes — 21.03%
U.S. Treasury Notes
3.88%		08/15/33			291,000		274,927
4.38%		08/31/28			194,000		192,078
U.S. Treasury Notes (WI)
4.50%		09/30/28			791,000		791,525
4.63%		09/15/26			433,000		430,903
5.13%		09/30/25			755,000		754,253
							2,443,686
Total U.S. Treasury Securities
(Cost $2,628,440)							2,532,807
Total Bonds — 103.12%
(Cost $14,210,422)							11,981,985
Issues	Maturity Date			Principal     Amount/Shares		Value
SHORT-TERM INVESTMENTS — 12.08%
Money Market Funds — 8.24%
Dreyfus Government Cash Management Fund
5.22%8					485,000		485,000

Issues	Maturity Date		Principal         Amount/Shares		Value
SHORT-TERM INVESTMENTS (continued)
Money Market Funds (continued)
Fidelity Investments Money Market Funds - Government
Portfolio
5.23%8				25,350	$	25,350
Morgan Stanley Institutional Liquidity Funds - Government
Portfolio
5.27%8				447,000		447,000
						957,350
U.S. Treasury Bills — 3.84%
U.S. Treasury Bills (WI)
5.25%9		10/26/23	$	300,000		298,944
5.43%9		03/07/24		150,000		146,525
						445,469
Total Short-Term Investments
(Cost $1,402,862)						1,402,819
Total Investments - 115.20%
(Cost $15,613,284)						13,384,804
Liabilities in Excess of Other Assets - (15.20)%						(1,765,631	)
Net Assets - 100.00%					$	11,619,173

¹  Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

²  Floating rate security. The rate disclosed was in effect at September 30, 2023.

³  Foreign denominated security issued by foreign domiciled entity.

⁴  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁵  Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $39,362, which is 0.34% of total net assets.

⁶  Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

⁷  Inflation protected security. Principal amount reflects original security face amount.

⁸  Represents the current yield as of September 30, 2023.

⁹  Represents annualized yield at date of purchase.

^*  Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

^**  Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date sooner than the stated maturity date.

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 116

Investment Grade Credit Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Note: For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(CLO): Collateralized Loan Obligation

(GMTN): Global Medium-Term Note

(IO): Interest Only

(LIBOR): London InterBank Offer Rate

(MTN): Medium-Term Note

(REIT): Real Estate Investment Trust

(S&P): Standard & Poor’s

(SOFR): Secured Overnight Financing Rate

(TBA): To-Be-Announced

(USD): U.S. Dollar

(WI): When Issued

Description	Number of Contracts		Expiration Date		Notional Amount			Value			Unrealized Appreciation (Depreciation)
FUTURES CONTRACTS: LONG POSITIONS
U.S. Treasury Two-Year Note		20		12/29/23	$	4,054,219		$	(12,717	)	$	(12,717	)
U.S. Treasury Five-Year Note		7		12/29/23		737,516			(5,235)			(5,235	)
						4,791,735			(17,952	)		(17,952	)
FUTURES CONTRACTS: SHORT POSITIONS
U.S. Treasury Ten-Year Ultra Bond		11		12/19/23		(1,227,188	)		35,129			35,129
U.S. Treasury Ultra Bond		1		12/19/23		(118,688	)		9,186			9,186
						(1,345,876	)		44,315			44,315
TOTAL FUTURES CONTRACTS					$	3,445,859		$	26,363		$	26,363

			Received by the Fund			Paid by the Fund
Description	Maturity Date		Rate	Frequency		Rate		Frequency		Notional     Amount     (000’s)		Value		Premiums Paid		Unrealized Appreciation
SWAPS: INTEREST RATE
			USD-SOFR-
Interest Rate Swap1		12/20/53	COMPOUND		Annual		3.52%		Annual	$	69	$	5,358	$	—	$	5,358
TOTAL SWAPS CONTRACTS										$	69	$	5,358	$	—	$	5,358

¹  Centrally cleared.

See accompanying Notes to Financial Statements.

117 / Semi-Annual Report September 2023

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
BONDS – 112.92%
ASSET-BACKED SECURITIES — 11.75%**
Access Group, Inc.,
Series 2015-1, Class A
(LIBOR USD 1-Month plus 0.70%)
6.13%		07/25/56	1,2	$	865,401	$	849,078
American Credit Acceptance Receivables Trust,
Series 2019-4, Class D
2.97%		12/12/25	2		65,278		65,197
American Credit Acceptance Receivables Trust,
Series 2020-3, Class D
2.40%		06/15/26	2		1,638,925		1,620,993
AmeriCredit Automobile Receivables Trust,
Series 2020-1, Class D
1.80%		12/18/25			6,065,000		5,882,240
AmeriCredit Automobile Receivables Trust,
Series 2020-3, Class D
1.49%		09/18/26			2,587,000		2,413,166
AMMC CLO XIII Ltd.,
Series 2013-13A, Class A1R2
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.31%)
6.66%		07/24/29	1,2,3		1,884,037		1,881,682
Barings CLO Ltd.,
Series 2018-3A, Class A1
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.21%)
6.54%		07/20/29	1,2,3		1,448,260		1,448,118
Bayview Commercial Asset Trust,
Series 2005-1A, Class A1
(CME Term SOFR 1-Month plus 0.56%)
5.88%		04/25/35	1,2		88,289		82,894
Carmax Auto Owner Trust,
Series 2019-4, Class C
2.60%		09/15/25			3,270,000		3,246,401
Carvana Auto Receivables Trust,
Series 2021-N2, Class D
1.27%		03/10/28			2,410,647		2,302,279
CF Hippolyta Issuer, LLC,
Series 2020-1, Class A1
1.69%		07/15/60	2		8,274,958		7,523,363
Dryden 30 Senior Loan Fund,
Series 2013-30A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.08%)
6.45%		11/15/28	1,2,3		1,786,115		1,779,845
Exeter Automobile Receivables Trust,
Series 2021-3A, Class C
0.96%		10/15/26			4,395,000		4,276,589
Flagship Credit Auto Trust,
Series 2019-4, Class D
3.12%		01/15/26	2		2,967,000		2,888,817
GLS Auto Receivables Issuer Trust,
Series 2020-3A, Class D
2.27%		05/15/26	2		3,588,305		3,527,122

Issues	Maturity Date			Principal     Amount		Value
ASSET-BACKED SECURITIES (continued)
Goal Capital Funding Trust,
Series 2006-1, Class B
(LIBOR USD 3-Month plus 0.45%)
6.10%		08/25/42	1	$	1,229,275	$	1,116,331
GoldenTree Loan Opportunities IX Ltd.,
Series 2014-9A, Class AR2
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.37%)
6.74%		10/29/29	1,2,3		1,947,295		1,945,582
J.G. Wentworth XXX LLC,
Series 2013-3A, Class A
4.08%		01/17/73	2		2,718,011		2,370,978
JPMorgan Chase Bank N.A. - CACLN,
Series 2021-1, Class C
1.02%		09/25/28	2		375,883		366,715
LCM XXIV Ltd.,
Series 24A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.24%)
6.57%		03/20/30	1,2,3		3,494,220		3,486,413
Madison Park Funding XIX Ltd.,
Series 2015-19A, Class A1R2
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.18%)
6.53%		01/22/28	1,2,3		5,110,687		5,091,778
Madison Park Funding XVII Ltd.,
Series 2015-17A, Class AR2
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.26%)
6.60%		07/21/30	1,2,3		10,358,910		10,321,618
Magnetite VII Ltd.,
Series 2012-7A, Class A1R2
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.06%)
6.37%		01/15/28	1,2,3		3,845,519		3,832,352
Navient Private Education Refi Loan Trust,
Series 2021-CA, Class A
1.06%		10/15/69	2		892,131		758,692
Navient Private Education Refi Loan Trust,
Series 2021-FA, Class A
1.11%		02/18/70	2		2,816,529		2,354,142
Navient Student Loan Trust,
Series 2015-2, Class A3
(SOFR30A plus 0.68%)
6.00%		11/26/40	1		3,254,886		3,175,829
Nelnet Student Loan Trust,
Series 2013-1A, Class A
(SOFR30A plus 0.71%)
6.03%		06/25/41	1,2		1,211,668		1,188,840
Nelnet Student Loan Trust,
Series 2014-5A, Class A
(SOFR30A plus 0.66%)
5.98%		07/25/46	1,2		3,973,778		3,917,278

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 118

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
ASSET-BACKED SECURITIES (continued)
NYACK Park CLO Ltd.,
Series 2021-1A, Class X
(Cayman Islands)
(CME Term SOFR 3-Month plus 0.91%)
6.24%		10/20/34	1,2,3	$	1,088,170	$	1,078,104
OCP CLO Ltd.,
Series 2017-14A, Class A1A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.41%)
6.79%		11/20/30	1,2,3		1,923,945		1,922,983
Palmer Square CLO Ltd.,
Series 2018-1A, Class A1
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.29%)
6.60%		04/18/31	1,2,3		1,960,496		1,959,032
Palmer Square Loan Funding Ltd.,
Series 2021-2A, Class A1
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.06%)
6.44%		05/20/29	1,2,3		881,578		878,656
Progress Residential Trust,
Series 2020-SFR3, Class F
2.80%		10/17/27	2		6,980,000		6,360,618
ReadyCap Commercial Mortgage Trust,
Series 2019-6, Class A
2.83%		10/25/52	2		2,171,760		2,048,460
Reese Park CLO Ltd.,
Series 2020-1A, Class XR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.16%)
6.47%		10/15/34	1,2,3		1,425,000		1,419,471
Rockford Tower CLO Ltd.,
Series 2017-3A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.45%)
6.78%		10/20/30	1,2,3		1,647,461		1,643,655
Rockford Tower CLO Ltd.,
Series 2018-1A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.36%)
6.74%		05/20/31	1,2,3		1,257,953		1,254,842
Santander Bank Auto Credit-Linked Notes,
Series 2022-B, Class E
8.68%		08/16/32	2		2,465,661		2,430,084
Santander Drive Auto Receivables Trust,
Series 2021-3, Class C
0.95%		09/15/27			1,361,053		1,340,681
Santander Drive Auto Receivables Trust,
Series 2021-3, Class D
1.33%		09/15/27			6,260,000		5,883,557
Skyline Aircraft Finance LLC,
Series 2021-1, Class A
3.23%		05/10/37	4,5,6		5,842,316		5,107,690
SLC Student Loan Trust,
Series 2007-1, Class A4
(SOFR90A plus 0.32%)
5.45%		05/15/29	1		1,200,657		1,195,260

Issues	Maturity Date			Principal         Amount		Value
ASSET-BACKED SECURITIES (continued)
SLM Student Loan Trust,
Series 2008-4, Class A4
(SOFR90A plus 1.91%)
6.97%		07/25/22	1	$	2,457,950	$	2,463,573
SLM Student Loan Trust,
Series 2008-6, Class A4
(SOFR90A plus 1.36%)
6.42%		07/25/23	1		1,808,687		1,787,388
SLM Student Loan Trust,
Series 2012-2, Class A
(SOFR30A plus 0.81%)
6.13%		01/25/29	1		1,664,078		1,605,872
SLM Student Loan Trust,
Series 2014-1, Class A3
(SOFR30A plus 0.71%)
6.03%		02/26/29	1		2,997,149		2,873,612
Stack Infrastructure Issuer LLC,
Series 2019-2A, Class A2
3.08%		10/25/44	2		5,000,000		4,806,063
Student Loan Consolidation Center Student Loan Trust I,
Series 2002-2, Class B2
(28 Day Auction Rate plus 0.00%)
1.61%		07/01/42	1,2		2,800,000		2,587,404
Tricon American Homes Trust,
Series 2017-SFR2, Class A
2.93%		01/17/36	2		8,749,700		8,653,762
Tricon American Homes Trust,
Series 2017-SFR2, Class B
3.28%		01/17/36	2		9,017,000		8,923,477
Vantage Data Centers Issuer LLC,
Series 2019-1A, Class A2
3.19%		07/15/44	2		3,836,667		3,729,380
Voya CLO,
Series 2017-2A, Class A1R
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.24%)
6.55%		06/07/30	1,2,3		6,863,618		6,846,129
World Omni Auto Receivables Trust,
Series 2021-D, Class B
1.52%		11/15/27			5,325,000		4,855,101
Total Asset-Backed Securities
(Cost $166,566,159)							163,369,186
BANK LOANS — 2.14%*
Communications — 0.13%
Charter Communications Operating LLC,
Term Loan B2, 1st Lien
(SOFR plus 1.75%)
7.12%		02/01/27	1		240,601		240,617
CSC Holdings LLC,
Term Loan B5, 1st Lien
(LIBOR plus 2.50%)
7.95%		04/15/27	1		243,073		220,893
Frontier Communications Holdings LLC,
Term Loan B, 1st Lien
(SOFR plus 3.86%)
8.62%		10/08/27	1		109,881		107,104

See accompanying Notes to Financial Statements.

119 / Semi-Annual Report September 2023

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Communications (continued)
Zayo Group Holdings, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.11%)
8.43%		03/09/27	1	$	1,462,632	$	1,198,700
							1,767,314
Consumer Discretionary — 0.24%
City Brewing Co. LLC,
Term Loan B, 1st Lien
(SOFR plus 3.76%)
8.32%		04/05/28	1		147,881		97,848
Hilton Worldwide Finance LLC,
Term Loan B2, 1st Lien
(SOFR plus 1.85%)
7.17%		06/22/26	1		67,922		67,976
Naked Juice, LLC,
Term Loan, 1st Lien (Luxembourg)
(SOFR plus 3.35%)
8.74%		01/24/29	1,3		1,231,900		1,174,500
Term Loan, 2nd Lien
(SOFR plus 6.10%)
11.49%		01/24/30	1		136,414		112,009
Osmosis Buyer Ltd.,
Term Loan B, 1st Lien
(SOFR plus 3.75%)
9.08%		07/31/28	1		375,607		372,408
Sunshine Luxembourg VII SARL,
Term Loan B, 1st Lien
(SOFR plus 3.85%)
9.24%		10/01/26	1		1,543,342		1,542,701
							3,367,442
Entertainment — 0.06%
Elanco Animal Health, Inc.,
Term Loan B, 1st Lien
(SOFR plus 1.85%)
7.18%		08/01/27	1		507,130		498,077
Formula One Management Ltd.,
Term Loan B, 1st Lien
(SOFR plus 3.00%)
8.05%		01/15/30	1		29,788		29,822
William Morris Endeavor Entertainment LLC,
Term Loan B1, 1st Lien
(SOFR plus 2.86%)
8.18%		05/16/25	1		307,437		307,437
							835,336
Finance — 0.15%
Deerfield Dakota Holding LLC,
Term Loan B, 1st Lien
(SOFR plus 3.75%)
9.14%		04/09/27	1		437,996		428,051
Jane Street Group LLC,
Term Loan B, 1st Lien
(SOFR plus 2.86%)
8.18%		01/26/28	1		734,887		734,016

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Finance (continued)
Mozart Borrower, LP,
Term Loan B, 1st Lien
(SOFR plus 3.36%)
8.68%		10/23/28	1	$	355,228	$	354,682
Setanta Aircraft Leasing DAC,
Term Loan B, 1st Lien
(LIBOR plus 2.26%)
7.65%		11/06/28	1		515,000		515,404
							2,032,153
Food — 0.01%
8th Avenue Food & Provisions, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.86%)
9.18%		10/01/25	1		24,273		23,423
H-Food Holdings LLC,
Term Loan, 1st Lien
(LIBOR plus 3.69%)
9.27%		05/23/25	1		45,471		39,857
Hostess Brands LLC,
Term Loan B, 1st Lien
(SOFR plus 2.50%)
7.89%		06/21/30	1		144,355		144,851
							208,131
Gaming — 0.07%
Golden Nugget, LLC,
Term Loan B, 1st Lien
(SOFR plus 4.00%)
9.32%		01/26/29	1		452,405		448,612
Scientific Games International, Inc.,
Term Loan B, 1st Lien (Canada)
(SOFR plus 3.10%)
8.43%		04/13/29	1,3		469,102		469,689
							918,301
Health Care — 0.42%
Bausch + Lomb Corp.,
Term Loan B, 1st Lien
(SOFR plus 3.35%)
8.76%		05/10/27	1		41,710		40,621
Term Loan, 1st Lien (Canada)
(SOFR plus 3.00%)
9.42%		09/14/28	1,3		266,289		263,293
Genesee & Wyoming, Inc.,
Term Loan, 1st Lien
(SOFR plus 2.10%)
7.49%		12/30/26	1		191,711		191,720
Grifols Worldwide Operations USA, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.10%)
7.42%		11/15/27	1		1,556,389		1,532,265
Horizon Therapeutics USA, Inc.,
Term Loan B1, 1st Lien
(SOFR plus 2.11%)
7.06%		05/22/26	1		1,000,000		1,000,780

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 120

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Health Care (continued)
Term Loan B2, 1st Lien
(SOFR plus 1.86%)
7.18%		03/15/28	1	$	328,609	$	328,721
ICON Luxembourg SARL,
Term Loan B, 1st Lien (Luxembourg)
(SOFR plus 2.51%)
7.90%		07/03/28	1,3		228,335		228,529
Jazz Financing Lux SARL,
Term Loan B, 1st Lien
(SOFR plus 3.61%)
8.93%		05/05/28	1		468,660		468,824
Organon & Co.,
Term Loan B, 1st Lien
(SOFR plus 3.11%)
7.75%		06/02/28	1		910,474		910,247
Peraton Corp.,
Term Loan B, 1st Lien
(SOFR plus 3.85%)
9.17%		02/01/28	1		240,501		240,301
Perrigo Investments LLC,
Term Loan B, 1st Lien
(SOFR plus 2.35%)
7.15%		04/20/29	1		493,750		492,669
PRA Health Sciences, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.51%)
7.90%		07/03/28	1		56,890		56,938
Star Parent, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.00%)
9.31%		09/19/30	1		96,700		94,692
							5,849,600
Industrials — 0.26%
Berry Global, Inc.,
Term Loan Z, 1st Lien
(SOFR plus 2.01%)
6.51%		07/01/26	1		2,615,551		2,618,441
DIRECTV Financing LLC,
Term Loan, 1st Lien
(SOFR plus 5.00%)
10.43%		08/02/27	1		374,244		366,603
Filtration Group Corp.,
Term Loan, 1st Lien
(SOFR plus 4.36%)
9.68%		10/21/28	1		79,566		79,776
II-VI, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.86%)
7.38% - 7.67%		07/02/29	1		136,708		136,516
Patriot Container Corp.,
Term Loan B, 1st Lien
(SOFR plus 3.85%)
9.17%		03/20/25	1		39,157		37,322

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Industrials (continued)
TransDigm, Inc.,
Term Loan I, 1st Lien
(SOFR plus 3.25%)
8.64%		08/24/28	1	$	455,737	$	456,484
							3,695,142
Information Technology — 0.42%
Arches Buyer, Inc.,
Term Loan, 1st Lien
(SOFR plus 3.35%)
8.67%		12/06/27	1		124,698		122,340
Athenahealth Group, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.25%)
8.25%		02/15/29	1		242,943		239,072
Central Parent, Inc.,
Term Loan B, 1st Lien (Canada)
(SOFR plus 4.25%)
9.14% - 9.18%		07/06/29	1,3		145,729		145,936
EagleView Technology Co.,
Term Loan B, 1st Lien
(SOFR plus 3.76%)
9.15%		08/14/25	1		14,907		14,186
Entegris, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.50%)
7.82% - 7.89%		07/06/29	1		37,597		37,597
Gainwell Acquisition Corp.,
Term Loan B, 1st Lien
(SOFR plus 4.10%)
8.72% - 8.99%		10/01/27	1		640,127		626,124
IQVIA, Inc.,
Term Loan B3, 1st Lien
(SOFR plus 2.01%)
7.40%		06/11/25	1		287,857		288,987
MH Sub I LLC,
Term Loan B, 1st Lien
(SOFR plus 4.36%)
9.68%		05/03/28	1		174,163		168,788
NCR Corp.,
Term Loan B, 1st Lien
(SOFR plus 2.61%)
7.93%		08/28/26	1		442,161		442,604
NortonLifeLock, Inc.,
Term Loan A2, 1st Lien
(SOFR plus 1.60%)
6.92%		09/10/27	1		578,591		575,701
Open Text Corp.,
Term Loan B, 1st Lien (Canada)
(SOFR plus 1.85%)
7.17%		05/30/25	1,3		135,128		135,377
(SOFR plus 2.85%)
8.17%		01/31/30	1,3		239,014		239,327

See accompanying Notes to Financial Statements.

121 / Semi-Annual Report September 2023

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Information Technology (continued)
Oracle Corp.,
Term Loan A1, 1st Lien
(SOFR plus 0.60%)
6.46%		08/16/27	1	$	913,972	$	912,829
Prime Security Services Borrower LLC,
Term Loan B1, 1st Lien
(SOFR plus 2.86%)
8.19%		09/23/26	1		247,424		247,340
RealPage, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.11%)
8.43%		04/24/28	1		603,564		597,402
Renaissance Holding Corp.,
Term Loan, 1st Lien
(SOFR plus 4.75%)
10.07%		04/07/30	1		80,182		79,681
Sophia LP,
Term Loan B, 1st Lien
(SOFR plus 3.60%)
8.92%		10/07/27	1		581,533		580,929
Spin Holdco, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.26%)
9.66%		03/03/28	1		166,806		144,822
SS&C Technologies Holdings, Inc.,
Term Loan B5, 1st Lien
(SOFR plus 1.86%)
7.18%		04/16/25	1		193,352		193,529
							5,792,571
Insurance — 0.07%
Acrisure LLC,
Term Loan B1, 1st Lien
(LIBOR plus 3.50%)
8.93%		02/15/27	1		457,086		451,617
Asurion LLC,
Term Loan B10, 1st Lien
(SOFR plus 4.10%)
8.91%		08/19/28	1		495,000		480,922
							932,539
Materials — 0.04%
Chemours Co. (The),
Term Loan B3, 1st Lien
(SOFR plus 3.50%)
8.82%		08/18/28	1		444,532		440,086
Mativ Holdings, Inc.,
Delayed-Draw Term Loan, 1st Lien
(SOFR plus 2.50%)
7.94%		05/06/27	1		89,120		86,892
							526,978
Retail — 0.11%
1011778 BC Unlimited Liability Co.,
Term Loan B5, 1st Lien (Canada)
(SOFR plus 2.25%)
7.57%		09/13/30	1,3		189,006		188,515

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Retail (continued)
AmWINS Group, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.36%)
7.68%		02/19/28	1	$	193,074	$	192,153
KFC Holding Co.,
Term Loan B, 1st Lien
(SOFR plus 1.86%)
7.20%		03/15/28	1		195,756		195,965
Whatabrands LLC,
Term Loan B, 1st Lien
(SOFR plus 3.11%)
8.43%		08/03/28	1		982,500		980,044
							1,556,677
Services — 0.15%
Amentum Government Services Holdings LLC,
Term Loan B, 1st Lien
(SOFR plus 4.11%)
8.63%		01/29/27	1		155,052		154,277
Corp. Service Co.,
Term Loan B, 1st Lien
(SOFR plus 3.35%)
8.67%		11/02/29	1		476,250		476,786
Element Materials Technology Group U.S. Holdings, Inc.,
Delayed-Draw Term Loan, 1st Lien
(SOFR plus 4.35%)
9.74%		06/22/29	1		265,271		262,840
Term Loan B, 1st Lien
(SOFR plus 4.35%)
9.74%		06/22/29	1		574,754		569,486
GTCR W Merger Sub LLC,
Term Loan B, 1st Lien
(SOFR plus 3.75%)
8.34%		09/20/30	1		296,440		296,548
Pre-Paid Legal Services, Inc.,
Term Loan, 1st Lien
(SOFR plus 3.61%)
8.93%		12/15/28	1		80,770		80,114
Trans Union LLC,
Term Loan B6, 1st Lien (Luxembourg)
(SOFR plus 2.36%)
7.68%		12/01/28	1,3		130,767		130,866
TruGreen LP,
Term Loan B, 1st Lien
(SOFR plus 4.10%)
9.42%		11/02/27	1		168,673		160,745
							2,131,662
Transportation — 0.01%
United Airlines, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.86%)
8.56%		04/21/28	1		101,339		101,656
Total Bank Loans
(Cost $29,536,522)							29,715,502

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 122

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
CORPORATES — 26.46%*
Banking — 8.08%
Bank of America Corp.
3.71%		04/24/28	6	$	8,050,000	$	7,418,386
Bank of America Corp.
(MTN)
0.98%		09/25/25	6		4,891,000		4,635,096
1.32%		06/19/26	6		7,263,000		6,664,097
2.55%		02/04/28	6		4,275,000		3,811,746
HSBC Holdings PLC
(United Kingdom)
2.01%		09/22/28	3,6		17,265,000		14,658,089
ING Groep NV
(Netherlands)
3.87%		03/28/26	3,6		645,000		622,563
JPMorgan Chase & Co.
0.97%		06/23/25	6		16,520,000		15,857,887
2.18%		06/01/28	6		879,000		770,590
Lloyds Banking Group PLC
(United Kingdom)
1.63%		05/11/27	3,6		2,175,000		1,929,379
3.57%		11/07/28	3,6		175,000		156,426
PNC Financial Services Group, Inc. (The)
5.58%		06/12/29	6		830,000		805,879
Santander UK Group Holdings PLC
(United Kingdom)
1.09%		03/15/25	3,6		7,000,000		6,807,297
Santander UK PLC
(United Kingdom)
5.00%		11/07/23	2,3		1,000,000		997,991
U.S. Bancorp
4.65%		02/01/29	6		5,365,000		5,021,677
UBS Group AG
(Switzerland)
1.31%		02/02/27	2,3,6		5,545,000		4,915,565
2.13%		10/13/26	3,6		2,000,000		2,011,388
2.59%		09/11/25	2,3,6		4,570,000		4,398,873
3.87%		01/12/29	2,3,6		2,605,000		2,359,664
4.28%		01/09/28	2,3		5,375,000		4,952,735
7.75%		03/01/29	3,6		1,160,000		1,359,445
Wells Fargo & Co.
(MTN)
2.39%		06/02/28	6		2,000,000		1,754,585
3.53%		03/24/28	6		22,232,000		20,416,780
							112,326,138
Communications — 0.97%
Charter Communications Operating LLC/Charter
Communications Operating Capital
4.91%		07/23/25			1,720,000		1,681,879
Cox Communications, Inc.
3.15%		08/15/24	2		1,199,000		1,168,264
7.63%		06/15/25			900,000		910,887
Frontier Communications Holdings LLC
8.63%		03/15/31	2		12,000		11,279
Qwest Corp.
7.25%		09/15/25			4,665,000		4,536,712

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Communications (continued)
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint
Spectrum Co. III LLC
5.15%		03/20/28	2	$	931,500	$	915,395
T-Mobile USA, Inc.
3.75%		04/15/27			4,515,000		4,218,002
							13,442,418
Consumer Discretionary — 1.13%
BAT Capital Corp.
3.56%		08/15/27			2,440,000		2,230,560
Imperial Brands Finance PLC
(United Kingdom)
3.50%		07/26/26	2,3		5,205,000		4,875,689
JDE Peet’s NV
(Netherlands)
0.80%		09/24/24	2,3		935,000		887,704
WarnerMedia Holdings, Inc.
3.76%		03/15/27			8,400,000		7,757,335
							15,751,288
Diversified REITs — 1.24%
Digital Euro Finco LLC
2.63%		04/15/24			7,715,000		8,052,099
GLP Capital LP/GLP Financing II, Inc.
3.35%		09/01/24			1,197,000		1,168,990
4.00%		01/15/30			1,750,000		1,488,550
5.30%		01/15/29			2,179,000		2,033,813
VICI Properties LP
4.95%		02/15/30			40,000		36,907
VICI Properties LP/VICI Note Co., Inc.
3.75%		02/15/27	2		385,000		351,494
3.88%		02/15/29	2		245,000		211,969
4.63%		06/15/25	2		1,440,000		1,392,132
5.75%		02/01/27	2		2,590,000		2,510,043
							17,245,997
Electric — 2.34%
Alliant Energy Finance LLC
1.40%		03/15/26	2		6,540,000		5,808,386
American Electric Power Co., Inc.
2.03%		03/15/24			4,880,000		4,789,464
Duke Energy Corp.
4.30%		03/15/28			3,295,000		3,122,939
Eversource Energy
2.90%		03/01/27			5,425,000		4,953,708
ITC Holdings Corp.
4.95%		09/22/27	2		4,960,000		4,830,085
Jersey Central Power & Light Co.
4.30%		01/15/26	2		1,868,000		1,801,266
4.70%		04/01/24	2		5,348,000		5,299,866
Metropolitan Edison Co.
4.00%		04/15/25	2		1,467,000		1,407,259
Pennsylvania Electric Co.
4.15%		04/15/25	2		500,000		482,071
							32,495,044

See accompanying Notes to Financial Statements.

123 / Semi-Annual Report September 2023

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Energy — 0.39%
Energy Transfer LP
4.95%		05/15/28		$	1,150,000	$	1,100,314
Petroleos Mexicanos
(Mexico)
6.70%		02/16/32	3		3,274,000		2,433,318
Southern Co. Gas Capital Corp.
3.88%		11/15/25			1,950,000		1,878,592
							5,412,224
Finance — 3.18%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
(Ireland)
2.45%		10/29/26	3		500,000		448,258
Air Lease Corp.
3.63%		04/01/27			4,835,000		4,443,485
Avolon Holdings Funding Ltd.
(Cayman Islands)
2.53%		11/18/27	2,3		5,905,000		4,989,179
2.75%		02/21/28	2,3		1,350,000		1,145,193
Capital One Financial Corp.
2.64%		03/03/26	6		2,685,000		2,533,016
Citigroup, Inc.
0.78%		10/30/24	6		11,523,000		11,469,347
3.52%		10/27/28	6		4,987,000		4,514,168
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.75%		09/15/24			750,000		722,900
JPMorgan Chase & Co.
0.82%		06/01/25	6		185,000		178,247
1.04%		02/04/27	6		5,865,000		5,219,460
Morgan Stanley
0.99%		12/10/26	6		5,000,000		4,460,889
1.59%		05/04/27	6		3,855,000		3,432,637
UBS Group AG
(Switzerland)
1.36%		01/30/27	2,3,6		730,000		648,877
							44,205,656
Food — 0.49%
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
(Canada)
3.00%		02/02/29	3		5,590,000		4,701,528
5.13%		02/01/28	3		2,205,000		2,098,846
							6,800,374
Health Care — 1.86%
Amgen, Inc.
5.15%		03/02/28			8,405,000		8,269,741
Bayer U.S. Finance II LLC
2.85%		04/15/25	2		4,665,000		4,417,018
HCA, Inc.
3.13%		03/15/27			2,510,000		2,281,509
5.38%		09/01/26			2,520,000		2,472,644
5.88%		02/15/26			1,980,000		1,971,283
HCA, Inc.
(MTN)
7.58%		09/15/25			1,100,000		1,131,001

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Health Care (continued)
Illumina, Inc.
5.75%		12/13/27		$	2,275,000	$	2,236,887
Premier Health Partners,
Series G
2.91%		11/15/26			3,500,000		3,131,482
							25,911,565
Health Care REITs — 0.58%
Healthcare Reality Holdings LP
3.50%		08/01/26			1,451,000		1,346,960
Healthcare Realty Holdings LP
3.63%		01/15/28			3,255,000		2,903,129
Physicians Realty LP
4.30%		03/15/27			3,995,000		3,754,341
							8,004,430
Industrials — 1.12%
Amcor Flexibles North America, Inc.
4.00%		05/17/25			4,125,000		3,990,934
Artera Services LLC
9.03%		12/04/25	2		2,500,000		2,310,363
Berry Global, Inc.
1.65%		01/15/27			2,000,000		1,721,199
4.88%		07/15/26	2		1,365,000		1,308,005
General Electric Co.
(MTN)
(CME Term SOFR 3-Month plus 0.64%)
6.01%		05/05/26	1		4,235,000		4,230,270
(CME Term SOFR 3-Month plus 0.74%)
6.11%		08/15/36	1		2,182,000		1,944,246
							15,505,017
Information Technology — 0.70%
Netflix, Inc.
3.63%		06/15/25	2		3,207,000		3,097,465
Oracle Corp.
2.80%		04/01/27			7,385,000		6,706,988
							9,804,453
Insurance — 2.14%
Aon Corp.
4.50%		12/15/28			2,442,000		2,322,100
Athene Global Funding
2.51%		03/08/24	2		2,935,000		2,883,215
(SOFR Index plus 0.70%)
6.04%		05/24/24	1,2		5,005,000		4,981,424
Farmers Insurance Exchange
8.63%		05/01/24	2		5,000,000		5,025,580
MMI Capital Trust I,
Series B
7.63%		12/15/27			2,000,000		2,069,881
Nationwide Mutual Insurance Co.
7.96%		12/15/24	2,6		5,550,000		5,550,789
Teachers Insurance & Annuity Association of America
4.38%		09/15/54	2,6		2,800,000		2,723,571

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 124

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Insurance (continued)
Willis North America, Inc.
4.65%		06/15/27		$	4,345,000	$	4,161,476
							29,718,036
Materials — 0.34%
International Flavors & Fragrances, Inc.
1.83%		10/15/27	2		4,960,000		4,117,841
2.30%		11/01/30	2		745,000		561,058
							4,678,899
Office REITs — 0.19%
Hudson Pacific Properties LP
3.95%		11/01/27			285,000		225,223
4.65%		04/01/29			1,845,000		1,390,770
5.95%		02/15/28			1,245,000		1,039,786
							2,655,779
Real Estate Investment Trust (REIT) — 0.59%
American Tower Corp.
5.25%		07/15/28			4,445,000		4,298,803
Annington Funding PLC
(EMTN)
(United Kingdom)
2.65%		07/12/25	3		3,400,000		3,881,957
							8,180,760
Retail REITs — 0.14%
Federal Realty OP LP
7.48%		08/15/26			1,850,000		1,894,968
Services — 0.46%
Global Payments, Inc.
2.15%		01/15/27			7,201,000		6,353,570
Specialized REITs — 0.44%
Extra Space Storage LP
3.88%		12/15/27			6,745,000		6,187,139
Transportation — 0.08%
Delta Air Lines Pass-Through Trust,
Series 2020-1, Class AA
2.00%		06/10/28			1,288,371		1,129,834
Total Corporates
(Cost $381,435,351)							367,703,589
MORTGAGE-BACKED — 56.95%**
Non-Agency Commercial Mortgage-Backed — 11.14%
Arbor Realty Commercial Real Estate Notes Ltd.,
Series 2021-FL3, Class A
(Cayman Islands)
(CME Term SOFR 1-Month plus 1.18%)
6.52%		08/15/34	1,2,3		5,000,000		4,934,228
Ashford Hospitality Trust,
Series 2018-KEYS, Class A
(CME Term SOFR 1-Month plus 1.17%)
6.51%		06/15/35	1,2		1,828,267		1,803,009

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
BANK,
Series 2018-BN14, Class A2
4.13%		09/15/60		$	3,852,710	$	3,697,840
Benchmark Mortgage Trust,
Series 2020-B17, Class A2
2.21%		03/15/53			7,590,000		6,950,870
BX Commercial Mortgage Trust,
Series 2020-VKNG, Class A
(CME Term SOFR 1-Month plus 1.04%)
6.38%		10/15/37	1,2		4,719,596		4,673,381
BX Commercial Mortgage Trust,
Series 2021-CIP, Class A
(CME Term SOFR 1-Month plus 1.04%)
6.37%		12/15/38	1,2		4,245,000		4,159,733
BX Commercial Mortgage Trust,
Series 2021-VINO, Class A
(CME Term SOFR 1-Month plus 0.77%)
6.10%		05/15/38	1,2		4,046,705		3,972,722
CFCRE Commercial Mortgage Trust,
Series 2016-C4, Class ASB
3.09%		05/10/58			1,197,683		1,150,441
Cold Storage Trust,
Series 2020-ICE5, Class A
(CME Term SOFR 1-Month plus 1.01%)
6.35%		11/15/37	1,2		8,456,667		8,377,826
Commercial Mortgage Trust,
Series 2014-CR15, Class ASB
3.60%		02/10/47			241,834		240,962
Commercial Mortgage Trust,
Series 2014-CR20, Class A3
3.33%		11/10/47			5,765,052		5,640,427
Commercial Mortgage Trust,
Series 2015-PC1, Class A4
3.62%		07/10/50			2,621,647		2,539,185
Commercial Mortgage Trust,
Series 2016-DC2, Class ASB
3.55%		02/10/49			114,764		111,728
Credit Suisse Mortgage Capital Certificates,
Series 2019-ICE4, Class A
(CME Term SOFR 1-Month plus 1.03%)
6.36%		05/15/36	1,2		11,067,266		11,041,472
DBGS Mortgage Trust,
Series 2018-BIOD, Class A
(CME Term SOFR 1-Month plus 1.10%)
6.43%		05/15/35	1,2		9,082,801		9,043,552
Great Wolf Trust,
Series 2019-WOLF, Class A
(CME Term SOFR 1-Month plus 1.15%)
6.48%		12/15/36	1,2		9,584,000		9,541,219
Great Wolf Trust,
Series 2019-WOLF, Class F
(CME Term SOFR 1-Month plus 3.25%)
8.58%		12/15/36	1,2		4,290,000		4,218,915

See accompanying Notes to Financial Statements.

125 / Semi-Annual Report September 2023

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
GS Mortgage Securities Corp. Trust,
Series 2019-70P, Class A
(CME Term SOFR 1-Month plus 1.11%)
6.45%		10/15/36	1,2	$	10,000,000	$	9,581,910
GS Mortgage Securities Trust,
Series 2011-GC5, Class AS
5.21%		08/10/44	2,6		2,565,274		2,449,840
GS Mortgage Securities Trust,
Series 2014-GC20, Class AS
4.26%		04/10/47			4,940,000		4,854,540
GS Mortgage Securities Trust,
Series 2018-GS9, Class A2
3.84%		03/10/51			269,434		265,428
Houston Galleria Mall Trust,
Series 2015-HGLR, Class A1A1
3.09%		03/05/37	2		3,750,000		3,517,269
Independence Plaza Trust,
Series 2018-INDP, Class A
3.76%		07/10/35	2		3,294,364		3,089,301
Independence Plaza Trust,
Series 2018-INDP, Class B
3.91%		07/10/35	2		10,000,000		9,306,144
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2013-LC11, Class XA (IO)
1.05%		04/15/46	6		1,557,159		7,243
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2014-C20, Class A4A2
3.54%		07/15/47	2		586,552		584,780
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2021-MHC, Class A
(CME Term SOFR 1-Month plus 0.91%)
6.25%		04/15/38	1,2		4,932,362		4,880,466
MF1 Ltd.,
Series 2020-FL4, Class A
(CME Term SOFR 1-Month plus 1.81%)
7.15%		11/15/35	1,2		6,048,170		6,053,549
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2013-C12, Class XA (IO)
0.68%		10/15/46	6		8,043,556		314
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C21, Class XA (IO)
0.98%		03/15/48	6		31,707,492		243,883
One New York Plaza Trust,
Series 2020-1NYP, Class A
(CME Term SOFR 1-Month plus 1.06%)
6.40%		01/15/36	1,2		3,240,000		3,093,186
SMRT,
Series 2022-MINI, Class A
(CME Term SOFR 1-Month plus 1.00%)
6.33%		01/15/39	1,2		2,885,000		2,814,684
SREIT Trust,
Series 2021-MFP2, Class A
(CME Term SOFR 1-Month plus 0.94%)
6.27%		11/15/36	1,2		3,640,000		3,579,047

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
SREIT Trust,
Series 2021-PALM, Class E
(CME Term SOFR 1-Month plus 2.02%)
7.36%		10/15/34	1,2	$	2,500,000	$	2,342,500
UBS Commercial Mortgage Trust,
Series 2018-C12, Class A2
4.15%		08/15/51			1,254,827		1,215,733
Wells Fargo Commercial Mortgage Trust,
Series 2014-LC16, Class A4
3.55%		08/15/50			6,547,457		6,471,482
Wells Fargo Commercial Mortgage Trust,
Series 2017-SMP, Class A
(CME Term SOFR 1-Month plus 0.92%)
6.25%		12/15/34	1,2		6,300,000		5,771,557
Westfield Galleria at Roseville
8.40%		03/29/25	4,5		2,700,000		2,648,970
							154,869,336
Non-Agency Mortgage-Backed — 16.76%
Accredited Mortgage Loan Trust,
Series 2007-1, Class A4
(CME Term SOFR 1-Month plus 0.33%)
5.65%		02/25/37	1		551,282		547,127
ACE Securities Corp. Home Equity Loan Trust,
Series 2006-OP1, Class A2D
(CME Term SOFR 1-Month plus 0.59%)
5.91%		04/25/36	1		6,331,230		5,301,306
Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-
Through Certificates,
Series 2005-R9, Class M1
(CME Term SOFR 1-Month plus 0.82%)
6.14%		11/25/35	1		6,817,100		6,575,061
Argent Securities, Inc., Asset-Backed Pass-Through
Certificates,
Series 2005-W2, Class M1
(CME Term SOFR 1-Month plus 0.85%)
6.17%		10/25/35	1		4,377,501		4,242,314
Asset-Backed Securities Corp. Home Equity Loan Trust,
Series 2006-HE3, Class A5
(CME Term SOFR 1-Month plus 0.65%)
2.92%		03/25/36	1		2,125,132		2,032,207
Banc of America Alternative Loan Trust,
Series 2003-8, Class 1CB1
5.50%		10/25/33			2,934,242		2,752,014
Bear Stearns ALT-A Trust,
Series 2004-10, Class M1
(CME Term SOFR 1-Month plus 1.01%)
6.33%		09/25/34	1		1,071,597		1,072,871
Bear Stearns ARM Trust,
Series 2004-3, Class 4A
5.11%		07/25/34	6		191,883		176,884
BNC Mortgage Loan Trust,
Series 2007-1, Class A4
(CME Term SOFR 1-Month plus 0.27%)
5.59%		03/25/37	1		4,113,581		3,787,558

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 126

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Chase Funding Trust,
Series 2002-2, Class 2A1
(CME Term SOFR 1-Month plus 0.61%)
5.93%		05/25/32	1	$	1,227,913	$	1,207,603
Chase Mortgage Finance Trust,
Series 2007-A1, Class 8A1
5.34%		02/25/37	6		2,400,933		2,301,374
Chase Mortgage Finance Trust,
Series 2007-A2, Class 2A3
4.92%		06/25/35	6		435,621		423,124
Chevy Chase Mortgage Funding LLC, Mortgage-Backed
Certificates,
Series 2005-2A, Class A1
(CME Term SOFR 1-Month plus 0.29%)
5.61%		05/25/36	1,2		336,112		300,004
CIM Trust,
Series 2021-R3, Class A1A
1.95%		06/25/57	2,6		6,735,090		5,783,541
CIM Trust,
Series 2022-I1, Class A1
4.35%		02/25/67	2,6		5,351,709		5,101,073
CIT Mortgage Loan Trust,
Series 2007-1, Class 1A
(CME Term SOFR 1-Month plus 1.46%)
6.78%		10/25/37	1,2		874,915		874,580
Citigroup Mortgage Loan Trust,
Series 2006-AMC1, Class A1
(CME Term SOFR 1-Month plus 0.40%)
5.72%		09/25/36	1,2		5,943,182		5,569,622
Countrywide Asset-Backed Certificates Trust,
Series 2006-14, Class 2A3
(CME Term SOFR 1-Month plus 0.59%)
5.91%		02/25/37	1		2,332,902		2,167,968
Countrywide Asset-Backed Certificates Trust,
Series 2006-4, Class M1
(CME Term SOFR 1-Month plus 0.64%)
5.96%		07/25/36	1		3,301,009		3,217,646
Countrywide Asset-Backed Certificates Trust,
Series 2007-7, Class 1A
(CME Term SOFR 1-Month plus 0.31%)
5.63%		10/25/47	1		7,225,017		6,571,448
Countrywide Home Loan Mortgage Pass-Through Trust,
Series 2004-14, Class 4A1
5.37%		08/25/34	6		6,930		6,167
Credit Suisse First Boston Mortgage Securities Corp.,
Series 2004-AR1, Class 5A1
4.73%		02/25/34	6		94,936		92,058
Credit Suisse Mortgage Capital Trust
Series 2022-RPL3, Class A1
3.72%		03/25/61	2,6		7,653,381		7,456,102
Credit-Based Asset Servicing and Securitization LLC,
Series 2007-CB4, Class A1A
(CME Term SOFR 1-Month plus 0.20%)
2.82%		04/25/37	1		679,051		661,994

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Credit-Based Asset Servicing and Securitization LLC,
Series 2007-CB5, Class A1
(CME Term SOFR 1-Month plus 0.17%)
3.06%		04/25/37	1	$	1,930,785	$	1,131,125
DSLA Mortgage Loan Trust,
Series 2005-AR2, Class 2A1A
(CME Term SOFR 1-Month plus 0.53%)
5.86%		03/19/45	1		235,402		223,866
Fannie Mae Connecticut Avenue Securities,
Series 2022-R03, Class 1M1
(SOFR30A plus 2.10%)
7.41%		03/25/42	1,2		4,458,049		4,498,827
Fannie Mae Connecticut Avenue Securities,
Series 2023-R01, Class 1M1
(SOFR30A plus 2.40%)
7.71%		12/25/42	1,2		2,950,446		3,002,756
First Franklin Mortgage Loan Trust,
Series 2004-FF5, Class A3C
(CME Term SOFR 1-Month plus 1.11%)
6.43%		08/25/34	1		342,434		317,462
First Franklin Mortgage Loan Trust,
Series 2005-FF8, Class M2
(CME Term SOFR 1-Month plus 0.89%)
6.21%		09/25/35	1		1,615,726		1,589,238
First Franklin Mortgage Loan Trust,
Series 2006-FF11, Class 1A1
(CME Term SOFR 1-Month plus 0.37%)
5.69%		08/25/36	1		689,724		688,045
First Horizon Alternative Mortgage Securities Trust,
Series 2004-AA3, Class A1
6.06%		09/25/34	6		1,138		1,069
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2022-DNA6, Class M1A
(SOFR30A plus 2.15%)
7.46%		09/25/42	1,2		1,675,597		1,695,627
Fremont Home Loan Trust,
Series 2005-E, Class 2A4
(CME Term SOFR 1-Month plus 0.77%)
6.09%		01/25/36	1		5,809,898		5,461,577
GMACM Home Equity Loan Trust,
Series 2000-HE2, Class A1
(CME Term SOFR 1-Month plus 0.55%)
4.04%		06/25/30	1		54,319		49,659
GSAMP Trust,
Series 2005-HE4, Class M3
(CME Term SOFR 1-Month plus 0.89%)
6.21%		07/25/45	1		1,387,748		1,339,333
GSAMP Trust,
Series 2006-HE2, Class M1
(CME Term SOFR 1-Month plus 0.59%)
5.91%		03/25/46	1		3,534,726		3,411,465
GSR Mortgage Loan Trust,
Series 2005-AR7, Class 2A1
4.48%		11/25/35	6		81,628		73,768

See accompanying Notes to Financial Statements.

127 / Semi-Annual Report September 2023

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Impac CMB Trust,
Series 2005-5, Class A1
(CME Term SOFR 1-Month plus 0.43%)
6.07%		08/25/35	1	$	920,585	$	828,173
IndyMac Index Mortgage Loan Trust,
Series 2004-AR8, Class 2A2A
(CME Term SOFR 1-Month plus 0.91%)
6.23%		11/25/34	1		421,453		369,973
IndyMac Manufactured Housing Contract Pass-Through
Certificates,
Series 1998-1, Class A4
6.49%		09/25/28			146,130		145,353
JPMorgan Mortgage Acquisition Trust,
Series 2005-FRE1, Class M1
(CME Term SOFR 1-Month plus 0.73%)
2.93%		10/25/35	1		3,598,088		3,489,690
JPMorgan Mortgage Acquisition Trust,
Series 2006-NC1, Class M1
(CME Term SOFR 1-Month plus 0.59%)
5.91%		04/25/36	1		4,420,734		4,252,897
JPMorgan Mortgage Acquisition Trust,
Series 2007-CH4, Class M1
(CME Term SOFR 1-Month plus 0.34%)
5.66%		05/25/37	1		7,750,000		7,308,745
JPMorgan Mortgage Acquisition Trust,
Series 2007-CH5, Class A1
(CME Term SOFR 1-Month plus 0.27%)
5.59%		06/25/37	1		9,199,500		9,052,580
JPMorgan Mortgage Trust,
Series 2007-A1, Class 1A1
5.68%		07/25/35	6		179,177		179,169
JPMorgan Mortgage Trust,
Series 2007-A1, Class 5A2
4.19%		07/25/35	6		70,167		68,284
Lehman ABS Manufactured Housing Contract Trust,
Series 2001-B, Class AIOC (IO)
0.55%		04/15/40	4,5,6		47,154,985		568,562
LHOME Mortgage Trust,
Series 2021-RTL1, Class A1
2.09%		02/25/26	2,6		907,137		903,463
Long Beach Mortgage Loan Trust,
Series 2005-WL3, Class M1
(CME Term SOFR 1-Month plus 0.76%)
6.08%		11/25/35	1		641,103		636,778
MASTR Adjustable Rate Mortgages Trust,
Series 2003-6, Class 4A2
3.81%		01/25/34	6		1,961		1,874
MASTR Adjustable Rate Mortgages Trust,
Series 2004-13, Class 3A1
5.39%		11/21/34	6		299,902		281,012
MASTR Adjustable Rate Mortgages Trust,
Series 2004-3, Class 3A3
4.49%		04/25/34	6		40,248		36,848
MASTR Alternative Loan Trust,
Series 2003-1, Class 1A1
6.25%		12/25/32			805,225		788,063

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
MASTR Alternative Loan Trust,
Series 2003-5, Class 4A1
5.50%		07/25/33		$	1,445,553	$	1,330,985
MASTR Alternative Loan Trust,
Series 2003-9, Class 4A1
5.25%		11/25/33			1,662,300		1,571,727
MASTR Alternative Loan Trust,
Series 2004-7, Class 1A1
5.50%		07/25/34			1,466,393		1,351,050
MASTR Asset-Backed Securities Trust,
Series 2006-HE1, Class M1
(CME Term SOFR 1-Month plus 0.67%)
5.99%		01/25/36	1		5,156,310		4,924,831
MASTR Seasoned Securitization Trust,
Series 2004-1, Class 4A1
5.73%		10/25/32	6		82,244		79,069
Merrill Lynch First Franklin Mortgage Loan Trust,
Series 2007-3, Class A2C
(CME Term SOFR 1-Month plus 0.47%)
5.79%		06/25/37	1		7,157,583		6,609,534
Merrill Lynch Mortgage Investors Trust,
Series 2004-A4, Class A1
4.76%		08/25/34	6		440,845		400,549
Mid-State Capital Corp. Trust,
Series 2006-1, Class A
5.79%		10/15/40	2		2,439,105		2,353,791
Mid-State Trust,
Series 10W, Class A2
5.82%		02/15/36			245,378		235,256
Morgan Stanley ABS Capital I Trust,
Series 2004-NC7, Class M2
(CME Term SOFR 1-Month plus 1.04%)
6.36%		07/25/34	1		715,143		694,258
MortgageIT Trust,
Series 2005-3, Class A1
(CME Term SOFR 1-Month plus 0.71%)
6.03%		08/25/35	1		86,959		82,275
MortgageIT Trust,
Series 2005-4, Class A1
(CME Term SOFR 1-Month plus 0.67%)
5.99%		10/25/35	1		2,189,734		2,157,417
Nationstar Home Equity Loan Trust,
Series 2007-B, Class 1AV1
(CME Term SOFR 1-Month plus 0.33%)
5.65%		04/25/37	1		2,063,530		2,043,283
New Century Home Equity Loan Trust,
Series 2005-3, Class M4
(CME Term SOFR 1-Month plus 0.75%)
6.39%		07/25/35	1		40,282		40,411
New Century Home Equity Loan Trust,
Series 2005-D, Class M1
(CME Term SOFR 1-Month plus 0.79%)
6.11%		02/25/36	1		4,615,179		4,387,901
NLT Trust,
Series 2021-INV2, Class A1
1.16%		08/25/56	2,6		5,973,604		4,862,251

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 128

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-
Through Certificates,
Series 2005-5, Class 1APT
(CME Term SOFR 1-Month plus 0.67%)
5.99%		12/25/35	1	$	2,810,363	$	2,613,965
Park Place Securities, Inc., Asset-Backed Pass-Through
Certificates,
Series 2005-WCW3, Class M2
(CME Term SOFR 1-Month plus 0.85%)
6.17%		08/25/35	1		2,008,204		1,912,371
PHH Alternative Mortgage Trust,
Series 2007-3, Class A3
(CME Term SOFR 1-Month plus 0.71%)
6.03%		07/25/37	1		4,394,002		4,139,240
PRPM LLC,
Series 2020-4, Class A1 (STEP-reset date 10/25/23)
2.95%		10/25/25	2		5,861,471		5,745,743
PRPM LLC,
Series 2021-3, Class A1 (STEP-reset date 10/25/23)
1.87%		04/25/26	2		8,668,781		8,248,600
PRPM LLC,
Series 2022-3, Class A1 (STEP-reset date 10/25/23)
5.56%		06/25/27	2		9,945,809		9,759,570
PRPM, LLC,
Series 2021-1, Class A1
2.12%		01/25/26	2,6		4,248,572		4,020,878
PRPM, LLC,
Series 2021-10, Class A1 (STEP-reset date 10/25/23)
2.49%		10/25/26	2		5,259,138		4,902,314
PRPM, LLC,
Series 2021-7, Class A1 (STEP-reset date 10/25/23)
1.87%		08/25/26	2		10,093,898		9,316,403
Residential Accredit Loans Trust,
Series 2005-QA3, Class NB1
3.62%		03/25/35	6		886,496		467,414
Residential Asset Mortgage Products Trust,
Series 2005-EFC1, Class M5
(CME Term SOFR 1-Month plus 0.76%)
6.41%		05/25/35	1		1,908,277		1,874,525
Residential Asset Mortgage Products Trust,
Series 2006-NC2, Class A3
(CME Term SOFR 1-Month plus 0.69%)
6.01%		02/25/36	1		101,042		100,727
Residential Asset Securities Corp.,
Series 2005-KS11, Class M2
(CME Term SOFR 1-Month plus 0.74%)
6.06%		12/25/35	1		1,426,473		1,414,593
Saxon Asset Securities Trust,
Series 2006-2, Class M1
(CME Term SOFR 1-Month plus 0.55%)
5.87%		09/25/36	1		11,000,000		10,186,880
Securitized Asset-Backed Receivables LLC Trust,
Series 2006-CB1, Class AF2 (STEP-reset date 11/25/23)
2.85%		01/25/36			1,400,472		1,125,349

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Soundview Home Loan Trust,
Series 2006-OPT4, Class 2A4
(CME Term SOFR 1-Month plus 0.57%)
5.89%		06/25/36	1	$	3,555,235	$	3,364,935
Specialty Underwriting & Residential Finance Trust,
Series 2005-BC2, Class M3
(CME Term SOFR 1-Month plus 1.09%)
6.41%		12/25/35	1		1,118,818		1,106,568
Structured Asset Securities Corp. Mortgage Loan Trust,
Series 2006-BC6, Class A4
(CME Term SOFR 1-Month plus 0.28%)
5.60%		01/25/37	1		1,001,556		980,417
Structured Asset Securities Corp. Mortgage Pass-Through
Certificates,
Series 2003-26A, Class 3A5
6.46%		09/25/33	6		196,127		188,398
Terwin Mortgage Trust,
Series 2004-7HE, Class A1
(CME Term SOFR 1-Month plus 1.21%)
6.53%		07/25/34	1,2		61,927		57,334
VOLT XCIV LLC,
Series 2021-NPL3, Class A1 (STEP-reset date 10/25/23)
2.24%		02/27/51	2		6,153,156		5,825,934
WaMu Mortgage Pass-Through Certificates,
Series 2004-AR14, Class A1
4.19%		01/25/35	6		272,285		246,742
WaMu Mortgage Pass-Through Certificates,
Series 2004-CB2, Class 2A
5.50%		07/25/34			679,100		632,634
WaMu Mortgage Pass-Through Certificates,
Series 2005-AR13, Class A1A1
(CME Term SOFR 1-Month plus 0.69%)
6.01%		10/25/45	1		821,725		765,094
WaMu Mortgage Pass-Through Certificates,
Series 2005-AR2, Class 2A21
(CME Term SOFR 1-Month plus 0.77%)
6.09%		01/25/45	1		110,689		107,205
							232,845,348
U.S. Agency Commercial Mortgage-Backed — 1.35%
Fannie Mae-Aces,
Series 2021-M1, Class A1
0.87%		11/25/30			1,931,534		1,709,411
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series KJ29, Class A1
0.74%		01/25/26			1,870,715		1,821,853
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series KJ31, Class A1
0.57%		05/25/26			989,227		962,714
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series KJ34, Class A1
0.68%		06/25/26			2,304,215		2,140,066

See accompanying Notes to Financial Statements.

129 / Semi-Annual Report September 2023

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Commercial Mortgage-Backed (continued)
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series KJ37, Class A1
1.68%		12/25/27		$	11,021,173	$	9,891,555
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series Q004, Class AFL
(Federal Reserve US 12-Month Cumulative Average plus
0.74%)
5.54%		05/25/44	1		1,100,733		1,093,700
Ginnie Mae,
Series 2008-92, Class E
5.56%		03/16/44	6		1,197,739		1,173,148
							18,792,447
U.S. Agency Mortgage-Backed — 27.70%
Fannie Mae Pool 735861
6.50%		09/01/33			4,590		4,621
Fannie Mae Pool 770900
(RFUCCT1Y plus 1.56%)
4.94%		04/01/34	1		78,758		77,924
Fannie Mae Pool AD0538
6.00%		05/01/24			6,168		6,148
Fannie Mae Pool AE0083
6.00%		01/01/40			433,328		440,650
Fannie Mae Pool AL0851
6.00%		10/01/40			509,506		526,617
Fannie Mae REMICS,
Series 1997-76, Class FS
(SOFR30A plus 0.56%)
5.88%		09/17/27	1		3,501		3,445
Fannie Mae REMICS,
Series 2001-60, Class OF
(SOFR30A plus 1.06%)
6.38%		10/25/31	1		278,874		281,352
Fannie Mae REMICS,
Series 2007-64, Class FA
(SOFR30A plus 0.58%)
5.90%		07/25/37	1		144,055		142,528
Fannie Mae REMICS,
Series 2009-85, Class LF
(SOFR30A plus 1.31%)
6.63%		10/25/49	1		1,450,770		1,445,817
Fannie Mae REMICS,
Series 2009-96, Class FA
(SOFR30A plus 1.01%)
6.33%		11/25/49	1		888,966		886,445
Fannie Mae REMICS,
Series 2010-109, Class PF
(SOFR30A plus 0.51%)
5.83%		10/25/40	1		494,572		484,562
Fannie Mae REMICS,
Series 2010-26, Class S (IO)
(-1.00 X SOFR30A plus 6.12%, 6.23% Cap)
0.80%		11/25/36	1		3,206,327		247,352

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae REMICS,
Series 2010-43, Class DP
5.00%		05/25/40		$	386,711	$	375,810
Fannie Mae REMICS,
Series 2010-6, Class BF
(SOFR30A plus 0.87%)
6.19%		02/25/40	1		830,866		826,641
Fannie Mae REMICS,
Series 2010-95, Class S (IO)
(-1.00 X SOFR30A plus 6.49%, 6.60% Cap)
1.17%		09/25/40	1		2,579,688		224,570
Fannie Mae REMICS,
Series 2019-79, Class FA
(SOFR30A plus 0.61%)
5.93%		01/25/50	1		2,891,257		2,799,976
Fannie Mae REMICS,
Series 2020-10, Class FA
(SOFR30A plus 0.61%)
5.93%		03/25/50	1		5,262,102		5,094,454
Freddie Mac Gold Pool A45796
7.00%		01/01/33			982		977
Freddie Mac Gold Pool C46104
6.50%		09/01/29			2,443		2,462
Freddie Mac Gold Pool G13475
6.00%		01/01/24			49		49
Freddie Mac Pool SD8189
2.50%		01/01/52			12,296,656		9,779,599
Freddie Mac Pool SD8199
2.00%		03/01/52			12,864,887		9,784,259
Freddie Mac REMICS,
Series 2174, Class PN
6.00%		07/15/29			149,598		148,398
Freddie Mac REMICS,
Series 2454, Class FQ
(SOFR30A plus 1.11%)
6.43%		06/15/31	1		2,450		2,466
Freddie Mac REMICS,
Series 2733, Class FB
(SOFR30A plus 0.71%)
6.03%		10/15/33	1		1,133,413		1,120,730
Freddie Mac REMICS,
Series 3071, Class TF
(SOFR30A plus 0.41%)
5.73%		04/15/35	1		427,819		426,408
Freddie Mac REMICS,
Series 3294, Class CB
5.50%		03/15/37			149,240		148,362
Freddie Mac REMICS,
Series 3300, Class FA
(SOFR30A plus 0.41%)
5.73%		08/15/35	1		311,334		303,770
Freddie Mac REMICS,
Series 3325, Class NF
(SOFR30A plus 0.41%)
5.73%		08/15/35	1		802,882		783,375

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 130

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac REMICS,
Series 3524, Class FC
(SOFR30A plus 1.05%)
6.37%		06/15/38	1	$	207,277	$	206,854
Freddie Mac REMICS,
Series 3531, Class FM
(SOFR30A plus 1.01%)
6.33%		05/15/39	1		110,656		109,444
Freddie Mac REMICS,
Series 3792, Class DF
(SOFR30A plus 0.51%)
5.83%		11/15/40	1		8,255		8,251
Freddie Mac REMICS,
Series 4060, Class FJ
(SOFR30A plus 0.46%)
5.78%		02/15/41	1		50,122		50,122
Freddie Mac REMICS,
Series 4959, Class JF
(SOFR30A plus 0.56%)
5.88%		03/25/50	1		4,780,436		4,623,030
Freddie Mac Strips,
Series 240, Class F30
(SOFR30A plus 0.41%)
5.73%		07/15/36	1		942,768		921,316
Freddie Mac Strips,
Series 263, Class F5
(SOFR30A plus 0.61%)
5.93%		06/15/42	1		1,056,589		1,030,916
Freddie Mac Strips,
Series 319, Class F2
(SOFR30A plus 0.61%)
5.93%		11/15/43	1		4,792,666		4,636,350
Ginnie Mae (TBA)
2.50%		10/20/53			33,825,000		27,650,559
4.50%		10/20/53			10,400,000		9,608,218
5.00%		10/20/53			4,600,000		4,359,219
Ginnie Mae II Pool 2020
8.50%		06/20/25			84		84
Ginnie Mae II Pool 2286
8.50%		09/20/26			30		30
Ginnie Mae II Pool 2487
8.50%		09/20/27			1,282		1,281
Ginnie Mae II Pool 80059
(US Treasury Yield Curve Rate T Note Constant Maturity
1-Year plus 1.50%)
3.88%		04/20/27	1		4,748		4,639
Ginnie Mae II Pool 80589
(US Treasury Yield Curve Rate T Note Constant Maturity
1-Year plus 1.50%)
3.63%		03/20/32	1		8,086		7,699
Ginnie Mae II Pool 80610
(US Treasury Yield Curve Rate T Note Constant Maturity
1-Year plus 1.50%)
3.88%		06/20/32	1		4,214		4,122

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Ginnie Mae II Pool 80968
(US Treasury Yield Curve Rate T Note Constant Maturity
1-Year plus 1.50%)
2.63%		07/20/34	1	$	124,507	$	120,859
Ginnie Mae II Pool 81201
(US Treasury Yield Curve Rate T Note Constant Maturity
1-Year plus 2.00%)
4.13%		01/20/35	1		3,522		3,389
Ginnie Mae II Pool 8599
(US Treasury Yield Curve Rate T Note Constant Maturity
1-Year plus 1.50%)
4.00%		02/20/25	1		1,888		1,850
Ginnie Mae,
Series 2009-106, Class XI (IO)
(-1.00 X CME Term SOFR 1-Month plus 6.69%, 6.80% Cap)
1.36%		05/20/37	1		2,045,372		77,313
Ginnie Mae,
Series 2013-53, Class AD
1.50%		12/20/26			316,370		302,804
Ginnie Mae,
Series 2023-111, Class FN
(SOFR30A plus 1.20%)
6.51%		08/20/53	1		8,652,372		8,622,101
Ginnie Mae,
Series 2023-113, Class FD
(SOFR30A plus 1.35%)
6.50%		08/20/53	1		7,753,317		7,631,794
Ginnie Mae,
Series 2023-116, Class FL
(SOFR30A plus 1.15%)
6.46%		08/20/53	1		7,579,479		7,523,877
UMBS (TBA)
2.00%		10/15/53			22,875,000		17,395,591
2.50%		10/01/53			17,500,000		13,885,830
3.00%		10/01/53			40,425,000		33,431,159
3.50%		10/01/53			3,975,000		3,419,120
4.00%		10/01/53			33,300,000		29,650,008
4.50%		10/01/53			56,250,000		51,648,926
5.00%		10/01/53			72,600,000		68,485,080
5.50%		10/01/53			54,950,000		53,106,169
							384,897,771
Total Mortgage-Backed
(Cost $826,654,797)							791,404,902
MUNICIPAL BONDS — 1.71%*
California — 0.24%
Campbell Union School District General Obligation, School
Improvements, Series B
5.41%		08/01/27			3,295,000		3,319,260
Colorado — 0.06%
City & County of Denver Airport System Revenue Bonds,
Series C
0.88%		11/15/23			895,000		889,833

See accompanying Notes to Financial Statements.

131 / Semi-Annual Report September 2023

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MUNICIPAL BONDS (continued)
Florida — 0.09%
County of Miami-Dade Aviation Revenue Bonds, Airport and
Marina Improvements, Series B
2.14%		10/01/28		$	445,000	$	384,488
2.29%		10/01/29			985,000		830,432
							1,214,920
Maryland — 0.11%
City of Baltimore General Obligation, School Improvements,
Series C
5.00%		10/15/25			1,525,000		1,515,888
Massachusetts — 0.27%
Commonwealth of Massachusetts Revenue Bonds, Series B
4.11%		07/15/31			3,943,965		3,712,061
New York — 0.94%
New York City Transitional Finance Authority Future Tax
Secured Revenue Bonds, Public Improvements
3.19%		08/01/25			1,110,000		1,065,367
New York City Transitional Finance Authority Future Tax
Secured Revenue Bonds, Public Improvements, Subseries
B2
2.31%		11/01/26			4,060,000		3,719,236
New York State Dormitory Authority Revenue Bonds,
University & College Improvements, Series D
5.00%		03/15/24			4,040,000		4,025,923
New York State Dormitory Authority Revenue Bonds,
University & College Improvements, Series F
5.19%		03/15/24			4,360,000		4,349,042
							13,159,568
Total Municipal Bonds
(Cost $25,247,369)							23,811,530
U.S. TREASURY SECURITIES — 13.91%
U.S. Treasury Bonds — 0.85%
U.S. Treasury Bonds - Treasury Inflation Indexed Bonds
1.25%		04/15/28	7		12,480,187		11,865,928
U.S. Treasury Notes — 13.06%
U.S. Treasury Notes
4.38%		08/31/28			6,880,000		6,811,830
U.S. Treasury Notes (WI)
4.50%		09/30/28			28,455,000		28,473,895
4.63%		09/15/26			51,815,000		51,564,008
5.13%		09/30/25			94,690,000		94,596,353
							181,446,086
Total U.S. Treasury Securities
(Cost $193,806,211)							193,312,014
Total Bonds — 112.92%
(Cost $1,623,246,409)							1,569,316,723

Issues			Shares		Value
COMMON STOCK — 0.00%
Electric — 0.00%
Homer City Holdings LLC†,4,5,8				106,501	$	—
Total Common Stock
(Cost $6,078,660)
Purchased Swaptions - 0.00%
(Cost $939,000)						3
Issues	Maturity Date		Principal     Amount		Value
SHORT-TERM INVESTMENTS — 14.55%
Money Market Funds — 10.24%
Dreyfus Government Cash Management Fund
5.22%9				50,000,000		50,000,000
Fidelity Investments Money Market Funds - Government
Portfolio
5.23%9,10				483,060		483,060
JPMorgan U.S. Government Money Market Fund
5.19%9				21,904,000		21,904,000
Morgan Stanley Institutional Liquidity Funds - Government
Portfolio
5.27%9				69,867,000		69,867,000
						142,254,060
U.S. Agency Discount Notes — 2.75%
Federal Home Loan Bank
5.30%11		05/22/24	$	19,280,000		19,255,943
5.37%11		05/21/24		19,100,000		19,045,643
						38,301,586
U.S. Treasury Bills — 1.56%
U.S. Treasury Bills (WI)
5.38%11		12/05/23		13,000,000		12,877,245
5.44%11		03/21/24		9,000,000		8,772,784
						21,650,029
Total Short-Term Investments
(Cost $202,285,434)						202,205,675
Total Investments Before Written Swaptions - 127.47%
(Cost $1,832,549,503)						1,771,522,401
Written Swaptions - 0.00%
(Cost $(540,000))						(3	)
Liabilities in Excess of Other Assets - (27.47)%						(381,757,911	)
Net Assets - 100.00%					$	1,389,764,487

¹  Floating rate security. The rate disclosed was in effect at September 30, 2023.

²  Securities exempt from registration under Rule 144A of the Securities Act of 1933,as amended. The securities may be resold in transactions exempt from registration,normally to qualified institutional buyers.

³  Foreign denominated security issued by foreign domiciled entity.

⁴  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁵  Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $8,325,222, which is 0.60% of total net assets.

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 132

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

⁶  Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

⁷  Inflation protected security. Principal amount reflects original security face amount.

⁸  Non-income producing security.

⁹  Represents the current yield as of September 30, 2023.

¹⁰  Securities, or a portion thereof, pledged as collateral for swaps. The total market value of collateral pledged is $3,828.

¹¹  Represents annualized yield at date of purchase.

^†  Fair valued security. The aggregate value of fair valued securities is $0, which is 0.00% of total net assets. Fair valued securities were not valued utilizing an independent quote but were valued pursuant to guidelines approved by the Board of Trustees. See Notes to Financial Statements.

^*  Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

^**  Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date sooner than the stated maturity date.

Note: For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(CLO): Collateralized Loan Obligation

(EMTN): Euro Medium-Term Note

(EUR): Euro

(GBP): British Pound

(IO): Interest Only

(LIBOR): London InterBank Offer Rate

(MTN): Medium-Term Note

(REIT): Real Estate Investment Trust

(SOFR): Secured Overnight Financing Rate

(STEP): Step Coupon Bond

(TBA): To-Be-Announced

(USD): U.S. Dollar

(WI): When Issued

Currency to be Purchased	Currency to be Sold	Counterparty	Settlement Date		Unrealized Appreciation
FOREIGN CURRENCY EXCHANGE CONTRACT
USD 11,616,600	EUR 10,638,000	Citibank N.A.		10/13/23	$	346,921
USD 4,012,547	GBP 3,125,000	Citibank N.A.		10/13/23		197,988
NET UNREALIZED APPRECIATION					$	544,909

Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation (Depreciation)
FUTURES CONTRACTS: LONG POSITIONS
U.S. Treasury Two-Year Note		5,241		12/29/23	$	1,062,408,026	$	(3,559,765)	$	(3,559,765)
FUTURES CONTRACTS: SHORT POSITIONS
U.S. Treasury Five-Year Note		3,279		12/29/23		(345,473,391)		3,043,273		3,043,273
U.S. Treasury Ten-Year Ultra Bond		652		12/19/23		(72,738,750)		2,082,220		2,082,220
U.S. Treasury Ultra Bond		149		12/19/23		(17,684,438)		1,338,489		1,338,489
						(435,896,579)		6,463,982		6,463,982
TOTAL FUTURES CONTRACTS					$	626,511,447	$	2,904,217	$	2,904,217

See accompanying Notes to Financial Statements.

133 / Semi-Annual Report September 2023

Low Duration Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Reference Obligation/Index

Financing Rate Paid by the Fund

Payment Frequency

Implied Credit Spread at 09/30/231

Counterparty

Expiration Date

Notional Amount (000’s)2

Value3

Premiums Paid

Unrealized Appreciation

SWAPS: CREDIT DEFAULT (SALES) - SINGLE ISSUES

OTC4

Berry Global, Inc., 5.63%, due 07/15/27

5.00%

3 Months

175

Credit Suisse First Boston International

12/20/23

$

3,425

$

31,044

$

22,792

$

8,252

¹  An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swaps on corporate issues as of year-end serve as an indicator of the current status of the payment performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter the agreement. Wider credit spreads, in comparison to narrower credit spreads, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

²  The maximum potential amount for the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

³  The quoted market prices are resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of year-end. Increasing values (buy protection) or decreasing values (sell protection), when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

⁴  If the Fund is a seller of protection and credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection the amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying investments comprising the referenced index or (ii) pay a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index.

Fund

Received by the Fund

Paid by the Fund

Description

Counterparty

Maturity Date

Rate

Frequency

Rate

Frequency

Notional Amount

Value

Premiums Paid

Unrealized (Depreciation)

PURCHASED SWAPTIONS

Option to enter into a 30-year Interest Rate Swap

Goldman Sachs International

12/24/23

3-month USD LIBOR

Quarterly

6.00%

Quarterly

$

300,000

$

3

$

939,000

$

(938,997)

Received by the Fund

Paid by the Fund

Notional Amount (000’s)

Purchase Maturity

Premiums (Received)

Unrealized Appreciation

Description

Counterparty

Date

Date

Rate

Frequency

Rate

Frequency

Value

WRITTEN CALL SWAPTIONS

Option to enter into a 30-year Interest Rate Swap

Goldman Sachs International

04/29/15

12/24/23

7.50%

Quarterly

3-month USD LIBOR

Quarterly

$

300

$

(3)

$

(540,000)

$

539,997

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 134

Opportunistic High Income Credit Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
BONDS – 80.84%
BANK LOANS — 7.82%*
Consumer Discretionary — 1.58%
City Brewing Co. LLC,
Term Loan B, 1st Lien
(SOFR plus 3.76%)
8.32%		04/05/28	1	$	12,418	$	8,216
Hanesbrands, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.75%)
8.55%		03/08/30	1		4,975		4,888
Naked Juice, LLC,
Term Loan, 2nd Lien
(SOFR plus 6.10%)
11.49%		01/24/30	1		12,000		9,853
New Trojan Parent, Inc.,
Term Loan, 1st Lien
(SOFR plus 3.36%)
8.68% - 8.69%		01/06/28	1		11,923		6,379
							29,336
Food — 0.58%
Sovos Brands Intermediate, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.76%)
9.13%		06/08/28	1		10,777		10,790
Health Care — 0.11%
Cano Health, LLC,
Term Loan, 1st Lien
(SOFR plus 4.10%)
9.42%		11/23/27	1		3,218		2,093
Industrials — 2.55%
Patriot Container Corp.,
Term Loan B, 1st Lien
(SOFR plus 3.85%)
9.17%		03/20/25	1		4,465		4,255
Protective Industrial Products, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.11%)
9.43%		12/29/27	1		12,739		12,373
SPX flow, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.60%)
9.41% - 9.58%		04/05/29	1		6,536		6,530
Transcendia Holdings, Inc.,
Term Loan B, 1st Lien
(LIBOR plus 3.50%)
9.23%		05/30/24	1		16,646		12,610
Zep, Inc.,
Term Loan B, 1st Lien
(LIBOR plus 4.00%)
9.66%		08/11/24	1		12,309		11,645
							47,413

Issues	Maturity Date			Principal Amount		Value
BANK LOANS (continued)
Information Technology — 0.68%
Magenta Buyer LLC,
Term Loan, 1st Lien
(SOFR plus 5.26%)
10.63%		07/27/28	1	$	12,773	$	9,568
MH Sub I LLC,
Term Loan B, 1st Lien
(SOFR plus 4.36%)
9.68%		05/03/28	1		3,075		2,980
							12,548
Materials — 1.12%
Geon Performance Solutions, LLC,
Term Loan B, 1st Lien
(SOFR plus 5.01%)
10.40%		08/18/28	1		12,740		12,597
Iris Holding, Inc.,
Term Loan, 1st Lien
(SOFR plus 4.85%)
10.22%		06/28/28	1		3,960		3,698
Polar U.S. Borrower LLC,
Term Loan, 1st Lien
(SOFR plus 4.75%)
9.82% - 10.15%		10/15/25	1		5,500		4,445
							20,740
Retail — 0.81%
Tacala Investment Corp.,
Term Loan B, 2nd Lien
(SOFR plus 8.00%)
13.43%		02/04/28	1		15,500		15,043
Services — 0.39%
Neptune Bidco U.S., Inc.,
Term Loan B, 1st Lien
(SOFR plus 5.10%)
10.40%		04/11/29	1		7,980		7,210
Total Bank Loans
(Cost $156,073)							145,173
CORPORATES — 61.61%*
Banking — 2.32%
Bank of America Corp.,
Series RR
4.38%2,3					6,000		5,065
Bank of New York Mellon Corp. (The),
Series I
3.75%2,3					6,000		4,885
U.S. Bancorp
3.70%2,3					14,000		10,295
UBS Group AG
(Switzerland)
6.37%		07/15/26	2,4,5		3,000		2,991
6.54%		08/12/33	2,4,5		20,000		19,756
							42,992

See accompanying Notes to Financial Statements.

135 / Semi-Annual Report September 2023

Opportunistic High Income Credit Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Communications — 10.71%
Altice France Holding SA
(Luxembourg)
10.50%		05/15/27	4,5	$	6,000	$	3,787
Altice France SA
(France)
5.13%		01/15/29	4,5		13,000		9,275
5.50%		10/15/29	4,5		11,000		7,930
8.13%		02/01/27	4,5		3,000		2,668
Cable One, Inc.
4.00%		11/15/30	5		21,000		16,039
Cogent Communications Group, Inc.
7.00%		06/15/27	5		2,000		1,910
CommScope, Inc.
4.75%		09/01/29	5		7,000		5,224
Consolidated Communications, Inc.
6.50%		10/01/28	5		3,000		2,351
CSC Holdings LLC
6.50%		02/01/29	5		28,000		23,228
7.50%		04/01/28	5		17,000		11,067
Diamond Sports Group, LLC/Diamond Sports Finance Co.
5.38%		08/15/26	5,6,7		22,000		495
DISH DBS Corp.
5.13%		06/01/29			9,000		5,035
5.25%		12/01/26	5		10,000		8,517
DISH Network Corp.
11.75%		11/15/27	5		3,000		3,015
Frontier Communications Holdings LLC
5.00%		05/01/28	5		6,000		5,134
6.75%		05/01/29	5		6,000		4,624
8.63%		03/15/31	5		6,000		5,639
Gray Escrow II, Inc.
5.38%		11/15/31	5		14,000		9,152
Intelsat Jackson Holdings SA
(Luxembourg)
6.50%		03/15/30	4,5		5,000		4,443
Level 3 Financing, Inc.
10.50%		05/15/30	5		13,000		13,098
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.
4.75%		04/30/27	5		8,000		7,040
Scripps Escrow II, Inc.
5.38%		01/15/31	5		10,000		6,359
Scripps Escrow, Inc.
5.88%		07/15/27	5		6,000		4,454
Sirius XM Radio, Inc.
3.88%		09/01/31	5		15,000		11,376
VZ Secured Financing BV
(Netherlands)
5.00%		01/15/32	4,5		20,000		15,776
Zayo Group Holdings, Inc.
4.00%		03/01/27	5		15,000		11,150
							198,786
Consumer Discretionary — 3.24%
Central Garden & Pet Co.
4.13%		04/30/31	5		5,000		4,082

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Consumer Discretionary (continued)
Everi Holdings, Inc.
5.00%		07/15/29	5	$	5,000	$	4,310
Hilton Domestic Operating Co., Inc.
3.63%		02/15/32	5		15,000		12,107
Triton Water Holdings, Inc.
6.25%		04/01/29	5		16,000		13,160
WarnerMedia Holdings, Inc.
5.14%		03/15/52			20,000		14,860
Wyndham Hotels & Resorts, Inc.
4.38%		08/15/28	5		13,000		11,682
							60,201
Consumer Products — 0.24%
Newell Brands, Inc.
6.50%		04/01/46			6,000		4,453
Diversified REITs — 0.52%
VICI Properties LP/VICI Note Co., Inc.
5.75%		02/01/27	5		10,000		9,691
Electric — 0.09%
Pike Corp.
5.50%		09/01/28	5		2,000		1,752
Energy — 5.35%
Energy Transfer LP,
Series B
6.63%2,3					22,000		17,616
Global Partners LP/GLP Finance Corp.
6.88%		01/15/29			16,000		14,905
NGL Energy Operating LLC/NGL Energy Finance Corp.
7.50%		02/01/26	5		7,000		6,925
SM Energy Co.
6.50%		07/15/28			13,000		12,491
TransMontaigne Partners LP/TLP Finance Corp.
6.13%		02/15/26			12,000		10,290
Transocean Titan Financing Ltd.
(Cayman Islands)
8.38%		02/01/28	4,5		5,000		5,100
Venture Global Calcasieu Pass LLC
4.13%		08/15/31	5		39,000		32,067
							99,394
Entertainment — 0.10%
Cinemark USA, Inc.
5.25%		07/15/28	5		2,000		1,790
Finance — 2.71%
American Express Co.,
Series D
3.55%2,3					7,000		5,596
Charles Schwab Corp. (The)
Series K
5.00%2,3					9,000		7,544
Cushman & Wakefield U.S. Borrower LLC
8.88%		09/01/31	5		4,000		3,864

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 136

Opportunistic High Income Credit Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Finance (continued)
GGAM Finance Ltd.
(Cayman Islands)
8.00%		06/15/28	4,5	$	5,000	$	4,989
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.38%		02/01/29			7,000		5,670
5.25%		05/15/27			2,000		1,763
6.25%		05/15/26			2,000		1,864
Jane Street Group/JSG Finance, Inc.
4.50%		11/15/29	5		14,000		12,027
JPMorgan Chase & Co.,
Series KK
3.65%2,3					8,000		7,003
							50,320
Food — 5.91%
B&G Foods, Inc.
5.25%		04/01/25			11,000		10,849
Chobani LLC/Chobani Finance Corp, Inc.
4.63%		11/15/28	5		2,000		1,766
H-Food Holdings LLC/Hearthside Finance Co., Inc.
8.50%		06/01/26	5		6,000		1,507
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance,
Inc.
(Canada)
3.75%		12/01/31	4		20,000		16,040
5.75%		04/01/33	4		15,000		13,708
Pilgrim’s Pride Corp.
3.50%		03/01/32			30,000		23,240
5.88%		09/30/27	5		18,000		18,281
6.25%		07/01/33			11,000		10,358
Simmons Foods, Inc./Simmons Prepared Foods, Inc./
Simmons Pet Food, Inc./Simmons Feed
4.63%		03/01/29	5		17,000		13,962
							109,711
Gaming — 0.96%
CDI Escrow Issuer, Inc.
5.75%		04/01/30	5		10,000		9,048
Ontario Gaming GTA LP
(Canada)
8.00%		08/01/30	4,5		6,000		5,985
Penn Entertainment, Inc.
5.63%		01/15/27	5		3,000		2,825
							17,858
Health Care — 9.94%
1375209 BC Ltd.
(Canada)
9.00%		01/30/28	4,5		13,000		12,866
Bausch & Lomb Escrow Corp.
(Canada)
8.38%		10/01/28	4,5		13,000		13,036
Bausch Health Cos., Inc.
(Canada)
14.00%		10/15/30	4,5		1,000		595

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Health Care (continued)
Cano Health LLC
6.25%		10/01/28	5	$	6,000	$	2,665
Catalent Pharma Solutions, Inc.
5.00%		07/15/27	5		22,000		20,207
Centene Corp.
2.63%		08/01/31			7,000		5,362
3.00%		10/15/30			5,000		4,039
4.25%		12/15/27			31,000		28,606
Embecta Corp.
6.75%		02/15/30	5		5,000		4,129
Fortrea Holdings, Inc.
7.50%		07/01/30	5		3,000		2,933
Grifols SA
(Spain)
4.75%		10/15/28	4,5		9,000		7,700
HCA, Inc.
3.50%		09/01/30			3,000		2,539
5.63%		09/01/28			7,000		6,822
5.88%		02/01/29			2,000		1,971
Heartland Dental LLC/Heartland Dental Finance Corp.
10.50%		04/30/28	5		2,000		2,010
Kedrion SpA
(Italy)
6.50%		09/01/29	4,5		6,000		5,175
ModivCare Escrow Issuer, Inc.
5.00%		10/01/29	5		22,000		15,812
Molina Healthcare, Inc.
3.88%		11/15/30	5		10,000		8,298
Option Care Health, Inc.
4.38%		10/31/29	5		4,000		3,449
Organon & Co./Organon Foreign Debt Co.-Issuer BV
5.13%		04/30/31	5		3,000		2,422
Prestige Brands, Inc.
3.75%		04/01/31	5		6,000		4,837
Prime Healthcare Services, Inc.
7.25%		11/01/25	5		9,000		8,373
Star Parent, Inc.
9.00%		10/01/30	5		10,000		10,111
Tenet Healthcare Corp.
4.88%		01/01/26			11,000		10,553
							184,510
Industrials — 3.77%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
(Canada)
5.25%		08/15/27	4,5		12,000		10,030
Artera Services LLC
9.03%		12/04/25	5		5,000		4,621
Ball Corp.
3.13%		09/15/31			4,000		3,141
Graham Packaging Co., Inc.
7.13%		08/15/28	5		8,000		6,755
II-VI, Inc.
5.00%		12/15/29	5		3,000		2,605
OT Merger Corp.
7.88%		10/15/29	5		16,000		9,961

See accompanying Notes to Financial Statements.

137 / Semi-Annual Report September 2023

Opportunistic High Income Credit Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Industrials (continued)
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group
Issuer, Inc.
4.38%		10/15/28	5	$	7,000	$	6,090
Titan Acquisition Ltd./Titan Co-Borrower LLC
(Canada)
7.75%		04/15/26	4,5		3,000		2,955
TransDigm, Inc.
4.63%		01/15/29			6,000		5,247
6.25%		03/15/26	5		5,000		4,938
6.75%		08/15/28	5		11,000		10,848
Trivium Packaging Finance BV
(Netherlands)
5.50%		08/15/26	4,5		3,000		2,800
							69,991
Information Technology — 3.39%
Alteryx, Inc.
8.75%		03/15/28	5		5,000		5,012
MSCI, Inc.
3.63%		11/01/31	5		29,000		23,764
NCR Corp.
5.25%		10/01/30	5		27,000		23,295
Open Text Corp.
(Canada)
6.90%		12/01/27	4,5		5,000		5,025
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.
3.88%		02/01/29	5		7,000		5,845
							62,941
Insurance — 0.57%
Acrisure LLC/Acrisure Finance, Inc.
6.00%		08/01/29	5		9,000		7,628
7.00%		11/15/25	5		3,000		2,925
							10,553
Materials — 3.85%
ASP Unifrax Holdings, Inc.
7.50%		09/30/29	5		11,000		6,042
ATI, Inc.
5.13%		10/01/31			3,000		2,591
7.25%		08/15/30			2,000		1,998
Axalta Coating Systems, LLC
3.38%		02/15/29	5		8,000		6,665
Clearwater Paper Corp.
4.75%		08/15/28	5		11,000		9,428
Herens Holdco SARL
(Luxembourg)
4.75%		05/15/28	4,5		13,000		10,104
International Flavors & Fragrances, Inc.
2.30%		11/01/30	5		9,000		6,778
SCIH Salt Holdings, Inc.
4.88%		05/01/28	5		4,000		3,525
SK Invictus Intermediate II SARL
(Luxembourg)
5.00%		10/30/29	4,5		14,000		11,236

Issues	Maturity Date			Principal Amount		Value
CORPORATES (continued)
Materials (continued)
Valvoline, Inc.
3.63%		06/15/31	5	$	17,000	$	13,188
							71,555
Office REITs — 0.28%
Hudson Pacific Properties LP
3.25%		01/15/30			2,000		1,374
4.65%		04/01/29			5,000		3,769
							5,143
Retail — 4.01%
Ferrellgas LP/Ferrellgas Finance Corp.
5.38%		04/01/26	5		4,000		3,770
5.88%		04/01/29	5		3,000		2,712
Fertitta Entertainment, LLC/Fertitta Entertainment Finance
Co., Inc.
6.75%		01/15/30	5		16,000		13,072
FirstCash, Inc.
5.63%		01/01/30	5		3,000		2,704
LCM Investments Holdings II LLC
8.25%		08/01/31	5		5,000		4,869
Michaels Cos., Inc. (The)
7.88%		05/01/29	5		10,000		6,542
Papa John’s International, Inc.
3.88%		09/15/29	5		12,000		9,913
Yum! Brands, Inc.
3.88%		11/01/23			31,000		30,903
							74,485
Services — 3.33%
Adtalem Global Education, Inc.
5.50%		03/01/28	5		6,000		5,531
Global Payments, Inc.
5.30%		08/15/29			3,000		2,861
HealthEquity, Inc.
4.50%		10/01/29	5		5,000		4,313
Hertz Corp. (The)
5.00%		12/01/29	5		10,000		7,875
Prime Security Services Borrower LLC/Prime Finance, Inc.
3.38%		08/31/27	5		4,000		3,507
Upbound Group, Inc.
6.38%		02/15/29	5		3,000		2,689
VT Topco, Inc.
8.50%		08/15/30	5		9,000		8,921
WASH Multifamily Acquisition, Inc.
5.75%		04/15/26	5		8,000		7,475
Waste Pro USA, Inc.
5.50%		02/15/26	5		20,000		18,697
							61,869
Specialized REITs — 0.32%
Greystar Real Estate Partners LLC
7.75%		09/01/30	5		6,000		5,970
Total Corporates
(Cost $1,236,450)							1,143,965

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 138

Opportunistic High Income Credit Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED — 11.41%**
Non-Agency Commercial Mortgage-Backed — 3.96%
Bear Stearns Commercial Mortgage Securities Trust,
Series 2004-PWR6, Class X1 (IO)
1.03%		11/11/41	2,5	$	2,032,663	$	7,247
Commercial Mortgage Trust,
Series 2004-LB2A, Class X1 (IO)
1.98%		03/10/39	2,5		241,345		3,066
Commercial Mortgage Trust,
Series 2012-CR3, Class XA (IO)
1.02%		10/15/45	2		6,359		9
Credit Suisse Mortgage Capital Trust,
Series 2006-C4, Class AX (IO)
1.06%		09/15/39	2,5		519,061		2,688
Impact Funding Affordable Multifamily Housing Mortgage
Loan Trust,
Series 2010-1, Class A1
5.31%		01/25/51	5		3,921		3,803
JPMBB Commercial Mortgage Securities Trust,
Series 2013-C17, Class XA (IO)
0.78%		01/15/47	2		368,824		14
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C25, Class XA (IO)
0.95%		11/15/47	2		147,744		853
Merrill Lynch Mortgage Investors Trust,
Series 1997-C2, Class IO (IO)
1.31%		12/10/29	2		3,567,269		1,786
MKT Mortgage Trust,
Series 2020-525M, Class D
3.04%		02/12/40	2,5		25,000		11,552
MKT Mortgage Trust,
Series 2020-525M, Class E
3.04%		02/12/40	2,5		30,000		11,049
Natixis Commercial Mortgage Securities Trust,
Series 2018-TECH, Class A
(PRIME plus 0.00%)
8.50%		11/15/34	1,5		10,000		9,540
Queens Center Mortgage Trust,
Series 2013-QCA, Class B
3.38%		01/11/37	5		25,000		21,820
WF-RBS Commercial Mortgage Trust,
Series 2013-C14, Class XA (IO)
0.48%		06/15/46	2		43,431		86
WF-RBS Commercial Mortgage Trust,
Series 2013-C17, Class XA (IO)
1.05%		12/15/46	2		85,669		4
							73,517
Non-Agency Mortgage-Backed — 7.35%
American Home Mortgage Assets Trust,
Series 2007-1, Class A1
(Federal Reserve US 12-Month Cumulative Average plus
0.70%)
5.33%		02/25/47	1		25,040		9,729
CIM Trust,
Series 2022-NR1, Class A1 (STEP-reset date 11/25/23)
5.00%		07/25/62	5		28,851		26,869

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
IndyMac Index Mortgage Loan Trust,
Series 2007-AR7, Class 1A1
3.31%		11/25/37	2	$	8,444	$	6,991
JPMorgan Mortgage Trust,
Series 2006-A4, Class 1A1
4.42%		06/25/36	2		20,384		14,805
MASTR Adjustable Rate Mortgages Trust,
Series 2004-13, Class 3A1
5.39%		11/21/34	2		32,989		30,911
MASTR Alternative Loan Trust,
Series 2006-2, Class 2A2 (IO)
(-1.00 X CME Term SOFR 1-Month plus 6.99%, 7.10% Cap)
1.67%		03/25/36	1,8,9		218,152		11,271
WaMu Asset-Backed Certificates,
Series 2007-HE2, Class 2A2
(CME Term SOFR 1-Month plus 0.30%)
5.62%		04/25/37	1		46,446		17,613
WaMu Mortgage Pass-Through Certificates,
Series 2005-AR9, Class A1A
(CME Term SOFR 1-Month plus 0.75%)
6.07%		07/25/45	1		19,356		18,172
							136,361
U.S. Agency Commercial Mortgage-Backed — 0.10%
Ginnie Mae,
Series 2012-27, Class IO (IO)
0.24%		04/16/53	2		242,657		563
Ginnie Mae,
Series 2013-163, Class IO (IO)
1.01%		02/16/46	2		110,933		1,309
							1,872
Total Mortgage-Backed
(Cost $294,780)							211,750
Total Bonds — 80.84%
(Cost $1,687,303)							1,500,888
Issues				Shares		Value
COMMON STOCK — 10.58%
Communication Services — 2.30%
Altice USA, Inc., Class A7					1,736		5,677
AT&T, Inc.					372		5,587
Nexstar Media Group, Inc., Class A					59		8,459
T-Mobile U.S., Inc.7					138		19,327
Warner Bros. Discovery, Inc.7					340		3,692
							42,742
Consumer Discretionary — 1.54%
Newell Brands, Inc.					416		3,757
Qurate Retail, Inc.7					3,324		2,016
Spectrum Brands Holdings, Inc.					84		6,581
Upbound Group, Inc.					553		16,286
							28,640

See accompanying Notes to Financial Statements.

139 / Semi-Annual Report September 2023

Opportunistic High Income Credit Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues		Shares		Value
COMMON STOCK — 10.58% (continued)
Diversified REITs — 0.84%
Gaming and Leisure Properties, Inc.			340	$	15,487
Financials — 1.82%
FirstCash Holdings, Inc.			240		24,091
Wells Fargo & Co.			237		9,684
					33,775
Gaming — 0.44%
Penn Entertainment, Inc.7			354		8,124
Health Care — 1.32%
Bausch + Lomb Corp.4,7
(Canada)			365		6,187
Bausch Health Cos., Inc.4,7
(Canada)			940		7,727
Centene Corp.7			154		10,607
					24,521
Industrials — 0.45%
TransDigm Group, Inc.7			10		8,432
Information Technology — 0.70%
CommScope Holding Co., Inc.7			818		2,748
NCR Corp.7			239		6,446
SS&C Technologies Holdings, Inc.			72		3,783
					12,977
Office REITs — 0.18%
Hudson Pacific Properties, Inc.			492		3,272
Transportation — 0.76%
Hertz Global Holdings, Inc.7			1,149		14,075
Utilities — 0.23%
FirstEnergy Corp.			127		4,341
Total Common Stock
(Cost $318,793)					196,386
MASTER LIMITED PARTNERSHIPS — 2.80%
Energy — 2.80%
Enterprise Products Partners LP			664		18,174
NGL Energy Partners LP7			2,525		9,772
Sunoco LP			164		8,028
USA Compression Partners LP			676		16,129
					52,103
Total Master Limited Partnerships
(Cost $27,906)					52,103
Issues	Maturity Date	Principal     Amount/Shares		Value
SHORT-TERM INVESTMENTS — 4.21%
Money Market Funds — 0.43%
Fidelity Investments Money Market Funds - Government
Portfolio
5.23%10			7,915		7,915

Issues	Maturity Date		Principal Amount/Shares		Value
SHORT-TERM INVESTMENTS (continued)
U.S. Treasury Bills — 3.78%
U.S. Treasury Bills (WI)
5.43%11		03/07/24	$	72,000	$	70,332
Total Short-Term Investments
(Cost $78,252)						78,247
Total Investments - 98.43%
(Cost $2,112,254)						1,827,624
Cash and Other Assets, Less Liabilities - 1.57%						29,109
Net Assets - 100.00%					$	1,856,733

¹  Floating rate security. The rate disclosed was in effect at September 30, 2023.

²  Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

³  Perpetual security with no stated maturity date.

⁴  Foreign denominated security issued by foreign domiciled entity.

⁵  Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

⁶  Security is currently in default with regard to scheduled interest or principal payments.

⁷  Non-income producing security.

⁸  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁹  Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $11,271, which is 0.61% of total net assets.

¹⁰  Represents the current yield as of September 30, 2023.

¹¹  Represents annualized yield at date of purchase.

^*  Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

^**  Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date sooner than the stated maturity date.

Note: For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(IO): Interest Only

(LIBOR): London InterBank Offer Rate

(REIT): Real Estate Investment Trust

(SOFR): Secured Overnight Financing Rate

(STEP): Step Coupon Bond

(WI): When Issued

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 140

Opportunistic High Income Credit Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Description	Number of Contracts		Expiration Date		Notional Amount			Value		Unrealized Appreciation (Depreciation)
FUTURES CONTRACTS: LONG POSITIONS
U.S. Treasury Five-Year Note		3		12/29/23	$	316,078		$	(2,148)	$	(2,148)
U.S. Treasury Two-Year Note		3		12/29/23		608,133			(2,033)		(2,033)
						924,211			(4,181)		(4,181)
FUTURES CONTRACTS: SHORT POSITIONS
U.S. Treasury Ten-Year Ultra Bond		1		12/19/23		(111,563	)		3,194		3,194
TOTAL FUTURES CONTRACTS					$	812,648		$	(987)	$	(987)

See accompanying Notes to Financial Statements.

141 / Semi-Annual Report September 2023

Strategic Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
BONDS – 96.08%
ASSET-BACKED SECURITIES — 13.27%**
AGL CLO 12 Ltd.,
Series 2021-12A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.86%)
7.19%		07/20/34	1,2,3	$	125,000	$	123,586
Aimco CLO,
Series 2015-AA, Class BR2
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.86%)
7.17%		10/17/34	1,2,3		70,000		68,488
Allegro CLO XII Ltd.,
Series 2020-1A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.96%)
7.30%		01/21/32	1,2,3		45,000		44,565
AMSR Trust,
Series 2020-SFR1, Class H
5.30%		04/17/37	3		200,000		188,092
AMSR Trust,
Series 2020-SFR1, Class I
8.19%		04/17/37	3		100,000		97,433
Carvana Auto Receivables Trust,
Series 2022-P3, Class R
0.00%		09/10/29	3		1,750		277,337
Cedar Funding II CLO Ltd.,
Series 2013-1A, Class BRR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.61%)
6.94%		04/20/34	1,2,3		75,000		72,466
Cedar Funding XII CLO Ltd.,
Series 2020-12A, Class A1R
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.39%)
6.74%		10/25/34	1,2,3		180,000		178,382
CoreVest American Finance Trust,
Series 2019-1, Class XA (IO)
2.45%		03/15/52	3,4		14,479		31
CoreVest American Finance Trust,
Series 2020-1, Class A2
2.30%		03/15/50	3		140,000		122,380
Crystal River CDO,
Series 2005-1A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 0.62%)
6.02%		03/02/46	1,2,3,5,6		419,900		44,010
Diamond Infrastructure Funding LLC,
Series 2021-1A, Class C
3.48%		04/15/49	3		215,000		187,115
Dryden 85 CLO Ltd.,
Series 2020-85A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.41%)
6.72%		10/15/35	1,2,3		150,000		148,764

Issues	Maturity Date			Principal     Amount		Value
ASSET-BACKED SECURITIES (continued)
Eaton Vance CLO Ltd.,
Series 2020-1A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.43%)
6.74%		10/15/34	1,2,3	$	90,000	$	89,240
FirstKey Homes Trust,
Series 2020-SFR1, Class F2
4.28%		08/17/37	3		162,000		151,704
FirstKey Homes Trust,
Series 2020-SFR1, Class G
4.78%		08/17/37	3		265,000		246,851
Flatiron RR CLO 22 LLC,
Series 2021-2A, Class B
(CME Term SOFR 3-Month plus 1.86%)
7.17%		10/15/34	1,3		250,000		246,033
FRTKL,
Series 2021-SFR1, Class G
4.11%		09/17/38	3		300,000		254,585
Global SC Finance II SRL,
Series 2014-1A, Class A2
(Barbados)
3.09%		07/17/29	2,3		25,376		24,786
GLS Auto Receivables Issuer Trust,
Series 2023-2A, Class D
6.31%		03/15/29	3		220,000		216,903
GoldenTree Loan Management U.S. CLO 1 Ltd.,
Series 2021-9A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.76%)
7.09%		01/20/33	1,2,3		325,000		321,507
GoldenTree Loan Management U.S. CLO 17 Ltd.,
Series 2023-17A, Class D
(United Kingdom)
(CME Term SOFR 3-Month plus 5.00%)
10.25%		07/20/36	1,2,3		175,000		178,027
Golub Capital Partners CLO 54M L.P,
Series 2021-54A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.79%)
7.16%		08/05/33	1,2,3		90,000		88,951
Golub Capital Partners CLO 69M,
Series 2023-69A, Class B1
(CME Term SOFR 3-Month plus 3.25%)
0.00%		11/09/36	1,3		250,000		250,312
Harvest Commercial Capital Loan Trust,
Series 2019-1, Class A
3.29%		09/25/46	3,4		17,706		17,099
HPS Loan Management Ltd.
Series 10A-16, Class A1RR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.40%)
6.73%		04/20/34	1,2,3		85,000		84,296
HPS Loan Management Ltd.,
Series 2023-18A, Class D
(Cayman Islands)
(CME Term SOFR 3-Month plus 5.75%)
11.01%		07/20/36	1,2,3		175,000		175,719

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 142

Strategic Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
ASSET-BACKED SECURITIES (continued)
KGS-Alpha SBA COOF Trust,
Series 2015-1, Class A (IO)
1.58%		10/25/35	3,4	$	871,170	$	26,588
Lehman Brothers Small Balance Commercial Mortgage Trust,
Series 2007-1A, Class 1A
(CME Term SOFR 1-Month plus 0.36%)
5.68%		03/25/37	1,3		6,860		6,806
Neuberger Berman Loan Advisers CLO 43 Ltd.,
Series 2021-43A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.39%)
6.70%		07/17/35	1,2,3		85,000		84,513
OCP CLO Ltd.,
Series 2021-21A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.96%)
7.29%		07/20/34	1,2,3		50,000		49,285
OCP CLO Ltd.,
Series 2023-28A, Class D
(United Kingdom)
(CME Term SOFR 3-Month plus 5.35%)
10.77%		07/16/36	1,2,3		250,000		254,453
Octagon Investment Partners 46 Ltd.,
Series 2020-2A, Class BR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.91%)
7.22%		07/15/36	1,2,3		125,000		122,555
OHA Credit Funding 7 Ltd.,
Series 2020-7A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.30%)
6.62%		02/24/37	1,2,3		150,000		149,096
Park Avenue Institutional Advisers CLO Ltd.,
Series 2021-1A, Class A2
(Cayman Islands)
(CME Term SOFR 3-Month plus 2.01%)
7.34%		01/20/34	1,2,3		40,000		39,303
Progress Residential Trust,
Series 2019-SFR4, Class F
3.68%		10/17/36	3		161,000		155,084
Progress Residential Trust,
Series 2021-SFR6, Class G
4.00%		07/17/38	3		250,000		216,422
Progress Residential Trust,
Series 2021-SFR7, Class F
3.83%		08/17/40	3		220,000		180,995
Progress Residential,
Series 2021-SFR1, Class F
2.76%		04/17/38	3		292,000		253,660
Progress Residential,
Series 2021-SFR3, Class F
3.44%		05/17/26	3		200,000		174,023
Progress Residential,
Series 2021-SFR4, Class F
3.41%		05/17/38	3		220,000		192,363

Issues	Maturity Date			Principal     Amount		Value
ASSET-BACKED SECURITIES (continued)
Rockford Tower CLO Ltd.,
Series 2017-3A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.45%)
6.78%		10/20/30	1,2,3	$	112,969	$	112,708
Rockford Tower CLO Ltd.,
Series 2021-1A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.91%)
7.24%		07/20/34	1,2,3		75,000		73,410
Skyline Aircraft Finance LLC,
Series 2021-1, Class A
3.23%		05/10/37	4,5,6		64,437		56,335
SLC Student Loan Trust,
Series 2004-1, Class B
(SOFR90A plus 0.55%)
5.68%		08/15/31	1		91,088		77,761
SLM Student Loan Trust,
Series 2007-7, Class B
(SOFR90A plus 1.01%)
6.07%		10/27/70	1		215,000		195,293
SLM Student Loan Trust,
Series 2008-2, Class B
(SOFR90A plus 1.46%)
6.52%		01/25/83	1		340,000		337,224
SLM Student Loan Trust,
Series 2008-3, Class B
(SOFR90A plus 1.46%)
6.52%		04/26/83	1		340,000		315,934
SLM Student Loan Trust,
Series 2008-4, Class B
(SOFR90A plus 2.11%)
7.17%		04/25/73	1		340,000		329,039
SLM Student Loan Trust,
Series 2008-5, Class B
(SOFR90A plus 2.11%)
7.17%		07/25/73	1		235,000		228,028
SLM Student Loan Trust,
Series 2008-6, Class B
(SOFR90A plus 2.11%)
7.17%		07/26/83	1		340,000		321,835
Stratus CLO Ltd.,
Series 2021-3A, Class SUB
(Cayman Islands)
0.00%		12/29/29	2,3,4		250,000		176,040
Structured Receivables Finance LLC,
Series 2010-A, Class B
7.61%		01/16/46	3		239,792		240,222
Structured Receivables Finance LLC,
Series 2010-B, Class B
7.97%		08/15/36	3		274,091		276,295
Textainer Marine Containers VII Ltd.,
Series 2021-2A, Class A
(Bermuda)
2.23%		04/20/46	2,3		201,667		172,539

See accompanying Notes to Financial Statements.

143 / Semi-Annual Report September 2023

Strategic Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
ASSET-BACKED SECURITIES (continued)
TIF Funding II LLC,
Series 2021-1A, Class A
1.65%		02/20/46	3	$	209,350	$	172,125
Trestles CLO V Ltd.,
Series 2021-5A, Class A1
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.43%)
6.76%		10/20/34	1,2,3		90,000		89,119
Tricon American Homes Trust,
Series 2017-SFR2, Class E
4.22%		01/17/36	3		150,000		148,615
Tricon American Homes,
Series 2020-SFR1, Class D
2.55%		07/17/38	3		133,000		120,079
Total Asset-Backed Securities
(Cost $9,639,873)							9,246,409
CORPORATES — 27.64%*
Banking — 5.13%
Bank of America Corp.
2.30%		07/21/32	4		150,000		113,835
3.42%		12/20/28	4		35,000		31,400
Bank of America Corp.
(MTN)
1.90%		07/23/31	4		25,000		18,961
1.92%		10/24/31	4		415,000		313,403
2.88%		10/22/30	4		50,000		41,709
3.82%		01/20/28	4		110,000		102,202
Bank of America Corp.,
Series N
1.66%		03/11/27	4		80,000		71,779
Bank of America Corp.,
Series RR
4.38%4,7					15,000		12,664
Comerica, Inc.
5.63%4,7					45,000		41,345
HSBC Holdings PLC
(United Kingdom)
0.98%		05/24/25	2,4		10,000		9,638
1.59%		05/24/27	2,4		25,000		22,052
2.01%		09/22/28	2,4		115,000		97,636
2.36%		08/18/31	2,4		90,000		69,252
2.80%		05/24/32	2,4		35,000		27,137
6.33%		03/09/44	2,4		145,000		139,326
JPMorgan Chase & Co.
1.58%		04/22/27	4		55,000		49,087
2.07%		06/01/29	4		25,000		21,090
2.58%		04/22/32	4		330,000		260,613
Lloyds Banking Group PLC
(United Kingdom)
4.98%		08/11/33	2,4		250,000		222,678
Macquarie Group Ltd.
(Australia)
2.69%		06/23/32	2,3,4		30,000		22,932
2.87%		01/14/33	2,3,4		95,000		71,885

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Banking (continued)
NatWest Group PLC
(United Kingdom)
4.27%		03/22/25	2,4	$	40,000	$	39,580
PNC Financial Services Group, Inc. (The)
5.07%		01/24/34	4		40,000		36,281
6.04%		10/28/33	4		35,000		33,972
Santander UK Group Holdings PLC
(United Kingdom)
1.09%		03/15/25	2,4		100,000		97,247
1.67%		06/14/27	2,4		50,000		43,781
U.S. Bancorp
3.70%4,7					15,000		11,030
4.84%		02/01/34	4		150,000		132,424
5.84%		06/12/34	4		40,000		37,709
5.85%		10/21/33	4		35,000		33,179
UBS Group AG
(Switzerland)
1.31%		02/02/27	2,3,4		30,000		26,595
2.59%		09/11/25	2,3,4		25,000		24,064
3.09%		05/14/32	2,3,4		15,000		11,896
4.19%		04/01/31	2,3,4		740,000		646,539
UBS Group AG
(EMTN)
(Switzerland)
0.63%		01/18/33	2		100,000		72,111
Wells Fargo & Co.
(MTN)
2.39%		06/02/28	4		75,000		65,797
3.35%		03/02/33	4		500,000		404,016
3.53%		03/24/28	4		50,000		45,918
4.90%		07/25/33	4		55,000		49,799
							3,572,562
Communications — 2.33%
AT&T, Inc.
4.75%		05/15/46			15,000		11,862
Cable One, Inc.
4.00%		11/15/30	3		115,000		87,831
CCO Holdings, LLC/CCO Holdings Capital Corp.
4.50%		06/01/33	3		75,000		57,758
Charter Communications Operating LLC/Charter
Communications Operating Capital
4.80%		03/01/50			50,000		34,999
Charter Communications Operating, LLC/Charter
Communications Operating Capital
5.25%		04/01/53			165,000		123,469
CommScope, Inc.
4.75%		09/01/29	3		95,000		70,894
CSC Holdings LLC
5.75%		01/15/30	3		15,000		8,426
6.50%		02/01/29	3		117,000		97,062
7.50%		04/01/28	3		48,000		31,247
Diamond Sports Group, LLC/Diamond Sports Finance Co.
5.38%		08/15/26	3,8,9		43,000		968

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 144

Strategic Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Communications (continued)
DIRECTV Financing LLC/DIRECTV Financing Co. Obligor, Inc.
5.88%		08/15/27	3	$	30,000	$	26,562
Frontier Communications Holdings LLC
6.75%		05/01/29	3		40,000		30,828
8.63%		03/15/31	3		111,000		104,329
Gray Escrow II, Inc.
5.38%		11/15/31	3		41,000		26,801
Intelsat Jackson Holdings SA
(Luxembourg)
6.50%		03/15/30	2,3		48,000		42,657
Intelsat Jackson Holdings SA,
Class B
(Luxembourg)
8.50%		10/15/24	†,2,3,5,6,8,9		38,000		—
9.75%		07/15/25	†,2,3,5,6,8,9		71,000		—
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.
4.75%		04/30/27	3		40,000		35,200
Qwest Corp.
7.25%		09/15/25			70,000		68,075
Scripps Escrow, Inc.
5.88%		07/15/27	3		66,000		48,994
SES GLOBAL Americas Holdings, Inc.
5.30%		03/25/44	3		200,000		134,869
Sirius XM Radio, Inc.
3.88%		09/01/31	3		55,000		41,712
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint
Spectrum Co. III LLC
4.74%		03/20/25	3		67,500		66,803
Tencent Holdings Ltd.
(Cayman Islands)
3.98%		04/11/29	2,3		25,000		22,714
Time Warner Cable LLC
5.50%		09/01/41			100,000		78,291
5.88%		11/15/40			10,000		8,349
T-Mobile USA, Inc.
2.25%		02/15/26			66,000		60,821
2.55%		02/15/31			110,000		87,570
2.63%		04/15/26			38,000		35,156
Vodafone Group PLC
(United Kingdom)
4.88%		06/19/49	2		48,000		38,357
VZ Secured Financing BV
(Netherlands)
5.00%		01/15/32	2,3		175,000		138,039
							1,620,643
Consumer Discretionary — 1.45%
BAT Capital Corp.
2.73%		03/25/31			25,000		19,282
4.39%		08/15/37			20,000		15,320
4.54%		08/15/47			175,000		120,592
5.65%		03/16/52			125,000		100,160
Central Garden & Pet Co.
4.13%		10/15/30			40,000		33,416

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Consumer Discretionary (continued)
Edgewell Personal Care Co.
5.50%		06/01/28	3	$	32,000	$	29,800
Everi Holdings, Inc.
5.00%		07/15/29	3		73,000		62,917
Imperial Brands Finance PLC
(United Kingdom)
3.13%		07/26/24	2,3		25,000		24,390
6.13%		07/27/27	2,3		70,000		69,723
JDE Peet’s NV
(Netherlands)
2.25%		09/24/31	2,3		200,000		148,871
Spectrum Brands, Inc.
5.50%		07/15/30	3		10,000		9,200
Triton Water Holdings, Inc.
6.25%		04/01/29	3		79,000		64,977
WarnerMedia Holdings, Inc.
4.28%		03/15/32			40,000		33,958
5.05%		03/15/42			70,000		54,208
5.14%		03/15/52			300,000		222,896
							1,009,710
Consumer Products — 0.12%
Newell Brands, Inc.
6.50%		04/01/46			112,000		83,123
Diversified REITs — 0.95%
American Assets Trust LP
3.38%		02/01/31			30,000		22,505
American Tower Corp.
1.00%		01/15/32			100,000		79,373
5.65%		03/15/33			35,000		33,664
Digital Intrepid Holding BV
(Netherlands)
0.63%		07/15/31	2		100,000		75,637
GLP Capital LP/GLP Financing II, Inc.
3.25%		01/15/32			79,000		61,273
4.00%		01/15/31			50,000		41,688
5.38%		04/15/26			65,000		63,082
5.75%		06/01/28			25,000		23,995
LXP Industrial Trust
2.38%		10/01/31			55,000		40,423
2.70%		09/15/30			35,000		27,137
VICI Properties LP
5.13%		05/15/32			171,000		153,506
VICI Properties LP/VICI Note Co., Inc.
3.88%		02/15/29	3		5,000		4,326
4.13%		08/15/30	3		22,000		18,818
4.50%		09/01/26	3		5,000		4,737
4.50%		01/15/28	3		9,000		8,223
4.63%		06/15/25	3		5,000		4,834
							663,221
Electric — 1.58%
Alliant Energy Finance, LLC
3.60%		03/01/32	3		55,000		45,624
American Electric Power Co., Inc.
5.63%		03/01/33			60,000		58,122

See accompanying Notes to Financial Statements.

145 / Semi-Annual Report September 2023

Strategic Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Electric (continued)
Arizona Public Service Co.
6.35%		12/15/32		$	245,000	$	251,095
Commonwealth Edison Co.
5.30%		02/01/53			130,000		119,510
Duke Energy Carolinas LLC
5.35%		01/15/53			30,000		27,483
Duke Energy Corp.
3.85%		06/15/34			100,000		94,350
Entergy Texas, Inc.
3.45%		12/01/27			150,000		136,510
FirstEnergy Transmission LLC
2.87%		09/15/28	3		39,000		33,862
Jersey Central Power & Light Co.
4.70%		04/01/24	3		55,000		54,505
Metropolitan Edison Co.
4.00%		04/15/25	3		75,000		71,946
Niagara Mohawk Power Corp.
5.78%		09/16/52	3		60,000		55,542
TenneT Holding BV
(EMTN)
(Netherlands)
2.75%		05/17/42	2		105,000		95,085
Tucson Electric Power Co.
5.50%		04/15/53			65,000		59,005
							1,102,639
Energy — 1.31%
Archrock Partners LP/Archrock Partners Finance Corp.
6.25%		04/01/28	3		35,000		32,963
Energy Transfer LP
5.00%		05/15/50			90,000		70,578
5.40%		10/01/47			159,000		131,015
5.50%		06/01/27			3,000		2,955
Global Partners LP/GLP Finance Corp.
6.88%		01/15/29			41,000		38,194
KeySpan Gas East Corp.
5.99%		03/06/33	3		65,000		62,733
Kinder Morgan Energy Partners LP
5.00%		08/15/42			45,000		36,431
Petroleos Mexicanos
(Mexico)
5.95%		01/28/31	2		63,000		45,102
6.35%		02/12/48	2		5,000		2,866
6.95%		01/28/60	2		35,000		20,772
Piedmont Natural Gas Co., Inc.
5.40%		06/15/33			70,000		66,882
Rockies Express Pipeline LLC
4.80%		05/15/30	3		100,000		86,750
Sabine Pass Liquefaction LLC
4.50%		05/15/30			5,000		4,587
Southern Co. Gas Capital Corp.
3.88%		11/15/25			70,000		67,437
Sunoco LP/Sunoco Finance Corp.
4.50%		05/15/29			56,000		49,420
4.50%		04/30/30			9,000		7,805

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Energy (continued)
TransCanada PipeLines Ltd.
(Canada)
4.63%		03/01/34	2	$	5,000	$	4,360
TransMontaigne Partners LP/TLP Finance Corp.
6.13%		02/15/26			73,000		62,597
Venture Global Calcasieu Pass LLC
3.88%		08/15/29	3		145,000		122,303
							915,750
Entertainment — 0.05%
Cinemark USA, Inc.
5.25%		07/15/28	3		41,000		36,695
Finance — 3.23%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
(Ireland)
2.45%		10/29/26	2		75,000		67,239
3.30%		01/30/32	2		155,000		123,459
Air Lease Corp.
(MTN)
2.30%		02/01/25			75,000		71,082
American Express Co.,
Series D
3.55%4,7					15,000		11,992
Avolon Holdings Funding Ltd.
(Cayman Islands)
2.53%		11/18/27	2,3		185,000		156,308
3.25%		02/15/27	2,3		15,000		13,321
Capital One Financial Corp.
3.27%		03/01/30	4		40,000		33,484
Charles Schwab Corp. (The)
Series K
5.00%4,7					15,000		12,573
Citigroup, Inc.
2.52%		11/03/32	4		185,000		141,391
2.57%		06/03/31	4		245,000		195,462
2.98%		11/05/30	4		20,000		16,729
3.52%		10/27/28	4		5,000		4,526
Citigroup, Inc.,
Series VAR
3.07%		02/24/28	4		40,000		36,302
GGAM Finance Ltd.
(Cayman Islands)
8.00%		06/15/28	2,3		68,000		67,859
Goldman Sachs Group, Inc. (The)
0.93%		10/21/24	4		30,000		29,763
1.22%		12/06/23			75,000		74,387
1.54%		09/10/27	4		235,000		205,823
1.95%		10/21/27	4		10,000		8,832
2.38%		07/21/32	4		260,000		198,102
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.38%		02/01/29			27,000		21,870
5.25%		05/15/27			72,000		63,456
Jane Street Group/JSG Finance, Inc.
4.50%		11/15/29	3		74,000		63,571

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 146

Strategic Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Finance (continued)
JPMorgan Chase & Co.
1.04%		02/04/27	4	$	175,000	$	155,739
2.55%		11/08/32	4		30,000		23,260
Morgan Stanley
0.79%		05/30/25	4		120,000		115,290
2.48%		09/16/36	4		110,000		80,409
Morgan Stanley
(MTN)
1.93%		04/28/32	4		285,000		212,272
Nationwide Building Society
(United Kingdom)
2.97%		02/16/28	2,3,4		50,000		44,743
							2,249,244
Food — 0.94%
B&G Foods, Inc.
5.25%		04/01/25			35,000		34,519
H-Food Holdings LLC/Hearthside Finance Co., Inc.
8.50%		06/01/26	3		66,000		16,579
JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg Sarl
(Canada)
6.75%		03/15/34	2,3		135,000		131,431
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
(Canada)
3.75%		12/01/31	2		52,000		41,704
5.50%		01/15/30	2		25,000		23,360
6.50%		12/01/52	2		10,000		8,960
Pilgrim’s Pride Corp.
3.50%		03/01/32			36,000		27,888
4.25%		04/15/31			25,000		20,886
6.25%		07/01/33			135,000		127,114
Post Holdings, Inc.
5.75%		03/01/27	3		98,000		94,570
Simmons Foods, Inc./Simmons Prepared Foods, Inc./
Simmons Pet Food, Inc./Simmons Feed
4.63%		03/01/29	3		115,000		94,449
Smithfield Foods, Inc.
2.63%		09/13/31	3		45,000		32,407
							653,867
Gaming — 0.19%
Ontario Gaming GTA LP
(Canada)
8.00%		08/01/30	2,3		35,000		34,911
Penn Entertainment, Inc.
4.13%		07/01/29	3		79,000		64,752
5.63%		01/15/27	3		36,000		33,894
							133,557
Health Care — 3.30%
1375209 BC Ltd.
(Canada)
9.00%		01/30/28	2,3		62,000		61,359
AbbVie, Inc.
3.60%		05/14/25			50,000		48,346

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Health Care (continued)
Amgen, Inc.
4.20%		02/22/52		$	25,000	$	18,726
4.88%		03/01/53			20,000		16,699
5.25%		03/02/33			65,000		62,155
5.60%		03/02/43			40,000		37,263
5.75%		03/02/63			26,000		24,048
Bausch & Lomb Escrow Corp.
(Canada)
8.38%		10/01/28	2,3		70,000		70,195
Bayer U.S. Finance II LLC
2.85%		04/15/25	3		20,000		18,937
4.38%		12/15/28	3		70,000		65,089
4.63%		06/25/38	3		156,000		127,974
4.88%		06/25/48	3		50,000		39,917
Cano Health LLC
6.25%		10/01/28	3		26,000		11,549
Catalent Pharma Solutions, Inc.
3.13%		02/15/29	3		115,000		94,428
Centene Corp.
2.45%		07/15/28			46,000		38,894
3.00%		10/15/30			134,000		108,249
4.25%		12/15/27			49,000		45,215
CommonSpirit Health
2.78%		10/01/30			40,000		33,016
CVS Health Corp.
5.05%		03/25/48			95,000		78,979
DENTSPLY SIRONA, Inc.
3.25%		06/01/30			45,000		37,690
Embecta Corp.
5.00%		02/15/30	3		28,000		22,062
6.75%		02/15/30	3		53,000		43,765
Encompass Health Corp.
4.50%		02/01/28			20,000		18,345
Fortrea Holdings, Inc.
7.50%		07/01/30	3		35,000		34,215
Fresenius Medical Care U.S. Finance III, Inc.
1.88%		12/01/26	3		30,000		26,183
Grifols SA
(Spain)
4.75%		10/15/28	2,3		109,000		93,253
HCA, Inc.
3.50%		09/01/30			69,000		58,401
3.63%		03/15/32			155,000		128,623
5.25%		04/15/25			12,000		11,856
5.25%		06/15/49			110,000		90,506
5.50%		06/15/47			15,000		12,822
5.63%		09/01/28			14,000		13,643
Kedrion SpA
(Italy)
6.50%		09/01/29	2,3		90,000		77,625
ModivCare Escrow Issuer, Inc.
5.00%		10/01/29	3		90,000		64,687
ModivCare, Inc.
5.88%		11/15/25	3		48,000		45,673
Molina Healthcare, Inc.
3.88%		11/15/30	3		25,000		20,744

See accompanying Notes to Financial Statements.

147 / Semi-Annual Report September 2023

Strategic Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Health Care (continued)
3.88%		05/15/32	3	$	161,000	$	129,537
Option Care Health, Inc.
4.38%		10/31/29	3		72,000		62,078
Organon & Co./Organon Foreign Debt Co.-Issuer BV
5.13%		04/30/31	3		29,000		23,418
Prestige Brands, Inc.
3.75%		04/01/31	3		116,000		93,524
Prime Healthcare Services, Inc.
7.25%		11/01/25	3		90,000		83,727
Tenet Healthcare Corp.
4.88%		01/01/26			65,000		62,358
6.75%		05/15/31	3		33,000		31,888
Universal Health Services, Inc.
1.65%		09/01/26			15,000		13,225
							2,300,886
Health Care REITs — 0.16%
Healthcare Reality Holdings LP
2.00%		03/15/31			25,000		18,759
3.10%		02/15/30			30,000		25,017
Healthcare Realty Holdings LP
2.05%		03/15/31			10,000		7,258
3.63%		01/15/28			70,000		62,433
							113,467
Industrial REITs — 0.01%
Rexford Industrial Realty LP
2.15%		09/01/31			5,000		3,732
Industrials — 1.45%
Advanced Drainage Systems, Inc.
6.38%		06/15/30	3		14,000		13,462
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
(Canada)
5.25%		08/15/27	2,3		90,000		75,230
Artera Services LLC
9.03%		12/04/25	3		38,000		35,117
Ball Corp.
4.00%		11/15/23			38,000		37,830
6.88%		03/15/28			91,000		91,455
Berry Global, Inc.
1.65%		01/15/27			5,000		4,303
4.88%		07/15/26	3		50,000		47,912
5.50%		04/15/28	3		115,000		111,161
Boeing Co. (The)
1.43%		02/04/24			60,000		59,071
4.88%		05/01/25			10,000		9,830
Energizer Holdings, Inc.
4.38%		03/31/29	3		46,000		38,525
General Electric Co.
(MTN)
(CME Term SOFR 3-Month plus 0.74%)
6.11%		08/15/36	1		325,000		289,587
OT Merger Corp.
7.88%		10/15/29	3		123,000		76,573
TransDigm, Inc.
6.75%		08/15/28	3		97,000		95,664

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Industrials (continued)
Trivium Packaging Finance BV
(Netherlands)
5.50%		08/15/26	2,3	$	30,000	$	28,006
							1,013,726
Information Technology — 0.98%
Broadcom, Inc.
2.60%		02/15/33	3		51,000		38,063
Fiserv, Inc.
5.60%		03/02/33			130,000		126,109
Gen Digital, Inc.
6.75%		09/30/27	3		65,000		63,742
NCR Corp.
5.13%		04/15/29	3		42,000		37,064
5.25%		10/01/30	3		72,000		62,119
Netflix, Inc.
5.88%		02/15/25			50,000		49,964
Open Text Corp.
(Canada)
6.90%		12/01/27	2,3		18,000		18,089
Oracle Corp.
3.80%		11/15/37			10,000		7,680
3.95%		03/25/51			243,000		166,702
6.50%		04/15/38			70,000		70,580
6.90%		11/09/52			45,000		46,383
							686,495
Insurance — 1.16%
Acrisure LLC/Acrisure Finance, Inc.
6.00%		08/01/29	3		77,000		65,257
Alliant Holdings Intermediate LLC/Alliant Holdings
Co.-Issuer
6.75%		10/15/27	3		66,000		61,875
Aon Corp./Aon Global Holdings PLC
3.90%		02/28/52			55,000		39,237
Athene Global Funding
1.61%		06/29/26	3		30,000		26,225
1.99%		08/19/28	3		100,000		81,715
3.21%		03/08/27	3		25,000		22,420
(SOFR Index plus 0.70%)
6.04%		05/24/24	1,3		30,000		29,859
Brown & Brown, Inc.
4.95%		03/17/52			45,000		36,022
Farmers Exchange Capital II
6.15%		11/01/53	3,4		50,000		46,280
Farmers Insurance Exchange
4.75%		11/01/57	3,4		25,000		18,788
HUB International Ltd.
7.00%		05/01/26	3		15,000		15,000
Metropolitan Life Global Funding I
4.30%		08/25/29	3		150,000		140,047
Nationwide Mutual Insurance Co.
7.96%		12/15/24	3,4		75,000		75,011
Teachers Insurance & Annuity Association of America
4.27%		05/15/47	3		65,000		49,264

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 148

Strategic Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Insurance (continued)
Willis North America, Inc.
5.35%		05/15/33		$	105,000	$	98,045
							805,045
Materials — 0.71%
ASP Unifrax Holdings, Inc.
5.25%		09/30/28	3		30,000		21,417
ATI, Inc.
7.25%		08/15/30			35,000		34,956
Axalta Coating Systems, LLC
3.38%		02/15/29	3		76,000		63,320
Clearwater Paper Corp.
4.75%		08/15/28	3		112,000		95,992
International Flavors & Fragrances, Inc.
2.30%		11/01/30	3		201,000		151,373
3.27%		11/15/40	3		5,000		3,138
3.47%		12/01/50	3		15,000		8,749
4.38%		06/01/47			20,000		13,445
5.00%		09/26/48			5,000		3,737
SK Invictus Intermediate II SARL
(Luxembourg)
5.00%		10/30/29	2,3		45,000		36,117
Valvoline, Inc.
3.63%		06/15/31	3		80,000		62,062
							494,306
Office REITs — 0.14%
Hudson Pacific Properties LP
3.25%		01/15/30			100,000		68,690
3.95%		11/01/27			15,000		11,854
4.65%		04/01/29			20,000		15,076
5.95%		02/15/28			5,000		4,176
							99,796
Real Estate Investment Trust (REIT) — 0.12%
American Tower Corp.
5.55%		07/15/33			85,000		81,068
Residential REITs — 0.32%
American Homes 4 Rent LP
3.38%		07/15/51			40,000		24,002
4.30%		04/15/52			50,000		36,157
Invitation Homes Operating Partnership LP
2.00%		08/15/31			65,000		48,126
2.70%		01/15/34			105,000		76,847
5.50%		08/15/33			40,000		37,378
							222,510
Retail — 0.47%
Ferrellgas LP/Ferrellgas Finance Corp.
5.88%		04/01/29	3		40,000		36,165
Fertitta Entertainment, LLC/Fertitta Entertainment Finance Co., Inc.
6.75%		01/15/30	3		111,000		90,683
FirstCash, Inc.
5.63%		01/01/30	3		51,000		45,974

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Retail (continued)
LCM Investments Holdings II LLC
8.25%		08/01/31	3	$	35,000	$	34,081
Michaels Cos., Inc. (The)
7.88%		05/01/29	3		93,000		60,844
Papa John’s International, Inc.
3.88%		09/15/29	3		70,000		57,824
							325,571
Services — 0.81%
Adtalem Global Education, Inc.
5.50%		03/01/28	3		76,000		70,056
Global Payments, Inc.
5.40%		08/15/32			40,000		37,499
5.95%		08/15/52			8,000		7,171
HealthEquity, Inc.
4.50%		10/01/29	3		75,000		64,699
Hertz Corp. (The)
4.63%		12/01/26	3		3,000		2,674
5.00%		12/01/29	3		124,000		97,650
Upbound Group, Inc.
6.38%		02/15/29	3		74,000		66,323
VT Topco, Inc.
8.50%		08/15/30	3		70,000		69,382
WASH Multifamily Acquisition, Inc.
5.75%		04/15/26	3		60,000		56,065
Waste Pro USA, Inc.
5.50%		02/15/26	3		102,000		95,355
							566,874
Specialized REITs — 0.43%
Blackstone Property Partners Europe Holdings SARL
(EMTN)
(Luxembourg)
1.63%		04/20/30	2		100,000		78,762
CubeSmart LP
2.50%		02/15/32			75,000		57,092
Extra Space Storage LP
2.35%		03/15/32			105,000		79,454
2.40%		10/15/31			50,000		38,303
2.55%		06/01/31			15,000		11,690
Greystar Real Estate Partners LLC
7.75%		09/01/30	3		35,000		34,825
							300,126
Transportation — 0.30%
JetBlue Airways Pass-Through Trust,
Series 2020-1, Class A
4.00%		11/15/32			83,641		75,274
United Airlines Pass-Through Trust,
Series 2023-1, Class A
5.80%		01/15/36			135,000		131,358
							206,632
Total Corporates
(Cost $20,779,740)							19,261,245

See accompanying Notes to Financial Statements.

149 / Semi-Annual Report September 2023

Strategic Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED — 51.30%**
Non-Agency Commercial Mortgage-Backed — 4.17%
Arrow CMBS 2018 DAC,
Series 2018-1, Class A1
(Ireland)
(3-Month Euribor plus 1.10%)
4.92%		05/22/30	1,2	$	80,382	$	84,012
Banc of America Commercial Mortgage Trust,
Series 2015-UBS7, Class XE (IO)
1.25%		09/15/48	3,4		1,500,000		28,067
Banc of America Merrill Lynch Commercial Mortgage Trust,
Series 2019-BPR, Class AMP
3.29%		11/05/32	3		100,000		89,015
BX Commercial Mortgage Trust,
Series 2021-VOLT, Class F
(CME Term SOFR 1-Month plus 2.51%)
7.85%		09/15/36	1,3		100,000		94,194
BXHPP Trust,
Series 2021-FILM, Class C
(CME Term SOFR 1-Month plus 1.21%)
6.55%		08/15/36	1,3		120,000		108,138
BXHPP Trust,
Series 2021-FILM, Class D
(CME Term SOFR 1-Month plus 1.61%)
6.95%		08/15/36	1,3		100,000		87,636
Citigroup Commercial Mortgage Trust,
Series 2014-GC25, Class XA (IO)
1.09%		10/10/47	4		3,899,150		21,414
Citigroup Commercial Mortgage Trust,
Series 2016-P4, Class XA (IO)
2.05%		07/10/49	4		1,942,797		73,522
Citigroup Commercial Mortgage Trust,
Series 2020-555, Class G
3.62%		12/10/41	3,4		200,000		127,063
COBALT CMBS Commercial Mortgage Trust,
Series 2007-C2, Class X (IO)
0.65%		04/15/47	3,4		1,158,413		5,184
Commercial Mortgage Trust,
Series 2012-CR3, Class XA (IO)
1.02%		10/15/45	4		199,495		276
Commercial Mortgage Trust,
Series 2013-CR12, Class XA (IO)
0.99%		10/10/46	4		598,855		29
Commercial Mortgage Trust,
Series 2020-CBM, Class XCP (IO)
0.72%		02/10/37	3,4		1,667,987		10,563
Credit Suisse Mortgage Capital Trust,
Series 2014-USA, Class X1 (IO)
0.69%		09/15/37	3,4		9,783,817		71,791
CSAIL Commercial Mortgage Trust,
Series 2015-C1, Class XA (IO)
0.95%		04/15/50	4		1,620,608		10,186
CSMC,
Series 2018-SITE, Class B
4.53%		04/15/36	3		100,000		96,870

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
DROP Mortgage Trust,
Series 2021-FILE, Class D
(CME Term SOFR 1-Month plus 2.86%)
8.20%		10/15/43	1,3	$	150,000	$	107,867
European Loan Conduit No. 36 DAC,
Series 36A, Class E
(Ireland)
(3-Month Euribor plus 3.35%)
7.15%		02/17/30	1,2,3		95,559		93,037
Frost CMBS DAC,
Series 2021-1X, Class EUA
(Ireland)
(3-Month Euribor plus 1.15%)
4.97%		11/20/33	1,2		99,127		99,853
GS Mortgage Securities Corp. Trust,
Series 2020-UPTN, Class XA (IO)
0.45%		02/10/37	3,4		940,000		3,575
GS Mortgage Securities Trust,
Series 2013-GC16, Class XB (IO)
0.11%		11/10/46	4		31,967,153		34
GS Mortgage Securities Trust,
Series 2014-GC24, Class XA (IO)
0.82%		09/10/47	4		2,511,237		10,321
GS Mortgage Securities Trust,
Series 2015-GC32, Class XA (IO)
0.84%		07/10/48	4		4,485,572		44,202
Impact Funding Affordable Multifamily Housing Mortgage
Loan Trust,
Series 2010-1, Class A1
5.31%		01/25/51	3		38,939		37,760
JPMBB Commercial Mortgage Securities Trust,
Series 2013-C15, Class XA (IO)
0.75%		11/15/45	4		350,866		15
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C22, Class XA (IO)
0.94%		09/15/47	4		6,659,742		26,979
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C25, Class XA (IO)
0.95%		11/15/47	4		4,400,768		25,403
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C26, Class XA (IO)
1.07%		01/15/48	4		2,415,673		16,318
JPMDB Commercial Mortgage Securities Trust,
Series 2018-C8, Class XEF (IO)
1.92%		06/15/51	3,4		1,157,000		76,270
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2013-C16, Class XA (IO)
0.73%		12/15/46	4		1,056,883		30
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2019-ICON, Class C
4.54%		01/05/34	3		72,000		71,023
Ladder Capital Commercial Mortgage Trust,
Series 2013-GCP, Class XA (IO)
1.32%		02/15/36	3,4		1,400,110		55,495

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 150

Strategic Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
Med Trust,
Series 2021-MDLN, Class G
(CME Term SOFR 1-Month plus 5.36%)
10.70%		11/15/38	1,3	$	99,522	$	94,111
MKT Mortgage Trust,
Series 2020-525M, Class D
3.04%		02/12/40	3,4		486,000		224,570
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2013-C9, Class XB (IO)
0.21%		05/15/46	3,4		12,532,749		9,227
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2014-C19, Class XA (IO)
1.10%		12/15/47	4		2,613,246		16,028
Natixis Commercial Mortgage Securities Trust,
Series 2018-ALXA, Class E
4.46%		01/15/43	3,4		180,000		88,058
Natixis Commercial Mortgage Securities Trust,
Series 2018-TECH, Class A
(PRIME plus 0.00%)
8.50%		11/15/34	1,3		220,000		209,886
SFAVE Commercial Mortgage Securities Trust,
Series 2015-5AVE, Class A1
3.87%		01/05/43	3,4		220,000		147,248
SFAVE Commercial Mortgage Securities Trust,
Series 2015-5AVE, Class D
4.53%		01/05/43	3,4		200,000		90,295
SMRT,
Series 2022-MINI, Class E
(CME Term SOFR 1-Month plus 2.70%)
8.03%		01/15/39	1,3		100,000		94,535
VASA Trust,
Series 2021-VASA, Class B
(CME Term SOFR 1-Month plus 1.36%)
6.70%		07/15/39	1,3		300,000		213,876
Wells Fargo Commercial Mortgage Trust,
Series 2015-NXS2, Class XA (IO)
0.74%		07/15/58	4		3,043,235		23,398
Wells Fargo Commercial Mortgage Trust,
Series 2016-NXS6, Class XA (IO)
1.73%		11/15/49	4		3,264,952		106,594
WF-RBS Commercial Mortgage Trust,
Series 2013-C13, Class XB (IO)
0.27%		05/15/45	3,4		1,019,225		929
WF-RBS Commercial Mortgage Trust,
Series 2013-C14, Class XA (IO)
0.48%		06/15/46	4		101,338		201
WF-RBS Commercial Mortgage Trust,
Series 2013-C17, Class XA (IO)
1.05%		12/15/46	4		776,850		33
WF-RBS Commercial Mortgage Trust,
Series 2014-C21, Class XA (IO)
1.15%		08/15/47	4		3,126,944		14,745
							2,909,876

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed — 31.70%
ACE Securities Corp. Home Equity Loan Trust,
Series 2007-ASP1, Class A2D
(CME Term SOFR 1-Month plus 0.87%)
6.19%		03/25/37	1	$	369,026	$	150,788
ACE Securities Corp. Home Equity Loan Trust,
Series 2007-HE1, Class A1
(CME Term SOFR 1-Month plus 0.41%)
5.73%		01/25/37	1		579,824		286,757
Ajax Mortgage Loan Trust,
Series 2021-C, Class A (STEP-reset date 10/25/23)
2.12%		01/25/61	3		293,893		277,257
Alternative Loan Trust,
Series 2005-10CB, Class 1A8
5.50%		05/25/35			320,708		261,741
Alternative Loan Trust,
Series 2005-59, Class 1A1
(CME Term SOFR 1-Month plus 0.77%)
6.10%		11/20/35	1		325,511		289,462
Alternative Loan Trust,
Series 2007-15CB, Class A7
6.00%		07/25/37			465,166		278,500
American Home Mortgage Assets Trust,
Series 2007-1, Class A1
(Federal Reserve US 12-Month Cumulative Average plus 0.70%)
5.33%		02/25/47	1		713,650		277,272
APS Resecuritization Trust,
Series 2016-3, Class 3MZ
0.77%		09/27/46	3,4		388,162		199,250
Banc of America Funding Trust,
Series 2006-7, Class T2A3
5.69%		10/25/36	4		225,287		193,919
Banc of America Funding Trust,
Series 2014-R5, Class 1A2
(TSFR6M plus 1.93%)
3.82%		09/26/45	1,3		258,815		188,594
Banc of America Funding Trust,
Series 2015-R3, Class 1A2
3.74%		03/27/36	3,4		392,689		295,477
BRAVO Residential Funding Trust,
Series 2021-A, Class A1 (STEP-reset date 10/25/23)
1.99%		10/25/59	3		280,820		269,297
Carrington Mortgage Loan Trust,
Series 2006-NC4, Class A4
(CME Term SOFR 1-Month plus 0.35%)
5.67%		10/25/36	1		175,000		144,557
Carrington Mortgage Loan Trust,
Series 2007-RFC1, Class A3
(CME Term SOFR 1-Month plus 0.25%)
5.57%		12/25/36	1		100,599		96,198
CIM Trust,
Series 2020-R6, Class A1
2.25%		12/25/60	3,4		320,238		259,046
CIM Trust,
Series 2021-NR1, Class A1 (STEP-reset date 11/25/23)
2.57%		07/25/55	3		191,135		186,268

See accompanying Notes to Financial Statements.

151 / Semi-Annual Report September 2023

Strategic Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
CIM Trust,
Series 2021-NR2, Class A1 (STEP-reset date 11/25/23)
2.57%		07/25/59	3	$	105,550	$	101,924
CIM Trust,
Series 2021-R1, Class A2
2.40%		08/25/56	3,4		370,272		320,125
CIM Trust,
Series 2021-R3, Class A1A
1.95%		06/25/57	3,4		65,231		56,015
CIM Trust,
Series 2021-R5, Class A1B
2.00%		08/25/61	3,4		115,000		63,091
CIM Trust,
Series 2022-NR1, Class A1 (STEP-reset date 11/25/23)
5.00%		07/25/62	3		87,427		81,422
CIM Trust,
Series 2023-NR1, Class A1 (STEP-reset date 11/25/23)
6.00%		06/25/62	3		294,481		283,492
CIM Trust,
Series 2023-NR2, Class A1 (STEP-reset date 11/25/23)
6.00%		06/25/62	3		318,757		301,435
CIM Trust,
Series 2023-R3, Class A1A
4.50%		01/25/63	3,4		247,172		221,983
CIT Mortgage Loan Trust,
Series 2007-1, Class 1M2
(CME Term SOFR 1-Month plus 1.86%)
7.18%		10/25/37	1,3		240,000		198,815
Citigroup Mortgage Loan Trust, Inc.,
Series 2005-WF2, Class AF6A (STEP-reset date 11/25/23)
6.13%		08/25/35			331,986		294,411
COLT Mortgage Loan Trust,
Series 2021-2, Class A1
0.92%		08/25/66	3,4		104,505		79,566
COLT Mortgage Loan Trust,
Series 2021-HX1, Class A1
1.11%		10/25/66	3,4		321,760		252,998
Conseco Finance Corp.,
Series 1999-5, Class A5
7.86%		03/01/30	4		71,504		27,926
Credit Suisse Mortgage Capital Trust,
Series 2015-12R, Class 2A2
3.36%		11/30/37	3,4		93,296		81,943
Credit Suisse Mortgage Capital Trust,
Series 2021-RPL4, Class A1
1.80%		12/27/60	3,4		212,610		198,559
Credit-Based Asset Servicing and Securitization LLC,
Mortgage Loan Trust,
Series 2007-CB2, Class A2C (STEP-reset date 11/25/23)
3.54%		02/25/37			230,850		137,956
Credit-Based Asset Servicing and Securitization LLC,
Mortgage Loan Trust,
Series 2007-CB3, Class A3 (STEP-reset date 11/25/23)
3.32%		03/25/37			814,973		300,405

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
CSMC Mortgage-Backed Trust,
Series 2007-5, Class 1A9
7.00%		08/25/37	4	$	430,560	$	257,483
CSMC Trust,
Series 2021-RPL7, Class A1
1.93%		07/27/61	3,4		281,319		258,817
Deutsche ALT-A Securities Mortgage Loan Trust,
Series 2007-AR3, Class 2A5
(CME Term SOFR 1-Month plus 0.51%)
5.83%		06/25/37	1		301,681		255,858
Ellington Financial Mortgage Trust,
Series 2021-3, Class A1
1.24%		09/25/66	3,4		84,183		64,030
Fannie Mae Connecticut Avenue Securities,
Series 2019-R04, Class 2B1
(SOFR30A plus 5.36%)
10.68%		06/25/39	1,3		177,239		186,555
Fannie Mae Connecticut Avenue Securities,
Series 2019-R06, Class 2B1
(SOFR30A plus 3.86%)
9.18%		09/25/39	1,3		69,925		71,175
Fannie Mae Connecticut Avenue Securities,
Series 2021-R02, Class 2B1
(SOFR30A plus 3.30%)
8.61%		11/25/41	1,3		200,000		198,893
Fannie Mae Connecticut Avenue Securities,
Series 2021-R03, Class 1B1
(SOFR30A plus 2.75%)
8.06%		12/25/41	1,3		150,000		148,021
Fannie Mae Connecticut Avenue Securities,
Series 2021-R03, Class 1B2
(SOFR30A plus 5.50%)
10.81%		12/25/41	1,3		215,000		211,364
First Franklin Mortgage Loan Trust,
Series 2006-FF18, Class A2B
(CME Term SOFR 1-Month plus 0.22%)
5.65%		12/25/37	1		273,950		235,585
First Franklin Mortgage Loan Trust,
Series 2007-FF1, Class A2D
(CME Term SOFR 1-Month plus 0.55%)
5.87%		01/25/38	1		733,842		376,870
First Franklin Mortgage Loan Trust,
Series 2007-FF2, Class A2B
(CME Term SOFR 1-Month plus 0.31%)
5.63%		03/25/37	1		528,434		259,522
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2020-DNA2, Class B2
(SOFR30A plus 4.91%)
10.23%		02/25/50	1,3		250,000		250,994
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2021-DNA1, Class B2
(SOFR30A plus 4.75%)
10.06%		01/25/51	1,3		275,000		269,875

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 152

Strategic Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2021-DNA2, Class B2
(SOFR30A plus 6.00%)
11.31%		08/25/33	1,3	$	200,000	$	206,822
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2021-DNA5, Class B2
(SOFR30A plus 5.50%)
10.81%		01/25/34	1,3		250,000		243,147
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2021-HQA2, Class M2
(SOFR30A plus 2.05%)
7.36%		12/25/33	1,3		120,000		117,068
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2022-DNA1, Class M1B
(SOFR30A plus 1.85%)
7.16%		01/25/42	1,3		150,000		148,620
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2022-DNA1, Class M2
(SOFR30A plus 2.50%)
7.81%		01/25/42	1,3		200,000		196,693
GMACM Mortgage Corp. Loan Trust,
Series 2006-AR1, Class 1A1
3.28%		04/19/36	4		180,619		138,740
GreenPoint Mortgage Funding Trust,
Series 2005-AR1, Class A2
(CME Term SOFR 1-Month plus 0.55%)
5.87%		06/25/45	1		88,533		83,017
GSAA Home Equity Trust,
Series 2006-1, Class A3
(CME Term SOFR 1-Month plus 0.77%)
6.09%		01/25/36	1		697,469		304,945
GSAA Home Equity Trust,
Series 2006-10, Class AF3
5.98%		06/25/36	4		578,401		148,113
GSAA Home Equity Trust,
Series 2006-6, Class AF3
5.73%		03/25/36	4		537,596		152,930
GSAA Home Equity Trust,
Series 2007-4, Class A2
(CME Term SOFR 1-Month plus 0.51%)
5.83%		03/25/37	1		1,029,258		296,500
GSAA Home Equity Trust,
Series 2007-5, Class 1AF6 (STEP-reset date 11/25/23)
5.91%		05/25/37			688,583		231,415
GSAA Home Equity Trust,
Series 2007-5, Class 2A1B
(CME Term SOFR 1-Month plus 0.39%)
5.71%		04/25/47	1		1,739,354		312,729
GSAA Trust,
Series 2006-7, Class AF3 (STEP-reset date 11/25/23)
6.72%		03/25/46			694,987		271,818
GSAMP Trust,
Series 2007-NC1, Class A2C
(CME Term SOFR 1-Month plus 0.26%)
5.58%		12/25/46	1		251,545		110,433

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
HarborView Mortgage Loan Trust,
Series 2005-3, Class 1A
(CME Term SOFR 1-Month plus 0.63%)
5.96%		06/19/35	1	$	299,659	$	165,161
HarborView Mortgage Loan Trust,
Series 2006-4, Class 1A1A
(CME Term SOFR 1-Month plus 0.47%)
5.80%		05/19/46	1		590,394		298,140
HarborView Mortgage Loan Trust,
Series 2006-5, Class 1A1A
(Federal Reserve US 12-Month Cumulative Average plus 0.91%)
5.54%		07/19/47	1		315,111		124,056
HSI Asset Loan Obligation Trust,
Series 2007-2, Class 2A12
6.00%		09/25/37			226,058		169,417
HSI Asset Securitization Corp. Trust,
Series 2007-OPT1, Class 1A
(CME Term SOFR 1-Month plus 0.25%)
5.57%		12/25/36	1		199,491		165,832
Impac CMB Trust,
Series 2004-4, Class 1A2
(CME Term SOFR 1-Month plus 0.73%)
6.05%		09/25/34	1		37,523		37,332
Impac CMB Trust,
Series 2004-6, Class 1A2
(CME Term SOFR 1-Month plus 0.89%)
6.21%		10/25/34	1		71,857		70,542
IndyMac Index Mortgage Loan Trust,
Series 2005-AR25, Class 2A1
3.58%		12/25/35	4		215,583		189,854
IndyMac Manufactured Housing Contract Pass-Through Certificates,
Series 1997-1, Class A3
6.61%		02/25/28			21,906		21,718
IndyMac Manufactured Housing Contract Pass-Through Certificates,
Series 1997-1, Class A4
6.75%		02/25/28			9,222		9,144
IndyMac Manufactured Housing Contract Pass-Through Certificates,
Series 1998-1, Class A4
6.49%		09/25/28			24,953		24,820
IndyMac Manufactured Housing Contract Pass-Through Certificates,
Series 1998-1, Class A5
6.96%		09/25/28	4		60,146		59,424
JPMorgan Mortgage Acquisition Trust,
Series 2007-HE1, Class AF6 (STEP-reset date 11/25/23)
4.28%		03/25/47			606,614		384,682
Long Beach Mortgage Loan Trust,
Series 2006-9, Class 2A3
(CME Term SOFR 1-Month plus 0.43%)
5.75%		10/25/36	1		393,419		121,991

See accompanying Notes to Financial Statements.

153 / Semi-Annual Report September 2023

Strategic Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Luminent Mortgage Trust,
Series 2006-5, Class A1A
(CME Term SOFR 1-Month plus 0.49%)
5.81%		07/25/36	1	$	256,597	$	167,869
MASTR Adjustable Rate Mortgages Trust,
Series 2007-1, Class I1A
(CME Term SOFR 1-Month plus 0.50%)
5.82%		01/25/47	1		437,583		179,939
MASTR Adjustable Rate Mortgages Trust,
Series 2007-2, Class A1
(CME Term SOFR 1-Month plus 0.41%)
5.73%		03/25/47	1		224,856		200,560
MASTR Alternative Loan Trust,
Series 2006-2, Class 2A1
(CME Term SOFR 1-Month plus 0.51%)
5.83%		03/25/36	1,5,6		2,399,675		260,531
MASTR Asset-Backed Securities Trust,
Series 2007-HE1, Class A3
(CME Term SOFR 1-Month plus 0.32%)
5.64%		05/25/37	1		137,298		129,117
MASTR Asset-Backed Securities Trust,
Series 2007-HE1, Class A4
(CME Term SOFR 1-Month plus 0.39%)
5.71%		05/25/37	1		300,000		229,803
Merrill Lynch Alternative Note Asset Trust,
Series 2007-A3, Class A2D
(CME Term SOFR 1-Month plus 0.77%)
6.09%		04/25/37	1,5,6		1,696,107		72,754
Merrill Lynch Mortgage Investors Trust,
Series 2006-RM2, Class A1A
(CME Term SOFR 1-Month plus 0.48%)
5.80%		05/25/37	1		439,966		114,540
Mid-State Capital Corp. Trust,
Series 2005-1, Class A
5.75%		01/15/40			57,531		56,228
Mid-State Trust XI,
Series 11, Class B
8.22%		07/15/38			3,498		3,462
Morgan Stanley ABS Capital I, Inc., Trust,
Series 2006-HE4, Class A3
(CME Term SOFR 1-Month plus 0.41%)
5.73%		06/25/36	1		611,030		318,516
Morgan Stanley Home Equity Loan Trust,
Series 2007-1, Class A3
(CME Term SOFR 1-Month plus 0.25%)
5.57%		12/25/36	1		603,350		291,778
Morgan Stanley Mortgage Loan Trust,
Series 2004-7AR, Class 2A4
5.18%		09/25/34	4		96,983		92,062
Morgan Stanley Mortgage Loan Trust,
Series 2006-15XS, Class A4A (STEP-reset date 11/25/23)
6.70%		11/25/36			421,896		91,242
Morgan Stanley Mortgage Loan Trust,
Series 2006-7, Class 5A2
5.96%		06/25/36	4		897,476		254,315

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Morgan Stanley Mortgage Loan Trust,
Series 2007-11AR, Class 2A3
2.83%		06/25/37	4	$	298,898	$	165,739
New Residential Mortgage Loan Trust,
Series 2022-NQM2, Class A2
3.70%		03/27/62	3,4		250,000		180,061
Nomura Resecuritization Trust,
Series 2015-4R, Class 2A2
(CME Term SOFR 1-Month plus 0.42%)
2.92%		10/26/36	1,3		352,610		302,138
Oakwood Mortgage Investors, Inc.,
Series 2002-A, Class A3
6.03%		05/15/24	4		2,308		2,303
OBX Trust,
Series 2022-NQM1, Class A1
2.31%		11/25/61	3,4		241,635		200,989
Option One Mortgage Loan Trust,
Series 2006-3, Class 1A1
(CME Term SOFR 1-Month plus 0.25%)
5.57%		02/25/37	1		184,126		118,166
PRET LLC,
Series 2022-RN2, Class A2 (STEP-reset date 10/25/23)
6.50%		06/25/52	3		197,000		186,116
Pretium Mortgage Credit Partners LLC,
Series 2022-RN3, Class A2
6.50%		08/25/52	3,4		180,000		169,256
PRPM LLC,
Series 2020-4, Class A1 (STEP-reset date 10/25/23)
2.95%		10/25/25	3		68,958		67,597
PRPM LLC,
Series 2021-4, Class A1 (STEP-reset date 10/25/23)
1.87%		04/25/26	3		181,230		167,435
PRPM LLC,
Series 2021-5, Class A1 (STEP-reset date 10/25/23)
1.79%		06/25/26	3		89,025		82,536
PRPM LLC,
Series 2021-9, Class A1 (STEP-reset date 10/25/23)
2.36%		10/25/26	3		122,527		114,758
PRPM LLC,
Series 2022-1, Class A1 (STEP-reset date 10/25/23)
3.72%		02/25/27	3		181,497		174,429
PRPM LLC,
Series 2022-4, Class A2 (STEP-reset date 10/25/23)
5.00%		08/25/27	3		170,000		156,072
PRPM, LLC,
Series 2021-8, Class A1
1.74%		09/25/26	3,4		74,405		68,584
Residential Accredit Loans Trust,
Series 2005-QA3, Class NB1
3.62%		03/25/35	4		113,692		59,945
Residential Accredit Loans Trust,
Series 2006-QS5, Class A6
6.00%		05/25/36			269,931		212,035

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 154

Strategic Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Residential Accredit Loans Trust,
Series 2007-QS1, Class 1A5
(CME Term SOFR 1-Month plus 0.66%)
5.98%		01/25/37	1	$	309,254	$	215,745
Residential Asset Securities Corp.,
Series 2005-KS11, Class M3
(CME Term SOFR 1-Month plus 0.77%)
6.09%		12/25/35	1		164,736		154,387
Residential Asset Securitization Trust,
Series 2005-A5, Class A8
5.50%		05/25/35			372,634		264,495
SG Mortgage Securities Trust,
Series 2006-OPT2, Class A3D
(CME Term SOFR 1-Month plus 0.32%)
5.64%		10/25/36	1		250,000		184,274
Starwood Mortgage Residential Trust,
Series 2021-6, Class A1
1.92%		11/25/66	3,4		204,525		162,655
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-12, Class 2A
5.62%		09/25/34	4		81,024		78,036
Structured Asset Mortgage Investments II Trust,
Series 2005-AR8, Class A1B
(CME Term SOFR 1-Month plus 0.28%)
5.60%		02/25/36	1		305,960		260,381
Structured Asset Mortgage Investments II Trust,
Series 2006-AR7, Class A1A
(CME Term SOFR 1-Month plus 0.53%)
5.85%		08/25/36	1		378,625		292,096
Terwin Mortgage Trust,
Series 2004-7HE, Class A1
(CME Term SOFR 1-Month plus 1.21%)
6.53%		07/25/34	1,3		53,080		49,143
Towd Point Mortgage Trust,
Series 2017-4, Class A2
3.00%		06/25/57	3,4		350,000		309,682
Towd Point Mortgage Trust,
Series 2019-HY2, Class M2
(CME Term SOFR 1-Month plus 2.01%)
7.33%		05/25/58	1,3		210,000		209,466
TRK Trust,
Series 2021-INV2, Class A1
1.97%		11/25/56	3,4		258,187		200,571
VOLT XCIV LLC,
Series 2021-NPL3, Class A1 (STEP-reset date 10/25/23)
2.24%		02/27/51	3		81,169		76,853
WaMu Asset-Backed Certificates,
Series 2007-HE1, Class 2A4
(CME Term SOFR 1-Month plus 0.34%)
5.66%		01/25/37	1		528,777		240,386
							22,095,639
U.S. Agency Commercial Mortgage-Backed — 0.81%
Fannie Mae-Aces,
Series 2016-M11, Class X2 (IO)
3.09%		07/25/39	4		251,084		4,105

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Commercial Mortgage-Backed (continued)
Freddie Mac Multifamily PC REMIC Trust,
Series 2019-P002, Class X (IO)
1.14%		07/25/33	4	$	535,000	$	40,986
Freddie Mac Multifamily Structured Pass-Through Certificates,
Series K040, Class X3 (IO)
2.09%		11/25/42	4		1,100,000		20,518
Freddie Mac Multifamily Structured Pass-Through Certificates,
Series K047, Class X3 (IO)
1.55%		06/25/43	4		1,676,868		36,920
Freddie Mac Multifamily Structured Pass-Through Certificates,
Series K724, Class X1 (IO)
0.32%		11/25/23	4		7,531,252		240
Freddie Mac Multifamily Structured Pass-Through Certificates,
Series KC04, Class X1 (IO)
1.40%		12/25/26	4		2,234,868		42,350
Freddie Mac Multifamily Structured Pass-Through Certificates,
Series KC05, Class X1 (IO)
1.36%		06/25/27	4		1,833,020		46,131
Freddie Mac Multifamily Structured Pass-Through Certificates,
Series Q010, Class XPT2 (IO)
0.36%		08/25/24			901,415		1,888
FREMF Mortgage Trust,
Series 2017-K66, Class X2A (IO)
0.10%		06/25/27	3		42,639,853		117,266
FREMF Mortgage Trust,
Series 2017-K726, Class X2B (IO)
0.10%		07/25/49	3		25,000,000		12,365
Ginnie Mae,
Series 2009-114, Class IO (IO)
0.01%		10/16/49	4		4,314,346		66
Ginnie Mae,
Series 2010-148, Class IO (IO)
0.30%		09/16/50	4		1,371,565		13,544
Ginnie Mae,
Series 2012-123, Class IO (IO)
0.62%		12/16/51	4		2,042,627		47,097
Ginnie Mae,
Series 2012-125, Class IO (IO)
0.18%		02/16/53	4		6,657,300		41,948
Ginnie Mae,
Series 2012-27, Class IO (IO)
0.24%		04/16/53	4		2,685,964		6,230
Ginnie Mae,
Series 2013-156, Class IO (IO)
0.25%		06/16/55	4		3,515,119		16,902
Ginnie Mae,
Series 2013-163, Class IO (IO)
1.01%		02/16/46	4		1,240,848		14,649

See accompanying Notes to Financial Statements.

155 / Semi-Annual Report September 2023

Strategic Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Commercial Mortgage-Backed (continued)
Ginnie Mae,
Series 2013-63, Class IO (IO)
0.75%		09/16/51	4	$	3,787,499	$	69,669
Ginnie Mae,
Series 2013-74, Class IO (IO)
0.45%		12/16/53	4		910,690		6,606
Ginnie Mae,
Series 2014-103, Class IO (IO)
0.19%		05/16/55	4		855,477		5,850
Ginnie Mae,
Series 2014-125, Class IO (IO)
0.90%		11/16/54	4		507,380		11,397
Ginnie Mae,
Series 2015-47, Class IO (IO)
0.37%		10/16/56	4		526,693		6,584
							563,311
U.S. Agency Mortgage-Backed — 14.62%
Fannie Mae REMICS,
Series 2000-45, Class SA (IO)
(-1.00 X SOFR30A plus 7.84%, 7.95% Cap)
2.52%		12/18/30	1		16,662		527
Fannie Mae REMICS,
Series 2001-42, Class SB
(-16.00 X SOFR30A plus 126.17%, 8.50% Cap)
8.50%		09/25/31	1		204		200
Fannie Mae REMICS,
Series 2003-124, Class TS
(-14.00 X SOFR30A plus 99.20%, 9.80% Cap)
9.80%		01/25/34	1		2,227		2,211
Fannie Mae REMICS,
Series 2005-92, Class US (IO)
(-1.00 X SOFR30A plus 5.99%, 6.10% Cap)
0.67%		10/25/25	1		71,882		255
Fannie Mae REMICS,
Series 2006-125, Class SM (IO)
(-1.00 X SOFR30A plus 7.09%, 7.20% Cap)
1.77%		01/25/37	1		415,644		35,738
Fannie Mae REMICS,
Series 2008-50, Class SA (IO)
(-1.00 X SOFR30A plus 5.94%, 6.05% Cap)
0.62%		11/25/36	1		481,500		28,211
Fannie Mae REMICS,
Series 2010-43, Class KS (IO)
(-1.00 X SOFR30A plus 6.31%, 6.42% Cap)
0.99%		05/25/40	1		471,303		37,698
Freddie Mac REMICS,
Series 1602, Class SN
(-4.25 X PRIME plus 46.22%, 10.09% Cap)
10.09%		10/15/23	1		20		20
Freddie Mac REMICS,
Series 1673, Class SD
(-2.16 X US Treasury Yield Curve Rate T Note Constant
Maturity 10-Year plus 19.39%, 18.31% Cap)
10.23%		02/15/24	1		1,001		1,004

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac REMICS,
Series 3247, Class SI (IO)
(-1.00 X SOFR30A plus 6.54%, 0.15% Cap)
0.15%		08/15/36	1	$	6,340,865	$	26,338
Freddie Mac REMICS,
Series 3289, Class SD (IO)
(-1.00 X SOFR30A plus 6.01%, 6.12% Cap)
0.69%		03/15/37	1		471,249		24,909
Ginnie Mae (TBA)
4.50%		10/20/53			300,000		277,160
5.00%		10/20/53			175,000		165,840
Ginnie Mae,
Series 2004-8, Class SE
(-2.00 X CME Term SOFR 1-Month plus 14.07%, 14.30% Cap)
3.44%		11/26/23	1		74		73
Ginnie Mae,
Series 2013-25, Class SA (IO)
(-1.00 X CME Term SOFR 1-Month plus 6.09%, 6.20% Cap)
0.76%		02/20/43	1		1,213,943		98,729
UMBS (TBA)
2.00%		10/15/53			1,100,000		836,509
2.50%		10/01/53			800,000		634,781
3.00%		10/01/53			1,000,000		826,992
4.00%		10/01/53			1,375,000		1,224,287
4.50%		10/01/53			1,925,000		1,767,541
5.00%		10/01/53			2,250,000		2,122,472
5.50%		10/01/53			2,150,000		2,077,857
							10,189,352
Total Mortgage-Backed
(Cost $43,004,431)							35,758,178
MUNICIPAL BONDS — 0.13%*
California — 0.03%
California Health Facilities Financing Authority Revenue
Bonds, Series A
3.00%		08/15/51			20,000		13,564
California State University Revenue Bonds, University &
College Improvements, Series B
2.37%		11/01/35			10,000		7,195
							20,759
Florida — 0.01%
County of Miami-Dade Aviation Revenue Bonds, Airport and
Marina Improvements, Series B
2.86%		10/01/35			15,000		11,438
New York — 0.09%
Metropolitan Transportation Authority Revenue Bonds,
Transit Improvements, Series C2
5.18%		11/15/49			5,000		4,312

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 156

Strategic Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MUNICIPAL BONDS (continued)
New York (continued)
New York City Transitional Finance Authority Future Tax
Secured Revenue Bonds, Public Improvements, Subseries B3
1.85%		08/01/32		$	75,000	$	56,158
							60,470
Total Municipal Bonds
(Cost $119,691)							92,667
U.S. TREASURY SECURITIES — 3.74%
U.S. Treasury Bonds — 0.60%
U.S. Treasury Bonds - Treasury Inflation Indexed Bonds
1.25%		04/15/28	10		442,372		420,599
U.S. Treasury Notes — 3.14%
U.S. Treasury Notes (WI)
4.63%		09/15/26			2,195,000		2,184,367
Total U.S. Treasury Securities
(Cost $2,621,519)							2,604,966
Total Bonds — 96.08%
(Cost $76,165,254)							66,963,465
Issues				Shares		Value
COMMON STOCK — 0.09%
Communications — 0.03%
Intelsat Emergence SA2,5,6,8
(Luxembourg)					1,042		23,341
Financials — 0.06%
AGNC Investment Corp.					4,500		42,480
Total Common Stock
(Cost $90,045)							65,821
RIGHTS — 0.00%
Communications — 0.00%
Intelsat Jackson Holdings SA, Series
A†,2,5,6,8
(Luxembourg)					108		—
Intelsat Jackson Holdings SA, Series
B†,2,5,6,8
(Luxembourg)					108		—
							—
Total Rights
(Cost $–)							—
Issues	Maturity Date			Principal Amount/Shares		Value
SHORT-TERM INVESTMENTS — 18.12%
Money Market Funds — 3.46%
Fidelity Investments Money Market Funds - Government Portfolio
5.23%11					20,294		20,294

Issues	Maturity Date		Principal Amount/Shares		Value
SHORT-TERM INVESTMENTS (continued)
Money Market Funds (continued)
Morgan Stanley Institutional Liquidity Funds - Government
Portfolio
5.27%11				2,394,000	$	2,394,000
						2,414,294
U.S. Treasury Bills — 14.66%
U.S. Treasury Bills (WI)
5.14%12		10/12/23	$	8,235,000		8,222,951
4.90%12		10/19/23		1,000,000		997,507
5.35%12		11/14/23		1,000,000		993,691
						10,214,149
Total Short-Term Investments
(Cost $12,629,247)						12,628,443
Total Investments - 114.29%
(Cost $88,884,546)						79,657,729
Liabilities in Excess of Other Assets - (14.29)%						(9,961,026	)
Net Assets - 100.00%					$	69,696,703

¹  Floating rate security. The rate disclosed was in effect at September 30, 2023.

²  Foreign denominated security issued by foreign domiciled entity.

³  Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

⁴  Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

⁵  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁶  Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $456,971, which is 0.66% of total net assets.

⁷  Perpetual security with no stated maturity date.

⁸  Non-income producing security.

⁹  Security is currently in default with regard to scheduled interest or principal payments.

¹⁰  Inflation protected security. Principal amount reflects original security face amount.

¹¹  Represents the current yield as of September 30, 2023.

¹²  Represents annualized yield at date of purchase.

^†  Fair valued security. The aggregate value of fair valued securities is $0, which is 0.00% of total net assets. Fair valued securities were not valued utilizing an independent quote but were valued pursuant to guidelines approved by the Board of Trustees. See Notes to Financial Statements.

^*  Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

^**  Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date sooner than the stated maturity date.

See accompanying Notes to Financial Statements.

157 / Semi-Annual Report September 2023

Strategic Income Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Note: For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(CDO): Collateralized Debt Obligation

(CLO): Collateralized Loan Obligation

(EMTN): Euro Medium-Term Note

(EUR): Euro

(EURIBOR): Euro InterBank Offer Rate

(IO): Interest Only

(MTN): Medium-Term Note

(REIT): Real Estate Investment Trust

(SOFR): Secured Overnight Financing Rate

(STEP): Step Coupon Bond

(TBA): To-Be-Announced

(WI): When Issued

Currency to be Purchased	Currency to be Sold	Counterparty		Settlement Date		Unrealized     Appreciation
FOREIGN CURRENCY EXCHANGE CONTRACT
USD 797,680	EUR 729,000		Citibank N.A.		10/13/23	$	25,392
NET UNREALIZED APPRECIATION						$	25,392

Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation     (Depreciation)
FUTURES CONTRACTS: LONG POSITIONS
U.S. Treasury Five-Year Note		77		12/29/23	$	8,112,672	$	(59,586)	$	(59,586)
U.S. Treasury Two-Year Note		16		12/29/23		3,243,375		(9,535)		(9,535)
						11,356,047		(69,121)		(69,121)
FUTURES CONTRACTS: SHORT POSITIONS
U.S. Treasury Ten-Year Ultra Bond		46		12/19/23		(5,131,875)		146,663		146,663
U.S. Treasury Ultra Bond		13		12/19/23		(1,542,938)		115,320		115,320
Euro-Bobl Future		1		12/07/23		(122,550)		1,256		1,256
Euro-Bund Future		1		12/07/23		(136,198)		4,202		4,202
						(6,933,561)		267,441		267,441
TOTAL FUTURES CONTRACTS					$	4,422,486	$	198,320	$	198,320

		Received by the Fund			Paid by the Fund
Description	Maturity Date	Rate	Frequency		Rate		Frequency		Notional Amount (000’s)		Value		Premiums Paid		Unrealized Appreciation
SWAPS: INTEREST RATE
		USD-SOFR-
Interest Rate Swap1	12/20/53	COMPOUND		Annual		3.52%		Annual	$	157	$	12,190	$	—	$	12,190
TOTAL SWAPS CONTRACTS									$	157	$	12,190	$	—	$	12,190

¹  Centrally cleared.

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 158

Sustainable Securitized Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
BONDS – 114.73%
ASSET-BACKED SECURITIES — 17.44%**
Aligned Data Centers Issuer LLC,
Series 2021-1A, Class A2
1.94%		08/15/46	1	$	150,000	$	131,255
Cedar Funding VIII CLO Ltd.,
Series 2017-8A, Class BR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.91%)
7.22%		10/17/34	1,2,3		50,000		49,212
CIFC Funding Ltd.,
Series 2018-1A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.66%)
6.97%		04/18/31	1,2,3		50,000		49,237
CIFC Funding Ltd.,
Series 2022-1A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.32%)
6.63%		04/17/35	1,2,3		50,000		49,611
GoodLeap Sustainable Home Solutions Trust,
Series 2022-1GS, Class A
2.70%		01/20/49	1		171,855		134,297
GoodLeap Sustainable Home Solutions Trust,
Series 2023-1GS, Class A
5.52%		02/22/55	1		93,410		87,022
GoodLeap Sustainable Home Solutions Trust,
Series 2023-2GS, Class A
5.70%		05/20/55	1		48,620		46,365
Loanpal Solar Loan Ltd.,
Series 2021-1GS, Class A
2.29%		01/20/48	1		153,530		115,961
Madison Park Funding XVII Ltd.,
Series 2015-17A, Class AR2
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.26%)
6.60%		07/21/30	1,2,3		53,098		52,907
Madison Park Funding XXV Ltd.,
Series 2017-25A, Class A1R
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.23%)
6.58%		04/25/29	1,2,3		53,347		53,127
Madison Park Funding XXVII Ltd.,
Series 2018-27A, Class A2
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.61%)
6.94%		04/20/30	1,2,3		50,000		49,210
Magnetite Xxix Ltd.,
Series 2021-29A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.25%)
6.56%		01/15/34	1,2,3		50,000		49,733
OCP CLO Ltd.,
Series 2017-13A, Class A2R
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.81%)
7.12%		07/15/30	1,2,3		50,000		49,347

Issues	Maturity Date			Principal     Amount		Value
ASSET-BACKED SECURITIES (continued)
OSD CLO Ltd.,
Series 2021-23A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.13%)
6.44%		04/17/31	1,2,3	$	47,082	$	46,757
Sunnova Helios VII Issuer LLC,
Series 2021-C, Class A
2.03%		10/20/48	1		173,850		143,904
Symphony CLO XIX Ltd.,
Series 2018-19A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.61%)
6.92%		04/16/31	1,2,3		50,000		49,077
Voya CLO Ltd.,
Series 2014-4A, Class A2RA
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.86%)
7.17%		07/14/31	1,2,3		50,000		49,365
Total Asset-Backed Securities
(Cost $1,301,330)							1,206,387
MORTGAGE-BACKED — 91.45%**
Non-Agency Commercial Mortgage-Backed — 19.20%
CAMB Commercial Mortgage Trust,
Series 2021-CX2, Class B
2.86%		11/10/46	1,4		150,000		113,622
Commercial Mortgage Trust,
Series 2017-PANW, Class E
4.13%		10/10/29	1,4		130,000		105,416
DBUBS Mortgage Trust,
Series 2017-BRBK, Class F
3.65%		10/10/34	1,4		150,000		106,593
DC Office Trust,
Series 2019-MTC, Class E
3.17%		09/15/45	1,4		100,000		49,896
Frost CMBS DAC,
Series 2021-1A, Class GBB
(Ireland)
(SONIA plus 1.65%)
6.87%		11/20/33	1,2,3		248,170		279,559
KREST Commercial Mortgage Securities Trust,
Series 2021-CHIP, Class C
3.02%		11/05/44	1,4		125,000		77,987
MFT Mortgage Trust,
Series 2020-B6, Class B
3.39%		08/10/40	1,4		150,000		91,854
MKT Mortgage Trust,
Series 2020-525M, Class E
3.04%		02/12/40	1,4		200,000		73,658
NYC Commercial Mortgage Trust,
Series 2021-909, Class A
2.94%		04/10/43	1		100,000		70,461
NYC Commercial Mortgage Trust,
Series 2021-909, Class D
3.31%		04/10/43	1,4		250,000		115,422

See accompanying Notes to Financial Statements.

159 / Semi-Annual Report September 2023

Sustainable Securitized Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
One New York Plaza Trust,
Series 2020-1NYP, Class AJ
(CME Term SOFR 1-Month plus 1.36%)
6.70%		01/15/36	1,2	$	150,000	$	140,296
VASA Trust,
Series 2021-VASA, Class B
(CME Term SOFR 1-Month plus 1.36%)
6.70%		07/15/39	1,2		145,000		103,373
							1,328,137
Non-Agency Mortgage-Backed — 9.28%
BINOM Securitization Trust,
Series 2022-RPL1, Class M1
3.00%		02/25/61	1,4		50,000		35,163
Cascade MH Asset Trust,
Series 2021-MH1, Class A1
1.75%		02/25/46	1		69,856		56,974
Cascade MH Asset Trust,
Series 2022-MH1, Class A (STEP-reset date 11/25/23)
4.25%		08/25/54	1		94,497		83,098
Credit Suisse Mortgage Capital Trust,
Series 2021-RPL3, Class M3
3.93%		01/25/60	1,4		90,000		63,819
Merrill Lynch First Franklin Mortgage Loan Trust,
Series 2007-3, Class A2D
(CME Term SOFR 1-Month plus 0.61%)
5.93%		06/25/37	2		112,675		104,078
Soundview Home Loan Trust,
Series 2007-OPT2, Class 2A4
(CME Term SOFR 1-Month plus 0.36%)
5.68%		07/25/37	2		153,750		116,062
Towd Point Mortgage Trust,
Series 2019-2, Class M1
3.75%		12/25/58	1,4		100,000		80,647
WaMu Mortgage Pass-Through Certificates,
Series 2007-OA5, Class 1A
(Federal Reserve US 12-Month Cumulative Average plus 0.75%)
5.38%		06/25/47	2		129,060		101,982
							641,823
U.S. Agency Commercial Mortgage-Backed — 3.72%
Freddie Mac Multifamily ML Certificates,
Series 2021-ML12, Class XUS (IO)
1.30%		07/25/41	1,4		1,081,561		103,159
Ginnie Mae,
Series 2021-17, Class IO (IO)
1.05%		01/16/61	4		718,330		52,636
Ginnie Mae,
Series 2021-36, Class IO (IO)
1.26%		03/16/63	4		665,329		53,764
Ginnie Mae,
Series 2023-127, Class IO (IO)
0.43%		07/16/57	4		2,973,316		47,981
							257,540

Issues	Maturity Date		Principal     Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed — 59.25%
Fannie Mae Pool AL9266
3.00%		10/01/46	$	122,373	$	103,871
Fannie Mae Pool BQ1226
2.00%		09/01/50		128,186		98,106
Fannie Mae Pool BV9977
3.50%		06/01/52		94,423		81,342
Fannie Mae Pool BW0000
4.00%		07/01/52		92,976		82,888
Fannie Mae Pool CB2074
2.50%		11/01/51		155,876		124,541
Fannie Mae Pool CB4211
4.50%		07/01/52		118,888		109,188
Fannie Mae Pool FM5254
2.00%		12/01/50		153,503		117,648
Fannie Mae Pool FM6400
2.00%		03/01/51		103,716		79,499
Fannie Mae Pool FS1334
2.00%		11/01/51		156,902		119,813
Fannie Mae Pool FS1598
2.00%		04/01/52		116,414		88,538
Fannie Mae Pool MA4398
2.00%		08/01/51		163,712		125,210
Fannie Mae Pool MA4414
2.50%		09/01/51		187,648		149,396
Fannie Mae REMICS,
Series 2019-25, Class PA
3.00%		05/25/48		201,028		177,010
Freddie Mac Gold Pool G67708
3.50%		03/01/48		38,005		33,476
Freddie Mac Pool QA7550
3.00%		03/01/50		65,393		54,851
Freddie Mac Pool QA8518
3.00%		04/01/50		78,265		65,648
Freddie Mac Pool QC8921
2.50%		10/01/51		145,401		116,502
Freddie Mac Pool QD1841
2.00%		11/01/51		133,427		101,632
Freddie Mac Pool RA4201
2.00%		12/01/50		93,448		71,621
Freddie Mac Pool RA5552
3.00%		07/01/51		224,378		186,909
Freddie Mac Pool RA5855
2.50%		09/01/51		195,362		155,760
Freddie Mac Pool RA6071
2.00%		10/01/51		138,008		105,298
Freddie Mac Pool RA6528
2.50%		02/01/52		22,590		17,964
Freddie Mac Pool RA7091
2.50%		03/01/52		137,483		109,276
Freddie Mac Pool RA7543
4.00%		06/01/52		115,059		102,581
Freddie Mac Pool SD7511
3.50%		01/01/50		34,046		29,809
Freddie Mac Pool SD7549
2.00%		01/01/52		139,066		107,192

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 160

Sustainable Securitized Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac Pool SD8222
4.00%		06/01/52		$	92,442	$	82,421
Freddie Mac REMICS,
Series 3067, Class FA
(SOFR30A plus 0.46%)
5.78%		11/15/35	2		56,247		55,105
Freddie Mac REMICS,
Series 3071, Class TF
(SOFR30A plus 0.41%)
5.73%		04/15/35	2		9,891		9,859
Freddie Mac REMICS,
Series 3210, Class F
(SOFR30A plus 0.51%)
5.83%		05/15/36	2		2,754		2,751
Freddie Mac REMICS,
Series 4139, Class DA
1.25%		12/15/27			19,990		18,527
Ginnie Mae (TBA)
2.50%		10/20/53			150,000		122,619
4.50%		10/20/53			200,000		184,774
5.00%		10/20/53			25,000		23,691
Ginnie Mae,
Series 2023-113, Class FD
(SOFR30A plus 1.35%)
6.50%		08/20/53	2		74,791		73,619
Ginnie Mae,
Series 2023-116, Class FL
(SOFR30A plus 1.15%)
6.46%		08/20/53	2		24,933		24,750
UMBS (TBA)
3.00%		10/01/53			75,000		62,025
4.00%		10/01/53			175,000		155,818
4.50%		10/01/53			175,000		160,686
5.00%		10/01/53			200,000		188,664
5.50%		10/01/53			225,000		217,450
							4,098,328
Total Mortgage-Backed
(Cost $7,023,056)							6,325,828
U.S. TREASURY SECURITIES — 5.84%
U.S. Treasury Bonds — 0.70%
U.S. Treasury Bonds
4.13%		08/15/53			53,000		48,107
U.S. Treasury Notes — 5.14%
U.S. Treasury Notes
3.88%		08/15/33			11,000		10,392
U.S. Treasury Notes (WI)
4.50%		09/30/28			8,000		8,005

Issues	Maturity Date		Principal     Amount		Value
U.S. TREASURY SECURITIES (continued)
U.S. Treasury Notes (continued)
4.63%		09/15/26	$	125,000	$	124,395
5.13%		09/30/25		213,000		212,789
						355,581
Total U.S. Treasury Securities
(Cost $406,340)						403,688
Total Bonds — 114.73%
(Cost $8,730,726)						7,935,903
Issues	Maturity Date		Principal Amount/Shares		Value
SHORT-TERM INVESTMENTS — 3.98%
Money Market Funds — 3.98%
Fidelity Investments Money Market Funds - Government Portfolio
5.23%5				24,393		24,393
Morgan Stanley Institutional Liquidity Funds - Government Portfolio
5.27%5				251,000		251,000
Total Short-Term Investments
(Cost $275,393)						275,393
Total Investments - 118.71%
(Cost $9,006,119)						8,211,296
Liabilities in Excess of Other Assets - (18.71)%						(1,294,152	)
Net Assets - 100.00%					$	6,917,144

¹  Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

²  Floating rate security. The rate disclosed was in effect at September 30, 2023.

³  Foreign denominated security issued by foreign domiciled entity.

⁴  Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

⁵  Represents the current yield as of September 30, 2023.

** Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date sooner than the stated maturity date.

Note: For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(CLO): Collateralized Loan Obligation

(GBP): British Pound

(IO): Interest Only

(SOFR): Secured Overnight Financing Rate

(SONIA): Sterling Overnight Index Average

(STEP): Step Coupon Bond

(TBA): To-Be-Announced

(WI): When Issued

See accompanying Notes to Financial Statements.

161 / Semi-Annual Report September 2023

Sustainable Securitized Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Currency to be Purchased	Currency to be Sold	Counterparty		Settlement Date		Unrealized Appreciation
FOREIGN CURRENCY EXCHANGE CONTRACT
USD 300,460	GBP 234,000		Citibank N.A.		10/13/23	$	14,825

Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized     (Depreciation)
FUTURES CONTRACTS: LONG POSITIONS
U.S. Treasury Two-Year Note		10		12/29/23	$	2,027,109	$	(6,733)	$	(6,733)
U.S. Treasury Ten-Year Ultra Bond		7		12/19/23		780,938		(23,441)		(23,441)
U.S. Treasury Ultra Bond		1		12/19/23		118,688		(6,510)		(6,510)
						2,926,735		(36,684)		(36,684)
FUTURES CONTRACTS: SHORT POSITIONS
U.S. Treasury Five-Year Note		2		12/29/23		(210,719)		(542)		(542)
TOTAL FUTURES CONTRACTS					$	2,716,016	$	(37,226)	$	(37,226)

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 162

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
BONDS – 115.22%
ASSET-BACKED SECURITIES — 5.31%**
Academic Loan Funding Trust,
Series 2012-1A, Class A2
(SOFR30A plus 1.21%)
6.53%		12/27/44	1,2	$	13,130,765	$	12,941,813
AGL CLO 1 Ltd.,
Series 2019-1A, Class BR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.91%)
7.24%		10/20/34	1,2,3		24,800,000		24,474,946
AGL CLO 17 Ltd.,
Series 2022-17A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.33%)
6.66%		01/21/35	1,2,3		30,520,000		30,151,990
Aimco CLO 11 Ltd.,
Series 2020-11A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.39%)
6.70%		10/17/34	1,2,3		7,050,000		7,012,134
Allegro CLO XIII Ltd.,
Series 2021-1A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.96%)
7.29%		07/20/34	1,2,3		15,610,000		15,364,408
AMMC CLO 15 Ltd.,
Series 2014-15A, Class AR3
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.38%)
6.69%		01/15/32	1,2,3		27,800,000		27,706,870
AMMC CLO 22 Ltd.,
Series 2018-22A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.71%)
7.06%		04/25/31	1,2,3		19,750,000		19,486,930
AMMC CLO 26 Ltd.,
Series 2023-26A, Class A1
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.95%)
7.09%		04/15/36	1,2,3		8,250,000		8,284,485
AMSR Trust,
Series 2020-SFR1, Class A
1.82%		04/17/37	1		13,986,580		13,091,479
AMSR Trust,
Series 2021-SFR1, Class G
4.61%		06/17/38	1		15,250,000		12,484,291
Apidos CLO XV,
Series 2013-15A, Class BRR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.81%)
7.14%		04/20/31	1,2,3		10,000,000		9,908,680
Apidos CLO XVIII,
Series 2018-18A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.91%)
7.26%		10/22/30	1,2,3		11,200,000		11,096,848

Issues	Maturity Date			Principal     Amount		Value
ASSET-BACKED SECURITIES (continued)
Apidos CLO XXII,
Series 2015-22A, Class A1R
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.32%)
6.65%		04/20/31	1,2,3	$	21,280,709	$	21,247,490
Barings CLO Ltd.,
Series 2018-3A, Class A1
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.21%)
6.54%		07/20/29	1,2,3		13,282,003		13,280,701
Barings CLO Ltd.,
Series 2020-4A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.48%)
6.81%		01/20/32	1,2,3		19,110,000		19,085,081
Bayview Commercial Asset Trust,
Series 2005-1A, Class A1
(CME Term SOFR 1-Month plus 0.56%)
5.88%		04/25/35	1,2		1,318,333		1,237,769
BCRED MML CLO, LLC,
Series 2022-1A, Class A1
(CME Term SOFR 3-Month plus 1.65%)
6.98%		04/20/35	1,2		48,400,000		47,529,768
BlueMountain CLO Ltd.,
Series 2014-2A, Class BR2
(Cayman Islands)
(CME Term SOFR 3-Month plus 2.01%)
7.34%		10/20/30	1,2,3		1,830,000		1,806,377
BlueMountain CLO XXXII Ltd.,
Series 2021-32A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.96%)
7.27%		10/15/34	1,2,3		15,000,000		14,755,050
BlueMountain Fuji U.S. CLO I Ltd.,
Series 2017-1A, Class A1R
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.24%)
6.57%		07/20/29	1,2,3		11,963,139		11,926,891
Brazos Education Loan Authority, Inc.,
Series 2012-1, Class A1
(SOFR30A plus 0.81%)
6.13%		12/26/35	2		14,585		14,459
Carvana Auto Receivables Trust,
Series 2021-N1, Class R
0.00%		01/10/28	1		53,821		7,024,399
Carvana Auto Receivables Trust,
Series 2021-P4, Class R
0.00%		09/11/28	1		43,250		13,965,235
Carvana Auto Receivables Trust,
Series 2023-N1, Class R
0.00%		04/10/30	1		30,000		15,269,580
Carvana Auto Receivables Trust,
Series 2023-N1, Class XS
0.00%		04/10/30	†,1,4,5		435,620,522		7,746,422
Carvana Auto Receivables Trust,
Series 2023-N3, Class R
0.00%		09/10/30	†,1		37,800		6,048,000

See accompanying Notes to Financial Statements.

163 / Semi-Annual Report September 2023

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
ASSET-BACKED SECURITIES (continued)
Catskill Park CLO Ltd.,
Series 2017-1A, Class A2
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.96%)
7.29%		04/20/29	1,2,3	$	6,000,000	$	5,968,800
Cedar Funding II CLO Ltd.,
Series 2013-1A, Class BRR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.61%)
6.94%		04/20/34	1,2,3		4,800,000		4,637,856
Cedar Funding V CLO Ltd.,
Series 2016-5A, Class BR
(Cayman Islands)
(CME Term SOFR 3-Month plus 2.01%)
7.32%		07/17/31	1,2,3		7,000,000		6,960,800
Cedar Funding VIII CLO Ltd.,
Series 2017-8A, Class BR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.91%)
7.22%		10/17/34	1,2,3		9,550,000		9,399,588
Cedar Funding XVII CLO Ltd.,
Series 2023-17A, Class A
(United Kingdom)
(CME Term SOFR 3-Month plus 1.85%)
7.28%		07/20/36	1,2,3		13,250,000		13,285,245
CIFC Funding 2014 Ltd.,
Series 2014-1A, Class BR2
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.66%)
6.97%		01/18/31	1,2,3		8,000,000		7,888,920
CIFC Funding Ltd.,
Series 2013-2A, Class A2L2
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.76%)
7.07%		10/18/30	1,2,3		10,500,000		10,417,879
CIFC Funding Ltd.,
Series 2014-5A, Class BR2
(Cayman Islands)
(CME Term SOFR 3-Month plus 2.06%)
7.37%		10/17/31	1,2,3		3,990,000		3,970,170
CIFC Funding Ltd.,
Series 2017-4A, Class A2R
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.81%)
7.16%		10/24/30	1,2,3		3,475,000		3,443,030
CIFC Funding Ltd.,
Series 2018-1A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.66%)
6.97%		04/18/31	1,2,3		9,950,000		9,798,263
CIFC Funding Ltd.,
Series 2020-2A, Class BR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.86%)
7.19%		10/20/34	1,2,3		9,000,000		8,812,080

Issues	Maturity Date			Principal     Amount		Value
ASSET-BACKED SECURITIES (continued)
CIFC Funding Ltd.,
Series 2021-6A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.91%)
7.22%		10/15/34	1,2,3	$	20,000,000	$	19,698,680
CIFC Funding Ltd.,
Series 2022-1A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.32%)
6.63%		04/17/35	1,2,3		25,000,000		24,805,275
CIT Education Loan Trust,
Series 2007-1, Class B
(SOFR90A plus 0.56%)
5.81%		06/25/42	1,2		7,090,071		6,226,394
Clear Creek CLO,
Series 2015-1A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.46%)
6.79%		10/20/30	1,2,3		19,406,688		19,391,551
Clover CLO LLC,
Series 2020-1A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.42%)
6.73%		04/15/34	1,2,3		38,800,000		38,462,789
College Loan Corp. Trust,
Series 2005-2, Class B
(SOFR90A plus 0.75%)
5.78%		01/15/37	2		1,348,980		1,192,377
CVC Cordatus Loan Fund VIII DAC,
Series 8X, Class BRR (Ireland)
(3-Month Euribor plus 1.40%)
5.06%		07/15/34	2,3		8,200,000		8,232,035
Dryden 30 Senior Loan Fund,
Series 2013-30A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.08%)
6.45%		11/15/28	1,2,3		5,742,168		5,722,013
Dryden 30 Senior Loan Fund,
Series 2013-30A, Class BR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.51%)
6.88%		11/15/28	1,2,3		1,500,000		1,476,720
Dryden 61 CLO Ltd.,
Series 2018-61A, Class BR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.66%)
6.97%		01/17/32	1,2,3		3,000,000		2,933,430
Dryden 65 CLO Ltd.,
Series 2018-65A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.86%)
7.17%		07/18/30	1,2,3		3,500,000		3,459,085

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 164

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
ASSET-BACKED SECURITIES (continued)
Dryden 83 CLO Ltd.,
Series 2020-83A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.48%)
6.79%		01/18/32	1,2,3	$	29,220,000	$	29,188,355
Dryden 92 CLO Ltd.,
Series 2021-92A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.91%)
7.29%		11/20/34	1,2,3		22,500,000		22,153,680
Dryden XXVI Senior Loan Fund,
Series 2013-26A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.16%)
6.47%		04/15/29	1,2,3		17,777,179		17,694,089
Eaton Vance CLO Ltd.,
Series 2013-1A, Class A13R
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.51%)
6.82%		01/15/34	1,2,3		23,850,000		23,697,360
Eaton Vance CLO Ltd.,
Series 2018-1A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 2.01%)
7.32%		10/15/30	1,2,3		5,000,000		4,967,150
Eaton Vance CLO Ltd.,
Series 2020-1A, Class BR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.91%)
7.22%		10/15/34	1,2,3		25,000,000		24,574,550
ECMC Group Student Loan Trust,
Series 2016-1A, Class A
(SOFR30A plus 1.46%)
6.78%		07/26/66	1,2		28,538,179		28,515,380
Elmwood CLO XI Ltd.,
Series 2021-4A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.86%)
7.19%		10/20/34	1,2,3		16,000,000		15,676,800
Fillmore Park CLO Ltd.,
Series 2018-1A, Class B1B2
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.81%)
7.12%		07/15/30	1,2,3		8,000,000		7,908,720
FirstKey Homes Trust,
Series 2021-SFR1, Class F1
3.24%		08/17/38	1		12,416,000		10,816,183
FirstKey Homes Trust,
Series 2021-SFR2, Class F1
2.91%		09/17/38	1		12,677,000		10,808,689
Flatiron CLO 21 Ltd.,
Series 2021-1A, Class A1
(Cayman Islands)
(LIBOR USD 3-Month plus 1.11%)
6.69%		07/19/34	1,2,3		52,500,000		52,197,967

Issues	Maturity Date			Principal     Amount		Value
ASSET-BACKED SECURITIES (continued)
Global SC Finance II SRL,
Series 2014-1A, Class A2
(Barbados)
3.09%		07/17/29	1,3	$	7,408,544	$	7,236,336
Goal Capital Funding Trust,
Series 2006-1, Class B
(LIBOR USD 3-Month plus 0.45%)
6.10%		08/25/42	2		1,285,663		1,167,539
Goal Structured Solutions Trust,
Series 2015-1, Class A
(LIBOR USD 1-Month plus 0.65%)
6.08%		09/25/41	1,2		10,781,081		10,453,630
GoldenTree Loan Management U.S. CLO 8 Ltd.,
Series 2020-8A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.41%)
6.74%		10/20/34	1,2,3		36,180,000		36,026,488
GoldenTree Loan Opportunities IX Ltd.,
Series 2014-9A, Class AR2
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.37%)
6.74%		10/29/29	1,2,3		2,311,439		2,309,405
Golub Capital Partners CLO 64B Ltd.,
Series 2022-64A, Class B
(United Kingdom)
(CME Term SOFR 3-Month plus 3.30%)
8.65%		10/25/35	1,2,3		8,800,000		8,895,040
Golub Capital Partners CLO 66B Ltd.,
Series 2023-66A, Class A
(United Kingdom)
(CME Term SOFR 3-Month plus 1.95%)
6.93%		04/25/36	1,2,3		20,000,000		20,039,040
Greenwood Park CLO Ltd.,
Series 2018-1A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.66%)
6.97%		04/15/31	1,2,3		10,000,000		9,874,570
Highbridge Loan Management Ltd.,
Series 12A-18, Class A2
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.76%)
7.07%		07/18/31	1,2,3		7,000,000		6,907,390
HPS Loan Management Ltd.
Series 15A-19, Class A1R
(United Kingdom)
(CME Term SOFR 3-Month plus 1.32%)
6.67%		01/22/35	1,2,3		35,720,000		35,225,707
HPS Loan Management Ltd.,
Series 2021-16A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.96%)
7.31%		01/23/35	1,2,3		19,250,000		18,926,600
HPS Loan Management Ltd.,
Series 2023-17A, Class A
(United Kingdom)
(CME Term SOFR 3-Month plus 1.90%)
6.52%		04/23/36	1,2,3		17,400,000		17,410,544

See accompanying Notes to Financial Statements.

165 / Semi-Annual Report September 2023

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
ASSET-BACKED SECURITIES (continued)
HPS Loan Management Ltd.,
Series 2023-18A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 2.95%)
8.21%		07/20/36	1,2,3	$	10,000,000	$	10,111,300
Invesco U.S. CLO Ltd.,
Series 2023-2A, Class A
(United Kingdom)
(CME Term SOFR 3-Month plus 1.80%)
6.66%		04/21/36	1,2,3		12,600,000		12,623,549
J.G. Wentworth XXX LLC,
Series 2013-3A, Class A
4.08%		01/17/73	1		500,497		436,594
J.G. Wentworth XXXII LLC,
Series 2014-2A, Class A
3.61%		01/17/73	1		31,331,212		26,060,011
LCM Loan Income Fund I Ltd.,
Series 1A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.71%)
7.04%		04/20/31	1,2,3		7,710,000		7,566,517
LCM XIV LP,
Series 14A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.30%)
6.63%		07/20/31	1,2,3		11,400,000		11,322,868
LCM XIV LP,
Series 14A, Class BR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.84%)
7.17%		07/20/31	1,2,3		3,385,000		3,325,695
LCM XX LP,
Series 20A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.30%)
6.63%		10/20/27	1,2,3		45,668		45,657
Lehman Brothers Small Balance Commercial Mortgage
Trust,
Series 2007-1A, Class 2A3
5.62%		03/25/37	1,6		66,003		65,491
Lucali CLO Ltd.,
Series 2020-1A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.47%)
6.78%		01/15/33	1,2,3		11,550,000		11,517,083
Madison Park Funding XLVIII Ltd.,
Series 2021-48A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.41%)
6.73%		04/19/33	1,2,3		30,635,000		30,546,158
Madison Park Funding XVII Ltd.,
Series 2015-17A, Class BR2
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.76%)
7.10%		07/21/30	1,2,3		10,000,000		9,881,000

Issues	Maturity Date			Principal     Amount		Value
ASSET-BACKED SECURITIES (continued)
Madison Park Funding XXXVIII Ltd.,
Series 2021-38A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.38%)
6.69%		07/17/34	1,2,3	$	10,500,000	$	10,433,745
Magnetite XXIII Ltd.,
Series 2019-23A, Class BR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.91%)
7.26%		01/25/35	1,2,3		20,000,000		19,747,280
Magnetite XXV Ltd.,
Series 2020-25A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.46%)
6.81%		01/25/32	1,2,3		27,025,000		27,010,947
MetroNet,
Series 2023-3, Class A
7.95%		04/20/53	1,4,5		24,026,000		24,026,000
Navient Student Loan Trust,
Series 2014-1, Class A3
(SOFR30A plus 0.62%)
5.94%		06/25/31	2		470,601		456,901
Navient Student Loan Trust,
Series 2014-2, Class A
(SOFR30A plus 0.75%)
6.07%		03/25/83	2		24,935,076		24,336,622
Navient Student Loan Trust,
Series 2014-3, Class A
(SOFR30A plus 0.73%)
6.05%		03/25/83	2		43,439,511		43,139,374
Navient Student Loan Trust,
Series 2014-4, Class A
(SOFR30A plus 0.73%)
6.05%		03/25/83	2		62,839,402		61,178,993
Navient Student Loan Trust,
Series 2014-6, Class A
(SOFR30A plus 0.72%)
6.04%		03/25/83	2		23,137,481		22,901,542
Navient Student Loan Trust,
Series 2014-7, Class A
(SOFR30A plus 0.72%)
6.04%		03/25/83	2		49,073,491		48,469,567
Navient Student Loan Trust,
Series 2015-1, Class A2
(SOFR30A plus 0.71%)
6.03%		04/25/40	2		44,301,050		43,169,556
Navient Student Loan Trust,
Series 2015-2, Class A3
(SOFR30A plus 0.68%)
6.00%		11/26/40	2		85,250,372		83,179,749
Navient Student Loan Trust,
Series 2016-7A, Class A
(SOFR30A plus 1.26%)
6.58%		03/25/66	1,2		46,813,743		46,904,933

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 166

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
ASSET-BACKED SECURITIES (continued)
Nelnet Student Loan Trust,
Series 2006-1, Class A6
(CME Term SOFR 3-Month plus 0.71%)
6.09%		08/23/36	1,2	$	6,778,582	$	6,703,689
Nelnet Student Loan Trust,
Series 2012-5A, Class A
(SOFR30A plus 0.71%)
6.03%		10/27/36	1,2		5,711,194		5,627,991
Nelnet Student Loan Trust,
Series 2014-4A, Class A2
(SOFR30A plus 1.06%)
6.38%		11/25/48	1,2		10,712,029		10,589,168
Nelnet Student Loan Trust,
Series 2014-5A, Class A
(SOFR30A plus 0.66%)
5.98%		07/25/46	1,2		33,137,153		32,666,002
Nelnet Student Loan Trust,
Series 2015-1A, Class A
(SOFR30A plus 0.70%)
6.02%		04/25/46	1,2		63,282,591		62,177,565
Neuberger Berman Loan Advisers CLO 33 Ltd.,
Series 2019-33A, Class BR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.86%)
7.17%		10/16/33	1,2,3		23,000,000		22,842,657
Neuberger Berman Loan Advisers CLO 36 Ltd.,
Series 2020-36A, Class A1R
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.51%)
6.84%		04/20/33	1,2,3		25,395,000		25,323,513
Neuberger Berman Loan Advisers CLO 47 Ltd.,
Series 2022-47A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.30%)
6.61%		04/14/35	1,2,3		32,185,000		31,821,953
NYACK Park CLO Ltd.,
Series 2021-1A, Class B1
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.86%)
7.19%		10/20/34	1,2,3		20,000,000		19,656,000
OCP CLO Ltd.,
Series 2014-6A, Class A2R
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.98%)
7.29%		10/17/30	1,2,3		4,000,000		3,971,768
OCP CLO Ltd.,
Series 2017-13A, Class A2R
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.81%)
7.12%		07/15/30	1,2,3		5,675,000		5,600,862
OCP CLO Ltd.,
Series 2020-19A, Class BR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.96%)
7.29%		10/20/34	1,2,3		15,500,000		15,271,592

Issues	Maturity Date			Principal     Amount		Value
ASSET-BACKED SECURITIES (continued)
Octagon 66 Ltd.,
Series 2022-1A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.94%)
7.31%		08/16/33	1,2,3	$	45,000,000	$	45,032,850
Octagon 67 Ltd.,
Series 2023-1A, Class A1
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.80%)
6.57%		04/25/36	1,2,3		21,210,000		21,276,387
Octagon Investment Partners 20-R Ltd.,
Series 2019-4A, Class BR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.96%)
7.33%		05/12/31	1,2,3		17,500,000		17,231,515
Octagon Investment Partners 44 Ltd.,
Series 2019-1A, Class BR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.96%)
7.27%		10/15/34	1,2,3		18,800,000		18,496,267
Octagon Investment Partners 46 Ltd.,
Series 2020-2A, Class BR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.91%)
7.22%		07/15/36	1,2,3		7,250,000		7,108,183
Octagon Investment Partners XXI Ltd.,
Series 2014-1A, Class A2R3
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.66%)
7.03%		02/14/31	1,2,3		1,470,000		1,429,018
OHA Credit Funding 3 Ltd.,
Series 2019-3A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.40%)
6.73%		07/02/35	1,2,3		33,250,000		33,060,176
OHA Credit Funding 7 Ltd.,
Series 2020-7A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.30%)
6.62%		02/24/37	1,2,3		6,960,000		6,918,073
Palmer Square CLO Ltd.,
Series 2020-3A, Class A1AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.34%)
6.71%		11/15/31	1,2,3		27,990,000		27,854,388
Palmer Square CLO Ltd.,
Series 2021-4A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.91%)
7.22%		10/15/34	1,2,3		19,500,000		19,229,925
Park Avenue Institutional Advisers CLO Ltd.,
Series 2021-1A, Class A1A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.65%)
6.98%		01/20/34	1,2,3		61,000,000		60,772,470

See accompanying Notes to Financial Statements.

167 / Semi-Annual Report September 2023

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
ASSET-BACKED SECURITIES (continued)
PHEAA Student Loan Trust,
Series 2015-1A, Class A
(SOFR30A plus 0.71%)
6.03%		10/25/41	1,2	$	57,071,794	$	56,677,878
Progress Residential Trust,
Series 2019-SFR3, Class F
3.87%		09/17/36	1		4,000,000		3,855,534
Progress Residential Trust,
Series 2021-SFR2, Class H
5.00%		04/19/38	1		21,439,000		19,220,069
Progress Residential Trust,
Series 2021-SFR6, Class E2
2.53%		07/17/38	1		3,973,000		3,424,802
Progress Residential Trust,
Series 2021-SFR6, Class F
3.42%		07/17/38	1		10,437,000		9,107,917
Progress Residential Trust,
Series 2021-SFR6, Class G
4.00%		07/17/38	1		8,896,000		7,701,145
Progress Residential Trust,
Series 2021-SFR7, Class F
3.83%		08/17/40	1		23,777,000		19,561,473
Progress Residential Trust,
Series 2021-SFR8, Class E1
2.38%		10/17/38	1		17,400,000		15,039,894
Progress Residential Trust,
Series 2021-SFR8, Class E2
2.53%		10/17/38	1		13,425,000		11,507,138
Progress Residential Trust,
Series 2021-SFR8, Class F
3.18%		10/17/38	1		61,665,000		52,243,639
Progress Residential Trust,
Series 2021-SFR8, Class G
4.01%		10/17/38	1		19,482,000		16,646,814
Progress Residential,
Series 2021-SFR1, Class E
2.11%		04/17/38	1		3,000,000		2,632,634
Progress Residential,
Series 2021-SFR3, Class E1
2.54%		05/17/26	1		3,055,000		2,670,573
Progress Residential,
Series 2021-SFR3, Class G
4.25%		05/17/26	1		3,190,000		2,819,635
Rad CLO 18 Ltd.,
Series 2023-18A, Class A1
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.95%)
7.26%		04/15/36	1,2,3		29,590,000		29,716,053
Recette CLO Ltd.,
Series 2015-1A, Class ARR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.34%)
6.67%		04/20/34	1,2,3		32,680,000		32,364,213

Issues	Maturity Date			Principal     Amount		Value
ASSET-BACKED SECURITIES (continued)
Regatta XIV Funding Ltd.,
Series 2018-3A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 2.11%)
7.46%		10/25/31	1,2,3	$	1,900,000	$	1,894,395
Regatta XX Funding Ltd.,
Series 2021-2A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.96%)
7.27%		10/15/34	1,2,3		17,000,000		16,750,610
Rockford Tower CLO Ltd.,
Series 2017-2A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.28%)
6.59%		10/15/29	1,2,3		10,186,185		10,152,061
Rockford Tower CLO Ltd.,
Series 2017-3A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.45%)
6.78%		10/20/30	1,2,3		4,222,207		4,212,454
Rockford Tower CLO Ltd.,
Series 2019-2A, Class BR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.91%)
7.29%		08/20/32	1,2,3		20,000,000		19,699,800
Rockford Tower CLO Ltd.,
Series 2020-1A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.54%)
6.87%		01/20/32	1,2,3		23,840,000		23,751,554
Rockford Tower CLO Ltd.,
Series 2020-1A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 2.06%)
7.39%		01/20/32	1,2,3		4,200,000		4,156,106
RRE 15 Loan Management DAC,
Series 15X, Class A1
(Ireland)
(3-Month Euribor plus 1.75%)
4.85%		10/15/35	2,3		5,000,000		5,300,314
Scholar Funding Trust,
Series 2012-B, Class A2
(SOFR30A plus 1.21%)
6.53%		03/28/46	1,2		15,051,195		14,695,807
Sixth Street CLO XVII Ltd.,
Series 2021-17A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.50%)
6.83%		01/20/34	1,2,3		40,840,000		40,646,010
Sixth Street CLO XX Ltd.,
Series 2021-20A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.91%)
7.24%		10/20/34	1,2,3		25,000,000		24,625,000
Skyline Aircraft Finance LLC,
Series 2021-1, Class A
3.23%		05/10/37	4,5,6		27,656,492		24,178,904

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 168

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
ASSET-BACKED SECURITIES (continued)
SLC Student Loan Trust,
Series 2004-1, Class B
(SOFR90A plus 0.55%)
5.68%		08/15/31	2	$	175,102	$	149,483
SLC Student Loan Trust,
Series 2008-1, Class A4A
(SOFR90A plus 1.86%)
7.08%		12/15/32	2		6,557,841		6,602,617
SLM Student Loan Trust,
Series 2003-12, Class B
(SOFR90A plus 0.85%)
6.07%		12/15/68	2		34,310		33,059
SLM Student Loan Trust,
Series 2003-4, Class A5E
(SOFR90A plus 1.01%)
6.23%		03/15/33	1,2		3,057,561		2,963,245
SLM Student Loan Trust,
Series 2005-9, Class A7A
(SOFR90A plus 0.86%)
5.92%		01/25/41	2		38,293,722		37,452,665
SLM Student Loan Trust,
Series 2006-2, Class A6
(SOFR90A plus 0.43%)
5.49%		01/25/41	2		21,145,262		20,637,463
SLM Student Loan Trust,
Series 2006-8, Class A6
(SOFR90A plus 0.42%)
5.48%		01/25/41	2		23,472,511		22,984,619
SLM Student Loan Trust,
Series 2007-1, Class A6
(SOFR90A plus 0.40%)
5.46%		01/27/42	2		22,953,936		22,148,749
SLM Student Loan Trust,
Series 2007-1, Class B
(SOFR90A plus 0.48%)
5.54%		01/27/42	2		2,683,091		2,428,223
SLM Student Loan Trust,
Series 2007-6, Class B
(SOFR90A plus 1.11%)
6.17%		04/27/43	2		3,372,076		3,172,103
SLM Student Loan Trust,
Series 2007-7, Class A4
(SOFR90A plus 0.59%)
5.65%		01/25/22	2		174,055		169,167
SLM Student Loan Trust,
Series 2008-2, Class B
(SOFR90A plus 1.46%)
6.52%		01/25/83	2		38,874,000		38,556,629
SLM Student Loan Trust,
Series 2008-3, Class A3
(SOFR90A plus 1.26%)
6.32%		10/25/21	2		11,256		11,066
SLM Student Loan Trust,
Series 2008-3, Class B
(SOFR90A plus 1.46%)
6.52%		04/26/83	2		2,260,000		2,100,033

Issues	Maturity Date			Principal     Amount		Value
ASSET-BACKED SECURITIES (continued)
SLM Student Loan Trust,
Series 2008-4, Class A4
(SOFR90A plus 1.91%)
6.97%		07/25/22	2	$	1,269,447	$	1,272,351
SLM Student Loan Trust,
Series 2008-4, Class B
(SOFR90A plus 2.11%)
7.17%		04/25/73	2		8,849,000		8,563,719
SLM Student Loan Trust,
Series 2008-5, Class A4
(SOFR90A plus 1.96%)
7.02%		07/25/23	2		17,941,308		17,916,313
SLM Student Loan Trust,
Series 2008-5, Class B
(SOFR90A plus 2.11%)
7.17%		07/25/73	2		37,199,000		36,095,313
SLM Student Loan Trust,
Series 2008-6, Class A4
(SOFR90A plus 1.36%)
6.42%		07/25/23	2		8,514,273		8,414,013
SLM Student Loan Trust,
Series 2008-6, Class B
(SOFR90A plus 2.11%)
7.17%		07/26/83	2		31,424,000		29,745,154
SLM Student Loan Trust,
Series 2008-7, Class B
(SOFR90A plus 2.11%)
7.17%		07/26/83	2		17,206,000		15,896,319
SLM Student Loan Trust,
Series 2009-3, Class A
(SOFR30A plus 0.86%)
6.18%		01/25/45	1,2		104,552,885		103,577,177
SLM Student Loan Trust,
Series 2011-1, Class A2
(SOFR30A plus 1.26%)
6.58%		10/25/34	2		1,384,423		1,366,400
SLM Student Loan Trust,
Series 2012-1, Class A3
(SOFR30A plus 1.06%)
6.38%		09/25/28	2		439,657		429,442
SLM Student Loan Trust,
Series 2012-2, Class A
(SOFR30A plus 0.81%)
6.13%		01/25/29	2		9,341,039		9,014,308
SLM Student Loan Trust,
Series 2012-3, Class A
(SOFR30A plus 0.76%)
6.08%		12/27/38	2		10,694,008		10,488,452
SLM Student Loan Trust,
Series 2012-7, Class A3
(SOFR30A plus 0.76%)
6.08%		05/26/26	2		16,291,841		15,591,939
Student Loan Consolidation Center Student Loan Trust I,
Series 2002-2, Class B2
(28 Day Auction Rate plus 0.00%)
1.61%		07/01/42	1,2		17,000,000		15,709,241

See accompanying Notes to Financial Statements.

169 / Semi-Annual Report September 2023

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
ASSET-BACKED SECURITIES (continued)
Symphony CLO XXIX Ltd.,
Series 2021-29A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.91%)
7.22%		01/15/34	1,2,3	$	14,500,000	$	14,329,451
Trestles CLO IV Ltd.,
Series 2021-4A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.43%)
6.77%		07/21/34	1,2,3		40,000,000		39,653,040
U.S. Small Business Administration,
Series 2022-25F, Class 1
4.01%		06/01/47			67,874,860		61,306,942
United Auto Credit Securitization Trust,
Series 2022-2, Class R1
0.00%		04/10/29	1		33,600		1,755,264
Voya CLO Ltd.,
Series 2019-4A, Class BR
(Cayman Islands)
(CME Term SOFR 3-Month plus 2.01%)
7.32%		01/15/35	1,2,3		17,500,000		17,234,000
Voya CLO Ltd.,
Series 2020-2A, Class BR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.96%)
7.28%		07/19/34	1,2,3		11,825,000		11,692,205
Total Asset-Backed Securities
(Cost $3,160,373,816)							3,145,628,022
BANK LOANS — 1.55%*
Communications — 0.15%
CSC Holdings LLC,
Term Loan B5, 1st Lien
(LIBOR plus 2.50%)
7.95%		04/15/27	2		6,289,785		5,715,843
Frontier Communications Holdings LLC,
Term Loan B, 1st Lien
(SOFR plus 3.86%)
8.62%		10/08/27	2		18,340,358		17,876,989
SBA Senior Finance II LLC,
Term Loan B, 1st Lien
(SOFR plus 1.75%)
7.07%		04/11/25	2		26,062,957		26,083,807
Zayo Group Holdings, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.11%)
8.43%		03/09/27	2		42,781,678		35,061,724
(SOFR plus 4.33%)
9.64%		03/09/27	2		4,181,172		3,418,108
							88,156,471
Consumer Discretionary — 0.10%
City Brewing Co. LLC,
Term Loan B, 1st Lien
(SOFR plus 3.76%)
8.32%		04/05/28	2		6,863,404		4,541,274

Issues	Maturity Date			Principal     Amount		Value
BANK LOANS (continued)
Consumer Discretionary (continued)
Hilton Worldwide Finance LLC,
Term Loan B2, 1st Lien
(SOFR plus 1.85%)
7.17%		06/22/26	2	$	2,568,167	$	2,570,222
Naked Juice, LLC,
Term Loan, 1st Lien (Luxembourg)
(SOFR plus 3.35%)
8.74%		01/24/29	2,3		42,141,333		40,177,758
Term Loan, 2nd Lien
(SOFR plus 6.10%)
11.49%		01/24/30	2		4,735,415		3,888,226
Osmosis Buyer Ltd.,
Term Loan B, 1st Lien
(SOFR plus 3.75%)
9.08%		07/31/28	2		1,336,723		1,325,340
Sunshine Luxembourg VII SARL,
Term Loan B, 1st Lien
(SOFR plus 3.85%)
9.24%		10/01/26	2		7,530,619		7,527,494
							60,030,314
Electric — 0.03%
CommScope, Inc.,
Term Loan B2, 1st Lien (France)
(SOFR plus 3.36%)
8.68%		04/06/26	2,3		11,453,656		10,485,822
Homer City Generation LP,
Term Loan, 1st Lien (France)
(LIBOR plus 11.00%)
15.71%		04/05/23	2,3,4,5		7,137,524		4,728,610
							15,214,432
Entertainment — 0.06%
Elanco Animal Health, Inc.,
Term Loan B, 1st Lien
(SOFR plus 1.85%)
7.18%		08/01/27	2		34,644,577		34,026,171
Formula One Management Ltd.,
Term Loan B, 1st Lien
(SOFR plus 3.00%)
8.05%		01/15/30	2		1,243,525		1,244,924
William Morris Endeavor Entertainment LLC,
Term Loan B1, 1st Lien
(SOFR plus 2.86%)
8.18%		05/16/25	2		2,900,517		2,900,516
							38,171,611
Finance — 0.11%
Auris Lux III SA,
Term Loan B2, 1st Lien (Luxembourg)
(LIBOR plus 3.75%)
9.12%		02/27/26	2,3		1,436,100		1,403,185
Avolon TLB Borrower 1 U.S. LLC,
Term Loan B5, 1st Lien
(SOFR plus 2.35%)
7.67%		12/01/27	2		8,756,008		8,765,859

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 170

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
BANK LOANS (continued)
Finance (continued)
Term Loan B6, 1st Lien
(SOFR plus 2.50%)
7.82%		06/22/28	2	$	6,504,158	$	6,511,897
Deerfield Dakota Holding LLC,
Term Loan B, 1st Lien
(SOFR plus 3.75%)
9.14%		04/09/27	2		8,370,350		8,180,302
Mozart Borrower, LP,
Term Loan B, 1st Lien
(SOFR plus 3.36%)
8.68%		10/23/28	2		17,356,863		17,330,220
Setanta Aircraft Leasing DAC,
Term Loan B, 1st Lien
(LIBOR plus 2.26%)
7.65%		11/06/28	2		16,790,000		16,803,180
Telenet Financing USD LLC,
Term Loan AR, 1st Lien
(SOFR plus 2.11%)
7.45%		04/28/28	2		4,630,109		4,523,037
							63,517,680
Food — 0.03%
8th Avenue Food & Provisions, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.86%)
9.18%		10/01/25	2		1,107,359		1,068,602
Aramark Services, Inc.,
Term Loan B6, 1st Lien
(SOFR plus 2.61%)
7.93%		06/22/30	2		1,043,447		1,044,099
H-Food Holdings LLC,
Term Loan, 1st Lien
(LIBOR plus 3.69%)
9.27%		05/23/25	2		2,483,420		2,176,792
Hostess Brands LLC,
Term Loan B, 1st Lien
(SOFR plus 2.50%)
7.89%		06/21/30	2		12,758,923		12,802,749
							17,092,242
Gaming — 0.04%
Churchill Downs, Inc.,
Term Loan B1, 1st Lien
(SOFR plus 2.10%)
7.42%		03/17/28	2		12,675,000		12,682,985
Golden Nugget, LLC,
Term Loan B, 1st Lien
(SOFR plus 4.00%)
9.32%		01/26/29	2		3,262,228		3,234,875
Penn National Gaming, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.85%)
7.66%		05/03/29	2		3,425,315		3,425,315

Issues	Maturity Date			Principal     Amount		Value
BANK LOANS (continued)
Gaming (continued)
Scientific Games International, Inc.,
Term Loan B, 1st Lien (Canada)
(SOFR plus 3.10%)
8.43%		04/13/29	2,3	$	5,273,680	$	5,280,273
							24,623,448
Health Care — 0.26%
Avantor Funding, Inc.,
Term Loan B5, 1st Lien
(SOFR plus 2.35%)
7.67%		11/08/27	2		14,720,739		14,736,638
Bausch + Lomb Corp.,
Term Loan B, 1st Lien
(SOFR plus 3.35%)
8.76%		05/10/27	2		7,305,845		7,115,090
Term Loan, 1st Lien (Canada)
(SOFR plus 3.00%)
9.42%		09/14/28	2,3		6,170,262		6,100,846
Genesee & Wyoming, Inc.,
Term Loan, 1st Lien
(SOFR plus 2.10%)
7.49%		12/30/26	2		2,619,579		2,619,710
Grifols Worldwide Operations USA, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.10%)
7.42%		11/15/27	2		26,921,440		26,504,157
Horizon Therapeutics USA, Inc.,
Term Loan B1, 1st Lien
(SOFR plus 2.11%)
7.06%		05/22/26	2		628,170		628,660
Term Loan B2, 1st Lien
(SOFR plus 1.86%)
7.18%		03/15/28	2		28,949,657		28,959,500
ICON Luxembourg SARL,
Term Loan B, 1st Lien (Luxembourg)
(SOFR plus 2.51%)
7.90%		07/03/28	2,3		3,998,127		4,001,525
Jazz Financing Lux SARL,
Term Loan B, 1st Lien
(SOFR plus 3.61%)
8.93%		05/05/28	2		39,518,317		39,532,148
Organon & Co.,
Term Loan B, 1st Lien
(SOFR plus 3.11%)
7.75%		06/02/28	2		9,592,323		9,589,925
Peraton Corp.,
Term Loan B, 1st Lien
(SOFR plus 3.85%)
9.17%		02/01/28	2		7,376,977		7,370,854
Perrigo Investments LLC,
Term Loan B, 1st Lien
(SOFR plus 2.35%)
7.15%		04/20/29	2		740,625		739,003

See accompanying Notes to Financial Statements.

171 / Semi-Annual Report September 2023

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
BANK LOANS (continued)
Health Care (continued)
PRA Health Sciences, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.51%)
7.90%		07/03/28	2	$	996,136	$	996,982
Prestige Brands, Inc.,
Term Loan B5, 1st Lien
(SOFR plus 2.11%)
7.43%		07/03/28	2		250,000		250,870
Star Parent, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.00%)
9.31%		09/19/30	2		6,358,307		6,226,277
							155,372,185
Industrials — 0.25%
Arterrsa Services LLC,
Term Loan, 1st Lien (Luxembourg)
(SOFR plus 3.60%)
8.99%		03/06/25	2,3		13,465,561		12,657,695
ASP Blade Holdings, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.26%)
9.65%		10/16/28	2		673,366		596,562
Berry Global, Inc.,
Term Loan Z, 1st Lien
(SOFR plus 2.01%)
6.51%		07/01/26	2		63,769,943		63,840,409
DIRECTV Financing LLC,
Term Loan, 1st Lien
(SOFR plus 5.00%)
10.43%		08/02/27	2		24,413,682		23,915,277
Filtration Group Corp.,
Term Loan, 1st Lien
(SOFR plus 4.36%)
9.68%		10/21/28	2		2,972,123		2,979,969
II-VI, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.86%)
7.38% - 7.67%		07/02/29	2		2,274,057		2,270,862
Michaels Cos., Inc. (The),
Term Loan, 1st Lien
(SOFR plus 4.51%)
9.90%		04/15/28	2		27,604,600		25,270,631
Patriot Container Corp.,
Term Loan B, 1st Lien
(SOFR plus 3.85%)
9.17%		03/20/25	2		2,571,460		2,450,922
TransDigm, Inc.,
Term Loan I, 1st Lien
(SOFR plus 3.25%)
8.64%		08/24/28	2		15,887,517		15,913,573
							149,895,900

Issues	Maturity Date			Principal     Amount		Value
BANK LOANS (continued)
Information Technology — 0.24%
Arches Buyer, Inc.,
Term Loan, 1st Lien
(SOFR plus 3.35%)
8.67%		12/06/27	2	$	5,496,763	$	5,392,847
Athenahealth Group, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.25%)
8.25%		02/15/29	2		7,073,795		6,961,074
Central Parent, Inc.,
Term Loan B, 1st Lien (Canada)
(SOFR plus 4.25%)
9.14% - 9.18%		07/06/29	2,3		9,122,961		9,135,962
EagleView Technology Co.,
Term Loan B, 1st Lien
(SOFR plus 3.76%)
9.15%		08/14/25	2		786,917		748,850
Entegris, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.50%)
7.82% - 7.89%		07/06/29	2		1,530,967		1,530,967
Gainwell Acquisition Corp.,
Term Loan B, 1st Lien
(SOFR plus 4.10%)
8.72% - 8.99%		10/01/27	2		17,853,725		17,463,174
IQVIA, Inc.,
Term Loan B3, 1st Lien
(SOFR plus 2.01%)
7.40%		06/11/25	2		5,040,362		5,060,145
MH Sub I LLC,
Term Loan B, 1st Lien
(SOFR plus 4.36%)
9.68%		05/03/28	2		6,330,209		6,134,858
NortonLifeLock, Inc.,
Term Loan A2, 1st Lien
(SOFR plus 1.60%)
6.92%		09/10/27	2		19,859,339		19,760,142
Term Loan B, 1st Lien
(SOFR plus 2.10%)
6.91%		09/12/29	2		3,284,677		3,278,321
Open Text Corp.,
Term Loan B, 1st Lien (Canada)
(SOFR plus 1.85%)
7.17%		05/30/25	2,3		6,705,217		6,717,555
(SOFR plus 2.85%)
8.17%		01/31/30	2,3		8,355,403		8,366,349
Oracle Corp.,
Term Loan A1, 1st Lien
(SOFR plus 0.60%)
6.46%		08/16/27	2		36,838,700		36,792,651
Prime Security Services Borrower LLC,
Term Loan B1, 1st Lien
(SOFR plus 2.86%)
8.19%		09/23/26	2		3,968,335		3,966,986

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 172

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
BANK LOANS (continued)
Information Technology (continued)
Proofpoint, Inc.,
Term Loan B, 1st Lien (Canada)
(SOFR plus 3.36%)
8.68%		08/31/28	2,3	$	930,752	$	924,222
RealPage, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.11%)
8.43%		04/24/28	2		3,105,390		3,073,684
Renaissance Holding Corp.,
Term Loan, 1st Lien
(SOFR plus 4.75%)
10.07%		04/07/30	2		2,432,452		2,417,249
Sophia LP,
Term Loan B, 1st Lien
(SOFR plus 3.60%)
8.92%		10/07/27	2		1,379,220		1,377,785
Spin Holdco, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.26%)
9.66%		03/03/28	2		3,184,015		2,764,378
SS&C Technologies Holdings, Inc.,
Term Loan B5, 1st Lien
(SOFR plus 1.86%)
7.18%		04/16/25	2		2,369,734		2,371,903
							144,239,102
Insurance — 0.03%
Acrisure LLC,
Term Loan B1, 1st Lien
(LIBOR plus 3.50%)
8.93%		02/15/27	2		19,720,423		19,484,468
Asurion LLC,
Term Loan B8, 1st Lien
(SOFR plus 3.36%)
8.68%		12/23/26	2		1,253,247		1,229,749
							20,714,217
Materials — 0.04%
Chemours Co. (The),
Term Loan B3, 1st Lien
(SOFR plus 3.50%)
8.82%		08/18/28	2		19,344,641		19,151,194
Mativ Holdings, Inc.,
Delayed-Draw Term Loan, 1st Lien
(SOFR plus 2.50%)
7.94%		05/06/27	2		1,924,423		1,876,313
							21,027,507
Retail — 0.10%
1011778 BC Unlimited Liability Co.,
Term Loan B5, 1st Lien (Canada)
(SOFR plus 2.25%)
7.57%		09/13/30	2,3		8,308,689		8,287,086
American Airlines, Inc.,
Term Loan, 1st Lien
(SOFR plus 5.01%)
10.34%		04/20/28	2		311,294		321,237

Issues	Maturity Date			Principal     Amount		Value
BANK LOANS (continued)
Retail (continued)
AmWINS Group, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.36%)
7.68%		02/19/28	2	$	41,096,121	$	40,900,092
KFC Holding Co.,
Term Loan B, 1st Lien
(SOFR plus 1.86%)
7.20%		03/15/28	2		8,629,058		8,638,291
							58,146,706
Services — 0.10%
Amentum Government Services Holdings LLC,
Term Loan B, 1st Lien
(SOFR plus 4.11%)
8.63%		01/29/27	2		3,337,417		3,320,731
Artera Services LLC,
Term Loan, 1st Lien
(SOFR plus 3.35%)
8.74%		03/06/25	2		13,434,488		12,647,092
Element Materials Technology Group U.S. Holdings, Inc.,
Delayed-Draw Term Loan, 1st Lien
(SOFR plus 4.35%)
9.74%		06/22/29	2		2,066,902		2,047,959
Term Loan B, 1st Lien
(SOFR plus 4.35%)
9.74%		06/22/29	2		4,478,288		4,437,245
GTCR W Merger Sub LLC,
Term Loan B, 1st Lien
(SOFR plus 3.75%)
8.34%		09/20/30	2		19,467,250		19,474,355
Pre-Paid Legal Services, Inc.,
Term Loan, 1st Lien
(SOFR plus 3.61%)
8.93%		12/15/28	2		4,965,324		4,924,980
Prime Security Services Borrower, LLC,
Term Loan A, 1st Lien
(SOFR plus 1.25%)
8.19%		03/14/28	2		2,985,000		2,940,225
Safe Fleet Holdings, LLC,
Term Loan, 1st Lien
(SOFR plus 3.85%)
9.17%		02/23/29	2		881,786		883,783
Trans Union LLC,
Term Loan B6, 1st Lien (Luxembourg)
(SOFR plus 2.36%)
7.68%		12/01/28	2,3		2,939,139		2,941,358
TruGreen LP,
Term Loan B, 1st Lien
(SOFR plus 4.10%)
9.42%		11/02/27	2		4,076,281		3,884,696
							57,502,424

See accompanying Notes to Financial Statements.

173 / Semi-Annual Report September 2023

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
BANK LOANS (continued)
Transportation — 0.01%
United Airlines, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.86%)
8.56%		04/21/28	2	$	3,919,295	$	3,931,543
Total Bank Loans
(Cost $929,386,276)							917,635,782
CORPORATES — 27.80%*
Banking — 7.31%
ABN AMRO Bank NV
(Netherlands)
2.47%		12/13/29	1,3,6		7,000,000		5,787,953
Bank of America Corp.
1.73%		07/22/27	6		226,944,000		201,161,664
2.30%		07/21/32	6		12,887,000		9,779,960
2.57%		10/20/32	6		8,676,000		6,670,537
2.59%		04/29/31	6		39,817,000		32,045,317
2.69%		04/22/32	6		17,534,000		13,775,631
3.42%		12/20/28	6		11,650,000		10,451,573
Bank of America Corp.
(MTN)
0.81%		10/24/24	6		6,000,000		5,979,300
1.90%		07/23/31	6		29,920,000		22,692,504
1.92%		10/24/31	6		21,386,000		16,150,447
2.09%		06/14/29	6		275,019,000		230,220,115
2.50%		02/13/31	6		19,900,000		15,959,910
2.55%		02/04/28	6		34,135,000		30,436,014
3.97%		03/05/29	6		353,000		323,892
(CME Term SOFR 3-Month plus 0.91%)
6.32%		12/01/26	2		50,000,000		48,938,530
Bank of America Corp.,
Series N
1.66%		03/11/27	6		313,542,000		281,320,480
2.65%		03/11/32	6		3,841,000		3,027,738
DNB Bank ASA
(Norway)
0.86%		09/30/25	1,3,6		54,865,000		52,048,831
HSBC Holdings PLC
(United Kingdom)
1.59%		05/24/27	3,6		22,349,000		19,713,965
1.75%		07/24/27	3,6		15,500,000		16,714,963
2.01%		09/22/28	3,6		160,727,000		136,458,191
2.21%		08/17/29	3,6		184,140,000		152,014,000
2.80%		05/24/32	3,6		52,358,000		40,595,459
3.97%		05/22/30	3,6		2,650,000		2,331,933
4.29%		09/12/26	3,6		5,000,000		4,802,545
4.76%		06/09/28	3,6		3,116,000		2,949,253
6.33%		03/09/44	3,6		38,998,000		37,471,892
JPMorgan Chase & Co.
0.77%		08/09/25	6		41,694,000		39,717,185
0.97%		06/23/25	6		179,824,000		172,616,748
1.58%		04/22/27	6		104,986,000		93,699,102
2.01%		03/13/26	6		2,732,000		2,573,582
2.07%		06/01/29	6		155,000		130,757
2.58%		04/22/32	6		31,454,000		24,840,357
3.70%		05/06/30	6		2,876,000		2,566,525

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Banking (continued)
4.01%		04/23/29	6	$	8,006,000	$	7,382,377
4.02%		12/05/24	6		73,555,000		73,232,240
Lloyds Banking Group PLC
(United Kingdom)
1.63%		05/11/27	3,6		21,375,000		18,961,138
3.57%		11/07/28	3,6		2,073,000		1,852,979
3.75%		03/18/28	3,6		9,746,000		8,951,242
3.87%		07/09/25	3,6		27,225,000		26,700,605
3.90%		03/12/24	3		27,591,000		27,317,810
4.98%		08/11/33	3,6		54,300,000		48,365,722
5.87%		03/06/29	3,6		7,340,000		7,181,632
Macquarie Group Ltd.
(Australia)
1.20%		10/14/25	1,3,6		25,795,000		24,469,237
1.34%		01/12/27	1,3,6		6,109,000		5,467,587
1.63%		09/23/27	1,3,6		8,400,000		7,344,323
2.69%		06/23/32	1,3,6		2,100,000		1,605,245
2.87%		01/14/33	1,3,6		94,105,000		71,208,150
NatWest Group PLC
(United Kingdom)
4.27%		03/22/25	3,6		35,357,000		34,985,992
PNC Financial Services Group, Inc. (The)
5.07%		01/24/34	6		136,758,000		124,042,349
5.58%		06/12/29	6		26,025,000		25,268,669
6.04%		10/28/33	6		6,665,000		6,469,327
Santander UK Group Holdings PLC
(United Kingdom)
1.09%		03/15/25	3,6		232,404,000		226,006,164
1.53%		08/21/26	3,6		6,354,000		5,762,463
1.67%		06/14/27	3,6		36,865,000		32,279,999
2.47%		01/11/28	3,6		20,406,000		17,781,229
2.90%		03/15/32	3,6		5,941,000		4,592,610
3.82%		11/03/28	3,6		2,200,000		1,961,515
4.80%		11/15/24	3,6		92,330,000		92,160,322
Santander UK PLC
(United Kingdom)
5.00%		11/07/23	1,3		27,746,000		27,690,258
U.S. Bancorp
4.65%		02/01/29	6		70,000		65,521
4.84%		02/01/34	6		142,861,000		126,121,139
5.84%		06/12/34	6		31,060,000		29,280,739
5.85%		10/21/33	6		35,790,000		33,927,828
UBS Group AG
(Switzerland)
1.31%		02/02/27	1,3,6		150,785,000		133,668,807
2.13%		10/13/26	3,6		10,150,000		10,207,794
2.19%		06/05/26	1,3,6		42,674,000		39,740,163
2.59%		09/11/25	1,3,6		7,344,000		7,068,999
2.88%		04/02/32	3,6		223,214,000		203,576,137
3.09%		05/14/32	1,3,6		199,847,000		158,497,830
3.87%		01/12/29	1,3,6		17,646,000		15,984,116
4.19%		04/01/31	1,3,6		43,737,000		38,213,082
4.28%		01/09/28	1,3		19,599,000		18,059,285
6.37%		07/15/26	1,3,6		29,465,000		29,375,986
6.54%		08/12/33	1,3,6		101,128,000		99,894,238
7.75%		03/01/29	3,6		13,350,000		15,645,333

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 174

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Banking (continued)
9.02%		11/15/33	1,3,6	$	58,949,000	$	68,349,408
UBS Group AG
(EMTN)
(Switzerland)
0.63%		01/18/33	3		22,735,000		16,394,411
Wells Fargo & Co.
5.39%		04/24/34	6		14,855,000		13,918,027
Wells Fargo & Co.
(MTN)
2.16%		02/11/26	6		49,673,000		46,907,982
2.39%		06/02/28	6		90,860,000		79,710,796
2.88%		10/30/30	6		168,638,000		140,430,957
3.35%		03/02/33	6		280,137,000		226,359,775
3.53%		03/24/28	6		106,889,000		98,161,626
4.90%		07/25/33	6		11,018,000		9,976,075
5.01%		04/04/51	6		510,000		429,015
5.57%		07/25/29	6		4,574,000		4,458,908
							4,329,432,014
Communications — 2.61%
AT&T, Inc.
5.25%		03/01/37			102,923,000		93,194,491
C&W Senior Financing DAC
(Ireland)
6.88%		09/15/27	1,3		2,200,000		1,940,928
Cable One, Inc.
4.00%		11/15/30	1		49,155,000		37,542,131
Charter Communications Operating LLC/Charter
Communications Operating Capital
2.30%		02/01/32			10,000,000		7,297,578
2.80%		04/01/31			15,987,000		12,476,613
4.80%		03/01/50			127,389,000		89,170,542
5.38%		04/01/38			2,030,000		1,660,847
5.38%		05/01/47			116,802,000		89,188,387
5.75%		04/01/48			33,533,000		26,800,606
Charter Communications Operating, LLC/Charter
Communications Operating Capital
5.13%		07/01/49			14,837,000		10,864,393
5.25%		04/01/53			33,378,000		24,976,697
CommScope, Inc.
4.75%		09/01/29	1		36,103,000		26,941,864
Cox Communications, Inc.
2.60%		06/15/31	1		4,790,000		3,734,243
CSC Holdings LLC
4.50%		11/15/31	1		835,000		592,019
4.63%		12/01/30	1		4,879,000		2,622,267
5.38%		02/01/28	1		22,749,000		18,550,713
5.75%		01/15/30	1		35,324,000		19,843,812
6.50%		02/01/29	1		89,059,000		73,882,549
7.50%		04/01/28	1		5,318,000		3,461,885
11.25%		05/15/28	1		6,010,000		5,990,178
Diamond Sports Group, LLC/Diamond Sports Finance Co.
5.38%		08/15/26	1,7,8		57,255,000		1,288,237
Frontier Communications Holdings LLC
5.00%		05/01/28	1		12,696,000		10,863,408
6.75%		05/01/29	1		2,406,000		1,854,274

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Communications (continued)
8.63%		03/15/31	1	$	46,794,000	$	43,981,767
8.75%		05/15/30	1		1,125,000		1,069,341
Global Switch Finance BV
(EMTN)
(Netherlands)
1.38%		10/07/30	3		63,777,000		56,309,979
Intelsat Jackson Holdings SA
(Luxembourg)
6.50%		03/15/30	1,3		118,746,000		105,527,266
Intelsat Jackson Holdings SA,
Class B
(Luxembourg)
5.50%		08/01/23	†,3,4,5,7,8		54,920,000		—
8.50%		10/15/24	†,1,3,4,5,7,8		149,759,000		—
9.75%		07/15/25	†,1,3,4,5,7,8		45,708,000		—
Level 3 Financing, Inc.
10.50%		05/15/30	1		12,664,000		12,758,980
Meta Platforms, Inc.
4.45%		08/15/52			1,360,000		1,077,486
5.75%		05/15/63			30,000,000		28,318,220
Netflix, Inc.
4.63%		05/15/29			61,440,000		65,682,770
Netflix, Inc.,
Series REGS
3.63%		06/15/30			3,000,000		3,018,290
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.
4.75%		04/30/27	1		4,820,000		4,241,600
Qwest Corp.
7.25%		09/15/25			4,044,000		3,932,790
SES GLOBAL Americas Holdings, Inc.
5.30%		03/25/44	1		55,170,000		37,203,748
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint
Spectrum Co. III LLC
4.74%		03/20/25	1		35,253,375		34,889,244
5.15%		03/20/28	1		270,985,500		266,300,280
Tencent Holdings Ltd.
(Cayman Islands)
2.88%		04/22/31	1,3		5,535,000		4,489,019
3.68%		04/22/41	1,3		22,760,000		15,753,554
3.84%		04/22/51	1,3		64,516,000		41,435,419
3.98%		04/11/29	1,3		9,225,000		8,381,604
Time Warner Cable LLC
4.50%		09/15/42			18,977,000		13,159,292
5.50%		09/01/41			32,811,000		25,687,839
T-Mobile USA, Inc.
2.63%		04/15/26			46,941,000		43,428,004
2.63%		02/15/29			5,073,000		4,308,527
3.75%		04/15/27			4,887,000		4,565,531
3.88%		04/15/30			50,101,000		44,406,968
Vodafone Group PLC
(United Kingdom)
4.88%		06/19/49	3		51,385,500		41,062,697
VZ Secured Financing BV
(Netherlands)
5.00%		01/15/32	1,3		36,806,000		29,032,432

See accompanying Notes to Financial Statements.

175 / Semi-Annual Report September 2023

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	MaturityDate			PrincipalAmount		Value
CORPORATES (continued)
Communications (continued)
VZ Secured Financing BV,
Series REGS
(Netherlands)
3.50%		01/15/32	3	$	30,755,000	$	25,151,794
Zayo Group Holdings, Inc.
4.00%		03/01/27	1		3,817,000		2,837,178
Ziggo BV
(Netherlands)
4.88%		01/15/30	1,3		15,255,000		12,520,694
							1,545,270,975
Consumer Discretionary — 1.37%
Altria Group, Inc.
3.70%		02/04/51			995,000		616,842
Bacardi Ltd.
(Bermuda)
5.15%		05/15/38	1,3		12,881,000		11,312,157
5.30%		05/15/48	1,3		18,831,000		16,265,378
BAT Capital Corp.
2.73%		03/25/31			6,395,000		4,932,433
3.73%		09/25/40			3,182,000		2,128,284
4.39%		08/15/37			73,160,000		56,038,976
4.54%		08/15/47			138,420,000		95,384,729
4.76%		09/06/49			30,502,000		21,484,991
BAT International Finance PLC
(EMTN)
(United Kingdom)
2.25%		09/09/52	3		134,234,000		64,792,450
4.00%		11/23/55	3		8,700,000		5,845,100
Central Garden & Pet Co.
4.13%		10/15/30			2,200,000		1,837,882
4.13%		04/30/31	1		5,085,000		4,151,536
Imperial Brands Finance Netherlands BV
(EMTN)
(Netherlands)
1.75%		03/18/33	3		30,150,000		22,971,215
5.25%		02/15/31	3		20,000,000		20,580,025
Imperial Brands Finance PLC
(United Kingdom)
3.13%		07/26/24	1,3		15,312,000		14,938,488
3.50%		07/26/26	1,3		53,505,000		50,119,830
3.88%		07/26/29	1,3		4,545,000		4,003,233
4.25%		07/21/25	1,3		5,566,000		5,366,001
Imperial Brands Finance PLC
(EMTN)
(United Kingdom)
8.13%		03/15/24	3		1,758,000		2,162,807
Reynolds American, Inc.
5.70%		08/15/35			34,320,000		30,651,532
5.85%		08/15/45			68,022,000		56,343,793
Triton Water Holdings, Inc.
6.25%		04/01/29	1		48,799,000		40,137,177
WarnerMedia Holdings, Inc.
5.05%		03/15/42			11,935,000		9,242,458
5.14%		03/15/52			314,615,000		233,754,524

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Consumer Discretionary (continued)
5.39%		03/15/62		$	52,245,000	$	38,587,725
							813,649,566
Consumer Products — 0.01%
Newell Brands, Inc.
6.50%		04/01/46			3,935,000		2,920,435
Diversified REITs — 1.04%
American Tower Corp.
0.88%		05/21/29			8,755,000		7,570,820
0.95%		10/05/30			39,651,000		32,781,739
1.00%		01/15/32			15,023,000		11,924,265
1.88%		10/15/30			13,336,000		10,096,590
2.30%		09/15/31			14,788,000		11,233,144
2.70%		04/15/31			34,498,000		27,392,105
4.63%		05/16/31			8,000,000		8,302,781
5.65%		03/15/33			41,017,000		39,450,745
CapitaLand Ascendas REIT
(EMTN)
(Slovenia)
0.75%		06/23/28	3		14,032,000		12,095,175
Digital Dutch Finco BV
(Netherlands)
1.00%		01/15/32	3		5,000,000		3,823,118
1.25%		02/01/31	3		26,308,000		21,410,430
1.50%		03/15/30	3		25,000,000		21,373,432
Digital Intrepid Holding BV
(Netherlands)
0.63%		07/15/31	3		26,530,000		20,066,579
1.38%		07/18/32	3		22,395,000		17,411,752
GLP Capital LP/GLP Financing II, Inc.
3.25%		01/15/32			8,388,000		6,505,733
4.00%		01/15/30			32,318,000		27,489,691
4.00%		01/15/31			7,310,000		6,094,810
5.25%		06/01/25			6,644,000		6,537,297
5.30%		01/15/29			30,710,000		28,663,793
5.38%		04/15/26			75,332,000		73,109,563
5.75%		06/01/28			24,498,000		23,512,702
VICI Properties LP
4.95%		02/15/30			1,655,000		1,527,035
5.13%		05/15/32			76,352,000		68,540,804
5.63%		05/15/52			35,253,000		29,435,505
VICI Properties LP/VICI Note Co., Inc.
3.75%		02/15/27	1		21,736,000		19,844,316
3.88%		02/15/29	1		44,136,000		38,185,513
4.13%		08/15/30	1		11,991,000		10,256,862
4.50%		09/01/26	1		8,763,000		8,302,066
4.50%		01/15/28	1		21,816,000		19,931,738
5.75%		02/01/27	1		3,328,000		3,225,260
							616,095,363
Electric — 1.52%
Alliant Energy Finance, LLC
3.60%		03/01/32	1		4,515,000		3,745,349
American Electric Power Co., Inc.
2.03%		03/15/24			4,935,000		4,843,443
5.75%		11/01/27			7,930,000		7,982,588

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 176

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Electric (continued)
Appalachian Power Co.
4.45%		06/01/45		$	100,000	$	76,549
Appalachian Power Co.,
Series Z
3.70%		05/01/50			9,450,000		6,359,325
Arizona Public Service Co.
5.55%		08/01/33			44,465,000		43,098,852
6.35%		12/15/32			20,904,000		21,424,080
Black Hills Corp.
4.35%		05/01/33			1,285,000		1,099,125
6.15%		05/15/34			13,020,000		12,682,502
Comision Federal de Electricidad,
Series REGS
(Mexico)
3.88%		07/26/33	3		4,340,000		3,309,250
Duke Energy Carolinas LLC
4.00%		09/30/42			11,040,000		8,472,727
4.25%		12/15/41			14,683,000		11,775,869
4.95%		01/15/33			9,255,000		8,802,706
5.35%		01/15/53			13,611,000		12,468,981
5.40%		01/15/54			25,000,000		23,129,002
Duke Energy Corp.
3.75%		09/01/46			9,965,000		6,969,610
3.85%		06/15/34			96,657,000		91,195,898
Duke Energy Progress LLC
5.35%		03/15/53			5,000,000		4,552,960
FirstEnergy Corp.
2.65%		03/01/30			5,831,000		4,759,424
FirstEnergy Corp.,
Series B
2.25%		09/01/30			3,775,000		2,932,231
FirstEnergy Corp.,
Series C
3.40%		03/01/50			27,555,000		17,158,747
FirstEnergy Transmission LLC
2.87%		09/15/28	1		50,514,000		43,859,290
4.35%		01/15/25	1		23,330,000		22,801,606
4.55%		04/01/49	1		13,175,000		10,342,598
5.45%		07/15/44	1		24,625,000		21,752,414
Interstate Power and Light Co.
5.70%		10/15/33			15,980,000		15,730,068
ITC Holdings Corp.
4.95%		09/22/27	1		6,155,000		5,993,785
5.40%		06/01/33	1		66,380,000		63,107,724
Jersey Central Power & Light Co.
2.75%		03/01/32	1		820,000		644,152
4.30%		01/15/26	1		8,645,000		8,336,157
4.70%		04/01/24	1		49,765,000		49,317,097
6.40%		05/15/36			11,630,000		11,210,867
Metropolitan Edison Co.
4.00%		04/15/25	1		35,719,000		34,264,412
4.30%		01/15/29	1		18,381,000		17,095,443
Mong Duong Finance Holdings BV,
Series REGS
(Netherlands)
5.13%		05/07/29	3		1,825,000		1,659,254

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Electric (continued)
New England Power Co.
5.94%		11/25/52	1	$	20,670,000	$	19,665,339
NextEra Energy Capital Holdings, Inc.
4.63%		07/15/27			5,870,000		5,657,911
Niagara Mohawk Power Corp.
3.03%		06/27/50	1		3,543,000		2,088,495
4.28%		10/01/34	1		4,375,000		3,662,277
5.78%		09/16/52	1		3,250,000		3,008,529
Pennsylvania Electric Co.
3.25%		03/15/28	1		125,000		112,283
4.15%		04/15/25	1		28,335,000		27,318,965
5.15%		03/30/26	1		3,000,000		2,946,104
Public Service Co. of New Mexico
3.85%		08/01/25			14,390,000		13,766,283
Puget Sound Energy, Inc.
5.45%		06/01/53			1,485,000		1,364,186
Southwestern Electric Power Co.
3.25%		11/01/51			6,519,000		3,924,574
5.30%		04/01/33			45,000,000		42,522,963
Southwestern Electric Power Co.,
Series K
2.75%		10/01/26			26,488,000		24,339,747
Southwestern Electric Power Co.,
Series L
3.85%		02/01/48			19,395,000		13,265,989
TenneT Holding BV
(EMTN)
(Netherlands)
2.75%		05/17/42	3		38,400,000		34,773,859
4.50%		10/28/34	3		18,555,000		20,724,308
4.75%		10/28/42	3		61,891,000		69,638,302
Tucson Electric Power Co.
4.85%		12/01/48			8,755,000		7,100,417
							898,834,616
Energy — 1.39%
Archrock Partners LP/Archrock Partners Finance Corp.
6.25%		04/01/28	1		6,901,000		6,499,362
Boston Gas Co.
3.76%		03/16/32	1		6,440,000		5,405,916
6.12%		07/20/53	1		13,275,000		12,599,214
Brooklyn Union Gas Co. (The)
6.39%		09/15/33	1		35,000,000		34,401,937
Columbia Pipelines Operating Co. LLC
6.04%		11/15/33	1		18,265,000		17,838,662
Ecopetrol SA
(Colombia)
8.88%		01/13/33	3		5,000,000		4,886,750
Energy Transfer LP
4.90%		03/15/35			5,160,000		4,530,706
5.00%		05/15/50			34,105,000		26,745,391
5.15%		03/15/45			40,735,000		32,812,429
5.35%		05/15/45			4,421,000		3,625,252
5.40%		10/01/47			127,860,000		105,355,595
6.13%		12/15/45			16,239,000		14,513,661

See accompanying Notes to Financial Statements.

177 / Semi-Annual Report September 2023

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Energy (continued)
Galaxy Pipeline Assets Bidco Ltd.
(United Kingdom)
2.16%		03/31/34	1,3	$	17,558,370	$	14,672,915
Hess Corp.
5.60%		02/15/41			3,589,000		3,236,021
KazMunayGas National Co. JSC
(Kazakhstan)
3.50%		04/14/33	1,3		1,800,000		1,354,014
KazMunayGas National Co. JSC,
Series REGS
(Kazakhstan)
3.50%		04/14/33	3		15,883,000		11,947,669
4.75%		04/19/27	3		3,195,000		2,999,626
KazMunayGas National Co. JSC,
Series REGS (EMTN)
(Kazakhstan)
5.38%		04/24/30	3		6,856,000		6,249,724
KeySpan Gas East Corp.
5.99%		03/06/33	1		5,530,000		5,337,135
Kinder Morgan Energy Partners LP
4.70%		11/01/42			2,171,000		1,691,359
5.00%		08/15/42			5,775,000		4,675,256
5.40%		09/01/44			3,940,000		3,322,564
5.50%		03/01/44			1,060,000		902,977
Kinder Morgan, Inc.
(GMTN)
7.80%		08/01/31			150,000		162,557
National Gas Transmission PLC,
(EMTN)
(United Kingdom)
4.25%		04/05/30	3		26,895,000		28,027,488
Pertamina Persero PT
(Indonesia)
3.10%		08/27/30	1,3		39,071,000		32,662,184
Petroleos Mexicanos
(Mexico)
5.95%		01/28/31	3		12,508,000		8,954,477
6.35%		02/12/48	3		7,570,000		4,339,290
6.63%		06/15/35	3		28,288,000		19,013,496
6.75%		09/21/47	3		61,843,000		36,706,684
6.95%		01/28/60	3		16,892,000		10,025,402
Piedmont Natural Gas Co., Inc.
2.50%		03/15/31			7,272,000		5,734,376
5.40%		06/15/33			21,595,000		20,633,163
Plains All American Pipeline LP/PAA Finance Corp.
3.55%		12/15/29			31,332,000		26,919,844
3.80%		09/15/30			8,920,000		7,667,928
QatarEnergy,
Series REGS
(Qatar)
2.25%		07/12/31	3		21,710,000		17,424,229
QazaqGaz NC JSC,
Series REGS
(Kazakhstan)
4.38%		09/26/27	3		6,350,000		5,868,987

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Energy (continued)
Rockies Express Pipeline LLC
4.80%		05/15/30	1	$	5,125,000	$	4,445,938
4.95%		07/15/29	1		84,805,000		75,658,546
6.88%		04/15/40	1		44,867,000		39,444,374
Southern Co. Gas Capital Corp.
4.40%		05/30/47			50,000		37,999
5.15%		09/15/32			13,420,000		12,671,771
5.75%		09/15/33			29,545,000		28,991,458
Southern Gas Corridor CJSC,
Series REGS
(Azerbaijan)
6.88%		03/24/26	3		16,442,000		16,397,195
TC PipeLines LP
4.38%		03/13/25			2,198,000		2,142,163
TransCanada PipeLines Ltd.
(Canada)
4.63%		03/01/34	3		11,175,000		9,745,771
TransMontaigne Partners LP/TLP Finance Corp.
6.13%		02/15/26			34,635,000		29,699,512
Venture Global Calcasieu Pass LLC
3.88%		08/15/29	1		7,000,000		5,904,271
4.13%		08/15/31	1		31,639,000		26,015,088
6.25%		01/15/30	1		25,837,000		24,674,335
							825,572,661
Finance — 4.70%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
(Ireland)
2.45%		10/29/26	3		21,203,000		19,008,815
3.00%		10/29/28	3		61,990,000		53,181,780
3.30%		01/30/32	3		141,856,000		112,989,853
Air Lease Corp.
2.20%		01/15/27			38,695,000		34,264,374
3.25%		03/01/25			19,930,000		19,059,268
3.25%		10/01/29			5,000,000		4,256,175
3.63%		04/01/27			4,570,000		4,199,943
4.25%		09/15/24			5,554,000		5,457,877
4.63%		10/01/28			2,000,000		1,854,283
Air Lease Corp.
(MTN)
2.30%		02/01/25			35,195,000		33,356,445
2.88%		01/15/26			10,055,000		9,366,585
3.00%		02/01/30			2,000,000		1,644,926
Alta Wind Holdings LLC
7.00%		06/30/35	1,4,5		2,963,214		2,666,067
Avolon Holdings Funding Ltd.
(Cayman Islands)
2.53%		11/18/27	1,3		171,755,000		145,117,088
2.88%		02/15/25	1,3		35,755,000		33,749,537
3.25%		02/15/27	1,3		17,880,000		15,878,990
3.95%		07/01/24	1,3		35,499,000		34,775,957
4.38%		05/01/26	1,3		7,405,000		6,955,950
Capital One Financial Corp.
1.34%		12/06/24	6		114,655,000		113,426,167
Citigroup, Inc.
0.78%		10/30/24	6		672,000		668,871

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 178

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Finance (continued)
1.46%		06/09/27	6	$	98,375,000	$	86,976,852
2.52%		11/03/32	6		59,557,000		45,518,039
2.56%		05/01/32	6		44,980,000		34,837,878
2.57%		06/03/31	6		80,655,000		64,347,022
2.67%		01/29/31	6		31,479,000		25,544,336
2.98%		11/05/30	6		10,739,000		8,982,524
3.06%		01/25/33	6		171,035,000		135,146,911
3.52%		10/27/28	6		15,144,000		13,708,155
3.98%		03/20/30	6		4,000,000		3,594,855
4.41%		03/31/31	6		24,787,000		22,303,695
Citigroup, Inc.,
Series VAR
3.07%		02/24/28	6		1,000		908
Gaci First Investment Co.
(Cayman Islands)
5.25%		10/13/32	3		6,400,000		6,251,520
GGAM Finance Ltd.
(Cayman Islands)
8.00%		06/15/28	1,3		38,889,000		38,808,111
Goldman Sachs Group, Inc. (The)
0.93%		10/21/24	6		77,465,000		76,854,374
1.22%		12/06/23			120,935,000		119,946,106
1.43%		03/09/27	6		159,027,000		141,615,172
1.54%		09/10/27	6		108,910,000		95,387,834
1.76%		01/24/25	6		7,000,000		6,889,653
1.95%		10/21/27	6		21,391,000		18,892,283
1.99%		01/27/32	6		864,000		648,343
2.38%		07/21/32	6		100,954,000		76,920,026
2.62%		04/22/32	6		12,009,000		9,385,514
2.65%		10/21/32	6		787,000		607,810
3.27%		09/29/25	6		27,707,000		26,852,962
3.50%		04/01/25			31,914,000		30,795,974
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.38%		02/01/29			12,415,000		10,056,150
5.25%		05/15/27			7,682,000		6,770,377
6.25%		05/15/26			16,575,000		15,450,718
Jane Street Group/JSG Finance, Inc.
4.50%		11/15/29	1		1,449,000		1,244,787
JPMorgan Chase & Co.
0.56%		02/16/25	6		7,895,000		7,721,927
0.82%		06/01/25	6		30,872,000		29,745,087
1.04%		02/04/27	6		16,975,000		15,106,621
1.56%		12/10/25	6		163,875,000		154,893,187
1.95%		02/04/32	6		55,615,000		42,204,274
2.55%		11/08/32	6		24,664,000		19,123,116
2.74%		10/15/30	6		8,027,000		6,716,660
2.95%		02/24/28	6		39,486,000		35,831,394
2.96%		01/25/33	6		12,277,000		9,795,468
Morgan Stanley
0.79%		05/30/25	6		64,230,000		61,708,625
0.99%		12/10/26	6		24,551,000		21,903,860
1.59%		05/04/27	6		26,820,000		23,881,534
2.48%		09/16/36	6		64,027,000		46,803,318
2.95%		05/07/32	6		25,820,000		24,304,284
4.66%		03/02/29	6		29,000,000		30,697,913
5.30%		04/20/37	6		1,801,000		1,610,753

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Finance (continued)
Morgan Stanley
(GMTN)
1.51%		07/20/27	6	$	2,584,000	$	2,277,426
2.24%		07/21/32	6		65,942,000		49,737,862
2.70%		01/22/31	6		6,815,000		5,570,729
Morgan Stanley
(MTN)
1.16%		10/21/25	6		162,926,000		153,828,587
1.79%		02/13/32	6		31,386,000		23,260,797
1.93%		04/28/32	6		67,900,000		50,572,918
Morgan Stanley,
Series I
0.86%		10/21/25	6		14,000,000		13,195,390
Nationwide Building Society
(United Kingdom)
2.97%		02/16/28	1,3,6		107,650,000		96,331,734
4.30%		03/08/29	1,3,6		13,000,000		11,935,328
Park Aerospace Holdings Ltd.
(Cayman Islands)
5.50%		02/15/24	1,3		26,855,000		26,725,763
TIAA FSB Holdings, Inc.
5.75%		07/02/25			4,045,000		3,808,692
UBS Group AG
(Switzerland)
1.49%		08/10/27	1,3,6		14,035,000		12,244,379
4.70%		08/05/27	1,3,6		4,285,000		4,106,061
Vonovia SE
(Georgia)
1.00%		06/16/33	3		1,900,000		1,379,202
1.50%		06/14/41	3		6,600,000		3,832,458
Vonovia SE
(EMTN)
(Georgia)
1.63%		09/01/51	3		12,900,000		6,549,289
Vonovia SE,
(EMTN)
(Georgia)
5.00%		11/23/30	3		11,700,000		12,222,288
							2,785,844,764
Food — 0.74%
JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg Sarl
(Canada)
6.75%		03/15/34	1,3		77,118,000		75,079,016
7.25%		11/15/53	1,3		12,290,000		11,882,900
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance,
Inc.
(Canada)
3.75%		12/01/31	3		22,699,000		18,204,383
4.38%		02/02/52	3		63,603,000		42,109,517
5.50%		01/15/30	3		26,622,000		24,876,057
5.75%		04/01/33	3		46,048,000		42,083,316
6.50%		12/01/52	3		7,475,000		6,697,644
Pilgrim’s Pride Corp.
3.50%		03/01/32			85,672,000		66,368,023
4.25%		04/15/31			1,429,000		1,193,836

See accompanying Notes to Financial Statements.

179 / Semi-Annual Report September 2023

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Food (continued)
5.88%		09/30/27	1	$	34,697,000	$	35,239,298
6.25%		07/01/33			41,051,000		38,652,931
6.88%		05/15/34			2,495,000		2,450,743
Simmons Foods, Inc./Simmons Prepared Foods, Inc./
Simmons Pet Food, Inc./Simmons Feed
4.63%		03/01/29	1		43,506,000		35,731,416
Smithfield Foods, Inc.
2.63%		09/13/31	1		14,435,000		10,395,598
3.00%		10/15/30	1		8,890,000		6,822,149
4.25%		02/01/27	1		24,855,000		22,990,375
							440,777,202
Health Care — 2.27%
1375209 BC Ltd.
(Canada)
9.00%		01/30/28	1,3		13,587,000		13,446,553
Amgen, Inc.
4.20%		02/22/52			3,200,000		2,396,933
4.88%		03/01/53			1,145,000		955,999
5.75%		03/02/63			61,954,000		57,302,528
Bausch & Lomb Escrow Corp.
(Canada)
8.38%		10/01/28	1,3		11,118,000		11,148,952
Bayer AG
(EMTN)
(Georgia)
4.63%		05/26/33	3		25,550,000		26,788,251
Bayer U.S. Finance II LLC
2.85%		04/15/25	1		2,805,000		2,655,892
3.95%		04/15/45	1		17,489,000		12,086,188
4.25%		12/15/25	1		17,152,000		16,517,650
4.38%		12/15/28	1		109,521,000		101,837,013
4.40%		07/15/44	1		69,196,000		51,938,071
4.63%		06/25/38	1		46,534,000		38,173,981
4.88%		06/25/48	1		44,314,000		35,377,719
5.50%		08/15/25	1		13,932,000		13,802,206
5.50%		07/30/35	1		3,820,000		3,549,279
Becton Dickinson & Co.
3.36%		06/06/24			1,013,000		995,331
Catalent Pharma Solutions, Inc.
3.13%		02/15/29	1		5,197,000		4,267,309
3.50%		04/01/30	1		17,205,000		14,187,845
Catalent Pharma Solutions, Inc.,
Series REGS
2.38%		03/01/28			27,110,000		24,158,556
Centene Corp.
2.45%		07/15/28			31,858,000		26,936,551
2.50%		03/01/31			13,855,000		10,641,610
3.00%		10/15/30			138,275,000		111,702,002
4.25%		12/15/27			74,814,000		69,035,741
CommonSpirit Health
3.35%		10/01/29			11,421,000		9,948,323
CVS Health Corp.
4.78%		03/25/38			3,581,000		3,085,558
4.88%		07/20/35			15,713,000		14,062,159
5.05%		03/25/48			24,024,000		19,972,641

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Health Care (continued)
5.13%		07/20/45		$	43,345,000	$	36,510,789
DENTSPLY SIRONA, Inc.
3.25%		06/01/30			11,506,000		9,636,988
Embecta Corp.
6.75%		02/15/30	1		21,244,000		17,542,150
Fresenius Finance Ireland PLC
(EMTN)
(Ireland)
0.88%		10/01/31	3		7,910,000		6,161,762
Fresenius Medical Care U.S. Finance III, Inc.
1.88%		12/01/26	1		67,592,000		58,992,416
Fresenius SE & Co. KGaA
(EMTN)
(Georgia)
2.88%		05/24/30	3		8,000,000		7,539,867
Grifols SA
(Spain)
4.75%		10/15/28	1,3		14,210,000		12,157,100
Grifols SA,
Series REGS
(Spain)
3.88%		10/15/28	3		20,825,000		18,800,950
HCA, Inc.
2.38%		07/15/31			563,000		431,080
3.50%		09/01/30			54,130,000		45,815,209
3.63%		03/15/32			46,369,000		38,478,353
4.38%		03/15/42			15,000,000		11,462,499
5.25%		06/15/26			20,209,000		19,801,150
5.25%		06/15/49			152,587,000		125,545,649
5.50%		06/15/47			19,677,000		16,819,309
5.63%		09/01/28			14,411,000		14,043,285
5.88%		02/15/26			3,915,000		3,897,764
Illumina, Inc.
5.75%		12/13/27			4,480,000		4,404,946
Kedrion SpA
(Italy)
6.50%		09/01/29	1,3		25,064,000		21,617,700
Medtronic Global Holdings SCA
(Luxembourg)
1.50%		07/02/39	3		7,850,000		5,580,888
3.38%		10/15/34	3		17,195,000		16,869,067
ModivCare Escrow Issuer, Inc.
5.00%		10/01/29	1		47,094,000		33,848,461
ModivCare, Inc.
5.88%		11/15/25	1		28,528,000		27,145,248
Molina Healthcare, Inc.
4.38%		06/15/28	1		19,558,000		17,531,283
Organon & Co./Organon Foreign Debt Co.-Issuer BV
5.13%		04/30/31	1		5,581,000		4,506,657
Premier Health Partners,
Series G
2.91%		11/15/26			2,229,000		1,994,307
Revvity, Inc.
0.85%		09/15/24			12,935,000		12,299,352

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 180

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Health Care (continued)
Royalty Pharma PLC
(United Kingdom)
1.75%		09/02/27	3	$	11,295,000	$	9,634,215
Tenet Healthcare Corp.
6.75%		05/15/31	1		3,002,000		2,900,810
Teva Pharmaceutical Finance Netherlands II BV
(Netherlands)
7.88%		09/15/31	3		5,840,000		6,425,383
Universal Health Services, Inc.
1.65%		09/01/26			45,000,000		39,676,261
							1,345,041,739
Health Care REITs — 0.19%
Healthcare Reality Holdings LP
2.00%		03/15/31			6,928,000		5,198,542
3.10%		02/15/30			35,467,000		29,575,584
Healthcare Realty Holdings LP
2.05%		03/15/31			17,654,000		12,812,790
2.40%		03/15/30			29,082,000		22,484,542
3.63%		01/15/28			25,359,000		22,617,651
3.88%		05/01/25			9,381,000		8,848,097
Physicians Realty LP
2.63%		11/01/31			4,632,000		3,493,548
3.95%		01/15/28			1,245,000		1,126,305
4.30%		03/15/27			8,717,000		8,191,887
							114,348,946
Industrial REITs — 0.18%
Prologis Euro Finance LLC
0.50%		02/16/32			19,021,000		14,319,688
0.63%		09/10/31			6,898,000		5,411,035
1.00%		02/06/35			13,648,000		9,551,969
1.00%		02/16/41			8,348,000		4,709,953
Prologis Euro Finance LLC
(EMTN)
1.00%		02/08/29			2,720,000		2,400,384
Prologis Euro Finance LLC,
(EMTN)
4.25%		01/31/43			30,458,000		28,077,576
SELP Finance SARL
(Luxembourg)
0.88%		05/27/29	3		46,714,000		38,992,753
							103,463,358
Industrials — 0.73%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
(Canada)
5.25%		08/15/27	1,3		54,055,000		45,217,825
Artera Services LLC
9.03%		12/04/25	1		26,315,000		24,318,885
Berry Global, Inc.
1.50%		01/15/27	1		8,110,000		7,763,485
1.57%		01/15/26			42,992,000		38,871,437
1.65%		01/15/27			16,949,000		14,586,304
4.88%		07/15/26	1		82,131,000		78,701,628
Boeing Co. (The)
1.43%		02/04/24			151,800,000		149,449,741

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Industrials (continued)
4.88%		05/01/25		$	19,940,000	$	19,600,437
Cellnex Finance Co. SA
(EMTN)
(Spain)
2.00%		02/15/33	3		7,100,000		5,811,217
General Electric Co.
(MTN)
(CME Term SOFR 3-Month plus 0.64%)
6.01%		05/05/26	2		1,785,000		1,783,006
(CME Term SOFR 3-Month plus 0.74%)
6.11%		08/15/36	2		11,550,000		10,291,494
L3Harris Technologies, Inc.
3.95%		05/28/24			12,890,000		12,712,080
OT Merger Corp.
7.88%		10/15/29	1		33,842,000		21,068,041
Trivium Packaging Finance BV
(Netherlands)
8.50%		08/15/27	1,3		103,000		94,739
							430,270,319
Information Technology — 0.54%
Broadcom, Inc.
2.60%		02/15/33	1		21,446,000		16,005,771
3.14%		11/15/35	1		19,662,000		14,412,148
3.42%		04/15/33	1		16,114,000		12,867,707
Fidelity National Information Services, Inc.
4.50%		08/15/46			4,055,000		3,045,788
Fiserv, Inc.
5.63%		08/21/33			9,330,000		9,047,469
NCR Corp.
5.00%		10/01/28	1		12,752,000		11,494,653
5.25%		10/01/30	1		11,987,000		10,342,062
Open Text Corp.
(Canada)
6.90%		12/01/27	1,3		4,194,000		4,214,677
Oracle Corp.
3.60%		04/01/40			35,483,000		25,652,550
3.60%		04/01/50			38,641,000		25,017,477
3.65%		03/25/41			88,945,000		63,520,853
3.85%		07/15/36			35,336,000		27,958,045
3.95%		03/25/51			51,649,000		35,432,005
4.00%		11/15/47			15,255,000		10,729,769
4.13%		05/15/45			26,924,000		19,542,832
6.25%		11/09/32			1,111,000		1,124,956
6.50%		04/15/38			12,870,000		12,976,587
6.90%		11/09/52			17,325,000		17,857,653
							321,243,002
Insurance — 1.15%
Acrisure LLC/Acrisure Finance, Inc.
6.00%		08/01/29	1		2,000,000		1,695,000
7.00%		11/15/25	1		2,012,000		1,961,881
Aon Corp./Aon Global Holdings PLC
3.90%		02/28/52			22,780,000		16,251,204
Athene Global Funding
1.61%		06/29/26	1		61,330,000		53,612,110

See accompanying Notes to Financial Statements.

181 / Semi-Annual Report September 2023

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Insurance (continued)
1.99%		08/19/28	1	$	11,040,000	$	9,021,387
3.21%		03/08/27	1		26,060,000		23,370,859
(SOFR Index plus 0.70%)
6.04%		05/24/24	1,2		146,955,000		146,262,758
Farmers Exchange Capital
7.05%		07/15/28	1		13,283,000		13,198,914
7.20%		07/15/48	1		18,415,000		17,188,079
Farmers Exchange Capital II
6.15%		11/01/53	1,6		59,331,000		54,916,975
Farmers Exchange Capital III
5.45%		10/15/54	1,6		80,605,000		69,029,105
Farmers Insurance Exchange
4.75%		11/01/57	1,6		23,060,000		17,330,402
Metropolitan Life Global Funding I
3.30%		03/21/29	1		16,005,000		14,228,668
4.30%		08/25/29	1		6,940,000		6,479,512
5.15%		03/28/33	1		20,875,000		19,791,611
Nationwide Mutual Insurance Co.
7.96%		12/15/24	1,6		42,571,000		42,577,054
Protective Life Global Funding
1.90%		07/06/28	1		56,210,000		47,719,150
Teachers Insurance & Annuity Association of America
3.30%		05/15/50	1		102,665,000		65,064,225
4.27%		05/15/47	1		13,496,000		10,228,716
4.38%		09/15/54	1,6		35,635,000		34,662,298
Willis North America, Inc.
4.50%		09/15/28			5,079,000		4,769,569
5.35%		05/15/33			11,025,000		10,294,727
							679,654,204
Materials — 0.31%
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia
Persero PT,
Series REGS
(Indonesia)
5.45%		05/15/30	3		14,861,000		13,895,035
International Flavors & Fragrances, Inc.
1.80%		09/25/26			24,200,000		23,184,323
2.30%		11/01/30	1		68,565,000		51,636,183
3.27%		11/15/40	1		10,351,000		6,496,796
3.47%		12/01/50	1		2,702,000		1,575,881
5.00%		09/26/48			104,037,000		77,752,531
SK Invictus Intermediate II SARL
(Luxembourg)
5.00%		10/30/29	1,3		9,122,000		7,321,226
							181,861,975
Office REITs — 0.20%
Hudson Pacific Properties LP
3.25%		01/15/30			41,313,000		28,377,796
3.95%		11/01/27			23,610,000		18,657,977
4.65%		04/01/29			23,120,000		17,427,974
5.95%		02/15/28			32,070,000		26,783,877
Kilroy Realty LP
2.50%		11/15/32			3,705,000		2,536,533

Issues	Maturity Date			Principal     Amount		Value
CORPORATES (continued)
Office REITs (continued)
2.65%		11/15/33		$	35,363,000	$	23,896,952
							117,681,109
Real Estate Investment Trust (REIT) — 0.20%
American Tower Corp.
5.55%		07/15/33			43,050,000		41,058,478
Annington Funding PLC
(EMTN)
(United Kingdom)
2.65%		07/12/25	3		1,375,000		1,569,909
3.18%		07/12/29	3		10,509,000		10,670,261
Annington Funding PLC,
(EMTN)
(United Kingdom)
3.69%		07/12/34	3		1,100,000		1,028,514
Crown Castle, Inc.
2.10%		04/01/31			23,220,000		17,729,183
Realty Income Corp.
5.13%		07/06/34			41,445,000		43,529,499
Vonovia Finance BV
(Netherlands)
2.25%		04/07/30	3		4,500,000		4,023,353
							119,609,197
Residential REITs — 0.14%
American Homes 4 Rent LP
3.38%		07/15/51			17,118,000		10,271,711
4.30%		04/15/52			6,960,000		5,033,115
Invitation Homes Operating Partnership LP
2.00%		08/15/31			30,593,000		22,651,041
2.70%		01/15/34			40,308,000		29,500,531
5.50%		08/15/33			13,294,000		12,422,437
							79,878,835
Retail — 0.16%
Alimentation Couche-Tard, Inc.
(Canada)
3.80%		01/25/50	1,3		18,032,000		11,843,581
Fertitta Entertainment, LLC/Fertitta Entertainment Finance
Co., Inc.
6.75%		01/15/30	1		17,847,000		14,580,419
FirstCash, Inc.
5.63%		01/01/30	1		9,320,000		8,401,610
Michaels Cos., Inc. (The)
7.88%		05/01/29	1		83,531,000		54,648,642
Papa John’s International, Inc.
3.88%		09/15/29	1		7,902,000		6,527,490
							96,001,742
Retail REITs — 0.03%
Federal Realty OP LP
7.48%		08/15/26			18,825,000		19,282,581
Services — 0.26%
Adtalem Global Education, Inc.
5.50%		03/01/28	1		3,792,000		3,495,403

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 182

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Services (continued)
Global Payments, Inc.
4.88%		03/17/31		$	26,568,000	$	27,456,201
5.40%		08/15/32			24,855,000		23,300,947
5.95%		08/15/52			43,315,000		38,828,082
GTCR W-2 Merger Sub LLC
7.50%		01/15/31	1		7,810,000		7,825,579
Upbound Group, Inc.
6.38%		02/15/29	1		3,646,000		3,267,727
WASH Multifamily Acquisition, Inc.
5.75%		04/15/26	1		6,684,000		6,245,672
Waste Pro USA, Inc.
5.50%		02/15/26	1		44,598,000		41,692,722
							152,112,333
Specialized REITs — 0.35%
Annington Funding PLC
(EMTN)
(United Kingdom)
2.31%		10/06/32	3		45,583,000		39,647,611
2.92%		10/06/51	3		3,500,000		2,247,114
3.94%		07/12/47	3		6,700,000		5,535,148
Blackstone Property Partners Europe Holdings SARL
(EMTN)
(Luxembourg)
1.00%		05/04/28	3		13,651,000		11,425,672
1.63%		04/20/30	3		13,650,000		10,751,059
1.75%		03/12/29	3		42,369,000		35,227,231
CubeSmart LP
2.50%		02/15/32			12,205,000		9,290,706
Extra Space Storage LP
2.20%		10/15/30			1,090,000		846,077
2.35%		03/15/32			58,996,000		44,642,473
2.40%		10/15/31			14,348,000		10,991,423
2.55%		06/01/31			9,740,000		7,591,056
3.88%		12/15/27			10,980,000		10,071,874
3.90%		04/01/29			1,430,000		1,283,952
Public Storage Operating Co.
0.50%		09/09/30			18,680,000		15,168,041
							204,719,437
Transportation — 0.35%
American Airlines Pass-Through Trust,
Series 2017-2, Class AA
3.35%		10/15/29			14,547,659		13,196,327
Delta Air Lines Pass-Through Trust,
Series 2020-1, Class AA
2.00%		06/10/28			73,975,449		64,872,633
JetBlue Airways Pass-Through Trust,
Series 2020-1, Class A
4.00%		11/15/32			8,907,740		8,016,640
U.S. Airways Pass-Through Trust,
Series 2011-1, Class A
7.13%		10/22/23			1,725,622		1,725,270
U.S. Airways Pass-Through Trust,
Series 2012-1, Class A
5.90%		10/01/24			22,301,378		22,453,028

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Transportation (continued)
U.S. Airways Pass-Through Trust,
Series 2012-2, Class A
4.63%		06/03/25		$	6,118	$	5,867
United Airlines Pass-Through Trust,
Series 2013-1, Class A
4.30%		08/15/25			10,423,261		9,982,194
United Airlines Pass-Through Trust,
Series 2018-1, Class AA
3.50%		03/01/30			26,527,227		23,635,242
United Airlines Pass-Through Trust,
Series 2023-1, Class A
5.80%		01/15/36			66,235,000		64,448,223
							208,335,424
Water — 0.05%
Thames Water Utilities Finance PLC
(EMTN)
(United Kingdom)
4.38%		01/18/31	3		33,425,000		31,428,896
Total Corporates
(Cost $18,345,135,236)							16,463,330,693
FOREIGN GOVERNMENT OBLIGATIONS — 0.66%
Foreign Government Obligations — 0.66%
Brazilian Government International Bond
(Brazil)
3.88%		06/12/30	3		22,393,000		19,569,243
6.00%		10/20/33	3		20,120,000		19,095,892
Chile Government International Bond
(Chile)
2.55%		01/27/32	3		11,129,000		9,025,563
2.55%		07/27/33	3		6,810,000		5,254,392
3.50%		01/31/34	3		4,300,000		3,562,980
Colombia Government International Bond
(Colombia)
3.00%		01/30/30	3		5,971,000		4,607,224
3.13%		04/15/31	3		8,270,000		6,147,091
4.50%		03/15/29	3		7,459,000		6,507,604
8.00%		04/20/33	3		1,670,000		1,657,141
Dominican Republic International Bond
(Dominican Republic)
4.50%		01/30/30	1,3		25,047,000		21,279,931
Finance Department Government of Sharjah
(United Arab Emirates)
6.50%		11/23/32	1,3		6,705,000		6,686,226
Guatemala Government Bond,
Series REGS
(Guam)
5.25%		08/10/29	3		19,100,000		17,661,770
Hungary Government International Bond
(Hungary)
2.13%		09/22/31	1,3		17,300,000		12,812,380
Hungary Government International Bond,
Series REGS
(Hungary)
5.25%		06/16/29	3		9,550,000		9,145,223

See accompanying Notes to Financial Statements.

183 / Semi-Annual Report September 2023

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Foreign Government Obligations (continued)
Mexico Government International Bond
(Mexico)
2.66%		05/24/31	3	$	36,789,000	$	29,118,493
3.50%		02/12/34	3		14,767,000		11,593,572
4.75%		04/27/32	3		2,350,000		2,122,990
4.88%		05/19/33	3		10,300,000		9,247,804
6.35%		02/09/35	3		2,690,000		2,634,021
Oman Government International Bond,
Series REGS
(Oman)
5.63%		01/17/28	3		10,500,000		10,249,785
6.75%		10/28/27	3		7,800,000		7,950,384
Panama Government International Bond
(Panama)
2.25%		09/29/32	3		20,627,000		14,995,829
3.16%		01/23/30	3		28,854,000		24,352,776
Paraguay Government International Bond,
Series REGS
(Papua New Guinea)
4.95%		04/28/31	3		14,150,000		13,107,145
Perusahaan Penerbit SBSN Indonesia III
(Indonesia)
2.80%		06/23/30	1,3		7,340,000		6,192,758
Peruvian Government International Bond
(Peru)
1.86%		12/01/32	3		1,000,000		724,400
2.78%		01/23/31	3		27,300,000		22,443,330
2.84%		06/20/30	3		12,903,000		10,914,648
Republic of Poland Government International Bond
(Poland)
4.88%		10/04/33	3		18,565,000		17,267,306
5.75%		11/16/32	3		3,793,000		3,810,808
Republic of South Africa Government International Bond
(South Africa)
4.30%		10/12/28	3		1,556,000		1,348,181
4.85%		09/30/29	3		9,814,000		8,440,040
5.88%		06/22/30	3		5,535,000		4,906,279
5.88%		04/20/32	3		10,600,000		9,029,345
Romanian Government International Bond
(Romania)
6.63%		02/17/28	1,3		2,840,000		2,883,452
Romanian Government International Bond,
Series REGS
(Romania)
3.00%		02/14/31	3		26,000,000		20,984,600
Saudi Government International Bond,
Series REGS (EMTN)
(Saudi Arabia)
3.25%		10/22/30	3		16,040,000		14,073,496
Total Foreign Government Obligations
(Cost $443,411,012)							391,404,102
MORTGAGE-BACKED — 52.55%**
Non-Agency Commercial Mortgage-Backed — 3.91%
1301 Properties Owner LP
2.08%		09/07/25	4,5		47,327,027		47,019,401

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
Arrow CMBS 2018 DAC,
Series 2018-1, Class A1
(Ireland)
(3-Month Euribor plus 1.10%)
4.92%		05/22/30	2,3	$	3,938,739	$	4,116,606
Banc of America Merrill Lynch Commercial Mortgage Trust,
Series 2018-PARK, Class A
4.23%		08/10/38	1,6		122,930,000		107,919,202
BFLD Trust,
Series 2020-OBRK, Class A
(CME Term SOFR 1-Month plus 2.16%)
7.50%		11/15/28	1,2		65,000,000		64,965,708
BGME Trust,
Series 2021-VR, Class A
3.09%		01/10/43	1,6		20,000,000		15,042,650
BGME Trust,
Series 2021-VR, Class B
3.09%		01/10/43	1,6		32,137,000		22,189,159
Blackstone Industrial Portfolio - Proj Foxtrot
2.23%		04/09/24	4,5,6		87,433,217		82,230,940
BMO Mortgage Trust,
Series 2022-C2, Class A5
4.97%		07/15/54	6		21,624,000		20,322,019
BX Commercial Mortgage Trust,
Series 2019-XL, Class A
(CME Term SOFR 1-Month plus 1.03%)
6.37%		10/15/36	1,2		135,793,838		135,465,573
BX Commercial Mortgage Trust,
Series 2020-VIV4, Class A
2.84%		03/09/44	1		180,165,000		146,687,882
BX Commercial Mortgage Trust,
Series 2022-CSMO, Class A
(CME Term SOFR 1-Month plus 2.11%)
7.45%		06/15/27	1,2		152,924,000		153,124,893
BX Commercial Mortgage Trust,
Series 2022-CSMO, Class B
(CME Term SOFR 1-Month plus 3.14%)
8.47%		06/15/27	1,2		90,170,000		90,179,017
BX Trust,
Series 2019-OC11, Class A
3.20%		12/09/41	1		42,270,000		35,670,429
BXHPP Trust,
Series 2021-FILM, Class A
(CME Term SOFR 1-Month plus 0.76%)
6.10%		08/15/36	1,2		57,000,000		53,778,651
BXHPP Trust,
Series 2021-FILM, Class B
(CME Term SOFR 1-Month plus 1.01%)
6.35%		08/15/36	1,2		16,602,000		15,103,594
BXHPP Trust,
Series 2021-FILM, Class C
(CME Term SOFR 1-Month plus 1.21%)
6.55%		08/15/36	1,2		15,057,000		13,568,559

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 184

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
BXHPP Trust,
Series 2021-FILM, Class D
(CME Term SOFR 1-Month plus 1.61%)
6.95%		08/15/36	1,2	$	11,500,000	$	10,078,130
CALI Mortgage Trust,
Series 2019-101C, Class XA (IO)
0.44%		03/10/39	1,6		272,551,000		4,076,831
Capital Funding Mortgage Trust,
Series 2021-M01, Class A
(LIBOR USD 1-Month plus 2.25%)
7.69%		12/19/24	1,2		90,174,649		79,132,790
CENT Trust,
Series 2023-CITY, Class A
(CME Term SOFR 1-Month plus 2.62%)
7.95%		09/15/28	1,2		88,590,000		88,881,482
Century Plaza Towers,
Series 2019-CPT, Class A
2.87%		11/13/39	1		27,645,000		21,981,296
Citigroup Commercial Mortgage Trust,
Series 2020-555, Class A
2.65%		12/10/41	1		5,000,000		3,942,693
Citigroup Commercial Mortgage Trust,
Series 2022-GC48, Class A5
4.74%		05/15/54	6		26,458,000		24,219,516
Commercial Mortgage Pass-Through Certificates,
Series 2023-BRND, Class A
7.12%		07/10/28	1,6		46,000,000		46,132,544
Commercial Mortgage Trust,
Series 2013-CR12, Class A4
4.05%		10/10/46			194,199		193,656
Credit Suisse Mortgage Capital Certificates,
Series 2019-ICE4, Class A
(CME Term SOFR 1-Month plus 1.03%)
6.36%		05/15/36	1,2		31,322,075		31,249,074
Credit Suisse Mortgage Capital Trust,
Series 2019-ICE4, Class D
(CME Term SOFR 1-Month plus 1.65%)
6.98%		05/15/36	1,2		9,975,183		9,901,965
CSMC 2022-MDR A
7.12%		08/15/25	6		85,000,000		84,374,056
DC Office Trust,
Series 2019-MTC, Class A
2.97%		09/15/45	1		31,135,000		24,586,118
Fontainebleau Miami Beach Trust,
Series 2019-FBLU, Class A
3.14%		12/10/36	1		35,000,000		33,452,104
Frost CMBS DAC,
Series 2021-1X, Class EUA
(Ireland)
(3-Month Euribor plus 1.15%)
4.97%		11/20/33	2,3		3,023,379		3,045,513
Hudson Yards Mortgage Trust,
Series 2019-30HY, Class A
3.23%		07/10/39	1		84,915,000		71,965,867

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
Hudson Yards Mortgage Trust,
Series 2019-55HY, Class A
3.04%		12/10/41	1,6	$	81,025,000	$	66,678,354
KNDL Mortgage Trust,
Series 2019-KNSQ, Class E
(CME Term SOFR 1-Month plus 2.00%)
7.33%		05/15/36	1,2		26,449,000		26,073,316
Last Mile Logistics Pan Euro Finance DAC,
Series 1X, Class A
(Ireland)
(3-Month Euribor plus 0.75%)
4.54%		08/17/33	2,3		5,917,625		6,070,145
Last Mile Securities PE 2021 DAC,
Series 2021-1X, Class A1
(Ireland)
(3-Month Euribor plus 0.90%)
4.69%		08/17/31	2,3		5,361,896		5,502,372
LoanCore Issuer Ltd.,
Series 2021-CRE5, Class A
(Cayman Islands)
(LIBOR USD 1-Month plus 1.30%)
6.75%		07/15/36	1,2,3		44,185,000		43,284,861
MF1 Ltd.,
Series 2022-FL8, Class A
(Cayman Islands)
(CME Term SOFR 1-Month plus 1.35%)
6.68%		02/19/37	1,2,3		25,000,000		24,716,485
MKT Mortgage Trust,
Series 2020-525M, Class A
2.69%		02/12/40	1		8,500,000		6,099,325
One Bryant Park Trust,
Series 2019-OBP, Class A
2.52%		09/15/54	1		147,667,000		117,785,039
Project Colt (Acquired 03/08/2022, cost $100,000,000)
7.05%		03/10/27	4,5,6		100,000,000		95,880,000
Queens Center Mortgage Trust,
Series 2013-QCA, Class A
3.28%		01/11/37	1		9,170,000		8,314,450
RBS Commercial Funding, Inc., Trust,
Series 2013-GSP, Class A
3.96%		01/15/32	1,6		48,830,000		48,042,880
SFAVE Commercial Mortgage Securities Trust,
Series 2015-5AVE, Class A1
3.87%		01/05/43	1,6		56,465,000		37,792,510
SFAVE Commercial Mortgage Securities Trust,
Series 2015-5AVE, Class A2B
4.14%		01/05/43	1,6		8,710,000		5,780,935
SHOW 2022-BIZ A
Series 2022-BIZ, Class A
(CME Term SOFR 1-Month plus 2.98%)
8.31%		01/15/27	1,2		68,000,000		65,033,701
SREIT Trust,
Series 2021-PALM, Class G
(CME Term SOFR 1-Month plus 3.73%)
9.06%		10/15/34	1,2		20,000,000		18,872,790

See accompanying Notes to Financial Statements.

185 / Semi-Annual Report September 2023

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
Taurus UK DAC,
Series 2021-UK1A, Class A
(Ireland)
(SONIA plus 0.85%)
6.07%		05/17/31	1,2,3	$	4,765,002	$	5,646,308
Taurus UK DAC,
Series 2021-UK1X, Class C
(Ireland)
(SONIA plus 1.65%)
6.87%		05/17/31	2,3		975,833		1,118,948
Taurus UK DAC,
Series 2021-UK1X, Class D
(Ireland)
(SONIA plus 2.60%)
7.82%		05/17/31	2,3		5,618,732		6,590,528
Taurus UK DAC,
Series 2021-UK1X, Class E
(Ireland)
(SONIA plus 3.65%)
8.87%		05/17/31	2,3		5,761,682		6,702,896
Taurus UK DAC,
Series 2021-UK4A, Class A
(Ireland)
(SONIA plus 0.95%)
6.17%		08/17/31	1,2,3		10,567,218		12,523,559
Taurus UK DAC,
Series 2021-UK4A, Class B
(Ireland)
(SONIA plus 1.50%)
6.72%		08/17/31	1,2,3		1,876,781		2,182,012
Taurus UK DAC,
Series 2021-UK4X, Class A
(Ireland)
(SONIA plus 0.95%)
6.17%		08/17/31	2,3		12,058,320		14,333,943
Taurus UK DAC,
Series 2021-UK4X, Class D
(Ireland)
(SONIA plus 2.10%)
7.32%		08/17/31	2,3		4,094,599		4,642,629
Taurus UK DAC,
Series 2021-UK5, Class B
(Ireland)
(SONIA plus 1.65%)
6.87%		05/17/31	2,3		3,094,000		3,644,599
Westfield Galleria at Roseville
8.40%		03/29/25	4,5		141,900,000		139,218,090
							2,317,128,593
Non-Agency Mortgage-Backed — 9.80%
Aames Mortgage Trust,
Series 2002-1, Class A3 (STEP-reset date 11/25/23)
7.40%		06/25/32			19,897		19,113

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Accredited Mortgage Loan Trust,
Series 2007-1, Class A4
(CME Term SOFR 1-Month plus 0.33%)
5.65%		02/25/37	2	$	2,137,364	$	2,121,256
ACE Securities Corp. Home Equity Loan Trust,
Series 2004-IN1, Class A1
(CME Term SOFR 1-Month plus 0.75%)
6.07%		05/25/34	2		122,700		108,853
ACE Securities Corp. Home Equity Loan Trust,
Series 2006-HE3, Class A2C
(CME Term SOFR 1-Month plus 0.41%)
5.73%		06/25/36	2		2,353,343		1,681,238
ACE Securities Corp. Home Equity Loan Trust,
Series 2006-OP2, Class A2D
(CME Term SOFR 1-Month plus 0.55%)
5.87%		08/25/36	2		25,866,340		23,690,324
ACE Securities Corp. Home Equity Loan Trust,
Series 2007-ASP2, Class A1
(CME Term SOFR 1-Month plus 0.49%)
5.81%		06/25/37	2		25,915,387		18,691,892
Adjustable Rate Mortgage Trust,
Series 2005-10, Class 6A1
(CME Term SOFR 1-Month plus 0.65%)
5.97%		01/25/36	2		135,518		122,165
Adjustable Rate Mortgage Trust,
Series 2007-3, Class 2A1
6.21%		11/25/37	1,6		25,293,072		17,136,277
Ajax Mortgage Loan Trust,
Series 2019-F, Class A1 (STEP-reset date 10/25/23)
2.86%		07/25/59	1		104,648		97,933
Alternative Loan Trust,
Series 2004-30CB, Class 1A6
5.50%		02/25/35			24,829,272		22,284,033
Alternative Loan Trust,
Series 2004-J6, Class 2A1
6.50%		11/25/31			1,968		1,874
Alternative Loan Trust,
Series 2005-38, Class A1
(Federal Reserve US 12-Month Cumulative Average plus
1.50%)
6.13%		09/25/35	2		269,687		244,973
Alternative Loan Trust,
Series 2005-76, Class 2A1
(Federal Reserve US 12-Month Cumulative Average plus
1.00%)
5.63%		02/25/36	2		29,519,771		26,636,586
Alternative Loan Trust,
Series 2005-84, Class 1A1
4.02%		02/25/36	6		25,493		22,515
Alternative Loan Trust,
Series 2006-HY13, Class 4A1
3.96%		02/25/37	6		692,958		594,716
Alternative Loan Trust,
Series 2007-J1, Class 2A1
(CME Term SOFR 1-Month plus 0.31%)
5.63%		03/25/37	2		533,839		137,658

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 186

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
American Home Mortgage Assets Trust,
Series 2006-3, Class 2A12
(Federal Reserve US 12-Month Cumulative Average plus
1.15%)
5.78%		10/25/46	2	$	31,190,032	$	21,755,946
American Home Mortgage Assets Trust,
Series 2007-1, Class A1
(Federal Reserve US 12-Month Cumulative Average plus
0.70%)
5.33%		02/25/47	2		44,249,888		17,192,259
American Home Mortgage Assets Trust,
Series 2007-2, Class A1
(CME Term SOFR 1-Month plus 0.24%)
5.56%		03/25/47	2		24,156,552		21,421,356
American Home Mortgage Investment Trust,
Series 2004-3, Class 2A
(TSFR6M plus 1.93%)
4.33%		10/25/34	2		3,047,984		2,959,865
Argent Securities, Inc., Asset-Backed Pass-Through
Certificates,
Series 2005-W2, Class M1
(CME Term SOFR 1-Month plus 0.85%)
6.17%		10/25/35	2		82,594		80,044
Argent Securities, Inc., Asset-Backed Pass-Through
Certificates,
Series 2005-W3, Class M1
(CME Term SOFR 1-Month plus 0.77%)
6.09%		11/25/35	2		12,350,675		11,858,083
Asset-Backed Funding Certificates,
Series 2006-OPT3, Class A3B
(CME Term SOFR 1-Month plus 0.43%)
5.75%		11/25/36	2		39,947,319		16,017,788
Asset-Backed Funding Certificates,
Series 2007-WMC1, Class A2A
(CME Term SOFR 1-Month plus 0.86%)
6.18%		06/25/37	2		20,647,860		15,687,294
Asset-Backed Funding Certificates,
Series 2007-WMC1, Class A2B
(CME Term SOFR 1-Month plus 1.11%)
6.43%		06/25/37	2		15,083,985		11,457,301
Asset-Backed Securities Corp. Home Equity Loan Trust,
Series 2006-HE6, Class A5
(CME Term SOFR 1-Month plus 0.57%)
5.89%		11/25/36	2		12,848,932		12,234,259
Banc of America Funding Trust,
Series 2003-2, Class 1A1
6.50%		06/25/32			10,415		10,114
Banc of America Funding Trust,
Series 2006-D, Class 3A1
4.39%		05/20/36	6		2,467,291		2,198,383
Banc of America Funding Trust,
Series 2006-E, Class 2A1
4.93%		06/20/36	6		28,779		25,836
Banc of America Funding Trust,
Series 2006-H, Class 3A1
4.72%		09/20/46	6		589,412		482,924

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Banc of America Mortgage Trust,
Series 2004-F, Class 1A1
5.27%		07/25/34	6	$	17,110	$	15,517
Banc of America Mortgage Trust,
Series 2005-C, Class 2A2
4.43%		04/25/35	6		79,415		80,101
Banc of America Mortgage Trust,
Series 2007-1, Class 1A24
6.00%		03/25/37			328,611		257,220
Banc of America Mortgage Trust,
Series 2007-3, Class 1A1
6.00%		09/25/37			143,198		112,180
BCAP LLC Trust,
Series 2007-AA2, Class 2A5
6.00%		04/25/37			214,992		100,783
BCAP LLC Trust,
Series 2007-AA5, Class A1
(CME Term SOFR 1-Month plus 1.41%)
6.73%		09/25/47	2		11,998,149		9,961,612
Bear Stearns ALT-A Trust,
Series 2005-4, Class 22A2
4.09%		05/25/35	6		7,345		6,495
Bear Stearns ALT-A Trust,
Series 2006-4, Class 32A1
4.18%		07/25/36	6		1,291,165		630,309
Bear Stearns ARM Trust,
Series 2004-1, Class 13A2
4.02%		04/25/34	6		4,016		3,767
Bear Stearns ARM Trust,
Series 2004-10, Class 14A1
3.80%		01/25/35	6		1,645,642		1,557,427
Bear Stearns ARM Trust,
Series 2006-4, Class 2A1
4.10%		10/25/36	6		190,136		167,941
Bear Stearns Asset-Backed Securities I Trust,
Series 2005-AC5, Class 2A3
(CME Term SOFR 1-Month plus 0.36%)
5.68%		08/25/20	2		897,817		452,389
Bear Stearns Asset-Backed Securities I Trust,
Series 2006-AC2, Class 21A3
6.00%		03/25/36			88,728		87,084
Bear Stearns Asset-Backed Securities I Trust,
Series 2006-HE9, Class 3A
(CME Term SOFR 1-Month plus 0.39%)
5.71%		11/25/36	2		3,054,295		2,935,879
Bear Stearns Asset-Backed Securities I Trust,
Series 2007-AC1, Class A3 (STEP-reset date 11/25/23)
6.55%		02/25/37			23,921,539		20,156,487
Bear Stearns Asset-Backed Securities Trust,
Series 2003-AC7, Class A1 (STEP-reset date 11/25/23)
5.50%		01/25/34			419,930		344,222
Bear Stearns Asset-Backed Securities Trust,
Series 2003-AC7, Class A2 (STEP-reset date 11/25/23)
5.75%		01/25/34			378,595		310,266

See accompanying Notes to Financial Statements.

187 / Semi-Annual Report September 2023

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Bear Stearns Mortgage Funding Trust,
Series 2006-AR3, Class 1A1
(CME Term SOFR 1-Month plus 0.29%)
5.61%		10/25/36	2	$	925,826	$	776,437
Bear Stearns Mortgage Funding Trust,
Series 2006-AR5, Class 1A1
(CME Term SOFR 1-Month plus 0.27%)
5.59%		12/25/46	2		12,938,600		11,241,026
Bear Stearns Mortgage Funding Trust,
Series 2007-AR5, Class 1A1A
(CME Term SOFR 1-Month plus 0.45%)
5.77%		06/25/47	2		2,042,842		1,765,575
Carrington Mortgage Loan Trust,
Series 2006-NC3, Class A4
(CME Term SOFR 1-Month plus 0.35%)
5.67%		08/25/36	2		46,429,000		36,390,591
Carrington Mortgage Loan Trust,
Series 2006-OPT1, Class M1
(CME Term SOFR 1-Month plus 0.64%)
5.96%		02/25/36	2		37,874		36,997
Carrington Mortgage Loan Trust,
Series 2007-RFC1, Class A4
(CME Term SOFR 1-Month plus 0.33%)
5.65%		10/25/36	2		22,415,000		18,638,810
Chase Funding Trust,
Series 2003-5, Class 2A2
(CME Term SOFR 1-Month plus 0.71%)
6.03%		07/25/33	2		3,059		2,885
Chase Funding Trust,
Series 2004-2, Class 2A2
(CME Term SOFR 1-Month plus 0.61%)
5.93%		02/26/35	2		4,751		4,491
Chase Mortgage Finance Trust,
Series 2006-A1, Class 1A2
4.23%		09/25/36	6		362,439		323,987
Chase Mortgage Finance Trust,
Series 2006-S3, Class 2A1
5.50%		11/25/21			1,314,437		416,328
Chase Mortgage Finance Trust,
Series 2007-A2, Class 2A3
4.92%		06/25/35	6		661,108		642,143
ChaseFlex Trust,
Series 2005-2, Class 4A2
5.50%		06/25/36			290,121		150,950
ChaseFlex Trust,
Series 2006-2, Class A2B
(CME Term SOFR 1-Month plus 0.31%)
4.28%		09/25/36	2		4,388,376		3,537,395
CIM Trust,
Series 2019-R1, Class A
3.25%		10/25/58	1,6		143,944,787		123,663,355
CIM Trust,
Series 2019-R3, Class A
2.63%		06/25/58	1,6		88,577,051		78,172,654

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
CIM Trust,
Series 2019-R4, Class A1
3.00%		10/25/59	1,6	$	86,212,807	$	77,348,648
CIM Trust,
Series 2020-R1, Class A1
2.85%		10/27/59	1,6		130,757,064		107,460,627
CIM Trust,
Series 2020-R3, Class A1A
4.00%		01/26/60	1,6		104,566,527		96,046,206
CIM Trust,
Series 2020-R6, Class A1A
2.25%		12/25/60	1,6		117,808,103		99,509,312
CIM Trust,
Series 2020-R7, Class A1A
2.25%		12/27/61	1,6		202,266,196		171,032,655
CIM Trust,
Series 2021-R1, Class A2
2.40%		08/25/56	1,6		75,577,179		65,341,535
CIM Trust,
Series 2021-R2, Class A2
2.50%		01/25/57	1,6		69,603,043		60,202,003
CIM Trust,
Series 2021-R3, Class A1A
1.95%		06/25/57	1,6		244,940,910		210,335,119
CIM Trust,
Series 2021-R4, Class A1A
2.00%		05/01/61	1,6		186,310,253		158,491,077
CIM Trust,
Series 2021-R5, Class A1
2.00%		08/25/61	1,6		40,142,328		30,758,417
CIM Trust,
Series 2021-R5, Class A1A
2.00%		08/25/61	1,6		161,539,900		129,727,492
CIM Trust,
Series 2022-I1, Class A1
4.35%		02/25/67	1,6		40,340,292		38,451,039
CIM Trust,
Series 2022-NR1, Class A1 (STEP-reset date 11/25/23)
5.00%		07/25/62	1		86,462,107		80,522,835
CIM Trust,
Series 2023-R1, Class A1A
5.40%		04/25/62	1,6		292,541,513		273,408,011
CIM Trust,
Series 2023-R3, Class A1
4.50%		01/25/63	1,6		42,113,679		37,282,112
CIM Trust,
Series 2023-R3, Class A1A
4.50%		01/25/63	1,6		230,891,159		207,361,272
CIT Mortgage Loan Trust,
Series 2007-1, Class 1A
(CME Term SOFR 1-Month plus 1.46%)
6.78%		10/25/37	1,2		2,076,098		2,075,305
Citicorp Mortgage Securities, Inc.,
Series 2005-1, Class 1A12
5.00%		02/25/35			75,848		69,926

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 188

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Citicorp Residential Mortgage Trust,
Series 2007-1, Class A5 (STEP-reset date 11/25/23)
4.90%		03/25/37		$	159,908	$	157,235
Citigroup Mortgage Loan Trust,
Series 2005-9, Class 1A1
(CME Term SOFR 1-Month plus 0.37%)
5.69%		11/25/35	2		94,003		76,438
Citigroup Mortgage Loan Trust,
Series 2006-AR2, Class 1A1
4.44%		03/25/36	6		6,443,559		4,854,779
Citigroup Mortgage Loan Trust,
Series 2006-AR3, Class 1A2A
4.19%		06/25/36	6		840,641		770,150
Citigroup Mortgage Loan Trust,
Series 2006-HE2, Class M1
(CME Term SOFR 1-Month plus 0.55%)
5.87%		08/25/36	2		23,428		23,335
Citigroup Mortgage Loan Trust,
Series 2006-WF2, Class A1 (STEP-reset date 11/25/23)
7.25%		05/25/36			29,447,120		15,003,817
Citigroup Mortgage Loan Trust,
Series 2007-6, Class 1A4A
3.51%		03/25/37	6		136,721		118,630
Citigroup Mortgage Loan Trust,
Series 2007-AR5, Class 1A1A
4.26%		04/25/37	6		49,432		42,419
Citigroup Mortgage Loan Trust,
Series 2014-5, Class 2A2
(LIBOR USD 1-Month plus 1.75%)
4.59%		02/20/36	1,2		5,549,609		4,480,855
Citigroup Mortgage Loan Trust, Inc.,
Series 2005-5, Class 3A2A
4.86%		10/25/35	6		325,093		268,133
Countrywide Asset-Backed Certificates Trust,
Series 2005-13, Class AF4
5.81%		04/25/36	6		121,513		107,160
Countrywide Asset-Backed Certificates Trust,
Series 2007-13, Class 2A2
(CME Term SOFR 1-Month plus 0.91%)
6.23%		10/25/47	2		6,636,785		5,915,706
Countrywide Home Loan Mortgage Pass-Through Trust,
Series 2001-HYB1, Class 1A1
5.26%		06/19/31	6		5,782		5,477
Countrywide Home Loan Mortgage Pass-Through Trust,
Series 2004-14, Class 4A1
5.37%		08/25/34	6		560,183		498,538
Countrywide Home Loan Mortgage Pass-Through Trust,
Series 2004-25, Class 1A1
(CME Term SOFR 1-Month plus 0.77%)
6.09%		02/25/35	2		60,981		57,178
Countrywide Home Loan Mortgage Pass-Through Trust,
Series 2004-7, Class 2A1
4.60%		06/25/34	6		41,449		38,657
Countrywide Home Loan Mortgage Pass-Through Trust,
Series 2004-HYB3, Class 1A
4.89%		06/20/34	6		8,607		8,199

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Countrywide Home Loan Mortgage Pass-Through Trust,
Series 2004-HYB4, Class 2A1
5.19%		09/20/34	6	$	466,275	$	426,765
Countrywide Home Loan Mortgage Pass-Through Trust,
Series 2005-11, Class 1A2
4.49%		04/25/35	6		459,063		382,699
Countrywide Home Loan Mortgage Pass-Through Trust,
Series 2005-9, Class 1A1
(CME Term SOFR 1-Month plus 0.71%)
6.03%		05/25/35	2		2,166,867		1,765,106
Countrywide Home Loan Mortgage Pass-Through Trust,
Series 2007-HY5, Class 1A1
4.71%		09/25/47	6		475,763		360,412
Countrywide Home Loan Mortgage Pass-Through Trust,
Series 2007-HYB1, Class 1A1
3.66%		03/25/37	6		906,524		721,489
Credit Suisse First Boston Mortgage Securities Corp.,
Series 2003-AR20, Class 2A4
4.83%		08/25/33	6		5,387		5,163
Credit Suisse First Boston Mortgage Securities Corp.,
Series 2005-6, Class 8A1
4.50%		07/25/20			2,694		2,316
Credit Suisse First Boston Mortgage-Backed Pass-Through
Certificates,
Series 2004-1, Class 2A1
6.50%		02/25/34			12,993		12,731
Credit Suisse First Boston Mortgage-Backed Pass-Through
Certificates,
Series 2004-AR5, Class 6A1
4.97%		06/25/34	6		42,629		41,253
Credit Suisse Mortgage Capital Certificates,
Series 2021-RP11, Class CERT
3.78%		10/27/61	1		9,473,328		6,880,877
Credit Suisse Mortgage Capital Certificates,
Series 2022-RPL1, Class CERT
4.23%		04/25/61	1		9,709,108		7,523,713
Credit Suisse Mortgage Capital Trust,
Series 2006-2, Class 5A1
(CME Term SOFR 1-Month plus 0.81%)
6.00%		03/25/36	2		3,060,316		980,739
Credit Suisse Mortgage Capital Trust,
Series 2007-2, Class 3A4
5.50%		03/25/37			1,071,621		565,191
Credit Suisse Mortgage Capital Trust,
Series 2015-6R, Class 2A1
(CME Term SOFR 1-Month plus 0.31%)
5.71%		11/27/46	1,2		1,554,063		1,521,164
Credit Suisse Mortgage Capital Trust,
Series 2020-RPL2, Class A12
3.51%		02/25/60	1,6		15,665,725		15,740,831
Credit Suisse Mortgage Capital Trust,
Series 2021-NQM6, Class A1
1.17%		07/25/66	1,6		6,937,251		5,354,223
Credit Suisse Mortgage Capital Trust,
Series 2021-RP11, Class PT
3.78%		10/25/61	1,6		225,517,635		162,221,826

See accompanying Notes to Financial Statements.

189 / Semi-Annual Report September 2023

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Credit Suisse Mortgage Capital Trust,
Series 2021-RP11, Class SA (IO)
0.00%		10/25/61	1,4,5,6	$	202,581	$	195,330
Credit Suisse Mortgage Capital Trust,
Series 2022-RPL1, Class PT
4.56%		04/25/61	1,6		233,177,150		183,049,799
Credit Suisse Mortgage Capital Trust,
Series 2022-RPL1, Class SA (IO)
0.00%		04/25/61	1,4,5,6		643,595		617,918
Credit-Based Asset Servicing and Securitization LLC,
Series 2003-CB1, Class AF (STEP-reset date 11/25/23)
3.95%		01/25/33			5,457		4,961
Credit-Based Asset Servicing and Securitization LLC,
Series 2006-CB7, Class A1
(CME Term SOFR 1-Month plus 0.39%)
5.71%		10/25/36	2		34,508,491		24,163,677
Credit-Based Asset Servicing and Securitization LLC,
Series 2006-CB8, Class A1
(CME Term SOFR 1-Month plus 0.39%)
5.71%		10/25/36	2		8,778,182		7,668,584
Credit-Based Asset Servicing and Securitization LLC,
Series 2006-CB9, Class A3
(CME Term SOFR 1-Month plus 0.41%)
5.73%		11/25/36	2		22,457,020		9,934,137
Credit-Based Asset Servicing and Securitization LLC,
Series 2007-CB1, Class AF4 (STEP-reset date 11/25/23)
3.16%		01/25/37			6,054,615		1,712,574
Credit-Based Asset Servicing and Securitization LLC,
Series 2007-CB1, Class AF5 (STEP-reset date 11/25/23)
3.16%		01/25/37			11,378,063		3,220,818
Credit-Based Asset Servicing and Securitization LLC,
Series 2007-CB5, Class A2
(CME Term SOFR 1-Month plus 0.28%)
3.06%		04/25/37	2		20,080,225		12,196,130
Credit-Based Asset Servicing and Securitization LLC,
Mortgage Loan Trust,
Series 2007-CB2, Class A2C (STEP-reset date 11/25/23)
3.54%		02/25/37			23,929,520		14,300,271
Credit-Based Asset Servicing and Securitization LLC,
Mortgage Loan Trust,
Series 2007-CB2, Class A2D (STEP-reset date 11/25/23)
3.54%		02/25/37			17,519,971		10,482,053
Credit-Based Asset Servicing and Securitization LLC,
Mortgage Loan Trust,
Series 2007-CB2, Class A2E (STEP-reset date 11/25/23)
3.54%		02/25/37			3,185,980		1,904,448
CSAB Mortgage-Backed Trust,
Series 2006-4, Class A6B (STEP-reset date 11/25/23)
6.28%		12/25/36			5,268,016		239,758
Deephaven Residential Mortgage Trust,
Series 2021-4, Class A1
1.93%		11/25/66	1,6		22,952,786		19,153,572
Deutsche ALT-A Securities Mortgage Loan Trust,
Series 2006-AR3, Class A1
(CME Term SOFR 1-Month plus 0.49%)
5.81%		08/25/36	2		1,848,356		1,642,666

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Deutsche ALT-A Securities Mortgage Loan Trust,
Series 2006-AR4, Class A1
(CME Term SOFR 1-Month plus 0.37%)
5.69%		12/25/36	2	$	1,400,003	$	468,110
Deutsche ALT-A Securities Mortgage Loan Trust,
Series 2006-AR4, Class A2
(CME Term SOFR 1-Month plus 0.49%)
5.81%		12/25/36	2		25,696,837		8,254,797
Deutsche ALT-A Securities Mortgage Loan Trust,
Series 2006-AR6, Class A6
(CME Term SOFR 1-Month plus 0.49%)
5.81%		02/25/37	2		343,808		291,718
Deutsche ALT-A Securities Mortgage Loan Trust,
Series 2007-3, Class 1A1
(CME Term SOFR 1-Month plus 1.81%)
7.14%		10/25/47	2		18,609,444		13,808,697
Deutsche ALT-A Securities Mortgage Loan Trust,
Series 2007-AR3, Class 2A4
(CME Term SOFR 1-Month plus 0.81%)
6.13%		06/25/37	2		16,705,638		14,124,488
Deutsche ALT-A Securities Mortgage Loan Trust,
Series 2007-OA3, Class A1
(CME Term SOFR 1-Month plus 0.25%)
5.57%		07/25/47	2		27,175,011		24,653,713
Deutsche ALT-A Securities, Inc., Mortgage Loan Trust,
Series 2005-6, Class 1A7
5.50%		12/25/35			233,429		196,444
Deutsche ALT-A Securities, Inc., Mortgage Loan Trust,
Series 2006-AR1, Class 2A1
3.50%		02/25/36	6		501,334		335,255
DSLA Mortgage Loan Trust,
Series 2004-AR4, Class 2A1A
(CME Term SOFR 1-Month plus 0.83%)
6.16%		01/19/45	2		1,084,789		856,529
DSLA Mortgage Loan Trust,
Series 2005-AR1, Class 2A1A
(CME Term SOFR 1-Month plus 0.61%)
5.94%		02/19/45	2		61,043		59,877
DSLA Mortgage Loan Trust,
Series 2005-AR3, Class 2A1A
(CME Term SOFR 1-Month plus 0.59%)
5.92%		07/19/45	2		63,485		57,685
DSLA Mortgage Loan Trust,
Series 2006-AR2, Class 2A1A
(CME Term SOFR 1-Month plus 0.31%)
5.64%		10/19/36	2		13,291,105		9,029,757
DSLA Mortgage Loan Trust,
Series 2007-AR1, Class 2A1A
(CME Term SOFR 1-Month plus 0.25%)
5.58%		03/19/37	2		5,330,309		4,259,455
Equity One Mortgage Pass-Through Trust,
Series 2002-4, Class M1
5.22%		02/25/33	6		6,489		6,078
Equity One Mortgage Pass-Through Trust,
Series 2002-5, Class M1 (STEP-reset date 11/25/23)
5.30%		11/25/32			30,025		29,168

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 190

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Fannie Mae Connecticut Avenue Securities,
Series 2019-R07, Class 1B1
(SOFR30A plus 3.51%)
8.83%		10/25/39	1,2	$	12,100,000	$	12,220,402
Fannie Mae Connecticut Avenue Securities,
Series 2020-R01, Class 1B1
(SOFR30A plus 3.36%)
8.68%		01/25/40	1,2		13,389,636		13,303,795
Fannie Mae Connecticut Avenue Securities,
Series 2020-R02, Class 2B1
(SOFR30A plus 3.11%)
8.43%		01/25/40	1,2		22,901,543		22,950,784
Fannie Mae Connecticut Avenue Securities,
Series 2021-R01, Class 1B1
(SOFR30A plus 3.10%)
8.41%		10/25/41	1,2		29,460,000		29,553,860
Fannie Mae Connecticut Avenue Securities,
Series 2021-R01, Class 1B2
(SOFR30A plus 6.00%)
11.31%		10/25/41	1,2		2,060,000		2,082,448
Fannie Mae Connecticut Avenue Securities,
Series 2022-R01, Class 1B1
(SOFR30A plus 3.15%)
8.46%		12/25/41	1,2		27,469,000		27,432,061
Fannie Mae Connecticut Avenue Securities,
Series 2022-R01, Class 1M2
(SOFR30A plus 1.90%)
7.21%		12/25/41	1,2		28,907,099		28,416,387
First Franklin Mortgage Loan Trust,
Series 2006-FF13, Class A2C
(CME Term SOFR 1-Month plus 0.43%)
5.75%		10/25/36	2		9,323,618		6,026,359
First Franklin Mortgage Loan Trust,
Series 2006-FF13, Class A2D
(CME Term SOFR 1-Month plus 0.59%)
5.91%		10/25/36	2		587,925		380,091
First Franklin Mortgage Loan Trust,
Series 2006-FF18, Class A2B
(CME Term SOFR 1-Month plus 0.22%)
5.65%		12/25/37	2		4,780,763		4,111,251
First Franklin Mortgage Loan Trust,
Series 2006-FF18, Class A2C
(CME Term SOFR 1-Month plus 0.27%)
5.75%		12/25/37	2		13,147,528		11,306,165
First Franklin Mortgage Loan Trust,
Series 2006-FF18, Class A2D
(CME Term SOFR 1-Month plus 0.32%)
5.85%		12/25/37	2		9,528,900		8,194,235
First Franklin Mortgage Loan Trust,
Series 2006-FF5, Class 1A
(CME Term SOFR 1-Month plus 0.41%)
5.73%		04/25/36	2		5,446,192		5,428,065
First Franklin Mortgage Loan Trust,
Series 2006-FF8, Class IIA4
(CME Term SOFR 1-Month plus 0.57%)
5.89%		07/25/36	2		18,422,677		17,770,844

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
First Franklin Mortgage Loan Trust,
Series 2007-FF1, Class A2C
(CME Term SOFR 1-Month plus 0.39%)
5.71%		01/25/38	2	$	51,137,177	$	26,262,801
First Franklin Mortgage Loan Trust,
Series 2007-FF2, Class A1
(CME Term SOFR 1-Month plus 0.39%)
5.71%		03/25/37	2		46,147,346		23,783,256
First Franklin Mortgage Loan Trust,
Series 2007-FF2, Class A2B
(CME Term SOFR 1-Month plus 0.31%)
5.63%		03/25/37	2		20,421,048		10,029,067
First Franklin Mortgage Loan Trust,
Series 2007-FF2, Class A2C
(CME Term SOFR 1-Month plus 0.41%)
5.73%		03/25/37	2		11,707,060		5,752,917
First Franklin Mortgage Loan Trust,
Series 2007-FF2, Class A2D
(CME Term SOFR 1-Month plus 0.55%)
5.87%		03/25/37	2		34,630,829		17,025,250
First Horizon Alternative Mortgage Securities Trust,
Series 2004-AA2, Class 1A1
6.16%		08/25/34	6		2,577,160		2,476,695
First Horizon Alternative Mortgage Securities Trust,
Series 2004-AA3, Class A1
6.06%		09/25/34	6		7,247		6,804
First Horizon Alternative Mortgage Securities Trust,
Series 2004-AA4, Class A1
5.67%		10/25/34	6		419,653		410,334
First Horizon Alternative Mortgage Securities Trust,
Series 2005-AA10, Class 1A1
5.51%		12/25/35	6		6,875,670		5,691,552
First Horizon Alternative Mortgage Securities Trust,
Series 2005-AA12, Class 2A1
5.50%		02/25/36	6		6,706,457		4,462,123
First Horizon Alternative Mortgage Securities Trust,
Series 2005-AA4, Class 2A1
5.17%		06/25/35	6		7,382,334		6,606,662
First Horizon Alternative Mortgage Securities Trust,
Series 2005-AA7, Class 2A1
6.06%		09/25/35	6		5,308,573		4,592,791
First Horizon Alternative Mortgage Securities Trust,
Series 2005-AA8, Class 2A1
6.09%		10/25/35	6		7,834,359		4,990,887
First Horizon Alternative Mortgage Securities Trust,
Series 2005-AA9, Class 2A1
5.56%		11/25/35	6		7,175,150		6,046,956
First Horizon Mortgage Pass-Through Trust,
Series 2004-AR6, Class 2A1
4.15%		12/25/34	6		67,806		63,512
First Horizon Mortgage Pass-Through Trust,
Series 2006-AR4, Class 1A2
4.09%		01/25/37	6		41,017		22,424
First Horizon Mortgage Pass-Through Trust,
Series 2007-AR3, Class 1A1
4.63%		11/25/37	6		71,406		32,966

See accompanying Notes to Financial Statements.

191 / Semi-Annual Report September 2023

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2020-DNA1, Class B1
(SOFR30A plus 2.41%)
7.73%		01/25/50	1,2	$	8,000,000	$	8,045,502
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2020-DNA2, Class B1
(SOFR30A plus 2.61%)
7.93%		02/25/50	1,2		31,102,000		31,264,222
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2021-DNA3, Class M2
(SOFR30A plus 2.10%)
7.41%		10/25/33	1,2		30,022,000		30,081,781
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2021-DNA5, Class B1
(SOFR30A plus 3.05%)
8.36%		01/25/34	1,2		12,005,000		12,065,068
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2021-DNA6, Class B1
(SOFR30A plus 3.40%)
8.71%		10/25/41	1,2		30,000,000		30,059,621
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2021-HQA1, Class M2
(SOFR30A plus 2.25%)
7.56%		08/25/33	1,2		11,699,126		11,633,605
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2021-HQA3, Class M2
(SOFR30A plus 2.10%)
7.41%		09/25/41	1,2		22,095,000		21,482,681
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2021-HQA4, Class M2
(SOFR30A plus 2.35%)
7.66%		12/25/41	1,2		10,000,000		9,726,065
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2022-DNA2, Class M1B
(SOFR30A plus 2.40%)
7.71%		02/25/42	1,2		22,000,000		22,129,806
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2022-DNA3, Class M1B
(SOFR30A plus 2.90%)
8.21%		04/25/42	1,2		7,000,000		7,167,585
GMACM Home Equity Loan Trust,
Series 2000-HE2, Class A1
(CME Term SOFR 1-Month plus 0.55%)
4.04%		06/25/30	2		8,210		7,506
GMACM Mortgage Corp. Loan Trust,
Series 2005-AR6, Class 3A1
3.92%		11/19/35	6		179,667		155,224
GMACM Mortgage Corp. Loan Trust,
Series 2006-AR2, Class 1A1
0.00%		05/19/36	6		1,541,318		805,468
GreenPoint Mortgage Funding Trust,
Series 2005-AR4, Class G41B
(CME Term SOFR 1-Month plus 0.31%)
5.63%		10/25/45	2		10,384,301		9,704,643

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
GreenPoint Mortgage Funding Trust,
Series 2006-OH1, Class A1
(CME Term SOFR 1-Month plus 0.47%)
5.79%		01/25/37	2	$	9,400,557	$	8,212,538
GS Mortgage-Backed Securities Corp. Trust,
Series 2022-PJ2, Class A4
2.50%		06/25/52	1,6		57,762,386		43,987,408
GS Mortgage-Backed Securities Corp. Trust,
Series 2022-PJ4, Class A4
2.50%		09/25/52	1,6		65,996,970		50,258,237
GS Mortgage-Backed Securities Trust,
Series 2018-RPL1, Class A1A
3.75%		10/25/57	1		17,611,991		16,720,067
GS Mortgage-Backed Securities Trust,
Series 2021-PJ9, Class A2
2.50%		02/26/52	1,6		8,563,759		6,532,208
GS Mortgage-Backed Securities Trust,
Series 2022-PJ5, Class A4
2.50%		10/25/52	1,6		74,521,388		56,097,719
GS Mortgage-Backed Securities Trust,
Series 2022-PJ6, Class A3
2.50%		01/25/53	1,6		98,832,756		75,263,456
GS Mortgage-Backed Securities Trust,
Series 2023-PJ1, Class A3
3.00%		02/25/53	1,6		96,666,941		76,627,275
GSAA Home Equity Trust,
Series 2005-11, Class 2A2
(CME Term SOFR 1-Month plus 0.75%)
6.07%		10/25/35	2		64,720		63,264
GSAA Home Equity Trust,
Series 2005-11, Class 3A2
(CME Term SOFR 1-Month plus 0.75%)
6.07%		10/25/35	2		19,348		19,255
GSAA Home Equity Trust,
Series 2005-6, Class M1
(CME Term SOFR 1-Month plus 0.76%)
6.08%		06/25/35	2		36,370		35,929
GSAMP Trust,
Series 2005-AHL2, Class A2D
(CME Term SOFR 1-Month plus 0.81%)
6.13%		12/25/35	2		17,038,281		15,760,545
GSAMP Trust,
Series 2007-HE2, Class A1
(CME Term SOFR 1-Month plus 0.35%)
5.67%		03/25/47	2		63,226,372		52,646,020
GSMSC Resecuritization Trust,
Series 2015-3R, Class 1B
(CME Term SOFR 1-Month plus 0.39%)
5.71%		01/26/37	1,2		14,308,048		13,005,030
GSR Mortgage Loan Trust,
Series 2004-9, Class 3A1
4.94%		08/25/34	6		1,757		1,600
GSR Mortgage Loan Trust,
Series 2004-9, Class 5A7
4.56%		08/25/34	6		39,434		39,134

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 192

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
GSR Mortgage Loan Trust,
Series 2005-AR5, Class 2A3
4.63%		10/25/35	6	$	1,741,341	$	944,024
GSR Mortgage Loan Trust,
Series 2005-AR6, Class 4A5
5.48%		09/25/35	6		42,108		39,102
GSR Mortgage Loan Trust,
Series 2007-AR2, Class 2A1
4.25%		05/25/37	6		1,176,417		692,122
HarborView Mortgage Loan Trust,
Series 2004-1, Class 2A
5.33%		04/19/34	6		3,289		3,100
HarborView Mortgage Loan Trust,
Series 2004-11, Class 3A2A
(CME Term SOFR 1-Month plus 0.79%)
6.12%		01/19/35	2		158,809		144,896
HarborView Mortgage Loan Trust,
Series 2004-3, Class 1A
4.28%		05/19/34	6		30,124		28,759
HarborView Mortgage Loan Trust,
Series 2004-5, Class 2A6
4.63%		06/19/34	6		1,216		1,143
HarborView Mortgage Loan Trust,
Series 2005-3, Class 2A1A
(CME Term SOFR 1-Month plus 0.59%)
5.92%		06/19/35	2		142,996		134,976
HarborView Mortgage Loan Trust,
Series 2006-1, Class 2A1A
(CME Term SOFR 1-Month plus 0.59%)
5.92%		03/19/36	2		10,238,605		8,868,735
HarborView Mortgage Loan Trust,
Series 2006-10, Class 1A1A
(CME Term SOFR 1-Month plus 0.31%)
5.64%		11/19/36	2		49,667,018		38,877,236
HarborView Mortgage Loan Trust,
Series 2006-4, Class 1A1A
(CME Term SOFR 1-Month plus 0.47%)
5.80%		05/19/46	2		29,010,155		14,649,673
HarborView Mortgage Loan Trust,
Series 2006-5, Class 1A1A
(Federal Reserve US 12-Month Cumulative Average plus
0.91%)
5.54%		07/19/47	2		33,872,900		13,335,387
HarborView Mortgage Loan Trust,
Series 2006-7, Class 1A
(CME Term SOFR 1-Month plus 0.53%)
5.86%		09/19/46	2		50,961,970		43,306,213
HarborView Mortgage Loan Trust,
Series 2007-7, Class 1A1
(CME Term SOFR 1-Month plus 2.11%)
6.43%		10/25/37	2		16,105,327		12,278,621
HarborView Mortgage Loan Trust,
Series 2007-7, Class 2A1A
(CME Term SOFR 1-Month plus 2.11%)
6.43%		10/25/37	2		12,403,309		11,360,450

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
HSI Asset Securitization Corp. Trust,
Series 2006-HE1, Class 1A1
(CME Term SOFR 1-Month plus 0.39%)
5.71%		10/25/36	2	$	51,566,940	$	16,467,469
Impac CMB Trust,
Series 2004-8, Class 2A1
(CME Term SOFR 1-Month plus 0.81%)
6.13%		10/25/34	2		60,983		60,385
Impac CMB Trust,
Series 2005-1, Class 1A1
(CME Term SOFR 1-Month plus 0.63%)
5.95%		04/25/35	2		1,548,362		1,443,155
Impac Secured Assets Trust,
Series 2006-3, Class A1
(CME Term SOFR 1-Month plus 0.45%)
5.77%		11/25/36	2		3,837,419		3,399,343
Impac Secured Assets Trust,
Series 2006-5, Class 1A1C
(CME Term SOFR 1-Month plus 0.65%)
5.97%		02/25/37	2		6,467,718		5,731,105
Impac Secured Assets Trust,
Series 2007-2, Class 1A1B
(CME Term SOFR 1-Month plus 0.61%)
5.93%		05/25/37	2		30,232,881		23,441,902
IndyMac Index Mortgage Loan Trust,
Series 2004-AR4, Class 1A
4.44%		08/25/34	6		588,411		551,321
IndyMac Index Mortgage Loan Trust,
Series 2004-AR7, Class A2
(CME Term SOFR 1-Month plus 0.97%)
6.29%		09/25/34	2		35,144		31,392
IndyMac Index Mortgage Loan Trust,
Series 2005-AR1, Class 4A1
3.94%		03/25/35	6		36,326		35,683
IndyMac Index Mortgage Loan Trust,
Series 2005-AR19, Class A1
3.50%		10/25/35	6		17,060,177		13,643,442
IndyMac Index Mortgage Loan Trust,
Series 2005-AR6, Class 2A1
(CME Term SOFR 1-Month plus 0.59%)
5.91%		04/25/35	2		340,353		277,021
IndyMac Index Mortgage Loan Trust,
Series 2006-AR19, Class 1A2
3.81%		08/25/36	6		10,450,060		7,396,802
IndyMac Index Mortgage Loan Trust,
Series 2006-AR27, Class 2A2
(CME Term SOFR 1-Month plus 0.51%)
5.83%		10/25/36	2		11,075,501		9,300,914
IndyMac Index Mortgage Loan Trust,
Series 2006-AR35, Class 2A3A
(CME Term SOFR 1-Month plus 0.51%)
5.83%		01/25/37	2		26,717,952		23,748,236
IndyMac Index Mortgage Loan Trust,
Series 2006-AR7, Class 1A1
3.38%		05/25/36	6		2,549,680		2,125,334

See accompanying Notes to Financial Statements.

193 / Semi-Annual Report September 2023

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
IndyMac Index Mortgage Loan Trust,
Series 2006-AR7, Class 2A1
3.54%		05/25/36	6	$	17,853,001	$	12,341,948
IndyMac Index Mortgage Loan Trust,
Series 2007-AR1, Class 1A2
3.55%		03/25/37	6		304,479		254,764
IndyMac Index Mortgage Loan Trust,
Series 2007-AR11, Class 1A1
3.09%		06/25/37	6		2,287,597		2,045,926
IndyMac Index Mortgage Loan Trust,
Series 2007-AR7, Class 1A1
3.31%		11/25/37	6		1,470,230		1,217,301
IndyMac Manufactured Housing Contract Pass-Through
Certificates,
Series 1997-1, Class A3
6.61%		02/25/28			13,566		13,449
JPMorgan Alternative Loan Trust,
Series 2006-A2, Class 5A1
4.04%		05/25/36	6		3,927,909		2,244,510
JPMorgan Mortgage Acquisition Trust,
Series 2006-WF1, Class A3A (STEP-reset date 11/25/23)
6.33%		07/25/36			28,194,781		7,567,581
JPMorgan Mortgage Acquisition Trust,
Series 2006-WF1, Class A6 (STEP-reset date 11/25/23)
6.50%		07/25/36			3,931,694		1,131,130
JPMorgan Mortgage Acquisition Trust,
Series 2007-CH5, Class A5
(CME Term SOFR 1-Month plus 0.37%)
5.69%		06/25/37	2		15,208		15,156
JPMorgan Mortgage Acquisition Trust,
Series 2007-HE1, Class AF1
(CME Term SOFR 1-Month plus 0.21%)
4.14%		03/25/47	2		102,716		67,099
JPMorgan Mortgage Acquisition Trust,
Series 2007-HE1, Class AF2 (STEP-reset date 11/25/23)
4.28%		03/25/47			6,719,479		4,261,271
JPMorgan Mortgage Acquisition Trust,
Series 2007-HE1, Class AF3 (STEP-reset date 11/25/23)
4.28%		05/25/35			5,655,262		3,586,336
JPMorgan Mortgage Acquisition Trust,
Series 2007-HE1, Class AF4 (STEP-reset date 11/25/23)
4.28%		03/25/47			2,570,574		1,630,110
JPMorgan Mortgage Acquisition Trust,
Series 2007-HE1, Class AV4
(CME Term SOFR 1-Month plus 0.39%)
5.71%		03/25/47	2		240,000		215,518
JPMorgan Mortgage Trust,
Series 2003-A2, Class 2A3
3.97%		11/25/33	6		41,312		38,732
JPMorgan Mortgage Trust,
Series 2004-A4, Class 1A3
5.95%		09/25/34	6		104,645		96,295
JPMorgan Mortgage Trust,
Series 2005-A5, Class TA1
5.30%		08/25/35	6		51,550		47,851

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
JPMorgan Mortgage Trust,
Series 2005-S2, Class 4A3
5.50%		09/25/20		$	1,603,731	$	983,160
JPMorgan Mortgage Trust,
Series 2006-A2, Class 5A3
5.10%		11/25/33	6		1,226		1,196
JPMorgan Mortgage Trust,
Series 2006-A3, Class 2A1
3.85%		05/25/36	6		447,308		377,336
JPMorgan Mortgage Trust,
Series 2006-A3, Class 3A3
3.93%		05/25/36	6		289,269		234,992
JPMorgan Mortgage Trust,
Series 2006-A4, Class 1A1
4.42%		06/25/36	6		263,153		191,135
JPMorgan Mortgage Trust,
Series 2006-A4, Class 1A4
4.42%		06/25/36	6		848,322		618,607
JPMorgan Mortgage Trust,
Series 2006-A5, Class 2A4
4.80%		08/25/36	6		227,876		186,110
JPMorgan Mortgage Trust,
Series 2007-A1, Class 5A2
4.19%		07/25/35	6		540,446		525,945
JPMorgan Mortgage Trust,
Series 2007-A3, Class 2A3
4.34%		05/25/37	6		1,219,777		996,463
JPMorgan Mortgage Trust,
Series 2007-A3, Class 3A2
4.19%		05/25/37	6		208,993		177,102
JPMorgan Mortgage Trust,
Series 2007-A4, Class 1A1
4.14%		06/25/37	6		1,631,883		1,284,528
JPMorgan Mortgage Trust,
Series 2007-A4, Class 2A3
4.40%		06/25/37	6		230,594		181,189
JPMorgan Mortgage Trust,
Series 2021-13, Class A3A
2.00%		04/25/52	1,6		47,262,432		35,341,075
JPMorgan Mortgage Trust,
Series 2021-14, Class A3A
2.00%		05/25/52	1,6		36,359,279		27,198,660
JPMorgan Mortgage Trust,
Series 2021-INV8, Class A2
3.00%		05/25/52	1,6		42,535,933		33,867,574
Lehman ABS Mortgage Loan Trust,
Series 2007-1, Class 2A2
(CME Term SOFR 1-Month plus 0.31%)
5.63%		06/25/37	1,2		171,224		108,574
Lehman XS Trust,
Series 2005-5N, Class 3A1A
(CME Term SOFR 1-Month plus 0.41%)
5.73%		11/25/35	2		1,335,503		1,309,005

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 194

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Lehman XS Trust,
Series 2005-7N, Class 1A1A
(CME Term SOFR 1-Month plus 0.65%)
5.97%		12/25/35	2	$	245,653	$	217,183
Lehman XS Trust,
Series 2006-12N, Class A31A
(CME Term SOFR 1-Month plus 0.51%)
5.83%		08/25/46	2		7,329,018		7,111,098
Lehman XS Trust,
Series 2006-14N, Class 3A2
(CME Term SOFR 1-Month plus 0.35%)
5.67%		08/25/36	2		23,395		23,667
Lehman XS Trust,
Series 2006-5, Class 1A1A
(CME Term SOFR 1-Month plus 0.53%)
5.85%		04/25/36	2		18,111,559		14,820,947
Lehman XS Trust,
Series 2006-8, Class 1A1A
(CME Term SOFR 1-Month plus 0.27%)
4.74%		06/25/36	2		22,994,923		20,371,970
Lehman XS Trust,
Series 2007-4N, Class 1A3
(CME Term SOFR 1-Month plus 0.59%)
5.91%		03/25/47	2		14,985,088		12,738,435
Long Beach Mortgage Loan Trust,
Series 2004-4, Class M1
(CME Term SOFR 1-Month plus 1.01%)
6.33%		10/25/34	2		59,280		56,457
Luminent Mortgage Trust,
Series 2006-5, Class A1A
(CME Term SOFR 1-Month plus 0.49%)
5.81%		07/25/36	2		26,602,348		17,403,615
Luminent Mortgage Trust,
Series 2006-6, Class A1
(CME Term SOFR 1-Month plus 0.51%)
5.83%		10/25/46	2		9,101,486		7,918,060
MASTR Adjustable Rate Mortgages Trust,
Series 2003-6, Class 4A2
3.81%		01/25/34	6		10,393		9,936
MASTR Adjustable Rate Mortgages Trust,
Series 2003-7, Class 3A1
4.60%		11/25/33	6		256,122		240,302
MASTR Adjustable Rate Mortgages Trust,
Series 2004-13, Class 3A1
5.39%		11/21/34	6		1,566,014		1,467,374
MASTR Adjustable Rate Mortgages Trust,
Series 2004-8, Class 2A1
4.45%		09/25/34	6		1,201,152		1,129,470
MASTR Adjustable Rate Mortgages Trust,
Series 2006-2, Class 5A1
4.43%		05/25/36	6		5,340,571		2,274,274
MASTR Adjustable Rate Mortgages Trust,
Series 2007-1, Class I1A
(CME Term SOFR 1-Month plus 0.50%)
5.82%		01/25/47	2		80,986,116		33,302,390

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
MASTR Asset-Backed Securities Trust,
Series 2006-HE4, Class A3
(CME Term SOFR 1-Month plus 0.41%)
5.73%		11/25/36	2	$	12,346,496	$	3,999,426
MASTR Asset-Backed Securities Trust,
Series 2006-HE4, Class A4
(CME Term SOFR 1-Month plus 0.53%)
5.85%		11/25/36	2		3,429,582		1,053,407
MASTR Asset-Backed Securities Trust,
Series 2007-HE1, Class A3
(CME Term SOFR 1-Month plus 0.32%)
5.64%		05/25/37	2		13,783,740		12,962,408
MASTR Seasoned Securitization Trust,
Series 2004-1, Class 4A1
5.73%		10/25/32	6		7,212		6,933
Mellon Residential Funding Corp. Mortgage Pass-Through
Certificates,
Series 2001-TBC1, Class A1
(CME Term SOFR 1-Month plus 0.81%)
6.15%		11/15/31	2		447,959		423,652
Merrill Lynch First Franklin Mortgage Loan Trust,
Series 2007-1, Class A1
(CME Term SOFR 1-Month plus 0.39%)
5.71%		04/25/37	2		127,988,428		54,736,133
Merrill Lynch First Franklin Mortgage Loan Trust,
Series 2007-1, Class A2B
(CME Term SOFR 1-Month plus 0.45%)
5.77%		04/25/37	2		25,901,148		10,004,546
Merrill Lynch First Franklin Mortgage Loan Trust,
Series 2007-1, Class A2C
(CME Term SOFR 1-Month plus 0.61%)
5.93%		04/25/37	2		54,258,810		21,063,910
Merrill Lynch First Franklin Mortgage Loan Trust,
Series 2007-2, Class A2C
(CME Term SOFR 1-Month plus 0.59%)
5.91%		05/25/37	2		26,471,883		20,458,775
Merrill Lynch First Franklin Mortgage Loan Trust,
Series 2007-2, Class A2D
(CME Term SOFR 1-Month plus 0.75%)
6.07%		05/25/37	2		13,072,965		10,200,013
Merrill Lynch First Franklin Mortgage Loan Trust,
Series 2007-3, Class A2C
(CME Term SOFR 1-Month plus 0.47%)
5.79%		06/25/37	2		9,766,954		9,019,108
Merrill Lynch First Franklin Mortgage Loan Trust,
Series 2007-3, Class A2D
(CME Term SOFR 1-Month plus 0.61%)
5.93%		06/25/37	2		14,556,140		13,445,462
Merrill Lynch First Franklin Mortgage Loan Trust,
Series 2007-4, Class 2A2
(CME Term SOFR 1-Month plus 0.35%)
5.67%		07/25/37	2		22,309,653		18,353,169
Merrill Lynch First Franklin Mortgage Loan Trust,
Series 2007-4, Class 2A3
(CME Term SOFR 1-Month plus 0.43%)
5.75%		07/25/37	2		16,353,530		13,476,019

See accompanying Notes to Financial Statements.

195 / Semi-Annual Report September 2023

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Merrill Lynch Mortgage Investors Trust,
Series 2003-A6, Class 2A
5.27%		10/25/33	6	$	135,769	$	131,804
Merrill Lynch Mortgage Investors Trust,
Series 2004-A4, Class A1
4.76%		08/25/34	6		640,658		582,098
Merrill Lynch Mortgage Investors Trust,
Series 2005-A10, Class A
(CME Term SOFR 1-Month plus 0.53%)
5.85%		02/25/36	2		4,309		3,987
Merrill Lynch Mortgage Investors Trust,
Series 2006-WMC2, Class A2B (STEP-reset date 11/25/23)
3.91%		03/25/37			27,102,889		5,832,436
Merrill Lynch Mortgage Investors Trust,
Series 2006-WMC2, Class A2D (STEP-reset date 11/25/23)
3.91%		03/25/37			21,212,499		4,564,508
Merrill Lynch Mortgage Investors Trust,
Series 2007-2, Class 1A1
(US Treasury Yield Curve Rate T Note Constant Maturity
1-Year plus 2.40%)
7.79%		08/25/36	2		1,601,467		1,394,771
Mid-State Capital Corp. Trust,
Series 2005-1, Class A
5.75%		01/15/40			5,220,270		5,102,083
Mid-State Capital Corp. Trust,
Series 2006-1, Class A
5.79%		10/15/40	1		5,705,920		5,506,342
Mid-State Trust XI,
Series 11, Class A1
4.86%		07/15/38			94,067		90,881
Morgan Stanley Mortgage Loan Trust,
Series 2004-11AR, Class 1A1
(CME Term SOFR 1-Month plus 0.43%)
5.75%		01/25/35	2		62,250		56,870
Morgan Stanley Mortgage Loan Trust,
Series 2004-7AR, Class 2A4
5.18%		09/25/34	6		327,318		310,709
Morgan Stanley Mortgage Loan Trust,
Series 2005-2AR, Class A
(CME Term SOFR 1-Month plus 0.37%)
5.69%		04/25/35	2		641,931		626,480
Morgan Stanley Mortgage Loan Trust,
Series 2006-7, Class 5A2
5.96%		06/25/36	6		661,465		187,438
Morgan Stanley Mortgage Loan Trust,
Series 2007-7AX, Class 2A1
(CME Term SOFR 1-Month plus 0.35%)
5.67%		04/25/37	2		4,097,619		1,128,601
Mortgage Funding PLC,
Series 2008-1, Class A3
(United Kingdom)
(SONIA plus 1.22%)
6.44%		03/13/46	2,3		9,900,000		11,827,856

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
MortgageIT Trust,
Series 2005-1, Class 1A1
(CME Term SOFR 1-Month plus 0.75%)
6.07%		02/25/35	2	$	1,683,928	$	1,612,533
MortgageIT Trust,
Series 2005-4, Class A1
(CME Term SOFR 1-Month plus 0.67%)
5.99%		10/25/35	2		1,776,977		1,750,752
MortgageIT Trust,
Series 2005-5, Class A1
(CME Term SOFR 1-Month plus 0.63%)
5.95%		12/25/35	2		338,293		322,155
Nationstar Home Equity Loan Trust,
Series 2007-A, Class AV4
(CME Term SOFR 1-Month plus 0.34%)
5.66%		03/25/37	2		7,583		7,569
Nationstar Home Equity Loan Trust,
Series 2007-C, Class 2AV4
(CME Term SOFR 1-Month plus 0.36%)
5.68%		06/25/37	2		4,255,930		4,004,216
New Century Home Equity Loan Trust,
Series 2005-1, Class M1
(CME Term SOFR 1-Month plus 0.79%)
6.11%		03/25/35	2		106,494		106,267
NLT Trust,
Series 2021-INV3, Class PT
0.00%		11/25/56	1,6		164,223,028		147,141,830
NRPL,
Series 2019-3A, Class A1 (STEP-reset date 11/25/23)
6.00%		07/25/59	1		40,258,532		39,390,566
Oakwood Mortgage Investors, Inc.,
Series 2000-A, Class A5
8.16%		09/15/29	6		20,571,005		4,690,391
Onslow Bay Mortgage Loan Trust,
Series 2021-NQM4, Class A1
1.96%		10/25/61	1,6		5,012,279		3,936,657
Ownit Mortgage Loan Trust,
Series 2006-4, Class A1
(CME Term SOFR 1-Month plus 0.39%)
5.71%		05/25/37	2		5,538,943		5,300,913
Ownit Mortgage Loan Trust,
Series 2006-4, Class A2D
(CME Term SOFR 1-Month plus 0.59%)
5.91%		05/25/37	2		14,919,627		11,392,591
Popular ABS Mortgage Pass-Through Trust,
Series 2005-6, Class A5 (STEP-reset date 11/25/23)
3.36%		01/25/36			18,274,855		15,836,271
Popular ABS Mortgage Pass-Through Trust,
Series 2006-D, Class A3
(CME Term SOFR 1-Month plus 0.37%)
5.69%		11/25/36	2		2,697		2,685
Popular ABS Mortgage Pass-Through Trust,
Series 2007-A, Class A3
(CME Term SOFR 1-Month plus 0.42%)
5.74%		06/25/47	2		20,421,335		18,148,851

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 196

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Popular ABS, Inc.,
Series 1998-1, Class A2 (STEP-reset date 11/25/23)
7.48%		11/25/29		$	45,359	$	42,211
PRET LLC,
Series 2022-RN2, Class A1 (STEP-reset date 10/25/23)
5.00%		06/25/52	1		199,765,736		190,672,540
Pretium Mortgage Credit Partners LLC,
Series 2022-RN3, Class A1
5.00%		08/25/52	1,6		220,191,303		210,349,126
PRPM LLC,
Series 2022-3, Class A1 (STEP-reset date 10/25/23)
5.56%		06/25/27	1		31,246,415		30,661,317
PRPM LLC,
Series 2022-4, Class A1 (STEP-reset date 10/25/23)
5.00%		08/25/27	1		75,162,381		72,980,673
Residential Accredit Loans Trust,
Series 2005-QA12, Class CB1
5.26%		12/25/35	6		3,459,464		1,611,119
Residential Accredit Loans Trust,
Series 2005-QA4, Class A41
4.23%		04/25/35	6		27,028		26,723
Residential Accredit Loans Trust,
Series 2005-QA7, Class A1
4.40%		07/25/35	6		2,038,359		1,521,782
Residential Accredit Loans Trust,
Series 2005-QO5, Class A1
(Federal Reserve US 12-Month Cumulative Average plus
1.00%)
5.63%		01/25/46	2		3,449,833		2,796,205
Residential Accredit Loans Trust,
Series 2006-QA1, Class A11
5.02%		01/25/36	6		96,540		73,071
Residential Accredit Loans Trust,
Series 2006-QA1, Class A21
5.04%		01/25/36	6		8,040,831		5,801,744
Residential Accredit Loans Trust,
Series 2006-QA7, Class 2A1
(CME Term SOFR 1-Month plus 0.48%)
5.80%		08/25/36	2		13,396,669		12,157,164
Residential Accredit Loans Trust,
Series 2006-QS10, Class AV (IO)
0.55%		08/25/36	4,5,6		12,792,905		223,798
Residential Accredit Loans Trust,
Series 2006-QS12, Class 2A9
(CME Term SOFR 1-Month plus 0.49%)
5.81%		09/25/36	2		127,254		94,052
Residential Accredit Loans Trust,
Series 2006-QS2, Class 1AV (IO)
0.48%		02/25/36	4,5,6		45,983,324		599,586
Residential Accredit Loans Trust,
Series 2006-QS7, Class AV (IO)
0.71%		06/25/36	4,5,6		20,729,563		347,173
Residential Accredit Loans Trust,
Series 2006-QS8, Class AV (IO)
0.79%		08/25/36	4,5,6		51,150,684		1,126,059

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Residential Accredit Loans Trust,
Series 2007-QS1, Class 2A4
(CME Term SOFR 1-Month plus 0.66%)
5.98%		01/25/37	2	$	9,580,256	$	6,414,439
Residential Accredit Loans Trust,
Series 2007-QS10, Class AV (IO)
0.48%		09/25/37	4,5,6		39,696,735		715,105
Residential Accredit Loans Trust,
Series 2007-QS4, Class 3AV (IO)
0.36%		03/25/37	4,5,6		25,142,874		276,680
Residential Accredit Loans Trust,
Series 2007-QS5, Class AV (IO)
0.28%		03/25/37	4,5,6		27,120,332		225,899
Residential Accredit Loans Trust,
Series 2007-QS6, Class AV (IO)
0.33%		04/25/37	4,5,6		58,288,748		494,971
Residential Accredit Loans Trust,
Series 2007-QS7, Class 2AV (IO)
0.38%		06/25/37	4,5,6		21,982,588		226,992
Residential Accredit Loans Trust,
Series 2007-QS8, Class AV (IO)
0.43%		06/25/37	4,5,6		52,622,452		771,337
Residential Asset Mortgage Products Trust,
Series 2004-SL3, Class A4
8.50%		12/25/31			12,685		6,071
Residential Asset Securities Corp.,
Series 2006-KS3, Class M1
(CME Term SOFR 1-Month plus 0.44%)
5.93%		04/25/36	2		257,327		251,812
Residential Asset Securitization Trust,
Series 2004-IP2, Class 1A1
4.91%		12/25/34	6		152,988		147,190
Residential Asset Securitization Trust,
Series 2004-IP2, Class 2A1
3.71%		12/25/34	6		10,632		9,500
Residential Asset Securitization Trust,
Series 2004-IP2, Class 3A1
5.73%		12/25/34	6		247,453		233,985
Residential Asset Securitization Trust,
Series 2006-A7CB, Class 1A3
6.25%		07/25/36			1,559,586		1,216,698
Residential Funding Mortgage Securities Trust,
Series 2005-SA5, Class 1A
3.90%		11/25/35	6		2,081,221		1,274,293
Residential Funding Mortgage Securities Trust,
Series 2006-SA3, Class 3A1
5.43%		09/25/36	6		128,901		113,418
Residential Funding Mortgage Securities Trust,
Series 2006-SA4, Class 2A1
5.34%		11/25/36	6		32,628		27,794
Residential Funding Mortgage Securities Trust,
Series 2007-SA2, Class 2A2
4.57%		04/25/37	6		780,761		598,834
Saxon Asset Securities Trust,
Series 2001-2, Class AF6 (STEP-reset date 11/25/23)
6.81%		06/25/16			6		9

See accompanying Notes to Financial Statements.

197 / Semi-Annual Report September 2023

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Saxon Asset Securities Trust,
Series 2007-2, Class A2C
(CME Term SOFR 1-Month plus 0.35%)
5.67%		05/25/47	2	$	154,595	$	111,021
Saxon Asset Securities Trust,
Series 2007-3, Class 2A3
(CME Term SOFR 1-Month plus 0.51%)
5.83%		09/25/47	2		22,774,153		20,164,795
Securitized Asset-Backed Receivables LLC Trust,
Series 2006-CB1, Class AF2 (STEP-reset date 11/25/23)
2.85%		01/25/36			5,521,515		4,436,813
Securitized Asset-Backed Receivables LLC Trust,
Series 2006-CB5, Class A3
(CME Term SOFR 1-Month plus 0.39%)
5.71%		06/25/36	2		198,262		127,538
Securitized Asset-Backed Receivables LLC Trust,
Series 2007-BR1, Class A2A
(CME Term SOFR 1-Month plus 0.33%)
5.65%		02/25/37	2		5,192,974		2,308,477
Securitized Asset-Backed Receivables LLC Trust,
Series 2007-BR1, Class A2B
(CME Term SOFR 1-Month plus 0.65%)
5.97%		02/25/37	2		25,706,848		11,451,827
Securitized Asset-Backed Receivables LLC Trust,
Series 2007-BR2, Class A2
(CME Term SOFR 1-Month plus 0.57%)
5.89%		02/25/37	2		33,696,915		14,300,405
Securitized Asset-Backed Receivables LLC Trust,
Series 2007-BR5, Class A2A
(CME Term SOFR 1-Month plus 0.24%)
5.56%		05/25/37	2		11,378,955		8,602,453
Securitized Asset-Backed Receivables LLC Trust,
Series 2007-BR5, Class A2C
(CME Term SOFR 1-Month plus 0.46%)
5.78%		05/25/37	2		8,581,909		6,487,688
Securitized Asset-Backed Receivables LLC Trust,
Series 2007-NC1, Class A2B
(CME Term SOFR 1-Month plus 0.41%)
5.73%		12/25/36	2		25,346,135		13,713,853
Securitized Asset-Backed Receivables LLC Trust,
Series 2007-NC2, Class A2B
(CME Term SOFR 1-Month plus 0.39%)
5.71%		01/25/37	2		12,612,423		10,724,562
Sequoia Mortgage Trust,
Series 2003-2, Class A1
(CME Term SOFR 1-Month plus 0.77%)
6.10%		06/20/33	2		17,181		16,526
Sequoia Mortgage Trust,
Series 2003-8, Class A1
(CME Term SOFR 1-Month plus 0.75%)
6.08%		01/20/34	2		545		518
Sequoia Mortgage Trust,
Series 2004-3, Class A
(LIBOR USD 6-Month plus 0.50%)
5.91%		05/20/34	2		44,379		44,260

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Sequoia Mortgage Trust,
Series 2004-4, Class A
(LIBOR USD 6-Month plus 0.52%)
5.93%		05/20/34	2	$	50,962	$	47,466
SG Mortgage Securities Trust,
Series 2007-NC1, Class A2
(CME Term SOFR 1-Month plus 0.35%)
5.67%		12/25/36	1,2		11,784,890		6,999,667
Soundview Home Loan Trust,
Series 2005-OPT1, Class M2
(CME Term SOFR 1-Month plus 0.79%)
6.11%		06/25/35	2		5,206,551		5,048,786
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-1, Class 3A3
5.44%		02/25/34	6		5,436		5,072
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-12, Class 2A
5.62%		09/25/34	6		1,837,934		1,770,160
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-14, Class 1A
5.28%		10/25/34	6		24,134		24,134
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-14, Class 2A
5.98%		10/25/34	6		2,536,401		2,470,473
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-15, Class A
4.53%		10/25/34	6		1,156,353		1,076,464
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-17, Class A1
3.72%		11/25/34	6		24,385		21,696
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-20, Class 1A2
5.05%		01/25/35	6		258,989		238,672
Structured Adjustable Rate Mortgage Loan Trust,
Series 2005-12, Class 3A1
5.28%		06/25/35	6		336,381		302,715
Structured Adjustable Rate Mortgage Loan Trust,
Series 2005-18, Class 7A3
4.28%		09/25/35	6		8,832,565		4,742,249
Structured Adjustable Rate Mortgage Loan Trust,
Series 2006-12, Class 1A1
(CME Term SOFR 1-Month plus 0.43%)
5.75%		01/25/37	2		13,217,485		11,569,565
Structured Adjustable Rate Mortgage Loan Trust,
Series 2007-9, Class 2A1
4.25%		10/25/47	6		442,737		273,108
Structured Asset Mortgage Investments II Trust,
Series 2005-AR8, Class A1A
(CME Term SOFR 1-Month plus 0.67%)
5.99%		02/25/36	2		234,242		189,867
Structured Asset Mortgage Investments II Trust,
Series 2005-AR8, Class A3
(Federal Reserve US 12-Month Cumulative Average plus
2.00%)
4.43%		02/25/36	2		7,556,190		6,288,703

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 198

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Structured Asset Mortgage Investments II Trust,
Series 2006-AR7, Class A1A
(CME Term SOFR 1-Month plus 0.53%)
5.85%		08/25/36	2	$	9,714,717	$	7,494,580
Structured Asset Mortgage Investments II Trust,
Series 2006-AR8, Class A1BG
(CME Term SOFR 1-Month plus 0.23%)
5.55%		10/25/36	2		8,204,294		7,016,553
Structured Asset Mortgage Investments II Trust,
Series 2007-AR6, Class A1
(Federal Reserve US 12-Month Cumulative Average plus
1.50%)
6.13%		08/25/47	2		83,272,603		66,466,918
Structured Asset Securities Corp. Mortgage Pass-Through
Certificates,
Series 1997-2, Class 2A4
7.25%		03/28/30			262		248
Structured Asset Securities Corp. Mortgage Pass-Through
Certificates,
Series 2003-26A, Class 3A5
6.46%		09/25/33	6		78,912		75,802
Structured Asset Securities Corp. Mortgage Pass-Through
Certificates,
Series 2003-34A, Class 5A4
5.79%		11/25/33	6		577,918		543,609
Structured Asset Securities Corp. Trust,
Series 2005-5, Class 2A4
5.50%		04/25/35			781,336		702,939
SunTrust Adjustable Rate Mortgage Loan Trust,
Series 2007-3, Class 1A1
5.07%		06/25/37	6		1,306,345		839,233
Thornburg Mortgage Securities Trust,
Series 2004-4, Class 2A
3.79%		12/25/44	6		58,753		53,706
Wachovia Mortgage Loan Trust,
Series 2006-ALT1, Class A3
(CME Term SOFR 1-Month plus 0.57%)
1.50%		01/25/37	2		9,680,247		3,727,788
Wachovia Mortgage Loan Trust,
Series 2006-AMN1, Class A3
(CME Term SOFR 1-Month plus 0.59%)
1.73%		08/25/36	2		15,195,742		5,311,371
WaMu Asset-Backed Certificates,
Series 2007-HE1, Class 2A2
(CME Term SOFR 1-Month plus 0.22%)
5.54%		01/25/37	2		2,887,806		1,337,255
WaMu Asset-Backed Certificates,
Series 2007-HE1, Class 2A3
(CME Term SOFR 1-Month plus 0.26%)
5.58%		01/25/37	2		35,526,106		16,274,825
WaMu Asset-Backed Certificates,
Series 2007-HE1, Class 2A4
(CME Term SOFR 1-Month plus 0.34%)
5.66%		01/25/37	2		8,948,539		4,068,063

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
WaMu Mortgage Pass-Through Certificates,
Series 2003-AR6, Class A1
5.35%		06/25/33	6	$	1,314,033	$	1,225,264
WaMu Mortgage Pass-Through Certificates,
Series 2004-AR3, Class A2
4.52%		06/25/34	6		13,545		12,260
WaMu Mortgage Pass-Through Certificates,
Series 2004-AR6, Class A
(CME Term SOFR 1-Month plus 0.95%)
6.27%		05/25/44	2		47,361		47,246
WaMu Mortgage Pass-Through Certificates,
Series 2005-3, Class 2A3
(CME Term SOFR 1-Month plus 0.66%)
5.50%		05/25/35	2		1,314,481		985,037
WaMu Mortgage Pass-Through Certificates,
Series 2005-4, Class CB13
(CME Term SOFR 1-Month plus 0.61%)
5.50%		06/25/35	2		2,607,385		2,224,991
WaMu Mortgage Pass-Through Certificates,
Series 2005-AR1, Class A1A
(CME Term SOFR 1-Month plus 0.75%)
6.07%		01/25/45	2		312,207		283,998
WaMu Mortgage Pass-Through Certificates,
Series 2005-AR11, Class A1A
(CME Term SOFR 1-Month plus 0.75%)
6.07%		08/25/45	2		14,205,332		13,444,459
WaMu Mortgage Pass-Through Certificates,
Series 2005-AR13, Class A1A1
(CME Term SOFR 1-Month plus 0.69%)
6.01%		10/25/45	2		2,110,647		1,965,187
WaMu Mortgage Pass-Through Certificates,
Series 2005-AR14, Class 2A1
4.03%		12/25/35	6		1,603,810		1,394,938
WaMu Mortgage Pass-Through Certificates,
Series 2005-AR15, Class A1A1
(CME Term SOFR 1-Month plus 0.63%)
5.95%		11/25/45	2		14,412,979		12,979,575
WaMu Mortgage Pass-Through Certificates,
Series 2005-AR17, Class A1A1
(CME Term SOFR 1-Month plus 0.65%)
5.70%		12/25/45	2		6,629,158		5,921,026
WaMu Mortgage Pass-Through Certificates,
Series 2005-AR19, Class A1A2
(CME Term SOFR 1-Month plus 0.69%)
5.72%		12/25/45	2		6,279,369		5,960,460
WaMu Mortgage Pass-Through Certificates,
Series 2005-AR2, Class 1A1A
(CME Term SOFR 1-Month plus 0.77%)
6.09%		01/25/45	2		7,734,679		7,065,903
WaMu Mortgage Pass-Through Certificates,
Series 2005-AR2, Class 2A1A
(CME Term SOFR 1-Month plus 0.73%)
6.05%		01/25/45	2		367,311		355,548

See accompanying Notes to Financial Statements.

199 / Semi-Annual Report September 2023

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
WaMu Mortgage Pass-Through Certificates,
Series 2005-AR2, Class 2A21
(CME Term SOFR 1-Month plus 0.77%)
6.09%		01/25/45	2	$	31,237	$	30,254
WaMu Mortgage Pass-Through Certificates,
Series 2005-AR2, Class 2A23
(CME Term SOFR 1-Month plus 0.87%)
6.19%		01/25/45	2		1,304,318		1,267,163
WaMu Mortgage Pass-Through Certificates,
Series 2005-AR6, Class 2A1A
(CME Term SOFR 1-Month plus 0.57%)
5.89%		04/25/45	2		57,902		55,737
WaMu Mortgage Pass-Through Certificates,
Series 2005-AR8, Class 1A1A
(CME Term SOFR 1-Month plus 0.65%)
5.97%		07/25/45	2		61,680		56,783
WaMu Mortgage Pass-Through Certificates,
Series 2006-AR1, Class 2A1A
(Federal Reserve US 12-Month Cumulative Average plus
1.07%)
5.70%		01/25/46	2		11,873,145		10,767,205
WaMu Mortgage Pass-Through Certificates,
Series 2006-AR10, Class 1A4
4.48%		09/25/36	6		6,490,819		5,541,707
WaMu Mortgage Pass-Through Certificates,
Series 2006-AR16, Class 3A1
3.62%		12/25/36	6		353,367		300,033
WaMu Mortgage Pass-Through Certificates,
Series 2006-AR3, Class A1A
(Federal Reserve US 12-Month Cumulative Average plus
1.00%)
5.63%		02/25/46	2		7,684,976		6,616,549
WaMu Mortgage Pass-Through Certificates,
Series 2006-AR4, Class 1A1A
(Federal Reserve US 12-Month Cumulative Average plus
0.94%)
4.27%		05/25/46	2		2,725,106		2,493,004
WaMu Mortgage Pass-Through Certificates,
Series 2006-AR7, Class 2A
(Federal Reserve US 12-Month Cumulative Average plus
0.98%)
5.61%		07/25/46	2		5,359,067		4,561,471
WaMu Mortgage Pass-Through Certificates,
Series 2007-HY7, Class 4A2
4.55%		07/25/37	6		144,097		131,621
WaMu Mortgage Pass-Through Certificates,
Series 2007-OA1, Class A1A
(Federal Reserve US 12-Month Cumulative Average plus
0.70%)
5.33%		02/25/47	2		7,664,021		6,349,958
WaMu MSC Mortgage Pass-Through Certificates,
Series 2002-AR1, Class 1A1
4.70%		11/25/30	6		64,142		63,514
Wells Fargo Alternative Loan Trust,
Series 2007-PA5, Class 1A1
6.25%		11/25/37			70,902		58,740

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Wells Fargo Mortgage-Backed Securities Trust,
Series 2006-AR1, Class 1A1
4.75%		03/25/36	6	$	1,170,412	$	1,069,845
							5,802,969,717
U.S. Agency Commercial Mortgage-Backed — 0.64%
Fannie Mae Pool AM4869
4.07%		12/01/25			1,648,728		1,606,121
Fannie Mae Pool AM6770
3.77%		09/01/29			152,437		142,310
Fannie Mae Pool AN7981
2.95%		01/01/28			98,822		90,499
Fannie Mae Pool BL6060
2.46%		04/01/40			126,370,000		83,207,911
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series K154, Class A2
3.42%		04/25/32			750,000		682,625
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series K157, Class A3
3.99%		08/25/33	6		300,000		270,439
Ginnie Mae,
Series 2020-193, Class AC
1.25%		09/16/62			33,406,686		23,432,525
Ginnie Mae,
Series 2020-193, Class IO (IO)
0.77%		09/16/62	6		559,595,193		30,483,612
Ginnie Mae,
Series 2021-10, Class IO (IO)
0.99%		05/16/63	6		61,084,901		4,148,379
Ginnie Mae,
Series 2021-14, Class AB
1.34%		06/16/63			42,628,287		31,253,210
Ginnie Mae,
Series 2021-150, Class IO (IO)
1.03%		11/16/63	6		33,717,602		2,392,331
Ginnie Mae,
Series 2021-17, Class IO (IO)
1.05%		01/16/61	6		134,686,809		9,869,136
Ginnie Mae,
Series 2021-2, Class AH
1.50%		06/16/63			99,075,066		72,676,594
Ginnie Mae,
Series 2021-21, Class AH
1.40%		06/16/63			68,416,923		50,402,946
Ginnie Mae,
Series 2021-31, Class B
1.25%		01/16/61			74,318,641		51,979,357
Ginnie Mae,
Series 2021-31, Class IO (IO)
0.94%		01/16/61	6		113,651,547		7,292,952
Ginnie Mae,
Series 2022-32, Class IO (IO)
0.53%		02/01/62	6		274,722,262		11,577,483
							381,508,430

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 200

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed — 38.20%
Fannie Mae Pool 190375
5.50%		11/01/36		$	319,258	$	319,035
Fannie Mae Pool 190396
4.50%		06/01/39			4,507		4,246
Fannie Mae Pool 313182
7.50%		10/01/26			385		386
Fannie Mae Pool 394854
6.50%		05/01/27			177		178
Fannie Mae Pool 545191
7.00%		09/01/31			1,220		1,234
Fannie Mae Pool 545756
7.00%		06/01/32			269		279
Fannie Mae Pool 613142
7.00%		11/01/31			5,419		5,548
Fannie Mae Pool 625666
7.00%		01/01/32			4,168		4,218
Fannie Mae Pool 633698
7.50%		02/01/31			18,582		19,090
Fannie Mae Pool 655928
7.00%		08/01/32			59,581		61,590
Fannie Mae Pool 725257
5.50%		02/01/34			438,524		436,554
Fannie Mae Pool 734830
4.50%		08/01/33			5,892		5,549
Fannie Mae Pool 734922
4.50%		09/01/33			710,877		670,359
Fannie Mae Pool 735207
7.00%		04/01/34			9,790		9,945
Fannie Mae Pool 735224
5.50%		02/01/35			1,510,729		1,503,950
Fannie Mae Pool 735651
4.50%		06/01/35			1,754,401		1,685,826
Fannie Mae Pool 740297
5.50%		10/01/33			886		882
Fannie Mae Pool 745147
4.50%		12/01/35			10,712		10,108
Fannie Mae Pool 753168
4.50%		12/01/33			3,621		3,415
Fannie Mae Pool 815422
4.50%		02/01/35			18,316		17,254
Fannie Mae Pool 839109
(RFUCCT1Y plus 1.91%)
4.16%		11/01/35	2		3,181		3,134
Fannie Mae Pool 844773
(RFUCCT1Y plus 1.56%)
3.81%		12/01/35	2		1,491		1,470
Fannie Mae Pool 888412
7.00%		04/01/37			65,139		66,056
Fannie Mae Pool 889184
5.50%		09/01/36			1,570,855		1,563,798
Fannie Mae Pool AB1613
4.00%		10/01/40			14,961,028		13,708,110
Fannie Mae Pool AB1803
4.00%		11/01/40			17,805,755		16,380,037
Fannie Mae Pool AB2127
3.50%		01/01/26			2,747,064		2,687,388

Issues	Maturity Date		Principal         Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool AB3679
3.50%		10/01/41	$	6,137,012	$	5,450,832
Fannie Mae Pool AB3864
3.50%		11/01/41		4,551,601		4,042,712
Fannie Mae Pool AB4045
3.50%		12/01/41		5,888,507		5,219,225
Fannie Mae Pool AB4262
3.50%		01/01/32		2,871,341		2,680,306
Fannie Mae Pool AB6385
3.00%		10/01/42		201,898		172,868
Fannie Mae Pool AB9703
3.50%		06/01/43		10,616,647		9,358,356
Fannie Mae Pool AC8279
4.50%		08/01/39		6,266		5,891
Fannie Mae Pool AE0138
4.50%		03/01/40		26,257		24,822
Fannie Mae Pool AE0482
5.50%		01/01/38		3,680,671		3,667,531
Fannie Mae Pool AH3780
4.00%		02/01/41		7,035,354		6,446,103
Fannie Mae Pool AJ1404
4.00%		09/01/41		9,042,578		8,285,133
Fannie Mae Pool AL0209
4.50%		05/01/41		10,653,193		10,212,299
Fannie Mae Pool AL0851
6.00%		10/01/40		6,155,545		6,362,265
Fannie Mae Pool AL2521
3.50%		09/01/42		66,914		59,593
Fannie Mae Pool AL4597
4.00%		01/01/44		28,155,825		25,895,153
Fannie Mae Pool AL6348
3.50%		02/01/45		23,808		21,249
Fannie Mae Pool AL7092
3.00%		07/01/45		38,431		32,574
Fannie Mae Pool AL8037
4.50%		07/01/34		87,089		82,575
Fannie Mae Pool AL8256
3.00%		08/01/43		349,915		299,835
Fannie Mae Pool AL8356
4.50%		07/01/34		201,273		194,662
Fannie Mae Pool AL8960
4.50%		05/01/46		16,560,116		15,586,418
Fannie Mae Pool AL9106
4.50%		02/01/46		20,702,714		19,485,441
Fannie Mae Pool AL9217
3.50%		10/01/46		14,293,857		12,594,503
Fannie Mae Pool AL9472
4.00%		10/01/43		3,473,011		3,182,335
Fannie Mae Pool AL9722
4.50%		08/01/46		67,575,596		63,602,304
Fannie Mae Pool AL9846
4.50%		02/01/47		71,229,850		67,041,696
Fannie Mae Pool AS8605
3.00%		01/01/32		98,966		92,075
Fannie Mae Pool AS8663
4.50%		01/01/47		12,691,284		11,894,689

See accompanying Notes to Financial Statements.

201 / Semi-Annual Report September 2023

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date		Principal         Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool AS9830
4.00%		06/01/47	$	22,124,092	$	20,094,505
Fannie Mae Pool AS9972
4.00%		07/01/47		20,375,900		18,465,240
Fannie Mae Pool AT9649
4.00%		07/01/43		119,536		109,739
Fannie Mae Pool AU3739
3.50%		08/01/43		20,471,586		18,150,140
Fannie Mae Pool BD2450
3.50%		01/01/47		41,111		36,095
Fannie Mae Pool BM4299
3.00%		03/01/30		14,216,896		13,723,759
Fannie Mae Pool BM4304
3.00%		02/01/30		17,642,085		17,064,145
Fannie Mae Pool BM5164
4.00%		11/01/48		25,417,085		23,016,377
Fannie Mae Pool BM5507
3.00%		09/01/48		5,480,018		4,632,175
Fannie Mae Pool BN4316
4.00%		01/01/49		16,905		15,422
Fannie Mae Pool BQ6913
2.00%		12/01/51		440,225,582		335,887,078
Fannie Mae Pool BQ7006
2.00%		01/01/52		104,929,807		79,961,870
Fannie Mae Pool BT6823
2.50%		10/01/51		107,054,159		85,346,664
Fannie Mae Pool BU1450
2.00%		01/01/52		177,651,712		135,379,674
Fannie Mae Pool BU1452
2.00%		01/01/52		266,175,428		202,614,618
Fannie Mae Pool BV2994
2.50%		04/01/52		2,652,651		2,108,010
Fannie Mae Pool BV7773
2.50%		04/01/52		95,771,652		76,167,726
Fannie Mae Pool BV8459
3.00%		04/01/52		138,765,750		114,965,552
Fannie Mae Pool BW9897
4.50%		10/01/52		93,221,111		85,596,327
Fannie Mae Pool CA0862
3.50%		09/01/47		2,147,439		1,877,372
Fannie Mae Pool CA0996
3.50%		01/01/48		29,841		26,182
Fannie Mae Pool CA1187
3.50%		02/01/48		33,510,847		29,303,357
Fannie Mae Pool CA1191
3.50%		11/01/47		2,493,986		2,180,337
Fannie Mae Pool CA1710
4.50%		05/01/48		76,665		71,668
Fannie Mae Pool CA1711
4.50%		05/01/48		7,548,473		7,056,448
Fannie Mae Pool CA2208
4.50%		08/01/48		16,287,634		15,225,972
Fannie Mae Pool CA2327
4.00%		09/01/48		22,977,566		20,950,811
Fannie Mae Pool CA2493
4.50%		10/01/48		4,342,136		4,056,024

Issues	Maturity Date		Principal         Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool CA3633
3.50%		06/01/49	$	16,920,517	$	14,814,117
Fannie Mae Pool CA4011
3.50%		08/01/49		15,420,180		13,225,509
Fannie Mae Pool CA5689
3.00%		05/01/50		56,763,732		47,719,388
Fannie Mae Pool CB0610
2.50%		05/01/51		60,001,446		48,103,865
Fannie Mae Pool CB2313
2.50%		12/01/51		150,630,838		120,669,578
Fannie Mae Pool CB2365
2.00%		09/01/51		159,476,255		121,592,300
Fannie Mae Pool CB2767
2.00%		01/01/52		70,157,927		53,738,736
Fannie Mae Pool CB3582
3.00%		05/01/52		16,386,553		13,607,447
Fannie Mae Pool CB5675
4.50%		02/01/53		49,453,850		45,452,869
Fannie Mae Pool CB6854
4.50%		08/01/53		36,030,351		33,137,361
Fannie Mae Pool FM2310
3.00%		01/01/48		8,589,552		7,259,388
Fannie Mae Pool FM2318
3.50%		09/01/49		146,904,478		128,675,962
Fannie Mae Pool FM2388
3.50%		04/01/48		15,063,170		13,262,939
Fannie Mae Pool FM9672
2.50%		12/01/51		120,146,528		95,507,560
Fannie Mae Pool FS1598
2.00%		04/01/52		98,766,740		75,116,041
Fannie Mae Pool FS1622
2.00%		03/01/52		195,146,070		148,894,217
Fannie Mae Pool FS2536
2.50%		02/01/52		3,684,079		2,933,606
Fannie Mae Pool FS2943
2.00%		02/01/51		40,800,132		31,270,284
Fannie Mae Pool FS5635
4.00%		11/01/52		70,622,799		62,922,897
Fannie Mae Pool MA1146
4.00%		08/01/42		17,004,135		15,527,195
Fannie Mae Pool MA1177
3.50%		09/01/42		22,798,518		20,097,698
Fannie Mae Pool MA1404
3.50%		04/01/43		47,352		41,761
Fannie Mae Pool MA1432
3.00%		05/01/33		36,237		32,993
Fannie Mae Pool MA1459
3.00%		06/01/33		17,202		15,662
Fannie Mae Pool MA1527
3.00%		08/01/33		25,148,240		22,897,427
Fannie Mae Pool MA1561
3.00%		09/01/33		15,944,540		14,517,475
Fannie Mae Pool MA1582
3.50%		09/01/43		7,872,409		6,936,774
Fannie Mae Pool MA1584
3.50%		09/01/33		24,127,410		22,407,901

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 202

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date		Principal         Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool MA1608
3.50%		10/01/33	$	16,675,078	$	15,486,681
Fannie Mae Pool MA1982
3.50%		08/01/34		33,420		30,778
Fannie Mae Pool MA2895
3.00%		02/01/47		38,798		32,795
Fannie Mae Pool MA2960
4.00%		04/01/47		19,258,771		17,449,224
Fannie Mae Pool MA3027
4.00%		06/01/47		14,281,378		12,939,505
Fannie Mae Pool MA3029
3.00%		06/01/32		15,595,053		14,408,721
Fannie Mae Pool MA3060
3.00%		07/01/32		6,969		6,362
Fannie Mae Pool MA3120
3.50%		09/01/47		1,108,987		969,518
Fannie Mae Pool MA3182
3.50%		11/01/47		23,523,103		20,568,146
Fannie Mae Pool MA3210
3.50%		12/01/47		40,905,547		35,837,724
Fannie Mae Pool MA3238
3.50%		01/01/48		35,269,868		30,839,291
Fannie Mae Pool MA3276
3.50%		02/01/48		13,860,077		12,118,984
Fannie Mae Pool MA3305
3.50%		03/01/48		18,441,435		16,121,774
Fannie Mae Pool MA3332
3.50%		04/01/48		50,750,179		44,366,552
Fannie Mae Pool MA3364
3.50%		05/01/33		5,843,383		5,459,726
Fannie Mae Pool MA3537
4.50%		12/01/48		9,814,790		9,174,696
Fannie Mae Pool MA3811
3.00%		10/01/49		5,649,718		4,656,710
Fannie Mae Pool MA3846
3.00%		11/01/49		31,023		25,571
Fannie Mae Pool MA3942
3.00%		02/01/50		10,957,202		8,921,618
Fannie Mae Pool MA3997
3.00%		04/01/50		13,476,898		11,020,033
Fannie Mae Pool MA4093
2.00%		08/01/40		147,486,903		119,548,828
Fannie Mae Pool MA4128
2.00%		09/01/40		121,654,052		98,581,185
Fannie Mae Pool MA4152
2.00%		10/01/40		152,849,464		123,824,599
Fannie Mae Pool MA4158
2.00%		10/01/50		170,261,464		130,308,470
Fannie Mae Pool MA4176
2.00%		11/01/40		37,833,172		30,635,602
Fannie Mae Pool MA4237
2.00%		01/01/51		2,311,677		1,770,636
Fannie Mae Pool MA4281
2.00%		03/01/51		37,515,956		28,659,416
Fannie Mae Pool MA4305
2.00%		04/01/51		84,198,610		64,321,512

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool MA4333
2.00%		05/01/41		$	70,474,658	$	56,685,401
Fannie Mae Pool MA4492
2.00%		12/01/51			92,696,154		70,760,778
Fannie Mae Pool MA4493
2.50%		12/01/51			150,496,593		119,733,818
Fannie Mae Pool MA4547
2.00%		02/01/52			18,372,613		13,985,363
Fannie Mae Pool MA4548
2.50%		02/01/52			176,721,049		140,532,054
Fannie Mae Pool MA4563
2.50%		03/01/52			215,963,704		171,486,400
Fannie Mae Pool MA4578
2.50%		04/01/52			349,666,304		277,653,210
Fannie Mae REMICS,
Series 1994-55, Class H
7.00%		03/25/24			202		202
Fannie Mae REMICS,
Series 1997-34, Class SA
(Cost of Funds for the 11th District of San Francisco plus
0.00%)
33.40%		10/25/23	2		6		6
Fannie Mae REMICS,
Series 1998-37, Class VZ
6.00%		06/17/28			34		34
Fannie Mae REMICS,
Series 1999-11, Class Z
5.50%		03/25/29			10,256		9,771
Fannie Mae REMICS,
Series 2001-52, Class YZ
6.50%		10/25/31			52,424		52,930
Fannie Mae REMICS,
Series 2005-122, Class SG (IO)
(-1.00 X SOFR30A plus 6.49%, 6.60% Cap)
1.17%		11/25/35	2		15,661		142
Fannie Mae REMICS,
Series 2005-92, Class US (IO)
(-1.00 X SOFR30A plus 5.99%, 6.10% Cap)
0.67%		10/25/25	2		342,212		1,214
Fannie Mae REMICS,
Series 2006-4, Class WE
4.50%		02/25/36			21,693		20,867
Fannie Mae REMICS,
Series 2006-49, Class SE
(-4.00 X SOFR30A plus 28.54%, 29.00% Cap)
7.28%		04/25/36	2		668,141		685,073
Fannie Mae REMICS,
Series 2007-17, Class SI (IO)
(-1.00 X SOFR30A plus 6.29%, 6.40% Cap)
0.97%		03/25/37	2		645,443		46,787
Fannie Mae REMICS,
Series 2007-34, Class SB (IO)
(-1.00 X SOFR30A plus 6.00%, 6.11% Cap)
0.68%		04/25/37	2		1,327,224		79,843

See accompanying Notes to Financial Statements.

203 / Semi-Annual Report September 2023

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae REMICS,
Series 2007-64, Class FA
(SOFR30A plus 0.58%)
5.90%		07/25/37	2	$	1,911	$	1,891
Fannie Mae REMICS,
Series 2008-24, Class NA
6.75%		06/25/37			137,027		139,971
Fannie Mae REMICS,
Series 2010-116, Class SE (IO)
(-1.00 X SOFR30A plus 6.49%, 6.60% Cap)
1.17%		10/25/40	2		1,849,177		149,120
Fannie Mae REMICS,
Series 2010-17, Class SB (IO)
(-1.00 X SOFR30A plus 6.24%, 6.35% Cap)
0.92%		03/25/40	2		3,751,938		267,762
Fannie Mae REMICS,
Series 2010-43, Class KS (IO)
(-1.00 X SOFR30A plus 6.31%, 6.42% Cap)
0.99%		05/25/40	2		6,642,945		531,347
Fannie Mae REMICS,
Series 2011-101, Class HE
4.00%		10/25/41			7,926,821		7,419,986
Fannie Mae REMICS,
Series 2011-111, Class DB
4.00%		11/25/41			6,949,191		6,444,021
Fannie Mae REMICS,
Series 2012-84, Class VZ
3.50%		08/25/42			5,929,201		5,340,282
Fannie Mae REMICS,
Series 2013-101, Class BO (PO)
0.00%		10/25/43	9		9,175,159		6,555,563
Fannie Mae REMICS,
Series 2013-101, Class CO (PO)
0.00%		10/25/43	9		5,294,670		3,771,639
Fannie Mae REMICS,
Series 2016-45, Class AF
(SOFR30A plus 0.61%)
5.93%		07/25/46	2		6,806,897		6,614,861
Fannie Mae REMICS,
Series 2016-72, Class FA
(SOFR30A plus 0.61%)
5.93%		10/25/46	2		13,800,995		13,315,890
Fannie Mae REMICS,
Series 2016-74, Class GF
(SOFR30A plus 0.61%)
5.93%		10/25/46	2		11,045,046		10,677,777
Fannie Mae REMICS,
Series 2016-75, Class FL
(SOFR30A plus 0.61%)
5.93%		10/25/46	2		10,944,324		10,581,598
Fannie Mae REMICS,
Series 2018-29, Class AP
3.50%		11/25/46			21,581,583		20,706,702
Fannie Mae REMICS,
Series 2018-38, Class LA
3.00%		06/25/48			13,396,578		11,382,509

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae REMICS,
Series 2018-38, Class PA
3.50%		06/25/47		$	17,323	$	16,212
Fannie Mae REMICS,
Series 2018-45, Class GA
3.00%		06/25/48			15,034,824		12,845,953
Fannie Mae REMICS,
Series 2018-55, Class PA
3.50%		01/25/47			7,135,625		6,828,545
Fannie Mae REMICS,
Series 2018-57, Class QA
3.50%		05/25/46			13,514		13,154
Fannie Mae REMICS,
Series 2018-86, Class JA
4.00%		05/25/47			582,267		559,566
Fannie Mae REMICS,
Series 2018-94, Class KD
3.50%		12/25/48			3,368,670		3,003,594
Fannie Mae REMICS,
Series 2019-1, Class AB
3.50%		02/25/49			1,304,012		1,155,696
Fannie Mae REMICS,
Series 2019-1, Class KP
3.25%		02/25/49			1,296,247		1,122,951
Fannie Mae REMICS,
Series 2019-26, Class JE
3.00%		06/25/49			3,985,625		3,418,448
Fannie Mae REMICS,
Series 2019-45, Class PA
3.00%		08/25/49			14,151,653		11,993,929
Fannie Mae REMICS,
Series 2019-52, Class PA
3.00%		09/25/49			4,198,109		3,503,892
Fannie Mae REMICS,
Series 2019-67, Class FE
(SOFR30A plus 0.56%)
5.88%		11/25/49	2		27,003,913		26,006,173
Fannie Mae REMICS,
Series 2019-79, Class FA
(SOFR30A plus 0.61%)
5.93%		01/25/50	2		73,705		71,378
Fannie Mae Trust,
Series 2003-W2, Class 2A9
5.90%		07/25/42			15,817		15,574
Freddie Mac Gold Pool A24156
6.50%		10/01/31			46,326		46,641
Freddie Mac Gold Pool A25162
5.50%		05/01/34			738,819		739,796
Freddie Mac Gold Pool A39012
5.50%		06/01/35			18,601		18,648
Freddie Mac Gold Pool A54856
5.00%		01/01/34			1,636,712		1,601,943
Freddie Mac Gold Pool A61164
5.00%		04/01/36			4,832		4,775
Freddie Mac Gold Pool A97038
4.00%		02/01/41			5,426,092		5,039,872

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 204

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date		Principal         Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac Gold Pool C01492
5.00%		02/01/33	$	200,531	$	198,133
Freddie Mac Gold Pool C04546
3.00%		02/01/43		10,202,851		8,741,636
Freddie Mac Gold Pool C04573
3.00%		03/01/43		12,230,408		10,479,154
Freddie Mac Gold Pool C46104
6.50%		09/01/29		5,288		5,329
Freddie Mac Gold Pool C55789
7.50%		10/01/27		1,103		1,101
Freddie Mac Gold Pool G00992
7.00%		11/01/28		258		260
Freddie Mac Gold Pool G01515
5.00%		02/01/33		249,061		246,094
Freddie Mac Gold Pool G02579
5.00%		12/01/34		355,302		348,850
Freddie Mac Gold Pool G02884
6.00%		04/01/37		1,080,505		1,117,974
Freddie Mac Gold Pool G02955
5.50%		03/01/37		1,651,514		1,654,104
Freddie Mac Gold Pool G03357
5.50%		08/01/37		476,212		478,019
Freddie Mac Gold Pool G03676
5.50%		12/01/37		1,033,450		1,035,822
Freddie Mac Gold Pool G03783
5.50%		01/01/38		898,375		900,500
Freddie Mac Gold Pool G03985
6.00%		03/01/38		5,932		6,057
Freddie Mac Gold Pool G04438
5.50%		05/01/38		2,477,320		2,486,838
Freddie Mac Gold Pool G04703
5.50%		08/01/38		1,905,079		1,912,436
Freddie Mac Gold Pool G04706
5.50%		09/01/38		78,442		78,745
Freddie Mac Gold Pool G05866
4.50%		02/01/40		8,090,593		7,658,746
Freddie Mac Gold Pool G06361
4.00%		03/01/41		11,102		10,186
Freddie Mac Gold Pool G06498
4.00%		04/01/41		10,585,857		9,712,795
Freddie Mac Gold Pool G06499
4.00%		03/01/41		4,663,447		4,284,403
Freddie Mac Gold Pool G07408
3.50%		06/01/43		11,658,378		10,335,242
Freddie Mac Gold Pool G07786
4.00%		08/01/44		88,939,187		81,650,323
Freddie Mac Gold Pool G07848
3.50%		04/01/44		55,647,617		49,572,876
Freddie Mac Gold Pool G07849
3.50%		05/01/44		7,312,155		6,514,343
Freddie Mac Gold Pool G07924
3.50%		01/01/45		8,112,724		7,163,189
Freddie Mac Gold Pool G07925
4.00%		02/01/45		5,836,044		5,361,885
Freddie Mac Gold Pool G08676
3.50%		11/01/45		19,580,370		17,240,517

Issues	Maturity Date		Principal         Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac Gold Pool G08681
3.50%		12/01/45	$	13,166,206	$	11,592,845
Freddie Mac Gold Pool G08698
3.50%		03/01/46		676		595
Freddie Mac Gold Pool G08710
3.00%		06/01/46		79,354,205		67,170,666
Freddie Mac Gold Pool G08711
3.50%		06/01/46		5,593,940		4,904,117
Freddie Mac Gold Pool G08715
3.00%		08/01/46		108,284,389		91,659,093
Freddie Mac Gold Pool G08721
3.00%		09/01/46		10,979,061		9,289,187
Freddie Mac Gold Pool G08722
3.50%		09/01/46		24,964,747		21,886,190
Freddie Mac Gold Pool G08726
3.00%		10/01/46		117,606,607		99,504,851
Freddie Mac Gold Pool G08727
3.50%		10/01/46		22,030,998		19,314,221
Freddie Mac Gold Pool G08732
3.00%		11/01/46		72,390,620		61,248,411
Freddie Mac Gold Pool G08741
3.00%		01/01/47		46,243,664		39,125,938
Freddie Mac Gold Pool G08742
3.50%		01/01/47		35,254,503		30,907,054
Freddie Mac Gold Pool G08747
3.00%		02/01/47		16,243,240		13,743,116
Freddie Mac Gold Pool G08757
3.50%		04/01/47		12,869,373		11,269,190
Freddie Mac Gold Pool G08758
4.00%		04/01/47		9,962		9,063
Freddie Mac Gold Pool G08762
4.00%		05/01/47		9,981,661		9,078,574
Freddie Mac Gold Pool G08779
3.50%		09/01/47		49,987		43,762
Freddie Mac Gold Pool G08784
3.50%		10/01/47		43,976		38,508
Freddie Mac Gold Pool G08792
3.50%		12/01/47		37,665		32,982
Freddie Mac Gold Pool G08826
5.00%		06/01/48		7,021,569		6,754,181
Freddie Mac Gold Pool G08833
5.00%		07/01/48		4,029,895		3,876,433
Freddie Mac Gold Pool G08838
5.00%		09/01/48		2,155,013		2,072,339
Freddie Mac Gold Pool G08840
5.00%		08/01/48		652,990		628,983
Freddie Mac Gold Pool G08843
4.50%		10/01/48		5,143,133		4,810,929
Freddie Mac Gold Pool G08844
5.00%		10/01/48		5,610,879		5,397,212
Freddie Mac Gold Pool G08848
4.50%		11/01/48		917,914		860,183
Freddie Mac Gold Pool G08849
5.00%		11/01/48		2,167,973		2,083,229
Freddie Mac Gold Pool G16085
2.50%		02/01/32		2,181,068		1,973,603

See accompanying Notes to Financial Statements.

205 / Semi-Annual Report September 2023

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date		Principal         Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac Gold Pool G16502
3.50%		05/01/33	$	39,999	$	37,511
Freddie Mac Gold Pool G16524
3.50%		05/01/33		15,935,875		14,944,712
Freddie Mac Gold Pool G16584
3.50%		08/01/33		2,319,418		2,170,083
Freddie Mac Gold Pool G16607
3.50%		09/01/33		22,865,542		21,377,569
Freddie Mac Gold Pool G16623
2.50%		09/01/32		17,399,015		15,744,397
Freddie Mac Gold Pool G16755
3.50%		02/01/34		22,505,448		21,186,898
Freddie Mac Gold Pool G16756
3.50%		01/01/34		2,075,317		1,940,185
Freddie Mac Gold Pool G18592
3.00%		03/01/31		15,434		14,529
Freddie Mac Gold Pool G18596
3.00%		04/01/31		17,954,254		16,718,381
Freddie Mac Gold Pool G18691
3.00%		06/01/33		6,482,038		5,920,414
Freddie Mac Gold Pool G18692
3.50%		06/01/33		9,031,077		8,504,748
Freddie Mac Gold Pool G18713
3.50%		11/01/33		10,848,956		10,139,857
Freddie Mac Gold Pool G18716
3.50%		12/01/33		30,860		28,829
Freddie Mac Gold Pool G60023
3.50%		04/01/45		8,694,565		7,701,384
Freddie Mac Gold Pool G60080
3.50%		06/01/45		91,052,116		80,395,135
Freddie Mac Gold Pool G60138
3.50%		08/01/45		72,944,427		64,611,974
Freddie Mac Gold Pool G60238
3.50%		10/01/45		28,081,640		24,733,574
Freddie Mac Gold Pool G60344
4.00%		12/01/45		67,623		61,637
Freddie Mac Gold Pool G67700
3.50%		08/01/46		21,431,364		18,893,893
Freddie Mac Gold Pool G67703
3.50%		04/01/47		154,068,355		136,033,044
Freddie Mac Gold Pool G67707
3.50%		01/01/48		279,805,598		248,484,291
Freddie Mac Gold Pool G67711
4.00%		03/01/48		45,529,680		41,471,126
Freddie Mac Gold Pool G67713
4.00%		06/01/48		408,397		371,609
Freddie Mac Gold Pool G67714
4.00%		07/01/48		66,529		60,578
Freddie Mac Gold Pool G67717
4.00%		11/01/48		55,974,643		50,967,524
Freddie Mac Gold Pool H00790
5.50%		05/01/37		3,969		3,954
Freddie Mac Gold Pool H05069
5.50%		05/01/37		62,561		62,314
Freddie Mac Gold Pool Q05804
4.00%		01/01/42		18,618,466		17,149,677

Issues	Maturity Date		Principal         Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac Gold Pool U99097
3.50%		07/01/43	$	26,210,521	$	23,150,305
Freddie Mac Gold Pool V62078
3.50%		08/01/33		2,456,060		2,312,908
Freddie Mac Gold Pool V62129
3.50%		08/01/33		5,440,362		5,121,562
Freddie Mac Gold Pool V80356
3.50%		08/01/43		18,990,537		16,850,615
Freddie Mac Pool QD3162
2.00%		12/01/51		138,734,821		105,709,195
Freddie Mac Pool QD7213
2.00%		02/01/52		95,519,454		72,646,351
Freddie Mac Pool QE0312
2.00%		04/01/52		6,520,167		4,958,847
Freddie Mac Pool QE0521
2.50%		04/01/52		2,960,649		2,350,909
Freddie Mac Pool RA4201
2.00%		12/01/50		8,560,686		6,561,132
Freddie Mac Pool RA4398
2.00%		01/01/51		74,197,768		56,747,146
Freddie Mac Pool RA5285
2.50%		05/01/51		113,312,731		90,577,828
Freddie Mac Pool RA6507
2.00%		12/01/51		125,010,360		95,218,886
Freddie Mac Pool RB5077
2.00%		10/01/40		91,988,300		74,520,474
Freddie Mac Pool RE6029
3.00%		02/01/50		3,751,813		3,067,850
Freddie Mac Pool SD1178
2.00%		03/01/52		16,259,211		12,376,626
Freddie Mac Pool SD2148
4.50%		01/01/53		49,503,716		45,498,701
Freddie Mac Pool SD3302
2.00%		10/01/51		60,543,151		46,176,007
Freddie Mac Pool SD7502
3.50%		07/01/49		6,703,875		5,861,427
Freddie Mac Pool SD7503
3.50%		08/01/49		14,668,906		12,847,035
Freddie Mac Pool SD7511
3.50%		01/01/50		14,927,091		13,069,654
Freddie Mac Pool SD8121
2.00%		01/01/51		115,460		88,430
Freddie Mac Pool SD8182
2.00%		12/01/51		26,509,548		20,192,411
Freddie Mac Pool SD8188
2.00%		01/01/52		41,965,741		32,029,746
Freddie Mac Pool SD8189
2.50%		01/01/52		354,735,179		282,122,857
Freddie Mac Pool SD8193
2.00%		02/01/52		20,023,959		15,242,379
Freddie Mac Pool SD8199
2.00%		03/01/52		282,302,509		214,702,308
Freddie Mac Pool SD8205
2.50%		04/01/52		418,374,296		332,210,925
Freddie Mac Pool ZA5103
3.50%		12/01/47		115,353		100,870

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 206

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac Pool ZA5128
3.50%		12/01/47		$	365,898	$	319,882
Freddie Mac Pool ZM1779
3.00%		09/01/46			12,028,253		10,162,497
Freddie Mac Pool ZM2285
3.00%		12/01/46			14,060,567		11,885,181
Freddie Mac Pool ZS4693
3.00%		12/01/46			14,043,139		11,870,449
Freddie Mac Pool ZS4768
3.50%		05/01/48			965,862		843,789
Freddie Mac Pool ZT0277
3.50%		10/01/46			1,464,750		1,287,406
Freddie Mac Pool ZT1403
3.50%		11/01/33			12,040,416		11,249,883
Freddie Mac REMICS,
Series 1980, Class Z
7.00%		07/15/27			21,272		21,245
Freddie Mac REMICS,
Series 1983, Class Z
6.50%		12/15/23			253		253
Freddie Mac REMICS,
Series 2098, Class TZ
6.00%		01/15/28			90,329		89,852
Freddie Mac REMICS,
Series 2174, Class PN
6.00%		07/15/29			6,151		6,101
Freddie Mac REMICS,
Series 2313, Class LA
6.50%		05/15/31			2,376		2,398
Freddie Mac REMICS,
Series 2433, Class SA
(-2.60 X SOFR30A plus 20.63%, 20.93% Cap)
6.82%		02/15/32	2		4,045		4,379
Freddie Mac REMICS,
Series 2481, Class AW
6.50%		08/15/32			7,931		7,976
Freddie Mac REMICS,
Series 3019, Class SW (IO)
(-1.00 X SOFR30A plus 7.09%, 7.20% Cap)
1.77%		08/15/35	2		579,824		64,256
Freddie Mac REMICS,
Series 3063, Class YG
5.50%		11/15/35			1,524,279		1,520,798
Freddie Mac REMICS,
Series 3300, Class SA (IO)
(-1.00 X SOFR30A plus 7.09%, 7.20% Cap)
1.77%		08/15/35	2		256,353		19,957
Freddie Mac REMICS,
Series 3752, Class XL
4.50%		11/15/40			25,384,609		24,132,092
Freddie Mac REMICS,
Series 3891, Class HS (IO)
(-1.00 X SOFR30A plus 5.84%, 5.95% Cap)
0.52%		07/15/41	2		3,244,322		78,310

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac REMICS,
Series 3904, Class JB
4.50%		08/15/41		$	5,861,259	$	5,568,470
Freddie Mac REMICS,
Series 3925, Class LB
4.50%		09/15/41			9,215,000		8,608,799
Freddie Mac REMICS,
Series 3928, Class JD
4.00%		09/15/41			16,517,643		15,612,453
Freddie Mac REMICS,
Series 4102, Class TC
2.50%		09/15/41			5,487,356		5,117,746
Freddie Mac REMICS,
Series 4161, Class BA
2.50%		12/15/41			8,476,340		8,036,156
Freddie Mac REMICS,
Series 4656, Class EZ
4.00%		02/15/47			201,607		179,745
Freddie Mac REMICS,
Series 4818, Class CA
3.00%		04/15/48			1,128,151		952,923
Freddie Mac REMICS,
Series 4846, Class PA
4.00%		06/15/47			127,340		124,290
Freddie Mac REMICS,
Series 4852, Class CA
4.00%		11/15/47			6,493,424		6,144,773
Freddie Mac REMICS,
Series 4860, Class BH
3.50%		10/15/48			2,492,932		2,287,119
Freddie Mac REMICS,
Series 4860, Class PA
3.50%		02/15/49			1,919,857		1,686,884
Freddie Mac REMICS,
Series 4879, Class BC
3.00%		04/15/49			674,303		589,966
Freddie Mac REMICS,
Series 4896, Class DA
3.00%		01/15/49			677,387		584,860
Freddie Mac REMICS,
Series 4937, Class MF
(SOFR30A plus 0.56%)
5.88%		12/25/49	2		5,286,357		5,108,274
Freddie Mac Strips,
Series 309, Class PO (PO)
0.00%		08/15/43	9		11,217,374		7,962,121
Freddie Mac Strips,
Series 319, Class F2
(SOFR30A plus 0.61%)
5.93%		11/15/43	2		1,893,431		1,831,675
Ginnie Mae (TBA)
2.50%		10/20/53			1,022,675,000		835,995,128
4.50%		10/20/53			343,875,000		317,694,826
5.00%		10/20/53			159,750,000		151,388,088
5.50%		10/15/53			463,450,000		449,763,738

See accompanying Notes to Financial Statements.

207 / Semi-Annual Report September 2023

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Ginnie Mae I Pool 782817
4.50%		11/15/39		$	8,761,825	$	8,298,331
Ginnie Mae I Pool AA5452
3.50%		07/15/42			69,475		62,472
Ginnie Mae II Pool 2631
7.00%		08/20/28			694		708
Ginnie Mae II Pool 3388
4.50%		05/20/33			1,474		1,388
Ginnie Mae II Pool 3427
4.50%		08/20/33			784		745
Ginnie Mae II Pool 3554
4.50%		05/20/34			652		621
Ginnie Mae II Pool 4058
5.00%		12/20/37			408		400
Ginnie Mae II Pool 4342
5.00%		01/20/39			604		591
Ginnie Mae II Pool 4520
5.00%		08/20/39			11,186		10,953
Ginnie Mae II Pool 5140
4.50%		08/20/41			24,792		23,541
Ginnie Mae II Pool 5175
4.50%		09/20/41			26,875		25,520
Ginnie Mae II Pool 5281
4.50%		01/20/42			7,675		7,288
Ginnie Mae II Pool 783591
4.50%		07/20/41			9,563		9,081
Ginnie Mae II Pool 80968
(US Treasury Yield Curve Rate T Note Constant Maturity
1-Year plus 1.50%)
2.63%		07/20/34	2		6,041		5,864
Ginnie Mae II Pool 81267
(US Treasury Yield Curve Rate T Note Constant Maturity
1-Year plus 1.50%)
3.63%		03/20/35	2		7,218		6,875
Ginnie Mae II Pool 81432
(US Treasury Yield Curve Rate T Note Constant Maturity
1-Year plus 1.50%)
2.63%		08/20/35	2		9,339		9,082
Ginnie Mae II Pool 81497
(US Treasury Yield Curve Rate T Note Constant Maturity
1-Year plus 1.50%)
2.75%		10/20/35	2		8,263		7,998
Ginnie Mae II Pool 8631
(US Treasury Yield Curve Rate T Note Constant Maturity
1-Year plus 1.50%)
4.00%		05/20/25	2		674		666
Ginnie Mae II Pool 8644
(US Treasury Yield Curve Rate T Note Constant Maturity
1-Year plus 1.50%)
4.50%		06/20/25	2		452		447
Ginnie Mae II Pool MA0627
4.50%		12/20/42			31,136		29,578
Ginnie Mae II Pool MA0701
4.50%		01/20/43			30,389		28,859
Ginnie Mae II Pool MA1157
3.50%		07/20/43			29,358		26,337

Issues	Maturity Date		Principal     Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Ginnie Mae II Pool MA1997
4.50%		06/20/44	$	7,811	$	7,426
Ginnie Mae II Pool MA2374
5.00%		11/20/44		166,380		162,684
Ginnie Mae II Pool MA2756
4.50%		04/20/45		16,254		15,455
Ginnie Mae II Pool MA2828
4.50%		05/20/45		677,398		644,040
Ginnie Mae II Pool MA2894
4.50%		06/20/45		264,043		251,068
Ginnie Mae II Pool MA3036
4.50%		08/20/45		25,669		24,407
Ginnie Mae II Pool MA3309
3.00%		12/20/45		5,284		4,563
Ginnie Mae II Pool MA3456
4.50%		02/20/46		171,217		162,787
Ginnie Mae II Pool MA3521
3.50%		03/20/46		19,684,517		17,526,764
Ginnie Mae II Pool MA3524
5.00%		03/20/46		8,791		8,616
Ginnie Mae II Pool MA3597
3.50%		04/20/46		49,535,026		44,089,678
Ginnie Mae II Pool MA3600
5.00%		04/20/46		4,791,597		4,705,103
Ginnie Mae II Pool MA3662
3.00%		05/20/46		1,914,534		1,645,742
Ginnie Mae II Pool MA3663
3.50%		05/20/46		14,102,339		12,552,079
Ginnie Mae II Pool MA3665
4.50%		05/20/46		71,762		68,010
Ginnie Mae II Pool MA3666
5.00%		05/20/46		2,696,342		2,642,676
Ginnie Mae II Pool MA3738
4.50%		06/20/46		301,842		286,062
Ginnie Mae II Pool MA3739
5.00%		06/20/46		1,624,473		1,595,176
Ginnie Mae II Pool MA3805
4.50%		07/20/46		2,313,767		2,192,806
Ginnie Mae II Pool MA3806
5.00%		07/20/46		123,360		121,147
Ginnie Mae II Pool MA3873
3.00%		08/20/46		14,759,777		12,687,570
Ginnie Mae II Pool MA3876
4.50%		08/20/46		2,621,385		2,484,342
Ginnie Mae II Pool MA3877
5.00%		08/20/46		533,734		521,856
Ginnie Mae II Pool MA3937
3.50%		09/20/46		11,377,281		10,126,585
Ginnie Mae II Pool MA3939
4.50%		09/20/46		1,445,087		1,367,375
Ginnie Mae II Pool MA4003
3.00%		10/20/46		5,929,424		5,095,106
Ginnie Mae II Pool MA4006
4.50%		10/20/46		1,551,693		1,470,572
Ginnie Mae II Pool MA4007
5.00%		10/20/46		2,874,430		2,822,613

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 208

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date		Principal     Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Ginnie Mae II Pool MA4069
3.50%		11/20/46	$	35,471,987	$	31,561,493
Ginnie Mae II Pool MA4071
4.50%		11/20/46		4,145,302		3,936,024
Ginnie Mae II Pool MA4072
5.00%		11/20/46		919,054		902,488
Ginnie Mae II Pool MA4126
3.00%		12/20/46		102,137,501		87,765,932
Ginnie Mae II Pool MA4127
3.50%		12/20/46		40,040,077		35,613,476
Ginnie Mae II Pool MA4129
4.50%		12/20/46		14,396,525		13,606,439
Ginnie Mae II Pool MA4196
3.50%		01/20/47		9,250		8,227
Ginnie Mae II Pool MA4198
4.50%		01/20/47		115,298		109,126
Ginnie Mae II Pool MA4199
5.00%		01/20/47		2,657,165		2,609,241
Ginnie Mae II Pool MA4264
4.50%		02/20/47		32,600,870		30,769,815
Ginnie Mae II Pool MA4265
5.00%		02/20/47		609,896		595,876
Ginnie Mae II Pool MA4324
5.00%		03/20/47		3,304,376		3,235,517
Ginnie Mae II Pool MA4382
3.50%		04/20/47		22,587,769		20,069,419
Ginnie Mae II Pool MA4384
4.50%		04/20/47		1,378,584		1,303,928
Ginnie Mae II Pool MA4385
5.00%		04/20/47		5,710,564		5,563,321
Ginnie Mae II Pool MA4453
4.50%		05/20/47		72,655,998		68,390,360
Ginnie Mae II Pool MA4454
5.00%		05/20/47		12,306,051		11,973,366
Ginnie Mae II Pool MA4510
3.50%		06/20/47		31,035		27,572
Ginnie Mae II Pool MA4511
4.00%		06/20/47		4,392,057		4,030,581
Ginnie Mae II Pool MA4512
4.50%		06/20/47		253,461		238,580
Ginnie Mae II Pool MA4513
5.00%		06/20/47		228,412		220,330
Ginnie Mae II Pool MA4586
3.50%		07/20/47		36,941,939		32,811,673
Ginnie Mae II Pool MA4588
4.50%		07/20/47		39,845		37,663
Ginnie Mae II Pool MA4589
5.00%		07/20/47		10,797,253		10,501,983
Ginnie Mae II Pool MA4652
3.50%		08/20/47		2,810,090		2,495,910
Ginnie Mae II Pool MA4655
5.00%		08/20/47		12,620,073		12,174,849
Ginnie Mae II Pool MA4719
3.50%		09/20/47		34,962,732		31,053,750
Ginnie Mae II Pool MA4720
4.00%		09/20/47		86,524		79,562

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Ginnie Mae II Pool MA4722
5.00%		09/20/47		$	250,752	$	243,816
Ginnie Mae II Pool MA4781
5.00%		10/20/47			3,031,770		2,948,861
Ginnie Mae II Pool MA4836
3.00%		11/20/47			79,803,522		68,474,770
Ginnie Mae II Pool MA4837
3.50%		11/20/47			87,011,137		77,282,922
Ginnie Mae II Pool MA4838
4.00%		11/20/47			29,171,524		26,672,771
Ginnie Mae II Pool MA4840
5.00%		11/20/47			964,752		930,390
Ginnie Mae II Pool MA4900
3.50%		12/20/47			5,593,193		4,966,103
Ginnie Mae II Pool MA4901
4.00%		12/20/47			19,523,087		17,850,793
Ginnie Mae II Pool MA4961
3.00%		01/20/48			271,449		233,480
Ginnie Mae II Pool MA4963
4.00%		01/20/48			32,075,956		29,328,417
Ginnie Mae II Pool MA5078
4.00%		03/20/48			48,636		44,545
Ginnie Mae II Pool MA5137
4.00%		04/20/48			10,423,263		9,527,819
Ginnie Mae II Pool MA5399
4.50%		08/20/48			2,337,836		2,191,241
Ginnie Mae II Pool MA5466
4.00%		09/20/48			4,271,148		3,902,886
Ginnie Mae II Pool MA5467
4.50%		09/20/48			21,807		20,456
Ginnie Mae II Pool MA5528
4.00%		10/20/48			19,602,293		17,898,580
Ginnie Mae II Pool MA5530
5.00%		10/20/48			3,566,722		3,440,204
Ginnie Mae II Pool MA5651
4.00%		12/20/48			7,037		6,426
Ginnie Mae II Pool MA6030
3.50%		07/20/49			7,827,546		6,754,258
Ginnie Mae II Pool MA6080
3.00%		08/20/49			1,693		1,399
Ginnie Mae II Pool MA6081
3.50%		08/20/49			3,277,270		2,827,902
Ginnie Mae II Pool MA6209
3.00%		10/20/49			3,155,805		2,607,221
Ginnie Mae II Pool MA6210
3.50%		10/20/49			1,595,193		1,376,465
Ginnie Mae II Pool MA7589
2.50%		09/20/51			97,216,783		79,586,942
Ginnie Mae,
Series 2003-86, Class ZK
5.00%		10/20/33			3,060,688		3,028,829
Ginnie Mae,
Series 2007-35, Class PY (IO)
(-1.00 X CME Term SOFR 1-Month plus 6.64%, 6.75% Cap)
1.30%		06/16/37	2		6,138,768		620,214

See accompanying Notes to Financial Statements.

209 / Semi-Annual Report September 2023

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Ginnie Mae,
Series 2009-106, Class SD (IO)
(-1.00 X CME Term SOFR 1-Month plus 6.14%, 6.25% Cap)
0.81%		03/20/36	2	$	5,310,614	$	146,681
Ginnie Mae,
Series 2009-106, Class XI (IO)
(-1.00 X CME Term SOFR 1-Month plus 6.69%, 6.80% Cap)
1.36%		05/20/37	2		12,998,433		491,326
Ginnie Mae,
Series 2009-124, Class SC (IO)
(-1.00 X CME Term SOFR 1-Month plus 6.37%, 6.48% Cap)
1.04%		12/20/39	2		2,104,211		177,506
Ginnie Mae,
Series 2009-66, Class XS (IO)
(-1.00 X CME Term SOFR 1-Month plus 6.69%, 6.80% Cap)
1.35%		07/16/39	2		13,505		461
Ginnie Mae,
Series 2009-8, Class PS (IO)
(-1.00 X CME Term SOFR 1-Month plus 6.19%, 6.30% Cap)
0.85%		08/16/38	2		11,252		73
Ginnie Mae,
Series 2010-4, Class SL (IO)
(-1.00 X CME Term SOFR 1-Month plus 6.29%, 6.40% Cap)
0.95%		01/16/40	2		27,952		2,226
Ginnie Mae,
Series 2010-4, Class SM (IO)
(-1.00 X CME Term SOFR 1-Month plus 5.69%, 5.80% Cap)
0.35%		01/16/40	2		5,082,161		334,904
Ginnie Mae,
Series 2010-6, Class BS (IO)
(-1.00 X CME Term SOFR 1-Month plus 6.39%, 6.50% Cap)
1.05%		09/16/39	2		199,232		772
Ginnie Mae,
Series 2011-146, Class EI (IO)
5.00%		11/16/41			67,114		11,957
Ginnie Mae,
Series 2014-108, Class PA
2.63%		12/20/39			4,586,455		4,238,702
Ginnie Mae,
Series 2018-124, Class NW
3.50%		09/20/48			670,875		593,142
Ginnie Mae,
Series 2019-1, Class NP
3.50%		01/20/49			5,977,045		5,420,833
Ginnie Mae,
Series 2019-119, Class JE
3.00%		09/20/49			4,402,943		3,711,788
Ginnie Mae,
Series 2019-15, Class GT
3.50%		02/20/49			6,897,835		6,114,195
Ginnie Mae,
Series 2019-44, Class CA
3.50%		12/20/48			50,202		49,788
Ginnie Mae,
Series 2019-71, Class PT
3.00%		06/20/49			743,101		648,755

Issues	Maturity Date		Principal     Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Ginnie Mae,
Series 2019-86, Class C
2.50%		03/20/49	$	9,648,568	$	7,784,987
Ginnie Mae,
Series 2019-90, Class HE
3.00%		07/20/49		6,474,608		5,554,106
UMBS (TBA)
2.00%		10/15/53		2,066,400,000		1,571,420,743
2.50%		10/01/53		926,925,000		735,492,741
3.00%		10/01/53		1,682,850,000		1,391,703,790
3.50%		10/01/53		1,235,650,000		1,062,851,885
4.00%		10/01/53		1,333,450,000		1,187,291,372
4.50%		10/01/53		1,561,050,000		1,433,360,996
5.00%		10/01/53		2,732,850,000		2,577,953,866
5.50%		10/01/53		2,028,000,000		1,959,951,069
						22,620,273,019
Total Mortgage-Backed
(Cost $34,101,098,306)						31,121,879,759
MUNICIPAL BONDS — 0.34%*
California — 0.06%
California State University Revenue Bonds, University &
College Improvements, Series B
2.27%		11/01/34		9,355,000		6,873,445
Los Angeles Department of Airports Revenue Bonds, Port,
Airport and Marina Improvements, Series A
5.00%		05/15/44		185,000		184,666
Regents of the University of California Medical Center
Pooled Revenue Bonds, Health, Hospital and Nursing Home
Improvements, Series N
3.01%		05/15/50		17,955,000		11,380,109
3.26%		05/15/60		17,050,000		10,564,236
University of California, Taxable, College & University,
Revenue Bonds, University & College Improvements, Series
AP
3.93%		05/15/45		7,615,000		6,527,742
						35,530,198
Colorado — 0.01%
City & County of Denver Airport System Revenue Bonds,
Series C
2.39%		11/15/31		6,010,000		4,835,794
New Jersey — 0.00%
Jersey City Municipal Utilities Authority Revenue Bonds,
Water Utility Improvements, Series B
5.47%		05/15/27		240,000		241,072
New Jersey Turnpike Authority Revenue Bonds, Highway
Revenue, Series F
3.73%		01/01/36		300,000		250,930
						492,002
New York — 0.25%
City of New York General Obligation Bonds, Public
Improvements
4.77%		10/01/23		4,420,000		4,420,000

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 210

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date		Principal     Amount		Value
MUNICIPAL BONDS (continued)
New York (continued)
City of New York General Obligation Bonds, Public
Improvements, Series D
5.99%		12/01/36	$	2,000,000	$	2,047,207
City of New York General Obligation Bonds, Public
Improvements, Series F
3.62%		04/01/31		3,145,000		2,794,819
Metropolitan Transportation Authority Revenue Bonds,
Transit Improvements, Series C2
5.18%		11/15/49		3,145,000		2,712,511
New York City Transitional Finance Authority Future Tax
Secured Revenue Bonds, Public Improvements
5.51%		08/01/37		25,670,000		25,259,465
New York City Transitional Finance Authority Future Tax
Secured Revenue Bonds, Public Improvements, Series A2
2.15%		05/01/25		430,000		408,131
New York City Transitional Finance Authority Future Tax
Secured Revenue Bonds, Public Improvements, Series B3
2.00%		08/01/35		4,055,000		2,791,450
New York City Transitional Finance Authority Future Tax
Secured Revenue Bonds, Public Improvements, Series D
2.40%		11/01/32		12,135,000		9,490,680
New York City Transitional Finance Authority Future Tax
Secured Revenue Bonds, Public Improvements, Series E
1.97%		02/01/33		3,090,000		2,296,170
New York City Transitional Finance Authority Future Tax
Secured Revenue Bonds, Public Improvements, Subseries
FI
4.00%		08/01/33		6,450,000		5,698,704
New York City Transitional Finance Authority Future Tax
Secured Revenue Bonds, Public Improvements, Subseries
SU
3.88%		08/01/31		3,135,000		2,822,639
New York City Transitional Finance Authority Future Tax
Secured Revenue Bonds, School Improvements, Series G-3
5.27%		05/01/27		13,135,000		13,158,204
New York City Transitional Finance Authority Future Tax
Secured Revenue Bonds, Series A, Subseries A-2
4.60%		05/01/31		1,860,000		1,763,426
New York City Transitional Finance Authority Future Tax
Secured Revenue Bonds, Series F, Subseries F-3
5.13%		02/01/35		1,250,000		1,209,372
5.15%		02/01/36		1,250,000		1,205,224
New York City Transitional Finance Authority Future Tax
Secured Revenue Bonds, Series G
2.45%		11/01/34		3,000,000		2,228,842
New York State Dormitory Authority Revenue Bonds,
University & College Improvements
5.29%		03/15/33		44,990,000		44,319,429
5.43%		03/15/39		21,300,000		20,767,894
New York State Dormitory Authority Revenue Bonds,
University & College Improvements, Series A
4.00%		03/15/47		155,000		137,557

Issues	Maturity Date			Principal     Amount		Value
MUNICIPAL BONDS (continued)
New York (continued)
New York State Urban Development Corp. Revenue Bonds,
Public Improvements
5.77%		03/15/39		$	150,000	$	150,594
							145,682,318
Texas — 0.02%
North Texas Tollway Authority Revenue Bonds
2.33%		01/01/33			765,000		584,847
2.43%		01/01/34			10,000,000		7,520,410
2.53%		01/01/35			8,000,000		5,923,353
Texas A&M University Revenue Bonds, University & College
Improvements, Series B
2.69%		05/15/25			350,000		335,152
							14,363,762
Total Municipal Bonds
(Cost $247,174,760)							200,904,074
U.S. TREASURY SECURITIES — 27.01%
U.S. Treasury Bonds — 9.93%
U.S. Treasury Bonds
3.88%		05/15/43			155,045,000		134,770,587
4.13%		08/15/53			1,711,516,000		1,553,494,466
U.S. Treasury Bonds - Treasury Inflation Indexed Bonds
1.25%		04/15/28	10		422,196,034		401,416,073
U.S. Treasury Bonds - Treasury Inflation Indexed Bonds
(WI)
1.38%		07/15/33	10		439,928,883		406,987,813
U.S. Treasury Bonds (WI)
4.38%		08/15/43			3,619,498,000		3,376,637,647
U.S. Treasury Inflation Indexed Bonds
1.50%		02/15/53	10		10,285,300		8,519,063
							5,881,825,649
U.S. Treasury Notes — 17.08%
U.S. Treasury Notes
3.88%		08/15/33			1,052,635,000		994,493,390
4.38%		08/31/28			1,093,370,000		1,082,536,398
U.S. Treasury Notes (WI)
4.50%		09/30/28			4,766,256,000		4,769,421,032
4.63%		09/15/26			2,198,626,000		2,187,975,856
5.13%		09/30/25			1,083,701,000		1,082,629,231
							10,117,055,907
Total U.S. Treasury Securities
(Cost $16,368,948,970)							15,998,881,556
Total Bonds — 115.22%
(Cost $73,595,528,376)							68,239,663,988
Issues				Shares		Value
COMMON STOCK — 0.09%
Communications — 0.09%
Intelsat Emergence SA3,4,5,8
(Luxembourg)					2,400,250		53,765,600

See accompanying Notes to Financial Statements.

211 / Semi-Annual Report September 2023

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues			Shares		Value
COMMON STOCK — 0.09% (continued)
Electric — 0.00%
Homer City Holdings LLC†,4,5,8,11				1,180,703	$	—
Total Common Stock
(Cost $145,530,044)						53,765,600
RIGHTS — 0.00%
Communications — 0.00%
Intelsat Jackson Holdings SA, Series A†,3,4,5,8
(Luxembourg)				251,367		—
Intelsat Jackson Holdings SA, Series B†,3,4,5,8
(Luxembourg)				251,367		—
						—
Total Rights
(Cost $6,492)						—
Issues	Maturity Date		Principal Amount/Shares		Value
SHORT-TERM INVESTMENTS — 19.80%
Money Market Funds — 8.55%
Dreyfus Government Cash Management Fund
5.22%12				1,809,121,000		1,809,121,000
Fidelity Investments Money Market Funds - Government
Portfolio
5.23%12,13				23,467,050		23,467,050
JPMorgan U.S. Government Money Market Fund
5.19%12				1,001,149,000		1,001,149,000
Morgan Stanley Institutional Liquidity Funds - Government
Portfolio
5.27%12				2,228,345,000		2,228,345,000
						5,062,082,050
U.S. Agency Discount Notes — 7.69%
Fannie Mae Discount Notes
5.15%14		10/02/23	$	500,000,000		500,000,000
Federal Home Loan Bank
5.20%14		10/02/23		1,500,000,000		1,500,000,000
5.10%14		11/20/23		200,000,000		198,561,230
5.36%14		11/27/23		250,000,000		247,944,600
5.38%14		12/15/23		150,000,000		148,367,452
5.44%14		01/19/24		200,000,000		196,790,280
5.45%14		02/22/24		100,000,000		97,892,515
5.46%14		03/28/24		250,000,000		243,447,775
5.30%14		05/22/24		719,040,000		718,142,803
5.37%14		05/21/24		704,100,000		702,096,195
						4,553,242,850
U.S. Treasury Bills — 3.56%
U.S. Treasury Bills
5.39%14		12/12/23		500,000,000		494,791,000
5.45%14		02/15/24		568,150,000		556,795,835
U.S. Treasury Bills (WI)
5.25%14		10/03/23		500,000,000		499,926,950
5.45%14		11/28/23		266,275,000		264,031,023

Issues	Maturity Date		Principal     Amount/Shares		Value
SHORT-TERM INVESTMENTS (continued)
U.S. Treasury Bills (continued)
5.43%14		03/07/24	$	300,000,000	$	293,050,350
						2,108,595,158
Total Short-Term Investments
(Cost $11,726,999,221)						11,723,920,058
Total Investments - 135.11%
(Cost $85,468,064,133)						80,017,349,646
Liabilities in Excess of Other Assets - (35.11)%						(20,795,059,666	)
Net Assets - 100.00%					$	59,222,289,980

¹  Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

²  Floating rate security. The rate disclosed was in effect at September 30, 2023.

³  Foreign denominated security issued by foreign domiciled entity.

⁴  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁵  Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $487,280,882, which is 0.82% of total net assets.

⁶  Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

⁷  Security is currently in default with regard to scheduled interest or principal payments.

⁸  Non-income producing security.

⁹  Zero coupon bond. The rate shown is the effective yield as of September 30, 2023.

¹⁰  Inflation protected security. Principal amount reflects original security face amount.

¹¹  Affiliated investment.

¹²  Represents the current yield as of September 30, 2023.

¹³  Securities, or a portion thereof, pledged as collateral for swaps. The total market value of collateral pledged is $31,050.

¹⁴  Represents annualized yield at date of purchase.

^†  Fair valued security. The aggregate value of fair valued securities is $13,794,422, which is 0.02% of total net assets. Fair valued securities were not valued utilizing an independent quote but were valued pursuant to guidelines approved by the Board of Trustees. See Notes to Financial Statements.

^*  Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

^**  Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date sooner than the stated maturity date.

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 212

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Note: For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(CLO): Collateralized Loan Obligation

(EMTN): Euro Medium-Term Note

(EUR): Euro

(EURIBOR): Euro InterBank Offer Rate

(GBP): British Pound

(GMTN): Global Medium-Term Note

(IO): Interest Only

(LIBOR): London InterBank Offer Rate

(MTN): Medium-Term Note

(PO): Principal Only

(REIT): Real Estate Investment Trust

(SOFR): Secured Overnight Financing Rate

(SONIA): Sterling Overnight Index Average

(STEP): Step Coupon Bond

(TBA): To-Be-Announced

(USD): U.S. Dollar

(WI): When Issued

Currency to be Purchased	Currency to be Sold		Counterparty		Settlement         Date		Unrealized Appreciation (Depreciation)
FOREIGN CURRENCY EXCHANGE CONTRACT
USD 135,823,042		EUR 125,257,000		Citibank N.A.		10/13/23	$	3,128,335
USD 40,472,033		EUR 36,707,000		State Street Global Markets LLC		10/13/23		1,585,387
USD 8,877,355		EUR 8,243,000		The Bank of New York Mellon		10/13/23		144,889
USD 3,338,579		EUR 3,018,000		Barclays Bank PLC		10/13/23		141,371
USD 1,266,518,931		EUR 1,160,260,000		Bank of America N.A.		10/13/23		37,363,189
USD 222,800,322		GBP 173,755,000		Citibank N.A.		10/13/23		10,704,765
USD 7,675,455		GBP 5,916,000		State Street Global Markets LLC		10/13/23		454,039
								53,521,975
EUR 17,769,000		USD 19,043,685		Citibank N.A.		10/13/23		(219,570)
EUR 12,017,000		USD 13,212,355		State Street Global Markets LLC		10/13/23		(481,790)
EUR 3,592,000		USD 3,952,601		The Bank of New York Mellon		10/13/23		(147,310)
								(848,670)
NET UNREALIZED APPRECIATION							$	52,673,305

Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation     (Depreciation)
FUTURES CONTRACTS: LONG POSITIONS
U.S. Treasury Two-Year Note		83,172		12/29/23	$	16,859,874,135	$	(67,700,017)	$	(67,700,017)
U.S. Treasury Five-Year Note		8,387		12/29/23		883,649,078		(6,453,188)		(6,453,188)
U.S. Treasury Ultra Bond		5,850		12/19/23		694,321,875		(46,152,766)		(46,152,766)
U.S. Treasury Ten-Year Note		4,000		12/19/23		432,250,000		(3,508,562)		(3,508,562)
U.S. Treasury Ten-Year Ultra Bond		156		12/19/23		17,403,750		(506,402)		(506,402)
						18,887,498,838		(124,320,935)		(124,320,935)
FUTURES CONTRACTS: SHORT POSITIONS
Euro-Bobl Future		3,237		12/07/23		(396,695,362)		4,052,896		4,052,896
Euro-Bund Future		2,859		12/07/23		(389,388,938)		12,011,914		12,011,914
Euro-Buxl 30 Year		702		12/07/23		(90,943,152)		8,323,397		8,323,397
						(877,027,452)		24,388,207		24,388,207
TOTAL FUTURES CONTRACTS					$	18,010,471,386	$	(99,932,728)	$	(99,932,728)

See accompanying Notes to Financial Statements.

213 / Semi-Annual Report September 2023

Total Return Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Reference Obligation/  Index	Financing Rate Paid by the Fund	Payment Frequency	Implied Credit Spread at 09/30/231	Counterparty	Expiration Date	Notional Amount (000’s)2		Value3		Premiums Paid		Unrealized     Appreciation
SWAPS: CREDIT DEFAULT (SALES) - SINGLE ISSUES OTC4
Berry Global, Inc., 5.63%, due 07/15/27	5.00%	3 Months	175	Credit Suisse First Boston International	12/20/23	$	60,665	$	549,872	$	403,702	$	146,170

¹  An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swaps on corporate issues as of year-end serve as an indicator of the current status of the payment performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter the agreement. Wider credit spreads, in comparison to narrower credit spreads, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

²  The maximum potential amount for the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

³  The quoted market prices are resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of year-end. Increasing values (buy protection) or decreasing values (sell protection), when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

⁴  If the Fund is a seller of protection and credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection the amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying investments comprising the referenced index or (ii) pay a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index.

Counterparty	Interest Rate	Trade         Date	Maturity Date		Repurchase Amount		Principal Amount		Value
REVERSE REPURCHASE AGREEMENTS
Barclays Bank PLC	3.800%	09/14/23		10/02/23	$	(490,879,278)	$	(490,000,000)	$	(490,000,000)
Barclays Bank PLC	2.400%	09/20/23		10/02/23		(244,570,500)		(244,375,000)		(244,375,000)
Barclays Bank PLC	0.300%	09/29/23		10/02/23		(471,886,797)		(471,875,000)		(471,875,000)
JPMorgan Chase	0.500%	09/29/23		10/02/23		(705,966,914)		(705,937,500)		(705,937,500)
TOTAL REVERSE REPURCHASE AGREEMENTS									$	(1,912,187,500)

			Received by the Fund			Paid by the Fund
Description	Maturity Date		Rate	Frequency		Rate		Frequency		Notional     Amount     (000’s)		Value		Premiums (Received)		Unrealized Appreciation
SWAPS: INTEREST RATE
Interest Rate Swap1		06/16/53	GBP-SONIA-OIS		Annual		3.52%		Annual	$	38,960	$	7,489,852	$	(604,521)	$	8,094,373
Interest Rate Swap1		12/20/53	USD-SOFR- COMPOUND		Annual		3.52%		Annual		461,741		35,852,388		—		35,852,388
TOTAL SWAPS CONTRACTS										$	500,701	$	43,342,240	$	(604,521)	$	43,946,761

¹  Centrally cleared.

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 214

Ultra Short Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
BONDS – 95.62%
ASSET-BACKED SECURITIES — 8.28%**
AmeriCredit Automobile Receivables Trust,
Series 2022-2, Class C
5.32%		04/18/28		$	630,000	$	619,121
AMMC CLO XI Ltd.,
Series 2012-11A, Class A1R2
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.27%)
6.64%		04/30/31	1,2,3		233,422		232,502
Flatiron CLO 17 Ltd.,
Series 2017-1A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.24%)
6.61%		05/15/30	1,2,3		238,901		238,094
GLS Auto Receivables Issuer Trust,
Series 2020-1A, Class D
3.68%		11/16/26	1		630,000		613,098
JPMorgan Chase Bank N.A. - CACLN,
Series 2021-3, Class D
1.01%		02/26/29	1		210,376		200,308
LCM 29 Ltd.,
Series 29A, Class XR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.06%)
6.37%		04/15/31	1,2,3		204,545		204,630
Navient Private Education Refi Loan Trust,
Series 2021-CA, Class A
1.06%		10/15/69	1		934,613		794,820
Nelnet Student Loan Trust,
Series 2012-5A, Class A
(SOFR30A plus 0.71%)
6.03%		10/27/36	1,2		173,018		170,498
Progress Residential Trust,
Series 2019-SFR3, Class E
3.37%		09/17/36	1		325,000		314,626
Progress Residential Trust,
Series 2019-SFR4, Class G
3.93%		10/17/36	1		755,000		727,756
Tricon American Homes Trust,
Series 2017-SFR2, Class A
2.93%		01/17/36	1		838,181		828,991
Total Asset-Backed Securities
(Cost $5,101,839)							4,944,444
CORPORATES — 23.88%*
Banking — 5.37%
Bank of America Corp.
3.42%		12/20/28	4		70,000		62,799
Bank of America Corp.
(MTN)
3.82%		01/20/28	4		985,000		915,172
Lloyds Banking Group PLC
(United Kingdom)
1.63%		05/11/27	3,4		125,000		110,884
PNC Financial Services Group, Inc. (The)
5.58%		06/12/29	4		55,000		53,402

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Banking (continued)
Santander UK Group Holdings PLC
(United Kingdom)
1.09%		03/15/25	3,4	$	325,000	$	316,053
U.S. Bancorp
4.65%		02/01/29	4		200,000		187,201
UBS Group AG
(Switzerland)
1.31%		02/02/27	1,3,4		485,000		429,946
2.13%		10/13/26	3,4		100,000		100,569
2.59%		09/11/25	1,3,4		155,000		149,196
Wells Fargo & Co.
(MTN)
2.16%		02/11/26	4		930,000		878,232
							3,203,454
Communications — 0.72%
Qwest Corp.
7.25%		09/15/25			250,000		243,125
T-Mobile USA, Inc.
2.25%		02/15/26			200,000		184,305
							427,430
Consumer Discretionary — 0.69%
Imperial Brands Finance PLC
(United Kingdom)
6.13%		07/27/27	1,3		135,000		134,465
WarnerMedia Holdings, Inc.
3.76%		03/15/27			300,000		277,048
							411,513
Diversified REITs — 1.13%
Digital Euro Finco LLC
2.63%		04/15/24			385,000		401,822
VICI Properties LP/VICI Note Co., Inc.
5.75%		02/01/27	1		285,000		276,202
							678,024
Electric — 1.97%
American Electric Power Co., Inc.
2.03%		03/15/24			620,000		608,498
Eversource Energy
2.90%		03/01/27			200,000		182,625
Metropolitan Edison Co.
4.00%		04/15/25	1		250,000		239,819
Pennsylvania Electric Co.
4.15%		04/15/25	1		150,000		144,621
							1,175,563
Energy — 0.81%
Southern Co. Gas Capital Corp.
3.88%		11/15/25			500,000		481,690
Finance — 7.94%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
(Ireland)
2.45%		10/29/26	3		300,000		268,955

See accompanying Notes to Financial Statements.

215 / Semi-Annual Report September 2023

Ultra Short Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Finance (continued)
Air Lease Corp.
3.63%		04/01/27		$	200,000	$	183,805
Avolon Holdings Funding Ltd.
(Cayman Islands)
2.53%		11/18/27	1,3		283,000		239,109
Capital One Financial Corp.
1.34%		12/06/24	4		610,000		603,462
Citigroup, Inc.
3.89%		01/10/28	4		935,000		872,343
Goldman Sachs Group, Inc. (The)
1.22%		12/06/23			545,000		540,544
JPMorgan Chase & Co.
1.04%		02/04/27	4		1,235,000		1,099,068
Morgan Stanley
0.99%		12/10/26	4		605,000		539,768
Morgan Stanley
(GMTN)
1.51%		07/20/27	4		245,000		215,932
UBS Group AG
(Switzerland)
1.36%		01/30/27	1,3,4		200,000		177,774
							4,740,760
Health Care — 1.03%
Amgen, Inc.
5.15%		03/02/28			195,000		191,862
HCA, Inc.
5.38%		02/01/25			175,000		173,227
5.88%		02/15/26			250,000		248,899
							613,988
Health Care REITs — 0.33%
Healthcare Realty Holdings LP
3.63%		01/15/28			220,000		196,218
Industrials — 0.85%
Amcor Flexibles North America, Inc.
4.00%		05/17/25			300,000		290,250
Berry Global, Inc.
5.50%		04/15/28	1		225,000		217,487
							507,737
Insurance — 1.09%
Athene Global Funding
2.51%		03/08/24	1		135,000		132,618
(SOFR Index plus 0.70%)
6.04%		05/24/24	1,2		150,000		149,293
Nationwide Mutual Insurance Co.
7.96%		12/15/24	1,4		370,000		370,053
							651,964
Materials — 0.54%
International Flavors & Fragrances, Inc.
1.83%		10/15/27	1		390,000		323,782

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Real Estate Investment Trust (REIT) — 0.43%
Annington Funding PLC
(EMTN)
(United Kingdom)
2.65%		07/12/25	3	$	225,000	$	256,894
Services — 0.44%
Global Payments, Inc.
2.15%		01/15/27			300,000		264,695
Specialized REITs — 0.54%
Extra Space Storage LP
3.88%		12/15/27			205,000		188,045
5.70%		04/01/28			135,000		133,365
							321,410
Total Corporates
(Cost $14,494,837)							14,255,122
MORTGAGE-BACKED — 45.72%**
Non-Agency Commercial Mortgage-Backed — 5.46%
BX Commercial Mortgage Trust,
Series 2022-CSMO, Class A
(CME Term SOFR 1-Month plus 2.11%)
7.45%		06/15/27	1,2		205,000		205,269
FS Rialto,
Series 2019-FL1, Class A
(Cayman Islands)
(CME Term SOFR 1-Month plus 1.31%)
6.65%		12/16/36	1,2,3		369,909		368,223
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C26, Class A3
3.23%		01/15/48			244,921		239,035
MF1 Ltd.,
Series 2020-FL4, Class A
(CME Term SOFR 1-Month plus 1.81%)
7.15%		11/15/35	1,2		251,834		252,058
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2013-C12, Class XA (IO)
0.68%		10/15/46	4		468,464		18
MSCG Trust,
Series 2018-SELF, Class A
(CME Term SOFR 1-Month plus 0.95%)
6.28%		10/15/37	1,2		1,188,033		1,183,454
Wells Fargo Commercial Mortgage Trust,
Series 2017-SMP, Class A
(CME Term SOFR 1-Month plus 0.92%)
6.25%		12/15/34	1,2		1,100,000		1,007,732
							3,255,789
Non-Agency Mortgage-Backed — 12.81%
Aames Mortgage Trust,
Series 2002-1, Class A3 (STEP-reset date 11/25/23)
7.40%		06/25/32			9,948		9,556
Adjustable Rate Mortgage Trust,
Series 2005-1, Class 1A1
4.65%		05/25/35	4		18,430		17,762

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 216

Ultra Short Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Ajax Mortgage Loan Trust,
Series 2019-F, Class A1 (STEP-reset date 10/25/23)
2.86%		07/25/59	1	$	135,655	$	126,950
Alternative Loan Trust,
Series 2004-J6, Class 2A1
6.50%		11/25/31			16,109		15,339
Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-
Through Certificates,
Series 2005-R10, Class M3
(CME Term SOFR 1-Month plus 0.79%)
6.11%		01/25/36	2		422,581		411,300
Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-
Through Certificates,
Series 2006-R2, Class M1
(CME Term SOFR 1-Month plus 0.62%)
5.94%		04/25/36	2		410,649		407,668
Banc of America Funding Trust,
Series 2003-2, Class 1A1
6.50%		06/25/32			2,484		2,413
Bear Stearns Asset-Backed Securities Trust,
Series 2006-2, Class M5
(CME Term SOFR 1-Month plus 2.14%)
7.46%		07/25/36	2		208,998		208,643
CIT Mortgage Loan Trust,
Series 2007-1, Class 1A
(CME Term SOFR 1-Month plus 1.46%)
6.78%		10/25/37	1,2		114,828		114,785
Citigroup Mortgage Loan Trust,
Series 2007-AMC4, Class A2D
(CME Term SOFR 1-Month plus 0.38%)
5.70%		05/25/37	2		153,571		149,591
Citigroup Mortgage Loan Trust, Inc.,
Series 2006-WFH4, Class M2
(CME Term SOFR 1-Month plus 0.55%)
5.87%		11/25/36	2		503,641		489,513
Credit Suisse First Boston Mortgage Securities Corp.,
Series 2002-AR31, Class 4A2
4.61%		11/25/32	4		15,040		14,553
DSLA Mortgage Loan Trust,
Series 2004-AR3, Class 2A2A
(CME Term SOFR 1-Month plus 0.85%)
6.18%		07/19/44	2		68,900		62,676
First Franklin Mortgage Loan Trust,
Series 2005-FF8, Class M2
(CME Term SOFR 1-Month plus 0.89%)
6.21%		09/25/35	2		438,104		430,921
First Franklin Mortgage Loan Trust,
Series 2006-FF11, Class 1A1
(CME Term SOFR 1-Month plus 0.37%)
5.69%		08/25/36	2		76,975		76,788
First Franklin Mortgage Loan Trust,
Series 2006-FFH1, Class M1
(CME Term SOFR 1-Month plus 0.67%)
5.99%		01/25/36	2		578,639		552,078

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
GE Mortgage Services LLC,
Series 1998-HE1, Class A7
6.47%		06/25/28		$	1	$	1
GSAMP Trust,
Series 2005-HE5, Class M3
(CME Term SOFR 1-Month plus 0.80%)
6.12%		11/25/35	2		156,147		153,351
HSI Asset Securitization Corp. Trust,
Series 2006-OPT1, Class M1
(CME Term SOFR 1-Month plus 0.65%)
5.97%		12/25/35	2		33,345		32,974
HSI Asset Securitization Corp. Trust,
Series 2006-OPT2, Class M2
(CME Term SOFR 1-Month plus 0.70%)
6.02%		01/25/36	2		340,736		331,000
IndyMac Index Mortgage Loan Trust,
Series 2004-AR6, Class 6A1
4.74%		10/25/34	4		69,792		64,096
JPMorgan Mortgage Trust,
Series 2005-A2, Class 9A1
4.13%		04/25/35	4		64,512		61,674
MASTR Adjustable Rate Mortgages Trust,
Series 2004-12, Class 5A1
5.18%		10/25/34	4		23,859		22,326
MASTR Adjustable Rate Mortgages Trust,
Series 2007-1, Class I2A1
(CME Term SOFR 1-Month plus 0.43%)
5.75%		01/25/47	2		134,847		133,674
MASTR Seasoned Securitization Trust,
Series 2004-1, Class 4A1
5.73%		10/25/32	4		15,970		15,353
Merrill Lynch Mortgage Investors Trust,
Series 2003-A1, Class 2A
(TSFR12M plus 2.34%)
7.76%		12/25/32	2		121,355		115,030
MortgageIT Trust,
Series 2005-1, Class 1A1
(CME Term SOFR 1-Month plus 0.75%)
6.07%		02/25/35	2		368,738		353,105
Ownit Mortgage Loan Trust,
Series 2006-3, Class A2D
(CME Term SOFR 1-Month plus 0.65%)
5.97%		03/25/37	2		514,687		479,800
Park Place Securities, Inc., Asset-Backed Pass-Through
Certificates,
Series 2004-WHQ2, Class M4
(CME Term SOFR 1-Month plus 1.69%)
7.01%		02/25/35	2		305,177		294,073
Park Place Securities, Inc., Asset-Backed Pass-Through
Certificates,
Series 2005-WHQ3, Class M4
(CME Term SOFR 1-Month plus 1.06%)
6.38%		06/25/35	2		32,025		31,845
PRPM LLC,
Series 2021-3, Class A1 (STEP-reset date 10/25/23)
1.87%		04/25/26	1		217,331		206,797

See accompanying Notes to Financial Statements.

217 / Semi-Annual Report September 2023

Ultra Short Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Residential Asset Mortgage Products Trust,
Series 2004-SL1, Class A2
8.50%		11/25/31		$	34,405	$	11,427
Residential Asset Securities Corp.,
Series 2006-KS3, Class M1
(CME Term SOFR 1-Month plus 0.44%)
5.93%		04/25/36	2		246,276		240,998
Residential Asset Securities Corp.,
Series 2006-KS5, Class A4
(CME Term SOFR 1-Month plus 0.37%)
5.69%		07/25/36	2		387,781		384,933
Residential Asset Securitization Trust,
Series 2004-IP2, Class 2A1
3.71%		12/25/34	4		52,760		47,144
Soundview Home Loan Trust,
Series 2005-OPT1, Class M2
(CME Term SOFR 1-Month plus 0.79%)
6.11%		06/25/35	2		462,717		448,696
Structured Asset Investment Loan Trust,
Series 2005-HE3, Class M1
(CME Term SOFR 1-Month plus 0.83%)
6.15%		09/25/35	2		120,587		117,972
Structured Asset Securities Corp. Mortgage Loan Trust,
Series 2006-EQ1A, Class A1
(CME Term SOFR 1-Month plus 0.25%)
5.57%		07/25/36	1,2		85,639		84,761
Structured Asset Securities Corp. Mortgage Loan Trust,
Series 2006-OPT1, Class A1
(CME Term SOFR 1-Month plus 0.29%)
5.61%		04/25/36	2		229,691		225,063
Terwin Mortgage Trust,
Series 2006-5, Class 1A2B
(CME Term SOFR 1-Month plus 0.53%)
5.85%		07/25/37	1,2		399,413		388,608
Terwin NIMs Trust,
Series 2004-13AL, Class 2PX (IO)
0.34%		08/25/34	1,5,6		948,721		10,789
Towd Point Mortgage Trust,
Series 2019-MH1, Class A1
3.00%		11/25/58	1,4		203,065		201,435
WaMu Mortgage Pass-Through Certificates,
Series 2002-AR6, Class A
(Federal Reserve US 12-Month Cumulative Average plus
1.40%)
6.03%		06/25/42	2		8,440		7,683
WaMu Mortgage Pass-Through Certificates,
Series 2003-AR6, Class A1
5.35%		06/25/33	4		23,344		21,767
WaMu Mortgage Pass-Through Certificates,
Series 2005-4, Class CB13
(CME Term SOFR 1-Month plus 0.61%)
5.50%		06/25/35	2		78,903		67,331
							7,644,242

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Commercial Mortgage-Backed — 3.47%
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series KJ29, Class A1
0.74%		01/25/26		$	162,594	$	158,347
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series KJ31, Class A1
0.57%		05/25/26			85,785		83,486
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series KJ34, Class A1
0.68%		06/25/26			210,325		195,342
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series KS07, Class X (IO)
0.74%		09/25/25	4		3,321,607		37,237
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series Q004, Class AFL
(Federal Reserve US 12-Month Cumulative Average plus
0.74%)
5.54%		05/25/44	2		105,670		104,995
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series Q010, Class APT1
4.92%		04/25/46	4		27,538		27,388
Ginnie Mae,
Series 2008-92, Class E
5.56%		03/16/44	4		83,166		81,459
Ginnie Mae,
Series 2010-159, Class D
4.56%		09/16/44	4		109,815		106,982
Ginnie Mae,
Series 2011-165, Class IO (IO)
0.00%		10/16/51	4		2,093,244		21
Ginnie Mae,
Series 2011-92, Class C
3.73%		04/16/52	4		886,831		822,824
Ginnie Mae,
Series 2012-135, Class IO (IO)
0.34%		01/16/53	4		1,604,040		14,995
Ginnie Mae,
Series 2014-157, Class C
3.15%		10/16/54	4		456,107		436,214
							2,069,290
U.S. Agency Mortgage-Backed — 23.98%
Fannie Mae Pool 254548
5.50%		12/01/32			44,173		43,975
Fannie Mae Pool 555098
(RFUCCT1Y plus 1.61%)
3.91%		11/01/32	2		5,182		5,093
Fannie Mae Pool 555424
5.50%		05/01/33			29,651		29,627
Fannie Mae Pool 655133
7.00%		08/01/32			5,094		5,097

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 218

Ultra Short Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae Pool 655151
7.00%		08/01/32		$	3,891	$	3,878
Fannie Mae Pool 762525
6.50%		11/01/33			8,190		8,098
Fannie Mae Pool 770900
(RFUCCT1Y plus 1.56%)
4.94%		04/01/34	2		52,834		52,275
Fannie Mae Pool AD0538
6.00%		05/01/24			841		838
Fannie Mae Pool AE0443
6.50%		10/01/39			36,635		37,656
Fannie Mae Pool AL0851
6.00%		10/01/40			31,652		32,715
Fannie Mae REMICS,
Series 2001-42, Class SB
(-16.00 X SOFR30A plus 126.17%, 8.50% Cap)
8.50%		09/25/31	2		554		542
Fannie Mae REMICS,
Series 2001-60, Class OF
(SOFR30A plus 1.06%)
6.38%		10/25/31	2		40,600		40,961
Fannie Mae REMICS,
Series 2002-30, Class FB
(SOFR30A plus 1.11%)
6.43%		08/25/31	2		39,571		39,601
Fannie Mae REMICS,
Series 2003-124, Class TS
(-14.00 X SOFR30A plus 99.20%, 9.80% Cap)
9.80%		01/25/34	2		6,505		6,458
Fannie Mae REMICS,
Series 2004-60, Class FW
(SOFR30A plus 0.56%)
5.88%		04/25/34	2		92,622		92,241
Fannie Mae REMICS,
Series 2004-96, Class MT
(-17.50 X SOFR30A plus 123.12%, 7.00% Cap)
7.00%		12/25/34	2		10,049		8,916
Fannie Mae REMICS,
Series 2005-73, Class DF
(SOFR30A plus 0.36%)
5.68%		08/25/35	2		59,948		59,028
Fannie Mae REMICS,
Series 2007-68, Class SC (IO)
(-1.00 X SOFR30A plus 6.59%, 6.70% Cap)
1.27%		07/25/37	2		48,293		3,978
Fannie Mae REMICS,
Series 2010-109, Class PF
(SOFR30A plus 0.51%)
5.83%		10/25/40	2		30,061		29,453
Fannie Mae REMICS,
Series 2010-26, Class S (IO)
(-1.00 X SOFR30A plus 6.12%, 6.23% Cap)
0.80%		11/25/36	2		177,488		13,692

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae REMICS,
Series 2010-95, Class FB
(SOFR30A plus 0.51%)
5.83%		09/25/40	2	$	35,802	$	35,565
Fannie Mae REMICS,
Series 2011-47, Class GF
(SOFR30A plus 0.68%)
6.00%		06/25/41	2		591,980		583,182
Fannie Mae REMICS,
Series 2018-79, Class FA
(SOFR30A plus 0.36%)
5.68%		11/25/48	2		40,262		39,034
Fannie Mae REMICS,
Series 2019-79, Class FA
(SOFR30A plus 0.61%)
5.93%		01/25/50	2		92,132		89,223
Fannie Mae REMICS,
Series 2020-10, Class FA
(SOFR30A plus 0.61%)
5.93%		03/25/50	2		266,120		257,641
Freddie Mac REMICS,
Series 2368, Class AF
(SOFR30A plus 1.06%)
6.38%		10/15/31	2		33,684		33,848
Freddie Mac REMICS,
Series 2733, Class FB
(SOFR30A plus 0.71%)
6.03%		10/15/33	2		288,930		285,697
Freddie Mac REMICS,
Series 3085, Class FW
(SOFR30A plus 0.81%)
6.13%		08/15/35	2		191,149		191,390
Freddie Mac REMICS,
Series 3300, Class FA
(SOFR30A plus 0.41%)
5.73%		08/15/35	2		177,895		173,573
Freddie Mac REMICS,
Series 3325, Class NF
(SOFR30A plus 0.41%)
5.73%		08/15/35	2		35,737		34,868
Freddie Mac REMICS,
Series 3792, Class DF
(SOFR30A plus 0.51%)
5.83%		11/15/40	2		2,496		2,495
Freddie Mac REMICS,
Series 3895, Class BF
(SOFR30A plus 0.61%)
5.93%		07/15/41	2		120,361		117,337
Freddie Mac REMICS,
Series 3907, Class FM
(SOFR30A plus 0.46%)
5.78%		05/15/26	2		1,459		1,459
Freddie Mac REMICS,
Series 3946, Class FD
(SOFR30A plus 0.46%)
5.78%		04/15/41	2		12,195		12,186

See accompanying Notes to Financial Statements.

219 / Semi-Annual Report September 2023

Ultra Short Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Freddie Mac Strips,
Series 263, Class F5
(SOFR30A plus 0.61%)
5.93%		06/15/42	2	$	142,042	$	138,591
Ginnie Mae (TBA)
2.50%		10/20/53			1,100,000		899,205
4.50%		10/20/53			375,000		346,450
5.00%		10/20/53			175,000		165,840
5.50%		10/15/53			475,000		460,973
Ginnie Mae II Pool 80546
(US Treasury Yield Curve Rate T Note Constant Maturity
1-Year plus 1.50%)
2.75%		10/20/31	2		4,011		3,872
Ginnie Mae II Pool 80610
(US Treasury Yield Curve Rate T Note Constant Maturity
1-Year plus 1.50%)
3.88%		06/20/32	2		50,064		48,973
Ginnie Mae II Pool 80614
(US Treasury Yield Curve Rate T Note Constant Maturity
1-Year plus 1.50%)
2.63%		07/20/32	2		4,981		4,827
Ginnie Mae II Pool 80687
(US Treasury Yield Curve Rate T Note Constant Maturity
1-Year plus 1.50%)
3.88%		04/20/33	2		42,487		41,276
Ginnie Mae II Pool 8339
(US Treasury Yield Curve Rate T Note Constant Maturity
1-Year plus 1.50%)
2.75%		12/20/23	2		139		139
Ginnie Mae II Pool 8684
(US Treasury Yield Curve Rate T Note Constant Maturity
1-Year plus 1.50%)
2.63%		08/20/25	2		4,587		4,517
Ginnie Mae II Pool MA0331
(US Treasury Yield Curve Rate T Note Constant Maturity
1-Year plus 1.50%)
2.63%		08/20/42	2		37,989		37,167
Ginnie Mae,
Series 2004-2, Class FW
(CME Term SOFR 1-Month plus 1.51%)
6.84%		01/16/34	2		255,174		257,057
Ginnie Mae,
Series 2009-92, Class FC
(CME Term SOFR 1-Month plus 0.91%)
6.25%		10/16/39	2		59,689		59,724
Ginnie Mae,
Series 2010-19, Class FD
(CME Term SOFR 1-Month plus 0.56%)
5.90%		07/16/39	2		12,765		12,819
Ginnie Mae,
Series 2011-70, Class IL (IO)
(-1.00 X CME Term SOFR 1-Month plus 6.99%, 0.60% Cap)
0.60%		06/16/37	2		929,120		4,379

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Ginnie Mae,
Series 2023-113, Class FD
(SOFR30A plus 1.35%)
6.50%		08/20/53	2	$	548,466	$	539,870
Ginnie Mae,
Series 2023-116, Class FL
(SOFR30A plus 1.15%)
6.46%		08/20/53	2		523,582		519,742
UMBS (TBA)
2.00%		10/15/53			875,000		665,405
2.50%		10/01/53			950,000		753,802
3.00%		10/01/53			1,425,000		1,178,464
3.50%		10/01/53			200,000		172,031
4.00%		10/01/53			1,000,000		890,391
4.50%		10/01/53			1,300,000		1,193,664
5.00%		10/01/53			2,400,000		2,263,970
5.50%		10/01/53			1,325,000		1,280,540
							14,315,308
Total Mortgage-Backed
(Cost $28,324,642)							27,284,629
MUNICIPAL BONDS — 0.34%*
Massachusetts — 0.34%
Commonwealth of Massachusetts Revenue Bonds, Series B
4.11%		07/15/31			214,714		202,089
Total Municipal Bonds
(Cost $209,488)
U.S. TREASURY SECURITIES — 17.40%
U.S. Agency Discount Notes — 3.34%
U.S. International Development Finance Corp.,
Series 2
1.49%		08/15/31			2,317,838		1,997,498
U.S. Treasury Bonds — 0.01%
U.S. Treasury Bonds
4.13%		08/15/53			5,000		4,538
U.S. Treasury Notes — 14.05%
U.S. Treasury Notes
3.88%		08/15/33			20,000		18,895
4.38%		08/31/28			1,645,000		1,628,701
U.S. Treasury Notes (WI)
4.50%		09/30/28			4,170,000		4,172,769
4.63%		09/15/26			2,220,000		2,209,246
5.13%		09/30/25			355,000		354,649
							8,384,260
Total U.S. Treasury Securities
(Cost $10,712,204)							10,386,296
Total Bonds — 95.62%
(Cost $58,843,010)							57,072,580

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 220

Ultra Short Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date		Principal     Amount/Shares		Value
SHORT-TERM INVESTMENTS — 21.02%
Money Market Funds — 7.12%
Dreyfus Government Cash Management Fund
5.22%7				1,228,000	$	1,228,000
Fidelity Investments Money Market Funds - Government Portfolio
5.23%7				20,519		20,519
Morgan Stanley Institutional Liquidity Funds - Government Portfolio
5.27%7				3,004,000		3,004,000
						4,252,519
U.S. Treasury Bills — 13.90%
U.S. Treasury Bills (WI)
5.43%8		03/07/24	$	3,500,000		3,418,921
5.45%8		03/21/24		5,000,000		4,873,769
						8,292,690
Total Short-Term Investments
(Cost $12,545,725)						12,545,209
Total Investments - 116.64%
(Cost $71,388,735)						69,617,789
Liabilities in Excess of Other Assets - (16.64)%						(9,933,033	)
Net Assets - 100.00%					$	59,684,756

¹  Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

²  Floating rate security. The rate disclosed was in effect at September 30, 2023.

³  Foreign denominated security issued by foreign domiciled entity.

⁴  Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

⁵  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁶  Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $10,789, which is 0.02% of total net assets.

⁷  Represents the current yield as of September 30, 2023.

⁸  Represents annualized yield at date of purchase.

^*  Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

^**  Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date sooner than the stated maturity date.

Note: For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(CLO): Collateralized Loan Obligation

(EMTN): Euro Medium-Term Note

(EUR): Euro (GBP): British Pound

(GMTN): Global Medium-Term Note

(IO): Interest Only

(MTN): Medium-Term Note

(REIT): Real Estate Investment Trust

(SOFR): Secured Overnight Financing Rate

(STEP): Step Coupon Bond

(TBA): To-Be-Announced

(WI): When Issued

Currency to be Purchased	Currency to be Sold		Counterparty	Settlement     Date	Unrealized Appreciation
FOREIGN CURRENCY EXCHANGE CONTRACT
USD 519,788		EUR 476,000	Citibank N.A.	10/13/23	$	15,523
USD 265,791		GBP 207,000	Citibank N.A.	10/13/23		13,115
NET UNREALIZED APPRECIATION					$	28,638

Description	Number of Contracts		Expiration Date		Notional Amount		Value			Unrealized Appreciation (Depreciation)
FUTURES CONTRACTS: LONG POSITIONS
U.S. Treasury Two-Year Note		131		12/29/23	$	26,555,133	$	(76,984	)	$	(76,984)
FUTURES CONTRACTS: SHORT POSITIONS
U.S. Treasury Five-Year Note		147		12/29/23		(15,487,828)		136,432			136,432
U.S. Treasury Ten-Year Ultra Bond		25		12/19/23		(2,789,063)		79,840			79,840
U.S. Treasury Ultra Bond		4		12/19/23		(474,750)		36,743			36,743
						(18,751,641)		253,015			253,015
TOTAL FUTURES CONTRACTS					$	7,803,492	$	176,031		$	176,031

See accompanying Notes to Financial Statements.

221 / Semi-Annual Report September 2023

Ultra Short Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Reference Obligation/Index

Financing Rate Paid by the Fund

Payment Frequency

Implied Credit Spread at 09/30/231

Counterparty

Expiration Date

Notional Amount (000’s)2

Value3

Premiums Paid

Unrealized Appreciation

SWAPS: CREDIT DEFAULT (SALES) - SINGLE ISSUES

OTC4

Berry Global, Inc., 5.63%, due 07/15/27

5.00%

3 Months

175

Credit Suisse First Boston International

12/20/23

$

390

$

3,535

$

2,595

$

940

¹  An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swaps on corporate issues as of year-end serve as an indicator of the current status of the payment performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter the agreement. Wider credit spreads, in comparison to narrower credit spreads, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

²  The maximum potential amount for the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

³  The quoted market prices are resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of year-end. Increasing values (buy protection) or decreasing values (sell protection), when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

⁴  If the Fund is a seller of protection and credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection the amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying investments comprising the referenced index or (ii) pay a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index.

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 222

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
BONDS – 116.83%
ASSET-BACKED SECURITIES — 14.78%**
321 Henderson Receivables VI LLC,
Series 2010-1A, Class B
9.31%		07/15/61	1	$	153,727	$	157,267
Allegro CLO XII Ltd.,
Series 2020-1A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.96%)
7.30%		01/21/32	1,2,3		5,270,000		5,219,039
AMSR Trust,
Series 2020-SFR1, Class G
4.31%		04/17/37	1		10,503,000		9,869,993
AMSR Trust,
Series 2020-SFR3, Class H
6.50%		09/17/37	1		6,000,000		5,698,287
AMSR Trust,
Series 2022-SFR3, Class E1
4.00%		10/17/39	1		10,000,000		8,724,503
Barings CLO Ltd.,
Series 2020-4A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.81%)
7.14%		01/20/32	1,2,3		8,300,000		8,163,415
Bayview Commercial Asset Trust,
Series 2005-1A, Class A1
(CME Term SOFR 1-Month plus 0.56%)
5.88%		04/25/35	1,3		425,413		399,416
Blackrock Rainier CLO VI Ltd.,
Series 2021-6A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.96%)
7.29%		04/20/33	1,2,3		10,000,000		9,924,800
BlueMountain Fuji U.S. CLO I Ltd.,
Series 2017-1A, Class BR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.76%)
7.09%		07/20/29	1,2,3		5,500,000		5,418,936
Carvana Auto Receivables Trust,
Series 2021-N3, Class R
0.00%		06/12/28	1		19,250		3,389,502
Carvana Auto Receivables Trust,
Series 2021-N4, Class R
0.00%		09/12/28	1		26,800		2,613,000
Carvana Auto Receivables Trust,
Series 2021-P4, Class R
0.00%		09/11/28	1		14,200		4,585,118
Carvana Auto Receivables Trust,
Series 2022-N1, Class R
0.00%		12/11/28	1		71,000		10,896,469
Carvana Auto Receivables Trust,
Series 2022-P2, Class R
1.00%		05/10/29	1		54,850		10,306,287
Carvana Auto Receivables Trust,
Series 2023-P3, Class R
0.00%		08/12/30	†,1		16,200		3,386,448

Issues	Maturity Date			Principal     Amount		Value
ASSET-BACKED SECURITIES (continued)
Cedar Funding XII CLO Ltd.,
Series 2020-12A, Class A1R
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.39%)
6.74%		10/25/34	1,2,3	$	1,000,000	$	991,010
CF Hippolyta Issuer, LLC,
Series 2020-1, Class B1
2.28%		07/15/60	1		7,195,616		6,330,108
CIFC Funding 2014 Ltd.,
Series 2014-1A, Class BR2
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.66%)
6.97%		01/18/31	1,2,3		8,525,000		8,406,630
CIT Education Loan Trust,
Series 2007-1, Class B
(SOFR90A plus 0.56%)
5.81%		06/25/42	1,3		1,237,360		1,086,631
Clover CLO LLC,
Series 2018-1A, Class BR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.96%)
7.29%		04/20/32	1,2,3		15,800,000		15,655,430
CoreVest American Finance Trust,
Series 2019-1, Class XA (IO)
2.45%		03/15/52	1,4		608,255		1,299
CoreVest American Finance Trust,
Series 2019-3, Class XA (IO)
2.19%		10/15/52	1,4		4,117,985		87,266
CoreVest American Finance Trust,
Series 2020-1, Class A2
2.30%		03/15/50	1		5,197,000		4,542,910
CoreVest American Finance Trust,
Series 2020-4, Class XA (IO)
3.99%		12/15/52	1,4		20,165,159		1,241,851
CoreVest American Finance Trust,
Series 2020-4, Class XB (IO)
2.94%		12/15/52	1,4		12,500,000		898,905
CoreVest American Finance Trust,
Series 2021-3, Class XA (IO)
2.53%		10/15/54	1,4		67,865,986		3,981,243
DataBank Issuer,
Series 2021-1A, Class A2
2.06%		02/27/51	1		6,047,860		5,313,707
Exeter Automobile Receivables Trust,
Series 2023-3A, Class D
6.68%		04/16/29			6,120,000		6,094,161
Flexential Issuer,
Series 2021-1A, Class C
6.93%		11/27/51	1		9,755,000		8,289,732
FRTKL,
Series 2021-SFR1, Class G
4.11%		09/17/38	1		9,435,000		8,006,709
GBX Leasing,
Series 2022-1, Class A
2.87%		02/20/52	1		9,449,915		8,026,645

See accompanying Notes to Financial Statements.

223 / Semi-Annual Report September 2023

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
ASSET-BACKED SECURITIES (continued)
Global SC Finance II SRL,
Series 2014-1A, Class A2
(Barbados)
3.09%		07/17/29	1,2	$	211,328	$	206,416
Goal Capital Funding Trust,
Series 2006-1, Class B
(LIBOR USD 3-Month plus 0.45%)
6.10%		08/25/42	3		225,555		204,831
GoldenTree Loan Management U.S. CLO 1 Ltd.,
Series 2021-9A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.76%)
7.09%		01/20/33	1,2,3		3,905,000		3,863,025
Golub Capital Partners CLO 54M L.P,
Series 2021-54A, Class A
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.79%)
7.16%		08/05/33	1,2,3		9,600,000		9,488,064
J.G. Wentworth XXXVII LLC,
Series 2016-1A, Class A
3.41%		06/15/67	1		4,787,886		3,985,334
J.G. Wentworth XXXVIII LLC,
Series 2017-1A, Class A
3.99%		08/16/60	1		2,871,799		2,415,512
LAD Auto Receivables Trust,
Series 2023-3A, Class D
6.92%		12/16/30	1		4,000,000		3,987,483
Madison Park Funding XXVII Ltd.,
Series 2018-27A, Class A2
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.61%)
6.94%		04/20/30	1,2,3		2,530,000		2,490,026
Magnetite XXI Ltd.,
Series 2019-21A, Class BR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.61%)
6.94%		04/20/34	1,2,3		8,000,000		7,853,808
MetroNet,
Series 2023-3, Class A
7.95%		04/20/53	1,5,6		2,650,000		2,650,000
Nelnet Student Loan Trust,
Series 2006-2, Class B
(SOFR90A plus 0.46%)
5.52%		01/25/38	3		2,083,625		1,790,350
Nelnet Student Loan Trust,
Series 2012-5A, Class A
(SOFR30A plus 0.71%)
6.03%		10/27/36	1,3		51,588		50,836
Nelnet Student Loan Trust,
Series 2015-1A, Class A
(SOFR30A plus 0.70%)
6.02%		04/25/46	1,3		1,105,241		1,085,942
Neuberger Berman Loan Advisers CLO 24 Ltd.,
Series 2017-24A, Class BR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.76%)
7.08%		04/19/30	1,2,3		750,000		743,396

Issues	Maturity Date			Principal     Amount		Value
ASSET-BACKED SECURITIES (continued)
Octagon Investment Partners 46 Ltd.,
Series 2020-2A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.42%)
6.73%		07/15/36	1,2,3	$	6,400,000	$	6,366,976
OHA Credit Funding 7 Ltd.,
Series 2020-7A, Class AR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.30%)
6.62%		02/24/37	1,2,3		5,000,000		4,969,880
OHA Credit Funding 8 Ltd.,
Series 2021-8A, Class B1
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.76%)
7.07%		01/18/34	1,2,3		6,650,000		6,508,754
Park Avenue Institutional Advisers CLO Ltd.,
Series 2021-1A, Class A2
(Cayman Islands)
(CME Term SOFR 3-Month plus 2.01%)
7.34%		01/20/34	1,2,3		4,850,000		4,765,440
Progress Residential Trust,
Series 2019-SFR3, Class F
3.87%		09/17/36	1		8,200,000		7,903,844
Progress Residential Trust,
Series 2020-SFR1, Class H
5.27%		04/17/37	1		7,100,000		6,681,206
Progress Residential Trust,
Series 2021-SFR2, Class G
4.25%		04/19/38	1		7,956,000		7,034,799
Progress Residential,
Series 2021-SFR1, Class F
2.76%		04/17/38	1		4,237,000		3,680,675
Progress Residential,
Series 2021-SFR3, Class F
3.44%		05/17/26	1		3,700,000		3,219,428
Progress Residential,
Series 2021-SFR3, Class G
4.25%		05/17/26	1		15,752,000		13,923,164
Regata XII Funding Ltd.,
Series 2019-1A, Class BR
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.86%)
7.17%		10/15/32	1,2,3		3,890,000		3,836,707
RRE 15 Loan Management DAC,
Series 15X, Class A1
(Ireland)
(3-Month Euribor plus 1.75%)
4.85%		10/15/35	2,3		5,000,000		5,300,314
Sabey Data Center Issuer LLC,
Series 2020-1, Class A2
3.81%		04/20/45	1		7,905,000		7,546,738
Skyline Aircraft Finance LLC,
Series 2021-1, Class A
3.23%		05/10/37	4,5,6		8,849,390		7,736,648

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 224

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
ASSET-BACKED SECURITIES (continued)
SLC Student Loan Trust,
Series 2004-1, Class B
(SOFR90A plus 0.55%)
5.68%		08/15/31	3	$	282,992	$	241,589
SLM Student Loan EDC Repackaging Trust,
Series 2013-M1, Class M1R
0.00%		10/28/29	1		6,250		3,160,141
SLM Student Loan Trust,
Series 2003-12, Class B
(SOFR90A plus 0.85%)
6.07%		12/15/68	3		2,700,380		2,601,906
SLM Student Loan Trust,
Series 2003-4, Class A5D
(SOFR90A plus 1.01%)
6.23%		03/15/33	1,3		1,302,901		1,262,710
SLM Student Loan Trust,
Series 2003-7, Class B
(SOFR90A plus 0.83%)
6.05%		09/15/39	3		1,923,900		1,767,767
SLM Student Loan Trust,
Series 2004-10, Class B
(SOFR90A plus 0.63%)
5.69%		01/25/40	3		6,642,853		6,120,704
SLM Student Loan Trust,
Series 2004-2, Class B
(SOFR90A plus 0.73%)
5.79%		07/25/39	3		330,925		308,112
SLM Student Loan Trust,
Series 2005-3, Class B
(SOFR90A plus 0.41%)
5.47%		04/25/40	3		2,179,282		2,018,071
SLM Student Loan Trust,
Series 2006-8, Class B
(SOFR90A plus 0.49%)
5.55%		01/25/41	3		2,250,397		2,058,930
SLM Student Loan Trust,
Series 2007-7, Class B
(SOFR90A plus 1.01%)
6.07%		10/27/70	3		2,195,000		1,993,804
SLM Student Loan Trust,
Series 2007-8, Class B
(SOFR90A plus 1.26%)
6.32%		04/27/83	3		3,607,407		3,382,038
SLM Student Loan Trust,
Series 2008-2, Class B
(SOFR90A plus 1.46%)
6.52%		01/25/83	3		1,000,000		991,836
SLM Student Loan Trust,
Series 2008-3, Class B
(SOFR90A plus 1.46%)
6.52%		04/26/83	3		710,000		659,745
SLM Student Loan Trust,
Series 2008-4, Class A4
(SOFR90A plus 1.91%)
6.97%		07/25/22	3		664,474		665,994

Issues	Maturity Date			Principal     Amount		Value
ASSET-BACKED SECURITIES (continued)
SLM Student Loan Trust,
Series 2008-4, Class B
(SOFR90A plus 2.11%)
7.17%		04/25/73	3	$	710,000	$	687,110
SLM Student Loan Trust,
Series 2008-5, Class B
(SOFR90A plus 2.11%)
7.17%		07/25/73	3		7,315,000		7,097,965
SLM Student Loan Trust,
Series 2008-6, Class A4
(SOFR90A plus 1.36%)
6.42%		07/25/23	3		7,690,171		7,599,616
SLM Student Loan Trust,
Series 2008-6, Class B
(SOFR90A plus 2.11%)
7.17%		07/26/83	3		710,000		672,068
SLM Student Loan Trust,
Series 2008-7, Class B
(SOFR90A plus 2.11%)
7.17%		07/26/83	3		820,000		757,584
SLM Student Loan Trust,
Series 2012-1, Class A3
(SOFR30A plus 1.06%)
6.38%		09/25/28	3		577,327		563,914
SLM Student Loan Trust,
Series 2012-2, Class A
(SOFR30A plus 0.81%)
6.13%		01/25/29	3		857,906		827,898
SLM Student Loan Trust,
Series 2012-7, Class B
(SOFR30A plus 1.91%)
7.23%		09/25/43	3		2,200,000		2,048,965
SLM Student Loan Trust,
Series 2014-1, Class A3
(SOFR30A plus 0.71%)
6.03%		02/26/29	3		729,095		699,043
Stack Infrastructure Issuer LLC,
Series 2019-2A, Class A2
3.08%		10/25/44	1		5,000,000		4,806,063
Structured Receivables Finance LLC,
Series 2010-A, Class B
7.61%		01/16/46	1		1,311,361		1,313,715
Structured Receivables Finance LLC,
Series 2010-B, Class B
7.97%		08/15/36	1		986,729		994,661
Student Loan Consolidation Center Student Loan Trust I,
Series 2002-2, Class B2
(28 Day Auction Rate plus 0.00%)
1.61%		07/01/42	1,3		150,000		138,611
TCI-Flatiron CLO Ltd.,
Series 2017-1A, Class B
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.82%)
7.20%		11/18/30	1,2,3		5,090,000		5,037,064

See accompanying Notes to Financial Statements.

225 / Semi-Annual Report September 2023

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
ASSET-BACKED SECURITIES (continued)
Textainer Marine Containers VII Ltd.,
Series 2020-3A, Class A
(Bermuda)
2.11%		09/20/45	1,2	$	6,324,900	$	5,523,564
TIF Funding II LLC,
Series 2020-1A, Class A
2.09%		08/20/45	1		2,752,750		2,390,267
TIF Funding II, LLC,
Series 2021-1A, Class B
2.54%		02/20/46	1		3,120,500		2,556,017
Trestles CLO V Ltd.,
Series 2021-5A, Class A1
(Cayman Islands)
(CME Term SOFR 3-Month plus 1.43%)
6.76%		10/20/34	1,2,3		7,025,000		6,956,246
Triton Container Finance VIII, LLC,
Series 2021-1A, Class B
2.58%		03/20/46	1		2,413,688		2,001,072
Westlake Automobile Receivables Trust,
Series 2023-3A, Class D
6.47%		03/15/29	1		9,640,000		9,551,009
Total Asset-Backed Securities (Cost $424,047,058)							387,452,112
BANK LOANS — 3.57%*
Communications — 0.20%
CCI Buyer, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.00%)
9.39%		12/17/27	3		1,473,552		1,456,672
CSC Holdings LLC,
Term Loan B5, 1st Lien
(LIBOR plus 2.50%)
7.95%		04/15/27	3		906,190		823,500
Frontier Communications Holdings LLC,
Term Loan B, 1st Lien
(SOFR plus 3.86%)
8.62%		10/08/27	3		513,497		500,524
SBA Senior Finance II LLC,
Term Loan B, 1st Lien
(SOFR plus 1.75%)
7.07%		04/11/25	3		1,178,058		1,179,001
Zayo Group Holdings, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.11%)
8.43%		03/09/27	3		563,487		461,806
(SOFR plus 4.33%)
9.64%		03/09/27	3		1,042,382		852,147
							5,273,650
Consumer Discretionary — 0.17%
ADMI Corp.,
Term Loan B2, 1st Lien
(SOFR plus 3.49%)
8.81%		12/23/27	3		562,932		523,245

Issues	Maturity Date			Principal     Amount		Value
BANK LOANS (continued)
Consumer Discretionary (continued)
City Brewing Co. LLC,
Term Loan B, 1st Lien
(SOFR plus 3.76%)
8.32%		04/05/28	3	$	1,173,604	$	776,533
Hilton Worldwide Finance LLC,
Term Loan B2, 1st Lien
(SOFR plus 1.85%)
7.17%		06/22/26	3		114,995		115,087
Naked Juice, LLC,
Term Loan, 2nd Lien
(SOFR plus 6.10%)
11.49%		01/24/30	3		1,110,195		911,576
Sunshine Luxembourg VII SARL,
Term Loan B, 1st Lien
(SOFR plus 3.85%)
9.24%		10/01/26	3		584,256		584,013
Triton Water Holdings, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.51%)
8.23%		03/31/28	3		1,707,960		1,668,104
							4,578,558
Electric — 0.02%
Homer City Generation LP,
Term Loan, 1st Lien (France)
(LIBOR plus 11.00%)
15.71%		04/05/23	2,3,5,6		631,392		418,297
Entertainment — 0.03%
Formula One Management Ltd.,
Term Loan B, 1st Lien
(SOFR plus 3.00%)
8.05%		01/15/30	3		141,635		141,795
William Morris Endeavor Entertainment LLC,
Term Loan B1, 1st Lien
(SOFR plus 2.86%)
8.18%		05/16/25	3		590,017		590,017
							731,812
Finance — 0.12%
Avolon TLB Borrower 1 U.S. LLC,
Term Loan B5, 1st Lien
(SOFR plus 2.35%)
7.67%		12/01/27	3		1,954,774		1,956,973
Term Loan B6, 1st Lien
(SOFR plus 2.50%)
7.82%		06/22/28	3		175,373		175,581
DCG Acquisition Corp.,
Term Loan, 1st Lien
(SOFR plus 4.60%)
9.92%		09/30/26	3		364,700		362,534
Deerfield Dakota Holding LLC,
Term Loan B, 1st Lien
(SOFR plus 3.75%)
9.14%		04/09/27	3		199,169		194,647

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 226

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
BANK LOANS (continued)
Finance (continued)
Mozart Borrower, LP,
Term Loan B, 1st Lien
(SOFR plus 3.36%)
8.68%		10/23/28	3	$	492,500	$	491,744
							3,181,479
Food — 0.02%
8th Avenue Food & Provisions, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.86%)
9.18%		10/01/25	3		140,798		135,870
H-Food Holdings LLC,
Term Loan, 1st Lien
(LIBOR plus 3.69%)
9.27%		05/23/25	3		547,449		479,856
							615,726
Gaming — 0.07%
Golden Nugget, LLC,
Term Loan B, 1st Lien
(SOFR plus 4.00%)
9.32%		01/26/29	3		685,978		680,226
Penn National Gaming, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.85%)
7.66%		05/03/29	3		606,238		606,238
Scientific Games International, Inc.,
Term Loan B, 1st Lien (Canada)
(SOFR plus 3.10%)
8.43%		04/13/29	2,3		581,613		582,340
							1,868,804
Health Care — 0.25%
Bausch + Lomb Corp.,
Term Loan B, 1st Lien
(SOFR plus 3.35%)
8.76%		05/10/27	3		310,739		302,625
Term Loan, 1st Lien (Canada)
(SOFR plus 3.00%)
9.42%		09/14/28	2,3		360,519		356,463
Curia Global, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.85%)
9.17%		08/28/26	3		1,088,861		909,885
Genesee & Wyoming, Inc.,
Term Loan, 1st Lien
(SOFR plus 2.10%)
7.49%		12/30/26	3		816,323		816,364
ICON Luxembourg SARL,
Term Loan B, 1st Lien (Luxembourg)
(SOFR plus 2.51%)
7.90%		07/03/28	2,3		441,669		442,044
Jazz Financing Lux SARL,
Term Loan B, 1st Lien
(SOFR plus 3.61%)
8.93%		05/05/28	3		563,353		563,550

Issues	Maturity Date			Principal     Amount		Value
BANK LOANS (continued)
Health Care (continued)
Organon & Co.,
Term Loan B, 1st Lien
(SOFR plus 3.11%)
7.75%		06/02/28	3	$	393,480	$	393,381
Pathway Vet Alliance LLC,
Term Loan B, 1st Lien
(SOFR plus 3.86%)
9.18%		03/31/27	3		1,116,787		1,046,831
Phoenix Newco, Inc.,
Term Loan, 1st Lien
(SOFR plus 3.36%)
8.68%		11/15/28	3		995,686		989,916
PRA Health Sciences, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.51%)
7.90%		07/03/28	3		110,042		110,136
Star Parent, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.00%)
9.31%		09/19/30	3		409,689		401,182
U.S. Renal Care, Inc.,
Term Loan, 1st Lien
(SOFR plus 5.26%)
10.35% -10.61%		06/20/28	3		245,103		164,219
							6,496,596
Health Care REITs — 0.11%
Aveanna Healthcare LLC,
Term Loan B, 1st Lien
(SOFR plus 3.85%)
9.27%		07/17/28	3		3,191,215		2,882,353
Industrials — 0.89%
Arterrsa Services LLC,
Term Loan, 1st Lien (Luxembourg)
(SOFR plus 3.60%)
8.99%		03/06/25	2,3		1,955,000		1,837,710
ASP Blade Holdings, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.26%)
9.65%		10/16/28	3		516,295		457,406
Berry Global, Inc.,
Term Loan Z, 1st Lien
(SOFR plus 2.01%)
6.51%		07/01/26	3		4,318,478		4,323,250
DIRECTV Financing LLC,
Term Loan, 1st Lien
(SOFR plus 5.00%)
10.43%		08/02/27	3		1,843,845		1,806,203
DTI Holdco, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.75%)
10.12%		04/26/29	3		242,531		236,706
Filtration Group Corp.,
Term Loan, 1st Lien
(SOFR plus 4.36%)
9.68%		10/21/28	3		327,945		328,810

See accompanying Notes to Financial Statements.

227 / Semi-Annual Report September 2023

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Industrials (continued)
II-VI, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.86%)
7.38% - 7.67%		07/02/29	3	$	417,927	$	417,339
Michaels Cos., Inc. (The),
Term Loan, 1st Lien
(SOFR plus 4.51%)
9.90%		04/15/28	3		3,421,250		3,131,983
Patriot Container Corp.,
Term Loan B, 1st Lien
(SOFR plus 3.85%)
9.17%		03/20/25	3		154,018		146,799
Plaze, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.64%)
8.95%		08/03/26	3		3,403,750		3,294,200
Term Loan B, 1st Lien (Luxembourg)
(SOFR plus 3.61%)
8.93%		08/03/26	2,3		1,685,203		1,630,965
ProAmpac PG Borrower LLC,
Term Loan B, 1st Lien
(SOFR plus 3.75%)
9.26% - 9.39%		11/03/25	3		3,169,075		3,158,776
(SOFR plus 4.75%)
9.84%		11/03/28	3		1,349,484		1,345,098
TransDigm, Inc.,
Term Loan I, 1st Lien
(SOFR plus 3.25%)
8.64%		08/24/28	3		1,242,284		1,244,321
							23,359,566
Information Technology — 0.75%
Arches Buyer, Inc.,
Term Loan, 1st Lien
(SOFR plus 3.35%)
8.67%		12/06/27	3		586,745		575,653
Athenahealth Group, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.25%)
8.25%		02/15/29	3		440,815		433,791
Central Parent, Inc.,
Term Loan B, 1st Lien (Canada)
(SOFR plus 4.25%)
9.14% - 9.18%		07/06/29	2,3		748,076		749,143
CT Technologies Intermediate Holdings, Inc.,
Term Loan, 1st Lien
(SOFR plus 4.36%)
9.68%		12/16/25	3		926,250		890,691
EagleView Technology Co.,
Term Loan B, 1st Lien
(SOFR plus 3.76%)
9.15%		08/14/25	3		5,065,051		4,820,029
Entegris, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.50%)
7.82% - 7.89%		07/06/29	3		69,427		69,427

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Information Technology (continued)
Gainwell Acquisition Corp.,
Term Loan B, 1st Lien
(SOFR plus 4.10%)
8.72% - 8.99%		10/01/27	3	$	2,203,358	$	2,155,160
IQVIA, Inc.,
Term Loan B3, 1st Lien
(SOFR plus 2.01%)
7.40%		06/11/25	3		1,113,607		1,117,978
MH Sub I LLC,
Term Loan B, 1st Lien
(SOFR plus 4.36%)
9.68%		05/03/28	3		282,954		274,222
NortonLifeLock, Inc.,
Term Loan A2, 1st Lien
(SOFR plus 1.60%)
6.92%		09/10/27	3		2,005,565		1,995,547
Open Text Corp.,
Term Loan B, 1st Lien (Canada)
(SOFR plus 1.85%)
7.17%		05/30/25	2,3		228,833		229,254
(SOFR plus 2.85%)
8.17%		01/31/30	2,3		449,932		450,521
Oracle Corp.,
Term Loan A1, 1st Lien
(SOFR plus 0.60%)
6.46%		08/16/27	3		1,656,374		1,654,303
Prime Security Services Borrower LLC,
Term Loan B1, 1st Lien
(SOFR plus 2.86%)
8.19%		09/23/26	3		602,276		602,071
RealPage, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.11%)
8.43%		04/24/28	3		157,985		156,372
Sophia LP,
Term Loan B, 1st Lien
(SOFR plus 3.60%)
8.92%		10/07/27	3		193,940		193,739
Spin Holdco, Inc.,
Term Loan B, 1st Lien
(SOFR plus 4.26%)
9.66%		03/03/28	3		3,675,652		3,191,219
							19,559,120
Insurance — 0.11%
Acrisure LLC,
Term Loan B1, 1st Lien
(LIBOR plus 3.50%)
8.93%		02/15/27	3		1,118,136		1,104,758
Asurion LLC,
Term Loan B10, 1st Lien
(SOFR plus 4.10%)
8.91%		08/19/28	3		990,000		961,844

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 228

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Insurance (continued)
Term Loan B8, 1st Lien
(SOFR plus 3.36%)
8.68%		12/23/26	3	$	775,036	$	760,504
							2,827,106
Materials — 0.27%
Chemours Co. (The),
Term Loan B3, 1st Lien
(SOFR plus 3.50%)
8.82%		08/18/28	3		973,419		963,686
Herens U.S. Holdco Corp.,
Term Loan B, 1st Lien
(SOFR plus 4.03%)
9.42%		07/03/28	3		2,786,495		2,481,722
Schweitzer-Mauduit International, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.86%)
9.18%		04/20/28	3		3,543,438		3,508,003
							6,953,411
Office REITs — 0.11%
Rent-A-Center, Inc.,
Term Loan B, 1st Lien
(SOFR plus 3.51%)
8.12%		02/17/28	3		2,933,551		2,931,263
Retail — 0.27%
1011778 BC Unlimited Liability Co.,
Term Loan B5, 1st Lien (Canada)
(SOFR plus 2.25%)
7.57%		09/13/30	2,3		411,202		410,132
AmWINS Group, Inc.,
Term Loan B, 1st Lien
(SOFR plus 2.36%)
7.68%		02/19/28	3		2,728,383		2,715,368
BW Gas & Convenience Holdings LLC,
Term Loan B, 1st Lien
(SOFR plus 3.61%)
8.93%		03/31/28	3		3,519,000		3,488,209
KFC Holding Co.,
Term Loan B, 1st Lien
(SOFR plus 1.86%)
7.20%		03/15/28	3		460,549		461,042
							7,074,751
Services — 0.13%
Amentum Government Services Holdings LLC,
Term Loan B, 1st Lien
(SOFR plus 4.11%)
8.63%		01/29/27	3		1,297,955		1,291,465
Element Materials Technology Group U.S. Holdings, Inc.,
Delayed-Draw Term Loan, 1st Lien
(SOFR plus 4.35%)
9.74%		06/22/29	3		123,447		122,316
Term Loan B, 1st Lien
(SOFR plus 4.35%)
9.74%		06/22/29	3		267,469		265,018

Issues	Maturity Date			Principal         Amount		Value
BANK LOANS (continued)
Services (continued)
GTCR W Merger Sub LLC,
Term Loan B, 1st Lien
(SOFR plus 3.75%)
8.34%		09/20/30	3	$	971,664	$	972,019
Pre-Paid Legal Services, Inc.,
Term Loan, 1st Lien
(SOFR plus 3.61%)
8.93%		12/15/28	3		536,280		531,922
TruGreen LP,
Term Loan B, 1st Lien
(SOFR plus 4.10%)
9.42%		11/02/27	3		170,815		162,787
							3,345,527
Specialized REITs — 0.05%
Greystar Real Estate Partners, LLC,
Term Loan B, 1st Lien
(SOFR plus 3.75%)
9.15%		08/07/30	3		1,381,308		1,381,308
Total Bank Loans
(Cost $95,569,477)							93,479,327
CORPORATES — 27.83%*
Banking — 6.76%
Bank of America Corp.
2.30%		07/21/32	4		2,780,000		2,109,746
3.42%		12/20/28	4		3,086,000		2,768,545
Bank of America Corp.
(MTN)
1.92%		10/24/31	4		7,570,000		5,716,772
2.09%		06/14/29	4		8,194,000		6,859,248
3.97%		03/05/29	4		1,185,000		1,087,288
(CME Term SOFR 3-Month plus 0.91%)
6.32%		12/01/26	3		4,400,000		4,306,591
Bank of America Corp.,
Series N
1.66%		03/11/27	4		11,725,000		10,520,066
Bank of America Corp.,
Series RR
4.38%4,7					2,340,000		1,975,646
Comerica, Inc.
5.63%4,7					2,145,000		1,970,774
Discover Bank
(BKNT)
3.45%		07/27/26			2,811,000		2,557,637
DNB Bank ASA
(Norway)
1.61%		03/30/28	1,2,4		633,000		543,623
Global Bank Corp.,
Series REGS
(Panama)
5.25%		04/16/29	2,4		200,000		182,688
HSBC Holdings PLC
(United Kingdom)
2.01%		09/22/28	2,4		135,000		114,616

See accompanying Notes to Financial Statements.

229 / Semi-Annual Report September 2023

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Banking (continued)
2.21%		08/17/29	2,4	$	15,725,000	$	12,981,537
2.80%		05/24/32	2,4		2,225,000		1,725,140
4.76%		06/09/28	2,4		2,260,000		2,139,060
6.33%		03/09/44	2,4		1,115,000		1,071,367
JPMorgan Chase & Co.
1.58%		04/22/27	4		10,250,000		9,148,037
2.07%		06/01/29	4		510,000		430,233
2.58%		04/22/32	4		1,020,000		805,531
Lloyds Banking Group PLC
(United Kingdom)
1.63%		05/11/27	2,4		2,000,000		1,774,142
3.57%		11/07/28	2,4		3,240,000		2,896,118
3.87%		07/09/25	2,4		4,000,000		3,922,954
4.98%		08/11/33	2,4		685,000		610,138
Macquarie Group Ltd.
(Australia)
2.69%		06/23/32	1,2,4		2,290,000		1,750,482
2.87%		01/14/33	1,2,4		4,760,000		3,601,836
NatWest Group PLC
(United Kingdom)
4.27%		03/22/25	2,4		1,542,000		1,525,819
PNC Financial Services Group, Inc. (The)
5.07%		01/24/34	4		5,840,000		5,297,001
6.04%		10/28/33	4		1,165,000		1,130,798
Santander UK Group Holdings PLC
(United Kingdom)
1.09%		03/15/25	2,4		13,951,000		13,566,944
1.67%		06/14/27	2,4		2,620,000		2,294,143
4.80%		11/15/24	2,4		545,000		543,999
Santander UK PLC
(United Kingdom)
5.00%		11/07/23	1,2		3,415,000		3,408,139
U.S. Bancorp
3.70%4,7					1,980,000		1,456,008
4.84%		02/01/34	4		6,710,000		5,923,750
5.84%		06/12/34	4		1,630,000		1,536,626
5.85%		10/21/33	4		1,320,000		1,251,320
UBS Group AG
(Switzerland)
1.31%		02/02/27	1,2,4		6,855,000		6,076,862
2.88%		04/02/32	2,4		1,500,000		1,368,033
3.09%		05/14/32	1,2,4		9,460,000		7,502,687
3.87%		01/12/29	1,2,4		785,000		711,070
4.19%		04/01/31	1,2,4		790,000		690,224
6.54%		08/12/33	1,2,4		7,884,000		7,787,815
7.75%		03/01/29	2,4		635,000		744,179
9.02%		11/15/33	1,2,4		6,795,000		7,878,577
UBS Group AG
(EMTN)
(Switzerland)
0.63%		01/18/33	2		1,920,000		1,384,529
Wells Fargo & Co.
(MTN)
3.35%		03/02/33	4		23,935,000		19,340,256

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Banking (continued)
4.90%		07/25/33	4	$	2,400,000	$	2,173,042
							177,161,636
Communications — 2.17%
C&W Senior Financing DAC
(Ireland)
6.88%		09/15/27	1,2		300,000		264,672
Cable One, Inc.
4.00%		11/15/30	1		3,414,000		2,607,443
Charter Communications Operating LLC/Charter
Communications Operating Capital
4.80%		03/01/50			4,765,000		3,335,434
5.38%		05/01/47			3,050,000		2,328,938
5.75%		04/01/48			2,347,000		1,875,795
Charter Communications Operating, LLC/Charter
Communications Operating Capital
5.25%		04/01/53			1,885,000		1,410,542
CommScope, Inc.
4.75%		09/01/29	1		2,658,000		1,983,533
CSC Holdings LLC
4.63%		12/01/30	1		500,000		268,730
5.38%		02/01/28	1		650,000		530,044
6.50%		02/01/29	1		2,650,000		2,198,416
7.50%		04/01/28	1		2,522,000		1,641,759
11.25%		05/15/28	1		1,000,000		996,702
Diamond Sports Group, LLC/Diamond Sports Finance Co.
5.38%		08/15/26	1,8,9		5,900,000		132,750
Frontier Communications Holdings LLC
5.00%		05/01/28	1		3,000,000		2,566,968
6.75%		05/01/29	1		1,640,000		1,263,927
8.63%		03/15/31	1		1,924,000		1,808,371
Global Switch Finance BV
(EMTN)
(Netherlands)
1.38%		10/07/30	2		4,505,000		3,977,554
Gray Escrow II, Inc.
5.38%		11/15/31	1		1,329,000		868,759
Gray Television, Inc.
7.00%		05/15/27	1		1,100,000		944,726
Intelsat Jackson Holdings SA
(Luxembourg)
6.50%		03/15/30	1,2		3,214,000		2,856,219
Intelsat Jackson Holdings SA,
Class B
(Luxembourg)
8.50%		10/15/24	†,1,2,5,6,8,9		7,892,000		—
9.75%		07/15/25	†,1,2,5,6,8,9		6,820,000		—
Netflix, Inc.
4.63%		05/15/29			3,910,000		4,180,007
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.
4.75%		04/30/27	1		1,815,000		1,597,200
Scripps Escrow, Inc.
5.88%		07/15/27	1		2,082,000		1,545,552
SES GLOBAL Americas Holdings, Inc.
5.30%		03/25/44	1		8,494,000		5,727,907

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 230

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Communications (continued)
Tele Columbus AG,
Series REGS
(Georgia)
3.88%		05/02/25	2	$	1,930,000	$	1,192,169
Tencent Holdings Ltd.
(Cayman Islands)
3.84%		04/22/51	1,2		1,585,000		1,017,967
Time Warner Cable LLC
5.50%		09/01/41			4,443,000		3,478,439
VZ Secured Financing BV
(Netherlands)
5.00%		01/15/32	1,2		2,495,000		1,968,046
VZ Secured Financing BV,
Series REGS
(Netherlands)
3.50%		01/15/32	2		2,800,000		2,289,872
							56,858,441
Consumer Discretionary — 1.55%
Bacardi Ltd.
(Bermuda)
5.15%		05/15/38	1,2		1,500,000		1,317,307
BAT Capital Corp.
2.73%		03/25/31			915,000		705,735
4.54%		08/15/47			500,000		344,548
4.76%		09/06/49			8,059,000		5,676,597
5.65%		03/16/52			1,625,000		1,302,077
Becle, SAB de CV
(Mexico)
2.50%		10/14/31	1,2		4,450,000		3,403,427
Imperial Brands Finance PLC
(United Kingdom)
3.13%		07/26/24	1,2		1,500,000		1,463,410
4.25%		07/21/25	1,2		1,880,000		1,812,447
Reynolds American, Inc.
5.85%		08/15/45			7,245,000		6,001,158
Triton Water Holdings, Inc.
6.25%		04/01/29	1		4,875,000		4,009,688
WarnerMedia Holdings, Inc.
4.28%		03/15/32			5,000		4,245
5.05%		03/15/42			7,970,000		6,171,964
5.14%		03/15/52			11,287,000		8,386,082
							40,598,685
Diversified REITs — 1.24%
American Assets Trust LP
3.38%		02/01/31			4,005,000		3,004,479
American Tower Corp.
0.88%		05/21/29			1,765,000		1,526,270
1.00%		01/15/32			1,770,000		1,404,909
2.70%		04/15/31			3,045,000		2,417,791
CapitaLand Ascendas REIT
(EMTN)
(Slovenia)
0.75%		06/23/28	2		525,000		452,535

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Diversified REITs (continued)
Digital Dutch Finco BV
(Netherlands)
1.00%		01/15/32	2	$	2,600,000	$	1,988,021
1.50%		03/15/30	2		2,140,000		1,829,566
Digital Intrepid Holding BV
(Netherlands)
1.38%		07/18/32	2		1,000,000		777,484
GLP Capital LP/GLP Financing II, Inc.
5.30%		01/15/29			2,280,000		2,128,084
5.75%		06/01/28			6,241,000		5,989,990
LXP Industrial Trust
2.70%		09/15/30			2,000,000		1,550,670
VICI Properties LP
4.95%		02/15/30			70,000		64,588
5.13%		05/15/32			5,106,000		4,583,630
5.63%		05/15/52			518,000		432,519
VICI Properties LP/VICI Note Co., Inc.
3.75%		02/15/27	1		120,000		109,556
3.88%		02/15/29	1		1,855,000		1,604,906
4.13%		08/15/30	1		493,000		421,702
4.50%		09/01/26	1		1,150,000		1,089,510
4.50%		01/15/28	1		861,000		786,635
4.63%		06/15/25	1		320,000		309,363
							32,472,208
Electric — 1.08%
Alliant Energy Finance, LLC
3.60%		03/01/32	1		8,130,000		6,744,117
Cleco Power LLC
6.00%		12/01/40			825,000		746,538
Comision Federal de Electricidad,
Series REGS
(Mexico)
3.88%		07/26/33	2		650,000		495,625
Dominion Energy, Inc.
5.75%		10/01/54	4		2,515,000		2,446,757
Duke Energy Carolinas LLC
3.70%		12/01/47			1,810,000		1,294,334
Duke Energy Corp.
3.85%		06/15/34			3,840,000		3,623,041
FirstEnergy Transmission LLC
2.87%		09/15/28	1		3,153,000		2,737,624
Metropolitan Edison Co.
4.00%		04/15/25	1		2,625,000		2,518,102
Mong Duong Finance Holdings BV,
Series REGS
(Netherlands)
5.13%		05/07/29	2		350,000		318,213
Southwestern Electric Power Co.,
Series M
4.10%		09/15/28			2,190,000		2,032,459
TenneT Holding BV
(EMTN)
(Netherlands)
2.75%		05/17/42	2		1,670,000		1,512,301
4.50%		10/28/34	2		645,000		720,408

See accompanying Notes to Financial Statements.

231 / Semi-Annual Report September 2023

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Electric (continued)
4.75%		10/28/42	2	$	2,705,000	$	3,043,603
							28,233,122
Energy — 1.74%
Ecopetrol SA
(Colombia)
8.88%		01/13/33	2		780,000		762,333
Energy Transfer LP
4.40%		03/15/27			748,000		708,721
5.15%		03/15/45			911,000		733,819
5.40%		10/01/47			4,131,000		3,403,910
6.13%		12/15/45			500,000		446,877
Energy Transfer LP,
Series B
6.63%4,7					3,889,000		3,113,977
Energy Transfer Operating LP
5.30%		04/15/47			1,765,000		1,440,646
6.25%		04/15/49			5,000		4,595
Galaxy Pipeline Assets Bidco Ltd.
(United Kingdom)
2.16%		03/31/34	1,2		1,774,200		1,482,637
Global Partners LP/GLP Finance Corp.
6.88%		01/15/29			2,917,000		2,717,331
KazMunayGas National Co. JSC,
Series REGS
(Kazakhstan)
3.50%		04/14/33	2		1,586,000		1,193,037
4.75%		04/19/27	2		205,000		192,464
KazMunayGas National Co. JSC,
Series REGS (EMTN)
(Kazakhstan)
5.38%		04/24/30	2		2,424,000		2,209,646
Kinder Morgan Energy Partners LP
5.00%		08/15/42			1,090,000		882,429
National Gas Transmission PLC,
(EMTN)
(United Kingdom)
4.25%		04/05/30	2		970,000		1,010,845
NGL Energy Operating LLC/NGL Energy Finance Corp.
7.50%		02/01/26	1		1,631,000		1,613,525
Pertamina Persero PT
(Indonesia)
3.10%		08/27/30	1,2		4,079,000		3,409,922
Petroleos Mexicanos
(Mexico)
6.35%		02/12/48	2		557,000		319,285
6.75%		09/21/47	2		3,555,000		2,110,057
6.95%		01/28/60	2		1,595,000		946,632
Plains All American Pipeline LP/PAA Finance Corp.
3.80%		09/15/30			2,000,000		1,719,266
QatarEnergy,
Series REGS
(Qatar)
2.25%		07/12/31	2		1,000,000		802,590

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Energy (continued)
QazaqGaz NC JSC,
Series REGS
(Kazakhstan)
4.38%		09/26/27	2	$	650,000	$	600,763
Rockies Express Pipeline LLC
4.80%		05/15/30	1		1,032,000		895,260
6.88%		04/15/40	1		3,175,000		2,791,270
Sabine Pass Liquefaction LLC
4.50%		05/15/30			143,000		131,191
Southern Co. Gas Capital Corp.
3.88%		11/15/25			2,410,000		2,321,747
Southern Gas Corridor CJSC,
Series REGS
(Azerbaijan)
6.88%		03/24/26	2		2,776,000		2,768,435
TransMontaigne Partners LP/TLP Finance Corp.
6.13%		02/15/26			3,846,000		3,297,945
Venture Global Calcasieu Pass LLC
4.13%		08/15/31	1		2,000,000		1,644,495
							45,675,650
Finance — 3.91%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
(Ireland)
3.00%		10/29/28	2		12,100,000		10,380,699
3.30%		01/30/32	2		2,649,000		2,109,958
American Express Co.,
Series D
3.55%4,7					2,350,000		1,878,809
Avolon Holdings Funding Ltd.
(Cayman Islands)
2.53%		11/18/27	1,2		5,278,000		4,459,422
2.88%		02/15/25	1,2		4,555,000		4,299,514
3.95%		07/01/24	1,2		1,035,000		1,013,919
Capital One Financial Corp.
3.27%		03/01/30	4		2,675,000		2,239,220
Charles Schwab Corp. (The)
Series K
5.00%4,7					2,020,000		1,693,209
Citigroup, Inc.
2.57%		06/03/31	4		5,901,000		4,707,852
2.67%		01/29/31	4		1,009,000		818,776
2.98%		11/05/30	4		2,380,000		1,990,726
3.06%		01/25/33	4		12,733,000		10,061,248
Citigroup, Inc.,
Series VAR
3.07%		02/24/28	4		1,940,000		1,760,664
Gaci First Investment Co.
(Cayman Islands)
5.25%		10/13/32	2		650,000		634,920
GGAM Finance Ltd.
(Cayman Islands)
8.00%		06/15/28	1,2		2,854,000		2,848,064
Goldman Sachs Group, Inc. (The)
0.93%		10/21/24	4		5,565,000		5,521,133
1.95%		10/21/27	4		6,295,000		5,559,671

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 232

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Finance (continued)
2.65%		10/21/32	4	$	9,522,000	$	7,353,966
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.38%		02/01/29			460,000		372,600
5.25%		05/15/27			1,558,000		1,373,112
6.25%		05/15/26			2,023,000		1,885,780
Jane Street Group/JSG Finance, Inc.
4.50%		11/15/29	1		2,249,000		1,932,039
JPMorgan Chase & Co.
1.56%		12/10/25	4		2,290,000		2,164,488
1.95%		02/04/32	4		1,415,000		1,073,794
2.55%		11/08/32	4		5,530,000		4,287,659
Morgan Stanley
0.79%		05/30/25	4		1,395,000		1,340,238
2.48%		09/16/36	4		7,080,000		5,175,434
2.95%		05/07/32	4		3,250,000		3,059,215
Morgan Stanley
(GMTN)
2.24%		07/21/32	4		1,735,000		1,308,653
Morgan Stanley
(MTN)
1.93%		04/28/32	4		2,615,000		1,947,690
Nationwide Building Society
(United Kingdom)
2.97%		02/16/28	1,2,4		3,890,000		3,481,007
Park Aerospace Holdings Ltd.
(Cayman Islands)
5.50%		02/15/24	1,2		861,000		856,857
UBS Group AG
(Switzerland)
1.36%		01/30/27	1,2,4		1,935,000		1,719,968
Vonovia SE
(Georgia)
1.00%		06/16/33	2		300,000		217,769
1.50%		06/14/41	2		1,100,000		638,743
Vonovia SE,
(EMTN)
(Georgia)
5.00%		11/23/30	2		200,000		208,928
							102,375,744
Food — 0.85%
H-Food Holdings LLC/Hearthside Finance Co., Inc.
8.50%		06/01/26	1		3,012,000		756,599
JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg Sarl
(Canada)
6.75%		03/15/34	1,2		3,955,000		3,850,431
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
(Canada)
3.75%		12/01/31	2		796,000		638,384
5.75%		04/01/33	2		5,500,000		5,026,456
6.50%		12/01/52	2		1,555,000		1,393,289
Pilgrim’s Pride Corp.
3.50%		03/01/32			382,000		295,926
4.25%		04/15/31			4,000,000		3,341,739
6.25%		07/01/33			385,000		362,510

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Food (continued)
Simmons Foods, Inc./Simmons Prepared Foods, Inc./
Simmons Pet Food, Inc./Simmons Feed
4.63%		03/01/29	1	$	4,131,000	$	3,392,785
Smithfield Foods, Inc.
2.63%		09/13/31	1		4,690,000		3,377,579
							22,435,698
Health Care — 2.43%
1375209 BC Ltd.
(Canada)
9.00%		01/30/28	1,2		2,770,000		2,741,367
Amgen, Inc.
4.88%		03/01/53			1,103,000		920,932
5.65%		03/02/53			575,000		538,241
Bausch & Lomb Escrow Corp.
(Canada)
8.38%		10/01/28	1,2		1,750,000		1,754,872
Bayer U.S. Finance II LLC
4.38%		12/15/28	1		7,281,000		6,770,165
4.63%		06/25/38	1		2,775,000		2,276,460
4.88%		06/25/48	1		2,915,000		2,327,166
5.50%		08/15/25	1		2,000,000		1,981,368
Cano Health LLC
6.25%		10/01/28	1		1,076,000		477,959
Catalent Pharma Solutions, Inc.
3.50%		04/01/30	1		3,290,000		2,713,049
Centene Corp.
2.45%		07/15/28			10,338,000		8,740,978
4.25%		12/15/27			2,830,000		2,611,425
CVS Health Corp.
5.05%		03/25/48			1,152,000		957,729
Fresenius Finance Ireland PLC
(EMTN)
(Ireland)
0.88%		10/01/31	2		1,000,000		778,984
Grifols SA
(Spain)
4.75%		10/15/28	1,2		1,967,000		1,682,830
Grifols SA,
Series REGS
(Spain)
3.88%		10/15/28	2		1,800,000		1,625,052
HCA, Inc.
3.50%		07/15/51			1,743,000		1,093,610
3.63%		03/15/32			1,430,000		1,186,656
5.25%		06/15/49			4,670,000		3,842,386
5.50%		06/15/47			2,255,000		1,927,506
Kedrion SpA
(Italy)
6.50%		09/01/29	1,2		4,000,000		3,450,000
Medtronic Global Holdings SCA
(Luxembourg)
3.38%		10/15/34	2		900,000		882,940
ModivCare Escrow Issuer, Inc.
5.00%		10/01/29	1		5,593,000		4,019,927

See accompanying Notes to Financial Statements.

233 / Semi-Annual Report September 2023

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Health Care (continued)
Prestige Brands, Inc.
3.75%		04/01/31	1	$	2,373,000	$	1,913,219
Prime Healthcare Services, Inc.
7.25%		11/01/25	1		2,681,000		2,494,134
Teva Pharmaceutical Finance Netherlands II BV
(Netherlands)
7.88%		09/15/31	2		2,000,000		2,200,474
Universal Health Services, Inc.
1.65%		09/01/26			1,500,000		1,322,542
2.65%		01/15/32			590,000		442,685
							63,674,656
Health Care REITs — 0.20%
Healthcare Reality Holdings LP
2.00%		03/15/31			870,000		652,819
3.50%		08/01/26			2,257,000		2,095,169
Healthcare Realty Holdings LP
2.05%		03/15/31			391,000		283,777
3.63%		01/15/28			625,000		557,436
3.88%		05/01/25			1,695,000		1,598,713
							5,187,914
Industrial REITs — 0.17%
Prologis Euro Finance LLC
0.50%		02/16/32			1,415,000		1,065,263
1.00%		02/06/35			930,000		650,889
1.00%		02/16/41			850,000		479,571
Prologis Euro Finance LLC,
(EMTN)
4.25%		01/31/43			610,000		562,326
SELP Finance SARL
(Luxembourg)
0.88%		05/27/29	2		2,095,000		1,748,722
							4,506,771
Industrials — 1.25%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
(Canada)
5.25%		08/15/27	1,2		3,441,000		2,881,470
Artera Services LLC
9.03%		12/04/25	1		3,677,000		3,398,082
Berry Global, Inc.
1.50%		01/15/27	1		1,595,000		1,526,850
1.65%		01/15/27			105,000		90,363
4.88%		07/15/26	1		1,195,000		1,145,103
Boeing Co. (The)
1.43%		02/04/24			8,790,000		8,653,908
Cellnex Finance Co. SA
(EMTN)
(Spain)
2.00%		02/15/33	2		300,000		245,544
General Electric Co.
(MTN)
(CME Term SOFR 3-Month plus 0.74%)
6.11%		08/15/36	3		10,370,000		9,240,069
OT Merger Corp.
7.88%		10/15/29	1		7,500,000		4,669,059

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Industrials (continued)
Rolls-Royce PLC
(EMTN)
(United Kingdom)
1.63%		05/09/28	2	$	1,055,000	$	955,145
							32,805,593
Information Technology — 0.48%
Broadcom, Inc.
3.42%		04/15/33	1		2,350,000		1,876,574
Open Text Corp.
(Canada)
6.90%		12/01/27	1,2		1,510,000		1,517,444
Oracle Corp.
3.60%		04/01/40			2,400,000		1,735,088
3.60%		04/01/50			2,000,000		1,294,867
3.80%		11/15/37			1,490,000		1,144,304
3.95%		03/25/51			2,551,000		1,750,025
4.00%		11/15/47			2,050,000		1,441,890
6.50%		04/15/38			1,100,000		1,109,110
6.90%		11/09/52			760,000		783,366
							12,652,668
Insurance — 1.19%
Acrisure LLC/Acrisure Finance, Inc.
6.00%		08/01/29	1		2,272,000		1,925,520
Athene Global Funding
1.99%		08/19/28	1		8,980,000		7,338,048
2.72%		01/07/29	1		1,535,000		1,274,997
3.21%		03/08/27	1		2,225,000		1,995,401
Brown & Brown, Inc.
4.95%		03/17/52			2,980,000		2,385,427
Farmers Exchange Capital
7.20%		07/15/48	1		150,000		140,006
Farmers Exchange Capital II
6.15%		11/01/53	1,4		2,500,000		2,314,009
Farmers Insurance Exchange
4.75%		11/01/57	1,4		3,800,000		2,855,834
8.63%		05/01/24	1		942,000		946,819
Nationwide Mutual Insurance Co.
7.96%		12/15/24	1,4		3,825,000		3,825,544
Teachers Insurance & Annuity Association of America
4.38%		09/15/54	1,4		6,470,000		6,293,393
							31,294,998
Materials — 0.70%
ASP Unifrax Holdings, Inc.
5.25%		09/30/28	1		2,460,000		1,756,211
7.50%		09/30/29	1		1,020,000		560,258
ATI, Inc.
7.25%		08/15/30			1,472,000		1,470,160
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia
Persero PT,
Series REGS
(Indonesia)
5.45%		05/15/30	2		3,600,000		3,366,000
International Flavors & Fragrances, Inc.
1.80%		09/25/26			1,090,000		1,044,253

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 234

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Materials (continued)
2.30%		11/01/30	1	$	7,835,000	$	5,900,525
3.27%		11/15/40	1		130,000		81,594
3.47%		12/01/50	1		460,000		268,285
4.38%		06/01/47			150,000		100,839
5.00%		09/26/48			35,000		26,157
SK Invictus Intermediate II SARL
(Luxembourg)
5.00%		10/30/29	1,2		4,038,000		3,240,858
Valvoline, Inc.
3.63%		06/15/31	1		660,000		512,010
							18,327,150
Office REITs — 0.16%
Hudson Pacific Properties LP
3.25%		01/15/30			1,320,000		906,705
3.95%		11/01/27			3,035,000		2,398,431
4.65%		04/01/29			110,000		82,919
5.95%		02/15/28			875,000		730,773
							4,118,828
Real Estate Investment Trust (REIT) — 0.18%
American Tower Corp.
5.55%		07/15/33			2,454,000		2,340,476
Annington Funding PLC
(EMTN)
(United Kingdom)
3.18%		07/12/29	2		595,000		604,130
Realty Income Corp.
5.13%		07/06/34			1,405,000		1,475,665
Vonovia Finance BV
(Netherlands)
2.25%		04/07/30	2		300,000		268,224
							4,688,495
Residential REITs — 0.20%
American Homes 4 Rent LP
4.30%		04/15/52			3,314,000		2,396,515
Invitation Homes Operating Partnership LP
2.70%		01/15/34			3,325,000		2,433,494
5.50%		08/15/33			465,000		434,514
							5,264,523
Retail — 0.33%
Ferrellgas LP/Ferrellgas Finance Corp.
5.38%		04/01/26	1		1,882,000		1,773,785
Fertitta Entertainment, LLC/Fertitta Entertainment Finance Co., Inc.
6.75%		01/15/30	1		3,770,000		3,079,968
Michaels Cos., Inc. (The)
7.88%		05/01/29	1		5,775,000		3,778,189
							8,631,942
Services — 0.74%
Adtalem Global Education, Inc.
5.50%		03/01/28	1		1,000,000		921,783
Global Payments, Inc.
4.88%		03/17/31			1,255,000		1,296,956

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Services (continued)
5.95%		08/15/52		$	2,390,000	$	2,142,425
Hertz Corp. (The)
5.00%		12/01/29	1		6,310,000		4,969,125
VT Topco, Inc.
8.50%		08/15/30	1		2,659,000		2,635,537
WASH Multifamily Acquisition, Inc.
5.75%		04/15/26	1		1,855,000		1,733,351
Waste Pro USA, Inc.
5.50%		02/15/26	1		6,169,000		5,767,129
							19,466,306
Specialized REITs — 0.38%
Annington Funding PLC
(EMTN)
(United Kingdom)
2.31%		10/06/32	2		1,800,000		1,565,621
Blackstone Property Partners Europe Holdings SARL
(EMTN)
(Luxembourg)
1.00%		05/04/28	2		1,030,000		862,094
1.63%		04/20/30	2		800,000		630,099
1.75%		03/12/29	2		1,225,000		1,018,512
China Aoyuan Group Ltd.
(Cayman Islands)
6.35%		02/08/24	2,5,6		2,660,000		53,200
China SCE Group Holdings Ltd.
(Cayman Islands)
7.00%		05/02/25	2		1,070,000		72,311
CubeSmart LP
2.50%		02/15/32			2,000,000		1,522,443
Extra Space Storage LP
2.20%		10/15/30			1,286,000		998,216
2.35%		03/15/32			2,990,000		2,262,543
2.40%		10/15/31			657,000		503,301
Sunac China Holdings Ltd.
(Cayman Islands)
6.50%		01/10/25	2,5,6		2,515,000		344,153
6.80%		10/20/24	2,5,6,8,9		720,000		115,200
Times China Holdings Ltd.
(Cayman Islands)
6.75%		07/08/25	2,5,6,8,9		1,040,000		42,258
Zhenro Properties Group Ltd.
(Cayman Islands)
6.63%		01/07/26	2,5,6,8,9		1,810,000		21,792
							10,011,743
Transportation — 0.07%
American Airlines Pass-Through Trust,
Series 2015-2, Class AA
3.60%		09/22/27			1,828,387		1,687,358
U.S. Airways Pass-Through Trust,
Series 2012-1, Class A
5.90%		10/01/24			45,932		46,245
							1,733,603

See accompanying Notes to Financial Statements.

235 / Semi-Annual Report September 2023

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
CORPORATES (continued)
Water — 0.05%
Thames Water Utilities Finance PLC
(EMTN)
(United Kingdom)
4.38%		01/18/31	2	$	1,320,000	$	1,241,171
Total Corporates
(Cost $822,606,845)							729,417,545
FOREIGN GOVERNMENT OBLIGATIONS — 2.50%
Foreign Government Obligations — 2.50%
Bahrain Government International Bond,
Series REGS
(Bahrain)
7.00%		01/26/26	2		500,000		505,328
Brazilian Government International Bond
(Brazil)
3.88%		06/12/30	2		3,010,000		2,630,439
6.00%		10/20/33	2		1,230,000		1,167,393
Chile Government International Bond
(Chile)
2.55%		01/27/32	2		1,257,000		1,019,421
2.55%		07/27/33	2		3,232,000		2,493,714
Colombia Government International Bond
(Colombia)
3.00%		01/30/30	2		1,598,000		1,233,017
3.13%		04/15/31	2		1,020,000		758,166
4.50%		03/15/29	2		1,007,000		878,557
8.00%		04/20/33	2		200,000		198,460
Dominican Republic International Bond
(Dominican Republic)
4.50%		01/30/30	1,2		3,900,000		3,313,440
Finance Department Government of Sharjah
(United Arab Emirates)
6.50%		11/23/32	1,2		1,629,000		1,624,439
Guatemala Government Bond,
Series REGS
(Guam)
5.25%		08/10/29	2		3,050,000		2,820,335
Hungary Government International Bond
(Hungary)
2.13%		09/22/31	1,2		4,200,000		3,110,520
Hungary Government International Bond,
Series REGS
(Hungary)
5.25%		06/16/29	2		300,000		287,284
Mexico Government International Bond
(Mexico)
2.66%		05/24/31	2		5,531,000		4,377,786
4.88%		05/19/33	2		4,375,000		3,928,072
Oman Government International Bond,
Series REGS
(Oman)
5.63%		01/17/28	2		4,640,000		4,529,429
Panama Government International Bond
(Panama)
2.25%		09/29/32	2		3,000,000		2,181,000
3.16%		01/23/30	2		5,251,000		4,431,844

Issues	Maturity Date			Principal         Amount		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Foreign Government Obligations (continued)
Paraguay Government International Bond,
Series REGS
(Papua New Guinea)
4.95%		04/28/31	2	$	2,185,000	$	2,023,966
Perusahaan Penerbit SBSN Indonesia III
(Indonesia)
2.80%		06/23/30	1,2		2,100,000		1,771,770
Peruvian Government International Bond
(Peru)
1.86%		12/01/32	2		1,000,000		724,400
2.78%		01/23/31	2		3,860,000		3,173,306
2.84%		06/20/30	2		1,240,000		1,048,916
Republic of Poland Government International Bond
(Poland)
4.88%		10/04/33	2		2,670,000		2,483,367
5.75%		11/16/32	2		560,000		562,629
Republic of South Africa Government International Bond
(South Africa)
4.30%		10/12/28	2		827,000		716,546
4.85%		09/30/29	2		1,283,000		1,103,380
5.88%		06/22/30	2		875,000		775,608
5.88%		04/20/32	2		1,064,000		906,342
Romanian Government International Bond
(Romania)
6.63%		02/17/28	1,2		450,000		456,885
Romanian Government International Bond,
Series REGS
(Romania)
3.00%		02/14/31	2		4,400,000		3,551,240
Saudi Government International Bond,
Series REGS (EMTN)
(Saudi Arabia)
3.25%		10/22/30	2		2,220,000		1,947,828
Uruguay Government International Bond
(Uruguay)
4.38%		01/23/31	2		2,788,717		2,672,511
Total Foreign Government Obligations
(Cost $74,190,516)							65,407,338
MORTGAGE-BACKED — 65.61%**
Non-Agency Commercial Mortgage-Backed — 8.51%
1345 Avenue of the Americas & Park Avenue Plaza Trust,
Series 2005-1, Class A3
5.28%		08/10/35	1		7,801,704		7,366,227
A10 Bridge Asset Financing,
Series 2021-D, Class A1FL
(SOFR30A plus 1.45%)
6.76%		10/01/38	1,3		3,727,838		3,575,972
Banc of America Merrill Lynch Commercial Mortgage Trust,
Series 2018-PARK, Class A
4.23%		08/10/38	1,4		7,985,000		7,009,964
Banc of America Merrill Lynch Commercial Mortgage Trust,
Series 2020-BHP3, Class A
(CME Term SOFR 1-Month plus 2.01%)
7.35%		03/15/37	1,3		8,585,000		8,455,089

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 236

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
Banc of America Merrill Lynch Commercial Mortgage Trust,
Series 2020-BOC, Class X (IO)
0.57%		01/15/32	1,4	$	98,610,000	$	1,259,565
Blackstone Industrial Portfolio - Proj Foxtrot
2.23%		04/09/24	4,5,6		2,944,337		2,769,149
BX Commercial Mortgage Trust,
Series 2020-VIVA, Class D
3.67%		03/11/44	1,4		5,000,000		3,963,750
BX Commercial Mortgage Trust,
Series 2021-XL2, Class J
(CME Term SOFR 1-Month plus 4.00%)
9.34%		10/15/38	1,3		8,914,004		8,374,796
BX Trust,
Series 2019-OC11, Class A
3.20%		12/09/41	1		7,060,000		5,957,730
BXHPP Trust,
Series 2021-FILM, Class E
(CME Term SOFR 1-Month plus 2.11%)
7.45%		08/15/36	1,3		3,917,000		3,353,916
CAMB Commercial Mortgage Trust,
Series 2019-LIFE, Class F
(CME Term SOFR 1-Month plus 2.60%)
7.93%		12/15/37	1,3		9,700,000		9,399,167
CAMB Commercial Mortgage Trust,
Series 2019-LIFE, Class G
(CME Term SOFR 1-Month plus 3.30%)
8.63%		12/15/37	1,3		8,503,000		8,249,537
CD Mortgage Trust,
Series 2016-CD1, Class XA (IO)
1.50%		08/10/49	4		59,185,618		1,612,844
Citigroup Commercial Mortgage Trust,
Series 2015-GC27, Class XA (IO)
1.45%		02/10/48	4		56,929,576		650,853
Commercial Mortgage Trust,
Series 2012-CR4, Class XA (IO)
1.29%		10/15/45	4		8,525,699		514
Commercial Mortgage Trust,
Series 2013-CR13, Class XA (IO)
0.71%		11/10/46	4		28,923,592		1,121
Commercial Mortgage Trust,
Series 2014-CR16, Class XA (IO)
1.09%		04/10/47	4		96,994,347		229,644
Commercial Mortgage Trust,
Series 2017-PANW, Class D
4.34%		10/10/29	1,4		3,580,000		3,034,693
Commercial Mortgage Trust,
Series 2020-CBM, Class XCP (IO)
0.72%		02/10/37	1,4		68,872,262		436,168
Credit Suisse Mortgage Capital Trust,
Series 2019-ICE4, Class D
(CME Term SOFR 1-Month plus 1.65%)
6.98%		05/15/36	1,3		5,700,817		5,658,973
Credit Suisse Mortgage Capital Trust,
Series 2020-TMIC, Class A
(CME Term SOFR 1-Month plus 3.61%)
8.95%		12/15/35	1,3		11,515,000		11,496,645

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
CSAIL Commercial Mortgage Trust,
Series 2019-C16, Class XA (IO)
1.71%		06/15/52	4	$	90,284,433	$	5,670,138
CSMC,
Series 2021-BPNY, Class A
(CME Term SOFR 1-Month plus 3.83%)
9.16%		08/15/26	1,3		12,734,000		10,968,585
DROP Mortgage Trust,
Series 2021-FILE, Class D
(CME Term SOFR 1-Month plus 2.86%)
8.20%		10/15/43	1,3		3,145,000		2,261,616
Fontainebleau Miami Beach Trust,
Series 2019-FBLU, Class F
4.09%		12/10/36	1,4		2,410,000		2,264,195
FREMF Mortgage Trust,
Series 2020-KF88, Class C
(SOFR30A plus 9.11%)
14.43%		09/25/30	1,3		3,625,274		3,656,802
Grace Trust,
Series 2020-GRCE, Class A
2.35%		12/10/40	1		8,000,000		6,097,591
Grace Trust,
Series 2020-GRCE, Class D
2.77%		12/10/40	1,4		2,950,000		2,022,084
GS Mortgage Securities Corp. Trust,
Series 2020-UPTN, Class XA (IO)
0.45%		02/10/37	1,4		40,999,000		155,915
GS Mortgage Securities Corp. Trust,
Series 2023-FUN, Class B
(CME Term SOFR 1-Month plus 2.79%)
8.12%		03/15/28	1,3		5,160,000		5,103,411
GS Mortgage Securities Trust,
Series 2014-GC20, Class XA (IO)
1.17%		04/10/47	4		53,865,653		62,996
GSCG Trust,
Series 2019-600C, Class G
4.12%		09/06/34	1,4		9,212,000		184,597
Hilton USA Trust,
Series 2016-HHV, Class F
4.33%		11/05/38	1,4		4,580,000		4,055,269
Hudson Yards Mortgage Trust,
Series 2019-55HY, Class A
3.04%		12/10/41	1,4		6,555,000		5,394,343
Hudson Yards Mortgage Trust,
Series 2019-55HY, Class F
3.04%		12/10/41	1,4		3,891,000		2,665,646
ILPT Commercial Mortgage Trust,
Series 2022-LPFX, Class A
3.38%		03/15/32	1		11,770,000		9,439,858
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2022-NLP, Class H
(CME Term SOFR 1-Month plus 5.01%)
10.34%		04/15/37	1,3		5,320,724		4,271,317

See accompanying Notes to Financial Statements.

237 / Semi-Annual Report September 2023

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
KKR Industrial Portfolio Trust,
Series 2021-KDIP, Class E
(CME Term SOFR 1-Month plus 1.66%)
7.00%		12/15/37	1,3	$	1,288,098	$	1,269,640
Life Mortgage Trust,
Series 2021-BMR, Class G
(CME Term SOFR 1-Month plus 3.06%)
8.40%		03/15/38	1,3		10,535,474		10,002,239
Med Trust,
Series 2021-MDLN, Class F
(CME Term SOFR 1-Month plus 4.11%)
9.45%		11/15/38	1,3		3,980,895		3,782,255
MF1 Ltd.,
Series 2020-FL4, Class B
(CME Term SOFR 1-Month plus 2.86%)
8.20%		11/15/35	1,3		6,000,000		5,961,218
MF1 Ltd.,
Series 2020-FL4, Class D
(CME Term SOFR 1-Month plus 4.21%)
9.55%		11/15/35	1,3		4,481,000		4,408,360
MKT Mortgage Trust,
Series 2020-525M, Class C
3.04%		02/12/40	1,4		4,970,000		2,815,072
MKT Mortgage Trust,
Series 2020-525M, Class D
3.04%		02/12/40	1,4		7,500,000		3,465,580
MKT Mortgage Trust,
Series 2020-525M, Class XA (IO)
0.29%		02/12/40	1,4		147,585,000		1,719,033
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C22, Class XA (IO)
1.14%		04/15/48	4		66,897,254		620,372
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C24, Class XA (IO)
0.83%		05/15/48	4		100,774,523		910,801
Morgan Stanley Capital I Trust,
Series 2018-MP, Class A
4.42%		07/11/40	1,4		4,000,000		3,236,396
MSCG Trust,
Series 2018-SELF, Class E
(CME Term SOFR 1-Month plus 2.20%)
7.53%		10/15/37	1,3		4,625,104		4,533,157
Natixis Commercial Mortgage Securities Trust,
Series 2018-ALXA, Class E
4.46%		01/15/43	1,4		1,095,000		535,683
SFAVE Commercial Mortgage Securities Trust,
Series 2015-5AVE, Class A2B
4.14%		01/05/43	1,4		1,840,000		1,221,231
SFAVE Commercial Mortgage Securities Trust,
Series 2015-5AVE, Class C
4.53%		01/05/43	1,4		10,000,000		5,519,003
SFAVE Commercial Mortgage Securities Trust,
Series 2015-5AVE, Class D
4.53%		01/05/43	1,4		13,330,000		6,018,153

Issues	Maturity Date			Principal         Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Commercial Mortgage-Backed (continued)
VMC Finance LLC,
Series 2021-HT1, Class B
(CME Term SOFR 1-Month plus 4.61%)
9.95%		01/18/37	1,3	$	3,200,000	$	3,035,287
Wells Fargo Commercial Mortgage Trust,
Series 2014-LC16, Class XA (IO)
1.21%		08/15/50	4		34,761,339		99,878
Wells Fargo Commercial Mortgage Trust,
Series 2016-C33, Class XA (IO)
1.73%		03/15/59	4		74,969,996		2,187,287
Westfield Galleria at Roseville
8.40%		03/29/25	5,6		4,300,000		4,218,730
WF-RBS Commercial Mortgage Trust,
Series 2013-C14, Class XA (IO)
0.48%		06/15/46	4		2,522,321		5,011
WF-RBS Commercial Mortgage Trust,
Series 2014-C23, Class XA (IO)
0.69%		10/15/57	4		72,511,764		220,929
							222,915,995
Non-Agency Mortgage-Backed — 33.41%
ACE Securities Corp. Home Equity Loan Trust,
Series 2006-HE3, Class A2C
(CME Term SOFR 1-Month plus 0.41%)
5.73%		06/25/36	3		4,546,000		3,247,682
ACE Securities Corp. Home Equity Loan Trust,
Series 2006-NC3, Class A2C
(CME Term SOFR 1-Month plus 0.43%)
5.75%		12/25/36	3		52,020,064		13,567,681
ACE Securities Corp. Home Equity Loan Trust,
Series 2007-ASP1, Class A1
(CME Term SOFR 1-Month plus 0.43%)
5.75%		03/25/37	3		27,850,849		12,269,709
ACE Securities Corp. Home Equity Loan Trust,
Series 2007-ASP1, Class A2D
(CME Term SOFR 1-Month plus 0.87%)
6.19%		03/25/37	3		2,214,157		904,730
Adjustable Rate Mortgage Trust,
Series 2005-4, Class 5A1
3.78%		08/25/35	4		1,182,099		919,946
Adjustable Rate Mortgage Trust,
Series 2007-1, Class 1A1
4.83%		03/25/37	4		1,142,933		930,323
Alternative Loan Trust,
Series 2005-74T1, Class A1
6.00%		01/25/36			5,237,385		2,964,529
Alternative Loan Trust,
Series 2005-76, Class 1A1
(Federal Reserve US 12-Month Cumulative Average plus 1.48%)
6.11%		01/25/36	3		2,477,848		2,205,789
Alternative Loan Trust,
Series 2006-HY12, Class A5
4.16%		08/25/36	4		2,072,578		1,889,955

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 238

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
American Home Mortgage Investment Trust,
Series 2006-1, Class 11A1
(CME Term SOFR 1-Month plus 0.39%)
5.71%		03/25/46	3	$	7,974,222	$	6,593,563
American Home Mortgage Investment Trust,
Series 2006-1, Class 12A1
(CME Term SOFR 1-Month plus 0.51%)
5.83%		03/25/46	3		2,472,009		2,044,636
Argent Securities, Inc., Asset-Backed Pass-Through Certificates,
Series 2006-W3, Class A2C
(CME Term SOFR 1-Month plus 0.47%)
5.79%		04/25/36	3		38,304,046		12,019,304
Asset-Backed Funding Certificates,
Series 2007-WMC1, Class A1A
(CME Term SOFR 1-Month plus 1.36%)
6.68%		06/25/37	3		16,211,187		11,861,977
Asset-Backed Funding Certificates,
Series 2007-WMC1, Class A2B
(CME Term SOFR 1-Month plus 1.11%)
6.43%		06/25/37	3		2,943,857		2,236,058
Asset-Backed Securities Corp. Home Equity Loan Trust,
Series 2004-HE9, Class M1
(CME Term SOFR 1-Month plus 1.09%)
6.41%		12/25/34	3		1,085,630		957,368
Asset-Backed Securities Corp. Home Equity Loan Trust,
Series 2006-HE5, Class A5
(CME Term SOFR 1-Month plus 0.59%)
2.92%		07/25/36	3		9,754,000		9,290,038
Banc of America Alternative Loan Trust,
Series 2003-8, Class 1CB1
5.50%		10/25/33			380,098		356,492
Banc of America Funding Trust,
Series 2006-D, Class 3A1
4.39%		05/20/36	4		592,585		528,000
Banc of America Funding Trust,
Series 2015-R3, Class 6A2
4.64%		05/27/36	1,4		8,948,494		8,441,875
Banc of America Mortgage Trust,
Series 2005-K, Class 2A1
3.97%		12/25/35	4		614,921		544,464
BCAP LLC Trust,
Series 2007-AA1, Class 2A1
(CME Term SOFR 1-Month plus 0.47%)
5.79%		03/25/37	3		2,389,178		2,032,233
BCAP LLC Trust,
Series 2014-RR3, Class 4A1
10.03%		03/26/36	1,4		346,201		346,513
Bear Stearns ALT-A Trust,
Series 2005-2, Class 2A4
3.75%		04/25/35	4		699,859		615,594
Bear Stearns ALT-A Trust,
Series 2005-8, Class 11A1
(CME Term SOFR 1-Month plus 0.65%)
5.97%		10/25/35	3		4,850,285		4,279,048

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Bear Stearns ARM Trust,
Series 2005-9, Class A1
(US Treasury Yield Curve Rate T Note Constant Maturity
1-Year plus 2.30%)
7.67%		10/25/35	3	$	863,594	$	805,568
Bear Stearns Asset-Backed Securities I Trust,
Series 2005-AC6, Class 1A3
5.50%		09/25/35	4		251,805		233,392
Bear Stearns Asset-Backed Securities I Trust,
Series 2006-AC2, Class 21A3
6.00%		03/25/36			10,410		10,217
Bear Stearns Mortgage Funding Trust,
Series 2007-AR4, Class 1A1
(CME Term SOFR 1-Month plus 0.51%)
5.83%		09/25/47	3		4,407,183		3,876,380
Bear Stearns Mortgage Funding Trust,
Series 2007-AR4, Class 2A1
(CME Term SOFR 1-Month plus 0.32%)
5.64%		06/25/37	3		3,342,018		3,033,607
Carrington Mortgage Loan Trust,
Series 2006-NC4, Class A4
(CME Term SOFR 1-Month plus 0.35%)
5.67%		10/25/36	3		14,364,300		11,865,494
Carrington Mortgage Loan Trust,
Series 2006-OPT1, Class M1
(CME Term SOFR 1-Month plus 0.64%)
5.96%		02/25/36	3		884,543		864,053
Cascade MH Asset Trust,
Series 2022-MH1, Class A (STEP-reset date 11/25/23)
4.25%		08/25/54	1		6,695,085		5,887,491
Chase Mortgage Finance Trust,
Series 2007-A1, Class 8A1
5.34%		02/25/37	4		387,856		371,773
CIM Trust,
Series 2019-R3, Class A
2.63%		06/25/58	1,4		6,116,158		5,397,744
CIM Trust,
Series 2020-R1, Class A1
2.85%		10/27/59	1,4		10,057,872		8,265,903
CIM Trust,
Series 2020-R3, Class A1A
4.00%		01/26/60	1,4		6,130,670		5,631,129
CIM Trust,
Series 2020-R6, Class A1A
2.25%		12/25/60	1,4		4,878,713		4,120,917
CIM Trust,
Series 2020-R7, Class A1A
2.25%		12/27/61	1,4		7,749,346		6,552,707
CIM Trust,
Series 2021-NR3, Class A1 (STEP-reset date 11/25/23)
2.57%		06/25/57	1		3,052,472		2,903,927
CIM Trust,
Series 2021-NR4, Class A1 (STEP-reset date 11/25/23)
2.82%		10/25/61	1		11,741,581		10,914,704

See accompanying Notes to Financial Statements.

239 / Semi-Annual Report September 2023

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
CIM Trust,
Series 2021-R3, Class A1B
1.95%		06/25/57	1,4	$	18,287,000	$	12,295,606
CIM Trust,
Series 2021-R4, Class A1A
2.00%		05/01/61	1,4		10,310,054		8,770,593
CIM Trust,
Series 2021-R4, Class A1B
2.00%		05/01/61	1,4		10,243,493		6,636,839
CIM Trust,
Series 2021-R5, Class A1A
2.00%		08/25/61	1,4		8,797,979		7,065,373
CIM Trust,
Series 2023-NR1, Class A1 (STEP-reset date 11/25/23)
6.00%		06/25/62	1		13,322,136		12,825,007
CIM Trust,
Series 2023-R1, Class A1A
5.40%		04/25/62	1,4		12,798,691		11,961,600
CIM Trust,
Series 2023-R3, Class A1B
4.50%		01/25/63	1,4		11,444,000		8,459,164
Citigroup Mortgage Loan Trust,
Series 2005-9, Class 1A1
(CME Term SOFR 1-Month plus 0.37%)
5.69%		11/25/35	3		38,565		31,359
Citigroup Mortgage Loan Trust,
Series 2006-AR3, Class 1A2A
4.19%		06/25/36	4		59,952		54,924
Citigroup Mortgage Loan Trust,
Series 2006-HE3, Class A2C
(CME Term SOFR 1-Month plus 0.43%)
5.75%		12/25/36	3		6,087,355		3,915,800
Citigroup Mortgage Loan Trust,
Series 2006-HE3, Class A2D
(CME Term SOFR 1-Month plus 0.57%)
5.89%		12/25/36	3		6,505,570		4,184,622
Countrywide Home Loan Mortgage Pass-Through Trust,
Series 2005-3, Class 1A2
(CME Term SOFR 1-Month plus 0.69%)
6.01%		04/25/35	3		2,418,057		2,223,817
Countrywide Home Loan Mortgage Pass-Through Trust,
Series 2005-9, Class 1A1
(CME Term SOFR 1-Month plus 0.71%)
6.03%		05/25/35	3		59,449		48,427
Credit Suisse First Boston Mortgage Securities Corp.,
Series 2003-AR26, Class 3A1
4.55%		11/25/33	4		318,973		297,143
Credit Suisse First Boston Mortgage Securities Corp.,
Series 2005-11, Class 1A1
6.50%		12/25/35			514,552		259,865
Credit Suisse First Boston Mortgage-Backed Pass-Through
Certificates,
Series 2004-AR5, Class 9A1
3.42%		06/25/34	4		28,180		26,279

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Credit Suisse Mortgage Capital Certificates,
Series 2022-RPL1, Class CERT
4.23%		04/25/61	1	$	484,509	$	375,452
Credit Suisse Mortgage Capital Trust,
Series 2006-8, Class 3A1
6.00%		10/25/21			24,957		10,159
Credit Suisse Mortgage Capital Trust,
Series 2020-RPL2, Class A12
3.51%		02/25/60	1,4		9,203,613		9,247,738
Credit Suisse Mortgage Capital Trust,
Series 2022-RPL1, Class PT
4.56%		04/25/61	1,4		11,463,822		8,999,382
Credit-Based Asset Servicing and Securitization LLC,
Series 2006-CB2, Class AF3 (STEP-reset date 11/25/23)
3.05%		12/25/36			638,902		514,778
Credit-Based Asset Servicing and Securitization LLC,
Series 2006-CB9, Class A2
(CME Term SOFR 1-Month plus 0.33%)
5.65%		11/25/36	3		6,961,545		3,079,587
Credit-Based Asset Servicing and Securitization LLC,
Series 2007-CB1, Class AF2 (STEP-reset date 11/25/23)
3.16%		01/25/37			2,456,444		693,879
Credit-Based Asset Servicing and Securitization LLC,
Series 2007-CB4, Class A1A
(CME Term SOFR 1-Month plus 0.20%)
2.82%		04/25/37	3		506,511		493,788
Credit-Based Asset Servicing and Securitization LLC,
Series 2007-CB5, Class A1
(CME Term SOFR 1-Month plus 0.17%)
3.06%		04/25/37	3		1,275,612		747,301
Credit-Based Asset Servicing and Securitization LLC,
Mortgage Loan Trust,
Series 2007-CB2, Class A2B (STEP-reset date 11/25/23)
3.54%		02/25/37			4,171,551		2,541,026
Credit-Based Asset Servicing and Securitization LLC,
Mortgage Loan Trust,
Series 2007-CB2, Class A2C (STEP-reset date 11/25/23)
3.54%		02/25/37			998,426		596,659
Credit-Based Asset Servicing and Securitization LLC,
Mortgage Loan Trust,
Series 2007-CB3, Class A3 (STEP-reset date 11/25/23)
3.32%		03/25/37			5,351,659		1,972,660
CSMC Mortgage-Backed Trust,
Series 2006-1, Class 1A4
5.50%		02/25/36			2,677,947		2,265,978
CSMC Trust,
Series 2021-RPL7, Class A1
1.93%		07/27/61	1,4		7,739,672		7,120,589
CSMCM Trust,
Series 2018-SP3, Class CERT
4.28%		10/25/58	1,4		12,693,413		10,201,128
DSLA Mortgage Loan Trust,
Series 2004-AR4, Class 2A1A
(CME Term SOFR 1-Month plus 0.83%)
6.16%		01/19/45	3		430,792		340,146

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 240

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
DSLA Mortgage Loan Trust,
Series 2005-AR6, Class 2A1A
(CME Term SOFR 1-Month plus 0.69%)
6.02%		10/19/45	3	$	3,344,714	$	2,852,365
DSLA Mortgage Loan Trust,
Series 2006-AR2, Class 2A1A
(CME Term SOFR 1-Month plus 0.31%)
5.64%		10/19/36	3		5,294,742		3,597,160
DSLA Mortgage Loan Trust,
Series 2007-AR1, Class 2A1A
(CME Term SOFR 1-Month plus 0.25%)
5.58%		03/19/37	3		1,161,401		928,077
Fannie Mae Connecticut Avenue Securities,
Series 2019-R06, Class 2B1
(SOFR30A plus 3.86%)
9.18%		09/25/39	1,3		5,873,685		5,978,726
Fannie Mae Connecticut Avenue Securities,
Series 2021-R01, Class 1B1
(SOFR30A plus 3.10%)
8.41%		10/25/41	1,3		2,500,000		2,507,965
Fannie Mae Connecticut Avenue Securities,
Series 2021-R02, Class 2B1
(SOFR30A plus 3.30%)
8.61%		11/25/41	1,3		10,000,000		9,944,640
Fannie Mae Connecticut Avenue Securities,
Series 2021-R03, Class 1B2
(SOFR30A plus 5.50%)
10.81%		12/25/41	1,3		3,950,000		3,883,205
First Franklin Mortgage Loan Trust,
Series 2006-FF13, Class A2C
(CME Term SOFR 1-Month plus 0.43%)
5.75%		10/25/36	3		11,883,769		7,681,124
First Franklin Mortgage Loan Trust,
Series 2006-FF18, Class A2D
(CME Term SOFR 1-Month plus 0.32%)
5.85%		12/25/37	3		694,430		597,165
First Franklin Mortgage Loan Trust,
Series 2006-FF4, Class A3
(CME Term SOFR 1-Month plus 0.67%)
4.45%		03/25/36	3		1,809,085		1,784,819
First Franklin Mortgage Loan Trust,
Series 2006-FF5, Class M1
(CME Term SOFR 1-Month plus 0.52%)
5.84%		04/25/36	3		3,860,000		2,813,578
First Franklin Mortgage Loan Trust,
Series 2006-FF9, Class 2A4
(CME Term SOFR 1-Month plus 0.61%)
5.93%		06/25/36	3		8,650,000		7,477,746
First Franklin Mortgage Loan Trust,
Series 2007-FF1, Class A2D
(CME Term SOFR 1-Month plus 0.55%)
5.87%		01/25/38	3		3,862,325		1,983,527
First Franklin Mortgage Loan Trust,
Series 2007-FF2, Class A2B
(CME Term SOFR 1-Month plus 0.31%)
5.63%		03/25/37	3		528,434		259,522

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
First Horizon Alternative Mortgage Securities Trust,
Series 2004-AA3, Class A1
6.06%		09/25/34	4	$	113,253	$	106,342
First Horizon Alternative Mortgage Securities Trust,
Series 2004-AA3, Class A3
6.06%		09/25/34	4		174,148		163,521
First Horizon Alternative Mortgage Securities Trust,
Series 2005-AA10, Class 1A1
5.51%		12/25/35	4		713,345		590,494
First Horizon Alternative Mortgage Securities Trust,
Series 2005-AA12, Class 2A1
5.50%		02/25/36	4		898,711		597,955
First Horizon Alternative Mortgage Securities Trust,
Series 2005-AA3, Class 3A1
5.94%		05/25/35	4		934,110		842,429
First Horizon Alternative Mortgage Securities Trust,
Series 2005-AA7, Class 2A1
6.06%		09/25/35	4		1,209,882		1,046,748
First Horizon Alternative Mortgage Securities Trust,
Series 2005-AA8, Class 2A1
6.09%		10/25/35	4		1,557,360		992,118
First Horizon Alternative Mortgage Securities Trust,
Series 2005-AA9, Class 2A1
5.56%		11/25/35	4		900,117		758,586
First Horizon Alternative Mortgage Securities Trust,
Series 2006-AA7, Class A1
5.13%		01/25/37	4		1,814,672		1,346,609
First Horizon Mortgage Pass-Through Trust,
Series 2005-AR4, Class 1A1
3.87%		09/25/35	4		1,208,742		775,785
First Horizon Mortgage Pass-Through Trust,
Series 2005-AR4, Class 2A1
4.73%		10/25/35	4		38,978		36,187
First Horizon Mortgage Pass-Through Trust,
Series 2005-AR5, Class 2A1
4.30%		11/25/35	4		556,145		443,685
First Horizon Mortgage Pass-Through Trust,
Series 2007-AR2, Class 1A2
5.54%		08/25/37	4		52,806		17,297
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2021-DNA2, Class M2
(SOFR30A plus 2.30%)
7.61%		08/25/33	1,3		8,680,121		8,755,356
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2021-DNA3, Class M2
(SOFR30A plus 2.10%)
7.41%		10/25/33	1,3		5,245,000		5,255,444
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2021-HQA1, Class M2
(SOFR30A plus 2.25%)
7.56%		08/25/33	1,3		8,676,561		8,627,968
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2021-HQA2, Class M2
(SOFR30A plus 2.05%)
7.36%		12/25/33	1,3		5,000,000		4,877,849

See accompanying Notes to Financial Statements.

241 / Semi-Annual Report September 2023

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2022-DNA1, Class M1B
(SOFR30A plus 1.85%)
7.16%		01/25/42	1,3	$	3,485,000	$	3,452,932
GMACM Mortgage Corp. Loan Trust,
Series 2005-AR5, Class 3A1
4.27%		09/19/35	4		909,798		719,453
GMACM Mortgage Corp. Loan Trust,
Series 2006-AR1, Class 1A1
3.28%		04/19/36	4		2,648,330		2,034,287
GreenPoint Manufactured Housing,
Series 2000-1, Class A4
8.14%		03/20/30	4		4,393,438		3,125,327
GreenPoint Mortgage Funding Trust,
Series 2007-AR1, Class 2A1A
(CME Term SOFR 1-Month plus 0.51%)
5.83%		03/25/47	3		8,395,052		7,278,543
GSAMP Trust,
Series 2007-FM2, Class A1
(CME Term SOFR 1-Month plus 0.25%)
5.57%		01/25/37	3		17,364,455		9,772,754
GSR Mortgage Loan Trust,
Series 2005-7F, Class 3A3 (IO)
(-1.00 X CME Term SOFR 1-Month plus 5.39%, 5.50% Cap)
0.07%		09/25/35	3,5,6		9,855		230
GSR Mortgage Loan Trust,
Series 2005-AR4, Class 5A1
4.89%		07/25/35	4		347,763		322,673
GSR Mortgage Loan Trust,
Series 2006-AR2, Class 2A1
3.57%		04/25/36	4		160,052		103,993
HarborView Mortgage Loan Trust,
Series 2005-10, Class 2A1A
(CME Term SOFR 1-Month plus 0.73%)
6.06%		11/19/35	3		909,439		624,080
HarborView Mortgage Loan Trust,
Series 2006-7, Class 1A
(CME Term SOFR 1-Month plus 0.53%)
5.86%		09/19/46	3		8,253,574		7,013,682
HarborView Mortgage Loan Trust,
Series 2007-6, Class 1A1A
(CME Term SOFR 1-Month plus 0.31%)
5.64%		08/19/37	3		8,962,241		7,659,887
Home Equity Mortgage Loan Asset-Backed Trust,
Series 2005-D, Class AII4
(CME Term SOFR 1-Month plus 0.81%)
6.13%		03/25/36	3		1,071,438		1,050,514
HSI Asset Securitization Corp. Trust,
Series 2005-OPT1, Class M1
(CME Term SOFR 1-Month plus 0.74%)
6.06%		11/25/35	3		1,182,348		1,151,093
HSI Asset Securitization Corp. Trust,
Series 2006-HE1, Class 1A1
(CME Term SOFR 1-Month plus 0.39%)
5.71%		10/25/36	3		10,829,057		3,458,168

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
HSI Asset Securitization Corp. Trust,
Series 2006-HE2, Class 1A
(CME Term SOFR 1-Month plus 0.37%)
5.69%		12/25/36	3	$	26,384,921	$	10,726,814
HSI Asset Securitization Corp. Trust,
Series 2006-WMC1, Class A1
(CME Term SOFR 1-Month plus 0.21%)
5.53%		07/25/36	3		9,960,500		4,225,748
HSI Asset Securitization Corp. Trust,
Series 2006-WMC1, Class A2
(CME Term SOFR 1-Month plus 0.31%)
5.63%		07/25/36	3		11,024,354		4,698,620
HSI Asset Securitization Corp. Trust,
Series 2006-WMC1, Class A4
(CME Term SOFR 1-Month plus 0.61%)
5.93%		07/25/36	3		9,640,282		4,148,838
Impac CMB Trust,
Series 2005-2, Class 1A1
(CME Term SOFR 1-Month plus 0.63%)
5.95%		04/25/35	3		1,746,707		1,630,867
IndyMac Index Mortgage Loan Trust,
Series 2005-AR14, Class 1A1A
(CME Term SOFR 1-Month plus 0.67%)
5.99%		07/25/35	3		7,907,796		5,511,344
IndyMac Index Mortgage Loan Trust,
Series 2005-AR19, Class A1
3.50%		10/25/35	4		1,708,292		1,366,163
IndyMac Index Mortgage Loan Trust,
Series 2006-AR27, Class 1A3
(CME Term SOFR 1-Month plus 0.65%)
5.97%		10/25/36	3		4,939,459		2,105,397
IndyMac Index Mortgage Loan Trust,
Series 2006-AR4, Class A2A
(CME Term SOFR 1-Month plus 0.61%)
5.93%		05/25/46	3		10,223,675		9,422,775
IndyMac Index Mortgage Loan Trust,
Series 2006-AR7, Class 3A1
3.53%		05/25/36	4		208,059		169,904
IndyMac Index Mortgage Loan Trust,
Series 2006-AR9, Class 3A3
3.32%		06/25/36	4		2,584,427		2,071,293
IndyMac Index Mortgage Loan Trust,
Series 2007-FLX4, Class 2A1
(CME Term SOFR 1-Month plus 0.29%)
5.61%		07/25/37	3		11,719,808		10,400,983
IndyMac Manufactured Housing Contract Pass-Through
Certificates,
Series 1998-1, Class A4
6.49%		09/25/28			16,039		15,954
JPMorgan Mortgage Acquisition Trust,
Series 2006-CH1, Class M2
(CME Term SOFR 1-Month plus 0.40%)
5.72%		07/25/36	3		1,251,644		1,247,142

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 242

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
JPMorgan Mortgage Acquisition Trust,
Series 2006-WMC4, Class A1A
(CME Term SOFR 1-Month plus 0.24%)
5.56%		12/25/36	3	$	7,017,380	$	4,146,351
JPMorgan Mortgage Acquisition Trust,
Series 2006-WMC4, Class A4
(CME Term SOFR 1-Month plus 0.26%)
5.58%		12/25/36	3		8,798,554		4,397,831
JPMorgan Mortgage Trust,
Series 2005-A6, Class 7A1
5.05%		08/25/35	4		14,292		11,883
JPMorgan Mortgage Trust,
Series 2006-A3, Class 2A1
3.85%		05/25/36	4		15,927		13,435
Legacy Mortgage Asset Trust,
Series 2017-RPL1, Class A
(CME Term SOFR 1-Month plus 1.86%)
7.18%		01/28/70	1,3		1,460,234		1,463,597
Lehman XS Trust,
Series 2005-5N, Class 3A1A
(CME Term SOFR 1-Month plus 0.41%)
5.73%		11/25/35	3		612,208		600,061
Lehman XS Trust,
Series 2006-17, Class 1A3
(CME Term SOFR 1-Month plus 0.61%)
5.93%		08/25/46	3		12,004,912		10,411,098
Lehman XS Trust,
Series 2006-GP2, Class 1A5A
(CME Term SOFR 1-Month plus 0.53%)
5.85%		06/25/46	3		3,375,727		2,981,591
Lehman XS Trust,
Series 2007-18N, Class 1A1
(CME Term SOFR 1-Month plus 1.81%)
7.13%		10/25/37	3		2,850,185		2,588,478
Long Beach Mortgage Loan Trust,
Series 2006-2, Class 1A
(CME Term SOFR 1-Month plus 0.47%)
5.79%		03/25/46	3		5,993,650		4,767,733
Long Beach Mortgage Loan Trust,
Series 2006-9, Class 2A2
(CME Term SOFR 1-Month plus 0.33%)
5.65%		10/25/36	3		48,436,092		14,291,464
MASTR Adjustable Rate Mortgages Trust,
Series 2003-7, Class 3A1
4.60%		11/25/33	4		73,960		69,391
MASTR Adjustable Rate Mortgages Trust,
Series 2004-15, Class 8A1
5.75%		10/25/34	4		75,430		72,013
MASTR Adjustable Rate Mortgages Trust,
Series 2004-3, Class 3A3
4.49%		04/25/34	4		24,987		22,876
MASTR Adjustable Rate Mortgages Trust,
Series 2006-OA2, Class 1A1
(Federal Reserve US 12-Month Cumulative Average plus
0.80%)
5.43%		12/25/46	3		15,878,801		11,391,429

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
MASTR Asset-Backed Securities Trust,
Series 2006-WMC1, Class A3
(CME Term SOFR 1-Month plus 0.47%)
5.79%		02/25/36	3	$	16,006,030	$	5,722,750
MASTR Asset-Backed Securities Trust,
Series 2007-HE1, Class A4
(CME Term SOFR 1-Month plus 0.39%)
5.71%		05/25/37	3		3,150,000		2,412,936
MASTR Asset-Backed Securities Trust,
Series 2007-WMC1, Class A2
(CME Term SOFR 1-Month plus 0.16%)
5.48%		01/25/37	3		16,060,768		4,438,364
Merrill Lynch Alternative Note Asset Trust,
Series 2007-A3, Class A2D
(CME Term SOFR 1-Month plus 0.77%)
6.09%		04/25/37	3,5,6		883,581		37,901
Merrill Lynch Alternative Note Asset Trust,
Series 2007-OAR2, Class A2
(CME Term SOFR 1-Month plus 0.53%)
5.85%		04/25/37	3		7,088,966		5,518,607
Merrill Lynch First Franklin Mortgage Loan Trust,
Series 2007-1, Class A2C
(CME Term SOFR 1-Month plus 0.61%)
5.93%		04/25/37	3		16,684,420		6,477,089
Merrill Lynch First Franklin Mortgage Loan Trust,
Series 2007-4, Class 2A4
(CME Term SOFR 1-Month plus 0.61%)
5.93%		07/25/37	3		857,696		709,107
Merrill Lynch First Franklin Mortgage Loan Trust,
Series 2007-5, Class 1A
(CME Term SOFR 1-Month plus 0.96%)
6.28%		10/25/37	3		22,529,382		13,449,215
Merrill Lynch Mortgage Investors Trust,
Series 2003-A6, Class 2A
5.27%		10/25/33	4		64,996		63,098
Merrill Lynch Mortgage Investors Trust,
Series 2007-2, Class 1A1
(US Treasury Yield Curve Rate T Note Constant Maturity
1-Year plus 2.40%)
7.79%		08/25/36	3		600,908		523,351
Morgan Stanley ABS Capital I Trust,
Series 2006-NC2, Class A2D
(CME Term SOFR 1-Month plus 0.69%)
6.01%		02/25/36	3		840,202		828,605
Morgan Stanley ABS Capital I, Inc., Trust,
Series 2006-HE4, Class A3
(CME Term SOFR 1-Month plus 0.41%)
5.73%		06/25/36	3		8,973,781		4,677,820
Morgan Stanley ABS Capital I, Inc., Trust,
Series 2006-HE4, Class A4
(CME Term SOFR 1-Month plus 0.59%)
5.91%		06/25/36	3		9,572,998		4,998,008
Morgan Stanley ABS Capital I, Inc., Trust,
Series 2007-NC3, Class A2C
(CME Term SOFR 1-Month plus 0.30%)
5.62%		05/25/37	3		20,573,409		15,177,704

See accompanying Notes to Financial Statements.

243 / Semi-Annual Report September 2023

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Morgan Stanley Home Equity Loan Trust,
Series 2006-3, Class A4
(CME Term SOFR 1-Month plus 0.63%)
5.95%		04/25/36	3	$	11,561,618	$	8,199,432
Morgan Stanley Mortgage Loan Trust,
Series 2004-7AR, Class 2A4
5.18%		09/25/34	4		169,720		161,108
Morgan Stanley Mortgage Loan Trust,
Series 2006-2, Class 1A
5.25%		02/25/21			43,053		40,766
MortgageIT Trust,
Series 2005-2, Class 2A
(CME Term SOFR 1-Month plus 1.76%)
7.09%		05/25/35	3		506,709		469,514
New York Mortgage Trust,
Series 2005-3, Class A1
(CME Term SOFR 1-Month plus 0.59%)
5.91%		02/25/36	3		148,578		145,363
Nomura Asset Acceptance Corp.,
Series 2005-AR4, Class 4A1
5.01%		08/25/35	4		2,189,947		1,495,061
NRPL,
Series 2019-3A, Class A1 (STEP-reset date 11/25/23)
6.00%		07/25/59	1		8,271,961		8,093,619
Oakwood Mortgage Investors, Inc.,
Series 2000-A, Class A5
8.16%		09/15/29	4		10,211,723		2,328,373
Option One Mortgage Loan Trust,
Series 2007-4, Class 2A2
(CME Term SOFR 1-Month plus 0.29%)
5.61%		04/25/37	3		12,531,934		7,182,822
Option One Mortgage Loan Trust,
Series 2007-5, Class 2A2
(CME Term SOFR 1-Month plus 0.28%)
5.60%		05/25/37	3		18,515,516		9,808,166
Ownit Mortgage Loan Trust,
Series 2006-2, Class A1
(CME Term SOFR 1-Month plus 0.53%)
5.85%		01/25/37	3		3,787,406		3,580,457
PHH Alternative Mortgage Trust,
Series 2007-2, Class 1A4
(CME Term SOFR 1-Month plus 0.71%)
6.03%		05/25/37	3		5,861,740		5,352,608
Popular ABS Mortgage Pass-Through Trust,
Series 2007-A, Class A3
(CME Term SOFR 1-Month plus 0.42%)
5.74%		06/25/47	3		4,571,298		4,062,605
PRET LLC,
Series 2022-RN2, Class A2 (STEP-reset date 10/25/23)
6.50%		06/25/52	1		16,833,000		15,902,978
PRET, LLC,
Series 2022-RN1, Class A1 (STEP-reset date 10/25/23)
3.72%		07/25/51	1		14,363,105		13,924,183
Pretium Mortgage Credit Partners LLC,
Series 2022-RN3, Class A2
6.50%		08/25/52	1,4		14,985,000		14,090,523

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
PRPM LLC,
Series 2021-9, Class A1 (STEP-reset date 10/25/23)
2.36%		10/25/26	1	$	14,643,314	$	13,714,834
PRPM, LLC,
Series 2021-8, Class A1
1.74%		09/25/26	1,4		8,288,547		7,640,101
RAAC Trust,
Series 2005-SP1, Class 4A1
7.00%		09/25/34			27,460		21,064
Residential Accredit Loans Trust,
Series 2005-QA13, Class 2A1
4.96%		12/25/35	4		1,289,965		1,100,792
Residential Accredit Loans Trust,
Series 2005-QA4, Class A41
4.23%		04/25/35	4		2,204		2,179
Residential Accredit Loans Trust,
Series 2005-QA7, Class A21
4.93%		07/25/35	4		445,933		414,456
Residential Accredit Loans Trust,
Series 2005-QA8, Class CB21
4.94%		07/25/35	4		521,492		293,125
Residential Accredit Loans Trust,
Series 2006-QS13, Class 2A1
5.75%		09/25/21			2,481		1,339
Residential Accredit Loans Trust,
Series 2006-QS16, Class A6
6.00%		11/25/36			322,815		235,575
Residential Accredit Loans Trust,
Series 2007-QA3, Class A1
(CME Term SOFR 1-Month plus 0.31%)
5.63%		05/25/37	3		13,711,378		12,336,241
Residential Accredit Loans Trust,
Series 2007-QH6, Class A1
(CME Term SOFR 1-Month plus 0.49%)
5.81%		07/25/37	3		7,259,492		6,630,671
Residential Accredit Loans Trust,
Series 2007-QS1, Class 2AV (IO)
0.17%		01/25/37	4,5,6		1,411,664		6,986
Residential Asset Securitization Trust,
Series 2006-A9CB, Class A9
6.00%		09/25/36			4,929,309		1,555,638
Residential Funding Mortgage Securities Trust,
Series 2007-SA2, Class 1A
4.11%		04/25/37	4		230,404		134,199
Saxon Asset Securities Trust,
Series 2007-2, Class A2C
(CME Term SOFR 1-Month plus 0.35%)
5.67%		05/25/47	3		12,486,515		8,967,105
Securitized Asset-Backed Receivables LLC Trust,
Series 2006-CB1, Class AF4 (STEP-reset date 11/25/23)
2.85%		01/25/36			3,542,370		2,845,919
Securitized Asset-Backed Receivables LLC Trust,
Series 2006-WM4, Class A1
(CME Term SOFR 1-Month plus 0.49%)
5.81%		11/25/36	1,3		8,696,836		4,211,545

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 244

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Securitized Asset-Backed Receivables LLC Trust,
Series 2007-BR2, Class A2
(CME Term SOFR 1-Month plus 0.57%)
5.89%		02/25/37	3	$	5,772,892	$	2,449,918
Securitized Asset-Backed Receivables LLC Trust,
Series 2007-BR4, Class A2B
(CME Term SOFR 1-Month plus 0.31%)
5.63%		05/25/37	3		9,324,942		5,398,659
Securitized Asset-Backed Receivables LLC Trust,
Series 2007-NC1, Class A2B
(CME Term SOFR 1-Month plus 0.41%)
5.73%		12/25/36	3		5,411,450		2,927,935
Soundview Home Loan Trust,
Series 2007-OPT1, Class 2A3
(CME Term SOFR 1-Month plus 0.32%)
5.64%		06/25/37	3		18,049,877		11,940,057
Soundview Home Loan Trust,
Series 2007-WMC1, Class 3A3
(CME Term SOFR 1-Month plus 0.37%)
5.69%		02/25/37	3		961,462		272,873
Specialty Underwriting & Residential Finance Trust,
Series 2007-BC2, Class A1
(CME Term SOFR 1-Month plus 0.34%)
5.66%		04/25/37	3		19,255,619		13,349,022
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-12, Class 2A
5.62%		09/25/34	4		296,363		285,435
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-2, Class 4A2
5.81%		03/25/34	4		595,654		561,162
Structured Adjustable Rate Mortgage Loan Trust,
Series 2005-12, Class 3A1
5.28%		06/25/35	4		222,904		200,595
Structured Adjustable Rate Mortgage Loan Trust,
Series 2005-7, Class 1A3
4.87%		04/25/35	4		1,852,925		1,665,342
Structured Adjustable Rate Mortgage Loan Trust,
Series 2006-11, Class 1A1
(CME Term SOFR 1-Month plus 0.43%)
5.75%		12/25/36	3		913,929		837,283
Structured Asset Investment Loan Trust,
Series 2004-6, Class A3
(CME Term SOFR 1-Month plus 0.91%)
6.23%		07/25/34	3		7,470,681		7,257,610
Structured Asset Mortgage Investments II Trust,
Series 2006-AR3, Class 22A1
4.00%		05/25/36	4		418,402		228,223
Structured Asset Mortgage Investments II Trust,
Series 2006-AR5, Class 1A1
(CME Term SOFR 1-Month plus 0.53%)
5.85%		05/25/36	3		185,183		120,177
Structured Asset Mortgage Investments II Trust,
Series 2006-AR7, Class A1BG
(CME Term SOFR 1-Month plus 0.23%)
5.55%		08/25/36	3		5,981,912		5,068,614

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
Structured Asset Securities Corp. Mortgage Loan Trust,
Series 2005-2XS, Class 2A2
(CME Term SOFR 1-Month plus 1.61%)
6.94%		02/25/35	3	$	46,273	$	46,150
Structured Asset Securities Corp. Mortgage Loan Trust,
Series 2005-4XS, Class 2A1A
(CME Term SOFR 1-Month plus 1.86%)
7.19%		03/25/35	3		791,413		758,720
Structured Asset Securities Corp. Mortgage Pass-Through
Certificates,
Series 2003-34A, Class 3A3
5.48%		11/25/33	4		13,507		13,280
SunTrust Adjustable Rate Mortgage Loan Trust,
Series 2007-4, Class 3A1
4.42%		10/25/37	4		678,418		581,460
SunTrust Adjustable Rate Mortgage Loan Trust,
Series 2007-S1, Class 5A1
4.51%		01/25/37	4		68,085		63,792
Towd Point Mortgage Trust,
Series 2017-4, Class B1
3.58%		06/25/57	1,4		8,650,000		6,777,240
Towd Point Mortgage Trust,
Series 2019-1, Class B1
3.78%		03/25/58	1,4		7,087,000		4,901,549
VOLT XCIV LLC,
Series 2021-NPL3, Class A1 (STEP-reset date 10/25/23)
2.24%		02/27/51	1		9,727,223		9,209,934
WaMu Asset-Backed Certificates,
Series 2007-HE1, Class 2A2
(CME Term SOFR 1-Month plus 0.22%)
5.54%		01/25/37	3		5,109,551		2,366,077
WaMu Asset-Backed Certificates,
Series 2007-HE2, Class 2A2
(CME Term SOFR 1-Month plus 0.33%)
5.65%		02/25/37	3		28,242,275		8,470,830
WaMu Mortgage Pass-Through Certificates,
Series 2004-AR13, Class A1A
(CME Term SOFR 1-Month plus 0.83%)
6.15%		11/25/34	3		101,550		94,418
WaMu Mortgage Pass-Through Certificates,
Series 2004-AR14, Class A1
4.19%		01/25/35	4		315,524		285,925
WaMu Mortgage Pass-Through Certificates,
Series 2004-AR6, Class A
(CME Term SOFR 1-Month plus 0.95%)
6.27%		05/25/44	3		4,020		4,011
WaMu Mortgage Pass-Through Certificates,
Series 2005-AR14, Class 2A1
4.03%		12/25/35	4		13,437		11,687
WaMu Mortgage Pass-Through Certificates,
Series 2005-AR16, Class 1A3
3.90%		12/25/35	4		880,885		785,473
WaMu Mortgage Pass-Through Certificates,
Series 2005-AR2, Class 2A21
(CME Term SOFR 1-Month plus 0.77%)
6.09%		01/25/45	3		309,209		299,478

See accompanying Notes to Financial Statements.

245 / Semi-Annual Report September 2023

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
Non-Agency Mortgage-Backed (continued)
WaMu Mortgage Pass-Through Certificates,
Series 2005-AR9, Class A1A
(CME Term SOFR 1-Month plus 0.75%)
6.07%		07/25/45	3	$	390,268	$	366,386
WaMu Mortgage Pass-Through Certificates,
Series 2006-AR3, Class A1A
(Federal Reserve US 12-Month Cumulative Average plus 1.00%)
5.63%		02/25/46	3		2,960,926		2,549,275
WaMu Mortgage Pass-Through Certificates,
Series 2006-AR4, Class 1A1A
(Federal Reserve US 12-Month Cumulative Average plus 0.94%)
4.27%		05/25/46	3		1,283,366		1,174,060
WaMu Mortgage Pass-Through Certificates,
Series 2006-AR7, Class 2A
(Federal Reserve US 12-Month Cumulative Average plus 0.98%)
5.61%		07/25/46	3		2,986,661		2,542,153
WaMu Mortgage Pass-Through Certificates,
Series 2007-HY3, Class 1A1
3.48%		03/25/37	4		1,516,317		1,196,184
WaMu Mortgage Pass-Through Certificates,
Series 2007-OA5, Class 1A
(Federal Reserve US 12-Month Cumulative Average plus 0.75%)
5.38%		06/25/47	3		1,192,338		942,177
WaMu Mortgage Pass-Through Certificates,
Series 2007-OC1, Class A1
(CME Term SOFR 1-Month plus 0.59%)
5.67%		01/25/47	3		4,276,904		3,849,658
Wells Fargo Alternative Loan Trust,
Series 2007-PA5, Class 1A1
6.25%		11/25/37			1,198,933		993,281
Wells Fargo Home Equity Asset-Backed Securities Trust,
Series 2007-1, Class A3
(CME Term SOFR 1-Month plus 0.75%)
6.07%		03/25/37	3		4,690,000		4,056,373
Wells Fargo Mortgage-Backed Securities Trust,
Series 2006-AR14, Class 2A1
6.32%		10/25/36	4		283,674		261,571
Wells Fargo Mortgage-Backed Securities Trust,
Series 2006-AR4, Class 1A1
4.66%		04/25/36	4		67,392		61,853
							875,511,664
U.S. Agency Commercial Mortgage-Backed — 1.36%
Fannie Mae-Aces,
Series 2016-M11, Class X2 (IO)
3.09%		07/25/39	4		10,202,796		166,794
Fannie Mae-Aces,
Series 2016-M2, Class X3 (IO)
2.04%		04/25/36	4		5,435,224		48,045
Fannie Mae-Aces,
Series 2016-M4, Class X2 (IO)
2.70%		01/25/39	4		20,389,866		278,721

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Commercial Mortgage-Backed (continued)
Fannie Mae-Aces,
Series 2019-M29, Class X4 (IO)
0.70%		03/25/29	4	$	117,375,779	$	3,304,287
Freddie Mac Multifamily PC REMIC Trust,
Series 2019-P002, Class X (IO)
1.14%		07/25/33	4		14,520,699		1,112,416
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series K041, Class X3 (IO)
1.70%		11/25/42	4		160,569,309		2,770,326
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series K043, Class X3 (IO)
1.69%		02/25/43	4		58,000,000		1,157,680
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series K051, Class X3 (IO)
1.67%		10/25/43	4		44,865,280		1,376,337
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series K053, Class X3 (IO)
1.70%		03/25/44	4		72,500,000		2,541,451
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series K054, Class X1 (IO)
1.29%		01/25/26	4		51,534,241		1,125,933
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series K055, Class X3 (IO)
1.70%		04/25/44	4		32,000,000		1,163,904
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series K056, Class X1 (IO)
1.37%		05/25/26	4		53,858,419		1,394,731
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series K057, Class X1 (IO)
1.30%		07/25/26	4		118,407,999		2,974,433
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series K726, Class X1 (IO)
1.04%		04/25/24	4		100,929,382		204,437
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series KC05, Class X1 (IO)
1.36%		06/25/27	4		81,706,858		2,056,288
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series KC07, Class X1 (IO)
0.84%		09/25/26	4		82,258,544		1,149,789
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series KF31, Class A
(SOFR30A plus 0.48%)
5.80%		04/25/24	3		808,672		807,959

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 246

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Commercial Mortgage-Backed (continued)
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series KIR1, Class X (IO)
1.17%		03/25/26	4	$	111,032,567	$	2,354,812
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series KL05, Class X1HG (IO)
1.37%		12/25/27	4		49,531,000		1,849,103
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series KS06, Class X (IO)
1.17%		08/25/26	4		64,593,354		1,222,533
Freddie Mac Multifamily Structured Pass-Through
Certificates,
Series KS07, Class X (IO)
0.74%		09/25/25	4		99,173,705		1,111,797
FREMF Mortgage Trust,
Series 2019-KF71, Class B
(SOFR30A plus 2.41%)
7.73%		10/25/29	1,3		686,215		627,984
FREMF Mortgage Trust,
Series 2020-KF75, Class B
(SOFR30A plus 2.36%)
7.68%		12/25/29	1,3		1,616,459		1,470,468
Ginnie Mae,
Series 2011-152, Class IO (IO)
0.00%		08/16/51	4		4,619,798		67
Ginnie Mae,
Series 2012-112, Class IO (IO)
0.11%		02/16/53	4		19,431,369		45,685
Ginnie Mae,
Series 2012-78, Class IO (IO)
0.08%		06/16/52	4		30,369,921		20,856
Ginnie Mae,
Series 2014-103, Class IO (IO)
0.19%		05/16/55	4		14,080,664		96,282
Ginnie Mae,
Series 2014-125, Class IO (IO)
0.90%		11/16/54	4		8,568,811		192,484
Ginnie Mae,
Series 2023-127, Class IO (IO)
0.43%		07/16/57	4		195,247,752		3,150,772
							35,776,374
U.S. Agency Mortgage-Backed — 22.33%
Fannie Mae REMICS,
Series 2006-11, Class PS
(-3.67 X SOFR30A plus 24.15%, 24.57% Cap)
4.66%		03/25/36	3		10,545		11,474
Fannie Mae REMICS,
Series 2006-8, Class HJ (IO)
(-1.00 X SOFR30A plus 6.49%, 6.60% Cap)
1.17%		03/25/36	3		445,830		31,555

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
Fannie Mae REMICS,
Series 2007-52, Class LS (IO)
(-1.00 X SOFR30A plus 5.94%, 6.05% Cap)
0.62%		06/25/37	3	$	23,725	$	894
Fannie Mae REMICS,
Series 2007-77, Class SK (IO)
(-1.00 X SOFR30A plus 5.76%, 5.87% Cap)
0.44%		08/25/37	3		48,060		2,741
Fannie Mae REMICS,
Series 2007-88, Class JI (IO)
(-1.00 X SOFR30A plus 6.34%, 6.45% Cap)
1.02%		04/25/37	3		490,538		34,386
Fannie Mae REMICS,
Series 2008-18, Class SM (IO)
(-1.00 X SOFR30A plus 6.89%, 7.00% Cap)
1.57%		03/25/38	3		33,499		1,374
Fannie Mae REMICS,
Series 2008-62, Class SN (IO)
(-1.00 X SOFR30A plus 6.09%, 6.20% Cap)
0.77%		07/25/38	3		62,659		2,977
Fannie Mae REMICS,
Series 2010-116, Class SE (IO)
(-1.00 X SOFR30A plus 6.49%, 6.60% Cap)
1.17%		10/25/40	3		26,263		2,118
Fannie Mae REMICS,
Series 2013-5, Class GF
(SOFR30A plus 1.21%)
5.00%		10/25/42	3		132,553		126,689
Fannie Mae REMICS,
Series 2014-49, Class CF
(SOFR30A plus 1.11%)
6.00%		07/25/43	3		4,570,881		4,308,136
Freddie Mac REMICS,
Series 3339, Class JS
(-6.50 X SOFR30A plus 42.09%, 42.84% Cap)
7.55%		07/15/37	3		6,687		8,243
Freddie Mac REMICS,
Series 3404, Class AS (IO)
(-1.00 X SOFR30A plus 5.78%, 5.90% Cap)
0.47%		01/15/38	3		31,724		1,832
Freddie Mac REMICS,
Series 3439, Class SC (IO)
(-1.00 X SOFR30A plus 5.79%, 5.90% Cap)
0.47%		04/15/38	3		24,175		1,064
Freddie Mac REMICS,
Series 3885, Class PO (PO)
0.00%		11/15/33	10		9,326		7,667
Freddie Mac REMICS,
Series 4030, Class HS (IO)
(-1.00 X SOFR30A plus 6.50%, 6.61% Cap)
1.18%		04/15/42	3		61,206		4,981
Freddie Mac REMICS,
Series 4993, Class OP (PO)
0.00%		10/25/58	10		1,853,352		1,615,409
Ginnie Mae (TBA)
4.50%		10/20/53			15,050,000		13,904,201

See accompanying Notes to Financial Statements.

247 / Semi-Annual Report September 2023

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date			Principal     Amount		Value
MORTGAGE-BACKED (continued)
U.S. Agency Mortgage-Backed (continued)
5.00%		10/20/53		$	7,150,000	$	6,775,742
5.50%		10/15/53			20,225,000		19,627,731
Ginnie Mae,
Series 2011-146, Class EI (IO)
5.00%		11/16/41			58,120		10,354
Ginnie Mae,
Series 2011-70, Class IL (IO)
(-1.00 X CME Term SOFR 1-Month plus 6.99%, 0.60% Cap)
0.60%		06/16/37	3		339,991		1,603
Ginnie Mae,
Series 2011-81, Class IC (IO)
(-1.00 X CME Term SOFR 1-Month plus 6.61%, 0.62% Cap)
0.62%		07/20/35	3		396,759		4,292
Ginnie Mae,
Series 2013-135, Class CS (IO)
(-1.00 X CME Term SOFR 1-Month plus 6.09%, 6.20% Cap)
0.75%		09/16/43	3		1,336,174		103,738
Ginnie Mae,
Series 2017-136, Class IO (IO)
5.00%		09/20/47			253,980		55,527
UMBS (TBA)
2.00%		10/15/53			81,200,000		61,749,596
2.50%		10/01/53			75,850,000		60,185,154
3.00%		10/01/53			95,250,000		78,771,005
3.50%		10/01/53			2,625,000		2,257,910
4.00%		10/01/53			46,500,000		41,403,164
4.50%		10/01/53			82,700,000		75,935,399
5.00%		10/01/53			138,625,000		130,767,826
5.50%		10/01/53			90,425,000		87,390,816
							585,105,598
Total Mortgage-Backed (Cost $2,022,883,510)							1,719,309,631
MUNICIPAL BONDS — 0.33%*
Florida — 0.15%
County of Miami-Dade Aviation Revenue Bonds, Airport and Marina Improvements, Series B
2.81%		10/01/34			1,000,000		776,760
2.86%		10/01/35			1,750,000		1,334,449
County of Miami-Dade Aviation Revenue Bonds, Airport and Marina Improvements, Series D
3.35%		10/01/29			2,000,000		1,797,207
							3,908,416
New York — 0.18%
Metropolitan Transportation Authority Revenue Bonds, Transit Improvements, Series C2
5.18%		11/15/49			975,000		840,922
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Public Improvements, Subseries FI
3.95%		08/01/32			1,000,000		892,001

Issues	Maturity Date			Principal     Amount		Value
MUNICIPAL BONDS (continued)
New York (continued)
New York State Dormitory Authority Revenue Bonds,
University & College Improvements
5.29%		03/15/33		$	3,100,000	$	3,053,795
							4,786,718
Total Municipal Bonds (Cost $10,287,892)							8,695,134
U.S. TREASURY SECURITIES — 2.21%
U.S. Treasury Bonds — 0.71%
U.S. Treasury Bonds - Treasury Inflation Indexed Bonds
1.25%		04/15/28	11		19,456,208		18,498,597
U.S. Treasury Notes — 1.50%
U.S. Treasury Notes
4.38%		08/31/28			6,870,000		6,801,929
U.S. Treasury Notes (WI)
4.50%		09/30/28			23,270,000		23,285,453
4.63%		09/15/26			9,380,000		9,334,563
							39,421,945
Total U.S. Treasury Securities (Cost $58,828,954)							57,920,542
Total Bonds — 116.83% (Cost $3,508,414,252)							3,061,681,629
Issues				Shares		Value
COMMON STOCK — 0.33%
Communications — 0.12%
Intelsat Emergence SA2,5,6,9
(Luxembourg)					141,371		3,166,710
Electric — 0.00%
Homer City Holdings LLC†,5,6,9					112,222		—
Financials — 0.21%
AGNC Investment Corp.					582,000		5,494,080
Total Common Stock (Cost $17,384,642)							8,660,790
RIGHTS — 0.00%
Communications — 0.00%
Intelsat Jackson Holdings SA, Series A†,2,5,6,9
(Luxembourg)					14,803		—
Intelsat Jackson Holdings SA, Series B†,2,5,6,9
(Luxembourg)					14,803		—
							—
Total Rights (Cost $368)							—

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 248

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Issues	Maturity Date		Principal Amount/Shares		Value
SHORT-TERM INVESTMENTS — 4.44%
Money Market Funds — 1.91%
Fidelity Investments Money Market Funds - Government
Portfolio
5.23%12,13				1,079,151	$	1,079,151
Morgan Stanley Institutional Liquidity Funds - Government
Portfolio
5.27%12				48,984,148		48,984,148
						50,063,299
U.S. Treasury Bills — 2.53%
U.S. Treasury Bills (WI)
5.43%14		03/07/24	$	2,945,000		2,876,778
5.44%14		03/21/24		65,000,000		63,358,994
						66,235,772
Total Short-Term Investments
(Cost $116,304,273)						116,299,071
Total Investments - 121.60%
(Cost $3,642,103,535)						3,186,641,490
Liabilities in Excess of Other Assets - (21.60)%						(566,120,422	)
Net Assets - 100.00%					$	2,620,521,068

¹  Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

²  Foreign denominated security issued by foreign domiciled entity.

³  Floating rate security. The rate disclosed was in effect at September 30, 2023.

⁴  Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

⁵  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁶  Illiquid security as determined under procedures approved by the Board of Trustees. The aggregate value of illiquid securities is $21,581,254, which is 0.82% of total net assets.

⁷  Perpetual security with no stated maturity date.

⁸  Security is currently in default with regard to scheduled interest or principal payments.

⁹  Non-income producing security.

¹⁰  Zero coupon bond. The rate shown is the effective yield as of September 30, 2023.

¹¹  Inflation protected security. Principal amount reflects original security face amount.

¹²  Represents the current yield as of September 30, 2023.

¹³  Securities, or a portion thereof, pledged as collateral for swaps. The total market value of collateral pledged is $20,924.

¹⁴  Represents annualized yield at date of purchase.

^†  Fair valued security. The aggregate value of fair valued securities is $3,386,448, which is 0.13% of total net assets. Fair valued securities were not valued utilizing an independent quote but were valued pursuant to guidelines approved by the Board of Trustees. See Notes to Financial Statements.

* Securities with a call or reset feature will have an effective maturity date sooner than the stated maturity.

** Securities backed by mortgage or consumer loans where payment is periodically made will have an effective maturity date sooner than the stated maturity date.

Note: For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for more meaningful presentation for investors.

(BKNT): Bank Note

(CLO): Collateralized Loan Obligation

(EDC): Economic Development Corporation

(EMTN): Euro Medium-Term Note

(EUR): Euro

(EURIBOR): Euro InterBank Offer Rate

(GBP): British Pound

(GMTN): Global Medium-Term Note

(IO): Interest Only

(LIBOR): London InterBank Offer Rate

(MTN): Medium-Term Note

(PO): Principal Only

(REIT): Real Estate Investment Trust

(SOFR): Secured Overnight Financing Rate

(STEP): Step Coupon Bond

(TBA): To-Be-Announced

(USD): U.S. Dollar

(WI): When Issued

See accompanying Notes to Financial Statements.

249 / Semi-Annual Report September 2023

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Currency to be Purchased	Currency to be Sold	Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
FOREIGN CURRENCY EXCHANGE CONTRACT
USD 67,899,008	EUR 62,233,000	Citibank N.A.	10/13/23	$	1,970,639
USD 2,289,736	GBP 1,784,000	Citibank N.A.	10/13/23		112,081
					2,082,720
EUR 1,177,000	USD 1,256,258	Citibank N.A.	10/13/23		(9,369)
EUR 490,000	USD 539,191	The Bank of New York Mellon	10/13/23		(20,095)
					(29,464)
NET UNREALIZED APPRECIATION				$	2,053,256

Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation (Depreciation)
FUTURES CONTRACTS: LONG POSITIONS
U.S. Treasury Two-Year Note		3,613		12/29/23	$	732,394,619	$	(2,518,997)	$	(2,518,997)
U.S. Treasury Five-Year Note		3,252		12/29/23		342,628,688		(2,516,085)		(2,516,085)
						1,075,023,307		(5,035,082)		(5,035,082)
FUTURES CONTRACTS: SHORT POSITIONS
U.S. Treasury Ten-Year Ultra Bond		3,040		12/19/23		(339,150,000)		9,601,897		9,601,897
U.S. Treasury Ultra Bond		725		12/19/23		(86,048,438)		6,527,454		6,527,454
Euro-Bobl Future		141		12/07/23		(17,279,594)		176,543		176,543
Euro-Bund Future		136		12/07/23		(18,522,874)		571,477		571,477
Euro-Buxl 30 Year		22		12/07/23		(2,850,070)		260,847		260,847
						(463,850,976)		17,138,218		17,138,218
TOTAL FUTURES CONTRACTS					$	611,172,331	$	12,103,136	$	12,103,136

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 250

Unconstrained Bond Fund

Schedule of Portfolio Investments

September 30, 2023 (Unaudited)

Reference Obligation/Index	Financing Rate Paid by the Fund	Payment Frequency	Implied Credit Spread at 09/30/231	Counterparty		Expiration Date		Notional Amount (000’s)2		Value3		Premiums Paid		Unrealized Appreciation
SWAPS: CREDIT DEFAULT (SALES) - SINGLE ISSUES OTC4
Berry Global, Inc., 5.63%, due 07/15/27	5.00%	3 Months	175		Credit Suisse First Boston International		12/20/23	$	10,370	$	93,994	$	69,008	$	24,986

¹  An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swaps on corporate issues as of year-end serve as an indicator of the current status of the payment performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter the agreement. Wider credit spreads, in comparison to narrower credit spreads, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

²  The maximum potential amount for the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

³  The quoted market prices are resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of year-end. Increasing values (buy protection) or decreasing values (sell protection), when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

⁴  If the Fund is a seller of protection and credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection the amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying investments comprising the referenced index or (ii) pay a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index.

		Received by the Fund				Paid by the Fund
Description	Maturity Date	Rate		Frequency		Rate			Frequency		Notional Amount (000’s)		Value		Premiums Paid		Unrealized Appreciation
SWAPS: INTEREST RATE
Interest Rate Swap1	12/20/53		USD-SOFR- COMPOUND		Annual		3.52	%		Annual	$	21,211	$	1,646,951	$	—	$	1,646,951
TOTAL SWAPS CONTRACTS											$	21,211	$	1,646,951	$	—	$	1,646,951

¹  Centrally cleared.

See accompanying Notes to Financial Statements.

251 / Semi-Annual Report September 2023

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Metropolitan West Funds

Statements of Assets and Liabilities

September 30, 2023 (Unaudited)

ASSETS:	ALPHATRAK     500 FUND			CORPORATE BOND     FUND			FLEXIBLE INCOME     FUND
Investments, at value - Unaffiliated (Cost $31,586,062, $6,741,105 and $458,807,373, respectively) (Note 2)		$	30,383,539		$	5,504,128		$	411,284,362
Investments, at value - Affiliated (Cost $0, $0 and $0, respectively) (Note 5)			—			—			—
Cash and cash equivalents (Note 2)			1,383			—			—
Foreign Currency, at value (Cost $0, $0 and $1,110, respectively)			—			—			1,109
Cash on deposit with brokers for collateral on swaps (Note 2)			—			883			728,000
Cash on deposit with brokers for collateral on futures (Note 2)			2,352,000			32,000			1,435,000
Dividends and interest receivable			134,941			45,994			3,017,590
Receivable for securities sold			43,398			5,982			9,294,924
Due from Adviser (Note 6)			19,041			17,419			38,288
Receivable for capital stock sold			3,391			13,980			316,896
Unrealized appreciation on foreign currency exchange contracts			—			—			250,817
Receivable for daily variation margin on futures contracts (Note 3)			—			1,422			203,859
Unrealized appreciation on swap contracts			—			5,979			—
Other assets			1,032			—			1,541
Total assets			32,938,725			5,627,787			426,572,386
Liabilities:
Bank overdraft			—			220			128,063
Payable for securities purchased			3,399,708			62,469			90,034,042
Payable for capital stock redeemed			723,697			3,525			1,750,256
Payable for daily variation margin on futures contracts (Note 3)			95,122			1,250			138,485
Distributions payable			107			1,218			204,318
Unrealized depreciation on foreign currency exchange contracts			—			—			1,250
Unrealized depreciation on foreign currency transactions			—			—			1,976
Advisory fees payable (Note 6)			10,258			1,892			128,478
Accrued trustees fees and expenses			—			14			—
Accrued distribution (12b-1) and service fees payable			—			628			10,560
Administrative fees payable			23,238			21,473			47,464
Custodian fees payable			11,167			16,579			31,494
Miscellaneous expense payable			14,603			14,927			14,460
Audit fees payable			28,058			20,905			30,065
Accrued other expenses			15,666			7,151			36,515
Total liabilities			4,321,624			152,251			92,557,426
Net assets		$	28,617,101		$	5,475,536		$	334,014,960
Class M Shares:
Net assets (Applicable to 2,851,357, 344,040 and 6,488,233, shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.01 par value)		$	28,617,101		$	2,917,484		$	48,697,490
Net asset value, offering and redemption price per Class M share		$	10.04		$	8.48		$	7.51
Class I Shares:
Net assets (Applicable to 0, 301,649 and 38,021,407, shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.01 par value)			N/A		$	2,558,052		$	285,317,470
Net asset value, offering and redemption price per Class I share			N/A		$	8.48		$	7.50
Net Assets Consist of:
Paid-in Capital (Note 9)		$	33,919,725		$	8,308,351		$	398,331,321
Accumulated Earnings (Loss)			(5,302,624)			(2,832,815)			(64,316,361)
Net assets		$	28,617,101		$	5,475,536		$	334,014,960

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 253

Metropolitan West Funds

Statements of Assets and Liabilities

September 30, 2023 (Unaudited)

ASSETS:	FLOATING RATE     INCOME FUND			HIGH YIELD     BOND FUND			INTERMEDIATE     BOND FUND
Investments, at value - Unaffiliated (Cost $357,995,983, $531,107,453 and $1,184,363,713, respectively) (Note 2)		$	350,313,945		$	495,803,876		$	1,146,394,788
Investments, at value - Affiliated (Cost $0, $27,171,821 and $0, respectively) (Note 5)			—			—			—
Cash and cash equivalents (Note 2)			—			2,087,742			187,580,088
Foreign Currency, at value (Cost $10,030, $17,573 and $92, respectively)			10,030			17,573			90
Cash on deposit with brokers for collateral on swaps (Note 2)			—			—			2,610,961
Cash on deposit with brokers for collateral on futures (Note 2)			—			1,043,000			3,844,000
Receivable for securities sold			15,261,464			3,943,853			19,766,414
Dividends and interest receivable			1,864,882			7,303,383			4,470,649
Receivable for capital stock sold			31,502			218,129			587,541
Due from Adviser (Note 6)			4,666			12,801			93
Net unrealized appreciation on unfunded commitments (Note 8)			582			—			—
Unrealized appreciation on foreign currency transactions			63			1,445			—
Unrealized appreciation on foreign currency exchange contracts			—			151,773			741,112
Receivable for daily variation margin on futures contracts (Note 3)			—			95,047			237,514
Premiums paid for swap contracts			—			26,585			7,686
Unrealized appreciation on swap contracts			—			9,626			2,783
Other assets			7,316			5,565			2,462
Total assets			367,494,450			510,720,398			1,366,246,181
Liabilities:
Bank overdraft			431,334			—			—
Payable for securities purchased			17,064,290			7,651,668			385,272,163
Distributions payable			624,883			538,698			525,988
Payable for capital stock redeemed			94,203			1,494,306			1,648,784
Unrealized depreciation on foreign currency exchange contracts			—			29,020			2,499
Unrealized depreciation on foreign currency transactions			—			—			6,398
Payable for daily variation margin on futures contracts (Note 3)			—			40,744			134,066
Advisory fees payable (Note 6)			162,985			215,626			291,892
Accrued distribution (12b-1) and service fees payable			2,188			26,023			3,327
Administrative fees payable			47,711			23,986			34,068
Accrued other expenses			95,921			106,781			194,049
Total liabilities			18,523,515			10,126,852			388,113,234
Net assets		$	348,970,935		$	500,593,546		$	978,132,947
Class M Shares:
Net assets (Applicable to 1,098,710, 13,328,687 and 2,014,306, shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.01 par value)		$	10,331,616		$	118,872,228		$	18,391,632
Net asset value, offering and redemption price per Class M share		$	9.40		$	8.92		$	9.13
Class I Shares:
Net assets (Applicable to 36,022,005, 42,819,002 and 105,153,291, shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.01 par value)		$	338,629,200		$	381,721,318		$	959,741,315
Net asset value, offering and redemption price per Class I share		$	9.40		$	8.91		$	9.13
Plan Class Shares:
Net assets (Applicable to 1,080, 0 and 0, shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.01 par value)		$	10,119			N/A			N/A
Net asset value, offering and redemption price per Plan Class share		$	9.37			N/A			N/A
Net Assets Consist of:
Paid-in Capital (Note 9)		$	376,744,967		$	657,415,116		$	1,106,197,574
Accumulated Earnings (Loss)			(27,774,032)			(156,821,570)			(128,064,627)
Net assets		$	348,970,935		$	500,593,546		$	978,132,947

See accompanying Notes to Financial Statements.

254 / Semi-Annual Report September 2023

Metropolitan West Funds

Statements of Assets and Liabilities

September 30, 2023 (Unaudited)

ASSETS:	INVESTMENT GRADE     CREDIT FUND			LOW DURATION BOND FUND			OPPORTUNISTICHIGH INCOME CREDIT FUND
Investments, at value - Unaffiliated (Cost $15,613,284, $1,832,549,503 and $2,112,254, respectively) (Note 2)		$	13,384,804		$	1,771,522,401		$	1,827,624
Investments, at value - Affiliated (Cost $0, $0 and $0, respectively) (Note 5)			—			—			—
Cash and cash equivalents (Note 2)			807,804			36,352,844			2,865
Foreign Currency, at value (Cost $0, $5 and $0, respectively)			—			5			—
Cash on deposit with brokers for collateral on swaps (Note 2)			791			9,276,970			—
Cash on deposit with brokers for collateral on futures (Note 2)			59,000			16,673,000			8,000
Dividends and interest receivable			100,708			6,304,931			30,451
Receivable for securities sold			75,527			23,687,435			—
Due from Adviser (Note 6)			19,243			—			20,444
Unrealized appreciation on swap contracts			5,358			8,252			—
Receivable for daily variation margin on futures contracts (Note 3)			3,125			532,286			774
Receivable for capital stock sold			51			1,756,805			—
Unrealized appreciation on foreign currency exchange contracts			—			544,909			—
Premiums paid for swap contracts			—			22,792			—
Other assets			—			—			26,312
Total assets			14,456,411			1,866,682,630			1,916,470
Liabilities:
Options written, at value (Premiums received $0, $540,000 and $0, respectively) (Note 3)			—			3			—
Payable for securities purchased			2,719,545			464,478,520			—
Payable for capital stock redeemed			28,412			10,058,255			5,246
Payable for daily variation margin on futures contracts (Note 3)			2,953			721,028			234
Distributions payable			2,162			785,083			263
Unrealized depreciation on foreign currency transactions			—			5,913			—
Advisory fees payable (Note 6)			3,342			385,817			817
Accrued trustees fees and expenses			—			2,807			5
Accrued distribution (12b-1) and service fees payable			708			32,611			45
Administrative fees payable			19,566			75,324			14,795
Custodian fees payable			18,294			49,786			10,989
Transfer agent fees payable			5,796			237,023			5,055
Printing fees payable			—			4,000			4,491
Miscellaneous expense payable			14,703			19,258			4,338
Audit fees payable			20,905			30,686			13,437
Accrued other expenses			852			32,029			22
Total liabilities			2,837,238			476,918,143			59,737
Net assets		$	11,619,173		$	1,389,764,487		$	1,856,733
Class M Shares:
Net assets (Applicable to 452,464, 22,845,424 and 19,559, shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.01 par value)		$	3,368,865		$	185,079,456		$	143,169
Net asset value, offering and redemption price per Class M share		$	7.45		$	8.10		$	7.32
Class I Shares:
Net assets (Applicable to 1,108,222, 148,689,941 and 234,274, shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.01 par value)		$	8,250,308		$	1,204,674,975		$	1,713,564
Net asset value, offering and redemption price per Class I share		$	7.44		$	8.10		$	7.31
Administrative Class Shares:
Net assets (Applicable to 0, 961 and 0, shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.01 par value)			N/A		$	10,056			N/A
Net asset value, offering and redemption price per Administrative Class share			N/A		$	10.46			N/A
Net Assets Consist of:
Paid-in Capital (Note 9)		$	15,501,297		$	1,633,543,105		$	2,747,298
Accumulated Earnings (Loss)			(3,882,124)			(243,778,618)			( 890,565)
Net assets		$	11,619,173		$	1,389,764,487		$	1,856,733

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 255

Metropolitan West Funds

Statements of Assets and Liabilities

September 30, 2023 (Unaudited)

ASSETS:	STRATEGIC     INCOME FUND			SUSTAINABLE SECURITIZED     FUND			TOTAL RETURN     BOND FUND
Investments, at value - Unaffiliated (Cost $88,884,546, $9,006,119 and $85,402,876,693, respectively) (Note 2)		$	79,657,729		$	8,211,296		$	80,017,349,646
Investments, at value - Affiliated (Cost $0, $0 and $65,187,440, respectively) (Note 5)			—			—			—
Cash and cash equivalents (Note 2)			4,809			83			—
Foreign Currency, at value (Cost $11, $0 and $0, respectively)			11			—			—
Cash on deposit with brokers for collateral on swaps (Note 2)			1,801			—			571,433,950
Cash on deposit with brokers for collateral on futures (Note 2)			237,000			42,000			247,955,000
Receivable for securities sold			1,181,434			75,820			2,061,102,524
Dividends and interest receivable			538,571			31,687			364,441,368
Receivable for capital stock sold			141,817			29,923			93,893,819
Due from Adviser (Note 6)			28,303			19,626			—
Unrealized appreciation on foreign currency exchange contracts			25,392			14,825			53,521,975
Receivable for daily variation margin on futures contracts (Note 3)			13,656			2,866			12,770,737
Unrealized appreciation on swap contracts			12,190			—			44,092,932
Premiums paid for swap contracts			—			—			403,702
Other assets			—			28,079			105,690
Total assets			81,842,713			8,456,205			83,467,071,343
Liabilities:
Reverse repurchase agreements (Proceeds $0, $0 and $1,912,187,500, respectively) (Note 3)			—			—			1,912,187,500
Bank overdraft			—			—			39,064,959
Payable for securities purchased			11,661,942			1,457,780			22,077,722,916
Payable for capital stock redeemed			287,361			31,543			152,209,791
Distributions payable			23,244			758			22,643,772
Payable for daily variation margin on futures contracts (Note 3)			18,197			312			9,700,839
Unrealized depreciation on foreign currency transactions			157			54			574,941
Unrealized depreciation on foreign currency exchange contracts			—			—			848,670
Premiums received for swap contracts			—			—			604,521
Advisory fees payable (Note 6)			38,431			2,378			17,920,997
Accrued trustees fees and expenses			—			15			—
Accrued distribution (12b-1) and service fees payable			10,805			13			1,316,396
Administrative fees payable			24,562			12,044			1,000,077
Accrued other expenses			81,311			34,164			8,985,984
Total liabilities			12,146,010			1,539,061			24,244,781,363
Net assets		$	69,696,703		$	6,917,144		$	59,222,289,980
Class M Shares:
Net assets (Applicable to 8,426,428, 6,887 and 541,465,114, shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.01 par value)		$	50,809,835		$	54,646		$	4,685,004,506
Net asset value, offering and redemption price per Class M share		$	6.03		$	7.941		$	8.65
Class I Shares:
Net assets (Applicable to 3,133,215, 864,385 and 4,192,737,693, shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.01 par value)		$	18,886,868		$	6,862,498		$	36,264,867,696
Net asset value, offering and redemption price per Class I share		$	6.03		$	7.94		$	8.65
Class I-2 Shares:
Net assets (Applicable to 0, 0 and 9,977,457, shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.01 par value)			N/A			N/A		$	86,295,560
Net asset value, offering and redemption price per Class I-2 share			N/A			N/A		$	8.65
Administrative Class Shares:
Net assets (Applicable to 0, 0 and 148,516,284, shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.01 par value)			N/A			N/A		$	1,285,971,537
Net asset value, offering and redemption price per Administrative Class share			N/A			N/A		$	8.66
Plan Class Shares:
Net assets (Applicable to 0, 0 and 2,083,644,923, shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.01 par value)			N/A			N/A		$	16,900,150,681
Net asset value, offering and redemption price per Plan Class share			N/A			N/A		$	8.11

See accompanying Notes to Financial Statements.

256 / Semi-Annual Report September 2023

Metropolitan West Funds

Statements of Assets and Liabilities

September 30, 2023 (Unaudited)

ASSETS:	STRATEGIC     INCOME FUND			SUSTAINABLE SECURITIZED     FUND			TOTAL RETURN     BOND FUND
Net Assets Consist of:
Paid-in Capital (Note 9)		$	82,874,646		$	9,151,344		$	75,368,816,444
Accumulated Earnings (Loss)			(13,177,943)			(2,234,200)			(16,146,526,464)
Net assets		$	69,696,703		$	6,917,144		$	59,222,289,980

¹  The net asset values of the Class M Shares of the Sustainable Securitized Fund were calculated using unrounded net assets of $54,646.12 divided by the unrounded shares outstanding of 6,886.69.

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 257

Metropolitan West Funds

Statements of Assets and Liabilities

September 30, 2023 (Unaudited)

ASSETS:	ULTRA SHORT              BOND FUND			UNCONSTRAINED              BOND FUND
Investments, at value - Unaffiliated (Cost $71,388,735 and $3,642,103,535, respectively) (Note 2)		$	69,617,789		$	3,186,641,490
Investments, at value - Affiliated (Cost $0 and $0, respectively) (Note 5)			—			—
Cash and cash equivalents (Note 2)			3,776			—
Foreign Currency, at value (Cost $0 and $8,965, respectively)			—			8,964
Cash on deposit with brokers for collateral on swaps (Note 2)			—			24,536,614
Cash on deposit with brokers for collateral on futures (Note 2)			4,850,000			20,359,000
Receivable for securities sold			15,234,538			58,670,743
Dividends and interest receivable			150,233			20,301,291
Unrealized appreciation on foreign currency exchange contracts			28,638			2,082,720
Due from Adviser (Note 6)			26,029			536
Receivable for daily variation margin on futures contracts (Note 3)			13,305			875,069
Receivable for capital stock sold			11,628			4,985,983
Premiums paid for swap contracts			2,595			69,008
Unrealized appreciation on swap contracts			940			1,671,937
Other assets			1,321			17,972
Total assets			89,940,792			3,320,221,327
Liabilities:
Bank overdraft			—			2,675,041
Payable for securities purchased			29,785,848			679,068,144
Payable for capital stock redeemed			299,642			10,218,656
Payable for daily variation margin on futures contracts (Note 3)			30,328			1,410,135
Distributions payable			10,266			4,146,360
Unrealized depreciation on foreign currency transactions			232			21,844
Unrealized depreciation on foreign currency exchange contracts			—			29,464
Advisory fees payable (Note 6)			18,373			1,469,486
Accrued trustees fees and expenses			9			188
Accrued distribution (12b-1) and service fees payable			1,930			32,156
Administrative fees payable			25,104			123,473
Accrued other expenses			84,304			505,312
Total liabilities			30,256,036			699,700,259
Net assets		$	59,684,756		$	2,620,521,068
Class M Shares:
Net assets (Applicable to 3,472,469 and 14,943,522, shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.01 par value)		$	13,999,022		$	150,233,773
Net asset value, offering and redemption price per Class M share		$	4.03		$	10.05
Class I Shares:
Net assets (Applicable to 11,311,728 and 208,491,344, shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.01 par value)		$	45,685,734		$	2,094,178,418
Net asset value, offering and redemption price per Class I share		$	4.04		$	10.04
Plan Class Shares:
Net assets (Applicable to 0 and 37,458,542, shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with a $0.01 par value)			N/A		$	376,108,877
Net asset value, offering and redemption price per Plan Class share			N/A		$	10.04
Net Assets Consist of:
Paid-in Capital (Note 9)		$	73,785,625		$	3,253,017,004
Accumulated Earnings (Loss)			(14,100,869)			(632,495,936)
Net assets		$	59,684,756		$	2,620,521,068

See accompanying Notes to Financial Statements.

258 / Semi-Annual Report September 2023

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Metropolitan West Funds

Statements of Operations

For the Period Ended September 30, 2023 (Unaudited)

	ALPHATRAK 500 FUND				CORPORATE BOND FUND				FLEXIBLE INCOME FUND
Investment Income:
Interest		$	693,449			$	132,406			$	14,613,078
Dividends			57,574				3,188				250,346
Total investment income			751,023				135,594				14,863,424
Expenses:
Investment advisory fees (Note 6)			60,449				12,489				748,462
Administration fees			51,917				46,811				109,696
Distribution (12b-1) and service fees - class specific (Note 7):
Class M			—				4,242				57,729
Professional fees			21,313				14,104				23,939
Registration and filing fees			17,921				21,217				38,943
Transfer agent fees			16,299				17,142				168,127
Custodian fees			12,387				17,201				36,212
Reports to shareholders			8,608				8,336				13,485
Listing fees			400				800				800
Trustees’ fees and expenses			280				69				2,585
Commitment fee			188				35				841
Interest expense			—				2				—
Miscellaneous expenses			798				554				2,689
Total operating expenses			190,560				143,002				1,203,508
Expenses waived and reimbursed (Note 6)			(122,554	)			(123,146	)			(230,993	)
Net expenses			68,006				19,856				972,515
Net investment income			683,017				115,738				13,890,909
Realized and Change in Unrealized Gain (Loss) on Investments, Futures Contracts, Foreign Currency Exchange Contracts, Foreign Currency Transactions, Options and Swaptions Written and Swap Contracts:
Net realized gain (loss) on:
Investments - Unaffiliated			(192,227	)			(352,503	)			(5,353,388	)
Futures contracts			3,670,230				(31,252	)			(403,511	)
Foreign currency exchange contracts			—				—				(54,789	)
Foreign currency transactions			—				59				23,680
Swap contracts			—				7,655				—
Net change in unrealized appreciation (depreciation) on:
Investments - Unaffiliated			(63,277	)			(6,703	)			(10,410,175	)
Futures contracts			(2,945,428	)			(1,560	)			(881,701	)
Foreign currency exchange contracts			—				—				292,244
Foreign currency transactions			—				—				(3,220	)
Swap contracts			—				7,693				—
Net realized and change in unrealized gain (loss) on investments, futures contracts, foreign currency exchange contracts, foreign currency transactions, options and swaptions written and swap contracts			469,298				(376,611	)			(16,790,860	)
Net Increase (Decrease) in Net Assets from Operations		$	1,152,315			$	(260,873	)		$	(2,899,951	)

See accompanying Notes to Financial Statements.

260 / Semi-Annual Report September 2023

Metropolitan West Funds

Statements of Operations

For the Period Ended September 30, 2023 (Unaudited)

	FLOATING RATE INCOME FUND				HIGH YIELD BOND FUND				INTERMEDIATE BOND FUND
Investment Income:
Interest		$	16,182,749			$	18,076,921			$	20,365,127
Dividends			297,286				480,421				2,037,395
Total investment income			16,480,035				18,557,342				22,402,522
Expenses:
Investment advisory fees (Note 6)			956,846				1,284,443				1,658,299
Administration fees			101,590				58,848				93,721
Distribution (12b-1) and service fees - class specific (Note 7):
Class M			13,380				160,090				21,169
Transfer agent fees			70,738				151,801				348,855
Registration and filing fees			48,705				31,435				57,205
Professional fees			21,196				22,182				26,440
Custodian fees			17,869				15,574				46,476
Trustees’ fees and expenses			3,347				4,879				7,902
Commitment fee			1,453				2,003				2,825
Listing fees			1,200				800				800
Interest expense			44				—				756
Miscellaneous expenses			17,838				30,566				30,085
Repayment of reimbursed expenses - Class I (Note 6)			—				—				18,757
Total operating expenses			1,254,206				1,762,621				2,313,290
Expenses waived and reimbursed (Note 6)			(25,654	)			(61,198)				(1,669)
Net expenses			1,228,552				1,701,423				2,311,621
Net investment income			15,251,483				16,855,919				20,090,901
Realized and Change in Unrealized Gain (Loss) on Investments, Futures Contracts, Foreign Currency Exchange Contracts, Foreign Currency Transactions, Options and Swaptions Written and Swap Contracts:
Net realized gain (loss) on:
Investments - Unaffiliated			(2,279,318	)			(11,411,369	)			(16,972,564	)
Futures contracts			—				(1,701,397	)			(6,461,373	)
Foreign currency exchange contracts			—				(3,337	)			(69,952	)
Foreign currency transactions			749				29,054				28,637
Swap contracts			—				51,487				23,366
Net change in unrealized appreciation (depreciation) on:
Investments - Unaffiliated			6,510,473				1,777,787				(17,328,665	)
Futures contracts			—				(161,004	)			(3,835,673	)
Foreign currency exchange contracts			—				156,779				853,067
Foreign currency transactions			(623	)			(1,696	)			(11,341	)
Swap contracts			—				(6,301	)			(6,084	)
Net realized and change in unrealized gain (loss) on investments, futures contracts, foreign currency exchange contracts, foreign currency transactions, options and swaptions written and swap contracts			4,231,281				(11,269,997	)			(43,780,582	)
Net Increase (Decrease) in Net Assets from Operations		$	19,482,764			$	5,585,922			$	(23,689,681	)

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 261

Metropolitan West Funds

Statements of Operations

For the Period Ended September 30, 2023 (Unaudited)

	INVESTMENT GRADE CREDIT FUND				LOW DURATION BOND FUND				OPPORTUNISTIC HIGH INCOME CREDIT FUND
Investment Income:
Interest		$	343,790			$	34,966,624			$	79,342
Dividends			16,179				1,959,757				5,881
Total investment income			359,969				36,926,381				85,223
Expenses:
Investment advisory fees (Note 6)			18,867				2,405,782				5,110
Administration fees			49,921				148,634				42,672
Distribution (12b-1) and service fees - class specific (Note 7):
Class M			4,158				225,523				371
Administrative Class			—				2				—
Registration and filing fees			21,333				53,640				40,867
Custodian fees			18,970				56,417				7,623
Transfer agent fees			18,831				716,655				15,449
Professional fees			14,105				28,699				9,658
Reports to shareholders			8,328				35,984				3,269
Listing fees			800				1,200				800
Trustees’ fees and expenses			88				17,270				24
Commitment fee			33				7,627				10
Interest expense			3				4,016				—
Miscellaneous expenses			552				26,230				645
Total operating expenses			155,989				3,727,679				126,498
Expenses waived and reimbursed (Note 6)			(126,079	)			(10,969	)			(119,995	)
Net expenses			29,910				3,716,710				6,503
Net investment income			330,059				33,209,671				78,720
Realized and Change in Unrealized Gain (Loss) on Investments, Futures Contracts, Foreign Currency Exchange Contracts, Foreign Currency Transactions, Options and Swaptions Written and Swap Contracts:
Net realized gain (loss) on:
Investments - Unaffiliated			(373,300	)			(25,250,614	)			(79,045	)
Futures contracts			(36,322	)			(4,395,108	)			(6,883	)
Foreign currency exchange contracts			—				(120,884	)			—
Foreign currency transactions			319				32,057				74
Swap contracts			6,825				72,595				—
Net change in unrealized appreciation (depreciation) on:
Investments - Unaffiliated			(164,241	)			(9,824,656	)			34,952
Futures contracts			30,058				500,214				(11,986	)
Foreign currency exchange contracts			—				659,285				—
Foreign currency transactions			—				(15,450	)			—
Swap contracts			6,892				(19,781	)			—
Net realized and change in unrealized (loss) on investments, futures contracts, foreign currency exchange contracts, foreign currency transactions, options and swaptions written and swap contracts			(529,769	)			(38,362,342	)			(62,888	)
Net Increase (Decrease) in Net Assets from Operations		$	(199,710	)		$	(5,152,671	)		$	15,832

See accompanying Notes to Financial Statements.

262 / Semi-Annual Report September 2023

Metropolitan West Funds

Statements of Operations

For the Period Ended September 30, 2023 (Unaudited)

	STRATEGIC     INCOME FUND				SUSTAINABLE     SECURITIZED FUND				TOTAL RETURN     BOND FUND
Investment Income:
Interest		$	2,886,457			$	151,245			$	1,418,378,314
Dividends			57,173				14,214				52,060,183
Total investment income			2,943,630				165,459				1,470,438,497
Expenses:
Investment advisory fees (Note 6)			223,481				15,194				109,820,433
Administration fees			74,033				37,119				2,188,634
Distribution (12b-1) and service fees - class specific (Note 7):
Class M			63,941				66				5,872,567
Administrative Class			—				—				2,945,751
Transfer agent fees			49,219				16,817				17,617,787
Custodian fees			32,942				10,218				976,228
Registration and filing fees			27,362				40,867				745,151
Professional fees			20,679				9,675				254,441
Listing fees			800				800				2,000
Trustees’ fees and expenses			496				90				587,649
Commitment fee			123				41				231,792
Interest expense			—				1				4,878,918
Miscellaneous expenses			10,494				4,724				1,888,670
Total operating expenses			503,570				135,612				148,010,021
Expenses waived and reimbursed (Note 6)			(167,134	)			(116,943	)			—
Net expenses			336,436				18,669				148,010,021
Net investment income			2,607,194				146,790				1,322,428,476
Realized and Change in Unrealized Gain (Loss) on Investments, Futures Contracts, Foreign Currency Exchange Contracts, Foreign Currency Transactions, Options and Swaptions Written and Swap Contracts:
Net realized gain (loss) on:
Investments - Unaffiliated			(888,646	)			(698,255	)			(2,433,593,547	)
Futures contracts			77,381				(46,588	)			(442,788,336	)
Foreign currency exchange contracts			(1,086	)			(14,266	)			(11,008,632	)
Foreign currency transactions			4,907				74				6,165,727
Swap contracts			15,680				—				46,511,683
Net change in unrealized appreciation (depreciation) on:
Investments - Unaffiliated			(1,622,505	)			339,891				(1,329,132,082	)
Futures contracts			203,843				(59,608	)			(251,886,298	)
Foreign currency exchange contracts			27,798				18,549				63,483,901
Foreign currency transactions			(195	)			(89	)			(1,433,762	)
Swap contracts			15,709				—				54,282,814
Net realized and change in unrealized
(loss) on investments, futures contracts, foreign currency exchange contracts, foreign currency transactions, options and swaptions written and swap contracts			(2,167,114	)			(460,292	)			(4,299,398,532	)
Net Increase (Decrease) in Net Assets from Operations		$	440,080			$	(313,502	)		$	(2,976,970,056	)

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 263

Metropolitan West Funds

Statements of Operations

For the Period Ended September 30, 2023 (Unaudited)

	ULTRA SHORT          BOND FUND				UNCONSTRAINED     BOND FUND
Investment Income:
Interest		$	2,263,801			$	99,321,420
Dividends			222,702				1,911,147
Total investment income			2,486,503				101,232,567
Expenses:
Investment advisory fees (Note 6)			134,807				9,113,553
Administration fees			55,161				201,493
Distribution (12b-1) and service fees - class specific (Note 7):
Class M			13,053				196,804
Transfer agent fees			63,274				891,507
Registration and filing fees			28,499				75,042
Professional fees			20,726				55,441
Custodian fees			19,726				94,977
Trustees’ fees and expenses			945				26,743
Listing fees			800				1,200
Commitment fee			487				11,605
Interest expense			124				34,208
Miscellaneous expenses			12,604				91,944
Total operating expenses			350,206				10,794,517
Expenses waived and reimbursed (Note 6)			(153,691	)			(2,596	)
Net expenses			196,515				10,791,921
Net investment income			2,289,988				90,440,646
Realized and Change in Unrealized Gain (Loss) on Investments, Futures Contracts, Foreign Currency Exchange Contracts, Foreign Currency Transactions, Options and Swaptions Written and Swap Contracts:
Net realized gain (loss) on:
Investments - Unaffiliated			(2,273,641	)			(56,414,042	)
Futures contracts			289,935				1,676,720
Foreign currency exchange contracts			(6,189	)			(151,368	)
Foreign currency transactions			2,535				223,326
Swap contracts			3,921				2,264,637
Net change in unrealized appreciation (depreciation) on:
Investments - Unaffiliated			(70,723	)			(59,569,732	)
Futures contracts			316,268				14,272,884
Foreign currency exchange contracts			33,106				2,436,528
Foreign currency transactions			(729	)			(44,781	)
Swap contracts			(57	)			2,093,178
Net realized and change in unrealized (loss) on investments, futures contracts, foreign currency exchange contracts, foreign currency transactions, options and swaptions written and swap contracts			(1,705,574	)			(93,212,650	)
Net Increase (Decrease) in Net Assets from Operations		$	584,414			$	(2,772,004	)

See accompanying Notes to Financial Statements.

264 / Semi-Annual Report September 2023

[THIS PAGE INTENTIONALLY LEFT BLANK]

Metropolitan West Funds

Statements of Changes in Net Assets

	ALPHATRAK 500 FUND				CORPORATE  BOND FUND
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED MARCH 31, 2023		SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED MARCH 31, 2023
Operations:
Net investment income	$	683,017	$	875,717	$	115,738	$	285,898
Net realized (loss) on investments		(192,227)		(797,424)		(352,503)		(1,186,234)
Net realized gain (loss) on futures contracts, foreign currency exchange contracts, foreign currency transactions, options and swaptions written and swap contracts		3,670,230		(3,406,039)		(23,538)		12,468
Net change in unrealized (depreciation) on investments		(63,277)		(820,315)		(6,703)		(74,878)
Net change in unrealized appreciation (depreciation) on futures contracts, foreign currency exchange contracts, foreign currency transactions, options and swaptions written and swap contracts		(2,945,428)		(501,369)		6,133		26,654
Net increase (decrease) in net assets resulting from operations		1,152,315		(4,649,430)		(260,873)		(936,092)
Distributions to Shareholders:
Class M		(635,832)		(1,425,275)		(60,928)		(142,778)
Class I		—		—		(54,904)		(141,214)
Total Distributions		(635,832)		(1,425,275)		(115,832)		(283,992)
Capital Share Transactions:
Class M:
Proceeds from sale of shares		1,611,540		1,688,163		133,842		1,105,501
Shares issued in reinvestment of distributions		635,617		1,425,012		60,618		142,767
Cost of shares redeemed		(3,107,992)		(13,179,485)		(1,366,665)		(2,035,825)
Total Class M capital share transactions		(860,835)		(10,066,310)		(1,172,205)		(787,557)
Class I:
Proceeds from sale of shares		—		—		200,109		230,073
Shares issued in reinvestment of distributions		—		—		50,754		135,703
Cost of shares redeemed		—		—		(392,278)		(3,749,112)
Total Class I capital share transactions		—		—		(141,415)		(3,383,336)
Net (decrease) in net assets derived from capital share transactions		(860,835)		(10,066,310)		(1,313,620)		(4,170,893)
Net (decrease) in net assets		(344,352)		(16,141,015)		(1,690,325)		(5,390,977)
Net assets at beginning of period		28,961,453		45,102,468		7,165,861		12,556,838
Net assets at end of period	$	28,617,101	$	28,961,453	$	5,475,536	$	7,165,861

See accompanying Notes to Financial Statements.

266 / Semi-Annual Report September 2023

Metropolitan West Funds

Statements of Changes in Net Assets

	FLEXIBLE INCOME FUND				FLOATING RATE INCOME FUND
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED MARCH 31, 2023		SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED MARCH 31, 2023
Operations:
Net investment income	$	13,890,909	$	21,543,153	$	15,251,483	$	25,534,633
Net realized (loss) on investments		(5,353,388)		(9,155,600)		(2,279,318)		(16,313,982)
Net realized gain (loss) on futures contracts, foreign currency exchange contracts, foreign currency transactions, options and swaptions written and swap contracts		(434,620)		1,558,426		749		93,351
Net change in unrealized appreciation (depreciation) on investments		(10,410,175)		(16,288,207)		6,510,473		(7,196,020)
Net change in unrealized appreciation (depreciation) on futures contracts, foreign currency exchange contracts, foreign currency transactions, options and swaptions written and swap contracts		(592,677)		1,280,679		(623)		(11,725)
Net increase (decrease) in net assets resulting from operations		(2,899,951)		(1,061,549)		19,482,764		2,106,257
Distributions to Shareholders:
Class M		(1,883,955)		(3,284,784)		(460,582)		(809,656)
Class I		(12,038,054)		(18,815,999)		(14,843,852)		(24,770,860)
Plan Class		—		—		(48)		(6)
Total Distributions		(13,922,009)		(22,100,783)		(15,304,482)		(25,580,522)
Capital Share Transactions:
Class M:
Proceeds from sale of shares		17,412,941		41,165,753		1,889,337		4,031,325
Shares issued in reinvestment of distributions		1,865,879		3,259,132		418,703		752,139
Cost of shares redeemed		(17,283,282)		(23,746,600)		(3,105,345)		(9,931,101)
Total Class M capital share transactions		1,995,538		20,678,285		(797,305)		(5,147,637)
Class I:
Proceeds from sale of shares		56,494,705		229,652,950		19,367,483		73,729,818
Shares issued in reinvestment of distributions		11,266,313		17,189,579		11,482,150		20,289,450
Cost of shares redeemed		(49,318,177)		(123,618,442)		(24,688,091)		(218,088,025)
Total Class I capital share transactions		18,442,841		123,224,087		6,161,542		(124,068,757)
Plan Class:
Proceeds from sale of shares		—		—		9,995		—
Shares issued in reinvestment of distributions		—		—		45		6
Total Plan Class capital share transactions		—		—		10,040		6
Net increase (decrease) in net assets derived from capital share transactions		20,438,379		143,902,372		5,374,277		(129,216,388)
Net increase (decrease) in net assets		3,616,419		120,740,040		9,552,559		(152,690,653)
Net assets at beginning of period		330,398,541		209,658,501		339,418,376		492,109,029
Net assets at end of period	$	334,014,960	$	330,398,541	$	348,970,935	$	339,418,376

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 267

Metropolitan West Funds

Statements of Changes in Net Assets

	HIGH YIELD BOND FUND				INTERMEDIATE BOND FUND
	SIX MONTHS ENDED   SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED MARCH 31, 2023		SIX MONTHS ENDED   SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED MARCH 31, 2023
Operations:
Net investment income	$	16,855,919	$	31,928,889	$	20,090,901	$	27,101,959
Net realized (loss) on investments		(11,411,369)		(57,819,428)		(16,972,564)		(37,576,129)
Net realized gain (loss) on futures contracts, foreign currency exchange contracts, foreign currency transactions, options and swaptions written and swap contracts		(1,624,193)		6,354,058		(6,479,322)		(8,083,233)
Net change in unrealized appreciation (depreciation) on investments		1,777,787		(9,639,134)		(17,328,665)		(838,619)
Net change in unrealized appreciation (depreciation) on futures contracts, foreign currency exchange contracts, foreign currency transactions, options and swaptions written and swap contracts		(12,222)		(1,957,971)		(3,000,031)		4,586,399
Net increase (decrease) in net assets resulting from operations		5,585,922		(31,133,586)		(23,689,681)		(14,809,623)
Distributions to Shareholders:
Class M		(4,087,336)		(8,006,047)		(403,056)		(651,240)
Class I		(12,816,722)		(24,105,082)		(19,642,835)		(26,538,105)
Total Distributions		(16,904,058)		(32,111,129)		(20,045,891)		(27,189,345)
Capital Share Transactions:
Class M:
Proceeds from sale of shares		14,024,731		48,460,943		2,212,380		6,760,189
Shares issued in reinvestment of distributions		3,909,105		7,763,239		400,648		650,341
Cost of shares redeemed		(30,413,867)		(75,823,675)		(4,356,481)		(9,887,413)
Total Class M capital share transactions		(12,480,031)		(19,599,493)		(1,743,453)		(2,476,883)
Class I:
Proceeds from sale of shares		82,070,599		194,509,306		179,965,089		459,988,616
Shares issued in reinvestment of distributions		10,265,038		20,309,691		17,081,378		23,375,376
Cost of shares redeemed		(63,142,340)		(359,485,585)		(71,405,324)		(333,934,491)
Total Class I capital share transactions		29,193,297		(144,666,588)		125,641,143		149,429,501
Net increase (decrease) in net assets derived from capital share transactions		16,713,266		(164,266,081)		123,897,690		146,952,618
Net increase (decrease) in net assets		5,395,130		(227,510,796)		80,162,118		104,953,650
Net assets at beginning of period		495,198,416		722,709,212		897,970,829		793,017,179
Net assets at end of period	$	500,593,546	$	495,198,416	$	978,132,947	$	897,970,829

See accompanying Notes to Financial Statements.

268 / Semi-Annual Report September 2023

Metropolitan West Funds

Statements of Changes in Net Assets

	INVESTMENT GRADE CREDIT FUND				LOW DURATION BOND FUND
	SIX MONTHS ENDED   SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED MARCH 31, 2023		SIX MONTHS ENDED   SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED MARCH 31, 2023
Operations:
Net investment income	$	330,059	$	771,068	$	33,209,671	$	61,988,491
Net realized (loss) on investments		(373,300)		(742,145)		(25,250,614)		(90,474,634)
Net realized gain (loss) on futures contracts, foreign currency exchange contracts, foreign currency transactions, options and swaptions written and swap contracts		(29,178)		10,587		(4,411,340)		2,702,326
Net change in unrealized appreciation (depreciation) on investments		(164,241)		(300,238)		(9,824,656)		974,373
Net change in unrealized appreciation on futures contracts, foreign currency exchange contracts, foreign currency transactions, options and swaptions written and swap contracts		36,950		38,270		1,124,268		1,569,971
Net (decrease) in net assets resulting from operations		(199,710)		(222,458)		(5,152,671)		(23,239,473)
Distributions to Shareholders:
From net earnings
Class M		(100,716)		(193,447)		(4,742,215)		(11,675,128)
Class I		(233,303)		(576,495)		(28,737,633)		(50,784,593)
Administrative Class		—		—		(23)		(17,270)
From tax return of capital
Class M		—		(6,494)		—		—
Class I		—		(18,167)		—		—
Total Distributions		(334,019)		(794,603)		(33,479,871)		(62,476,991)
Capital Share Transactions:
Class M:
Proceeds from sale of shares		1,287,580		1,337,353		11,022,695		94,963,791
Shares issued in reinvestment of distributions		100,194		199,463		4,683,115		11,599,618
Cost of shares redeemed		(882,128)		(542,274)		(123,925,167)		(266,373,973)
Total Class M capital share transactions		505,646		994,542		(108,219,357)		(159,810,564)
Class I:
Proceeds from sale of shares		1,541,469		2,645,893		80,612,795		676,046,610
Shares issued in reinvestment of distributions		228,971		584,846		24,421,854		45,199,055
Cost of shares redeemed		(448,730)		(3,781,800)		(346,572,161)		(1,191,261,709)
Total Class I capital share transactions		1,321,710		(551,061)		(241,537,512)		(470,016,044)
Administrative Class:
Proceeds from sale of shares		—		—		10,044		341,423
Shares issued in reinvestment of distributions		—		—		20		16,180
Cost of shares redeemed		—		—		(716)		(1,987,464)
Total Administrative Class capital share transactions		—		—		9,348		(1,629,861)
Net increase (decrease) in net assets derived from capital share transactions		1,827,356		443,481		(349,747,521)		(631,456,469)
Net increase (decrease) in net assets		1,293,627		(573,580)		(388,380,063)		(717,172,933)
Net assets at beginning of period		10,325,546		10,899,126		1,778,144,550		2,495,317,483
Net assets at end of period	$	11,619,173	$	10,325,546	$	1,389,764,487	$	1,778,144,550

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 269

Metropolitan West Funds

Statements of Changes in Net Assets

	OPPORTUNISTIC HIGH INCOME CREDIT FUND				STRATEGIC INCOME FUND
	SIX MONTHS ENDED   SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED MARCH 31, 2023		SIX MONTHS ENDED   SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED MARCH 31, 2023
Operations:
Net investment income	$	78,720	$	266,498	$	2,607,194	$	3,476,991
Net realized (loss) on investments		(79,045)		(431,304)		(888,646)		(2,469,993)
Net realized gain (loss) on futures contracts, foreign currency exchange contracts, foreign currency transactions, options and swaptions written and swap contracts		(6,809)		(37,305)		96,882		501,888
Net change in unrealized appreciation (depreciation) on investments		34,952		(27,281)		(1,622,505)		(850,399)
Net change in unrealized appreciation (depreciation) on futures contracts, foreign currency exchange contracts, foreign currency transactions, options and swaptions written and swap contracts		(11,986)		17,597		247,155		28,320
Net increase (decrease) in net assets resulting from operations		15,832		(211,795)		440,080		686,807
Distributions to Shareholders:
From net earnings
Class M		(11,723)		(17,339)		(2,045,036)		(2,536,732)
Class I		(70,663)		(259,044)		(724,986)		(1,178,986)
From tax return of capital
Class M		—		(603)		—		—
Class I				(7,178)		—		—
Total Distributions		(82,386)		(284,164)		(2,770,022)		(3,715,718)
Capital Share Transactions:
Class M:
Proceeds from sale of shares		132,448		543,779		3,233,205		43,540,763
Shares issued in reinvestment of distributions		11,707		17,942		2,029,350		2,526,946
Cost of shares redeemed		(304,802)		(295,730)		(3,408,323)		(10,331,770)
Total Class M capital share transactions		(160,647)		265,991		1,854,232		35,735,939
Class I:
Proceeds from sale of shares		13,132		506,250		5,295,314		12,916,300
Shares issued in reinvestment of distributions		69,759		255,696		666,865		1,109,471
Cost of shares redeemed		(71,647)		(1,500,632)		(2,010,427)		(6,635,438)
Total Class I capital share transactions		11,244		(738,686)		3,951,752		7,390,333
Net increase (decrease) in net assets derived from capital share transactions		(149,403)		(472,695)		5,805,984		43,126,272
Net increase (decrease) in net assets		(215,957)		(968,654)		3,476,042		40,097,361
Net assets at beginning of period		2,072,690		3,041,344		66,220,661		26,123,300
Net assets at end of period	$	1,856,733	$	2,072,690	$	69,696,703	$	66,220,661

See accompanying Notes to Financial Statements.

270 / Semi-Annual Report September 2023

Metropolitan West Funds

Statements of Changes in Net Assets

	SUSTAINABLE  SECURITIZED FUND				TOTAL RETURN BOND FUND
	SIX MONTHS ENDED   SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED MARCH 31, 2023		SIX MONTHS ENDED   SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED MARCH 31, 2023
Operations:
Net investment income	$	146,790	$	281,087	$	1,322,428,476	$	2,141,648,942
Net realized (loss) on investments		(698,255)		(491,703)		(2,433,593,547)		(4,531,899,804)
Net realized gain (loss) on futures contracts, foreign currency exchange contracts, foreign currency transactions, options and swaptions written and swap contracts		(60,780)		13,099		(401,119,558)		(830,744,776)
Net change in unrealized appreciation (depreciation) on investments		339,891		(544,191)		(1,329,132,082)		(1,855,532,089)
Net change in unrealized appreciation (depreciation) on futures contracts, foreign currency exchange contracts, foreign currency transactions, options and swaptions written and swap contracts		(41,148)		(13,813)		(135,553,345)		495,422,606
Net (decrease) in net assets resulting from operations		(313,502)		(755,521)		(2,976,970,056)		(4,581,105,121)
Distributions to Shareholders:
Class M		(990)		(789)		(111,884,007)		(183,930,026)
Class I		(144,590)		(323,549)		(810,141,459)		(1,310,563,915)
Class I-2		—		—		(2,097,328)		(4,553,863)
Administrative Class		—		—		(28,033,937)		(48,358,996)
Plan Class		—		—		(378,212,519)		(622,261,058)
Total Distributions		(145,580)		(324,338)		(1,330,369,250)		(2,169,667,858)
Capital Share Transactions:
Class M:
Proceeds from sale of shares		28,693		41,210		522,858,546		3,495,653,899
Shares issued in reinvestment of distributions		985		789		110,829,747		182,610,816
Cost of shares redeemed		(22,168)		(5,381)		(2,026,766,927)		(2,967,490,699)
Total Class M capital share transactions		7,510		36,618		(1,393,078,634)		710,774,016
Class I:
Proceeds from sale of shares		553,228		2,980,028		4,640,623,081		10,638,504,466
Shares issued in reinvestment of distributions		143,649		318,619		725,963,050		1,180,906,284
Cost of shares redeemed		(1,739,009)		(4,515,723)		(4,868,433,493)		(16,232,632,010)
Total Class I capital share transactions		(1,042,132)		(1,217,076)		498,152,638		(4,413,221,260)
Class I-2:
Proceeds from sale of shares		—		—		17,266,080		76,304,739
Shares issued in reinvestment of distributions		—		—		2,065,003		4,553,247
Cost of shares redeemed		—		—		(28,267,602)		(132,967,258)
Total Class I-2 capital share transactions		—		—		(8,936,519)		(52,109,272)
Administrative Class:
Proceeds from sale of shares		—		—		136,118,928		293,651,286
Shares issued in reinvestment of distributions		—		—		27,213,899		47,629,092
Cost of shares redeemed		—		—		(331,318,645)		(573,634,236)
Total Administrative Class capital share transactions		—		—		(167,985,818)		(232,353,858)
Plan Class:
Proceeds from sale of shares		—		—		1,871,044,377		2,968,909,350
Shares issued in reinvestment of distributions		—		—		350,458,985		584,159,563
Cost of shares redeemed		—		—		(1,736,572,206)		(6,205,668,308)
Total Plan Class capital share transactions		—		—		484,931,156		(2,652,599,395)
Net (decrease) in net assets derived from capital share transactions		(1,034,622)		(1,180,458)		(586,917,177)		(6,639,509,769)
Net (decrease) in net assets		(1,493,704)		(2,260,317)		(4,894,256,483)		(13,390,282,748)
Net assets at beginning of period		8,410,848		10,671,165		64,116,546,463		77,506,829,211
Net assets at end of period	$	6,917,144	$	8,410,848	$	59,222,289,980	$	64,116,546,463

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 271

Metropolitan West Funds

Statements of Changes in Net Assets

	ULTRA SHORT BOND FUND				UNCONSTRAINED BOND FUND
	SIX MONTHS ENDED   SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED MARCH 31, 2023		SIX MONTHS ENDED   SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED MARCH 31, 2023
Operations:
Net investment income	$	2,289,988	$	3,035,558	$	90,440,646	$	164,181,166
Net realized (loss) on investments		(2,273,641)		(5,388,169)		(56,414,042)		(170,331,474)
Net realized gain on futures contracts, foreign currency exchange contracts, foreign currency transactions, options and swaptions written and swap contracts		290,202		2,104,149		4,013,315		74,637,642
Net change in unrealized appreciation (depreciation) on investments		(70,723)		1,062,414		(59,569,732)		(160,704,924)
Net change in unrealized appreciation (depreciation) on futures contracts, foreign currency exchange contracts, foreign currency transactions, options and swaptions written and swap contracts		348,588		(645,153)		18,757,809		2,436,594
Net increase (decrease) in net assets resulting from operations		584,414		168,799		(2,772,004)		(89,780,996)
Distributions to Shareholders:
Class M		(335,137)		(638,279)		(5,087,581)		(9,125,883)
Class I		(1,954,347)		(2,405,102)		(76,578,164)		(145,485,600)
Plan Class		—		—		(12,635,790)		(16,733,784)
Total Distributions		(2,289,484)		(3,043,381)		(94,301,535)		(171,345,267)
Capital Share Transactions:
Class M:
Proceeds from sale of shares		469,232		3,375,187		7,902,842		28,256,559
Shares issued in reinvestment of distributions		320,159		622,331		4,994,973		9,026,236
Cost of shares redeemed		(6,516,779)		(22,824,795)		(17,376,265)		(77,734,166)
Total Class M capital share transactions		(5,727,388)		(18,827,277)		(4,478,450)		(40,451,371)
Class I:
Proceeds from sale of shares		6,698,888		64,753,429		280,475,588		1,024,325,769
Shares issued in reinvestment of distributions		1,946,932		2,403,227		54,478,841		106,577,781
Cost of shares redeemed		(63,375,794)		(121,342,857)		(515,344,497)		(2,197,064,956)
Total Class I capital share transactions		(54,729,974)		(54,186,201)		(180,390,068)		(1,066,161,406)
Plan Class:
Proceeds from sale of shares		—		—		26,801,375		243,626,742
Shares issued in reinvestment of distributions		—		—		12,560,706		16,733,248
Cost of shares redeemed		—		—		(2,429,996)		(11,237,412)
Total Plan Class capital share transactions		—		—		36,932,085		249,122,578
Net (decrease) in net assets derived from capital share transactions		(60,457,362)		(73,013,478)		(147,936,433)		(857,490,199)
Net (decrease) in net assets		(62,162,432)		(75,888,060)		(245,009,972)		(1,118,616,462)
Net assets at beginning of period		121,847,188		197,735,248		2,865,531,040		3,984,147,502
Net assets at end of period	$	59,684,756	$	121,847,188	$	2,620,521,068	$	2,865,531,040

See accompanying Notes to Financial Statements.

272 / Semi-Annual Report September 2023

Metropolitan West Funds

Financial Highlights

	ALPHATRAK 500 FUND CLASS M
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)				YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				YEAR ENDED MARCH 31, 2021				YEAR ENDED MARCH 31, 2020				YEAR ENDED MARCH 31, 2019
Net Asset Value, Beginning of Period		$	9.87			$	11.48			$	13.26			$	8.89			$	10.73			$	9.98
Income from Investment Operations:
Net investment income1			0.23				0.27				0.11				0.18				0.31				0.22
Net realized and unrealized gain (loss)			0.16				(1.42	)			1.81				5.14				(1.14	)			0.76
Total Income (Loss) from Investment Operations			0.39				(1.15	)			1.92				5.32				(0.83	)			0.98
Less Distributions:
From net investment income			(0.22	)			(0.27	)			(0.12	)			(0.20	)			(0.30	)			(0.23	)
From net capital gains			—				(0.19	)			(3.58	)			(0.75	)			(0.71	)			—
Total Distributions			(0.22	)			(0.46	)			(3.70	)			(0.95	)			(1.01	)			(0.23	)
Net Asset Value, End of Period		$	10.04			$	9.87			$	11.48			$	13.26			$	8.89			$	10.73
Total Return			3.91	%2			(9.77	)%			13.35	%			60.83	%			(9.36	)%			9.93	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	28,617			$	28,961			$	45,102			$	36,770			$	29,066			$	21,202
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			1.26	%3			1.28	%			0.83	%4			1.26	%			1.04	%			1.39	%
After expense waivers and reimbursements			0.45	%3			0.45	%			0.83	%			0.90	%			0.90	%			0.90	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			4.52	%3			2.70	%			0.78	%			1.57	%			2.80	%			2.15	%
Portfolio Turnover Rate			106	%2			166	%			94	%			60	%			89	%			140	%

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

⁴  Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 0.66%.

See accompanying Notes to Financial Statements.

273 / Semi-Annual Report September 2023

Metropolitan West Funds

Financial Highlights

	CORPORATE BOND FUND CLASS M*
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)				YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				YEAR ENDED MARCH 31, 2021				YEAR ENDED MARCH 31, 2020				PERIOD ENDED MARCH 31, 2019
Net Asset Value, Beginning of Period		$	9.03			$	9.89			$	10.65			$	10.32			$	10.31			$	10.00
Income from Investment Operations:
Net investment income1			0.16				0.26				0.22				0.28				0.88				0.41
Net realized and unrealized gain (loss)			(0.55	)			(0.86	)			(0.69	)			0.50				0.06				0.34
Total Income (Loss) from Investment Operations			(0.39	)			(0.60	)			(0.47	)			0.78				0.94				0.75
Less Distributions:
From net investment income			(0.16	)			(0.26	)			(0.22	)			(0.40	)			(0.86	)			(0.41	)
From net capital gains			—				—				(0.07	)			(0.05	)			(0.07	)			(0.03	)
Total Distributions			(0.16	)			(0.26	)			(0.29	)			(0.45	)			(0.93	)			(0.44	)
Net Asset Value, End of Period		$	8.48			$	9.03			$	9.89			$	10.65			$	10.32			$	10.31
Total Return			(4.39	)%2			(6.02	)%			(4.67	)%			7.55	%			9.19	%			7.75	%2
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	2,917			$	4,296			$	5,622			$	8,190			$	876			$	803
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			4.73	%3			3.93	%			2.73	%			3.16	%			8.55	%			9.81	%3
After expense waivers and reimbursements			0.75	%3			0.75	%			0.75	%			0.75	%			0.75	%			0.75	%3
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			3.59	%3			2.87	%			2.01	%			2.54	%			8.31	%			5.47	%3
Portfolio Turnover Rate			67	%2			124	%			148	%			84	%			65	%			159	%2

* The Corporate Bond Fund Class M Shares commenced operations on June 29, 2018.

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 274

Metropolitan West Funds

Financial Highlights

	CORPORATE BOND FUND CLASS I*
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)				YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				YEAR ENDED MARCH 31, 2021				YEAR ENDED MARCH 31, 2020				PERIOD ENDED MARCH 31, 2019
Net Asset Value, Beginning of Period		$	9.03			$	9.89			$	10.65			$	10.32			$	10.31			$	10.00
Income from Investment Operations:
Net investment income1			0.17				0.28				0.24				0.40				0.91				0.43
Net realized and unrealized gain (loss)			(0.55	)			(0.86	)			(0.69	)			0.41				0.06				0.34
Total Income (Loss) from Investment Operations			(0.38	)			(0.58	)			(0.45	)			0.81				0.97				0.77
Less Distributions:
From net investment income			(0.17	)			(0.28	)			(0.24	)			(0.43	)			(0.89	)			(0.43	)
From net capital gains			—				—				(0.07	)			(0.05	)			(0.07	)			(0.03	)
Total Distributions			(0.17	)			(0.28	)			(0.31	)			(0.48	)			(0.96	)			(0.46	)
Net Asset Value, End of Period		$	8.48			$	9.03			$	9.89			$	10.65			$	10.32			$	10.31
Total Return			(4.27	)%2			(5.79	)%			(4.44	)%			7.81	%			9.46	%			7.95	%2
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	2,558			$	2,870			$	6,935			$	4,730			$	2,392			$	1,355
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			4.40	%3			3.39	%			2.40	%			3.54	%			8.30	%			9.56	%3
After expense waivers and reimbursements			0.50	%3			0.50	%			0.50	%			0.50	%			0.50	%			0.50	%3
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			3.85	%3			3.05	%			2.25	%			3.64	%			8.62	%			5.72	%3
Portfolio Turnover Rate			67	%2			124	%			148	%			84	%			65	%			159	%2

* The Corporate Bond Fund Class I Shares commenced operations on June 29, 2018.

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

See accompanying Notes to Financial Statements.

275 / Semi-Annual Report September 2023

Metropolitan West Funds

Financial Highlights

	FLEXIBLE INCOME FUND CLASS M*
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)				YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				YEAR ENDED MARCH 31, 2021				YEAR ENDED MARCH 31, 2020				PERIOD ENDED MARCH 31, 2019
Net Asset Value, Beginning of Period		$	7.89			$	8.75			$	9.86			$	9.82			$	10.79			$	10.00
Income from Investment Operations:
Net investment income1			0.32				0.68				0.88				0.69				1.86				0.23
Net realized and unrealized gain (loss)			(0.38	)			(0.83	)			(1.07	)			0.34				(0.85	)			0.79
Total Income (Loss) from Investment Operations			(0.06	)			(0.15	)			(0.19	)			1.03				1.01				1.02
Less Distributions:
From net investment income			(0.32	)			(0.71	)			(0.89	)			(0.97	)			(1.98	)			(0.23	)
From net capital gains			—				—				(0.03	)			(0.02	)			—				—
Total Distributions			(0.32	)			(0.71	)			(0.92	)			(0.99	)			(1.98	)			(0.23	)
Net Asset Value, End of Period		$	7.51			$	7.89			$	8.75			$	9.86			$	9.82			$	10.79
Total Return			(0.86	)%2			(1.50	)%			(2.30	)%			10.89	%			9.82	%			10.25	%2
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	48,698			$	49,027			$	31,941			$	21,174			$	1			$	1
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.95	%3			1.00	%			1.04	%			1.28	%			3.76	%			9.18	%3
After expense waivers and reimbursements			0.80	%3			0.80	%			0.80	%			0.80	%			0.80	%			0.80	%3
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			8.15	%3			8.53	%			9.33	%			7.01	%			17.64	%			6.76	%3
Portfolio Turnover Rate			135	%2			248	%			210	%			177	%			122	%			80	%2

* The Flexible Income Fund Class M Shares commenced operations on November 30, 2018.

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 276

Metropolitan West Funds

Financial Highlights

	FLEXIBLE INCOME FUND CLASS I*
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)				YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				YEAR ENDED MARCH 31, 2021				YEAR ENDED MARCH 31, 2020				PERIOD ENDED MARCH 31, 2019
Net Asset Value, Beginning of Period		$	7.89			$	8.75			$	9.86			$	9.82			$	10.78			$	10.00
Income from Investment Operations:
Net investment income1			0.33				0.70				0.91				0.73				1.90				0.24
Net realized and unrealized gain (loss)			(0.39	)			(0.83	)			(1.08	)			0.30				(0.85	)			0.78
Total Income (Loss) from Investment Operations			(0.06	)			(0.13	)			(0.17	)			1.03				1.05				1.02
Less Distributions:
From net investment income			(0.33	)			(0.73	)			(0.91	)			(0.97	)			(2.01	)			(0.24	)
From net capital gains			—				—				(0.03	)			(0.02	)			—				—
Total Distributions			(0.33	)			(0.73	)			(0.94	)			(0.99	)			(2.01	)			(0.24	)
Net Asset Value, End of Period		$	7.50			$	7.89			$	8.75			$	9.86			$	9.82			$	10.78
Total Return			(0.86	)%2			(1.25	)%			(2.05	)%			10.83	%			10.14	%			10.24	%2
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	285,317			$	281,372			$	177,717			$	158,834			$	8,934			$	5,435
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.69	%3			0.74	%			0.79	%			1.01	%			3.51	%			8.82	%3
After expense waivers and reimbursements			0.55	%3			0.55	%			0.55	%			0.55	%			0.55	%			0.55	%3
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			8.38	%3			8.78	%			9.55	%			7.41	%			18.14	%			7.16	%3
Portfolio Turnover Rate			135	%2			248	%			210	%			177	%			122	%			80	%2

* The Flexible Income Fund Class I Shares commenced operations on November 30, 2018.

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

See accompanying Notes to Financial Statements.

277 / Semi-Annual Report September 2023

Metropolitan West Funds

Financial Highlights

	FLOATING RATE INCOME FUND CLASS M
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)				YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				YEAR ENDED MARCH 31, 2021				YEAR ENDED MARCH 31, 2020				YEAR ENDED MARCH 31, 2019
Net Asset Value, Beginning of Period		$	9.29			$	9.79			$	9.95			$	8.98			$	9.90			$	10.06
Income from Investment Operations:
Net investment income1			0.40				0.56				0.31				0.30				0.42				0.42
Net realized and unrealized gain (loss)			0.11				(0.48	)			(0.16	)			0.97				(0.92	)			(0.15	)
Total Income (Loss) from Investment Operations			0.51				0.08				0.15				1.27				(0.50	)			0.27
Less Distributions:
From net investment income			(0.40	)			(0.58	)			(0.31	)			(0.30	)			(0.42	)			(0.43	)
Net Asset Value, End of Period		$	9.40			$	9.29			$	9.79			$	9.95			$	8.98			$	9.90
Total Return			5.62	%2			0.96	%			1.50	%			14.30	%			(5.36	)%			2.72	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	10,332			$	11,002			$	17,003			$	13,815			$	6,084			$	11,229
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			1.03	%3			1.02	%			1.00	%			0.99	%			1.00	%			1.03	%
After expense waivers and reimbursements			0.90	%3			0.90	%			0.90	%			0.90	%			0.90	%			0.90	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			8.58	%3			5.98	%			3.12	%			3.05	%			4.27	%			4.23	%
Portfolio Turnover Rate			27	%2			43	%			49	%			38	%			51	%			52	%

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 278

Metropolitan West Funds

Financial Highlights

	FLOATING RATE INCOME FUND CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)				YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				YEAR ENDED MARCH 31, 2021				YEAR ENDED MARCH 31, 2020				YEAR ENDED MARCH 31, 2019
Net Asset Value, Beginning of Period		$	9.29			$	9.78			$	9.95			$	8.98			$	9.90			$	10.05
Income from Investment Operations:
Net investment income1			0.41				0.58				0.33				0.32				0.44				0.45
Net realized and unrealized gain (loss)			0.11				(0.47	)			(0.17	)			0.97				(0.92	)			(0.15	)
Total Income (Loss) from Investment Operations			0.52				0.11				0.16				1.29				(0.48	)			0.30
Less Distributions:
From net investment income			(0.41	)			(0.60	)			(0.33	)			(0.32	)			(0.44	)			(0.45	)
Net Asset Value, End of Period		$	9.40			$	9.29			$	9.78			$	9.95			$	8.98			$	9.90
Total Return			5.72	%2			1.26	%			1.61	%			14.52	%			(5.17	)%			3.03	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	338,629			$	328,416			$	475,105			$	417,927			$	250,187			$	262,407
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.71	%3			0.70	%			0.69	%4			0.70	%5			0.70	%			0.71	%
After expense waivers and reimbursements			0.70	%3			0.70	%			0.69	%			0.70	%			0.70	%			0.70	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			8.77	%3			6.22	%			3.32	%			3.25	%			4.47	%			4.50	%
Portfolio Turnover Rate			27	%2			43	%			49	%			38	%			51	%			52	%

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

⁴  Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 0.69%.

⁵  Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 0.68%.

See accompanying Notes to Financial Statements.

279 / Semi-Annual Report September 2023

Metropolitan West Funds

Financial Highlights

	FLOATING RATE INCOME FUND PLAN CLASS*
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)				YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				PERIOD ENDED MARCH 31, 2021
Net Asset Value, Beginning of Period		$	9.27			$	9.78			$	9.95			$	9.97
Income from Investment Operations:
Net investment income1			0.40				0.59				0.35				0.05
Net realized and unrealized gain (loss)			0.09				(0.51	)			(0.18	)			(0.02	)
Total Income from Investment Operations			0.49				0.08				0.17				0.03
Less Distributions:
From net investment income			(0.39	)			(0.59	)			(0.34	)			(0.05	)
Net Asset Value, End of Period		$	9.37			$	9.27			$	9.78			$	9.95
Total Return			5.42	%2			1.00	%			1.76	%			1.31	%2
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	10			$	103	3		$	102	3		$	100	3
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.63	%4			0.15	%5			0.65	%			0.62	%4
After expense waivers and reimbursements			0.60	%4			0.15	%			0.60	%			0.56	%4
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			8.96	%4			6.32	%			3.53	%			3.15	%4
Portfolio Turnover Rate			27	%2			43	%			49	%			38	%2

* The Floating Rate Income Fund Plan Class Shares commenced operations on January 29, 2021.

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Represents the whole number without rounding to the 000s.

⁴  Annualized.

⁵  Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 0.10%.

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 280

Metropolitan West Funds

Financial Highlights

	HIGH YIELD BOND FUND CLASS M
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)				YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				YEAR ENDED MARCH 31, 2021				YEAR ENDED MARCH 31, 2020				YEAR ENDED MARCH 31, 20191
Net Asset Value, Beginning of Period		$	9.12			$	10.06			$	10.57			$	9.27			$	9.66			$	9.55
Income from Investment Operations:
Net investment income2			0.29				0.50				0.38				0.36				0.40				0.41
Net realized and unrealized gain (loss)			(0.20	)			(0.93	)			(0.51	)			1.31				(0.39	)			0.11
Total Income (Loss) from Investment Operations			0.09				(0.43	)			(0.13	)			1.67				0.01				0.52
Less Distributions:
From net investment income			(0.29	)			(0.51	)			(0.38	)			(0.37	)			(0.40	)			(0.41	)
Net Asset Value, End of Period		$	8.92			$	9.12			$	10.06			$	10.57			$	9.27			$	9.66
Total Return			1.09	%3			(4.20	)%			(1.30	)%			18.14	%			(0.06	)%			5.57	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	118,872			$	134,178			$	169,941			$	198,337			$	126,587			$	187,339
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.92	%4			0.91	%			0.90	%			0.91	%			0.93	%			0.92	%
After expense waivers and reimbursements			0.85	%4			0.85	%			0.85	%			0.85	%			0.85	%			0.85	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			6.36	%4			5.45	%			3.61	%			3.53	%			4.07	%			4.33	%
Portfolio Turnover Rate			33	%3			116	%			117	%			108	%			181	%			120	%

¹  Consolidated Financial Highlights.

²  Per share numbers have been calculated using the average share method.

³  Non-Annualized.

⁴  Annualized.

See accompanying Notes to Financial Statements.

281 / Semi-Annual Report September 2023

Metropolitan West Funds

Financial Highlights

	HIGH YIELD BOND FUND CLASS I
	SIX MONTHS ENDED SEPTEMBER  30,2023 (UNAUDITED)				YEAR ENDEDMARCH 31,2023				YEAR ENDED MARCH 31,2022				YEAR ENDED MARCH31, 2021				YEAR ENDED MARCH 31, 2020				YEAR ENDED MARCH 31,20191
Net Asset Value, Beginning of Period		$	9.12			$	10.05			$	10.57			$	9.26			$	9.65			$	9.55
Income from Investment Operations:
Net investment income2			0.30				0.52				0.41				0.39				0.42				0.44
Net realized and unrealized gain (loss)			(0.21	)			(0.92	)			(0.52	)			1.31				(0.39	)			0.09
Total Income (Loss) from Investment Operations			0.09				(0.40	)			(0.11	)			1.70				0.03				0.53
Less Distributions:
From net investment income			(0.30	)			(0.53	)			(0.41	)			(0.39	)			(0.42	)			(0.43	)
Net Asset Value, End of Period		$	8.91			$	9.12			$	10.05			$	10.57			$	9.26			$	9.65
Total Return			1.10	%3			(3.87	)%			(1.15	)%			18.56	%			0.19	%			5.72	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	381,722			$	361,021			$	552,768			$	572,082			$	289,352			$	293,241
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.61	%4			0.61	%			0.61	%			0.61	%			0.62	%			0.63	%
After expense waivers and reimbursements			0.60	%4			0.60	%			0.60	%			0.60	%			0.60	%			0.60	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			6.63	%4			5.67	%			3.88	%			3.77	%			4.33	%			4.58	%
Portfolio Turnover Rate			33	%3			116	%			117	%			108	%			181	%			120	%

¹  Consolidated Financial Highlights.

²  Per share numbers have been calculated using the average share method.

³  Non-Annualized.

⁴  Annualized.

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 282

Metropolitan West Funds

Financial Highlights

	INTERMEDIATE BOND FUND CLASS M
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)				YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				YEAR ENDED MARCH 31, 2021				YEAR ENDED MARCH 31, 2020				YEAR ENDED MARCH 31, 2019
Net Asset Value, Beginning of Period		$	9.57			$	10.10			$	10.74			$	10.65			$	10.37			$	10.21
Income from Investment Operations:
Net investment income1			0.19				0.29				0.11				0.13				0.26				0.25
Net realized and unrealized gain (loss)			(0.44	)			(0.53	)			(0.61	)			0.36				0.28				0.17
Total Income (Loss) from Investment Operations			(0.25	)			(0.24	)			(0.50	)			0.49				0.54				0.42
Less Distributions:
From net investment income			(0.19	)			(0.29	)			(0.11	)			(0.13	)			(0.26	)			(0.26	)
From net capital gains			—				—				(0.03	)			(0.27	)			—				—
Total Distributions			(0.19	)			(0 29	)			(0.14	)			(0.40	)			(0 26	)			(0 26	)
Net Asset Value, End of Period		$	9.13			$	9.57			$	10.10			$	10.74			$	10.65			$	10.37
Total Return			(2.66	)%2			(2.32	)%			(4.63	)%			4.63	%			5.27	%			4.15	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	18,392			$	21,053			$	24,746			$	36,452			$	33,836			$	35,343
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.72	%3			0.72	%			0.70	%			0.71	%			0.71	%			0.69	%
After expense waivers and reimbursements			0.70	%3			0.70	%			0.70	%			0.70	%			0.70	%			0.69	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			4.01	%3			3.00	%			1.04	%			1.22	%			2.49	%			2.49	%
Portfolio Turnover Rate			298	%2			516	%			399	%			372	%			393	%			277	%

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

See accompanying Notes to Financial Statements.

283 / Semi-Annual Report September 2023

Metropolitan West Funds

Financial Highlights

	INTERMEDIATE BOND FUND CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)				YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				YEAR ENDED MARCH 31, 2021				YEAR ENDED MARCH 31, 2020				YEAR ENDED MARCH 31, 2019
Net Asset Value, Beginning of Period		$	9.56			$	10.10			$	10.73			$	10.65			$	10.36			$	10.21
Income from Investment Operations:
Net investment income1			0.20				0.31				0.14				0.16				0.29				0.28
Net realized and unrealized gain (loss)			(0.43	)			(0.54	)			(0.60	)			0.35				0.28				0.15
Total Income (Loss) from Investment Operations			(0.23	)			(0.23	)			(0.46	)			0.51				0.57				0.43
Less Distributions:
From net investment income			(0.20	)			(0.31	)			(0.14	)			(0.16	)			(0.28	)			(0.28	)
From net capital gains			—				—				(0.03	)			(0.27	)			—				—
Total Distributions			(0 20	)			(0.31	)			(0.17	)			(0.43	)			(0.28	)			(0.28	)
Net Asset Value, End of Period		$	9.13			$	9.56			$	10.10			$	10.73			$	10.65			$	10.36
Total Return			(2.45	)%2			(2.22	)%			(4.33	)%			4.76	%			5.60	%			4.29	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	959,741			$	876,918			$	768,271			$	766,063			$	693,038			$	708,645
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.48	%3,4			0.49	%			0.47	%			0.48	%			0.48	%			0.47	%
After expense waivers and reimbursements			0.48	%3			0.49	%			0.47	%			0.48	%			0.48	%			0.47	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			4.25	%3			3.26	%			1.29	%			1.44	%			2.69	%			2.74	%
Portfolio Turnover Rate			298	%2			516	%			399	%			372	%			393	%			277	%

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

⁴  Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 0.48%.

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 284

Metropolitan West Funds

Financial Highlights

	INVESTMENT GRADE CREDIT FUND CLASS M*
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)				YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				YEAR ENDED MARCH 31, 2021				YEAR ENDED MARCH 31, 2020				PERIOD ENDED MARCH 31, 2019
Net Asset Value, Beginning of Period		$	7.82			$	8.70			$	9.67			$	9.65			$	10.31			$	10.00
Income from Investment Operations:
Net investment income1			0.23				0.63				0.45				0.59				1.05				0.55
Net realized and unrealized gain (loss)			(0.37	)			(0.84	)			(0.95	)			0.17				(0.55	)			0.33
Total Income (Loss) from Investment Operations			(0.14	)			(0.21	)			(0.50	)			0.76				0.50				0.88
Less Distributions:
From net investment income			(0.23	)			(0.65	)			(0.46	)			(0.63	)			(1.05	)			(0.55	)
From net capital gains			—				—				(0.01	)			(0.11	)			(0.11	)			(0.02	)
From tax return of capital			—				(0.02	)			—				—				—				—
Total Distributions			(0 23	)			(0.67	)			(0.47	)			(0.74	)			(1.16	)			(0.57	)
Net Asset Value, End of Period		$	7.45			$	7.82			$	8.70			$	9.67			$	9.65			$	10.31
Total Return			(1.80	)%2			(2.24	)%			(5.42	)%			7.97	%			4.80	%			9.02	%2
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	3,369			$	3,026			$	2,259			$	2,126			$	837			$	799
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			3.07	%3			3.90	%			2.16	%			2.93	%			3.86	%			4.78	%3
After expense waivers and reimbursements			0.70	%3			0.70	%			0.70	%			0.70	%			0.70	%			0.70	%3
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			5.97	%3			7.93	%			4.75	%			6.02	%			10.33	%			7.20	%3
Portfolio Turnover Rate			180	%2			231	%			345	%			92	%			76	%			199	%2

* The Investment Grade Credit Fund Class M Shares commenced operations on June 29, 2018.

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

See accompanying Notes to Financial Statements.

285 / Semi-Annual Report September 2023

Metropolitan West Funds

Financial Highlights

	INVESTMENT GRADE CREDIT FUND CLASS I*
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)				YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				YEAR ENDED MARCH 31, 2021				YEAR ENDED MARCH 31, 2020				PERIOD ENDED MARCH 31, 2019
Net Asset Value, Beginning of Period		$	7.82			$	8.70			$	9.67			$	9.65			$	10.31			$	10.00
Income from Investment Operations:
Net investment income1			0.24				0.67				0.45				0.65				1.07				0.55
Net realized and unrealized gain (loss)			(0.38	)			(0.86	)			(0.93	)			0.13				(0.55	)			0.34
Total Income (Loss) from Investment Operations			(0.14	)			(0.19	)			(0.48	)			0.78				0.52				0.89
Less Distributions:
From net investment income			(0.24	)			(0.67	)			(0.48	)			(0.65	)			(1.07	)			(0.56	)
From net capital gains			—				—				(0.01	)			(0.11	)			(0.11	)			(0.02	)
From tax return of capital			—				(0.02	)			—				—				—				—
Total Distributions			(0.24	)			(0.69	)			(0.49	)			(0.76	)			(1.18	)			(0.58	)
Net Asset Value, End of Period		$	7.44			$	7.82			$	8.70			$	9.67			$	9.65			$	10.31
Total Return			(1.83	)%2			(2.03	)%			(5.22	)%			8.20	%			5.02	%			9.20	%2
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	8,250			$	7,299			$	8,640			$	10,105			$	6,431			$	5,081
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			2.81	%3			3.62	%			1.87	%			2.68	%			3.61	%			4.53	%3
After expense waivers and reimbursements			0.49	%3			0.49	%			0.49	%			0.49	%			0.49	%			0.49	%3
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			6.19	%3			8.38	%			4.79	%			6.56	%			10.54	%			7.29	%3
Portfolio Turnover Rate			180	%2			231	%			345	%			92	%			76	%			199	%2

* The Investment Grade Credit Fund Class I Shares commenced operations on June 29, 2018.

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 286

Metropolitan West Funds

Financial Highlights

	LOW DURATION BOND FUND CLASS M
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)				YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				YEAR ENDED MARCH 31, 2021				YEAR ENDED MARCH 31, 2020				YEAR ENDED MARCH 31, 2019
Net Asset Value, Beginning of Period		$	8.30			$	8.57			$	8.88			$	8.65			$	8.68			$	8.63
Income from Investment Operations:
Net investment income1			0.16				0.22				0.08				0.11				0.20				0.20
Net realized and unrealized gain (loss)			(0.20	)			(0.26	)			(0.31	)			0.23				(0.03	)			0.05
Total Income (Loss) from Investment Operations			(0.04	)			(0.04	)			(0.23	)			0.34				0.17				0.25
Less Distributions:
From net investment income			(0.16	)			(0.23	)			(0.08	)			(0.11	)			(0.20	)			(0.20	)
From tax return of capital			—				—				—				—				—				(0.00	)2
Total Distributions			(0.16	)			(0.23	)			(0.08	)			(0.11	)			(0.20	)			(0.20	)
Net Asset Value, End of Period		$	8.10			$	8.30			$	8.57			$	8.88			$	8.65			$	8.68
Total Return			(0.43	)%3			(0.46	)%			(2.65	)%			3.91	%			1.93	%			2.93	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	185,079			$	298,833			$	474,682			$	445,538			$	449,701			$	580,434
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.64	%4			0.63	%			0.62	%			0.62	%			0.62	%			0.62	%
After expense waivers and reimbursements			0.63	%4			0.63	%			0.62	%			0.62	%			0.62	%			0.62	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			3.96	%4			2.66	%			0.87	%			1.22	%			2.32	%			2.29	%
Portfolio Turnover Rate			193	%3			450	%			347	%			256	%			233	%			174	%

¹  Per share numbers have been calculated using the average share method.

²  Amount is greater than $(0.005) per share.

³  Non-Annualized.

⁴  Annualized.

See accompanying Notes to Financial Statements.

287 / Semi-Annual Report September 2023

Metropolitan West Funds

Financial Highlights

	LOW DURATION BOND FUND CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)				YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				YEAR ENDED MARCH 31, 2021				YEAR ENDED MARCH 31, 2020				YEAR ENDED MARCH 31, 2019
Net Asset Value, Beginning of Period		$	8.30			$	8.58			$	8.88			$	8.65			$	8.68			$	8.64
Income from Investment Operations:
Net investment income1			0.17				0.24				0.09				0.12				0.22				0.22
Net realized and unrealized gain (loss)			(0.20	)			(0.28	)			(0.30	)			0.24				(0.03	)			0.04
Total Income (Loss) from Investment Operations			(0.03	)			(0.04	)			(0.21	)			0.36				0.19				0.26
Less Distributions:
From net investment income			(0.17	)			(0.24	)			(0.09	)			(0.13	)			(0.22	)			(0.22	)
From tax return of capital			—				—				—				—				—				(0.00	)2
Total Distributions			(0.17	)			(0.24	)			(0 09	)			(0.13	)			(0 22	)			(0.22	)
Net Asset Value, End of Period		$	8.10			$	8.30			$	8.58			$	8.88			$	8.65			$	8.68
Total Return			(0.33	)%3			(0.37	)%			(2.34	)%			4.12	%			2.14	%			3.03	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	1,204,675			$	1,479,311			$	2,018,926			$	2,034,540			$	1,456,456			$	1,578,279
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.43	%4			0.42	%			0.41	%			0.42	%			0.42	%			0.41	%
After expense waivers and reimbursements			0.43	%4			0.42	%			0.41	%			0.42	%			0.42	%			0.41	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			4.17	%4			2.85	%			1.07	%			1.39	%			2.51	%			2.53	%
Portfolio Turnover Rate			193	%3			450	%			347	%			256	%			233	%			174	%

¹  Per share numbers have been calculated using the average share method.

²  Amount is greater than $(0.005) per share.

³  Non-Annualized.

⁴  Annualized.

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 288

Metropolitan West Funds

Financial Highlights

	LOW DURATION BOND FUND ADMINISTRATIVE CLASS
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)				YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				YEAR ENDED MARCH 31, 2021				YEAR ENDED MARCH 31, 2020				YEAR ENDED MARCH 31, 2019
Net Asset Value, Beginning of Period		$	10.73			$	11.08			$	11.48			$	11.18			$	11.21			$	11.16
Income from Investment Operations:
Net investment income1			0.21				0.22				0.09				0.13				0.26				0.23
Net realized and unrealized gain (loss)			(0.27	)			(0.28	)			(0.40	)			0.30				(0.05	)			0.06
Total Income (Loss) from Investment Operations			(0.06	)			(0.06	)			(0.31	)			0.43				0.21				0.29
Less Distributions:
From net investment income			(0.21	)			(0.29	)			(0.09	)			(0.13	)			(0.24	)			(0.24	)
From tax return of capital			—				—				—				—				—				(0.00	)2
Total Distributions			(0.21	)			(0 29	)			(0 09	)			(0.13	)			(0 24	)			(0.24	)
Net Asset Value, End of Period		$	10.46			$	10.73			$	11.08			$	11.48			$	11.18			$	11.21
Total Return			(0.44	)%3			(0.48	)%			(2.74	)%			3.83	%			1.90	%			2.68	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	10			$	776	4		$	1,709			$	88			$	94			$	415
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.70	%5			0.72	%			0.72	%			0.73	%			0.72	%			0.72	%
After expense waivers and reimbursements			0.70	%5			0.72	%			0.72	%			0.73	%			0.72	%			0.72	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			4.11	%5			2.05	%			0.80	%			1.11	%			2.27	%			2.02	%
Portfolio Turnover Rate			193	%3			450	%			347	%			256	%			233	%			174	%

¹  Per share numbers have been calculated using the average share method.

²  Amount is greater than $(0.005) per share.

³  Non-Annualized.

⁴  Represents the whole number without rounding to the 000s.

⁵  Annualized.

See accompanying Notes to Financial Statements.

289 / Semi-Annual Report September 2023

Metropolitan West Funds

Financial Highlights

	OPPORTUNISTIC HIGH INCOME CREDIT FUND CLASS M*
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)				YEAR ENDED MARCH 31, 2023				PERIOD ENDED MARCH 31, 2022
Net Asset Value, Beginning of Period		$	7.55			$	8.99			$	10.00
Income from Investment Operations:
Net investment income1			0.28				0.55				0.88
Net realized and unrealized loss			(0.21	)			(1.25	)			(1.07	)
Total Income (Loss) from Investment Operations			0.07				(0.70	)			(0.19	)
Less Distributions:
From net investment income			(0.30	)			(0.72	)			(0.76	)
From net capital gains			—				—				(0.06	)
From tax return of capital			—				(0.02	)			—
Total Distributions			(0 30	)			(0.74	)			(0.82	)
Net Asset Value, End of Period		$	7.32			$	7.55			$	8.99
Total Return			0.88	%2			(7.74	)%			(2.09	)%2
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	143			$	314			$	70
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			12.67	%3			10.77	%			5.78	%3
After expense waivers and reimbursements			0.85	%3			0.85	%			0.85	%3
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			7.57	%3			7.26	%			14.30	%3
Portfolio Turnover Rate			24	%2			131	%			104	%2

* The Opportunistic High Income Credit Fund Class M Shares commenced operations on August 2, 2021.

¹  Per share numbers have been calculated using the average share method.

² Non-Annualized.

³  Annualized.

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 290

Metropolitan West Funds

Financial Highlights

	OPPORTUNISTIC HIGH INCOME CREDIT FUND CLASS I*
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)				YEAR ENDED MARCH 31, 2023				PERIOD ENDED MARCH 31, 2022
Net Asset Value, Beginning of Period		$	7.55			$	8.98			$	10.00
Income from Investment Operations:
Net investment income1			0.29				0.71				0.80
Net realized and unrealized loss			(0.23	)			(1.38	)			(0.98	)
Total Income (Loss) from Investment Operations			0.06				(0.67	)			(0.18	)
Less Distributions:
From net investment income			(0.30	)			(0.74	)			(0.78	)
From net capital gains			—				—				(0.06	)
From tax return of capital			—				(0.02	)			—
Total Distributions			(0 30	)			(0.76	)			(0.84	)
Net Asset Value, End of Period		$	7.31			$	7.55			$	8.98
Total Return			(0.98	)%2			(7.41	)%			(2.04	)%2
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	1,714			$	1,759			$	2,971
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			12.33	%3			8.88	%			5.42	%3
After expense waivers and reimbursements			0.60	%3			0.60	%			0.60	%3
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			7.73	%3			9.07	%			12.43	%3
Portfolio Turnover Rate			24	%2			131	%			104	%2

* The Opportunistic High Income Credit Fund Class I Shares commenced operations on August 2, 2021.

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

See accompanying Notes to Financial Statements.

291 / Semi-Annual Report September 2023

Metropolitan West Funds

Financial Highlights

	STRATEGIC INCOME FUND CLASS M
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)				YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				YEAR ENDED MARCH 31, 2021				YEAR ENDED MARCH 31, 2020				YEAR ENDED MARCH 31, 2019
Net Asset Value, Beginning of Period		$	6.24			$	6.89			$	7.83			$	7.29			$	7.89			$	7.99
Income from Investment Operations:
Net investment income1			0.23				0.51				0.73				0.47				0.31				0.32
Net realized and unrealized gain (loss)			(0.19	)			(0.54	)			(0.94	)			0.54				(0.60	)			(0.09	)
Total Income (Loss) from Investment Operations			0.04				(0.03	)			(0.21	)			1.01				(0.29	)			0.23
Less Distributions:
From net investment income			(0.25	)			(0.62	)			(0.73	)			(0.47	)			(0.31	)			(0.33	)
Net Asset Value, End of Period		$	6.03			$	6.24			$	6.89			$	7.83			$	7.29			$	7.89
Total Return			0.57	%2			(0.23	)%			(2.99	)%			14.14	%			(3.86	)%			3.01	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	50,810			$	50,681			$	16,813			$	15,471			$	10,413			$	17,908
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			1.53	%3			1.86	%			3.02	%			2.73	%			2.43	%			1.84	%4
After expense waivers and reimbursements			1.04	%3			1.04	%			1.04	%			2.28	%			2.35	%			1.84	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			7.52	%3			8.24	%			9.71	%			6.12	%			3.95	%			4.10	%
Portfolio Turnover Rate			101	%2			177	%			77	%			24	%			50	%			36	%

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

⁴  Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 1.67%.

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 292

Metropolitan West Funds

Financial Highlights

	STRATEGIC INCOME FUND CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)				YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				YEAR ENDED MARCH 31, 2021				YEAR ENDED MARCH 31, 2020				YEAR ENDED MARCH 31, 2019
Net Asset Value, Beginning of Period		$	6.24			$	6.89			$	7.83			$	7.29			$	7.89			$	7.98
Income from Investment Operations:
Net investment income1			0.24				0.57				0.76				0.46				0.33				0.35
Net realized and unrealized gain (loss)			(0.20	)			(0.59	)			(0.95	)			0.56				(0.60	)			(0.09	)
Total Income (Loss) from Investment Operations			0.04				(0.02	)			(0.19	)			1.02				(0.27	)			0.26
Less Distributions:
From net investment income			(0.25	)			(0.63	)			(0.75	)			(0.48	)			(0.33	)			(0.35	)
Net Asset Value, End of Period		$	6.03			$	6.24			$	6.89			$	7.83			$	7.29			$	7.89
Total Return			0.85	%2			–	%			(2.76	)%			14.19	%			(3.61	)%			3.41	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	18,887			$	15,540			$	9,310			$	9,799			$	48,252			$	67,310
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			1.26	%3			1.65	%			2.77	%			2.08	%4			2.20	%			1.53	%5
After expense waivers and reimbursements			0.80	%3			0.80	%			0.80	%			2.08	%			2.10	%			1.53	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			7.75	%3			9.08	%			10.06	%			5.92	%			4.23	%			4.45	%
Portfolio Turnover Rate			101	%2			177	%			77	%			24	%			50	%			36	%

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

⁴  Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 1.93%.

⁵  Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 1.41%.

See accompanying Notes to Financial Statements.

293 / Semi-Annual Report September 2023

Metropolitan West Funds

Financial Highlights

	SUSTAINABLE SECURITIZED FUND CLASS M*
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)				YEAR ENDED MARCH 31, 2023				PERIOD ENDED MARCH 31, 2022
Net Asset Value, Beginning of Period		$	8.45			$	9.36			$	10.00
Income from Investment Operations:
Net investment income1			0.16				0.21				0.05
Net realized and unrealized loss			(0.52	)			(0.88	)			(0.61	)
Total (Loss) from Investment Operations			(0.36	)			(0.67	)			(0.56	)
Less Distributions:
From net investment income			(0.15	)			(0.24	)			(0.08	)
Net Asset Value, End of Period		$	7.94			$	8.45			$	9.36
Total Return			(4.41	)%2			(7.15	)%			(5.60	)%2
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	55			$	50			$	16
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			3.89	%3			3.35	%			2.15	%3
After expense waivers and reimbursements			0.70	%3			0.70	%			0.79	%3
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			3.76	%3			2.43	%			0.97	%3
Portfolio Turnover Rate			152	%2			312	%			276	%2

^*  The Sustainable Securitized Fund Class M Shares commenced operations on October 1, 2021.

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 294

Metropolitan West Funds

Financial Highlights

	SUSTAINABLE SECURITIZED FUND CLASS I*
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)				YEAR ENDED MARCH 31, 2023				PERIOD ENDED MARCH 31, 2022
Net Asset Value, Beginning of Period		$	8.45			$	9.37			$	10.00
Income from Investment Operations:
Net investment income1			0.16				0.23				0.05
Net realized and unrealized loss			(0.51	)			(0.89	)			(0.63	)
Total (Loss) from Investment Operations			(0.35	)			(0.66	)			(0.58	)
Less Distributions:
From net investment income			(0.16	)			(0.26	)			(0.05	)
Net Asset Value, End of Period		$	7.94			$	8.45			$	9.37
Total Return			(4.19	)%2			(7.04	)%			(5.87	)%2
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	6,862			$	8,361			$	10,655
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			3.57	%3			2.93	%			1.80	%3
After expense waivers and reimbursements			0.49	%3			0.49	%			0.49	%3
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			3.87	%3			2.61	%			0.94	%3
Portfolio Turnover Rate			152	%2			312	%			276	%2

* The Sustainable Securitized Fund Class I Shares commenced operations on October 1, 2021.

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

See accompanying Notes to Financial Statements.

295 / Semi-Annual Report September 2023

Metropolitan West Funds

Financial Highlights

	TOTAL RETURN BOND FUND CLASS M
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)				YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				YEAR ENDED MARCH 31, 2021				YEAR ENDED MARCH 31, 2020				YEAR ENDED MARCH 31, 2019
Net Asset Value, Beginning of Period		$	9.28			$	10.19			$	10.82			$	11.12			$	10.64			$	10.46
Income from Investment Operations:
Net investment income1			0.18				0.28				0.13				0.15				0.26				0.28
Net realized and unrealized gain (loss)			(0.63	)			(0.91	)			(0.63	)			0.24				0.57				0.18
Total Income (Loss) from Investment Operations			(0.45	)			(0.63	)			(0.50	)			0.39				0.83				0.46
Less Distributions:
From net investment income			(0.18	)			(0.28	)			(0.13	)			(0.15	)			(0.26	)			(0.28	)
From net capital gains			—				—				(0.00	)2			(0.54	)			(0.09	)			—
Total Distributions			(0.18	)			(0.28	)			(0.13	)			(0.69	)			(0.35	)			(0.28	)
Net Asset Value, End of Period		$	8.65			$	9.28			$	10.19			$	10.82			$	11.12			$	10.64
Total Return			(4.89	)%3			(6.10	)%			(4.69	)%			3.31	%			7.93	%			4.49	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	4,685,005			$	6,442,440			$	6,213,223			$	7,154,434			$	8,979,527			$	9,560,056
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.68	%4			0.67	%			0.65	%			0.67	%			0.67	%			0.67	%
After expense waivers and reimbursements			0.68	%4			0.67	%			0.65	%			0.67	%			0.67	%			0.67	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			3.99	%4			3.04	%			1.17	%			1.28	%			2.38	%			2.68	%
Portfolio Turnover Rate			216	%3			426	%			467	%			470	%			405	%			255	%

¹  Per share numbers have been calculated using the average share method.

²  Amount is greater than $(0.005) per share.

³  Non-Annualized.

⁴  Annualized.

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 296

Metropolitan West Funds

Financial Highlights

	TOTAL RETURN BOND FUND CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)				YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				YEAR ENDED MARCH 31, 2021				YEAR ENDED MARCH 31, 2020				YEAR ENDED MARCH 31, 2019
Net Asset Value, Beginning of Period		$	9.28			$	10.18			$	10.82			$	11.12			$	10.64			$	10.46
Income from Investment Operations:
Net investment income1			0.19				0.30				0.15				0.17				0.28				0.30
Net realized and unrealized gain (loss)			(0.63	)			(0.90	)			(0.64	)			0.24				0.57				0.18
Total Income (Loss) from Investment Operations			(0.44	)			(0.60	)			(0.49	)			0.41				0.85				0.48
Less Distributions:
From net investment income			(0.19	)			(0.30	)			(0.15	)			(0.17	)			(0.28	)			(0.30	)
From net capital gains			—				—				(0.00	)2			(0.54	)			(0.09	)			—
Total Distributions			(0.19	)			(030	)			(0.15	)			(0.71	)			(0.37	)			(0.30	)
Net Asset Value, End of Period		$	8.65			$	9.28			$	10.18			$	10.82			$	11.12			$	10.64
Total Return			(4.78	)%3			(5.80	)%			(4.58	)%			3.54	%			8.16	%			4.72	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	36,264,868			$	38,399,347			$	46,961,971			$	52,980,073			$	46,086,494			$	40,927,700
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.45	%4			0.45	%			0.44	%			0.45	%			0.45	%			0.44	%
After expense waivers and reimbursements			0.45	%4			0.45	%			0.44	%			0.45	%			0.45	%			0.44	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			4.24	%4			3.19	%			1.38	%			1.49	%			2.60	%			2.91	%
Portfolio Turnover Rate			216	%3			426	%			467	%			470	%			405	%			255	%

¹  Per share numbers have been calculated using the average share method.

²  Amount is greater than $(0.005) per share.

³  Non-Annualized.

⁴  Annualized.

See accompanying Notes to Financial Statements.

297 / Semi-Annual Report September 2023

Metropolitan West Funds

Financial Highlights

	TOTAL RETURN BOND FUND CLASS I-2*
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)				YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				YEAR ENDED MARCH 31, 2021				PERIOD ENDED MARCH 31, 2020
Net Asset Value, Beginning of Period		$	9.28			$	10.18			$	10.82			$	11.12			$	11.48
Income from Investment Operations:
Net investment income1			0.19				0.29				0.14				0.15				0.02
Net realized and unrealized gain (loss)			(0.63	)			(0.89	)			(0.64	)			0.27				(0.36	)
Total Income (Loss) from Investment Operations			(0.44	)			(0.60	)			(0.50	)			0.42				(0.34	)
Less Distributions:
From net investment income			(0.19	)			(0.30	)			(0.14	)			(0.18	)			(0.02	)
From net capital gains			—				—				(0.00	)2			(0.54	)			—
Total Distributions			(0.19	)			(0.30	)			(0.14	)			(0.72	)			(0.02	)
Net Asset Value, End of Period		$	8.65			$	9.28			$	10.18			$	10.82			$	11.12
Total Return			(4.71	)%3			(5.87	)%			(4.65	)%			3.65	%			(2.93	)%3
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	86,296			$	102,076			$	170,455			$	116,857			$	97	4
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.52	%5			0.52	%			0.52	%			0.52	%			0.33	%5
After expense waivers and reimbursements			0.52	%5			0.52	%			0.52	%			0.52	%			0.33	%5
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			4.17	%5			3.06	%			1.33	%			1.32	%			3.49	%5
Portfolio Turnover Rate			216	%3			426	%			467	%			470	%			405	%3

* The Total Return Bond Fund Class I-2 Shares commenced operations on March 6, 2020.

¹  Per share numbers have been calculated using the average share method.

²  Amount is greater than $(0.005) per share.

³  Non-Annualized.

⁴  Represents the whole number without rounding to the 000s.

⁵  Annualized.

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 298

Metropolitan West Funds

Financial Highlights

	TOTAL RETURN BOND FUND ADMINISTRATIVE CLASS
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)				YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				YEAR ENDED MARCH 31, 2021				YEAR ENDED MARCH 31, 2020				YEAR ENDED MARCH 31, 2019
Net Asset Value, Beginning of Period		$	9.29			$	10.19			$	10.83			$	11.13			$	10.65			$	10.47
Income from Investment Operations:
Net investment income1			0.18				0.27				0.12				0.13				0.25				0.27
Net realized and unrealized gain (loss)			(0.63	)			(0.90	)			(0.65	)			0.24				0.57				0.18
Total Income (Loss) from Investment Operations			(0.45	)			(0.63	)			(0.53	)			0.37				0.82				0.45
Less Distributions:
From net investment income			(0.18	)			(0.27	)			(0.11	)			(0.13	)			(0.25	)			(0.27	)
From net capital gains			—				—				(0.00	)2			(0.54	)			(0.09	)			—
Total Distributions			(0.18	)			(0.27	)			(0.11	)			(0.67	)			(0.34	)			(0.27	)
Net Asset Value, End of Period		$	8.66			$	9.29			$	10.19			$	10.83			$	11.13			$	10.65
Total Return			(4.93	)%3			(6.10	)%			(4.89	)%			3.19	%			7.80	%			4.36	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	1,285,972			$	1,549,862			$	1,963,315			$	2,083,842			$	1,739,034			$	1,011,637
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.78	%4			0.78	%			0.77	%			0.78	%			0.78	%			0.78	%
After expense waivers and reimbursements			0.78	%4			0.78	%			0.77	%			0.78	%			0.78	%			0.78	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			3.89	%4			2.83	%			1.06	%			1.15	%			2.26	%			2.58	%
Portfolio Turnover Rate			216	%3			426	%			467	%			470	%			405	%			255	%

¹  Per share numbers have been calculated using the average share method.

²  Amount is greater than $(0.005) per share.

³  Non-Annualized.

⁴  Annualized.

See accompanying Notes to Financial Statements.

299 / Semi-Annual Report September 2023

Metropolitan West Funds

Financial Highlights

	TOTAL RETURN BOND FUND PLAN CLASS
		SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)			YEAR ENDED MARCH 31, 2023			YEAR ENDED MARCH 31, 2022			YEAR ENDED MARCH 31, 2021			YEAR ENDED MARCH 31, 2020			YEAR ENDED MARCH 31, 2019
Net Asset Value, Beginning of Period		$	8.70		$	9.55		$	10.15		$	10.46		$	10.01		$	9.84
Income from Investment Operations:
Net investment income1			0.18			0.29			0.15			0.17			0.28			0.29
Net realized and unrealized gain (loss)			(0.59	)		(0.85	)		(0.60	)		0.23			0.54			0.17
Total Income (Loss) from Investment Operations			(0.41	)		(0.56	)		(0.45	)		0.40			0.82			0.46
Less Distributions:
From net investment income			(0.18	)		(0.29	)		(0.15	)		(0.17	)		(0.28	)		(0.29	)
From net capital gains			—			—			(0.00	)2		(0.54	)		(0.09	)		—
Total Distributions			(0.18	)		(0.29	)		(0.15	)		(0.71	)		(0.37	)		(0.29	)
Net Asset Value, End of Period		$	8.11		$	8.70		$	9.55		$	10.15		$	10.46		$	10.01
Total Return			(4.74	)%3		(5.79	)%		(4.50	)%		3.65	%		8.29	%		4.80	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	16,900,151		$	17,622,821		$	22,197,865		$	24,605,977		$	23,822,841		$	20,611,577
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.37	%4		0.37	%		0.36	%		0.37	%		0.37	%		0.37	%
After expense waivers and reimbursements			0.37	%4		0.37	%		0.36	%		0.37	%		0.37	%		0.37	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			4.32	%4		3.26	%		1.47	%		1.57	%		2.67	%		3.00	%
Portfolio Turnover Rate			216	%3		426	%		467	%		470	%		405	%		255	%

¹  Per share numbers have been calculated using the average share method.

²  Amount is greater than $(0.005) per share.

³  Non-Annualized.

⁴  Annualized.

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 300

Metropolitan West Funds

Financial Highlights

	ULTRA SHORT BOND FUND CLASS M
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)				YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				YEAR ENDED MARCH 31, 2021				YEAR ENDED MARCH 31, 2020				YEAR ENDED MARCH 31, 2019
Net Asset Value, Beginning of Period		$	4.10			$	4.18			$	4.25			$	4.23			$	4.26			$	4.25
Income from Investment Operations:
Net investment income1			0.08				0.09				0.02				0.02				0.11				0.09
Net realized and unrealized gain (loss)			(0.07	)			(0.07	)			(0.07	)			0.02				(0.03	)			0.01
Total Income (Loss) from Investment Operations			0.01				0.02				(0.05	)			0.04				0.08				0.10
Less Distributions:
From net investment income			(0.08	)			(0.10	)			(0.02	)			(0.02	)			(0.11	)			(0.09	)
Net Asset Value, End of Period		$	4.03			$	4.10			$	4.18			$	4.25			$	4.23			$	4.26
Total Return			0.35	%2			0.49	%			(1.14	)%			1.03	%			1.85	%			2.37	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	13,999			$	19,995			$	39,477			$	61,925			$	28,355			$	34,376
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.79	%3			0.75	%			0.64	%			0.65	%			0.77	%			0.74	%
After expense waivers and reimbursements			0.50	%3			0.50	%			0.50	%			0.50	%			0.50	%			0.50	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			4.09	%3			2.24	%			0.49	%			0.49	%			2.53	%			2.08	%
Portfolio Turnover Rate			280	%2			479	%			336	%			210	%			303	%			172	%

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

See accompanying Notes to Financial Statements.

301 / Semi-Annual Report September 2023

Metropolitan West Funds

Financial Highlights

	ULTRA SHORT BOND FUND CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)				YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				YEAR ENDED MARCH 31, 2021				YEAR ENDED MARCH 31, 2020				YEAR ENDED MARCH 31, 2019
Net Asset Value, Beginning of Period		$	4.11			$	4.18			$	4.26			$	4.23			$	4.27			$	4.26
Income from Investment Operations:
Net investment income1			0.09				0.10				0.03				0.03				0.12				0.10
Net realized and unrealized gain (loss)			(0.07	)			(0.06	)			(0.08	)			0.03				(0.04	)			0.01
Total Income (Loss) from Investment Operations			0.02				0.04				(0.05	)			0.06				0.08				0.11
Less Distributions:
From net investment income			(0.09	)			(0.11	)			(0.03	)			(0.03	)			(0.12	)			(0.10	)
Net Asset Value, End of Period		$	4.04			$	4.11			$	4.18			$	4.26			$	4.23			$	4.27
Total Return			0.43	%2			0.90	%			(1.21	)%			1.43	%			1.78	%			2.53	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	45,686			$	101,852			$	158,258			$	181,248			$	76,340			$	68,020
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.62	%3			0.60	%			0.49	%			0.48	%			0.58	%			0.56	%
After expense waivers and reimbursements			0.34	%3			0.34	%			0.34	%			0.34	%			0.34	%			0.34	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			4.28	%3			2.40	%			0.66	%			0.67	%			2.70	%			2.27	%
Portfolio Turnover Rate			280	%2			479	%			336	%			210	%			303	%			172	%

¹ Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Annualized.

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 302

Metropolitan West Funds

Financial Highlights

	UNCONSTRAINED BOND FUND CLASS M
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)				YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				YEAR ENDED MARCH 31, 2021				YEAR ENDED MARCH 31, 2020				YEAR ENDED MARCH 31, 2019
Net Asset Value, Beginning of Period		$	10.41			$	11.17			$	11.96			$	11.12			$	11.80			$	11.83
Income from Investment Operations:
Net investment income1			0.32				0.51				0.30				0.30				0.42				0.41
Net realized and unrealized gain (loss)			(0.35	)			(0.74	)			(0.66	)			0.93				(0.69	)			(0.03	)
Total Income (Loss) from Investment Operations			(0.03	)			(0.23	)			(0.36	)			1.23				(0.27	)			0.38
Less Distributions:
From net investment income			(0.33	)			(0.53	)			(0.30	)			(0.30	)			(0.41	)			(0.41	)
From net capital gains			—				—				(0.13	)			(0.09	)			—				—
From tax return of capital			—				—				—				—				—				(0.00	)2
Total Distributions			(0.33	)			(0.53	)			(0.43	)			(0.39	)			(0.41	)			(0.41	)
Net Asset Value, End of Period		$	10.05			$	10.41			$	11.17			$	11.96			$	11.12			$	11.80
Total Return			(0.29	)%3			(1.93	)%			(3.15	)%			11.14	%			(2.47	)%			3.31	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	150,234			$	160,181			$	214,792			$	258,424			$	267,139			$	454,968
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			1.04	%4			1.04	%			1.02	%			1.03	%			1.03	%			1.03	%5
After expense waivers and reimbursements			1.04	%4			1.04	%			1.02	%			1.03	%			1.03	%			1.03	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			6.18	%4			4.81	%			2.50	%			2.56	%			3.49	%			3.46	%
Portfolio Turnover Rate			115	%3			223	%			182	%			165	%			85	%			43	%

¹  Per share numbers have been calculated using the average share method.

²  Amount is greater than $(0.005) per share.

³  Non-Annualized.

⁴  Annualized.

⁵  Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 0.99%.

See accompanying Notes to Financial Statements.

303 / Semi-Annual Report September 2023

Metropolitan West Funds

Financial Highlights

	UNCONSTRAINED BOND FUND CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)				YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				YEAR ENDED MARCH 31, 2021				YEAR ENDED MARCH 31, 2020				YEAR ENDED MARCH 31, 2019
Net Asset Value, Beginning of Period		$	10.40			$	11.16			$	11.95			$	11.12			$	11.79			$	11.82
Income from Investment Operations:
Net investment income1			0.33				0.53				0.33				0.33				0.44				0.44
Net realized and unrealized gain (loss)			(0.34	)			(0.73	)			(0.66	)			0.92				(0.67	)			(0.02	)
Total Income (Loss) from Investment Operations			(0.01	)			(0.20	)			(0.33	)			1.25				(0.23	)			0.42
Less Distributions:
From net investment income			(0.35	)			(0.56	)			(0.33	)			(0.33	)			(0.44	)			(0.45	)
From net capital gains			—				—				(0.13	)			(0.09	)			—				—
From tax return of capital			—				—				—				—				—				(0.00	)2
Total Distributions			(0.35	)			(0.56	)			(0.46	)			(0.42	)			(0.44	)			(0.45	)
Net Asset Value, End of Period		$	10.04			$	10.40			$	11.16			$	11.95			$	11.12			$	11.79
Total Return			(0.15	)%3			(1.65	)%			(2.88	)%			11.35	%			(2.11	)%			3.60	%
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	2,094,178			$	2,353,053			$	3,648,832			$	3,271,289			$	2,760,187			$	2,651,631
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.76	%4			0.76	%			0.74	%			0.75	%			0.75	%			0.75	%
After expense waivers and reimbursements			0.76	%4			0.76	%			0.74	%			0.75	%			0.75	%			0.75	%
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			6.46	%4			5.04	%			2.79	%			2.82	%			3.72	%			3.76	%
Portfolio Turnover Rate			115	%3			223	%			182	%			165	%			85	%			43	%

¹  Per share numbers have been calculated using the average share method.

²  Amount is greater than $(0.005) per share.

³  Non-Annualized.

⁴  Annualized.

See accompanying Notes to Financial Statements.

Semi-Annual Report September 2023 / 304

Metropolitan West Funds

Financial Highlights

	UNCONSTRAINED BOND FUND PLAN CLASS*
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)				YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				YEAR ENDED MARCH 31, 2021				PERIOD ENDED MARCH 31, 2020
Net Asset Value, Beginning of Period		$	10.40			$	11.15			$	11.94			$	11.11			$	11.96
Income from Investment Operations:
Net investment income1			0.34				0.56				0.34				0.34				0.03
Net realized and unrealized gain (loss)			(0.35	)			(0.74	)			(0.66	)			0.92				(0.85	)
Total Income (Loss) from Investment Operations			(0.01	)			(0.18	)			(0.32	)			1.26				(0.82	)
Less Distributions:
From net investment income			(0.35	)			(0.57	)			(0.34	)			(0.34	)			(0.03	)
From net capital gains			—				—				(0.13	)			(0.09	)			—
Total Distributions			(0.35	)			(0.57	)			(0.47	)			(0.43	)			(0.03	)
Net Asset Value, End of Period		$	10.04			$	10.40			$	11.15			$	11.94			$	11.11
Total Return			(0.12	)%2			(1.50	)%			(2.83	)%			11.44	%			(6.88	)%2
Ratios/Supplemental Data:
Net Assets, end of period (in thousands)		$	376,109			$	352,297			$	120,524			$	63,815			$	93	3
Ratio of Expenses to Average Net Assets
Before expense waivers and reimbursements			0.70	%4			0.70	%			0.69	%			0.69	%			0.68	%4
After expense waivers and reimbursements			0.70	%4			0.70	%			0.69	%			0.69	%			0.68	%4
Ratio of Net Investment Income to Average Net Assets
After expense waivers and reimbursements			6.54	%4			5.41	%			2.87	%			2.88	%			4.06	%4
Portfolio Turnover Rate			115	%2			223	%			182	%			165	%			85	%2

* The Unconstrained Bond Fund Plan Class Shares commenced operations on March 6, 2020.

¹  Per share numbers have been calculated using the average share method.

²  Non-Annualized.

³  Represents the whole number without rounding to the 000s.

⁴  Annualized.

See accompanying Notes to Financial Statements.

305 / Semi-Annual Report September 2023

Notes to Financial Statements

September 30, 2023 (Unaudited)

1. SUMMARY OF ORGANIZATION

The Metropolitan West Funds (the “Trust”) is an open-end management investment company organized as a Delaware statutory trust on December 9, 1996 and registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Metropolitan West Asset Management, LLC (the “Adviser”), a federally registered investment adviser, provides the Funds (as defined below) with investment management services. The Trust currently consists of fourteen separate portfolios (each a “Fund” and collectively, the “Funds”): Metropolitan West AlphaTrak 500 Fund (the “AlphaTrak 500 Fund”), Metropolitan West Corporate Bond Fund (the “Corporate Bond Fund”), Metropolitan West Flexible Income Fund (the “Flexible Income Fund”), Metropolitan West Floating Rate Income Fund (the “Floating Rate Income Fund”), Metropolitan West High Yield Bond Fund (the “High Yield Bond Fund”), Metropolitan West Intermediate Bond Fund (the “Intermediate Bond Fund”), Metropolitan West Investment Grade Credit Fund (the “Investment Grade Credit Fund”), Metropolitan West Low Duration Bond Fund (the “Low Duration Bond Fund”), Metropolitan West Opportunistic High Income Credit Fund (the “Opportunistic High Income Credit Fund”), Metropolitan West Strategic Income Fund (the “Strategic Income Fund”), Metropolitan West Sustainable Securitized Fund (the “Sustainable Securitized Fund”), Metropolitan West Total Return Bond Fund (the “Total Return Bond Fund”), Metropolitan West Ultra Short Bond Fund (the “Ultra Short Bond Fund”) and Metropolitan West Unconstrained Bond Fund (the “Unconstrained Bond Fund”). The AlphaTrak 500 Fund commenced investment operations on June 29, 1998 with Class M shares. The Corporate Bond Fund commenced investment operations on June 29, 2018 with Class M and Class I shares. The Flexible Income Fund commenced investment operations on November 30, 2018 with Class M and Class I shares. The Floating Rate Income Fund commenced investment operations on June 28, 2013 with Class M and Class I shares. The Plan Class was added on January 29, 2021. The High Yield Bond Fund commenced investment operations on September 30, 2002 with Class M shares. Class I was added on March 31, 2003. The Intermediate Bond Fund commenced investment operations on June 28, 2002 with the Class I shares. Class M was added on June 30, 2004. The Investment Grade Credit Fund commenced investment operations on June 29, 2018 with Class M and Class I shares. The Low Duration Bond Fund commenced investment operations on March 31, 1997 with the Class M shares. Class I was added on March 31, 2000, and the Administrative Class was added on September 22, 2009. The Opportunistic High Income Credit Fund commenced investment operations on August 2, 2021 with Class M and Class I shares. The Strategic Income Fund commenced investment operations on June 30, 2003 with Class M shares. Class I was added on March 31, 2004. The Sustainable Securitized Fund commenced investment operations on October 1, 2021 with Class M and Class I shares. The Total Return Bond Fund commenced investment operations on March 31, 1997 with the Class M shares. Class I was added on March 31, 2000; Class I-2 was added on March 6, 2020; Administrative Class was added on December 18, 2009; and the Plan Class added on July 31, 2011. The Ultra Short Bond Fund commenced investment operations on June 30, 2003 with the Class M shares. Class I was added on July 31, 2004. The Unconstrained Bond Fund commenced investment operations on September 30, 2011 with Class M and Class I shares; and the Plan Class was added on March 6, 2020. Each Fund is an investment company following the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 946, Financial Services – Investment Companies.

The AlphaTrak 500 Fund seeks to achieve a total return that exceeds the total return of the Standard & Poor’s 500 Index (the “S&P 500 Index”). The Fund combines non-leveraged investments in S&P 500 Index futures contracts and/or swaps or exchange-traded funds (ETFs) that track the S&P 500 Index with a diversified portfolio of fixed-income securities of varying maturities with a portfolio duration of up to three years. The Fund’s dollar-weighted average maturity is up to five years.

The Corporate Bond Fund seeks to maximize long-term total return, by investing, under normal circumstances, at least 80% of its assets, plus any borrowings for investment purposes, in a diversified portfolio of corporate debt instruments of varying maturities issued by U.S. and foreign corporations domiciled in developed market and emerging market countries. There is no limit on the weighted average maturity of the Fund’s portfolio, and the Fund’s average portfolio duration is expected, but not required, to vary from three to nine years.

The Flexible Income Fund seeks a high level of current income with a secondary objective of long-term capital appreciation by utilizing a flexible investment approach that allocates investments across a range of global investment opportunities related to credit, currencies and interest rates. There is no limit on the weighted average maturity of the Fund’s portfolio, and the Fund’s average portfolio duration is expected, but not required, to vary from zero to eight years.

The Floating Rate Income Fund seeks primarily to maximize current income with a secondary objective of long-term capital appreciation, by investing normally at least 80% of its net assets, plus any borrowings for investment purposes, in floating rate investments and in investments that are the economic equivalent of floating rate investments. The Fund’s portfolio securities may have any duration or maturity.

Semi-Annual Report September 2023 / 306

Notes to Financial Statements (Continued)

The High Yield Bond Fund seeks to maximize long-term total return consistent with preservation of capital. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in high yield bonds (commonly known as “junk bonds”). The remainder of the Fund’s net assets may be invested in investment grade securities rated by one of the nationally recognized statistical rating organizations or, if unrated, determined by the Adviser to be of comparable quality. The Fund’s portfolio duration is two to eight years. The Fund’s dollar-weighted average maturity is expected to range from two to fifteen years.

The Intermediate Bond Fund seeks to maximize current income, consistent with preservation of capital. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities it regards as bonds. The Fund’s portfolio duration is one to six years. The Fund’s dollar-weighted average maturity is expected to range from three to seven years.

The Investment Grade Credit Fund seeks to maximize long-term total return. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities and instruments it regards as bonds in the U.S and abroad, including emerging markets, and may purchase securities of varying maturities issued by domestic and foreign corporations and governments. There is no limit on the weighted average maturity of the Fund’s portfolio, and the Fund’s average portfolio duration is expected, but not required, to vary from two to eight years.

The Low Duration Bond Fund seeks to maximize current income, consistent with preservation of capital. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities it regards as bonds. The Fund’s portfolio duration is up to three years. The Fund’s dollar-weighted average maturity is expected to range from one to five years.

The Opportunistic High Income Credit Fund seeks to maximize total returns through a combination of current income and capital appreciation by investing at least 80% of its net assets in investments across a range of global investment opportunities related to income-generating credit securities, with an emphasis on higher volatility, lower-quality debt securities rated below investment grade, or unrated securities determined by the Adviser to be of comparable quality. There is no limit on the weighted average maturity of the Fund’s portfolio, and there is no limit on the Fund’s average portfolio duration.

The Strategic Income Fund seeks to maximize long-term total return without tracking any particular markets or indices. This Fund uses techniques intended to provide absolute (positive) returns in all markets by employing a strategy intended to produce high income while exploiting disparities or inefficiencies in markets. The Fund focuses on inefficiencies related to secured or asset-backed debt compared with unsecured and subordinated debt or equity of companies and issuers. Additionally, the Fund focuses on longer-term cyclical anomalies in the fixed income markets to both enhance yield and realize potential price appreciation. These anomalies include shifts in the portfolio’s duration, yield curve anomalies, and sector- and issue-specific dislocations.

The Sustainable Securitized Fund seeks to maximize current income and achieve above average long-term total return by investing, under normal circumstances, at least 80% of its net assets in debt securities issued by securitized vehicles and similar instruments that the Adviser believes satisfy one or more of its positive-screening environmental, social and governance (“ESG”) criteria to support sustainable initiatives. The Fund’s portfolio duration is two to eight years and the Fund’s dollar-weighted average maturity ranges from two to fifteen years.

The Total Return Bond Fund seeks to maximize long-term total return. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities it regards as bonds. The Fund’s portfolio duration is two to eight years. The Fund’s dollar-weighted average maturity is expected to range from two to fifteen years.

The Ultra Short Bond Fund seeks to maximize current income, consistent with preservation of capital. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities it regards as bonds. The Fund’s portfolio duration normally will remain within one year of its benchmark index. The Fund’s dollar-weighted average maturity normally exceeds one year.

The Unconstrained Bond Fund seeks to provide investors with positive long-term returns irrespective of general securities market conditions. The Fund intends to pursue its objective by utilizing a flexible investment approach that allocates investments across a range of global investment opportunities related to credit, currencies and interest rates. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities and instruments it regards as bonds in the U.S. and abroad, including emerging markets, and may purchase securities of varying maturities issued by domestic and foreign corporations and governments. There is no limit on the weighted average maturity of the Fund’s portfolio, and the average portfolio duration of the fixed-income portion of the Fund’s portfolio is expected to vary from negative three (-3) years to positive eight (8) years.

A more complete description of the objectives and strategies of each of the Funds can be found in the Prospectuses and the Statement of Additional Information, which can be obtained at www.tcw.com or by calling (800) 241-4671.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust:

307 / Semi-Annual Report September 2023

Notes to Financial Statements (Continued)

Net Asset Value:

The Net Asset Value (“NAV”) of each class of a Fund is determined by dividing the net assets attributable to each class of shares of the Fund by the number of issued and outstanding shares of the class of the Fund on each business day as of 4 p.m. ET.

Security Valuation:

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or the “Board of Trustees”) has designated the Adviser as the “valuation designee” with respect to the fair valuation of the Funds’ portfolio securities, subject to oversight by and periodic reporting to the Board. Fixed income securities for which market quotations are readily available were valued during the period at prices as provided by independent pricing vendors or broker quotes. The Funds received pricing information from independent pricing vendors selected and overseen by the valuation designee. Securities with a demand feature exercisable within one to seven days are valued at par. The Funds also use a benchmark pricing system to the extent vendors’ prices for their securities are either inaccurate (such as when the reported prices are different from recent known market transactions) or are not available from another pricing source. For a security priced using this system, the Adviser initially selects a proxy composed of a relevant security (e.g., U.S. Treasury Note) or benchmark (e.g., LIBOR) and a multiplier, divisor or margin that the Adviser believes would together best reflect changes in the market value of the security. The value of the security changes daily based on changes to the market price of the assigned benchmark. The benchmark pricing system is continuously reviewed by the Adviser and implemented according to the pricing policy reviewed by the Board. S&P 500 Index futures contracts are valued at the first sale price after 4 p.m. ET on the Chicago Mercantile Exchange. All other futures contracts are valued at the official settlement price of the exchange on which those securities are traded. Equity securities, including depository receipts, are valued at the last reported sale price or the market’s closing price on the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the average of the bid and ask prices. In cases where equity securities are traded on more than one exchange, the securities are valued on the exchange or market determined by the Adviser to be the broadest and most representative market, which may be either a securities exchange or the over-the-counter market. Equity options are valued at the average of the bid and ask prices. Securities and other assets that could not be valued as described above were valued at their fair value as determined by the Adviser in accordance with procedures approved by and under the general oversight of the Board.

Investments in registered open-ended investment companies, including those classified as money market funds, are valued based upon the reported NAV of such investments.

Fair value methods used by the Adviser included, but were not limited to, obtaining market quotations from secondary pricing services, broker-dealers, or widely used quotation systems. General factors considered in determining the fair value of securities include fundamental analytical data, the nature and duration of any restrictions on disposition of the securities, and an evaluation of the forces that influence the market in which the investments are purchased and sold. These securities are either categorized as Level 2 or 3 depending on the relevant inputs used. In the event that the security or asset could not be valued pursuant to one of the valuation methods used by the Adviser, the value of the security or asset was determined in good faith by the Adviser, as the valuation designee. When a Fund uses these fair valuation methods that use significant unobservable inputs to determine NAV, securities will be priced by a method that the Adviser believes accurately reflects fair value and are categorized as Level 3 of the fair value hierarchy. These methods may require subjective determinations about the value of a security. While the Funds’ policy is intended to result in a calculation of its NAV that fairly reflects security values as of the time of pricing, the Funds cannot guarantee that values determined by the Adviser would accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Funds may differ from the value that would be realized if the securities were sold.

Foreign Currency Translation:

The books and records of each Fund are maintained in U.S. dollars as follows: (1) foreign currency denominated securities and other assets and liabilities stated in foreign currencies are translated using the daily spot rate; and (2) purchases, sales, income and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions. The resultant exchange gains and losses are included in net realized or net unrealized gain (loss) in the Statements of Operations. Pursuant to U.S. federal income tax regulations, certain foreign exchange gains and losses included in realized and unrealized gains and losses are reclassified to ordinary income for federal income tax purposes.

Foreign Taxes:

The Funds may be subject to withholding taxes on income and capital gains imposed by certain countries in which they invest. The withholding tax on income is netted against the income accrued or received. Any reclaimable taxes are recorded as income. The withholding tax on realized or unrealized gain is recorded as a liability.

Semi-Annual Report September 2023 / 308

Notes to Financial Statements (Continued)

Securities and Derivatives Transactions and Investment Income:

Securities transactions are accounted for no later than the first NAV calculation on the first business day following the trade date. However, for financial reporting purposes, portfolio securities transactions are reported on the trade date. Cost is determined and gains and losses are based on the first-in, first-out method for both financial statement and federal income tax purposes. Dividend income is recorded on the ex-dividend date. Interest income is accrued daily. Discounts, including original issue discount, and premiums on securities are amortized using the effective interest method.

Distributions to Shareholders:

Distributions to shareholders are recorded on the ex-dividend date. The Funds (except the AlphaTrak 500 Fund) expect to declare dividends daily and pay them monthly to shareholders. The AlphaTrak 500 Fund expects to declare and pay dividends to shareholders quarterly. Distributions of net capital gains, if any, will be made at least annually. The Board may determine to declare and make distributions more or less frequently.

Federal Income Taxation:

It is each Fund’s policy to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income, including any net realized gain on investments, to its shareholders. Therefore, no federal income tax provision is required.

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions determined in accordance with tax regulations may differ in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences.

Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years (current and prior three tax years), and has concluded that no provision for federal income tax is required in the Funds’ financial statements. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three and four fiscal years, respectively.

As of and during the six months ended September 30, 2023, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year, the Funds did not incur any interest or penalties.

Cash and Cash Equivalents:

The Trust has defined cash and cash equivalents as cash which can be in interest-bearing accounts. The Funds also maintain cash in bank account deposits that, at times, may exceed federally insured limits. The Funds have not experienced any losses in any such accounts.

Use of Estimates:

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Fair Value Measurements:

Various inputs are used in determining the fair value of investments, which are as follows:

* Level 1 -	unadjusted quoted prices in active markets for identical securities
* Level 2 -	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
* Level 3 -	significant unobservable inputs that are not corroborated by observable market data

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

309 / Semi-Annual Report September 2023

Notes to Financial Statements (Continued)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized as Level 3.

In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Level 1, Level 2, or Level 3.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Asset-backed securities and mortgage-backed securities. The fair value of asset-backed securities and mortgage-backed securities is estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, establish a benchmark yield, and develop an estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche including, but not limited to, the prepayment speed assumptions and attributes of the collateral. To the extent the inputs are observable and timely, the values would be categorized as Level 2 of the fair value hierarchy; otherwise they would be categorized as Level 3.

Bank loans. The fair value of bank loans is estimated using recently executed transactions, market price quotations, credit/market events, and cross-asset pricing. Inputs are generally observable market inputs obtained from independent sources. Bank loans are generally categorized as Level 2 of the fair value hierarchy, unless key inputs are unobservable; they would then be categorized as Level 3.

Corporate bonds. The fair value of corporate bonds is estimated using recently executed transactions, market price quotations (where observable), bond spreads, or credit default swap spreads adjusted for any basis difference between cash and derivative instruments. Corporate bonds are generally categorized as Level 2 of the fair value hierarchy; in instances where prices, spreads, or any of the other aforementioned key inputs are unobservable, they are categorized as Level 3 of the hierarchy.

Credit default swaps. Credit default swaps are fair valued using pricing models that take into account, among other factors, information received from market makers and broker-dealers, default probabilities from index-specific credit spread curves, recovery rates, and cash flows. To the extent that these inputs are observable and timely, the fair values of credit default swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Equity securities. Securities such as common stocks and warrants are generally valued based on quoted prices from the applicable exchange. To the extent these securities are actively traded, valuation adjustments are not applied and they are categorized as Level 1 of the fair value hierarchy. Restricted securities issued by publicly held companies are valued at a discount to similar publicly traded securities and may be categorized as Level 2 of the fair value hierarchy to the extent that the discount is considered to be insignificant to the fair value measurement in its entirety; otherwise they may be categorized as Level 3. Restricted securities held in non-public entities are categorized as Level 3 of the fair value hierarchy because they trade infrequently, and therefore the inputs are unobservable.

Foreign currency contracts. The fair value of foreign currency contracts is derived from indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of broker-dealer quotations or by pricing service providers. Depending on the product and the terms of the transaction, the value of financial derivatives can be estimated by a pricing service provider using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as indices and exchange rates. Foreign currency contracts are categorized as Level 2 of the fair value hierarchy.

Futures contracts. Futures contracts and options on futures contracts are traded on commodity exchanges and are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to futures contracts, they are categorized as Level 1. To the extent that valuation adjustments are observable and timely, the fair values of futures contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Interest rate swaps. Interest rate swaps are fair valued using pricing models that are based on real-time intraday snap shots of relevant interest rate curves that are built using the most actively traded securities for a given maturity. The pricing models also incorporate cash and money market rates. In addition, market data pertaining to interest rate swaps are monitored regularly to ensure that interest rates are properly depicting the current market rate. To the extent that these inputs are observable and timely, the fair values of interest rate swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Semi-Annual Report September 2023 / 310

Notes to Financial Statements (Continued)

Money market funds. Money market funds are open-ended mutual funds that invest in short-term debt securities. To the extent that these funds are valued based upon the reported NAV, they are categorized as Level 1 of the fair value hierarchy.

Municipal bonds. Municipal bonds are fair valued based on pricing models that take into account, among other factors, information received from market makers and broker-dealers, current trades, bid-wanted lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield curves, and bond insurance. To the extent that these inputs are observable and timely, the fair values of municipal bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Options and Swaptions contracts. Exchange-listed options contracts are traded on securities exchanges and are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied, they are categorized as Level 1. If valuation adjustments are applied and such adjustments are observable and timely, the fair values of exchange-listed options contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3. Options and swaptions contracts traded over-the-counter (“OTC”) are fair valued based on pricing models and incorporate various inputs such as interest rates, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-the-money contracts based on a given strike price. To the extent that these inputs are observable and timely, the fair values of OTC options and swaptions contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Restricted securities. Restricted securities that are deemed to be both Rule 144A securities and illiquid, as well as restricted securities held in non-public entities, are categorized as Level 3 of the fair value hierarchy because they trade infrequently, and therefore the inputs are unobservable. Any other restricted securities are valued at a discount to similar publicly traded securities and may be categorized as Level 2 of the fair value hierarchy to the extent that the discount is considered to be insignificant to the fair value measurement in its entirety; otherwise they may be categorized as Level 3.

Short-term investments. Short-term investments (commercial paper and repurchase agreements) are valued using market price quotations, and are reflected as Level 2 of the fair value hierarchy.

Total return swaps. Total return swaps are fair valued using pricing models that take into account, among other factors, index spread curves, nominal values, modified duration values and cash flows. To the extent that these inputs are observable and timely, the fair values of total return swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

U.S. and Foreign government and agency securities. U.S. and Foreign government and agency securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. Some government securities are actively traded and transparent in the marketplace. As such, they can be categorized as Level 1. Other government and agencies securities are quoted based on similar securities and yields, and therefore would be categorized as Level 2.

As of September 30, 2023, Level 3 securities consist of certain asset-backed and mortgage-backed securities, bank loans, common stocks, corporate bonds and credit default swaps.

311 / Semi-Annual Report September 2023

Notes to Financial Statements (Continued)

The summary of inputs used to value each Fund’s investments and other financial instruments carried at fair value as of September 30, 2023 is as follows:

ALPHATRAK 500 FUND		LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Investments in Securities
Assets:
Short-Term Investments:
Money Market Funds	$	482,669	$	—	$	—	$	482,669
U.S. Treasury Bills		8,367,934		—		—		8,367,934
Long-Term Investments:
Asset-Backed Securities		—		4,996,828		—		4,996,828
Common Stock		—		—		17,315		17,315
Corporates		—		7,213,720		—		7,213,720
Mortgage-Backed Securities		—		8,235,390		25,152		8,260,542
Municipal Bonds		—		409,296		—		409,296
Mutual Funds		635,235		—		—		635,235
Rights		—		—		—		—
Other Financial Instruments*
Liabilities:
Equity contracts		(1,221,913)		—		—		(1,221,913)
Total	$	8,263,925	$	20,855,234	$	42,467	$	29,161,626
*Other financial instruments include futures. Equity contracts include futures.

CORPORATE BOND FUND		LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Investments in Securities
Assets:
Short-Term Investments:
Money Market Funds	$	97,538	$	—	$	—	$	97,538
Long-Term Investments:
Asset-Backed Securities		—		—		33,801		33,801
Corporates		—		4,631,924		—		4,631,924
Mortgage-Backed Securities		—		28,296		2,740		31,036
Municipal Bonds		—		119,398		—		119,398
U.S. Treasury Securities		522,456		67,975		—		590,431
Other Financial Instruments*
Assets:
Interest rate contracts		14,322		5,979		—		20,301
Liabilities:
Interest rate contracts		(12,600)		—		—		(12,600)
Total	$	621,716	$	4,853,572	$	36,541	$	5,511,829
*Other financial instruments include futures and swaps. Interest rate contracts include futures and swaps.

Semi-Annual Report September 2023 / 312

Notes to Financial Statements (Continued)

FLEXIBLE INCOME FUND		LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Investments in Securities
Assets:
Short-Term Investments:
Money Market Funds	$	10,158,569	$	—	$	—	$	10,158,569
U.S. Treasury Bills		49,008,404		—		—		49,008,404
Long-Term Investments:
Asset-Backed Securities		—		41,855,856		413,122		42,268,978
Bank Loans		—		14,437,403		—		14,437,403
Common Stock		240,720		—		247,587		488,307
Corporates		—		98,783,932		32,736		98,816,668
Foreign Government Obligations		—		5,943,582		—		5,943,582
Mortgage-Backed Securities		—		168,291,458		3,578,369		171,869,827
Municipal Bonds		—		647,453		—		647,453
Rights		—		—		—		—
U.S. Treasury Securities		15,610,015		2,035,156		—		17,645,171
Warrant		—		—		—		—
Other Financial Instruments*
Assets:
Foreign currency exchange contracts		—		250,817		—		250,817
Interest rate contracts		1,737,647		—		—		1,737,647
Liabilities:
Foreign currency exchange contracts		—		(1,250)		—		(1,250)
Interest rate contracts		(1,522,044)		—		—		(1,522,044)
Total	$	75,233,311	$	332,244,407	$	4,271,814	$	411,749,532
*Other financial instruments include foreign currency exchange contracts and futures. Interest rate contracts include futures.

FLOATING RATE INCOME FUND		LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Investments in Securities
Assets:
Short-Term Investments:
Money Market Funds	$	5,610,575	$	—	$	—	$	5,610,575
U.S. Treasury Bills		17,720,586		—		—		17,720,586
Long-Term Investments:
Asset-Backed Securities		—		1,655,420		—		1,655,420
Bank Loans		—		308,706,018		1,485,704		310,191,722
Common Stock		—		—		216,899		216,899
Corporates		—		14,918,743		—		14,918,743
Rights		—		—		—		—
Unfunded Commitments Appreciation		—		582		—		582
Warrant		—		—		—		—
Total	$	23,331,161	$	325,280,763	$	1,702,603	$	350,314,527

313 / Semi-Annual Report September 2023

Notes to Financial Statements (Continued)

HIGH YIELD BOND FUND		LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Investments in Securities
Assets:
Short-Term Investments:
Money Market Funds	$	3,151,168	$	—	$	—	$	3,151,168
U.S. Treasury Bills		29,106,081		—		—		29,106,081
Long-Term Investments:
Bank Loans		—		49,780,940		—		49,780,940
Common Stock		918,750		—		2,816,038		3,734,788
Corporates		—		406,075,137		—		406,075,137
Rights		—		—		—		—
U.S. Treasury Securities		3,955,745		—		—		3,955,745
Warrant		—		—		17		17
Other Financial Instruments*
Assets:
Credit contracts		—		36,211		—		36,211
Foreign currency exchange contracts		—		151,773		—		151,773
Interest rate contracts		196,267		—		—		196,267
Liabilities:
Foreign currency exchange contracts		—		(29,020)		—		(29,020)
Interest rate contracts		(505,177)		—		—		(505,177)
Total	$	36,822,834	$	456,015,041	$	2,816,055	$	495,653,930
*Other financial instruments include foreign currency exchange contracts, futures and swaps. Credit contracts include swaps. Interest rate contracts include futures.

INTERMEDIATE BOND FUND		LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Investments in Securities
Assets:
Short-Term Investments:
Money Market Funds	$	89,443,337	$	—	$	—	$	89,443,337
U.S. Treasury Bills		84,670,156		—		—		84,670,156
Long-Term Investments:
Asset-Backed Securities		—		43,707,396		1,727,601		45,434,997
Bank Loans		—		10,779,001		—		10,779,001
Common Stock		—		—		342,317		342,317
Corporates		—		268,737,954		—		268,737,954
Mortgage-Backed Securities		—		217,251,730		—		217,251,730
Municipal Bonds		—		7,829,420		—		7,829,420
Rights		—		—		—		—
U.S. Treasury Securities		409,852,702		12,053,174		—		421,905,876
Other Financial Instruments*
Assets:
Credit contracts		—		10,469		—		10,469
Foreign currency exchange contracts		—		741,112		—		741,112
Interest rate contracts		902,601		—		—		902,601
Liabilities:
Foreign currency exchange contracts		—		(2,499)		—		(2,499)
Interest rate contracts		(1,856,512)		—		—		(1,856,512)
Total	$	583,012,284	$	561,107,757	$	2,069,918	$	1,146,189,959
*Other financial instruments include foreign currency exchange contracts, futures and swaps. Credit contracts include swaps. Interest rate contracts include futures.

Semi-Annual Report September 2023 / 314

Notes to Financial Statements (Continued)

INVESTMENT GRADE CREDIT FUND		LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Investments in Securities
Assets:
Short-Term Investments:
Money Market Funds	$	957,350	$	—	$	—	$	957,350
U.S. Treasury Bills		445,469		—		—		445,469
Long-Term Investments:
Asset-Backed Securities		—		413,996		30,045		444,041
Corporates		—		6,633,186		—		6,633,186
Mortgage-Backed Securities		—		1,971,938		9,317		1,981,255
Municipal Bonds		—		390,696		—		390,696
U.S. Treasury Securities		2,444,594		88,213		—		2,532,807
Other Financial Instruments*
Assets:
Interest rate contracts		44,315		5,358		—		49,673
Liabilities:
Interest rate contracts		(17,952)		—		—		(17,952)
Total	$	3,873,776	$	9,503,387	$	39,362	$	13,416,525
*Other financial instruments include futures and swaps. Interest rate contracts include futures and swaps.

LOW DURATION BOND FUND		LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Investments in Securities
Assets:
Short-Term Investments:
Money Market Funds	$	142,254,060	$	—	$	—	$	142,254,060
U.S. Agency Discount Notes		—		38,301,586		—		38,301,586
U.S. Treasury Bills		21,650,029		—		—		21,650,029
Long-Term Investments:
Asset-Backed Securities		—		158,261,496		5,107,690		163,369,186
Bank Loans		—		29,715,502		—		29,715,502
Common Stock		—		—		—		—
Corporates		—		367,703,589		—		367,703,589
Mortgage-Backed Securities		—		788,187,370		3,217,532		791,404,902
Municipal Bonds		—		23,811,530		—		23,811,530
Purchased Swaptions		—		3		—		3
U.S. Treasury Securities		181,446,086		11,865,928		—		193,312,014
Other Financial Instruments*
Assets:
Credit contracts		—		31,044		—		31,044
Foreign currency exchange contracts		—		544,909		—		544,909
Interest rate contracts		6,463,982		—		—		6,463,982
Liabilities:
Interest rate contracts		(3,559,765)		(3)		—		(3,559,768)
Total	$	348,254,392	$	1,418,422,954	$	8,325,222	$	1,775,002,568
*Other financial instruments include foreign currency exchange contracts, futures, swaps and written swaptions. Credit contracts include swaps. Interest rate contracts include futures and written swaptions.

315 / Semi-Annual Report September 2023

Notes to Financial Statements (Continued)

OPPORTUNISTIC HIGH INCOME CREDIT FUND	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Investments in Securities
Assets:
Short-Term Investments:
Money Market Funds	$	7,915	$	—	$	—	$	7,915
U.S. Treasury Bills		70,332		—		—		70,332
Long-Term Investments:
Bank Loans		—		145,173		—		145,173
Common Stock		196,386		—		—		196,386
Corporates		—		1,143,965		—		1,143,965
Master Limited Partnerships		52,103		—		—		52,103
Mortgage-Backed Securities		—		200,479		11,271		211,750
Other Financial Instruments*
Assets:
Interest rate contracts		3,194		—		—		3,194
Liabilities:
Interest rate contracts		(4,181)		—		—		(4,181)
Total	$	325,749	$	1,489,617	$	11,271	$	1,826,637
*Other financial instruments include futures. Interest rate contracts include futures.
STRATEGIC INCOME FUND	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Investments in Securities
Assets:
Short-Term Investments:
Money Market Funds	$	2,414,294	$	—	$	—	$	2,414,294
U.S. Treasury Bills		10,214,149		—		—		10,214,149
Long-Term Investments:
Asset-Backed Securities		—		9,146,064		100,345		9,246,409
Common Stock		42,480		—		23,341		65,821
Corporates		—		19,261,245		—		19,261,245
Mortgage-Backed Securities		—		35,424,893		333,285		35,758,178
Municipal Bonds		—		92,667		—		92,667
Rights		—		—		—		—
U.S. Treasury Securities		2,184,367		420,599		—		2,604,966
Other Financial Instruments*
Assets:
Foreign currency exchange contracts		—		25,392		—		25,392
Interest rate contracts		267,441		12,190		—		279,631
Liabilities:
Interest rate contracts		(69,121)		—		—		(69,121)
Total	$	15,053,610	$	64,383,050	$	456,971	$	79,893,631
*Other financial instruments include foreign currency exchange contracts, futures and swaps. Interest rate contracts include futures and swaps.

Semi-Annual Report September 2023 / 316

Notes to Financial Statements (Continued)

SUSTAINABLE SECURITIZED FUND	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Investments in Securities
Assets:
Short-Term Investments:
Money Market Funds	$	275,393	$	—	$	—	$	275,393
Long-Term Investments:
Asset-Backed Securities		—		1,206,387		—		1,206,387
Mortgage-Backed Securities		—		6,325,828		—		6,325,828
U.S. Treasury Securities		403,688		—		—		403,688
Other Financial Instruments*
Assets:
Foreign currency exchange contracts		—		14,825		—		14,825
Liabilities:
Interest rate contracts		(37,226)		—		—		(37,226)
Total	$	641,855	$	7,547,040	$	—	$	8,188,895
*Other financial instruments include foreign currency exchange contracts and futures. Interest rate contracts include futures.
TOTAL RETURN BOND FUND	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Investments in Securities
Assets:
Short-Term Investments:
Money Market Funds	$	5,062,082,050	$	—	$	—	$	5,062,082,050
U.S. Agency Discount Notes		—		4,553,242,850		—		4,553,242,850
U.S. Treasury Bills		2,108,595,158		—		—		2,108,595,158
Long-Term Investments:
Asset-Backed Securities		—		3,089,676,696		55,951,326		3,145,628,022
Bank Loans		—		912,907,172		4,728,610		917,635,782
Common Stock		—		—		53,765,600		53,765,600
Corporates		—		16,460,664,626		2,666,067		16,463,330,693
Foreign Government Obligations		—		391,404,102		—		391,404,102
Mortgage-Backed Securities		—		30,751,710,480		370,169,279		31,121,879,759
Municipal Bonds		—		200,904,074		—		200,904,074
Rights		—		—		—		—
U.S. Treasury Securities		15,181,958,607		816,922,949		—		15,998,881,556
Other Financial Instruments*
Assets:
Credit contracts		—		549,872		—		549,872
Foreign currency exchange contracts		—		53,521,975		—		53,521,975
Interest rate contracts		24,388,207		43,342,240		—		67,730,447
Liabilities:
Foreign currency exchange contracts		—		(848,670)		—		(848,670)
Interest rate contracts		(124,320,935)		—		—		(124,320,935)
Reverse Repurchase Agreements		—		(1,912,187,500)		—		(1,912,187,500)
Total	$	22,252,703,087	$	55,361,810,866	$	487,280,882	$	78,101,794,835
*Other financial instruments include foreign currency exchange contracts, futures, reverse repurchase agreements and swaps. Credit contracts include swaps. Interest rate contracts include futures and swaps.

317 / Semi-Annual Report September 2023

Notes to Financial Statements (Continued)

ULTRA SHORT BOND FUND	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL
Investments in Securities
Assets:
Short-Term Investments:
Money Market Funds	$	4,252,519	$	—		$	—	$	4,252,519
U.S. Treasury Bills		8,292,690		—			—		8,292,690
Long-Term Investments:
Asset-Backed Securities		—		4,944,444			—		4,944,444
Corporates		—		14,255,122			—		14,255,122
Mortgage-Backed Securities		—		27,273,840			10,789		27,284,629
Municipal Bonds		—		202,089			—		202,089
U.S. Treasury Securities		8,388,798		1,997,498			—		10,386,296
Other Financial Instruments*
Assets:
Credit contracts		—		3,535			—		3,535
Foreign currency exchange contracts		—		28,638			—		28,638
Interest rate contracts		253,015		—			—		253,015
Liabilities:
Interest rate contracts		(76,984)		—			—		(76,984)
Total	$	21,110,038	$	48,705,166		$	10,789	$	69,825,993
*Other financial instruments include foreign currency exchange contracts, futures and swaps. Credit contracts include swaps. Interest rate contracts include futures.
UNCONSTRAINED BOND FUND	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL
Investments in Securities
Assets:
Short-Term Investments:
Money Market Funds	$	50,063,299	$	—		$	—	$	50,063,299
U.S. Treasury Bills		66,235,772		—			—		66,235,772
Long-Term Investments:
Asset-Backed Securities		—		377,065,464			10,386,648		387,452,112
Bank Loans		—		93,061,030			418,297		93,479,327
Common Stock		5,494,080		—			3,166,710		8,660,790
Corporates		—		728,840,942			576,603		729,417,545
Foreign Government Obligations		—		65,407,338			—		65,407,338
Mortgage-Backed Securities		—		1,712,276,635			7,032,996		1,719,309,631
Municipal Bonds		—		8,695,134			—		8,695,134
Rights		—		—			—		—
U.S. Treasury Securities		39,421,945		18,498,597			—		57,920,542
Other Financial Instruments*
Assets:
Credit contracts		—		93,994			—		93,994
Foreign currency exchange contracts		—		2,082,720			—		2,082,720
Interest rate contracts		17,138,218		1,646,951			—		18,785,169
Liabilities:
Foreign currency exchange contracts		—		(29,464	)		—		(29,464)
Interest rate contracts		(5,035,082)		—			—		(5,035,082)
Total	$	173,318,232	$	3,007,639,341		$	21,581,254	$	3,202,538,827

*Other financial instruments include foreign currency exchange contracts, futures and swaps. Credit contracts include swaps. Interest rate contracts include futures and swaps.

Certain securities held by the Funds are categorized as Level 3 investments. Their prices may be derived by utilizing unobservable prior transaction values or information from third party valuation services. The value of Level 3 investments could be significantly affected by changes in these unobservable inputs.

Semi-Annual Report September 2023 / 318

Notes to Financial Statements (Continued)

For the six months ended September 30, 2023, a reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following tables are a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

ALPHATRAK        500 FUND	COMMON STOCK			MORTGAGE- BACKED SECURITIES			TOTAL
Balance as of
April 1, 2023	$	20,072		$	29,904		$	49,976
Accrued discounts/premiums		—			(5,865	)		(5,865	)
Realized gain (loss)		—			—			—
Change in unrealized appreciation (depreciation)*		(2,778	)		1,113			(1,665	)
Purchases		21			—			21
Sales		—			—			—
Transfers into Level 3**		—			—			—
Transfers out of Level 3**		—			—			—
Balance as of
September 30, 2023	$	17,315		$	25,152		$	42,467

*The change in unrealized appreciation (depreciation) on securities still held at September 30, 2023 was $(1,665) and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.

**There were no transfers between level 2 and 3 for the period ended September 30, 2023.

CORPORATE BOND        FUND	ASSET-BACKED SECURITIES			MORTGAGE- BACKED SECURITIES			TOTAL
Balance as of
April 1, 2023	$	35,886		$	5,168		$	41,054
Accrued discounts/premiums		—			(1,216	)		(1,216	)
Realized gain (loss)		—			—			—
Change in unrealized (depreciation)*		(993	)		(1,212	)		(2,205	)
Purchases		—			—			—
Sales		(1,092	)		—			(1,092	)
Transfers into Level 3**		—			—			—
Transfers out of Level 3**		—			—			—
Balance as of
September 30, 2023	$	33,801		$	2,740		$	36,541

*The change in unrealized appreciation (depreciation) on securities still held at September 30, 2023 was $(2,205) and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.

**There were no transfers between level 2 and 3 for the period ended September 30, 2023.

319 / Semi-Annual Report September 2023

Notes to Financial Statements (Continued)

FLEXIBLE INCOME        FUND	ASSET-BACKED SECURITIES			COMMON STOCK			CORPORATES			MORTGAGE- BACKED SECURITIES			RIGHTS			TOTAL
Balance as of
April 1, 2023	$	438,609		$	286,780		$	69,795		$	3,404,250		$	—		$	4,199,434
Accrued discounts/premiums		—			—			—			(451,170	)		—			(451,170	)
Realized gain		—			—			—			128			—			128
Change in unrealized (depreciation)*		(12,140	)		(39,683	)		(37,059	)		(1,102,622	)		(12	)		(1,191,516	)
Purchases		—			490			—			1,744,818			12			1,745,320
Sales		(13,347	)		—			—			(17,035	)		—			(30,382	)
Transfers into Level 3**		—			—			—			—			—			—
Transfers out of Level 3**		—			—			—			—			—			—
Balance as of
September 30, 2023	$	413,122		$	247,587		$	32,736		$	3,578,369		$	—		$	4,271,814

*The change in unrealized appreciation (depreciation) on securities still held at September 30, 2023 was $(1,191,516) and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.

**There were no transfers between level 2 and 3 for the period ended September 30, 2023.

FLOATING RATE        INCOME FUND	BANK LOANS			COMMON STOCK			RIGHTS			TOTAL
Balance as of
April 1, 2023	$	2,042,197		$	251,212		$	—		$	2,293,409
Accrued discounts/premiums		10,392			—			—			10,392
Realized (loss)		(51,101	)		—			—			(51,101	)
Change in unrealized appreciation (depreciation)*		231,710			(34,760	)		(23	)		196,927
Purchases		—			447			23			470
Sales		(747,494	)		—			—			(747,494	)
Transfers into Level 3**		—			—			—			—
Transfers out of Level 3**		—			—			—			—
Balance as of
September 30, 2023	$	1,485,704		$	216,899		$	—		$	1,702,603

*The change in unrealized appreciation (depreciation) on securities still held at September 30, 2023 was $59,867 and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.

**There were no transfers between level 2 and 3 for the period ended September 30, 2023.

HIGH YIELD        BOND FUND	COMMON STOCK			CREDIT DEFAULT SWAPS			RIGHTS			WARRANT			TOTAL
Balance as of
April 1, 2023	$	3,261,310		$	20,044		$	—		$	23		$	3,281,377
Accrued discounts/premiums		—			(14,328	)		—			—			(14,328	)
Realized gain (loss)		—			—			—			—			—
Change in unrealized (depreciation)*		(451,257	)		(5,716	)		(334	)		(6	)		(457,313	)
Purchases		5,985			—			334			—			6,319
Sales		—			—			—			—			—
Transfers into Level 3**		—			—			—			—			—
Transfers out of Level 3**		—			—			—			—			—
Balance as of
September 30, 2023	$	2,816,038		$	—		$	—		$	17		$	2,816,055

*The change in unrealized appreciation (depreciation) on securities still held at September 30, 2023 was $(451,597) and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.

**There were no transfers between level 2 and 3 for the period ended September 30, 2023.

Semi-Annual Report September 2023 / 320

Notes to Financial Statements (Continued)

INTERMEDIATE BOND FUND		ASSET-BACKED SECURITIES			COMMON STOCK			CREDIT DEFAULT SWAPS			RIGHTS			TOTAL
Balance as of
April 1, 2023	$	1,834,181		$	396,474		$	20,902		$	—		$	2,251,557
Accrued discounts/premiums		—			—			(14,988	)		—			(14,988	)
Realized gain (loss)		—			—			—			—			—
Change in unrealized (depreciation)*		(50,763	)		(54,860	)		(5,914	)		(35	)		(111,572	)
Purchases		—			703			—			35			738
Sales		(55,817	)		—			—			—			(55,817	)
Transfers into Level 3**		—			—			—			—			—
Transfers out of Level 3**		—			—			—			—			—
Balance as of
September 30, 2023	$	1,727,601		$	342,317		$	—		$	—		$	2,069,918

*The change in unrealized appreciation (depreciation) on securities still held at September 30, 2023 was $(105,658) and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.

**There were no transfers between level 2 and 3 for the period ended September 30, 2023.

INVESTMENT GRADE CREDIT FUND		ASSET-BACKED SECURITIES			MORTGAGE- BACKED SECURITIES			TOTAL
Balance as of
April 1, 2023	$	31,899		$	17,682		$	49,581
Accrued discounts/premiums		—			(2,166	)		(2,166	)
Realized gain (loss)		—			—			—
Change in unrealized (depreciation)*		(883	)		(6,199	)		(7,082	)
Purchases		—			—			—
Sales		(971	)		—			(971	)
Transfers into Level 3**		—			—			—
Transfers out of Level 3**		—			—			—
Balance as of
September 30, 2023	$	30,045		$	9,317		$	39,362

*The change in unrealized appreciation (depreciation) on securities still held at September 30, 2023 was $(7,082) and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.

**There were no transfers between level 2 and 3 for the period ended September 30, 2023.

LOW DURATION BOND FUND		ASSET-BACKED SECURITIES			CREDIT DEFAULT SWAPS			MORTGAGE- BACKED SECURITIES			TOTAL
Balance as of
April 1, 2023	$	5,422,797		$	67,603		$	3,359,676		$	8,850,076
Accrued discounts/premiums		—			(48,325	)		(42,847	)		(91,172	)
Realized gain (loss)		—			—			—			—
Change in unrealized (depreciation)*		(150,084	)		(19,278	)		(99,297	)		(268,659	)
Purchases		—			—			—			—
Sales		(165,023	)		—			—			(165,023	)
Transfers into Level 3**		—			—			—			—
Transfers out of Level 3**		—			—			—			—
Balance as of
September 30, 2023	$	5,107,690		$	—		$	3,217,532		$	8,325,222

*The change in unrealized appreciation (depreciation) on securities still held at September 30, 2023 was $(249,381) and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.

**There were no transfers between level 2 and 3 for the period ended September 30, 2023.

321 / Semi-Annual Report September 2023

Notes to Financial Statements (Continued)

OPPORTUNISTIC HIGH INCOME     CREDIT FUND	MORTGAGE- BACKED SECURITIES		TOTAL
Balance as of
April 1, 2023	$	16,821	$	16,821
Accrued discounts/premiums		(2,452)		(2,452)
Realized gain (loss)		—		—
Change in unrealized (depreciation)*		(3,098)		(3,098)
Purchases		—		—
Sales		—		—
Transfers into Level 3**		—		—
Transfers out of Level 3**		—		—
Balance as of     September 30, 2023	$	11,271	$	11,271

*The change in unrealized appreciation (depreciation) on securities still held at September 30, 2023 was $(3,098) and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.

**There were no transfers between level 2 and 3 for the period ended September 30, 2023.

STRATEGIC     INCOME FUND		ASSET-BACKED SECURITIES			COMMON STOCK			MORTGAGE- BACKED SECURITIES			TOTAL
Balance as of
April 1, 2023	$	104,763		$	27,066		$	326,465		$	458,294
Accrued discounts/premiums		95			—			101,625			101,720
Realized gain		—			—			585			585
Change in unrealized (depreciation)*		(2,693	)		(3,746	)		(94,352	)		(100,791	)
Purchases		—			21			—			21
Sales		(1,820	)		—			(1,038	)		(2,858	)
Transfers into Level 3**		—			—			—			—
Transfers out of Level 3**		—			—			—			—
Balance as of
September 30, 2023	$	100,345		$	23,341		$	333,285		$	456,971

*The change in unrealized appreciation (depreciation) on securities still held at September 30, 2023 was $(100,791) and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.

**There were no transfers between level 2 and 3 for the period ended September 30, 2023.

TOTAL RETURN     BOND FUND	ASSET-BACKED SECURITIES			BANK LOANS			COMMON STOCK			CORPORATES			CREDIT DEFAULT SWAPS			MORTGAGE- BACKED SECURITIES			RIGHTS			TOTAL
Balance as of
April 1, 2023	$	25,670,562		$	4,371,966		$	62,266,334		$	2,954,705		$	201,952		$	379,572,729		$	—		$	475,038,248
Accrued discounts/premiums		(3,852,968	)		445			—			(9,451	)		(144,841	)		381,755			—			(3,625,060	)
Realized gain (loss)		—			—			—			(10,632	)		—			51,385			—			40,753
Change in unrealized appreciation (depreciation)*		2,473,590			(272,178	)		(8,615,562	)		(168,992	)		(57,111	)		(2,986,490	)		(6,492	)		(9,633,235	)
Purchases		32,441,332			628,377			114,828			—			—			—			6,492			33,191,029
Sales		(781,190	)		—			—			(99,563	)		—			(6,850,100	)		—			(7,730,853	)
Transfers into Level 3**		—			—			—			—			—			—			—			—
Transfers out of Level 3**		—			—			—			—			—			—			—			—
Balance as of     September 30, 2023	$	55,951,326		$	4,728,610		$	53,765,600		$	2,666,067		$	—		$	370,169,279		$	—		$	487,280,882

*The change in unrealized appreciation (depreciation) on securities still held at September 30, 2023 was $(9,576,124) and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.

**There were no transfers between level 2 and 3 for the period ended September 30, 2023.

Semi-Annual Report September 2023 / 322

Notes to Financial Statements (Continued)

ULTRA SHORT     BOND FUND	MORTGAGE- BACKED SECURITIES		TOTAL
Balance as of     April 1, 2023	$	11,884	$	11,884
Accrued discounts/premiums		(2,790)		(2,790)
Realized gain (loss)		—		—
Change in unrealized appreciation*		1,695		1,695
Purchases		—		—
Sales		—		—
Transfers into Level 3**		—		—
Transfers out of Level 3**		—		—
Balance as of     September 30, 2023	$	10,789	$	10,789

*The change in unrealized appreciation (depreciation) on securities still held at September 30, 2023 was $1,695 and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.

**There were no transfers between level 2 and 3 for the period ended September 30, 2023.

UNCONSTRAINED     BOND FUND	ASSET-BACKED SECURITIES		BANK LOANS		COMMON STOCK		CORPORATES		CREDIT DEFAULT SWAPS		MORTGAGE- BACKED SECURITIES		RIGHTS		TOTAL
Balance as of     April 1, 2023	$	8,213,942	$	386,748	$	3,667,430	$	1,354,993	$	93,403	$	7,311,772	$	—	$	21,028,288
Accrued discounts/premiums		—		39		—		77,650		(66,973)		53,157		—		63,873
Realized gain		—		—		—		—		—		1,730		—		1,730
Change in unrealized (depreciation)*		(227,333)		(24,077)		(507,451)		(856,040)		(26,430)		(102,984)		(368)		(1,744,683)
Purchases		2,650,000		55,587		6,731		—		—		—		368		2,712,686
Sales		(249,961)		—		—		—		—		(230,679)		—		(480,640)
Transfers into Level 3**		—		—		—		—		—		—		—		—
Transfers out of Level 3**		—		—		—		—		—		—		—		—
Balance as of     September 30, 2023	$	10,386,648	$	418,297	$	3,166,710	$	576,603	$	—	$	7,032,996	$	—	$	21,581,254

*The change in unrealized appreciation (depreciation) on securities still held at September 30, 2023 was $(1,718,253) and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.

**There were no transfers between level 2 and 3 for the period ended September 30, 2023.

Significant unobservable valuations inputs for Level 3 investments as of September 30, 2023 are as follows:

ALPHATRAK 500 FUND	FAIR VALUE AT 9/30/23		VALUATION TECHNIQUE*	UNOBSERVABLE INPUT	RANGE	WEIGHTED AVERAGE	INPUT TO VALUATION IF INPUT   INCREASES
Common Stock		$17,315	Third-Party Vendor	Vendor Prices	$0.00 - $100.00	$22.40	Increase
Corporate Securities		$—	Broker Quote	Offered Quote	$—	$—	Increase
Mortgage-Backed Securities-Non-Agency		$15,557	Third-Party Vendor	Vendor Prices	$1.14	$1.14	Increase
Mortgage-Backed Securities- Non-Agency Commercial		$9,595	Third-Party Vendor	Vendor Prices	$0.04 - $1.56	$1.54	Increase
Mortgage-Backed Securities- U.S. Agency Commercial		$—	Broker Quote	Offered Quote	$—	$—	Increase
Rights		$—	Broker Quote	Offered Quote	$—	$—	Increase

323 / Semi-Annual Report September 2023

Notes to Financial Statements (Continued)

CORPORATE BOND FUND	FAIR VALUE AT 9/30/23		VALUATION TECHNIQUE*	UNOBSERVABLE INPUT	RANGE	WEIGHTED AVERAGE	INPUT TO VALUATION IF INPUT   INCREASES
Asset-Backed Securities		$33,801	Broker Quote	Offered Quote	$87.43	$87.43	Increase
Mortgage-Backed Securities-Non-Agency Commercial		$2,740	Third-Party Vendor	Vendor Prices	$0.04 - $0.48	$0.46	Increase
FLEXIBLE INCOME FUND	FAIR VALUE AT 9/30/23		VALUATION TECHNIQUE*	UNOBSERVABLE INPUT	RANGE	WEIGHTED AVERAGE	INPUT TO VALUATION IF INPUT   INCREASES
Asset-Backed Securities		$413,122	Broker Quote	Offered Quote	$87.43	$87.43	Increase
Common Stock		$247,587	Third-Party Vendor	Vendor Prices	$22.40	$22.40	Increase
Corporate Securities		$—	Broker Quote	Offered Quote	$—	$—	Increase
Corporate Securities		$32,736	Third-Party Vendor	Vendor Prices	$2.00 - $13.68	$12.26	Increase
Mortgage-Backed Securities-Non-Agency		$2,750,837	Third-Party Vendor	Vendor Prices	$0.00 - $9.26	$6.91	Increase
Mortgage-Backed Securities-Non-Agency Commercial		$690,135	Broker Quote	Offered Quote	$94.05 - $98.11	$96.91	Increase
Mortgage-Backed Securities-Non-Agency Commercial		$137,397	Third-Party Vendor	Vendor Prices	$0.48	$0.48	Increase
Rights		$—	Broker Quote	Offered Quote	$—	$—	Increase
FLOATING RATE INCOME     FUND	FAIR VALUE AT 9/30/23		VALUATION TECHNIQUE*	UNOBSERVABLE INPUT	RANGE	WEIGHTED AVERAGE	INPUT TO VALUATION IF INPUT   INCREASES
Bank Loans		$1,485,704	Third-Party Vendor	Vendor Prices	$70.50 - $89.50	$80.88	Increase
Common Stock		$216,899	Third-Party Vendor	Vendor Prices	$22.40	$22.40	Increase
Corporate Securities		$—	Broker Quote	Offered Quote	$—	$—	Increase
Rights		$—	Broker Quote	Offered Quote	$—	$—	Increase
HIGH YIELD BOND FUND	FAIR VALUE AT 9/30/23		VALUATION TECHNIQUE*	UNOBSERVABLE INPUT	RANGE	WEIGHTED AVERAGE	INPUT TO VALUATION IF INPUT   INCREASES
Common Stock		$—	Broker Quote	Offered Quote	$—	$—	Increase
Common Stock		$2,816,038	Third-Party Vendor	Vendor Prices	$22.40	$22.40	Increase
Corporate Securities		$—	Broker Quote	Offered Quote	$—	$—	Increase
Rights		$—	Broker Quote	Offered Quote	$—	$—	Increase
Warrant		$17	Third-Party Vendor	Vendor Prices	$1.03	$1.03	Increase

Semi-Annual Report September 2023 / 324

Notes to Financial Statements (Continued)

INTERMEDIATE BOND FUND	FAIR VALUE AT 9/30/23		VALUATION TECHNIQUE*	UNOBSERVABLE INPUT	RANGE	WEIGHTED AVERAGE	INPUT TO VALUATION IF INPUT INCREASES
Asset-Backed Securities		$1,727,601	Broker Quote	Offered Quote	$87.43	$87.43	Increase
Common Stock		$—	Broker Quote	Offered Quote	$—	$—	Increase
Common Stock		$342,317	Third-Party Vendor	Vendor Prices	$22.40	$22.40	Increase
Corporate Securities		$—	Broker Quote	Offered Quote	$—	$—	Increase
Rights		$—	Broker Quote	Offered Quote	$—	$—	Increase
INVESTMENT GRADE CREDIT     FUND	FAIR VALUE AT 9/30/23		VALUATION TECHNIQUE*	UNOBSERVABLE INPUT	RANGE	WEIGHTED AVERAGE	INPUT TO VALUATION IF INPUT   INCREASES
Asset-Backed Securities		$30,045	Broker Quote	Offered Quote	$87.43	$87.43	Increase
Mortgage-Backed Securities- Non-Agency Commercial		$9,317	Third-Party Vendor	Vendor Prices	$0.04 - $0.48	$0.47	Increase
LOW DURATION BOND FUND	FAIR VALUE AT 9/30/23		VALUATION TECHNIQUE*	UNOBSERVABLE INPUT	RANGE	WEIGHTED AVERAGE	INPUT TO VALUATION IF INPUT   INCREASES
Asset-Backed Securities		$5,107,690	Broker Quote	Offered Quote	$87.43	$87.43	Increase
Common Stock		$—	Broker Quote	Offered Quote	$—	$—	Increase
Mortgage-Backed Securities-Non-Agency		$568,562	Third-Party Vendor	Vendor Prices	$1.21	$1.21	Increase
Mortgage-Backed Securities- Non-Agency Commercial		$2,648,970	Broker Quote	Offered Quote	$98.11	$98.11	Increase
OPPORTUNISTIC HIGH     INCOME CREDIT FUND	FAIR VALUE AT 9/30/23		VALUATION TECHNIQUE*	UNOBSERVABLE INPUT	RANGE	WEIGHTED AVERAGE	INPUT TO VALUATION IF INPUT   INCREASES
Mortgage-Backed Securities-Non-Agency		$11,271	Third-Party Vendor	Vendor Prices	$5.17	$5.17	Increase
STRATEGIC INCOME FUND	FAIR VALUE AT 9/30/23		VALUATION TECHNIQUE*	UNOBSERVABLE INPUT	RANGE	WEIGHTED AVERAGE	INPUT TO VALUATION IF INPUT   INCREASES
Asset-Backed Securities		$56,335	Broker Quote	Offered Quote	$87.43	$87.43	Increase
Asset-Backed Securities		$44,010	Third-Party Vendor	Vendor Prices	$10.48	$10.48	Increase
Common Stock		$23,341	Third-Party Vendor	Vendor Prices	$22.40	$22.40	Increase
Corporate Securities		$—	Broker Quote	Offered Quote	$—	$—	Increase
Mortgage-Backed Securities-Non-Agency		$333,285	Third-Party Vendor	Vendor Prices	$4.29 - $10.86	$9.42	Increase
Rights		$—	Broker Quote	Offered Quote	$—	$—	Increase

325 / Semi-Annual Report September 2023

Notes to Financial Statements (Continued)

TOTAL RETURN     BOND FUND

FAIR VALUE AT 9/30/23

VALUATION TECHNIQUE*

UNOBSERVABLE INPUT

RANGE

WEIGHTED AVERAGE

INPUT TO VALUATION IF INPUT INCREASES

Asset-Backed Securities

$55,951,326

Broker Quote

Offered Quote

$1.78 - $100.00

$80.97

Increase

Bank Loans

$4,728,610

Third-Party Vendor

Vendor Prices

$66.25

$66.25

Increase

Common Stock

$—

Broker Quote

Offered Quote

$—

$—

Increase

Common Stock

$53,765,600

Third-Party Vendor

Vendor Prices

$22.40

$22.40

Increase

Corporate Securities

$—

Broker Quote

Offered Quote

$—

$—

Increase

Corporate Securities

$2,666,067

Third-Party Vendor

Vendor Prices

$89.97

$89.97

Increase

Mortgage-Backed

Securities-Non-Agency

$5,820,848

Third-Party Vendor

Vendor Prices

$0.83 - $96.42

$14.77

Increase

Mortgage-Backed Securities-

Non-Agency Commercial

$364,348,431

Broker Quote

Offered Quote

$94.05 - $99.35

$96.77

Increase

Rights

$—

Broker Quote

Offered Quote

$—

$—

Increase

ULTRA SHORT BOND     FUND

FAIR VALUE AT 9/30/23

VALUATION TECHNIQUE*

UNOBSERVABLE INPUT

RANGE

WEIGHTED AVERAGE

INPUT TO VALUATION IF INPUT INCREASES

Mortgage-Backed

Securities-Non-Agency

$10,789

Third-Party Vendor

Vendor Prices

$1.14

$1.14

Increase

UNCONSTRAINED     BOND FUND

FAIR VALUE AT 9/30/23

VALUATION TECHNIQUE*

UNOBSERVABLE INPUT

RANGE

WEIGHTED AVERAGE

INPUT TO VALUATION IF INPUT INCREASES

Asset-Backed Securities

$10,386,648

Broker Quote

Offered Quote

$87.43 - $100.00

$90.63

Increase

Bank Loans

$418,297

Third-Party Vendor

Vendor Prices

$66.25

$66.25

Increase

Common Stock

$—

Broker Quote

Offered Quote

$—

$—

Increase

Common Stock

$3,166,710

Third-Party Vendor

Vendor Prices

$22.40

$22.40

Increase

Corporate Securities

$—

Broker Quote

Offered Quote

$—

$—

Increase

Corporate Securities

$576,603

Third-Party Vendor

Vendor Prices

$1.20 - $16.00

$11.89

Increase

Mortgage-Backed

Securities-Non-Agency

$45,117

Third-Party Vendor

Vendor Prices

$0.49 - $4.29

$3.69

Increase

Mortgage-Backed Securities-

Non-Agency Commercial

$6,987,879

Broker Quote

Offered Quote

$94.05 - $98.11

$96.50

Increase

Rights

$—

Broker Quote

Offered Quote

$—

$—

Increase

* The valuation technique employed on the Level 3 securities involves the use of vendor prices, broker quotes and benchmark pricing. The Adviser monitors the third-party brokers and vendors using the valuation process.

Semi-Annual Report September 2023 / 326

Notes to Financial Statements (Continued)

Derivative Instruments Categorized by Risk Exposure:

The following is a summary of the location of derivative instruments on the Funds’ Statements of Assets and Liabilities as of September 30, 2023:

	LOCATION ON THE STATEMENTS OF ASSETS AND LIABILITIES
DERIVATIVE TYPE	ASSET DERIVATIVES	LIABILITY DERIVATIVES
Interest rate contracts	Unrealized appreciation on swap contracts	Unrealized depreciation on swap contracts
	Premiums paid for swap contracts	Premiums received on swap contracts
	Receivable for daily variation margin	Payable for daily variation margin
	Investments, at value	Options written
Credit contracts	Unrealized appreciation on swap contracts	Unrealized depreciation on swap contracts
	Premiums paid for swap contracts	Premiums received for swap contracts
Equity contracts	Unrealized appreciation on swap contracts	Unrealized depreciation on swap contracts
	Premiums paid for swap contracts	Premiums received for swap contracts
	Receivable for daily variation margin	Payable for daily variation margin
	—	Options written
Foreign currency exchange contracts	Unrealized appreciation on foreign currency exchange contracts	Unrealized depreciation on foreign currency exchange contracts

The following is a summary of the Funds’ derivative instrument holdings categorized by primary risk exposure as of September 30, 2023:

			ASSET DERIVATIVE INVESTMENTS
	ALPHATRAK 500 FUND		CORPORATE BOND FUND		FLEXIBLE INCOME FUND		FLOATING RATE INCOME FUND		HIGH YIELD BOND FUND		INTERMEDIATE BOND FUND
Credit contracts:
Swaps	$	—	$	—	$	—	$	—	$	36,211	$	10,469
Interest contracts:
Futures1		—		14,322		1,737,647		—		196,267		902,601
Swaps		—		5,979		—		—		—		—
Foreign currency exchange contracts: Forwards		—		—		250,817		—		151,773		741,112
Total	$	—	$	20,301	$	1,988,464	$	—	$	384,251	$	1,654,182
			ASSET DERIVATIVE INVESTMENTS
	INVESTMENT GRADE CREDIT FUND		LOW DURATION BOND FUND		OPPORTUNISTIC HIGH INCOME CREDIT FUND		STRATEGIC INCOME FUND		SUSTAINABLE SECURITIZED FUND		TOTAL RETURN BOND FUND
Credit contracts:
Swaps	$	—	$	31,044	$	—	$	—	$	—	$	549,872
Interest contracts:
Futures1		44,315		6,463,982		3,194		267,441		—		24,388,207
Options and swaptions purchased		—		3		—		—		—		—
Swaps		5,358		—		—		12,190		—		43,342,240
Foreign currency exchange contracts: Forwards		—		544,909		—		25,392		14,825		53,521,975
Total	$	49,673	$	7,039,938	$	3,194	$	305,023	$	14,825	$	121,802,294

327 / Semi-Annual Report September 2023

Notes to Financial Statements (Continued)

ASSET DERIVATIVE INVESTMENTS
	ULTRA SHORT BOND FUND		UNCONSTRAINED BOND FUND
Credit contracts:
Swaps	$	3,535	$	93,994
Interest contracts:
Futures1		253,015		17,138,218
Swaps		—		1,646,951
Foreign currency exchange contracts: Forwards		28,638		2,082,720
Total	$	285,188	$	20,961,883

¹Includes cumulative appreciation (depreciation) of financial futures contracts as reported in the Schedules of Portfolio Investments. Only the current day’s margin variation is reported within the Statements of Assets and Liabilities.

			LIABILITY DERIVATIVE INVESTMENTS
	ALPHATRAK 500 FUND		CORPORATE BOND FUND		FLEXIBLE INCOME FUND		FLOATING RATE INCOME FUND		HIGH YIELD BOND FUND		INTERMEDIATE BOND FUND
Equity contracts:
Futures1	$	(1,221,913)	$	—	$	—	$	—	$	—	$	—
Interest contracts:
Futures1		—		(12,600)		(1,522,044)		—		(505,177)		(1,856,512)
Foreign currency exchange contracts: Forwards		—		—		(1,250)		—		(29,020)		(2,499)
Total	$	(1,221,913)	$	(12,600)	$	(1,523,294)	$	—	$	(534,197)	$	(1,859,011)
			LIABILITY DERIVATIVE INVESTMENTS
	INVESTMENT GRADE CREDIT FUND		LOW DURATION BOND FUND		OPPORTUNISTIC HIGH INCOME CREDIT FUND		STRATEGIC INCOME FUND		SUSTAINABLE SECURITIZED FUND		TOTAL RETURN BOND FUND
Interest contracts:
Futures1	$	(17,952)	$	(3,559,765)	$	(4,181)	$	(69,121)	$	(37,226)	$	(124,320,935)
Options and swaptions written		—		(3)		—		—		—		—
Foreign currency exchange contracts: Forwards		—		—		—		—		—		(848,670)
Total	$	(17,952)	$	(3,559,768)	$	(4,181)	$	(69,121)	$	(37,226)	$	(125,169,605)

LIABILITY DERIVATIVE INVESTMENTS
	ULTRA SHORT BOND FUND		UNCONSTRAINED BOND FUND
Interest contracts:
Futures1	$	(76,984)	$	(5,035,082)
Foreign currency exchange contracts: Forwards		—		(29,464)
Total	$	(76,984)	$	(5,064,546)

¹Includes cumulative appreciation (depreciation) of financial futures contracts as reported in the Schedules of Portfolio Investments. Only the current day’s margin variation is reported within the Statements of Assets and Liabilities.

Semi-Annual Report September 2023 / 328

Notes to Financial Statements (Continued)

The following is a summary of the Funds’ realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized in the Statements of Operations categorized by primary risk exposure for the six months ended September 30, 2023:

REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED IN THE STATEMENTS OF OPERATIONS
	ALPHATRAK  500 FUND		CORPORATE  BOND FUND		FLEXIBLE INCOME FUND		FLOATING RATE INCOME FUND		HIGH YIELD BOND FUND		INTERMEDIATE BOND FUND
Credit contracts:
Swaps	$	—	$	—	$	—	$	—	$	51,487	$	23,366
Equity contracts:
Futures		3,670,230		—		—		—		—		—
Interest contracts:
Futures		—		(31,252)		(403,511)		—		(1,701,397)		(6,461,373)
Options and swaptions purchased1		—		—		—		—		—		—
Swaps		—		7,655		—		—		—		—
Foreign currency exchange contracts:
Forwards		—		—		(54,789)		—		(3,337)		(69,952)
Total	$	3,670,230	$	(23,597)	$	(458,300)	$	—	$	(1,653,247)	$	(6,507,959)
REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED IN THE STATEMENTS OF OPERATIONS
	INVESTMENT GRADE CREDIT FUND		LOW DURATION BOND FUND		OPPORTUNISTIC HIGH INCOME CREDIT FUND		STRATEGIC INCOME FUND		SUSTAINABLE SECURITIZED FUND		TOTAL RETURN BOND FUND
Credit contracts:
Swaps	$	—	$	72,595	$	—	$	—	$	—	$	650,450
Interest contracts:
Futures		(36,322)		(4,395,108)		(6,883)		77,381		(46,588)		(442,788,336)
Options and swaptions purchased1		—		—		—		—		—		—
Swaps		6,825		—		—		15,680		—		45,861,233
Foreign currency exchange contracts:
Forwards		—		(120,884)		—		(1,086)		(14,266)		(11,008,632)
Total	$	(29,497)	$	(4,443,397)	$	(6,883)	$	91,975	$	(60,854)	$	(407,285,285)

329 / Semi-Annual Report September 2023

Notes to Financial Statements (Continued)

REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED IN THE STATEMENTS OF OPERATIONS
	ULTRA SHORT BOND FUND		UNCONSTRAINED BOND FUND
Credit contracts:
Swaps	$	3,921	$	127,516
Interest contracts:
Futures		289,935		1,676,720
Options and swaptions purchased1		—		—
Swaps		—		2,137,121
Foreign currency exchange contracts: Forwards		(6,189)		(151,368)
Total	$	287,667	$	3,789,989

¹Options and swaptions purchased are included in net realized gain (loss) from investments — unaffiliated.

CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED IN THE STATEMENTS OF OPERATIONS
	ALPHATRAK 500 FUND		CORPORATE BOND FUND		FLEXIBLE INCOME FUND		FLOATING RATE INCOME FUND		HIGH YIELD BOND FUND		INTERMEDIATE BOND FUND
Credit contracts:
Swaps	$	—	$	—	$	—	$	—	$	(6,301)	$	(6,084)
Equity contracts:
Futures		(2,945,428)		—		—		—		—		—
Interest contracts:
Futures		—		(1,560)		(881,701)		—		(161,004)		(3,835,673)
Options and swaptions purchased1		—		—		—		—		—		—
Swaps		—		7,693		—		—		—		—
Foreign currency exchange contracts:
Forwards		—		—		292,244		—		156,779		853,067
Total	$	(2,945,428)	$	6,133	$	(589,457)	$	—	$	(10,526)	$	(2,988,690)
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED IN THE STATEMENTS OF OPERATIONS
	INVESTMENT GRADE CREDIT FUND		LOW DURATION BOND FUND		OPPORTUNISTIC HIGH INCOME CREDIT FUND		STRATEGIC INCOME FUND		SUSTAINABLE SECURITIZED FUND		TOTAL RETURN BOND FUND
Credit contracts:
Swaps	$	—	$	(19,781)	$	—	$	—	$	—	$	(66,001)
Interest contracts:
Futures		30,058		500,214		(11,986)		203,843		(59,608)		(251,886,298)
Options and swaptions purchased1		—		(1,473)		—		—		—		—
Swaps		6,892		—		—		15,709		—		54,348,815
Foreign currency exchange contracts:
Forwards		—		659,285		—		27,798		18,549		63,483,901
Total	$	36,950	$	1,138,245	$	(11,986)	$	247,350	$	(41,059)	$	(134,119,583)

Semi-Annual Report September 2023 / 330

Notes to Financial Statements (Continued)

CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED IN THE STATEMENTS OF OPERATIONS
	ULTRA SHORT  BOND FUND		UNCONSTRAINED  BOND FUND
Credit contracts:
Swaps	$	(57)	$	(27,949)
Interest contracts:
Futures		316,268		14,272,884
Options and swaptions purchased1		—		—
Swaps		—		2,121,127
Foreign currency exchange contracts:
Forwards		33,106		2,436,528
Total	$	349,317	$	18,802,590

¹Options purchased are included in net change in unrealized appreciation (depreciation) on investments.

AVERAGE PERIOD BALANCE OF OUTSTANDING DERIVATIVE FINANCIAL INSTRUMENTS1
	ALPHATRAK  500 FUND		CORPORATE  BOND FUND		FLEXIBLE  INCOME FUND		FLOATING RATE  INCOME FUND		HIGH YIELD BOND FUND		INTERMEDIATE BOND FUND
Financial futures contracts:
Average number of contracts purchased		134		15		1,319		—		606		2,101
Average number of contracts sold		—		7		409		—		101		168
Average value of contracts purchased	$	1,185,390	$	30,393	$	2,219,371	$	—	$	784,986	$	3,783,185
Average value of contracts sold	$	—	$	12,344	$	983,509	$	—	$	187,844	$	473,173
Credit default swaps:
Average number of contracts - sell protection		—		—		—		—		1		1
Average notional value - sell protection	$	—	$	—	$	—	$	—	$	3,995,000	$	1,155,000
Interest rate swaps:
Average number of contracts - receives fixed rate		—		1		—		—		—		—
Average notional - receives fixed rate	$	—	$	77	$	—	$	—	$	—	$	—
Foreign currency exchange contracts:
Average number of contracts sold		—		—		4		—		2		5
Average value of contracts sold	$	—	$	—	$	126,708	$	—	$	77,124	$	390,810

331 / Semi-Annual Report September 2023

Notes to Financial Statements (Continued)

AVERAGE PERIOD BALANCE OF OUTSTANDING DERIVATIVE FINANCIAL INSTRUMENTS1
	INVESTMENT GRADE CREDIT FUND		LOW DURATION BOND FUND		OPPORTUNISTIC HIGH INCOME CREDIT FUND		STRATEGIC INCOME FUND		SUSTAINABLE SECURITIZED FUND		TOTAL RETURN BOND FUND
Financial futures contracts:
Average number of contracts purchased		27		5,708		6		101		16		110,672
Average number of contracts sold		12		4,269		1		62		4		6,882
Average value of contracts purchased	$	45,698	$	10,802,391	$	8,714	$	166,373	$	30,409	$	216,167,524
Average value of contracts sold	$	28,088	$	7,397,404	$	2,156	$	153,860	$	5,714	$	17,589,711
Credit default swaps:
Average number of contracts -sell protection		—		1		—		—		—		1
Average notional value - sell protection	$	—	$	3,425,000	$	—	$	—	$	—	$	60,665,000
Interest rate swaps:
Average number of contracts -receives fixed rate		2		—		—		2		—		3
Average notional - receives fixed rate	$	69	$	—	$	—	$	157	$	—	$	498,642
Purchased swaptions:
Average number of contracts		—		1		—		—		—		—
Average notional value	$	—	$	939,000	$	—	$	—	$	—	$	—
Written swaptions:
Average number of contracts		—		1		—		—		—		—
Average notional value	$	—	$	540,000	$	—	$	—	$	—	$	—
Foreign currency exchange contracts:
Average number of contracts sold		—		2		—		2		1		12
Average value of contracts sold	$	—	$	294,404	$	—	$	12,952	$	10,387	$	27,255,854

AVERAGE PERIOD BALANCE OF OUTSTANDING DERIVATIVE FINANCIAL INSTRUMENTS1
	ULTRA SHORT BOND FUND		UNCONSTRAINED  BOND FUND
Financial futures contracts:
Average number of contracts purchased		163		7,160
Average number of contracts sold		200		4,251
Average value of contracts purchased	$	299,777	$	12,238,254
Average value of contracts sold	$	320,375	$	10,139,942
Credit default swaps:
Average number of contracts - sell protection		1		1
Average notional value - sell protection	$	390,000	$	10,370,000
Interest rate swaps:
Average number of contracts - pays fixed rate		—		2
Average notional - pays fixed rate	$	—	$	21,117
Foreign currency exchange contracts:
Average number of contracts sold		2		6
Average value of contracts sold	$	15,007	$	1,159,081

¹Amounts disclosed represent the volume of derivative contracts for the period ended September 30, 2023.

Semi-Annual Report September 2023 / 332

Notes to Financial Statements (Continued)

Counterparty Credit Risk:

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by such Fund. For OTC options purchased, each Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by such Fund should the counterparty fail to perform under the contracts. Options written by the Funds do not typically give rise to counterparty credit risk, as options written generally obligate the Funds to perform, and not the counterparty.

With exchange-traded purchased options and futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

In order to better define its contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between each Fund and a counterparty that governs OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, each Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.

Collateral requirements:

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of a Fund, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Portfolio Investments. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold typically of $250,000 or $500,000 before a transfer is required, which is determined at the close of business of the Fund, and additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the Funds and counterparties are not permitted to sell, repledge or use the collateral they receive. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Each Fund attempts to mitigate counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.

The Funds have implemented the disclosure requirements pursuant to FASB Accounting Standards update No. 2011-11, Disclosures about Offsetting Assets and Liabilities that requires disclosures to make financial statements that are prepared under U.S. GAAP more comparable to those prepared under International Financial Reporting Standards. Under this guidance the Funds disclose in the Statements of Assets and Liabilities both gross and net information about instruments and transactions eligible for offset such as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, the Funds disclose collateral received and posted in connection with master netting agreements or similar arrangements.

333 / Semi-Annual Report September 2023

Notes to Financial Statements (Continued)

The following table presents Flexible Income Fund’s OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of September 30, 2023:

	FLEXIBLE INCOME FUND
COUNTERPARTY	GROSS DERIVATIVE ASSETS IN THE STATEMENT OF ASSETS AND LIABILITIES		COLLATERAL RECEIVED1		DERIVATIVE ASSETS (LIABILITIES) AVAILABLE FOR OFFSET		NET AMOUNT OF   DERIVATIVE ASSETS2
Citibank N.A.
Foreign Currency Exchange Contracts	$	250,817	$	—	$	(1,250)	$	249,567
Total	$	250,817	$	—	$	(1,250)	$	249,567

¹Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

²Represents the net amount receivable from the counterparty in the event of default.

The following table presents Flexible Income Fund’s OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of September 30, 2023:

	FLEXIBLE INCOME FUND
COUNTERPARTY	GROSS DERIVATIVE LIABILITIES IN THE STATEMENT OF ASSETS AND LIABILITIES		COLLATERAL PLEDGED1		DERIVATIVE (ASSETS) LIABILITIES AVAILABLE FOR OFFSET		NET AMOUNT OF DERIVATIVE  LIABILITIES2
Citibank N.A.
Foreign Currency Exchange Contracts	$	1,250	$	—	$	(1,250)	$	—
Total	$	1,250	$	—	$	(1,250)	$	—

¹Excess of collateral pledged for individual counterparty may not be shown for financial reporting purposes.

²Represents the net amount payable to the counterparty in the event of default.

The following table presents High Yield Fund’s OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of September 30, 2023:

	HIGH YIELD BOND FUND
COUNTERPARTY	GROSS DERIVATIVE ASSETS IN THE STATEMENT OF ASSETS AND LIABILITIES		COLLATERAL RECEIVED1		DERIVATIVE ASSETS (LIABILITIES) AVAILABLE FOR OFFSET		NET AMOUNT OF  DERIVATIVE ASSETS2
Citibank N.A.
Foreign Currency Exchange Contracts	$	151,773	$	—	$	(29,020)	$	122,753
Credit Suisse First Boston International
Credit Default Swaps	$	36,211	$	(36,211)	$	—	$	—
Total	$	187,984	$	(36,211)	$	(29,020)	$	122,753

¹Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

²Represents the net amount receivable from the counterparty in the event of default.

Semi-Annual Report September 2023 / 334

Notes to Financial Statements (Continued)

The following table presents High Yield Fund’s OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of September 30, 2023:

	HIGH YIELD BOND FUND
COUNTERPARTY	GROSS DERIVATIVE LIABILITIES IN THE STATEMENT OF ASSETS AND LIABILITIES		COLLATERAL PLEDGED1		DERIVATIVE (ASSETS) LIABILITIES AVAILABLE FOR OFFSET		NET AMOUNT OF  DERIVATIVE LIABILITIES2
Citibank N.A.
Foreign Currency Exchange Contracts	$	29,020	$	—	$	(29,020)	$	—
Total	$	29,020	$	—	$	(29,020)	$	—

¹Excess of collateral pledged for individual counterparty may not be shown for financial reporting purposes.

²Represents the net amount payable to the counterparty in the event of default.

The following table presents Intermediate Bond Fund’s OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of September 30, 2023:

	INTERMEDIATE BOND FUND
COUNTERPARTY	GROSS DERIVATIVE ASSETS IN THE STATEMENT OF ASSETS AND LIABILITIES		COLLATERAL RECEIVED1		DERIVATIVE ASSETS (LIABILITIES) AVAILABLE FOR OFFSET		NET AMOUNT OF   DERIVATIVE ASSETS2
Citibank N.A.
Foreign Currency Exchange Contracts	$	741,112	$	(538,272)	$	(2,499)	$	200,341
Credit Suisse First Boston International
Credit Default Swaps	$	10,469	$	—	$	—	$	10,469
Total	$	751,581	$	(538,272)	$	(2,499)	$	210,810

¹Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

²Represents the net amount receivable from the counterparty in the event of default.

The following table presents Intermediate Bond Fund’s OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of September 30, 2023:

	INTERMEDIATE BOND FUND
COUNTERPARTY	GROSS DERIVATIVE LIABILITIES IN THE STATEMENT OF ASSETS AND LIABILITIES		COLLATERAL PLEDGED1		DERIVATIVE (ASSETS) LIABILITIES AVAILABLE FOR OFFSET		NET AMOUNT OF  DERIVATIVE LIABILITIES2
Citibank N.A.
Foreign Currency Exchange Contracts	$	2,499	$	—	$	(2,499)	$	—
Total	$	2,499	$	—	$	(2,499)	$	—

¹Excess of collateral pledged for individual counterparty may not be shown for financial reporting purposes.

²Represents the net amount payable to the counterparty in the event of default.

335 / Semi-Annual Report September 2023

Notes to Financial Statements (Continued)

The following table presents Low Duration Bond Fund’s OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of September 30, 2023:

	LOW DURATION BOND FUND
COUNTERPARTY	GROSS DERIVATIVE ASSETS IN THE STATEMENT OF ASSETS AND LIABILITIES		COLLATERAL RECEIVED1		DERIVATIVE ASSETS (LIABILITIES) AVAILABLE FOR OFFSET		NET AMOUNT OF DERIVATIVE  ASSETS2
Citibank N.A.
Foreign Currency Exchange Contracts	$	544,909	$	(544,909)	$	—	$	—
Credit Suisse First Boston International
Credit Default Swaps	$	31,044	$	(31,044)	$	—	$	—
Goldman Sachs International
Swaptions	$	3	$	—	$	(3)	$	—
Total	$	575,956	$	(575,953)	$	(3)	$	—

¹Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

²Represents the net amount receivable from the counterparty in the event of default.

The following table presents Low Duration Bond Fund’s OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of September 30, 2023:

	LOW DURATION BOND FUND
COUNTERPARTY	GROSS DERIVATIVE LIABILITIES IN THE STATEMENT OF ASSETS AND LIABILITIES		COLLATERAL PLEDGED1		DERIVATIVE (ASSETS) LIABILITIES AVAILABLE FOR OFFSET		NET AMOUNT OF DERIVATIVE  LIABILITIES2
Goldman Sachs International
Swaptions	$	3	$	—	$	(3)	$	—
Total	$	3	$	—	$	(3)	$	—

¹Excess of collateral pledged for individual counterparty may not be shown for financial reporting purposes.

²Represents the net amount payable to the counterparty in the event of default.

The following table presents Strategic Income Fund’s OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of September 30, 2023:

	STRATEGIC INCOME FUND
COUNTERPARTY	GROSS DERIVATIVE ASSETS IN THE STATEMENT OF ASSETS AND LIABILITIES		COLLATERAL RECEIVED1		DERIVATIVE ASSETS (LIABILITIES) AVAILABLE FOR OFFSET		NET AMOUNT OF DERIVATIVE  ASSETS2
Citibank N.A.
Foreign Currency Exchange Contracts	$	25,392	$	—	$	—	$	25,392
Total	$	25,392	$	—	$	—	$	25,392

¹Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

²Represents the net amount receivable from the counterparty in the event of default.

Semi-Annual Report September 2023 / 336

Notes to Financial Statements (Continued)

The following table presents Sustainable Securitized Fund’s OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of September 30, 2023:

	SUSTAINABLE SECURITIZED FUND
COUNTERPARTY	GROSS DERIVATIVE ASSETS IN THE STATEMENT OF ASSETS AND LIABILITIES		COLLATERAL RECEIVED1		DERIVATIVE ASSETS (LIABILITIES) AVAILABLE FOR OFFSET		NET AMOUNT OF DERIVATIVE  ASSETS2
Citibank N.A.
Foreign Currency Exchange Contracts	$	14,825	$	—	$	—	$	14,825
Total	$	14,825	$	—	$	—	$	14,825

¹Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

²Represents the net amount receivable from the counterparty in the event of default.

The following table presents Total Return Bond Fund’s OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of September 30, 2023:

	TOTAL RETURN BOND FUND
COUNTERPARTY	GROSS DERIVATIVE ASSETS IN THE STATEMENT OF ASSETS AND LIABILITIES		COLLATERAL RECEIVED1		DERIVATIVE ASSETS (LIABILITIES) AVAILABLE FOR OFFSET		NET AMOUNT OF DERIVATIVE  ASSETS2
Bank of America N.A.
Foreign Currency Exchange Contracts	$	37,363,189	$	(37,363,189)	$	—	$	—
Barclays Bank PLC
Foreign Currency Exchange Contracts	$	141,371	$	—	$	—	$	141,371
Citibank N.A.
Foreign Currency Exchange Contracts	$	13,833,100	$	(13,613,530)	$	(219,570)	$	—
Credit Suisse First Boston International
Credit Default Swaps	$	549,872	$	(549,872)	$	—	$	—
State Street Global Markets LLC
Foreign Currency Exchange Contracts	$	2,039,426	$	—	$	(481,790)	$	1,557,636
The Bank of New York Mellon
Foreign Currency Exchange Contracts	$	144,889	$	—	$	(144,889)	$	—
Total	$	54,071,847	$	(51,526,591)	$	(846,249)	$	1,699,007

¹Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

²Represents the net amount receivable from the counterparty in the event of default.

337 / Semi-Annual Report September 2023

Notes to Financial Statements (Continued)

The following table presents Total Return Bond Fund’s OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of September 30, 2023:

	TOTAL RETURN BOND FUND
COUNTERPARTY	GROSS DERIVATIVE LIABILITIES IN THE STATEMENT OF ASSETS AND LIABILITIES		COLLATERAL PLEDGED1		DERIVATIVE (ASSETS) LIABILITIES AVAILABLE FOR OFFSET		NET AMOUNT OF DERIVATIVE  LIABILITIES2
Barclays Bank PLC
Reverse Repurchase Agreements	$	1,206,250,000	$	(1,206,250,000)	$	—	$	—
Citibank N.A.
Foreign Currency Exchange Contracts	$	219,570	$	—	$	(219,570)	$	—
JPMorgan Chase
Reverse Repurchase Agreements	$	705,937,500	$	(705,937,500)	$	—	$	—
State Street Global Markets LLC
Foreign Currency Exchange Contracts	$	481,790	$	—	$	(481,790)	$	—
The Bank of New York Mellon
Foreign Currency Exchange Contracts	$	147,310	$	—	$	(144,889)	$	2,421
Total	$	1,913,036,170	$	(1,912,187,500)	$	(846,249)	$	2,421

¹Excess of collateral pledged for individual counterparty may not be shown for financial reporting purposes.

²Represents the net amount payable to the counterparty in the event of default.

The following table presents Ultra Short Bond Fund’s OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of September 30, 2023:

	ULTRA SHORT BOND FUND
COUNTERPARTY	GROSS DERIVATIVE ASSETS IN THE STATEMENT OF ASSETS AND LIABILITIES		COLLATERAL RECEIVED1		DERIVATIVE ASSETS (LIABILITIES) AVAILABLE FOR OFFSET		NET AMOUNT OF DERIVATIVE  ASSETS2
Citibank N.A.
Foreign Currency Exchange Contracts	$	28,638	$	—	$	—	$	28,638
Credit Suisse First Boston International
Credit Default Swaps	$	3,535	$	—	$	—	$	3,535
Total	$	32,173	$	—	$	—	$	32,173

¹Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

²Represents the net amount receivable from the counterparty in the event of default.

Semi-Annual Report September 2023 / 338

Notes to Financial Statements (Continued)

The following table presents Unconstrained Bond Fund’s OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of September 30, 2023:

	UNCONSTRAINED BOND FUND
COUNTERPARTY	GROSS DERIVATIVE ASSETS IN THE STATEMENT OF ASSETS AND LIABILITIES		COLLATERAL RECEIVED1		DERIVATIVE ASSETS (LIABILITIES) AVAILABLE FOR OFFSET		NET AMOUNT OF DERIVATIVE  ASSETS2
Citibank N.A.
Foreign Currency Exchange Contracts	$	2,082,720	$	(2,073,351)	$	(9,369)	$	—
Credit Suisse First Boston International
Credit Default Swaps	$	93,994	$	(93,994)	$	—	$	—
Total	$	2,176,714	$	(2,167,345)	$	(9,369)	$	—

¹Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

²Represents the net amount receivable from the counterparty in the event of default.

The following table presents Unconstrained Bond Fund’s OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of September 30, 2023:

	UNCONSTRAINED BOND FUND
COUNTERPARTY	GROSS DERIVATIVE LIABILITIES IN THE STATEMENT OF ASSETS AND LIABILITIES		COLLATERAL PLEDGED1		DERIVATIVE (ASSETS) LIABILITIES AVAILABLE FOR OFFSET		NET AMOUNT OF DERIVATIVE  LIABILITIES2
Citibank N.A.
Foreign Currency Exchange Contracts	$	9,369	$	—	$	(9,369)	$	—
The Bank of New York Mellon
Foreign Currency Exchange Contracts	$	20,095	$	—	$	—	$	20,095
Total	$	29,464	$	—	$	(9,369)	$	20,095

¹Excess of collateral pledged for individual counterparty may not be shown for financial reporting purposes.

²Represents the net amount payable to the counterparty in the event of default.

3. PORTFOLIO INVESTMENTS

The Funds may invest in mortgage pass-through securities which represent interests in pools of mortgages in which payments of both principal and interest on the securities are generally made monthly, in effect “passing through” monthly payments made by borrowers on the residential or commercial mortgage loans which underlie the securities (net of any fees paid to the issuer or guarantor of the securities). Mortgage pass-through securities differ from other forms of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates.

The Funds may invest in securities issued by the Federal National Mortgage Association (“FNMA”) and the Federal Home Loan Mortgage Corp. (“FHLMC”). These are fixed-income securities that derive their value from or represent interests in a pool of mortgages or mortgage securities. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of a mortgage-backed security and could result in losses to the Funds. The risk of such defaults is generally higher in the case of mortgage pools that include sub-prime mortgages. Sub-prime mortgages refer to loans made to borrowers with weakened credit histories or with a lower capacity to make timely payments on their mortgages.

Additionally, securities issued by FNMA and FHLMC are not backed by or entitled to the full faith and credit of the United States and are supported by the right to the issuer to borrow from the Treasury.

On September 7, 2008, the Federal Housing Finance Agency was appointed as conservator of FNMA and FHLMC. In addition, the U.S. Department of the Treasury has agreed to provide capital as needed to ensure FNMA and FHLMC continue to provide liquidity to the housing and mortgage markets.

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The Funds may also invest in Collateralized Mortgage Obligations (“CMOs”). CMOs are debt obligations collateralized by residential or commercial mortgage loans or residential or commercial mortgage pass-through securities. Interest and principal are generally paid monthly. CMOs may be collateralized by whole mortgage loans or private mortgage pass-through securities but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by the Government National Mortgage Association (“GNMA”), FHLMC, or FNMA. The issuer of a series of CMOs may elect to be treated for tax purposes as a Real Estate Mortgage Investment Conduit. CMOs are structured into multiple classes, each bearing a different stated maturity. Monthly payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to investors holding the shortest maturity class. Investors holding the longer maturity classes usually receive principal only after shorter classes have been retired. An investor may be partially protected against a sooner than desired return of principal because of the sequential payments.

The Funds may enter into to be announced (“TBA”) commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to settlement date, which is in addition to the risk of decline in the value of the Funds’ other assets. Unsettled TBA commitments are valued at the current market value of the underlying securities, according to the procedures described in Note 2 under “Security Valuation”.

The Funds may invest in Collateralized Bond Obligations (“CBOs”), Collateralized Loan Obligations (“CLOs”) and other Collateralized Debt Obligations (“CDOs”), which are debt instruments backed solely by a pool of other debt securities. The risks of an investment in a CBO, CLO or other CDO depend largely on the type of the collateral securities and the class of the CBO, CLO or other CDO in which a Fund invests. Some CBOs, CLOs and other CDOs have credit ratings, but are typically issued in various classes with various priorities. Normally, CBOs, CLOs and other CDOs are privately offered and sold (that is, not registered under the securities laws) and may be characterized by the Funds as illiquid securities, but an active dealer market may exist for CBOs, CLOs and other CDOs that qualify for Rule 144A transactions. In addition to the normal interest rate, default and other risks of fixed income securities, CBOs, CLOs and other CDOs carry additional risks, including the possibility that distributions from collateral securities will not be adequate to make interest or other payments, the quality of the collateral may decline in value or default, the Funds may invest in CBOs, CLOs and other CDOs that are subordinate to other classes, there may be volatility in value, and the complex structure of the security may not be fully understood at the time of investment and produce disputes with the issuer or unexpected investment results.

The Funds may invest in stripped mortgage-backed securities issued by the U.S. government, its agencies and instrumentalities. Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. In certain cases, one class will receive all of the interest (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). During the six months ended September 30, 2023, certain interest-only securities were held as part of the overall mortgage portfolio holdings. The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying mortgage assets, and principal payments may have a material effect on yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may not fully recoup its initial investment in IOs. Such securities will be considered liquid only if so determined in accordance with guidelines approved by the Board. The Funds also may invest in stripped mortgage-backed securities that are privately issued. These securities will be considered illiquid for purposes of each Fund’s limit on illiquid securities.

The Funds may purchase participations in commercial loans, or may purchase assignments of such loans. Such indebtedness may be secured or unsecured. Loan participations typically represent direct participation in a loan to a corporate borrower, and generally are offered by banks or other financial institutions or lending syndicates. The Funds may participate in such syndications, or can buy part of a loan, becoming a part lender. When purchasing loan participations, a Fund assumes the credit risk associated with the corporate borrower and may assume the credit risk associated with an interposed bank or other financial intermediary. The participation interests in which a Fund intends to invest may not be rated by any nationally recognized rating service. Participations and assignments also involve special types of risk, including interest rate risk, liquidity risk, and the risk of being a lender. If a Fund purchases a participation, it may only be able to enforce its rights through the lender, and may assume the credit risk of the lender in addition to the borrower.

The Funds may also sell a debt or equity security short, that is, without owning it, and borrow the same security from a broker or other institution to complete the sale. The Adviser may use short sales when it believes a security is overvalued or as a partial hedge against a position in a related security of the same issuer held by a Fund. The Corporate Bond Fund, Flexible Income Fund, High Yield Bond Fund, Investment Grade Credit Fund, Opportunistic High Income Credit Fund and Strategic Income Fund, Sustainable Securitized Fund may not make short sales of securities or maintain a short position if more than 33 1/3% of the Fund’s total assets (taken at current value) are held as collateral for such sales at any one time. The AlphaTrak 500 Fund, Intermediate Bond Fund,

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Notes to Financial Statements (Continued)

Low Duration Bond Fund, Total Return Bond Fund, Ultra Short Bond Fund and Unconstrained Bond Fund will not make total short sales exceeding 25% of the Fund’s total assets. The Floating Rate Income Fund will not make total short sales exceeding 15% of the Fund’s total assets. If the value of the security sold short increases, a Fund would lose money because it would need to replace the borrowed security by purchasing it at a higher price. The potential loss is unlimited. (If the short sale was intended as a hedge against another investment, the loss on the short sale may be fully or partially offset by gains in that other investment.) At September 30, 2023, the Funds did not hold any short debt or equity.

A lender may request that the borrowed securities be returned on short notice; if that occurs at a time when other short sellers of the subject security are receiving similar requests, a “short squeeze” can occur. This means that the Funds might be compelled, at the most disadvantageous time, to replace borrowed securities previously sold short, with purchases on the open market at prices significantly greater than those at which the securities were sold short. Short selling also may produce higher than normal portfolio turnover and result in increased transaction costs to the Funds. The Funds also may make short sales “against-the-box”, in which the Funds sell short securities they own. The Funds will incur transaction costs, including interest expenses, in connection with opening, maintaining and closing short sales against-the-box, which result in a “constructive sale”, requiring the Fund to recognize any taxable gain from the transaction.

The Funds may invest in payment-in-kind securities (“PIKs”). PIKs give the issuer the option at each interest payment date of making interest payments in either cash or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro-rata adjustment from the unrealized appreciation or depreciation on investments to interest receivable on the Statements of Assets and Liabilities.

For the six months ended September 30, 2023, the Funds did not receive any in-kind payments with respect to PIK securities.

The Funds may invest in repurchase agreements. In a repurchase agreement, the Funds purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. On a daily basis, the counterparty is required to maintain collateral subject to the agreement and in value no less than the agreed repurchase amount. The agreements are conditioned upon the collateral being deposited under the Federal Reserve book entry system or held in a segregated account by the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements. In the event the counterparty defaults and the fair value of the collateral declines, the Funds could experience losses, delays and costs in liquidating the collateral.

Master Repurchase Agreements (“MRAs”) permit each Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from each Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, each Fund receives securities as collateral with a market value in excess of the repurchase price to be received by each Fund upon the maturity of the repurchase transaction. Upon a bankruptcy or insolvency of the MRA counterparty, each Fund recognizes a liability with respect to such excess collateral to reflect each Fund’s obligation under bankruptcy law to return the excess to the counterparty. As of September 30, 2023, the Funds did not hold any repurchase agreements.

The Funds may enter into reverse repurchase agreements, whereby a Fund sells securities concurrently with entering into an agreement to repurchase those securities at a later date at a fixed price. During the reverse repurchase agreement period, the Fund continues to receive principal and interest payments on those securities. Reverse repurchase agreements are speculative techniques involving leverage and are considered borrowings by the Fund for purposes of the percentage limitations applicable to borrowings. Securities sold under reverse repurchase agreements are recorded as a liability. Interest payments made are recorded as a component of interest expense. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A reverse repurchase agreement involves the risk that the market value of the security sold by a Fund may decline below the repurchase price of the security. A Fund will segregate assets determined to be liquid by the manager or otherwise cover its obligations under reverse repurchase agreements. The average dollar amount and average interest rate of reverse repurchase agreements in the Total Return Bond Fund for the six months ended September 30, 2023, was $289,331,731 and (0.35)%.

Reverse repurchase transactions and treasury roll transactions are entered into by a Fund under MRAs. With reverse repurchase transactions and treasury roll transactions, typically the Funds and the counterparties are not permitted to sell, re-pledge, or use the collateral associated with the transaction. Pursuant to the terms of the MRA, a Fund receives or posts securities as collateral with a market value in excess of the repurchase price to be paid or received by a Fund upon the maturity of the transaction. Upon

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Notes to Financial Statements (Continued)

a bankruptcy or insolvency of the MRA counterparty, a Fund is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed. As of September 30, 2023, the Total Return Bond Fund held reverse repurchase agreements.

As of September 30, 2023, the following table is a summary of open reverse repurchase agreements by counterparty which are subject to offset under an MRA on a net basis:

TOTAL RETURN BOND FUND
COUNTERPARTY	REVERSE REPURCHASE AGREEMENTS		FAIR VALUE OF NON-CASH COLLATERAL PLEDGED INCLUDING ACCRUED INTEREST1		NET AMOUNT
Barclays Bank PLC	$	1,206,250,000	$	(1,206,250,000)	$	—
JPMorgan Chase		705,937,500		(705,937,500)		—
	$	1,912,187,500	$	(1,912,187,500)	$	—

¹Excess of collateral pledged for individual counterparty may not be shown for financial reporting purposes.

In the event the counterparty of securities under an MRA files for bankruptcy or becomes insolvent, a Fund’s use of the proceeds from the agreement may be restricted while the counterparty, or its trustee or receiver, determines whether or not to enforce a Fund’s obligation to repurchase the securities.

Each Fund may enter into when-issued, delayed-delivery, or forward commitment transactions in order to lock in the purchase price of the underlying security, or in order to adjust the interest rate exposure of the Fund’s existing portfolio. In when-issued, delayed-delivery, or forward commitment transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. Although a Fund does not pay for the securities or start earning interest on them until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. If a Fund’s counterparty fails to deliver a security purchased on a when-issued, delayed-delivery, or forward commitment basis, there may be a loss, and that Fund may have missed an opportunity to make an alternative investment. Prior to settlement of these transactions, the value of the subject securities will fluctuate, reflecting interest rate changes. In addition, because a Fund is not required to pay for when-issued, delayed-delivery, or forward commitment securities until the delivery date, they may result in a form of leverage to the extent a Fund does not maintain liquid assets equal to the face amount of the contract. The Funds segregate assets (cash and/or securities) to cover the amounts outstanding related to these transactions.

Derivatives:

The Funds may engage in various portfolio investment strategies both to increase the return of the Funds and to economically hedge, or protect, their exposure to interest rate movements and movements in the securities markets. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying security or if the counterparty does not perform under the contract. The Funds are subject to credit risk, equity price risk and interest rate risk in the normal course of pursuing their investment objectives by investing in various derivative financial instruments, as described below:

Over the reporting period, the Funds engaged in interest rate futures contracts, foreign currency exchange contracts, swap agreements and swaptions as a means of managing interest rate risk and yield curve positioning consistent with the Adviser’s current market perspectives. Additionally, credit default swaps were held for the purposes of (1) hedging valuation risks specific to identified market segments, industries and credits and (2) efficiently gaining income-bearing exposures to selected market segments, industries and credits. The market value of these instruments, realized and changes in unrealized gains and losses, and the types of contracts are included in the Schedule of Portfolio Investments and the Notes to Financial Statements.

Options - The Funds may purchase and write call and put options on securities, securities indices and on foreign currencies. A Fund may purchase put options on securities to seek to protect holdings in an underlying or related security against a substantial decline in market value. A Fund may purchase call options on securities to seek to protect against substantial increases in prices of securities the Fund intends to purchase pending its ability to invest in such securities in an orderly manner. The Fund pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked-to-market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. A Fund may write a call or put option only if the option is covered by the Fund holding a position in the underlying securities or by other means which would permit immediate satisfaction of the Fund’s obligation as writer of the option. When the Fund writes a call or put, an amount equal to the premium received is recorded as a liability and subsequently marked-to-market to reflect the current value of the option written. These liabilities are included on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss).

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Notes to Financial Statements (Continued)

The purchase and writing of options involves certain risks. During the option period, the covered call writer has, in return for the premium on the option, given up the opportunity to profit from a price increase in the underlying securities above the sum of the premium and exercise price, but as long as its obligation as a writer continues, has retained the risk of loss should the price of the underlying securities decline. The writer of an option has no control over the time when it may be required to fulfill its obligation as a writer of the option. Once an option writer has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying securities at the exercise price. If a put or call option purchased by the Fund is not sold when it has remaining value, and if the market price of the underlying security, in the case of a put, remains equal to or greater than the exercise price or, in the case of a call, remains less than or equal to the exercise price, the Fund will lose its entire investment in the option. There can be no assurance that a liquid market will exist when a Fund seeks to close out an option position. Furthermore, if trading restrictions or suspensions are imposed on the options markets, a Fund may be unable to close out a position.

The Funds may execute transactions in both listed and over-the-counter options. Listed options involve minimal counterparty risk since listed options are guaranteed against default by the exchange on which they trade. Transactions in certain over-the-counter options may expose the Funds to the risk of default by the counterparty to the transaction. In the event of default by the counterparty to the over-the-counter option transaction, a Fund’s maximum amount of loss is the premium paid (as purchaser) or the unrealized loss of the contract (as writer). As of September 30, 2023, the Flexible Income Fund, Intermediate Bond Fund, Investment Grade Credit Fund, Low Duration Bond Fund, Strategic Income Fund, Total Return Bond Fund, Ultra Short Bond Fund and Unconstrained Bond Fund held written options.

Futures - The Funds purchased or sold exchange-traded futures contracts, which are contracts that obligate the Funds to make or take delivery of a financial instrument or the cash value of a security index at a specified future date at a specified price. The Funds may use futures contracts to manage exposure to the stock and bond markets or changes in interest rates and currency values, or for gaining exposure to markets. Risks of entering into futures contracts include the possibility that there may be an illiquid market at the time the Adviser to the Fund may be attempting to sell some or all of the Fund holdings or that a change in the value of the contract may not correlate with changes in the value of the underlying securities. Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin). Subsequent payments (variation margin) are made or received by the Fund, generally on a daily basis. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains or losses. The Funds recognize a realized gain or loss when the contract is closed or expires.

Futures transactions involve minimal counterparty risk since futures contracts are guaranteed against default by the exchange on which they trade.

Foreign Currency - The Funds may hold foreign currency as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to foreign currencies (foreign currency exchange rate risk).

Foreign Currency Exchange Contracts - The Funds entered into foreign currency exchange contracts as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to foreign currencies (foreign currency exchange rate risk). A foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. Foreign currency exchange contracts, when used by a Fund, help to manage the overall exposure to the currencies in which some of the investments held by a Fund are denominated. The contract is marked-to-market daily and the change in market value is recorded by a Fund as an unrealized gain or loss. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The use of foreign currency exchange contracts involves the risk that the value of a foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies and the risk that a counterparty to the contract does not perform its obligations under the agreement.

Swaps - The Funds invested in swap agreements. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than a year. In a standard swap transaction, two parties agree to exchange the returns earned on specific assets, such as the return on, or increase in value of, a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a basket of securities representing a particular index. A swap contract may not be assigned without the consent of the counterparty (and in certain circumstances may not be assignable), and may result in losses in the event of a default or bankruptcy of the counterparty.

The Funds entered into credit default swap agreements to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. The buyer in a credit default contract is obligated to pay the seller a periodic stream of payments over the term of the contract provided no event of default has occurred. In the event of default, the seller must pay the buyer the par value (full notional value) of the reference obligation in exchange for the reference obligation. The Funds may

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Notes to Financial Statements (Continued)

be either the buyer or seller in such transactions. If a Fund is a buyer and no event of default occurs, the Fund loses its investment and recovers nothing. However, if an event of default occurs, the buyer receives full notional value for a reference obligation that may have little or no value. As a seller of a credit default swap, the Fund receives a fixed rate of income throughout the term of the contract, provided there is no default event. If an event of default occurs, the seller may pay the notional value of the reference obligation. The value of the reference obligation received by the seller, coupled with the periodic payments previously received may be less than the full notional value it pays to the buyer, resulting in a loss of value to the Fund. Credit default swaps involve greater risks than if the Fund had invested in the reference obligation directly. In addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk.

The aggregate fair value of credit default swaps in a net liability position is reflected as unrealized depreciation. The collateral posted for swap contracts, net of assets received as collateral, is also disclosed in the Notes to Schedules of Portfolio Investments. The maximum potential amount of future payments (undiscounted) that a portfolio as a seller of protection could be required to make under a credit default swap agreement is an amount equal to the notional amount of the agreement. These potential amounts are partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a portfolio for the same referenced entity or entities. As of September 30, 2023, High Yield Bond Fund, Intermediate Bond Fund, Low Duration Bond Fund, Total Return Bond Fund, Ultra Short Bond Fund and Unconstrained Bond Fund had credit default swaps outstanding in the Funds.

The Funds entered into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a floating rate of interest on a notional principal amount and receives a fixed rate of interest on the same notional principal amount for a specified period of time. Alternatively, a party may pay a fixed rate and receive a floating rate. In more complex swaps, the notional principal amount may decline (or amortize) over time. The Funds’ maximum risk of loss due to counterparty default is the discounted NAV of the cash flows paid to/received from the counterparty over the interest rate swap’s remaining life. The Funds enter into interest rate swaps to manage duration, the yield curve, or interest rate risk by economically hedging the value of the fixed-rate bonds which may decrease when interest rates rise (interest rate risk).

The Funds may write (sell) and purchase put and call swaptions. Swaption contracts written by the Funds represent an option that gives the purchaser the right, but not the obligation, to enter into a new swap agreement, or to shorten, extend, cancel or modify an existing swap agreement, on a future date on specified terms. Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. At September 30, 2023, Corporate Bond Fund, Investment Grade Credit Fund, Low Duration Bond Fund, Strategic Income Fund, Total Return Bond Fund and Unconstrained Bond Fund held swaptions.

In addition to the securities listed above, the AlphaTrak 500 Fund invested in the following equity derivative instruments with a notional or contractual value up to its total assets: S&P 500 Index futures contracts, Mini S&P 500 Index futures contracts, options on the S&P 500 Index and S&P futures, and swap agreements involving the S&P 500 Index. When the above-listed S&P Index derivatives appear to be overvalued relative to the S&P 500 Index, the Fund may invest up to 100% in the common stocks that comprise the S&P 500 Index. The Fund may also invest up to 25% of its total assets in these stocks indirectly by purchasing interests in one or more mutual funds, asset pools, or trusts that invest in such stocks.

The Funds may enter into total return swap agreements. Total return swap is the generic name for any non-traditional swap where one party agrees to pay the other the “total return” of a defined underlying asset, usually in return for receiving a stream of LIBOR-based cash flows. The total return swap may be applied to any underlying asset but is most commonly used with equity indices, single stocks, bonds and defined portfolios of loans and mortgages. The total return swap is a mechanism for the user to accept the economic benefits of asset ownership without utilizing the balance sheet. The other leg of the swap, usually LIBOR, is spread to reflect the non-balance sheet nature of the product. Total return swaps can be designed with any underlying asset agreed between two parties.

As a result, unrealized gains are reported as an asset and unrealized losses are reported as a liability in the Statements of Assets and Liabilities. The change in the value of the swaps, including periodic amounts of interest paid or received on swaps, is reported as unrealized gains or losses in both the Statements of Assets and Liabilities and the Statements of Operations. A realized gain or loss is recorded upon payment or termination of swap agreements. Swap agreements are stated at fair value. Notional principal amounts are used upon payment or receipt of a periodic payment or termination of swap agreements to express the extent of involvement in these transactions, but the amounts subject to credit risk are much smaller. At September 30, 2023, the Funds had outstanding swap agreements as listed in the Funds’ Schedules of Portfolio Investments. Swap transactions present risk of loss in excess of the related amounts in the Statements of Assets and Liabilities.

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Notes to Financial Statements (Continued)

4. RISK CONSIDERATIONS

Foreign Investing Risk: The Funds may be exposed to the risk that the Funds’ share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates in countries where the Funds invest.

Market Risk: Because the values of the Funds’ investments will fluctuate with market conditions, so will the value of your investment in the Funds. You could lose money on your investment in the Funds or the Funds could underperform other investments.

Liquidity Risk: The Funds’ investments in illiquid securities may reduce the returns of the Funds because they may not be able to sell the illiquid securities at an advantageous time or price. Investments in high-yield securities, foreign securities, derivatives or other securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk. Certain investments in private placements and Rule 144A securities may be considered illiquid investments. The Funds may invest in private placements and Rule 144A securities.

Interest Rate Risk: The values of the Funds’ investments fluctuate in response to movements in interest rates. If rates rise, the values of debt securities generally fall. The longer the average duration of a Fund’s investment portfolio, the greater the change in value.

Mortgage-Backed and Other Asset-Backed Securities Risk: Each Fund may invest in mortgage-backed or other asset-backed securities. The values of some mortgaged-backed or other asset-backed securities may expose a Fund to a lower rate of return upon reinvestment of principal. When interest rates rise, the value of mortgage-related securities generally will decline; however, when interest rates are declining, the value of mortgage-related securities with prepayment features may not increase as much as other fixed-income securities. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may shorten or extend the effective maturity of the security beyond what was anticipated at the time of purchase. If an unanticipated rate of prepayment on underlying mortgages increases the effective maturity of a mortgage-related security, the volatility of the security can be expected to increase. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

Derivatives Risk: Use of derivatives, which at times is an important part of the Funds’ investment strategy, involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Investments in derivatives could cause the Funds to lose more than the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Funds will engage in these transactions to reduce exposure to other risks when that would be beneficial.

Credit Risk: The values of any of the Funds’ investments may also decline in response to events affecting the issuer or its credit rating. The lower-rated debt securities in which the Fund may invest are considered speculative and are subject to greater volatility and risk of loss than investment-grade securities, particularly in deteriorating economic conditions. The value of some mortgage-related securities in which the Funds invest also may fall because of unanticipated levels of principal prepayments that can occur when interest rates decline.

Certain of the Funds invest a material portion of their assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults. Continuing shifts in the market’s perception of credit quality on securities backed by commercial and residential mortgage loans and other financial assets may result in increased volatility of market price and periods of illiquidity that can negatively impact the valuation of certain issuers held by the Funds.

Mortgage-backed securities (“MBS”) and asset-backed securities (“ABS”) are characterized and classified in a variety of different ways. These classifications include a view of the securities’ cash flow structure (pass-through, sequential pay, prepayment-protected, interest-only, principal-only, etc.), the security of the claim on the underlying assets (senior, mezzanine and subordinated), as well as types of underlying collateral (prime conforming loans, prime non-conforming loans, Alt-A loans, subprime loans, commercial loans, etc.). In many cases, the classification incorporates a degree of subjectivity: a particular loan might be categorized as “prime” by the underwriting standards of one mortgage issuer while another might classify the loan as “subprime.” In addition to other functions, the risk associated with an investment in a mortgage loan must take into account the nature of the collateral, the form and the level of credit enhancement, the vintage of the loan, the geography of the loan, the purpose of the loan (refinance versus purchase versus equity take-out), the borrower’s credit quality (e.g. FICO score), and whether the loan is a first trust deed or a second lien.

345 / Semi-Annual Report September 2023

Notes to Financial Statements (Continued)

The mortgage industry lacks a single bright-line as to what separates a subprime loan from an Alt-A loan. Often it is a combination of loan characteristics involving both borrower criteria as well as collateral criteria that determine which category a loan is placed in. However, in order to be both conservative and objective as possible, the Adviser applied the following criteria to the Funds’ residential mortgage and asset-backed holdings in coming up with its categorizations:

Sub Prime - Any asset-backed bond whose collateral was residential mortgages which were considered to be subprime, provided that the loans did not belong to the classification of manufactured housing loans.

Alt-A - Any mortgage-backed security whose average borrower FICO score was less than 730 and/or was listed as an Alt-A pool by Bloomberg were considered to be Alt-A bonds.

Counterparty Risk: The Funds may be exposed to counterparty risk, or the risk that an entity with which the Funds have unsettled or open transactions may default. Financial assets, which potentially expose the Funds to credit and counterparty risks, consist principally of investments and cash due from counterparties. The extent of the Funds’ exposure to credit and counterparty risks with respect to these financial assets is approximated by their fair value recorded in the Funds’ Statements of Assets and Liabilities.

LIBOR Risk: The London Interbank Offered Rate (“LIBOR”) was a leading benchmark or reference rate for various commercial and financial contracts, including corporate and municipal bonds, bank loans, asset-backed and mortgage-related securities, interest rate swaps and other derivatives. In July 2017, the United Kingdom’s Financial Conduct Authority (FCA), which regulates LIBOR, announced the gradual phase out of the LIBOR rate, with nearly all LIBOR rate publications having ceased as of June 30, 2023 (some LIBOR rates continue to be published, but only on a temporary and synthetic basis). Alternatives to LIBOR have been established and others may be developed. The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, has identified the Secured Overnight Financial Rate (SOFR) as the preferred alternative rate to LIBOR. SOFR is a relatively new index calculated by short-term repurchase agreements, backed by Treasury securities. There remains uncertainty surrounding the nature of any replacement rates. The transition to a new reference rate may result in (i) increased volatility or illiquidity in markets for instruments or contracts that previously relied on or still rely on LIBOR, (ii) a reduction in the value of certain instruments or contracts held by a Fund, (iii) reduced effectiveness of related Fund transactions, such as hedging, (iv) additional tax, accounting and regulatory risks, or (v) costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund’s investments resulting from a substitute reference rate may also adversely affect a Fund’s performance and/or NAV. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments or contracts using an alternative rate will have the same volume or liquidity.

Bank Loan Risk: There is a risk of investing in corporate loans made by commercial banks and other financial institutions or institutional investors to companies that need capital to grow or restructure, which includes interest rate risk, liquidity risk and prepayment risk. The Fund may also be subject to the credit risk of other financial institutions and the risks associated with insufficient collateral securing a bank loan, limited available public information about a bank loan, delayed settlement, and less protection for holders of bank loans as compared to holders of registered securities. Bank loans are not registered and otherwise may not be treated as securities under the federal securities laws, meaning investors in loans have less protection against improper practices than investors in securities that are registered under or are otherwise subject to the protections of the securities laws.

5. SECURITIES TRANSACTIONS

Investment transactions for the six months ended September 30, 2023, excluding U.S. government and short-term investments, were as follows:

PORTFOLIO	PURCHASES		SALES
AlphaTrak 500 Fund	$	5,639,751	$	5,223,708
Corporate Bond Fund		719,288		2,109,291
Flexible Income Fund		60,766,065		38,416,993
Floating Rate Income Fund		90,227,805		88,515,082
High Yield Bond Fund		137,115,369		157,487,623
Intermediate Bond Fund		69,492,895		60,105,997
Investment Grade Credit Fund		2,041,424		1,368,846
Low Duration Bond Fund		91,716,052		400,629,878
Opportunistic High Income Credit Fund		399,366		526,951
Strategic Income Fund		9,669,624		5,931,731
Sustainable Securitized Fund		2,972,729		3,086,417
Total Return Bond Fund		3,721,860,173		6,298,888,924
Ultra Short Bond Fund		7,665,311		32,846,452
Unconstrained Bond Fund		280,556,671		449,648,677

Semi-Annual Report September 2023 / 346

Notes to Financial Statements (Continued)

Investment transactions in U.S. government securities for the six months ended September 30, 2023 were as follows:

PORTFOLIO	PURCHASES		SALES
AlphaTrak 500 Fund	$	17,973,733	$	17,510,432
Corporate Bond Fund		3,401,770		3,253,645
Flexible Income Fund		440,243,653		417,490,707
High Yield Bond Fund		12,007,490		8,024,701
Intermediate Bond Fund		2,763,771,052		2,733,960,728
Investment Grade Credit Fund		19,566,930		18,547,728
Low Duration Bond Fund		3,396,830,689		3,456,724,748
Opportunistic High Income Credit Fund		39,826		47,267
Strategic Income Fund		64,038,005		59,628,064
Sustainable Securitized Fund		9,832,162		11,004,853
Total Return Bond Fund		152,075,134,250		148,881,190,091
Ultra Short Bond Fund		288,264,750		333,923,534
Unconstrained Bond Fund		3,403,708,918		3,350,261,273

There were no purchases or sales of securities from affiliated investment accounts for the six months ended September 30, 2023. These trades are in accordance with the provisions set forth in Section 17(a)-7 of the 1940 Act.

Investment transactions in the shares of affiliated issuers for the six months ended September 30, 2023 were as follows:

VALUE AT BEGINNING OF YEAR

PURCHASES

SALES

DIVIDEND/ INTEREST

VALUE AT END OF PERIOD

REALIZED GAIN (LOSS)

CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)

High Yield Bond Fund

Homer City Holdings LLC

$—

$—

$—

$—

$—

$—

$—

Total Return Bond Fund

Homer City Holdings LLC

$—

$—

$—

$—

$—

$—

$—

6. INVESTMENT ADVISORY SERVICES AND OTHER TRANSACTIONS

As compensation for advisory services, the Adviser charges the AlphaTrak 500 Fund, the Corporate Bond Fund, the Flexible Income Fund, the Floating Rate Income Fund, the High Yield Bond Fund, the Intermediate Bond Fund, the Investment Grade Credit Fund, the Low Duration Bond Fund, the Opportunistic High Income Credit Fund, the Strategic Income Fund, the Sustainable Securitized Fund, the Total Return Bond Fund, the Ultra Short Bond Fund and the Unconstrained Bond Fund a fee, computed daily and payable monthly, at an annual rate of 0.40%, 0.40%, 0.45%, 0.55%, 0.50%, 0.35%, 0.35%, 0.30%, 0.50%, 0.65%, 0.40%, 0.35%, 0.25% and 0.65%, respectively, of each Fund’s average daily net assets.

The Adviser has agreed in an operating expenses agreement with the Trust to limit each Fund’s expenses (excluding interest, taxes, brokerage commissions, short sales dividend expense, acquired fund fees and expenses, and any expenses incurred in connection with any merger or reorganization or extraordinary expenses such as litigation) as described in the table below. The operating expenses agreement has a one-year term, renewable at the end of each fiscal year. Each Fund has agreed to reimburse the Adviser, for a period of up to three years, for any such payments to the extent that the Fund’s operating expenses are otherwise below its expense cap at both the time of the waiver and the recoupment. The Adviser’s obligation will not be recorded as a liability on the books of the applicable Fund to the extent that the total operating expenses of the Fund are at or above the expense cap. However, if the total operating expenses of a Fund fall below the expense cap, the reimbursement to the Adviser (up to the cap) will be accrued by the Fund as a liability if the Adviser seeks to recoup those amounts and the independent trustees have approved that reimbursement. The Adviser may not request or receive reimbursement from a Fund for prior reductions or reimbursements before the payment of a Fund’s operating expenses for the year.

347 / Semi-Annual Report September 2023

Notes to Financial Statements (Continued)

Investment advisory fees and related contractual expense limitations for the six months ended September 30, 2023, were as follows:

PORTFOLIO	INVESTMENT ADVISORY FEE RATE					CONTRACTUAL EXPENSE  LIMITATION1
	CLASS M	CLASS I	CLASS I-2	ADMINI- STRATIVE CLASS	PLAN CLASS	CLASS M	CLASS I	CLASS I-2	ADMINI- STRATIVE CLASS	PLAN CLASS
AlphaTrak 500 Fund	0.40%	N/A	N/A	N/A	N/A	0.45%	N/A	N/A	N/A	N/A
Corporate Bond Fund	0.40%	0.40%	N/A	N/A	N/A	0.75%	0.50%	N/A	N/A	N/A
Flexible Income Fund	0.45%	0.45%	N/A	N/A	N/A	0.80%	0.55%	N/A	N/A	N/A
Floating Rate Income Fund	0.55%	0.55%	N/A	N/A	0.55%	0.90%	0.70%	N/A	N/A	0.60%
High Yield Bond Fund	0.50%	0.50%	N/A	N/A	N/A	0.85%	0.60%	N/A	N/A	N/A
Intermediate Bond Fund	0.35%	0.35%	N/A	N/A	N/A	0.70%	0.49%	N/A	N/A	N/A
Investment Grade Credit Fund	0.35%	0.35%	N/A	N/A	N/A	0.70%	0.49%	N/A	N/A	N/A
Low Duration Bond Fund	0.30%	0.30%	N/A	0.30%	N/A	0.63%	0.44%	N/A	0.83%	N/A
Opportunistic High Income Credit Fund	0.50%	0.50%	N/A	N/A	N/A	0.85%	0.60%	N/A	N/A	N/A
Strategic Income Fund	0.65%	0.65%	N/A	N/A	N/A	1.04%	0.80%	N/A	N/A	N/A
Sustainable Securitized Fund	0.40%	0.40%	N/A	N/A	N/A	0.70%	0.49%	N/A	N/A	N/A
Total Return Bond Fund	0.35%	0.35%	0.35%	0.35%	0.35%	0.70%	0.49%	0.54%	0.90%	0.39%
Ultra Short Bond Fund	0.25%	0.25%	N/A	N/A	N/A	0.50%	0.34%	N/A	N/A	N/A
Unconstrained Bond Fund	0.65%	0.65%	N/A	N/A	0.65%	1.04%	0.80%	N/A	N/A	0.70%

¹The Adviser has agreed not to reduce or discontinue this contractual expense limitation until July 31, 2023, unless approved by the Board.

At September 30, 2023, the balance of recoupable expenses with expiration dates for the Funds were as follows:

PORTFOLIO	2024		2025		2026		2027		TOTAL
AlphaTrak 500 Fund	$	122,267	$	—	$	270,246	$	122,554	$	515,067
Corporate Bond Fund		257,070		257,575		293,711		123,146		931,502
Flexible Income Fund		309,577		441,229		471,234		230,993		1,453,033
Floating Rate Income Fund		8,677		14,896		19,197		25,654		68,424
High Yield Bond Fund		158,414		145,095		130,452		61,198		495,159
Intermediate Bond Fund		4,895		62		3,695		1,669		10,321
Investment Grade Credit Fund		259,548		264,265		293,818		126,079		943,710
Low Duration Bond Fund		—		—		—		10,969		10,969
Opportunistic High Income Credit Fund		—		96,407		250,735		119,995		467,137
Strategic Income Fund		58,687		566,609		339,161		167,134		1,131,591
Sustainable Securitized Fund		—		67,666		262,567		116,943		447,176
Ultra Short Bond Fund		310,177		355,828		326,076		153,691		1,145,772
Unconstrained Bond Fund		—		—		13,017		2,596		15,613
Total	$	1,489,312	$	2,209,632	$	2,673,909	$	1,262,621	$	7,635,474

Certain officers and trustees of the Funds are also officers and directors of the Adviser. Such officers and trustees serve without direct compensation from the Funds. Effective January 1, 2022, each of the independent trustees receives an annual retainer of $150,000 and $10,000 for each meeting of the Board attended in person and $2,500 for each meeting attended telephonically. The chairman of the Board receives an annual retainer of $60,000. The respective chairman of the Audit Committee and the Nominating and Governance Committee each receives an additional annual retainer of $40,000 and $20,000, respectively. The Trust has an unfunded, nonqualified deferred compensation plan (the “Deferred Compensation Plan”) for certain eligible Trustees. The Deferred Compensation Plan allows Trustees to defer some or all of their annual trustees’ fees otherwise payable by the Trust for a minimum of three years. The fees deferred are posted to a bookkeeping account maintained by the Trust. The various series of the Trust will use the returns on those Funds selected by the Trustee to determine the income, gains and losses to allocate to the account. At the time for commencing distributions from a Trustee’s deferral account, which is no later than when the Trustee ceases to be a member of the Board, deferred fees will be paid out in a single sum in cash or a maximum of 10 annual installments. The expenses related to the annual retainer, meeting fees, and/or any fluctuation in the selected Funds under the Deferred Compensation Plan are recorded in Trustees’ fees and expenses in the Statements of Operations.

7. SHARE MARKETING (12b-1) PLAN AND SHAREHOLDER SERVICING PLAN

The Trust has a Share Marketing Plan (or the “12b-1 Plan”) pursuant to Rule 12b-1 of the 1940 Act with respect to Class M shares of the Corporate Bond Fund, the Flexible Income Fund, the Floating Rate Income Fund, the High Yield Bond Fund, the Intermediate Bond Fund, the Investment Grade Credit Fund, the Low Duration Bond Fund, the Opportunistic High Income Credit Fund, the Strategic Income Fund, the Sustainable Securitized Fund, the Total Return Bond Fund, the Ultra Short Bond Fund, the

Semi-Annual Report September 2023 / 348

Notes to Financial Statements (Continued)

Unconstrained Bond Fund, and the Administrative Class shares of the Low Duration Bond Fund and Total Return Bond Fund. Under the 12b-1 Plan, the Trust pays TCW Funds Distributors, Inc., as the Trust’s distribution coordinator, an annual fee up to 0.25% of the particular Fund’s average daily net assets attributable to Class M shares and Administrative Class shares to reimburse expenses in connection with the promotion and distribution of shares of the respective Fund. The Adviser has undertaken to limit the Rule 12b-1 expenses to 0.16% for the Ultra Short Bond Fund, 0.19% for the Low Duration Bond Fund, and 0.21% for the Intermediate Bond Fund and the Total Return Bond Fund, for the six months ended September 30, 2023. The AlphaTrak 500 Fund is currently not incurring Rule 12b-1 fees. The Adviser has contractually agreed, through July 31, 2024, to pay the distribution expenses of the AlphaTrak 500 Fund out of its own resources.

The Board of Trustees has adopted a Shareholder Servicing Plan that allows each Fund to pay to broker-dealers and other financial intermediaries a fee for shareholder services provided to Fund shareholders who invest in the Administrative Class shares of a Fund through the intermediary. The fee is payable under the Shareholder Servicing Plan at an annual rate not to exceed 0.25% of the particular Fund’s average daily net assets attributable to the Administrative Share class, but the Adviser has undertaken to limit these expenses for the current fiscal year to 0.20% of the Fund’s average daily net assets invested through the intermediary.

8. COMMITMENTS AND CONTINGENCIES

The Floating Rate Income Fund had the following unfunded commitments and unrealized gain by investment as of September 30, 2023:

FLOATING RATE INCOME FUND     UNFUNDED COMMITMENTS	MATURITY	AMOUNT		UNREALIZED GAIN
Omnia Partners, LLC, Delayed-Draw Term Loan, 1st Lien	July 2030	$	100,155	$	582
Total Unfunded Commitments		$	100,155	$	582

In the normal course of business, the Trust enters into contracts which provide a variety of representations and warranties, and that provide general indemnifications. Such contracts include those with certain service providers, brokers and trading counterparties. Any exposure to the Trust under these arrangements is unknown as it would involve future claims that may be made against the Trust; however, based on the Trust’s experience, the risk of loss is remote and no such claims are expected to occur. As such, the Trust has not accrued any liability in connection with such indemnifications.

9. CAPITAL SHARE TRANSACTIONS

Each Fund is authorized to issue an unlimited number of shares of beneficial interest with a par value of $0.01 per share. Transactions in shares of beneficial interest were as follows:

	ALPHATRAK 500 FUND
	CLASS M		CLASS M
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED MARCH 31, 2023
Change in Fund shares:
Shares outstanding at beginning of period		2,934,340		3,928,208
Shares sold		158,726		169,686
Shares issued through reinvestment of distributions		61,722		149,894
Shares redeemed		(303,431)		(1,313,448)
Net (decrease) in fund shares		(82,983)		(993,868)
Shares outstanding at end of period		2,851,357		2,934,340

349 / Semi-Annual Report September 2023

Notes to Financial Statements (Continued)

	CORPORATE BOND FUND
	CLASS M		CLASS M		CLASS I		CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED   MARCH  31, 2023		SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED   MARCH  31, 2023
Change in Fund shares:
Shares outstanding at beginning of period		475,695		568,258		317,762		701,050
Shares sold		15,251		116,264		22,662		24,849
Shares issued through reinvestment of distributions		6,867		15,926		5,758		15,050
Shares redeemed		(153,773)		(224,753)		(44,533)		(423,187)
Net (decrease) in fund shares		(131,655)		(92,563)		(16,113)		(383,288)
Shares outstanding at end of period		344,040		475,695		301,649		317,762
	FLEXIBLE INCOME FUND
	CLASS M		CLASS M		CLASS I		CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED MARCH 31,  2023		SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED MARCH 31,  2023
Change in Fund shares:
Shares outstanding at beginning of period		6,211,930		3,651,661		35,657,009		20,317,792
Shares sold		2,259,718		5,112,956		7,308,612		28,619,685
Shares issued through reinvestment of distributions		241,986		409,001		1,461,485		2,158,115
Shares redeemed		(2,225,401)		(2,961,688)		(6,405,699)		(15,438,583)
Net increase in fund shares		276,303		2,560,269		2,364,398		15,339,217
Shares outstanding at end of period		6,488,233		6,211,930		38,021,407		35,657,009
	FLOATING RATE INCOME FUND
	CLASS M		CLASS M		CLASS I		CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED   MARCH  31, 2023		SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED   MARCH  31, 2023
Change in Fund shares:
Shares outstanding at beginning of period		1,184,024		1,737,330		35,353,243		48,557,554
Shares sold		202,275		429,534		2,079,881		7,854,538
Shares issued through reinvestment of distributions		44,784		80,718		1,228,597		2,176,860
Shares redeemed		(332,373)		(1,063,558)		(2,639,716)		(23,235,709)
Net increase (decrease) in fund shares		(85,314)		(553,306)		668,762		(13,204,311)
Shares outstanding at end of period		1,098,710		1,184,024		36,022,005		35,353,243

	FLOATING RATE INCOME FUND
	PLAN CLASS		PLAN CLASS
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED   MARCH  31, 2023
Change in Fund shares:
Shares outstanding at beginning of period		11		10
Shares sold		1,064		—
Shares issued through reinvestment of distributions		5		1
Net increase in fund shares		1,069		1
Shares outstanding at end of period		1,080		11

Semi-Annual Report September 2023 / 350

Notes to Financial Statements (Continued)

	HIGH YIELD BOND FUND
	CLASS M		CLASS M		CLASS I		CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED   MARCH  31, 2023		SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED   MARCH  31, 2023
Change in Fund shares:
Shares outstanding at beginning of period		14,711,106		16,894,728		39,596,938		54,977,626
Shares sold		1,544,076		5,223,122		9,078,548		21,306,338
Shares issued through reinvestment of distributions		432,047		848,748		1,135,351		2,218,309
Shares redeemed		(3,358,542)		(8,255,492)		(6,991,835)		(38,905,335)
Net increase (decrease) in fund shares		(1,382,419)		(2,183,622)		3,222,064		(15,380,688)
Shares outstanding at end of period		13,328,687		14,711,106		42,819,002		39,596,938
	INTERMEDIATE BOND FUND
	CLASS M		CLASS M		CLASS I		CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED   MARCH  31, 2023		SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED   MARCH  31, 2023
Change in Fund shares:
Shares outstanding at beginning of period		2,200,742		2,450,422		91,699,168		76,102,332
Shares sold		236,005		715,696		19,249,360		48,199,978
Shares issued through reinvestment of distributions		42,800		68,103		1,827,817		2,450,385
Shares redeemed		(465,241)		(1,033,479)		(7,623,054)		(35,053,527)
Net increase (decrease) in fund shares		(186,436)		(249,680)		13,454,123		15,596,836
Shares outstanding at end of period		2,014,306		2,200,742		105,153,291		91,699,168
	INVESTMENT GRADE CREDIT FUND
	CLASS M		CLASS M		CLASS I		CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED   MARCH  31, 2023		SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED   MARCH  31, 2023
Change in Fund shares:
Shares outstanding at beginning of period		386,999		259,570		933,323		992,802
Shares sold		167,551		170,204		202,961		333,416
Shares issued through reinvestment of distributions		13,097		25,100		29,942		73,219
Shares redeemed		(115,183)		(67,875)		(58,004)		(466,114)
Net increase (decrease) in fund shares		65,465		127,429		174,899		(59,479)
Shares outstanding at end of period		452,464		386,999		1,108,222		933,323
	LOW DURATION BOND FUND
	CLASS M		CLASS M		CLASS I		CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED   MARCH  31, 2023		SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED   MARCH  31, 2023
Change in Fund shares:
Shares outstanding at beginning of period		35,993,593		55,362,416		178,166,430		235,428,672
Shares sold		1,343,509		11,354,337		9,799,993		80,958,050
Shares issued through reinvestment of distributions		571,099		1,400,421		2,979,065		5,451,820
Shares redeemed		(15,062,777)		(32,123,581)		(42,255,547)		(143,672,112)
Net (decrease) in fund shares		(13,148,169)		(19,368,823)		(29,476,489)		(57,262,242)
Shares outstanding at end of period		22,845,424		35,993,593		148,689,941		178,166,430

351 / Semi-Annual Report September 2023

Notes to Financial Statements (Continued)

	LOW DURATION BOND FUND
	ADMINISTRATIVE CLASS		ADMINISTRATIVE CLASS
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED MARCH 31,  2023
Change in Fund shares:
Shares outstanding at beginning of period		72		154,242
Shares sold		954		31,293
Shares issued through reinvestment of distributions		2		1,504
Shares redeemed		(67)		(186,967)
Net increase (decrease) in fund shares		889		(154,170)
Shares outstanding at end of period		961		72

	OPPORTUNISTIC HIGH INCOME CREDIT FUND
	CLASS M		CLASS M		CLASS I		CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED MARCH 31,  2023		SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED MARCH 31,  2023
Change in Fund shares:
Shares outstanding at beginning of period		41,554		7,782		232,805		330,792
Shares sold		17,700		70,852		1,823		65,689
Shares issued through reinvestment of distributions		1,569		2,344		9,369		32,804
Shares redeemed		(41,264)		(39,424)		(9,723)		(196,480)
Net increase (decrease) in fund shares		(21,995)		33,772		1,469		(97,987)
Shares outstanding at end of period		19,559		41,554		234,274		232,805
	STRATEGIC INCOME FUND
	CLASS M		CLASS M		CLASS I		CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED    MARCH 31, 2023		SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED   MARCH  31, 2023
Change in Fund shares:
Shares outstanding at beginning of period		8,125,761		2,439,193		2,492,168		1,351,121
Shares sold		525,030		6,912,813		859,494		2,020,509
Shares issued through reinvestment of distributions		330,044		400,592		108,575		175,122
Shares redeemed		(554,407)		(1,626,837)		(327,022)		(1,054,584)
Net increase in fund shares		300,667		5,686,568		641,047		1,141,047
Shares outstanding at end of period		8,426,428		8,125,761		3,133,215		2,492,168
	SUSTAINABLE SECURITIZED FUND
	CLASS M		CLASS M		CLASS I		CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED MARCH 31,  2023		SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED MARCH 31,  2023
Change in Fund shares:
Shares outstanding at beginning of period		5,958		1,738		989,282		1,137,535
Shares sold		3,541		4,755		67,541		340,886
Shares issued through reinvestment of distributions		121		92		17,481		37,255
Shares redeemed		(2,733)		(627)		(209,919)		(526,394)
Net increase (decrease) in fund shares		929		4,220		(124,897)		(148,253)
Shares outstanding at end of period		6,887		5,958		864,385		989,282

Semi-Annual Report September 2023 / 352

Notes to Financial Statements (Continued)

	TOTAL RETURN BOND FUND
	CLASS M		CLASS M		CLASS I		CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED   MARCH  31, 2023		SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED   MARCH  31, 2023
Change in Fund shares:
Shares outstanding at beginning of period		694,341,407		609,964,109		4,139,805,317		4,611,465,986
Shares sold		57,570,951		383,552,935		511,550,365		1,136,670,438
Shares issued through reinvestment of distributions		12,257,816		19,723,265		80,475,580		127,328,940
Shares redeemed		(222,705,060)		(318,898,902)		(539,093,569)		(1,735,660,047)
Net increase (decrease) in fund shares		(152,876,293)		84,377,298		52,932,376		(471,660,669)
Shares outstanding at end of period		541,465,114		694,341,407		4,192,737,693		4,139,805,317

	TOTAL RETURN BOND FUND
	CLASS I-2		CLASS I-2
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED   MARCH  31, 2023
Change in Fund shares:
Shares outstanding at beginning of period		11,005,199		16,736,662
Shares sold		1,901,099		8,077,028
Shares issued through reinvestment of distributions		228,668		490,417
Shares redeemed		(3,157,509)		(14,298,908)
Net (decrease) in fund shares		(1,027,742)		(5,731,463)
Shares outstanding at end of period		9,977,457		11,005,199

	TOTAL RETURN BOND FUND
	ADMINISTRATIVE CLASS		ADMINISTRATIVE CLASS		PLAN CLASS		PLAN CLASS
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED MARCH 31,  2023		SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED MARCH 31,  2023
Change in Fund shares:
Shares outstanding at beginning of period		166,912,987		192,601,234		2,026,068,357		2,324,492,622
Shares sold		15,082,176		31,195,068		221,153,379		338,504,144
Shares issued through reinvestment of distributions		3,011,071		5,128,907		41,426,706		67,148,068
Shares redeemed		(36,489,950)		(62,012,222)		(205,003,519)		(704,076,477)
Net increase (decrease) in fund shares		(18,396,703)		(25,688,247)		57,576,566		(298,424,265)
Shares outstanding at end of period		148,516,284		166,912,987		2,083,644,923		2,026,068,357

353 / Semi-Annual Report September 2023

Notes to Financial Statements (Continued)

	ULTRA SHORT BOND FUND
	CLASS M		CLASS M		CLASS I		CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED MARCH 31,  2023		SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED MARCH 31,  2023
Change in Fund shares:
Shares outstanding at beginning of period		4,875,363		9,455,483		24,795,459		37,852,952
Shares sold		115,438		822,824		1,641,266		15,775,043
Shares issued through reinvestment of distributions		78,740		151,914		477,678		585,925
Shares redeemed		(1,597,072)		(5,554,858)		(15,602,675)		(29,418,461)
Net (decrease) in fund shares		(1,402,894)		(4,580,120)		(13,483,731)		(13,057,493)
Shares outstanding at end of period		3,472,469		4,875,363		11,311,728		24,795,459
	UNCONSTRAINED BOND FUND
	CLASS M		CLASS M		CLASS I		CLASS I
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED   MARCH  31, 2023		SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED   MARCH  31, 2023
Change in Fund shares:
Shares outstanding at beginning of period		15,381,585		19,230,240		226,158,098		326,977,316
Shares sold		767,246		2,686,340		27,314,019		97,731,807
Shares issued through reinvestment of distributions		486,890		864,124		5,314,373		10,194,594
Shares redeemed		(1,692,199)		(7,399,119)		(50,295,146)		(208,745,619)
Net (decrease) in fund shares		(438,063)		(3,848,655)		(17,666,754)		(100,819,218)
Shares outstanding at end of period		14,943,522		15,381,585		208,491,344		226,158,098

	UNCONSTRAINED BOND FUND
	PLAN CLASS		PLAN CLASS
	SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)		YEAR ENDED   MARCH  31, 2023
Change in Fund shares:
Shares outstanding at beginning of period		33,873,600		10,805,285
Shares sold		2,595,600		22,518,298
Shares issued through reinvestment of distributions		1,226,683		1,610,878
Shares redeemed		(237,341)		(1,060,861)
Net increase in fund shares		3,584,942		23,068,315
Shares outstanding at end of period		37,458,542		33,873,600

Semi-Annual Report September 2023 / 354

Notes to Financial Statements (Continued)

10. FEDERAL TAX INFORMATION

Capital Loss Carryforwards:

At September 30, 2023, the following Funds had available for federal income tax purposes unused capital losses as follows:

FUND		SHORT-TERM NON-EXPIRING AMOUNTS*		LONG-TERM NON-EXPIRING AMOUNTS*
AlphaTrak 500 Fund	$	2,371,261	$	2,322,290
Corporate Bond Fund		316,893		385,151
Flexible Income Fund		5,952,817		2,364,301
Floating Rate Income Fund		2,675,049		15,170,932
High Yield Bond Fund		34,960,290		43,644,133
Intermediate Bond Fund		56,011,759		6,434,752
Investment Grade Credit Fund		801,682		463,152
Low Duration Bond Fund		108,883,996		43,790,099
Opportunistic High Income Credit Fund		214,638		114,669
Strategic Income Fund		444,685		3,072,928
Sustainable Securitized Fund		434,530		22,895
Total Return Bond Fund		5,958,665,330		605,251,281
Ultra Short Bond Fund		5,651,930		3,700,139
Unconstrained Bond Fund		52,981,504		—

* Under the Modernization Act of 2010, capital losses incurred by the Funds after March 31, 2011 will not be subject to expiration. In addition, these losses must be utilized prior to the losses incurred in the years preceding enactment.

Tax Basis of Distributable Income:

As of March 31, 2023, the components of accumulated earnings (accumulated losses) on a tax basis were as follows:

		ALPHATRAK 500 FUND		CORPORATE BOND FUND		FLEXIBLE INCOME FUND		FLOATING RATE INCOME FUND		HIGH YIELD BOND FUND		INTERMEDIATE BOND FUND
Undistributed ordinary income (inclusive of short-term gains)	$	26,023	$	—	$	—	$	664,431	$	2,394,133	$	49,397
Undistributed long-term gains		—		—		—		—		—		—
Other temporary differences		(78)		(614)		(107,786)		(513,807)		(418,752)		(402,307)
Accumulated capital loss carryforwards and post-October losses		(4,693,551)		(1,215,767)		(10,123,806)		(17,845,981)		(78,604,423)		(62,446,511)
Net unrealized appreciation (depreciation)		(1,151,501)		(1,239,729)		(37,262,809)		(14,256,957)		(68,874,392)		(21,529,634)
Total accumulated earnings (losses)	$	(5,819,107)	$	(2,456,110)	$	(47,494,401)	$	(31,952,314)	$	(145,503,434)	$	(84,329,055)

355 / Semi-Annual Report September 2023

Notes to Financial Statements (Continued)

	INVESTMENT GRADE CREDIT FUND		LOW DURATION BOND FUND		OPPORTUNISTIC HIGH INCOME CREDIT FUND		STRATEGIC INCOME FUND		SUSTAINABLE SECURITIZED FUND		TOTAL RETURN   BOND FUND
Undistributed ordinary income (inclusive of short-term gains)	$	—	$	417,792	$	—	$	312,893	$	—	$	—
Undistributed long-term gains		—		—		—		—		—		—
Other temporary differences		(532)		(678,678)		(22,383)		(8,820)		—		(16,168,689)
Accumulated capital loss carryforwards and post- October losses		(1,264,834)		(152,674,095)		(471,794)		(3,517,613)		(639,561)		(7,421,602,418)
Net unrealized appreciation (depreciation)		(2,083,029)		(52,211,095)		(329,834)		(7,634,461)		(1,135,557)		(4,401,416,051)
Total accumulated earnings (losses)	$	(3,348,395)	$	(205,146,076)	$	(824,011)	$	(10,848,001)	$	(1,775,118)	$	(11,839,187,158)

	ULTRA SHORT BOND FUND		UNCONSTRAINED   BOND FUND
Undistributed ordinary income (inclusive of short-term gains)	$	107,101	$	—
Undistributed long-term gains		—		—
Other temporary differences		(2,173)		(3,129,608)
Accumulated capital loss carryforwards and post-October losses		(10,649,399)		(134,124,094)
Net unrealized appreciation (depreciation)		(1,851,328)		(398,168,695)
Total accumulated earnings (losses)	$	(12,395,799)	$	(535,422,397)

Permanent differences incurred during the fiscal year ended March 31, 2023, resulting from differences in book and tax accounting have been reclassified at year-end as follows:

FUND	INCREASE (DECREASE) ACCUMULATED EARNINGS (LOSS)		INCREASE (DECREASE)     PAID-IN-CAPITAL
AlphaTrak 500 Fund	$	649	$	(649	)
Corporate Bond Fund		480		(480	)
Flexible Income Fund		32,096		(32,096	)
Intermediate Bond Fund		41,601		(41,601	)
Opportunistic High Income Credit Fund		80		(80	)
Total Return Bond Fund		3,411,613		(3,411,613	)
Unconstrained Bond Fund		1,274,915		(1,274,915	)

The permanent differences are due to non-deductible expenses and taxable overdistribution paid.

Semi-Annual Report September 2023 / 356

Notes to Financial Statements (Continued)

Tax Basis of Distributions to Shareholders:

	ALPHATRAK 500 FUND				CORPORATE  BOND FUND
	MARCH 31, 2023		MARCH 31, 2022		MARCH 31, 2023		MARCH 31, 2022
Distributions from:
Ordinary income (inclusive of short-term capital gains)	$	888,057	$	4,904,144	$	283,604	$	315,930
Net long-term capital gains		537,219		6,902,086		—		55,831
Total taxable distributions	$	1,425,276	$	11,806,230	$	283,604	$	371,761
	FLEXIBLE  INCOME FUND				FLOATING RATE INCOME FUND
	MARCH 31, 2023		MARCH 31, 2022		MARCH 31, 2023		MARCH 31, 2022
Distributions from:
Ordinary income (inclusive of short-term capital gains)	$	22,045,745	$	17,192,300	$	25,266,781	$	15,620,404
Net long-term capital gains		—		540,585		—		—
Total taxable distributions	$	22,045,745	$	17,732,885	$	25,266,781	$	15,620,404
	HIGH YIELD BOND FUND				INTERMEDIATE BOND FUND
	MARCH 31, 2023		MARCH 31, 2022		MARCH 31, 2023		MARCH 31, 2022
Distributions from:
Ordinary income (inclusive of short-term capital gains)	$	31,729,934	$	30,481,103	$	26,787,772	$	10,530,092
Net long-term capital gains		—		—		—		2,724,855
Total taxable distributions	$	31,729,934	$	30,481,103	$	26,787,772	$	13,254,947
	INVESTMENT GRADE CREDIT FUND				LOW DURATION BOND FUND
	MARCH 31, 2023		MARCH 31, 2022		MARCH 31, 2023		MARCH 31, 2022
Distributions from:
Ordinary income (inclusive of short-term capital gains)	$	770,112	$	930,563	$	61,930,890	$	27,329,398
Return of Capital		24,661		—		—		—
Total taxable distributions	$	794,773	$	930,563	$	61,930,890	$	27,329,398
	OPPORTUNISTIC HIGH INCOME CREDIT FUND				STRATEGIC INCOME FUND
	MARCH 31, 2023		MARCH 31, 2022		MARCH 31, 2023		MARCH 31, 2022
Distributions from:
Ordinary income (inclusive of short-term capital gains)	$	270,955	$	265,147	$	3,713,024	$	2,814,589
Return of Capital		7,781		—		—		—
Total taxable distributions	$	278,736	$	265,147	$	3,713,024	$	2,814,589
	SUSTAINABLE SECURITIZED FUND				TOTAL RETURN BOND FUND
	MARCH 31, 2023		MARCH 31, 2022		MARCH 31, 2023		MARCH 31, 2022
Distributions from:
Ordinary income (inclusive of short-term capital gains)	$	324,338	$	48,438	$	2,163,571,272	$	1,211,584,483
Total taxable distributions	$	324,338	$	48,438	$	2,163,571,272	$	1,211,584,483

357 / Semi-Annual Report September 2023

Notes to Financial Statements (Continued)

	ULTRA SHORT BOND FUND				UNCONSTRAINED BOND FUND
	MARCH 31, 2023		MARCH 31, 2022		MARCH 31, 2023		MARCH 31, 2022
Distributions from:
Ordinary income (inclusive of short-term capital gains)	$	3,041,991	$	1,534,325	$	170,616,814	$	135,350,036
Net long-term capital gains		—		—		—		20,305,457
Total taxable distributions	$	3,041,991	$	1,534,325	$	170,616,814	$	155,655,493

Tax Cost

As of September 30, 2023, gross unrealized appreciation (depreciation) based on cost for federal income tax purposes were as follows:

		ALPHATRAK 500 FUND		CORPORATE BOND FUND		FLEXIBLE INCOME FUND		FLOATING RATE INCOME FUND		HIGH YIELD BOND FUND		INTERMEDIATE   BOND FUND
Tax Cost	$	31,589,406	$	6,743,700	$	458,967,514	$	358,041,814	$	562,407,048	$	1,185,864,084
Gross unrealized appreciation		99,564		1,314		3,164,042		2,501,814		2,562,608		2,406,666
Gross unrealized (depreciation)		(1,305,431)		(1,240,886)		(50,847,194)		(10,229,683)		(69,165,780)		(41,875,962)
Net unrealized appreciation (depreciation)	$	(1,205,867)	$	(1,239,572)	$	(47,683,152)	$	(7,727,869)	$	(66,603,172)	$	(39,469,296)
		INVESTMENT GRADE CREDIT FUND		LOW DURATION BOND FUND		OPPORTUNISTIC HIGH INCOME CREDIT FUND		STRATEGIC INCOME FUND		SUSTAINABLE SECURITIZED FUND		TOTAL RETURN   BOND FUND
Tax Cost	$	15,637,297	$	1,832,439,563	$	2,134,690	$	88,908,843	$	9,007,790	$	85,596,534,990
Gross unrealized appreciation		13,636		5,636,457		52,640		720,201		25,799		208,528,364
Gross unrealized (depreciation)		(2,266,129)		(66,553,622)		(359,706)		(9,971,315)		(822,293)		(5,787,713,708)
Net unrealized appreciation (depreciation)	$	(2,252,493)	$	(60,917,165)	$	(307,066)	$	(9,251,114)	$	(796,494)	$	(5,579,185,344)
									ULTRA SHORT BOND FUND		UNCONSTRAINED     BOND FUND
Tax Cost									$	71,436,414	$	3,644,744,615
Gross unrealized appreciation										169,086		23,894,499
Gross unrealized (depreciation)										(1,987,711)		(481,997,624)
Net unrealized appreciation (depreciation)									$	(1,818,625)	$	(458,103,125)

11. COMMITTED LINE OF CREDIT

The Funds have entered into a $350,000,000 committed revolving line of credit agreement with The Bank of New York Mellon (the “Bank”) for temporary borrowing purposes with an expiration date of October 4, 2024. The interest rate on borrowing is the higher of the federal funds rate or SOFR plus 0.10%, plus 1.25%. There were no borrowings from the line of credit as of or during the six months ended September 30, 2023. The Funds pay the Bank a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount. The commitment fees incurred by the Funds are presented in the Statements of Operations. The commitment fees are allocated to each applicable portfolio in proportion to its relative average daily net assets and the interest expenses are charged directly to the applicable portfolio.

12. INDEMNIFICATIONS

Under the Funds’ organizational documents, its officers and trustees are indemnified against certain liability arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts with their vendors and others that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown, as this would involve further claims that may be made against the Funds. However, based on experience, the Funds expect the risk of loss to be remote.

Semi-Annual Report September 2023 / 358

Notes to Financial Statements (Continued)

13. NEW ACCOUNTING PRONOUNCEMENT

In January 2021, the Financial Accounting Standards Board issued Accounting Standards Update No. 2021-01 (“ASU 2021-01”), “Reference Rate Reform (Topic 848).” ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR; regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. The amendments in this update are in effect for the Fund. There have been no impacts to date.

In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 (1) clarifies the guidance in ASC 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction and (2) requires specific disclosures related to such an equity security. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and interim periods within that fiscal year, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2022-03 on our consolidated financial statements.

359 / Semi-Annual Report September 2023

Approval of Investment Management Agreement by Trustees (Unaudited)

The Adviser provides investment advisory services to each Fund under an Investment Management Agreement dated February 6, 2013, as amended (the “Agreement”), between the Trust, on behalf of each Fund, and the Adviser. The Agreement was approved for a two-year initial term by the shareholders of each Fund then existing at a special meeting of shareholders held on November 28, 2012, which was adjourned until December 20, 2012 with respect to certain Funds. The Agreement was most recently amended effective February 1, 2022 for the purpose of amending the management fee provisions for each of the AlphaTrak 500 Fund and Strategic Income Fund. Following the Agreement’s initial two-year term with respect to each Fund, the Agreement continues in effect from year-to-year provided that the continuance is specifically approved at least annually by the vote of the holders of at least a majority of the outstanding shares of the Funds, or by the Board of Trustees of the Trust (the “Board”), and, in either event, by a majority of the Trustees who are not “interested persons” of the Trust, as such term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), (the “Independent Trustees”) casting votes in person at a meeting called for that purpose.

At an in-person meeting on September 11, 2023, the Board approved the renewal of the Agreement for an additional one-year term from February 6, 2024 through February 5, 2025 with respect to each Fund. The renewal of the Agreement was approved by the Board (including by a majority of the Independent Trustees) upon the recommendation of the Independent Trustees. The Independent Trustees also met by videoconference in a working session on August 30, 2023 to hear presentations by representatives of the Adviser, to ask related questions, to review and discuss materials provided by the Adviser for their consideration, and to meet separately with their independent legal counsel. On September 11, 2023 they also met separately with their independent legal counsel to review and discuss the materials that had been requested on their behalf by their independent legal counsel and presented by the Adviser. The information, material facts, and conclusions that formed the basis for the Independent Trustees’ recommendation and the Board’s subsequent approval are described below.

1. Information received

Materials reviewed — During the course of each year, the Trustees receive a wide variety of materials relating to the services provided by the Adviser, including reports on the Adviser’s investment processes, as well as on each Fund’s investment results, portfolio composition, portfolio trading practices, compliance monitoring, shareholder services, and other information relating to the nature, extent, and quality of services provided by the Adviser to the Funds. In addition, the Board reviewed information furnished to the Independent Trustees in response to a detailed request sent to the Adviser on their behalf. The information in the Adviser’s responses included extensive materials regarding each Fund’s investment results, advisory fee comparisons to advisory fees charged by the Adviser to its institutional clients, financial and profitability information regarding the Adviser, descriptions of various services provided to the Funds and to other advisory and sub-advisory clients, descriptions of functions such as compliance monitoring and portfolio trading practices, and information about the personnel providing investment management services to each Fund. The Trustees also considered information provided by an independent data provider, Broadridge, comparing the investment performance and the fee and expense levels of each Fund to peer groups of mutual funds selected by Broadridge. After reviewing this information, the Trustees requested additional information from the Adviser, which the Adviser provided and the Trustees considered.

Review process — The Trustees’ determinations were made on the basis of each Trustee’s business judgment after consideration of all the information presented. The Independent Trustees were advised by their independent legal counsel throughout the renewal process and received and reviewed advice from their independent legal counsel regarding legal and industry standards applicable to the renewal of the Agreement, including a legal memorandum from their independent legal counsel discussing their fiduciary duties related to their approval of the continuation of the Agreement. The Independent Trustees also discussed the renewal of the Agreement with the Adviser’s representatives and in private sessions at which no representatives of the Adviser were present. In deciding to recommend the renewal of the Agreement with respect to each Fund, the Independent Trustees did not identify any single piece of information or particular factor that, in isolation, was the controlling factor. Each Independent Trustee may also have weighed factors differently. This summary describes the most important, but not all, of the factors considered by the Board and Independent Trustees.

2. Nature, extent, and quality of services provided by the Adviser

The Board and the Independent Trustees considered the depth and quality of the Adviser’s investment management process, including its research and strong analytical capabilities; the experience, capability, and integrity of its senior management and other personnel; the advance planning and transition arrangements put in place with respect to the changes in key portfolio management and other personnel; and the overall resources available to the Adviser in managing the Funds’ assets. The Board and the Independent Trustees considered the ability of the Adviser to attract and retain well-qualified investment professionals, noting in particular the Adviser’s hiring of professionals in various areas over the past several years, including recruiting and hiring a highly qualified President and Chief Executive Officer to replace the outgoing head of The TCW Group, Inc., the parent company of the Adviser (“TCW”), continued upgrading of resources in its middle office and back office operations and other areas, as well as a continuing and extensive program of infrastructure and systems enhancements. The Board and the Independent Trustees also considered that the Adviser made available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, operations, administration, research, and portfolio accounting. They noted the substantial additional resources made available by TCW. The Board and the Independent Trustees examined and discussed a detailed description of the extensive additional services provided to the Funds

Semi-Annual Report September 2023 / 360

to support their operations and compliance, as compared to the much narrower range of services provided to the Adviser’s institutional and sub-advised clients, as well as the Adviser’s oversight and coordination of numerous outside service providers to the Funds. They further noted the high level of regular communication between the Adviser and the Independent Trustees. The Adviser explained its responsibility to supervise the activities of the Funds’ various service providers, as well as supporting the Independent Trustees and their meetings, regulatory filings, and various operational personnel, and the related costs.

The Board and the Independent Trustees concluded that the nature, extent, and quality of the services provided by the Adviser are of a high quality and have benefited and should continue to benefit the Funds and their shareholders.

3. Investment results

The Board and the Independent Trustees considered the investment results of each Fund in light of its investment objective(s) and principal investment strategies. They compared each Fund’s total returns with the total returns of other mutual funds in peer group reports prepared by Broadridge with respect to various longer and more recent periods all ended May 31, 2023. The Board and the Independent Trustees reviewed information as to peer group selections presented by Broadridge and discussed the methodology for those selections with the Adviser. In reviewing each Fund’s relative performance, the Board and the Independent Trustees took into account each Fund’s investment strategies, distinct characteristics, asset size and diversification.

The Board and the Independent Trustees noted that each Fund’s performance was satisfactory over the relevant periods, particularly over longer periods, which the Board and the Independent Trustees believe are generally the most relevant. The Board and the Independent Trustees indicated their belief that the performance of each Fund for periods where the Fund lagged its respective peer group average remained satisfactory when assessed on a risk-adjusted basis, in part because performance quintiles do not necessarily reflect the amount of risk employed by peer funds to achieve their returns. The Board and the Independent Trustees recognized the Adviser’s deliberate strategy to manage risk in light of its critical view of the fixed-income securities markets and evolving overall investment market conditions at present and in the near term. For that reason, the Board and the Independent Trustees believed that relative performance also should be considered in light of future market conditions expected by the Adviser and positioning of the Funds’ portfolios in light of those expectations. The Board and the Independent Trustees noted the Adviser’s view that longer term performance can be more meaningful for active fixed income funds such as the Funds because market cycles in fixed income are generally longer than three years. The Board and the Independent Trustees also considered data showing that the Funds generally experienced less volatility for many periods compared to other funds in the applicable peer groups.

For the Metropolitan West Total Return Bond Fund, the Board and the Independent Trustees noted that the Fund’s performance was in the third (Class I)/fourth (Class M) quintile for the ten-year period, the third (Class I)/fourth (Class M) quintile for the five-year period, the fifth (Class I)/fifth (Class M) quintile for the three-year period and the fourth (Class I)/fourth (Class M) quintile for the one-year period. The Board and the Independent Trustees took into account the Adviser’s discussions of the relative underperformance of the Fund for certain time periods, including that the Class I shares of the Fund slightly outperformed the benchmark for the three-year period, and noted the lower volatility for this Fund for certain time periods compared to many of the funds in the peer group.

For the Metropolitan West Unconstrained Bond Fund, the Board and the Independent Trustees noted that the Fund’s performance was in the second quintile for the ten-year period, the third quintile for the five-year period, the fourth quintile for the three-year periods and the third quintile for the one-year period. The Board and the Independent Trustees took into account the Adviser’s discussions of the relative underperformance of the Fund for the three-year period, including that the Fund’s increased duration and exposure to mortgage-backed securities during that period contributed to its underperformance.

For the Metropolitan West Low Duration Bond Fund, the Board and the Independent Trustees noted that the Fund’s performance was in the third quintile for the ten- and five-year periods and the fourth quintile for the three- and one-year periods. The Board and the Independent Trustees took into account the Adviser’s discussions of the relative underperformance of the Fund for certain periods, including that the Fund’s increased average duration contributed to its underperformance, and noted that despite its underperformance relative to its peers, the Fund outperformed the benchmark for the one- and three-year periods.

For the Metropolitan West Intermediate Bond Fund, the Board and the Independent Trustees noted that the Fund’s performance was in the second quintile for the ten- and five-year periods, the fifth quintile for the three-year period and the fourth quintile for the one-year period. The Board and the Independent Trustees took into account the Adviser’s discussions of the relative underperformance of the Fund for certain periods, including that the Fund’s increased average duration contributed to its underperformance, and noted that despite its underperformance relative to its peers, the Fund outperformed the benchmark for the three-year period.

For the Metropolitan West High Yield Bond Fund, the Board and the Independent Trustees noted that the Fund’s performance was in the third quintile for the ten-year period, the first quintile for the five-year period, the fifth quintile for the three-year period and the second quintile for the one-year period. The Board and the Independent Trustees took into account the Adviser’s discussions of the relative underperformance of the Fund for three-year period, including that the Fund’s allocation to certain sectors contributed to that underperformance, and noted the Fund’s stronger performance for the other periods reviewed.

For the Metropolitan West Floating Rate Income Fund, the Board and the Independent Trustees noted that the Fund’s performance was in the second quintile for the five-year period, the fifth quintile for the three-year period and the third quintile for the one-year period. The Board and the Independent Trustees noted the substantially lower volatility for this Fund compared to the funds in the peer group.

361 / Semi-Annual Report September 2023

The Board and the Independent Trustees took into account the Adviser’s discussions of the relative underperformance of the Fund for the three-year period, including that the Fund’s preference for higher quality, defensive industries during this period contributed to its underperformance, and noted the Fund’s stronger performance for the other periods reviewed.

For the Metropolitan West Flexible Income Fund, the Board and the Independent Trustees noted that the Fund’s performance was in the third quintile for the three-year period and the first quintile for the one-year period. The Board and the Independent Trustees also noted the lower volatility for this Fund compared to the funds in the peer group.

For the Metropolitan West Ultra Short Bond Fund, the Board and the Independent Trustees noted that the Fund’s performance was in the fourth quintile for the ten-year and five-year periods, the third quintile for the three-year period and the second quintile for the one-year period. The Board and the Independent Trustees took into account the Adviser’s discussions of the relative underperformance for certain time periods, including that the Fund is generally being managed with lower interest rate risk and credit risk as compared to the peer group funds. The Board also considered that the peer funds can have substantially longer dollar-weighted average maturities than would be permitted for this Fund, and those longer averages can result in higher performance under the prevailing market conditions over the applicable periods. The Board and the Independent further noted the substantially lower volatility for this Fund compared to the funds in the peer group.

For the Metropolitan West AlphaTrak 500 Fund, the Board and the Independent Trustees noted that the Fund’s performance was in the first quintile for the ten-year period, the third quintile for the five- and three-year periods and the fourth quintile for the one-year period.

For the Metropolitan West Strategic Income Fund, the Board and the Independent Trustees noted that the Fund’s performance was in the second quintile for the ten-, five-, three- and one-year periods. The Board and the Independent Trustees also considered the limitations of using the absolute return funds peer group for this Fund because of the significant differences in the strategies used by those funds.

For the Metropolitan West Investment Grade Credit Fund, the Board and the Independent Trustees noted that the Fund’s performance was in the first quintile for the three- and one-year periods.

For the Metropolitan West Corporate Bond Fund, the Board and the Independent Trustees noted that the Fund’s performance was in the third quintile for the three-year period and the fourth quintile for the one-year period.

For the Metropolitan West Sustainable Securitized Fund, the Board and the Independent Trustees noted that that the Fund’s performance was in the fifth quintile for the one-year period and the period since the Fund’s inception on September 30, 2021. The Board and the Independent Trustees took into account the Adviser’s discussions of the Fund’s relative underperformance, and noted the shorter operating history for this Fund.

For the Metropolitan West Opportunistic High Income Credit Fund, the Board and the Independent Trustees noted that that the Fund’s performance was in the fifth quintile for the one-year period and the period since the Fund’s inception on July 30, 2021. The Board and the Independent Trustees took into account the Adviser’s discussions of the Fund’s relative underperformance, and noted the shorter operating history for this Fund.

The Board and the Independent Trustees concluded that the Adviser was implementing each Fund’s investment objective(s) and that the Adviser’s record in managing the Funds indicated that its continued management should benefit each Fund and its shareholders over the long term.

4. Advisory fees and total expenses

The Board and the Independent Trustees compared the management fees (which Broadridge defines to include advisory fees and administrative fees) and total expenses of each Fund (each as a percentage of average net assets) with the median management fee and operating expense levels of the other mutual funds in the relevant Broadridge peer groups. These comparisons assisted the Board and the Independent Trustees by providing a reasonable statistical measure to assess each Fund’s fees relative to its relevant peers. The Board and the Independent Trustees observed that each Fund’s management fee was below or near the median of the peer group funds on a current basis, with the exception of the Unconstrained Bond Fund. The Board and the Independent Trustees noted the difference in the management fees of the Unconstrained Bond Fund when compared to the median of its peer group, which the Board did not consider to be unreasonable, with the management fees for the Unconstrained Bond Fund approximately 7 basis points higher than that median.

In considering the Funds’ total operating expenses, the Board and the Independent Trustees observed that each Fund’s total expenses were below or near the median of the peer group funds on a current basis, with the exception of the Strategic Income Fund, for which total expenses were approximately 9 basis points above the median. The Board considered that the change from a performance-based fee structure to a flat-rate asset-based fee structure for the Strategic Income Fund, which was proposed by the Adviser and approved by shareholders effective February 1, 2022, had resulted in a narrower dispersion from the median as compared to the dispersion before that change. The Board and the Independent Trustees also considered the contractual expense limitations to which the Adviser has agreed with respect to each Fund and that the Adviser historically has absorbed any expenses in excess of these limits. They noted that although the Adviser may recoup, and has recouped in the past, certain fees and/or expenses previously waived or reimbursed for

Semi-Annual Report September 2023 / 362

certain Funds, such recoupment is permitted only if it does not cause the applicable Fund’s annual expense ratio to exceed the lesser of (i) the expense limitation applicable at the time of that fee waiver and/or expense reimbursement or (ii) the expense limitation in effect at the time of recoupment. The Board and the Independent Trustees concluded that the competitive fees charged by the Adviser, and competitive expense ratios, should continue to benefit each Fund and its shareholders.

The Board and the Independent Trustees also reviewed information regarding the advisory fees charged by the Adviser to its institutional and sub-advisory clients with similar investment mandates. The Board and the Independent Trustees concluded that, although the fees paid by those clients generally were lower than advisory fees paid by the Funds, the differences appropriately reflected the more extensive services provided by the Adviser to the Funds and the Adviser’s significantly greater responsibilities and expenses with respect to the Funds, including the additional time spent by portfolio managers for reasons such as managing the more active cash flows from purchases and redemptions by shareholders, the additional risks of managing a pool of assets for public investors, administrative burdens, daily pricing, valuation and liquidity responsibilities, the supervision of vendors and service providers, and the costs of additional infrastructure and operational resources and personnel and of complying with and supporting the more comprehensive regulatory and governance regime applicable to mutual funds.

5. The Adviser’s costs, level of profits, and economies of scale

The Board and the Independent Trustees reviewed information regarding the Adviser’s costs of providing services to the Funds, as well as the resulting level of profits to the Adviser. They reviewed the Adviser’s stated assumptions and methods of allocating certain costs, such as personnel compensation costs, which constitute the Adviser’s largest operating cost. The Board and the Independent Trustees recognized that the Adviser should be entitled to earn a reasonable level of profits for the services that it provides to each Fund. The Board and the Independent Trustees also reviewed a comparison of the Adviser’s profitability with respect to the Funds to the profitability of certain unaffiliated publicly traded asset managers, which the Adviser believed supported its view that the Adviser’s profitability was reasonable. Based on their review, the Board and the Independent Trustees concluded that they were satisfied that the Adviser’s level of profitability from its relationship with each Fund was not unreasonable or excessive.

The Board and the Independent Trustees considered the extent to which potential economies of scale could be realized as the Funds grow and whether the advisory fees reflect those potential economies of scale. They recognized that the advisory fees for the Funds do not have breakpoints, which would otherwise result in lower advisory fee rates as the Funds grow larger. They also recognized the Adviser’s view that the advisory fees compare favorably to peer group fees and expenses and remain competitive even at higher asset levels and that the relatively low advisory fees reflect the potential economies of scale. For example, the largest Fund, the Total Return Bond Fund, is one of the largest mutual funds in its peer group, but its actual management fees and total expenses remain at or below the peer group median. The Board and the Independent Trustees recognized the benefits of the Adviser’s substantial past and on-going investment in the advisory business, such as successfully recruiting and retaining key professional talent, systems and technology upgrades, added resources dedicated to legal, compliance, risk management and cybersecurity programs, and improvements to the overall firm infrastructure, as well as the financial pressures of competing against much larger firms and passive investment products. The Board and the Independent Trustees also noted the Adviser’s explanation of the increased resources required to manage the Funds as a result of both asset growth and increased competitive pressures. The Board and the Independent Trustees further noted the Adviser’s past and current subsidies of the operating expenses of newer and smaller Funds and the Adviser’s commitment to maintain reasonable overall operating expenses for each Fund. The Board and the Independent Trustees also recognized that the Funds benefit from receiving investment advice from an organization with other types of advisory clients in addition to mutual funds. The Board and the Independent Trustees considered the risk borne by the Adviser that the Funds’ net assets and thus that the Adviser’s fees might decline and that smaller Funds might not grow to become profitable. The Board and the Independent Trustees concluded that the Adviser was satisfactorily sharing potential economies of scale with the Funds through low fees and expenses, and through reinvesting in its capabilities for serving the Funds and their shareholders.

6. Ancillary benefits

The Board and the Independent Trustees also considered other actual and potential financial benefits to the Adviser or its affiliates. In particular, they noted that the Adviser does not have any affiliates that materially benefit from the Adviser’s relationship to the Funds except through TCW’s ownership of the Adviser. They noted that the principal underwriter for the Funds’ shares is affiliated with the Adviser but does not derive a profit from that role. The Board and the Independent Trustees concluded that any potential benefits received or to be derived by the Adviser from its relationships with the Funds are reasonably related to the services provided by the Adviser to the Funds.

7. Conclusions

Based on their overall review, including their consideration of each of the factors referred to above (and others), the Board and the Independent Trustees concluded that the Agreement is fair and reasonable to each Fund and its shareholders, that each Fund’s shareholders received reasonable value in return for the advisory fees and other amounts paid to the Adviser by each Fund, and that the renewal of the Agreement was in the best interests of each Fund and its shareholders.

363 / Semi-Annual Report September 2023

Metropolitan West Funds

Privacy Policy

The TCW Group, Inc. and Subsidiaries

TCW Investment Management Company LLC

TCW Asset Management Company LLC

Metropolitan West Asset Management, LLC

TCW Funds Inc.	TCW Direct Lending LLC
TCW Strategic Income Fund, Inc.	TCW Direct Lending VII LLC
Metropolitan West Funds	TCW Direct Lending VIII LLC
Sepulveda Management LLC	TCW Star Direct Lending LLC

Effective February 2023

WHAT YOU SHOULD KNOW

At TCW, we recognize the importance of keeping information about you secure and confidential. We do not sell or share your nonpublic personal and financial information with marketers or others outside our affiliated group of companies.

We carefully manage information among our affiliated group of companies to safeguard your privacy and to provide you with consistently excellent service.

We are providing this notice to you to comply with the requirements of Regulation S-P, “Privacy of Consumer Financial Information,” issued by the United States Securities and Exchange Commission.

OUR PRIVACY POLICY

We, The TCW Group, Inc. and its subsidiaries, the TCW Funds, Inc., TCW Strategic Income Fund, Inc., the Metropolitan West Funds, Sepulveda Management LLC, TCW Direct Lending LLC, TCW Direct Lending VII LLC, TCW Direct Lending VIII LLC, and TCW Star Direct Lending LLC (collectively, “TCW”) are committed to protecting the nonpublic personal and financial information of our customers and consumers who obtain or seek to obtain financial products or services primarily for personal, family or household purposes. We fulfill our commitment by establishing and implementing policies and systems to protect the security and confidentiality of this information.

In our offices, we limit access to nonpublic personal and financial information about you to those TCW personnel who need to know the information in order to provide products or services to you. We maintain physical, electronic, and procedural safeguards to protect your nonpublic personal and financial information.

CATEGORIES OF INFORMATION WE COLLECT

We may collect the following types of nonpublic personal and financial information about you from the following sources:

• Your name, address and identifying numbers, and other personal and financial information, from you and from identification cards and papers you submit to us, on applications, subscription agreements or other forms or communications.

• Information about your account balances and financial transactions with us, our affiliated entities, or nonaffiliated third parties, from our internal sources, from affiliated entities and from nonaffiliated third parties.

• Information about your account balances and financial transactions and other personal and financial information, from consumer credit reporting agencies or other nonaffiliated third parties, to verify information received from you or others.

CATEGORIES OF INFORMATION WE DISCLOSE TO NONAFFILIATED THIRD PARTIES

We may disclose your name, address and account and other identifying numbers, as well as information about your pending or past transactions and other personal financial information, to nonaffiliated third parties, for our everyday business purposes such as necessary to execute, process, service and confirm your securities transactions and mutual fund transactions, to administer and service your account and commingled investment vehicles in which you are invested, to market our products and services through joint marketing arrangements or to respond to court orders and legal investigations.

We may disclose nonpublic personal and financial information concerning you to law enforcement agencies, federal regulatory agencies, self-regulatory organizations or other nonaffiliated third parties, if required or requested to do so by a court order, judicial subpoena or regulatory inquiry.

Semi-Annual Report September 2023 / 364

We do not otherwise disclose your nonpublic personal and financial information to nonaffiliated third parties, except where we believe in good faith that disclosure is required or permitted by law. Because we do not disclose your nonpublic personal and financial information to nonaffiliated third parties, our Customer Privacy Policy does not contain opt-out provisions.

CATEGORIES OF INFORMATION WE DISCLOSE TO OUR AFFILIATED ENTITIES

• We may disclose your name, address and account and other identifying numbers, account balances, information about your pending or past transactions and other personal financial information to our affiliated entities for any purpose.

• We regularly disclose your name, address and account and other identifying numbers, account balances and information about your pending or past transactions to our affiliates to execute, process and confirm securities transactions or mutual fund transactions for you, to administer and service your account and commingled investment vehicles in which you are invested, or to market our products and services to you.

INFORMATION ABOUT FORMER CUSTOMERS

We do not disclose nonpublic personal and financial information about former customers to nonaffiliated third parties unless required or requested to do so by a court order, judicial subpoena or regulatory inquiry, or otherwise where we believe in good faith that disclosure is required or permitted by law.

QUESTIONS

Should you have any questions about our Customer Privacy Policy, please contact us by email or by regular mail at the address at the end of this policy.

REMINDER ABOUT TCW’S FINANCIAL PRODUCTS

Financial products offered by The TCW Group, Inc. and its subsidiaries, the TCW Funds, Inc., TCW Strategic Income Fund, Inc., the Metropolitan West Funds, Sepulveda Management LLC, TCW Direct Lending LLC, TCW Direct Lending VII LLC, TCW Direct Lending VIII LLC, and TCW Star Direct Lending LLC.

• Are not guaranteed by a bank;

• Are not obligations of The TCW Group, Inc. or of its subsidiaries;

• Are not insured by the Federal Deposit Insurance Corporation; and

• Are subject to investment risks, including possible loss of the principal amount committed or invested, and earnings thereon.

THE TCW GROUP, INC.	TCW DIRECT LENDING LLC
TCW FUNDS, INC.	TCW DIRECT LENDING VII LLC
TCW STRATEGIC INCOME FUND, INC.	TCW DIRECT LENDING VIII LLC
METROPOLITAN WEST FUNDS	TCW STAR DIRECT LENDING LLC
SEPULVEDA MANAGEMENT LLC

Attention: Privacy Officer | 865 South Figueroa St. Suite 1800 | Los Angeles, CA 90017 | email: privacy@tcw.com

365 / Semi-Annual Report September 2023

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  MetWest Funds   865 South Figueroa Street, Suite 1800 Los Angeles, California 90017   800 241 4671   www.TCW.com   Board of Trustees Ronald J. Consiglio Patrick C. Haden Martin Luther King, III Laird R. Landmann Peter McMillan Patrick Moore Robert G. Rooney Andrew Tarica   Officers Kathryn Koch President and Principal Executive Officer   Richard Villa Treasurer, Principal Financial Officer and Principal Accounting Officer   Gladys Xiques Chief Compliance Officer and Anti-Money Laundering Officer   Adviser Metropolitan West Asset Management, LLC 865 South Figueroa Street, Suite 1800 Los Angeles, CA 90017   Custodian The Bank of New York Mellon One Wall Street New York, NY 10286   Transfer Agent BNY Mellon Investment Servicing (U.S.) Inc. P.O. Box 534453 Pittsburgh, PA 15253-4453   Independent Registered Public Accounting Firm Deloitte & Touche LLP 555 West 5th Street, Suite 2700 Los Angeles, CA 90013   Distributor TCW Fund Distributors LLC 865 South Figueroa Street, Suite 1800 Los Angeles, CA 90017   Legal Counsel Paul Hastings LLP 101 California Street, 48th Floor San Francisco, CA 94111     For Additional Information about the MetWest Funds call:
(213) 244-0000 or (800) 241-4671 (toll-free) www.TCW.com   A description of the Funds’ proxy voting policies, procedures, and how the Funds voted proxies relating to their portfolios’ securities during the most recent 12-month period ending June 30 are available (i) without charge, upon request, by calling (800) 241-4671; (ii) on the Securities and Exchange Commission’s website at www.sec.gov.   In addition to its annual and semi-annual reports, the Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. Such filings occur no later than 60 days after the end of the Funds’ first and third quarters and are available on the SEC’s website at www.sec.gov.   To reduce expenses, we may mail only one copy of the Fund’s prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at (800) 241-4671 (or contact your financial institution). We will begin sending you individual copies thirty days after receiving your request.   This report is submitted for general information to the shareholders of the Funds. It is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective Prospectus, which includes details regarding the Funds’ objectives, policies, expenses and other information.  

FUNDap 11/2023

(b) Not Applicable.

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant’s Board of Directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	Not applicable.
(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(2)(1)	There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.
(a)(2)(2)	There was no change in the Registrant’s independent public accountant during the period covered by the report.
(b)	Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)                                Metropolitan West Funds

By (Signature and Title)*	/s/ Kathryn Koch
	Kathryn Koch, President and Principal Executive Officer
	(principal executive officer)

Date     December 4, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Kathryn Koch
	Kathryn Koch, President and Principal Executive Officer
	(principal executive officer)

Date     December 4, 2023

By (Signature and Title)*	/s/ Richard Villa
	Richard Villa, Treasurer, Principal Financial Officer and Principal         Accounting Officer
	(principal financial officer)

Date     December 4, 2023

^* Print the name and title of each signing officer under his or her signature.

EX-99.CERT

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act

I, Kathryn Koch, certify that:

1. I have reviewed this report on Form N-CSR of Metropolitan West Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	December 4, 2023	/s/ Kathryn Koch
		Kathryn Koch, President and Principal Executive Officer
		(principal executive officer)

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act

I, Richard Villa, certify that:

1. I have reviewed this report on Form N-CSR of Metropolitan West Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	December 4, 2023	/s/ Richard Villa
		Richard Villa, Treasurer, Principal Financial Officer and Principal Accounting Officer
		(principal financial officer)

EX-99.906CERT

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act

I, Kathryn Koch, President and Principal Executive Officer of Metropolitan West Funds (the “Registrant”), certify that, to my knowledge:

1. The periodic report on Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date:	December 4, 2023	/s/ Kathryn Koch
		Kathryn Koch, President and Principal Executive Officer
		(principal executive officer)

I, Richard Villa, Treasurer, Principal Financial Officer and Principal Accounting Officer of Metropolitan West Funds (the “Registrant”), certify that, to my knowledge:

1. The periodic report on Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date:	December 4, 2023	/s/ Richard Villa
		Richard Villa, Treasurer, Principal Financial Officer and Principal Accounting Officer
		(principal financial officer)