Investment

Grade

Credit

Fund

Schedule

of

Portfolio

Investments

June

30,

2023

(Unaudited)

1

/

June

2023

Issues

Maturity

Date

Principal

Amount

Value

BONDS

–

103.20%

ASSET-BACKED

SECURITIES

—

3.91%**  

Aimco

CLO,

Series

2015-AA,

Class

BR2

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.60%)

6.86%

10/17/34

1,2,3

$

70,000‌

$

68,095‌

J.G.

Wentworth

XXX

LLC,

Series

2013-3A,

Class

A

4.08%

01/17/73

1

29,421‌

26,430‌

Madison

Park

Funding

XXXIX

Ltd.,

Series

2021-39A,

Class

B

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.65%)

6.92%

10/22/34

1,2,3

70,000‌

68,321‌

Octagon

Investment

Partners

46

Ltd.,

Series

2020-2A,

Class

AR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.16%)

6.42%

07/15/36

1,2,3

70,000‌

68,570‌

Skyline

Aircraft

Finance

LLC,

Series

2021-1,

Class

A

3.23%

05/10/37

4,5,6

34,756‌

30,595‌

SLM

Student

Loan

Trust,

Series

2008-2,

Class

B

(LIBOR

USD

3-Month

plus

1.20%)

6.46%

01/25/83

2

20,000‌

18,831‌

SLM

Student

Loan

Trust,

Series

2008-3,

Class

B

(LIBOR

USD

3-Month

plus

1.20%)

6.46%

04/26/83

2

20,000‌

18,528‌

SLM

Student

Loan

Trust,

Series

2008-5,

Class

B

(LIBOR

USD

3-Month

plus

1.85%)

7.11%

07/25/73

2

35,000‌

34,149‌

SLM

Student

Loan

Trust,

Series

2008-6,

Class

A4

(LIBOR

USD

3-Month

plus

1.10%)

6.36%

07/25/23

2

23,001‌

22,617‌

SLM

Student

Loan

Trust,

Series

2008-6,

Class

B

(LIBOR

USD

3-Month

plus

1.85%)

7.11%

07/26/83

2

20,000‌

18,945‌

SLM

Student

Loan

Trust,

Series

2008-7,

Class

B

(LIBOR

USD

3-Month

plus

1.85%)

7.11%

07/26/83

2

20,000‌

18,509‌

Wachovia

Student

Loan

Trust,

Series

2006-1,

Class

A6

(LIBOR

USD

3-Month

plus

0.17%)

5.43%

04/25/40

1,2

22,637‌

21,791‌

Total

Asset-Backed

Securities

(Cost

$428,122)

415,381‌

CORPORATES

—

62.19%*  

Banking

—

11.04%

Bank

of

America

Corp.

2.30%

07/21/32

6

155,000‌

123,982‌

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Banking

(continued)

Bank

of

America

Corp.

(MTN)

2.88%

10/22/30

6

$

150,000‌

$

129,048‌

Bank

of

America

Corp.,

Series

N

1.66%

03/11/27

6

50,000‌

44,925‌

DNB

Bank

ASA

(Norway)

1.13%

09/16/26

1,3,6

15,000‌

13,402‌

Fifth

Third

Bancorp

2.55%

05/05/27

15,000‌

13,261‌

HSBC

Holdings

PLC

(United

Kingdom)

2.21%

08/17/29

3,6

165,000‌

138,283‌

JPMorgan

Chase

&

Co.

1.58%

04/22/27

6

240,000‌

215,697‌

Macquarie

Group

Ltd.

(Australia)

1.63%

09/23/27

1,3,6

45,000‌

39,214‌

NatWest

Group

PLC

(United

Kingdom)

4.27%

03/22/25

3,6

15,000‌

14,734‌

PNC

Financial

Services

Group,

Inc.

(The)

5.07%

01/24/34

6

40,000‌

38,387‌

6.04%

10/28/33

6

10,000‌

10,281‌

Santander

UK

Group

Holdings

PLC

(United

Kingdom)

1.09%

03/15/25

3,6

15,000‌

14,367‌

2.47%

01/11/28

3,6

15,000‌

13,117‌

Santander

UK

PLC

(United

Kingdom)

5.00%

11/07/23

1,3

35,000‌

34,815‌

U.S.

Bancorp

4.84%

02/01/34

6

55,000‌

51,565‌

UBS

Group

AG

(Switzerland)

1.31%

02/02/27

1,3,6

45,000‌

39,395‌

2.59%

09/11/25

1,3,6

20,000‌

19,059‌

3.09%

05/14/32

1,3,6

40,000‌

32,389‌

4.19%

04/01/31

1,3,6

70,000‌

62,341‌

Wells

Fargo

&

Co.

(MTN)

3.35%

03/02/33

6

140,000‌

120,043‌

4.90%

07/25/33

6

5,000‌

4,799‌

1,173,104‌

Communications

—

4.09%

AT&T,

Inc.

2.55%

12/01/33

74,000‌

57,988‌

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital

2.30%

02/01/32

100,000‌

75,736‌

Comcast

Corp.

1.95%

01/15/31

10,000‌

8,191‌

Discovery

Communications

LLC

3.63%

05/15/30

35,000‌

30,756‌

Investment

Grade

Credit

Fund

Schedule

of

Portfolio

Investments

June

30,

2023

(Unaudited)

June

2023

/

2

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Communications

(continued)

Meta

Platforms,

Inc.

4.95%

05/15/33

$

9,000‌

$

8,995‌

Sprint

Capital

Corp.

8.75%

03/15/32

20,000‌

24,194‌

Sprint

Spectrum

Co.

LLC/Sprint

Spectrum

Co.

II

LLC/Sprint

Spectrum

Co.

III

LLC

4.74%

03/20/25

1

32,813‌

32,395‌

5.15%

03/20/28

1

57,000‌

56,414‌

Tencent

Holdings

Ltd.

(Cayman

Islands)

3.98%

04/11/29

1,3

30,000‌

27,882‌

T-Mobile

USA,

Inc.

2.55%

02/15/31

79,000‌

65,690‌

5.05%

07/15/33

35,000‌

34,438‌

Walt

Disney

Co.

(The)

7.75%

01/20/24

12,000‌

12,133‌

434,812‌

Consumer

Discretionary

—

3.19%

Amcor

Finance

USA,

Inc.

5.63%

05/26/33

15,000‌

14,833‌

Bacardi

Ltd.

(Bermuda)

4.70%

05/15/28

1,3

10,000‌

9,678‌

Church

&

Dwight

Co.,

Inc.

5.60%

11/15/32

35,000‌

37,012‌

Constellation

Brands,

Inc.

2.88%

05/01/30

30,000‌

26,045‌

Hyatt

Hotels

Corp.

1.80%

10/01/24

35,000‌

33,397‌

Imperial

Brands

Finance

PLC

(United

Kingdom)

4.25%

07/21/25

1,3

30,000‌

28,866‌

JDE

Peet's

NV

(Netherlands)

2.25%

09/24/31

1,3

30,000‌

23,193‌

Kenvue,

Inc.

4.90%

03/22/33

1

30,000‌

30,376‌

Philip

Morris

International,

Inc.

5.75%

11/17/32

30,000‌

30,794‌

Reynolds

American,

Inc.

5.70%

08/15/35

50,000‌

47,169‌

WarnerMedia

Holdings,

Inc.

4.28%

03/15/32

65,000‌

57,681‌

339,044‌

Diversified

REITs

—

2.37%

American

Assets

Trust

LP

3.38%

02/01/31

25,000‌

19,631‌

American

Tower

Corp.

2.30%

09/15/31

35,000‌

27,884‌

2.90%

01/15/30

15,000‌

12,978‌

5.65%

03/15/33

5,000‌

5,097‌

Crown

Castle,

Inc.

3.30%

07/01/30

25,000‌

22,115‌

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Diversified

REITs

(continued)

GLP

Capital

LP/GLP

Financing

II,

Inc.

3.25%

01/15/32

$

4,000‌

$

3,220‌

4.00%

01/15/30

20,000‌

17,424‌

5.30%

01/15/29

20,000‌

18,950‌

LXP

Industrial

Trust

2.38%

10/01/31

25,000‌

19,023‌

2.70%

09/15/30

25,000‌

19,997‌

VICI

Properties

LP

5.13%

05/15/32

25,000‌

23,430‌

VICI

Properties

LP/VICI

Note

Co.,

Inc.

4.63%

06/15/25

1

50,000‌

48,403‌

Weyerhaeuser

Co.

3.38%

03/09/33

15,000‌

12,917‌

251,069‌

Electric

—

4.86%

Alliant

Energy

Finance

LLC

1.40%

03/15/26

1

50,000‌

44,284‌

Ameren

Corp.

3.50%

01/15/31

75,000‌

66,976‌

Appalachian

Power

Co.,

Series

X

3.30%

06/01/27

20,000‌

18,685‌

Arizona

Public

Service

Co.

6.35%

12/15/32

30,000‌

31,845‌

Berkshire

Hathaway

Energy

Co.

1.65%

05/15/31

25,000‌

19,406‌

Black

Hills

Corp.

4.35%

05/01/33

36,000‌

32,200‌

CenterPoint

Energy

Houston

Electric

LLC

4.95%

04/01/33

5,000‌

5,010‌

Duke

Energy

Corp.

2.55%

06/15/31

35,000‌

29,081‌

Eversource

Energy

4.60%

07/01/27

15,000‌

14,658‌

5.13%

05/15/33

10,000‌

9,883‌

Exelon

Corp.

5.30%

03/15/33

20,000‌

19,947‌

ITC

Holdings

Corp.

4.95%

09/22/27

1

20,000‌

19,764‌

5.40%

06/01/33

1

25,000‌

24,895‌

Jersey

Central

Power

&

Light

Co.

2.75%

03/01/32

1

35,000‌

28,894‌

Metropolitan

Edison

Co.

4.00%

04/15/25

1

25,000‌

23,937‌

Narragansett

Electric

Co.

(The)

3.40%

04/09/30

1

35,000‌

31,268‌

Oklahoma

Gas

and

Electric

Co.

5.40%

01/15/33

25,000‌

25,454‌

Public

Service

Co.

of

New

Mexico

3.85%

08/01/25

40,000‌

38,349‌

Southwestern

Electric

Power

Co.,

Series

M

4.10%

09/15/28

15,000‌

14,270‌

Investment

Grade

Credit

Fund

Schedule

of

Portfolio

Investments

June

30,

2023

(Unaudited)

3

/

June

2023

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Electric

(continued)

Xcel

Energy,

Inc.

3.40%

06/01/30

$

20,000‌

$

17,834‌

516,640‌

Energy

—

3.02%

Aker

BP

ASA

(Norway)

3.10%

07/15/31

1,3

35,000‌

28,992‌

CenterPoint

Energy

Resources

Corp.

5.40%

03/01/33

25,000‌

25,468‌

Enbridge,

Inc.

(Canada)

5.70%

03/08/33

3

5,000‌

5,070‌

KeySpan

Gas

East

Corp.

5.99%

03/06/33

1

25,000‌

25,251‌

Kinder

Morgan,

Inc.

5.30%

12/01/34

30,000‌

28,909‌

NiSource,

Inc.

5.40%

06/30/33

20,000‌

20,081‌

Petroleos

Mexicanos

(Mexico)

5.95%

01/28/31

3

30,000‌

21,939‌

Piedmont

Natural

Gas

Co.,

Inc.

2.50%

03/15/31

10,000‌

8,194‌

5.40%

06/15/33

25,000‌

24,961‌

Plains

All

American

Pipeline

LP/PAA

Finance

Corp.

4.65%

10/15/25

30,000‌

29,267‌

Rockies

Express

Pipeline

LLC

3.60%

05/15/25

1

20,000‌

19,010‌

4.95%

07/15/29

1

10,000‌

9,210‌

Sabine

Pass

Liquefaction

LLC

4.50%

05/15/30

30,000‌

28,547‌

Southern

Co.

Gas

Capital

Corp.

5.15%

09/15/32

20,000‌

19,905‌

Southern

Natural

Gas

Co.

LLC

4.80%

03/15/47

1

30,000‌

25,311‌

320,115‌

Finance

—

7.73%

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

(Ireland)

3.00%

10/29/28

3

50,000‌

43,414‌

3.88%

01/23/28

3

16,000‌

14,717‌

Air

Lease

Corp.

3.63%

12/01/27

26,000‌

23,726‌

4.63%

10/01/28

15,000‌

14,112‌

Avolon

Holdings

Funding

Ltd.

(Cayman

Islands)

2.53%

11/18/27

1,3

21,000‌

17,728‌

2.75%

02/21/28

1,3

10,000‌

8,435‌

4.38%

05/01/26

1,3

5,000‌

4,674‌

Cboe

Global

Markets,

Inc.

3.00%

03/16/32

20,000‌

17,183‌

Citigroup,

Inc.

2.52%

11/03/32

6

145,000‌

116,718‌

2.56%

05/01/32

6

50,000‌

40,848‌

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Finance

(continued)

Discover

Financial

Services

6.70%

11/29/32

$

25,000‌

$

25,843‌

Goldman

Sachs

Group,

Inc.

(The)

1.95%

10/21/27

6

90,000‌

80,074‌

2.65%

10/21/32

6

95,000‌

77,468‌

Intercontinental

Exchange,

Inc.

1.85%

09/15/32

25,000‌

19,276‌

JPMorgan

Chase

&

Co.

1.95%

02/04/32

6

110,000‌

87,682‌

Morgan

Stanley

1.59%

05/04/27

6

35,000‌

31,343‌

2.48%

09/16/36

6

5,000‌

3,786‌

Morgan

Stanley

(MTN)

1.79%

02/13/32

6

175,000‌

135,844‌

Nationwide

Building

Society

(United

Kingdom)

1.50%

10/13/26

1,3

25,000‌

21,748‌

Pipeline

Funding

Co.

LLC

7.50%

01/15/30

1

17,072‌

16,973‌

Raymond

James

Financial,

Inc.

4.65%

04/01/30

20,000‌

19,525‌

821,117‌

Food

—

1.59%

General

Mills,

Inc.

4.95%

03/29/33

35,000‌

34,753‌

JBS

USA

LUX

SA/JBS

USA

Food

Co./JBS

USA

Finance,

Inc.

(Canada)

3.75%

12/01/31

1,3

32,000‌

26,467‌

Kellogg

Co.

5.25%

03/01/33

30,000‌

30,178‌

Pilgrim's

Pride

Corp.

3.50%

03/01/32

60,000‌

47,859‌

Smithfield

Foods,

Inc.

2.63%

09/13/31

1

40,000‌

29,603‌

168,860‌

Health

Care

—

8.74%

AbbVie,

Inc.

4.50%

05/14/35

30,000‌

28,520‌

Alcon

Finance

Corp.

2.75%

09/23/26

1

40,000‌

36,756‌

Amgen,

Inc.

5.25%

03/02/33

50,000‌

50,074‌

Ascension

Health,

Series

B

2.53%

11/15/29

20,000‌

17,212‌

Banner

Health

2.34%

01/01/30

10,000‌

8,515‌

Barnabas

Health,

Inc.,

Series

2012

4.00%

07/01/28

15,000‌

14,056‌

Baxter

International,

Inc.

3.95%

04/01/30

10,000‌

9,234‌

Investment

Grade

Credit

Fund

Schedule

of

Portfolio

Investments

June

30,

2023

(Unaudited)

June

2023

/

4

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Health

Care

(continued)

Bayer

U.S.

Finance

II

LLC

4.38%

12/15/28

1

$

45,000‌

$

42,710‌

Becton

Dickinson

&

Co.

3.70%

06/06/27

20,000‌

19,027‌

Centene

Corp.

3.00%

10/15/30

50,000‌

41,713‌

Cigna

Group

(The)

2.40%

03/15/30

35,000‌

29,759‌

5.40%

03/15/33

30,000‌

30,511‌

CommonSpirit

Health

2.78%

10/01/30

20,000‌

16,843‌

CVS

Health

Corp.

3.25%

08/15/29

50,000‌

44,931‌

5.25%

02/21/33

25,000‌

24,918‌

DENTSPLY

SIRONA,

Inc.

3.25%

06/01/30

35,000‌

30,298‌

Elanco

Animal

Health,

Inc.

6.65%

08/28/28

15,000‌

14,592‌

Elevance

Health,

Inc.

5.50%

10/15/32

20,000‌

20,573‌

Fresenius

Medical

Care

U.S.

Finance

III,

Inc.

1.88%

12/01/26

1

20,000‌

17,267‌

HCA,

Inc.

3.63%

03/15/32

1

25,000‌

21,717‌

4.13%

06/15/29

65,000‌

60,229‌

Humana,

Inc.

3.70%

03/23/29

10,000‌

9,167‌

Illumina,

Inc.

2.55%

03/23/31

25,000‌

20,748‌

5.75%

12/13/27

15,000‌

15,106‌

Medtronic

Global

Holdings

SCA

(Luxembourg)

4.50%

03/30/33

3

30,000‌

29,470‌

Molina

Healthcare,

Inc.

3.88%

11/15/30

1

30,000‌

25,875‌

Pfizer

Investment

Enterprises

Pte

Ltd.

(Slovenia)

4.75%

05/19/33

3

50,000‌

49,864‌

Premier

Health

Partners,

Series

G

2.91%

11/15/26

15,000‌

13,367‌

Providence

St.

Joseph

Health

Obligated

Group,

Series

H

2.75%

10/01/26

20,000‌

18,290‌

Regeneron

Pharmaceuticals,

Inc.

1.75%

09/15/30

20,000‌

15,951‌

Revvity,

Inc.

2.55%

03/15/31

35,000‌

28,797‌

Royalty

Pharma

PLC

(United

Kingdom)

1.75%

09/02/27

3

25,000‌

21,489‌

Smith

&

Nephew

PLC

(United

Kingdom)

2.03%

10/14/30

3

30,000‌

24,301‌

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Health

Care

(continued)

STERIS

Irish

FinCo

UnLtd

Co.

(Ireland)

2.70%

03/15/31

3

$

30,000‌

$

25,044‌

Universal

Health

Services,

Inc.

1.65%

09/01/26

35,000‌

30,738‌

Zoetis,

Inc.

5.60%

11/16/32

20,000‌

20,951‌

928,613‌

Health

Care

REITs

—

0.73%

Healthcare

Reality

Holdings

LP

2.00%

03/15/31

30,000‌

23,058‌

3.10%

02/15/30

15,000‌

12,844‌

Healthcare

Realty

Holdings

LP

3.88%

05/01/25

4,000‌

3,761‌

Physicians

Realty

LP

2.63%

11/01/31

5,000‌

3,898‌

4.30%

03/15/27

26,000‌

24,528‌

Ventas

Realty

LP

4.13%

01/15/26

10,000‌

9,571‌

77,660‌

Hotel

&

Resort

REITs

—

0.24%

Host

Hotels

&

Resorts

LP,

Series

I

3.50%

09/15/30

30,000‌

25,426‌

Industrial

REITs

—

0.04%

Rexford

Industrial

Realty

LP

2.13%

12/01/30

5,000‌

3,968‌

Industrials

—

1.68%

Amcor

Finance

USA,

Inc.

3.63%

04/28/26

25,000‌

23,658‌

BAE

Systems

Holdings,

Inc.

3.80%

10/07/24

1

15,000‌

14,596‌

3.85%

12/15/25

1

10,000‌

9,596‌

Berry

Global,

Inc.

1.57%

01/15/26

20,000‌

18,061‌

1.65%

01/15/27

20,000‌

17,267‌

Boeing

Co.

(The)

4.88%

05/01/25

15,000‌

14,790‌

General

Electric

Co.

(MTN)

(LIBOR

USD

3-Month

plus

0.38%)

5.71%

05/05/26

2

10,000‌

9,973‌

Sealed

Air

Corp.

1.57%

10/15/26

1

30,000‌

26,169‌

Sonoco

Products

Co.

3.13%

05/01/30

25,000‌

21,836‌

Sydney

Airport

Finance

Co.

Pty

Ltd.

(Australia)

3.63%

04/28/26

1,3

15,000‌

14,264‌

WRKCo,

Inc.

3.00%

06/15/33

10,000‌

8,158‌

178,368‌

Investment

Grade

Credit

Fund

Schedule

of

Portfolio

Investments

June

30,

2023

(Unaudited)

5

/

June

2023

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Information

Technology

—

2.17%

Amazon.com,

Inc.

3.60%

04/13/32

$

10,000‌

$

9,330‌

Broadcom,

Inc.

2.60%

02/15/33

1

10,000‌

7,802‌

3.42%

04/15/33

1

35,000‌

29,339‌

Fidelity

National

Information

Services,

Inc.

2.25%

03/01/31

30,000‌

24,030‌

Fiserv,

Inc.

2.65%

06/01/30

20,000‌

17,056‌

Micron

Technology,

Inc.

2.70%

04/15/32

15,000‌

11,858‌

Netflix,

Inc.

3.63%

06/15/25

1

20,000‌

19,285‌

Open

Text

Corp.

(Canada)

6.90%

12/01/27

1,3

17,000‌

17,297‌

Oracle

Corp.

2.88%

03/25/31

70,000‌

59,731‌

6.25%

11/09/32

20,000‌

21,256‌

Take-Two

Interactive

Software,

Inc.

4.00%

04/14/32

15,000‌

13,772‌

230,756‌

Insurance

—

4.32%

Aon

Corp.

2.80%

05/15/30

25,000‌

21,700‌

Aon

Corp./Aon

Global

Holdings

PLC

2.60%

12/02/31

10,000‌

8,273‌

Arthur

J

Gallagher

&

Co.

5.75%

03/02/53

50,000‌

50,401‌

Athene

Global

Funding

1.61%

06/29/26

1

5,000‌

4,340‌

(SOFR

Index

plus

0.70%)

5.79%

05/24/24

1,2

30,000‌

29,707‌

Berkshire

Hathaway

Finance

Corp.

2.88%

03/15/32

5,000‌

4,407‌

Brown

&

Brown,

Inc.

2.38%

03/15/31

35,000‌

28,308‌

Equitable

Financial

Life

Global

Funding

1.30%

07/12/26

1

25,000‌

21,817‌

Farmers

Exchange

Capital

7.05%

07/15/28

1

5,000‌

5,044‌

Farmers

Insurance

Exchange

4.75%

11/01/57

1,6

45,000‌

35,382‌

Marsh

&

McLennan

Cos.,

Inc.

2.25%

11/15/30

30,000‌

24,971‌

Metropolitan

Life

Global

Funding

I

2.95%

04/09/30

1

15,000‌

12,972‌

MMI

Capital

Trust

I,

Series

B

7.63%

12/15/27

50,000‌

52,415‌

Nationwide

Mutual

Insurance

Co.

7.84%

12/15/24

1,6

50,000‌

49,961‌

New

York

Life

Insurance

Co.

5.88%

05/15/33

1

25,000‌

25,851‌

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Insurance

(continued)

Progressive

Corp.

(The)

3.20%

03/26/30

$

10,000‌

$

8,976‌

Teachers

Insurance

&

Annuity

Association

of

America

4.38%

09/15/54

1,6

55,000‌

53,098‌

Willis

North

America,

Inc.

2.95%

09/15/29

25,000‌

21,534‌

459,157‌

Materials

—

0.45%

Georgia-Pacific

LLC

2.30%

04/30/30

1

20,000‌

17,059‌

International

Flavors

&

Fragrances,

Inc.

2.30%

11/01/30

1

30,000‌

23,797‌

3.27%

11/15/40

1

10,000‌

7,007‌

47,863‌

Office

REITs

—

1.04%

Hudson

Pacific

Properties

LP

3.95%

11/01/27

75,000‌

54,607‌

Kilroy

Realty

LP

2.50%

11/15/32

40,000‌

28,036‌

3.05%

02/15/30

5,000‌

3,917‌

Piedmont

Operating

Partnership

LP

2.75%

04/01/32

35,000‌

23,834‌

110,394‌

Real

Estate

Investment

Trust

(REIT)

—

0.61%

Crown

Castle,

Inc.

5.10%

05/01/33

29,000‌

28,603‌

Digital

Realty

Trust

LP

3.60%

07/01/29

10,000‌

8,893‌

Equinix,

Inc.

2.50%

05/15/31

12,000‌

9,782‌

3.20%

11/18/29

20,000‌

17,616‌

64,894‌

Residential

REITs

—

0.90%

American

Homes

4

Rent

LP

2.38%

07/15/31

30,000‌

23,994‌

Essex

Portfolio

LP

2.65%

03/15/32

10,000‌

8,071‌

Invitation

Homes

Operating

Partnership

LP

2.30%

11/15/28

45,000‌

38,384‌

Mid-America

Apartments

LP

1.70%

02/15/31

20,000‌

15,853‌

UDR,

Inc.

(MTN)

4.40%

01/26/29

10,000‌

9,417‌

95,719‌

Retail

—

0.63%

Alimentation

Couche-Tard,

Inc.

(Canada)

2.95%

01/25/30

1,3

35,000‌

30,105‌

Starbucks

Corp.

2.55%

11/15/30

20,000‌

17,071‌

Investment

Grade

Credit

Fund

Schedule

of

Portfolio

Investments

June

30,

2023

(Unaudited)

June

2023

/

6

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Retail

(continued)

Tractor

Supply

Co.

5.25%

05/15/33

$

20,000‌

$

19,848‌

67,024‌

Services

—

0.95%

Global

Payments,

Inc.

5.30%

08/15/29

15,000‌

14,666‌

Moody's

Corp.

4.25%

08/08/32

30,000‌

28,517‌

Northwestern

University

3.69%

12/01/38

20,000‌

17,742‌

RELX

Capital,

Inc.

3.00%

05/22/30

30,000‌

26,822‌

Republic

Services,

Inc.

2.90%

07/01/26

5,000‌

4,688‌

S&P

Global,

Inc.

2.90%

03/01/32

10,000‌

8,691‌

101,126‌

Specialized

REITs

—

0.72%

CubeSmart

LP

4.38%

02/15/29

15,000‌

14,076‌

Extra

Space

Storage

LP

2.35%

03/15/32

10,000‌

7,827‌

3.90%

04/01/29

25,000‌

22,807‌

Life

Storage

LP

2.20%

10/15/30

40,000‌

32,049‌

76,759‌

Transportation

—

1.08%

Delta

Air

Lines

Pass-Through

Trust,

Series

2020-1,

Class

AA

2.00%

06/10/28

20,515‌

18,223‌

JetBlue

Airways

Pass-Through

Trust,

Series

2019-1,

Class

AA

2.75%

05/15/32

27,769‌

23,524‌

Norfolk

Southern

Corp.

3.00%

03/15/32

15,000‌

12,921‌

U.S.

Airways

Pass-Through

Trust,

Series

2011-1,

Class

A

7.13%

10/22/23

13,274‌

13,298‌

Union

Pacific

Corp.

2.89%

04/06/36

20,000‌

15,988‌

United

Airlines

Pass-Through

Trust,

Series

2023-1,

Class

A

5.80%

01/15/36

30,000‌

30,585‌

114,539‌

Total

Corporates

(Cost

$7,268,680)

6,607,027‌

MORTGAGE-BACKED

—

18.94%**  

Non-Agency

Commercial

Mortgage-Backed

—

1.80%

Citigroup

Commercial

Mortgage

Trust,

Series

2013-GC15,

Class

XA

(IO)

0.90%

09/10/46

6

1,789,810‌

138‌

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Commercial

Mortgage-Backed

(continued)

Citigroup

Commercial

Mortgage

Trust,

Series

2014-GC25,

Class

XA

(IO)

1.09%

10/10/47

6

$

553,923‌

$

4,348‌

Commercial

Mortgage

Trust,

Series

2014-CR19,

Class

XA

(IO)

1.08%

08/10/47

6

564,709‌

3,756‌

Commercial

Mortgage

Trust,

Series

2014-UBS2,

Class

XA

(IO)

1.22%

03/10/47

6

769,442‌

1,906‌

Commercial

Mortgage

Trust,

Series

2014-UBS3,

Class

XA

(IO)

1.21%

06/10/47

6

1,729,487‌

8,135‌

Commercial

Mortgage

Trust,

Series

2014-UBS5,

Class

XA

(IO)

0.98%

09/10/47

4,5,6

1,972,564‌

13,548‌

CSMC

Trust,

Series

2016-NXSR,

Class

XA

(IO)

0.83%

12/15/49

6

308,896‌

5,337‌

GS

Mortgage

Securities

Corp.

Trust,

Series

2020-UPTN,

Class

XA

(IO)

0.45%

02/10/37

1,6

375,000‌

1,772‌

GS

Mortgage

Securities

Trust,

Series

2010-C1,

Class

X

(IO)

0.57%

08/10/43

1,6

2,419,511‌

2,489‌

GS

Mortgage

Securities

Trust,

Series

2011-GC5,

Class

XA

(IO)

0.09%

08/10/44

1,6

209,867‌

2‌

GS

Mortgage

Securities

Trust,

Series

2013-GC14,

Class

XA

(IO)

0.40%

08/10/46

6

2,426,915‌

3,251‌

GS

Mortgage

Securities

Trust,

Series

2014-GC20,

Class

XA

(IO)

1.17%

04/10/47

6

2,224,330‌

7,438‌

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2014-C22,

Class

XA

(IO)

0.95%

09/15/47

6

1,772,355‌

9,554‌

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2014-C25,

Class

XA

(IO)

0.95%

11/15/47

6

1,391,920‌

10,965‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2010-C2,

Class

XB

(IO)

1.56%

11/15/43

1,6

597,694‌

6,866‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2014-C19,

Class

XA

(IO)

1.10%

12/15/47

6

1,743,758‌

15,019‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C22,

Class

XA

(IO)

1.14%

04/15/48

6

651,403‌

7,442‌

UBS-Barclays

Commercial

Mortgage

Trust,

Series

2012-C3,

Class

XB

(IO)

0.34%

08/10/49

1,4,5,6

302,948‌

159‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2014-LC16,

Class

XA

(IO)

1.21%

08/15/50

6

258,017‌

1,364‌

Investment

Grade

Credit

Fund

Schedule

of

Portfolio

Investments

June

30,

2023

(Unaudited)

7

/

June

2023

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Commercial

Mortgage-Backed

(continued)

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2014-LC18,

Class

XA

(IO)

1.16%

12/15/47

6

$

4,131,624‌

$

47,587‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2015-NXS2,

Class

XA

(IO)

0.74%

07/15/58

6

2,038,340‌

18,503‌

WF-RBS

Commercial

Mortgage

Trust,

Series

2014-C19,

Class

XA

(IO)

1.11%

03/15/47

6

5,253,174‌

18,390‌

WF-RBS

Commercial

Mortgage

Trust,

Series

2014-LC14,

Class

XA

(IO)

1.40%

03/15/47

6

1,169,831‌

3,036‌

191,005‌

Non-Agency

Mortgage-Backed

—

3.38%

Ameriquest

Mortgage

Securities,

Inc.,

Asset-Backed

Pass-

Through

Certificates,

Series

2005-R11,

Class

M3

(LIBOR

USD

1-Month

plus

0.75%)

5.90%

01/25/36

2

100,000‌

96,011‌

Banc

of

America

Funding

Trust,

Series

2014-R7,

Class

2A1

(LIBOR

USD

1-Month

plus

0.14%)

5.29%

09/26/36

1,2

5,028‌

5,045‌

Bear

Stearns

ARM

Trust,

Series

2004-1,

Class

12A5

4.10%

04/25/34

6

5,745‌

5,278‌

Bombardier

Capital

Mortgage

Securitization

Corp.,

Series

2000-A,

Class

A2

7.58%

06/15/30

6

19,426‌

2,496‌

CIM

Trust,

Series

2021-R4,

Class

A1A

2.00%

05/01/61

1,6

63,291‌

54,156‌

CIT

Mortgage

Loan

Trust,

Series

2007-1,

Class

1A

(LIBOR

USD

1-Month

plus

1.35%)

6.50%

10/25/37

1,2

1,063‌

1,061‌

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2005-OPT1,

Class

M1

(LIBOR

USD

1-Month

plus

0.63%)

5.78%

02/25/35

2

36,949‌

33,748‌

Countrywide

Asset-Backed

Certificates

Trust,

Series

2007-13,

Class

2A1

(LIBOR

USD

1-Month

plus

0.90%)

6.05%

10/25/47

2

18,305‌

16,531‌

GSR

Mortgage

Loan

Trust,

Series

2005-AR6,

Class

2A1

4.07%

09/25/35

6

9,010‌

8,525‌

HSI

Asset

Securitization

Corp.

Trust,

Series

2007-WF1,

Class

1A1

(LIBOR

USD

1-Month

plus

0.32%)

5.47%

05/25/37

2

7,547‌

7,505‌

IndyMac

Index

Mortgage

Loan

Trust,

Series

2007-FLX3,

Class

A1

(LIBOR

USD

1-Month

plus

0.48%)

5.63%

06/25/37

2

69,012‌

61,751‌

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

(continued)

JPMorgan

Mortgage

Trust,

Series

2005-A3,

Class

2A1

4.19%

06/25/35

6

$

8‌

$

8‌

Long

Beach

Mortgage

Loan

Trust,

Series

2006-1,

Class

1A

(LIBOR

USD

1-Month

plus

0.44%)

5.59%

02/25/36

2

3,655‌

3,538‌

Morgan

Stanley

Mortgage

Loan

Trust,

Series

2004-5AR,

Class

3A1

4.85%

07/25/34

6

10,035‌

9,428‌

Saxon

Asset

Securities

Trust,

Series

2007-2,

Class

A2A

(LIBOR

USD

1-Month

plus

0.10%)

5.25%

05/25/47

2

62,976‌

43,107‌

Structured

Asset

Mortgage

Investments

II

Trust,

Series

2004-AR1,

Class

1A2

(LIBOR

USD

1-Month

plus

0.70%)

5.85%

03/19/34

2

1,240‌

1,156‌

Wells

Fargo

Home

Equity

Trust

Mortgage

Pass-Through

Certificates,

Series

2004-1,

Class

2A1

(LIBOR

USD

1-Month

plus

0.60%)

5.75%

04/25/34

2

10,388‌

9,911‌

359,255‌

U.S.

Agency

Commercial

Mortgage-Backed

—

0.31%

Fannie

Mae-Aces,

Series

2016-M2,

Class

X3

(IO)

2.04%

04/25/36

6

44,597‌

392‌

Fannie

Mae-Aces,

Series

2016-M4,

Class

X2

(IO)

2.70%

01/25/39

6

298,962‌

4,137‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

K049,

Class

X3

(IO)

1.60%

10/25/43

6

250,000‌

7,140‌

Ginnie

Mae,

Series

2012-112,

Class

IO

(IO)

0.13%

02/16/53

6

2,095,617‌

6,184‌

Ginnie

Mae,

Series

2013-1,

Class

IO

(IO)

0.58%

02/16/54

6

480,801‌

5,402‌

Ginnie

Mae,

Series

2013-125,

Class

IO

(IO)

0.23%

10/16/54

6

689,875‌

9,836‌

33,091‌

U.S.

Agency

Mortgage-Backed

—

13.45%

Fannie

Mae

REMICS,

Series

2011-116,

Class

SA

(IO)

(-1.00

X

LIBOR

USD

1-Month

plus

6.00%,

6.00%

Cap)

0.85%

11/25/41

2

62,838‌

4,183‌

Fannie

Mae

REMICS,

Series

2012-128,

Class

UA

2.50%

06/25/42

18,228‌

16,199‌

Investment

Grade

Credit

Fund

Schedule

of

Portfolio

Investments

June

30,

2023

(Unaudited)

June

2023

/

8

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

U.S.

Agency

Mortgage-Backed

(continued)

Fannie

Mae

REMICS,

Series

2013-5,

Class

GF

(LIBOR

USD

1-Month

plus

1.10%)

5.00%

10/25/42

2

$

29,456‌

$

26,536‌

Freddie

Mac

Pool

SD8189

2.50%

01/01/52

45,326‌

38,485‌

Freddie

Mac

Pool

SD8199

2.00%

03/01/52

46,797‌

38,142‌

Freddie

Mac

REMICS,

Series

4064,

Class

TB

3.50%

06/15/42

98,618‌

92,089‌

Freddie

Mac

Strips,

Series

240,

Class

IO

(IO)

5.50%

07/15/36

141,480‌

27,463‌

Ginnie

Mae

(TBA)

4.50%

07/20/53

50,000‌

48,256‌

5.00%

07/20/53

25,000‌

24,568‌

Ginnie

Mae,

Series

2003-110,

Class

S

(IO)

(-1.00

X

LIBOR

USD

1-Month

plus

6.60%,

6.60%

Cap)

1.44%

10/20/33

2

172,751‌

10,793‌

Ginnie

Mae,

Series

2018-124,

Class

NW

3.50%

09/20/48

22,417‌

20,731‌

Ginnie

Mae,

Series

2018-154,

Class

BP

3.50%

11/20/48

2,237‌

2,084‌

Ginnie

Mae,

Series

2019-15,

Class

GT

3.50%

02/20/49

18,736‌

17,156‌

UMBS

(TBA)

2.50%

07/01/53

75,000‌

63,569‌

2.50%

08/01/53

25,000‌

21,221‌

3.00%

07/01/53

200,000‌

176,031‌

4.00%

07/01/53

150,000‌

140,754‌

4.50%

07/01/53

100,000‌

96,137‌

4.50%

08/01/53

125,000‌

120,254‌

5.00%

07/01/53

225,000‌

220,482‌

5.50%

07/01/53

225,000‌

223,989‌

1,429,122‌

Total

Mortgage-Backed

(Cost

$3,362,305)

2,012,473‌

MUNICIPAL

BONDS

—

4.28%*  

California

—

0.50%

San

Francisco

City

&

County

Airport

Commercial-San

Francisco

International

Airport

Revenue

Bonds,

Series

C

3.05%

05/01/34

20,000‌

16,688‌

Santa

Clara

Valley

Transportation

Authority

Revenue

Bonds,

Transit

Improvements

5.88%

04/01/32

20,000‌

20,788‌

Santa

Monica

Community

College

District

General

Obligation

Bonds

2.05%

08/01/33

20,000‌

15,705‌

53,181‌

Issues

Maturity

Date

Principal

Amount

Value

MUNICIPAL

BONDS

(continued)

Florida

—

0.13%

County

of

Miami-Dade

Aviation

Revenue

Bonds,

Airport

and

Marina

Improvements,

Series

D

3.50%

10/01/31

$

15,000‌

$

13,297‌

Maryland

—

0.11%

City

of

Baltimore

Revenue

Bonds,

Series

B

2.13%

07/01/33

15,000‌

11,916‌

Massachusetts

—

0.46%

Commonwealth

of

Massachusetts

Revenue

Bonds,

Series

B

4.11%

07/15/31

25,000‌

24,307‌

Massachusetts

School

Building

Authority

Revenue

Bonds,

Series

A

2.50%

02/15/37

15,000‌

11,122‌

Massachusetts

School

Building

Authority

Revenue

Bonds,

Series

B

2.97%

10/15/32

15,000‌

12,936‌

48,365‌

Michigan

—

0.22%

University

of

Michigan

Revenue

Bonds,

Series

C

3.44%

04/01/31

25,000‌

23,231‌

New

York

—

2.86%

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds,

Public

Improvements

3.73%

08/01/29

5,000‌

4,696‌

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds,

Public

Improvements,

Series

D

2.50%

11/01/33

50,000‌

40,447‌

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds,

Public

Improvements,

Series

E

1.97%

02/01/33

100,000‌

77,716‌

New

York

State

Dormitory

Authority

Revenue

Bonds,

School

Improvements,

Series

F

2.96%

02/15/32

25,000‌

21,691‌

New

York

State

Dormitory

Authority

Revenue

Bonds,

Series

C

1.95%

03/15/29

75,000‌

64,392‌

New

York

State

Dormitory

Authority

Revenue

Bonds,

University

&

College

Improvements

5.29%

03/15/33

50,000‌

51,380‌

New

York

State

Urban

Development

Corp.

Revenue

Bonds,

Economic

Improvements,

Series

B

2.97%

03/15/34

15,000‌

12,578‌

New

York

State

Urban

Development

Corp.

Revenue

Bonds,

Economic

Improvements,

Series

F

2.00%

03/15/33

15,000‌

11,667‌

New

York

State

Urban

Development

Corp.

Revenue

Bonds,

Transit

Improvements,

Series

B

2.59%

03/15/35

25,000‌

19,781‌

304,348‌

Total

Municipal

Bonds

(Cost

$546,580)

454,338‌

Investment

Grade

Credit

Fund

Schedule

of

Portfolio

Investments

June

30,

2023

(Unaudited)

9

/

June

2023

Issues

Maturity

Date

Principal

Amount

Value

U.S.

TREASURY

SECURITIES

—

13.88%  

U.S.

Treasury

Bonds

—

0.83%

U.S.

Treasury

Bonds

-

Treasury

Inflation

Indexed

Bonds

(WI)

1.13%

01/15/33

7

$

23,428‌

$

22,461‌

1.25%

04/15/28

7

67,774‌

65,571‌

88,032‌

U.S.

Treasury

Notes

—

13.05%

U.S.

Treasury

Notes

4.00%

06/30/28

230,000‌

228,751‌

4.25%

05/31/25

102,000‌

100,723‌

4.63%

06/30/25

864,000‌

860,085‌

U.S.

Treasury

Notes

(WI)

3.38%

05/15/33

148,000‌

142,750‌

3.63%

05/31/28

55,000‌

53,790‌

1,386,099‌

Total

U.S.

Treasury

Securities

(Cost

$1,480,345)

1,474,131‌

Total

Bonds

—

103.20%

(Cost

$13,086,032)

10,963,350‌

Issues

Maturity

Date

Principal

Amount

/

Shares

Value

SHORT-TERM

INVESTMENTS

—

7.48%

Money

Market

Funds

—

2.33%

Fidelity

Investments

Money

Market

Funds

-

Government

Portfolio

4.99%

8

21,441‌

21,441‌

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

5.02%

8

226,000‌

226,000‌

247,441‌

U.S.

Treasury

Bills

—

5.15%

U.S.

Treasury

Bills

5.36%

9

10/03/23

150,000‌

148,018‌

5.25%

9

10/26/23

300,000‌

295,022‌

U.S.

Treasury

Bills

(WI)

5.12%

9

08/15/23

105,000‌

104,355‌

547,395‌

Total

Short-Term

Investments

(Cost

$794,863)

794,836‌

Total

Investments

-

110.68%

(Cost

$13,880,895)

11,758,186‌

Liabilities

in

Excess

of

Other

Assets

-

(10.68)%

(1,134,675‌)

Net

Assets

-

100.00%

$

10,623,511‌

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

June

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

$44,302,

which

is

0.42%

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

June

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.

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

(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

Investment

Grade

Credit

Fund

Schedule

of

Portfolio

Investments

June

30,

2023

(Unaudited)

June

2023

/

10

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

FUTURES

CONTRACTS:

LONG

POSITIONS

U.S.

Treasury

Two-Year

Note

20

09/29/23

$

4,066,875‌

$

(58,568‌)

$

(58,568‌)

U.S.

Treasury

Five-Year

Note

7

09/29/23

749,656‌

(14,875‌)

(14,875‌)

4,816,531‌

(73,443‌)

(73,443‌)

FUTURES

CONTRACTS:

SHORT

POSITIONS

U.S.

Treasury

Ten-Year

Ultra

Bond

11

09/20/23

(1,302,813‌)

13,349‌

13,349‌

U.S.

Treasury

Ultra

Bond

1

09/20/23

(136,219‌)

(1,488‌)

(1,488‌)

(1,439,032‌)

11,861‌

11,861‌

TOTAL

FUTURES

CONTRACTS

$

3,377,499‌

$

(61,582‌)

$

(61,582‌)

Received

by

the

Fund

Paid

by

the

Fund

Description

Maturity

Date

Rate

Frequency

Rate

Frequency

Notional

Amount

(000's)

Value

Premiums

Paid

Unrealized

Appreciation

SWAPS:

INTEREST

RATE

Interest

Rate

Swap

1

09/20/53

USD-SOFR-

COMPOUND

Annual

3.00%

Annual

$

16‌

$

423‌

$

—‌

$

423‌

Interest

Rate

Swap

1

09/20/53

USD-SOFR-

COMPOUND

Annual

3.00%

Annual

52‌

1,373‌

—‌

1,373‌

TOTAL

SWAPS

CONTRACTS

$

68‌

$

1,796‌

$

—‌

$

1,796‌

1

Centrally

cleared.

Investment

Grade

Credit

Fund

Schedule

of

Portfolio

Investments

June

30,

2023

(Unaudited)

11

/

June

2023

SIGNIFICANT

ACCOUNTING

POLICIES

The

following

is

a

summary

of

significant

accounting

policies

consistently

followed

by

the

Fund:

Net

Asset

Value

The

Net

Asset

Value

(“NAV”)

of

each

class

of

the

Fund

is

determined

by

dividing

the

net

assets

attributable

to

each

class

of

shares

of

the

Fund

by

the

number

of

issued

and

outstanding

shares

of

the

class

of

the

Fund

on

each

business

day

as

of

4

p.m.

ET.

Security

Valuation

Pursuant

to

Rule

2a-5

under

the

1940

Act,

the

Board

of

Trustees

(the

"Board"

or

the

"Board

of

Trustees")

has

designated

the

Adviser

as

the

"valuation

designee"

with

respect

to

the

fair

valuation

of

the

Fund's

portfolio

securities,

subject

to

oversight

by

and

periodic

reporting

to

the

Board. Fixed

income

securities

for

which

market

quotations

are

readily

available were

valued

during

the

period at

prices

as

provided

by

independent

pricing

vendors

or

broker

quotes.

The

Fund

received

pricing

information

from

independent

pricing

vendors

selected

and

overseen

by

the

valuation

designee.

Securities

with

a

demand

feature

exercisable

within

one

to

seven

days

are

valued

at

par.

The

Fund

also

uses

a

benchmark

pricing

system

to

the

extent

vendors’

prices

for

their

securities

are

either

inaccurate

(such

as

when

the

reported

prices

are

different

from

recent

known

market

transactions)

or

are

not

available

from

another

pricing

source.

For

a

security

priced

using

this

system,

the

Adviser

initially

selects

a

proxy

composed

of

a

relevant

security

(e.g.,

U.S.

Treasury

Note)

or

benchmark

(e.g.,

LIBOR)

and

a

multiplier,

divisor

or

margin

that

the

Adviser

believes

would

together

best

reflect

changes

in

the

market

value

of

the

security.

The

value

of

the

security

changes

daily

based

on

changes

to

the

market

price

of

the

assigned

benchmark.

The

benchmark

pricing

system

is

continuously

reviewed

by

the

Adviser

and

implemented

according

to

the

pricing

policy

reviewed

by

the

Board.

S&P

500

Index

futures

contracts

are

valued

at

the

first

sale

price

after

4

p.m.

ET

on

the

Chicago

Mercantile

Exchange.

All

other

futures

contracts

are

valued

at

the

official

settlement

price

of

the

exchange

on

which

those

securities

are

traded.

Equity

securities,

including

depository

receipts,

are

valued

at

the

last

reported

sale

price

or

the

market’s

closing

price

on

the

exchange

or

market

on

which

such

securities

are

traded,

as

of

the

close

of

business

on

the

day

the

securities

are

being

valued

or,

lacking

any

sales,

at

the

average

of

the

bid

and

ask

prices.

In

cases

where

equity

securities

are

traded

on

more

than

one

exchange,

the

securities

are

valued

on

the

exchange

or

market

determined

by

the

Adviser

to

be

the

broadest

and

most

representative

market,

which

may

be

either

a

securities

exchange

or

the

over-the-counter

market.

Equity

options

are

valued

at

the

average

of

the

bid

and

ask

prices.

Securities

and

other

assets

that

could

not be

valued

as

described

above were

valued

for

the

period 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

for

the

period included,

but were

not

limited

to,

obtaining

market

quotations

from

secondary

pricing

services,

broker-dealers,

or

widely

used

quotation

systems.

General

factors

considered

in

determining

the

fair

value

of

securities

include

fundamental

analytical

data,

the

nature

and

duration

of

any

restrictions

on

disposition

of

the

securities,

and

an

evaluation

of

the

forces

that

influence

the

market

in

which

the

investments

are

purchased

and

sold.

These

securities

are

either

categorized

as

Level

2

or

3

depending

on

the

relevant

inputs

used.

In

the

event

that

the

security

or

asset

could

not be

valued

pursuant

to

one

of

the

valuation

methods

used

by

the

Adviser,

the

value

of

the

security

or

asset was

determined

in

good

faith

by

the Adviser,

as

the

valuation

designee.

When

the

Fund

uses

these

fair

valuation

methods that

use

significant

unobservable

inputs

to

determine

NAV,

securities

will

be

priced

by

a

method

that

the

Adviser

believes

accurately

reflects

fair

value

and

are

categorized

as

Level

3

of

the

fair

value

hierarchy.

These

methods

may

require

subjective

determinations

about

the

value

of

a

security.

While

the

Fund’s

policy

is

intended

to

result

in

a

calculation

of

its

NAV

that

fairly

reflects

security

values

as

of

the

time

of

pricing,

the

Fund

cannot

guarantee

that

values

determined

by

the

Adviser

would

accurately

reflect

the

price

that

the

Fund

could

obtain

for

a

security

if

it

were

to

dispose

of

that

security

as

of

the

time

of

pricing

(for

instance,

in

a

forced

or

distressed

sale).

The

prices

used

by

the

Fund

may

differ

from

the

value

that

would

be

realized

if

the

securities

were

sold.

Fair

Value

Measurements

Various

inputs

are

used

in

determining

the

fair

value

of

investments,

which

are

as

follows:

*

Level

1

-

unadjusted

quoted

prices

in

active

markets

for

identical

securities

*

Level

2

-

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

*

Level

3

-

significant

unobservable

inputs

that

are

not

corroborated

by

observable

market

data

Investment

Grade

Credit

Fund

Schedule

of

Portfolio

Investments

June

30,

2023

(Unaudited)

June

2023

/

12

The

inputs

or

methodology

used

for

valuing

investments

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

investments

and

the

determination

of

the

significance

of

a

particular

input

to

the

fair

value

measurement

in

its

entirety

requires

judgment

and

consideration

of

factors

specific

to

each

security.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

marketplace,

the

liquidity

of

markets,

and

other

characteristics

particular

to

the

security.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized as

Level

3.

In

periods

of

market

dislocation,

the

observability

of

prices

and

inputs

may

be

reduced

for

many

instruments.

This

condition,

as

well

as

changes

related

to

liquidity

of

investments,

could

cause

a

security

to

be

reclassified

between

Level

1,

Level

2,

or

Level

3.

In

certain

cases,

the

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

in

its

entirety

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

summary

of

inputs

used

to

value

the

Fund’s

investments

and

other

financial

instruments

carried

at

fair

value

as

of

June

30,

2023

is

as

follows:

INVESTMENT

GRADE

CREDIT

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTAL

Investments

in

Securities

Assets:

Short-Term

Investments:

Money

Market

Funds

$

247,441‌

$

—‌

$

—‌

$

247,441‌

U.S.

Treasury

Bills

547,395‌

—‌

—‌

547,395‌

Long-Term

Investments:

Asset-Backed

Securities

—‌

384,786‌

30,595‌

415,381‌

Corporates

—‌

6,607,027‌

—‌

6,607,027‌

Mortgage-Backed

Securities

—‌

1,998,766‌

13,707‌

2,012,473‌

Municipal

Bonds

—‌

454,338‌

—‌

454,338‌

U.S.

Treasury

Securities

1,386,099‌

88,032‌

—‌

1,474,131‌

Other

Financial

Instruments

*

Assets:

Interest

rate

contracts

13,349‌

1,796‌

—‌

15,145‌

Liabilities:

Interest

rate

contracts

(

74,931‌

)

—‌

—‌

(

74,931‌

)

Total

$

2,119,353‌

$

9,534,745‌

$

44,302‌

$

11,698,400‌

*Other

financial

instruments

include

futures

and

swaps.

Interest

rate

contracts

include

futures

and

swaps.

Investment

Grade

Credit

Fund

Schedule

of

Portfolio

Investments

June

30,

2023

(Unaudited)

13

/

June

2023

Certain

securities

held

by

the

Funds

are

categorized

as

Level

3

investments.

Their

prices

may

be

derived

by

utilizing

unobservable

prior

transaction

values

or

information

from

third

party

valuation

services.

The

value

of

Level

3

investments

could

be

significantly

affected

by

changes

in

these

unobservable

inputs.

For

the

period

ended

June

30,

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

table

is

a

reconciliation

of

Level

3

investments

for

which

significant

unobservable

inputs

were

used

in

determining

fair

value:

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

—‌

(

1,057‌

)

(

1,057‌

)

Realized

gain

(loss)

—‌

—‌

—‌

Change

in

unrealized

(depreciation)*

(

723‌

)

(

2,918‌

)

(

3,641‌

)

Purchases

—‌

—‌

—‌

Sales

(

581‌

)

—‌

(

581‌

)

Transfers

into

Level

3**

—‌

—‌

—‌

Transfers

out

of

Level

3**

—‌

—‌

—‌

Balance

as

of

June

30,

2023

$

30,595‌

$

13,707‌

$

44,302‌

*The

change

in

unrealized

appreciation

(depreciation)

on

securities

still

held

at

June

30,

2023

was

$(3,641)

and

is

included

in

the

related

net

realized

gains

(losses)

and

net

change

in

appreciation

(depreciation)

in

the

Statements

of

Operations.

**There

were

no

transfers

between

level

2

and

3

for

the

period

ended

June

30,

2023.

Significant

unobservable

valuations

inputs

for

Level

3

investments

as

of

June

30,

2023,

are

as

follows:

INVESTMENT

GRADE

CREDIT

FUND

FAIR

VALUE

AT

6/30/23

VALUATION

TECHNIQUE

*

UNOBSERVABLE

INPUT

RANGE

WEIGHTED

AVERAGE

INPUT

TO

VALUATION

IF

INPUT

INCREASES

Asset-Backed

Securities

$30,595

Broker

Quote

Offered

Quote

$88.03

$88.03

Increase

Mortgage-Backed

Securities-

Non-Agency

Commercial

$13,707

Third-Party

Vendor

Vendor

Prices

$0.05

-

$0.69

$0.68

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.