0001752724-22-197212.txt : 20220826 0001752724-22-197212.hdr.sgml : 20220826 20220826134647 ACCESSION NUMBER: 0001752724-22-197212 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220630 FILED AS OF DATE: 20220826 DATE AS OF CHANGE: 20220826 PERIOD START: 20230331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WEITZ FUNDS CENTRAL INDEX KEY: 0001257927 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-21410 FILM NUMBER: 221203679 BUSINESS ADDRESS: STREET 1: 1125 SOUTH 103 ST STREET 2: SUITE 200 CITY: OMAHA STATE: NE ZIP: 68124 BUSINESS PHONE: 4023911980 MAIL ADDRESS: STREET 1: 1125 SOUTH 103 ST STREET 2: SUITE 200 CITY: OMAHA STATE: NE ZIP: 68124 0001257927 S000014975 Nebraska Tax-Free Income Fund C000040696 Nebraska Tax-Free Income Fund WNTFX NPORT-P 1 primary_doc.xml NPORT-P false 0001257927 XXXXXXXX S000014975 C000040696 Weitz Funds 811-21410 0001257927 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2025-12-15 Fixed 2.85000000 N N N N N N DAWSON NEB PUB PWR DIST ELEC SYS REV N/A DAWSON COUNTY PUBLIC POWER DISTRICT 239421KQ2 135000.00000000 PA USD 134601.66000000 0.452722577155 Long DBT MUN US N 2 2028-06-15 Fixed 2.50000000 N N N N N N PAPILLION-LA VISTA NEB SCH DIST NO 27 SARPY CNTY N/A PAPILLION LA VISTA SCHOOL DISTRICT NO 27 698873YG5 150000.00000000 PA USD 149878.14000000 0.504103870636 Long DBT MUN US N 2 2025-12-01 Fixed 2.20000000 N N N N N N GRAND IS NEB COMBINED UTILS REV N/A CITY OF GRAND ISLAND NE COMBINED UTILITY SYSTEM RE 385630BH0 205000.00000000 PA USD 215706.45000000 0.725512448754 Long DBT MUN US N 2 2035-08-15 Fixed 4.00000000 N N N N N N PAPILLION NEB MUN FACS CORP N/A PAPILLION MUNICIPAL FACILITIES CORP 698864JE6 100000.00000000 PA USD 88104.51000000 0.296332904261 Long DBT MUN US N 2 2032-12-15 Fixed 2.00000000 N N N N N N 2022-08-01 Weitz Funds John Detisch John Detisch Vice President XXXX NPORT-EX 2 5808_0001257927.htm
1
Balanced
Fund
Schedule
of
Investments
June
30,
2022
(Unaudited)
Common
Stocks
-
41
.7
%
a
Information
Technology
%
of
Net
Assets
Shares
$
Value
Data
Processing
&
Outsourced
Services
4.7
Visa,
Inc.
-
Class
A
17,000
3,347,130‌
Mastercard,
Inc.
-
Class
A
10,500
3,312,540‌
Fidelity
National
Information
Services,
Inc.
26,000
2,383,420‌
a
Systems
Software
3.4
Microsoft
Corp.
17,500
4,494,525‌
Oracle
Corp.
30,000
2,096,100‌
a
Semiconductors
2.8
Analog
Devices,
Inc.
26,000
3,798,340‌
Texas
Instruments,
Inc.
11,301
1,736,399‌
a
IT
Consulting
&
Other
Services
1.1
Accenture
plc
-
Class
A
(a)
8,000
2,221,200‌
a
12.0
23,389,654‌
Financials
Multi-Sector
Holdings
2.1
Berkshire
Hathaway,
Inc.
-
Class
B
(b)
15,000
4,095,300‌
a
Insurance
Brokers
2.0
Aon
plc
-
Class
A
(a)
14,000
3,775,520‌
a
Property
&
Casualty
Insurance
1.9
Markel
Corp.
(b)
2,850
3,685,763‌
a
Financial
Exchanges
&
Data
1.3
S&P
Global,
Inc.
7,500
2,527,950‌
a
Investment
Banking
&
Brokerage
1.1
The
Charles
Schwab
Corp.
35,000
2,211,300‌
a
Diversified
Banks
1.0
JPMorgan
Chase
&
Co.
17,000
1,914,370‌
a
Mortgage
REITs
0.4
Redwood
Trust,
Inc.
108,485
836,419‌
a
9.8
19,046,622‌
Health
Care
Health
Care
Equipment
2.1
Danaher
Corp.
16,500
4,183,080‌
a
Life
Sciences
Tools
&
Services
2.0
Thermo
Fisher
Scientific,
Inc.
7,232
3,929,001‌
a
Health
Care
Services
1.9
Laboratory
Corp.
of
America
Holdings
15,369
3,601,879‌
a
6.0
11,713,960‌
Communication
Services
Cable
&
Satellite
2.4
Liberty
Broadband
Corp.
-
Class
C
(b)
22,000
2,544,080‌
Comcast
Corp.
-
Class
A
55,000
2,158,200‌
a
Communication
Services  
%
of
Net
Assets
Shares
$
Value
a
Interactive
Media
&
Services
2.0
Alphabet,
Inc.
-
Class
C
(b)
1,718
3,758,039‌
a
4.4
8,460,319‌
Materials
Construction
Materials
3.1
Vulcan
Materials
Co.
23,000
3,268,300‌
Martin
Marietta
Materials,
Inc.
9,500
2,842,780‌
a
Industrial
Gases
1.2
Linde
plc
(a)
8,136
2,339,344‌
a
4.3
8,450,424‌
Industrials
Industrial
Conglomerates
2.2
Roper
Technologies,
Inc.
6,200
2,446,830‌
Honeywell
International,
Inc.
9,944
1,728,366‌
a
Industrial
Machinery
2.1
IDEX
Corp.
12,000
2,179,560‌
Fortive
Corp.
35,000
1,903,300‌
a
4.3
8,258,056‌
Consumer
Staples
Distillers
&
Vintners
0.9
Diageo
plc
-
ADR
(a)
10,000
1,741,200‌
a
Total
Common
Stocks
(Cost
$50,857,727)
81,060,235‌
Non-Convertible
Preferred
Stocks
-
1
.1
%
a
Qurate
Retail,
Inc.
8.00%
3/15/31
(Cost
$3,461,303)
35,000
2,045,750‌
Corporate
Bonds
-
1
.3
%
a
a
a
$
Principal
Amount
$
Value
a
a
AutoZone,
Inc.
3.63%
4/15/25
500,000
494,270‌
JPMorgan
Chase
&
Co.
3.38%
5/1/23
500,000
500,232‌
JPMorgan
Chase
Co.
3.84%
6/14/25
Floating
Rate
(SOFR
+
98)
200,000
198,221‌
Markel
Corp.
4.9%
7/1/22
410,000
410,000‌
3.63%
3/30/23
500,000
501,340‌
U.S.
Bancorp
2.4%
7/30/24
500,000
488,226‌
a
Total
Corporate
Bonds
(Cost
$2,614,802)
2,592,289‌
2
Balanced
Fund
(Continued)
Schedule
of
Investments
June
30,
2022
(Unaudited)
Corporate
Convertible
Bonds
-
0
.9
%
a
a
a
$
Principal
Amount
$
Value
a
a
Redwood
Trust,
Inc.
5.63%
7/15/24
(Cost
$1,905,226)
2,000,000
1,809,964‌
Asset-Backed
Securities
-
7
.5
%
a
a
Automobile
American
Credit
Acceptance
Receivables
Trust
(ACAR)
Series
2021-2
Class
B
-
0.37%
10/15/24
(c)
17,156
17,140‌
AmeriCredit
Automobile
Receivables
Trust
(AMCAR)
Series
2020-2
Class
D
-
2.13%
3/18/26
400,000
385,258‌
ARI
Fleet
Lease
Trust
(ARIFL)
Series
2020-A
Class
A
-
1.77%
8/15/28
(c)
31,498
31,498‌
Series
2022-A
Class
A2
-
3.12%
1/15/31
(c)
100,000
99,015‌
Carmax
Auto
Owner
Trust
(CARMX)
Series
2012-2
Class
C
-
3.16%
2/18/25
500,000
496,571‌
CFMT
LLC
(CFMT)
Series
2021-AL1
Class
B
-
1.39%
9/22/31
(c)
516,002
497,344‌
Chesapeake
Funding
II
LLC
(CFII)
Series
2021-1A
Class
A1
-
0.47%
4/15/33
(c)
320,449
313,288‌
DT
Auto
Owner
Trust
(DTAOT)
Series
2020-3A
Class
C
-
0.54%
4/15/24
(c)
3,032
3,029‌
Enterprise
Fleet
Financing
LLC
(EFF)
Series
2019-2
Class
A
-
2.29%
2/20/25
(c)
56,610
56,441‌
Series
2020-1
Class
A
-
1.78%
12/22/25
(c)
168,874
167,692‌
GLS
Auto
Receivables
Issuer
Trust
(GCAR)
Series
2020-2A
Class
A1
-
1.58%
8/15/24
(c)
6,149
6,147‌
Series
2021-4A
Class
A
-
0.84%
7/15/25
(c)
324,194
318,260‌
JPMorgan
Chase
Auto
Credit
Linked
Note
(CACLN)
Series
2020-1
Class
A5
-
0.99%
1/25/28
(c)
213,263
209,762‌
Series
2020-2
Class
A2
-
0.84%
2/25/28
(c)
38,456
37,584‌
Series
2021-1
Class
A2
-
0.88%
9/25/28
(c)
394,698
383,464‌
Series
2021-2
Class
A4
-
0.89%
12/26/28
(c)
309,746
300,202‌
LAD
Auto
Receivables
Trust
(LADAR)
Series
2021-1A
Class
A
-
1.3%
8/17/26
(c)
621,746
601,861‌
Onemain
Direct
Auto
Receivables
Trust
(OMDAR)
Series
2021-1A
Class
A
-
0.87%
7/14/28
(c)
500,000
465,939‌
Santander
Drive
Auto
Receivables
Trust
(SDART)
Series
2020-2
Class
D
-
2.22%
9/15/26
375,000
367,102‌
Series
2020-3
Class
C
-
1.12%
1/15/26
200,000
198,490‌
Series
2020-4
Class
C
-
1.01%
1/15/26
195,000
192,232‌
Securitized
Term
Auto
Loan
Receivables
Trust
(SSTRT)
Series
2019-CRTA
Class
B
-
2.45%
3/25/26
(a)
(c)
50,307
50,043‌
Westlake
Automobile
Receivables
Trust
(WLAKE)
Series
2021-2A
Class
B
-
0.62%
7/15/26
(c)
256,000
246,801‌
Series
2022-1A
Class
A2A
-
1.97%
12/16/24
(c)
250,000
247,368‌
Wheels
SPV
2
LLC
(WHLS)
Series
2020-1A
Class
A2
-
0.51%
8/20/29
(c)
665,779
657,872‌
a
6,350,403‌
a
Collateralized
Loan
Obligations
ABPCI
Direct
Lending
Fund
CLO
LP
(ABPCI)
Series
2020-10A
Class
A
-
3.01%
1/20/32
Floating
Rate
(Qtrly
LIBOR
+
195)
(a)
(c)
(d)
500,000
494,133‌
Audax
Senior
Debt
CLO
LLC
(AUDAX)
Series
2021-6A
Class
A1
-
2.56%
10/20/33
Floating
Rate
(Qtrly
LIBOR
+
150)
(c)
(d)
500,000
491,961‌
Blackrock
Rainier
CLO
VI
Ltd.
(BLKMM)
Series
2021-6A
Class
A
-
2.76%
4/20/33
Floating
Rate
(Qtrly
LIBOR
+
170)
(a)
(c)
(d)
500,000
485,211‌
a
a
a
$
Principal
Amount
$
Value
a
a
Cerberus
Loan
Funding
LP
(CERB)
Series
2020-1A
Class
A
-
2.89%
10/15/31
Floating
Rate
(Qtrly
LIBOR
+
185)
(a)
(c)
(d)
500,000
495,580‌
Series
2021-6A
Class
A
-
2.44%
11/22/33
Floating
Rate
(Qtrly
LIBOR
+
140)
(a)
(c)
(d)
269,116
268,455‌
Churchill
Middle
Market
CLO
Ltd.
(CHMML)
Series
2021-1A
Class
A1
-
2.68%
10/24/33
Floating
Rate
(Qtrly
LIBOR
+
150)
(a)
(c)
(d)
250,000
245,269‌
Fortress
Credit
Opportunities
CLO
Ltd.
(FCO)
Series
2021-15A
Class
A2
-
2.73%
4/25/33
Floating
Rate
(Qtrly
LIBOR
+
155)
(a)
(c)
(d)
500,000
481,526‌
Golub
Capital
Partners
CLO
Ltd.
(GOCAP)
Series
2021-54A
Class
A2
-
2.89%
8/5/33
Floating
Rate
(Qtrly
LIBOR
+
153)
(a)
(c)
(d)
500,000
484,388‌
Monroe
Capital
MML
CLO
XII
Ltd.
(MCMML)
Series
2021-2A
Class
A1
-
3.24%
9/14/33
Floating
Rate
(Qtrly
LIBOR
+
150)
(a)
(c)
(d)
500,000
489,058‌
Palmer
Square
Loan
Funding
Ltd.
(PSTAT)
Series
2021-1A
Class
A1
-
2.31%
4/20/29
Floating
Rate
(Qtrly
LIBOR
+
125)
(a)
(c)
(d)
500,000
485,779‌
a
4,421,360‌
a
Consumer
&
Specialty
Finance
Affirm
Asset
Securitization
Trust
(AFFRM)
Series
2021-A
Class
A4
-
0.88%
8/15/25
(c)
100,000
98,768‌
Foundation
Finance
Trust
(FFIN)
Series
2021-2A
Class
A
-
2.19%
1/15/42
(c)
205,650
193,170‌
Marlette
Funding
Trust
(MFT)
Series
2021-1A
Class
A2
-
0.6%
6/16/31
(c)
7,874
7,860‌
Series
2022-1A
Class
A
-
1.36%
4/15/32
(c)
177,640
174,485‌
SoFi
Consumer
Loan
Program
Trust
(SCLP)
Series
2019-4
Class
B
-
2.56%
8/25/28
(c)
110,055
110,055‌
Upstart
Securitization
Trust
(UPST)
Series
2021-3
Class
A
-
0.83%
7/20/31
(c)
129,628
125,908‌
Series
2021-5
Class
A
-
1.31%
11/20/31
(c)
177,500
170,971‌
a
881,217‌
a
Equipment
Amur
Equipment
Finance
Receivables
LLC
(AXIS)
Series
2021-1A
Class
A2
-
0.75%
11/20/26
(c)
508,839
493,735‌
CCG
Receivables
Trust
(CCG)
Series
2019-2
Class
A
-
2.11%
3/15/27
(c)
60,984
60,883‌
Dell
Equipment
Finance
Trust
(DEFT)
Series
2021-2
Class
A2
-
0.53%
12/22/26
(c)
625,000
598,123‌
Series
2022-1
Class
A2
-
2.11%
8/22/27
(c)
250,000
247,245‌
DLLST
LLC
(DLLST)
Series
2022-1A
Class
A2
-
2.79%
1/22/24
(c)
500,000
496,402‌
MMAF
Equipment
Finance
LLC
(MMAF)
Series
2022-A
Class
A2
-
2.77%
2/13/25
(c)
375,000
370,064‌
a
2,266,452‌
a
Other
Octane
Receivables
Trust
(OCTL)
Series
2020-1A
Class
A2
-
1.71%
2/20/25
(c)
132,418
131,148‌
Series
2021-1A
Class
A5
-
0.93%
3/22/27
(c)
76,852
74,817‌
Series
2021-2A
Class
A
-
1.21%
9/20/28
(c)
180,502
174,593‌
3
a
a
a
$
Principal
Amount
$
Value
a
a
Series
2022-1A
Class
A2
-
4.18%
3/20/28
(c)
300,000
299,187‌
679,745‌
a
Total
Asset-Backed
Securities
(Cost
$14,892,091)
14,599,177‌
Commercial
Mortgage-Backed
Securities
-
2
.5
%
a
a
AREIT
Trust
(AREIT)
Series
2021-CRE5
Class
A
-
2.6%
7/17/26
Floating
Rate
(Mthly
LIBOR
+
108)
(c)
472,568
457,304‌
BFLD
Trust
(BFLD)
Series
2020-OBRK
Class
A
-
3.37%
11/15/22
Floating
Rate
(Mthly
LIBOR
+
205)
(c)
125,000
123,483‌
FS
Rialto
Issuer
Ltd.
(FSRI)
Series
2022-FL5
Class
A
-
3.2%
6/19/27
Floating
Rate
(TSFR1M
+
230)
(a)
(c)
500,000
493,223‌
GPMT
Ltd.
(GPMT)
Series
2021-FL3
Class
A
-
2.86%
7/16/35
Floating
Rate
(Mthly
LIBOR
+
125)
(a)
(c)
429,970
422,644‌
HGI
CRE
CLO
Ltd.
(HGI)
Series
2021-FL1
Class
A4
-
2.56%
6/16/36
Floating
Rate
(Mthly
LIBOR
+
105)
(a)
(c)
250,000
245,694‌
Series
2021-FL2
Class
A4
-
2.51%
9/19/26
Floating
Rate
(Mthly
LIBOR
+
100)
(a)
(c)
250,000
241,495‌
KREF
Ltd.
(KREF)
Series
2021-FL2
Class
A4
-
2.59%
2/15/39
Floating
Rate
(Mthly
LIBOR
+
107)
(a)
(c)
500,000
486,562‌
Series
2022-FL3
Class
A
-
2.96%
2/15/39
Floating
Rate
(Mthly
SOFR
+
145)
(a)
(c)
500,000
484,146‌
LoanCore
Issuer
Ltd.
(LNCR)
Series
2018-CRE1
Class
D
-
4.27%
5/15/28
Floating
Rate
(US0001M
+
295)
(a)
(c)
400,000
399,810‌
Series
2021-CRE5
Class
A
-
2.62%
7/15/36
Floating
Rate
(Mthly
LIBOR
+
130)
(a)
(c)
500,000
483,818‌
Series
2022-CRE7
Class
A
-
2.33%
1/17/37
Floating
Rate
(SOFR
30
Day
Avg
+
155)
(a)
(c)
250,000
244,415‌
STWD
Ltd.
(STWD)
Series
2022-FL3
Class
A
-
2.13%
11/15/38
Floating
Rate
(SOFR
30
Day
Avg
+
135)
(a)
(c)
500,000
481,521‌
VMC
Finance
LLC
(VMC)
Series
2021-FL4
Class
A
-
2.71%
6/16/36
Floating
Rate
(Mthly
LIBOR
+
110)
(c)
306,103
297,999‌
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$4,972,509)
4,862,114‌
Mortgage-Backed
Securities
-
2
.7
%
a
a
Federal
Home
Loan
Mortgage
Corporation
Collateralized
Mortgage
Obligations
Series
3649
Class
A
-
4%
3/15/25
10,357
10,450‌
a
Pass-Through
Securities
Pool#
J14649
–
3.5%
4/1/26
20,180
20,177‌
Pool#
E02948
–
3.5%
7/1/26
43,861
43,856‌
Pool#
J16663
–
3.5%
9/1/26
23,436
23,392‌
Pool#
ZS8692
–
2.5%
4/1/33
157,243
151,751‌
249,626‌
a
a
a
$
Principal
Amount
$
Value
a
a
a
Federal
National
Mortgage
Association
Pass-Through
Securities
Pool#
AR8198
–
2.5%
3/1/23
7,939
7,929‌
Pool#
MA1502
–
2.5%
7/1/23
7,742
7,718‌
Pool#
995755
–
4.5%
5/1/24
2,048
2,095‌
Pool#
AB1769
–
3%
11/1/25
18,820
18,512‌
Pool#
AB3902
–
3%
11/1/26
43,210
43,083‌
Pool#
AK3264
–
3%
2/1/27
34,706
34,604‌
Pool#
AB6291
–
3%
9/1/27
190,875
190,142‌
Pool#
MA3189
–
2.5%
11/1/27
160,849
157,445‌
Pool#
MA3791
–
2.5%
9/1/29
335,140
327,189‌
Pool#
BM5708
–
3%
12/1/29
179,977
179,178‌
Pool#
AS7701
–
2.5%
8/1/31
826,669
811,057‌
Pool#
MA3540
–
3.5%
12/1/33
92,303
92,434‌
1,871,386‌
a
Government
National
Mortgage
Association
Pass-Through
Securities
Pool#
5255
–
3%
12/20/26
42,204
41,516‌
a
Non-Government
Agency
Collateralized
Mortgage
Obligations
Flagstar
Mortgage
Trust
(FSMT)
Series
2021-7
Class
B
-
2.5%
8/25/51
(c)
(d)
433,275
396,078‌
GS
Mortgage-Backed
Securities
Trust
(GSMBS)
Series
2022-PJ1
Class
AB
-
2.5%
5/28/52
(c)
(d)
457,481
414,674‌
JPMorgan
Mortgage
Trust
(JPMMT)
Series
2014-5
Class
B
-
2.84%
10/25/29
(c)
(d)
64,691
62,370‌
Series
2016-3
Class
A
-
3%
10/25/46
(c)
(d)
185,705
174,242‌
Series
2017-3
Class
A
-
2.5%
8/25/47
(c)
(d)
209,175
193,988‌
Series
2020-7
Class
A
-
3%
1/25/51
(c)
(d)
54,087
53,464‌
Series
2020-8
Class
A
-
3%
3/25/51
(c)
(d)
100,634
98,931‌
Series
2021-6
Class
B
-
2.5%
10/25/51
(c)
(d)
566,917
518,247‌
Series
2021-8
Class
B
-
2.5%
12/25/51
(c)
(d)
417,922
379,336‌
Series
2022-2
Class
A4A
-
2.5%
8/25/52
(c)
(d)
335,750
306,925‌
JPMorgan
Wealth
Management
(JPMWM)
Series
2020-ATR1
Class
A
-
3%
2/25/50
(c)
(d)
55,829
55,313‌
RCKT
Mortgage
Trust
(RCKT)
Series
2021-3
Class
A5
-
2.5%
7/25/51
(c)
(d)
404,041
370,863‌
Sequoia
Mortgage
Trust
(SEMT)
Series
2019-CH2
Class
A
-
4.5%
8/25/49
(c)
(d)
56,599
56,169‌
Series
2020-2
Class
A
-
3.5%
3/25/50
(c)
(d)
1,230
1,229‌
Series
2020-3
Class
A
-
3%
4/25/50
(c)
(d)
49,825
49,104‌
3,130,933‌
a
Total
Mortgage-Backed
Securities
(Cost
$5,643,901)
5,293,461‌
U.S.
Treasuries
-
35
.6
%
a
a
U.S.
Treasury
Notes
2%
7/31/22
1,000,000
1,000,706‌
1.88%
7/31/22
1,000,000
1,000,603‌
1.63%
8/15/22
5,000,000
5,001,118‌
1.88%
8/31/22
2,000,000
2,000,996‌
2%
11/30/22
3,000,000
2,995,374‌
2%
2/15/23
1,000,000
996,202‌
2.5%
3/31/23
2,000,000
1,995,542‌
4
Balanced
Fund
(Continued)
Schedule
of
Investments
June
30,
2022
(Unaudited)
a
a
a
$
Principal
Amount
$
Value
a
a
1.63%
5/31/23
2,000,000
1,977,187‌
2.5%
8/15/23
2,000,000
1,990,234‌
2.13%
11/30/23
2,000,000
1,977,383‌
2.13%
2/29/24
2,000,000
1,973,281‌
2%
4/30/24
2,000,000
1,965,547‌
0.25%
6/15/24
2,000,000
1,896,875‌
1.25%
8/31/24
3,000,000
2,890,664‌
0.38%
9/15/24
2,000,000
1,887,969‌
0.75%
11/15/24
2,000,000
1,896,719‌
1.13%
1/15/25
2,000,000
1,907,656‌
1.38%
1/31/25
2,000,000
1,918,555‌
2.63%
3/31/25
2,000,000
1,980,078‌
0.38%
4/30/25
2,000,000
1,856,445‌
2.75%
5/15/25
3,000,000
2,977,266‌
0.25%
6/30/25
2,000,000
1,841,680‌
0.25%
7/31/25
2,000,000
1,836,602‌
2.75%
8/31/25
2,000,000
1,982,656‌
3%
10/31/25
1,000,000
998,633‌
0.38%
11/30/25
2,000,000
1,827,187‌
0.5%
2/28/26
4,000,000
3,646,719‌
0.75%
5/31/26
2,000,000
1,830,156‌
1.5%
8/15/26
2,000,000
1,878,750‌
1.63%
10/31/26
4,000,000
3,768,281‌
1.88%
2/28/27
2,000,000
1,898,633‌
0.5%
8/31/27
2,000,000
1,755,508‌
2.25%
11/15/27
2,000,000
1,917,891‌
a
Total
U.S.
Treasuries
(Cost
$71,812,284)
69,269,096‌
Cash
Equivalents
-
9
.3
%
a
a
JPMorgan
U.S.
Government
Money
Market
Fund
-
Institutional
Class
1.01%
(e)
10,995,172
10,995,172‌
U.S.
Treasury
Bills,
1.04%
to
1.45%,
7/28/22
to
8/23/22
(f)
7,000,000
6,987,552‌
a
Total
Cash
Equivalents
(Cost
$17,983,639)
17,982,724‌
Total
Investments
in
Securities
(Cost
$174,143,482)
199,514,810‌
Cash
due
to
Custodian
-
0.0%
(
47‌
)
Other
Liabilities
in
Excess
of
Other
Assets
-  (2.6%)
(
5,115,795‌
)
Net
Assets
-
100%
194,398,968‌
Net
Asset
Value
Per
Share
-
Investor
Class
15.35
Net
Asset
Value
Per
Share
-
Institutional
Class
15.37
(a)
Foreign
domiciled
entity.
(b)
Non-income
producing.
(c)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
This
security
may
be
resold
in
transactions
that
are
exempt
from
registration,
normally
to
qualified
institutional
buyers.
(d)
The
interest
rate
resets
periodically
based
on
the
weighted
average
coupons
of
the
underlying
mortgage-related
or
asset-backed
obligations.
(e)
Rate
presented
represents
the
30
day
average
yield
at
June
30,
2022.
(f)
Interest
rates
presented
represent
the
effective
yield
at
June
30,
2022.
5
Core
Plus
Income
Fund
Schedule
of
Investments
June
30,
2022
(Unaudited)
Corporate
Bonds
-
22
.2
%
a
a
a
$
Principal
Amount
$
Value
a
Abercrombie
&
Fitch
Management
Co.
8.75%
7/15/25
(a)
928,000
905,431‌
Alexandria
Real
Estate
Equities,
Inc.
3.95%
1/15/28
366,000
354,669‌
American
Airlines
Group,
Inc.
3.75%
3/1/25^
(a)
1,000,000
844,375‌
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.
5.5%
4/20/26
(a)
3,300,000
3,043,590‌
5.75%
4/20/29
(a)
1,000,000
857,170‌
Ares
Capital
Corp.
2.88%
6/15/28
1,000,000
793,142‌
Ashtead
Capital,
Inc.
4.38%
8/15/27
(a)
1,000,000
931,209‌
4%
5/1/28
(a)
670,000
605,380‌
2.45%
8/12/31
(a)
500,000
389,164‌
AT&T,
Inc.
6.8%
5/15/36
713,000
801,029‌
Axalta
Coating
Systems
LLC
3.38%
2/15/29
(a)
624,000
510,195‌
Bath
&
Body
Works,
Inc.
6.95%
3/1/33
3,475,000
2,780,340‌
6.88%
11/1/35
301,000
245,457‌
6.75%
7/1/36
2,756,000
2,209,747‌
Berkshire
Hathaway
Finance
Corp.
4.25%
1/15/49
500,000
461,825‌
Broadcom,
Inc.
3.42%
4/15/33
(a)
350,000
289,807‌
3.14%
11/15/35
(a)
1,014,000
771,418‌
Cantor
Fitzgerald
LP
4.5%
4/14/27
(a)
1,500,000
1,442,966‌
Carlisle
Cos.,
Inc.
3.5%
12/1/24
532,000
526,443‌
3.75%
12/1/27
500,000
476,463‌
CDW
LLC
/
CDW
Finance
Corp.
3.28%
12/1/28
1,000,000
864,480‌
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
4.2%
3/15/28
650,000
607,951‌
Choice
Hotels
International,
Inc.
3.7%
1/15/31
250,000
221,843‌
Cinemark
USA,
Inc.
5.88%
3/15/26
(a)
500,000
446,600‌
5.25%
7/15/28
(a)
3,000,000
2,415,720‌
Compass
Group
Diversified
Holdings
LLC
5.25%
4/15/29
(a)
2,081,000
1,721,310‌
Cox
Communications,
Inc.
3.5%
8/15/27
(a)
842,000
799,667‌
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.
4.5%
10/20/25
(a)
560,000
544,662‌
4.75%
10/20/28
(a)
1,100,000
1,039,932‌
Devon
Energy
Corp.
5.25%
10/15/27
325,000
329,266‌
4.5%
1/15/30
920,000
869,994‌
Diamondback
Energy,
Inc.
3.25%
12/1/26
75,000
73,232‌
3.5%
12/1/29
100,000
91,690‌
Dick's
Sporting
Goods,
Inc.
3.15%
1/15/32
500,000
395,603‌
Dow
Chemical
Co.
(The)
4.25%
10/1/34
1,052,000
999,472‌
a
a
a
$
Principal
Amount
$
Value
a
Drax
Finco
PLC
6.63%
11/1/25
(a)
(b)
1,000,000
977,260‌
Duke
Energy
Carolinas
LLC
6%
12/1/28
445,000
481,153‌
Element
Fleet
Management
Corp.
3.85%
6/15/25
(a)
(b)
1,000,000
983,304‌
Energy
Transfer
LP
2.9%
5/15/25
500,000
475,751‌
4.75%
1/15/26
200,000
199,503‌
Enterprise
Products
Operating
LLC
4.45%
2/15/43
990,000
864,203‌
EPR
Properties
4.75%
12/15/26
1,250,000
1,175,624‌
4.5%
6/1/27
1,330,000
1,205,014‌
4.95%
4/15/28
830,000
764,249‌
Essential
Properties
LP
2.95%
7/15/31
2,750,000
2,157,699‌
Expedia
Group,
Inc.
3.8%
2/15/28
484,000
441,569‌
3.25%
2/15/30
90,000
75,144‌
Ford
Motor
Credit
Co.
LLC
2.37%
8/3/22
Floating
Rate
(Qtrly
LIBOR
+
108)
2,000,000
1,995,792‌
Gap,
Inc.
(The)
3.88%
10/1/31
(a)
106,000
74,150‌
Georgia-Pacific
LLC
7.25%
6/1/28
1,000,000
1,148,961‌
Hercules
Capital,
Inc.
2.63%
9/16/26
1,000,000
864,685‌
Highwoods
Realty
LP
2.6%
2/1/31
500,000
411,371‌
Host
Hotels
&
Resorts
LP
Series
H
3.38%
12/15/29
612,000
518,631‌
Indiana
Bell
Telephone
Co.,
Inc.
7.3%
8/15/26
535,000
585,037‌
iStar,
Inc.
4.25%
8/1/25
1,375,000
1,272,466‌
JPMorgan
Chase
&
Co.
0.65%
9/16/24
Floating
Rate
(Qtrly
SOFR
+
60)
1,000,000
958,831‌
L
Brands,
Inc.
6.69%
1/15/27
945,000
884,929‌
Lennar
Corp.
4.75%
5/30/25
622,000
621,768‌
Lexington
Realty
Trust
2.7%
9/15/30
500,000
411,219‌
Markel
Corp.
4.9%
7/1/22
250,000
250,000‌
3.63%
3/30/23
200,000
200,536‌
3.5%
11/1/27
550,000
529,599‌
Marriott
International,
Inc.
Series
HH
2.85%
4/15/31
500,000
415,156‌
Masonite
International
Corp.
5.38%
2/1/28
(a)
646,000
585,848‌
3.5%
2/15/30
(a)
100,000
79,772‌
MasTec,
Inc.
4.5%
8/15/28
(a)
500,000
450,356‌
Micron
Technology,
Inc.
4.19%
2/15/27
500,000
488,461‌
Mileage
Plus
Holdings
LLC/Mileage
Plus
Intellectual
Property
Assets
Ltd.
6.5%
6/20/27
(a)
1,805,000
1,779,414‌
6
Core
Plus
Income
Fund
(Continued)
Schedule
of
Investments
June
30,
2022
(Unaudited)
a
a
a
$
Principal
Amount
$
Value
a
MPLX
LP
4.88%
12/1/24
750,000
755,952‌
4.88%
6/1/25
190,000
191,158‌
4%
3/15/28
85,000
80,828‌
4.8%
2/15/29
250,000
246,119‌
4.7%
4/15/48
551,000
464,375‌
6.87%
12/31/99
Floating
Rate
(US0003M
+
465)
765,000
730,330‌
OneMain
Finance
Corp.
3.88%
9/15/28
1,994,000
1,528,251‌
5.38%
11/15/29
2,003,000
1,626,907‌
PDC
Energy,
Inc.
6.13%
9/15/24
407,000
404,965‌
5.75%
5/15/26
2,827,000
2,642,383‌
Physicians
Realty
LP
4.3%
3/15/27
1,271,000
1,246,797‌
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.
3.55%
12/15/29
798,000
703,878‌
4.3%
1/31/43
75,000
56,673‌
Realty
Income
Corp.
3.95%
8/15/27
575,000
561,475‌
RELX
Capital,
Inc.
4%
3/18/29
500,000
484,853‌
4.75%
5/20/32
250,000
254,247‌
STORE
Capital
Corp.
4.5%
3/15/28
503,000
491,657‌
4.63%
3/15/29
500,000
488,416‌
2.7%
12/1/31
1,250,000
1,002,437‌
Symetra
Financial
Corp.
4.25%
7/15/24
640,000
639,710‌
Take
Two
Interactive
Software,
Inc.
3.7%
4/14/27
1,000,000
971,604‌
Tempur
Sealy
International,
Inc.
4%
4/15/29
(a)
400,000
323,000‌
3.88%
10/15/31
(a)
1,500,000
1,128,405‌
T-Mobile
USA,
Inc.
2.63%
4/15/26
250,000
227,342‌
3.38%
4/15/29
4,000,000
3,511,620‌
Twilio,
Inc.
3.88%
3/15/31
300,000
247,423‌
United
Airlines
Holdings,
Inc.
4.88%
1/15/25^
200,000
186,142‌
United
Wholesale
Mortgage
LLC
5.75%
6/15/27
(a)
200,000
160,668‌
VICI
Properties
LP
4.95%
2/15/30
500,000
474,765‌
VICI
Properties
LP/VICI
Note
Co.,
Inc.
4.13%
8/15/30
(a)
1,120,000
968,576‌
Vistajet
Malta
Finance
PLC/XO
Management
Holding,
Inc.
7.88%
5/1/27
(a)
(b)
600,000
530,481‌
VistaJet
Malta
Finance
PLC/XO
Management
Holding,
Inc.
6.38%
2/1/30
(a)
(b)
100,000
80,264‌
a
Total
Corporate
Bonds
(Cost
$86,912,573)
78,400,398‌
Corporate
Convertible
Bonds
-
0
.5
%
a
Redwood
Trust,
Inc.
4.75%
8/15/23
850,000
808,562‌
5.63%
7/15/24
700,000
633,487‌
a
a
a
$
Principal
Amount
$
Value
a
5.75%
10/1/25
500,000
447,188‌
a
Total
Corporate
Convertible
Bonds
(Cost
$1,935,053)
1,889,237‌
Asset-Backed
Securities
-
24
.0
%
a
Automobile
ACC
Auto
Trust
(AUTOC)
Series
2021-A
Class
A
-
1.08%
4/15/27
(a)
316,790
311,547‌
American
Credit
Acceptance
Receivables
Trust
(ACAR)
Series
2020-4
Class
D
-
1.77%
12/14/26
(a)
2,600,000
2,492,550‌
AmeriCredit
Automobile
Receivables
Trust
(AMCAR)
Series
2020-3
Class
D
-
1.49%
9/18/26
1,250,000
1,174,175‌
Arivo
Acceptance
Auto
Loan
Receivables
Trust
(ARIVO)
Series
2019-1
Class
A
-
2.99%
7/15/24
(a)
55,939
55,921‌
Series
2021-1A
Class
A
-
1.19%
1/15/27
(a)
75,461
73,357‌
CFMT
LLC
(CFMT)
Series
2021-AL1
Class
B
-
1.39%
9/22/31
(a)
1,204,005
1,160,470‌
Drive
Auto
Receivables
Trust
(DART)
Series
2021-1
Class
D
-
1.45%
1/16/29
610,000
571,595‌
DT
Auto
Owner
Trust
(DTAOT)
Series
2019-3A
Class
D
-
2.96%
4/15/25
(a)
1,000,000
993,271‌
Enterprise
Fleet
Financing
LLC
(EFF)
Series
2019-2
Class
A
-
2.29%
2/20/25
(a)
70,763
70,551‌
Exeter
Automobile
Receivables
Trust
(EART)
Series
2021-4A
Class
C
-
1.46%
10/15/27
635,000
599,742‌
First
Investors
Auto
Owner
Trust
(FIAOT)
Series
2022-1A
Class
A
-
2.03%
1/15/27
(a)
423,313
414,217‌
Flagship
Credit
Auto
Trust
(FCAT)
Series
2021-2
Class
C
-
1.27%
6/15/27
(a)
2,100,000
1,949,717‌
Series
2021-3
Class
C
-
1.46%
9/15/27
(a)
255,000
236,328‌
GLS
Auto
Receivables
Issuer
Trust
(GCAR)
Series
2020-2A
Class
B
-
3.16%
6/16/25
(a)
750,000
748,933‌
Series
2021-3A
Class
C
-
1.11%
9/15/26
(a)
800,000
745,000‌
JPMorgan
Chase
Bank
NA
(CACLN)
Series
2020-1
Class
D
-
1.89%
1/25/28
(a)
213,263
210,150‌
Series
2020-1
Class
F
-
6.68%
1/25/28
(a)
1,000,000
1,003,202‌
Series
2021-2
Class
E
-
2.28%
12/26/28
(a)
619,491
600,680‌
LAD
Auto
Receivables
Trust
(LADAR)
Series
2021-1A
Class
A
-
1.3%
8/17/26
(a)
1,088,056
1,053,257‌
Series
2021-1A
Class
D
-
3.99%
11/15/29
(a)
3,740,000
3,476,450‌
Santander
Bank
NA
(SBCLN)
Series
2021-1A
Class
C
-
3.27%
12/15/31
(a)
420,848
409,254‌
Securitized
Term
Auto
Loan
Receivables
Trust
(SSTRT)
Series
2019-CRTA
Class
C
-
2.85%
3/25/26
(a)
(b)
201,229
200,382‌
Westlake
Automobile
Receivables
Trust
(WLAKE)
Series
2021-1A
Class
C
-
0.95%
3/16/26
(a)
540,000
519,449‌
a
19,070,198‌
a
Collateralized
Loan
Obligations
ABPCI
Direct
Lending
Fund
CLO
X
LP
(ABPCI)
Series
2020-10A
Class
B1
-
3.41%
1/20/32
Floating
Rate
(Qtrly
LIBOR
+
235)
(a)
(b)
(c)
1,000,000
966,258‌
Audax
Senior
Debt
CLO
LLC
(AUDAX)
Series
2021-6A
Class
B
-
3.01%
10/20/33
Floating
Rate
(Qtrly
LIBOR
+
195)
(a)
(c)
3,000,000
2,901,777‌
Ballyrock
CLO
Ltd.
(BALLY)
Series
2016-1A
Class
BR2
-
2.39%
10/15/28
Floating
Rate
(Qtrly
LIBOR
+
135)
(a)
(b)
(c)
1,000,000
982,065‌
7
a
a
a
$
Principal
Amount
$
Value
a
BCRED
MML
CLO
LLC
(BXCMM)
Series
2022-1A
Class
A1
-
2.24%
4/20/35
Floating
Rate
(Qtrly
SOFR
+
165)
(a)
(b)
(c)
1,000,000
962,482‌
Blackrock
Rainier
CLO
VI
Ltd.
(BLKMM)
Series
2021-6A
Class
B
-
3.11%
4/20/33
Floating
Rate
(Qtrly
LIBOR
+
205)
(a)
(b)
(c)
1,800,000
1,676,979‌
Brightwood
Capital
MM
CLO
Ltd.
(BWCAP)
Series
2020-1A
Class
A
-
3.73%
12/15/28
Floating
Rate
(Qtrly
LIBOR
+
190)
(a)
(b)
(c)
463,387
463,326‌
Cerberus
Loan
Funding
LP
(CERB)
Series
2020-1A
Class
B
-
3.59%
10/15/31
Floating
Rate
(Qtrly
LIBOR
+
255)
(a)
(b)
(c)
500,000
486,234‌
Series
2020-1A
Class
C
-
4.74%
10/15/31
Floating
Rate
(Qtrly
LIBOR
+
370)
(a)
(b)
(c)
500,000
483,443‌
Series
2020-2A
Class
A
-
2.94%
10/15/32
Floating
Rate
(Qtrly
LIBOR
+
190)
(a)
(b)
(c)
495,000
486,835‌
Series
2020-2A
Class
B
-
3.64%
10/15/32
Floating
Rate
(Qtrly
LIBOR
+
260)
(a)
(b)
(c)
500,000
480,922‌
Series
2021-2A
Class
B
-
2.94%
4/22/33
Floating
Rate
(Qtrly
LIBOR
+
190)
(a)
(b)
(c)
1,500,000
1,413,175‌
Series
2021-6A
Class
B
-
2.79%
11/22/33
Floating
Rate
(Qtrly
LIBOR
+
175)
(a)
(b)
(c)
1,650,000
1,634,642‌
Series
2022-1A
Class
A2
-
4.02%
4/15/34
(a)
1,750,000
1,673,109‌
Churchill
Middle
Market
CLO
Ltd.
(CHMML)
Series
2021-1A
Class
A1
-
2.68%
10/24/33
Floating
Rate
(Qtrly
LIBOR
+
150)
(a)
(b)
(c)
1,000,000
981,077‌
Deerpath
Capital
CLO
Ltd.
(DPATH)
Series
2021-2A
Class
A1
-
1.84%
1/15/34
Floating
Rate
(Qtrly
LIBOR
+
160)
(a)
(b)
(c)
1,000,000
965,436‌
Series
2021-2A
Class
C
-
3.14%
1/15/34
Floating
Rate
(Qtrly
LIBOR
+
290)
(a)
(b)
(c)
2,300,000
2,127,284‌
Fortress
Credit
Opportunities
CLO
Ltd.
(FCO)
Series
2017-9A
Class
A1TR
-
2.59%
10/15/33
Floating
Rate
(Qtrly
LIBOR
+
155)
(a)
(b)
(c)
1,500,000
1,436,591‌
Series
2021-15A
Class
B
-
3.03%
4/25/33
Floating
Rate
(Qtrly
LIBOR
+
185)
(a)
(b)
(c)
1,500,000
1,396,596‌
Golub
Capital
Partners
CLO
Ltd.
(GOCAP)
Series
2016-31A
Class
CR
-
4.26%
8/5/30
Floating
Rate
(Qtrly
LIBOR
+
290)
(a)
(b)
(c)
1,000,000
957,299‌
Series
2021-54A
Class
B
-
3.21%
8/5/33
Floating
Rate
(Qtrly
LIBOR
+
185)
(a)
(b)
(c)
500,000
480,205‌
Series
2021-54A
Class
C
-
4.01%
8/5/33
Floating
Rate
(Qtrly
LIBOR
+
265)
(a)
(b)
(c)
1,000,000
962,897‌
Guggenheim
MM
CLO
Ltd.
(GUGG)
Series
2021-4A
Class
B
-
3.29%
1/15/34
Floating
Rate
(Qtrly
LIBOR
+
225)
(a)
(b)
(c)
2,500,000
2,413,907‌
Ivy
Hill
Middle
Market
Credit
Fund
IX
Ltd.
(IVYH)
Series
9A
Class
A1TR
-
2.57%
4/15/34
Floating
Rate
(Qtrly
SOFR
+
162)
(a)
(b)
(c)
1,500,000
1,444,877‌
KKR
Lending
Partners
III
Clo
LLC
(KKRLP)
Series
2021-1A
Class
B
-
2.96%
10/20/30
Floating
Rate
(Qtrly
LIBOR
+
190)
(a)
(c)
3,000,000
2,909,466‌
KKR
Static
CLO
I
Ltd.
(KKRS)
Series
2022-1A
Class
B
7/20/31
Floating
Rate
(TSFR3M
+
260)
(a)
(b)
(c)
1,250,000
1,250,000‌
Maranon
Loan
Funding
Ltd.
(MRNON)
Series
2021-2RA
Class
BR
-
3.09%
7/15/33
Floating
Rate
(Qtrly
LIBOR
+
205)
(a)
(b)
(c)
2,500,000
2,415,924‌
Monroe
Capital
MML
CLO
XII
Ltd.
(MCMML)
Series
2021-2A
Class
C
-
4.39%
9/14/33
Floating
Rate
(Qtrly
LIBOR
+
265)
(a)
(b)
(c)
2,000,000
1,898,551‌
a
a
a
$
Principal
Amount
$
Value
a
Palmer
Square
Loan
Funding
Ltd.
(PSTAT)
Series
2021-1A
Class
B
-
2.86%
4/20/29
Floating
Rate
(Qtrly
LIBOR
+
180)
(a)
(b)
(c)
1,000,000
965,975‌
a
37,217,332‌
a
Consumer
&
Specialty
Finance
Affirm
Asset
Securitization
Trust
(AFFRM)
Series
2021-A
Class
D
-
3.49%
8/15/25
(a)
750,000
718,548‌
Series
2021-B
Class
A
-
1.03%
8/15/26
(a)
1,250,000
1,185,387‌
Series
2022-Z1
Class
A
-
4.55%
6/15/27
(a)
1,000,000
992,437‌
Bankers
Healthcare
Group
Securitization
Trust
(BHG)
Series
2020-A
Class
A
-
2.56%
9/17/31
(a)
290,065
285,554‌
Series
2021-A
Class
A
-
1.42%
11/17/33
(a)
325,016
304,448‌
Series
2022-B
Class
B
-
4.84%
6/18/35
(a)
1,500,000
1,483,370‌
Conn's
Receivables
Funding
LLC
(CONN)
Series
2021-A
Class
A
-
1.05%
5/15/26
(a)
668,678
664,655‌
Series
2021-A
Class
B
-
2.87%
5/15/26
(a)
2,350,000
2,280,663‌
Driven
Brands
Funding
LLC
(HONK)
Series
2019-2A
Class
A2
-
3.98%
10/20/49
(a)
487,500
456,481‌
Foundation
Finance
Trust
(FFIN)
Series
2019-1A
Class
A
-
3.86%
11/15/34
(a)
164,031
162,276‌
Series
2021-1A
Class
B
-
1.87%
5/15/41
(a)
921,000
818,066‌
FREED
ABS
Trust
(FREED)
Series
2022-1FP
Class
C
-
2.51%
3/19/29
(a)
2,530,000
2,392,122‌
Series
2022-3FP
Class
B
-
5.79%
8/20/29
(a)
1,500,000
1,499,976‌
Jersey
Mike's
Funding
(JMIKE)
Series
2019-1A
Class
A2
-
4.43%
2/15/50
(a)
995,000
950,770‌
Marlette
Funding
Trust
(MFT)
Series
2021-2A
Class
B
-
1.06%
9/15/31
(a)
500,000
480,417‌
Series
2022-1A
Class
A
-
1.36%
4/15/32
(a)
710,560
697,943‌
Pagaya
AI
Debt
Selection
Trust
(PAID)
Series
2020-3
Class
B
-
3.22%
5/17/27
(a)
1,000,000
993,143‌
Series
2021
Class
B
-
0.82%
1/16/29
(a)
718,236
680,635‌
Series
2021-1
Class
A
-
1.18%
11/15/27
(a)
679,480
665,104‌
Series
2022-2
Class
A
-
4.97%
1/15/30
(a)
1,500,000
1,489,702‌
Theorem
Funding
Trust
(THRM)
Series
2021-1A
Class
A
-
1.28%
12/15/27
(a)
955,615
934,303‌
Series
2021-1A
Class
B
-
2.21%
12/15/27
(a)
1,000,000
917,532‌
Upstart
Securitization
Trust
(UPST)
Series
2021-1
Class
B
-
1.89%
3/20/31
(a)
250,000
240,548‌
Series
2021-1
Class
C
-
4.06%
3/20/31
(a)
250,000
230,726‌
Series
2021-2
Class
A
-
0.91%
6/20/31
(a)
101,243
98,906‌
Zaxby's
Funding
LLC
(ZAXBY)
Series
2021-1A
Class
A2
-
3.24%
7/30/51
(a)
1,240,625
1,084,369‌
a
22,708,081‌
a
Equipment
Amur
Equipment
Finance
Receivables
IX
LLC
(AXIS)
Series
2021-1A
Class
B
-
1.38%
2/22/27
(a)
1,035,000
971,146‌
Series
2021-1A
Class
D
-
2.3%
11/22/27
(a)
500,000
454,914‌
CCG
Receivables
Trust
(CCG)
Series
2019-1
Class
B
-
3.22%
9/14/26
(a)
694,618
695,655‌
Series
2019-2
Class
B
-
2.55%
3/15/27
(a)
300,000
296,689‌
Pawnee
Equipment
Receivables
Series
LLC
(PWNE)
Series
2019-1
Class
A2
-
2.29%
10/15/24
(a)
48,861
48,804‌
Series
2019-1
Class
D
-
2.86%
10/15/24
(a)
500,000
483,110‌
SCF
Equipment
Leasing
LLC
(SCFET)
Series
2019-2A
Class
A2
-
2.47%
4/20/26
(a)
160,988
158,964‌
a
3,109,282‌
8
Core
Plus
Income
Fund
(Continued)
Schedule
of
Investments
June
30,
2022
(Unaudited)
a
a
a
$
Principal
Amount
$
Value
a
a
Other
Hilton
Grand
Vacations
Trust
(HGVT)
Series
2020-AA
Class
B
-
4.22%
2/25/39
(a)
271,005
267,808‌
Octane
Receivables
Trust
(OCTL)
Series
2020-1A
Class
B
-
1.98%
6/20/25
(a)
940,000
905,765‌
Series
2021-1A
Class
B
-
1.53%
4/20/27
(a)
700,000
638,817‌
Series
2022-1A
Class
A2
-
4.18%
3/20/28
(a)
700,000
698,104‌
Sierra
Timeshare
Receivables
Funding
LLC
(SRFC)
Series
2019-2A
Class
B
-
2.82%
5/20/36
(a)
181,884
176,252‌
2,686,746‌
a
Total
Asset-Backed
Securities
(Cost
$87,804,167)
84,791,639‌
Commercial
Mortgage-Backed
Securities
-
10
.6
%
a
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.
(ARCLO)
Series
2021-FL4
Class
C
-
3.62%
11/15/36
Floating
Rate
(Mthly
LIBOR
+
230)
(a)
(b)
3,000,000
2,797,233‌
AREIT
Trust
(AREIT)
Series
2021-CRE5
Class
A
-
2.6%
7/17/26
Floating
Rate
(Mthly
LIBOR
+
108)
(a)
945,136
914,608‌
BDS
Ltd.
(BDS)
Series
2021-FL10
Class
A
-
2.96%
12/18/36
Floating
Rate
(Mthly
LIBOR
+
135)
(a)
(b)
1,000,000
969,063‌
Series
2021-FL10
Class
C
-
3.91%
12/18/36
Floating
Rate
(Mthly
LIBOR
+
230)
(a)
(b)
1,250,000
1,173,446‌
BFLD
Trust
(BFLD)
Series
2020-OBRK
Class
A
-
3.37%
11/15/22
Floating
Rate
(Mthly
LIBOR
+
205)
(a)
940,000
928,593‌
BPCRE
Ltd.
(BPCRE)
Series
2021-FL1
Class
D
-
4.12%
2/15/37
Floating
Rate
(Mthly
LIBOR
+
260)
(a)
(b)
1,193,000
1,169,753‌
Series
2021-FL1
Class
E
-
4.62%
2/15/37
Floating
Rate
(US0001M
+
310)
(a)
(b)
766,000
764,072‌
Series
2022-FL2
Class
C
-
6.01%
1/18/37
Floating
Rate
(TSFR1M
+
450)
(a)
(b)
2,500,000
2,485,572‌
GPMT
Ltd.
(GPMT)
Series
2021-FL3
Class
A
-
2.86%
7/16/35
Floating
Rate
(Mthly
LIBOR
+
125)
(a)
(b)
1,719,880
1,690,576‌
Hera
Commercial
Mortgage,
Ltd.
(HCM)
Series
2021-FL1
Class
C
-
3.56%
2/18/38
Floating
Rate
(US0001M
+
195)
(a)
(b)
650,000
614,250‌
HGI
CRE
CLO
Ltd.
(HGI)
Series
2021-FL1
Class
AS
-
2.91%
6/16/36
Floating
Rate
(Mthly
LIBOR
+
140)
(a)
(b)
1,500,000
1,470,070‌
Series
2021-FL1
Class
B
-
3.11%
6/16/36
Floating
Rate
(Mthly
LIBOR
+
160)
(a)
(b)
3,081,000
3,004,132‌
Series
2021-FL1
Class
C
-
3.21%
6/16/36
Floating
Rate
(US0001M
+
170)
(a)
(b)
450,000
433,169‌
Series
2021-FL2
Class
D
-
3.66%
10/19/26
Floating
Rate
(Mthly
LIBOR
+
215)
(a)
(b)
1,000,000
974,863‌
Hilton
USA
Trust
(HILT)
Series
2016-SFP
Class
E
-
5.52%
11/5/35
(a)
840,000
812,751‌
KREF
Ltd.
(KREF)
Series
2021-FL2
Class
B
-
3.17%
2/15/39
Floating
Rate
(Mthly
LIBOR
+
165)
(a)
(b)
2,500,000
2,359,185‌
Series
2022-FL3
Class
B
-
3.61%
2/15/39
Floating
Rate
(Mthly
SOFR
+
210)
(a)
(b)
2,500,000
2,385,520‌
LoanCore
Issuer
Ltd.
(LNCR)
Series
2018-CRE1
Class
C
-
3.87%
5/15/28
Floating
Rate
(Mthly
LIBOR
+
255)
(a)
(b)
1,000,000
998,173‌
a
a
a
$
Principal
Amount
$
Value
a
Series
2018-CRE1
Class
D
-
4.27%
5/15/28
Floating
Rate
(US0001M
+
295)
(a)
(b)
1,000,000
999,526‌
Series
2021-CRE5
Class
A
-
2.62%
7/15/36
Floating
Rate
(Mthly
LIBOR
+
130)
(a)
(b)
2,000,000
1,935,271‌
Series
2022-CRE7
Class
B
-
3.03%
1/17/37
Floating
Rate
(SOFR
30
Day
Avg.
+
225)
(a)
(b)
2,500,000
2,397,138‌
ReadyCap
Commercial
Mortgage
Trust
(RCMT)
Series
2021-FL6
Class
B
-
3.22%
7/25/36
Floating
Rate
(Mthly
LIBOR
+
160)
(a)
1,500,000
1,407,389‌
Series
2021-FL7
Class
A
-
2.82%
11/25/36
Floating
Rate
(Mthly
LIBOR
+
120)
(a)
998,626
951,191‌
STWD
Ltd.
(STWD)
Series
2022-FL3
Class
B
-
2.73%
11/15/38
Floating
Rate
(SOFR
30
Day
Avg.
+
195)
(a)
(b)
2,500,000
2,360,458‌
VMC
Finance
LLC
(VMC)
Series
2021-FL4
Class
A
-
2.71%
6/16/36
Floating
Rate
(Mthly
LIBOR
+
110)
(a)
1,224,412
1,191,995‌
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$38,381,092)
37,187,997‌
Mortgage-Backed
Securities
-
1
.6
%
a
Federal
Home
Loan
Mortgage
Corporation
Collateralized
Mortgage
Obligations
Series
5026
Class
DH
-
1.75%
9/25/43
503,555
475,537‌
Series
4949
Class
BC
-
2.25%
3/25/49
287,057
266,798‌
a
Pass-Through
Securities
Pool#
C91945
–
3%
8/1/37
280,623
273,334‌
1,015,669‌
a
Federal
National
Mortgage
Association
Collateralized
Mortgage
Obligations
Series
2013-130
Class
CA
-
2.5%
6/25/43
128,410
124,396‌
Series
2013-130
Class
CD
-
3%
6/25/43
233,473
229,972‌
a
Pass-Through
Securities
Pool#
932836
–
3%
12/1/25
15,990
15,798‌
Pool#
468516
–
5.17%
6/1/28
206,499
217,179‌
Pool#
MA3443
–
4%
8/1/48
115,987
115,863‌
Pool#
FM5733
–
2%
1/1/51
1,330,992
1,164,858‌
1,868,066‌
a
Government
National
Mortgage
Association
Collateralized
Mortgage
Obligations
Series
2021-29
Class
CY
-
3%
9/20/50
1,000,000
923,213‌
Series
2018-52
Class
AE
-
2.75%
5/16/51
85,093
82,084‌
1,005,297‌
a
Non-Government
Agency
Collateralized
Mortgage
Obligations
Flagstar
Mortgage
Trust
(FSMT)
Series
2017-1
Class
2A2
-
3%
3/25/47
(a)
(c)
62,283
58,889‌
JPMorgan
Mortgage
Trust
(JPMMT)
Series
2016-3
Class
A
-
3%
10/25/46
(a)
(c)
74,282
69,697‌
Series
2017-3
Class
A
-
2.5%
8/25/47
(a)
(c)
73,211
67,896‌
Series
2018-6
Class
2A2
-
3%
12/25/48
(a)
(c)
35,091
33,872‌
RCKT
Mortgage
Trust
(RCKT)
Series
2021-3
Class
A5
-
2.5%
7/25/51
(a)
(c)
1,616,163
1,483,450‌
9
a
a
a
$
Principal
Amount
$
Value
a
Sequoia
Mortgage
Trust
(SEMT)
Series
2019-CH2
Class
A
-
4.5%
8/25/49
(a)
(c)
24,257
24,073‌
a
Pass-Through
Securities
Greenpoint
Mortgage
Pass-Through
Certificates
(GMSI)
Series
2003-1
Class
A1
-
2.68%
10/25/33
(c)
43,091
41,869‌
1,779,746‌
a
Total
Mortgage-Backed
Securities
(Cost
$6,233,322)
5,668,778‌
Municipal
Bonds
-
0
.6
%
a
Central
Plains,
NE
Energy
Project
Revenue
5.25%
9/1/37
1,000,000
1,005,739‌
Detroit,
MI
City
School
District
General
Obligation
SBLF,
6.65%
5/1/29
460,000
528,181‌
Village
of
Rosemont
IL
General
Obligation
BAM,
5.38%
12/1/23
470,000
483,284‌
a
Total
Municipal
Bonds
(Cost
$2,115,272)
2,017,204‌
U.S.
Treasuries
-
37
.5
%
a
U.S.
Treasury
Bonds
3.5%
2/15/39
2,100,000
2,195,566‌
1.88%
2/15/41
11,500,000
9,024,131‌
1.75%
8/15/41
4,000,000
3,044,219‌
2%
11/15/41
7,500,000
5,959,570‌
2.38%
2/15/42
12,000,000
10,179,375‌
3.25%
5/15/42
8,000,000
7,810,000‌
2.5%
2/15/45
3,000,000
2,546,719‌
2.5%
5/15/46
8,400,000
7,126,219‌
2.25%
8/15/46
2,500,000
2,017,822‌
2.25%
8/15/49
3,500,000
2,873,418‌
U.S.
Treasury
Notes
0.25%
8/31/25
3,000,000
2,747,461‌
1.5%
8/15/26
4,850,000
4,555,969‌
2%
11/15/26
5,650,000
5,402,812‌
1.63%
11/30/26
3,000,000
2,823,516‌
2.25%
2/15/27
3,500,000
3,375,449‌
0.5%
4/30/27
3,500,000
3,098,252‌
2.38%
5/15/27
3,000,000
2,904,844‌
2.25%
8/15/27
3,000,000
2,882,227‌
1.13%
2/29/28
6,500,000
5,845,937‌
1.25%
5/31/28
8,000,000
7,207,500‌
1.25%
9/30/28
7,000,000
6,270,742‌
1.5%
11/30/28
3,000,000
2,724,609‌
1.88%
2/28/29
3,500,000
3,253,770‌
1.75%
11/15/29
3,000,000
2,753,555‌
1.5%
2/15/30
5,250,000
4,716,387‌
0.88%
11/15/30
8,000,000
6,756,562‌
1.13%
2/15/31
7,500,000
6,445,898‌
1.38%
11/15/31
5,500,000
4,771,250‌
1.88%
2/15/32
1,000,000
906,094‌
a
Total
U.S.
Treasuries
(Cost
$147,230,875)
132,219,873‌
Non-Convertible
Preferred
Stocks
-
0
.5
%
a
a
a
Shares
$
Value
Qurate
Retail,
Inc.
8.00%
3/15/31
(Cost
$2,672,824)
27,800
1,624,910‌
Cash
Equivalents
-
2
.8
%
a
a
$
Principal
Amount
$
Value
a
a
JPMorgan
U.S.
Government
Money
Market
Fund
-
Institutional
Class
1.01%
(Cost
$9,985,970)
(d)
9,985,970
9,985,970‌
Short-Term
Securities
Held
as
Collateral
for
Securities
on
Loan
-
0
.2
%
a
a
Shares
$
Value
Citibank
N.A.
DDCA
1.57%
53,589
53,589‌
Goldman
Sachs
Financial
Square
Government
Fund
Institutional
Class
-
1.37%
482,303
482,303‌
a
Total
Short-Term
Securities
Held
as
Collateral
for
Securities
on
Loan
(Cost
$535,892)
535,892‌
Total
Investments
in
Securities
(Cost
$383,807,040)
354,321,898‌
Cash
due
to
Custodian
-
0.0%
(
162‌
)
Other
Liabilities
in
Excess
of
Other
Assets
-  (0.5%)
(
1,611,776‌
)
Net
Assets
-
100%
352,709,960‌
Net
Asset
Value
Per
Share
-
Investor
Class
9.89
Net
Asset
Value
Per
Share
-
Institutional
Class
9.90
^
This
security
or
a
partial
position
of
this
security
was
on
loan
as
of
June
30,
2022.
The
total
value
of
securities
on
loan
as
of
June
30,
2022
was
$524,681.
(a)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
This
security
may
be
resold
in
transactions
that
are
exempt
from
registration,
normally
to
qualified
institutional
buyers.
(b)
Foreign
domiciled
entity.
(c)
The
interest
rate
resets
periodically
based
on
the
weighted
average
coupons
of
the
underlying
mortgage-related
or
asset-backed
obligations.
(d)
Rate
presented
represents
the
30
day
average
yield
at
June
30,
2022.
10
Hickory
Fund
Schedule
of
Investments
June
30,
2022
(Unaudited)
Common
Stocks
-
95.4%
a
Communication
Services
%
of
Net
Assets
Shares
$
Value
Cable
&
Satellite
17.3
Liberty
Broadband
Corp.
(a)
Class
C
100,000
11,564,000‌
Class
A
30,000
3,406,500‌
Liberty
Media
Corp-Liberty
SiriusXM
(a)
Class
C
190,000
6,849,500‌
Class
A
70,000
2,522,800‌
Liberty
Latin
America
Ltd.
-
Class
C
(a)
(b)
525,000
4,089,750‌
a
Integrated
Telecommunication
Services
6.1
LICT
Corp.
(a)
447
10,012,800‌
a
Alternative
Carriers
4.1
Liberty
Global
PLC
-
Class
C
(a)
(b)
300,000
6,627,000‌
a
27.5
45,072,350‌
Industrials
Research
&
Consulting
Services
8.8
CoStar
Group,
Inc.
(a)
160,000
9,665,600‌
Dun
&
Bradstreet
Holdings,
Inc.
(a)
320,000
4,809,600‌
a
Industrial
Machinery
5.3
Ingersoll
Rand,
Inc.
130,000
5,470,400‌
IDEX
Corp.
17,500
3,178,525‌
a
Aerospace
&
Defense
3.8
HEICO
Corp.
-
Class
A
60,000
6,322,800‌
a
17.9
29,446,925‌
Information
Technology
Application
Software
5.4
Guidewire
Software,
Inc.
(a)
70,000
4,969,300‌
ACI
Worldwide,
Inc.
(a)
150,000
3,883,500‌
a
Electronic
Components
3.5
Dolby
Laboratories,
Inc.
-
Class
A
81,000
5,796,360‌
a
Data
Processing
&
Outsourced
Services
2.7
Black
Knight,
Inc.
(a)
67,500
4,413,825‌
a
IT
Consulting
&
Other
Services
2.0
Gartner,
Inc.
(a)
13,600
3,288,888‌
a
13.6
22,351,873‌
Materials
Specialty
Chemicals
6.7
Axalta
Coating
Systems
Ltd.
(a)
(b)
255,000
5,638,050‌
Perimeter
Solutions
SA^
(a)
(b)
(c)
500,000
5,420,000‌
a
Construction
Materials
5.6
Martin
Marietta
Materials,
Inc.
16,500
4,937,460‌
Vulcan
Materials
Co.
30,000
4,263,000‌
a
12.3
20,258,510‌
a
Financials
%
of
Net
Assets
Shares
$
Value
Financial
Exchanges
&
Data
3.6
MarketAxess
Holdings,
Inc.
23,000
5,888,230‌
a
Property
&
Casualty
Insurance
3.5
Markel
Corp.
(a)
4,400
5,690,300‌
a
Regional
Banks
2.9
First
Republic
Bank
33,000
4,758,600‌
a
10.0
16,337,130‌
Consumer
Discretionary
Automotive
Retail
4.7
CarMax,
Inc.
(a)
85,000
7,690,800‌
a
Distributors
4.3
LKQ
Corp.
145,000
7,118,050‌
a
Internet
&
Direct
Marketing
Retail
0.5
Qurate
Retail,
Inc.
-
Class
A
300,000
861,000‌
a
9.5
15,669,850‌
Health
Care
Health
Care
Services
4.6
Laboratory
Corp.
of
America
Holdings
32,000
7,499,520‌
a
Total
Common
Stocks
(Cost
$111,824,532)
156,636,158‌
Non-Convertible
Preferred
Stocks
-
1.2
%
a
Qurate
Retail,
Inc.
8.00%
3/15/31
(Cost
$2,581,984)
35,000
2,045,750‌
Warrants
-
0.0%
a
Perimeter
Solutions
SA
(Cost
$5,000)
(b)
(d)
500,000
0‌
Cash
Equivalents
-
3.6%
a
a
a
$
Principal
Amount
$
Value
a
a
JPMorgan
U.S.
Government
Money
Market
Fund
-
Institutional
Class
1.01%
(Cost
$5,913,070)
(e)
5,913,070
5,913,070‌
Short-Term
Securities
Held
as
Collateral
for
Securities
on
Loan
-
1.7
%
a
a
Citibank
N.A.
DDCA
1.57%
270,720
270,720‌
Goldman
Sachs
Financial
Square
Government
Fund
Institutional
Class
-
1.37%
2,436,480
2,436,480‌
a
Total
Short-Term
Securities
Held
as
Collateral
for
Securities
on
Loan
(Cost
$2,707,200)
2,707,200‌
Total
Investments
in
Securities
(Cost
$123,031,786)
167,302,178‌
11
a
a
a
$
Principal
Amount
$
Value
a
a
Cash
due
to
Custodian
-
0.0%
(11‌)
Other
Liabilities
in
Excess
of
Other
Assets
-  (1.9%)
(3,098,809‌)
Net
Assets
-
100%
164,203,358‌
Net
Asset
Value
Per
Share
-
Investor
Class
43.42
^
This
security
or
a
partial
position
of
this
security
was
on
loan
as
of
June
30,
2022.
The
total
value
of
securities
on
loan
as
of
June
30,
2022
was
$2,447,760.
(a)
Non-income
producing.
(b)
Foreign
domiciled
entity.
(c)
This
security
is
classified
as
Level
3
within
the
fair
value
hierarchy.
(d)
The
expiration
date
has
yet
to
be
determined
but
will
be
set
based
on
the
terms
outlined
in
the
prospectus.
(e)
Rate
presented
represents
the
30
day
average
yield
at
June
30,
2022.
12
Nebraska
Tax-Free
Income
Fund
Schedule
of
Investments
June
30,
2022
(Unaudited)
Municipal
Bonds
-
96
.5
%
a
a
%
of
Net
Assets
$
Principal
Amount
$
Value
a
a
Arizona
0.3
Arizona
Industrial
Development
Authority
Revenue
5%
2/1/23
100,000
101,818‌
a
California
0.7
San
Diego
County
Regional
Airport
Authority
Revenue
Series
B
5%
7/1/25
200,000
213,247‌
a
Colorado
0.3
Colorado
Bridge
Enterprise
Revenue
4%
12/31/23
100,000
102,863‌
a
Florida
0.7
State
of
Florida
General
Obligation
4%
6/1/36
200,000
205,570‌
a
Nebraska
88.7
Ashland-Greenwood
Public
Schools
General
Obligation
3%
12/15/42
100,000
82,744‌
Cass
County
School
District
No.
22
General
Obligation
2.05%
12/15/25
375,000
372,784‌
2.2%
12/15/26
250,000
248,696‌
City
of
Bellevue
NE
General
Obligation
Series
A
3%
9/15/32
500,000
481,734‌
City
of
Blair
NE
Water
System
Revenue
AMT,
2.65%
12/15/24
100,000
98,470‌
2.85%
12/15/25
100,000
98,037‌
3%
12/15/26
100,000
97,178‌
3.1%
12/15/27
100,000
95,956‌
3.2%
12/15/28
100,000
95,167‌
City
of
Columbus
NE
Combined
Utilities
System
Revenue
4%
6/15/33
200,000
213,131‌
AGM,
4%
12/15/26
100,000
106,863‌
4%
12/15/27
100,000
106,566‌
City
of
Columbus
NE
General
Obligation
3%
12/15/29
150,000
150,110‌
3%
12/15/30
150,000
148,487‌
City
of
Grand
Island
NE
Combined
Utility
System
Revenue
Series
A
AGM,
4%
8/15/35
205,000
215,706‌
4%
8/15/36
125,000
131,111‌
City
of
Grand
Island
NE
General
Obligation
3%
11/15/27
150,000
150,796‌
3%
11/15/30
150,000
146,080‌
City
of
Gretna
NE
Certificates
of
Participation
4%
12/15/25
500,000
516,841‌
City
of
Lincoln
NE
Electric
System
Revenue
5%
9/1/28
1,000,000
1,005,845‌
City
of
Lincoln
NE
General
Obligation
5%
5/15/23
135,000
138,941‌
City
of
Norfolk
NE
General
Obligation
0.65%
5/15/24
375,000
359,124‌
City
of
Omaha
NE
General
Obligation
Series
A
4%
4/15/23
185,000
188,493‌
4%
1/15/33
260,000
274,685‌
3%
4/15/35
100,000
91,909‌
Series
A
Class
A
-
3%
4/15/34
100,000
92,699‌
Series
B
a
a
%
of
Net
Assets
$
Principal
Amount
$
Value
a
a
3%
11/15/24
400,000
402,385‌
City
of
Omaha
NE
Sewer
Revenue
5%
11/15/22
200,000
202,708‌
5%
4/1/26
250,000
274,408‌
4%
4/1/31
350,000
364,699‌
Series
A
4%
4/1/34
100,000
106,218‌
County
of
Kearney
NE
General
Obligation
4%
6/1/23
200,000
203,789‌
County
of
Saline
NE
Revenue
3%
2/15/31
200,000
186,081‌
County
of
Sarpy
NE
Certificates
of
Participation
1.75%
6/15/26
500,000
481,248‌
County
of
Seward
NE
General
Obligation
3%
12/15/30
605,000
606,144‌
Cozad
City
School
District
General
Obligation
4%
6/15/26
250,000
265,510‌
Dawson
County
Public
Power
District
Revenue
Series
A
2%
6/15/26
170,000
167,366‌
2.1%
6/15/27
105,000
103,158‌
Series
B
2.5%
6/15/28
135,000
134,602‌
3%
6/15/29
245,000
245,045‌
3%
6/15/30
355,000
355,041‌
Dodge
County
School
District
No.
595
General
Obligation
1.9%
6/15/32
200,000
169,163‌
Douglas
County
Hospital
Authority
No.
2
Revenue
5%
5/15/26
500,000
519,107‌
5%
5/15/30
140,000
150,531‌
4%
5/15/32
700,000
701,892‌
Douglas
County
Hospital
Authority
No.
3
Revenue
5%
11/1/22
250,000
252,897‌
Douglas
County
School
District
No.
59
NE
General
Obligation
3%
12/15/32
100,000
93,625‌
Kearney
School
District
General
Obligation
3%
12/15/24
250,000
253,514‌
Lancaster
County
School
District
001
General
Obligation
4%
1/15/33
250,000
262,188‌
Lincoln
Airport
Authority
Revenue
AMT,
5%
7/1/27
150,000
166,617‌
Lincoln-Lancaster
County
Public
Building
Commission
Revenue
3%
12/1/25
500,000
510,165‌
Madison
County
Hospital
Authority
No.
1
Revenue
5%
7/1/23
250,000
256,609‌
Metropolitan
Utilities
District
of
Omaha
Gas
System
Revenue
4%
12/1/27
450,000
466,442‌
Municipal
Energy
Agency
of
Nebraska
Revenue
5%
4/1/27
350,000
384,708‌
Nebraska
Cooperative
Republican
Platte
Enhancement
Project
Revenue
Series
A
2%
12/15/29
250,000
227,308‌
Nebraska
Educational
Health
Cultural
&
Social
Services
Finance
Authority
Revenue
4%
1/1/34
110,000
110,302‌
Nebraska
Investment
Finance
Authority
Revenue
Series
A
2.05%
9/1/24
120,000
119,079‌
Series
B
1.35%
9/1/26
200,000
186,812‌
Series
C
1.85%
3/1/23
100,000
99,962‌
2%
9/1/35
325,000
256,623‌
Nebraska
Public
Power
District
Revenue
Series
C
5%
1/1/32
65,000
70,275‌
5%
1/1/35
480,000
517,624‌
Nebraska
State
College
Facilities
Corp.
Revenue
AGM,
4%
7/15/28
750,000
796,151‌
13
a
a
%
of
Net
Assets
$
Principal
Amount
$
Value
a
a
Omaha
Public
Facilities
Corp.
Revenue
4%
6/1/28
585,000
616,827‌
Series
A
4%
6/1/31
155,000
165,951‌
Series
C
4%
4/1/33
340,000
359,083‌
4%
4/1/39
500,000
508,900‌
Omaha
Public
Power
District
Revenue
Series
A
2.85%
2/1/27
500,000
502,661‌
Series
C
5%
2/1/39
150,000
159,041‌
Omaha
School
District
General
Obligation
5%
12/15/29
350,000
384,049‌
5%
12/15/31
135,000
147,659‌
Omaha-Douglas
Public
Building
Commission
General
Obligation
Series
B
5%
5/1/32
550,000
622,802‌
Papillion
Municipal
Facilities
Corp.
Revenue
2%
12/15/32
100,000
88,105‌
2%
12/15/34
200,000
170,602‌
Papillion-La
Vista
School
District
No.
27
General
Obligation
Series
A
2.05%
12/1/24
150,000
149,822‌
2.2%
12/1/25
150,000
149,878‌
2.3%
12/1/26
275,000
274,758‌
Series
B
4%
12/1/35
400,000
423,748‌
Public
Power
Generation
Agency
Revenue
5%
1/1/28
500,000
530,829‌
5%
1/1/32
140,000
152,662‌
Sarpy
County
School
District
No.
1
General
Obligation
5%
12/15/29
550,000
622,079‌
Southeast
Community
College
Certificates
of
Participation
3%
12/15/22
400,000
402,900‌
State
of
Nebraska
Certificates
of
Participation
Series
A
2%
4/1/26
150,000
146,416‌
University
of
Nebraska
Facilities
Corp.
Revenue
5%
7/15/29
380,000
414,941‌
University
of
Nebraska
Revenue
5%
7/1/23
250,000
250,000‌
3%
7/1/25
100,000
102,567‌
2.5%
7/1/26
210,000
211,845‌
3%
7/1/27
100,000
103,249‌
5%
5/15/30
100,000
113,249‌
Upper
Republican
Natural
Resource
District
Revenue
AGM,
4%
12/15/25
245,000
246,986‌
4%
12/15/27
395,000
397,854‌
Village
of
Boys
Town
NE
Revenue
3%
9/1/28
700,000
706,104‌
3%
7/1/35
325,000
304,300‌
Westside
Community
Schools
General
Obligation
2.5%
12/1/22
250,000
251,161‌
Winside
Public
Schools
General
Obligation
2%
6/15/31
350,000
310,008‌
a
26,369,185‌
a
New
Mexico
1.3
New
Mexico
Finance
Authority
Revenue
Series
C
4%
6/1/34
365,000
378,411‌
a
a
%
of
Net
Assets
$
Principal
Amount
$
Value
a
a
a
Texas
3.0
City
of
Austin
Tx
Airport
System
Revenue
Series
B
AMT,
5%
11/15/26
250,000
271,165‌
City
of
Austin
Tx
Electric
Utility
Revenue
Series
A
5%
11/15/35
100,000
112,658‌
County
of
Bexar
TX
General
Obligation
4%
6/15/36
500,000
512,794‌
a
896,617‌
a
Utah
0.4
City
of
Salt
Lake
City
UT
Public
Utilities
Revenue
5%
2/1/35
100,000
111,747‌
a
Washington
1.1
Pierce
County
School
District
No.
10
Tacoma
General
Obligation
Series
B
4%
12/1/35
100,000
105,183‌
Port
of
Seattle
WA
Revenue
Series
C
5%
5/1/26
200,000
214,933‌
a
320,116‌
a
Total
Municipal
Bonds
(Cost
$29,807,691)
28,699,574‌
Cash
Equivalents
-
3
.0
%
a
a
a
JPMorgan
U.S.
Government
Money
Market
Fund
-
Institutional
Class
1.01%
(Cost
$881,572)
(a)
881,572
881,572‌
a
Total
Investments
in
Securities
(Cost
$30,689,263)
29,581,146‌
Cash
-
0.0%
1‌
Other
Assets
Less
Other
Liabilities
-  0.5%
157,910‌
Net
Assets
-
100%
29,739,057‌
Net
Asset
Value
Per
Share
-
Investor
Class
9.56
(a)
Rate
presented
represents
the
30
day
average
yield
at
June
30,
2022.
14
Partners
III
Opportunity
Fund
Schedule
of
Investments
June
30,
2022
(Unaudited)
Common
Stocks
-
94
.4
%
a
Communication
Services
%
of
Net
Assets
Shares
$
Value
Cable
&
Satellite
11.7
Liberty
Broadband
Corp.
(a)
Class
C
180,000
20,815,200‌
Class
A
100,000
11,355,000‌
Liberty
Media
Corp-Liberty
SiriusXM
(a)
Class
C
450,000
16,222,500‌
Class
A
250,000
9,010,000‌
a
Interactive
Media
&
Services
11.6
Alphabet,
Inc.
-
Class
C
(a)
15,000
32,811,750‌
Meta
Platforms,
Inc.
-
Class
A
(a)
150,000
24,187,500‌
a
Alternative
Carriers
4.4
Liberty
Global
PLC
-
Class
C
(a)
(b)
980,000
21,648,200‌
a
27.7
136,050,150‌
Information
Technology
Data
Processing
&
Outsourced
Services
18.2
Visa,
Inc.
-
Class
A
145,000
28,549,050‌
Fidelity
National
Information
Services,
Inc.
300,000
27,501,000‌
Mastercard,
Inc.
-
Class
A
65,000
20,506,200‌
Black
Knight,
Inc.
(a)
200,000
13,078,000‌
a
Application
Software
3.0
CoreCard
Corp.^
†
(a)
610,000
14,890,100‌
a
Semiconductors
2.7
Texas
Instruments,
Inc.
85,000
13,060,250‌
a
23.9
117,584,600‌
Financials
Multi-Sector
Holdings
9.7
Berkshire
Hathaway,
Inc.
-
Class
B
(a)
175,000
47,778,500‌
a
Property
&
Casualty
Insurance
5.3
Markel
Corp.
(a)
20,000
25,865,000‌
a
Investment
Banking
&
Brokerage
2.9
The
Charles
Schwab
Corp.
230,000
14,531,400‌
a
17.9
88,174,900‌
Consumer
Discretionary
Internet
&
Direct
Marketing
Retail
4.3
Amazon.com,
Inc.
(a)
200,000
21,242,000‌
a
Automotive
Retail
4.3
CarMax,
Inc.
(a)
230,000
20,810,400‌
a
8.6
42,052,400‌
Industrials
Research
&
Consulting
Services
6.4
CoStar
Group,
Inc.
(a)
300,000
18,123,000‌
Dun
&
Bradstreet
Holdings,
Inc.
(a)
900,000
13,527,000‌
a
Industrials  
%
of
Net
Assets
Shares
$
Value
a
Industrial
Conglomerates
2.0
Roper
Technologies,
Inc.
25,000
9,866,250‌
a
8.4
41,516,250‌
Health
Care
Health
Care
Services
2.4
Laboratory
Corp.
of
America
Holdings
50,000
11,718,000‌
a
Health
Care
Equipment
2.0
Danaher
Corp.
40,000
10,140,800‌
a
4.4
21,858,800‌
Materials
Specialty
Chemicals
3.5
Perimeter
Solutions
SA^
(a)
(b)
(c)
1,600,000
17,344,000‌
a
Total
Common
Stocks
(Cost
$297,220,650)
464,581,100‌
Non-Convertible
Preferred
Stocks
-
2
.4
%
a
Qurate
Retail,
Inc.
8.00%
3/15/31
(Cost
$17,921,852)
200,000
11,690,000‌
Warrants
-
0
.0
%
a
Perimeter
Solutions
SA
(Cost
$15,000)
(b)
(d)
1,500,000
0‌
Cash
Equivalents
-
3
.3
%
a
a
a
$
Principal
Amount
$
Value
a
a
JPMorgan
U.S.
Government
Money
Market
Fund
-
Institutional
Class
1.01%
(e)
6,273,186
6,273,186‌
U.S.
Treasury
Bills
0.98%
7/14/22
(f)
10,000,000
9,996,171‌
a
Total
Cash
Equivalents
(Cost
$16,270,557)
16,269,357‌
Short-Term
Securities
Held
as
Collateral
for
Securities
on
Loan
-
2
.5
%
a
a
Citibank
N.A.
DDCA
1.57%
1,235,598
1,235,598‌
Goldman
Sachs
Financial
Square
Government
Fund
Institutional
Class
-
1.37%
11,120,379
11,120,379‌
a
Total
Short-Term
Securities
Held
as
Collateral
for
Securities
on
Loan
(Cost
$12,355,977)
12,355,977‌
Total
Investments
in
Securities
(Cost
$343,784,036)
504,896,434‌
Due
from
Broker
-
3.1%
15,219,617‌
Securities
Sold
Short
-
(3.0)%
(
15,090,000‌
)
Cash
-
0.0%
10‌
Other
Assets
Less
Other
Liabilities
-  (2.7%)
(
13,072,751‌
)
Net
Assets
-
100%
491,953,310‌
15
Net
Asset
Value
Per
Share
-
Investor
Class
11.84
Net
Asset
Value
Per
Share
-
Institutional
Class
12.70
Securities
Sold
Short
-
(3.1)%
Shares
$
Value
a
SPDR
S&P
500
ETF
Trust
40,000
(
15,090,000‌
)
Total
Securities
Sold
Short
(proceeds
$8,412,580)
(
15,090,000‌
)
†
Non-controlled
affiliate.
^
This
security
or
a
partial
position
of
this
security
was
on
loan
as
of
June
30,
2022.
The
total
value
of
securities
on
loan
as
of
June
30,
2022
was
$11,947,949.
(a)
Non-income
producing.
(b)
Foreign
domiciled
entity.
(c)
This
security
is
classified
as
Level
3
within
the
fair
value
hierarchy.
(d)
The
expiration
date
has
yet
to
be
determined
but
will
be
set
based
on
the
terms
outlined
in
the
prospectus.
(e)
Rate
presented
represents
the
30
day
average
yield
at
June
30,
2022.
(f)
Interest
rates
presented
represent
the
effective
yield
at
June
30,
2022.
16
Partners
Value
Fund
Schedule
of
Investments
June
30,
2022
(Unaudited)
Common
Stocks
-
97
.8
%
a
Communication
Services
%
of
Net
Assets
Shares
$
Value
Cable
&
Satellite
11.9
Liberty
Media
Corp-Liberty
SiriusXM
(a)
Class
C
435,000
15,681,750‌
Class
A
120,000
4,324,800‌
Liberty
Broadband
Corp.
(a)
Class
C
100,000
11,564,000‌
Class
A
70,000
7,948,500‌
Liberty
Latin
America
Ltd.
-
Class
C
(a)
(b)
1,205,550
9,391,235‌
a
Interactive
Media
&
Services
10.0
Alphabet,
Inc.
-
Class
C
(a)
13,800
30,186,810‌
Meta
Platforms,
Inc.
-
Class
A
(a)
70,000
11,287,500‌
a
Alternative
Carriers
3.9
Liberty
Global
PLC
-
Class
C
(a)
(b)
725,000
16,015,250‌
a
25.8
106,399,845‌
Financials
Multi-Sector
Holdings
6.6
Berkshire
Hathaway,
Inc.
-
Class
B
(a)
100,000
27,302,000‌
a
Property
&
Casualty
Insurance
3.5
Markel
Corp.
(a)
11,250
14,549,062‌
a
Insurance
Brokers
3.3
Aon
plc
-
Class
A
(b)
50,000
13,484,000‌
a
Investment
Banking
&
Brokerage
2.6
The
Charles
Schwab
Corp.
170,000
10,740,600‌
a
Regional
Banks
2.3
First
Republic
Bank
64,000
9,228,800‌
a
Financial
Exchanges
&
Data
2.0
MarketAxess
Holdings,
Inc.
32,000
8,192,320‌
a
20.3
83,496,782‌
Information
Technology
Data
Processing
&
Outsourced
Services
10.8
Visa,
Inc.
-
Class
A
92,500
18,212,325‌
Mastercard,
Inc.
-
Class
A
50,000
15,774,000‌
Black
Knight,
Inc.
(a)
160,000
10,462,400‌
a
Application
Software
3.2
Guidewire
Software,
Inc.
(a)
120,000
8,518,800‌
ACI
Worldwide,
Inc.
(a)
180,000
4,660,200‌
a
Semiconductors
3.2
Texas
Instruments,
Inc.
85,000
13,060,250‌
a
IT
Consulting
&
Other
Services
2.0
Gartner,
Inc.
(a)
35,200
8,512,416‌
a
19.2
79,200,391‌
Industrials
Research
&
Consulting
Services
6.7
CoStar
Group,
Inc.
(a)
335,000
20,237,350‌
Dun
&
Bradstreet
Holdings,
Inc.
(a)
500,000
7,515,000‌
a
Industrials  
%
of
Net
Assets
Shares
$
Value
a
Aerospace
&
Defense
3.1
HEICO
Corp.
-
Class
A
120,000
12,645,600‌
a
Industrial
Machinery
1.8
IDEX
Corp.
40,000
7,265,200‌
a
11.6
47,663,150‌
Materials
Construction
Materials
5.8
Martin
Marietta
Materials,
Inc.
40,000
11,969,600‌
Vulcan
Materials
Co.
83,500
11,865,350‌
a
Specialty
Chemicals
2.5
Axalta
Coating
Systems
Ltd.
(a)
(b)
465,000
10,281,150‌
a
8.3
34,116,100‌
Consumer
Discretionary
Automotive
Retail
3.5
CarMax,
Inc.
(a)
160,000
14,476,800‌
a
Distributors
3.3
LKQ
Corp.
280,000
13,745,200‌
a
6.8
28,222,000‌
Health
Care
Health
Care
Services
3.2
Laboratory
Corp.
of
America
Holdings
57,000
13,358,520‌
a
Health
Care
Equipment
2.6
Danaher
Corp.
42,023
10,653,671‌
a
5.8
24,012,191‌
a
Total
Common
Stocks
(Cost
$250,200,988)
403,110,459‌
Cash
Equivalents
-
2
.3
%
a
a
a
$
Principal
Amount
$
Value
a
a
JPMorgan
U.S.
Government
Money
Market
Fund
-
Institutional
Class
1.01%
(Cost
$9,623,777)
(c)
9,623,777
9,623,777‌
a
Total
Investments
in
Securities
(Cost
$259,824,765)
412,734,236‌
Cash
-
0.0%
24,332‌
Other
Liabilities
in
Excess
of
Other
Assets
-  (0.1%)
(
465,692‌
)
Net
Assets
-
100%
412,292,876‌
Net
Asset
Value
Per
Share
-
Investor
Class
27.37
Net
Asset
Value
Per
Share
-
Institutional
Class
28.02
(a)
Non-income
producing.
(b)
Foreign
domiciled
entity.
(c)
Rate
presented
represents
the
30
day
average
yield
at
June
30,
2022.
17
Short
Duration
Income
Fund
Schedule
of
Investments
June
30,
2022
(Unaudited)
Corporate
Bonds
-
12
.5
%
a
a
a
$
Principal
Amount
$
Value
a
a
Abercrombie
&
Fitch
Management
Co.
8.75%
7/15/25
(a)
3,525,000
3,439,272‌
American
Airlines
Group,
Inc.
3.75%
3/1/25^
(a)
750,000
633,281‌
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.
5.5%
4/20/26
(a)
750,000
691,725‌
Ares
Capital
Corp.
(ARES)
4.2%
6/10/24
3,000,000
2,947,648‌
Ashtead
Capital,
Inc.
1.5%
8/12/26
(a)
1,000,000
873,985‌
4.38%
8/15/27
(a)
3,000,000
2,793,628‌
Bath
Body
Works,
Inc.
9.38%
7/1/25
(a)
1,000,000
1,016,055‌
Boardwalk
Pipelines
LP
4.95%
12/15/24
1,000,000
1,007,722‌
Boeing
Co.
(The)
4.51%
5/1/23
1,000,000
1,002,748‌
Boston
Properties
LP
3.13%
9/1/23
9,560,000
9,495,302‌
Brunswick
Corp.
0.85%
8/18/24
500,000
462,463‌
Cantor
Fitzgerald
LP
4.5%
4/14/27
(a)
1,500,000
1,442,966‌
Carlisle
Cos.,
Inc.
0.55%
9/1/23
2,000,000
1,929,999‌
3.5%
12/1/24
500,000
494,778‌
Cinemark
USA,
Inc.
5.88%
3/15/26
(a)
2,199,000
1,964,147‌
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.
4.5%
10/20/25
(a)
3,000,000
2,917,833‌
Devon
Energy
Corp.
5.25%
10/15/27
390,000
395,119‌
Discovery
Communications
LLC
2.95%
3/20/23
2,277,000
2,262,046‌
Drax
Finco
PLC
6.63%
11/1/25
(a)
(b)
3,500,000
3,420,410‌
Energy
Transfer
LP
3.9%
5/15/24
1,852,000
1,838,936‌
EPR
Properties
4.75%
12/15/26
3,354,000
3,154,433‌
FS
KKR
Capital
Corp.
1.65%
10/12/24
6,000,000
5,342,360‌
Hercules
Capital,
Inc.
2.63%
9/16/26
1,500,000
1,297,028‌
Highwoods
Realty
LP
3.63%
1/15/23
1,275,000
1,276,025‌
iStar,
Inc.
4.25%
8/1/25
2,502,000
2,315,426‌
JPMorgan
Chase
&
Co.
3.38%
5/1/23
3,956,000
3,957,836‌
0.77%
8/9/25
Floating
Rate
(SOFR
+
49)
1,000,000
928,479‌
JPMorgan
Chase
Co.
3.84%
6/14/25
Floating
Rate
(SOFR
+
98)
800,000
792,885‌
Kimco
Realty
Corp.
3.13%
6/1/23
495,000
492,444‌
L
Brands,
Inc.
6.69%
1/15/27
1,000,000
936,432‌
Lennar
Corp.
4.88%
12/15/23
1,951,000
1,962,667‌
Level
3
Financing,
Inc.
5.25%
3/15/26
705,000
665,880‌
a
a
a
$
Principal
Amount
$
Value
a
a
Markel
Corp.
4.9%
7/1/22
3,850,000
3,850,000‌
Masonite
International
Corp.
5.38%
2/1/28
(a)
400,000
362,754‌
Mileage
Plus
Holdings
LLC/Mileage
Plus
Intellectual
Property
Assets
Ltd.
6.5%
6/20/27
(a)
2,287,000
2,254,582‌
MPLX
LP
3.38%
3/15/23
1,000,000
997,531‌
4.88%
6/1/25
1,961,000
1,972,949‌
Onemain
Finance
Corp.
6.13%
3/15/24
2,298,000
2,200,232‌
PDC
Energy,
Inc.
6.13%
9/15/24
1,463,000
1,455,685‌
5.75%
5/15/26
3,000,000
2,804,085‌
RELX
Capital,
Inc.
3.5%
3/16/23
1,800,000
1,798,050‌
Starwood
Property
Trust,
Inc.
5.5%
11/1/23
(a)
730,000
723,127‌
4.75%
3/15/25
1,175,000
1,087,301‌
Take
Two
Interactive
Software,
Inc.
3.3%
3/28/24
1,000,000
987,301‌
U.S.
Bancorp
2.4%
7/30/24
500,000
488,226‌
VICI
Properties
LP/VICI
Note
Co.,
Inc.
3.5%
2/15/25
(a)
4,783,000
4,481,396‌
Walgreens
Boots
Alliance,
Inc.
0.95%
11/17/23
5,000,000
4,838,566‌
Xerox
Corp.
4.38%
3/15/23
1,370,000
1,364,058‌
a
Total
Corporate
Bonds
(Cost
$100,182,987)
95,817,801‌
Corporate
Convertible
Bonds
-
2
.3
%
a
a
Redwood
Trust,
Inc.
4.75%
8/15/23
10,000,000
9,512,500‌
5.63%
7/15/24
6,300,000
5,701,387‌
5.75%
10/1/25
3,000,000
2,683,125‌
a
Total
Corporate
Convertible
Bonds
(Cost
$18,778,580)
17,897,012‌
Asset-Backed
Securities
-
34
.4
%
a
a
Automobile
ACC
Auto
Trust
(AUTOC)
Series
2021-A
Class
A
-
1.08%
4/15/27
(a)
1,900,740
1,869,280‌
American
Credit
Acceptance
Receivables
Trust
(ACAR)
Series
2020-4
Class
D
-
1.77%
12/14/26
(a)
1,000,000
958,673‌
Series
2021-2
Class
B
-
0.37%
10/15/24
(a)
137,244
137,124‌
AmeriCredit
Automobile
Receivables
Trust
(AMCAR)
Series
2020-2
Class
D
-
2.13%
3/18/26
320,000
308,206‌
Series
2020-3
Class
D
-
1.49%
9/18/26
3,000,000
2,818,021‌
ARI
Fleet
Lease
Trust
(ARIFL)
Series
2019-A
Class
A
-
2.41%
11/15/27
(a)
82,805
82,668‌
Series
2020-A
Class
A
-
1.77%
8/15/28
(a)
220,485
220,484‌
Series
2022-A
Class
A1
-
1.49%
4/17/23
(a)
394,691
393,045‌
Series
2022-A
Class
A2
-
3.12%
1/15/31
(a)
1,300,000
1,287,191‌
18
Short
Duration
Income
Fund
(Continued)
Schedule
of
Investments
June
30,
2022
(Unaudited)
a
a
a
$
Principal
Amount
$
Value
a
a
Arivo
Acceptance
Auto
Loan
Receivables
Trust
(ARIVO)
Series
2021-1A
Class
A
-
1.19%
1/15/27
(a)
377,307
366,785‌
Series
2022-1A
Class
A
-
4.01%
5/15/28
(a)
3,689,156
3,639,782‌
CFMT
LLC
(CFMT)
Series
2021-AL1
Class
B
-
1.39%
9/22/31
(a)
4,816,021
4,641,881‌
Chesapeake
Funding
II
LLC
(CFII)
Series
2021-1A
Class
A1
-
0.47%
4/15/33
(a)
1,602,245
1,566,440‌
DT
Auto
Owner
Trust
(DTAOT)
Series
2020-3A
Class
C
-
0.54%
4/15/24
(a)
3,032
3,029‌
Enterprise
Fleet
Financing
LLC
(EFF)
Series
2019-2
Class
A
-
2.29%
2/20/25
(a)
367,967
366,867‌
Series
2020-1
Class
A
-
1.78%
12/22/25
(a)
1,182,117
1,173,841‌
Exeter
Automobile
Receivables
Trust
(EART)
Series
2020-1A
Class
D
-
2.73%
12/15/25
(a)
2,400,000
2,368,035‌
Series
2020-3A
Class
D
-
2.63%
7/15/26
1,440,000
1,399,783‌
Series
2021-1A
Class
D
-
1.08%
11/16/26
1,350,000
1,272,371‌
First
Help
Financial
LLC
(FHF)
Series
2022-1A
Class
A
-
4.43%
1/18/28
(a)
4,914,171
4,825,523‌
First
Investors
Auto
Owner
Trust
(FIAOT)
Series
2022-1A
Class
A
-
2.03%
1/15/27
(a)
2,963,189
2,899,521‌
Foursight
Capital
Automobile
Receivables
Trust
(FCRT)
Series
2022-1
Class
A2
-
1.15%
9/15/25
(a)
1,750,000
1,714,845‌
GLS
Auto
Receivables
Issuer
Trust
(GCAR)
Series
2020-2A
Class
A1
-
1.58%
8/15/24
(a)
80,206
80,181‌
Series
2020-2A
Class
B
-
3.16%
6/16/25
(a)
250,000
249,644‌
Series
2020-3A
Class
B
-
1.38%
8/15/24
(a)
179,275
179,177‌
Series
2021-4A
Class
A
-
0.84%
7/15/25
(a)
4,538,722
4,455,636‌
Series
2022-2A
Class
A2
-
3.55%
1/15/26
(a)
3,500,000
3,483,973‌
JPMorgan
Chase
Auto
Credit
Linked
Note
(CACLN)
Series
2020-1
Class
A5
-
0.99%
1/25/28
(a)
639,788
629,285‌
Series
2020-2
Class
A2
-
0.84%
2/25/28
(a)
730,669
714,092‌
Series
2021-1
Class
A2
-
0.88%
9/25/28
(a)
3,289,149
3,195,536‌
Series
2021-2
Class
A4
-
0.89%
12/26/28
(a)
2,787,712
2,701,813‌
LAD
Auto
Receivables
Trust
(LADAR)
Series
2021-1A
Class
A
-
1.3%
8/17/26
(a)
6,217,463
6,018,609‌
Onemain
Direct
Auto
Receivables
Trust
(OMDAR)
Series
2021-1A
Class
A
-
0.87%
7/14/28
(a)
2,500,000
2,329,697‌
Santander
Bank
NA
(SBCLN)
Series
2021-1A
Class
B
-
1.83%
12/15/31
(a)
2,378,704
2,312,524‌
Santander
Drive
Auto
Receivables
Trust
(SDART)
Series
2020-2
Class
D
-
2.22%
9/15/26
5,745,000
5,623,995‌
Series
2020-3
Class
C
-
1.12%
1/15/26
900,000
893,204‌
Series
2020-4
Class
C
-
1.01%
1/15/26
1,000,000
985,806‌
Securitized
Term
Auto
Loan
Receivables
Trust
(SSTRT)
Series
2019-CRTA
Class
B
-
2.45%
3/25/26
(a)
(b)
402,457
400,341‌
Series
2019-CRTA
Class
C
-
2.85%
3/25/26
(a)
(b)
301,843
300,573‌
Westlake
Automobile
Receivables
Trust
(WLAKE)
Series
2020-3A
Class
D
-
1.65%
2/17/26
(a)
1,650,000
1,587,181‌
Series
2021-1A
Class
C
-
0.95%
3/16/26
(a)
3,885,000
3,737,147‌
Series
2022-1A
Class
A2A
-
1.97%
12/16/24
(a)
6,500,000
6,431,573‌
a
80,623,382‌
a
Collateralized
Loan
Obligations
ABPCI
Direct
Lending
Fund
CLO
LP
(ABPCI)
Series
2016-1A
Class
A1A2
-
2.76%
7/20/33
Floating
Rate
(Qtrly
LIBOR
+
170)
(a)
(b)
(c)
2,000,000
1,936,856‌
Series
2020-10A
Class
A
-
3.01%
1/20/32
Floating
Rate
(Qtrly
LIBOR
+
195)
(a)
(b)
(c)
6,500,000
6,423,735‌
Audax
Senior
Debt
CLO
LLC
(AUDAX)
Series
2021-6A
Class
A1
-
2.56%
10/20/33
Floating
Rate
(Qtrly
LIBOR
+
150)
(a)
(c)
6,000,000
5,903,537‌
a
a
a
$
Principal
Amount
$
Value
a
a
Ballyrock
CLO
Ltd.
(BALLY)
Series
2016-1A
Class
BR2
-
2.39%
10/15/28
Floating
Rate
(Qtrly
LIBOR
+
135)
(a)
(b)
(c)
4,000,000
3,928,260‌
BCRED
MML
CLO
LLC
(BXCMM)
Series
2022-1A
Class
A1
-
2.24%
4/20/35
Floating
Rate
(Qtrly
SOFR
+
165)
(a)
(b)
(c)
3,000,000
2,887,446‌
BlackRock
Elbert
CLO
V
Ltd.
(ELB)
Series
5A
Class
AR
6/15/34
Floating
Rate
(TSFR3M
+
185)
(a)
(b)
(c)
2,000,000
1,959,542‌
Blackrock
Rainier
CLO
VI
Ltd.
(BLKMM)
Series
2021-6A
Class
A
-
2.76%
4/20/33
Floating
Rate
(Qtrly
LIBOR
+
170)
(a)
(b)
(c)
5,500,000
5,337,316‌
Brightwood
Capital
MM
CLO
Ltd.
(BWCAP)
Series
2020-1A
Class
A
-
3.73%
12/15/28
Floating
Rate
(Qtrly
LIBOR
+
190)
(a)
(b)
(c)
1,924,839
1,924,585‌
Cerberus
Loan
Funding
LP
(CERB)
Series
2020-1A
Class
A
-
2.89%
10/15/31
Floating
Rate
(Qtrly
LIBOR
+
185)
(a)
(b)
(c)
5,500,000
5,451,375‌
Series
2020-2A
Class
A
-
2.94%
10/15/32
Floating
Rate
(Qtrly
LIBOR
+
190)
(a)
(b)
(c)
4,500,000
4,425,777‌
Series
2021-2A
Class
A
-
2.66%
4/22/33
Floating
Rate
(Qtrly
LIBOR
+
162)
(a)
(b)
(c)
3,000,000
2,914,527‌
Series
2021-6A
Class
A
-
2.44%
11/22/33
Floating
Rate
(Qtrly
LIBOR
+
140)
(a)
(b)
(c)
2,422,045
2,416,096‌
Churchill
Middle
Market
CLO
Ltd.
(CHMML)
Series
2021-1A
Class
A1
-
2.68%
10/24/33
Floating
Rate
(Qtrly
LIBOR
+
150)
(a)
(b)
(c)
2,750,000
2,697,962‌
Deerpath
Capital
CLO
Ltd.
(DPATH)
Series
2021-2A
Class
A1
-
1.84%
1/15/34
Floating
Rate
(Qtrly
LIBOR
+
160)
(a)
(b)
(c)
4,000,000
3,861,744‌
Fortress
Credit
Opportunities
CLO
Ltd.
(FCO)
Series
2017-9A
Class
A1TR
-
2.59%
10/15/33
Floating
Rate
(Qtrly
LIBOR
+
155)
(a)
(b)
(c)
1,500,000
1,436,591‌
Series
2021-15A
Class
A2
-
2.73%
4/25/33
Floating
Rate
(Qtrly
LIBOR
+
155)
(a)
(b)
(c)
3,500,000
3,370,686‌
Golub
Capital
Partners
CLO
Ltd.
(GOCAP)
Series
2016-31A
Class
CR
-
4.26%
8/5/30
Floating
Rate
(Qtrly
LIBOR
+
290)
(a)
(b)
(c)
1,000,000
957,299‌
Series
2021-54A
Class
A2
-
2.89%
8/5/33
Floating
Rate
(Qtrly
LIBOR
+
153)
(a)
(b)
(c)
4,500,000
4,359,494‌
Series
2021-54A
Class
B
-
3.21%
8/5/33
Floating
Rate
(Qtrly
LIBOR
+
185)
(a)
(b)
(c)
2,500,000
2,401,024‌
Ivy
Hill
Middle
Market
Credit
Fund
IX
Ltd.
(IVYH)
Series
9A
Class
A1TR
-
2.57%
4/15/34
Floating
Rate
(Qtrly
SOFR
+
162)
(a)
(b)
(c)
3,500,000
3,371,379‌
KKR
Lending
Partners
III
Clo
LLC
(KKRLP)
Series
2021-1A
Class
B
-
2.96%
10/20/30
Floating
Rate
(Qtrly
LIBOR
+
190)
(a)
(c)
2,000,000
1,939,644‌
KKR
Static
CLO
I
Ltd.
(KKRS)
Series
2022-1A
Class
B
7/20/31
Floating
Rate
(TSFR3M
+
260)
(a)
(b)
(c)
1,250,000
1,250,000‌
Maranon
Loan
Funding
Ltd.
(MRNON)
Series
2021-2RA
Class
A1R
-
2.73%
7/15/33
Floating
Rate
(Qtrly
LIBOR
+
169)
(a)
(b)
(c)
5,000,000
4,925,433‌
Monroe
Capital
MML
CLO
XII
Ltd.
(MCMML)
Series
2021-2A
Class
A1
-
3.24%
9/14/33
Floating
Rate
(Qtrly
LIBOR
+
150)
(a)
(b)
(c)
7,500,000
7,335,864‌
Palmer
Square
Loan
Funding
Ltd.
(PSTAT)
Series
2021-1A
Class
A1
-
2.31%
4/20/29
Floating
Rate
(Qtrly
LIBOR
+
125)
(a)
(b)
(c)
3,000,000
2,914,674‌
a
86,330,846‌
19
a
a
a
$
Principal
Amount
$
Value
a
a
a
Consumer
&
Specialty
Finance
Affirm
Asset
Securitization
Trust
(AFFRM)
Series
2021-A
Class
A4
-
0.88%
8/15/25
(a)
2,150,000
2,123,516‌
Series
2021-B
Class
A
-
1.03%
8/15/26
(a)
2,000,000
1,896,620‌
Series
2022-Z1
Class
A
-
4.55%
6/15/27
(a)
4,000,000
3,968,878‌
Bankers
Healthcare
Group
Securitization
Trust
(BHG)
Series
2020-A
Class
A
-
2.56%
9/17/31
(a)
2,513,897
2,474,800‌
Series
2021-A
Class
A
-
1.42%
11/17/33
(a)
650,031
608,896‌
Series
2022-B
Class
A
-
3.75%
6/18/35
(a)
1,500,000
1,481,951‌
Series
2022-B
Class
B
-
4.84%
6/18/35
(a)
1,500,000
1,510,135‌
Conn's
Receivables
Funding
LLC
(CONN)
Series
2021-A
Class
A
-
1.05%
5/15/26
(a)
3,844,899
3,821,770‌
Foundation
Finance
Trust
(FFIN)
Series
2019-1A
Class
A
-
3.86%
11/15/34
(a)
1,007,619
996,838‌
Series
2021-2A
Class
A
-
2.19%
1/15/42
(a)
2,262,144
2,124,869‌
FREED
ABS
Trust
(FREED)
Series
2022-1FP
Class
A
-
0.94%
3/19/29
(a)
784,865
776,069‌
Series
2022-1FP
Class
B
-
1.91%
3/19/29
(a)
4,000,000
3,854,256‌
Series
2022-3FP
Class
B
-
5.79%
8/20/29
(a)
3,500,000
3,499,943‌
Marlette
Funding
Trust
(MFT)
Series
2021-1A
Class
A2
-
0.6%
6/16/31
(a)
188,972
188,635‌
Series
2021-2A
Class
A
-
0.51%
9/15/31
(a)
1,106,984
1,096,485‌
Series
2021-2A
Class
B
-
1.06%
9/15/31
(a)
2,000,000
1,921,671‌
Series
2021-3A
Class
A
-
0.65%
12/15/31
(a)
1,015,655
995,105‌
Series
2022-1A
Class
A
-
1.36%
4/15/32
(a)
4,440,999
4,362,142‌
Onemain
Financial
Issuance
Trust
(OMFIT)
Series
2018-1A
Class
B
-
3.61%
3/14/29
(a)
1,331,026
1,329,186‌
Pagaya
AI
Debt
Selection
Trust
(PAID)
Series
2020-3
Class
A
-
2.1%
5/17/27
(a)
140,434
140,327‌
Series
2021-1
Class
A
-
1.18%
11/15/27
(a)
2,944,412
2,882,120‌
Series
2021-3
Class
A
-
1.15%
5/15/29
(a)
1,012,188
984,668‌
Series
2021-HG1
Class
A
-
0.76%
1/16/29
(a)
3,590,377
3,415,370‌
Series
2022-2
Class
A
-
4.97%
1/15/30
(a)
1,500,000
1,489,702‌
Theorem
Funding
Trust
(THRM)
Series
2021-1A
Class
A
-
1.28%
12/15/27
(a)
2,675,722
2,616,049‌
Upstart
Securitization
Trust
(UPST)
Series
2020-3
Class
A
-
1.7%
11/20/30
(a)
549,329
547,743‌
Series
2021-1
Class
A
-
0.87%
3/20/31
(a)
478,191
473,201‌
Series
2021-2
Class
A
-
0.91%
6/20/31
(a)
708,698
692,343‌
Series
2021-3
Class
A
-
0.83%
7/20/31
(a)
1,037,026
1,007,260‌
Series
2021-5
Class
A
-
1.31%
11/20/31
(a)
1,952,496
1,880,686‌
a
55,161,234‌
a
Equipment
Amur
Equipment
Finance
Receivables
IX
LLC
(AXIS)
Series
2021-1A
Class
B
-
1.38%
2/22/27
(a)
1,000,000
938,305‌
Amur
Equipment
Finance
Receivables
LLC
(AXIS)
Series
2020-1A
Class
A2
-
1.68%
8/20/25
(a)
352,941
351,060‌
Series
2021-1A
Class
A2
-
0.75%
11/20/26
(a)
2,883,419
2,797,832‌
CCG
Receivables
Trust
(CCG)
Series
2019-1
Class
B
-
3.22%
9/14/26
(a)
231,539
231,885‌
Series
2019-2
Class
A
-
2.11%
3/15/27
(a)
304,921
304,414‌
Dell
Equipment
Finance
Trust
(DEFT)
Series
2021-2
Class
A2
-
0.53%
12/22/26
(a)
625,000
598,123‌
Series
2022-1
Class
A2
-
2.11%
8/22/27
(a)
2,750,000
2,719,691‌
Dext
ABS
LLC
(DEXT)
Series
2020-1
Class
A
-
1.46%
2/16/27
(a)
1,140,183
1,123,597‌
Series
2021-1
Class
A
-
1.12%
2/15/28
(a)
2,986,324
2,879,566‌
a
a
a
$
Principal
Amount
$
Value
a
a
DLLST
LLC
(DLLST)
Series
2022-1A
Class
A2
-
2.79%
1/22/24
(a)
4,500,000
4,467,616‌
Hewett-Packard
Financial
Services
Equipment
Trust
(HPEFS)
Series
2019-1A
Class
D
-
2.72%
9/20/29
(a)
1,000,000
999,937‌
MMAF
Equipment
Finance
LLC
(MMAF)
Series
2022-A
Class
A2
-
2.77%
2/13/25
(a)
3,125,000
3,083,868‌
Pawnee
Equipment
Receivables
Series
LLC
(PWNE)
Series
2019-1
Class
A2
-
2.29%
10/15/24
(a)
928,351
927,261‌
Series
2020-1
Class
A
-
1.37%
11/17/25
(a)
993,033
979,811‌
Series
2021-1
Class
A2
-
1.1%
7/15/27
(a)
4,250,000
4,079,680‌
a
26,482,646‌
a
Other
Hilton
Grand
Vacations
Trust
(HGVT)
Series
2020-AA
Class
A
-
2.74%
2/25/39
(a)
271,005
261,435‌
Lendingpoint
Asset
Securitization
Trust
(LPST)
Series
2022-B
Class
A
-
4.77%
10/15/29
(a)
1,000,000
994,484‌
Octane
Receivables
Trust
(OCTL)
Series
2020-1A
Class
A2
-
1.71%
2/20/25
(a)
1,986,264
1,967,224‌
Series
2021-1A
Class
A5
-
0.93%
3/22/27
(a)
1,063,114
1,034,972‌
Series
2021-2A
Class
A
-
1.21%
9/20/28
(a)
1,985,518
1,920,518‌
Series
2022-1A
Class
A1
-
1.55%
5/22/23
(a)
1,810,550
1,813,689‌
Series
2022-1A
Class
A2
-
4.18%
3/20/28
(a)
5,000,000
4,986,455‌
Sierra
Timeshare
Receivables
Funding
LLC
(SRFC)
Series
2019-2A
Class
A
-
2.59%
5/20/36
(a)
485,023
474,718‌
Series
2019-2A
Class
B
-
2.82%
5/20/36
(a)
60,628
58,751‌
Series
2020-2A
Class
A
-
1.33%
7/20/37
(a)
790,304
748,387‌
14,260,633‌
a
Total
Asset-Backed
Securities
(Cost
$268,171,971)
262,858,741‌
Commercial
Mortgage-Backed
Securities
-
11
.2
%
a
a
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.
(ARCLO)
Series
2021-FL4
Class
A
-
2.67%
11/15/36
Floating
Rate
(Mthly
LIBOR
+
135)
(a)
(b)
5,000,000
4,850,000‌
AREIT
Trust
(AREIT)
Series
2021-CRE5
Class
A
-
2.6%
7/17/26
Floating
Rate
(Mthly
LIBOR
+
108)
(a)
5,670,815
5,487,646‌
BDS
Ltd.
(BDS)
Series
2021-FL10
Class
A
-
2.96%
12/18/36
Floating
Rate
(Mthly
LIBOR
+
135)
(a)
(b)
4,000,000
3,876,251‌
BFLD
Trust
(BFLD)
Series
2020-OBRK
Class
A
-
3.37%
11/15/22
Floating
Rate
(Mthly
LIBOR
+
205)
(a)
2,625,000
2,593,145‌
BPCRE
Ltd.
(BPCRE)
Series
2021-FL1
Class
E
-
4.62%
2/15/37
Floating
Rate
(US0001M
+
310)
(a)
(b)
2,000,000
1,994,965‌
BPR
Trust
(BPR)
Series
2021-KEN
Class
A
-
2.57%
2/15/29
Floating
Rate
(Mthly
LIBOR
+
125)
(a)
3,000,000
2,961,198‌
FS
Rialto
Issuer
Ltd.
(FSRI)
Series
2022-FL5
Class
A
-
3.2%
6/19/27
Floating
Rate
(TSFR1M
+
230)
(a)
(b)
4,500,000
4,439,007‌
GPMT
Ltd.
(GPMT)
Series
2021-FL3
Class
A
-
2.86%
7/16/35
Floating
Rate
(Mthly
LIBOR
+
125)
(a)
(b)
4,299,699
4,226,441‌
20
Short
Duration
Income
Fund
(Continued)
Schedule
of
Investments
June
30,
2022
(Unaudited)
a
a
a
$
Principal
Amount
$
Value
a
a
HGI
CRE
CLO
Ltd.
(HGI)
Series
2021-FL1
Class
A4
-
2.56%
6/16/36
Floating
Rate
(Mthly
LIBOR
+
105)
(a)
(b)
4,750,000
4,668,195‌
Series
2021-FL2
Class
A4
-
2.51%
9/19/26
Floating
Rate
(Mthly
LIBOR
+
100)
(a)
(b)
2,750,000
2,656,441‌
Hilton
USA
Trust
(HILT)
Series
2016-SFP
Class
E
-
5.52%
11/5/35
(a)
4,300,000
4,160,511‌
KREF
Ltd.
(KREF)
Series
2021-FL2
Class
A4
-
2.59%
2/15/39
Floating
Rate
(Mthly
LIBOR
+
107)
(a)
(b)
4,500,000
4,379,062‌
Series
2022-FL3
Class
A
-
2.96%
2/15/39
Floating
Rate
(Mthly
SOFR
+
145)
(a)
(b)
4,500,000
4,357,314‌
LoanCore
Issuer
Ltd.
(LNCR)
Series
2018-CRE1
Class
D
-
4.27%
5/15/28
Floating
Rate
(US0001M
+
295)
(a)
(b)
3,350,000
3,348,414‌
Series
2021-CRE5
Class
A
-
2.62%
7/15/36
Floating
Rate
(Mthly
LIBOR
+
130)
(a)
(b)
5,000,000
4,838,177‌
Series
2022-CRE7
Class
A
-
2.33%
1/17/37
Floating
Rate
(SOFR
30
Day
Avg
+
155)
(a)
(b)
4,750,000
4,643,880‌
MF1
Ltd.
(MF1)
Series
21-FL7
Class
A
-
2.69%
10/18/36
Floating
Rate
(Mthly
LIBOR
+
108)
(a)
(b)
2,000,000
1,920,000‌
PFP
Ltd.
(PFP)
Series
2021-7
Class
AS
-
2.47%
4/14/38
Floating
Rate
(Mthly
LIBOR
+
115)
(a)
(b)
4,499,775
4,407,890‌
Ready
Capital
Mortgage
Financing
LLC
(RCMT)
Series
2020-FL4
Class
A
-
3.77%
2/25/35
Floating
Rate
(Mthly
LIBOR
+
215)
(a)
2,539,964
2,523,404‌
ReadyCap
Commercial
Mortgage
Trust
(RCMT)
Series
2021-FL7
Class
A
-
2.82%
11/25/36
Floating
Rate
(Mthly
LIBOR
+
120)
(a)
3,994,503
3,804,764‌
STWD
Ltd.
(STWD)
Series
2022-FL3
Class
A
-
2.13%
11/15/38
Floating
Rate
(SOFR
30
Day
Avg
+
135)
(a)
(b)
6,500,000
6,259,767‌
VMC
Finance
LLC
(VMC)
Series
2021-FL4
Class
A
-
2.71%
6/16/36
Floating
Rate
(Mthly
LIBOR
+
110)
(a)
3,061,029
2,979,988‌
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$87,507,438)
85,376,460‌
Mortgage-Backed
Securities
-
11
.4
%
a
a
Federal
Home
Loan
Mortgage
Corporation
Collateralized
Mortgage
Obligations
Series
3649
Class
A
-
4%
3/15/25
266,183
268,555‌
Series
4107
Class
LW
-
1.75%
8/15/27
3,920,464
3,723,091‌
Series
4281
Class
AG
-
2.5%
12/15/28
179,961
179,026‌
Series
3003
Class
LD
-
5%
12/15/34
467,910
487,808‌
Series
2952
Class
PA
-
5%
2/15/35
225,470
231,678‌
Series
3620
Class
PA
-
4.5%
12/15/39
375,675
382,268‌
Series
3842
Class
PH
-
4%
4/15/41
479,566
483,004‌
a
Pass-Through
Securities
Pool#
G13300
–
4.5%
5/1/23
6,322
6,473‌
Pool#
G18296
–
4.5%
2/1/24
32,997
33,787‌
Pool#
G18306
–
4.5%
4/1/24
72,200
73,927‌
Pool#
G18308
–
4%
5/1/24
136,351
138,022‌
Pool#
J13949
–
3.5%
12/1/25
800,707
799,103‌
Pool#
E02804
–
3%
12/1/25
546,066
544,430‌
Pool#
J14649
–
3.5%
4/1/26
556,390
556,321‌
Pool#
E02948
–
3.5%
7/1/26
1,710,594
1,710,379‌
a
a
a
$
Principal
Amount
$
Value
a
a
Pool#
J16663
–
3.5%
9/1/26
1,407,276
1,404,646‌
Pool#
E03033
–
3%
2/1/27
922,491
920,594‌
Pool#
ZS8692
–
2.5%
4/1/33
786,216
758,754‌
Pool#
G01818
–
5%
5/1/35
564,619
594,457‌
13,296,323‌
a
Federal
National
Mortgage
Association
Collateralized
Mortgage
Obligations
Series
2010-54
Class
WA
-
3.75%
6/25/25
53,007
52,963‌
a
Pass-Through
Securities
Pool#
AR8198
–
2.5%
3/1/23
232,572
232,282‌
Pool#
MA1502
–
2.5%
7/1/23
224,514
223,820‌
Pool#
995960
–
5%
12/1/23
3,088
3,172‌
Pool#
AD0629
–
5%
2/1/24
2,254
2,315‌
Pool#
930667
–
4.5%
3/1/24
58,193
59,533‌
Pool#
995693
–
4.5%
4/1/24
34,777
35,578‌
Pool#
MA0043
–
4%
4/1/24
191,191
193,368‌
Pool#
995692
–
4.5%
5/1/24
150,866
154,342‌
Pool#
931739
–
4%
8/1/24
34,651
35,046‌
Pool#
AE0031
–
5%
6/1/25
47,257
48,555‌
Pool#
AD7073
–
4%
6/1/25
124,778
126,198‌
Pool#
AL0471
–
5.5%
7/1/25
102,680
103,898‌
Pool#
310139
–
3.5%
11/1/25
963,101
961,157‌
Pool#
AB1769
–
3%
11/1/25
432,849
425,772‌
Pool#
AH3429
–
3.5%
1/1/26
2,344,179
2,335,510‌
Pool#
AB2251
–
3%
2/1/26
597,099
588,729‌
Pool#
AB3902
–
3%
11/1/26
441,405
440,099‌
Pool#
AB4482
–
3%
2/1/27
2,265,443
2,258,735‌
Pool#
AL1366
–
2.5%
2/1/27
818,914
807,616‌
Pool#
AB6291
–
3%
9/1/27
450,562
448,834‌
Pool#
MA3189
–
2.5%
11/1/27
758,290
742,239‌
Pool#
MA3791
–
2.5%
9/1/29
1,654,336
1,615,088‌
Pool#
BM5708
–
3%
12/1/29
1,259,837
1,254,246‌
Pool#
MA0587
–
4%
12/1/30
1,538,562
1,565,440‌
Pool#
BA4767
–
2.5%
1/1/31
849,276
833,270‌
Pool#
AS7701
–
2.5%
8/1/31
2,642,563
2,592,691‌
Pool#
555531
–
5.5%
6/1/33
1,188,386
1,271,980‌
Pool#
MA3540
–
3.5%
12/1/33
830,727
831,907‌
Pool#
725232
–
5%
3/1/34
108,931
114,585‌
Pool#
995112
–
5.5%
7/1/36
527,418
565,840‌
20,924,808‌
a
Government
National
Mortgage
Association
Pass-Through
Securities
Pool#
5255
–
3%
12/20/26
1,911,219
1,880,059‌
a
Non-Government
Agency
Collateralized
Mortgage
Obligations
Bunker
Hill
Loan
Depositary
Trust
(BHLD)
Series
2019-3A
Class
A1
-
2.72%
11/25/59
(a)
(c)
914,516
891,688‌
Citigroup
Mortgage
Loan
Trust,
Inc.
(CMLTI)
Series
2014-A
Class
A
-
4%
1/25/35
(a)
(c)
412,551
396,074‌
Flagstar
Mortgage
Trust
(FSMT)
Series
2017-1
Class
2A2
-
3%
3/25/47
(a)
(c)
649,523
614,133‌
Series
2021-7
Class
B
-
2.5%
8/25/51
(a)
(c)
5,632,580
5,149,015‌
Series
2021-10IN
Class
A6
-
2.5%
10/25/51
(a)
(c)
5,408,300
4,962,845‌
GS
Mortgage-Backed
Securities
Trust
(GSMBS)
Series
2021-PJ9
Class
A8
-
2.5%
2/26/52
(a)
(c)
3,539,445
3,242,376‌
21
a
a
a
$
Principal
Amount
$
Value
a
a
Series
2022-PJ1
Class
AB
-
2.5%
5/28/52
(a)
(c)
4,116,091
3,730,943‌
Series
2022-PJ2
Class
A24
-
3%
6/25/52
(a)
(c)
2,834,393
2,682,971‌
Series
2020-NQM1
Class
A1
-
1.38%
9/27/60
(a)
(c)
551,530
532,864‌
JPMorgan
Mortgage
Trust
(JPMMT)
Series
2014-2
Class
2A2
-
3.5%
6/25/29
(a)
(c)
850,489
821,458‌
Series
2014-5
Class
B
-
2.84%
10/25/29
(a)
(c)
1,876,045
1,808,721‌
Series
2016-3
Class
A
-
3%
10/25/46
(a)
(c)
1,457,044
1,367,105‌
Series
2017-3
Class
A
-
2.5%
8/25/47
(a)
(c)
2,855,242
2,647,941‌
Series
2018-6
Class
2A2
-
3%
12/25/48
(a)
(c)
549,755
530,659‌
Series
2020-7
Class
A
-
3%
1/25/51
(a)
(c)
162,262
160,392‌
Series
2020-8
Class
A
-
3%
3/25/51
(a)
(c)
301,902
296,792‌
Series
2021-4
Class
A4
-
2.5%
8/25/51
(a)
(c)
2,292,279
2,095,484‌
Series
2021-6
Class
B
-
2.5%
10/25/51
(a)
(c)
5,102,254
4,664,218‌
Series
2021-8
Class
B
-
2.5%
12/25/51
(a)
(c)
1,671,686
1,517,346‌
Series
2022-2
Class
A4A
-
2.5%
8/25/52
(a)
(c)
2,064,514
1,887,272‌
JPMorgan
Wealth
Management
(JPMWM)
Series
2020-ATR1
Class
A
-
3%
2/25/50
(a)
(c)
688,552
682,193‌
Rate
Mortgage
Trust
(RATE)
Series
2021-J3
Class
A7
-
2.5%
10/25/51
(a)
(c)
4,567,247
4,168,318‌
RCKT
Mortgage
Trust
(RCKT)
Series
2021-3
Class
A5
-
2.5%
7/25/51
(a)
(c)
6,060,611
5,562,938‌
Sequoia
Mortgage
Trust
(SEMT)
Series
2019-CH2
Class
A
-
4.5%
8/25/49
(a)
(c)
347,678
345,041‌
Series
2020-2
Class
A
-
3.5%
3/25/50
(a)
(c)
11,072
11,056‌
Series
2020-3
Class
A
-
3%
4/25/50
(a)
(c)
448,424
441,938‌
51,211,781‌
a
Total
Mortgage-Backed
Securities
(Cost
$92,308,028)
87,312,971‌
U.S.
Treasuries
-
24
.8
%
a
a
U.S.
Treasury
Notes
2%
7/31/22
17,000,000
17,011,999‌
2%
2/15/23
7,000,000
6,973,418‌
1.5%
2/28/23
25,000,000
24,793,782‌
2%
5/31/24
18,000,000
17,676,563‌
2.13%
11/30/24
2,500,000
2,448,926‌
1.5%
11/30/24
17,000,000
16,403,008‌
2.75%
2/28/25
2,000,000
1,986,172‌
1.13%
2/28/25
9,000,000
8,567,578‌
0.38%
4/30/25
5,000,000
4,641,113‌
2.88%
6/15/25
9,000,000
8,964,844‌
0.25%
8/31/25
20,000,000
18,316,406‌
1.88%
7/31/26
15,000,000
14,331,153‌
1.63%
10/31/26
17,000,000
16,015,195‌
2.25%
2/15/27
2,000,000
1,928,828‌
1.13%
2/28/27
10,000,000
9,163,672‌
1.13%
2/29/28
16,000,000
14,390,000‌
1.25%
3/31/28
7,000,000
6,325,156‌
a
Total
U.S.
Treasuries
(Cost
$198,849,592)
189,937,813‌
Cash
Equivalents
-
3
.9
%
a
a
JPMorgan
U.S.
Government
Money
Market
Fund
-
Institutional
Class
1.01%
(Cost
$29,455,065)
(d)
29,455,065
29,455,065‌
Short-Term
Securities
Held
as
Collateral
for
Securities
on
Loan
-
0
.0
%
a
a
a
$
Principal
Amount
$
Value
a
a
Citibank
N.A.
DDCA
1.57%
32,906
32,906‌
Goldman
Sachs
Financial
Square
Government
Fund
Institutional
Class
-
1.37%
296,156
296,156‌
a
Total
Short-Term
Securities
Held
as
Collateral
for
Securities
on
Loan
(Cost
$329,062)
329,062‌
Total
Investments
in
Securities
(Cost
$795,582,723)
768,984,925‌
Cash
due
to
Custodian
-
0.0%
(
321‌
)
Other
Liabilities
in
Excess
of
Other
Assets
-  (0.5%)
(
4,044,774‌
)
Net
Assets
-
100%
764,939,830‌
Net
Asset
Value
Per
Share
-
Investor
Class
11.76
Net
Asset
Value
Per
Share
-
Institutional
Class
11.79
^
This
security
or
a
partial
position
of
this
security
was
on
loan
as
of
June
30,
2022.
The
total
value
of
securities
on
loan
as
of
June
30,
2022
was
$322,470.
(a)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
This
security
may
be
resold
in
transactions
that
are
exempt
from
registration,
normally
to
qualified
institutional
buyers.
(b)
Foreign
domiciled
entity.
(c)
The
interest
rate
resets
periodically
based
on
the
weighted
average
coupons
of
the
underlying
mortgage-related
or
asset-backed
obligations.
(d)
Rate
presented
represents
the
30
day
average
yield
at
June
30,
2022.
22
Ultra
Short
Government
Fund
Schedule
of
Investments
June
30,
2022
(Unaudited)
Asset-Backed
Securities
-
5
.9
%
a
a
a
$
Principal
Amount
$
Value
a
a
Automobile
ACC
Auto
Trust
(AUTOC)
Series
2021-A
Class
A
-
1.08%
4/15/27
(a)
105,597
103,849‌
American
Credit
Acceptance
Receivables
Trust
(ACAR)
Series
2021-2
Class
B
-
0.37%
10/15/24
(a)
17,156
17,140‌
ARI
Fleet
Lease
Trust
(ARIFL)
Series
2019-A
Class
A
-
2.41%
11/15/27
(a)
63,484
63,379‌
Series
2020-A
Class
A
-
1.77%
8/15/28
(a)
135,441
135,440‌
Series
2022-A
Class
A1
-
1.49%
4/17/23
(a)
263,127
262,030‌
CFMT
LLC
(CFMT)
Series
2021-AL1
Class
B
-
1.39%
9/22/31
(a)
344,002
331,563‌
DT
Auto
Owner
Trust
(DTAOT)
Series
2020-3A
Class
C
-
0.54%
4/15/24
(a)
1,516
1,515‌
GLS
Auto
Receivables
Issuer
Trust
(GCAR)
Series
2021-4A
Class
A
-
0.84%
7/15/25
(a)
324,194
318,260‌
Westlake
Automobile
Receivables
Trust
(WLAKE)
Series
2022-1A
Class
A2A
-
1.97%
12/16/24
(a)
250,000
247,368‌
Wheels
SPV
2
LLC
(WHLS)
Series
2020-1A
Class
A2
-
0.51%
8/20/29
(a)
215,928
213,364‌
a
1,693,908‌
a
Consumer
&
Specialty
Finance
Conn's
Receivables
Funding
LLC
(CONN)
Series
2021-A
Class
A
-
1.05%
5/15/26
(a)
167,170
166,164‌
FREED
ABS
Trust
(FREED)
Series
2022-1FP
Class
A
-
0.94%
3/19/29
(a)
261,622
258,690‌
Marlette
Funding
Trust
(MFT)
Series
2021-2A
Class
A
-
0.51%
9/15/31
(a)
69,187
68,530‌
Theorem
Funding
Trust
(THRM)
Series
2021-1A
Class
A
-
1.28%
12/15/27
(a)
191,123
186,861‌
Upstart
Securitization
Trust
(UPST)
Series
2021-3
Class
A
-
0.83%
7/20/31
(a)
129,628
125,908‌
a
806,153‌
a
Equipment
MMAF
Equipment
Finance
LLC
(MMAF)
Series
2022-A
Class
A1
-
1.48%
5/3/23
(a)
767,290
766,107‌
Pawnee
Equipment
Receivables
LLC
(PWNE)
Series
2021-1
Class
A1
-
0.3%
10/17/22
(a)
108,647
108,549‌
a
874,656‌
a
Other
Octane
Receivables
Trust
(OCTL)
Series
2022-1A
Class
A1
-
1.55%
5/22/23
(a)
271,582
272,053‌
a
Total
Asset-Backed
Securities
(Cost
$3,685,477)
3,646,770‌
U.S.
Treasuries
-
81
.9
%
a
a
U.S.
Treasury
Notes
1.88%
7/31/22
14,500,000
14,508,741‌
1.63%
8/15/22
8,000,000
8,001,789‌
1.5%
8/15/22
13,000,000
13,000,902‌
1.88%
8/31/22
8,000,000
8,003,984‌
1.63%
8/31/22
5,000,000
5,000,434‌
a
a
a
$
Principal
Amount
$
Value
a
a
0.25%
4/15/23
2,000,000
1,959,842‌
a
Total
U.S.
Treasuries
(Cost
$50,489,994)
50,475,692‌
Cash
Equivalents
-
12
.8
%
a
a
JPMorgan
U.S.
Government
Money
Market
Fund
-
Institutional
Class
1.01%
(Cost
$7,916,689)
(b)
7,916,689
7,916,689‌
a
Total
Investments
in
Securities
(Cost
$62,092,160)
62,039,151‌
Cash
due
to
Custodian
-
0.0%
(
22‌
)
Other
Liabilities
in
Excess
of
Other
Assets
-  (0.6%)
(
356,934‌
)
Net
Assets
-
100%
61,682,195‌
Net
Asset
Value
Per
Share
-
Institutional
Class
9.99
(a)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
This
security
may
be
resold
in
transactions
that
are
exempt
from
registration,
normally
to
qualified
institutional
buyers.
(b)
Rate
presented
represents
the
30
day
average
yield
at
June
30,
2022.
23
Value
Fund
Schedule
of
Investments
June
30,
2022
(Unaudited)
Common
Stocks
-
98
.4
%
a
Information
Technology
%
of
Net
Assets
Shares
$
Value
Data
Processing
&
Outsourced
Services
12.6
Visa,
Inc.
-
Class
A
175,000
34,455,750‌
Mastercard,
Inc.
-
Class
A
105,000
33,125,400‌
Fidelity
National
Information
Services,
Inc.
335,000
30,709,450‌
a
IT
Consulting
&
Other
Services
5.6
Accenture
plc
-
Class
A
(a)
80,000
22,212,000‌
Gartner,
Inc.
(b)
90,000
21,764,700‌
a
Application
Software
5.5
Adobe,
Inc.
(b)
60,000
21,963,600‌
Salesforce,
Inc.
(b)
125,000
20,630,000‌
a
Semiconductors
4.2
Analog
Devices,
Inc.
225,000
32,870,250‌
a
Systems
Software
2.9
Oracle
Corp.
325,000
22,707,750‌
a
30.8
240,438,900‌
Communication
Services
Interactive
Media
&
Services
11.6
Alphabet,
Inc.
-
Class
C
(b)
26,750
58,514,287‌
Meta
Platforms,
Inc.
-
Class
A
(b)
200,000
32,250,000‌
a
Cable
&
Satellite
9.6
Liberty
Broadband
Corp.
-
Class
C
(b)
300,000
34,692,000‌
Liberty
Media
Corp-Liberty
SiriusXM
-
Class
C
(b)
625,000
22,531,250‌
Comcast
Corp.
-
Class
A
450,000
17,658,000‌
a
21.2
165,645,537‌
Health
Care
Life
Sciences
Tools
&
Services
4.9
Thermo
Fisher
Scientific,
Inc.
70,000
38,029,600‌
a
Health
Care
Equipment
4.7
Danaher
Corp.
145,000
36,760,400‌
a
Health
Care
Services
3.4
Laboratory
Corp.
of
America
Holdings
115,000
26,951,400‌
a
13.0
101,741,400‌
Financials
Multi-Sector
Holdings
4.0
Berkshire
Hathaway,
Inc.
-
Class
B
(b)
115,000
31,397,300‌
a
Financial
Exchanges
&
Data
3.0
S&P
Global,
Inc.
70,000
23,594,200‌
a
Insurance
Brokers
2.8
Aon
plc
-
Class
A
(a)
80,000
21,574,400‌
a
Investment
Banking
&
Brokerage
2.6
The
Charles
Schwab
Corp.
325,000
20,533,500‌
a
12.4
97,099,400‌
a
Industrials
%
of
Net
Assets
Shares
$
Value
Research
&
Consulting
Services
5.0
CoStar
Group,
Inc.
(b)
650,000
39,266,500‌
a
Industrial
Conglomerates
3.6
Roper
Technologies,
Inc.
70,000
27,625,500‌
a
8.6
66,892,000‌
Materials
Construction
Materials
3.6
Vulcan
Materials
Co.
200,000
28,420,000‌
a
Industrial
Gases
2.6
Linde
plc
(a)
70,000
20,127,100‌
a
6.2
48,547,100‌
Consumer
Discretionary
Automotive
Retail
3.5
CarMax,
Inc.
(b)
300,000
27,144,000‌
a
Internet
&
Direct
Marketing
Retail
2.7
Amazon.com,
Inc.
(b)
200,000
21,242,000‌
a
6.2
48,386,000‌
a
Total
Common
Stocks
(Cost
$477,466,327)
768,750,337‌
Cash
Equivalents
-
1
.8
%
a
a
a
$
Principal
Amount
$
Value
a
a
JPMorgan
U.S.
Government
Money
Market
Fund
-
Institutional
Class
1.01%
(Cost
$14,103,139)
(c)
14,103,139
14,103,139‌
a
Total
Investments
in
Securities
(Cost
$491,569,466)
782,853,476‌
Cash
-
0.0%
2‌
Other
Liabilities
in
Excess
of
Other
Assets
-  (0.2%)
(
1,245,875‌
)
Net
Assets
-
100%
781,607,603‌
Net
Asset
Value
Per
Share
-
Investor
Class
47.71
Net
Asset
Value
Per
Share
-
Institutional
Class
48.72
(a)
Foreign
domiciled
entity.
(b)
Non-income
producing.
(c)
Rate
presented
represents
the
30
day
average
yield
at
June
30,
2022.
24
NOTES
TO
SCHEDULES
OF
INVESTMENTS
June
30,
2022
(Unaudited)
(1)
Disclaimer
The
schedule
of
portfolio
holdings
are
unaudited
and
are
presented
for
informational
purposes
only.
Portfolio
composition
is
subject
to
change
at
any
time
and
references
to
specific
securities,
industries,
and
sectors
are
not
recommendations
to
purchase
or
sell
any
particular
security.
Current
and
future
portfolio
holdings
are
subject
to
risk.
(2)
Affiliated
Issuers
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
are
those
in
which
a
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
the
issuer.
A
summary
of
each
Fund's
holdings
in
the
securities
of
such
issuers
is
set
forth
below:
(3)
Additional
Information
The
Funds’
annual
and
semi-annual
reports
contain
further
information,
including
the
Funds’
significant
accounting
policies,
pricing
and
fair
valuation
information
and
risks.
These
reports
are
available
on
the
Funds’
website
at
weitzinvestments.com.
Partners
Ill
Opportunity
Fund
Value
3/31/2022
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain(Loss)
Net
Change
in
Unrealized
Appreciation/Depreciation
Value
6/30/2022
Shares
as
of
6/30/2022
Dividend
Income
Capital
Gains
Distributions
CoreCard
Corp.
$
16,714,000
$
—
$
—
$
—
(
$
1,823,900)
$
14,890,100
610,000
$
—
$—