NPORT-EX 2 MW12MetroWestInvstGrCred.htm
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2020
(Unaudited)
December
2020
/
1
Issues
Maturity
Date
Principal
Amount
Value
BONDS
–
95.78%
ASSET-BACKED
SECURITIES
—
4.20%**  
GCO
Education
Loan
Funding
Trust
II,
Series
2006-2AR,
Class
A1RN
(LIBOR
USD
1-Month
plus
0.65%)
0.80%
08/27/46
1,2
$
70,854‌
$
68,835‌
J.G.
Wentworth
XXX
LLC,
Series
2013-3A,
Class
A
4.08%
01/17/73
1
36,737‌
42,234‌
SLC
Student
Loan
Trust,
Series
2006-1,
Class
A6
(LIBOR
USD
3-Month
plus
0.16%)
0.38%
03/15/55
2
60,000‌
57,459‌
SLM
Student
Loan
Trust,
Series
2007-2,
Class
B
(LIBOR
USD
3-Month
plus
0.17%)
0.38%
07/25/25
2
70,000‌
64,779‌
SLM
Student
Loan
Trust,
Series
2008-2,
Class
B
(LIBOR
USD
3-Month
plus
1.20%)
1.41%
01/25/83
2
20,000‌
18,259‌
SLM
Student
Loan
Trust,
Series
2008-3,
Class
B
(LIBOR
USD
3-Month
plus
1.20%)
1.41%
04/26/83
2
20,000‌
18,406‌
SLM
Student
Loan
Trust,
Series
2008-5,
Class
B
(LIBOR
USD
3-Month
plus
1.85%)
2.06%
07/25/73
2
35,000‌
34,491‌
SLM
Student
Loan
Trust,
Series
2008-6,
Class
A4
(LIBOR
USD
3-Month
plus
1.10%)
1.31%
07/25/23
2
33,271‌
32,500‌
SLM
Student
Loan
Trust,
Series
2008-6,
Class
B
(LIBOR
USD
3-Month
plus
1.85%)
2.06%
07/26/83
2
20,000‌
19,156‌
SLM
Student
Loan
Trust,
Series
2008-7,
Class
B
(LIBOR
USD
3-Month
plus
1.85%)
2.06%
07/26/83
2
20,000‌
19,420‌
SLM
Student
Loan
Trust,
Series
2008-8,
Class
A4
(LIBOR
USD
3-Month
plus
1.50%)
1.71%
04/25/23
2
21,325‌
21,169‌
SLM
Student
Loan
Trust,
Series
2008-8,
Class
B
(LIBOR
USD
3-Month
plus
2.25%)
2.46%
10/25/75
2
30,000‌
30,034‌
SLM
Student
Loan
Trust,
Series
2008-9,
Class
A
(LIBOR
USD
3-Month
plus
1.50%)
1.71%
04/25/23
2
16,224‌
16,095‌
SLM
Student
Loan
Trust,
Series
2008-9,
Class
B
(LIBOR
USD
3-Month
plus
2.25%)
2.46%
10/25/83
2
15,000‌
14,884‌
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
Structured
Receivables
Finance
LLC,
Series
2010-B,
Class
A
3.73%
08/15/36
1
$
61,455‌
$
63,938‌
Towd
Point
Mortgage
Trust,
Series
2015-2,
Class
1A13
2.50%
11/25/60
1,3
27,848‌
27,983‌
Wachovia
Student
Loan
Trust,
Series
2006-1,
Class
A6
(LIBOR
USD
3-Month
plus
0.17%)
0.38%
04/25/40
1,2
40,333‌
38,980‌
Total
Asset-Backed
Securities
(Cost
$574,220)
588,622‌
CORPORATES
—
49.59%*  
Banking
—
5.32%
Bank
of
America
Corp.
2.59%
04/29/31
3
10,000‌
10,717‌
3.00%
12/20/23
3
15,000‌
15,794‌
Bank
of
America
Corp.
(MTN)
2.50%
02/13/31
3
35,000‌
37,041‌
3.97%
03/05/29
3
60,000‌
69,674‌
3.97%
02/07/30
3
30,000‌
35,360‌
Bank
of
New
York
Mellon
Corp.
(The)
(MTN)
1.60%
04/24/25
45,000‌
47,085‌
3.25%
09/11/24
5,000‌
5,506‌
Fifth
Third
Bancorp
2.55%
05/05/27
30,000‌
32,697‌
HSBC
Holdings
PLC
(United
Kingdom)
2.01%
09/22/28
3,4
5,000‌
5,126‌
JPMorgan
Chase
&
Co.
2.52%
04/22/31
3
35,000‌
37,667‌
3.21%
04/01/23
3
50,000‌
51,825‌
3.56%
04/23/24
3
70,000‌
75,052‌
4.01%
04/23/29
3
20,000‌
23,400‌
4.20%
07/23/29
3
15,000‌
17,952‌
Lloyds
Banking
Group
PLC
(United
Kingdom)
3.87%
07/09/25
3,4
40,000‌
44,136‌
Santander
UK
Group
Holdings
PLC
(United
Kingdom)
3.37%
01/05/24
3,4
30,000‌
31,566‌
3.57%
01/10/23
4
10,000‌
10,306‌
State
Street
Corp.
3.78%
12/03/24
3
15,000‌
16,504‌
Wells
Fargo
&
Co.
(MTN)
2.39%
06/02/28
3
30,000‌
31,967‌
2.57%
02/11/31
3
30,000‌
31,957‌
2.88%
10/30/30
3
5,000‌
5,460‌
3.58%
05/22/28
3
20,000‌
22,685‌
5.01%
04/04/51
3
60,000‌
85,424‌
744,901‌
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2020
(Unaudited)
2
/
December
2020
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Communications
—
5.38%
AT&T,
Inc.
2.55%
12/01/33
1
$
29,000‌
$
29,808‌
2.75%
06/01/31
30,000‌
32,076‌
3.80%
12/01/57
1
70,000‌
73,382‌
4.30%
02/15/30
49,000‌
58,565‌
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
3.75%
02/15/28
42,000‌
47,164‌
Comcast
Corp.
1.95%
01/15/31
70,000‌
71,861‌
Fox
Corp.
3.50%
04/08/30
30,000‌
34,130‌
Level
3
Financing,
Inc.
3.88%
11/15/29
1
11,000‌
12,241‌
SES
SA
(Luxembourg)
3.60%
04/04/23
1,4
15,000‌
15,878‌
Sprint
Spectrum
Co.
LLC/Sprint
Spectrum
Co.
II
LLC/Sprint
Spectrum
Co.
III
LLC
4.74%
03/20/25
1
25,000‌
27,155‌
5.15%
03/20/28
1
50,000‌
58,000‌
T-Mobile
USA,
Inc.
2.55%
02/15/31
1
49,000‌
51,515‌
4.38%
04/15/40
1
25,000‌
30,534‌
Verizon
Communications,
Inc.
4.33%
09/21/28
40,000‌
48,182‌
ViacomCBS,
Inc.
4.20%
05/19/32
40,000‌
48,181‌
Vodafone
Group
PLC
(United
Kingdom)
4.38%
05/30/28
4
65,000‌
77,898‌
Walt
Disney
Co.
(The)
2.65%
01/13/31
15,000‌
16,465‌
6.20%
12/15/34
4,000‌
6,072‌
7.75%
01/20/24
12,000‌
14,469‌
753,576‌
Consumer
Discretionary
—
1.89%
Anheuser-Busch
InBev
Worldwide,
Inc.
3.50%
06/01/30
60,000‌
69,585‌
4.00%
04/13/28
52,000‌
61,376‌
4.75%
01/23/29
15,000‌
18,536‌
Bacardi
Ltd.
(Bermuda)
4.70%
05/15/28
1,4
30,000‌
35,633‌
BAT
Capital
Corp.
2.73%
03/25/31
10,000‌
10,366‌
Constellation
Brands,
Inc.
2.88%
05/01/30
20,000‌
21,960‌
4.25%
05/01/23
15,000‌
16,359‌
Reynolds
American,
Inc.
5.70%
08/15/35
25,000‌
31,263‌
265,078‌
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Electric
—
3.32%
Alliant
Energy
Finance
LLC
1.40%
03/15/26
1
$
40,000‌
$
40,222‌
Ameren
Corp.
3.50%
01/15/31
35,000‌
40,449‌
Appalachian
Power
Co.
4.45%
06/01/45
5,000‌
6,444‌
Berkshire
Hathaway
Energy
Co.
3.70%
07/15/30
1
50,000‌
59,301‌
Black
Hills
Corp.
4.35%
05/01/33
36,000‌
43,717‌
Consolidated
Edison
Co.
of
New
York,
Inc.,
Series
20A
3.35%
04/01/30
45,000‌
51,648‌
Duquesne
Light
Holdings,
Inc.
5.90%
12/01/21
1
23,000‌
23,990‌
ITC
Holdings
Corp.
4.05%
07/01/23
10,000‌
10,784‌
Metropolitan
Edison
Co.
4.00%
04/15/25
1
25,000‌
27,161‌
Narragansett
Electric
Co.
(The)
3.40%
04/09/30
1
35,000‌
39,741‌
Public
Service
Co.
of
New
Mexico
3.85%
08/01/25
40,000‌
44,092‌
Southwestern
Electric
Power
Co.,
Series
M
4.10%
09/15/28
20,000‌
23,610‌
Tucson
Electric
Power
Co.
5.15%
11/15/21
30,000‌
30,885‌
Xcel
Energy,
Inc.
3.40%
06/01/30
20,000‌
22,986‌
465,030‌
Energy
—
4.12%
BP
Capital
Markets
America,
Inc.
3.63%
04/06/30
25,000‌
29,147‌
Chevron
Corp.
2.24%
05/11/30
15,000‌
16,096‌
Concho
Resources,
Inc.
2.40%
02/15/31
65,000‌
68,132‌
Energy
Transfer
Operating
LP
4.95%
06/15/28
35,000‌
40,366‌
5.50%
06/01/27
10,000‌
11,786‌
EQT
Corp.
3.90%
10/01/27
10,000‌
9,953‌
Exxon
Mobil
Corp.
3.45%
04/15/51
20,000‌
22,902‌
3.48%
03/19/30
25,000‌
29,120‌
Hess
Corp.
4.30%
04/01/27
17,000‌
18,849‌
Kinder
Morgan,
Inc.
5.63%
11/15/23
1
25,000‌
28,228‌
Kinder
Morgan,
Inc.
(GMTN)
7.80%
08/01/31
10,000‌
14,452‌
NGPL
Pipe
Co.
LLC
4.38%
08/15/22
1
25,000‌
26,060‌
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2020
(Unaudited)
December
2020
/
3
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Energy
(continued)
Petroleos
Mexicanos
(Mexico)
5.35%
02/12/28
4
$
15,000‌
$
14,841‌
5.95%
01/28/31
4
30,000‌
29,850‌
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.
4.65%
10/15/25
15,000‌
16,811‌
Rockies
Express
Pipeline
LLC
3.60%
05/15/25
1
20,000‌
20,625‌
4.95%
07/15/29
1
10,000‌
10,411‌
Ruby
Pipeline
LLC
7.75%
04/01/22
1
15,720‌
15,484‌
Southern
Natural
Gas
Co.
LLC
4.80%
03/15/47
1
30,000‌
35,708‌
Sunoco
Logistics
Partners
Operations
LP
3.90%
07/15/26
10,000‌
10,941‌
4.00%
10/01/27
10,000‌
10,987‌
TC
PipeLines
LP
3.90%
05/25/27
20,000‌
22,541‌
Texas
Eastern
Transmission
LP
2.80%
10/15/22
1
10,000‌
10,350‌
TransCanada
PipeLines
Ltd.
(Canada)
4.10%
04/15/30
4
30,000‌
35,526‌
Williams
Cos.,
Inc.
(The)
4.30%
03/04/24
25,000‌
27,572‌
576,738‌
Finance
—
6.01%
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
(Ireland)
3.88%
01/23/28
4
11,000‌
11,822‌
3.95%
02/01/22
4
35,000‌
36,000‌
Air
Lease
Corp.
3.00%
09/15/23
30,000‌
31,509‌
3.63%
12/01/27
11,000‌
11,876‌
Avolon
Holdings
Funding
Ltd.
(Cayman
Islands)
2.88%
02/15/25
1,4
5,000‌
5,103‌
Citigroup,
Inc.
2.57%
06/03/31
3
45,000‌
48,004‌
3.20%
10/21/26
20,000‌
22,370‌
3.67%
07/24/28
3
20,000‌
22,776‌
Daimler
Finance
North
America
LLC
2.20%
10/30/21
1
20,000‌
20,282‌
Ford
Motor
Credit
Co.
LLC
4.25%
09/20/22
25,000‌
25,845‌
(LIBOR
USD
3-Month
plus
1.08%)
1.30%
08/03/22
2
35,000‌
34,262‌
GE
Capital
Funding
LLC
4.40%
05/15/30
1
10,000‌
11,797‌
GE
Capital
International
Funding
Co.
(Ireland)
4.42%
11/15/35
4
70,000‌
83,414‌
General
Motors
Financial
Co.,
Inc.
3.15%
06/30/22
10,000‌
10,353‌
3.20%
07/06/21
20,000‌
20,217‌
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Finance
(continued)
4.20%
11/06/21
$
15,000‌
$
15,450‌
4.38%
09/25/21
5,000‌
5,136‌
Goldman
Sachs
Group,
Inc.
(The)
2.60%
02/07/30
30,000‌
32,310‌
2.88%
10/31/22
3
75,000‌
76,498‌
Intercontinental
Exchange,
Inc.
1.85%
09/15/32
5,000‌
5,048‌
2.10%
06/15/30
35,000‌
36,662‌
(LIBOR
USD
3-Month
plus
0.65%)
0.87%
06/15/23
2
20,000‌
20,064‌
Morgan
Stanley
(GMTN)
3.70%
10/23/24
70,000‌
77,957‌
3.77%
01/24/29
3
20,000‌
23,251‌
Nationwide
Building
Society
(United
Kingdom)
3.62%
04/26/23
1,3,4
10,000‌
10,391‌
3.77%
03/08/24
1,3,4
25,000‌
26,614‌
Park
Aerospace
Holdings
Ltd.
(Cayman
Islands)
4.50%
03/15/23
1,4
10,000‌
10,485‌
5.50%
02/15/24
1,4
15,000‌
16,371‌
Pipeline
Funding
Co.
LLC
7.50%
01/15/30
1
18,226‌
24,232‌
Raymond
James
Financial,
Inc.
3.63%
09/15/26
30,000‌
34,460‌
4.65%
04/01/30
25,000‌
30,826‌
841,385‌
Food
—
1.11%
Conagra
Brands,
Inc.
4.60%
11/01/25
16,000‌
18,863‌
General
Mills,
Inc.
3.70%
10/17/23
15,000‌
16,351‌
Kraft
Heinz
Foods
Co.
5.00%
07/15/35
48,000‌
57,804‌
Smithfield
Foods,
Inc.
3.35%
02/01/22
1
50,000‌
50,875‌
5.20%
04/01/29
1
10,000‌
11,917‌
155,810‌
Health
Care
—
7.39%
AbbVie,
Inc.
3.60%
05/14/25
25,000‌
27,868‌
3.80%
03/15/25
5,000‌
5,618‌
5.00%
12/15/21
25,000‌
25,814‌
Alcon
Finance
Corp.
2.75%
09/23/26
1
20,000‌
21,906‌
Anthem,
Inc.
3.65%
12/01/27
40,000‌
46,155‌
Ascension
Health,
Series
B
2.53%
11/15/29
20,000‌
21,929‌
Banner
Health
2.34%
01/01/30
10,000‌
10,680‌
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2020
(Unaudited)
4
/
December
2020
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Health
Care
(continued)
Barnabas
Health,
Inc.,
Series
2012
4.00%
07/01/28
$
15,000‌
$
16,548‌
Baxalta,
Inc.
3.60%
06/23/22
25,000‌
26,021‌
Baxter
International,
Inc.
3.95%
04/01/30
1
25,000‌
29,912‌
Bayer
U.S.
Finance
II
LLC
3.88%
12/15/23
1
10,000‌
10,904‌
4.38%
12/15/28
1
55,000‌
64,735‌
4.40%
07/15/44
1
5,000‌
5,879‌
Becton
Dickinson
and
Co.
3.36%
06/06/24
15,000‌
16,291‌
Bon
Secours
Mercy
Health,
Inc.,
Series
20-2
2.10%
06/01/31
30,000‌
29,970‌
Bristol-Myers
Squibb
Co.
3.90%
02/20/28
40,000‌
47,532‌
Centene
Corp.
3.00%
10/15/30
50,000‌
53,058‌
Cigna
Corp.
2.40%
03/15/30
25,000‌
26,677‌
4.38%
10/15/28
30,000‌
36,284‌
CommonSpirit
Health
2.76%
10/01/24
25,000‌
26,881‌
2.78%
10/01/30
20,000‌
21,320‌
DENTSPLY
SIRONA,
Inc.
3.25%
06/01/30
30,000‌
33,452‌
Elanco
Animal
Health,
Inc.
5.90%
08/28/28
15,000‌
17,747‌
Fresenius
Medical
Care
U.S.
Finance
II,
Inc.
5.88%
01/31/22
1
30,000‌
31,600‌
Fresenius
U.S.
Finance
II,
Inc.
4.25%
02/01/21
1
30,000‌
30,077‌
HCA,
Inc.
4.13%
06/15/29
25,000‌
29,053‌
5.00%
03/15/24
15,000‌
16,888‌
Humana,
Inc.
2.90%
12/15/22
15,000‌
15,685‌
3.13%
08/15/29
15,000‌
16,587‌
NYU
Langone
Hospitals,
Series
2020
3.38%
07/01/55
20,000‌
20,948‌
Providence
St.
Joseph
Health
Obligated
Group,
Series
H
2.75%
10/01/26
20,000‌
21,860‌
Quest
Diagnostics,
Inc.
4.20%
06/30/29
20,000‌
23,843‌
Regeneron
Pharmaceuticals,
Inc.
1.75%
09/15/30
30,000‌
29,609‌
Royalty
Pharma
PLC
(United
Kingdom)
1.75%
09/02/27
1,4
20,000‌
20,569‌
Smith
&
Nephew
PLC
(United
Kingdom)
2.03%
10/14/30
4
30,000‌
30,588‌
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Health
Care
(continued)
UnitedHealth
Group,
Inc.
3.70%
12/15/25
$
20,000‌
$
22,936‌
3.88%
12/15/28
40,000‌
47,940‌
Viatris,
Inc.
1.13%
06/22/22
1
35,000‌
35,332‌
Zimmer
Biomet
Holdings,
Inc.
3.55%
03/20/30
15,000‌
17,006‌
1,033,702‌
Industrials
—
1.90%
Amcor
Finance
USA,
Inc.
3.63%
04/28/26
5,000‌
5,611‌
4.50%
05/15/28
15,000‌
17,937‌
BAE
Systems
Holdings,
Inc.
3.80%
10/07/24
1
25,000‌
27,919‌
3.85%
12/15/25
1
20,000‌
22,710‌
BAE
Systems
PLC
(United
Kingdom)
3.40%
04/15/30
1,4
10,000‌
11,347‌
Berry
Global,
Inc.
1.57%
01/15/26
1
25,000‌
25,237‌
General
Electric
Co.
(MTN)
5.88%
01/14/38
30,000‌
40,702‌
(LIBOR
USD
3-Month
plus
0.38%)
0.60%
05/05/26
2
10,000‌
9,625‌
Ingersoll-Rand
Co.
9.00%
08/15/21
10,000‌
10,448‌
L3Harris
Technologies,
Inc.
3.85%
06/15/23
15,000‌
16,198‌
Sonoco
Products
Co.
3.13%
05/01/30
30,000‌
33,380‌
Sydney
Airport
Finance
Co.
Pty
Ltd.
(Australia)
3.63%
04/28/26
1,4
15,000‌
16,635‌
WRKCo,
Inc.
3.00%
06/15/33
10,000‌
11,072‌
4.65%
03/15/26
15,000‌
17,661‌
266,482‌
Information
Technology
—
0.52%
Broadcom
Corp./Broadcom
Cayman
Finance
Ltd.
3.63%
01/15/24
20,000‌
21,657‌
Fiserv,
Inc.
2.65%
06/01/30
25,000‌
27,081‌
Intel
Corp.
3.90%
03/25/30
20,000‌
24,030‌
72,768‌
Insurance
—
2.59%
Aon
Corp.
2.80%
05/15/30
25,000‌
27,393‌
3.75%
05/02/29
10,000‌
11,683‌
Berkshire
Hathaway
Finance
Corp.
1.85%
03/12/30
10,000‌
10,552‌
Farmers
Insurance
Exchange
4.75%
11/01/57
1,3
45,000‌
49,654‌
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2020
(Unaudited)
December
2020
/
5
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Insurance
(continued)
Marsh
&
McLennan
Cos.,
Inc.
2.25%
11/15/30
$
30,000‌
$
31,816‌
Massachusetts
Mutual
Life
Insurance
Co.
3.38%
04/15/50
1
48,000‌
52,586‌
Metropolitan
Life
Global
Funding
I
2.95%
04/09/30
1
25,000‌
28,184‌
Nationwide
Mutual
Insurance
Co.
2.51%
12/15/24
1,3
40,000‌
39,993‌
New
York
Life
Insurance
Co.
5.88%
05/15/33
1
30,000‌
41,187‌
Teachers
Insurance
&
Annuity
Association
of
America
4.38%
09/15/54
1,3
45,000‌
48,037‌
Willis
North
America,
Inc.
2.95%
09/15/29
20,000‌
21,924‌
363,009‌
Materials
—
1.00%
FMC
Corp.
3.45%
10/01/29
20,000‌
22,854‌
Georgia-Pacific
LLC
2.30%
04/30/30
1
35,000‌
37,497‌
International
Flavors
&
Fragrances,
Inc.
4.45%
09/26/28
40,000‌
47,414‌
Nutrition
&
Biosciences,
Inc.
2.30%
11/01/30
1
10,000‌
10,309‌
Sherwin-Williams
Co.
(The)
2.30%
05/15/30
20,000‌
21,043‌
139,117‌
Real
Estate
Investment
Trust
(REIT)
—
5.64%
Alexandria
Real
Estate
Equities,
Inc.
3.80%
04/15/26
5,000‌
5,763‌
4.50%
07/30/29
18,000‌
22,004‌
American
Campus
Communities
Operating
Partnership
LP
3.30%
07/15/26
15,000‌
16,393‌
3.63%
11/15/27
5,000‌
5,502‌
3.75%
04/15/23
20,000‌
21,245‌
3.88%
01/30/31
110,000‌
123,461‌
American
Tower
Corp.
2.90%
01/15/30
10,000‌
10,917‌
3.55%
07/15/27
15,000‌
16,986‌
AvalonBay
Communities,
Inc.
(MTN)
2.45%
01/15/31
25,000‌
26,934‌
Boston
Properties
LP
2.75%
10/01/26
10,000‌
10,886‌
3.25%
01/30/31
25,000‌
27,661‌
3.40%
06/21/29
10,000‌
11,179‌
CC
Holdings
GS
V
LLC/Crown
Castle
GS
III
Corp.
3.85%
04/15/23
15,000‌
16,140‌
Crown
Castle
International
Corp.
3.30%
07/01/30
20,000‌
22,422‌
CubeSmart
LP
4.38%
02/15/29
15,000‌
17,759‌
CyrusOne
LP/CyrusOne
Finance
Corp.
2.90%
11/15/24
15,000‌
16,042‌
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Real
Estate
Investment
Trust
(REIT)
(continued)
3.45%
11/15/29
$
30,000‌
$
32,384‌
Essex
Portfolio
LP
2.65%
03/15/32
10,000‌
10,722‌
GLP
Capital
LP/GLP
Financing
II,
Inc.
3.35%
09/01/24
15,000‌
15,801‌
4.00%
01/15/31
15,000‌
16,391‌
5.30%
01/15/29
15,000‌
17,383‌
Healthcare
Trust
of
America
Holdings
LP
2.00%
03/15/31
30,000‌
30,069‌
3.10%
02/15/30
15,000‌
16,362‌
Healthpeak
Properties,
Inc.
3.88%
08/15/24
20,000‌
22,366‌
4.25%
11/15/23
10,000‌
10,955‌
Hudson
Pacific
Properties
LP
3.95%
11/01/27
25,000‌
27,559‌
Kilroy
Realty
LP
2.50%
11/15/32
25,000‌
25,465‌
3.05%
02/15/30
5,000‌
5,324‌
4.38%
10/01/25
15,000‌
16,849‌
Lexington
Realty
Trust
2.70%
09/15/30
25,000‌
26,079‌
Life
Storage
LP
2.20%
10/15/30
40,000‌
40,918‌
Mid-America
Apartments
LP
1.70%
02/15/31
20,000‌
20,019‌
SL
Green
Operating
Partnership
LP
3.25%
10/15/22
30,000‌
30,961‌
(LIBOR
USD
3-Month
plus
0.98%)
1.20%
08/16/21
2
10,000‌
9,978‌
UDR,
Inc.
(MTN)
4.40%
01/26/29
10,000‌
11,906‌
Ventas
Realty
LP
4.13%
01/15/26
10,000‌
11,511‌
4.75%
11/15/30
15,000‌
18,340‌
788,636‌
Retail
—
0.45%
Alimentation
Couche-Tard,
Inc.
(Canada)
2.95%
01/25/30
1,4
15,000‌
16,425‌
3.80%
01/25/50
1,4
20,000‌
23,753‌
Home
Depot,
Inc.
(The)
3.90%
12/06/28
10,000‌
12,012‌
Starbucks
Corp.
2.00%
03/12/27
10,000‌
10,628‌
62,818‌
Services
—
1.45%
Emory
University,
Series
2020
2.14%
09/01/30
35,000‌
36,840‌
IHS
Markit
Ltd.
(Bermuda)
4.75%
08/01/28
4
5,000‌
6,167‌
5.00%
11/01/22
1,4
25,000‌
26,770‌
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2020
(Unaudited)
6
/
December
2020
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Services
(continued)
Massachusetts
Institute
of
Technology
3.96%
07/01/38
$
25,000‌
$
31,302‌
Northwestern
University
3.69%
12/01/38
20,000‌
22,824‌
RELX
Capital,
Inc.
3.00%
05/22/30
10,000‌
11,144‌
4.00%
03/18/29
20,000‌
23,767‌
Republic
Services,
Inc.
2.90%
07/01/26
15,000‌
16,586‌
Waste
Connections,
Inc.
(Canada)
2.60%
02/01/30
4
25,000‌
26,930‌
202,330‌
Transportation
—
1.50%
Burlington
Northern
Santa
Fe
LLC
4.40%
03/15/42
4,000‌
5,319‌
Continental
Airlines
Pass-Through
Trust,
Series
2007-1,
Class
A
5.98%
04/19/22
20,751‌
21,010‌
Delta
Air
Lines
Pass-Through
Trust,
Series
2020-1,
Class
AA
2.00%
06/10/28
48,505‌
48,636‌
JetBlue
Airways
Pass-Through
Trust,
Series
2019-1,
Class
AA
2.75%
05/15/32
31,793‌
31,854‌
U.S.
Airways
Pass-Through
Trust,
Series
2010-1,
Class
A
6.25%
04/22/23
3,867‌
3,687‌
U.S.
Airways
Pass-Through
Trust,
Series
2011-1,
Class
A
7.13%
10/22/23
19,430‌
17,975‌
U.S.
Airways
Pass-Through
Trust,
Series
2012-1,
Class
A
5.90%
10/01/24
46,665‌
46,229‌
Union
Pacific
Corp.
3.95%
09/10/28
30,000‌
35,765‌
210,475‌
Total
Corporates
(Cost
$6,433,275)
6,941,855‌
MORTGAGE-BACKED
—
15.59%**  
Non-Agency
Commercial
Mortgage-Backed
—
5.98%
BANK,
Series
2018-BN10,
Class
XA
(IO)
0.73%
02/15/61
3
270,157‌
11,785‌
BANK,
Series
2019-BN16,
Class
A4
4.01%
02/15/52
85,000‌
101,047‌
BANK,
Series
2019-BN17,
Class
A4
3.71%
04/15/52
55,000‌
64,430‌
Citigroup
Commercial
Mortgage
Trust,
Series
2013-GC15,
Class
XA
(IO)
0.84%
09/10/46
3
1,293,606‌
24,526‌
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)
0.99%
10/10/47
3
$
639,214‌
$
19,748‌
Commercial
Mortgage
Trust,
Series
2013-CR7,
Class
XA
(IO)
1.21%
03/10/46
3
538,312‌
11,844‌
Commercial
Mortgage
Trust,
Series
2013-CR9,
Class
XA
(IO)
0.10%
07/10/45
3
18,275,773‌
33,439‌
Commercial
Mortgage
Trust,
Series
2014-CR19,
Class
XA
(IO)
0.98%
08/10/47
3
649,917‌
18,192‌
Commercial
Mortgage
Trust,
Series
2014-UBS2,
Class
XA
(IO)
1.15%
03/10/47
3
1,070,496‌
31,089‌
Commercial
Mortgage
Trust,
Series
2014-UBS3,
Class
XA
(IO)
1.07%
06/10/47
3
1,832,732‌
55,839‌
Commercial
Mortgage
Trust,
Series
2014-UBS5,
Class
XA
(IO)
0.87%
09/10/47
3,5,6
2,157,339‌
53,822‌
CSMC
Trust,
Series
2016-NXSR,
Class
XA
(IO)
0.76%
12/15/49
3
398,183‌
11,679‌
DBUBS
Mortgage
Trust,
Series
2011-LC2A,
Class
XA
(IO)
0.96%
07/10/44
1,3
599,765‌
387‌
GS
Mortgage
Securities
Corp.
Trust,
Series
2020-UPTN,
Class
XA
(IO)
0.35%
02/10/37
1,3
375,000‌
5,033‌
GS
Mortgage
Securities
Trust,
Series
2010-C1,
Class
X
(IO)
1.06%
08/10/43
1,3
4,922,058‌
59,633‌
GS
Mortgage
Securities
Trust,
Series
2011-GC5,
Class
XA
(IO)
1.32%
08/10/44
1,3
1,514,586‌
3,469‌
GS
Mortgage
Securities
Trust,
Series
2014-GC20,
Class
XA
(IO)
1.04%
04/10/47
3
1,474,985‌
37,660‌
GS
Mortgage
Securities
Trust,
Series
2016-GS3,
Class
XA
(IO)
1.22%
10/10/49
3
218,842‌
12,279‌
GS
Mortgage
Securities
Trust,
Series
2017-GS7,
Class
XA
(IO)
1.12%
08/10/50
3
98,775‌
5,811‌
GS
Mortgage
Securities
Trust,
Series
2019-GC42,
Class
A4
3.00%
09/01/52
50,000‌
56,146‌
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2015-C29,
Class
XA
(IO)
0.65%
05/15/48
3
622,339‌
15,241‌
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2017-C7,
Class
XA
(IO)
0.88%
10/15/50
3
266,990‌
11,936‌
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2020
(Unaudited)
December
2020
/
7
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2010-C2,
Class
XB
(IO)
0.73%
11/15/43
1,3
$
1,397,175‌
$
4,491‌
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2012-LC9,
Class
XA
(IO)
1.49%
12/15/47
3
882,489‌
20,176‌
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2019-OSB,
Class
A
3.40%
06/05/39
1
5,000‌
5,733‌
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C22,
Class
XA
(IO)
1.03%
04/15/48
3
711,530‌
23,341‌
Natixis
Commercial
Mortgage
Securities
Trust,
Series
2020-2PAC,
Class
XB
(IO)
0.81%
12/15/38
1,3
570,000‌
18,448‌
UBS-Barclays
Commercial
Mortgage
Trust,
Series
2012-C3,
Class
XB
(IO)
0.20%
08/10/49
1,3,5,6
3,700,000‌
14,044‌
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2014-LC16,
Class
XA
(IO)
1.09%
08/15/50
3
358,953‌
10,811‌
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2014-LC18,
Class
XA
(IO)
1.04%
12/15/47
3
977,478‌
31,458‌
WF-RBS
Commercial
Mortgage
Trust,
Series
2011-C3,
Class
XA
(IO)
1.27%
03/15/44
1,3
2,078,470‌
2,444‌
WF-RBS
Commercial
Mortgage
Trust,
Series
2012-C7,
Class
XA
(IO)
1.31%
06/15/45
1,3
1,276,484‌
14,648‌
WF-RBS
Commercial
Mortgage
Trust,
Series
2014-LC14,
Class
XA
(IO)
1.26%
03/15/47
3
1,422,130‌
46,362‌
836,991‌
Non-Agency
Mortgage-Backed
—
3.47%
Ameriquest
Mortgage
Securities,
Inc.,
Asset-Backed
Pass-
Through
Certificates,
Series
2005-R11,
Class
M3
(LIBOR
USD
1-Month
plus
0.75%)
0.90%
01/25/36
2
100,000‌
95,572‌
Banc
of
America
Funding
Trust,
Series
2014-R7,
Class
2A1
(LIBOR
USD
1-Month
plus
0.14%)
0.29%
09/26/36
1,2
30,833‌
29,829‌
Bear
Stearns
ARM
Trust,
Series
2004-1,
Class
12A5
3.61%
04/25/34
3
10,361‌
10,135‌
Bombardier
Capital
Mortgage
Securitization
Corp.,
Series
2000-A,
Class
A2
7.58%
06/15/30
3
19,426‌
5,021‌
Centex
Home
Equity
Loan
Trust,
Series
2005-D,
Class
M4
(LIBOR
USD
1-Month
plus
0.92%)
1.06%
10/25/35
2
30,000‌
29,864‌
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
CIT
Mortgage
Loan
Trust,
Series
2007-1,
Class
1A
(LIBOR
USD
1-Month
plus
1.35%)
1.50%
10/25/37
1,2
$
9,368‌
$
9,427‌
Citigroup
Mortgage
Loan
Trust,
Series
2015-6,
Class
2A1
0.69%
12/25/35
1,3
25,168‌
25,332‌
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
2005-OPT1,
Class
M1
(LIBOR
USD
1-Month
plus
0.63%)
0.78%
02/25/35
2
49,590‌
48,547‌
Conseco
Finance
Corp.,
Series
1998-4,
Class
A5
6.18%
04/01/30
15,118‌
15,129‌
Countrywide
Asset-Backed
Certificates
Trust,
Series
2007-13,
Class
2A1
(LIBOR
USD
1-Month
plus
0.90%)
1.05%
10/25/47
2
27,407‌
26,964‌
GSR
Mortgage
Loan
Trust,
Series
2005-AR6,
Class
2A1
3.20%
09/25/35
3
16,134‌
16,659‌
HSI
Asset
Securitization
Corp.
Trust,
Series
2007-WF1,
Class
1A1
(LIBOR
USD
1-Month
plus
0.16%)
0.31%
05/25/37
2
24,101‌
23,407‌
IndyMac
Index
Mortgage
Loan
Trust,
Series
2007-FLX3,
Class
A1
(LIBOR
USD
1-Month
plus
0.24%)
0.39%
06/25/37
2
12,607‌
12,308‌
JPMorgan
Mortgage
Trust,
Series
2005-A3,
Class
2A1
3.52%
06/25/35
3
10,555‌
10,826‌
Long
Beach
Mortgage
Loan
Trust,
Series
2006-1,
Class
1A
(LIBOR
USD
1-Month
plus
0.44%)
0.59%
02/25/36
2
7,263‌
7,096‌
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2004-5AR,
Class
3A1
2.56%
07/25/34
3
17,249‌
17,735‌
Morgan
Stanley
Resecuritization
Trust,
Series
2015-R2,
Class
1A1
(Federal
Reserve
US
12-Month
Cumulative
Average
plus
0.71%)
1.45%
12/27/46
1,2
17,747‌
17,774‌
Saxon
Asset
Securities
Trust,
Series
2007-2,
Class
A2A
(LIBOR
USD
1-Month
plus
0.10%)
0.25%
05/25/47
2
83,380‌
70,527‌
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2004-AR1,
Class
1A2
(LIBOR
USD
1-Month
plus
0.70%)
0.85%
03/19/34
2
2,214‌
2,103‌
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2020
(Unaudited)
8
/
December
2020
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Wells
Fargo
Home
Equity
Trust
Mortgage
Pass-Through
Certificates,
Series
2004-1,
Class
2A1
(LIBOR
USD
1-Month
plus
0.60%)
0.75%
04/25/34
2
$
13,162‌
$
12,128‌
486,383‌
U.S.
Agency
Commercial
Mortgage-Backed
—
2.40%
Fannie
Mae-Aces,
Series
2016-M11,
Class
X2
(IO)
2.75%
07/25/39
3
755,807‌
28,378‌
Fannie
Mae-Aces,
Series
2016-M2,
Class
X3
(IO)
2.04%
04/25/36
3
357,046‌
4,005‌
Fannie
Mae-Aces,
Series
2016-M4,
Class
X2
(IO)
2.66%
01/25/39
3
672,878‌
39,242‌
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K013,
Class
X3
(IO)
2.83%
01/25/43
3
860,000‌
504‌
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K015,
Class
X3
(IO)
2.81%
08/25/39
3
350,000‌
5,383‌
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K020,
Class
X1
(IO)
1.34%
05/25/22
3
1,790,648‌
25,303‌
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K025,
Class
X1
(IO)
0.80%
10/25/22
3
744,997‌
9,072‌
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K049,
Class
X3
(IO)
1.55%
10/25/43
3
250,000‌
15,576‌
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K717,
Class
X3
(IO)
1.63%
11/25/42
3
900,000‌
10,513‌
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K722,
Class
X1
(IO)
1.31%
03/25/23
3
2,307,518‌
49,340‌
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KAIV,
Class
X2
(IO)
3.59%
06/25/41
3
200,000‌
2,917‌
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KC01,
Class
X1
(IO)
0.65%
12/25/22
3
3,203,612‌
19,989‌
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KC05,
Class
X1
(IO)
1.20%
06/25/27
3
399,197‌
22,405‌
Ginnie
Mae,
Series
2011-78,
Class
IX
(IO)
0.00%
08/16/46
3
145,289‌
9,264‌
Ginnie
Mae,
Series
2012-112,
Class
IO
(IO)
0.17%
02/16/53
3
4,117,388‌
35,353‌
Ginnie
Mae,
Series
2013-1,
Class
IO
(IO)
0.56%
02/16/54
3
1,331,766‌
28,865‌
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Commercial
Mortgage-Backed
(continued)
Ginnie
Mae,
Series
2013-125,
Class
IO
(IO)
0.47%
10/16/54
3
$
1,508,073‌
$
29,655‌
335,764‌
U.S.
Agency
Mortgage-Backed
—
3.74%
Fannie
Mae
REMICS,
Series
2011-116,
Class
SA
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.00%,
6.00%
Cap)
5.85%
11/25/41
2
172,971‌
24,760‌
Fannie
Mae
REMICS,
Series
2012-128,
Class
UA
2.50%
06/25/42
72,299‌
73,791‌
Fannie
Mae
REMICS,
Series
2013-5,
Class
GF
(LIBOR
USD
1-Month
plus
1.10%)
1.25%
10/25/42
2
47,652‌
47,885‌
Freddie
Mac
REMICS,
Series
4064,
Class
TB
3.50%
06/15/42
103,000‌
110,853‌
Freddie
Mac
REMICS,
Series
4638,
Class
UF
(LIBOR
USD
1-Month
plus
1.00%)
1.14%
09/15/44
2
24,838‌
24,966‌
Freddie
Mac
Strips,
Series
240,
Class
IO
(IO)
5.50%
07/15/36
254,093‌
50,919‌
Ginnie
Mae,
Series
2003-110,
Class
S
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.60%,
6.60%
Cap)
6.45%
10/20/33
2
288,385‌
57,962‌
Ginnie
Mae,
Series
2018-124,
Class
NW
3.50%
09/20/48
48,902‌
52,457‌
Ginnie
Mae,
Series
2018-154,
Class
BP
3.50%
11/20/48
13,260‌
13,716‌
Ginnie
Mae,
Series
2019-15,
Class
GT
3.50%
02/20/49
61,660‌
65,841‌
523,150‌
Total
Mortgage-Backed
(Cost
$2,778,542)
2,182,288‌
MUNICIPAL
BONDS
—
3.36%*  
California
—
1.29%
Los
Angeles
Community
College
District
General
Obligation
Bonds
2.34%
08/01/33
25,000‌
26,276‌
Los
Angeles
Department
of
Airports
Revenue
Bonds,
Port,
Airport
and
Marina
Improvements,
Series
A
5.00%
05/15/36
10,000‌
12,670‌
Los
Angeles
Unified
School
District,
Build
America
Bonds,
School
Improvements,
Series
RY
6.76%
07/01/34
10,000‌
15,055‌
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2020
(Unaudited)
December
2020
/
9
Issues
Maturity
Date
Principal
Amount
Value
MUNICIPAL
BONDS
(continued)
California
(continued)
Los
Angeles
Unified
School
District,
Build
America
Taxable
Bonds,
School
Improvements,
Series
KR
5.75%
07/01/34
$
25,000‌
$
35,303‌
Regents
of
the
University
of
California
Medical
Center
Pooled
Revenue,
Taxable
Bonds,
Health,
Hospital
and
Nursing
Home
Improvements,
Series
N
3.01%
05/15/50
10,000‌
10,743‌
3.26%
05/15/60
20,000‌
22,484‌
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport,
Airport
and
Marina
Improvements,
Series
A
5.00%
05/01/49
10,000‌
12,321‌
Santa
Clara
Valley
Transportation
Authority,
Build
America
Bonds,
Transit
Improvements
5.88%
04/01/32
20,000‌
25,771‌
Santa
Monica
Community
College
District
General
Obligation
Bonds
2.05%
08/01/33
20,000‌
20,533‌
181,156‌
Colorado
—
0.18%
City
&
County
of
Denver
Airport
System
Revenue
Bonds,
Series
C
2.24%
11/15/30
25,000‌
25,082‌
Florida
—
0.21%
County
of
Miami-Dade
Aviation
Revenue
Bonds,
Airport
and
Marina
Improvements,
Series
D
3.50%
10/01/31
15,000‌
16,321‌
Greater
Orlando
Aviation
Authority,
Port,
Airport
and
Marina
Improvements,
Series
A
5.00%
10/01/44
10,000‌
12,400‌
28,721‌
Georgia
—
0.15%
City
of
Atlanta
Water
&
Wastewater
Revenue
Bonds
2.26%
11/01/35
20,000‌
20,981‌
Maryland
—
0.11%
City
of
Baltimore
Revenue
Bonds,
Series
B
2.13%
07/01/33
15,000‌
15,453‌
Massachusetts
—
0.12%
Massachusetts
School
Building
Authority
Revenue
Bonds,
Series
B
2.97%
10/15/32
15,000‌
16,259‌
New
York
—
0.73%
City
of
New
York
General
Obligation
Bonds,
Series
D
1.92%
08/01/31
30,000‌
30,675‌
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue,
Taxable
Bonds,
Public
Improvements
3.73%
08/01/29
5,000‌
5,767‌
New
York
State
Dormitory
Authority
Revenue
Bonds,
School
Improvements,
Series
A
5.00%
03/15/47
5,000‌
6,229‌
Issues
Maturity
Date
Principal
Amount
Value
MUNICIPAL
BONDS
(continued)
New
York
(continued)
New
York
State
Dormitory
Authority
Revenue
Bonds,
School
Improvements,
Series
F
2.96%
02/15/32
$
25,000‌
$
28,229‌
New
York
State
Urban
Development
Corp.
Revenue
Bonds,
Economic
Improvements,
Series
B
2.97%
03/15/34
15,000‌
16,143‌
New
York
State
Urban
Development
Corp.
Revenue
Bonds,
Economic
Improvements,
Series
F
2.00%
03/15/33
15,000‌
15,014‌
102,057‌
North
Carolina
—
0.21%
University
of
North
Carolina
at
Chapel
Hill,
College
and
University
Taxable
Revenue
Bonds,
Series
C
3.33%
12/01/36
25,000‌
29,293‌
Texas
—
0.36%
Dallas
Area
Rapid
Transit
Revenue
Bonds
2.18%
12/01/32
25,000‌
25,759‌
North
Texas
Tollway
Authority
Revenue
Bonds
1.88%
01/01/30
25,000‌
24,916‌
50,675‌
Total
Municipal
Bonds
(Cost
$448,617)
469,677‌
U.S.
TREASURY
SECURITIES
—
23.04%  
U.S.
Treasury
Notes
—
23.04%
U.S.
Treasury
Notes
0.13%
11/30/22
2,146,000‌
2,146,252‌
0.38%
11/30/25
230,000‌
230,332‌
0.38%
12/31/25
413,000‌
413,339‌
U.S.
Treasury
Notes
(WI)
0.88%
11/15/30
436,000‌
434,603‌
Total
U.S.
Treasury
Securities
(Cost
$3,224,978)
3,224,526‌
Total
Bonds
—
95.78%
(Cost
$13,459,632)
13,406,968‌
Issues
Maturity
Date
Principal
Amount
/
Shares
Value
SHORT-TERM
INVESTMENTS
—
2.65%
Money
Market
Funds
—
0.15%
Fidelity
Investments
Money
Market
Funds
-
Government
Portfolio
0.01%
7
20,347‌
20,347‌
U.S.
Treasury
Bills
—
2.50%
U.S.
Treasury
Bills
0.12%
8
02/04/21
150,000‌
149,991‌
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2020
(Unaudited)
10
/
December
2020
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:
Fixed
income
securities
for
which
market
quotations
are
readily
available
are
valued
at
prices
as
provided
by
independent
pricing
vendors
or
broker
quotes.
The
Fund
receives
pricing
information
from
independent
pricing
vendors
approved
by
the
Board
of
Trustees
(the
“Board”
or
the
“Board
of
Trustees”).
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
asked
prices.
In
cases
where
equity
securities
are
traded
on
more
than
one
exchange,
the
securities
are
valued
on
the
exchange
or
Issues
Maturity
Date
Principal
Amount/Shares
Value
SHORT-TERM
INVESTMENTS
(continued)
U.S.
Treasury
Bills
(continued)
0.10%
8
04/01/21
$
200,000‌
$
199,963‌
349,954‌
Total
Short-Term
Investments
(Cost
$370,283)
370,301‌
Total
Investments
-
98.43%
(Cost
$13,829,915)
13,777,269
Cash
and
Other
Assets,
Less
Liabilities
-
1.57%
219,918‌
Net
Assets
-
100.00%
$
13,997,187‌
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
December
31,
2020.
3
Variable
rate
security.
Interest
rate
disclosed
is
as
of
the
most
recent
information
available.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
4
U.S.
dollar-denominated
security
issued
by
foreign-domiciled
entity.
5
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
6
Illiquid
security
as
determined
under
procedures
approved
by
the
Board
of
Trustees.
The
aggregate
value
of
illiquid
securities
is
$67,866,
which
is
0.48%
of
total
net
assets.
7
Represents
the
current
yield
as
of
December
31,
2020.
8
Represents
annualized
yield
at
date
of
purchase.
*
Securities
with
a
call
or
reset
feature
will
have
an
effective
maturity
date
sooner
than
the
stated
maturity.
**
Securities
backed
by
mortgage
or
consumer
loans
where
payment
is
periodically
made
will
have
an
effective
maturity
date
sooner
than
the
stated
maturity
date.
Note:
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
for
more
meaningful
presentation
for
investors.
(GMTN):
Global
Medium-Term
Note
(IO):
Interest
Only
(LIBOR):
London
InterBank
Offer
Rate
(MTN):
Medium-Term
Note
(USD):
U.S.
Dollar
(WI):
When
Issued
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
FUTURES
CONTRACTS:
LONG
POSITIONS
U.S.
Treasury
Five
Year
Note
23
03/31/21
$
2,901,773‌
$
6,789‌
$
6,789‌
FUTURES
CONTRACTS:
SHORT
POSITIONS
U.S.
Treasury
Ten
Year
Ultra
Bond
12
03/22/21
(1,876,313‌)
8,975‌
8,975‌
U.S.
Treasury
Ultra
Bond
2
03/22/21
(427,125‌)
5,918‌
5,918‌
(2,303,438‌)
14,893‌
14,893‌
TOTAL
FUTURES
CONTRACTS
$
598,335‌
$
21,682‌
$
21,682‌
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2020
(Unaudited)
December
2020
/
11
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
asked
prices.
Securities
and
other
assets
that
cannot
be
valued
as
described
above
will
be
valued
at
their
fair
value
as
determined
by
the
Adviser
under
guidelines
established
by
and
under
the
general
supervision
and
responsibility
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
approved
by
the
Board
of
Trustees
include,
but
are
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
influenced
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
cannot
be
valued
pursuant
to
one
of
the
valuation
methods
established
by
the
Board,
the
value
of
the
security
or
asset
will
be
determined
in
good
faith
by
the
Pricing
Committee
of
the
Board,
generally
based
upon
recommendation
provided
by
the
Adviser.
When
the
Fund
uses
these
fair
valuation
methods
applied
by
the
Adviser
that
use
significant
unobservable
inputs
to
determine
its
NAV,
securities
will
be
priced
by
a
method
that
the
Board
or
persons
acting
at
their
direction
believe
accurately
reflect
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
Board
or
persons
acting
at
their
direction
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
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
in
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.
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2020
(Unaudited)
12
/
December
2020
The
summary
of
inputs
used
to
value
the
Fund’s
investments
and
other
financial
instruments
carried
at
fair
value
as
of
December
31,
2020
is
as
follows:
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
December
31,
2020
,
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
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Investments
in
Securities
Assets:
Short-Term
Investments:
Money
Market
Funds
$
20,347‌
$
—‌
$
—‌
$
20,347‌
U.S.
Treasury
Bills
349,954‌
—‌
—‌
349,954‌
Long-Term
Investments:
Asset-Backed
Securities
—‌
588,622‌
—‌
588,622‌
Corporates
—‌
6,941,855‌
—‌
6,941,855‌
Mortgage-Backed
—‌
2,114,422‌
67,866‌
2,182,288‌
Municipal
Bonds
—‌
469,677‌
—‌
469,677‌
U.S.
Treasury
Securities
3,224,526‌
—‌
—‌
3,224,526‌
Other
Financial
Instruments
*
Assets:
Interest
rate
contracts
21,682‌
—‌
—‌
21,682‌
Total
$
3,616,509‌
$
10,114,576‌
$
67,866‌
$
13,798,951‌
*Other
financial
instruments
include
futures.
Interest
rate
contracts
include
futures.
INVESTMENT
GRADE
CREDIT
FUND
MORTGAGE-
BACKED
SECURITIES
Balance
as
of
April
1,
2020
$
20,170‌
Accrued
discounts/premiums
(725‌)
Realized
gain/(loss)
—‌
Change
in
unrealized
(depreciation)*
(13,403‌)
Purchases
61,824‌
Sales
—‌
Transfers
into
Level
3**
—‌
Transfers
out
of
Level
3**
—‌
Balance
as
of
December
31,
2020
$
67,866‌
*The
change
in
unrealized
appreciation/(depreciation)
on
securities
still
held
at
December
31,
2020
was
$(13,403)
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
December
31,
2020.
Investment
Grade
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2020
(Unaudited)
December
2020
/
13
Significant
unobservable
valuations
inputs
for
Level
3
investments
as
of
December
31,
2020
are
as
follows:
*
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.
INVESTMENT
GRADE
CREDIT
FUND
FAIR
VALUE
AT
12/31/20
VALUATION
TECHNIQUE*
UNOBSERVABLE
INPUT
RANGE
WEIGHTED
AVERAGE
Mortgage-Backed
Securities
-
Commercial
Mortgage-Backed
$67,866
Third-party
Vendor
Vendor
Prices
$0.38
-
$2.49
$2.06