NPORT-EX 2 MW80TCW123123.htm
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
1
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
BONDS
–
90
.40
%
ASSET-BACKED
SECURITIES
—
12
.69
%
**
AGL
CLO
12
Ltd.,
Series
2021-12A,
Class
B
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.86%)
7.28%
07/20/34
1,2,3
$
125,000‌
$
124,767‌
Aimco
CLO,
Series
2015-AA,
Class
BR2
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.86%)
7.26%
10/17/34
1,2,3
70,000‌
69,953‌
Allegro
CLO
XII
Ltd.,
Series
2020-1A,
Class
B
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.96%)
7.37%
01/21/32
1,2,3
45,000‌
44,968‌
AMSR
Trust,
Series
2020-SFR1,
Class
H
5.30%
04/17/37
3
200,000‌
191,741‌
AMSR
Trust,
Series
2020-SFR1,
Class
I
8.19%
04/17/37
3
100,000‌
98,377‌
BCRED
CLO
LLC,
Series
2023-1A,
Class
A
(CME
Term
SOFR
3-Month
plus
2.30%)
0.00%
01/20/36
2,3
250,000‌
250,902‌
Carvana
Auto
Receivables
Trust,
Series
2022-P3,
Class
R
0.00%
09/10/29
3
1,750‌
246,467‌
Cedar
Funding
II
CLO
Ltd.,
Series
2013-1A,
Class
BRR
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.61%)
7.03%
04/20/34
1,2,3
75,000‌
73,619‌
Cedar
Funding
XII
CLO
Ltd.,
Series
2020-12A,
Class
A1R
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.39%)
6.77%
10/25/34
1,2,3
180,000‌
179,712‌
CoreVest
American
Finance
Trust,
Series
2020-1,
Class
A2
2.30%
03/15/50
3
140,000‌
125,637‌
Crystal
River
CDO,
Series
2005-1A,
Class
A
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
0.62%)
5.99%
03/02/46
1,2,3,4,5
419,900‌
42,987‌
Diamond
Infrastructure
Funding
LLC,
Series
2021-1A,
Class
C
3.48%
04/15/49
3
215,000‌
186,504‌
Dryden
85
CLO
Ltd.,
Series
2020-85A,
Class
AR
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.41%)
6.81%
10/15/35
1,2,3
150,000‌
150,182‌
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
Eaton
Vance
CLO
Ltd.,
Series
2020-1A,
Class
AR
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.43%)
6.83%
10/15/34
1,2,3
$
90,000‌
$
90,114‌
FirstKey
Homes
Trust,
Series
2020-SFR1,
Class
F2
4.28%
08/17/37
3
162,000‌
153,915‌
FirstKey
Homes
Trust,
Series
2020-SFR1,
Class
G
4.78%
08/17/37
3
265,000‌
249,766‌
Flatiron
RR
CLO
22
LLC,
Series
2021-2A,
Class
B
(CME
Term
SOFR
3-Month
plus
1.86%)
7.26%
10/15/34
2,3
250,000‌
249,861‌
FRTKL,
Series
2021-SFR1,
Class
G
4.11%
09/17/38
3
300,000‌
261,869‌
Global
SC
Finance
II
SRL,
Series
2014-1A,
Class
A2
(Barbados)
3.09%
07/17/29
1,3
17,751‌
17,465‌
GLS
Auto
Receivables
Issuer
Trust,
Series
2023-2A,
Class
D
6.31%
03/15/29
3
220,000‌
221,437‌
GoldenTree
Loan
Management
U.S.
CLO
1
Ltd.,
Series
2021-9A,
Class
B
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.76%)
7.18%
01/20/33
1,2,3
325,000‌
323,116‌
GoldenTree
Loan
Management
U.S.
CLO
17
Ltd.,
Series
2023-17A,
Class
D
(United
Kingdom)
(CME
Term
SOFR
3-Month
plus
5.00%)
10.25%
07/20/36
1,2,3
175,000‌
177,075‌
Golub
Capital
Partners
CLO
42M-R,
Series
2019-42RA,
Class
A2R
(CME
Term
SOFR
3-Month
plus
2.75%)
0.00%
01/20/36
2,3
175,000‌
175,162‌
Golub
Capital
Partners
CLO
54M
L.P,
Series
2021-54A,
Class
A
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.79%)
7.18%
08/05/33
1,2,3
90,000‌
89,576‌
Golub
Capital
Partners
CLO
69M,
Series
2023-69A,
Class
B1
(CME
Term
SOFR
3-Month
plus
3.25%)
8.66%
11/09/36
2,3
250,000‌
251,400‌
Harvest
Commercial
Capital
Loan
Trust,
Series
2019-1,
Class
A
3.29%
09/25/46
3,6
15,064‌
14,623‌
HPS
Loan
Management
Ltd.
Series
10A-16,
Class
A1RR
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.40%)
6.82%
04/20/34
1,2,3
85,000‌
84,743‌
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
2
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
HPS
Loan
Management
Ltd.,
Series
2023-18A,
Class
D
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
5.75%)
11.08%
07/20/36
1,2,3
$
175,000‌
$
179,370‌
KGS-Alpha
SBA
COOF
Trust,
Series
2015-1,
Class
A
(IO)
1.53%
10/25/35
3,6
814,550‌
25,008‌
Neuberger
Berman
Loan
Advisers
CLO
43
Ltd.,
Series
2021-43A,
Class
A
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.39%)
6.79%
07/17/35
1,2,3
85,000‌
85,104‌
OCP
CLO
Ltd.,
Series
2021-21A,
Class
B
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.96%)
7.38%
07/20/34
1,2,3
50,000‌
50,076‌
OCP
CLO
Ltd.,
Series
2023-28A,
Class
D
(United
Kingdom)
(CME
Term
SOFR
3-Month
plus
5.35%)
10.77%
07/16/36
1,2,3
250,000‌
254,676‌
Octagon
Investment
Partners
46
Ltd.,
Series
2020-2A,
Class
BR
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.91%)
7.31%
07/15/36
1,2,3
125,000‌
124,063‌
OHA
Credit
Funding
7
Ltd.,
Series
2020-7A,
Class
AR
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.30%)
6.70%
02/24/37
1,2,3
150,000‌
149,812‌
Park
Avenue
Institutional
Advisers
CLO
Ltd.,
Series
2021-1A,
Class
A2
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
2.01%)
7.43%
01/20/34
1,2,3
40,000‌
39,988‌
Progress
Residential
Trust,
Series
2019-SFR4,
Class
F
3.68%
10/17/36
3
161,000‌
156,337‌
Progress
Residential
Trust,
Series
2021-SFR6,
Class
G
4.00%
07/17/38
3
250,000‌
221,564‌
Progress
Residential
Trust,
Series
2021-SFR7,
Class
F
3.83%
08/17/40
3
220,000‌
182,738‌
Progress
Residential,
Series
2021-SFR1,
Class
F
2.76%
04/17/38
3
292,000‌
261,042‌
Progress
Residential,
Series
2021-SFR3,
Class
E1
2.54%
05/17/26
3
225,000‌
202,848‌
Progress
Residential,
Series
2021-SFR3,
Class
F
3.44%
05/17/26
3
200,000‌
179,463‌
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
Progress
Residential,
Series
2021-SFR4,
Class
F
3.41%
05/17/38
3
$
320,000‌
$
286,268‌
Rad
CLO
22
Ltd.,
Series
2023-22A,
Class
D
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
5.00%)
10.37%
01/20/37
1,2,3
100,000‌
101,850‌
Rockford
Tower
CLO
Ltd.,
Series
2017-3A,
Class
A
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.45%)
6.87%
10/20/30
1,2,3
104,374‌
104,509‌
Rockford
Tower
CLO
Ltd.,
Series
2021-1A,
Class
B
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.91%)
7.33%
07/20/34
1,2,3
75,000‌
74,613‌
Skyline
Aircraft
Finance
LLC,
Series
2021-1,
Class
A
3.23%
05/10/37
4,5,6
62,964‌
56,945‌
SLC
Student
Loan
Trust,
Series
2004-1,
Class
B
(SOFR90A
plus
0.55%)
5.89%
08/15/31
2
83,735‌
70,988‌
SLM
Student
Loan
Trust,
Series
2007-7,
Class
B
(SOFR90A
plus
1.01%)
6.35%
10/27/70
2
215,000‌
194,075‌
SLM
Student
Loan
Trust,
Series
2008-2,
Class
B
(SOFR90A
plus
1.46%)
6.80%
01/25/83
2
340,000‌
316,408‌
SLM
Student
Loan
Trust,
Series
2008-3,
Class
B
(SOFR90A
plus
1.46%)
6.80%
04/26/83
2
340,000‌
321,152‌
SLM
Student
Loan
Trust,
Series
2008-4,
Class
B
(SOFR90A
plus
2.11%)
7.45%
04/25/73
2
340,000‌
333,883‌
SLM
Student
Loan
Trust,
Series
2008-5,
Class
B
(SOFR90A
plus
2.11%)
7.45%
07/25/73
2
235,000‌
231,543‌
Stratus
CLO
Ltd.,
Series
2021-3A,
Class
SUB
(Cayman
Islands)
0.00%
12/29/29
1,3,6
250,000‌
149,225‌
Structured
Receivables
Finance
LLC,
Series
2010-A,
Class
B
7.61%
01/16/46
3
236,197‌
236,197‌
Structured
Receivables
Finance
LLC,
Series
2010-B,
Class
B
7.97%
08/15/36
3
270,000‌
276,672‌
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
3
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
Textainer
Marine
Containers
VII
Ltd.,
Series
2021-2A,
Class
A
(Bermuda)
2.23%
04/20/46
1,3
$
196,667‌
$
175,820‌
TIF
Funding
II
LLC,
Series
2021-1A,
Class
A
1.65%
02/20/46
3
411,616‌
350,941‌
Trestles
CLO
V
Ltd.,
Series
2021-5A,
Class
A1
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.43%)
6.85%
10/20/34
1,2,3
90,000‌
89,780‌
Tricon
American
Homes,
Series
2020-SFR1,
Class
D
2.55%
07/17/38
3
133,000‌
121,737‌
Total
Asset-Backed
Securities
(Cost
$10,036,735)
9,750,633‌
CORPORATES
—
23
.11
%
*
Banking
—
4
.43
%
Bank
of
America
Corp.
2.30%
07/21/32
6
15,000‌
12,261‌
3.42%
12/20/28
6
35,000‌
32,965‌
Bank
of
America
Corp.
(MTN)
1.90%
07/23/31
6
10,000‌
8,187‌
1.92%
10/24/31
6
415,000‌
337,543‌
2.88%
10/22/30
6
50,000‌
44,369‌
3.82%
01/20/28
6
110,000‌
105,758‌
Bank
of
America
Corp.,
Series
N
1.66%
03/11/27
6
80,000‌
74,119‌
Bank
of
America
Corp.,
Series
RR
4.38%
6,7
15,000‌
13,438‌
Comerica,
Inc.
5.63%
6,7
45,000‌
42,495‌
HSBC
Holdings
PLC
(United
Kingdom)
0.98%
05/24/25
1,6
10,000‌
9,804‌
1.59%
05/24/27
1,6
25,000‌
22,941‌
2.01%
09/22/28
1,6
115,000‌
102,446‌
2.36%
08/18/31
1,6
50,000‌
41,545‌
2.80%
05/24/32
1,6
20,000‌
16,715‌
6.33%
03/09/44
1,6
75,000‌
81,189‌
JPMorgan
Chase
&
Co.
1.58%
04/22/27
6
55,000‌
50,778‌
2.07%
06/01/29
6
25,000‌
22,189‌
2.58%
04/22/32
6
365,000‌
309,118‌
Lloyds
Banking
Group
PLC
(United
Kingdom)
4.98%
08/11/33
1,6
55,000‌
53,579‌
NatWest
Group
PLC
(United
Kingdom)
4.27%
03/22/25
1,6
40,000‌
39,860‌
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Banking
(continued)
PNC
Financial
Services
Group,
Inc.
(The)
5.07%
01/24/34
6
$
40,000‌
$
39,172‌
6.04%
10/28/33
6
35,000‌
36,624‌
6.88%
10/20/34
6
170,000‌
188,960‌
Santander
UK
Group
Holdings
PLC
(United
Kingdom)
1.09%
03/15/25
1,6
100,000‌
98,887‌
1.67%
06/14/27
1,6
50,000‌
45,532‌
U.S.
Bancorp
3.70%
6,7
15,000‌
11,849‌
4.84%
02/01/34
6
150,000‌
144,024‌
5.84%
06/12/34
6
40,000‌
41,327‌
5.85%
10/21/33
6
35,000‌
36,158‌
UBS
Group
AG
(Switzerland)
1.31%
02/02/27
1,3,6
30,000‌
27,487‌
2.59%
09/11/25
1,3,6
25,000‌
24,463‌
3.09%
05/14/32
1,3,6
15,000‌
12,793‌
4.19%
04/01/31
1,3,6
655,000‌
610,454‌
6.54%
08/12/33
1,3,6
55,000‌
58,644‌
UBS
Group
AG
(EMTN)
(Switzerland)
0.63%
01/18/33
1
100,000‌
83,476‌
Wells
Fargo
&
Co.
(MTN)
2.39%
06/02/28
6
75,000‌
68,727‌
3.35%
03/02/33
6
415,000‌
363,140‌
4.90%
07/25/33
6
55,000‌
53,611‌
5.57%
07/25/29
6
40,000‌
40,925‌
3,407,552‌
Communications
—
2
.06
%
Cable
One,
Inc.
4.00%
11/15/30
3
115,000‌
94,300‌
CCO
Holdings,
LLC/CCO
Holdings
Capital
Corp.
4.50%
06/01/33
3
75,000‌
63,844‌
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
4.80%
03/01/50
50,000‌
38,768‌
Charter
Communications
Operating,
LLC/Charter
Communications
Operating
Capital
5.25%
04/01/53
120,000‌
100,662‌
Cogent
Communications
Group,
Inc.
7.00%
06/15/27
3
38,000‌
38,466‌
CommScope,
Inc.
4.75%
09/01/29
3
95,000‌
64,837‌
CSC
Holdings
LLC
5.75%
01/15/30
3
15,000‌
9,353‌
6.50%
02/01/29
3
117,000‌
103,357‌
7.50%
04/01/28
3
48,000‌
35,954‌
DIRECTV
Financing
LLC/DIRECTV
Financing
Co.
Obligor,
Inc.
5.88%
08/15/27
3
30,000‌
28,189‌
Frontier
Communications
Holdings
LLC
6.75%
05/01/29
3
40,000‌
35,810‌
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
4
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Communications
(continued)
8.63%
03/15/31
3
$
111,000‌
$
113,272‌
Intelsat
Jackson
Holdings
SA
(Luxembourg)
6.50%
03/15/30
1,3
28,000‌
26,839‌
Northwest
Fiber
LLC/Northwest
Fiber
Finance
Sub,
Inc.
4.75%
04/30/27
3
30,000‌
28,800‌
Qwest
Corp.
7.25%
09/15/25
70,000‌
68,513‌
Scripps
Escrow,
Inc.
5.88%
07/15/27
3
66,000‌
58,760‌
SES
GLOBAL
Americas
Holdings,
Inc.
5.30%
03/25/44
3
200,000‌
156,478‌
Sirius
XM
Radio,
Inc.
3.88%
09/01/31
3
55,000‌
47,120‌
Sprint
Spectrum
Co.
LLC/Sprint
Spectrum
Co.
II
LLC/Sprint
Spectrum
Co.
III
LLC
4.74%
03/20/25
3
56,250‌
55,792‌
Tencent
Holdings
Ltd.
(Cayman
Islands)
3.98%
04/11/29
1,3
25,000‌
23,766‌
Time
Warner
Cable
LLC
5.50%
09/01/41
154,000‌
133,428‌
5.88%
11/15/40
10,000‌
9,121‌
T-Mobile
USA,
Inc.
2.25%
02/15/26
66,000‌
62,586‌
2.63%
04/15/26
38,000‌
36,177‌
VZ
Secured
Financing
BV
(Netherlands)
5.00%
01/15/32
1,3
175,000‌
150,218‌
1,584,410‌
Consumer
Discretionary
—
1
.54
%
BAT
Capital
Corp.
2.73%
03/25/31
25,000‌
20,993‌
4.39%
08/15/37
20,000‌
16,775‌
4.54%
08/15/47
175,000‌
134,652‌
5.65%
03/16/52
125,000‌
113,666‌
Central
Garden
&
Pet
Co.
4.13%
10/15/30
40,000‌
36,446‌
Edgewell
Personal
Care
Co.
5.50%
06/01/28
3
32,000‌
31,560‌
Everi
Holdings,
Inc.
5.00%
07/15/29
3
73,000‌
66,795‌
Imperial
Brands
Finance
PLC
(United
Kingdom)
3.13%
07/26/24
1,3
25,000‌
24,633‌
6.13%
07/27/27
1,3
70,000‌
71,910‌
JDE
Peet's
NV
(Netherlands)
2.25%
09/24/31
1,3
200,000‌
160,505‌
Spectrum
Brands,
Inc.
3.88%
03/15/31
3
25,000‌
22,723‌
5.50%
07/15/30
3
10,000‌
9,825‌
Triton
Water
Holdings,
Inc.
6.25%
04/01/29
3
134,000‌
117,417‌
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Consumer
Discretionary
(continued)
WarnerMedia
Holdings,
Inc.
4.28%
03/15/32
$
40,000‌
$
36,609‌
5.05%
03/15/42
70,000‌
61,796‌
5.14%
03/15/52
300,000‌
258,424‌
1,184,729‌
Consumer
Products
—
0
.12
%
Newell
Brands,
Inc.
6.50%
04/01/46
112,000‌
93,273‌
Diversified
REITs
—
0
.91
%
American
Assets
Trust
LP
3.38%
02/01/31
30,000‌
24,513‌
American
Tower
Corp.
1.00%
01/15/32
100,000‌
90,652‌
Digital
Intrepid
Holding
BV
(Netherlands)
0.63%
07/15/31
1
100,000‌
87,054‌
GLP
Capital
LP/GLP
Financing
II,
Inc.
3.25%
01/15/32
79,000‌
67,150‌
4.00%
01/15/30
10,000‌
9,145‌
4.00%
01/15/31
50,000‌
45,079‌
5.38%
04/15/26
65,000‌
64,639‌
5.75%
06/01/28
25,000‌
25,244‌
LXP
Industrial
Trust
2.38%
10/01/31
55,000‌
44,451‌
2.70%
09/15/30
35,000‌
29,045‌
VICI
Properties
LP
4.95%
02/15/30
10,000‌
9,723‌
5.13%
05/15/32
171,000‌
166,930‌
VICI
Properties
LP/VICI
Note
Co.,
Inc.
3.88%
02/15/29
3
5,000‌
4,597‌
4.13%
08/15/30
3
12,000‌
10,969‌
4.50%
09/01/26
3
5,000‌
4,897‌
4.50%
01/15/28
3
9,000‌
8,592‌
4.63%
06/15/25
3
5,000‌
4,915‌
697,595‌
Electric
—
1
.52
%
Alliant
Energy
Finance,
LLC
3.60%
03/01/32
3
55,000‌
48,544‌
American
Electric
Power
Co.,
Inc.
5.63%
03/01/33
60,000‌
62,589‌
Arizona
Public
Service
Co.
6.35%
12/15/32
245,000‌
266,588‌
Commonwealth
Edison
Co.
5.30%
02/01/53
130,000‌
132,739‌
Duke
Energy
Carolinas
LLC
5.35%
01/15/53
30,000‌
30,861‌
Duke
Energy
Corp.
3.85%
06/15/34
100,000‌
109,533‌
Entergy
Texas,
Inc.
3.45%
12/01/27
150,000‌
140,613‌
FirstEnergy
Transmission
LLC
2.87%
09/15/28
3
39,000‌
35,399‌
Jersey
Central
Power
&
Light
Co.
4.70%
04/01/24
3
55,000‌
54,811‌
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
5
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Electric
(continued)
Metropolitan
Edison
Co.
4.00%
04/15/25
3
$
75,000‌
$
73,045‌
Pike
Corp.
8.63%
01/31/31
3
35,000‌
36,842‌
TenneT
Holding
BV
(EMTN)
(Netherlands)
2.75%
05/17/42
1
105,000‌
108,447‌
Tucson
Electric
Power
Co.
5.50%
04/15/53
65,000‌
66,628‌
1,166,639‌
Energy
—
0
.88
%
Energy
Transfer
LP
5.00%
05/15/50
65,000‌
58,227‌
5.40%
10/01/47
49,000‌
45,841‌
5.50%
06/01/27
3,000‌
3,039‌
Global
Partners
LP/GLP
Finance
Corp.
6.88%
01/15/29
41,000‌
39,749‌
KeySpan
Gas
East
Corp.
5.99%
03/06/33
3
65,000‌
66,375‌
Kinder
Morgan
Energy
Partners
LP
5.00%
08/15/42
45,000‌
40,598‌
Petroleos
Mexicanos
(Mexico)
6.35%
02/12/48
1
5,000‌
3,195‌
Rockies
Express
Pipeline
LLC
4.80%
05/15/30
3
100,000‌
92,000‌
Southern
Co.
Gas
Capital
Corp.
3.88%
11/15/25
70,000‌
68,296‌
Sunoco
LP/Sunoco
Finance
Corp.
4.50%
05/15/29
56,000‌
52,034‌
4.50%
04/30/30
9,000‌
8,342‌
TransCanada
PipeLines
Ltd.
(Canada)
4.63%
03/01/34
1
5,000‌
4,739‌
TransMontaigne
Partners
LP/TLP
Finance
Corp.
6.13%
02/15/26
73,000‌
66,704‌
Venture
Global
Calcasieu
Pass
LLC
3.88%
08/15/29
3
60,000‌
54,205‌
Venture
Global
LNG,
Inc.
9.50%
02/01/29
3
35,000‌
37,049‌
9.88%
02/01/32
3
35,000‌
36,471‌
676,864‌
Finance
—
2
.55
%
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
(Ireland)
2.45%
10/29/26
1
75,000‌
69,495‌
3.30%
01/30/32
1
125,000‌
108,942‌
Air
Lease
Corp.
(MTN)
2.30%
02/01/25
75,000‌
72,414‌
American
Express
Co.,
Series
D
3.55%
6,7
15,000‌
12,938‌
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Finance
(continued)
Avolon
Holdings
Funding
Ltd.
(Cayman
Islands)
2.53%
11/18/27
1,3
$
185,000‌
$
164,070‌
3.25%
02/15/27
1,3
15,000‌
13,899‌
Capital
One
Financial
Corp.
3.27%
03/01/30
6
40,000‌
35,747‌
Charles
Schwab
Corp.
(The)
Series
K
5.00%
6,7
15,000‌
13,579‌
Citigroup,
Inc.
2.52%
11/03/32
6
185,000‌
152,409‌
2.57%
06/03/31
6
160,000‌
136,757‌
2.98%
11/05/30
6
20,000‌
17,846‌
3.52%
10/27/28
6
5,000‌
4,732‌
GGAM
Finance
Ltd.
(Cayman
Islands)
8.00%
02/15/27
1,3
35,000‌
35,920‌
8.00%
06/15/28
1,3
68,000‌
70,040‌
Goldman
Sachs
Group,
Inc.
(The)
1.54%
09/10/27
6
235,000‌
213,352‌
1.95%
10/21/27
6
10,000‌
9,157‌
2.38%
07/21/32
6
120,000‌
98,732‌
(SOFR
Rate
plus
0.49%)
5.86%
10/21/24
2
30,000‌
29,967‌
Icahn
Enterprises
LP/Icahn
Enterprises
Finance
Corp.
4.38%
02/01/29
27,000‌
22,680‌
5.25%
05/15/27
72,000‌
65,250‌
9.75%
01/15/29
3
20,000‌
20,441‌
Jane
Street
Group/JSG
Finance,
Inc.
4.50%
11/15/29
3
74,000‌
69,153‌
JPMorgan
Chase
&
Co.
1.04%
02/04/27
6
175,000‌
160,892‌
Morgan
Stanley
0.79%
05/30/25
6
120,000‌
117,345‌
2.48%
09/16/36
6
110,000‌
87,383‌
Morgan
Stanley
(MTN)
1.93%
04/28/32
6
135,000‌
108,352‌
Nationwide
Building
Society
(United
Kingdom)
2.97%
02/16/28
1,3,6
50,000‌
46,520‌
1,958,012‌
Food
—
0
.84
%
B&G
Foods,
Inc.
5.25%
04/01/25
11,000‌
10,890‌
H-Food
Holdings
LLC/Hearthside
Finance
Co.,
Inc.
8.50%
06/01/26
3
66,000‌
6,600‌
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
Luxembourg
Sarl
(Canada)
6.75%
03/15/34
1,3
135,000‌
142,169‌
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
(Canada)
3.75%
12/01/31
1
52,000‌
44,811‌
5.50%
01/15/30
1
25,000‌
24,593‌
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
6
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Food
(continued)
6.50%
12/01/52
1
$
10,000‌
$
10,054‌
Pilgrim's
Pride
Corp.
3.50%
03/01/32
36,000‌
30,525‌
4.25%
04/15/31
25,000‌
22,605‌
6.25%
07/01/33
135,000‌
139,089‌
Post
Holdings,
Inc.
5.75%
03/01/27
3
98,000‌
97,755‌
Simmons
Foods,
Inc./Simmons
Prepared
Foods,
Inc./
Simmons
Pet
Food,
Inc./Simmons
Feed
4.63%
03/01/29
3
95,000‌
82,467‌
Smithfield
Foods,
Inc.
2.63%
09/13/31
3
45,000‌
35,007‌
646,565‌
Gaming
—
0
.13
%
Penn
Entertainment,
Inc.
4.13%
07/01/29
3
79,000‌
68,039‌
5.63%
01/15/27
3
36,000‌
34,933‌
102,972‌
Health
Care
—
2
.06
%
1375209
BC
Ltd.
(Canada)
9.00%
01/30/28
1,3
69,000‌
67,334‌
AbbVie,
Inc.
3.60%
05/14/25
50,000‌
49,140‌
Amgen,
Inc.
4.20%
02/22/52
25,000‌
21,216‌
Bayer
U.S.
Finance
II
LLC
2.85%
04/15/25
3
20,000‌
19,290‌
4.38%
12/15/28
3
70,000‌
66,585‌
4.63%
06/25/38
3
156,000‌
134,175‌
4.88%
06/25/48
3
50,000‌
42,224‌
Cano
Health
LLC
6.25%
10/01/28
3
26,000‌
1,996‌
Catalent
Pharma
Solutions,
Inc.
3.13%
02/15/29
3
115,000‌
100,769‌
Centene
Corp.
3.00%
10/15/30
134,000‌
116,219‌
4.25%
12/15/27
49,000‌
47,251‌
CommonSpirit
Health
2.78%
10/01/30
40,000‌
34,723‌
DENTSPLY
SIRONA,
Inc.
3.25%
06/01/30
45,000‌
39,799‌
Embecta
Corp.
5.00%
02/15/30
3
28,000‌
23,822‌
6.75%
02/15/30
3
53,000‌
46,356‌
Encompass
Health
Corp.
4.50%
02/01/28
20,000‌
19,275‌
Fortrea
Holdings,
Inc.
7.50%
07/01/30
3
35,000‌
36,150‌
Fresenius
Medical
Care
U.S.
Finance
III,
Inc.
1.88%
12/01/26
3
30,000‌
27,108‌
Grifols
SA
(Spain)
4.75%
10/15/28
1,3
94,000‌
85,681‌
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Health
Care
(continued)
HCA,
Inc.
5.25%
04/15/25
$
12,000‌
$
11,994‌
5.25%
06/15/49
80,000‌
74,469‌
5.50%
06/15/47
15,000‌
14,498‌
5.63%
09/01/28
14,000‌
14,334‌
Kedrion
SpA
(Italy)
6.50%
09/01/29
1,3
90,000‌
82,350‌
ModivCare
Escrow
Issuer,
Inc.
5.00%
10/01/29
3
90,000‌
73,719‌
Option
Care
Health,
Inc.
4.38%
10/31/29
3
72,000‌
65,721‌
Prestige
Brands,
Inc.
3.75%
04/01/31
3
116,000‌
101,531‌
Prime
Healthcare
Services,
Inc.
7.25%
11/01/25
3
90,000‌
88,131‌
Tenet
Healthcare
Corp.
4.88%
01/01/26
65,000‌
64,331‌
Universal
Health
Services,
Inc.
1.65%
09/01/26
15,000‌
13,664‌
1,583,855‌
Health
Care
REITs
—
0
.16
%
Healthcare
Reality
Holdings
LP
2.00%
03/15/31
25,000‌
20,026‌
3.10%
02/15/30
30,000‌
26,308‌
Healthcare
Realty
Holdings
LP
2.05%
03/15/31
10,000‌
7,814‌
3.63%
01/15/28
70,000‌
64,617‌
118,765‌
Industrial
REITs
—
0
.01
%
Rexford
Industrial
Realty
LP
2.15%
09/01/31
5,000‌
4,019‌
Industrials
—
1
.30
%
Advanced
Drainage
Systems,
Inc.
6.38%
06/15/30
3
14,000‌
14,114‌
Ardagh
Packaging
Finance
PLC/Ardagh
Holdings
USA,
Inc.
(Canada)
5.25%
08/15/27
1,3
90,000‌
70,036‌
Artera
Services
LLC
9.03%
12/04/25
3
38,000‌
36,077‌
Ball
Corp.
6.88%
03/15/28
91,000‌
94,878‌
Berry
Global,
Inc.
1.65%
01/15/27
5,000‌
4,505‌
4.88%
07/15/26
3
50,000‌
49,167‌
5.50%
04/15/28
3
115,000‌
116,613‌
Boeing
Co.
(The)
1.43%
02/04/24
60,000‌
59,776‌
4.88%
05/01/25
10,000‌
9,959‌
Energizer
Holdings,
Inc.
4.38%
03/31/29
3
46,000‌
41,439‌
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
7
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Industrials
(continued)
General
Electric
Co.
(MTN)
(CME
Term
SOFR
3-Month
plus
0.74%)
6.12%
08/15/36
2
$
325,000‌
$
296,831‌
OT
Merger
Corp.
7.88%
10/15/29
3
123,000‌
74,589‌
TransDigm,
Inc.
6.75%
08/15/28
3
97,000‌
99,635‌
Trivium
Packaging
Finance
BV
(Netherlands)
5.50%
08/15/26
1,3
30,000‌
29,465‌
997,084‌
Information
Technology
—
0
.76
%
Fiserv,
Inc.
5.60%
03/02/33
115,000‌
120,381‌
5.63%
08/21/33
15,000‌
15,721‌
Gen
Digital,
Inc.
6.75%
09/30/27
3
65,000‌
66,204‌
NCR
Voyix
Corp.
5.13%
04/15/29
3
42,000‌
40,019‌
Netflix,
Inc.
5.88%
02/15/25
50,000‌
50,411‌
Open
Text
Corp.
(Canada)
6.90%
12/01/27
1,3
18,000‌
18,675‌
Oracle
Corp.
3.80%
11/15/37
10,000‌
8,519‌
3.95%
03/25/51
193,000‌
151,878‌
6.50%
04/15/38
70,000‌
77,356‌
RingCentral,
Inc.
8.50%
08/15/30
3
35,000‌
35,825‌
584,989‌
Insurance
—
1
.07
%
Acrisure
LLC/Acrisure
Finance,
Inc.
6.00%
08/01/29
3
77,000‌
70,455‌
Alliant
Holdings
Intermediate
LLC/Alliant
Holdings
Co.-Issuer
6.75%
10/15/27
3
66,000‌
65,917‌
Aon
Corp./Aon
Global
Holdings
PLC
3.90%
02/28/52
55,000‌
43,786‌
Athene
Global
Funding
1.61%
06/29/26
3
30,000‌
27,198‌
1.99%
08/19/28
3
100,000‌
86,476‌
3.21%
03/08/27
3
25,000‌
22,970‌
(SOFR
Index
plus
0.70%)
6.10%
05/24/24
2,3
30,000‌
29,981‌
Brown
&
Brown,
Inc.
4.95%
03/17/52
40,000‌
35,466‌
Farmers
Exchange
Capital
II
6.15%
11/01/53
3,6
50,000‌
47,255‌
Farmers
Insurance
Exchange
4.75%
11/01/57
3,6
25,000‌
19,283‌
HUB
International
Ltd.
7.00%
05/01/26
3
15,000‌
15,075‌
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Insurance
(continued)
Metropolitan
Life
Global
Funding
I
4.30%
08/25/29
3
$
150,000‌
$
146,046‌
Nationwide
Mutual
Insurance
Co.
7.94%
12/15/24
3,6
75,000‌
74,937‌
Teachers
Insurance
&
Annuity
Association
of
America
4.27%
05/15/47
3
65,000‌
56,502‌
Willis
North
America,
Inc.
5.35%
05/15/33
80,000‌
80,930‌
822,277‌
Materials
—
0
.71
%
ASP
Unifrax
Holdings,
Inc.
5.25%
09/30/28
3
30,000‌
21,937‌
ATI,
Inc.
7.25%
08/15/30
35,000‌
36,575‌
Axalta
Coating
Systems,
LLC
3.38%
02/15/29
3
76,000‌
68,529‌
Clearwater
Paper
Corp.
4.75%
08/15/28
3
112,000‌
104,433‌
International
Flavors
&
Fragrances,
Inc.
2.30%
11/01/30
3
201,000‌
166,368‌
3.27%
11/15/40
3
5,000‌
3,587‌
3.47%
12/01/50
3
15,000‌
10,269‌
4.38%
06/01/47
20,000‌
15,452‌
5.00%
09/26/48
15,000‌
12,778‌
SK
Invictus
Intermediate
II
SARL
(Luxembourg)
5.00%
10/30/29
1,3
45,000‌
39,087‌
Valvoline,
Inc.
3.63%
06/15/31
3
80,000‌
68,419‌
547,434‌
Office
REITs
—
0
.16
%
Hudson
Pacific
Properties
LP
3.25%
01/15/30
105,000‌
78,954‌
3.95%
11/01/27
25,000‌
20,957‌
4.65%
04/01/29
30,000‌
24,373‌
124,284‌
Residential
REITs
—
0
.32
%
American
Homes
4
Rent
LP
3.38%
07/15/51
40,000‌
27,580‌
4.30%
04/15/52
50,000‌
40,693‌
Invitation
Homes
Operating
Partnership
LP
2.00%
08/15/31
170,000‌
135,501‌
5.50%
08/15/33
40,000‌
40,095‌
243,869‌
Retail
—
0
.38
%
Ferrellgas
LP/Ferrellgas
Finance
Corp.
5.88%
04/01/29
3
80,000‌
75,768‌
Fertitta
Entertainment,
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.
6.75%
01/15/30
3
91,000‌
80,401‌
LCM
Investments
Holdings
II
LLC
8.25%
08/01/31
3
35,000‌
36,490‌
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
8
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Retail
(continued)
Michaels
Cos.,
Inc.
(The)
7.88%
05/01/29
3
$
93,000‌
$
58,651‌
Raising
Cane's
Restaurants
LLC
9.38%
05/01/29
3
35,000‌
37,370‌
288,680‌
Services
—
0
.60
%
Adtalem
Global
Education,
Inc.
5.50%
03/01/28
3
76,000‌
73,767‌
HealthEquity,
Inc.
4.50%
10/01/29
3
75,000‌
69,500‌
Hertz
Corp.
(The)
4.63%
12/01/26
3
3,000‌
2,713‌
5.00%
12/01/29
3
89,000‌
73,255‌
Upbound
Group,
Inc.
6.38%
02/15/29
3
74,000‌
69,765‌
VT
Topco,
Inc.
8.50%
08/15/30
3
70,000‌
72,932‌
WASH
Multifamily
Acquisition,
Inc.
5.75%
04/15/26
3
60,000‌
58,329‌
Waste
Pro
USA,
Inc.
5.50%
02/15/26
3
42,000‌
40,472‌
460,733‌
Specialized
REITs
—
0
.33
%
Blackstone
Property
Partners
Europe
Holdings
SARL
(EMTN)
(Luxembourg)
1.63%
04/20/30
1
100,000‌
88,621‌
Extra
Space
Storage
LP
2.35%
03/15/32
95,000‌
77,506‌
2.40%
10/15/31
50,000‌
41,263‌
2.55%
06/01/31
15,000‌
12,486‌
Greystar
Real
Estate
Partners
LLC
7.75%
09/01/30
3
35,000‌
36,750‌
256,626‌
Transportation
—
0
.27
%
JetBlue
Airways
Pass-Through
Trust,
Series
2020-1,
Class
A
4.00%
11/15/32
80,369‌
73,501‌
United
Airlines
Pass-Through
Trust,
Series
2023-1,
Class
A
5.80%
01/15/36
135,000‌
137,147‌
210,648‌
Total
Corporates
(Cost
$17,835,231)
17,761,874‌
MORTGAGE-BACKED
—
46
.61
%
**
Non-Agency
Commercial
Mortgage-Backed
—
3
.38
%
Banc
of
America
Commercial
Mortgage
Trust,
Series
2015-UBS7,
Class
XE
(IO)
1.25%
09/15/48
3,6
1,500,000‌
24,428‌
Banc
of
America
Merrill
Lynch
Commercial
Mortgage
Trust,
Series
2019-BPR,
Class
AMP
3.29%
11/05/32
3
100,000‌
91,625‌
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
BX
Commercial
Mortgage
Trust,
Series
2021-VOLT,
Class
F
(CME
Term
SOFR
1-Month
plus
2.51%)
7.88%
09/15/36
2,3
$
100,000‌
$
94,604‌
BXHPP
Trust,
Series
2021-FILM,
Class
C
(CME
Term
SOFR
1-Month
plus
1.21%)
6.58%
08/15/36
2,3
120,000‌
107,904‌
BXHPP
Trust,
Series
2021-FILM,
Class
D
(CME
Term
SOFR
1-Month
plus
1.61%)
6.98%
08/15/36
2,3
100,000‌
87,080‌
Citigroup
Commercial
Mortgage
Trust,
Series
2014-GC25,
Class
XA
(IO)
0.94%
10/10/47
6
3,871,665‌
20,443‌
Citigroup
Commercial
Mortgage
Trust,
Series
2016-P4,
Class
XA
(IO)
1.89%
07/10/49
6
1,933,225‌
66,759‌
Citigroup
Commercial
Mortgage
Trust,
Series
2020-555,
Class
G
3.50%
12/10/41
3,6
200,000‌
133,887‌
COBALT
CMBS
Commercial
Mortgage
Trust,
Series
2007-C2,
Class
X
(IO)
0.44%
04/15/47
3,6
1,083,713‌
4,850‌
Commercial
Mortgage
Trust,
Series
2012-CR3,
Class
XA
(IO)
0.88%
10/15/45
6
137,567‌
638‌
Commercial
Mortgage
Trust,
Series
2013-CR12,
Class
XA
(IO)
0.72%
10/10/46
6
386,673‌
20‌
Commercial
Mortgage
Trust,
Series
2020-CBM,
Class
XCP
(IO)
0.60%
02/10/37
3,6
1,667,987‌
7,903‌
Credit
Suisse
Mortgage
Capital
Trust,
Series
2014-USA,
Class
X1
(IO)
0.54%
09/15/37
3,6
9,783,817‌
59,997‌
CSAIL
Commercial
Mortgage
Trust,
Series
2015-C1,
Class
XA
(IO)
0.80%
04/15/50
6
1,611,296‌
7,035‌
CSMC,
Series
2018-SITE,
Class
B
4.53%
04/15/36
3
100,000‌
98,551‌
DROP
Mortgage
Trust,
Series
2021-FILE,
Class
D
(CME
Term
SOFR
1-Month
plus
2.86%)
8.23%
10/15/43
2,3
150,000‌
108,283‌
European
Loan
Conduit
No.
36
DAC,
Series
36A,
Class
E
(Ireland)
(3-Month
Euribor
plus
3.35%)
7.34%
02/17/30
1,2,3
95,559‌
101,541‌
FREMF
Mortgage
Trust,
Series
2017-K66,
Class
X2A
(IO)
0.10%
06/25/27
3
42,462,609‌
109,231‌
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
9
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
FREMF
Mortgage
Trust,
Series
2017-K726,
Class
X2B
(IO)
0.10%
07/25/49
3
$
25,000,000‌
$
6,377‌
Frost
CMBS
DAC,
Series
2021-1X,
Class
EUA
(Ireland)
(3-Month
Euribor
plus
1.15%)
5.15%
11/20/33
1,2
98,628‌
103,962‌
GS
Mortgage
Securities
Corp.
Trust,
Series
2020-UPTN,
Class
XA
(IO)
0.35%
02/10/37
3,6
940,000‌
2,669‌
GS
Mortgage
Securities
Trust,
Series
2014-GC24,
Class
XA
(IO)
0.68%
09/10/47
6
2,471,817‌
5,390‌
GS
Mortgage
Securities
Trust,
Series
2015-GC32,
Class
XA
(IO)
0.68%
07/10/48
6
4,396,530‌
35,909‌
Impact
Funding
Affordable
Multifamily
Housing
Mortgage
Loan
Trust,
Series
2010-1,
Class
A1
5.31%
01/25/51
3
33,803‌
33,194‌
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2014-C22,
Class
XA
(IO)
0.78%
09/15/47
6
6,549,401‌
12,804‌
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2014-C25,
Class
XA
(IO)
0.80%
11/15/47
6
4,371,502‌
15,928‌
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2014-C26,
Class
XA
(IO)
0.92%
01/15/48
6
2,373,959‌
10,404‌
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2018-C8,
Class
XEF
(IO)
1.76%
06/15/51
3,6
1,157,000‌
73,698‌
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2019-ICON,
Class
C
4.54%
01/05/34
3
72,000‌
68,742‌
Ladder
Capital
Commercial
Mortgage
Trust,
Series
2013-GCP,
Class
XA
(IO)
1.15%
02/15/36
3,6
1,391,199‌
52,918‌
Med
Trust,
Series
2021-MDLN,
Class
G
(CME
Term
SOFR
1-Month
plus
5.36%)
10.73%
11/15/38
2,3
99,522‌
95,136‌
MKT
Mortgage
Trust,
Series
2020-525M,
Class
D
2.94%
02/12/40
3,6
286,000‌
141,356‌
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2013-C9,
Class
XB
(IO)
0.10%
05/15/46
3,6
9,022,624‌
4,944‌
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2014-C19,
Class
XA
(IO)
0.95%
12/15/47
6
2,587,070‌
9,340‌
Natixis
Commercial
Mortgage
Securities
Trust,
Series
2018-ALXA,
Class
E
4.32%
01/15/43
3,6
180,000‌
93,805‌
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
SFAVE
Commercial
Mortgage
Securities
Trust,
Series
2015-5AVE,
Class
A1
3.87%
01/05/43
3,6
$
220,000‌
$
157,127‌
SFAVE
Commercial
Mortgage
Securities
Trust,
Series
2015-5AVE,
Class
D
4.39%
01/05/43
3,6
200,000‌
94,169‌
SMRT,
Series
2022-MINI,
Class
E
(CME
Term
SOFR
1-Month
plus
2.70%)
8.06%
01/15/39
2,3
100,000‌
94,276‌
VASA
Trust,
Series
2021-VASA,
Class
B
(CME
Term
SOFR
1-Month
plus
1.36%)
6.73%
07/15/39
2,3
300,000‌
239,837‌
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-NXS2,
Class
XA
(IO)
0.59%
07/15/58
6
3,024,792‌
19,446‌
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2016-NXS6,
Class
XA
(IO)
1.59%
11/15/49
6
3,247,290‌
95,179‌
WF-RBS
Commercial
Mortgage
Trust,
Series
2013-C14,
Class
XA
(IO)
0.35%
06/15/46
6
88,657‌
167‌
WF-RBS
Commercial
Mortgage
Trust,
Series
2014-C21,
Class
XA
(IO)
0.98%
08/15/47
6
2,985,009‌
6,683‌
2,598,239‌
Non-Agency
Mortgage-Backed
—
27
.44
%
ACE
Securities
Corp.
Home
Equity
Loan
Trust,
Series
2007-ASP1,
Class
A2D
(CME
Term
SOFR
1-Month
plus
0.87%)
6.23%
03/25/37
2
368,351‌
148,471‌
ACE
Securities
Corp.
Home
Equity
Loan
Trust,
Series
2007-HE1,
Class
A1
(CME
Term
SOFR
1-Month
plus
0.41%)
5.77%
01/25/37
2
575,956‌
299,561‌
Ajax
Mortgage
Loan
Trust,
Series
2021-C,
Class
A
(STEP-reset
date
01/25/24)
2.12%
01/25/61
3
275,238‌
267,210‌
Alternative
Loan
Trust,
Series
2005-10CB,
Class
1A8
5.50%
05/25/35
312,299‌
259,673‌
Alternative
Loan
Trust,
Series
2005-59,
Class
1A1
(CME
Term
SOFR
1-Month
plus
0.77%)
6.13%
11/20/35
2
320,376‌
293,711‌
Alternative
Loan
Trust,
Series
2007-15CB,
Class
A7
6.00%
07/25/37
464,744‌
277,509‌
American
Home
Mortgage
Assets
Trust,
Series
2007-1,
Class
A1
(Federal
Reserve
US
12-Month
Cumulative
Average
plus
0.70%)
5.71%
02/25/47
2
707,673‌
276,153‌
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
10
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
APS
Resecuritization
Trust,
Series
2016-3,
Class
3MZ
2.22%
09/27/46
3,6
$
390,249‌
$
192,739‌
Banc
of
America
Funding
Trust,
Series
2006-7,
Class
T2A3
5.69%
10/25/36
6
221,310‌
189,766‌
Banc
of
America
Funding
Trust,
Series
2014-R5,
Class
1A2
(TSFR6M
plus
1.93%)
3.88%
09/26/45
2,3
250,555‌
183,294‌
Banc
of
America
Funding
Trust,
Series
2015-R3,
Class
1A2
3.79%
03/27/36
3,6
382,326‌
300,556‌
BRAVO
Residential
Funding
Trust,
Series
2021-A,
Class
A1
(STEP-reset
date
01/25/24)
1.99%
10/25/59
3
269,847‌
264,969‌
Carrington
Mortgage
Loan
Trust,
Series
2006-NC4,
Class
A4
(CME
Term
SOFR
1-Month
plus
0.35%)
5.71%
10/25/36
2
175,000‌
156,829‌
Carrington
Mortgage
Loan
Trust,
Series
2007-RFC1,
Class
A3
(CME
Term
SOFR
1-Month
plus
0.25%)
5.61%
12/25/36
2
95,901‌
92,771‌
CIM
Trust,
Series
2020-R6,
Class
A1
2.25%
12/25/60
3,6
312,753‌
260,873‌
CIM
Trust,
Series
2021-NR1,
Class
A1
(STEP-reset
date
02/25/24)
2.57%
07/25/55
3
170,688‌
168,506‌
CIM
Trust,
Series
2021-NR2,
Class
A1
(STEP-reset
date
02/25/24)
2.57%
07/25/59
3
97,579‌
96,248‌
CIM
Trust,
Series
2021-R1,
Class
A2
2.40%
08/25/56
3,6
353,551‌
311,327‌
CIM
Trust,
Series
2021-R3,
Class
A1A
1.95%
06/25/57
3,6
61,906‌
54,522‌
CIM
Trust,
Series
2021-R5,
Class
A1B
2.00%
08/25/61
3,6
115,000‌
74,644‌
CIM
Trust,
Series
2022-NR1,
Class
A1
(STEP-reset
date
02/25/24)
5.00%
07/25/62
3
84,954‌
82,178‌
CIM
Trust,
Series
2023-NR1,
Class
A1
(STEP-reset
date
02/25/24)
6.00%
06/25/62
3
276,610‌
269,379‌
CIM
Trust,
Series
2023-NR2,
Class
A1
(STEP-reset
date
02/25/24)
6.00%
06/25/62
3
303,420‌
293,983‌
CIM
Trust,
Series
2023-R3,
Class
A1A
4.50%
01/25/63
3,6
239,795‌
222,348‌
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
CIT
Mortgage
Loan
Trust,
Series
2007-1,
Class
1M2
(CME
Term
SOFR
1-Month
plus
1.86%)
7.22%
10/25/37
2,3
$
240,000‌
$
208,095‌
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
2005-WF2,
Class
AF6A
(STEP-reset
date
02/25/24)
6.13%
08/25/35
316,819‌
287,120‌
COLT
Mortgage
Loan
Trust,
Series
2021-2,
Class
A1
0.92%
08/25/66
3,6
102,080‌
82,148‌
COLT
Mortgage
Loan
Trust,
Series
2021-HX1,
Class
A1
1.11%
10/25/66
3,6
318,899‌
247,588‌
Conseco
Finance
Corp.,
Series
1999-5,
Class
A5
7.86%
03/01/30
6
70,970‌
26,147‌
Credit
Suisse
Mortgage
Capital
Trust,
Series
2015-12R,
Class
2A2
3.19%
11/30/37
3,6
91,007‌
81,383‌
Credit
Suisse
Mortgage
Capital
Trust,
Series
2021-RPL4,
Class
A1
1.80%
12/27/60
3,6
206,994‌
200,284‌
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Mortgage
Loan
Trust,
Series
2007-CB2,
Class
A2C
(STEP-reset
date
02/25/24)
3.54%
02/25/37
226,939‌
129,534‌
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Mortgage
Loan
Trust,
Series
2007-CB3,
Class
A3
(STEP-reset
date
02/25/24)
3.32%
03/25/37
805,246‌
300,417‌
Cross
Mortgage
Trust,
Series
2023-H1,
Class
A1
(STEP-reset
date
02/25/24)
6.62%
03/25/68
3
263,944‌
266,656‌
CSMC
Mortgage-Backed
Trust,
Series
2007-5,
Class
1A9
7.00%
08/25/37
6
426,371‌
246,231‌
CSMC
Trust,
Series
2021-RPL7,
Class
A1
1.93%
07/27/61
3,6
342,608‌
329,022‌
Deutsche
ALT-A
Securities
Mortgage
Loan
Trust,
Series
2007-AR3,
Class
2A5
(CME
Term
SOFR
1-Month
plus
0.51%)
5.87%
06/25/37
2
293,001‌
247,297‌
Ellington
Financial
Mortgage
Trust,
Series
2021-3,
Class
A1
1.24%
09/25/66
3,6
82,782‌
65,991‌
Fannie
Mae
Connecticut
Avenue
Securities,
Series
2019-R04,
Class
2B1
(SOFR30A
plus
5.36%)
10.70%
06/25/39
2,3
171,246‌
180,941‌
Fannie
Mae
Connecticut
Avenue
Securities,
Series
2019-R06,
Class
2B1
(SOFR30A
plus
3.86%)
9.20%
09/25/39
2,3
67,833‌
69,873‌
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
11
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Fannie
Mae
Connecticut
Avenue
Securities,
Series
2021-R03,
Class
1B1
(SOFR30A
plus
2.75%)
8.09%
12/25/41
2,3
$
150,000‌
$
151,552‌
First
Franklin
Mortgage
Loan
Trust,
Series
2006-FF18,
Class
A2B
(CME
Term
SOFR
1-Month
plus
0.33%)
5.69%
12/25/37
2
268,996‌
233,812‌
First
Franklin
Mortgage
Loan
Trust,
Series
2007-FF1,
Class
A2D
(CME
Term
SOFR
1-Month
plus
0.55%)
5.91%
01/25/38
2
724,117‌
374,356‌
First
Franklin
Mortgage
Loan
Trust,
Series
2007-FF2,
Class
A2B
(CME
Term
SOFR
1-Month
plus
0.31%)
5.67%
03/25/37
2
520,935‌
251,155‌
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-HQA2,
Class
M2
(SOFR30A
plus
2.05%)
7.39%
12/25/33
2,3
120,000‌
118,558‌
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2022-DNA1,
Class
M1B
(SOFR30A
plus
1.85%)
7.19%
01/25/42
2,3
150,000‌
150,334‌
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2022-DNA1,
Class
M2
(SOFR30A
plus
2.50%)
7.84%
01/25/42
2,3
200,000‌
201,318‌
GMACM
Mortgage
Corp.
Loan
Trust,
Series
2006-AR1,
Class
1A1
3.36%
04/19/36
6
179,538‌
139,246‌
GreenPoint
Mortgage
Funding
Trust,
Series
2005-AR1,
Class
A2
(CME
Term
SOFR
1-Month
plus
0.55%)
5.91%
06/25/45
2
85,241‌
80,461‌
GSAA
Home
Equity
Trust,
Series
2006-1,
Class
A3
(CME
Term
SOFR
1-Month
plus
0.77%)
6.13%
01/25/36
2
687,418‌
292,801‌
GSAA
Home
Equity
Trust,
Series
2006-10,
Class
AF3
5.98%
06/25/36
6
575,690‌
143,293‌
GSAA
Home
Equity
Trust,
Series
2006-6,
Class
AF3
5.73%
03/25/36
6
533,650‌
155,528‌
GSAA
Home
Equity
Trust,
Series
2007-4,
Class
A2
(CME
Term
SOFR
1-Month
plus
0.51%)
5.87%
03/25/37
2
1,020,496‌
283,900‌
GSAA
Home
Equity
Trust,
Series
2007-5,
Class
1AF6
(STEP-reset
date
02/25/24)
5.91%
05/25/37
685,765‌
240,343‌
GSAA
Home
Equity
Trust,
Series
2007-5,
Class
2A1B
(CME
Term
SOFR
1-Month
plus
0.39%)
5.75%
04/25/47
2
1,739,354‌
309,932‌
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
GSAA
Trust,
Series
2006-7,
Class
AF3
(STEP-reset
date
02/25/24)
6.72%
03/25/46
$
687,238‌
$
268,476‌
GSAMP
Trust,
Series
2007-NC1,
Class
A2C
(CME
Term
SOFR
1-Month
plus
0.26%)
5.62%
12/25/46
2
249,180‌
120,065‌
HarborView
Mortgage
Loan
Trust,
Series
2005-3,
Class
1A
(CME
Term
SOFR
1-Month
plus
0.63%)
5.99%
06/19/35
2
296,086‌
166,053‌
HarborView
Mortgage
Loan
Trust,
Series
2006-4,
Class
1A1A
(CME
Term
SOFR
1-Month
plus
0.47%)
5.83%
05/19/46
2
589,939‌
304,910‌
HarborView
Mortgage
Loan
Trust,
Series
2006-5,
Class
1A1A
(Federal
Reserve
US
12-Month
Cumulative
Average
plus
0.91%)
5.92%
07/19/47
2
310,504‌
117,791‌
HSI
Asset
Loan
Obligation
Trust,
Series
2007-2,
Class
2A12
6.00%
09/25/37
216,400‌
166,592‌
HSI
Asset
Securitization
Corp.
Trust,
Series
2007-OPT1,
Class
1A
(CME
Term
SOFR
1-Month
plus
0.25%)
5.61%
12/25/36
2
196,204‌
165,260‌
Impac
CMB
Trust,
Series
2004-4,
Class
1A2
(CME
Term
SOFR
1-Month
plus
0.73%)
6.09%
09/25/34
2
36,311‌
36,154‌
Impac
CMB
Trust,
Series
2004-6,
Class
1A2
(CME
Term
SOFR
1-Month
plus
0.89%)
6.25%
10/25/34
2
66,062‌
65,021‌
IndyMac
Index
Mortgage
Loan
Trust,
Series
2005-AR25,
Class
2A1
3.72%
12/25/35
6
208,524‌
170,288‌
IndyMac
Index
Mortgage
Loan
Trust,
Series
2007-AR5,
Class
2A1
3.28%
05/25/37
6
201,242‌
157,675‌
IndyMac
Manufactured
Housing
Contract
Pass-Through
Certificates,
Series
1997-1,
Class
A3
6.61%
02/25/28
21,906‌
21,702‌
IndyMac
Manufactured
Housing
Contract
Pass-Through
Certificates,
Series
1997-1,
Class
A4
6.75%
02/25/28
9,222‌
9,137‌
IndyMac
Manufactured
Housing
Contract
Pass-Through
Certificates,
Series
1998-1,
Class
A4
6.49%
09/25/28
22,697‌
22,791‌
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
12
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
IndyMac
Manufactured
Housing
Contract
Pass-Through
Certificates,
Series
1998-1,
Class
A5
6.96%
09/25/28
6
$
54,707‌
$
54,350‌
JPMorgan
Mortgage
Acquisition
Trust,
Series
2007-HE1,
Class
AF6
(STEP-reset
date
02/25/24)
4.27%
03/25/47
604,385‌
404,268‌
Long
Beach
Mortgage
Loan
Trust,
Series
2006-9,
Class
2A3
(CME
Term
SOFR
1-Month
plus
0.43%)
5.79%
10/25/36
2
392,106‌
128,251‌
Luminent
Mortgage
Trust,
Series
2006-5,
Class
A1A
(CME
Term
SOFR
1-Month
plus
0.49%)
5.85%
07/25/36
2
256,455‌
170,776‌
MASTR
Adjustable
Rate
Mortgages
Trust,
Series
2007-1,
Class
I1A
(CME
Term
SOFR
1-Month
plus
0.50%)
5.86%
01/25/47
2
432,831‌
183,508‌
MASTR
Adjustable
Rate
Mortgages
Trust,
Series
2007-2,
Class
A1
(CME
Term
SOFR
1-Month
plus
0.41%)
5.77%
03/25/47
2
223,179‌
201,314‌
MASTR
Alternative
Loan
Trust,
Series
2006-2,
Class
2A1
(CME
Term
SOFR
1-Month
plus
0.51%)
5.87%
03/25/36
2,4,5
2,399,675‌
261,967‌
MASTR
Asset-Backed
Securities
Trust,
Series
2007-HE1,
Class
A3
(CME
Term
SOFR
1-Month
plus
0.32%)
5.68%
05/25/37
2
129,507‌
123,168‌
MASTR
Asset-Backed
Securities
Trust,
Series
2007-HE1,
Class
A4
(CME
Term
SOFR
1-Month
plus
0.39%)
5.75%
05/25/37
2
300,000‌
232,104‌
Merrill
Lynch
Alternative
Note
Asset
Trust,
Series
2007-A3,
Class
A2D
(CME
Term
SOFR
1-Month
plus
0.77%)
6.13%
04/25/37
2,4,5
1,696,107‌
73,211‌
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2006-RM2,
Class
A1A
(CME
Term
SOFR
1-Month
plus
0.48%)
5.84%
05/25/37
2
436,948‌
119,415‌
Mid-State
Capital
Corp.
Trust,
Series
2005-1,
Class
A
5.75%
01/15/40
52,524‌
51,849‌
Mid-State
Trust
XI,
Series
11,
Class
B
8.22%
07/15/38
3,196‌
3,222‌
Morgan
Stanley
ABS
Capital
I,
Inc.,
Trust,
Series
2006-HE4,
Class
A3
(CME
Term
SOFR
1-Month
plus
0.41%)
5.77%
06/25/36
2
605,176‌
315,491‌
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Morgan
Stanley
Home
Equity
Loan
Trust,
Series
2007-1,
Class
A3
(CME
Term
SOFR
1-Month
plus
0.25%)
5.61%
12/25/36
2
$
597,641‌
$
290,641‌
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2004-7AR,
Class
2A4
5.26%
09/25/34
6
81,734‌
78,243‌
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2006-15XS,
Class
A4A
(STEP-reset
date
02/25/24)
6.70%
11/25/36
420,216‌
98,094‌
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2006-7,
Class
5A2
5.96%
06/25/36
6
890,732‌
258,458‌
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2007-11AR,
Class
2A3
2.83%
06/25/37
6
296,736‌
161,661‌
New
Residential
Mortgage
Loan
Trust,
Series
2022-NQM2,
Class
A2
3.70%
03/27/62
3,6
250,000‌
193,705‌
Nomura
Resecuritization
Trust,
Series
2015-4R,
Class
2A2
(-1.00
X
CME
Term
SOFR
1-Month
plus
0.42%)
2.92%
10/26/36
2,3
337,694‌
291,513‌
OBX
Trust,
Series
2022-NQM1,
Class
A1
2.31%
11/25/61
3,6
236,778‌
204,486‌
Option
One
Mortgage
Loan
Trust,
Series
2006-3,
Class
1A1
(CME
Term
SOFR
1-Month
plus
0.25%)
5.61%
02/25/37
2
181,759‌
117,905‌
PRET
LLC,
Series
2022-RN2,
Class
A2
(STEP-reset
date
01/25/24)
6.50%
06/25/52
3
197,000‌
186,786‌
Pretium
Mortgage
Credit
Partners
LLC,
Series
2022-RN3,
Class
A2
6.50%
08/25/52
3,6
180,000‌
164,664‌
PRPM
LLC,
Series
2020-4,
Class
A1
(STEP-reset
date
01/25/24)
5.95%
10/25/25
3
65,772‌
65,625‌
PRPM
LLC,
Series
2021-4,
Class
A1
(STEP-reset
date
01/25/24)
1.87%
04/25/26
3
175,882‌
172,170‌
PRPM
LLC,
Series
2021-5,
Class
A1
(STEP-reset
date
01/25/24)
1.79%
06/25/26
3
86,076‌
84,048‌
PRPM
LLC,
Series
2021-9,
Class
A1
(STEP-reset
date
01/25/24)
2.36%
10/25/26
3
118,453‌
115,108‌
PRPM
LLC,
Series
2022-1,
Class
A1
(STEP-reset
date
01/25/24)
3.72%
02/25/27
3
174,813‌
169,133‌
PRPM
LLC,
Series
2022-4,
Class
A2
(STEP-reset
date
01/25/24)
5.00%
08/25/27
3
170,000‌
161,520‌
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
13
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
PRPM,
LLC,
Series
2021-8,
Class
A1
1.74%
09/25/26
3,6
$
71,711‌
$
69,304‌
Residential
Accredit
Loans
Trust,
Series
2005-QA3,
Class
NB1
3.62%
03/25/35
6
111,412‌
60,057‌
Residential
Accredit
Loans
Trust,
Series
2006-QS5,
Class
A6
6.00%
05/25/36
259,670‌
207,958‌
Residential
Accredit
Loans
Trust,
Series
2007-QS1,
Class
1A5
(CME
Term
SOFR
1-Month
plus
0.66%)
6.00%
01/25/37
2
305,398‌
218,069‌
Residential
Asset
Securities
Corp.,
Series
2005-KS11,
Class
M3
(CME
Term
SOFR
1-Month
plus
0.77%)
6.13%
12/25/35
2
164,736‌
156,201‌
Residential
Asset
Securitization
Trust,
Series
2005-A5,
Class
A8
5.50%
05/25/35
364,776‌
266,958‌
SG
Mortgage
Securities
Trust,
Series
2006-OPT2,
Class
A3D
(CME
Term
SOFR
1-Month
plus
0.32%)
5.68%
10/25/36
2
250,000‌
179,067‌
Starwood
Mortgage
Residential
Trust,
Series
2021-6,
Class
A1
1.92%
11/25/66
3,6
199,884‌
165,228‌
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2004-12,
Class
2A
5.67%
09/25/34
6
78,292‌
75,541‌
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2005-AR8,
Class
A1B
(CME
Term
SOFR
1-Month
plus
0.28%)
5.64%
02/25/36
2
305,103‌
257,476‌
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2006-AR7,
Class
A1A
(CME
Term
SOFR
1-Month
plus
0.53%)
5.89%
08/25/36
2
375,928‌
294,854‌
Terwin
Mortgage
Trust,
Series
2004-7HE,
Class
A1
(CME
Term
SOFR
1-Month
plus
1.21%)
6.57%
07/25/34
2,3
52,108‌
48,824‌
Towd
Point
Mortgage
Trust,
Series
2017-4,
Class
A2
3.00%
06/25/57
3,6
350,000‌
318,460‌
Towd
Point
Mortgage
Trust,
Series
2019-HY2,
Class
M2
(CME
Term
SOFR
1-Month
plus
2.01%)
7.37%
05/25/58
2,3
210,000‌
213,053‌
TRK
Trust,
Series
2021-INV2,
Class
A1
1.97%
11/25/56
3,6
247,770‌
199,576‌
VOLT
XCIV
LLC,
Series
2021-NPL3,
Class
A1
(STEP-reset
date
01/25/24)
2.24%
02/27/51
3
73,659‌
71,954‌
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
WaMu
Asset-Backed
Certificates,
Series
2007-HE1,
Class
2A4
(CME
Term
SOFR
1-Month
plus
0.34%)
5.70%
01/25/37
2
$
522,953‌
$
222,392‌
21,086,077‌
U.S.
Agency
Commercial
Mortgage-Backed
—
0
.49
%
Fannie
Mae-Aces,
Series
2016-M11,
Class
X2
(IO)
3.05%
07/25/39
6
248,034‌
3,710‌
Freddie
Mac
Multifamily
PC
REMIC
Trust,
Series
2019-P002,
Class
X
(IO)
1.01%
07/25/33
6
535,000‌
41,349‌
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K040,
Class
X3
(IO)
2.03%
11/25/42
6
1,100,000‌
14,806‌
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K047,
Class
X3
(IO)
1.49%
06/25/43
6
1,676,868‌
31,546‌
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KC04,
Class
X1
(IO)
1.25%
12/25/26
6
2,229,701‌
37,204‌
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KC05,
Class
X1
(IO)
1.22%
06/25/27
6
1,828,140‌
41,739‌
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
Q010,
Class
XPT2
(IO)
0.36%
08/25/24
597,877‌
1,119‌
Ginnie
Mae,
Series
2009-114,
Class
IO
(IO)
0.01%
10/16/49
6
4,108,190‌
67‌
Ginnie
Mae,
Series
2010-148,
Class
IO
(IO)
0.30%
09/16/50
6
1,359,651‌
13,654‌
Ginnie
Mae,
Series
2012-123,
Class
IO
(IO)
0.62%
12/16/51
6
2,019,422‌
24,132‌
Ginnie
Mae,
Series
2012-125,
Class
IO
(IO)
0.18%
02/16/53
6
6,598,726‌
30,618‌
Ginnie
Mae,
Series
2012-27,
Class
IO
(IO)
0.23%
04/16/53
6
2,628,815‌
5,810‌
Ginnie
Mae,
Series
2013-156,
Class
IO
(IO)
0.24%
06/16/55
6
3,489,159‌
16,248‌
Ginnie
Mae,
Series
2013-163,
Class
IO
(IO)
1.01%
02/16/46
6
1,211,417‌
14,278‌
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
14
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Commercial
Mortgage-Backed
(continued)
Ginnie
Mae,
Series
2013-63,
Class
IO
(IO)
0.75%
09/16/51
6
$
3,750,190‌
$
70,374‌
Ginnie
Mae,
Series
2013-74,
Class
IO
(IO)
0.45%
12/16/53
6
897,218‌
6,469‌
Ginnie
Mae,
Series
2014-103,
Class
IO
(IO)
0.19%
05/16/55
6
850,141‌
5,656‌
Ginnie
Mae,
Series
2014-125,
Class
IO
(IO)
0.90%
11/16/54
6
502,264‌
11,096‌
Ginnie
Mae,
Series
2015-47,
Class
IO
(IO)
0.37%
10/16/56
6
523,384‌
6,308‌
376,183‌
U.S.
Agency
Mortgage-Backed
—
15
.30
%
Fannie
Mae
REMICS,
Series
2000-45,
Class
SA
(IO)
(-1.00
X
SOFR30A
plus
7.84%,
7.95%
Cap)
2.50%
12/18/30
2
13,551‌
555‌
Fannie
Mae
REMICS,
Series
2001-42,
Class
SB
(-16.00
X
SOFR30A
plus
126.17%,
8.50%
Cap)
8.50%
09/25/31
2
194‌
192‌
Fannie
Mae
REMICS,
Series
2003-124,
Class
TS
(-14.00
X
SOFR30A
plus
99.20%,
9.80%
Cap)
9.80%
01/25/34
2
2,146‌
2,167‌
Fannie
Mae
REMICS,
Series
2005-92,
Class
US
(IO)
(-1.00
X
SOFR30A
plus
5.99%,
6.10%
Cap)
0.65%
10/25/25
2
46,340‌
170‌
Fannie
Mae
REMICS,
Series
2006-125,
Class
SM
(IO)
(-1.00
X
SOFR30A
plus
7.09%,
7.20%
Cap)
1.75%
01/25/37
2
400,220‌
42,465‌
Fannie
Mae
REMICS,
Series
2008-50,
Class
SA
(IO)
(-1.00
X
SOFR30A
plus
5.94%,
6.05%
Cap)
0.60%
11/25/36
2
466,743‌
37,568‌
Fannie
Mae
REMICS,
Series
2010-43,
Class
KS
(IO)
(-1.00
X
SOFR30A
plus
6.31%,
6.42%
Cap)
0.97%
05/25/40
2
454,569‌
48,123‌
Freddie
Mac
REMICS,
Series
1673,
Class
SD
(-2.16
X
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10-Year
plus
19.39%,
18.31%
Cap)
9.70%
02/15/24
2
105‌
105‌
Freddie
Mac
REMICS,
Series
3247,
Class
SI
(IO)
(-1.00
X
SOFR30A
plus
6.54%,
0.15%
Cap)
0.15%
08/15/36
2
5,988,862‌
26,419‌
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Mortgage-Backed
(continued)
Freddie
Mac
REMICS,
Series
3289,
Class
SD
(IO)
(-1.00
X
SOFR30A
plus
6.01%,
6.12%
Cap)
0.67%
03/15/37
2
$
463,357‌
$
32,509‌
Ginnie
Mae
(TBA)
4.50%
01/20/54
1,050,000‌
1,024,901‌
5.00%
01/20/54
850,000‌
845,105‌
5.50%
01/20/54
375,000‌
377,460‌
Ginnie
Mae,
Series
2013-25,
Class
SA
(IO)
(-1.00
X
CME
Term
SOFR
1-Month
plus
6.09%,
6.20%
Cap)
0.73%
02/20/43
2
1,182,036‌
123,409‌
UMBS
(TBA)
2.00%
01/01/54
1,100,000‌
899,250‌
2.50%
01/01/54
800,000‌
681,625‌
3.00%
01/01/54
1,000,000‌
884,727‌
4.00%
01/01/54
2,625,000‌
2,483,092‌
4.50%
01/01/54
3,100,000‌
3,008,452‌
5.00%
01/01/54
825,000‌
816,299‌
5.50%
01/01/54
425,000‌
426,859‌
11,761,452‌
Total
Mortgage-Backed
(Cost
$41,900,887)
35,821,951‌
MUNICIPAL
BONDS
—
0
.12
%
*
California
—
0
.03
%
California
Health
Facilities
Financing
Authority
Revenue
Bonds,
Series
A
3.00%
08/15/51
20,000‌
16,613‌
California
State
University
Revenue
Bonds,
University
&
College
Improvements,
Series
B
2.37%
11/01/35
10,000‌
7,604‌
24,217‌
Florida
—
0
.01
%
County
of
Miami-Dade
Aviation
Revenue
Bonds,
Airport
and
Marina
Improvements,
Series
B
2.86%
10/01/35
15,000‌
12,088‌
New
York
—
0
.08
%
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
Bonds,
Public
Improvements,
Subseries
B3
1.85%
08/01/32
75,000‌
60,194‌
Total
Municipal
Bonds
(Cost
$114,722)
96,499‌
U.S.
TREASURY
SECURITIES
—
7
.87
%
U.S.
Treasury
Bonds
—
0
.03
%
U.S.
Treasury
Bonds
(WI)
4.75%
11/15/53
20,000‌
22,495‌
U.S.
Treasury
Notes
—
7
.84
%
U.S.
Treasury
Notes
4.25%
12/31/25
1,390,000‌
1,390,055‌
4.38%
11/30/28
613,000‌
627,439‌
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
15
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
U.S.
TREASURY
SECURITIES
(continued)
U.S.
Treasury
Notes
(continued)
4.38%
12/15/26
$
3,175,000‌
$
3,207,122‌
4.88%
11/30/25
210,000‌
212,218‌
4.88%
10/31/28
135,000‌
140,938‌
U.S.
Treasury
Notes
(WI)
3.75%
12/31/28
335,000‌
333,495‌
4.50%
11/15/33
110,000‌
115,517‌
6,026,784‌
Total
U.S.
Treasury
Securities
(Cost
$6,015,941)
6,049,279‌
Total
Bonds
—
90
.40
%
(Cost
$75,903,516)
69,480,236‌
Issues
Shares
Value
COMMON
STOCK
—
0
.10
%
Communications
—
0
.04
%
Intelsat
Emergence
SA
1,4,5,8
(Luxembourg)
1,042‌
30,219‌
Financials
—
0
.06
%
AGNC
Investment
Corp.
4,500‌
44,145‌
Total
Common
Stock
(Cost
$90,046)
74,364‌
Issues
Maturity
Date
Principal
Amount
/
Shares
Value
SHORT-TERM
INVESTMENTS
—
24
.02
%
Money
Market
Funds
—
7
.98
%
Dreyfus
Government
Cash
Management
Fund
5.25%
9
2,957,000‌
2,957,000‌
Fidelity
Investments
Money
Market
Funds
-
Government
Portfolio
5.25%
9
21,793‌
21,793‌
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
5.27%
9
3,154,000‌
3,154,000‌
6,132,793‌
U.S.
Agency
Discount
Notes
—
1
.29
%
Federal
Home
Loan
Bank
5.30%
10
02/27/24
1,000,000‌
991,623‌
U.S.
Treasury
Bills
—
14
.75
%
U.S.
Treasury
Bills
(WI)
5.49%
10
04/11/24
10,000,000‌
9,856,083‌
5.38%
10
04/25/24
1,000,000‌
983,633‌
Issues
Maturity
Date
Principal
Amount/Shares
Value
SHORT-TERM
INVESTMENTS
(continued)
U.S.
Treasury
Bills
(continued)
5.46%
10
04/04/24
$
500,000‌
$
493,300‌
11,333,016‌
Total
Short-Term
Investments
(Cost
$18,452,667)
18,457,432‌
Total
Investments
-
114.52%
(Cost
$94,446,229)
88,012,032‌
Liabilities
in
Excess
of
Other
Assets
-
(14.52)%
(
11,156,146‌
)
Net
Assets
-
100.00%
$
76,855,886‌
1
Foreign
denominated
security
issued
by
foreign
domiciled
entity.
2
Floating
rate
security.
The
rate
disclosed
was
in
effect
at
December
31,
2023.
3
Securities
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
The
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
4
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
5
Illiquid
security
as
determined
under
procedures
approved
by
the
Board
of
Trustees.
The
aggregate
value
of
illiquid
securities
is
$465,329,
which
is
0.61%
of
total
net
assets.
6
Variable
rate
security.
Interest
rate
disclosed
is
as
of
the
most
recent
information
available.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
7
Perpetual
security
with
no
stated
maturity
date.
8
Non-income producing
security.
9
Represents
the
current
yield
as
of
December
31,
2023.
10
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.
(CDO):
Collateralized
Debt
Obligation
(CLO):
Collateralized
Loan
Obligation
(EMTN):
Euro
Medium-Term
Note
(EUR):
Euro
(EURIBOR):
Euro
InterBank
Offer
Rate
(IO):
Interest
Only
(MTN):
Medium-Term
Note
(REIT):
Real
Estate
Investment
Trust
(SOFR):
Secured
Overnight
Financing
Rate
(STEP):
Step
Coupon
Bond
(TBA):
To-Be-Announced
(WI):
When
Issued
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
16
Currency
to
be
Purchased
Currency
to
be
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
FOREIGN
CURRENCY
EXCHANGE
CONTRACT
EUR
54,000
USD
58,967
Citibank
N.A.
01/12/24
$
719‌
USD
806,316
EUR
761,000
Citibank
N.A.
01/12/24
(
34,812‌
)
NET
UNREALIZED
DEPRECIATION
$
(
34,093‌
)
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
FUTURES
CONTRACTS:
LONG
POSITIONS
U.S.
Treasury
Five-Year
Note
82
03/28/24
$
8,919,422‌
$
170,990‌
$
170,990‌
U.S.
Treasury
Two-Year
Note
73
03/28/24
15,031,727‌
135,211‌
135,211‌
23,951,149‌
306,201‌
306,201‌
FUTURES
CONTRACTS:
SHORT
POSITIONS
U.S.
Treasury
Ten-Year
Ultra
Bond
22
03/19/24
(
2,596,344‌
)
(
105,772‌
)
(
105,772‌
)
U.S.
Treasury
Ultra
Bond
14
03/19/24
(
1,870,313‌
)
(
171,676‌
)
(
171,676‌
)
Euro-Bund
Future
4
03/07/24
(
606,320‌
)
(
12,433‌
)
(
12,433‌
)
Euro-Bobl
Future
1
03/07/24
(
131,763‌
)
(
1,647‌
)
(
1,647‌
)
(
5,204,740‌
)
(
291,528‌
)
(
291,528‌
)
TOTAL
FUTURES
CONTRACTS
$
18,746,409‌
$
14,673‌
$
14,673‌
Received
by
the
Fund
Paid
by
the
Fund
Description
Maturity
Date
Rate
Frequency
Rate
Frequency
Notional
Amount
(000's)
Value
Premiums
Paid
Unrealized
(Depreciation)
SWAPS:
INTEREST
RATE
Interest
Rate
Swap
1
12/20/53
USD-SOFR-
COMPOUND
Annual
3.52%
Annual
$
157‌
$
(
6,829‌
)
$
—‌
$
(
6,829‌
)
TOTAL
SWAPS
CONTRACTS
$
157‌
$
(
6,829‌
)
$
—‌
$
(
6,829‌
)
1
Centrally
cleared.
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
17
/
December
2023
SIGNIFICANT
ACCOUNTING
POLICIES
The
following
is
a
summary
of
significant
accounting
policies
consistently
followed
by
the
Fund:
Net
Asset
Value
The
Net
Asset
Value
(“NAV”)
of
each
class
of
the
Fund
is
determined
by
dividing
the
net
assets
attributable
to
each
class
of
shares
of
the
Fund
by
the
number
of
issued
and
outstanding
shares
of
the
class
of
the
Fund
on
each
business
day
as
of
4
p.m.
ET.
Security
Valuation
Pursuant
to
Rule
2a-5
under
the
1940
Act,
the
Board
of
Trustees
(the
"Board"
or
the
"Board
of
Trustees")
has
designated
the
Adviser
as
the
"valuation
designee"
with
respect
to
the
fair
valuation
of
the
Fund's
portfolio
securities,
subject
to
oversight
by
and
periodic
reporting
to
the
Board. Fixed
income
securities
for
which
market
quotations
are
readily
available were
valued
during
the
period at
prices
as
provided
by
independent
pricing
vendors
or
broker
quotes.
The
Fund
received
pricing
information
from
independent
pricing
vendors
selected
and
overseen
by
the
valuation
designee.
Securities
with
a
demand
feature
exercisable
within
one
to
seven
days
are
valued
at
par.
The
Fund
also
uses
a
benchmark
pricing
system
to
the
extent
vendors’
prices
for
their
securities
are
either
inaccurate
(such
as
when
the
reported
prices
are
different
from
recent
known
market
transactions)
or
are
not
available
from
another
pricing
source.
For
a
security
priced
using
this
system,
the
Adviser
initially
selects
a
proxy
composed
of
a
relevant
security
(e.g.,
U.S.
Treasury
Note)
or
benchmark
(e.g.,
LIBOR)
and
a
multiplier,
divisor
or
margin
that
the
Adviser
believes
would
together
best
reflect
changes
in
the
market
value
of
the
security.
The
value
of
the
security
changes
daily
based
on
changes
to
the
market
price
of
the
assigned
benchmark.
The
benchmark
pricing
system
is
continuously
reviewed
by
the
Adviser
and
implemented
according
to
the
pricing
policy
reviewed
by
the
Board.
S&P
500
Index
futures
contracts
are
valued
at
the
first
sale
price
after
4
p.m.
ET
on
the
Chicago
Mercantile
Exchange.
All
other
futures
contracts
are
valued
at
the
official
settlement
price
of
the
exchange
on
which
those
securities
are
traded.
Equity
securities,
including
depository
receipts,
are
valued
at
the
last
reported
sale
price
or
the
market’s
closing
price
on
the
exchange
or
market
on
which
such
securities
are
traded,
as
of
the
close
of
business
on
the
day
the
securities
are
being
valued
or,
lacking
any
sales,
at
the
average
of
the
bid
and
ask
prices.
In
cases
where
equity
securities
are
traded
on
more
than
one
exchange,
the
securities
are
valued
on
the
exchange
or
market
determined
by
the
Adviser
to
be
the
broadest
and
most
representative
market,
which
may
be
either
a
securities
exchange
or
the
over-the-counter
market.
Equity
options
are
valued
at
the
average
of
the
bid
and
ask
prices.
Securities
and
other
assets
that
could
not be
valued
as
described
above were
valued at
their
fair
value
as
determined
by
the
Adviser
in
accordance
with
procedures
approved by
and
under
the
general
oversight
of
the
Board.
Investments
in
registered
open-ended
investment
companies,
including
those
classified
as
money
market
funds,
are
valued
based
upon
the
reported
NAV
of
such
investments.
Fair
value
methods
used
by
the
Adviser included,
but were
not
limited
to,
obtaining
market
quotations
from
secondary
pricing
services,
broker-dealers,
or
widely
used
quotation
systems.
General
factors
considered
in
determining
the
fair
value
of
securities
include
fundamental
analytical
data,
the
nature
and
duration
of
any
restrictions
on
disposition
of
the
securities,
and
an
evaluation
of
the
forces
that
influence
the
market
in
which
the
investments
are
purchased
and
sold.
These
securities
are
either
categorized
as
Level
2
or
3
depending
on
the
relevant
inputs
used.
In
the
event
that
the
security
or
asset
could
not be
valued
pursuant
to
one
of
the
valuation
methods
used
by
the
Adviser,
the
value
of
the
security
or
asset was
determined
in
good
faith
by
the Adviser,
as
the
valuation
designee.
When
the
Fund
uses
these
fair
valuation
methods that
use
significant
unobservable
inputs
to
determine
NAV,
securities
will
be
priced
by
a
method
that
the
Adviser
believes
accurately
reflects
fair
value
and
are
categorized
as
Level
3
of
the
fair
value
hierarchy.
These
methods
may
require
subjective
determinations
about
the
value
of
a
security.
While
the
Fund’s
policy
is
intended
to
result
in
a
calculation
of
its
NAV
that
fairly
reflects
security
values
as
of
the
time
of
pricing,
the
Fund
cannot
guarantee
that
values
determined
by
the
Adviser
would
accurately
reflect
the
price
that
the
Fund
could
obtain
for
a
security
if
it
were
to
dispose
of
that
security
as
of
the
time
of
pricing
(for
instance,
in
a
forced
or
distressed
sale).
The
prices
used
by
the
Fund
may
differ
from
the
value
that
would
be
realized
if
the
securities
were
sold.
Fair
Value
Measurements
Various
inputs
are
used
in
determining
the
fair
value
of
investments,
which
are
as
follows:
*
Level
1
-
unadjusted
quoted
prices
in
active
markets
for
identical
securities
*
Level
2
-
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
*
Level
3
-
significant
unobservable
inputs
that
are
not
corroborated
by
observable
market
data
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
18
The
inputs
or
methodology
used
for
valuing
investments
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
investments
and
the
determination
of
the
significance
of
a
particular
input
to
the
fair
value
measurement
in
its
entirety
requires
judgment
and
consideration
of
factors
specific
to
each
security.
The
availability
of
observable
inputs
can
vary
from
security
to
security
and
is
affected
by
a
wide
variety
of
factors,
including,
for
example,
the
type
of
security,
whether
the
security
is
new
and
not
yet
established
in
the
marketplace,
the
liquidity
of
markets,
and
other
characteristics
particular
to
the
security.
To
the
extent
that
valuation
is
based
on
models
or
inputs
that
are
less
observable
or
unobservable
in
the
market,
the
determination
of
fair
value
requires
more
judgment.
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized as
Level
3.
In
periods
of
market
dislocation,
the
observability
of
prices
and
inputs
may
be
reduced
for
many
instruments.
This
condition,
as
well
as
changes
related
to
liquidity
of
investments,
could
cause
a
security
to
be
reclassified
between
Level
1,
Level
2,
or
Level
3.
In
certain
cases,
the
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes
the
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
falls
in
its
entirety
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
summary
of
inputs
used
to
value
the
Fund’s
investments
and
other
financial
instruments
carried
at
fair
value
as
of
December
31,
2023
is
as
follows:
STRATEGIC
INCOME
FUND
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Investments
in
Securities
Assets:
Short-Term
Investments:
Money
Market
Funds
$
6,132,793‌
$
—‌
$
—‌
$
6,132,793‌
U.S.
Agency
Discount
Notes
—‌
991,623‌
—‌
991,623‌
U.S.
Treasury
Bills
11,333,016‌
—‌
—‌
11,333,016‌
Long-Term
Investments:
Asset-Backed
Securities
—‌
9,650,701‌
99,932‌
9,750,633‌
Common
Stock
44,145‌
—‌
30,219‌
74,364‌
Corporates
—‌
17,761,874‌
—‌
17,761,874‌
Mortgage-Backed
Securities
—‌
35,486,773‌
335,178‌
35,821,951‌
Municipal
Bonds
—‌
96,499‌
—‌
96,499‌
U.S.
Treasury
Securities
6,049,279‌
—‌
—‌
6,049,279‌
Other
Financial
Instruments
*
Assets:
Foreign
currency
exchange
contracts
—‌
719‌
—‌
719‌
Interest
rate
contracts
306,201‌
—‌
—‌
306,201‌
Liabilities:
Foreign
currency
exchange
contracts
—‌
(
34,812‌
)
—‌
(
34,812‌
)
Interest
rate
contracts
(
291,528‌
)
(
6,829‌
)
—‌
(
298,357‌
)
Total
$
23,573,906‌
$
63,946,548‌
$
465,329‌
$
87,985,783‌
*Other
financial
instruments
include
foreign
currency
exchange
contracts,
futures
and
swaps.
Interest
rate
contracts
include
futures
and
swaps.
Strategic
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
19
/
December
2023
Certain
securities
held
by
the
Funds
are
categorized
as
Level
3
investments.
Their
prices
may
be
derived
by
utilizing
unobservable
prior
transaction
values
or
information
from
third
party
valuation
services.
The
value
of
Level
3
investments
could
be
significantly
affected
by
changes
in
these
unobservable
inputs.
For
the
period
ended
December
31,
2023
a
reconciliation
of
Level
3
investments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
at
the
beginning
and/or
end
of
the
period
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
STRATEGIC
INCOME
FUND
ASSET-BACKED
SECURITIES
COMMON
STOCK
MORTGAGE-
BACKED
SECURITIES
TOTAL
Balance
as
of
April
1,
2023
$
104,763‌
$
27,066‌
$
326,465‌
$
458,294‌
Accrued
discounts/premiums
143‌
—‌
154,354‌
154,497‌
Realized
gain
—‌
—‌
1,119‌
1,119‌
Change
in
unrealized
appreciation
(depreciation)*
(
1,680‌
)
3,132‌
(
145,187‌
)
(
143,735‌
)
Purchases
—‌
21‌
—‌
21‌
Sales
(
3,294‌
)
—‌
(
1,573‌
)
(
4,867‌
)
Transfers
into
Level
3**
—‌
—‌
—‌
—‌
Transfers
out
of
Level
3**
—‌
—‌
—‌
—‌
Balance
as
of
December
31,
2023
$
99,932‌
$
30,219‌
$
335,178‌
$
465,329‌
*The
change
in
unrealized
appreciation
(depreciation)
on
securities
still
held
at
December
31,
2023
was
$(143,735)
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,
2023.
Significant
unobservable
valuations
inputs
for
Level
3
investments
as
of
December
31,
2023,
are
as
follows:
STRATEGIC
INCOME
FUND
FAIR
VALUE
AT
12/31/23
VALUATION
TECHNIQUE
*
UNOBSERVABLE
INPUT
RANGE
WEIGHTED
AVERAGE
INPUT
TO
VALUATION
IF
INPUT
INCREASES
Asset-Backed
Securities
$56,945
Broker
Quote
Offered
Quote
$90.44
$90.44
Increase
Asset-Backed
Securities
$42,987
Third-Party
Vendor
Vendor
Prices
$10.24
$10.24
Increase
Common
Stock
$30,219
Third-Party
Vendor
Vendor
Prices
$29.00
$29.00
Increase
Mortgage-Backed
Securities-Non-Agency
$335,178
Third-Party
Vendor
Vendor
Prices
$4.32
-
$10.92
$9.48
Increase
*
The
valuation
technique
employed
on
the
Level
3
securities
involves
the
use
of
vendor
prices,
broker
quotes
and
benchmark
pricing.
The
Adviser
monitors
the
third-party
brokers
and
vendors
using
the
valuation
process.