Investment

Grade

Credit

Fund

Schedule

of

Portfolio

Investments

December

31,

2023

(Unaudited)

1

/

December

2023

Issues

Maturity

Date

Principal

Amount

Value

BONDS

–

105.34%

ASSET-BACKED

SECURITIES

—

2.86%**  

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

VIII

Ltd.,

Series

2018-2A,

Class

A

(Cayman

Islands)

(CME

Term

SOFR

3-Month

plus

1.36%)

6.76%

07/15/31

1,2,3

28,551‌

28,534‌

J.G.

Wentworth

XXX

LLC,

Series

2013-3A,

Class

A

4.08%

01/17/73

2

28,201‌

25,589‌

Madison

Park

Funding

XXXIX

Ltd.,

Series

2021-39A,

Class

B

(Cayman

Islands)

(CME

Term

SOFR

3-Month

plus

1.91%)

7.32%

10/22/34

1,2,3

70,000‌

69,848‌

Octagon

Investment

Partners

46

Ltd.,

Series

2020-2A,

Class

AR

(Cayman

Islands)

(CME

Term

SOFR

3-Month

plus

1.42%)

6.82%

07/15/36

1,2,3

70,000‌

70,013‌

Skyline

Aircraft

Finance

LLC,

Series

2021-1,

Class

A

3.23%

05/10/37

4,5,6

33,581‌

30,371‌

SLM

Student

Loan

Trust,

Series

2008-2,

Class

B

(SOFR90A

plus

1.46%)

6.80%

01/25/83

1

20,000‌

18,612‌

SLM

Student

Loan

Trust,

Series

2008-3,

Class

B

(SOFR90A

plus

1.46%)

6.80%

04/26/83

1

20,000‌

18,891‌

SLM

Student

Loan

Trust,

Series

2008-5,

Class

B

(SOFR90A

plus

2.11%)

7.45%

07/25/73

1

35,000‌

34,485‌

SLM

Student

Loan

Trust,

Series

2008-6,

Class

A4

(SOFR90A

plus

1.36%)

6.70%

07/25/23

1

20,688‌

20,416‌

SLM

Student

Loan

Trust,

Series

2008-6,

Class

B

(SOFR90A

plus

2.11%)

7.45%

07/26/83

1

20,000‌

18,574‌

SLM

Student

Loan

Trust,

Series

2008-7,

Class

B

(SOFR90A

plus

2.11%)

7.45%

07/26/83

1

20,000‌

18,698‌

Issues

Maturity

Date

Principal

Amount

Value

ASSET-BACKED

SECURITIES

(continued)

Wachovia

Student

Loan

Trust,

Series

2006-1,

Class

A6

(SOFR90A

plus

0.43%)

5.77%

04/25/40

1,2

$

20,651‌

$

20,014‌

Total

Asset-Backed

Securities

(Cost

$450,037)

443,998‌

CORPORATES

—

46.11%*  

Banking

—

8.71%

Bank

of

America

Corp.

2.30%

07/21/32

6

210,000‌

171,664‌

Bank

of

America

Corp.

(MTN)

2.88%

10/22/30

6

150,000‌

133,107‌

Bank

of

America

Corp.,

Series

N

1.66%

03/11/27

6

50,000‌

46,324‌

Bank

of

New

York

Mellon

Corp.

(The)

(MTN)

5.83%

10/25/33

6

50,000‌

53,026‌

HSBC

Holdings

PLC

(United

Kingdom)

2.80%

05/24/32

3,6

150,000‌

125,361‌

JPMorgan

Chase

&

Co.

1.58%

04/22/27

6

235,000‌

216,959‌

NatWest

Group

PLC

(United

Kingdom)

4.27%

03/22/25

3,6

5,000‌

4,983‌

PNC

Financial

Services

Group,

Inc.

(The)

5.07%

01/24/34

6

70,000‌

68,551‌

6.04%

10/28/33

6

10,000‌

10,464‌

6.88%

10/20/34

6

20,000‌

22,231‌

Santander

UK

Group

Holdings

PLC

(United

Kingdom)

1.09%

03/15/25

3,6

15,000‌

14,833‌

2.47%

01/11/28

3,6

40,000‌

36,485‌

U.S.

Bancorp

4.84%

02/01/34

6

85,000‌

81,613‌

5.84%

06/12/34

6

5,000‌

5,166‌

UBS

Group

AG

(Switzerland)

1.31%

02/02/27

2,3,6

45,000‌

41,231‌

2.59%

09/11/25

2,3,6

20,000‌

19,570‌

3.09%

05/14/32

2,3,6

40,000‌

34,116‌

4.19%

04/01/31

2,3,6

70,000‌

65,240‌

Wells

Fargo

&

Co.

(MTN)

3.35%

03/02/33

6

225,000‌

196,883‌

4.90%

07/25/33

6

5,000‌

4,874‌

1,352,681‌

Communications

—

2.79%

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital

2.30%

02/01/32

125,000‌

99,607‌

Comcast

Corp.

1.95%

01/15/31

10,000‌

8,440‌

Investment

Grade

Credit

Fund

Schedule

of

Portfolio

Investments

December

31,

2023

(Unaudited)

December

2023

/

2

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Communications

(continued)

Discovery

Communications

LLC

3.63%

05/15/30

$

35,000‌

$

31,790‌

Fox

Corp.

6.50%

10/13/33

35,000‌

37,922‌

Sprint

Capital

Corp.

8.75%

03/15/32

20,000‌

24,709‌

Sprint

Spectrum

Co.

LLC/Sprint

Spectrum

Co.

II

LLC/Sprint

Spectrum

Co.

III

LLC

4.74%

03/20/25

2

23,437‌

23,246‌

5.15%

03/20/28

2

63,750‌

63,497‌

Tencent

Holdings

Ltd.

(Cayman

Islands)

3.98%

04/11/29

2,3

30,000‌

28,519‌

T-Mobile

USA,

Inc.

2.55%

02/15/31

79,000‌

68,082‌

5.05%

07/15/33

35,000‌

35,353‌

Walt

Disney

Co.

(The)

7.75%

01/20/24

12,000‌

12,009‌

433,174‌

Consumer

Discretionary

—

2.15%

Amcor

Finance

USA,

Inc.

5.63%

05/26/33

15,000‌

15,625‌

Bacardi

Ltd.

(Bermuda)

4.70%

05/15/28

2,3

10,000‌

9,807‌

BAT

Capital

Corp.

4.39%

08/15/37

20,000‌

16,774‌

Church

&

Dwight

Co.,

Inc.

5.60%

11/15/32

20,000‌

21,501‌

Constellation

Brands,

Inc.

2.88%

05/01/30

30,000‌

26,888‌

Hyatt

Hotels

Corp.

1.80%

10/01/24

35,000‌

33,979‌

Imperial

Brands

Finance

PLC

(United

Kingdom)

4.25%

07/21/25

2,3

30,000‌

29,487‌

JDE

Peet's

NV

(Netherlands)

2.25%

09/24/31

2,3

30,000‌

24,076‌

Kenvue,

Inc.

4.90%

03/22/33

15,000‌

15,469‌

Philip

Morris

International,

Inc.

5.75%

11/17/32

30,000‌

31,524‌

Reynolds

American,

Inc.

5.70%

08/15/35

50,000‌

49,240‌

WarnerMedia

Holdings,

Inc.

4.28%

03/15/32

65,000‌

59,490‌

333,860‌

Diversified

REITs

—

1.99%

American

Assets

Trust

LP

3.38%

02/01/31

25,000‌

20,428‌

American

Tower

Corp.

2.30%

09/15/31

63,000‌

52,131‌

2.90%

01/15/30

15,000‌

13,414‌

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Diversified

REITs

(continued)

5.65%

03/15/33

$

15,000‌

$

15,609‌

Crown

Castle,

Inc.

2.25%

01/15/31

60,000‌

49,767‌

3.30%

07/01/30

25,000‌

22,432‌

GLP

Capital

LP/GLP

Financing

II,

Inc.

3.25%

01/15/32

4,000‌

3,400‌

4.00%

01/15/30

20,000‌

18,290‌

5.30%

01/15/29

20,000‌

19,984‌

LXP

Industrial

Trust

2.38%

10/01/31

25,000‌

20,205‌

2.70%

09/15/30

25,000‌

20,746‌

VICI

Properties

LP

5.13%

05/15/32

25,000‌

24,405‌

VICI

Properties

LP/VICI

Note

Co.,

Inc.

4.63%

06/15/25

2

15,000‌

14,746‌

Weyerhaeuser

Co.

3.38%

03/09/33

15,000‌

13,325‌

308,882‌

Electric

—

3.46%

Alliant

Energy

Finance

LLC

1.40%

03/15/26

2

50,000‌

45,388‌

5.95%

03/30/29

2

10,000‌

10,415‌

Ameren

Corp.

3.50%

01/15/31

50,000‌

45,650‌

Appalachian

Power

Co.,

Series

X

3.30%

06/01/27

20,000‌

18,978‌

Arizona

Public

Service

Co.

6.35%

12/15/32

30,000‌

32,643‌

Berkshire

Hathaway

Energy

Co.

1.65%

05/15/31

25,000‌

20,073‌

Black

Hills

Corp.

4.35%

05/01/33

36,000‌

33,413‌

Commonwealth

Edison

Co.

6.45%

01/15/38

20,000‌

22,220‌

Duke

Energy

Corp.

2.55%

06/15/31

35,000‌

29,920‌

Eversource

Energy

4.60%

07/01/27

30,000‌

29,808‌

5.13%

05/15/33

10,000‌

10,064‌

Exelon

Corp.

5.30%

03/15/33

20,000‌

20,427‌

ITC

Holdings

Corp.

4.95%

09/22/27

2

20,000‌

20,105‌

Jersey

Central

Power

&

Light

Co.

2.75%

03/01/32

2

50,000‌

42,537‌

Metropolitan

Edison

Co.

4.00%

04/15/25

2

25,000‌

24,348‌

Narragansett

Electric

Co.

(The)

3.40%

04/09/30

2

35,000‌

31,896‌

Oklahoma

Gas

and

Electric

Co.

5.40%

01/15/33

15,000‌

15,733‌

Public

Service

Co.

of

New

Mexico

3.85%

08/01/25

40,000‌

38,979‌

Investment

Grade

Credit

Fund

Schedule

of

Portfolio

Investments

December

31,

2023

(Unaudited)

3

/

December

2023

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Electric

(continued)

Southwestern

Electric

Power

Co.

5.30%

04/01/33

$

20,000‌

$

20,072‌

Southwestern

Electric

Power

Co.,

Series

M

4.10%

09/15/28

15,000‌

14,524‌

Xcel

Energy,

Inc.

3.40%

06/01/30

10,000‌

9,254‌

536,447‌

Energy

—

3.11%

Aker

BP

ASA

(Norway)

3.10%

07/15/31

2,3

35,000‌

29,993‌

Boston

Gas

Co.

3.76%

03/16/32

2

25,000‌

22,304‌

CenterPoint

Energy

Resources

Corp.

5.40%

03/01/33

40,000‌

41,790‌

East

Ohio

Gas

Co.

(The)

2.00%

06/15/30

2

15,000‌

12,436‌

KeySpan

Gas

East

Corp.

5.99%

03/06/33

2

25,000‌

25,529‌

Kinder

Morgan,

Inc.

5.30%

12/01/34

30,000‌

29,696‌

NiSource,

Inc.

5.40%

06/30/33

20,000‌

20,667‌

Petroleos

Mexicanos

(Mexico)

5.95%

01/28/31

3

15,000‌

11,996‌

Piedmont

Natural

Gas

Co.,

Inc.

2.50%

03/15/31

10,000‌

8,556‌

5.40%

06/15/33

65,000‌

67,075‌

Plains

All

American

Pipeline

LP/PAA

Finance

Corp.

4.65%

10/15/25

30,000‌

29,622‌

Rockies

Express

Pipeline

LLC

3.60%

05/15/25

2

20,000‌

19,388‌

4.95%

07/15/29

2

10,000‌

9,586‌

Southern

Co.

Gas

Capital

Corp.

5.15%

09/15/32

20,000‌

20,296‌

5.75%

09/15/33

42,000‌

44,174‌

Southern

Natural

Gas

Co.

LLC

4.80%

03/15/47

2

30,000‌

25,378‌

TransCanada

PipeLines

Ltd.

(Canada)

4.63%

03/01/34

3

30,000‌

28,435‌

5.60%

03/31/34

3

35,000‌

35,587‌

482,508‌

Finance

—

6.13%

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

(Ireland)

3.00%

10/29/28

3

65,000‌

59,376‌

3.88%

01/23/28

3

16,000‌

15,228‌

Air

Lease

Corp.

3.63%

12/01/27

26,000‌

24,656‌

4.63%

10/01/28

15,000‌

14,680‌

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Finance

(continued)

American

Express

Co.

6.49%

10/30/31

6

$

45,000‌

$

48,842‌

Avolon

Holdings

Funding

Ltd.

(Cayman

Islands)

2.53%

11/18/27

2,3

21,000‌

18,624‌

2.75%

02/21/28

2,3

10,000‌

8,894‌

4.38%

05/01/26

2,3

5,000‌

4,848‌

Citigroup,

Inc.

2.52%

11/03/32

6

180,000‌

148,291‌

2.56%

05/01/32

6

20,000‌

16,694‌

Discover

Financial

Services

6.70%

11/29/32

25,000‌

26,216‌

Goldman

Sachs

Group,

Inc.

(The)

1.95%

10/21/27

6

50,000‌

45,784‌

2.65%

10/21/32

6

140,000‌

116,713‌

Intercontinental

Exchange,

Inc.

1.85%

09/15/32

50,000‌

40,158‌

JPMorgan

Chase

&

Co.

1.95%

02/04/32

6

110,000‌

89,447‌

2.96%

01/25/33

6

40,000‌

34,313‌

Morgan

Stanley

2.48%

09/16/36

6

20,000‌

15,888‌

Morgan

Stanley

(GMTN)

1.51%

07/20/27

6

20,000‌

18,282‌

Morgan

Stanley

(MTN)

1.79%

02/13/32

6

180,000‌

143,816‌

1.93%

04/28/32

6

25,000‌

20,065‌

Nationwide

Building

Society

(United

Kingdom)

1.50%

10/13/26

2,3

25,000‌

22,736‌

Pipeline

Funding

Co.

LLC

7.50%

01/15/30

2

16,808‌

17,941‌

951,492‌

Food

—

1.13%

General

Mills,

Inc.

4.95%

03/29/33

35,000‌

35,518‌

JBS

USA

LUX

SA/JBS

USA

Food

Co./JBS

USA

Finance,

Inc.

(Canada)

3.75%

12/01/31

3

32,000‌

27,576‌

Kellanova

5.25%

03/01/33

30,000‌

30,751‌

Pilgrim's

Pride

Corp.

3.50%

03/01/32

60,000‌

50,875‌

Smithfield

Foods,

Inc.

2.63%

09/13/31

2

40,000‌

31,117‌

175,837‌

Health

Care

—

6.03%

Alcon

Finance

Corp.

2.75%

09/23/26

2

40,000‌

37,599‌

Amgen,

Inc.

5.25%

03/02/33

75,000‌

76,910‌

Investment

Grade

Credit

Fund

Schedule

of

Portfolio

Investments

December

31,

2023

(Unaudited)

December

2023

/

4

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Health

Care

(continued)

Ascension

Health,

Series

B

2.53%

11/15/29

$

20,000‌

$

17,866‌

Barnabas

Health,

Inc.,

Series

2012

4.00%

07/01/28

15,000‌

14,455‌

Baxter

International,

Inc.

3.95%

04/01/30

10,000‌

9,486‌

Bayer

U.S.

Finance

II

LLC

4.38%

12/15/28

2

45,000‌

42,805‌

Becton

Dickinson

&

Co.

3.70%

06/06/27

20,000‌

19,393‌

Centene

Corp.

3.00%

10/15/30

50,000‌

43,365‌

Cigna

Group

(The)

2.40%

03/15/30

60,000‌

52,561‌

CVS

Health

Corp.

3.25%

08/15/29

40,000‌

37,297‌

5.25%

02/21/33

25,000‌

25,577‌

DENTSPLY

SIRONA,

Inc.

3.25%

06/01/30

35,000‌

30,955‌

Elanco

Animal

Health,

Inc.

6.65%

08/28/28

15,000‌

15,580‌

Elevance

Health,

Inc.

5.50%

10/15/32

20,000‌

20,945‌

Fresenius

Medical

Care

U.S.

Finance

III,

Inc.

1.88%

12/01/26

2

20,000‌

18,072‌

HCA,

Inc.

3.63%

03/15/32

40,000‌

35,815‌

4.13%

06/15/29

65,000‌

62,239‌

Humana,

Inc.

3.70%

03/23/29

10,000‌

9,633‌

Illumina,

Inc.

2.55%

03/23/31

25,000‌

21,162‌

5.75%

12/13/27

15,000‌

15,426‌

IQVIA,

Inc.

6.25%

02/01/29

2

25,000‌

26,122‌

Medtronic

Global

Holdings

SCA

(Luxembourg)

4.50%

03/30/33

3

20,000‌

20,021‌

Pfizer

Investment

Enterprises

Pte

Ltd.

(Slovenia)

4.75%

05/19/33

3

5,000‌

5,011‌

Premier

Health

Partners,

Series

G

2.91%

11/15/26

15,000‌

13,715‌

Providence

St.

Joseph

Health

Obligated

Group,

Series

H

2.75%

10/01/26

20,000‌

18,819‌

Regeneron

Pharmaceuticals,

Inc.

1.75%

09/15/30

20,000‌

16,455‌

Revvity,

Inc.

2.55%

03/15/31

35,000‌

29,821‌

Roche

Holdings,

Inc.

5.59%

11/13/33

2

35,000‌

37,751‌

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Health

Care

(continued)

Royalty

Pharma

PLC

(United

Kingdom)

1.75%

09/02/27

3

$

25,000‌

$

22,435‌

Smith

&

Nephew

PLC

(United

Kingdom)

2.03%

10/14/30

3

30,000‌

24,858‌

STERIS

Irish

FinCo

UnLtd

Co.

(Ireland)

2.70%

03/15/31

3

30,000‌

25,749‌

Thermo

Fisher

Scientific,

Inc.

5.09%

08/10/33

34,000‌

35,443‌

Universal

Health

Services,

Inc.

1.65%

09/01/26

35,000‌

31,882‌

Zoetis,

Inc.

5.60%

11/16/32

20,000‌

21,460‌

936,683‌

Health

Care

REITs

—

0.52%

Healthcare

Reality

Holdings

LP

2.00%

03/15/31

30,000‌

24,031‌

3.10%

02/15/30

15,000‌

13,154‌

Healthcare

Realty

Holdings

LP

3.88%

05/01/25

4,000‌

3,892‌

Physicians

Realty

LP

2.63%

11/01/31

5,000‌

4,118‌

4.30%

03/15/27

26,000‌

25,345‌

Ventas

Realty

LP

4.13%

01/15/26

10,000‌

9,757‌

80,297‌

Hotel

&

Resort

REITs

—

0.17%

Host

Hotels

&

Resorts

LP,

Series

I

3.50%

09/15/30

30,000‌

26,810‌

Industrial

REITs

—

0.18%

Rexford

Industrial

Realty

LP

2.13%

12/01/30

5,000‌

4,107‌

2.15%

09/01/31

30,000‌

24,111‌

28,218‌

Industrials

—

1.12%

Amcor

Finance

USA,

Inc.

3.63%

04/28/26

25,000‌

24,180‌

BAE

Systems

Holdings,

Inc.

3.80%

10/07/24

2

15,000‌

14,803‌

3.85%

12/15/25

2

10,000‌

9,787‌

Berry

Global,

Inc.

1.57%

01/15/26

20,000‌

18,603‌

1.65%

01/15/27

20,000‌

18,021‌

Boeing

Co.

(The)

4.88%

05/01/25

15,000‌

14,939‌

General

Electric

Co.

(MTN)

(CME

Term

SOFR

3-Month

plus

0.64%)

6.03%

05/05/26

1

10,000‌

9,943‌

Investment

Grade

Credit

Fund

Schedule

of

Portfolio

Investments

December

31,

2023

(Unaudited)

5

/

December

2023

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Industrials

(continued)

Sealed

Air

Corp.

1.57%

10/15/26

2

$

30,000‌

$

27,057‌

Sonoco

Products

Co.

3.13%

05/01/30

25,000‌

22,528‌

Sydney

Airport

Finance

Co.

Pty

Ltd.

(Australia)

3.63%

04/28/26

2,3

15,000‌

14,505‌

174,366‌

Information

Technology

—

1.46%

Broadcom,

Inc.

2.60%

02/15/33

2

10,000‌

8,240‌

3.42%

04/15/33

2

20,000‌

17,590‌

Fidelity

National

Information

Services,

Inc.

2.25%

03/01/31

30,000‌

25,374‌

Fiserv,

Inc.

2.65%

06/01/30

20,000‌

17,596‌

5.63%

08/21/33

10,000‌

10,481‌

Micron

Technology,

Inc.

2.70%

04/15/32

15,000‌

12,610‌

Netflix,

Inc.

3.63%

06/15/25

2

20,000‌

19,645‌

Open

Text

Corp.

(Canada)

6.90%

12/01/27

2,3

17,000‌

17,638‌

Oracle

Corp.

2.88%

03/25/31

70,000‌

62,051‌

6.25%

11/09/32

20,000‌

21,781‌

Take-Two

Interactive

Software,

Inc.

4.00%

04/14/32

15,000‌

14,289‌

227,295‌

Insurance

—

3.12%

Aon

Corp.

2.80%

05/15/30

40,000‌

35,509‌

Aon

Corp./Aon

Global

Holdings

PLC

2.60%

12/02/31

10,000‌

8,481‌

Arthur

J

Gallagher

&

Co.

5.75%

03/02/53

10,000‌

10,264‌

Athene

Global

Funding

1.61%

06/29/26

2

5,000‌

4,533‌

(SOFR

Index

plus

0.70%)

6.10%

05/24/24

1,2

30,000‌

29,981‌

Brown

&

Brown,

Inc.

4.20%

03/17/32

25,000‌

22,917‌

Equitable

Financial

Life

Global

Funding

1.30%

07/12/26

2

25,000‌

22,552‌

Farmers

Exchange

Capital

7.05%

07/15/28

2

5,000‌

5,125‌

Farmers

Insurance

Exchange

4.75%

11/01/57

2,6

45,000‌

34,709‌

Marsh

&

McLennan

Cos.,

Inc.

2.25%

11/15/30

30,000‌

25,844‌

Metropolitan

Life

Global

Funding

I

2.95%

04/09/30

2

40,000‌

35,558‌

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Insurance

(continued)

MMI

Capital

Trust

I,

Series

B

7.63%

12/15/27

$

50,000‌

$

52,735‌

Nationwide

Mutual

Insurance

Co.

7.94%

12/15/24

2,6

50,000‌

49,958‌

New

York

Life

Insurance

Co.

5.88%

05/15/33

2

55,000‌

58,239‌

Progressive

Corp.

(The)

3.20%

03/26/30

10,000‌

9,265‌

Teachers

Insurance

&

Annuity

Association

of

America

4.38%

09/15/54

2,6

55,000‌

54,142‌

Willis

North

America,

Inc.

5.35%

05/15/33

25,000‌

25,291‌

485,103‌

Materials

—

0.43%

Georgia-Pacific

LLC

2.30%

04/30/30

2

20,000‌

17,330‌

International

Flavors

&

Fragrances,

Inc.

1.83%

10/15/27

2

5,000‌

4,386‌

2.30%

11/01/30

2

45,000‌

37,247‌

3.27%

11/15/40

2

10,000‌

7,173‌

66,136‌

Office

REITs

—

0.68%

Hudson

Pacific

Properties

LP

3.95%

11/01/27

55,000‌

46,106‌

Kilroy

Realty

LP

2.50%

11/15/32

40,000‌

30,427‌

3.05%

02/15/30

5,000‌

4,258‌

Piedmont

Operating

Partnership

LP

2.75%

04/01/32

35,000‌

24,408‌

105,199‌

Real

Estate

Investment

Trust

(REIT)

—

0.52%

Digital

Realty

Trust

LP

3.60%

07/01/29

10,000‌

9,387‌

Equinix,

Inc.

2.50%

05/15/31

35,000‌

29,732‌

NNN

REIT,

Inc.

5.60%

10/15/33

40,000‌

41,377‌

80,496‌

Residential

REITs

—

0.48%

American

Homes

4

Rent

LP

2.38%

07/15/31

30,000‌

24,808‌

Essex

Portfolio

LP

2.65%

03/15/32

10,000‌

8,390‌

Invitation

Homes

Operating

Partnership

LP

5.50%

08/15/33

15,000‌

15,035‌

Mid-America

Apartments

LP

1.70%

02/15/31

20,000‌

16,309‌

UDR,

Inc.

(MTN)

4.40%

01/26/29

10,000‌

9,651‌

74,193‌

Investment

Grade

Credit

Fund

Schedule

of

Portfolio

Investments

December

31,

2023

(Unaudited)

December

2023

/

6

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Retail

—

0.11%

Starbucks

Corp.

2.55%

11/15/30

$

20,000‌

$

17,696‌

Services

—

0.71%

Global

Payments,

Inc.

5.30%

08/15/29

30,000‌

30,239‌

5.95%

08/15/52

10,000‌

10,242‌

Moody's

Corp.

4.25%

08/08/32

20,000‌

19,503‌

Northwestern

University

3.69%

12/01/38

20,000‌

17,741‌

RELX

Capital,

Inc.

3.00%

05/22/30

20,000‌

18,397‌

Republic

Services,

Inc.

2.90%

07/01/26

5,000‌

4,803‌

S&P

Global,

Inc.

2.90%

03/01/32

10,000‌

8,944‌

109,869‌

Specialized

REITs

—

0.36%

CubeSmart

LP

4.38%

02/15/29

15,000‌

14,550‌

Extra

Space

Storage

LP

2.20%

10/15/30

40,000‌

33,330‌

2.35%

03/15/32

10,000‌

8,159‌

56,039‌

Transportation

—

0.75%

Delta

Air

Lines

Pass-Through

Trust,

Series

2020-1,

Class

AA

2.00%

06/10/28

19,768‌

17,580‌

JetBlue

Airways

Pass-Through

Trust,

Series

2019-1,

Class

AA

2.75%

05/15/32

26,965‌

22,795‌

Norfolk

Southern

Corp.

3.00%

03/15/32

15,000‌

13,365‌

Union

Pacific

Corp.

2.89%

04/06/36

20,000‌

16,878‌

United

Airlines

Pass-Through

Trust,

Series

2023-1,

Class

A

5.80%

01/15/36

45,000‌

45,716‌

116,334‌

Total

Corporates

(Cost

$7,459,194)

7,159,615‌

MORTGAGE-BACKED

—

15.90%**  

Non-Agency

Commercial

Mortgage-Backed

—

0.51%

Citigroup

Commercial

Mortgage

Trust,

Series

2014-GC25,

Class

XA

(IO)

0.94%

10/10/47

6

546,294‌

2,885‌

Commercial

Mortgage

Trust,

Series

2014-CR19,

Class

XA

(IO)

0.83%

08/10/47

6

499,187‌

1,679‌

Commercial

Mortgage

Trust,

Series

2014-UBS2,

Class

XA

(IO)

0.94%

03/10/47

6

315,031‌

18‌

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Commercial

Mortgage-Backed

(continued)

Commercial

Mortgage

Trust,

Series

2014-UBS3,

Class

XA

(IO)

1.04%

06/10/47

6

$

1,655,071‌

$

349‌

Commercial

Mortgage

Trust,

Series

2014-UBS5,

Class

XA

(IO)

0.81%

09/10/47

4,5,6

1,929,927‌

5,243‌

GS

Mortgage

Securities

Corp.

Trust,

Series

2020-UPTN,

Class

XA

(IO)

0.35%

02/10/37

2,6

375,000‌

1,065‌

GS

Mortgage

Securities

Trust,

Series

2010-C1,

Class

X

(IO)

0.45%

08/10/43

2,6

2,394,376‌

3,971‌

GS

Mortgage

Securities

Trust,

Series

2011-GC5,

Class

XA

(IO)

0.09%

08/10/44

2,6

181,718‌

1‌

GS

Mortgage

Securities

Trust,

Series

2014-GC20,

Class

XA

(IO)

0.94%

04/10/47

6

1,259,387‌

1,265‌

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2014-C22,

Class

XA

(IO)

0.78%

09/15/47

6

1,586,314‌

3,101‌

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2014-C25,

Class

XA

(IO)

0.80%

11/15/47

6

1,354,212‌

4,934‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2010-C2,

Class

XB

(IO)

1.30%

11/15/43

2,6

425,656‌

3,074‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2014-C19,

Class

XA

(IO)

0.95%

12/15/47

6

1,709,706‌

6,172‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C22,

Class

XA

(IO)

1.00%

04/15/48

6

643,533‌

4,555‌

UBS-Barclays

Commercial

Mortgage

Trust,

Series

2012-C3,

Class

XB

(IO)

0.18%

08/10/49

2,4,5,6

245,601‌

50‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2014-LC16,

Class

XA

(IO)

1.04%

08/15/50

6

239,085‌

183‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2014-LC18,

Class

XA

(IO)

1.01%

12/15/47

6

4,046,003‌

26,651‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2015-NXS2,

Class

XA

(IO)

0.59%

07/15/58

6

1,999,451‌

12,854‌

WF-RBS

Commercial

Mortgage

Trust,

Series

2014-C19,

Class

XA

(IO)

0.89%

03/15/47

6

3,244,226‌

1,049‌

WF-RBS

Commercial

Mortgage

Trust,

Series

2014-LC14,

Class

XA

(IO)

1.13%

03/15/47

6

268,108‌

183‌

79,282‌

Investment

Grade

Credit

Fund

Schedule

of

Portfolio

Investments

December

31,

2023

(Unaudited)

7

/

December

2023

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

—

2.21%

Ameriquest

Mortgage

Securities,

Inc.,

Asset-Backed

Pass-

Through

Certificates,

Series

2005-R11,

Class

M3

(CME

Term

SOFR

1-Month

plus

0.86%)

6.22%

01/25/36

1

$

100,000‌

$

95,555‌

Banc

of

America

Funding

Trust,

Series

2014-R7,

Class

2A1

(CME

Term

SOFR

1-Month

plus

0.25%)

5.61%

09/26/36

1,2

2,891‌

2,891‌

Bear

Stearns

ARM

Trust,

Series

2004-1,

Class

12A5

4.24%

04/25/34

6

5,585‌

4,904‌

Bombardier

Capital

Mortgage

Securitization

Corp.,

Series

2000-A,

Class

A2

7.58%

06/15/30

6

19,426‌

2,191‌

CIM

Trust,

Series

2021-R4,

Class

A1A

2.00%

05/01/61

2,6

58,296‌

50,915‌

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2005-OPT1,

Class

M1

(CME

Term

SOFR

1-Month

plus

0.74%)

6.10%

02/25/35

1

35,383‌

32,366‌

Countrywide

Asset-Backed

Certificates

Trust,

Series

2007-13,

Class

2A1

(CME

Term

SOFR

1-Month

plus

1.01%)

6.37%

10/25/47

1

17,305‌

15,620‌

GSR

Mortgage

Loan

Trust,

Series

2005-AR6,

Class

2A1

4.84%

09/25/35

6

8,151‌

7,661‌

HSI

Asset

Securitization

Corp.

Trust,

Series

2007-WF1,

Class

1A1

(CME

Term

SOFR

1-Month

plus

0.43%)

5.79%

05/25/37

1

4,813‌

4,796‌

IndyMac

Index

Mortgage

Loan

Trust,

Series

2007-FLX3,

Class

A1

(CME

Term

SOFR

1-Month

plus

0.59%)

5.95%

06/25/37

1

66,325‌

60,352‌

Long

Beach

Mortgage

Loan

Trust,

Series

2006-1,

Class

1A

(CME

Term

SOFR

1-Month

plus

0.55%)

5.91%

02/25/36

1

3,167‌

3,074‌

Morgan

Stanley

Mortgage

Loan

Trust,

Series

2004-5AR,

Class

3A1

5.41%

07/25/34

6

9,230‌

8,632‌

Saxon

Asset

Securities

Trust,

Series

2007-2,

Class

A2A

(CME

Term

SOFR

1-Month

plus

0.21%)

5.57%

05/25/47

1

61,787‌

43,067‌

Structured

Asset

Mortgage

Investments

II

Trust,

Series

2004-AR1,

Class

1A2

(CME

Term

SOFR

1-Month

plus

0.81%)

6.17%

03/19/34

1

1,168‌

1,098‌

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

(CME

Term

SOFR

1-Month

plus

0.71%)

6.07%

04/25/34

1

$

9,824‌

$

9,385‌

342,507‌

U.S.

Agency

Commercial

Mortgage-Backed

—

0.16%

Fannie

Mae-Aces,

Series

2016-M2,

Class

X3

(IO)

2.04%

04/25/36

6

43,381‌

384‌

Fannie

Mae-Aces,

Series

2016-M4,

Class

X2

(IO)

2.68%

01/25/39

6

284,724‌

1,522‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

K049,

Class

X3

(IO)

1.55%

10/25/43

6

250,000‌

5,540‌

Ginnie

Mae,

Series

2012-112,

Class

IO

(IO)

0.11%

02/16/53

6

1,756,731‌

3,478‌

Ginnie

Mae,

Series

2013-1,

Class

IO

(IO)

0.58%

02/16/54

6

465,043‌

5,276‌

Ginnie

Mae,

Series

2013-125,

Class

IO

(IO)

0.23%

10/16/54

6

678,813‌

9,123‌

25,323‌

U.S.

Agency

Mortgage-Backed

—

13.02%

Fannie

Mae

Pool

BW9897

4.50%

10/01/52

23,145‌

22,446‌

Fannie

Mae

REMICS,

Series

2011-116,

Class

SA

(IO)

(-1.00

X

SOFR30A

plus

5.89%,

6.00%

Cap)

0.55%

11/25/41

1

45,274‌

3,890‌

Fannie

Mae

REMICS,

Series

2012-128,

Class

UA

2.50%

06/25/42

18,228‌

16,448‌

Fannie

Mae

REMICS,

Series

2013-5,

Class

GF

(SOFR30A

plus

1.21%)

5.00%

10/25/42

1

27,673‌

26,692‌

Freddie

Mac

Pool

SD8189

2.50%

01/01/52

43,775‌

37,323‌

Freddie

Mac

Pool

SD8199

2.00%

03/01/52

45,545‌

37,250‌

Freddie

Mac

REMICS,

Series

4064,

Class

TB

3.50%

06/15/42

98,618‌

93,512‌

Freddie

Mac

Strips,

Series

240,

Class

IO

(IO)

5.50%

07/15/36

128,421‌

25,227‌

Ginnie

Mae

(TBA)

4.50%

01/20/54

75,000‌

73,207‌

5.00%

01/20/54

125,000‌

124,280‌

Investment

Grade

Credit

Fund

Schedule

of

Portfolio

Investments

December

31,

2023

(Unaudited)

December

2023

/

8

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

U.S.

Agency

Mortgage-Backed

(continued)

5.50%

01/20/54

$

50,000‌

$

50,328‌

Ginnie

Mae,

Series

2003-110,

Class

S

(IO)

(-1.00

X

CME

Term

SOFR

1-Month

plus

6.49%,

6.60%

Cap)

1.13%

10/20/33

1

156,411‌

11,905‌

Ginnie

Mae,

Series

2018-124,

Class

NW

3.50%

09/20/48

20,911‌

19,253‌

Ginnie

Mae,

Series

2018-154,

Class

BP

3.50%

11/20/48

2,122‌

1,997‌

Ginnie

Mae,

Series

2019-15,

Class

GT

3.50%

02/20/49

17,737‌

16,417‌

Ginnie

Mae,

Series

2023-113,

Class

FD

(SOFR30A

plus

1.35%)

6.50%

08/20/53

1

49,236‌

48,909‌

Ginnie

Mae,

Series

2023-116,

Class

FL

(SOFR30A

plus

1.15%)

6.49%

08/20/53

1

49,491‌

49,701‌

UMBS

(TBA)

2.00%

01/01/54

75,000‌

61,312‌

2.50%

01/01/54

50,000‌

42,602‌

3.00%

01/01/54

200,000‌

176,945‌

3.50%

01/01/54

125,000‌

114,607‌

4.00%

01/01/54

300,000‌

283,782‌

4.50%

01/01/54

500,000‌

485,234‌

5.00%

01/01/54

125,000‌

123,682‌

5.50%

01/01/54

75,000‌

75,328‌

2,022,277‌

Total

Mortgage-Backed

(Cost

$3,695,691)

2,469,389‌

MUNICIPAL

BONDS

—

2.67%*  

California

—

0.21%

San

Francisco

City

&

County

Airport

Commercial-San

Francisco

International

Airport

Revenue

Bonds,

Series

C

3.05%

05/01/34

20,000‌

17,007‌

Santa

Monica

Community

College

District

General

Obligation

Bonds

2.05%

08/01/33

20,000‌

15,994‌

33,001‌

Florida

—

0.09%

County

of

Miami-Dade

Aviation

Revenue

Bonds,

Airport

and

Marina

Improvements,

Series

D

3.50%

10/01/31

15,000‌

13,756‌

Maryland

—

0.08%

City

of

Baltimore

Revenue

Bonds,

Series

B

2.13%

07/01/33

15,000‌

12,000‌

Issues

Maturity

Date

Principal

Amount

Value

MUNICIPAL

BONDS

(continued)

Massachusetts

—

0.28%

Commonwealth

of

Massachusetts

Revenue

Bonds,

Series

B

4.11%

07/15/31

$

18,835‌

$

18,583‌

Massachusetts

School

Building

Authority

Revenue

Bonds,

Series

A

2.50%

02/15/37

15,000‌

11,234‌

Massachusetts

School

Building

Authority

Revenue

Bonds,

Series

B

2.97%

10/15/32

15,000‌

13,271‌

43,088‌

Michigan

—

0.15%

University

of

Michigan

Revenue

Bonds,

Series

C

3.44%

04/01/31

25,000‌

23,702‌

New

York

—

1.86%

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds,

Public

Improvements

3.73%

08/01/29

5,000‌

4,814‌

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds,

Public

Improvements,

Series

D

2.50%

11/01/33

50,000‌

41,774‌

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds,

Public

Improvements,

Series

E

1.97%

02/01/33

100,000‌

80,088‌

New

York

State

Dormitory

Authority

Revenue

Bonds,

Series

C

1.95%

03/15/29

75,000‌

66,173‌

New

York

State

Dormitory

Authority

Revenue

Bonds,

University

&

College

Improvements

5.29%

03/15/33

50,000‌

51,071‌

New

York

State

Urban

Development

Corp.

Revenue

Bonds,

Economic

Improvements,

Series

B

2.97%

03/15/34

15,000‌

12,834‌

New

York

State

Urban

Development

Corp.

Revenue

Bonds,

Economic

Improvements,

Series

F

2.00%

03/15/33

15,000‌

11,950‌

New

York

State

Urban

Development

Corp.

Revenue

Bonds,

Transit

Improvements,

Series

B

2.59%

03/15/35

25,000‌

20,198‌

288,902‌

Total

Municipal

Bonds

(Cost

$489,260)

414,449‌

U.S.

TREASURY

SECURITIES

—

37.80%  

U.S.

Treasury

Bonds

—

0.01%

U.S.

Treasury

Bonds

(WI)

4.75%

11/15/53

1,000‌

1,125‌

U.S.

Treasury

Notes

—

37.79%

U.S.

Treasury

Notes

4.25%

12/31/25

1,704,000‌

1,704,067‌

4.38%

11/30/28

1,029,000‌

1,053,238‌

4.38%

12/15/26

657,000‌

663,647‌

4.88%

11/30/25

257,000‌

259,714‌

4.88%

10/31/28

622,000‌

649,358‌

Investment

Grade

Credit

Fund

Schedule

of

Portfolio

Investments

December

31,

2023

(Unaudited)

9

/

December

2023

Issues

Maturity

Date

Principal

Amount

Value

U.S.

TREASURY

SECURITIES

(continued)

U.S.

Treasury

Notes

(continued)

U.S.

Treasury

Notes

(WI)

3.75%

12/31/28

$

663,000‌

$

660,022‌

4.50%

11/15/33

837,000‌

878,981‌

5,869,027‌

Total

U.S.

Treasury

Securities

(Cost

$5,815,890)

5,870,152‌

Total

Bonds

—

105.34%

(Cost

$17,910,072)

16,357,603‌

Issues

Maturity

Date

Principal

Amount

/

Shares

Value

SHORT-TERM

INVESTMENTS

—

8.57%

Money

Market

Funds

—

5.71%

Dreyfus

Government

Cash

Management

Fund

5.25%

7

325,000‌

325,000‌

Fidelity

Investments

Money

Market

Funds

-

Government

Portfolio

5.25%

7

20,577‌

20,577‌

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

5.27%

7

541,000‌

541,000‌

886,577‌

U.S.

Treasury

Bills

—

2.86%

U.S.

Treasury

Bills

(WI)

5.43%

8

03/07/24

150,000‌

148,591‌

5.49%

8

04/18/24

300,000‌

295,375‌

443,966‌

Total

Short-Term

Investments

(Cost

$1,330,383)

1,330,543‌

Total

Investments

-

113.91%

(Cost

$19,240,455)

17,688,146‌

Liabilities

in

Excess

of

Other

Assets

-

(13.91)%

(

2,159,522‌)

Net

Assets

-

100.00%

$

15,528,624‌

1

Floating

rate

security.

The

rate

disclosed

was

in

effect

at

December

31,

2023.

2

Securities

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

The

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

3

Foreign

denominated

security

issued

by

foreign

domiciled

entity.

4

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

5

Illiquid

security

as

determined

under

procedures

approved

by

the

Board

of

Trustees.

The

aggregate

value

of

illiquid

securities

is

$35,664,

which

is

0.23%

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

Represents

the

current

yield

as

of

December

31,

2023.

8

Represents

annualized

yield

at

date

of

purchase.

*

Securities

with

a

call

or

reset

feature

will

have

an

effective

maturity

date

sooner

than

the

stated

maturity.

**

Securities

backed

by

mortgage

or

consumer

loans

where

payment

is

periodically

made

will

have

an

effective

maturity

date

sooner

than

the

stated

maturity

date.

Note:

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

for

more

meaningful

presentation

for

investors.

(CLO):

Collateralized

Loan

Obligation

(GMTN):

Global

Medium-Term

Note

(IO):

Interest

Only

(MTN):

Medium-Term

Note

(REIT):

Real

Estate

Investment

Trust

(S&P):

Standard

&

Poor’s

(SOFR):

Secured

Overnight

Financing

Rate

(TBA):

To-Be-Announced

(WI):

When

Issued

Investment

Grade

Credit

Fund

Schedule

of

Portfolio

Investments

December

31,

2023

(Unaudited)

December

2023

/

10

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

FUTURES

CONTRACTS:

LONG

POSITIONS

U.S.

Treasury

Two-Year

Note

20

03/28/24

$

4,118,281‌

$

40,218‌

$

40,218‌

U.S.

Treasury

Five-Year

Note

8

03/28/24

870,188‌

19,150‌

19,150‌

4,988,469‌

59,368‌

59,368‌

FUTURES

CONTRACTS:

SHORT

POSITIONS

U.S.

Treasury

Ten-Year

Ultra

Bond

12

03/19/24

(1,416,188‌)

(61,474‌)

(61,474‌)

U.S.

Treasury

Ultra

Bond

1

03/19/24

(133,594‌)

(12,262‌)

(

12,262‌)

(1,549,782‌)

(73,736‌)

(73,736‌)

TOTAL

FUTURES

CONTRACTS

$

3,438,687‌

$

(14,368‌)

$

(14,368‌)

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

$

69‌

$

(3,001‌)

$

—‌

$

(3,001‌)

TOTAL

SWAPS

CONTRACTS

$

69‌

$

(3,001‌)

$

—‌

$

(3,001‌)

1

Centrally

cleared.

Investment

Grade

Credit

Fund

Schedule

of

Portfolio

Investments

December

31,

2023

(Unaudited)

11

/

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

Investment

Grade

Credit

Fund

Schedule

of

Portfolio

Investments

December

31,

2023

(Unaudited)

December

2023

/

12

The

inputs

or

methodology

used

for

valuing

investments

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

investments

and

the

determination

of

the

significance

of

a

particular

input

to

the

fair

value

measurement

in

its

entirety

requires

judgment

and

consideration

of

factors

specific

to

each

security.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

marketplace,

the

liquidity

of

markets,

and

other

characteristics

particular

to

the

security.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized as

Level

3.

In

periods

of

market

dislocation,

the

observability

of

prices

and

inputs

may

be

reduced

for

many

instruments.

This

condition,

as

well

as

changes

related

to

liquidity

of

investments,

could

cause

a

security

to

be

reclassified

between

Level

1,

Level

2,

or

Level

3.

In

certain

cases,

the

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

in

its

entirety

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

summary

of

inputs

used

to

value

the

Fund’s

investments

and

other

financial

instruments

carried

at

fair

value

as

of

December

31,

2023

is

as

follows:

INVESTMENT

GRADE

CREDIT

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTAL

Investments

in

Securities

Assets:

Short-Term

Investments:

Money

Market

Funds

$

886,577‌

$

—‌

$

—‌

$

886,577‌

U.S.

Treasury

Bills

443,966‌

—‌

—‌

443,966‌

Long-Term

Investments:

Asset-Backed

Securities

—‌

413,627‌

30,371‌

443,998‌

Corporates

—‌

7,159,615‌

—‌

7,159,615‌

Mortgage-Backed

Securities

—‌

2,464,096‌

5,293‌

2,469,389‌

Municipal

Bonds

—‌

414,449‌

—‌

414,449‌

U.S.

Treasury

Securities

5,870,152‌

—‌

—‌

5,870,152‌

Other

Financial

Instruments

*

Assets:

Interest

rate

contracts

59,368‌

—‌

—‌

59,368‌

Liabilities:

Interest

rate

contracts

(

73,736‌

)

(

3,001‌

)

—‌

(

76,737‌

)

Total

$

7,186,327‌

$

10,448,786‌

$

35,664‌

$

17,670,777‌

*Other

financial

instruments

include

futures

and

swaps.

Interest

rate

contracts

include

futures

and

swaps.

Investment

Grade

Credit

Fund

Schedule

of

Portfolio

Investments

December

31,

2023

(Unaudited)

13

/

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:

INVESTMENT

GRADE

CREDIT

FUND

ASSET-BACKED

SECURITIES

MORTGAGE-

BACKED

SECURITIES

TOTAL

Balance

as

of

April

1,

2023

$

31,899‌

$

17,682‌

$

49,581‌

Accrued

discounts/premiums

—‌

(

3,290‌

)

(

3,290‌

)

Realized

gain

(loss)

—‌

—‌

—‌

Change

in

unrealized

appreciation

(depreciation)*

229‌

(

9,099‌

)

(

8,870‌

)

Purchases

—‌

—‌

—‌

Sales

(

1,757‌

)

—‌

(

1,757‌

)

Transfers

into

Level

3**

—‌

—‌

—‌

Transfers

out

of

Level

3**

—‌

—‌

—‌

Balance

as

of

December

31,

2023

$

30,371‌

$

5,293‌

$

35,664‌

*The

change

in

unrealized

appreciation

(depreciation)

on

securities

still

held

at

December

31,

2023

was

$(8,870)

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:

INVESTMENT

GRADE

CREDIT

FUND

FAIR

VALUE

AT

12/31/23

VALUATION

TECHNIQUE

*

UNOBSERVABLE

INPUT

RANGE

WEIGHTED

AVERAGE

INPUT

TO

VALUATION

IF

INPUT

INCREASES

Asset-Backed

Securities

$30,371

Broker

Quote

Offered

Quote

$90.44

$90.44

Increase

Mortgage-Backed

Securities-

Non-Agency

Commercial

$5,293

Third-Party

Vendor

Vendor

Prices

$0.02

-

$0.27

$0.27

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.