NPORT-EX 2 MW12TCW123123.htm
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.