Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
1
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
BONDS
–
110
.86
%
ASSET-BACKED
SECURITIES
—
14
.76
%
**
321
Henderson
Receivables
VI
LLC,
Series
2010-1A,
Class
B
9.31%
07/15/61
1
$
143,859
$
148,561
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
5,270,000
5,266,311
AMSR
Trust,
Series
2020-SFR1,
Class
G
4.31%
04/17/37
1
10,503,000
10,027,576
AMSR
Trust,
Series
2020-SFR3,
Class
H
6.50%
09/17/37
1
6,000,000
5,736,721
AMSR
Trust,
Series
2022-SFR3,
Class
E1
4.00%
10/17/39
1
10,000,000
9,027,897
Barings
CLO
Ltd.,
Series
2020-4A,
Class
B
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.81%)
7.23%
01/20/32
1,2,3
8,300,000
8,287,724
Bayview
Commercial
Asset
Trust,
Series
2005-1A,
Class
A1
(CME
Term
SOFR
1-Month
plus
0.56%)
5.92%
04/25/35
1,2
396,933
375,751
Blackrock
Rainier
CLO
VI
Ltd.,
Series
2021-6A,
Class
A
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.96%)
7.38%
04/20/33
1,2,3
10,000,000
9,970,700
BlueMountain
Fuji
U.S.
CLO
I
Ltd.,
Series
2017-1A,
Class
BR
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.76%)
7.18%
07/20/29
1,2,3
5,500,000
5,487,256
Carvana
Auto
Receivables
Trust,
Series
2021-N3,
Class
R
0.00%
06/12/28
1
19,250
2,276,455
Carvana
Auto
Receivables
Trust,
Series
2021-N4,
Class
R
0.00%
09/12/28
1
26,800
1,808,536
Carvana
Auto
Receivables
Trust,
Series
2021-P4,
Class
R
0.00%
09/11/28
1
14,200
3,930,605
Carvana
Auto
Receivables
Trust,
Series
2022-N1,
Class
R
0.00%
12/11/28
1
71,000
5,662,413
Carvana
Auto
Receivables
Trust,
Series
2022-P2,
Class
R
1.00%
05/10/29
1
54,850
8,262,721
Carvana
Auto
Receivables
Trust,
Series
2023-P3,
Class
R
0.00%
08/12/30
1
16,200
3,534,993
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
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
$
1,000,000
$
998,400
CF
Hippolyta
Issuer,
LLC,
Series
2020-1,
Class
B1
2.28%
07/15/60
1
7,195,616
6,593,541
CIFC
Funding
2014
Ltd.,
Series
2014-1A,
Class
BR2
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.66%)
7.06%
01/18/31
1,2,3
8,525,000
8,464,149
CIT
Education
Loan
Trust,
Series
2007-1,
Class
B
(SOFR90A
plus
0.56%)
5.91%
06/25/42
1,2
2,060,657
1,777,605
Clover
CLO
LLC,
Series
2018-1A,
Class
BR
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.96%)
7.38%
04/20/32
1,2,3
15,800,000
15,791,152
CoreVest
American
Finance
Trust,
Series
2019-3,
Class
XA
(IO)
2.03%
10/15/52
1,4
3,928,534
81,789
CoreVest
American
Finance
Trust,
Series
2020-1,
Class
A2
2.30%
03/15/50
1
5,197,000
4,663,815
CoreVest
American
Finance
Trust,
Series
2020-4,
Class
XA
(IO)
3.81%
12/15/52
1,4
19,396,830
1,163,129
CoreVest
American
Finance
Trust,
Series
2020-4,
Class
XB
(IO)
2.76%
12/15/52
1,4
12,500,000
939,295
CoreVest
American
Finance
Trust,
Series
2021-3,
Class
XA
(IO)
2.38%
10/15/54
1,4
67,014,433
3,698,158
DataBank
Issuer,
Series
2021-1A,
Class
A2
2.06%
02/27/51
1
6,047,860
5,475,831
Exeter
Automobile
Receivables
Trust,
Series
2023-3A,
Class
D
6.68%
04/16/29
6,120,000
6,170,728
Flexential
Issuer,
Series
2021-1A,
Class
C
6.93%
11/27/51
1
9,755,000
8,089,695
FRTKL,
Series
2021-SFR1,
Class
G
4.11%
09/17/38
1
9,435,000
8,235,778
GBX
Leasing,
Series
2022-1,
Class
A
2.87%
02/20/52
1
9,389,396
8,256,143
Global
SC
Finance
II
SRL,
Series
2014-1A,
Class
A2
(Barbados)
3.09%
07/17/29
1,3
147,828
145,449
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
2
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
Goal
Capital
Funding
Trust,
Series
2006-1,
Class
B
(LIBOR
USD
3-Month
plus
0.45%)
6.09%
08/25/42
2
$
215,614
$
197,592
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
3,905,000
3,882,359
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
9,600,000
9,554,784
J.G.
Wentworth
XXXVII
LLC,
Series
2016-1A,
Class
A
3.41%
06/15/67
1
4,671,762
4,051,522
J.G.
Wentworth
XXXVIII
LLC,
Series
2017-1A,
Class
A
3.99%
08/16/60
1
2,808,957
2,469,167
LAD
Auto
Receivables
Trust,
Series
2023-3A,
Class
D
6.92%
12/16/30
1
4,000,000
4,067,564
Madison
Park
Funding
XXVII
Ltd.,
Series
2018-27A,
Class
A2
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.61%)
7.03%
04/20/30
1,2,3
2,530,000
2,516,080
Magnetite
XXI
Ltd.,
Series
2019-21A,
Class
BR
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.61%)
7.03%
04/20/34
1,2,3
8,000,000
7,894,952
MetroNet,
Series
2023-3,
Class
A
7.95%
04/20/53
1,5,6
2,650,000
2,700,516
Nelnet
Student
Loan
Trust,
Series
2006-2,
Class
B
(SOFR90A
plus
0.46%)
5.80%
01/25/38
2
2,083,625
1,731,453
Nelnet
Student
Loan
Trust,
Series
2015-1A,
Class
A
(SOFR30A
plus
0.70%)
6.04%
04/25/46
1,2
1,059,960
1,044,065
Neuberger
Berman
Loan
Advisers
CLO
24
Ltd.,
Series
2017-24A,
Class
BR
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.76%)
7.16%
04/19/30
1,2,3
750,000
745,800
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
6,400,000
6,401,171
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
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
$
5,000,000
$
4,993,720
OHA
Credit
Funding
8
Ltd.,
Series
2021-8A,
Class
B1
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.76%)
7.16%
01/18/34
1,2,3
6,650,000
6,572,195
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
4,850,000
4,848,530
Progress
Residential
Trust,
Series
2019-SFR3,
Class
F
3.87%
09/17/36
1
8,200,000
7,994,588
Progress
Residential
Trust,
Series
2020-SFR1,
Class
H
5.27%
04/17/37
1
7,100,000
6,733,413
Progress
Residential
Trust,
Series
2021-SFR2,
Class
G
4.25%
04/19/38
1
7,956,000
7,168,662
Progress
Residential,
Series
2021-SFR1,
Class
F
2.76%
04/17/38
1
4,237,000
3,787,796
Progress
Residential,
Series
2021-SFR3,
Class
F
3.44%
05/17/26
1
3,700,000
3,320,075
Progress
Residential,
Series
2021-SFR3,
Class
G
4.25%
05/17/26
1
15,752,000
14,239,175
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
3,940,000
4,012,890
Regata
XII
Funding
Ltd.,
Series
2019-1A,
Class
BR
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.86%)
7.26%
10/15/32
1,2,3
3,890,000
3,870,457
RRE
15
Loan
Management
DAC,
Series
15X,
Class
A1
(Ireland)
(3-Month
Euribor
plus
1.75%)
5.72%
10/15/35
2,3
5,000,000
5,535,622
Sabey
Data
Center
Issuer
LLC,
Series
2020-1,
Class
A2
3.81%
04/20/45
1
7,905,000
7,650,050
Skyline
Aircraft
Finance
LLC,
Series
2021-1,
Class
A
3.23%
05/10/37
4,5,6
8,646,989
7,820,458
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
3
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
SLC
Student
Loan
Trust,
Series
2004-1,
Class
B
(SOFR90A
plus
0.55%)
5.89%
08/15/31
2
$
260,147
$
220,546
SLM
Student
Loan
EDC
Repackaging
Trust,
Series
2013-M1,
Class
M1R
0.00%
10/28/29
1
6,250
2,646,559
SLM
Student
Loan
Trust,
Series
2003-12,
Class
B
(SOFR90A
plus
0.85%)
6.20%
12/15/68
2
2,600,541
2,459,963
SLM
Student
Loan
Trust,
Series
2003-4,
Class
A5D
(SOFR90A
plus
1.01%)
6.36%
03/15/33
1,2
1,263,330
1,217,010
SLM
Student
Loan
Trust,
Series
2003-7,
Class
B
(SOFR90A
plus
0.83%)
6.18%
09/15/39
2
1,839,094
1,666,181
SLM
Student
Loan
Trust,
Series
2004-10,
Class
B
(SOFR90A
plus
0.63%)
5.97%
01/25/40
2
6,420,578
5,853,550
SLM
Student
Loan
Trust,
Series
2004-2,
Class
B
(SOFR90A
plus
0.73%)
6.07%
07/25/39
2
320,373
296,264
SLM
Student
Loan
Trust,
Series
2005-3,
Class
B
(SOFR90A
plus
0.41%)
5.75%
04/25/40
2
2,107,861
1,960,038
SLM
Student
Loan
Trust,
Series
2006-8,
Class
B
(SOFR90A
plus
0.49%)
5.83%
01/25/41
2
2,180,893
1,999,769
SLM
Student
Loan
Trust,
Series
2007-7,
Class
B
(SOFR90A
plus
1.01%)
6.35%
10/27/70
2
2,195,000
1,981,369
SLM
Student
Loan
Trust,
Series
2007-8,
Class
B
(SOFR90A
plus
1.26%)
6.60%
04/27/83
2
3,503,384
3,315,316
SLM
Student
Loan
Trust,
Series
2008-2,
Class
B
(SOFR90A
plus
1.46%)
6.80%
01/25/83
2
1,000,000
930,613
SLM
Student
Loan
Trust,
Series
2008-3,
Class
B
(SOFR90A
plus
1.46%)
6.80%
04/26/83
2
710,000
670,641
SLM
Student
Loan
Trust,
Series
2008-4,
Class
A4
(SOFR90A
plus
1.91%)
7.25%
07/25/22
2
629,870
629,173
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
SLM
Student
Loan
Trust,
Series
2008-4,
Class
B
(SOFR90A
plus
2.11%)
7.45%
04/25/73
2
$
710,000
$
697,226
SLM
Student
Loan
Trust,
Series
2008-5,
Class
B
(SOFR90A
plus
2.11%)
7.45%
07/25/73
2
7,315,000
7,207,386
SLM
Student
Loan
Trust,
Series
2008-6,
Class
A4
(SOFR90A
plus
1.36%)
6.70%
07/25/23
2
7,335,996
7,239,512
SLM
Student
Loan
Trust,
Series
2008-6,
Class
B
(SOFR90A
plus
2.11%)
7.45%
07/26/83
2
710,000
659,383
SLM
Student
Loan
Trust,
Series
2008-7,
Class
B
(SOFR90A
plus
2.11%)
7.45%
07/26/83
2
820,000
766,618
SLM
Student
Loan
Trust,
Series
2012-1,
Class
A3
(SOFR30A
plus
1.06%)
6.40%
09/25/28
2
543,526
526,217
SLM
Student
Loan
Trust,
Series
2012-2,
Class
A
(SOFR30A
plus
0.81%)
6.15%
01/25/29
2
815,940
781,552
SLM
Student
Loan
Trust,
Series
2012-7,
Class
B
(SOFR30A
plus
1.91%)
7.25%
09/25/43
2
2,200,000
2,022,613
SLM
Student
Loan
Trust,
Series
2014-1,
Class
A3
(SOFR30A
plus
0.71%)
6.05%
02/26/29
2
698,219
670,961
Stack
Infrastructure
Issuer
LLC,
Series
2019-2A,
Class
A2
3.08%
10/25/44
1
5,000,000
4,862,270
Structured
Receivables
Finance
LLC,
Series
2010-A,
Class
B
7.61%
01/16/46
1
1,291,702
1,291,702
Structured
Receivables
Finance
LLC,
Series
2010-B,
Class
B
7.97%
08/15/36
1
972,001
996,018
Student
Loan
Consolidation
Center
Student
Loan
Trust
I,
Series
2002-2,
Class
B2
(28
Day
Auction
Rate
plus
0.00%)
1.61%
07/01/42
1,2
150,000
138,616
TCI-Flatiron
CLO
Ltd.,
Series
2017-1A,
Class
B
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.82%)
7.19%
11/18/30
1,2,3
5,090,000
5,078,700
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
4
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
Textainer
Marine
Containers
VII
Ltd.,
Series
2020-3A,
Class
A
(Bermuda)
2.11%
09/20/45
1,3
$
6,126,975
$
5,534,949
TIF
Funding
II
LLC,
Series
2020-1A,
Class
A
2.09%
08/20/45
1
2,680,150
2,409,357
TIF
Funding
II,
LLC,
Series
2021-1A,
Class
B
2.54%
02/20/46
1
3,039,031
2,593,927
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
7,025,000
7,007,845
Triton
Container
Finance
VIII,
LLC,
Series
2021-1A,
Class
B
2.58%
03/20/46
1
2,348,556
2,022,662
Westlake
Automobile
Receivables
Trust,
Series
2023-3A,
Class
D
6.47%
03/15/29
1
9,640,000
9,653,143
Total
Asset-Backed
Securities
(Cost
$424,069,174)
384,161,182
BANK
LOANS
—
2
.96
%
*
Communications
—
0
.16
%
CCI
Buyer,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
9.35%
12/17/27
2
1,469,773
1,467,672
CSC
Holdings
LLC,
Term
Loan
B5,
1st
Lien
(LIBOR
plus
2.50%)
7.98%
04/15/27
2
903,843
857,900
Frontier
Communications
Holdings
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.86%)
8.62%
10/08/27
2
512,180
510,260
Zayo
Group
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.11%)
8.47%
03/09/27
2
563,487
485,816
(SOFR
plus
4.33%)
9.68%
03/09/27
2
1,039,737
896,450
4,218,098
Consumer
Discretionary
—
0
.20
%
ADMI
Corp.,
Term
Loan
B2,
1st
Lien
(SOFR
plus
3.49%)
8.85%
12/23/27
2
562,932
533,378
City
Brewing
Co.
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.76%)
8.32%
04/05/28
2
1,606,736
1,277,355
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Consumer
Discretionary
(continued)
Hanesbrands,
Inc.,
Term
Loan
A,
1st
Lien
(SOFR
plus
1.50%)
6.93%
11/19/26
2
$
749,064
$
736,892
Naked
Juice,
LLC,
Term
Loan,
2nd
Lien
(SOFR
plus
6.10%)
11.00%
01/24/30
2
1,110,195
904,115
Sunshine
Luxembourg
VII
SARL,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.60%)
8.95%
10/01/26
2
582,758
586,557
Triton
Water
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.51%)
8.23%
03/31/28
2
1,204,870
1,195,834
5,234,131
Entertainment
—
0
.02
%
William
Morris
Endeavor
Entertainment
LLC,
Term
Loan
B1,
1st
Lien
(SOFR
plus
2.86%)
8.22%
05/16/25
2
588,043
590,342
Finance
—
0
.05
%
Avolon
TLB
Borrower
1
U.S.
LLC,
Term
Loan
B6,
1st
Lien
(SOFR
plus
2.50%)
7.86%
06/22/28
2
631,327
633,483
Deerfield
Dakota
Holding
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
9.10%
04/09/27
2
198,655
197,165
Mozart
Borrower,
LP,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.11%)
8.47%
10/23/28
2
491,250
494,281
1,324,929
Food
—
0
.02
%
8th
Avenue
Food &
Provisions,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.86%)
9.22%
10/01/25
2
140,429
135,046
H-Food
Holdings
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
3.95%)
9.34%
05/23/25
2
546,005
439,381
574,427
Gaming
—
0
.05
%
Penn
National
Gaming,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.85%)
7.66%
05/03/29
2
604,704
606,905
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
5
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Gaming
(continued)
Scientific
Games
International,
Inc.,
Term
Loan
B,
1st
Lien
(Canada)
(SOFR
plus
3.10%)
8.46%
04/16/29
2,3
$
580,140
$
582,678
1,189,583
Health
Care
—
0
.23
%
Bausch
+
Lomb
Corp.,
Term
Loan
B,
1st
Lien
(Canada)
(SOFR
plus
3.35%)
8.71%
05/10/27
2,3
309,952
307,435
Term
Loan,
1st
Lien
(Canada)
(SOFR
plus
4.00%)
9.36%
09/14/28
2,3
359,617
360,067
Curia
Global,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
9.21%
08/28/26
2
1,086,076
980,526
Genesee
&
Wyoming,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
2.10%)
7.45%
12/30/26
2
814,209
817,066
Grifols
Worldwide
Operations
USA,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.15%)
7.37%
11/15/27
2
997,403
998,649
Jazz
Financing
Lux
SARL,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.61%)
8.97%
05/05/28
2
561,754
565,380
Organon
&
Co.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.11%)
7.75%
06/02/28
2
393,480
394,957
Pathway
Vet
Alliance
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.86%)
9.22%
03/31/27
2
1,113,916
984,947
Star
Parent,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
9.35%
09/28/30
2
409,689
405,877
U.S.
Renal
Care,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
5.11%)
10.47%
06/20/28
2
207,737
158,400
5,973,304
Health
Care
REITs
—
0
.12
%
Aveanna
Healthcare
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.85%)
9.24%
07/17/28
2
3,183,078
2,971,642
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Industrials
—
0
.60
%
Arterrsa
Services LLC,
Term
Loan,
1st
Lien
(Luxembourg)
(SOFR
plus
3.60%)
8.95%
03/06/25
2,3
$
1,950,000
$
1,841,229
ASP
Blade
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.26%)
9.61%
10/16/28
2
515,059
461,944
Berry
Global,
Inc.,
Term
Loan
AA,
1st
Lien
(SOFR
plus
1.86%)
7.22%
07/01/29
2
1,771,974
1,776,218
Coherent
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.86%)
7.38%
-
7.67%
07/02/29
2
405,354
407,635
DTI
Holdco,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.75%)
10.13%
04/26/29
2
241,919
239,716
Filtration
Group
Corp.,
Term
Loan,
1st
Lien
(SOFR
plus
4.36%)
9.72%
10/21/28
2
326,754
328,592
Michaels
Cos.,
Inc.
(The),
Term
Loan,
1st
Lien
(SOFR
plus
4.51%)
9.86%
04/15/28
2
3,412,500
2,846,025
Patriot
Container
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.85%)
9.21%
03/20/25
2
153,611
147,626
Plaze,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.86%)
9.22%
08/03/26
2
3,395,000
3,307,290
Term
Loan
B,
1st
Lien
(Luxembourg)
(SOFR
plus
3.61%)
8.97%
08/03/26
2,3
1,680,826
1,637,402
ProAmpac
PG
Borrower
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.50%)
9.87%
-
9.89%
09/15/28
2
1,349,484
1,353,701
TransDigm,
Inc.,
Term
Loan
I,
1st
Lien
(SOFR
plus
3.25%)
8.60%
08/24/28
2
1,239,163
1,246,356
15,593,734
Information
Technology
—
0
.72
%
Arches
Buyer,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.35%)
8.71%
12/06/27
2
586,745
575,541
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
6
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Information
Technology
(continued)
Athenahealth
Group,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.25%)
8.25%
02/15/29
2
$
439,699
$
438,380
Buzz
Merger
Sub
Ltd.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.85%)
8.21%
01/29/27
2
350,818
352,353
Central
Parent
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
9.35%
07/06/29
2
673,251
677,842
CT
Technologies
Intermediate
Holdings,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
4.36%)
9.72%
12/16/25
2
923,875
891,858
EagleView
Technology
Co.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.76%)
9.11%
08/14/25
2
5,065,051
4,954,253
Entegris,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.50%)
7.85%
-
7.86%
07/06/29
2
48,753
48,997
Gainwell
Acquisition
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.10%)
8.72%
-
8.99%
10/01/27
2
2,197,694
2,142,752
MH
Sub
I
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.25%)
9.61%
05/03/28
2
282,245
278,011
NortonLifeLock,
Inc.,
Term
Loan
A2,
1st
Lien
(SOFR
plus
1.60%)
6.96%
09/10/27
2
1,343,843
1,341,746
Open
Text
Corp.,
Term
Loan
B,
1st
Lien
(Canada)
(SOFR
plus
1.85%)
7.21%
05/30/25
2,3
228,227
228,893
(SOFR
plus
2.85%)
8.21%
01/31/30
2,3
439,314
440,854
Oracle
Corp.,
Term
Loan
A1,
1st
Lien
(SOFR
plus
0.60%)
6.46%
08/16/27
2
1,656,374
1,652,233
Sophia
LP,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.60%)
8.96%
10/07/27
2
193,446
194,096
Spin
Holdco,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.26%)
9.62%
03/03/28
2
3,656,802
3,228,444
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Information
Technology
(continued)
Xerox
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
9.36%
11/15/29
2
$
1,238,184
$
1,242,054
18,688,307
Insurance
—
0
.11
%
Acrisure
LLC,
Term
Loan
B1,
1st
Lien
(LIBOR
plus
3.50%)
9.15%
02/15/27
2
1,115,239
1,114,944
Asurion
LLC,
Term
Loan
B10,
1st
Lien
(SOFR
plus
4.10%)
8.91%
08/19/28
2
987,500
984,720
Term
Loan
B8,
1st
Lien
(SOFR
plus
3.36%)
8.72%
12/23/26
2
773,043
772,614
2,872,278
Materials
—
0
.18
%
Chemours
Co.
(The),
Term
Loan
B3,
1st
Lien
(SOFR
plus
3.50%)
8.86%
08/18/28
2
651,500
652,151
Herens
U.S.
Holdco
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.03%)
9.37%
07/03/28
2
2,779,529
2,530,761
Schweitzer-Mauduit
International,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.86%)
9.22%
04/20/28
2
1,559,321
1,553,473
4,736,385
Office
REITs
—
0
.09
%
Rent-A-Center,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.68%)
8.12%
02/17/28
2
2,247,044
2,251,257
Retail
—
0
.27
%
1011778
BC
Unlimited
Liability
Co.,
Term
Loan
B5,
1st
Lien
(Canada)
(SOFR
plus
2.25%)
7.61%
09/23/30
2,3
411,202
411,862
AmWINS
Group,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.36%)
7.72%
02/19/28
2
2,721,373
2,729,034
BW
Gas
&
Convenience
Holdings
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.61%)
8.97%
03/31/28
2
3,510,000
3,474,900
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
7
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Retail
(continued)
KFC
Holding
Co.,
Term
Loan
B,
1st
Lien
(SOFR
plus
1.86%)
7.22%
03/15/28
2
$
459,368
$
460,468
7,076,264
Services
—
0
.09
%
Amentum
Government
Services
Holdings
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.11%)
8.63%
01/29/27
2
1,294,601
1,298,239
Element
Materials
Technology
Group
U.S.
Holdings,
Inc.,
Delayed-Draw
Term
Loan,
1st
Lien
(SOFR
plus
4.35%)
9.70%
07/06/29
2
123,136
122,367
Term
Loan
B,
1st
Lien
(SOFR
plus
4.35%)
9.70%
07/06/29
2
266,796
265,128
Pre-Paid
Legal
Services,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
3.86%)
9.22%
12/15/28
2
534,919
532,078
TruGreen
LP,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.10%)
9.46%
11/02/27
2
170,376
164,882
2,382,694
Specialized
REITs
—
0
.05
%
Greystar
Real
Estate
Partners,
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
9.12%
08/07/30
2
1,377,854
1,381,299
Total
Bank
Loans
(Cost
$78,420,347)
77,058,674
CORPORATES
—
24
.75
%
*
Banking
—
5
.91
%
Bank
of
America
Corp.
3.42%
12/20/28
4
2,731,000
2,572,195
Bank
of
America
Corp.
(MTN)
1.92%
10/24/31
4
7,570,000
6,157,114
2.09%
06/14/29
4
8,194,000
7,235,006
3.97%
03/05/29
4
1,185,000
1,132,916
(CME
Term
SOFR
3-Month
plus
0.91%)
6.29%
12/01/26
2
4,400,000
4,270,066
Bank
of
America
Corp.,
Series
N
1.66%
03/11/27
4
11,725,000
10,863,085
Bank
of
America
Corp.,
Series
RR
4.38%
4,7
2,340,000
2,096,251
Comerica,
Inc.
5.63%
4,7
2,145,000
2,025,604
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Banking
(continued)
Discover
Bank
(BKNT)
3.45%
07/27/26
$
2,811,000
$
2,658,988
DNB
Bank
ASA
(Norway)
1.61%
03/30/28
1,3,4
633,000
564,907
HSBC
Holdings
PLC
(United
Kingdom)
2.21%
08/17/29
3,4
15,725,000
13,736,037
2.80%
05/24/32
3,4
1,800,000
1,504,331
4.76%
06/09/28
3,4
2,260,000
2,229,301
JPMorgan
Chase
&
Co.
1.58%
04/22/27
4
10,250,000
9,463,123
2.07%
06/01/29
4
510,000
452,653
2.58%
04/22/32
4
2,055,000
1,740,377
Lloyds
Banking
Group
PLC
(United
Kingdom)
3.57%
11/07/28
3,4
2,130,000
2,005,547
3.87%
07/09/25
3,4
4,000,000
3,962,998
4.98%
08/11/33
3,4
80,000
77,933
NatWest
Group
PLC
(United
Kingdom)
4.27%
03/22/25
3,4
1,542,000
1,536,609
PNC
Financial
Services
Group,
Inc.
(The)
5.07%
01/24/34
4
5,840,000
5,719,107
6.04%
10/28/33
4
1,165,000
1,219,057
6.88%
10/20/34
4
2,605,000
2,895,530
Santander
UK
Group
Holdings
PLC
(United
Kingdom)
1.09%
03/15/25
3,4
13,951,000
13,795,725
1.67%
06/14/27
3,4
2,620,000
2,385,891
U.S.
Bancorp
3.70%
4,7
1,980,000
1,564,072
4.84%
02/01/34
4
6,710,000
6,442,675
5.84%
06/12/34
4
1,630,000
1,684,057
5.85%
10/21/33
4
1,320,000
1,363,676
UBS
Group
AG
(Switzerland)
2.88%
04/02/32
3,4
1,500,000
1,550,389
3.09%
05/14/32
1,3,4
9,460,000
8,068,391
3.87%
01/12/29
1,3,4
785,000
740,704
6.54%
08/12/33
1,3,4
2,064,000
2,200,740
7.75%
03/01/29
3,4
635,000
809,351
9.02%
11/15/33
1,3,4
6,795,000
8,362,097
UBS
Group
AG
(EMTN)
(Switzerland)
0.63%
01/18/33
3
1,920,000
1,602,732
Wells
Fargo
&
Co.
(MTN)
3.35%
03/02/33
4
18,205,000
15,930,060
4.90%
07/25/33
4
1,350,000
1,315,902
153,935,197
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
8
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Communications
—
1
.74
%
C&W
Senior
Financing
DAC
(Ireland)
6.88%
09/15/27
1,3
$
300,000
$
281,040
Cable
One,
Inc.
4.00%
11/15/30
1
1,777,000
1,457,140
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
4.80%
03/01/50
4,765,000
3,694,566
5.38%
05/01/47
3,050,000
2,609,674
5.75%
04/01/48
2,347,000
2,086,038
Charter
Communications
Operating,
LLC/Charter
Communications
Operating
Capital
5.25%
04/01/53
1,000,000
838,847
CommScope,
Inc.
4.75%
09/01/29
1
2,658,000
1,814,085
CSC
Holdings
LLC
4.63%
12/01/30
1
500,000
300,000
5.38%
02/01/28
1
650,000
574,778
6.50%
02/01/29
1
2,650,000
2,340,997
7.50%
04/01/28
1
2,522,000
1,889,091
11.25%
05/15/28
1
1,000,000
1,031,012
Frontier
Communications
Holdings
LLC
5.00%
05/01/28
1
1,293,000
1,195,706
6.75%
05/01/29
1
1,640,000
1,468,207
8.63%
03/15/31
1
1,924,000
1,963,385
Global
Switch
Finance
BV
(EMTN)
(Netherlands)
1.38%
10/07/30
3
4,505,000
4,508,567
Northwest
Fiber
LLC/Northwest
Fiber
Finance
Sub,
Inc.
4.75%
04/30/27
1
1,095,000
1,051,200
SES
GLOBAL
Americas
Holdings,
Inc.
5.30%
03/25/44
1
7,494,000
5,863,244
Tele
Columbus
AG,
Series
REGS
(Georgia)
3.88%
05/02/25
3
2,240,000
1,599,710
Time
Warner
Cable
LLC
5.50%
09/01/41
4,443,000
3,849,492
VZ
Secured
Financing
BV
(Netherlands)
5.00%
01/15/32
1,3
2,495,000
2,141,683
VZ
Secured
Financing
BV,
Series
REGS
(Netherlands)
3.50%
01/15/32
3
2,800,000
2,738,448
45,296,910
Consumer
Discretionary
—
1
.61
%
Bacardi
Ltd.
(Bermuda)
5.15%
05/15/38
1,3
1,500,000
1,431,254
BAT
Capital
Corp.
2.73%
03/25/31
915,000
768,355
4.54%
08/15/47
500,000
384,719
4.76%
09/06/49
8,059,000
6,400,199
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Consumer
Discretionary
(continued)
Becle,
SAB
de
CV
(Mexico)
2.50%
10/14/31
1,3
$
4,450,000
$
3,584,853
Imperial
Brands
Finance
PLC
(United
Kingdom)
3.13%
07/26/24
1,3
1,500,000
1,477,964
4.25%
07/21/25
1,3
1,880,000
1,847,853
Reynolds
American,
Inc.
5.85%
08/15/45
7,245,000
6,840,447
Spectrum
Brands,
Inc.
3.88%
03/15/31
1
1,240,000
1,127,044
Triton
Water
Holdings,
Inc.
6.25%
04/01/29
1
3,572,000
3,129,965
WarnerMedia
Holdings,
Inc.
5.05%
03/15/42
7,970,000
7,035,952
5.14%
03/15/52
9,287,000
7,999,931
42,028,536
Diversified
REITs
—
1
.31
%
American
Assets
Trust
LP
3.38%
02/01/31
4,005,000
3,272,502
American
Tower
Corp.
0.88%
05/21/29
1,765,000
1,702,672
1.00%
01/15/32
1,770,000
1,604,536
2.70%
04/15/31
3,045,000
2,616,798
CapitaLand
Ascendas
REIT
(EMTN)
(Slovenia)
0.75%
06/23/28
3
525,000
497,049
Digital
Dutch
Finco
BV
(Netherlands)
1.00%
01/15/32
3
2,600,000
2,290,531
1.50%
03/15/30
3
2,140,000
2,060,205
Digital
Intrepid
Holding
BV
(Netherlands)
1.38%
07/18/32
3
1,000,000
904,066
GLP
Capital
LP/GLP
Financing
II,
Inc.
5.30%
01/15/29
2,280,000
2,278,130
5.75%
06/01/28
6,241,000
6,302,037
LXP
Industrial
Trust
2.70%
09/15/30
2,000,000
1,659,724
VICI
Properties
LP
4.95%
02/15/30
450,000
437,535
5.13%
05/15/32
5,106,000
4,984,462
VICI
Properties
LP/VICI
Note
Co.,
Inc.
3.75%
02/15/27
1
120,000
113,836
3.88%
02/15/29
1
1,855,000
1,705,507
4.13%
08/15/30
1
113,000
103,293
4.50%
09/01/26
1
1,150,000
1,126,298
4.63%
06/15/25
1
320,000
314,578
33,973,759
Electric
—
1
.17
%
Alliant
Energy
Finance,
LLC
3.60%
03/01/32
1
8,130,000
7,175,671
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
9
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Electric
(continued)
Cleco
Power
LLC
6.00%
12/01/40
$
825,000
$
824,692
Comision
Federal
de
Electricidad,
Series
REGS
(Mexico)
3.88%
07/26/33
3
650,000
526,805
Dominion
Energy,
Inc.
5.75%
10/01/54
4
2,515,000
2,482,717
Duke
Energy
Corp.
3.85%
06/15/34
3,840,000
4,206,067
FirstEnergy
Transmission
LLC
2.87%
09/15/28
1
3,153,000
2,861,890
Metropolitan
Edison
Co.
4.00%
04/15/25
1
2,625,000
2,556,583
Mong
Duong
Finance
Holdings
BV,
Series
REGS
(Netherlands)
5.13%
05/07/29
3
322,802
301,012
Pike
Corp.
8.63%
01/31/31
1
1,280,000
1,347,367
Southwestern
Electric
Power
Co.,
Series
M
4.10%
09/15/28
2,190,000
2,120,445
TenneT
Holding
BV
(EMTN)
(Netherlands)
2.75%
05/17/42
3
1,670,000
1,724,828
4.50%
10/28/34
3
645,000
795,393
4.75%
10/28/42
3
2,705,000
3,507,673
30,431,143
Energy
—
1
.36
%
Ecopetrol
SA
(Colombia)
8.88%
01/13/33
3
780,000
849,186
Energy
Transfer
LP
5.15%
03/15/45
381,000
348,981
Energy
Transfer
LP,
Series
B
6.63%
4,7
3,251,000
2,726,743
Energy
Transfer
Operating
LP
5.30%
04/15/47
1,765,000
1,629,003
Galaxy
Pipeline
Assets
Bidco
Ltd.
(United
Kingdom)
2.16%
03/31/34
1,3
1,698,880
1,479,353
Global
Partners
LP/GLP
Finance
Corp.
6.88%
01/15/29
2,636,000
2,555,561
KazMunayGas
National
Co.
JSC,
Series
REGS
(Kazakhstan)
3.50%
04/14/33
3
1,586,000
1,323,567
4.75%
04/19/27
3
205,000
199,771
KazMunayGas
National
Co.
JSC,
Series
REGS
(EMTN)
(Kazakhstan)
5.38%
04/24/30
3
2,424,000
2,409,755
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Energy
(continued)
National
Gas
Transmission
PLC,
(EMTN)
(United
Kingdom)
4.25%
04/05/30
3
$
970,000
$
1,113,612
Pertamina
Persero
PT
(Indonesia)
3.10%
08/27/30
1,3
4,079,000
3,679,666
Petroleos
Mexicanos
(Mexico)
6.35%
02/12/48
3
557,000
355,970
6.75%
09/21/47
3
2,575,000
1,688,108
QazaqGaz
NC
JSC,
Series
REGS
(Kazakhstan)
4.38%
09/26/27
3
650,000
624,914
Rockies
Express
Pipeline
LLC
6.88%
04/15/40
1
2,890,000
2,846,650
Southern
Co.
Gas
Capital
Corp.
3.88%
11/15/25
2,410,000
2,351,350
Southern
Gas
Corridor
CJSC,
Series
REGS
(Azerbaijan)
6.88%
03/24/26
3
2,776,000
2,830,132
TransMontaigne
Partners
LP/TLP
Finance
Corp.
6.13%
02/15/26
3,846,000
3,514,283
Venture
Global
LNG,
Inc.
9.50%
02/01/29
1
1,311,000
1,387,741
9.88%
02/01/32
1
1,300,000
1,354,632
35,268,978
Finance
—
3
.24
%
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
(Ireland)
3.00%
10/29/28
3
10,100,000
9,226,133
American
Express
Co.,
Series
D
3.55%
4,7
2,350,000
2,026,875
Avolon
Holdings
Funding
Ltd.
(Cayman
Islands)
2.53%
11/18/27
1,3
5,278,000
4,680,853
2.88%
02/15/25
1,3
3,555,000
3,439,067
Capital
One
Financial
Corp.
3.27%
03/01/30
4
2,675,000
2,390,588
Charles
Schwab
Corp.
(The)
Series
K
5.00%
4,7
2,020,000
1,828,640
Citigroup,
Inc.
2.57%
06/03/31
4
56,000
47,865
2.98%
11/05/30
4
2,380,000
2,123,702
3.06%
01/25/33
4
9,383,000
8,022,183
Gaci
First
Investment
Co.
(Cayman
Islands)
5.25%
10/13/32
3
650,000
674,292
GGAM
Finance
Ltd.
(Cayman
Islands)
8.00%
02/15/27
1,3
860,000
882,609
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
10
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Finance
(continued)
8.00%
06/15/28
1,3
$
2,854,000
$
2,939,620
Goldman
Sachs
Group,
Inc.
(The)
1.95%
10/21/27
4
4,295,000
3,932,840
2.65%
10/21/32
4
7,442,000
6,204,114
(SOFR
Rate
plus
0.49%)
5.86%
10/21/24
2
5,565,000
5,558,758
Icahn
Enterprises
LP/Icahn
Enterprises
Finance
Corp.
4.38%
02/01/29
460,000
386,400
5.25%
05/15/27
1,558,000
1,411,938
9.75%
01/15/29
1
2,185,000
2,233,190
Jane
Street
Group/JSG
Finance,
Inc.
4.50%
11/15/29
1
1,383,000
1,292,416
JPMorgan
Chase
&
Co.
1.56%
12/10/25
4
2,290,000
2,205,106
1.95%
02/04/32
4
1,415,000
1,150,616
2.55%
11/08/32
4
4,445,000
3,716,713
Morgan
Stanley
0.79%
05/30/25
4
1,395,000
1,364,139
2.48%
09/16/36
4
7,080,000
5,624,290
Morgan
Stanley
(GMTN)
2.95%
05/07/32
4
3,250,000
3,401,110
Nationwide
Building
Society
(United
Kingdom)
2.97%
02/16/28
1,3,4
3,890,000
3,619,251
Park
Aerospace
Holdings
Ltd.
(Cayman
Islands)
5.50%
02/15/24
1,3
861,000
859,474
UBS
Group
AG
(Switzerland)
1.36%
01/30/27
1,3,4
1,935,000
1,775,155
Vonovia
SE
(Georgia)
1.00%
06/16/33
3
300,000
252,648
1.50%
06/14/41
3
1,100,000
794,567
Vonovia
SE,
(EMTN)
(Georgia)
5.00%
11/23/30
3
200,000
234,200
84,299,352
Food
—
0
.81
%
H-Food
Holdings
LLC/Hearthside
Finance
Co.,
Inc.
8.50%
06/01/26
1
3,012,000
301,200
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
Luxembourg
Sarl
(Canada)
6.75%
03/15/34
1,3
3,955,000
4,165,033
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
(Canada)
3.75%
12/01/31
3
796,000
685,949
5.75%
04/01/33
3
5,500,000
5,445,584
6.50%
12/01/52
3
1,555,000
1,563,409
Pilgrim's
Pride
Corp.
3.50%
03/01/32
382,000
323,907
4.25%
04/15/31
2,000,000
1,808,420
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Food
(continued)
6.25%
07/01/33
$
385,000
$
396,661
Simmons
Foods,
Inc./Simmons
Prepared
Foods,
Inc./
Simmons
Pet
Food,
Inc./Simmons
Feed
4.63%
03/01/29
1
3,089,000
2,681,491
Smithfield
Foods,
Inc.
2.63%
09/13/31
1
4,690,000
3,648,441
21,020,095
Health
Care
—
1
.94
%
1375209
BC
Ltd.
(Canada)
9.00%
01/30/28
1,3
2,506,000
2,445,493
Amgen,
Inc.
5.65%
03/02/53
575,000
606,536
Bayer
U.S.
Finance
II
LLC
4.38%
12/15/28
1
6,281,000
5,974,629
4.63%
06/25/38
1
2,775,000
2,386,767
4.88%
06/25/48
1
1,915,000
1,617,170
5.50%
08/15/25
1
2,000,000
1,980,016
CAB
SELAS,
Series
REGS
(France)
3.38%
02/01/28
3
1,080,000
1,071,214
Cano
Health
LLC
6.25%
10/01/28
1
1,076,000
82,587
Catalent
Pharma
Solutions,
Inc.
3.50%
04/01/30
1
2,981,000
2,596,535
Catalent
Pharma
Solutions,
Inc.,
Series
REGS
2.38%
03/01/28
755,000
727,423
Centene
Corp.
2.45%
07/15/28
5,898,000
5,269,454
4.25%
12/15/27
2,830,000
2,729,006
Ephios
Subco
3
SARL
(Luxembourg)
7.88%
01/31/31
1,3
360,000
412,110
Fresenius
Finance
Ireland
PLC
(EMTN)
(Ireland)
0.88%
10/01/31
3
1,000,000
896,767
Grifols
SA
(Spain)
4.75%
10/15/28
1,3
349,000
318,113
Grifols
SA,
Series
REGS
(Spain)
3.88%
10/15/28
3
1,800,000
1,822,719
HCA,
Inc.
3.50%
07/15/51
1,743,000
1,233,481
5.25%
06/15/49
1,295,000
1,205,472
Kedrion
SpA
(Italy)
6.50%
09/01/29
1,3
4,000,000
3,660,000
Medtronic
Global
Holdings
SCA
(Luxembourg)
3.38%
10/15/34
3
900,000
1,004,664
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
11
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Health
Care
(continued)
ModivCare
Escrow
Issuer,
Inc.
5.00%
10/01/29
1
$
4,935,000
$
4,042,262
Prime
Healthcare
Services,
Inc.
7.25%
11/01/25
1
2,681,000
2,625,316
Sartorius
Finance
BV
(Netherlands)
4.50%
09/14/32
3
900,000
1,037,136
4.88%
09/14/35
3
300,000
350,503
Teva
Pharmaceutical
Finance
Netherlands
II
BV
(Netherlands)
7.88%
09/15/31
3
2,000,000
2,508,494
Universal
Health
Services,
Inc.
1.65%
09/01/26
1,500,000
1,366,393
2.65%
01/15/32
590,000
485,004
50,455,264
Health
Care
REITs
—
0
.19
%
Healthcare
Reality
Holdings
LP
2.00%
03/15/31
190,000
152,197
3.50%
08/01/26
2,257,000
2,158,350
Healthcare
Realty
Holdings
LP
2.05%
03/15/31
391,000
305,528
3.63%
01/15/28
625,000
576,939
3.88%
05/01/25
1,695,000
1,649,014
4,842,028
Industrial
REITs
—
0
.18
%
Prologis
Euro
Finance
LLC
0.50%
02/16/32
1,415,000
1,225,837
1.00%
02/06/35
930,000
768,442
Prologis
Euro
Finance
LLC,
(EMTN)
4.25%
01/31/43
610,000
681,270
SELP
Finance
SARL
(Luxembourg)
0.88%
05/27/29
3
2,095,000
1,974,620
4,650,169
Industrials
—
1
.26
%
Ardagh
Packaging
Finance
PLC/Ardagh
Holdings
USA,
Inc.
(Canada)
5.25%
08/15/27
1,3
4,441,000
3,467,996
Artera
Services
LLC
9.03%
12/04/25
1
2,841,000
2,697,266
Berry
Global,
Inc.
1.50%
01/15/27
1
1,595,000
1,653,932
1.65%
01/15/27
105,000
94,611
4.88%
07/15/26
1
1,195,000
1,175,079
Boeing
Co.
(The)
1.43%
02/04/24
8,790,000
8,757,181
Energizer
Holdings,
Inc.
4.38%
03/31/29
1
922,000
830,584
General
Electric
Co.
(MTN)
(CME
Term
SOFR
3-Month
plus
0.74%)
6.12%
08/15/36
2
10,370,000
9,471,176
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Industrials
(continued)
OT
Merger
Corp.
7.88%
10/15/29
1
$
7,500,000
$
4,548,126
32,695,951
Information
Technology
—
0
.29
%
Open
Text
Corp.
(Canada)
6.90%
12/01/27
1,3
1,510,000
1,566,625
Oracle
Corp.
3.60%
04/01/40
2,400,000
1,915,755
3.80%
11/15/37
1,490,000
1,269,334
4.00%
11/15/47
2,050,000
1,627,459
RingCentral,
Inc.
8.50%
08/15/30
1
1,195,000
1,223,184
7,602,357
Insurance
—
1
.16
%
Acrisure
LLC/Acrisure
Finance,
Inc.
6.00%
08/01/29
1
2,272,000
2,078,880
Athene
Global
Funding
1.99%
08/19/28
1
7,980,000
6,900,765
2.72%
01/07/29
1
1,535,000
1,347,832
3.21%
03/08/27
1
2,225,000
2,044,329
Brown
&
Brown,
Inc.
4.95%
03/17/52
1,510,000
1,338,841
Farmers
Exchange
Capital
7.20%
07/15/48
1
150,000
152,073
Farmers
Exchange
Capital
II
6.15%
11/01/53
1,4
2,500,000
2,362,745
Farmers
Insurance
Exchange
4.75%
11/01/57
1,4
3,800,000
2,930,952
8.63%
05/01/24
1
942,000
948,179
Nationwide
Mutual
Insurance
Co.
7.94%
12/15/24
1,4
3,825,000
3,821,772
Teachers
Insurance
&
Annuity
Association
of
America
4.38%
09/15/54
1,4
6,470,000
6,369,118
30,295,486
Materials
—
0
.76
%
ASP
Unifrax
Holdings,
Inc.
5.25%
09/30/28
1
2,460,000
1,798,800
7.50%
09/30/29
1
1,020,000
523,532
ATI,
Inc.
7.25%
08/15/30
710,000
741,950
Corp.
Nacional
del
Cobre
de
Chile,
Series
REGS
(Chile)
5.13%
02/02/33
3
3,232,000
3,137,490
Indonesia
Asahan
Aluminium
PT/Mineral
Industri
Indonesia
Persero
PT,
Series
REGS
(Indonesia)
5.45%
05/15/30
3
3,600,000
3,642,120
International
Flavors
&
Fragrances,
Inc.
2.30%
11/01/30
1
7,835,000
6,485,038
3.27%
11/15/40
1
130,000
93,253
3.47%
12/01/50
1
605,000
414,203
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
12
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Materials
(continued)
4.38%
06/01/47
$
150,000
$
115,891
5.00%
09/26/48
320,000
272,597
SK
Invictus
Intermediate
II
SARL
(Luxembourg)
5.00%
10/30/29
1,3
3,086,000
2,680,500
19,905,374
Office
REITs
—
0
.17
%
Hudson
Pacific
Properties
LP
3.25%
01/15/30
1,530,000
1,150,474
3.95%
11/01/27
3,035,000
2,544,234
4.65%
04/01/29
215,000
174,672
5.95%
02/15/28
665,000
596,404
4,465,784
Real
Estate
Investment
Trust
(REIT)
—
0
.11
%
Annington
Funding
PLC
(EMTN)
(United
Kingdom)
3.18%
07/12/29
3
595,000
679,284
Realty
Income
Corp.
5.13%
07/06/34
1,505,000
1,838,974
Vonovia
Finance
BV
(Netherlands)
2.25%
04/07/30
3
300,000
298,620
2,816,878
Residential
REITs
—
0
.23
%
American
Homes
4
Rent
LP
4.30%
04/15/52
3,234,000
2,632,031
Invitation
Homes
Operating
Partnership
LP
2.70%
01/15/34
3,325,000
2,675,587
4.15%
04/15/32
144,000
132,448
5.50%
08/15/33
525,000
526,240
5,966,306
Retail
—
0
.44
%
Ferrellgas
LP/Ferrellgas
Finance
Corp.
5.38%
04/01/26
1
1,882,000
1,851,417
5.88%
04/01/29
1
900,000
852,390
Fertitta
Entertainment,
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.
6.75%
01/15/30
1
4,172,000
3,686,045
Michaels
Cos.,
Inc.
(The)
7.88%
05/01/29
1
5,775,000
3,642,033
Raising
Cane's
Restaurants
LLC
9.38%
05/01/29
1
1,215,000
1,297,279
11,329,164
Services
—
0
.41
%
Global
Payments,
Inc.
4.88%
03/17/31
1,255,000
1,458,003
Hertz
Corp.
(The)
5.00%
12/01/29
1
1,650,000
1,358,099
VT
Topco,
Inc.
8.50%
08/15/30
1
905,000
942,907
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Services
(continued)
WASH
Multifamily
Acquisition,
Inc.
5.75%
04/15/26
1
$
1,855,000
$
1,803,328
Waste
Pro
USA,
Inc.
5.50%
02/15/26
1
3,935,000
3,791,884
Worldline
SA
(France)
0.00%
07/30/26
3,8
14,000
1,391,952
10,746,173
Specialized
REITs
—
0
.34
%
Annington
Funding
PLC
(EMTN)
(United
Kingdom)
2.31%
10/06/32
3
1,800,000
1,791,485
Blackstone
Property
Partners
Europe
Holdings
SARL
(EMTN)
(Luxembourg)
1.00%
05/04/28
3
1,030,000
955,730
1.63%
04/20/30
3
800,000
708,972
1.75%
03/12/29
3
1,225,000
1,141,601
China
Aoyuan
Group
Ltd.
(Cayman
Islands)
6.35%
02/08/24
3,5,6
2,660,000
59,850
China
SCE
Group
Holdings
Ltd.
(Cayman
Islands)
7.00%
05/02/25
3,5,6,9,10
1,070,000
67,624
Extra
Space
Storage
LP
2.20%
10/15/30
1,286,000
1,071,566
2.35%
03/15/32
2,750,000
2,243,610
2.40%
10/15/31
657,000
542,191
Sunac
China
Holdings
Ltd.
(Cayman
Islands)
1.00%
09/30/32
1,3,5,6
353,062
28,245
6.00%
09/30/25
1,3,5,6,11
285,617
35,702
6.25%
09/30/26
1,3,5,6,12
285,617
30,704
6.50%
09/30/27
1,3,5,6,13
571,235
52,839
6.75%
09/30/28
1,3,5,6,14
856,854
70,691
7.00%
09/30/29
1,3,5,6,15
856,854
66,406
7.25%
09/30/30
1,3,5,6,16
402,501
29,181
Times
China
Holdings
Ltd.
(Cayman
Islands)
6.75%
07/08/25
3,5,6,9,10
1,040,000
23,101
Zhenro
Properties
Group
Ltd.
(Cayman
Islands)
6.63%
01/07/26
3,5,6,9,10
1,810,000
21,720
8,941,218
Transportation
—
0
.07
%
American
Airlines
Pass-Through
Trust,
Series
2015-2,
Class
AA
3.60%
09/22/27
1,828,387
1,713,208
U.S.
Airways
Pass-Through
Trust,
Series
2012-1,
Class
A
5.90%
10/01/24
42,483
42,887
1,756,095
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
13
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Water
—
0
.05
%
Thames
Water
Utilities
Finance
PLC
(EMTN)
(United
Kingdom)
4.38%
01/18/31
3
$
1,320,000
$
1,382,428
Total
Corporates
(Cost
$674,100,652)
644,104,645
FOREIGN
GOVERNMENT
OBLIGATIONS
—
1
.89
%
Foreign
Government
Obligations
—
1
.89
%
Brazilian
Government
International
Bond
(Brazil)
3.88%
06/12/30
3
1,310,000
1,201,008
6.00%
10/20/33
3
1,230,000
1,231,968
Colombia
Government
International
Bond
(Colombia)
3.00%
01/30/30
3
1,598,000
1,349,031
3.13%
04/15/31
3
1,550,000
1,265,791
4.50%
03/15/29
3
477,000
447,331
8.00%
04/20/33
3
200,000
219,100
Dominican
Republic
International
Bond
(Dominican
Republic)
4.50%
01/30/30
1,3
3,900,000
3,602,625
Finance
Department
Government
of
Sharjah
(United
Arab
Emirates)
6.50%
11/23/32
1,3
1,629,000
1,713,757
Guatemala
Government
Bond,
Series
REGS
(Guam)
5.25%
08/10/29
3
3,050,000
2,997,388
Hungary
Government
International
Bond
(Hungary)
2.13%
09/22/31
1,3
4,200,000
3,396,292
Mexico
Government
International
Bond
(Mexico)
2.66%
05/24/31
3
5,531,000
4,689,341
4.88%
05/19/33
3
3,175,000
3,068,955
Oman
Government
International
Bond,
Series
REGS
(Oman)
5.63%
01/17/28
3
2,640,000
2,696,232
Panama
Government
International
Bond
(Panama)
2.25%
09/29/32
3
3,000,000
2,199,844
3.16%
01/23/30
3
3,321,000
2,837,462
Paraguay
Government
International
Bond,
Series
REGS
(Papua
New
Guinea)
4.95%
04/28/31
3
2,185,000
2,139,552
Peruvian
Government
International
Bond
(Peru)
2.78%
01/23/31
3
3,860,000
3,371,015
Republic
of
Poland
Government
International
Bond
(Poland)
4.88%
10/04/33
3
2,670,000
2,713,441
Issues
Maturity
Date
Principal
Amount
Value
FOREIGN
GOVERNMENT
OBLIGATIONS
(continued)
Foreign
Government
Obligations
(continued)
Republic
of
South
Africa
Government
International
Bond
(South
Africa)
4.30%
10/12/28
3
$
827,000
$
775,362
4.85%
09/30/29
3
1,283,000
1,206,328
5.88%
06/22/30
3
875,000
851,348
5.88%
04/20/32
3
1,064,000
1,011,119
Romanian
Government
International
Bond
(Romania)
6.63%
02/17/28
1,3
450,000
466,503
Romanian
Government
International
Bond,
Series
REGS
(Romania)
3.00%
02/14/31
3
4,400,000
3,754,282
Total
Foreign
Government
Obligations
(Cost
$52,440,026)
49,205,075
MORTGAGE-BACKED
—
62
.89
%
**
Non-Agency
Commercial
Mortgage-Backed
—
7
.94
%
1345
Avenue
of
the
Americas
&
Park
Avenue
Plaza
Trust,
Series
2005-1,
Class
A3
5.28%
08/10/35
1
7,801,704
7,538,953
A10
Bridge
Asset
Financing,
Series
2021-D,
Class
A1FL
(SOFR30A
plus
1.45%)
6.79%
10/01/38
1,2
3,409,887
3,302,588
Banc
of
America
Merrill
Lynch
Commercial
Mortgage
Trust,
Series
2018-PARK,
Class
A
4.09%
08/10/38
1,4
7,985,000
7,381,644
Banc
of
America
Merrill
Lynch
Commercial
Mortgage
Trust,
Series
2020-BHP3,
Class
A
(CME
Term
SOFR
1-Month
plus
2.01%)
7.38%
03/15/37
1,2
5,000,000
4,986,938
Banc
of
America
Merrill
Lynch
Commercial
Mortgage
Trust,
Series
2020-BOC,
Class
X
(IO)
0.47%
01/15/32
1,4
98,610,000
1,164,776
Blackstone
Industrial
Portfolio
-
Proj
Foxtrot
2.23%
04/09/24
4,5,6
2,702,989
2,634,333
BX
Commercial
Mortgage
Trust,
Series
2020-VIVA,
Class
D
3.55%
03/11/44
1,4
5,000,000
4,174,244
BX
Commercial
Mortgage
Trust,
Series
2021-XL2,
Class
J
(CME
Term
SOFR
1-Month
plus
4.00%)
9.37%
10/15/38
1,2
8,914,004
8,443,093
BX
Trust,
Series
2019-OC11,
Class
A
3.20%
12/09/41
1
7,060,000
6,237,964
BXHPP
Trust,
Series
2021-FILM,
Class
E
(CME
Term
SOFR
1-Month
plus
2.11%)
7.48%
08/15/36
1,2
3,917,000
3,149,244
CAMB
Commercial
Mortgage
Trust,
Series
2019-LIFE,
Class
F
(CME
Term
SOFR
1-Month
plus
2.60%)
8.21%
12/15/37
1,2
9,700,000
9,324,692
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
14
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
CAMB
Commercial
Mortgage
Trust,
Series
2019-LIFE,
Class
G
(CME
Term
SOFR
1-Month
plus
3.30%)
8.91%
12/15/37
1,2
$
8,503,000
$
8,130,944
CD
Mortgage
Trust,
Series
2016-CD1,
Class
XA
(IO)
1.36%
08/10/49
4
58,893,650
1,438,479
Citigroup
Commercial
Mortgage
Trust,
Series
2015-GC27,
Class
XA
(IO)
1.30%
02/10/48
4
56,573,168
464,050
Commercial
Mortgage
Trust,
Series
2012-CR4,
Class
XA
(IO)
1.14%
10/15/45
4
8,525,699
581
Commercial
Mortgage
Trust,
Series
2014-CR16,
Class
XA
(IO)
0.92%
04/10/47
4
87,264,002
36,930
Commercial
Mortgage
Trust,
Series
2017-PANW,
Class
D
3.93%
10/10/29
1,4
4,440,000
3,787,374
Commercial
Mortgage
Trust,
Series
2020-CBM,
Class
XCP
(IO)
0.60%
02/10/37
1,4
68,872,262
326,313
Credit
Suisse
Mortgage
Capital
Trust,
Series
2019-ICE4,
Class
D
(CME
Term
SOFR
1-Month
plus
1.65%)
7.01%
05/15/36
1,2
5,700,817
5,683,309
CSAIL
Commercial
Mortgage
Trust,
Series
2019-C16,
Class
XA
(IO)
1.54%
06/15/52
4
90,107,020
5,519,943
CSMC,
Series
2021-BPNY,
Class
A
(CME
Term
SOFR
1-Month
plus
3.83%)
9.19%
08/15/26
1,2
12,734,000
11,273,250
DROP
Mortgage
Trust,
Series
2021-FILE,
Class
D
(CME
Term
SOFR
1-Month
plus
2.86%)
8.23%
10/15/43
1,2
3,145,000
2,270,337
Fontainebleau
Miami
Beach
Trust,
Series
2019-FBLU,
Class
F
3.96%
12/10/36
1,4
2,410,000
2,309,406
FREMF
Mortgage
Trust,
Series
2019-KF71,
Class
B
(SOFR30A
plus
2.41%)
7.75%
10/25/29
1,2
686,124
629,864
FREMF
Mortgage
Trust,
Series
2020-KF75,
Class
B
(SOFR30A
plus
2.36%)
7.70%
12/25/29
1,2
1,367,453
1,247,827
FREMF
Mortgage
Trust,
Series
2020-KF88,
Class
C
(SOFR30A
plus
9.11%)
14.45%
09/25/30
1,2
3,625,274
3,660,715
Grace
Trust,
Series
2020-GRCE,
Class
A
2.35%
12/10/40
1
8,000,000
6,478,334
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
Grace
Trust,
Series
2020-GRCE,
Class
D
2.68%
12/10/40
1,4
$
2,950,000
$
2,205,073
GS
Mortgage
Securities
Corp.
Trust,
Series
2020-UPTN,
Class
XA
(IO)
0.35%
02/10/37
1,4
40,999,000
116,417
GS
Mortgage
Securities
Corp.
Trust,
Series
2023-FUN,
Class
B
(CME
Term
SOFR
1-Month
plus
2.79%)
8.15%
03/15/28
1,2
5,160,000
5,147,431
GS
Mortgage
Securities
Trust,
Series
2014-GC20,
Class
XA
(IO)
0.94%
04/10/47
4
30,779,304
30,903
GSCG
Trust,
Series
2019-600C,
Class
G
3.99%
09/06/34
1,4
9,212,000
184,910
Hilton
USA
Trust,
Series
2016-HHV,
Class
F
4.19%
11/05/38
1,4
7,840,000
7,104,412
Hudson
Yards
Mortgage
Trust,
Series
2019-55HY,
Class
A
2.94%
12/10/41
1,4
6,555,000
5,682,650
Hudson
Yards
Mortgage
Trust,
Series
2019-55HY,
Class
F
2.94%
12/10/41
1,4
6,891,000
4,903,699
ILPT
Commercial
Mortgage
Trust,
Series
2022-LPFX,
Class
A
3.38%
03/15/32
1
11,770,000
9,881,960
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2022-NLP,
Class
H
(CME
Term
SOFR
1-Month
plus
5.01%)
10.37%
04/15/37
1,2
5,320,724
3,014,005
Life
Mortgage
Trust,
Series
2021-BMR,
Class
G
(CME
Term
SOFR
1-Month
plus
3.06%)
8.43%
03/15/38
1,2
7,095,079
6,739,359
Med
Trust,
Series
2021-MDLN,
Class
F
(CME
Term
SOFR
1-Month
plus
4.11%)
9.48%
11/15/38
1,2
6,468,954
6,260,565
MF1
Ltd.,
Series
2020-FL4,
Class
B
(CME
Term
SOFR
1-Month
plus
2.86%)
8.23%
11/15/35
1,2
6,000,000
6,004,540
MF1
Ltd.,
Series
2020-FL4,
Class
D
(CME
Term
SOFR
1-Month
plus
4.21%)
9.58%
11/15/35
1,2
4,481,000
4,395,900
MKT
Mortgage
Trust,
Series
2020-525M,
Class
C
2.94%
02/12/40
1,4
4,970,000
2,775,149
MKT
Mortgage
Trust,
Series
2020-525M,
Class
D
2.94%
02/12/40
1,4
7,500,000
3,706,879
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
15
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
MKT
Mortgage
Trust,
Series
2020-525M,
Class
XA
(IO)
0.21%
02/12/40
1,4
$
147,585,000
$
1,684,727
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C22,
Class
XA
(IO)
1.00%
04/15/48
4
66,485,026
470,634
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C24,
Class
XA
(IO)
0.68%
05/15/48
4
100,148,130
775,598
Morgan
Stanley
Capital
I
Trust,
Series
2018-MP,
Class
A
4.28%
07/11/40
1,4
2,500,000
2,170,916
Natixis
Commercial
Mortgage
Securities
Trust,
Series
2018-ALXA,
Class
E
4.32%
01/15/43
1,4
1,095,000
570,644
SFAVE
Commercial
Mortgage
Securities
Trust,
Series
2015-5AVE,
Class
A2B
4.14%
01/05/43
1,4
1,840,000
1,312,421
SFAVE
Commercial
Mortgage
Securities
Trust,
Series
2015-5AVE,
Class
C
4.39%
01/05/43
1,4
10,000,000
5,759,295
SFAVE
Commercial
Mortgage
Securities
Trust,
Series
2015-5AVE,
Class
D
4.39%
01/05/43
1,4
13,330,000
6,276,396
VMC
Finance
LLC,
Series
2021-HT1,
Class
B
(CME
Term
SOFR
1-Month
plus
4.61%)
9.97%
01/18/37
1,2
1,600,000
1,550,932
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2014-LC16,
Class
XA
(IO)
1.04%
08/15/50
4
32,515,607
24,887
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2016-C33,
Class
XA
(IO)
1.56%
03/15/59
4
74,508,411
1,923,150
Westfield
Galleria
at
Roseville
8.40%
03/29/25
5,6
4,300,000
4,291,400
WF-RBS
Commercial
Mortgage
Trust,
Series
2013-C14,
Class
XA
(IO)
0.35%
06/15/46
4
2,206,675
4,156
WF-RBS
Commercial
Mortgage
Trust,
Series
2014-C23,
Class
XA
(IO)
0.54%
10/15/57
4
71,986,523
108,764
206,673,897
Non-Agency
Mortgage-Backed
—
32
.73
%
ACE
Securities
Corp.
Home
Equity
Loan
Trust,
Series
2006-HE3,
Class
A2C
(CME
Term
SOFR
1-Month
plus
0.41%)
5.77%
06/25/36
2
4,499,101
3,216,661
ACE
Securities
Corp.
Home
Equity
Loan
Trust,
Series
2006-NC3,
Class
A2C
(CME
Term
SOFR
1-Month
plus
0.43%)
5.79%
12/25/36
2
51,835,006
13,697,452
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
ACE
Securities
Corp.
Home
Equity
Loan
Trust,
Series
2007-ASP1,
Class
A1
(CME
Term
SOFR
1-Month
plus
0.43%)
5.79%
03/25/37
2
$
27,833,498
$
12,691,992
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
2,210,108
890,828
Adjustable
Rate
Mortgage
Trust,
Series
2005-4,
Class
5A1
3.84%
08/25/35
4
1,167,937
917,932
Adjustable
Rate
Mortgage
Trust,
Series
2007-1,
Class
1A1
5.41%
03/25/37
4
1,049,679
849,517
Alternative
Loan
Trust,
Series
2005-74T1,
Class
A1
6.00%
01/25/36
5,173,770
2,980,983
Alternative
Loan
Trust,
Series
2005-76,
Class
1A1
(Federal
Reserve
US
12-Month
Cumulative
Average
plus
1.48%)
6.49%
01/25/36
2
2,411,220
2,199,446
Alternative
Loan
Trust,
Series
2006-HY12,
Class
A5
4.15%
08/25/36
4
2,027,233
1,866,162
American
Home
Mortgage
Investment
Trust,
Series
2006-1,
Class
11A1
(CME
Term
SOFR
1-Month
plus
0.39%)
5.75%
03/25/46
2
7,806,776
6,617,074
American
Home
Mortgage
Investment
Trust,
Series
2006-1,
Class
12A1
(CME
Term
SOFR
1-Month
plus
0.51%)
5.87%
03/25/46
2
2,420,100
2,055,311
Argent
Securities,
Inc.,
Asset-Backed
Pass-Through
Certificates,
Series
2006-W3,
Class
A2C
(CME
Term
SOFR
1-Month
plus
0.47%)
5.83%
04/25/36
2
38,016,236
11,058,719
Asset-Backed
Funding
Certificates,
Series
2007-WMC1,
Class
A1A
(CME
Term
SOFR
1-Month
plus
1.36%)
6.72%
06/25/37
2
15,937,540
11,096,094
Asset-Backed
Funding
Certificates,
Series
2007-WMC1,
Class
A2B
(CME
Term
SOFR
1-Month
plus
1.11%)
6.47%
06/25/37
2
2,920,843
2,331,965
Asset-Backed
Securities
Corp.
Home
Equity
Loan
Trust,
Series
2004-HE9,
Class
M1
(CME
Term
SOFR
1-Month
plus
1.09%)
6.45%
12/25/34
2
1,036,178
940,080
Asset-Backed
Securities
Corp.
Home
Equity
Loan
Trust,
Series
2006-HE5,
Class
A5
(CME
Term
SOFR
1-Month
plus
0.59%)
3.12%
07/25/36
2
9,754,000
9,395,582
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
16
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Banc
of
America
Alternative
Loan
Trust,
Series
2003-8,
Class
1CB1
5.50%
10/25/33
$
367,794
$
355,374
Banc
of
America
Funding
Trust,
Series
2006-D,
Class
3A1
4.39%
05/20/36
4
587,107
538,822
Banc
of
America
Funding
Trust,
Series
2015-R3,
Class
6A2
5.02%
05/27/36
1,4
8,852,949
8,256,247
Banc
of
America
Mortgage
Trust,
Series
2005-K,
Class
2A1
5.21%
12/25/35
4
590,784
525,339
BCAP
LLC
Trust,
Series
2007-AA1,
Class
2A1
(CME
Term
SOFR
1-Month
plus
0.47%)
5.83%
03/25/37
2
2,350,999
2,058,446
BCAP
LLC
Trust,
Series
2014-RR3,
Class
4A1
3.32%
03/26/36
1,4
161,881
162,776
Bear
Stearns
ALT-A
Trust,
Series
2005-2,
Class
2A4
3.89%
04/25/35
4
691,874
623,779
Bear
Stearns
ALT-A
Trust,
Series
2005-8,
Class
11A1
(CME
Term
SOFR
1-Month
plus
0.65%)
6.01%
10/25/35
2
4,784,771
4,323,716
Bear
Stearns
ARM
Trust,
Series
2005-9,
Class
A1
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1-Year
plus
2.30%)
7.67%
10/25/35
2
842,972
792,098
Bear
Stearns
Asset-Backed
Securities
I
Trust,
Series
2005-AC6,
Class
1A3
5.50%
09/25/35
4
249,795
239,375
Bear
Stearns
Asset-Backed
Securities
I
Trust,
Series
2006-AC2,
Class
21A3
6.00%
03/25/36
6,531
6,440
Bear
Stearns
Mortgage
Funding
Trust,
Series
2007-AR4,
Class
1A1
(CME
Term
SOFR
1-Month
plus
0.51%)
5.87%
09/25/47
2
4,364,196
3,960,111
Bear
Stearns
Mortgage
Funding
Trust,
Series
2007-AR4,
Class
2A1
(CME
Term
SOFR
1-Month
plus
0.32%)
5.68%
06/25/37
2
3,301,112
3,054,472
Carrington
Mortgage
Loan
Trust,
Series
2006-NC4,
Class
A4
(CME
Term
SOFR
1-Month
plus
0.35%)
5.71%
10/25/36
2
14,364,300
12,872,773
Carrington
Mortgage
Loan
Trust,
Series
2006-OPT1,
Class
M1
(CME
Term
SOFR
1-Month
plus
0.64%)
6.00%
02/25/36
2
756,724
745,385
Cascade
MH
Asset
Trust,
Series
2022-MH1,
Class
A
(STEP-reset
date
02/25/24)
4.25%
08/25/54
1
6,619,202
6,016,946
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Chase
Mortgage
Finance
Trust,
Series
2007-A1,
Class
8A1
5.81%
02/25/37
4
$
372,333
$
359,129
CIM
Trust,
Series
2019-R3,
Class
A
2.63%
06/25/58
1,4
5,817,123
5,285,850
CIM
Trust,
Series
2020-R1,
Class
A1
2.85%
10/27/59
1,4
9,782,113
8,298,094
CIM
Trust,
Series
2020-R3,
Class
A1A
4.00%
01/26/60
1,4
5,918,800
5,559,853
CIM
Trust,
Series
2020-R6,
Class
A1A
2.25%
12/25/60
1,4
4,750,985
4,126,841
CIM
Trust,
Series
2020-R7,
Class
A1A
2.25%
12/27/61
1,4
7,482,242
6,504,872
CIM
Trust,
Series
2021-NR3,
Class
A1
(STEP-reset
date
02/25/24)
2.57%
06/25/57
1
2,754,188
2,682,478
CIM
Trust,
Series
2021-NR4,
Class
A1
(STEP-reset
date
02/25/24)
2.82%
10/25/61
1
11,291,930
10,680,981
CIM
Trust,
Series
2021-R3,
Class
A1B
1.95%
06/25/57
1,4
18,287,000
13,065,683
CIM
Trust,
Series
2021-R4,
Class
A1A
2.00%
05/01/61
1,4
9,910,356
8,655,491
CIM
Trust,
Series
2021-R4,
Class
A1B
2.00%
05/01/61
1,4
10,243,493
7,072,193
CIM
Trust,
Series
2021-R5,
Class
A1A
2.00%
08/25/61
1,4
8,559,692
7,108,387
CIM
Trust,
Series
2023-NR1,
Class
A1
(STEP-reset
date
02/25/24)
6.00%
06/25/62
1
12,513,689
12,186,545
CIM
Trust,
Series
2023-R1,
Class
A1A
5.40%
04/25/62
1,4
12,383,621
11,912,020
CIM
Trust,
Series
2023-R3,
Class
A1B
4.50%
01/25/63
1,4
11,444,000
8,889,964
Citigroup
Mortgage
Loan
Trust,
Series
2005-9,
Class
1A1
(CME
Term
SOFR
1-Month
plus
0.37%)
5.73%
11/25/35
2
38,178
31,288
Citigroup
Mortgage
Loan
Trust,
Series
2006-AR3,
Class
1A2A
4.27%
06/25/36
4
58,800
54,221
Citigroup
Mortgage
Loan
Trust,
Series
2006-HE3,
Class
A2C
(CME
Term
SOFR
1-Month
plus
0.43%)
5.79%
12/25/36
2
6,035,445
4,103,075
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
17
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Citigroup
Mortgage
Loan
Trust,
Series
2006-HE3,
Class
A2D
(CME
Term
SOFR
1-Month
plus
0.57%)
5.93%
12/25/36
2
$
6,450,094
$
4,403,657
Countrywide
Home
Loan
Mortgage
Pass-Through
Trust,
Series
2005-3,
Class
1A2
(CME
Term
SOFR
1-Month
plus
0.69%)
6.05%
04/25/35
2
2,364,590
2,226,801
Countrywide
Home
Loan
Mortgage
Pass-Through
Trust,
Series
2005-9,
Class
1A1
(CME
Term
SOFR
1-Month
plus
0.71%)
6.07%
05/25/35
2
58,179
48,726
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.,
Series
2003-AR26,
Class
3A1
6.47%
11/25/33
4
311,574
298,174
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.,
Series
2005-11,
Class
1A1
6.50%
12/25/35
514,586
259,471
Credit
Suisse
First
Boston
Mortgage-Backed
Pass-Through
Certificates,
Series
2004-AR5,
Class
9A1
3.83%
06/25/34
4
28,045
26,342
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2022-RPL1,
Class
CERT
4.23%
04/25/61
1
474,169
—
Credit
Suisse
Mortgage
Capital
Trust,
Series
2006-8,
Class
3A1
6.00%
10/25/21
20,682
6,665
Credit
Suisse
Mortgage
Capital
Trust,
Series
2020-RPL2,
Class
A12
3.53%
02/25/60
1,4
9,041,142
9,040,422
Credit
Suisse
Mortgage
Capital
Trust,
Series
2022-RPL1,
Class
PT
4.62%
04/25/61
1,4
11,219,181
9,112,764
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Series
2006-CB2,
Class
AF3
(STEP-reset
date
02/25/24)
3.07%
12/25/36
628,383
546,908
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Series
2006-CB9,
Class
A2
(CME
Term
SOFR
1-Month
plus
0.33%)
5.69%
11/25/36
2
6,933,314
3,076,636
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Series
2007-CB1,
Class
AF2
(STEP-reset
date
02/25/24)
3.20%
01/25/37
2,437,924
736,540
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Series
2007-CB4,
Class
A1A
(CME
Term
SOFR
1-Month
plus
0.20%)
3.01%
04/25/37
2
368,915
361,982
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Series
2007-CB5,
Class
A1
(CME
Term
SOFR
1-Month
plus
0.17%)
3.27%
04/25/37
2
1,248,279
766,704
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Mortgage
Loan
Trust,
Series
2007-CB2,
Class
A2B
(STEP-reset
date
02/25/24)
3.54%
02/25/37
4,100,882
2,537,642
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
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
$
981,512
$
560,234
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
5,287,781
1,972,739
CSMC
Mortgage-Backed
Trust,
Series
2006-1,
Class
1A4
5.50%
02/25/36
2,620,612
2,286,100
CSMC
Trust,
Series
2021-RPL7,
Class
A1
1.93%
07/27/61
1,4
7,462,143
7,166,219
CSMCM
Trust,
Series
2018-SP3,
Class
CERT
3.88%
10/25/58
1,4
12,395,198
10,430,769
DSLA
Mortgage
Loan
Trust,
Series
2004-AR4,
Class
2A1A
(CME
Term
SOFR
1-Month
plus
0.83%)
6.19%
01/19/45
2
427,537
347,391
DSLA
Mortgage
Loan
Trust,
Series
2005-AR6,
Class
2A1A
(CME
Term
SOFR
1-Month
plus
0.69%)
6.05%
10/19/45
2
3,289,642
2,868,155
DSLA
Mortgage
Loan
Trust,
Series
2006-AR2,
Class
2A1A
(CME
Term
SOFR
1-Month
plus
0.31%)
5.67%
10/19/36
2
5,246,856
3,593,746
DSLA
Mortgage
Loan
Trust,
Series
2007-AR1,
Class
2A1A
(CME
Term
SOFR
1-Month
plus
0.25%)
5.61%
03/19/37
2
1,151,466
957,225
Fannie
Mae
Connecticut
Avenue
Securities,
Series
2019-R06,
Class
2B1
(SOFR30A
plus
3.86%)
9.20%
09/25/39
1,2
5,697,966
5,869,351
Fannie
Mae
Connecticut
Avenue
Securities,
Series
2021-R01,
Class
1B1
(SOFR30A
plus
3.10%)
8.44%
10/25/41
1,2
2,500,000
2,524,683
First
Franklin
Mortgage
Loan
Trust,
Series
2006-FF13,
Class
A2C
(CME
Term
SOFR
1-Month
plus
0.43%)
5.79%
10/25/36
2
11,740,366
7,565,339
First
Franklin
Mortgage
Loan
Trust,
Series
2006-FF18,
Class
A2D
(CME
Term
SOFR
1-Month
plus
0.53%)
5.89%
12/25/37
2
681,873
595,534
First
Franklin
Mortgage
Loan
Trust,
Series
2006-FF4,
Class
A3
(CME
Term
SOFR
1-Month
plus
0.67%)
4.76%
03/25/36
2
1,509,709
1,496,782
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
18
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
First
Franklin
Mortgage
Loan
Trust,
Series
2006-FF5,
Class
M1
(CME
Term
SOFR
1-Month
plus
0.52%)
5.88%
04/25/36
2
$
3,860,000
$
2,912,089
First
Franklin
Mortgage
Loan
Trust,
Series
2006-FF9,
Class
2A4
(CME
Term
SOFR
1-Month
plus
0.61%)
5.97%
06/25/36
2
8,650,000
7,622,204
First
Franklin
Mortgage
Loan
Trust,
Series
2007-FF1,
Class
A2D
(CME
Term
SOFR
1-Month
plus
0.55%)
5.91%
01/25/38
2
3,811,142
1,970,297
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
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2004-AA3,
Class
A1
5.75%
09/25/34
4
90,969
87,821
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2004-AA3,
Class
A3
5.75%
09/25/34
4
139,883
135,041
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2005-AA10,
Class
1A1
6.21%
12/25/35
4
699,296
580,654
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2005-AA12,
Class
2A1
5.59%
02/25/36
4
869,989
572,692
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2005-AA3,
Class
3A1
6.79%
05/25/35
4
851,054
771,584
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2005-AA7,
Class
2A1
5.99%
09/25/35
4
1,144,849
992,612
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2005-AA8,
Class
2A1
6.09%
10/25/35
4
1,523,427
964,542
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2005-AA9,
Class
2A1
6.22%
11/25/35
4
858,165
740,014
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2006-AA7,
Class
A1
5.57%
01/25/37
4
1,756,059
1,300,712
First
Horizon
Mortgage
Pass-Through
Trust,
Series
2005-AR4,
Class
1A1
3.87%
09/25/35
4
1,201,748
775,081
First
Horizon
Mortgage
Pass-Through
Trust,
Series
2005-AR4,
Class
2A1
4.94%
10/25/35
4
38,323
35,763
First
Horizon
Mortgage
Pass-Through
Trust,
Series
2005-AR5,
Class
2A1
5.87%
11/25/35
4
491,515
388,068
First
Horizon
Mortgage
Pass-Through
Trust,
Series
2007-AR2,
Class
1A2
5.81%
08/25/37
4
52,119
17,490
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-DNA2,
Class
M2
(SOFR30A
plus
2.30%)
7.64%
08/25/33
1,2
$
8,310,798
$
8,379,565
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-DNA3,
Class
M2
(SOFR30A
plus
2.10%)
7.44%
10/25/33
1,2
4,245,000
4,252,871
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-HQA1,
Class
M2
(SOFR30A
plus
2.25%)
7.59%
08/25/33
1,2
8,369,647
8,364,658
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-HQA2,
Class
M2
(SOFR30A
plus
2.05%)
7.39%
12/25/33
1,2
5,000,000
4,939,903
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2022-DNA1,
Class
M1B
(SOFR30A
plus
1.85%)
7.19%
01/25/42
1,2
3,485,000
3,492,748
GMACM
Mortgage
Corp.
Loan
Trust,
Series
2005-AR5,
Class
3A1
4.26%
09/19/35
4
903,765
714,384
GMACM
Mortgage
Corp.
Loan
Trust,
Series
2006-AR1,
Class
1A1
3.36%
04/19/36
4
2,632,478
2,041,702
GreenPoint
Manufactured
Housing,
Series
2000-1,
Class
A4
8.14%
03/20/30
4
4,236,058
3,034,407
GreenPoint
Mortgage
Funding
Trust,
Series
2007-AR1,
Class
2A1A
(CME
Term
SOFR
1-Month
plus
0.51%)
5.87%
03/25/47
2
8,276,657
7,263,845
GSAMP
Trust,
Series
2007-FM2,
Class
A1
(CME
Term
SOFR
1-Month
plus
0.25%)
5.61%
01/25/37
2
17,102,706
10,069,482
GSR
Mortgage
Loan
Trust,
Series
2005-7F,
Class
3A3
(IO)
(-1.00
X
CME
Term
SOFR
1-Month
plus
5.39%,
5.50%
Cap)
0.03%
09/25/35
2,5,6
9,696
482
GSR
Mortgage
Loan
Trust,
Series
2005-AR4,
Class
5A1
4.88%
07/25/35
4
343,674
321,840
GSR
Mortgage
Loan
Trust,
Series
2006-AR2,
Class
2A1
3.97%
04/25/36
4
159,340
105,878
HarborView
Mortgage
Loan
Trust,
Series
2005-10,
Class
2A1A
(CME
Term
SOFR
1-Month
plus
0.73%)
6.09%
11/19/35
2
894,009
616,234
HarborView
Mortgage
Loan
Trust,
Series
2006-7,
Class
1A
(CME
Term
SOFR
1-Month
plus
0.53%)
5.89%
09/19/46
2
8,105,123
6,960,845
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
19
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
HarborView
Mortgage
Loan
Trust,
Series
2007-6,
Class
1A1A
(CME
Term
SOFR
1-Month
plus
0.31%)
5.67%
08/19/37
2
$
8,843,624
$
7,637,955
Home
Equity
Mortgage
Loan
Asset-Backed
Trust,
Series
2005-D,
Class
AII4
(CME
Term
SOFR
1-Month
plus
0.81%)
6.17%
03/25/36
2
890,770
878,113
HSI
Asset
Securitization
Corp.
Trust,
Series
2005-OPT1,
Class
M1
(CME
Term
SOFR
1-Month
plus
0.74%)
6.10%
11/25/35
2
950,185
931,767
HSI
Asset
Securitization
Corp.
Trust,
Series
2006-HE1,
Class
1A1
(CME
Term
SOFR
1-Month
plus
0.39%)
5.75%
10/25/36
2
10,821,887
3,563,578
HSI
Asset
Securitization
Corp.
Trust,
Series
2006-HE2,
Class
1A
(CME
Term
SOFR
1-Month
plus
0.37%)
5.73%
12/25/36
2
26,244,967
10,765,431
HSI
Asset
Securitization
Corp.
Trust,
Series
2006-WMC1,
Class
A1
(CME
Term
SOFR
1-Month
plus
0.21%)
5.57%
07/25/36
2
9,923,035
4,228,218
HSI
Asset
Securitization
Corp.
Trust,
Series
2006-WMC1,
Class
A2
(CME
Term
SOFR
1-Month
plus
0.31%)
5.67%
07/25/36
2
10,982,888
4,716,354
HSI
Asset
Securitization
Corp.
Trust,
Series
2006-WMC1,
Class
A4
(CME
Term
SOFR
1-Month
plus
0.61%)
5.97%
07/25/36
2
9,604,021
4,215,704
Impac
CMB
Trust,
Series
2005-2,
Class
1A1
(CME
Term
SOFR
1-Month
plus
0.63%)
5.99%
04/25/35
2
1,625,205
1,528,345
IndyMac
Index
Mortgage
Loan
Trust,
Series
2005-AR14,
Class
1A1A
(CME
Term
SOFR
1-Month
plus
0.67%)
6.03%
07/25/35
2
7,778,565
5,525,160
IndyMac
Index
Mortgage
Loan
Trust,
Series
2005-AR19,
Class
A1
3.49%
10/25/35
4
1,699,720
1,365,471
IndyMac
Index
Mortgage
Loan
Trust,
Series
2006-AR27,
Class
1A3
(CME
Term
SOFR
1-Month
plus
0.65%)
6.01%
10/25/36
2
4,870,473
2,040,335
IndyMac
Index
Mortgage
Loan
Trust,
Series
2006-AR4,
Class
A2A
(CME
Term
SOFR
1-Month
plus
0.61%)
5.97%
05/25/46
2
9,839,276
9,467,134
IndyMac
Index
Mortgage
Loan
Trust,
Series
2006-AR7,
Class
3A1
3.53%
05/25/36
4
206,036
177,512
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
IndyMac
Index
Mortgage
Loan
Trust,
Series
2006-AR9,
Class
3A3
3.35%
06/25/36
4
$
2,574,313
$
2,119,735
IndyMac
Index
Mortgage
Loan
Trust,
Series
2007-FLX4,
Class
2A1
(CME
Term
SOFR
1-Month
plus
0.47%)
5.83%
07/25/37
2
11,625,451
10,625,954
IndyMac
Manufactured
Housing
Contract
Pass-Through
Certificates,
Series
1998-1,
Class
A4
6.49%
09/25/28
14,588
14,649
JPMorgan
Mortgage
Acquisition
Trust,
Series
2006-CH1,
Class
M2
(CME
Term
SOFR
1-Month
plus
0.55%)
5.91%
07/25/36
2
548,329
547,770
JPMorgan
Mortgage
Acquisition
Trust,
Series
2006-WMC4,
Class
A1A
(CME
Term
SOFR
1-Month
plus
0.24%)
5.60%
12/25/36
2
6,906,897
4,198,865
JPMorgan
Mortgage
Acquisition
Trust,
Series
2006-WMC4,
Class
A4
(CME
Term
SOFR
1-Month
plus
0.26%)
5.62%
12/25/36
2
8,700,306
4,549,407
JPMorgan
Mortgage
Trust,
Series
2005-A6,
Class
7A1
5.05%
08/25/35
4
13,505
11,194
JPMorgan
Mortgage
Trust,
Series
2006-A3,
Class
2A1
4.03%
05/25/36
4
15,681
13,331
Legacy
Mortgage
Asset
Trust,
Series
2017-RPL1,
Class
A
(CME
Term
SOFR
1-Month
plus
1.86%)
7.22%
01/28/70
1,2
1,093,037
1,094,699
Lehman
XS
Trust,
Series
2005-5N,
Class
3A1A
(CME
Term
SOFR
1-Month
plus
0.41%)
5.77%
11/25/35
2
537,731
528,497
Lehman
XS
Trust,
Series
2006-17,
Class
1A3
(CME
Term
SOFR
1-Month
plus
0.61%)
5.97%
08/25/46
2
11,551,329
10,054,345
Lehman
XS
Trust,
Series
2006-GP2,
Class
1A5A
(CME
Term
SOFR
1-Month
plus
0.53%)
5.89%
06/25/46
2
3,341,099
3,029,387
Lehman
XS
Trust,
Series
2007-18N,
Class
1A1
(CME
Term
SOFR
1-Month
plus
1.81%)
7.17%
10/25/37
2
2,772,188
2,543,142
Long
Beach
Mortgage
Loan
Trust,
Series
2006-2,
Class
1A
(CME
Term
SOFR
1-Month
plus
0.47%)
5.83%
03/25/46
2
5,811,898
4,656,408
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
20
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Long
Beach
Mortgage
Loan
Trust,
Series
2006-9,
Class
2A2
(CME
Term
SOFR
1-Month
plus
0.33%)
5.69%
10/25/36
2
$
48,274,448
$
15,082,171
MASTR
Adjustable
Rate
Mortgages
Trust,
Series
2003-7,
Class
3A1
5.16%
11/25/33
4
72,553
68,752
MASTR
Adjustable
Rate
Mortgages
Trust,
Series
2004-15,
Class
8A1
5.90%
10/25/34
4
71,285
68,668
MASTR
Adjustable
Rate
Mortgages
Trust,
Series
2004-3,
Class
3A3
4.49%
04/25/34
4
23,637
21,770
MASTR
Adjustable
Rate
Mortgages
Trust,
Series
2006-OA2,
Class
1A1
(Federal
Reserve
US
12-Month
Cumulative
Average
plus
0.80%)
5.81%
12/25/46
2
15,626,478
11,011,666
MASTR
Asset-Backed
Securities
Trust,
Series
2006-WMC1,
Class
A3
(CME
Term
SOFR
1-Month
plus
0.47%)
5.83%
02/25/36
2
15,893,017
5,595,574
MASTR
Asset-Backed
Securities
Trust,
Series
2007-HE1,
Class
A4
(CME
Term
SOFR
1-Month
plus
0.39%)
5.75%
05/25/37
2
3,150,000
2,437,092
MASTR
Asset-Backed
Securities
Trust,
Series
2007-WMC1,
Class
A2
(CME
Term
SOFR
1-Month
plus
0.16%)
5.52%
01/25/37
2
15,974,608
4,216,418
Merrill
Lynch
Alternative
Note
Asset
Trust,
Series
2007-A3,
Class
A2D
(CME
Term
SOFR
1-Month
plus
0.77%)
6.13%
04/25/37
2,5,6
883,581
38,139
Merrill
Lynch
Alternative
Note
Asset
Trust,
Series
2007-OAR2,
Class
A2
(CME
Term
SOFR
1-Month
plus
0.53%)
5.89%
04/25/37
2
6,891,327
5,552,983
Merrill
Lynch
First
Franklin
Mortgage
Loan
Trust,
Series
2007-1,
Class
A2C
(CME
Term
SOFR
1-Month
plus
0.61%)
5.97%
04/25/37
2
16,458,854
6,492,885
Merrill
Lynch
First
Franklin
Mortgage
Loan
Trust,
Series
2007-4,
Class
2A4
(CME
Term
SOFR
1-Month
plus
0.61%)
5.97%
07/25/37
2
835,814
732,758
Merrill
Lynch
First
Franklin
Mortgage
Loan
Trust,
Series
2007-5,
Class
1A
(CME
Term
SOFR
1-Month
plus
0.96%)
6.32%
10/25/37
2
22,193,500
12,875,140
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2003-A6,
Class
2A
6.30%
10/25/33
4
63,817
62,418
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2007-2,
Class
1A1
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1-Year
plus
2.40%)
7.52%
08/25/36
2
$
582,796
$
511,385
Morgan
Stanley
ABS
Capital
I
Trust,
Series
2006-NC2,
Class
A2D
(CME
Term
SOFR
1-Month
plus
0.69%)
6.05%
02/25/36
2
777,623
765,217
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
8,887,808
4,633,395
Morgan
Stanley
ABS
Capital
I,
Inc.,
Trust,
Series
2006-HE4,
Class
A4
(CME
Term
SOFR
1-Month
plus
0.59%)
5.95%
06/25/36
2
9,481,284
4,992,143
Morgan
Stanley
ABS
Capital
I,
Inc.,
Trust,
Series
2007-NC3,
Class
A2C
(CME
Term
SOFR
1-Month
plus
0.30%)
5.66%
05/25/37
2
20,163,671
14,759,698
Morgan
Stanley
Home
Equity
Loan
Trust,
Series
2006-3,
Class
A4
(CME
Term
SOFR
1-Month
plus
0.63%)
5.99%
04/25/36
2
11,479,876
7,693,040
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2004-7AR,
Class
2A4
5.26%
09/25/34
4
143,035
136,925
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2006-2,
Class
1A
5.25%
02/25/21
42,330
39,912
MortgageIT
Trust,
Series
2005-2,
Class
2A
(CME
Term
SOFR
1-Month
plus
1.76%)
7.11%
05/25/35
2
496,480
462,860
New
York
Mortgage
Trust,
Series
2005-3,
Class
A1
(CME
Term
SOFR
1-Month
plus
0.59%)
5.95%
02/25/36
2
141,856
139,157
Nomura
Asset
Acceptance
Corp.,
Series
2005-AR4,
Class
4A1
5.13%
08/25/35
4
2,169,668
1,519,195
NRPL,
Series
2019-3A,
Class
A1
(STEP-reset
date
02/25/24)
7.00%
07/25/59
1
7,925,889
8,050,091
Oakwood
Mortgage
Investors,
Inc.,
Series
2000-A,
Class
A5
8.16%
09/15/29
4
10,211,723
2,209,964
Option
One
Mortgage
Loan
Trust,
Series
2007-4,
Class
2A2
(CME
Term
SOFR
1-Month
plus
0.29%)
5.65%
04/25/37
2
12,461,316
7,024,796
Option
One
Mortgage
Loan
Trust,
Series
2007-5,
Class
2A2
(CME
Term
SOFR
1-Month
plus
0.28%)
5.64%
05/25/37
2
18,187,105
9,408,631
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
21
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Ownit
Mortgage
Loan
Trust,
Series
2006-2,
Class
A1
(CME
Term
SOFR
1-Month
plus
0.53%)
5.89%
01/25/37
2
$
3,536,813
$
3,409,656
PHH
Alternative
Mortgage
Trust,
Series
2007-2,
Class
1A4
(CME
Term
SOFR
1-Month
plus
0.71%)
6.07%
05/25/37
2
5,512,725
5,065,409
Popular
ABS
Mortgage
Pass-Through
Trust,
Series
2007-A,
Class
A3
(CME
Term
SOFR
1-Month
plus
0.42%)
5.78%
06/25/47
2
4,519,277
4,133,276
PRET
LLC,
Series
2022-RN2,
Class
A2
(STEP-reset
date
01/25/24)
6.50%
06/25/52
1
16,833,000
15,960,234
PRET,
LLC,
Series
2022-RN1,
Class
A1
(STEP-reset
date
01/25/24)
3.72%
07/25/51
1
14,009,395
13,579,609
Pretium
Mortgage
Credit
Partners
LLC,
Series
2022-RN3,
Class
A2
6.50%
08/25/52
1,4
14,985,000
13,708,314
PRPM
LLC,
Series
2021-9,
Class
A1
(STEP-reset
date
01/25/24)
2.36%
10/25/26
1
14,156,335
13,756,658
PRPM,
LLC,
Series
2021-8,
Class
A1
1.74%
09/25/26
1,4
7,988,520
7,720,369
RAAC
Trust,
Series
2005-SP1,
Class
4A1
7.00%
09/25/34
27,220
21,334
Residential
Accredit
Loans
Trust,
Series
2005-QA13,
Class
2A1
5.18%
12/25/35
4
1,274,150
1,101,677
Residential
Accredit
Loans
Trust,
Series
2005-QA4,
Class
A41
4.34%
04/25/35
4
1,793
1,776
Residential
Accredit
Loans
Trust,
Series
2005-QA7,
Class
A21
5.07%
07/25/35
4
425,491
399,560
Residential
Accredit
Loans
Trust,
Series
2005-QA8,
Class
CB21
5.05%
07/25/35
4
512,359
287,304
Residential
Accredit
Loans
Trust,
Series
2006-QS13,
Class
2A1
5.75%
09/25/21
2,429
1,233
Residential
Accredit
Loans
Trust,
Series
2006-QS16,
Class
A6
6.00%
11/25/36
315,713
240,720
Residential
Accredit
Loans
Trust,
Series
2007-QA3,
Class
A1
(CME
Term
SOFR
1-Month
plus
0.31%)
5.67%
05/25/37
2
13,603,974
12,252,461
Residential
Accredit
Loans
Trust,
Series
2007-QH6,
Class
A1
(CME
Term
SOFR
1-Month
plus
0.30%)
5.66%
07/25/37
2
7,145,878
6,639,390
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Residential
Accredit
Loans
Trust,
Series
2007-QS1,
Class
2AV
(IO)
0.17%
01/25/37
4,5,6
$
1,373,900
$
6,983
Residential
Asset
Securitization
Trust,
Series
2006-A9CB,
Class
A9
6.00%
09/25/36
4,938,057
1,538,068
Residential
Funding
Mortgage
Securities
Trust,
Series
2007-SA2,
Class
1A
4.74%
04/25/37
4
188,409
99,381
Saxon
Asset
Securities
Trust,
Series
2007-2,
Class
A2C
(CME
Term
SOFR
1-Month
plus
0.35%)
5.71%
05/25/47
2
12,423,395
8,424,895
Securitized
Asset-Backed
Receivables
LLC
Trust,
Series
2006-CB1,
Class
AF4
(STEP-reset
date
02/25/24)
2.84%
01/25/36
3,480,864
2,862,790
Securitized
Asset-Backed
Receivables
LLC
Trust,
Series
2006-WM4,
Class
A1
(CME
Term
SOFR
1-Month
plus
0.49%)
5.85%
11/25/36
1,2
8,554,268
3,863,845
Securitized
Asset-Backed
Receivables
LLC
Trust,
Series
2007-BR2,
Class
A2
(CME
Term
SOFR
1-Month
plus
0.57%)
5.93%
02/25/37
2
5,738,369
2,484,891
Securitized
Asset-Backed
Receivables
LLC
Trust,
Series
2007-BR4,
Class
A2B
(CME
Term
SOFR
1-Month
plus
0.31%)
5.67%
05/25/37
2
9,258,596
5,615,178
Securitized
Asset-Backed
Receivables
LLC
Trust,
Series
2007-NC1,
Class
A2B
(CME
Term
SOFR
1-Month
plus
0.41%)
5.77%
12/25/36
2
5,383,179
2,790,971
Soundview
Home
Loan
Trust,
Series
2007-OPT1,
Class
2A3
(CME
Term
SOFR
1-Month
plus
0.32%)
5.68%
06/25/37
2
17,763,944
11,730,275
Soundview
Home
Loan
Trust,
Series
2007-WMC1,
Class
3A3
(CME
Term
SOFR
1-Month
plus
0.37%)
5.73%
02/25/37
2
950,486
268,795
Specialty
Underwriting
&
Residential
Finance
Trust,
Series
2007-BC2,
Class
A1
(CME
Term
SOFR
1-Month
plus
0.34%)
5.70%
04/25/37
2
18,995,789
13,523,837
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2004-12,
Class
2A
5.67%
09/25/34
4
286,371
276,308
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2004-2,
Class
4A2
5.81%
03/25/34
4
571,379
546,386
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2005-12,
Class
3A1
5.68%
06/25/35
4
220,071
198,386
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2005-7,
Class
1A3
5.12%
04/25/35
4
1,809,585
1,643,608
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
22
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Structured
Asset
Investment
Loan
Trust,
Series
2004-6,
Class
A3
(CME
Term
SOFR
1-Month
plus
0.91%)
6.27%
07/25/34
2
$
7,164,562
$
7,081,526
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2006-AR3,
Class
22A1
4.24%
05/25/36
4
374,249
190,513
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2006-AR5,
Class
1A1
(CME
Term
SOFR
1-Month
plus
0.53%)
5.89%
05/25/36
2
185,183
124,702
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2006-AR7,
Class
A1BG
(CME
Term
SOFR
1-Month
plus
0.23%)
5.59%
08/25/36
2
5,958,104
5,096,445
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust,
Series
2005-2XS,
Class
2A2
(CME
Term
SOFR
1-Month
plus
1.61%)
6.96%
02/25/35
2
37,499
37,449
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust,
Series
2005-4XS,
Class
2A1A
(CME
Term
SOFR
1-Month
plus
1.86%)
7.21%
03/25/35
2
766,559
736,147
Structured
Asset
Securities
Corp.
Mortgage
Pass-Through
Certificates,
Series
2003-34A,
Class
3A3
5.67%
11/25/33
4
13,285
13,099
SunTrust
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2007-4,
Class
3A1
4.46%
10/25/37
4
652,388
572,375
SunTrust
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2007-S1,
Class
5A1
5.42%
01/25/37
4
65,941
62,238
Towd
Point
Mortgage
Trust,
Series
2017-4,
Class
B1
3.64%
06/25/57
1,4
8,650,000
7,239,846
Towd
Point
Mortgage
Trust,
Series
2019-1,
Class
B1
3.79%
03/25/58
1,4
7,087,000
5,449,782
VOLT
XCIV
LLC,
Series
2021-NPL3,
Class
A1
(STEP-reset
date
01/25/24)
2.24%
02/27/51
1
8,827,213
8,622,933
WaMu
Asset-Backed
Certificates,
Series
2007-HE1,
Class
2A2
(CME
Term
SOFR
1-Month
plus
0.22%)
5.58%
01/25/37
2
5,053,269
2,358,970
WaMu
Asset-Backed
Certificates,
Series
2007-HE2,
Class
2A2
(CME
Term
SOFR
1-Month
plus
0.33%)
5.69%
02/25/37
2
27,973,414
8,231,922
WaMu
Mortgage
Pass-Through
Certificates,
Series
2004-AR13,
Class
A1A
(CME
Term
SOFR
1-Month
plus
0.83%)
6.19%
11/25/34
2
97,730
92,114
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
WaMu
Mortgage
Pass-Through
Certificates,
Series
2004-AR14,
Class
A1
5.24%
01/25/35
4
$
304,080
$
275,651
WaMu
Mortgage
Pass-Through
Certificates,
Series
2004-AR6,
Class
A
(CME
Term
SOFR
1-Month
plus
0.95%)
6.31%
05/25/44
2
2,804
2,801
WaMu
Mortgage
Pass-Through
Certificates,
Series
2005-AR14,
Class
2A1
4.73%
12/25/35
4
10,162
9,132
WaMu
Mortgage
Pass-Through
Certificates,
Series
2005-AR16,
Class
1A3
4.93%
12/25/35
4
810,446
723,570
WaMu
Mortgage
Pass-Through
Certificates,
Series
2005-AR2,
Class
2A21
(CME
Term
SOFR
1-Month
plus
0.77%)
6.13%
01/25/45
2
304,120
294,603
WaMu
Mortgage
Pass-Through
Certificates,
Series
2006-AR3,
Class
A1A
(Federal
Reserve
US
12-Month
Cumulative
Average
plus
1.00%)
6.01%
02/25/46
2
2,948,082
2,616,762
WaMu
Mortgage
Pass-Through
Certificates,
Series
2006-AR4,
Class
1A1A
(Federal
Reserve
US
12-Month
Cumulative
Average
plus
0.94%)
4.43%
05/25/46
2
1,251,837
1,093,251
WaMu
Mortgage
Pass-Through
Certificates,
Series
2006-AR7,
Class
2A
(Federal
Reserve
US
12-Month
Cumulative
Average
plus
0.98%)
5.99%
07/25/46
2
2,653,131
2,289,457
WaMu
Mortgage
Pass-Through
Certificates,
Series
2007-HY3,
Class
1A1
3.46%
03/25/37
4
1,481,127
1,181,888
WaMu
Mortgage
Pass-Through
Certificates,
Series
2007-OC1,
Class
A1
(CME
Term
SOFR
1-Month
plus
0.59%)
5.95%
01/25/47
2
4,210,228
3,884,989
Wells
Fargo
Alternative
Loan
Trust,
Series
2007-PA5,
Class
1A1
6.25%
11/25/37
1,163,133
988,813
Wells
Fargo
Home
Equity
Asset-Backed
Securities
Trust,
Series
2007-1,
Class
A3
(CME
Term
SOFR
1-Month
plus
0.75%)
6.11%
03/25/37
2
4,690,000
4,189,354
Wells
Fargo
Mortgage-Backed
Securities
Trust,
Series
2006-AR14,
Class
2A1
6.38%
10/25/36
4
260,023
240,916
Wells
Fargo
Mortgage-Backed
Securities
Trust,
Series
2006-AR4,
Class
1A1
4.66%
04/25/36
4
66,357
60,601
851,821,955
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
23
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Commercial
Mortgage-Backed
—
1
.17
%
Fannie
Mae-Aces,
Series
2016-M11,
Class
X2
(IO)
3.05%
07/25/39
4
$
10,078,833
$
150,752
Fannie
Mae-Aces,
Series
2016-M2,
Class
X3
(IO)
2.04%
04/25/36
4
5,359,573
47,419
Fannie
Mae-Aces,
Series
2016-M4,
Class
X2
(IO)
2.68%
01/25/39
4
19,632,285
104,927
Fannie
Mae-Aces,
Series
2019-M29,
Class
X4
(IO)
0.70%
03/25/29
4
117,375,779
3,238,046
Freddie
Mac
Multifamily
PC
REMIC
Trust,
Series
2019-P002,
Class
X
(IO)
1.01%
07/25/33
4
14,520,699
1,122,269
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K041,
Class
X3
(IO)
1.64%
11/25/42
4
160,569,309
2,148,136
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K043,
Class
X3
(IO)
1.63%
02/25/43
4
58,000,000
921,585
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K051,
Class
X3
(IO)
1.61%
10/25/43
4
44,865,280
1,222,350
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K053,
Class
X3
(IO)
1.64%
03/25/44
4
78,150,000
2,478,113
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K054,
Class
X1
(IO)
1.15%
01/25/26
4
51,271,237
969,631
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K055,
Class
X3
(IO)
1.64%
04/25/44
4
32,000,000
1,072,464
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K056,
Class
X1
(IO)
1.24%
05/25/26
4
53,555,846
1,311,789
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K057,
Class
X1
(IO)
1.16%
07/25/26
4
117,827,994
2,666,624
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K726,
Class
X1
(IO)
0.90%
04/25/24
4
77,767,343
56,471
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KC05,
Class
X1
(IO)
1.22%
06/25/27
4
81,489,352
1,860,540
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Commercial
Mortgage-Backed
(continued)
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KC07,
Class
X1
(IO)
0.72%
09/25/26
4
$
81,948,123
$
1,015,264
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KF31,
Class
A
(SOFR30A
plus
0.48%)
5.82%
04/25/24
2
802,306
802,064
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KIR1,
Class
X
(IO)
1.03%
03/25/26
4
110,322,435
2,074,062
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KL05,
Class
X1HG
(IO)
1.22%
12/25/27
4
49,531,000
1,697,196
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KS06,
Class
X
(IO)
1.04%
08/25/26
4
64,268,938
1,081,762
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KS07,
Class
X
(IO)
0.61%
09/25/25
4
98,695,192
972,404
Ginnie
Mae,
Series
2011-152,
Class
IO
(IO)
0.00%
08/16/51
4
4,578,173
74
Ginnie
Mae,
Series
2012-112,
Class
IO
(IO)
0.11%
02/16/53
4
19,104,452
37,827
Ginnie
Mae,
Series
2012-78,
Class
IO
(IO)
0.08%
06/16/52
4
29,915,442
20,075
Ginnie
Mae,
Series
2014-103,
Class
IO
(IO)
0.19%
05/16/55
4
13,992,836
93,101
Ginnie
Mae,
Series
2014-125,
Class
IO
(IO)
0.90%
11/16/54
4
8,482,397
187,402
Ginnie
Mae,
Series
2023-127,
Class
IO
(IO)
0.43%
07/16/57
4
191,126,843
3,161,725
30,514,072
U.S.
Agency
Mortgage-Backed
—
21
.05
%
Fannie
Mae
REMICS,
Series
2006-11,
Class
PS
(-3.67
X
SOFR30A
plus
24.15%,
24.57%
Cap)
4.58%
03/25/36
2
10,298
12,435
Fannie
Mae
REMICS,
Series
2006-8,
Class
HJ
(IO)
(-1.00
X
SOFR30A
plus
6.49%,
6.60%
Cap)
1.15%
03/25/36
2
436,194
40,309
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
24
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Mortgage-Backed
(continued)
Fannie
Mae
REMICS,
Series
2007-52,
Class
LS
(IO)
(-1.00
X
SOFR30A
plus
5.94%,
6.05%
Cap)
0.60%
06/25/37
2
$
22,010
$
1,302
Fannie
Mae
REMICS,
Series
2007-77,
Class
SK
(IO)
(-1.00
X
SOFR30A
plus
5.76%,
5.87%
Cap)
0.42%
08/25/37
2
47,315
3,772
Fannie
Mae
REMICS,
Series
2007-88,
Class
JI
(IO)
(-1.00
X
SOFR30A
plus
6.34%,
6.45%
Cap)
1.00%
04/25/37
2
462,640
45,114
Fannie
Mae
REMICS,
Series
2008-18,
Class
SM
(IO)
(-1.00
X
SOFR30A
plus
6.89%,
7.00%
Cap)
1.55%
03/25/38
2
32,899
1,771
Fannie
Mae
REMICS,
Series
2008-62,
Class
SN
(IO)
(-1.00
X
SOFR30A
plus
6.09%,
6.20%
Cap)
0.75%
07/25/38
2
62,018
4,076
Fannie
Mae
REMICS,
Series
2010-116,
Class
SE
(IO)
(-1.00
X
SOFR30A
plus
6.49%,
6.60%
Cap)
1.15%
10/25/40
2
25,184
2,692
Fannie
Mae
REMICS,
Series
2013-5,
Class
GF
(SOFR30A
plus
1.21%)
5.00%
10/25/42
2
124,529
120,112
Fannie
Mae
REMICS,
Series
2014-49,
Class
CF
(SOFR30A
plus
1.11%)
6.00%
07/25/43
2
4,570,881
4,229,568
Freddie
Mac
REMICS,
Series
3339,
Class
JS
(-6.50
X
SOFR30A
plus
42.09%,
42.84%
Cap)
7.39%
07/15/37
2
6,294
8,720
Freddie
Mac
REMICS,
Series
3404,
Class
AS
(IO)
(-1.00
X
SOFR30A
plus
5.78%,
5.90%
Cap)
0.44%
01/15/38
2
31,136
2,507
Freddie
Mac
REMICS,
Series
3439,
Class
SC
(IO)
(-1.00
X
SOFR30A
plus
5.79%,
5.90%
Cap)
0.45%
04/15/38
2
23,873
1,571
Freddie
Mac
REMICS,
Series
3885,
Class
PO
(PO)
0.00%
11/15/33
8
8,922
7,577
Freddie
Mac
REMICS,
Series
4030,
Class
HS
(IO)
(-1.00
X
SOFR30A
plus
6.50%,
6.61%
Cap)
1.16%
04/15/42
2
58,107
6,274
Freddie
Mac
REMICS,
Series
4993,
Class
OP
(PO)
0.00%
10/25/58
8
1,771,340
1,588,842
Ginnie
Mae
(TBA)
4.50%
01/20/54
39,975,000
39,019,447
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Mortgage-Backed
(continued)
5.00%
01/20/54
$
32,600,000
$
32,412,237
5.50%
01/20/54
20,225,000
20,357,678
Ginnie
Mae,
Series
2011-146,
Class
EI
(IO)
5.00%
11/16/41
55,631
9,944
Ginnie
Mae,
Series
2011-70,
Class
IL
(IO)
(-1.00
X
CME
Term
SOFR
1-Month
plus
6.99%,
0.60%
Cap)
0.60%
06/16/37
2
327,717
1,325
Ginnie
Mae,
Series
2011-81,
Class
IC
(IO)
(-1.00
X
CME
Term
SOFR
1-Month
plus
6.61%,
0.62%
Cap)
0.62%
07/20/35
2
382,359
3,497
Ginnie
Mae,
Series
2013-135,
Class
CS
(IO)
(-1.00
X
CME
Term
SOFR
1-Month
plus
6.09%,
6.20%
Cap)
0.73%
09/16/43
2
1,311,201
135,351
Ginnie
Mae,
Series
2017-136,
Class
IO
(IO)
5.00%
09/20/47
245,130
51,458
UMBS
(TBA)
2.00%
01/01/54
81,200,000
66,381,000
2.50%
01/01/54
75,850,000
64,626,574
3.00%
01/01/54
59,025,000
52,220,986
3.50%
01/01/54
2,625,000
2,406,743
4.00%
01/01/54
99,275,000
93,908,170
4.50%
01/01/54
119,775,000
116,237,840
5.00%
01/01/54
32,825,000
32,478,799
5.50%
01/01/54
21,450,000
21,543,844
547,871,535
Total
Mortgage-Backed
(Cost
$1,899,869,122)
1,636,881,459
MUNICIPAL
BONDS
—
0
.31
%
*
Florida
—
0
.15
%
County
of
Miami-Dade
Aviation
Revenue
Bonds,
Airport
and
Marina
Improvements,
Series
B
2.81%
10/01/34
1,000,000
818,092
2.86%
10/01/35
1,750,000
1,410,194
County
of
Miami-Dade
Aviation
Revenue
Bonds,
Airport
and
Marina
Improvements,
Series
D
3.35%
10/01/29
2,000,000
1,874,127
4,102,413
New
York
—
0
.16
%
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
Bonds,
Public
Improvements,
Subseries
FI
3.95%
08/01/32
1,000,000
954,052
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
25
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
MUNICIPAL
BONDS
(continued)
New
York
(continued)
New
York
State
Dormitory
Authority
Revenue
Bonds,
University
&
College
Improvements
5.29%
03/15/33
$
3,100,000
$
3,166,436
4,120,488
Total
Municipal
Bonds
(Cost
$9,299,363)
8,222,901
U.S.
TREASURY
SECURITIES
—
3
.30
%
U.S.
Treasury
Bonds
—
0
.01
%
U.S.
Treasury
Bonds
(WI)
4.75%
11/15/53
255,000
286,815
U.S.
Treasury
Notes
—
3
.29
%
U.S.
Treasury
Notes
4.25%
12/31/25
10,935,000
10,935,430
4.38%
11/30/28
15,285,000
15,645,034
4.38%
12/15/26
40,940,000
41,354,198
4.88%
11/30/25
1,650,000
1,667,427
4.88%
10/31/28
4,910,000
5,125,963
U.S.
Treasury
Notes
(WI)
3.75%
12/31/28
10,355,000
10,308,483
4.50%
11/15/33
490,000
514,577
85,551,112
Total
U.S.
Treasury
Securities
(Cost
$85,414,977)
85,837,927
Total
Bonds
—
110
.86
%
(Cost
$3,223,613,661)
2,885,471,863
Issues
Shares
Value
COMMON
STOCK
—
0
.38
%
Communications
—
0
.16
%
Intelsat
Emergence
SA
3,5,6,10
(Luxembourg)
141,371
4,099,830
Electric
—
0
.00
%
Homer
City
Holdings
LLC
†,5,6,10
112,222
—
Financials
—
0
.22
%
AGNC
Investment
Corp.
582,000
5,709,420
Total
Common
Stock
(Cost
$17,384,642)
9,809,250
Issues
Maturity
Date
Principal
Amount
/
Shares
Value
SHORT-TERM
INVESTMENTS
—
8
.12
%
Money
Market
Funds
—
1
.94
%
Fidelity
Investments
Money
Market
Funds
-
Government
Portfolio
5.25%
17,18
1,193,613
1,193,613
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
5.27%
17
49,331,148
49,331,148
50,524,761
Issues
Maturity
Date
Principal
Amount/Shares
Value
SHORT-TERM
INVESTMENTS
(continued)
U.S.
Agency
Discount
Notes
—
1
.71
%
Federal
Home
Loan
Bank
5.34%
19
05/15/24
$
20,000,000
$
19,613,875
5.30%
19
02/27/24
25,000,000
24,790,591
44,404,466
U.S.
Treasury
Bills
—
4
.47
%
U.S.
Treasury
Bills
(WI)
5.49%
19
04/11/24
25,000,000
24,640,208
5.35%
19
05/16/24
25,000,000
24,522,578
5.44%
19
03/21/24
65,000,000
64,260,417
5.43%
19
03/07/24
2,945,000
2,917,343
116,340,546
Total
Short-Term
Investments
(Cost
$211,235,304)
211,269,773
Total
Investments
-
119.36%
(Cost
$3,452,233,607)
3,106,550,886
Liabilities
in
Excess
of
Other
Assets
-
(19.36)%
(
503,793,370
)
Net
Assets
-
100.00%
$
2,602,757,516
1
Securities
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
The
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
2
Floating
rate
security.
The
rate
disclosed
was
in
effect
at
December
31,
2023.
3
Foreign
denominated
security
issued
by
foreign
domiciled
entity.
4
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.
5
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
6
Illiquid
security
as
determined
under
procedures
approved
by
the
Board
of
Trustees.
The
aggregate
value
of
illiquid
securities
is
$22,078,204,
which
is
0.85%
of
total
net
assets.
7
Perpetual
security
with
no
stated
maturity
date.
8
Zero
coupon
bond.
The
rate
shown
is
the
effective
yield
as
of
December
31,
2023.
9
Security
is
currently
in
default
with
regard
to
scheduled
interest
or
principal
payments.
10
Non-income producing
security.
11
Payment-in-kind
(“PIK”)
security.
Income
may
be
paid
in
additional
securities
or
cash
at
the
discretion
of
the
issuer
-
5.00%
cash
or
6.00%
payment-in-kind
interest.
12
Payment-in-kind
(“PIK”)
security.
Income
may
be
paid
in
additional
securities
or
cash
at
the
discretion
of
the
issuer
-
5.25%
cash
or
6.25%
payment-in-kind
interest.
13
Payment-in-kind
(“PIK”)
security.
Income
may
be
paid
in
additional
securities
or
cash
at
the
discretion
of
the
issuer
-
5.50%
cash
or
6.50%
payment-in-kind
interest.
14
Payment-in-kind
(“PIK”)
security.
Income
may
be
paid
in
additional
securities
or
cash
at
the
discretion
of
the
issuer
-
5.75%
cash
or
6.75%
payment-in-kind
interest.
15
Payment-in-kind
(“PIK”)
security.
Income
may
be
paid
in
additional
securities
or
cash
at
the
discretion
of
the
issuer
-
6.00%
cash
or
7.00%
payment-in-kind
interest.
16
Payment-in-kind
(“PIK”)
security.
Income
may
be
paid
in
additional
securities
or
cash
at
the
discretion
of
the
issuer
-
6.25%
cash
or
7.25%
payment-in-kind
interest.
17
Represents
the
current
yield
as
of
December
31,
2023.
18
Securities,
or
a
portion
thereof,
pledged
as
collateral
for
swaps.
The
total
market
value
of
collateral
pledged
is
$1,193,613.
19
Represents
annualized
yield
at
date
of
purchase.
†
Fair
valued
security.
The
aggregate
value
of
fair
valued
securities
is
$0,
which
is
0.00%
of
total
net
assets.
Fair
valued
securities
were
not
valued
utilizing
an
independent
quote
but
were
valued
pursuant
to
guidelines
approved
by
the
Board
of
Trustees.
See
Notes
to
Financial
Statements.
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
26
*
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.
(BKNT):
Bank
Note
(CLO):
Collateralized
Loan
Obligation
(EDC):
Economic
Development
Corporation
(EMTN):
Euro
Medium-Term
Note
(EUR):
Euro
(EURIBOR):
Euro
InterBank
Offer
Rate
(GBP):
British
Pound
(GMTN):
Global
Medium-Term
Note
(IO):
Interest
Only
(LIBOR):
London
InterBank
Offer
Rate
(MTN):
Medium-Term
Note
(PO):
Principal
Only
(REIT):
Real
Estate
Investment
Trust
(SOFR):
Secured
Overnight
Financing
Rate
(STEP):
Step
Coupon
Bond
(TBA):
To-Be-Announced
(USD):
U.S.
Dollar
(WI):
When
Issued
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
27
/
December
2023
Currency
to
be
Purchased
Currency
to
be
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
FOREIGN
CURRENCY
EXCHANGE
CONTRACT
EUR
1,192,000
USD
1,289,340
Bank
of
America
N.A.
01/12/24
$
28,169
EUR
1,498,000
USD
1,605,874
Goldman
Sachs
International
01/12/24
49,854
EUR
4,520,000
USD
4,901,160
Citibank
N.A.
01/12/24
94,763
172,786
USD
70,615,014
EUR
66,601,000
Citibank
N.A.
01/12/24
(
2,998,581
)
USD
1,513,699
EUR
1,408,000
Goldman
Sachs
International
01/12/24
(
42,553
)
USD
985,288
EUR
926,000
Bank
of
America
N.A.
01/12/24
(
38,213
)
USD
2,351,147
GBP
1,922,000
Citibank
N.A.
01/12/24
(
99,219
)
(
3,178,566
)
NET
UNREALIZED
DEPRECIATION
$
(
3,005,780
)
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
FUTURES
CONTRACTS:
LONG
POSITIONS
U.S.
Treasury
Two-Year
Note
4,092
03/28/24
$
842,600,342
$
8,077,467
$
8,077,467
U.S.
Treasury
Five-Year
Note
3,980
03/28/24
432,918,283
9,115,464
9,115,464
1,275,518,625
17,192,931
17,192,931
FUTURES
CONTRACTS:
SHORT
POSITIONS
U.S.
Treasury
Ten-Year
Ultra
Bond
2,464
03/19/24
(
290,790,500
)
(
12,591,343
)
(
12,591,343
)
U.S.
Treasury
Ultra
Bond
498
03/19/24
(
66,529,688
)
(
6,074,545
)
(
6,074,545
)
Euro-Bund
Future
211
03/07/24
(
31,983,395
)
(
790,406
)
(
790,406
)
Euro-Bobl
Future
158
03/07/24
(
20,818,499
)
(
258,781
)
(
258,781
)
Euro-Buxl
30
Year
24
03/07/24
(
3,757,224
)
(
289,536
)
(
289,536
)
Euro-Schatz
Future
16
03/07/24
(
1,883,119
)
(
6,113
)
(
6,113
)
(
415,762,425
)
(
20,010,724
)
(
20,010,724
)
TOTAL
FUTURES
CONTRACTS
$
859,756,200
$
(
2,817,793
)
$
(
2,817,793
)
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
$
21,211
$
(
922,546
)
$
—
$
(
922,546
)
TOTAL
SWAPS
CONTRACTS
$
21,211
$
(
922,546
)
$
—
$
(
922,546
)
1
Centrally
cleared.
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
28
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
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
29
/
December
2023
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:
UNCONSTRAINED
BOND
FUND
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Investments
in
Securities
Assets:
Short-Term
Investments:
Money
Market
Funds
$
50,524,761
$
—
$
—
$
50,524,761
U.S.
Agency
Discount
Notes
—
44,404,466
—
44,404,466
U.S.
Treasury
Bills
116,340,546
—
—
116,340,546
Long-Term
Investments:
Asset-Backed
Securities
—
373,640,208
10,520,974
384,161,182
Bank
Loans
—
77,058,674
—
77,058,674
Common
Stock
5,709,420
—
4,099,830
9,809,250
Corporates
—
643,618,582
486,063
644,104,645
Foreign
Government
Obligations
—
49,205,075
—
49,205,075
Mortgage-Backed
Securities
—
1,629,910,122
6,971,337
1,636,881,459
Municipal
Bonds
—
8,222,901
—
8,222,901
U.S.
Treasury
Securities
85,837,927
—
—
85,837,927
Other
Financial
Instruments
*
Assets:
Foreign
currency
exchange
contracts
—
172,786
—
172,786
Interest
rate
contracts
17,192,931
—
—
17,192,931
Liabilities:
Foreign
currency
exchange
contracts
—
(
3,178,566
)
—
(
3,178,566
)
Interest
rate
contracts
(
20,010,724
)
(
922,546
)
—
(
20,933,270
)
Total
$
255,594,861
$
2,822,131,702
$
22,078,204
$
3,099,804,767
*Other
financial
instruments
include
foreign
currency
exchange
contracts,
futures
and
swaps.
Interest
rate
contracts
include
futures
and
swaps.
Unconstrained
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
30
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:
UNCONSTRAINED
BOND
FUND
ASSET-BACKED
SECURITIES
BANK
LOANS
COMMON
STOCK
CORPORATES
CREDIT
DEFAULT
SWAPS
MORTGAGE-
BACKED
SECURITIES
TOTAL
Balance
as
of
April
1,
2023
$
8,213,942
$
386,748
$
3,667,430
$
1,354,993
$
93,403
$
7,311,772
$
21,028,288
Accrued
discounts/
premiums
—
52
—
157,940
(
66,973
)
71,442
162,461
Realized
gain
(loss)
—
(
378,324
)
—
(
1,909,276
)
—
2,425
(
2,285,175
)
Change
in
unrealized
appreciation
(depreciation)*
109,395
188,997
425,669
399,964
(
26,430
)
57,725
1,155,320
Purchases
2,650,000
67,811
6,731
355,570
—
—
3,080,112
Sales
(
452,363
)
(
265,284
)
—
(
355,570
)
—
(
472,027
)
(
1,545,244
)
Transfers
into
Level
3**
—
—
—
482,442
—
—
482,442
Transfers
out
of
Level
3**
—
—
—
—
—
—
—
Balance
as
of
December
31,
2023
$
10,520,974
$
—
$
4,099,830
$
486,063
$
—
$
6,971,337
$
22,078,204
*The
change
in
unrealized
appreciation
(depreciation)
on
securities
still
held
at
December
31,
2023
was
$(489,052)
and
is
included
in
the
related
net
realized
gains
(losses)
and
net
change
in
appreciation
(depreciation)
in
the
Statements
of
Operations.
**Transfers
into
and
transfers
out
of
level
3
represent
the
values
as
of
the
end
of
the
reporting
period.
As
of
March
31,
2023,
the
Fund
used
significant
observable
inputs
in
determining
the
value
of
certain
investments.
As
of
December
31,
2023,
the
Fund
used
significant
unobservable
inputs
in
determining
the
value
of
the
same
investments.
As
a
result,
investments
with
an
end
of
period
value
of
$482,442
transferred
from
level
2
to
level
3
in
the
disclosure
hierarchy.
Significant
unobservable
valuations
inputs
for
Level
3
investments
as
of
December
31,
2023,
are
as
follows:
UNCONSTRAINED
BOND
FUND
FAIR
VALUE
AT
12/31/23
VALUATION
TECHNIQUE
*
UNOBSERVABLE
INPUT
RANGE
WEIGHTED
AVERAGE
INPUT
TO
VALUATION
IF
INPUT
INCREASES
Asset-Backed
Securities
$10,520,974
Broker
Quote
Offered
Quote
$90.44
-
$101.91
$93.38
Increase
Common
Stock
$—
Broker
Quote
Offered
Quote
$—
$—
Increase
Common
Stock
$4,099,830
Third-Party
Vendor
Vendor
Prices
$29.00
$29.00
Increase
Corporate
Securities
$285,523
Broker
Quote
Offered
Quote
$7.25
-
$12.50
$9.02
Increase
Corporate
Securities
$200,540
Third-Party
Vendor
Vendor
Prices
$1.20
-
$8.00
$4.32
Increase
Mortgage-Backed
Securities-Non-Agency
$45,604
Third-Party
Vendor
Vendor
Prices
$0.51
-
$4.97
$3.74
Increase
Mortgage-Backed
Securities-
Non-Agency
Commercial
$6,925,733
Broker
Quote
Offered
Quote
$97.46
-
$99.80
$98.91
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.