|
1
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
CORE
PLUS
FUND
June
30,
2026
A
A
A
SHARES
VALUE
PREFERRED
STOCKS
-
2
.8
%
FINANCIAL
-
2
.4
%
Wells
Fargo
&
Co.
6.13%
1,250,000
$
1,264,798
Charles
Schwab
Corp.
6.10%
1,250,000
1,250,275
Citigroup,
Inc.
6.63%
530,000
539,962
6.88%
400,000
409,647
6.25%
4,400
110,704
6.75%
100,000
101,396
Corebridge
Financial,
Inc.
6.88%
700,000
728,413
State
Street
Corp.
6.45%
50,000
50,971
American
National
Group,
Inc.
7.38%
1,000
23,470
Total
Financial
4,479,636
ENERGY
-
0
.2
%
Venture
Global
LNG,
Inc.
9.00%
(a)
440,000
429,579
GOVERNMENT
-
0
.2
%
CoBank
ACB
6.75%
400,000
402,854
UTILITIES
-
0
.0
%
NextEra
Energy
Capital
Holdings,
Inc.
6.50%
due
06/01/85
225
5,474
Total
Preferred
Stocks
(Cost
$5,240,309)
5,317,543
MONEY
MARKET
FUNDS
(b)
-
0
.6
%
BNY
Dreyfus
Treasury
Securities
Cash
Management
Fund
—
Institutional
Shares,
3.53%
(c)
1,042,759
1,042,759
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(c)
21,318
21,318
Total
Money
Market
Funds
(Cost
$1,064,077)
1,064,077
FACE
AMOUNT
~
ASSET-BACKED
SECURITIES
-
49
.1
%
COLLATERALIZED
LOAN
OBLIGATIONS
-
26
.7
%
Ares
Direct
Lending
CLO
7
LLC
2025-3A
A2,
5.33%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
01/20/38
◊,(a)
1,400,000
1,399,816
2025-3A
B,
5.53%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
01/20/38
◊,(a)
1,400,000
1,397,069
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
49.1%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
26.7%
(continued)
Madison
Park
Funding
LXIX
Ltd.
2024-69A
BR,
5.19%
(3
Month
Term
SOFR
+
1.55%,
Rate
Floor:
1.55%)
due
07/25/37
◊,(a)
2,500,000
$
2,497,501
KKR
CLO
16
Ltd.
16
A2R3,
5.28%
(3
Month
Term
SOFR
+
1.60%,
Rate
Floor:
1.60%)
due
10/20/34
◊,(a)
2,250,000
2,252,250
Hlend
CLO
LLC
2026-5A
B,
5.36%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
04/15/39
◊,(a)
950,000
947,690
2026-5A
A1,
5.06%
(3
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
04/15/39
◊,(a)
350,000
348,724
2025-3A
A,
5.08%
(3
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
01/20/37
◊,(a)
300,000
299,798
2025-4A
B,
5.50%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
08/15/37
◊,(a)
300,000
299,386
2025-3A
B,
5.38%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
01/20/37
◊,(a)
250,000
248,438
Madison
Park
Funding
XLVIII
Ltd.
2021-48A
BR,
5.23%
(3
Month
Term
SOFR
+
1.55%,
Rate
Floor:
1.55%)
due
01/19/39
◊,(a)
1,500,000
1,498,359
2021-48A
CR,
5.43%
(3
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
01/19/39
◊,(a)
500,000
500,327
Golub
Capital
Partners
CLO
49M
Ltd.
2020-49A
A1R2,
5.20%
(3
Month
Term
SOFR
+
1.52%,
Rate
Floor:
1.52%)
due
07/20/38
◊,(a)
1,500,000
1,498,502
2020-49A
A2R2,
5.36%
(3
Month
Term
SOFR
+
1.68%,
Rate
Floor:
1.68%)
due
07/20/38
◊,(a)
500,000
499,975
JCP
Direct
Lending
CLO
LLC
2023-1A
AJR,
5.46%
(3
Month
Term
SOFR
+
1.78%,
Rate
Floor:
1.78%)
due
07/20/37
◊,(a)
1,000,000
1,000,171
2023-1A
BR,
5.63%
(3
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
07/20/37
◊,(a)
1,000,000
998,203
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
CORE
PLUS
FUND
June
30,
2026
2
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
49.1%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
26.7%
(continued)
BSPDF
Issuer
LLC
2026-FL3
B,
5.59%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
09/18/43
◊,(a)
950,000
$
949,994
2026-FL4
B,
5.49%
(1
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
11/18/43
◊,(a)
400,000
399,998
2026-FL4
C,
5.69%
(1
Month
Term
SOFR
+
2.05%,
Rate
Floor:
2.05%)
due
11/18/43
◊,(a)
250,000
249,999
Neuberger
Berman
CLO
32R
Ltd.
2019-32RA
B,
5.33%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
07/20/39
◊,(a)
1,500,000
1,505,721
Cerberus
Loan
Funding
XLIV
LLC
2023-5AR
A1R
due
01/15/36
(a),(d)
1,500,000
1,500,000
STWD
LLC
2025-FL4
B,
5.59%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
11/19/42
◊,(a)
1,400,000
1,400,598
A10
Issuer
LLC
2025-FL6
A,
5.09%
(1
Month
Term
SOFR
+
1.47%,
Rate
Floor:
1.47%)
due
05/15/42
◊,(a)
700,000
700,523
2025-FL6
AS,
5.51%
(1
Month
Term
SOFR
+
1.89%,
Rate
Floor:
1.89%)
due
05/15/42
◊,(a)
700,000
699,640
Owl
Rock
CLO
IX
LLC
2022-9A
AR,
5.21%
(3
Month
Term
SOFR
+
1.57%,
Rate
Floor:
1.57%)
due
11/22/37
◊,(a)
1,100,000
1,099,759
2022-9A
BR,
5.49%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
11/22/37
◊,(a)
250,000
250,026
Golub
Capital
Partners
CLO
46M
Ltd.
2019-46AR
CR2
due
04/20/37
(a),(d)
1,300,000
1,300,000
Owl
Rock
CLO
X
LLC
2023-10A
AR,
5.07%
(3
Month
Term
SOFR
+
1.39%,
Rate
Floor:
1.39%)
due
04/20/37
◊,(a)
1,300,000
1,299,119
INCREF
LLC
2026-FL3
AS,
5.30%
(1
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
01/19/44
◊,(a)
1,250,000
1,249,448
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
49.1%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
26.7%
(continued)
BCRED
CLO
LLC
2026-1A
B,
5.35%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
04/24/39
◊,(a)
650,000
$
648,399
2025-1A
B,
5.38%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
04/20/37
◊,(a)
500,000
498,869
GS
REFT
Issuer
Ltd.
2026-FL1
C,
5.79%
(1
Month
Term
SOFR
+
2.15%,
Rate
Floor:
2.15%)
due
10/19/43
◊,(a)
1,050,000
1,050,854
Golub
Capital
Partners
CLO
54M,
LP
2021-54A
A2R,
5.36%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
08/05/37
◊,(a)
500,000
499,998
2021-54A
A1R,
5.13%
(3
Month
Term
SOFR
+
1.47%,
Rate
Floor:
1.47%)
due
08/05/37
◊,(a)
500,000
499,811
Owl
Rock
CLO
XI
LLC
2023-11A
AR,
5.12%
(3
Month
Term
SOFR
+
1.45%,
Rate
Floor:
1.45%)
due
04/20/39
◊,(a)
650,000
649,645
2023-11A
BR,
5.67%
(3
Month
Term
SOFR
+
2.00%,
Rate
Floor:
2.00%)
due
04/20/39
◊,(a)
300,000
299,504
Owl
Rock
CLO
XXIV
LLC
2026-24A
B,
5.37%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
01/22/38
◊,(a)
950,000
947,693
Golub
Capital
Partners
CLO
69M
2023-69A
CR,
5.70%
(3
Month
Term
SOFR
+
2.05%,
Rate
Floor:
2.05%)
due
11/09/38
◊,(a)
450,000
449,663
2023-69A
BR,
5.35%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
11/09/38
◊,(a)
450,000
448,895
TRTX
Issuer
Ltd.
2025-FL7
B,
5.59%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
06/18/43
◊,(a)
700,000
700,556
2025-FL6
A,
5.17%
(1
Month
Term
SOFR
+
1.54%,
Rate
Floor:
1.54%)
due
09/18/42
◊,(a)
100,000
100,231
PFP
Ltd.
2025-12
AS,
5.38%
(1
Month
Term
SOFR
+
1.74%,
Rate
Floor:
1.74%)
due
12/18/42
◊,(a)
400,000
400,797
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
CORE
PLUS
FUND
June
30,
2026
|
3
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
49.1%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
26.7%
(continued)
2026-14
B,
5.45%
(1
Month
Term
SOFR
+
1.80%,
Rate
Floor:
1.80%)
due
12/18/43
◊,(a)
250,000
$
249,778
2026-14
C,
5.60%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
12/18/43
◊,(a)
150,000
149,867
LRECS
LLC
2025-CRE1
AS,
5.39%
(1
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
08/19/43
◊,(a)
750,000
749,511
Cerberus
Loan
Funding
53
LLC
2025-4A
C,
5.67%
(3
Month
Term
SOFR
+
2.00%,
Rate
Floor:
2.00%)
due
01/15/38
◊,(a)
750,000
749,380
BDS
LLC
2025-FL15
B,
5.54%
(1
Month
Term
SOFR
+
1.90%,
Rate
Floor:
1.90%)
due
03/19/43
◊,(a)
300,000
298,100
2025-FL14
AS,
5.21%
(1
Month
Term
SOFR
+
1.57%,
Rate
Floor:
1.57%)
due
10/17/42
◊,(a)
200,000
199,943
2025-FL16
B,
5.49%
(1
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
06/19/43
◊,(a)
150,000
148,646
2024-FL13
AS,
5.63%
(1
Month
Term
SOFR
+
1.99%,
Rate
Floor:
1.99%)
due
09/19/39
◊,(a)
100,000
100,159
FS
Rialto
Issuer
LLC
2025-FL10
A,
5.02%
(1
Month
Term
SOFR
+
1.39%,
Rate
Floor:
1.39%)
due
08/19/42
◊,(a)
300,000
299,637
2025-FL10
B,
5.49%
(1
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
08/19/42
◊,(a)
250,000
249,809
2024-FL9
B,
5.93%
(1
Month
Term
SOFR
+
2.30%,
Rate
Floor:
2.30%)
due
10/19/39
◊,(a)
100,000
99,580
Cerberus
Loan
Funding
XL
LLC
2023-1A
AR,
5.25%
(3
Month
Term
SOFR
+
1.60%,
Rate
Floor:
1.60%)
due
03/22/35
◊,(a)
300,000
300,459
2023-1A
CR,
6.30%
(3
Month
Term
SOFR
+
2.65%,
Rate
Floor:
2.65%)
due
03/22/35
◊,(a)
300,000
300,248
BXMT
Ltd.
2026-FL6
B,
5.59%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
08/19/43
◊,(a)
550,000
549,759
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
49.1%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
26.7%
(continued)
Ares
Direct
Lending
CLO
6
LLC
2025-2A
B,
5.48%
(3
Month
Term
SOFR
+
1.80%,
Rate
Floor:
1.80%)
due
10/16/37
◊,(a)
350,000
$
349,240
2025-2A
A1,
5.13%
(3
Month
Term
SOFR
+
1.45%,
Rate
Floor:
1.45%)
due
10/16/37
◊,(a)
200,000
199,805
CIFC
Funding
Ltd.
2015-4A
BR3,
5.23%
(3
Month
Term
SOFR
+
1.55%,
Rate
Floor:
1.55%)
due
01/17/39
◊,(a)
500,000
499,618
AGL
CLO
39
Ltd.
2025-39A
B,
5.18%
(3
Month
Term
SOFR
+
1.50%,
Rate
Floor:
1.50%)
due
04/20/38
◊,(a)
500,000
498,786
ACREC
LLC
2026-FL5
B,
5.35%
(1
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
07/18/43
◊,(a)
450,000
450,000
VMC
Finance
LLC
2026-FL6
B,
5.79%
(1
Month
Term
SOFR
+
2.15%,
Rate
Floor:
2.15%)
due
11/19/43
◊,(a)
400,000
399,998
D2
Multifamily
Credit
Issuer
Ltd.
2026-FL1
C,
5.84%
(1
Month
Term
SOFR
+
2.20%,
Rate
Floor:
2.20%)
due
11/19/43
◊,(a)
300,000
299,872
2026-FL1
B,
5.54%
(1
Month
Term
SOFR
+
1.90%,
Rate
Floor:
1.90%)
due
11/19/43
◊,(a)
100,000
100,000
LoanCore
Issuer
LLC
2025-CRE9
AS,
5.34%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
08/18/42
◊,(a)
200,000
200,305
2025-CRE9
B,
5.59%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
08/18/42
◊,(a)
100,000
99,845
2025-CRE8
B,
5.48%
(1
Month
Term
SOFR
+
1.84%,
Rate
Floor:
1.84%)
due
08/17/42
◊,(a)
100,000
99,711
Brsp
Ltd.
2026-FL3
B,
5.59%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
08/19/43
◊,(a)
350,000
350,293
Acrec
LLC
2026-FL5
C,
5.55%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
07/18/43
◊,(a)
200,000
200,000
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
CORE
PLUS
FUND
June
30,
2026
4
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
49.1%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
26.7%
(continued)
2025-FL3
B,
5.58%
(1
Month
Term
SOFR
+
1.94%,
Rate
Floor:
1.94%)
due
08/18/42
◊,(a)
150,000
$
149,856
Eldridge
CLO
Ltd.
2025-2A
C,
5.50%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
01/20/39
◊,(a)
300,000
300,804
BSPRT
Issuer
LLC
2025-FL12
AS,
5.28%
(1
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
01/17/43
◊,(a)
100,000
100,113
2024-FL11
B,
5.92%
(1
Month
Term
SOFR
+
2.29%,
Rate
Floor:
2.29%)
due
07/15/39
◊,(a)
100,000
100,103
2025-FL12
B,
5.58%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
01/17/43
◊,(a)
100,000
100,076
Owl
Rock
CLO
XXII
LLC
2025-22A
A,
5.15%
(3
Month
Term
SOFR
+
1.47%,
Rate
Floor:
1.47%)
due
10/20/37
◊,(a)
300,000
299,851
AREIT
Ltd.
2025-CRE10
A,
5.02%
(1
Month
Term
SOFR
+
1.39%,
Rate
Floor:
1.39%)
due
12/17/29
◊,(a)
150,000
149,990
2025-CRE11
B,
5.64%
(1
Month
Term
SOFR
+
2.00%,
Rate
Floor:
2.00%)
due
07/25/43
◊,(a)
150,000
149,410
Ares
Direct
Lending
CLO
8
LLC
2025-4A
B,
5.43%
(3
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
01/20/39
◊,(a)
300,000
299,312
Sound
Point
CLO
Ltd.
2025-1RA
C,
5.74%
(3
Month
Term
SOFR
+
2.10%,
Rate
Floor:
2.10%)
due
02/20/38
◊,(a)
250,000
250,943
Palmer
Square
CLO
Ltd.
2024-3A
B,
5.28%
(3
Month
Term
SOFR
+
1.60%,
Rate
Floor:
1.60%)
due
07/20/37
◊,(a)
250,000
250,821
Neuberger
Berman
Loan
Advisers
CLO
58
Ltd.
2024-58A
B,
5.33%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
10/18/38
◊,(a)
250,000
250,647
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
49.1%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
26.7%
(continued)
Greystone
CRE
Notes
LLC
2025-FL4
AS,
5.76%
(1
Month
Term
SOFR
+
2.14%,
Rate
Floor:
2.14%)
due
01/15/43
◊,(a)
250,000
$
250,483
Wellfleet
CLO
Ltd.
2022-2A
BR,
5.53%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
10/18/37
◊,(a)
250,000
250,390
Fortress
Credit
Opportunities
XXV
CLO
LLC
2024-25A
A1T,
5.26%
(3
Month
Term
SOFR
+
1.59%,
Rate
Floor:
1.59%)
due
01/15/37
◊,(a)
250,000
250,281
Fortress
Credit
BSL
XVI
Ltd.
2022-3A
BR,
5.53%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
10/20/35
◊,(a)
250,000
250,087
Owl
Rock
CLO
VII
LLC
2022-7A
AR,
5.08%
(3
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
04/20/38
◊,(a)
250,000
249,837
Madison
Park
Funding
LXXI
Ltd.
2025-71A
B,
5.17%
(3
Month
Term
SOFR
+
1.50%,
Rate
Floor:
1.50%)
due
04/23/38
◊,(a)
250,000
249,750
HPS
Private
Credit
CLO
LLC
2025-3A
B,
5.73%
(3
Month
Term
SOFR
+
2.05%,
Rate
Floor:
2.05%)
due
07/20/37
◊,(a)
250,000
249,620
Owl
Rock
CLO
XXI
LLC
2025-21A
B,
5.57%
(3
Month
Term
SOFR
+
1.90%,
Rate
Floor:
1.90%)
due
07/24/34
◊,(a)
250,000
249,571
Ares
Direct
Lending
CLO
3
LLC
2024-3A
B,
5.53%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
01/20/37
◊,(a)
250,000
249,489
Elmwood
CLO
38
Ltd.
2025-1A
B1,
5.11%
(3
Month
Term
SOFR
+
1.45%,
Rate
Floor:
1.45%)
due
04/22/38
◊,(a)
250,000
249,364
Cerberus
Loan
Funding
XLVIII
LLC
2024-4A
AN,
5.32%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
10/15/36
◊,(a)
100,000
100,139
2024-4A
C,
5.97%
(3
Month
Term
SOFR
+
2.30%,
Rate
Floor:
2.30%)
due
10/15/36
◊,(a)
100,000
100,001
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
CORE
PLUS
FUND
June
30,
2026
|
5
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
49.1%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
26.7%
(continued)
Golub
Capital
Partners
CLO
83M
2025-83A
C,
5.70%
(3
Month
Term
SOFR
+
2.05%,
Rate
Floor:
2.05%)
due
11/09/38
◊,(a)
100,000
$
99,922
2025-83A
B,
5.35%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
11/09/38
◊,(a)
100,000
99,753
Golub
Capital
Partners
CLO
16M-R3
2013-16A
A1R3,
5.28%
(3
Month
Term
SOFR
+
1.63%,
Rate
Floor:
1.63%)
due
08/09/39
◊,(a)
150,000
149,986
Jefferies
Credit
Partners
Direct
Lending
CLO
Ltd.
2025-1A
C,
5.87%
(3
Month
Term
SOFR
+
2.20%,
Rate
Floor:
2.20%)
due
10/15/37
◊,(a)
150,000
149,942
STWD
Ltd.
2021-FL2
AS,
5.20%
(1
Month
Term
SOFR
+
1.56%,
Rate
Floor:
1.45%)
due
04/18/38
◊,(a)
104,659
104,290
Barings
CLO
Ltd.
2022-3A
BR,
5.43%
(3
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
10/20/37
◊,(a)
100,000
100,175
Owl
Rock
CLO
XIX
LLC
2024-19A
B,
5.56%
(3
Month
Term
SOFR
+
1.90%,
Rate
Floor:
1.90%)
due
10/22/37
◊,(a)
100,000
100,024
BCRED
MML
CLO
LLC
2022-1A
A1,
5.33%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
04/20/35
◊,(a)
100,000
100,001
Ares
Direct
Lending
CLO
2
LLC
2024-2A
B,
5.58%
(3
Month
Term
SOFR
+
1.90%,
Rate
Floor:
1.90%)
due
10/20/36
◊,(a)
100,000
99,809
Total
Collateralized
Loan
Obligations
49,783,138
TRANSPORT-AIRCRAFT
-
5
.7
%
Slam
Ltd.
2024-1A,
5.34%
due
09/15/49
(a)
885,924
877,099
2026-1A,
5.55%
due
07/15/51
(a)
547,759
546,183
2025-1A,
5.81%
due
05/15/50
(a)
233,586
234,699
MAPS
Trust
2026-1A,
5.20%
due
01/15/51
(a)
775,756
761,827
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
49.1%
(continued)
TRANSPORT-AIRCRAFT
-
5.7%
(continued)
2021-1A,
2.52%
due
06/15/46
(a)
474,557
$
460,569
2026-2A,
5.52%
due
06/15/51
(a)
350,000
349,625
Castlelake
Aircraft
Structured
Trust
2026-1A,
5.07%
due
03/15/51
(a)
587,531
577,078
2026-2A,
5.33%
due
04/15/51
(a)
488,110
483,415
2025-3A,
5.09%
due
11/15/50
(a)
286,199
282,045
2025-1A,
5.78%
due
02/15/50
(a)
215,922
216,576
Navigator
Aviation
Ltd.
2024-1,
5.40%
due
08/15/49
(a)
1,086,310
1,078,912
AASET
Trust
2025-3A,
5.24%
due
02/16/50
(a)
674,385
662,888
2025-1A,
5.94%
due
02/16/50
(a)
224,508
225,142
ALTDE
Trust
2026-1A,
5.52%
due
04/15/51
(a)
641,775
635,005
2025-1A,
5.90%
due
08/15/50
(a)
220,434
221,116
FTAI
Aircraft
Leasing
Offshore
SPV,
LP
5.63%
due
03/27/31
(e)
539,228
550,442
Eclipse
Aircraft
LLC
2026-1,
5.63%
due
05/15/51
(a)
546,101
543,952
Lunar
Structured
Aircraft
Portfolio
Notes
2021-1,
3.43%
due
10/15/46
(a)
317,273
303,008
2021-1,
2.64%
due
10/15/46
(a)
155,381
147,525
MAST
Ltd.
2026-1A,
5.13%
due
02/15/51
(a)
390,476
382,413
Navigator
Aircraft
ABS
Ltd.
2021-1,
3.57%
due
11/15/46
(a)
310,460
296,347
Phantom
Aviation
2026-1A,
5.24%
due
01/15/51
(a)
295,325
289,362
Gilead
Aviation
LLC
2025-1A,
5.79%
due
03/15/50
(a)
234,223
234,812
AASET
Ltd.
2024-2A,
5.93%
due
09/16/49
(a)
219,060
220,313
Total
Transport-Aircraft
10,580,353
INFRASTRUCTURE
-
4
.6
%
Switch
ABS
Issuer
LLC
2026-1A,
5.61%
due
03/27/56
(a)
1,250,000
1,254,836
2025-1A,
5.04%
due
03/25/55
(a)
200,000
194,880
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
CORE
PLUS
FUND
June
30,
2026
6
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
49.1%
(continued)
INFRASTRUCTURE
-
4.6%
(continued)
VB-S1
Issuer
LLC
2026-1A,
5.19%
due
03/15/56
(a)
1,350,000
$
1,325,574
Kinetic
ABS
Issuer
LLC
2026-2A,
5.83%
due
06/25/58
(a)
1,050,000
1,059,659
2026-1A,
5.22%
due
02/25/56
(a)
250,000
248,344
MetroNet
Infrastructure
Issuer
LLC
2026-1A,
5.27%
due
04/20/56
(a)
1,050,000
1,050,501
Compass
Datacenters
Issuer
III
LLC
2026-1A,
5.29%
due
02/25/56
(a)
950,000
939,814
Hotwire
Funding
LLC
2024-1A,
5.89%
due
06/20/54
(a)
550,000
555,128
2024-1A,
6.67%
due
06/20/54
(a)
150,000
151,905
Stack
Infrastructure
Issuer
LLC
2025-1A,
5.00%
due
05/25/50
(a)
400,000
388,711
QTS
Issuer
ABS
I
LLC
2025-1A,
5.44%
due
05/25/55
(a)
350,000
347,039
ALLO
Issuer
LLC
2026-1A,
5.61%
due
06/20/56
(a)
300,000
302,929
Vantage
Data
Centers
LLC
2025-1A,
5.13%
due
08/15/55
(a)
300,000
294,478
Blue
Stream
Issuer
LLC
2024-1A,
5.41%
due
11/20/54
(a)
200,000
200,905
Consolidated
Communications
LLC
/
Fidium
Fiber
Finance
Holdco
LLC
2026-1A,
5.08%
due
03/20/56
(a)
100,000
98,740
Vantage
Data
Centers
Issuer
LLC
2024-1A,
5.10%
due
09/15/54
(a)
100,000
98,570
SBA
Tower
Trust
4.83%
due
10/15/29
(a)
50,000
49,995
Total
Infrastructure
8,562,008
FINANCIAL
-
3
.6
%
Blackstone
Strategic
Cap
Holding
II
5.90%
(1
Month
Term
SOFR
+
2.25%)
due
12/31/33
◊,(e)
1,900,000
1,898,212
Atlas
SP
Partners,
LP
6.13%
due
12/12/30
(e)
1,000,000
1,000,422
Project
Leopard
6.53%
due
05/06/41
(e)
1,000,000
995,000
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
49.1%
(continued)
FINANCIAL
-
3.6%
(continued)
STEIV
1
2025-1A,
6.82%
due
04/15/46
(e)
750,000
$
730,323
Ceamer
Finance
LLC
6.18%
(WAC)
due
12/15/40
◊,(e)
592,939
590,627
6.79%
due
11/15/39
(e)
81,298
82,184
Project
Onyx
II
6.33%
(3
Month
Term
SOFR
+
2.63%)
due
06/15/30
◊,(e)
442,917
442,725
Pilatus
Bank
plc
6.32%
due
03/31/40
(e)
250,000
249,492
Metis
Issuer
LLC
6.89%
due
05/15/55
(e)
250,000
246,598
Obsidian
Issuer
LLC
2025-1A,
6.93%
due
05/15/55
(a),(e)
250,000
246,068
HarbourVest
Partners
LLC
6.28%
(3
Month
Term
SOFR
+
2.58%)
due
09/15/30
◊,(e)
147,906
146,440
Total
Financial
6,628,091
SINGLE
FAMILY
RESIDENCE
-
3
.0
%
Tricon
Trust
2026-SFR2,
5.00%
(1
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
06/17/43
◊,(a)
2,500,000
2,500,457
Tricon
Residential
Trust
2024-SFR1,
4.75%
due
04/17/41
(a)
1,500,000
1,471,722
2025-SFR1,
4.98%
(1
Month
Term
SOFR
+
1.35%,
Rate
Floor:
1.35%)
due
03/17/42
◊,(a)
100,000
99,929
2024-SFR4,
4.65%
due
11/17/41
(a)
100,000
97,463
Progress
Residential
Trust
2025-SFR6,
4.00%
due
12/17/42
(a)
1,450,000
1,358,358
Invitation
Homes
Trust
2024-SFR1,
4.00%
due
09/17/41
(a)
100,000
95,976
Total
Single
Family
Residence
5,623,905
WHOLE
BUSINESS
-
1
.9
%
SERVPRO
Master
Issuer
LLC
2025-1A,
5.53%
due
10/25/55
(a)
646,750
640,128
2024-1A,
6.17%
due
01/25/54
(a)
391,000
399,395
Wendy's
Funding
LLC
2025-1A,
5.42%
due
12/15/55
(a)
746,250
729,679
Wingstop
Funding
LLC
2024-1A,
5.86%
due
12/05/54
(a)
700,000
705,881
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
CORE
PLUS
FUND
June
30,
2026
|
7
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
49.1%
(continued)
WHOLE
BUSINESS
-
1.9%
(continued)
Planet
Fitness
Master
Issuer
LLC
2024-1A,
6.24%
due
06/05/54
(a)
294,750
$
298,737
Taco
Bell
Funding
LLC
2025-1A,
4.82%
due
08/25/55
(a)
150,000
148,180
2025-1A,
5.05%
due
08/25/55
(a)
150,000
147,689
DB
Master
Finance
LLC
2021-1A,
2.49%
due
11/20/51
(a)
219,650
207,099
Five
Guys
Holdings,
Inc.
2023-1A,
7.55%
due
01/26/54
(a)
98,500
100,241
Arbys
Funding
LLC
2020-1A,
3.24%
due
07/30/50
(a)
94,250
92,190
Subway
Funding
LLC
2024-3A,
5.91%
due
07/30/54
(a)
49,250
47,538
Total
Whole
Business
3,516,757
NET
LEASE
-
1
.7
%
Capital
Automotive
REIT
2024-2A,
5.25%
due
05/15/54
(a)
733,750
726,411
2024-2A,
4.90%
due
05/15/54
(a)
562,250
560,447
2026-1A,
5.07%
due
02/15/56
(a)
298,750
286,974
2024-3A,
4.55%
due
10/15/54
(a)
98,000
93,523
SVC
ABS
LLC
2026-1A,
5.16%
due
03/20/56
(a)
549,313
541,158
CMFT
Net
Lease
Master
Issuer
LLC
2021-1,
2.57%
due
07/20/51
(a)
478,852
413,368
Store
Master
Funding
LLC
2025-1A,
5.17%
due
10/20/55
(a)
348,688
335,420
Store
Master
Funding
I-VII
XIV
XIX
XX
XXIV
XXII
2024-1A,
5.70%
due
05/20/54
(a)
98,917
100,195
Tenet
Equity
Funding
LLC
2024-1A,
5.49%
due
10/20/54
(a)
99,596
98,563
Total
Net
Lease
3,156,059
UNSECURED
CONSUMER
LOANS
-
0
.7
%
GreenSky
Home
Improvement
Issuer
Trust
2025-2A,
5.07%
due
06/25/60
(a)
330,312
329,052
2025-3A,
4.86%
due
12/27/60
(a)
300,000
297,148
2024-2,
5.26%
due
10/27/59
(a)
77,366
77,529
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
49.1%
(continued)
UNSECURED
CONSUMER
LOANS
-
0.7%
(continued)
UPX
HIL
Issuer
Trust
2025-1,
5.16%
due
01/25/47
(a)
177,422
$
175,976
Service
Experts
Issuer
LLC
2025-1A,
5.38%
due
01/20/37
(a)
170,902
169,568
Foundation
Finance
Trust
2025-1A,
5.55%
due
04/15/50
(a)
84,723
85,039
2024-2A,
4.93%
due
03/15/50
(a)
73,886
73,317
Stream
Innovations
Issuer
Trust
2024-2A,
5.21%
due
02/15/45
(a)
63,645
63,240
Total
Unsecured
Consumer
Loans
1,270,869
AUTOMOTIVE
-
0
.5
%
Avis
Budget
Rental
Car
Funding
AESOP
LLC
2025-2A,
5.51%
due
08/20/31
(a)
900,000
907,577
Avis
Budget
Rental
Car
Funding
LLC
2026-4A,
5.48%
due
12/20/32
(a)
100,000
100,138
Total
Automotive
1,007,715
COLLATERALIZED
DEBT
OBLIGATIONS
-
0
.3
%
Project
Indigo
6.01%
due
03/31/32
(e)
343,193
343,193
Anchorage
Credit
Funding
3
Ltd.
2016-3A
A1R,
2.87%
due
01/28/39
(a)
241,334
231,946
Total
Collateralized
Debt
Obligations
575,139
TRANSPORT-CONTAINER
-
0
.2
%
Textainer
Marine
Containers
VII
Ltd.
2021-3A,
1.94%
due
08/20/46
(a)
245,333
221,274
CLI
Funding
IX
LLC
2025-1A,
5.35%
due
06/20/50
(a)
181,083
181,234
Total
Transport-Container
402,508
INSURANCE
-
0
.2
%
Dogwood
State
Bank
6.45%
due
06/24/32
(e)
335,083
333,697
SOLAR
-
0
.0
%
SSI
ABS
Issuer
LLC
2025-1,
6.15%
due
07/25/65
(a)
96,358
94,587
Total
Asset-Backed
Securities
(Cost
$91,773,681)
91,534,826
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
CORE
PLUS
FUND
June
30,
2026
8
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
28
.8
%
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
24
.8
%
PRPM
LLC
2026-3,
5.96%
due
04/25/31
(a),(f)
1,630,665
$
1,628,645
2025-5,
5.73%
due
07/25/30
(a),(f)
850,994
847,778
2025-RCF3,
5.25%
due
07/25/55
(a),(f)
690,179
685,365
2026-1,
5.19%
due
02/25/31
(a)
516,603
510,060
2026-2,
5.09%
due
02/25/31
(a),(f)
329,544
324,871
2025-8,
5.39%
due
10/25/30
(a),(f)
309,412
307,592
2025-7,
5.50%
due
08/25/30
(a),(f)
303,390
302,133
2025-RPL3,
3.25%
due
04/25/55
(a),(f)
200,000
191,963
2025-6,
5.77%
due
08/25/28
(a),(f)
172,972
172,406
2024-6,
5.70%
due
11/25/29
(a),(f)
81,896
81,938
NLT
Trust
2026-NQM1,
7.07%
(WAC)
due
02/25/71
◊,(a)
2,946,514
3,069,631
2025-NQM1,
7.46%
(WAC)
due
10/25/70
◊,(a)
1,111,656
1,154,362
FIGRE
Trust
2026-HE1,
5.43%
(WAC)
due
01/25/56
◊,(a)
767,547
758,875
2025-HE8,
5.36%
(WAC)
due
11/25/55
◊,(a)
601,523
596,827
2024-HE2,
6.38%
(WAC)
due
05/25/54
◊,(a)
283,942
288,392
2026-HE5,
5.81%
(WAC)
due
06/25/56
◊,(a)
243,299
243,443
2025-HE1,
5.93%
(WAC)
due
01/25/55
◊,(a)
211,622
213,208
2026-HE2,
5.25%
(WAC)
due
01/25/56
◊,(a)
184,755
181,981
2026-FL2,
5.92%
due
06/25/56
(a),(f)
150,000
149,836
2025-PF1,
5.91%
(WAC)
due
06/25/55
◊,(a)
147,007
147,563
2025-PF2,
5.02%
(WAC)
due
10/25/55
◊,(a)
125,130
123,065
2024-HE6,
5.97%
(WAC)
due
12/25/54
◊,(a)
103,631
103,720
2024-HE5,
5.44%
(WAC)
due
10/25/54
◊,(a)
98,251
98,548
2024-HE4,
5.06%
(WAC)
due
09/25/54
◊,(a)
63,647
63,357
OBX
Trust
2026-NQM5,
5.68%
due
01/25/66
(a),(f)
815,236
812,707
2026-NQM9,
5.62%
due
04/25/66
(a),(f)
800,000
797,844
2026-NQM9,
5.52%
due
04/25/66
(a),(f)
500,000
498,685
2024-NQM18,
5.87%
due
10/25/64
(a),(f)
207,192
207,197
2025-NQM2,
5.95%
due
11/25/64
(a),(f)
161,526
161,782
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
28.8%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
24.8%
(continued)
2025-NQM13,
5.82%
due
05/25/65
(a),(f)
108,601
$
108,489
2025-NQM1,
5.85%
due
12/25/64
(a),(f)
68,468
68,497
2025-NQM1,
5.70%
due
12/25/64
(a),(f)
68,468
68,485
2024-NQM15,
5.72%
due
10/25/64
(a),(f)
58,594
58,516
2024-NQM12,
5.83%
due
07/25/64
(a),(f)
54,037
54,020
2024-NQM13,
5.37%
due
06/25/64
(a),(f)
54,067
53,945
2024-NQM16,
5.73%
due
10/25/64
(a),(f)
53,206
53,192
Cross
Mortgage
Trust
2026-NQM3,
5.36%
due
03/25/71
(a),(f)
2,005,289
1,989,838
2026-NQM1,
5.16%
due
02/25/61
(a),(f)
332,472
328,143
2025-H1,
5.99%
due
02/25/70
(a),(f)
197,373
197,721
2025-H2,
5.66%
due
03/25/70
(a),(f)
172,612
172,132
2025-H6,
5.54%
due
07/25/70
(a),(f)
162,182
161,653
2024-H7,
5.97%
due
11/25/69
(a),(f)
67,712
67,797
SG
Residential
Mortgage
Trust
2025-1,
5.25%
due
12/25/65
(a),(f)
1,506,790
1,494,074
2026-1,
5.14%
due
01/25/66
(a),(f)
620,191
612,096
Verus
Securitization
Trust
2025-12,
5.37%
due
12/25/70
(a),(f)
933,464
926,518
2025-9,
5.19%
due
10/27/70
(a),(f)
670,837
664,907
2025-5,
5.68%
due
06/25/70
(a),(f)
340,492
340,278
2025-2,
5.51%
due
03/25/70
(a),(f)
70,971
70,911
2024-9,
5.89%
due
11/25/69
(a),(f)
70,364
70,429
Deephaven
Residential
Mortgage
Trust
2025-CES1,
5.48%
due
10/25/55
(a),(f)
700,000
697,915
2025-CES1,
5.38%
due
10/25/55
(a),(f)
583,607
581,903
2026-CES1,
5.41%
due
03/25/61
(a),(f)
481,542
480,013
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2025-NQM9,
5.22%
due
09/25/70
(a),(f)
1,297,600
1,281,696
2025-NQM3,
5.76%
due
05/25/70
(a),(f)
153,045
152,909
CAFL
Issuer,
LP
2025-RRTL2,
5.18%
due
11/28/40
(a),(f)
1,400,000
1,390,490
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
CORE
PLUS
FUND
June
30,
2026
|
9
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
28.8%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
24.8%
(continued)
RCKT
Mortgage
Trust
2025-CES5,
5.69%
due
05/25/55
(a),(f)
1,023,207
$
1,027,053
2025-CES1,
5.65%
due
01/25/45
(a),(f)
185,979
186,619
2025-CES6,
5.47%
due
06/25/55
(a),(f)
169,469
169,591
Angel
Oak
Mortgage
Trust
2025-12,
5.34%
due
12/25/70
(a),(f)
1,310,507
1,297,905
Saluda
Grade
Alternative
Mortgage
Trust
2025-RRTL1,
5.32%
due
10/25/40
(a),(f)
700,000
693,867
2025-LOC4,
5.38%
(30
Day
Average
SOFR
+
1.75%)
due
06/25/55
◊,(a)
570,248
573,609
Vista
Point
Securitization
Trust
2026-CES2,
5.58%
due
05/25/56
(a),(f)
1,250,000
1,250,198
JP
Morgan
Mortgage
Trust
2026-VIS1,
5.24%
due
06/25/66
(a),(f)
732,316
724,078
2026-CES1,
4.96%
due
06/25/56
(a),(f)
227,051
224,339
2025-1,
6.00%
(WAC)
due
06/25/55
◊,(a)
115,621
115,890
2024-NQM1,
5.95%
due
02/25/64
(a),(f)
87,180
87,224
Archwest
Mortgage
Trust
2025-RTL1,
5.20%
due
10/25/40
(a),(f)
1,100,000
1,094,481
BRAVO
Trust
2026-SR1,
6.33%
due
03/29/46
(a)
973,106
973,541
CIM
Trust
2026-R1,
4.75%
due
12/25/65
(a),(f)
943,717
926,122
NYMT
Loan
Trust
2025-CP1,
3.75%
(WAC)
due
11/25/69
◊,(a)
918,596
867,212
Aspire
Mortgage
Trust
2026-3,
5.66%
due
05/25/66
(a),(f)
300,000
299,213
2026-3,
5.56%
due
05/25/66
(a),(f)
200,000
200,169
2026-2,
5.63%
due
04/26/66
(a),(f)
196,649
195,880
2026-2,
5.73%
due
04/26/66
(a),(f)
147,487
146,910
ATLX
Trust
2024-RPL2,
3.85%
due
04/25/63
(a),(f)
689,174
667,748
2024-RPL1,
3.85%
due
04/25/64
(a),(f)
84,365
81,963
Easy
Street
Mortgage
Loan
Trust
2025-RTL2,
5.61%
due
10/25/40
(a),(f)
700,000
698,460
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
28.8%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
24.8%
(continued)
LHOME
Mortgage
Trust
2026-RTL1,
4.91%
due
01/25/41
(a),(f)
350,000
$
347,339
2025-RTL3,
5.24%
due
08/25/40
(a),(f)
250,000
249,774
2024-RTL5,
5.32%
due
09/25/39
(a),(f)
100,000
100,097
Long
Beach
Mortgage
Loan
Trust
2006-9,
3.98%
(1
Month
Term
SOFR
+
0.33%,
Rate
Floor:
0.22%)
due
10/25/36
◊
1,135,937
348,350
2006-9,
4.08%
(1
Month
Term
SOFR
+
0.43%,
Rate
Floor:
0.32%)
due
10/25/36
◊,(e)
916,237
272,588
GCAT
Trust
2025-NQM3,
5.96%
due
05/25/70
(a),(f)
198,311
198,339
2025-NQM4,
5.73%
due
06/25/70
(a),(f)
195,912
195,618
2025-INV3,
6.00%
(WAC)
due
08/25/55
◊,(a)
150,879
151,327
2022-NQM3,
5.35%
(WAC)
due
04/25/67
◊,(a)
72,942
72,722
GS
Mortgage-Backed
Securities
Trust
2026-NQM4,
5.82%
due
06/25/66
(a),(f)
581,442
579,010
PMT
Loan
Trust
2025-INV8,
6.00%
(WAC)
due
07/25/56
◊,(a)
299,045
300,877
2025-INV7,
6.00%
(WAC)
due
06/25/56
◊,(a)
275,862
276,625
BRAVO
Residential
Funding
Trust
2025-NQM4,
5.61%
due
02/25/65
(a),(f)
164,454
164,739
2025-CES1,
5.70%
due
02/25/55
(a),(f)
115,672
115,963
2025-NQM1,
5.91%
due
12/25/64
(a),(f)
102,901
102,954
2024-NQM5,
6.16%
due
06/25/64
(a),(f)
85,167
85,349
2024-NQM6,
5.66%
due
08/01/64
(a),(f)
56,758
56,722
New
Residential
Mortgage
Loan
Trust
2025-NQM3,
5.73%
due
05/25/65
(a)
358,947
358,772
2025-NQM3,
5.53%
(WAC)
due
05/25/65
◊,(a)
71,788
71,859
2024-NQM2,
5.42%
due
09/25/64
(a)
57,763
57,252
Morgan
Stanley
ABS
Capital
I,
Inc.
Trust
2007-HE2,
3.97%
(1
Month
Term
SOFR
+
0.32%,
Rate
Floor:
0.21%)
due
01/25/37
◊
870,353
394,569
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
CORE
PLUS
FUND
June
30,
2026
10
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
28.8%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
24.8%
(continued)
Carrington
Mortgage
Loan
Trust
Series
2005-NC3,
4.81%
(1
Month
Term
SOFR
+
1.16%,
Rate
Floor:
1.05%)
due
06/25/35
◊
400,000
$
382,338
Towd
Point
Mortgage
Trust
2025-CES4,
5.46%
due
10/25/65
(a),(f)
250,000
248,339
2024-4,
4.55%
(WAC)
due
10/27/64
◊,(a)
72,108
71,894
2023-CES2,
7.29%
(WAC)
due
10/25/63
◊,(a)
38,102
38,210
WaMu
Asset-Backed
Certificates
WaMu
Series
Trust
2007-HE2,
3.98%
(1
Month
Term
SOFR
+
0.33%,
Rate
Floor:
0.33%)
due
04/25/37
◊,(e)
961,024
329,124
HOMES
Trust
2025-NQM1,
5.96%
due
01/25/70
(a),(f)
151,943
152,052
2024-AFC2,
5.98%
due
10/25/59
(a),(f)
66,836
66,928
Anchor
Mortgage
Trust
2025-RTL1,
5.72%
due
05/25/40
(a),(f)
200,000
199,539
Sequoia
Mortgage
Trust
2025-5,
5.50%
(WAC)
due
06/25/55
◊,(a)
141,999
141,646
2025-6,
5.50%
(WAC)
due
07/25/55
◊,(a)
43,901
43,833
Provident
Funding
Mortgage
Trust
2025-4,
5.50%
(WAC)
due
09/25/55
◊,(a)
111,170
111,033
2025-1,
5.50%
(WAC)
due
02/25/55
◊,(a)
65,225
65,136
ACHM
Trust
2025-HE3,
5.20%
(WAC)
due
11/25/55
◊,(a)
158,054
155,831
EFMT
2025-CES1,
5.73%
due
01/25/60
(a),(f)
114,181
114,492
Mill
City
Mortgage
Loan
Trust
2021-NMR1,
2.50%
(WAC)
due
11/25/60
◊,(a)
120,000
100,123
Mill
City
Securities
Ltd.
2024-RS1,
3.00%
due
11/01/69
(a),(f)
55,427
53,170
2024-RS2,
3.00%
due
08/01/69
(a),(f)
31,966
30,510
Chase
Home
Lending
Mortgage
Trust
2025-5,
5.50%
(WAC)
due
04/25/56
◊,(a)
81,066
80,861
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
28.8%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
24.8%
(continued)
COLT
Mortgage
Loan
Trust
2025-3,
5.56%
due
03/25/70
(a),(f)
62,252
$
62,114
Total
Residential
Mortgage-Backed
Securities
46,320,431
GOVERNMENT
AGENCY
-
2
.0
%
Fannie
Mae
5.00%
due
03/25/55
3,163,748
3,147,511
5.69%
due
07/01/55
248,502
250,618
Freddie
Mac
5.50%
due
07/25/53
215,721
216,290
5.25%
due
04/25/53
153,103
153,187
Total
Government
Agency
3,767,606
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
-
1
.2
%
BX
Trust
2025-VOLT,
5.33%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
12/15/44
◊,(a)
1,050,000
1,050,985
MILE
Trust
2025-STNE,
5.33%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
07/15/42
◊,(a)
900,000
906,610
RWC
Commercial
Mortgage
Trust
2025-1,
5.01%
due
06/27/40
(a)
143,246
141,518
BXHPP
Trust
2021-FILM,
4.84%
(1
Month
Term
SOFR
+
1.21%,
Rate
Floor:
1.10%)
due
08/15/36
◊,(a)
25,000
21,687
Total
Commercial
Mortgage-Backed
Securities
2,120,800
MILITARY
HOUSING
-
0
.8
%
GMAC
Commercial
Mortgage
Asset
Corp.
2025-WPAFB,
7.15%
due
08/10/36
(a),(e)
1,391,770
1,472,026
Freddie
Mac
Military
Housing
Bonds
Resecuritization
Trust
Certificates
2015-R1,
0.70%
(WAC)
due
10/25/52
◊,(a),(g)
889,728
49,781
Total
Military
Housing
1,521,807
Total
Collateralized
Mortgage
Obligations
(Cost
$54,167,782)
53,730,644
CORPORATE
BONDS
-
28
.2
%
FINANCIAL
-
12
.1
%
Macquarie
Bank
Ltd.
5.82%
due
06/10/37
(a),(h)
1,250,000
1,247,925
Citadel
Securities
Global
Holdings
LLC
6.20%
due
06/18/35
(a)
870,000
889,059
5.75%
due
03/27/36
(a)
250,000
247,711
Rocket
Companies,
Inc.
6.38%
due
08/01/33
(a)
330,000
335,598
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
CORE
PLUS
FUND
June
30,
2026
|
11
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
28.2%
(continued)
FINANCIAL
-
12.1%
(continued)
6.50%
due
06/15/34
(a)
300,000
$
307,704
6.13%
due
08/01/31
(a)
300,000
306,397
AmFam
Holdings,
Inc.
3.83%
due
03/11/51
(a)
1,355,000
948,729
National
Australia
Bank
Ltd.
5.63%
due
06/04/37
(a),(h)
950,000
948,680
Allianz
SE
6.55%
(a),(h),(i)
400,000
405,576
6.50%
(a),(h),(i)
400,000
401,814
Enstar
Group
Ltd.
6.69%
due
07/15/37
(a),(h)
775,000
776,629
UWM
Holdings
LLC
6.25%
due
03/15/31
(a)
700,000
623,856
6.63%
due
02/01/30
(a)
150,000
139,768
Encore
Capital
Group,
Inc.
6.63%
due
04/15/31
(a)
450,000
455,174
6.63%
due
06/01/32
(a)
300,000
300,418
VFH
Parent
LLC
/
Valor
Co.-
Issuer,
Inc.
7.50%
due
06/15/31
(a)
670,000
700,760
Jane
Street
Group
/
JSG
Finance,
Inc.
6.13%
due
11/01/32
(a)
680,000
680,142
Reinsurance
Group
of
America,
Inc.
6.65%
due
09/15/55
(h)
670,000
677,394
CrossCountry
Intermediate
HoldCo
LLC
6.75%
due
12/01/32
(a)
700,000
675,832
Global
Atlantic
Fin
Co.
7.25%
due
03/01/56
(a),(h)
475,000
465,523
7.95%
due
10/15/54
(a),(h)
200,000
201,412
OneMain
Finance
Corp.
7.50%
due
05/15/31
530,000
547,547
6.63%
due
05/15/29
50,000
50,983
Old
Republic
International
Corp.
5.70%
due
06/01/36
575,000
577,073
Apollo
Global
Management,
Inc.
5.70%
due
03/30/36
525,000
526,806
MetLife,
Inc.
5.85%
due
03/15/56
(h)
450,000
443,992
6.35%
due
03/15/55
(h)
70,000
71,744
Sherwood
Financing
plc
7.90%
(3
Month
EURIBOR
+
5.50%)
due
12/15/29
◊
EUR
400,000
459,287
Avilease
Capital
Ltd.
5.50%
due
06/30/31
(a)
450,000
453,064
GA
Global
Funding
Trust
4.50%
due
09/18/30
(a)
450,000
436,045
Farmers
Insurance
Exchange
7.00%
due
10/15/64
(a),(h)
420,000
422,035
Jefferies
Financial
Group,
Inc.
5.50%
due
02/15/36
390,000
376,346
Nassau
Companies
of
New
York
7.88%
due
07/15/30
(a)
384,000
366,905
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
28.2%
(continued)
FINANCIAL
-
12.1%
(continued)
Grand
River
Funding
Trust
II
7.28%
due
02/15/56
(a)
350,000
$
363,453
Hunt
Companies,
Inc.
5.25%
due
04/15/29
(a)
361,000
356,720
Ameriprise
Financial,
Inc.
5.35%
due
06/15/36
230,000
229,148
4.80%
due
06/15/31
120,000
119,984
Asurion
LLC
/
Asurion
Co.-
Issuer,
Inc.
8.00%
due
12/31/32
(a)
300,000
302,267
Prime
Property
Fund
5.81%
due
07/15/35
(e)
300,000
298,091
Insured
Lending
1
Ltd.
6.50%
due
02/04/32
(e),(j)
EUR
250,000
285,625
Sumitomo
Mitsui
Financial
Group,
Inc.
5.05%
due
01/15/37
(h)
250,000
245,478
Pershing
Square
Holdings
Ltd.
3.25%
due
11/15/30
250,000
229,899
RLI
Corp.
5.38%
due
06/01/36
225,000
218,359
Loews
Corp.
4.94%
due
04/01/36
220,000
215,281
Fidelis
Insurance
Holdings
Ltd.
7.75%
due
06/15/55
(h)
200,000
210,941
Nippon
Life
Insurance
Co.
6.50%
due
04/30/55
(a),(h)
200,000
209,717
Meiji
Yasuda
Life
Insurance
Co.
6.10%
due
06/11/55
(a),(h)
200,000
201,958
EQT
AB
5.85%
due
05/08/35
(a)
200,000
200,882
Grand
River
Funding
Trust
I
6.31%
due
02/15/36
(a)
200,000
200,608
Alexandria
Real
Estate
Equities,
Inc.
5.25%
due
03/15/36
200,000
196,640
Societe
Generale
S.A.
5.40%
due
04/10/37
(a),(h)
200,000
196,057
Blue
Owl
GP
Stakes
IV
Financing
Spv
A
LLC
5.38%
due
10/30/32
(e)
200,000
190,735
Jefferies
Finance
LLC
/
JFIN
Co.-Issuer
Corp.
5.00%
due
08/15/28
(a)
195,000
188,286
Americo
Life,
Inc.
3.45%
due
04/15/31
(a)
200,000
178,845
Goldman
Sachs
Group,
Inc.
5.43%
due
06/03/37
(h)
175,000
175,601
Blue
Owl
IV
SR
SEC
A
5.94%
due
08/22/45
(e)
156,000
150,960
Blue
Owl
IV
SR
SEC
B
5.94%
due
08/22/45
(e)
144,000
139,348
Focus
Financial
Partners
LLC
6.75%
due
09/15/31
(a)
125,000
125,777
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
CORE
PLUS
FUND
June
30,
2026
12
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
28.2%
(continued)
FINANCIAL
-
12.1%
(continued)
American
National
Group,
Inc.
7.00%
due
12/01/55
(h)
125,000
$
122,059
American
Express
Co.
5.41%
due
02/08/41
(h)
120,000
119,819
Belrose
Funding
Trust
II
6.79%
due
05/15/55
(a)
100,000
102,391
Equitable
Holdings,
Inc.
6.70%
due
03/28/55
(h)
77,000
79,112
American
National
Global
Funding
5.25%
due
06/03/30
(a)
60,000
60,057
Symetra
Life
Insurance
Co.
6.55%
due
10/01/55
(a)
50,000
51,279
Fortitude
Group
Holdings
LLC
6.25%
due
04/01/30
(a)
50,000
51,072
Ascot
Group
Ltd.
6.35%
due
06/15/35
(a),(h)
50,000
50,176
PennyMac
Financial
Services,
Inc.
6.75%
due
02/15/34
(a)
50,000
47,996
Ryan
Specialty
LLC
5.88%
due
08/01/32
(a)
13,000
12,790
Total
Financial
22,595,339
COMMUNICATIONS
-
3
.7
%
Space
Exploration
Technologies
Corp.
6.60%
due
07/15/46
(a)
430,000
418,215
5.35%
due
07/15/31
(a)
250,000
249,349
5.65%
due
07/15/33
(a)
180,000
178,928
5.88%
due
07/15/36
(a)
180,000
177,654
6.65%
due
07/15/56
(a)
180,000
173,665
TELUS
Corp.
7.00%
due
10/15/55
(h)
330,000
341,216
6.38%
due
06/09/56
(h)
210,000
209,458
6.63%
due
06/09/56
(h)
185,000
184,536
6.63%
due
10/15/55
(h)
50,000
50,696
Verizon
Communications,
Inc.
6.20%
due
05/14/56
(h)
325,000
328,569
6.05%
due
05/14/58
(h)
275,000
277,540
5.75%
due
11/30/45
175,000
170,104
HUT
8
DC
LLC
6.19%
due
11/15/42
(a)
675,000
683,695
RD
Michigan
Property
Owner
I
LLC
7.50%
due
03/30/45
(a)
685,000
682,771
Rogers
Communications,
Inc.
7.13%
due
04/15/55
(h)
330,000
339,045
6.88%
due
07/31/56
(h)
175,000
177,053
Bell
Telephone
Co.
of
Canada
or
Bell
Canada
7.00%
due
09/15/55
(h)
330,000
341,003
6.88%
due
09/15/55
(h)
100,000
102,216
Sirius
XM
Radio
LLC
5.88%
due
04/15/32
(a)
400,000
395,317
British
Telecommunications
plc
4.88%
due
11/23/81
(a),(h)
405,000
391,099
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
28.2%
(continued)
COMMUNICATIONS
-
3.7%
(continued)
QTS
Fayetteville
I
Dc1-2
LLC
/
QTS
TRS
Fayetteville
I
DC1-2
LLC
5.70%
due
04/15/36
(a)
400,000
$
380,317
Meta
Platforms,
Inc.
6.30%
due
05/15/56
300,000
298,625
Vmed
O2
UK
Financing
I
plc
6.75%
due
01/15/33
(a)
200,000
169,333
Match
Group
Holdings
II
LLC
4.13%
due
08/01/30
(a)
152,000
143,056
Cox
Communications,
Inc.
2.95%
due
10/01/50
(a)
85,000
45,407
5.80%
due
12/15/53
(a)
50,000
42,184
Total
Communications
6,951,051
CONSUMER,
NON-CYCLICAL
-
2
.9
%
DRI
Healthcare,
LP
5.35%
due
03/24/31
(e)
500,000
489,968
5.65%
due
03/24/33
(e)
500,000
488,892
Post
Holdings,
Inc.
6.50%
due
03/15/36
(a)
750,000
741,483
Global
Payments,
Inc.
5.40%
due
03/15/33
140,000
137,259
4.88%
due
11/15/30
125,000
122,884
5.55%
due
11/15/35
100,000
96,942
5.20%
due
11/15/32
85,000
83,015
Highmark,
Inc.
5.75%
due
05/15/36
(a)
400,000
403,070
ADT
Security
Corp.
4.88%
due
07/15/32
(a)
400,000
378,013
U.S.
Foods,
Inc.
7.25%
due
01/15/32
(a)
350,000
363,201
Humana,
Inc.
6.63%
due
09/15/56
(h)
300,000
299,099
Abbott
Laboratories
5.50%
due
03/15/56
225,000
220,355
Icon
Investments
Six
DAC
5.85%
due
05/08/29
200,000
204,360
Novartis
Capital
Corp.
5.70%
due
03/18/56
200,000
203,802
IQVIA,
Inc.
6.25%
due
06/01/32
(a)
200,000
203,336
Horseshoe
Funding
Trust
II
6.89%
due
11/15/55
(a)
175,000
183,454
Becle
SAB
de
CV
2.50%
due
10/14/31
(a)
200,000
171,808
CPI
CG,
Inc.
10.00%
due
07/15/29
(a)
150,000
157,249
Albion
Financing
1
SARL
/
Aggreko
Holdings,
Inc.
5.38%
due
05/21/30
EUR
100,000
118,259
Darling
Global
Finance
B.V.
4.50%
due
07/15/32
(a)
EUR
100,000
115,213
Sysco
Corp.
4.95%
due
03/25/36
100,000
96,241
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
CORE
PLUS
FUND
June
30,
2026
|
13
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
28.2%
(continued)
CONSUMER,
NON-CYCLICAL
-
2.9%
(continued)
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve
Co.
5.88%
due
06/15/54
(a)
50,000
$
48,334
Total
Consumer,
Non-cyclical
5,326,237
CONSUMER,
CYCLICAL
-
2
.6
%
Wyndham
Hotels
&
Resorts,
Inc.
5.63%
due
03/01/33
(a),(k)
1,050,000
1,036,309
AS
Mileage
Plan
IP
Ltd.
5.31%
due
10/20/31
(a)
650,000
642,973
LG
Energy
Solution
Ltd.
5.25%
due
04/02/31
(a)
600,000
598,501
Penn
Entertainment,
Inc.
6.75%
due
04/01/31
(a)
402,000
404,092
HNI
Corp.
5.13%
due
01/18/29
(a)
400,000
393,959
Air
Canada
4.63%
due
08/15/29
CAD
480,000
340,377
Polaris,
Inc.
5.60%
due
03/01/31
250,000
250,160
Brightstar
Lottery
plc
/
Brightstar
Global
Solutions
Corp.
5.75%
due
01/15/33
(a)
200,000
196,046
Royal
Caribbean
Cruises
Ltd.
5.25%
due
02/27/38
200,000
193,714
JB
Poindexter
&
Company,
Inc.
8.75%
due
12/15/31
(a)
185,000
190,203
Six
Flags
Entertainment
Corp.
/
Six
Flags
Theme
Parks,
Inc.
/
Canada's
Wonderland
Co.
6.63%
due
05/01/32
(a)
175,000
177,297
Lottomatica
Group
SpA
4.88%
due
01/31/31
(a)
EUR
100,000
116,582
Lindblad
Expeditions
LLC
7.00%
due
09/15/30
(a)
100,000
103,394
Hilton
Domestic
Operating
Co.,
Inc.
5.50%
due
09/15/31
(a)
100,000
100,256
New
Flyer
Holdings,
Inc.
9.25%
due
07/01/30
(a)
75,000
80,625
Clarios
Global,
LP
/
Clarios
US
Finance
Co.
6.75%
due
02/15/30
(a)
40,000
41,217
Whirlpool
Corp.
4.50%
due
06/01/46
50,000
29,763
4.60%
due
05/15/50
10,000
5,961
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
6.25%
due
03/15/33
(a)
25,000
25,094
Total
Consumer,
Cyclical
4,926,523
UTILITIES
-
1
.7
%
Dominion
Energy,
Inc.
6.25%
due
12/15/56
(h)
450,000
451,905
6.20%
due
02/15/56
(h)
150,000
150,474
6.00%
due
02/15/56
(h)
50,000
50,221
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
28.2%
(continued)
UTILITIES
-
1.7%
(continued)
Sierra
Pacific
Power
Co.
6.38%
due
09/15/56
(h)
500,000
$
498,701
6.20%
due
12/15/55
(h)
50,000
49,562
NextEra
Energy
Capital
Holdings,
Inc.
6.38%
due
08/15/55
(h)
144,000
146,657
6.63%
due
10/01/66
(h)
125,000
126,925
Spire,
Inc.
6.25%
due
06/01/56
(h)
250,000
249,033
Electricite
de
France
S.A.
6.13%
due
04/22/56
(a)
250,000
246,627
Eversource
Energy
6.10%
due
08/15/56
(h)
125,000
124,756
6.35%
due
08/15/56
(h)
100,000
100,079
Liberty
Utilities
Co.
5.65%
due
05/15/36
(a)
225,000
224,106
American
Electric
Power
Co.,
Inc.
5.80%
due
03/15/56
(h)
110,000
109,396
6.05%
due
03/15/56
(h)
110,000
109,381
PacifiCorp
7.38%
due
09/15/55
(h)
135,000
136,369
NiSource,
Inc.
5.75%
due
07/15/56
(h)
125,000
124,819
WEC
Energy
Group,
Inc.
5.63%
due
05/15/56
(h)
125,000
124,245
Hope
Gas
Holdings
LLC
6.18%
due
09/01/37
(e)
100,000
99,011
Southern
Co.
3.75%
due
09/15/51
(h)
29,000
28,901
Total
Utilities
3,151,168
INDUSTRIAL
-
1
.6
%
EMRLD
Borrower,
LP
/
Emerald
Co.-Issuer,
Inc.
6.63%
due
12/15/30
(a),(k)
555,000
567,396
6.38%
due
12/15/30
EUR
100,000
118,054
Esab
Corp.
5.63%
due
04/01/31
(a)
650,000
650,705
Flowserve
Corp.
5.70%
due
05/15/36
400,000
402,028
WSP
Global,
Inc.
5.04%
due
09/18/31
(a)
250,000
248,226
5.71%
due
09/18/36
(a)
150,000
148,325
Graphic
Packaging
International
LLC
6.38%
due
07/15/32
(a)
310,000
312,770
DAE
Funding
LLC
4.95%
due
01/15/33
(a)
240,000
231,576
Builders
FirstSource,
Inc.
6.38%
due
03/01/34
(a)
185,000
187,018
Atkore,
Inc.
4.25%
due
06/01/31
(a)
125,000
119,702
Amsted
Industries,
Inc.
6.38%
due
03/15/33
(a)
45,000
45,502
Total
Industrial
3,031,302
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
CORE
PLUS
FUND
June
30,
2026
14
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
28.2%
(continued)
ENERGY
-
1
.4
%
Green
Palm
Bidco
SARL
6.46%
due
06/30/46
(a)
300,000
$
303,916
5.96%
due
06/30/41
(a)
300,000
303,174
Venture
Global
Plaquemines
LNG
LLC
7.50%
due
05/01/33
(a)
120,000
131,702
6.50%
due
06/15/34
(a)
125,000
130,222
6.13%
due
12/15/30
(a)
125,000
127,895
ITT
Holdings
LLC
6.50%
due
08/01/29
(a)
365,000
360,722
HF
Sinclair
Corp.
6.25%
due
01/15/35
150,000
155,749
5.50%
due
09/01/32
100,000
100,605
Baker
Hughes
Holdings
LLC
/
Baker
Hughes
Co.-Obligor,
Inc.
5.85%
due
06/15/56
200,000
197,575
Sunoco,
LP
6.63%
due
08/15/32
(a)
185,000
188,157
CVR
Energy,
Inc.
7.50%
due
02/15/31
(a)
180,000
179,143
Energy
Transfer,
LP
6.30%
due
01/15/56
170,000
170,565
Phillips
66
Co.
6.20%
due
03/15/56
(h)
75,000
75,328
ONEOK,
Inc.
7.15%
due
01/15/51
50,000
55,432
MPLX,
LP
5.65%
due
03/01/53
50,000
46,643
Total
Energy
2,526,828
TECHNOLOGY
-
0
.8
%
Foundry
JV
Holdco
LLC
6.40%
due
01/25/38
(a)
475,000
507,971
5.90%
due
01/25/33
(a)
200,000
208,450
Fair
Isaac
Corp.
6.25%
due
09/15/34
(a)
320,000
315,193
Intel
Corp.
5.30%
due
05/15/36
225,000
223,874
Oracle
Corp.
6.10%
due
09/26/65
50,000
41,832
5.95%
due
09/26/55
45,000
38,242
Broadridge
Financial
Solutions,
Inc.
5.75%
due
05/15/36
80,000
80,045
Total
Technology
1,415,607
BASIC
MATERIALS
-
0
.7
%
Commercial
Metals
Co.
6.00%
due
12/15/35
(a)
637,000
635,351
Perimeter
Holdings
LLC
6.25%
due
01/15/34
(a)
340,000
339,359
Alumina
Pty
Ltd.
6.38%
due
09/15/32
(a)
200,000
203,678
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
28.2%
(continued)
BASIC
MATERIALS
-
0.7%
(continued)
Dow
Chemical
Co.
6.90%
due
05/15/53
50,000
$
52,223
Total
Basic
Materials
1,230,611
INFRASTRUCTURE
-
0
.4
%
QTS
Corp.
5.42%
due
08/21/32
(e)
775,000
759,153
QTS
Good
News
Facility
6.66%
(SOFR
+
3.00%)
due
10/09/28
◊,(e)
24,573
24,573
Total
Infrastructure
783,726
TRANSPORTATION
-
0
.2
%
AITX
Finco
LLC
5.67%
due
10/23/32
(e)
200,000
197,827
5.38%
due
10/23/30
(e)
200,000
197,691
Total
Transportation
395,518
REAL
ESTATE
-
0
.1
%
Harmoni
Towers
LLC
5.22%
due
10/30/30
(e)
200,000
197,170
Total
Corporate
Bonds
(Cost
$52,862,164)
52,531,080
SENIOR
FLOATING
RATE
INTERESTS
-
9
.8
%
CONSUMER,
CYCLICAL
-
2
.7
%
Allwyn
Entertainment
Financing
US
LLC
6.18%
(3
Month
Term
SOFR
+
2.50%)
due
01/18/33
◊
550,000
542,438
Recess
Holdings,
Inc.
7.42%
(3
Month
Term
SOFR
+
3.75%,
Rate
Floor:
1.00%)
due
02/20/30
◊
495,723
494,821
Peer
Holding
III
BV
5.98%
(3
Month
Term
SOFR
+
2.25%)
due
10/14/32
◊
448,875
448,781
Dealer
Tire
Financial
LLC
6.64%
(1
Month
Term
SOFR
+
3.00%)
due
07/02/31
◊
396,977
393,008
Beach
Acquisition
Bidco
LLC
6.39%
(1
Month
Term
SOFR
+
2.75%)
due
09/12/32
◊
348,252
349,621
Bombardier
Produits
Récréatifs,
Inc.
5.89%
(1
Month
Term
SOFR
+
2.25%)
due
01/22/31
◊
347,375
346,930
Pacific
Bells
LLC
7.23%
(3
Month
Term
SOFR
+
3.50%,
Rate
Floor:
0.50%)
due
11/13/28
◊
346,354
346,843
Scientific
Games
Corp.
6.67%
(3
Month
Term
SOFR
+
3.00%,
Rate
Floor:
0.50%)
due
04/04/29
◊
347,348
342,138
PetSmart
LLC
7.65%
(1
Month
Term
SOFR
+
4.00%)
due
08/18/32
◊
319,200
318,536
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
CORE
PLUS
FUND
June
30,
2026
|
15
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
9.8%
(continued)
CONSUMER,
CYCLICAL
-
2.7%
(continued)
Allison
Transmission,
Inc.
5.38%
(1
Month
Term
SOFR
+
1.75%)
due
11/05/32
◊
299,250
$
298,690
QXO
Building
Products,
Inc.
due
06/03/33
(d)
250,000
249,305
AS
Mileage
Plan
IP
Ltd.
5.64%
(3
Month
Term
SOFR
+
2.00%)
due
05/12/33
◊
210,000
209,082
Clarios
Global,
LP
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
01/28/32
◊
149,250
149,250
Hunter
Douglas,
Inc.
6.73%
(3
Month
Term
SOFR
+
3.00%)
due
01/17/32
◊
147,750
147,443
Aramark
Services,
Inc.
5.39%
(1
Month
Term
SOFR
+
1.75%)
due
06/22/30
◊
140,189
140,119
Flutter
Financing
BV
5.73%
(3
Month
Term
SOFR
+
2.00%,
Rate
Floor:
0.50%)
due
06/04/32
◊
99,000
98,474
Caesars
Entertainment,
Inc.
5.89%
(1
Month
Term
SOFR
+
2.25%,
Rate
Floor:
0.50%)
due
02/06/30
◊
96,707
93,292
United
Airlines,
Inc.
5.40%
(1
Month
Term
SOFR
+
1.75%)
due
02/22/31
◊
49,121
48,952
PCI
Gaming
Authority,
Inc.
5.64%
(1
Month
Term
SOFR
+
2.00%)
due
07/18/31
◊
29,400
29,374
Total
Consumer,
Cyclical
5,047,097
FINANCIAL
-
2
.6
%
Saphilux
SARL
6.73%
(6
Month
Term
SOFR
+
3.00%,
Rate
Floor:
0.50%)
due
07/18/28
◊
797,987
800,317
HarbourVest
Partners,
LP
5.73%
(3
Month
Term
SOFR
+
2.00%)
due
04/19/30
◊,(e)
796,000
793,015
IMC
Financing
LLC
due
06/18/32
(d)
750,000
749,063
Aretec
Group,
Inc.
6.64%
(1
Month
Term
SOFR
+
3.00%)
due
08/09/30
◊
497,500
496,087
ACI
Rover
Parent
LLC
5.98%
(3
Month
Term
SOFR
+
2.25%)
due
06/05/33
◊
450,000
448,763
Hightower
Holding
LLC
6.41%
(3
Month
Term
SOFR
+
2.75%)
due
02/03/32
◊
397,122
393,711
due
06/10/33
(d)
50,000
49,571
Focus
Financial
Partners
LLC
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
09/15/31
◊
173,063
168,650
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
9.8%
(continued)
FINANCIAL
-
2.6%
(continued)
Kroll,
Inc.
6.73%
(3
Month
Term
SOFR
+
3.00%)
(in-kind
rate
was
2.75%)
due
09/13/32
◊,(e),(l)
152,560
$
152,032
8.89%
(1
Month
Term
SOFR
+
5.25%,
Rate
Floor:
0.50%)
due
09/13/32
◊,(e)
2,000
2,000
Jane
Street
Group
LLC
5.67%
(3
Month
Term
SOFR
+
2.00%)
due
12/15/31
◊
147,656
146,191
Amwins
Group,
Inc.
5.73%
(3
Month
Term
SOFR
+
2.00%,
Rate
Floor:
0.75%)
due
01/30/32
◊
147,750
144,344
Asurion
LLC
7.91%
(3
Month
Term
SOFR
+
4.25%)
due
09/19/30
◊
118,642
117,100
Citadel
Securities
Global
Holdings
LLC
due
06/10/33
(d)
100,000
99,757
Ardonagh
Midco
3
Ltd.
6.73%
(3
Month
Term
SOFR
+
3.00%)
due
02/15/31
◊
98,756
95,362
CPI
Holdco
B
LLC
5.64%
(1
Month
Term
SOFR
+
2.00%)
due
05/17/31
◊
49,496
49,274
Vacation
Rental
Brands
Holdings
8.98%
(3
Month
Term
SOFR
+
5.25%,
Rate
Floor:
1.00%)
due
05/06/32
◊,(e)
43,358
42,972
Total
Financial
4,748,209
ENERGY
-
1
.6
%
Calcasieu
Pass
Funding
LLC
6.95%
(6
Month
Term
SOFR
+
3.25%)
due
04/11/33
◊
700,000
701,267
Colossus
Acquireco
LLC
5.37%
(3
Month
Term
SOFR
+
1.75%)
due
07/30/32
◊
600,000
595,752
5.37%
(3
Month
Term
SOFR
+
1.75%)
due
07/30/32
◊
99,500
98,796
Al
GCX
Holdings
LLC
5.86%
(1
Month
Term
SOFR
+
2.25%,
Rate
Floor:
0.50%)
due
12/17/32
◊
598,500
598,284
Transmontaigne
Operating
Co.,
LP
5.89%
(1
Month
Term
SOFR
+
2.25%,
Rate
Floor:
1.50%)
due
03/16/30
◊
348,881
348,734
Bip
PipeCo
Holdings
LLC
5.68%
(3
Month
Term
SOFR
+
2.00%)
due
12/06/30
◊
347,042
346,282
WhiteWater
Matterhorn
Holdings
LLC
5.50%
(3
Month
Term
SOFR
+
1.75%)
due
06/16/32
◊
199,500
197,896
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
CORE
PLUS
FUND
June
30,
2026
16
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
9.8%
(continued)
ENERGY
-
1.6%
(continued)
ITT
Holdings
LLC
5.62%
(1
Month
Term
SOFR
+
1.98%,
Rate
Floor:
0.50%)
due
10/11/30
◊
148,624
$
148,333
Total
Energy
3,035,344
INDUSTRIAL
-
1
.3
%
Belden,
Inc.
due
06/10/33
(d)
500,000
500,000
TransDigm,
Inc.
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
02/13/33
◊
448,875
448,803
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
01/19/32
◊
24,625
24,626
Brown
Group
Holding
LLC
6.14%
(3
Month
Term
SOFR
+
2.50%,
Rate
Floor:
0.50%)
due
07/01/31
◊
457,346
458,220
Merlin
Buyer,
Inc.
7.73%
(3
Month
Term
SOFR
+
4.00%)
due
04/15/33
◊
450,000
450,563
Dycom
Industries,
Inc.
5.40%
(3
Month
Term
SOFR
+
1.75%)
due
01/27/33
◊
300,000
300,093
Blackfin
Pipeline
LLC
6.69%
(1
Month
Term
SOFR
+
3.00%)
due
09/29/32
◊
199,000
199,498
Dynasty
Acquisition
Co.,
Inc.
5.64%
(1
Month
Term
SOFR
+
2.00%)
due
10/31/31
◊
49,250
49,347
Capstone
Acquisition
Holdings,
Inc.
8.24%
(1
Month
Term
SOFR
+
4.50%,
Rate
Floor:
1.00%)
due
11/13/29
◊,(e)
9,833
9,796
Total
Industrial
2,440,946
TECHNOLOGY
-
0
.8
%
Blue
Finco
SARL
6.98%
(3
Month
Term
SOFR
+
3.25%)
due
07/12/32
◊
445,500
425,118
Ascend
Learning
LLC
6.64%
(1
Month
Term
SOFR
+
3.00%,
Rate
Floor:
0.50%)
due
12/11/28
◊
337,437
328,627
Leia
Finco
US
LLC
6.93%
(3
Month
Term
SOFR
+
3.25%)
due
10/09/31
◊
297,739
270,793
Kaseya,
Inc.
6.91%
(3
Month
Term
SOFR
+
3.25%)
due
03/22/32
◊
348,237
267,947
CCC
Intelligent
Solutions,
Inc.
5.64%
(1
Month
Term
SOFR
+
2.00%,
Rate
Floor:
0.50%)
due
01/23/32
◊
147,837
145,546
Total
Technology
1,438,031
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
9.8%
(continued)
CONSUMER,
NON-CYCLICAL
-
0
.5
%
Lernen
US
Finco
LLC
7.01%
(3
Month
Term
SOFR
+
3.50%)
due
10/27/31
◊
395,768
$
388,719
Herc
Holdings,
Inc.
5.38%
(1
Month
Term
SOFR
+
1.75%)
due
06/02/32
◊
199,000
199,000
Grant
Thornton
Advisors
Holding
LLC
6.39%
(1
Month
Term
SOFR
+
2.75%)
due
06/02/31
◊
182,652
173,501
Aggreko
Holdings,
Inc.
6.63%
(3
Month
Term
SOFR
+
3.00%,
Rate
Floor:
0.50%)
due
05/21/31
◊
99,000
99,050
Belron
Finance
2019
LLC
5.66%
(3
Month
Term
SOFR
+
2.00%,
Rate
Floor:
0.50%)
due
10/16/31
◊
58,956
58,870
Froneri
US,
Inc.
5.88%
(6
Month
Term
SOFR
+
2.25%)
due
09/30/31
◊
24,687
24,495
Total
Consumer,
Non-cyclical
943,635
COMMUNICATIONS
-
0
.2
%
Discovery
Global
Holdings,
Inc.
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
06/20/33
◊
245,192
245,170
Sunrise
Financing
Partnership
6.10%
(6
Month
Term
SOFR
+
2.47%)
due
02/15/32
◊
75,000
73,916
Level
3
Financing,
Inc.
6.39%
(1
Month
Term
SOFR
+
2.75%)
due
03/29/32
◊
70,000
69,978
Speedster
Bidco
GmbH
6.48%
(3
Month
Term
SOFR
+
2.75%,
Rate
Floor:
0.50%)
due
12/11/31
◊
49,378
48,905
Tripadvisor,
Inc.
6.39%
(1
Month
Term
SOFR
+
2.75%)
due
07/08/31
◊
9,874
9,422
Total
Communications
447,391
UTILITIES
-
0
.1
%
AL
GCX
Fund
VIII
Holdings
LLC
5.61%
(1
Month
Term
SOFR
+
2.00%)
due
01/30/32
◊
144,187
144,006
INFRASTRUCTURE
-
0
.0
%
QTS
Good
News
Facility
6.37%
(SOFR
+
3.00%)
due
10/09/28
◊,(e)
75,000
74,920
BASIC
MATERIALS
-
0
.0
%
Arsenal
AIC
Parent
LLC
6.39%
(1
Month
Term
SOFR
+
2.75%)
due
08/18/30
◊
58,155
58,300
Total
Senior
Floating
Rate
Interests
(Cost
$18,535,808)
18,377,879
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
CORE
PLUS
FUND
June
30,
2026
|
17
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
U.S.
TREASURY
BILLS
-
1
.0
%
U.S.
Treasury
Bills
3.67%
due
09/10/26
(k),(m)
1,824,000
$
1,810,888
Total
U.S.
Treasury
Bills
(Cost
$1,810,915)
1,810,888
U.S.
GOVERNMENT
SECURITIES
-
0
.4
%
U.S.
Treasury
Inflation
Indexed
Bonds
2.38%
due
02/15/55
(k),(n)
844,296
776,664
Total
U.S.
Government
Securities
(Cost
$827,023)
776,664
FOREIGN
GOVERNMENT
DEBT
-
0
.1
%
Eagle
Funding
Luxco
SARL
5.50%
due
08/17/30
(a)
250,000
251,012
Total
Foreign
Government
Debt
(Cost
$249,469)
251,012
CONTRACTS/
NOTIONAL
VALUE
LISTED
OPTIONS
PURCHASED
-
0
.0
%
Call
Options
on
:
Interest
Rate
Options
3-Month
SOFR
Futures
Contracts
Expiring
March
2027
with
strike
price
of
$97.50
(Notional
Value
$20,143,200)
84
8,400
3-Month
SOFR
Futures
Contracts
Expiring
September
2026
with
strike
price
of
$97.50
(Notional
Value
$28,345,075)
118
1,475
Total
Listed
Options
Purchased
(Cost
$91,169)
9,875
OTC
INTEREST
RATE
SWAPTIONS
PURCHASED
(o)
-
0
.0
%
Call
Swaptions
on
:
Interest
Rate
Swaptions
Morgan
Stanley
Capital
Services
LLC
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.38%
6,531,000
7,893
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.38%
3,629,000
4,386
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.25%
3,628,000
3,298
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.25%
3,628,000
3,298
Citibank,
N.A.
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.43%
5,838,000
2,838
A
A
A
CONTRACTS/
NOTIONAL
VALUE
VALUE
OTC
INTEREST
RATE
SWAPTIONS
PURCHASED
(o)
-
0.0%
(continued)
Call
Swaptions
on:
(continued)
Interest
Rate
Swaptions
(continued)
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.38%
2,177,000
$
2,591
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.38%
2,177,000
2,591
JPMorgan
Chase
Bank,
N.A.
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.43%
4,364,000
2,035
Barclays
Bank
plc
9-Month/5-
Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.35%
2,527,000
1,693
BNP
Paribas
9-Month/5-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.35%
2,528,000
1,693
Morgan
Stanley
Capital
Services
LLC
9-Month/5-
Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.35%
2,528,000
1,693
The
Toronto-Dominion
Bank
9-Month/5-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.35%
2,528,000
1,693
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.43%
2,852,000
1,387
BNP
Paribas
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.30%
4,367,000
1,376
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.43%
2,176,000
1,015
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.30%
2,173,000
685
Total
OTC
Interest
Rate
Swaptions
Purchased
(Cost
$304,032)
40,165
Total
Investments
-
120.8%
(Cost
$226,926,429)
$
225,444,653
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
CORE
PLUS
FUND
June
30,
2026
18
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
CONTRACTS/
NOTIONAL
VALUE
VALUE
LISTED
OPTIONS
WRITTEN
-
(
0
.0
)
%
Call
Options
on
:
Interest
Rate
Options
3-Month
SOFR
Futures
Contracts
Expiring
September
2026
with
strike
price
of
$98.00
(Notional
Value
$28,345,075)
118
$
(
1,475
)
3-Month
SOFR
Futures
Contracts
Expiring
March
2027
with
strike
price
of
$98.00
(Notional
Value
$20,143,200)
84
(
5,775
)
Total
Listed
Options
Written
(Premium
received
$45,528)
(
7,250
)
OTC
INTEREST
RATE
SWAPTIONS
WRITTEN
(o)
-
(
0
.1
)
%
Call
Swaptions
on
:
Interest
Rate
Swaptions
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.64%
997,500
(
7
)
Morgan
Stanley
Capital
Services
LLC
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.64%
997,500
(
7
)
Barclays
Bank
plc
1-Year/2-
Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.71%
712,500
(
10
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.71%
712,500
(
10
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.69%
1,140,000
(
10
)
The
Toronto-Dominion
Bank
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.69%
1,140,000
(
10
)
Barclays
Bank
plc
9-Month/5-
Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
2.85%
2,527,000
(
239
)
Morgan
Stanley
Capital
Services
LLC
9-Month/5-
Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
2.85%
2,528,000
(
239
)
BNP
Paribas
9-Month/5-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
2.85%
2,528,000
(
240
)
The
Toronto-Dominion
Bank
9-Month/5-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
2.85%
2,528,000
(
240
)
Total
Interest
Rate
Swaptions
(
1,012
)
A
A
A
CONTRACTS/
NOTIONAL
VALUE
VALUE
OTC
INTEREST
RATE
SWAPTIONS
WRITTEN
(o)
-
(0.1)%
(continued)
Put
Swaptions
on
:
Interest
Rate
Swaptions
Barclays
Bank
plc
1-Year/2-
Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.71%
712,500
$
(
4,621
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.71%
712,500
(
4,621
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.64%
997,500
(
7,523
)
Morgan
Stanley
Capital
Services
LLC
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.64%
997,500
(
7,523
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.69%
1,140,000
(
7,738
)
The
Toronto-Dominion
Bank
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.69%
1,140,000
(
7,738
)
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
2,176,000
(
8,520
)
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
2,173,000
(
8,543
)
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
2,177,000
(
11,255
)
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
2,177,000
(
11,255
)
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
2,852,000
(
11,305
)
JPMorgan
Chase
Bank,
N.A.
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
4,364,000
(
17,087
)
BNP
Paribas
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
4,367,000
(
17,169
)
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
3,628,000
(
18,857
)
Citibank,
N.A.
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
5,838,000
(
22,858
)
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
CORE
PLUS
FUND
June
30,
2026
|
19
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
A
A
A
CONTRACTS/
NOTIONAL
VALUE
VALUE
OTC
INTEREST
RATE
SWAPTIONS
WRITTEN
(o)
-
(0.1)%
(continued)
Put
Swaptions
on:
(continued)
Interest
Rate
Swaptions
(continued)
Morgan
Stanley
Capital
Services
LLC
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
6,531,000
$
(
33,946
)
A
A
A
CONTRACTS/
NOTIONAL
VALUE
VALUE
OTC
INTEREST
RATE
SWAPTIONS
WRITTEN
(o)
-
(0.1)%
(continued)
Put
Swaptions
on:
(continued)
Interest
Rate
Swaptions
(continued)
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
7,257,000
$
(
37,719
)
Total
Interest
Rate
Swaptions
(
238,278
)
Total
OTC
Interest
Rate
Swaptions
Written
(Premium
received
$263,430)
(
239,290
)
Other
Assets
&
Liabilities,
net
-
(20.7)%
(
38,630,338
)
Total
Net
Assets
-
100.0%
$
186,567,775
~
The
face
amount
is
denominated
in
U.S.
dollars
unless
otherwise
indicated.
◊
Variable
rate
security.
Rate
indicated
is
the
rate
effective
at
June
30,
2026.
In
some
instances,
the
effective
rate
is
limited
by
a
minimum
rate
floor
or
a
maximum
rate
cap
established
by
the
issuer.
The
settlement
status
of
a
position
may
also
impact
the
effective
rate
indicated.
In
some
cases,
a
position
may
be
unsettled
at
period
end
and
may
not
have
a
stated
effective
rate.
In
instances
where
multiple
underlying
reference
rates
and
spread
amounts
are
shown,
the
effective
rate
is
based
on
a
weighted
average.
(a)
Security
is
a
144A
or
Section
4(a)(2)
security.
These
securities
have
been
determined
to
be
liquid
under
guidelines
established
by
the
Board
of
Trustees.
The
total
market
value
of
144A
or
Section
4(a)(2)
liquid
securities
is
$166,398,803
(cost
$166,952,094),
or
89.2%
of
total
net
assets.
(b)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(c)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(d)
Security
is
unsettled
at
period
end
and
may
not
have
a
stated
effective
rate.
(e)
Value
determined
based
on
Level
3
inputs
—
See
Note
3
.
(f)
Security
is
a
step
up/down
bond.
The
coupon
increases
or
decreases
at
regular
intervals
until
the
bond
reaches
full
maturity.
Rate
indicated
is
the
rate
at
June
30,
2026.
See
table
below
for
additional
step
information
for
each
security.
(g)
Security
is
an
interest-only
strip.
(h)
Security
has
a
fixed
rate
coupon
which
will
convert
to
a
floating
or
variable
rate
coupon
on
a
future
date.
(i)
Perpetual
maturity.
(j)
Security
is
a
144A
or
Section
4(a)(2)
security.
These
securities
have
been
determined
to
be
illiquid
and
restricted
under
guidelines
established
by
the
Board
of
Trustees.
The
total
market
value
of
144A
or
Section
4(a)(2)
illiquid
and
restricted
securities
is
$285,625
(cost
$289,950),
or
0.2%
of
total
net
assets
-
See
Note
5
.
(k)
All
or
a
portion
of
this
security
is
pledged
as
swap
collateral
at
June
30,
2026.
(l)
Payment-in-kind
security.
(m)
Rate
indicated
is
the
effective
yield
at
the
time
of
purchase.
(n)
Face
amount
of
security
is
adjusted
for
inflation.
(o)
Swaptions
—
See
additional
disclosure
in
the
swaptions
table
below
for
more
information
on
swaptions.
CAD
—
Canadian
Dollar
EUR
—
Euro
EURIBOR
—
European
Interbank
Offered
Rate
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
SARL  —
Société
à
Responsabilité
Limitée
SOFR
—
Secured
Overnight
Financing
Rate
WAC
—
Weighted
Average
Coupon
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
CORE
PLUS
FUND
June
30,
2026
20
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Appreciation
(Depreciation)
(a)
Interest
Rate
Futures
Contracts
Purchased
U.S.
Treasury
Long
Bond
Futures
Contracts
138
Sep
2026
$
15,602,625
$
351,502
U.S.
Treasury
5
Year
Note
Futures
Contracts
70
Sep
2026
7,488,359
23,139
U.S.
Treasury
Ultra
10
Year
Note
Futures
Contracts
3
Sep
2026
336,844
4,214
Australian
Government
10
Year
Bond
Futures
Contracts
44
Sep
2026
3,337,069
984
U.S.
Treasury
2
Year
Note
Futures
Contracts
46
Sep
2026
9,480,313
(
1,146
)
$
378,693
–
–
Centrally
Cleared
Credit
Default
Swap
Agreements
Protection
Sold
Counterparty
Exchange
Index
Protection
Premium
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Value
Upfront
Premiums
Paid
Unrealized
Appreciation
(a)
J.P.
Morgan
Securities
LLC
ICE
CDX.
NA.IG.45.V1
1.00%
Quarterly
06/20/31
$
4,200,000
$
93,256
$
79,669
$
13,587
Centrally
Cleared
Credit
Default
Swap
Agreements
Protection
Purchased
Counterparty
Exchange
Index
Protection
Premium
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
~
Value
Upfront
Premiums
Received
Unrealized
Depreciation
(a)
J.P.
Morgan
Securities
LLC
ICE
ITRAXX.
EUR.45.V1
1.00%
Quarterly
06/20/31
EUR
3,600,000
$
(
93,272
)
$
(
71,143
)
$
(
22,129
)
OTC
Credit
Default
Swap
Agreements
Protection
Purchased
Counterparty
Index
Protection
Premium
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Value
Upfront
Premiums
Received
Unrealized
Depreciation
J.P.
Morgan
Securities
LLC
CDX.NA.HY.43.
V1
(15-25%)
5.00%
Quarterly
12/20/29
$
21,000
$
(
2,148
)
$
(
940
)
$
(
1,208
)
Centrally
Cleared
Interest
Rate
Swap
Agreements
Counterparty
Exchange
Floating
Rate
Type
Floating
Rate
Index
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Depreciation
(a)
J.P.
Morgan
Securities
LLC
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.37%
Annually
02/23/31
$
2,500,000
$
(
60,421
)
$
—
$
(
60,421
)
J.P.
Morgan
Securities
LLC
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.38%
Annually
03/12/29
5,000,000
(
79,039
)
—
(
79,039
)
J.P.
Morgan
Securities
LLC
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
4.05%
Annually
01/31/30
13,370,000
72,188
302,709
(
230,521
)
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
CORE
PLUS
FUND
June
30,
2026
|
21
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Centrally
Cleared
Interest
Rate
Swap
Agreements
(continued)
Counterparty
Exchange
Floating
Rate
Type
Floating
Rate
Index
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Depreciation
(a)
J.P.
Morgan
Securities
LLC
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.57%
Annually
10/31/35
$
9,950,000
$
(
348,465
)
$
(
98,093
)
$
(
250,372
)
J.P.
Morgan
Securities
LLC
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
4.12%
Annually
12/30/27
58,700,000
195,577
578,886
(
383,309
)
$
(
220,160
)
$
783,502
$
(
1,003,662
)
Forward
Foreign
Currency
Exchange
Contracts
Counterparty
Currency
Type
Quantity
Contract
Amount
Settlement
Date
Unrealized
Appreciation
(Depreciation)
UBS
AG
EUR
Sell
1,251,000
1,448,803
USD
07/15/26
$
18,667
Barclays
Bank
plc
CAD
Sell
489,000
350,445
USD
07/15/26
5,382
The
Toronto-Dominion
Bank
EUR
Buy
195,000
223,643
USD
07/15/26
(
720
)
$
23,329
OTC
Interest
Rate
Swaptions
Purchased
Counterparty/
Description
Floating
Rate
Type
Floating
Rate
Index
Payment
Frequency
Fixed
Rate
Expiration
Date
Exercise
Rate
Swaption
Notional
Amount
Swaption
Value
Call
Morgan
Stanley
Capital
Services
LLC
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.38%
12/28/26
3.38%
$
6,531,000
$
7,893
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.38%
12/28/26
3.38%
3,629,000
4,386
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.25%
12/28/26
3.25%
3,628,000
3,298
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.25%
12/28/26
3.25%
3,628,000
3,298
Citibank,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.43%
09/28/26
3.43%
5,838,000
2,838
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.38%
12/24/26
3.38%
2,177,000
2,591
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.38%
12/24/26
3.38%
2,177,000
2,591
JPMorgan
Chase
Bank,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.43%
09/24/26
3.43%
4,364,000
2,035
Barclays
Bank
plc
9-Month/5-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.35%
09/21/26
3.35%
2,527,000
1,693
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
CORE
PLUS
FUND
June
30,
2026
22
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
OTC
Interest
Rate
Swaptions
Purchased
(continued)
Counterparty/
Description
Floating
Rate
Type
Floating
Rate
Index
Payment
Frequency
Fixed
Rate
Expiration
Date
Exercise
Rate
Swaption
Notional
Amount
Swaption
Value
Morgan
Stanley
Capital
Services
LLC
9-Month/5-
Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.35%
09/21/26
3.35%
$
2,528,000
$
1,693
The
Toronto-
Dominion
Bank
9-Month/5-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.35%
09/21/26
3.35%
2,528,000
1,693
BNP
Paribas
9-Month/5-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.35%
09/21/26
3.35%
2,528,000
1,693
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.43%
09/28/26
3.43%
2,852,000
1,387
BNP
Paribas
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.30%
09/25/26
3.30%
4,367,000
1,376
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.43%
09/24/26
3.43%
2,176,000
1,015
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.30%
09/25/26
3.30%
2,173,000
685
$
40,165
OTC
Interest
Rate
Swaptions
Written
Counterparty/
Description
Floating
Rate
Type
Floating
Rate
Index
Payment
Frequency
Fixed
Rate
Expiration
Date
Exercise
Rate
Swaption
Notional
Amount
Swaption
Value
Call
Morgan
Stanley
Capital
Services
LLC
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.64%
08/13/26
2.64%
$
997,500
$
(
7
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.64%
08/13/26
2.64%
997,500
(
7
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.71%
08/19/26
2.71%
712,500
(
10
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.69%
08/14/26
2.69%
1,140,000
(
10
)
The
Toronto-
Dominion
Bank
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.69%
08/14/26
2.69%
1,140,000
(
10
)
Barclays
Bank
plc
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.71%
08/19/26
2.71%
712,500
(
10
)
Barclays
Bank
plc
9-Month/5-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.85%
09/21/26
2.85%
2,527,000
(
239
)
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
CORE
PLUS
FUND
June
30,
2026
|
23
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
OTC
Interest
Rate
Swaptions
Written
(continued)
Counterparty/
Description
Floating
Rate
Type
Floating
Rate
Index
Payment
Frequency
Fixed
Rate
Expiration
Date
Exercise
Rate
Swaption
Notional
Amount
Swaption
Value
Morgan
Stanley
Capital
Services
LLC
9-Month/5-
Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.85%
09/21/26
2.85%
$
2,528,000
$
(
239
)
The
Toronto-
Dominion
Bank
9-Month/5-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.85%
09/21/26
2.85%
2,528,000
(
240
)
BNP
Paribas
9-Month/5-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.85%
09/21/26
2.85%
2,528,000
(
240
)
$
(
1,012
)
Put
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.71%
08/19/26
3.71%
712,500
(
4,621
)
Barclays
Bank
plc
1-Year/2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.71%
08/19/26
3.71%
712,500
(
4,621
)
Morgan
Stanley
Capital
Services
LLC
1-Year/2-
Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.64%
08/13/26
3.64%
997,500
(
7,523
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.64%
08/13/26
3.64%
997,500
(
7,523
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.69%
08/14/26
3.69%
1,140,000
(
7,738
)
The
Toronto-
Dominion
Bank
1-Year/2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.69%
08/14/26
3.69%
1,140,000
(
7,738
)
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/24/26
3.95%
2,176,000
(
8,520
)
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/25/26
3.95%
2,173,000
(
8,543
)
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/24/26
3.95%
2,177,000
(
11,255
)
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/24/26
3.95%
2,177,000
(
11,255
)
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/28/26
3.95%
2,852,000
(
11,305
)
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
CORE
PLUS
FUND
June
30,
2026
24
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
OTC
Interest
Rate
Swaptions
Written
(continued)
Counterparty/
Description
Floating
Rate
Type
Floating
Rate
Index
Payment
Frequency
Fixed
Rate
Expiration
Date
Exercise
Rate
Swaption
Notional
Amount
Swaption
Value
JPMorgan
Chase
Bank,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/24/26
3.95%
$
4,364,000
$
(
17,087
)
BNP
Paribas
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/25/26
3.95%
4,367,000
(
17,169
)
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/28/26
3.95%
3,628,000
(
18,857
)
Citibank,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/24/26
3.95%
5,838,000
(
22,858
)
Morgan
Stanley
Capital
Services
LLC
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/28/26
3.95%
6,531,000
(
33,946
)
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/28/26
3.95%
7,257,000
(
37,719
)
$
(
238,278
)
(a)
Includes
cumulative
appreciation
(depreciation).
~
The
face
amount
is
denominated
in
U.S.
dollars
unless
otherwise
indicated.
CAD
—
Canadian
Dollar
CDX.NA.HY.43.V1
—
Credit
Default
Swap
North
American
High
Yield
Series
43
Index
Version
1
CDX.NA.IG.45.V1
—
Credit
Default
Swap
North
American
Investment
Grade
Series
45
Index
Version
1
CME
—
Chicago
Mercantile
Exchange
EUR
—
Euro
ICE
—
Intercontinental
Exchange
ITRAXX.EUR.45.V1
—
iTraxx
Credit
Default
Swap
European
Investment
Grade
Series
45
Index
Version
1
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(See
Note
3
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Preferred
Stocks
$
139,648
$
5,177,895
$
—
$
5,317,543
Money
Market
Funds
1,064,077
—
—
1,064,077
Asset-Backed
Securities
—
83,679,403
7,855,423
91,534,826
Collateralized
Mortgage
Obligations
—
51,656,906
2,073,738
53,730,644
Corporate
Bonds
—
49,012,036
3,519,044
52,531,080
Senior
Floating
Rate
Interests
—
17,303,144
1,074,735
18,377,879
U.S.
Treasury
Bills
—
1,810,888
—
1,810,888
U.S.
Government
Securities
—
776,664
—
776,664
Foreign
Government
Debt
—
251,012
—
251,012
Options
Purchased
9,875
—
—
9,875
Interest
Rate
Swaptions
Purchased
—
40,165
—
40,165
Interest
Rate
Futures
Contracts
(a)
378,855
984
—
379,839
Credit
Default
Swap
Agreements
(a)
—
13,587
—
13,587
Forward
Foreign
Currency
Exchange
Contracts
(a)
—
24,049
—
24,049
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
CORE
PLUS
FUND
June
30,
2026
|
25
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
The
Fund
may
hold
assets
and/or
liabilities
in
which
the
fair
value
approximates
the
carrying
amount
for
financial
statement
purposes.
As
of
the
period
end,
reverse
repurchase
agreements
of
$5,685,706
are
categorized
as
Level
2
within
the
disclosure
hierarchy
—
See
Note
2.
Significant
changes
in
a
quote
or
yield
would
generally
result
in
significant
changes
in
the
fair
value
of
the
security.
Any
remaining
Level
3
securities
held
by
the
Fund
and
excluded
from
the
table
above,
were
not
considered
material
to
the
Fund.
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Unfunded
Loan
Commitments
(
Note
4
)
(a)
$
—
$
—
$
541
$
541
Total
Assets
$
1,592,455
$
209,746,733
$
14,523,481
$
225,862,669
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Options
Written
$
7,250
$
—
$
—
$
7,250
Interest
Rate
Swaptions
Written
—
239,290
—
239,290
Interest
Rate
Futures
Contracts
(a)
1,146
—
—
1,146
Credit
Default
Swap
Agreements
(a)
—
23,337
—
23,337
Interest
Rate
Swap
Agreements
(a)
—
1,003,662
—
1,003,662
Forward
Foreign
Currency
Exchange
Contracts
(a)
—
720
—
720
Unfunded
Loan
Commitments
(
Note
4
)
(a)
—
—
5
5
Total
Liabilities
$
8,396
$
1,267,009
$
5
$
1,275,410
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
The
following
is
a
summary
of
significant
unobservable
inputs
used
in
the
fair
valuation
of
assets
and
liabilities
categorized
within
Level
3
of
the
fair
value
hierarchy:
Category
Ending
Balance
at
June
30,
2026
Valuation
Technique
Unobservable
Inputs
Input
Range
Weighted
Average
(a)
Assets:
Asset-Backed
Securities
$
4,619,018
Option
adjusted
spread
off
prior
month
end
broker
quote
Broker
Quote
—
—
Asset-Backed
Securities
1,898,212
Yield
Analysis
Yield
6.0%
—
Asset-Backed
Securities
1,338,193
Third
Party
Pricing
Trade
Price
—
—
Collateralized
Mortgage
Obligations
1,472,026
Option
adjusted
spread
off
prior
month
end
broker
quote
Broker
Quote
—
—
Collateralized
Mortgage
Obligations
601,712
Third
Party
Pricing
Vendor
Price
—
—
Corporate
Bonds
3,208,846
Option
adjusted
spread
off
prior
month
end
broker
quote
Broker
Quote
—
—
Corporate
Bonds
285,625
Third
Party
Pricing
Broker
Quote
—
—
Corporate
Bonds
24,573
Model
Price
Purchase
Price
—
—
Senior
Floating
Rate
Interests
793,015
Third
Party
Pricing
Broker
Quote
—
—
Senior
Floating
Rate
Interests
161,828
Yield
Analysis
Yield
8.6%-9.1%
9.1%
Senior
Floating
Rate
Interests
119,892
Model
Price
Purchase
Price
—
—
Unfunded
Loan
Commitments
541
Model
Price
Purchase
Price
—
—
Total
Assets
$
14,523,481
Liabilities:
Unfunded
Loan
Commitments
$
5
Model
Price
Purchase
Price
—
—
(a)
Inputs
are
weighted
by
the
fair
value
of
the
instruments.
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
CORE
PLUS
FUND
June
30,
2026
26
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
The
Fund’s
fair
valuation
leveling
guidelines
classify
a
single
daily
broker
quote,
or
a
vendor
price
based
on
a
single
daily
or
monthly
broker
quote,
as
Level
3,
if
such
a
quote
or
price
cannot
be
supported
with
other
available
market
information.
Transfers
between
Level
2
and
Level
3
may
occur
as
markets
fluctuate
and/or
the
availability
of
data
used
in
an
investment’s
valuation
changes.
For
the
period
ended
June
30,
2026,
the
Fund
had
securities
with
a
total
value
of
$748,152
transfer
into
Level
3
from
Level
2
due
to
a
lack
of
observable
inputs
and
did
not
have
any
securities
transfer
out
of
Level
3
into
Level
2.
Summary
of
Fair
Value
Level
3
Activity
Following
is
a
reconciliation
of
Level
3
assets
for
which
significant
unobservable
inputs
were
used
to
determine
fair
value
for
the
period
ended
June
30,
2026:
Beginning
Balance
Purchases/
(Receipts)
(Sales,
maturities
and
paydowns)/
Fundings
Amortization
of
premiums/
discounts
Total
realized
gains
(losses)
included
in
earnings
Assets
Asset-Backed
Securities
$
1,122,734
$
6,821,825
$
(
212,213
)
$
70
$
—
Corporate
Bonds
1,928,686
2,114,489
(
449,047
)
—
(
917
)
Senior
Floating
Rate
Interests
9,084
1,073,754
(
4,995
)
59
8
Collateralized
Mortgage
Obligations
—
1,576,795
(
63,485
)
58,007
12,728
Unfunded
Loan
Commitments
43
—
(
769
)
—
—
Total
Assets
$
3,060,547
$
11,586,863
$
(
730,509
)
$
58,136
$
11,819
Liabilities
Unfunded
Loan
Commitments
$
—
$
—
$
—
$
—
$
—
Total
change
in
unrealized
appreciation
(depreciation)
included
in
earnings
Transfers
into
Level
3
Ending
Balance
Net
change
in
unrealized
appreciation
(depreciation)
for
investments
in
Level
3
securities
still
held
at
June
30,
2026
Assets
Asset-Backed
Securities
$
(
23,433
)
$
146,440
$
7,855,423
$
(
23,433
)
Corporate
Bonds
(
74,167
)
—
3,519,044
(
72,800
)
Senior
Floating
Rate
Interests
(
3,175
)
—
1,074,735
(
3,175
)
Collateralized
Mortgage
Obligations
(
112,019
)
601,712
2,073,738
(
112,019
)
Unfunded
Loan
Commitments
1,267
—
541
541
Total
Assets
$
(
211,527
)
$
748,152
$
14,523,481
$
(
210,886
)
Liabilities
Unfunded
Loan
Commitments
$
(
774
)
$
—
$
(
774
)
$
(
5
)
Step
Coupon
Bonds
The
following
table
discloses
additional
information
related
to
step
coupon
bonds
held
by
the
Fund.
Certain
securities
are
subject
to
multiple
rate
changes
prior
to
maturity.
For
those
securities,
a
range
of
rates
and
corresponding
dates
have
been
provided.
Rates
for
all
step
coupon
bonds
held
by
the
Fund
are
scheduled
to
increase,
none
are
scheduled
to
decrease.
Name
Coupon
Rate
at
Next
Reset
Date
Next
Rate
Reset
Date
Future
Reset
Rate(s)
Future
Reset
Date(s)
Anchor
Mortgage
Trust
2025-RTL1,
5.72%
due
05/25/40
6.72%
11/01/27
—
—
Angel
Oak
Mortgage
Trust
2025-12,
5.34%
due
12/25/70
6.34%
11/01/29
—
—
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
CORE
PLUS
FUND
June
30,
2026
|
27
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Name
Coupon
Rate
at
Next
Reset
Date
Next
Rate
Reset
Date
Future
Reset
Rate(s)
Future
Reset
Date(s)
Archwest
Mortgage
Trust
2025-RTL1,
5.20%
due
10/25/40
6.16%
04/25/28
—
—
Aspire
Mortgage
Trust
2026-2,
5.63%
due
04/26/66
6.63%
04/01/30
—
—
Aspire
Mortgage
Trust
2026-3,
5.56%
due
05/25/66
6.56%
06/01/30
—
—
Aspire
Mortgage
Trust
2026-3,
5.66%
due
05/25/66
6.66%
06/01/30
—
—
Aspire
Mortgage
Trust
2026-2,
5.73%
due
04/26/66
6.73%
04/01/30
—
—
ATLX
Trust
2024-RPL2,
3.85%
due
04/25/63
4.85%
10/01/28
—
—
ATLX
Trust
2024-RPL1,
3.85%
due
04/25/64
4.85%
08/01/28
—
—
BRAVO
Residential
Funding
Trust
2025-NQM4,
5.61%
due
02/25/65
6.61%
04/26/29
—
—
BRAVO
Residential
Funding
Trust
2024-NQM6,
5.66%
due
08/01/64
6.66%
08/01/28
—
—
BRAVO
Residential
Funding
Trust
2025-CES1,
5.70%
due
02/25/55
6.70%
03/01/29
—
—
BRAVO
Residential
Funding
Trust
2024-NQM5,
6.16%
due
06/25/64
7.16%
07/01/28
—
—
BRAVO
Residential
Funding
Trust
2025-NQM1,
5.91%
due
12/25/64
6.91%
01/01/29
—
—
CAFL
Issuer,
LP
2025-RRTL2,
5.18%
due
11/28/40
6.03%
06/28/28
—
—
CIM
Trust
2026-R1,
4.75%
due
12/25/65
7.75%
05/01/29
—
—
COLT
Mortgage
Loan
Trust
2025-3,
5.56%
due
03/25/70
6.56%
02/01/29
—
—
Cross
Mortgage
Trust
2026-NQM1,
5.16%
due
02/25/61
6.16%
01/01/30
—
—
Cross
Mortgage
Trust
2026-NQM3,
5.36%
due
03/25/71
6.36%
03/01/30
—
—
Cross
Mortgage
Trust
2025-H2,
5.66%
due
03/25/70
6.66%
02/01/29
—
—
Cross
Mortgage
Trust
2025-H1,
5.99%
due
02/25/70
6.99%
01/01/29
—
—
Cross
Mortgage
Trust
2024-H7,
5.97%
due
11/25/69
6.97%
10/01/28
—
—
Cross
Mortgage
Trust
2025-H6,
5.54%
due
07/25/70
6.54%
07/01/29
—
—
Deephaven
Residential
Mortgage
Trust
2026-CES1,
5.41%
due
03/25/61
6.41%
04/01/30
—
—
Deephaven
Residential
Mortgage
Trust
2025-CES1,
5.48%
due
10/25/55
6.48%
10/01/29
—
—
Deephaven
Residential
Mortgage
Trust
2025-CES1,
5.38%
due
10/25/55
6.38%
10/01/29
—
—
Easy
Street
Mortgage
Loan
Trust
2025-RTL2,
5.61%
due
10/25/40
7.50%
12/25/27
—
—
EFMT
2025-CES1,
5.73%
due
01/25/60
6.73%
02/01/29
—
—
FIGRE
Trust
2026-FL2,
5.92%
due
06/25/56
6.92%
07/01/26
—
—
GCAT
Trust
2025-NQM3,
5.96%
due
05/25/70
6.96%
06/01/29
—
—
GCAT
Trust
2025-NQM4,
5.73%
due
06/25/70
6.73%
07/01/29
—
—
GS
Mortgage-Backed
Securities
Trust
2026-NQM4,
5.82%
due
06/25/66
6.82%
05/01/30
—
—
HOMES
Trust
2025-NQM1,
5.96%
due
01/25/70
6.96%
01/01/29
—
—
HOMES
Trust
2024-AFC2,
5.98%
due
10/25/59
6.98%
10/01/28
—
—
JP
Morgan
Mortgage
Trust
2026-VIS1,
5.24%
due
06/25/66
6.24%
02/01/30
—
—
JP
Morgan
Mortgage
Trust
2026-CES1,
4.96%
due
06/25/56
5.96%
01/01/30
—
—
JP
Morgan
Mortgage
Trust
2024-NQM1,
5.95%
due
02/25/64
6.95%
12/01/28
—
—
LHOME
Mortgage
Trust
2025-RTL3,
5.24%
due
08/25/40
6.24%
02/25/28
—
—
LHOME
Mortgage
Trust
2024-RTL5,
5.32%
due
09/25/39
6.32%
03/25/27
—
—
LHOME
Mortgage
Trust
2026-RTL1,
4.91%
due
01/25/41
6.08%
07/25/28
—
—
Mill
City
Securities
Ltd.
2024-RS1,
3.00%
due
11/01/69
6.00%
10/01/27
—
—
Mill
City
Securities
Ltd.
2024-RS2,
3.00%
due
08/01/69
6.00%
12/01/27
—
—
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2025-
NQM9,
5.22%
due
09/25/70
6.22%
11/01/29
—
—
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2025-
NQM3,
5.76%
due
05/25/70
6.76%
05/01/29
—
—
OBX
Trust
2025-NQM1,
5.70%
due
12/25/64
6.70%
12/01/28
—
—
OBX
Trust
2025-NQM1,
5.85%
due
12/25/64
6.85%
12/01/28
—
—
OBX
Trust
2026-NQM9,
5.52%
due
04/25/66
6.52%
06/01/30
—
—
OBX
Trust
2025-NQM2,
5.95%
due
11/25/64
6.95%
01/01/29
—
—
OBX
Trust
2024-NQM15,
5.72%
due
10/25/64
6.72%
10/01/28
—
—
OBX
Trust
2026-NQM9,
5.62%
due
04/25/66
6.62%
06/01/30
—
—
OBX
Trust
2025-NQM13,
5.82%
due
05/25/65
6.82%
07/01/29
—
—
OBX
Trust
2026-NQM5,
5.68%
due
01/25/66
6.68%
03/01/30
—
—
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
CORE
PLUS
FUND
June
30,
2026
28
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Name
Coupon
Rate
at
Next
Reset
Date
Next
Rate
Reset
Date
Future
Reset
Rate(s)
Future
Reset
Date(s)
OBX
Trust
2024-NQM18,
5.87%
due
10/25/64
6.87%
11/01/28
—
—
OBX
Trust
2024-NQM12,
5.83%
due
07/25/64
6.83%
08/01/28
—
—
OBX
Trust
2024-NQM13,
5.37%
due
06/25/64
6.37%
08/01/28
—
—
OBX
Trust
2024-NQM16,
5.73%
due
10/25/64
6.73%
10/01/28
—
—
PRPM
LLC
2026-2,
5.09%
due
02/25/31
8.09%
02/01/29
9.09%
02/01/30
PRPM
LLC
2026-3,
5.96%
due
04/25/31
8.96%
04/01/29
9.96%
04/01/30
PRPM
LLC
2024-6,
5.70%
due
11/25/29
8.70%
11/25/27
9.70%
11/25/28
PRPM
LLC
2025-RPL3,
3.25%
due
04/25/55
4.25%
04/01/28
—
—
PRPM
LLC
2025-5,
5.73%
due
07/25/30
8.73%
07/01/28
9.73%
07/01/29
PRPM
LLC
2025-7,
5.50%
due
08/25/30
8.50%
08/01/28
9.50%
08/01/29
PRPM
LLC
2025-8,
5.39%
due
10/25/30
8.39%
10/01/28
9.39%
10/01/29
PRPM
LLC
2025-6,
5.77%
due
08/25/28
8.77%
08/01/28
—
—
PRPM
LLC
2025-RCF3,
5.25%
due
07/25/55
6.25%
07/01/29
—
—
RCKT
Mortgage
Trust
2025-CES1,
5.65%
due
01/25/45
6.65%
01/01/29
—
—
RCKT
Mortgage
Trust
2025-CES6,
5.47%
due
06/25/55
6.47%
06/01/29
—
—
RCKT
Mortgage
Trust
2025-CES5,
5.69%
due
05/25/55
6.69%
05/01/29
—
—
Saluda
Grade
Alternative
Mortgage
Trust
2025-RRTL1,
5.32%
due
10/25/40
6.32%
03/01/28
—
—
SG
Residential
Mortgage
Trust
2026-1,
5.14%
due
01/25/66
6.14%
02/01/30
—
—
SG
Residential
Mortgage
Trust
2025-1,
5.25%
due
12/25/65
6.25%
12/01/29
—
—
Towd
Point
Mortgage
Trust
2025-CES4,
5.46%
due
10/25/65
6.46%
10/01/29
—
—
Verus
Securitization
Trust
2024-9,
5.89%
due
11/25/69
6.89%
12/01/28
—
—
Verus
Securitization
Trust
2025-5,
5.68%
due
06/25/70
6.68%
06/01/29
—
—
Verus
Securitization
Trust
2025-9,
5.19%
due
10/27/70
6.19%
10/01/29
—
—
Verus
Securitization
Trust
2025-2,
5.51%
due
03/25/70
6.51%
03/01/29
—
—
Verus
Securitization
Trust
2025-12,
5.37%
due
12/25/70
6.37%
12/01/29
—
—
Vista
Point
Securitization
Trust
2026-CES2,
5.58%
due
05/25/56
6.58%
04/01/30
—
—
|
29
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
LIMITED
DURATION
FUND
June
30,
2026
A
A
A
SHARES
VALUE
PREFERRED
STOCKS
-
0
.2
%
FINANCIAL
-
0
.2
%
Citigroup,
Inc.
6.88%
50,000
$
51,206
Total
Preferred
Stocks
(Cost
$50,000)
51,206
MONEY
MARKET
FUNDS
(a)
-
1
.2
%
BNY
Dreyfus
Treasury
Securities
Cash
Management
Fund
—
Institutional
Shares,
3.53%
(b)
238,137
238,137
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(b)
2,407
2,407
Total
Money
Market
Funds
(Cost
$240,544)
240,544
FACE
AMOUNT
~
ASSET-BACKED
SECURITIES
-
52
.7
%
COLLATERALIZED
LOAN
OBLIGATIONS
-
30
.5
%
Owl
Rock
CLO
X
LLC
2023-10A
AR,
5.07%
(3
Month
Term
SOFR
+
1.39%,
Rate
Floor:
1.39%)
due
04/20/37
◊,(c)
700,000
699,526
CIFC
Funding
Ltd.
2022-1A
B,
5.48%
(3
Month
Term
SOFR
+
1.80%,
Rate
Floor:
1.80%)
due
04/17/35
◊,(c)
250,000
250,246
2022-1AR
BR
due
07/17/41
(c),(d)
250,000
250,000
Ares
Direct
Lending
CLO
1
LLC
2024-1AR
BR
due
07/25/38
(c),(d)
200,000
200,000
2024-1A
B,
5.87%
(3
Month
Term
SOFR
+
2.20%,
Rate
Floor:
2.20%)
due
04/25/36
◊,(c)
200,000
199,771
Hlend
CLO
LLC
2025-3A
A,
5.08%
(3
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
01/20/37
◊,(c)
250,000
249,832
2025-4A
B,
5.50%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
08/15/37
◊,(c)
150,000
149,693
Owl
Rock
CLO
III
Ltd.
2020-3A
AR,
5.53%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
04/20/36
◊,(c)
300,000
300,242
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
52.7%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
30.5%
(continued)
Palmer
Square
CLO
Ltd.
2024-3A
B,
5.28%
(3
Month
Term
SOFR
+
1.60%,
Rate
Floor:
1.60%)
due
07/20/37
◊,(c)
250,000
$
250,821
Fortress
Credit
Opportunities
XXV
CLO
LLC
2024-25A
A1T,
5.26%
(3
Month
Term
SOFR
+
1.59%,
Rate
Floor:
1.59%)
due
01/15/37
◊,(c)
250,000
250,281
Golub
Capital
Partners
CLO
46M
Ltd.
2019-46A
A1R,
5.49%
(3
Month
Term
SOFR
+
1.81%,
Rate
Floor:
1.81%)
due
04/20/37
◊,(c)
250,000
250,102
Neuberger
Berman
Loan
Advisers
CLO
47
Ltd.
2022-47A
BR,
5.22%
(3
Month
Term
SOFR
+
1.55%,
Rate
Floor:
1.55%)
due
04/16/35
◊,(c)
250,000
249,954
Owl
Rock
CLO
VII
LLC
2022-7A
AR,
5.08%
(3
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
04/20/38
◊,(c)
250,000
249,838
Madison
Park
Funding
LXXI
Ltd.
2025-71A
B,
5.17%
(3
Month
Term
SOFR
+
1.50%,
Rate
Floor:
1.50%)
due
04/23/38
◊,(c)
250,000
249,750
BCRED
CLO
LLC
2025-1A
B,
5.38%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
04/20/37
◊,(c)
250,000
249,434
AGL
CLO
39
Ltd.
2025-39A
B,
5.18%
(3
Month
Term
SOFR
+
1.50%,
Rate
Floor:
1.50%)
due
04/20/38
◊,(c)
250,000
249,393
Elmwood
CLO
38
Ltd.
2025-1A
B1,
5.11%
(3
Month
Term
SOFR
+
1.45%,
Rate
Floor:
1.45%)
due
04/22/38
◊,(c)
250,000
249,364
BDS
LLC
2024-FL13
AS,
5.63%
(1
Month
Term
SOFR
+
1.99%,
Rate
Floor:
1.99%)
due
09/19/39
◊,(c)
100,000
100,159
2025-FL14
AS,
5.21%
(1
Month
Term
SOFR
+
1.57%,
Rate
Floor:
1.57%)
due
10/17/42
◊,(c)
100,000
99,972
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
LIMITED
DURATION
FUND
June
30,
2026
30
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
52.7%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
30.5%
(continued)
Acrec
LLC
2025-FL3
AS,
5.28%
(1
Month
Term
SOFR
+
1.64%,
Rate
Floor:
1.64%)
due
08/18/42
◊,(c)
100,000
$
99,936
2025-FL3
B,
5.58%
(1
Month
Term
SOFR
+
1.94%,
Rate
Floor:
1.94%)
due
08/18/42
◊,(c)
100,000
99,904
BSPDF
Issuer
LLC
2025-FL2
A,
5.15%
(1
Month
Term
SOFR
+
1.52%,
Rate
Floor:
1.52%)
due
12/15/42
◊,(c)
100,000
100,232
TRTX
Issuer
Ltd.
2025-FL6
A,
5.17%
(1
Month
Term
SOFR
+
1.54%,
Rate
Floor:
1.54%)
due
09/18/42
◊,(c)
100,000
100,231
Barings
CLO
Ltd.
2022-3A
BR,
5.43%
(3
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
10/20/37
◊,(c)
100,000
100,175
BSPRT
Issuer
LLC
2024-FL11
B,
5.92%
(1
Month
Term
SOFR
+
2.29%,
Rate
Floor:
2.29%)
due
07/15/39
◊,(c)
100,000
100,103
Cerberus
Loan
Funding
50
LLC
2025-1A
A,
5.32%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
07/15/37
◊,(c)
100,000
100,006
BCRED
MML
CLO
LLC
2022-1A
A1,
5.33%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
04/20/35
◊,(c)
100,000
100,001
VMC
Finance
LLC
2026-FL6
B,
5.79%
(1
Month
Term
SOFR
+
2.15%,
Rate
Floor:
2.15%)
due
11/19/43
◊,(c)
100,000
100,000
JCP
Direct
Lending
CLO
LLC
2023-1A
A1R,
5.33%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
07/20/37
◊,(c)
100,000
99,996
AREIT
Ltd.
2025-CRE10
A,
5.02%
(1
Month
Term
SOFR
+
1.39%,
Rate
Floor:
1.39%)
due
12/17/29
◊,(c)
100,000
99,994
Golub
Capital
Partners
CLO
54M,
LP
2021-54A
A1R,
5.13%
(3
Month
Term
SOFR
+
1.47%,
Rate
Floor:
1.47%)
due
08/05/37
◊,(c)
100,000
99,962
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
52.7%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
30.5%
(continued)
Golub
Capital
Partners
CLO
49M
Ltd.
2020-49A
A1R2,
5.20%
(3
Month
Term
SOFR
+
1.52%,
Rate
Floor:
1.52%)
due
07/20/38
◊,(c)
100,000
$
99,900
FS
Rialto
Issuer
LLC
2025-FL10
AS,
5.23%
(1
Month
Term
SOFR
+
1.59%,
Rate
Floor:
1.59%)
due
08/19/42
◊,(c)
100,000
99,880
Ares
Direct
Lending
CLO
2
LLC
2024-2A
B,
5.58%
(3
Month
Term
SOFR
+
1.90%,
Rate
Floor:
1.90%)
due
10/20/36
◊,(c)
100,000
99,809
LoanCore
Issuer
LLC
2025-CRE8
B,
5.48%
(1
Month
Term
SOFR
+
1.84%,
Rate
Floor:
1.84%)
due
08/17/42
◊,(c)
100,000
99,711
Total
Collateralized
Loan
Obligations
6,348,218
TRANSPORT-AIRCRAFT
-
7
.5
%
Slam
Ltd.
2024-1A,
5.34%
due
09/15/49
(c)
442,962
438,549
Gilead
Aviation
LLC
2025-1A,
5.79%
due
03/15/50
(c)
234,223
234,812
AASET
Trust
2025-1A,
5.94%
due
02/16/50
(c)
224,508
225,142
ALTDE
Trust
2025-1A,
5.90%
due
08/15/50
(c)
220,434
221,116
Castlelake
Aircraft
Structured
Trust
2025-1A,
5.78%
due
02/15/50
(c)
215,922
216,576
Navigator
Aviation
Ltd.
2024-1,
5.40%
due
08/15/49
(c)
217,262
215,782
Total
Transport-Aircraft
1,551,977
INFRASTRUCTURE
-
4
.3
%
VB-S1
Issuer
LLC
2026-1A,
5.19%
due
03/15/56
(c)
200,000
196,381
Kinetic
ABS
Issuer
LLC
2026-1A,
5.22%
due
02/25/56
(c)
100,000
99,338
2026-2A,
5.83%
due
06/25/58
(c)
50,000
50,460
Hotwire
Funding
LLC
2024-1A,
6.67%
due
06/20/54
(c)
100,000
101,270
QTS
Issuer
ABS
I
LLC
2025-1A,
5.44%
due
05/25/55
(c)
100,000
99,154
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
LIMITED
DURATION
FUND
June
30,
2026
|
31
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
52.7%
(continued)
INFRASTRUCTURE
-
4.3%
(continued)
Vantage
Data
Centers
LLC
2025-1A,
5.13%
due
08/15/55
(c)
100,000
$
98,159
Switch
ABS
Issuer
LLC
2025-1A,
5.04%
due
03/25/55
(c)
100,000
97,440
Stack
Infrastructure
Issuer
LLC
2025-1A,
5.00%
due
05/25/50
(c)
100,000
97,178
SBA
Tower
Trust
4.83%
due
10/15/29
(c)
50,000
49,995
Total
Infrastructure
889,375
SINGLE
FAMILY
RESIDENCE
-
3
.0
%
Tricon
Residential
Trust
2025-SFR1,
4.73%
(1
Month
Term
SOFR
+
1.10%,
Rate
Floor:
1.10%)
due
03/17/42
◊,(c)
196,476
196,475
2025-SFR2,
5.42%
due
08/17/44
(c)
99,896
98,238
Tricon
Trust
2026-SFR2,
5.00%
(1
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
06/17/43
◊,(c)
130,000
130,024
STAR
Trust
2025-SFR6,
5.03%
(1
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
08/17/42
◊,(c)
100,000
99,937
Invitation
Homes
Trust
2024-SFR1,
4.00%
due
09/17/41
(c)
100,000
95,976
Total
Single
Family
Residence
620,650
WHOLE
BUSINESS
-
1
.6
%
Five
Guys
Holdings,
Inc.
2023-1A,
7.55%
due
01/26/54
(c)
98,500
100,241
SERVPRO
Master
Issuer
LLC
2024-1A,
6.17%
due
01/25/54
(c)
97,750
99,849
Arbys
Funding
LLC
2020-1A,
3.24%
due
07/30/50
(c)
94,250
92,189
Subway
Funding
LLC
2024-3A,
5.25%
due
07/30/54
(c)
49,250
48,339
Total
Whole
Business
340,618
FINANCIAL
-
1
.3
%
Blackstone
Strategic
Cap
Holding
II
5.90%
(1
Month
Term
SOFR
+
2.25%)
due
12/31/33
◊,(e)
100,000
99,906
Project
Onyx
II
6.33%
(3
Month
Term
SOFR
+
2.63%)
due
06/15/30
◊,(e)
98,426
98,384
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
52.7%
(continued)
FINANCIAL
-
1.3%
(continued)
HarbourVest
Partners
LLC
6.28%
(3
Month
Term
SOFR
+
2.58%)
due
09/15/30
◊,(e)
73,953
$
73,220
Total
Financial
271,510
COLLATERALIZED
DEBT
OBLIGATIONS
-
1
.3
%
Anchorage
Credit
Funding
3
Ltd.
2016-3A
A1R,
2.87%
due
01/28/39
(c)
241,334
231,946
Project
Indigo
6.01%
due
03/31/32
(e)
34,319
34,319
Total
Collateralized
Debt
Obligations
266,265
AUTOMOTIVE
-
1
.0
%
Avis
Budget
Rental
Car
Funding
AESOP
LLC
2025-1A,
5.24%
due
08/20/29
(c)
200,000
200,564
UNSECURED
CONSUMER
LOANS
-
0
.7
%
Service
Experts
Issuer
LLC
2025-1A,
5.38%
due
01/20/37
(c)
85,451
84,784
Foundation
Finance
Trust
2024-2A,
4.93%
due
03/15/50
(c)
73,886
73,317
Total
Unsecured
Consumer
Loans
158,101
INSURANCE
-
0
.6
%
Dogwood
State
Bank
6.45%
due
06/24/32
(e)
125,656
125,136
NET
LEASE
-
0
.5
%
Store
Master
Funding
I-VII
XIV
XIX
XX
XXIV
XXII
2024-1A,
5.70%
due
05/20/54
(c)
98,917
100,195
TRANSPORT-CONTAINER
-
0
.4
%
CLI
Funding
IX
LLC
2025-1A,
5.35%
due
06/20/50
(c)
90,542
90,617
Total
Asset-Backed
Securities
(Cost
$10,957,632)
10,963,226
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
39
.8
%
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
27
.6
%
NLT
Trust
2026-NQM1,
7.07%
(WAC)
due
02/25/71
◊,(c)
332,671
346,571
2025-NQM1,
7.46%
(WAC)
due
10/25/70
◊,(c)
299,292
310,790
PRPM
LLC
2026-3,
5.96%
due
04/25/31
(c),(f)
191,843
191,605
2025-RPL3,
3.25%
due
04/25/55
(c),(f)
100,000
95,982
2026-1,
5.19%
due
02/25/31
(c)
93,928
92,738
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
LIMITED
DURATION
FUND
June
30,
2026
32
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
39.8%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
27.6%
(continued)
2026-2,
5.09%
due
02/25/31
(c),(f)
87,878
$
86,632
2025-6,
5.77%
due
08/25/28
(c),(f)
86,486
86,203
2025-5,
5.73%
due
07/25/30
(c),(f)
85,099
84,778
BRAVO
Residential
Funding
Trust
2025-CES1,
5.70%
due
02/25/55
(c),(f)
115,672
115,963
2025-NQM4,
5.61%
due
02/25/65
(c),(f)
98,672
98,843
2024-NQM1,
5.94%
due
12/01/63
(c),(f)
93,471
93,566
2024-NQM5,
6.16%
due
06/25/64
(c),(f)
85,167
85,349
2025-NQM7,
5.46%
(WAC)
due
07/25/65
◊,(c)
78,380
78,428
2025-NQM1,
5.81%
due
12/25/64
(c),(f)
68,601
68,662
2024-NQM6,
5.66%
due
08/01/64
(c),(f)
56,758
56,723
OBX
Trust
2025-NQM1,
5.55%
(WAC)
due
12/25/64
◊,(c)
136,936
137,112
2026-NQM4,
5.17%
(WAC)
due
02/25/66
◊,(c)
96,345
95,837
2026-NQM5,
5.32%
(WAC)
due
01/25/66
◊,(c)
95,910
95,705
2024-NQM18,
5.87%
due
10/25/64
(c),(f)
59,198
59,199
2024-NQM12,
5.83%
due
07/25/64
(c),(f)
54,037
54,020
2024-NQM13,
5.37%
due
06/25/64
(c),(f)
54,067
53,945
FIGRE
Trust
2026-HE5,
5.61%
(WAC)
due
06/25/56
◊,(c)
145,980
146,182
2025-HE1,
5.93%
(WAC)
due
01/25/55
◊,(c)
105,811
106,604
2024-HE6,
5.97%
(WAC)
due
12/25/54
◊,(c)
103,631
103,720
2025-PF1,
5.91%
(WAC)
due
06/25/55
◊,(c)
73,503
73,781
2024-HE4,
5.06%
(WAC)
due
09/25/54
◊,(c)
63,647
63,357
GCAT
Trust
2025-NQM4,
5.53%
due
06/25/70
(c)
156,730
156,598
2025-INV3,
6.00%
(WAC)
due
08/25/55
◊,(c)
75,440
75,664
2022-NQM3,
5.35%
(WAC)
due
04/25/67
◊,(c)
72,942
72,722
Verus
Securitization
Trust
2025-1,
5.62%
(WAC)
due
01/25/70
◊,(c)
142,833
143,200
2025-5,
5.43%
due
06/25/70
(c),(f)
75,665
75,870
2024-9,
5.89%
due
11/25/69
(c),(f)
70,364
70,429
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
39.8%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
27.6%
(continued)
PMT
Loan
Trust
2025-INV8,
6.00%
(WAC)
due
07/25/56
◊,(c)
186,903
$
188,048
2025-INV7,
6.00%
(WAC)
due
06/25/56
◊,(c)
68,966
69,156
RCKT
Mortgage
Trust
2025-CES5,
5.69%
due
05/25/55
(c),(f)
102,321
102,705
2025-CES1,
5.65%
due
01/25/45
(c),(f)
92,989
93,310
NYMT
Loan
Trust
2026-INV2,
5.48%
(WAC)
due
04/25/61
◊,(c)
99,158
99,102
2025-CP1,
3.75%
(WAC)
due
11/25/69
◊,(c)
87,438
83,994
Cross
Mortgage
Trust
2025-H1,
5.99%
due
02/25/70
(c),(f)
98,687
98,861
2025-H6,
5.18%
(WAC)
due
07/25/70
◊,(c)
81,091
80,682
JP
Morgan
Mortgage
Trust
2025-1,
6.00%
(WAC)
due
06/25/55
◊,(c)
86,716
86,917
2024-NQM1,
5.95%
due
02/25/64
(c),(f)
58,120
58,150
Sequoia
Mortgage
Trust
2025-1,
6.00%
(WAC)
due
01/25/55
◊,(c)
95,860
96,043
2025-6,
5.50%
(WAC)
due
07/25/55
◊,(c)
43,901
43,833
New
Residential
Mortgage
Loan
Trust
2025-NQM3,
5.53%
(WAC)
due
05/25/65
◊,(c)
71,788
71,859
2024-NQM2,
5.42%
due
09/25/64
(c)
57,763
57,252
GS
Mortgage-Backed
Securities
Trust
2025-HE1,
5.18%
(30
Day
Average
SOFR
+
1.55%,
Rate
Floor:
1.55%)
due
10/25/55
◊,(c)
117,551
117,997
Mill
City
Mortgage
Loan
Trust
2021-NMR1,
2.50%
(WAC)
due
11/25/60
◊,(c)
120,000
100,123
Anchor
Mortgage
Trust
2025-RTL1,
5.72%
due
05/25/40
(c),(f)
100,000
99,770
CIM
Trust
2026-R1,
4.75%
due
12/25/65
(c),(f)
99,339
97,487
ATLX
Trust
2024-RPL1,
3.85%
due
04/25/64
(c),(f)
84,365
81,963
Chase
Home
Lending
Mortgage
Trust
2025-5,
5.50%
(WAC)
due
04/25/56
◊,(c)
81,066
80,861
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
LIMITED
DURATION
FUND
June
30,
2026
|
33
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
39.8%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
27.6%
(continued)
EFMT
2025-CES1,
5.73%
due
01/25/60
(c),(f)
76,121
$
76,328
HOMES
Trust
2025-NQM1,
5.86%
due
01/25/70
(c),(f)
75,972
76,062
Provident
Funding
Mortgage
Trust
2025-1,
5.50%
(WAC)
due
02/25/55
◊,(c)
65,225
65,136
COLT
Mortgage
Loan
Trust
2025-3,
5.35%
due
03/25/70
(c),(f)
62,252
62,146
Mill
City
Securities
Ltd.
2024-RS1,
3.00%
due
11/01/69
(c),(f)
55,427
53,170
Legacy
Mortgage
Asset
Trust
2021-GS3,
5.75%
due
07/25/61
(c)
44,308
44,362
Vista
Point
Securitization
Trust
2024-CES1,
6.68%
due
05/25/54
(c),(f)
41,463
41,704
Towd
Point
Mortgage
Trust
2023-CES2,
7.29%
(WAC)
due
10/25/63
◊,(c)
38,102
38,210
Total
Residential
Mortgage-Backed
Securities
5,742,009
GOVERNMENT
AGENCY
-
12
.1
%
Fannie
Mae
5.00%
◊
1,827,884
1,833,338
Freddie
Mac
5.50%
due
02/01/56
(g)
256,064
257,044
5.50%
due
12/25/51
151,280
151,364
5.50%
due
04/25/51
136,268
138,367
5.50%
due
07/25/53
64,716
64,887
5.25%
due
04/25/53
61,241
61,275
Total
Government
Agency
2,506,275
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
-
0
.1
%
BXHPP
Trust
2021-FILM,
4.84%
(1
Month
Term
SOFR
+
1.21%,
Rate
Floor:
1.10%)
due
08/15/36
◊,(c)
25,000
21,687
Total
Collateralized
Mortgage
Obligations
(Cost
$8,266,025)
8,269,971
CORPORATE
BONDS
-
9
.7
%
FINANCIAL
-
4
.6
%
Citadel
Securities
Global
Holdings
LLC
5.13%
due
01/27/32
(c)
250,000
247,008
Rocket
Companies,
Inc.
6.13%
due
08/01/30
(c)
150,000
152,576
GA
Global
Funding
Trust
5.40%
due
01/13/30
(c)
150,000
150,457
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
9.7%
(continued)
FINANCIAL
-
4.6%
(continued)
OneMain
Finance
Corp.
6.75%
due
03/15/32
70,000
$
70,168
SLM
Corp.
6.50%
due
05/15/32
(h)
70,000
69,919
Nassau
Companies
of
New
York
7.88%
due
07/15/30
(c)
69,000
65,928
UWM
Holdings
LLC
6.63%
due
02/01/30
(c)
70,000
65,225
PennyMac
Financial
Services,
Inc.
7.88%
due
12/15/29
(c)
60,000
62,395
American
National
Global
Funding
5.25%
due
06/03/30
(c)
30,000
30,029
F&G
Global
Funding
5.88%
due
01/16/30
(c)
25,000
25,266
Focus
Financial
Partners
LLC
6.75%
due
09/15/31
(c)
10,000
10,062
Total
Financial
949,033
CONSUMER,
NON-CYCLICAL
-
2
.6
%
Avantor
Funding,
Inc.
3.88%
due
11/01/29
(c)
125,000
119,336
Medline
Borrower,
LP
3.88%
due
04/01/29
(c)
120,000
116,537
Darling
Global
Finance
B.V.
4.50%
due
07/15/32
(c)
EUR
100,000
115,213
Cidron
Atrium
SE
5.91%
(3
Month
EURIBOR
+
3.63%)
due
02/15/33
◊,(c)
EUR
100,000
114,937
Albertsons
Companies,
Inc.
5.63%
due
03/31/32
(c)
70,000
67,676
Total
Consumer,
Non-cyclical
533,699
COMMUNICATIONS
-
1
.2
%
Space
Exploration
Technologies
Corp.
5.35%
due
07/15/31
(c)
120,000
119,687
Sirius
XM
Radio
LLC
3.13%
due
09/01/26
(c)
85,000
84,708
Match
Group
Holdings
II
LLC
4.13%
due
08/01/30
(c)
50,000
47,058
Total
Communications
251,453
UTILITIES
-
0
.6
%
ContourGlobal
Power
Holdings
S.A.
5.00%
due
02/28/30
(c)
EUR
100,000
115,596
ENERGY
-
0
.3
%
Venture
Global
Plaquemines
LNG
LLC
7.50%
due
05/01/33
(c)
40,000
43,901
6.13%
due
12/15/30
(c)
25,000
25,579
Total
Energy
69,480
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
LIMITED
DURATION
FUND
June
30,
2026
34
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
9.7%
(continued)
BASIC
MATERIALS
-
0
.3
%
Novelis
Corp.
3.88%
due
08/15/31
(c)
70,000
$
63,760
CONSUMER,
CYCLICAL
-
0
.1
%
Six
Flags
Entertainment
Corp.
/
Six
Flags
Theme
Parks,
Inc.
/
Canada's
Wonderland
Co.
6.63%
due
05/01/32
(c)
25,000
25,328
Total
Corporate
Bonds
(Cost
$1,994,362)
2,008,349
SENIOR
FLOATING
RATE
INTERESTS
-
7
.5
%
CONSUMER,
CYCLICAL
-
2
.8
%
Bulldog
Purchaser,
Inc.
6.91%
(3
Month
Term
SOFR
+
3.25%,
Rate
Floor:
0.50%)
due
02/04/33
◊
99,750
99,792
AS
Mileage
Plan
IP
Ltd.
5.64%
(3
Month
Term
SOFR
+
2.00%)
due
05/12/33
◊
100,000
99,563
Clarios
Global,
LP
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
01/28/32
◊
99,500
99,500
Aramark
Services,
Inc.
5.39%
(1
Month
Term
SOFR
+
1.75%)
due
06/22/30
◊
93,460
93,413
Allwyn
Entertainment
Financing
US
LLC
due
01/18/33
(d)
80,000
78,900
Hunter
Douglas,
Inc.
6.73%
(3
Month
Term
SOFR
+
3.00%)
due
01/17/32
◊
78,800
78,636
PCI
Gaming
Authority,
Inc.
5.64%
(1
Month
Term
SOFR
+
2.00%)
due
07/18/31
◊
29,400
29,375
Total
Consumer,
Cyclical
579,179
FINANCIAL
-
2
.0
%
Kroll,
Inc.
6.73%
(3
Month
Term
SOFR
+
3.00%)
(in-kind
rate
was
2.75%)
due
09/13/32
◊,(e),(i)
101,707
101,355
8.89%
(1
Month
Term
SOFR
+
5.25%,
Rate
Floor:
0.50%)
due
09/13/32
◊,(e)
2,000
2,000
Jane
Street
Group
LLC
5.67%
(3
Month
Term
SOFR
+
2.00%)
due
12/15/31
◊
98,437
97,461
Amwins
Group,
Inc.
5.73%
(3
Month
Term
SOFR
+
2.00%,
Rate
Floor:
0.75%)
due
01/30/32
◊
98,500
96,229
CPI
Holdco
B
LLC
5.64%
(1
Month
Term
SOFR
+
2.00%)
due
05/17/31
◊
49,496
49,274
Focus
Financial
Partners
LLC
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
09/15/31
◊
29,551
28,798
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
7.5%
(continued)
FINANCIAL
-
2.0%
(continued)
Ryan
Specialty
LLC
5.64%
(1
Month
Term
SOFR
+
2.00%,
Rate
Floor:
0.75%)
due
09/15/31
◊
24,625
$
24,556
Citadel
Securities
Global
Holdings
LLC
5.66%
(3
Month
Term
SOFR
+
2.00%)
due
10/31/31
◊
19,750
19,702
Total
Financial
419,375
INDUSTRIAL
-
0
.7
%
Merlin
Buyer,
Inc.
7.73%
(3
Month
Term
SOFR
+
4.00%)
due
04/15/33
◊
50,000
50,063
Genesee
&
Wyoming,
Inc.
5.48%
(3
Month
Term
SOFR
+
1.75%)
due
04/10/31
◊
49,496
49,261
TransDigm,
Inc.
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
01/19/32
◊
24,625
24,626
Dynasty
Acquisition
Co.,
Inc.
5.64%
(1
Month
Term
SOFR
+
2.00%)
due
10/31/31
◊
19,700
19,739
Capstone
Acquisition
Holdings,
Inc.
8.24%
(1
Month
Term
SOFR
+
4.50%,
Rate
Floor:
1.00%)
due
11/13/29
◊,(e)
9,833
9,796
Total
Industrial
153,485
COMMUNICATIONS
-
0
.6
%
Sweetwater
Borrower
LLC
7.64%
(1
Month
Term
SOFR
+
4.00%)
due
02/17/33
◊
49,422
49,669
Discovery
Global
Holdings,
Inc.
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
06/20/33
◊
49,038
49,034
Level
3
Financing,
Inc.
6.39%
(1
Month
Term
SOFR
+
2.75%)
due
03/29/32
◊
20,000
19,994
Total
Communications
118,697
ENERGY
-
0
.5
%
WhiteWater
Matterhorn
Holdings
LLC
5.50%
(3
Month
Term
SOFR
+
1.75%)
due
06/16/32
◊
99,750
98,948
TECHNOLOGY
-
0
.5
%
CCC
Intelligent
Solutions,
Inc.
5.64%
(1
Month
Term
SOFR
+
2.00%,
Rate
Floor:
0.50%)
due
01/23/32
◊
98,558
97,030
CONSUMER,
NON-CYCLICAL
-
0
.4
%
Grant
Thornton
Advisors
Holding
LLC
6.39%
(1
Month
Term
SOFR
+
2.75%)
due
06/02/31
◊
45,778
43,485
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
LIMITED
DURATION
FUND
June
30,
2026
|
35
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
7.5%
(continued)
CONSUMER,
NON-CYCLICAL
-
0.4%
(continued)
Froneri
US,
Inc.
5.88%
(6
Month
Term
SOFR
+
2.25%)
due
09/30/31
◊
24,687
$
24,495
Thevelia
US
LLC
6.73%
(3
Month
Term
SOFR
+
3.00%,
Rate
Floor:
0.50%)
due
06/18/29
◊
24,621
23,890
Total
Consumer,
Non-cyclical
91,870
Total
Senior
Floating
Rate
Interests
(Cost
$1,564,715)
1,558,584
CONTRACTS/
NOTIONAL
VALUE
LISTED
OPTIONS
PURCHASED
-
0
.0
%
Call
Options
on
:
Interest
Rate
Options
3-Month
SOFR
Futures
Contracts
Expiring
March
2027
with
strike
price
of
$97.50
(Notional
Value
$2,398,000)
10
1,000
3-Month
SOFR
Futures
Contracts
Expiring
September
2026
with
strike
price
of
$97.50
(Notional
Value
$3,603,188)
15
187
Total
Listed
Options
Purchased
(Cost
$11,229)
1,187
OTC
INTEREST
RATE
SWAPTIONS
PURCHASED
(j)
-
0
.0
%
Call
Swaptions
on
:
Interest
Rate
Swaptions
Morgan
Stanley
Capital
Services
LLC
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.38%
782,000
945
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.38%
434,000
524
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.25%
434,000
395
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.25%
434,000
394
Citibank,
N.A.
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.43%
699,000
340
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.38%
261,000
311
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.38%
260,000
309
A
A
A
CONTRACTS/
NOTIONAL
VALUE
VALUE
OTC
INTEREST
RATE
SWAPTIONS
PURCHASED
(j)
-
0.0%
(continued)
Call
Swaptions
on:
(continued)
Interest
Rate
Swaptions
(continued)
JPMorgan
Chase
Bank,
N.A.
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.43%
522,000
$
243
Barclays
Bank
plc
9-Month/5-
Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.35%
340,000
228
BNP
Paribas
9-Month/5-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.35%
340,000
228
Morgan
Stanley
Capital
Services
LLC
9-Month/5-
Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.35%
340,000
228
The
Toronto-Dominion
Bank
9-Month/5-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.35%
340,000
228
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.43%
341,000
166
BNP
Paribas
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.30%
523,000
165
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.43%
260,000
121
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.30%
260,000
82
Total
OTC
Interest
Rate
Swaptions
Purchased
(Cost
$37,851)
4,907
Total
Investments
-
111.1%
(Cost
$23,122,358)
$
23,097,974
LISTED
OPTIONS
WRITTEN
-
(
0
.0
)
%
Call
Options
on
:
Interest
Rate
Options
3-Month
SOFR
Futures
Contracts
Expiring
September
2026
with
strike
price
of
$98.00
(Notional
Value
$3,603,188)
15
(
188
)
3-Month
SOFR
Futures
Contracts
Expiring
March
2027
with
strike
price
of
$98.00
(Notional
Value
$2,398,000)
10
(
687
)
Total
Listed
Options
Written
(Premium
received
$5,608)
(
875
)
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
LIMITED
DURATION
FUND
June
30,
2026
36
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
CONTRACTS/
NOTIONAL
VALUE
VALUE
OTC
INTEREST
RATE
SWAPTIONS
WRITTEN
(j)
-
(
0
.2
)
%
Call
Swaptions
on
:
Interest
Rate
Swaptions
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.64%
306,250
$
(
2
)
Morgan
Stanley
Capital
Services
LLC
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.64%
306,250
(
2
)
Barclays
Bank
plc
1-Year/2-
Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.71%
218,750
(
3
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.71%
218,750
(
3
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.69%
350,000
(
3
)
The
Toronto-Dominion
Bank
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.69%
350,000
(
3
)
BNP
Paribas
9-Month/5-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
2.85%
340,000
(
32
)
Morgan
Stanley
Capital
Services
LLC
9-Month/5-
Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
2.85%
340,000
(
32
)
The
Toronto-Dominion
Bank
9-Month/5-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
2.85%
340,000
(
32
)
Barclays
Bank
plc
9-Month/5-
Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
2.85%
340,000
(
33
)
Total
Interest
Rate
Swaptions
(
145
)
Put
Swaptions
on
:
Interest
Rate
Swaptions
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
260,000
(
1,018
)
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
260,000
(
1,022
)
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
260,000
(
1,344
)
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
261,000
(
1,349
)
A
A
A
CONTRACTS/
NOTIONAL
VALUE
VALUE
OTC
INTEREST
RATE
SWAPTIONS
WRITTEN
(j)
-
(0.2)%
(continued)
Put
Swaptions
on:
(continued)
Interest
Rate
Swaptions
(continued)
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
341,000
$
(
1,351
)
Barclays
Bank
plc
1-Year/2-
Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.71%
218,750
(
1,419
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.71%
218,750
(
1,419
)
JPMorgan
Chase
Bank,
N.A.
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
522,000
(
2,044
)
BNP
Paribas
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
523,000
(
2,056
)
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
434,000
(
2,256
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.64%
306,250
(
2,310
)
Morgan
Stanley
Capital
Services
LLC
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.64%
306,250
(
2,310
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.69%
350,000
(
2,376
)
The
Toronto-Dominion
Bank
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.69%
350,000
(
2,376
)
Citibank,
N.A.
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
699,000
(
2,737
)
Morgan
Stanley
Capital
Services
LLC
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
782,000
(
4,064
)
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
868,000
(
4,512
)
Total
Interest
Rate
Swaptions
(
35,963
)
Total
OTC
Interest
Rate
Swaptions
Written
(Premium
received
$38,641)
(
36,108
)
Other
Assets
&
Liabilities,
net
-
(10.9)%
(
2,269,923
)
Total
Net
Assets
-
100.0%
$
20,791,068
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
LIMITED
DURATION
FUND
June
30,
2026
|
37
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
(a)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(b)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(c)
Security
is
a
144A
or
Section
4(a)(2)
security.
These
securities
have
been
determined
to
be
liquid
under
guidelines
established
by
the
Board
of
Trustees.
The
total
market
value
of
144A
or
Section
4(a)(2)
liquid
securities
is
$18,164,219
(cost
$18,144,476),
or
87.4%
of
total
net
assets.
(d)
Security
is
unsettled
at
period
end
and
may
not
have
a
stated
effective
rate.
(e)
Value
determined
based
on
Level
3
inputs
—
See
Note
3
.
(f)
Security
is
a
step
up/down
bond.
The
coupon
increases
or
decreases
at
regular
intervals
until
the
bond
reaches
full
maturity.
Rate
indicated
is
the
rate
at
June
30,
2026.
See
table
below
for
additional
step
information
for
each
security.
(g)
All
or
a
portion
of
this
security
is
pledged
as
swap
collateral
at
June
30,
2026.
(h)
Security
has
a
fixed
rate
coupon
which
will
convert
to
a
floating
or
variable
rate
coupon
on
a
future
date.
(i)
Payment-in-kind
security.
(j)
Swaptions
—
See
additional
disclosure
in
the
swaptions
table
below
for
more
information
on
swaptions.
~
The
face
amount
is
denominated
in
U.S.
dollars
unless
otherwise
indicated.
◊
Variable
rate
security.
Rate
indicated
is
the
rate
effective
at
June
30,
2026.
In
some
instances,
the
effective
rate
is
limited
by
a
minimum
rate
floor
or
a
maximum
rate
cap
established
by
the
issuer.
The
settlement
status
of
a
position
may
also
impact
the
effective
rate
indicated.
In
some
cases,
a
position
may
be
unsettled
at
period
end
and
may
not
have
a
stated
effective
rate.
In
instances
where
multiple
underlying
reference
rates
and
spread
amounts
are
shown,
the
effective
rate
is
based
on
a
weighted
average.
EUR
—
Euro
EURIBOR
—
European
Interbank
Offered
Rate
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
WAC
—
Weighted
Average
Coupon
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Depreciation
(a)
Interest
Rate
Futures
Contracts
Purchased
U.S.
Treasury
2
Year
Note
Futures
Contracts
5
Sep
2026
$
1,030,469
$
(
125
)
–
–
Centrally
Cleared
Interest
Rate
Swap
Agreements
Counterparty
Exchange
Floating
Rate
Type
Floating
Rate
Index
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
(a)
J.P.
Morgan
Securities
LLC
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
3.37%
Annually
10/02/30
$
2,650,000
$
65,309
$
217
$
65,092
J.P.
Morgan
Securities
LLC
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
3.38%
Annually
02/17/31
2,500,000
58,590
—
58,590
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
LIMITED
DURATION
FUND
June
30,
2026
38
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Centrally
Cleared
Interest
Rate
Swap
Agreements
(continued)
Counterparty
Exchange
Floating
Rate
Type
Floating
Rate
Index
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
(a)
J.P.
Morgan
Securities
LLC
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
3.64%
Annually
10/02/35
$
775,000
$
22,541
$
1,355
$
21,186
J.P.
Morgan
Securities
LLC
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
3.85%
Annually
10/02/40
675,000
21,212
256
20,956
J.P.
Morgan
Securities
LLC
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
3.79%
Annually
05/13/31
3,750,000
19,844
—
19,844
J.P.
Morgan
Securities
LLC
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
3.33%
Annually
10/20/32
1,450,000
52,748
42,873
9,875
J.P.
Morgan
Securities
LLC
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.95%
Annually
07/02/29
1,250,000
(
63
)
—
(
63
)
J.P.
Morgan
Securities
LLC
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
4.29%
Annually
05/13/46
200,000
(
1,767
)
—
(
1,767
)
J.P.
Morgan
Securities
LLC
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.76%
Annually
05/13/29
600,000
(
3,094
)
—
(
3,094
)
J.P.
Morgan
Securities
LLC
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.29%
Annually
02/23/28
600,000
(
7,885
)
—
(
7,885
)
J.P.
Morgan
Securities
LLC
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.47%
Annually
09/23/31
1,005,000
(
20,406
)
(
687
)
(
19,719
)
J.P.
Morgan
Securities
LLC
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.78%
Annually
05/13/28
10,750,000
(
43,455
)
—
(
43,455
)
J.P.
Morgan
Securities
LLC
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.39%
Annually
10/04/27
8,700,000
(
97,536
)
170
(
97,706
)
$
66,038
$
44,184
$
21,854
Forward
Foreign
Currency
Exchange
Contracts
Counterparty
Currency
Type
Quantity
Contract
Amount
Settlement
Date
Unrealized
Appreciation
Bank
of
America,
N.A.
EUR
Sell
306,000
354,320
USD
07/15/26
$
4,502
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
LIMITED
DURATION
FUND
June
30,
2026
|
39
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
OTC
Interest
Rate
Swaptions
Purchased
Counterparty/
Description
Floating
Rate
Type
Floating
Rate
Index
Payment
Frequency
Fixed
Rate
Expiration
Date
Exercise
Rate
Swaption
Notional
Amount
Swaption
Value
Call
Morgan
Stanley
Capital
Services
LLC
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.38%
12/28/26
3.38%
$
782,000
$
945
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.38%
12/28/26
3.38%
434,000
524
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.25%
12/28/26
3.25%
434,000
395
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.25%
12/28/26
3.25%
434,000
394
Citibank,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.43%
09/28/26
3.43%
699,000
340
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.38%
12/24/26
3.38%
261,000
311
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.38%
12/24/26
3.38%
260,000
309
JPMorgan
Chase
Bank,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.43%
09/24/26
3.43%
522,000
243
Barclays
Bank
plc
9-Month/5-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.35%
09/21/26
3.35%
340,000
228
Morgan
Stanley
Capital
Services
LLC
9-Month/5-
Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.35%
09/21/26
3.35%
340,000
228
The
Toronto-
Dominion
Bank
9-Month/5-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.35%
09/21/26
3.35%
340,000
228
BNP
Paribas
9-Month/5-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.35%
09/21/26
3.35%
340,000
228
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.43%
09/28/26
3.43%
341,000
166
BNP
Paribas
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.30%
09/25/26
3.30%
523,000
165
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.43%
09/24/26
3.43%
260,000
121
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.30%
09/25/26
3.30%
260,000
82
$
4,907
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
LIMITED
DURATION
FUND
June
30,
2026
40
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
OTC
Interest
Rate
Swaptions
Written
Counterparty/
Description
Floating
Rate
Type
Floating
Rate
Index
Payment
Frequency
Fixed
Rate
Expiration
Date
Exercise
Rate
Swaption
Notional
Amount
Swaption
Value
Call
Morgan
Stanley
Capital
Services
LLC
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.64%
08/13/26
2.64%
$
306,250
$
(
2
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.64%
08/13/26
2.64%
306,250
(
2
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.71%
08/19/26
2.71%
218,750
(
3
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.69%
08/14/26
2.69%
350,000
(
3
)
The
Toronto-
Dominion
Bank
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.69%
08/14/26
2.69%
350,000
(
3
)
Barclays
Bank
plc
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.71%
08/19/26
2.71%
218,750
(
3
)
Morgan
Stanley
Capital
Services
LLC
9-Month/5-
Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.85%
09/21/26
2.85%
340,000
(
32
)
The
Toronto-
Dominion
Bank
9-Month/5-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.85%
09/21/26
2.85%
340,000
(
32
)
BNP
Paribas
9-Month/5-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.85%
09/21/26
2.85%
340,000
(
32
)
Barclays
Bank
plc
9-Month/5-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.85%
09/21/26
2.85%
340,000
(
33
)
$
(
145
)
Put
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/24/26
3.95%
260,000
(
1,018
)
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/25/26
3.95%
260,000
(
1,022
)
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/24/26
3.95%
260,000
(
1,344
)
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/24/26
3.95%
261,000
(
1,349
)
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/28/26
3.95%
341,000
(
1,351
)
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
LIMITED
DURATION
FUND
June
30,
2026
|
41
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
OTC
Interest
Rate
Swaptions
Written
(continued)
Counterparty/
Description
Floating
Rate
Type
Floating
Rate
Index
Payment
Frequency
Fixed
Rate
Expiration
Date
Exercise
Rate
Swaption
Notional
Amount
Swaption
Value
Barclays
Bank
plc
1-Year/2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.71%
08/19/26
3.71%
$
218,750
$
(
1,419
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.71%
08/19/26
3.71%
218,750
(
1,419
)
JPMorgan
Chase
Bank,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/24/26
3.95%
522,000
(
2,044
)
BNP
Paribas
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/25/26
3.95%
523,000
(
2,056
)
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/28/26
3.95%
434,000
(
2,256
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.64%
08/13/26
3.64%
306,250
(
2,310
)
Morgan
Stanley
Capital
Services
LLC
1-Year/2-
Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.64%
08/13/26
3.64%
306,250
(
2,310
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.69%
08/14/26
3.69%
350,000
(
2,376
)
The
Toronto-
Dominion
Bank
1-Year/2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.69%
08/14/26
3.69%
350,000
(
2,376
)
Citibank,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/24/26
3.95%
699,000
(
2,737
)
Morgan
Stanley
Capital
Services
LLC
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/28/26
3.95%
782,000
(
4,064
)
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/28/26
3.95%
868,000
(
4,512
)
$
(
35,963
)
(a)
Includes
cumulative
appreciation
(depreciation).
CME
—
Chicago
Mercantile
Exchange
EUR
—
Euro
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
LIMITED
DURATION
FUND
June
30,
2026
42
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Significant
changes
in
a
quote
or
yield
would
generally
result
in
significant
changes
in
the
fair
value
of
the
security.
Any
remaining
Level
3
securities
held
by
the
Fund
and
excluded
from
the
table
above,
were
not
considered
material
to
the
Fund.
The
Fund’s
fair
valuation
leveling
guidelines
classify
a
single
daily
broker
quote,
or
a
vendor
price
based
on
a
single
daily
or
monthly
broker
quote,
as
Level
3,
if
such
a
quote
or
price
cannot
be
supported
with
other
available
market
information.
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(See
Note
3
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Preferred
Stocks
$
—
$
51,206
$
—
$
51,206
Money
Market
Funds
240,544
—
—
240,544
Asset-Backed
Securities
—
10,532,261
430,965
10,963,226
Collateralized
Mortgage
Obligations
—
8,269,971
—
8,269,971
Corporate
Bonds
—
2,008,349
—
2,008,349
Senior
Floating
Rate
Interests
—
1,445,433
113,151
1,558,584
Options
Purchased
1,187
—
—
1,187
Interest
Rate
Swaptions
Purchased
—
4,907
—
4,907
Interest
Rate
Swap
Agreements
(a)
—
195,543
—
195,543
Forward
Foreign
Currency
Exchange
Contracts
(a)
—
4,502
—
4,502
Unfunded
Loan
Commitments
(
Note
4
)
(a)
—
—
541
541
Total
Assets
$
241,731
$
22,512,172
$
544,657
$
23,298,560
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Options
Written
$
875
$
—
$
—
$
875
Interest
Rate
Swaptions
Written
—
36,108
—
36,108
Interest
Rate
Futures
Contracts
(a)
125
—
—
125
Interest
Rate
Swap
Agreements
(a)
—
173,689
—
173,689
Total
Liabilities
$
1,000
$
209,797
$
—
$
210,797
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
The
following
is
a
summary
of
significant
unobservable
inputs
used
in
the
fair
valuation
of
assets
and
liabilities
categorized
within
Level
3
of
the
fair
value
hierarchy:
Category
Ending
Balance
at
June
30,
2026
Valuation
Technique
Unobservable
Inputs
Input
Range
Weighted
Average
(a)
Assets:
Asset-Backed
Securities
$
296,740
Option
adjusted
spread
off
prior
month
end
broker
quote
Broker
Quote
—
—
Asset-Backed
Securities
99,906
Yield
Analysis
Yield
6.0%
—
Asset-Backed
Securities
34,319
Third
Party
Pricing
Trade
Price
—
—
Senior
Floating
Rate
Interests
111,151
Yield
Analysis
Yield
8.6%-9.1%
9.1%
Senior
Floating
Rate
Interests
2,000
Model
Price
Purchase
Price
—
—
Unfunded
Loan
Commitments
541
Model
Price
Purchase
Price
—
—
Total
Assets
$
544,657
(a)
Inputs
are
weighted
by
the
fair
value
of
the
instruments.
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
LIMITED
DURATION
FUND
June
30,
2026
|
43
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Transfers
between
Level
2
and
Level
3
may
occur
as
markets
fluctuate
and/or
the
availability
of
data
used
in
an
investment’s
valuation
changes.
For
the
period
ended
June
30,
2026,
the
Fund
had
securities
with
a
total
value
of
$73,220
transfer
into
Level
3
from
Level
2
due
to
a
lack
of
observable
inputs
and
did
not
have
any
securities
transfer
out
of
Level
3
into
Level
2.
Summary
of
Fair
Value
Level
3
Activity
Following
is
a
reconciliation
of
Level
3
assets
for
which
significant
unobservable
inputs
were
used
to
determine
fair
value
for
the
period
ended
June
30,
2026:
Beginning
Balance
Purchases/
(Receipts)
(Sales,
maturities
and
paydowns)/
Fundings
Amortization
of
premiums/
discounts
Total
realized
gains
(losses)
included
in
earnings
Assets
Asset-Backed
Securities
$
150,856
$
234,201
$
(
24,340
)
$
—
$
—
Senior
Floating
Rate
Interests
9,084
104,501
(
598
)
61
4
Unfunded
Loan
Commitments
43
—
(
769
)
—
—
Total
Assets
$
159,983
$
338,702
$
(
25,707
)
$
61
$
4
Total
change
in
unrealized
appreciation
(depreciation)
included
in
earnings
Transfers
into
Level
3
Ending
Balance
Net
change
in
unrealized
appreciation
(depreciation)
for
investments
in
Level
3
securities
still
held
at
June
30,
2026
Assets
Asset-Backed
Securities
$
(
2,972
)
$
73,220
$
430,965
$
(
2,249
)
Senior
Floating
Rate
Interests
99
—
113,151
99
Unfunded
Loan
Commitments
1,267
—
541
1,267
Total
Assets
$
(
1,606
)
$
73,220
$
544,657
$
(
883
)
Step
Coupon
Bonds
The
following
table
discloses
additional
information
related
to
step
coupon
bonds
held
by
the
Fund.
Certain
securities
are
subject
to
multiple
rate
changes
prior
to
maturity.
For
those
securities,
a
range
of
rates
and
corresponding
dates
have
been
provided.
Rates
for
all
step
coupon
bonds
held
by
the
Fund
are
scheduled
to
increase,
none
are
scheduled
to
decrease.
Name
Coupon
Rate
at
Next
Reset
Date
Next
Rate
Reset
Date
Future
Reset
Rate(s)
Future
Reset
Date(s)
Anchor
Mortgage
Trust
2025-RTL1,
5.72%
due
05/25/40
6.72%
11/01/27
—
—
ATLX
Trust
2024-RPL1,
3.85%
due
04/25/64
4.85%
08/01/28
—
—
BRAVO
Residential
Funding
Trust
2025-CES1,
5.70%
due
02/25/55
6.70%
03/01/29
—
—
BRAVO
Residential
Funding
Trust
2024-NQM6,
5.66%
due
08/01/64
6.66%
08/01/28
—
—
BRAVO
Residential
Funding
Trust
2025-NQM4,
5.61%
due
02/25/65
6.61%
04/26/29
—
—
BRAVO
Residential
Funding
Trust
2025-NQM1,
5.81%
due
12/25/64
6.81%
01/01/29
—
—
BRAVO
Residential
Funding
Trust
2024-NQM5,
6.16%
due
06/25/64
7.16%
07/01/28
—
—
BRAVO
Residential
Funding
Trust
2024-NQM1,
5.94%
due
12/01/63
6.94%
01/01/28
—
—
CIM
Trust
2026-R1,
4.75%
due
12/25/65
7.75%
05/01/29
—
—
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ACTIVE
INVESTMENT
SERIES
(GAINS)
–
LIMITED
DURATION
FUND
June
30,
2026
44
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Name
Coupon
Rate
at
Next
Reset
Date
Next
Rate
Reset
Date
Future
Reset
Rate(s)
Future
Reset
Date(s)
COLT
Mortgage
Loan
Trust
2025-3,
5.35%
due
03/25/70
6.35%
02/01/29
—
—
Cross
Mortgage
Trust
2025-H1,
5.99%
due
02/25/70
6.99%
01/01/29
—
—
EFMT
2025-CES1,
5.73%
due
01/25/60
6.73%
02/01/29
—
—
HOMES
Trust
2025-NQM1,
5.86%
due
01/25/70
6.86%
01/01/29
—
—
JP
Morgan
Mortgage
Trust
2024-NQM1,
5.95%
due
02/25/64
6.95%
12/01/28
—
—
Mill
City
Securities
Ltd.
2024-RS1,
3.00%
due
11/01/69
6.00%
10/01/27
—
—
OBX
Trust
2024-NQM13,
5.37%
due
06/25/64
6.37%
08/01/28
—
—
OBX
Trust
2024-NQM12,
5.83%
due
07/25/64
6.83%
08/01/28
—
—
OBX
Trust
2024-NQM18,
5.87%
due
10/25/64
6.87%
11/01/28
—
—
PRPM
LLC
2026-2,
5.09%
due
02/25/31
8.09%
02/01/29
9.09%
02/01/30
PRPM
LLC
2026-3,
5.96%
due
04/25/31
8.96%
04/01/29
9.96%
04/01/30
PRPM
LLC
2025-6,
5.77%
due
08/25/28
8.77%
08/01/28
—
—
PRPM
LLC
2025-RPL3,
3.25%
due
04/25/55
4.25%
04/01/28
—
—
PRPM
LLC
2025-5,
5.73%
due
07/25/30
8.73%
07/01/28
9.73%
07/01/29
RCKT
Mortgage
Trust
2025-CES1,
5.65%
due
01/25/45
6.65%
01/01/29
—
—
RCKT
Mortgage
Trust
2025-CES5,
5.69%
due
05/25/55
6.69%
05/01/29
—
—
Verus
Securitization
Trust
2024-9,
5.89%
due
11/25/69
6.89%
12/01/28
—
—
Verus
Securitization
Trust
2025-5,
5.43%
due
06/25/70
6.43%
06/01/29
—
—
Vista
Point
Securitization
Trust
2024-CES1,
6.68%
due
05/25/54
7.67%
04/01/28
—
—
|
45
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
CORE
BOND
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
0
.0
%
FINANCIAL
-
0
.0
%
Pershing
Square
Tontine
Holdings,
Ltd. — Class
A*
,(a),(b)
622,890
$
62
INDUSTRIAL
-
0
.0
%
Constar
International
Holdings
LLC*
,(a)
68
—
Total
Common
Stocks
(Cost
$–)
62
PREFERRED
STOCKS
-
1
.8
%
FINANCIAL
-
1
.6
%
Wells
Fargo
&
Co.
6.13%
7,900,000
7,993,520
6.85%
850,000
883,346
Citigroup,
Inc.
6.63%
6,050,000
6,163,722
6.88%
2,300,000
2,355,472
Charles
Schwab
Corp.
4.00%
8,500,000
7,975,881
JPMorgan
Chase
&
Co.
6.10%
4,475,000
4,531,654
6.50%
1,570,000
1,607,697
State
Street
Corp.
6.70%
4,870,000
5,036,554
Bank
of
America
Corp.
6.63%
4,000,000
4,123,916
6.25%
900,000
910,813
Bank
of
New
York
Mellon
Corp.
3.75%
3,900,000
3,872,704
5.95%
730,000
732,495
CNO
Financial
Group,
Inc.
5.13%
due
11/25/60
47,725
790,803
Corebridge
Financial,
Inc.
6.88%
548,000
570,243
First
Republic
Bank
4.25%*
77,975
16
Total
Financial
47,548,836
UTILITIES
-
0
.1
%
NextEra
Energy
Capital
Holdings,
Inc.
6.50%
due
04/15/86
90,000
2,251,800
6.50%
due
06/01/85
17,450
424,559
Total
Utilities
2,676,359
GOVERNMENT
-
0
.1
%
CoBank
ACB
6.75%
1,800,000
1,812,841
7.13%
500,000
506,038
Total
Government
2,318,879
INDUSTRIAL
-
0
.0
%
Constar
International
Holdings
LLC*
,(a)
7
—
Total
Preferred
Stocks
(Cost
$54,682,644)
52,544,074
A
A
A
SHARES
VALUE
WARRANTS
-
0
.0
%
Pershing
Square
SPARC
Holdings,
Ltd.
Expiring
12/31/49*
,(a),(b)
190,327
$
19
Pershing
Square
Tontine
Holdings,
Ltd.
Expiring
07/24/27*
,(a),(b)
69,210
7
Ginkgo
Bioworks
Holdings,
Inc.
Expiring
09/16/26*
6,510
5
Total
Warrants
(Cost
$15,075)
31
MONEY
MARKET
FUNDS
(c)
-
1
.9
%
BNY
Dreyfus
Treasury
Securities
Cash
Management
Fund
—
Institutional
Shares,
3.53%
(d)
51,070,717
51,070,717
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(d)
2,843,249
2,843,249
Total
Money
Market
Funds
(Cost
$53,913,966)
53,913,966
FACE
AMOUNT
~
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
29
.6
%
GOVERNMENT
AGENCY
-
19
.5
%
Freddie
Mac
5.50%
due
04/01/56
(e)
52,542,723
52,745,214
5.50%
due
02/01/56
(e)
46,964,106
47,143,878
3.00%
due
05/01/52
46,998,352
41,080,792
5.00%
due
05/01/56
21,909,206
21,537,997
6.00%
due
08/01/54
14,512,536
15,067,500
5.50%
due
09/01/53
(e)
11,948,874
12,151,077
5.00%
due
10/25/51
3,827,388
3,814,694
5.50%
due
04/01/55
3,660,565
3,684,429
5.50%
due
06/01/53
2,886,124
2,931,063
5.00%
due
11/25/51
2,911,236
2,896,659
5.50%
due
09/01/54
1,742,213
1,768,585
6.00%
due
09/01/54
1,597,586
1,656,416
5.00%
due
02/25/52
1,556,131
1,547,215
5.50%
due
07/25/53
1,208,040
1,211,225
5.25%
due
04/25/53
918,618
919,121
1.98%
due
05/01/50
1,266,476
893,806
Uniform
MBS
30
Year
3.00%
due
08/15/56
107,195,000
93,402,018
2.50%
due
08/15/56
72,005,000
60,135,425
5.00%
due
08/01/56
32,727,666
32,121,751
2.00%
due
08/15/56
15,965,000
12,741,989
Fannie
Mae
5.50%
due
04/01/56
46,251,850
46,428,902
5.50%
due
03/01/55
18,030,488
18,235,175
3.00%
due
05/01/52
15,838,972
13,823,328
5.50%
due
05/01/55
12,506,567
12,586,814
5.50%
due
07/01/54
8,180,948
8,304,173
6.00%
due
07/01/54
7,268,197
7,533,332
5.00%
due
01/25/53
5,629,625
5,593,398
5.00%
due
10/25/51
4,819,004
4,809,821
5.00%
due
11/25/53
3,625,474
3,609,110
5.00%
due
05/01/56
3,625,777
3,564,345
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
46
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
29.6%
(continued)
GOVERNMENT
AGENCY
-
19.5%
(continued)
5.50%
due
04/01/55
3,520,848
$
3,543,891
5.50%
due
09/01/54
2,886,468
2,928,842
6.00%
due
09/01/54
2,618,492
2,714,815
2.78%
due
05/01/51
2,523,728
1,942,747
2.32%
due
02/01/51
1,900,429
1,394,643
2.00%
due
09/01/50
1,909,856
1,360,053
2.11%
due
10/01/50
1,686,222
1,219,127
2.27%
due
02/01/51
1,581,453
1,154,036
2.39%
due
02/01/51
1,316,672
976,072
6.50%
due
04/25/49
902,625
905,598
4.24%
due
08/01/48
957,532
850,626
2.58%
due
10/01/51
1,107,397
827,615
3.46%
due
08/01/49
878,853
750,561
4.37%
due
10/01/48
665,027
624,458
4.25%
due
05/01/48
579,841
536,644
due
12/25/43
(f),(g)
511,779
384,590
Ginnie
Mae
5.25%
due
03/20/52
3,360,895
3,371,281
5.00%
due
01/20/55
1,891,782
1,868,502
6.00%
due
06/20/47
128,600
128,537
Freddie
Mac
Seasoned
Credit
Risk
Transfer
Trust
2.00%
due
05/25/60
2,634,628
2,107,183
2.00%
due
11/25/59
1,009,457
804,217
Fannie
Mae-Aces
1.60%
(WAC)
due
03/25/35
◊,(h)
16,659,259
1,229,040
FARM
Mortgage
Trust
2.18%
(WAC)
due
01/25/51
◊,(i)
714,880
584,968
Total
Government
Agency
566,147,298
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
8
.8
%
OBX
Trust
2025-R1,
5.19%
due
09/25/62
(i),(j)
4,746,381
4,679,959
2026-NQM9,
5.62%
due
04/25/66
(i),(j)
4,350,000
4,338,275
2026-NQM9,
5.52%
due
04/25/66
(i),(j)
2,900,000
2,892,375
2026-NQM5,
5.57%
due
01/25/66
(i),(j)
2,637,530
2,630,214
2024-NQM15,
5.57%
due
10/25/64
(i),(j)
2,050,789
2,048,765
2023-NQM9,
7.66%
due
10/25/63
(i),(j)
1,889,108
1,895,367
2025-HE1,
5.53%
(30
Day
Average
SOFR
+
1.90%)
due
02/25/55
◊,(i)
1,800,000
1,810,994
2026-NQM4,
5.38%
due
02/25/66
(i),(j)
1,782,379
1,771,042
2024-NQM4,
6.22%
due
01/25/64
(i),(j)
1,470,917
1,473,533
2025-NQM13,
5.82%
due
05/25/65
(i),(j)
1,448,012
1,446,518
2025-NQM2,
5.95%
due
11/25/64
(i),(j)
872,243
873,624
2024-NQM5,
6.29%
due
01/25/64
(i),(j)
795,052
797,159
2025-NQM1,
5.85%
due
12/25/64
(i),(j)
787,384
787,719
2024-NQM6,
6.85%
due
02/25/64
(i),(j)
755,369
759,776
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
29.6%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
8.8%
(continued)
2024-NQM5,
5.99%
due
01/25/64
(i),(j)
681,473
$
683,125
2024-NQM6,
6.45%
due
02/25/64
(i),(j)
584,800
588,166
2024-NQM6,
6.70%
due
02/25/64
(i),(j)
487,335
490,147
2024-NQM3,
6.13%
due
12/25/63
(i),(j)
486,350
487,617
2024-NQM3,
6.33%
due
12/25/63
(i),(j)
486,350
487,596
2024-NQM3,
6.43%
due
12/25/63
(i),(j)
486,350
487,489
2024-NQM7,
6.24%
due
03/25/64
(i),(j)
456,741
458,818
2024-NQM7,
6.60%
due
03/25/64
(i),(j)
456,743
458,682
2024-NQM8,
6.59%
due
05/25/64
(i),(j)
454,660
456,829
2024-NQM5,
6.39%
due
01/25/64
(i),(j)
454,315
455,440
2025-NQM13,
5.61%
due
05/25/65
(i),(j)
398,203
397,311
2024-NQM8,
6.23%
due
05/25/64
(i),(j)
382,762
384,705
2024-NQM7,
6.45%
due
03/25/64
(i),(j)
274,046
275,192
2024-NQM2,
6.18%
due
12/25/63
(i),(j)
243,702
243,779
FIGRE
Trust
2026-HE1,
5.43%
(WAC)
due
01/25/56
◊,(i)
2,949,186
2,915,864
2024-HE5,
5.44%
(WAC)
due
10/25/54
◊,(i)
2,030,512
2,036,652
2024-HE2,
6.38%
(WAC)
due
05/25/54
◊,(i)
1,874,016
1,903,384
2025-PF2,
5.02%
(WAC)
due
10/25/55
◊,(i)
1,876,956
1,845,971
2024-HE6,
5.72%
(WAC)
due
12/25/54
◊,(i)
1,692,643
1,702,554
2024-HE1,
6.17%
(WAC)
due
03/25/54
◊,(i)
1,660,586
1,681,440
2025-HE8,
5.21%
(WAC)
due
11/25/55
◊,(i)
1,675,673
1,661,149
2026-HE2,
5.25%
(WAC)
due
01/25/56
◊,(i)
1,524,227
1,501,342
2026-HE5,
5.61%
(WAC)
due
06/25/56
◊,(i)
1,411,137
1,413,096
2025-HE1,
5.83%
(WAC)
due
01/25/55
◊,(i)
1,199,193
1,208,848
2024-HE4,
5.06%
(WAC)
due
09/25/54
◊,(i)
1,050,172
1,045,397
2025-HE1,
5.93%
(WAC)
due
01/25/55
◊,(i)
909,976
916,793
2024-HE3,
6.13%
(WAC)
due
07/25/54
◊,(i)
758,858
764,844
2026-FL2,
5.92%
due
06/25/56
(i),(j)
450,000
449,509
2025-PF1,
5.76%
(WAC)
due
06/25/55
◊,(i)
440,869
441,732
JP
Morgan
Mortgage
Trust
2021-12,
2.50%
(WAC)
due
02/25/52
◊,(i)
5,780,229
5,410,348
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
|
47
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
29.6%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
8.8%
(continued)
2021-13,
2.50%
(WAC)
due
04/25/52
◊,(i)
2,620,020
$
2,439,119
2026-CES1,
4.91%
due
06/25/56
(i),(j)
1,907,229
1,887,360
2026-CES1,
4.96%
due
06/25/56
(i),(j)
1,907,229
1,884,444
2026-VIS1,
5.04%
due
06/25/66
(i),(j)
1,806,379
1,782,885
2026-VIS1,
5.24%
due
06/25/66
(i),(j)
1,415,811
1,399,884
2024-NQM1,
5.85%
due
02/25/64
(i),(j)
1,162,395
1,163,031
2025-1,
6.00%
(WAC)
due
06/25/55
◊,(i)
780,445
782,257
GCAT
Trust
2025-NQM2,
5.60%
due
04/25/70
(i)
4,013,328
4,017,377
2025-NQM4,
5.73%
due
06/25/70
(i),(j)
2,625,223
2,621,276
2022-NQM3,
4.35%
(WAC)
due
04/25/67
◊,(i)
2,552,979
2,416,749
2025-INV3,
6.00%
(WAC)
due
08/25/55
◊,(i)
1,999,153
2,005,084
2022-NQM3,
5.35%
(WAC)
due
04/25/67
◊,(i)
1,422,374
1,418,073
2023-NQM3,
6.89%
due
08/25/68
(i),(j)
1,011,832
1,013,647
2023-NQM3,
7.34%
due
08/25/68
(i),(j)
1,011,912
1,013,046
2024-NQM2,
6.54%
due
06/25/59
(i),(j)
425,565
427,315
2024-NQM2,
6.09%
due
06/25/59
(i),(j)
212,757
213,557
Vista
Point
Securitization
Trust
2026-CES2,
5.42%
due
05/25/56
(i),(j)
7,054,276
7,054,300
2025-CES1,
5.81%
due
04/25/55
(i),(j)
2,411,788
2,417,180
2024-CES2,
5.25%
due
10/25/54
(i),(j)
1,850,610
1,843,557
2024-CES3,
5.68%
due
01/25/55
(i),(j)
1,722,436
1,723,869
Towd
Point
Mortgage
Trust
2026-CES1,
5.32%
due
01/25/66
(i),(j)
4,500,000
4,464,725
2025-CES4,
5.46%
due
10/25/65
(i),(j)
3,300,000
3,278,077
2024-4,
4.55%
(WAC)
due
10/27/64
◊,(i)
2,199,296
2,192,778
2025-1,
4.80%
(WAC)
due
06/25/65
◊,(i)
1,176,290
1,176,948
2023-CES2,
7.29%
(WAC)
due
10/25/63
◊,(i)
800,141
802,401
2023-CES1,
6.75%
(WAC)
due
07/25/63
◊,(i)
305,725
304,766
Verus
Securitization
Trust
2026-3,
5.33%
due
03/25/71
(i),(j)
4,367,160
4,327,123
2024-1,
6.12%
due
01/25/69
(i),(j)
1,923,023
1,922,861
2024-9,
5.89%
due
11/25/69
(i),(j)
1,864,650
1,866,374
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
29.6%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
8.8%
(continued)
2025-1,
5.98%
due
01/25/70
(i),(j)
1,142,683
$
1,144,722
2025-2,
5.51%
due
03/25/70
(i),(j)
1,064,559
1,063,662
2023-7,
7.42%
due
10/25/68
(i),(j)
639,190
640,613
Angel
Oak
Mortgage
Trust
2024-2,
6.25%
due
01/25/69
(i),(j)
3,101,702
3,103,372
2025-12,
5.34%
due
12/25/70
(i),(j)
2,504,005
2,479,925
2024-4,
6.20%
due
01/25/69
(i),(j)
1,527,421
1,533,656
2024-3,
4.80%
due
11/26/68
(i),(j)
1,497,310
1,488,670
2023-1,
4.75%
due
09/26/67
(i),(j)
1,108,723
1,102,899
2024-4,
6.50%
due
01/25/69
(i),(j)
464,891
466,392
2024-4,
6.40%
due
01/25/69
(i),(j)
218,772
219,535
2020-1,
2.77%
(WAC)
due
12/25/59
◊,(a),(i)
108,471
105,993
COLT
Mortgage
Loan
Trust
2021-2,
2.38%
(WAC)
due
08/25/66
◊,(i)
4,000,000
3,037,214
2023-4,
7.62%
due
10/25/68
(i),(j)
1,853,667
1,858,448
2023-3,
7.18%
due
09/25/68
(i),(j)
1,425,823
1,427,393
2024-1,
6.14%
due
02/25/69
(i),(j)
727,456
728,039
2025-3,
5.56%
due
03/25/70
(i),(j)
622,517
621,142
2024-2,
6.13%
due
04/25/69
(i),(j)
511,722
513,256
2023-3,
7.58%
due
09/25/68
(i),(j)
459,972
460,335
2024-2,
6.43%
due
04/25/69
(i),(j)
233,004
233,753
2024-2,
6.33%
due
04/25/69
(i),(j)
233,004
233,637
BRAVO
Residential
Funding
Trust
2025-NQM2,
5.83%
due
11/25/64
(i),(j)
2,729,982
2,740,518
2025-CES1,
5.70%
due
02/25/55
(i),(j)
1,619,413
1,623,482
2023-NQM2,
4.50%
due
05/25/62
(i),(j)
1,444,310
1,432,536
2024-NQM3,
6.39%
due
03/25/64
(i),(j)
863,891
868,218
2023-NQM8,
7.10%
due
10/25/63
(i),(j)
718,948
720,505
2024-CES1,
6.38%
due
04/25/54
(i),(j)
536,063
538,829
Cross
Mortgage
Trust
2024-H7,
5.59%
(WAC)
due
11/25/69
◊,(i)
2,200,646
2,203,475
2026-NQM1,
4.95%
due
02/25/61
(i),(j)
1,519,872
1,497,622
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
48
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
29.6%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
8.8%
(continued)
2026-NQM1,
5.16%
due
02/25/61
(i),(j)
1,163,652
$
1,148,500
2025-H1,
5.89%
due
02/25/70
(i),(j)
953,971
955,794
2025-H1,
5.99%
due
02/25/70
(i),(j)
690,806
692,024
2025-H2,
5.66%
due
03/25/70
(i),(j)
690,447
688,527
Saluda
Grade
Alternative
Mortgage
Trust
2025-RRTL1,
5.32%
due
10/25/40
(i),(j)
3,650,000
3,618,020
2025-LOC4,
5.38%
(30
Day
Average
SOFR
+
1.75%)
due
06/25/55
◊,(i)
1,520,660
1,529,625
2023-FIG4,
6.72%
(WAC)
due
11/25/53
◊,(i)
1,042,381
1,065,717
2025-LOC4,
5.48%
(30
Day
Average
SOFR
+
1.85%)
due
06/25/55
◊,(i)
760,330
762,990
GS
Mortgage-Backed
Securities
Trust
2026-NQM4,
5.66%
due
06/25/66
(i),(j)
3,440,199
3,425,778
2021-PJ10,
2.50%
(WAC)
due
03/25/52
◊,(i)
3,683,101
3,410,026
2020-NQM1,
1.79%
(WAC)
due
09/27/60
◊,(a),(i)
85,673
82,878
LHOME
Mortgage
Trust
2026-RTL1,
4.91%
due
01/25/41
(i),(j)
2,700,000
2,679,475
2024-RTL5,
5.32%
due
09/25/39
(i),(j)
2,200,000
2,202,130
2025-RTL3,
5.24%
due
08/25/40
(i),(j)
1,700,000
1,698,465
Provident
Funding
Mortgage
Trust
2026-1,
5.00%
(WAC)
due
01/25/56
◊,(i)
2,759,659
2,726,032
2025-1,
5.50%
(WAC)
due
02/25/55
◊,(i)
1,891,514
1,888,938
2025-4,
5.50%
(WAC)
due
09/25/55
◊,(i)
1,408,151
1,406,419
PMT
Loan
Trust
2025-INV8,
6.00%
(WAC)
due
07/25/56
◊,(i)
4,523,052
4,550,765
2025-INV7,
6.00%
(WAC)
due
06/25/56
◊,(i)
827,587
829,876
Mill
City
Mortgage
Loan
Trust
2021-NMR1,
2.50%
(WAC)
due
11/25/60
◊,(i)
5,810,000
4,972,974
SG
Residential
Mortgage
Trust
2026-1,
5.14%
due
01/25/66
(i),(j)
4,770,702
4,708,427
Aspire
Mortgage
Trust
2026-3,
5.56%
due
05/25/66
(i),(j)
2,700,000
2,702,280
2026-2,
5.63%
due
04/26/66
(i),(j)
1,966,492
1,958,798
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
29.6%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
8.8%
(continued)
RCKT
Mortgage
Trust
2024-CES4,
6.15%
due
06/25/44
(i),(j)
1,458,142
$
1,463,745
2023-CES2,
6.81%
(WAC)
due
09/25/43
◊,(i)
1,369,852
1,370,831
2025-CES1,
5.65%
due
01/25/45
(i),(j)
805,908
808,683
2025-CES7,
5.48%
due
07/25/55
(i),(j)
709,689
709,082
EFMT
2025-CES1,
5.73%
due
01/25/60
(i),(j)
3,425,434
3,434,760
2024-CES1,
5.52%
due
01/26/60
(i),(j)
711,177
711,503
NYMT
Loan
Trust
2025-CP1,
3.75%
(WAC)
due
11/25/69
◊,(i)
4,400,000
4,131,145
Barclays
Mortgage
Loan
Trust
2026-CES1,
4.85%
due
01/25/56
(i),(j)
3,981,978
3,929,200
New
Residential
Mortgage
Loan
Trust
2024-NQM2,
5.37%
due
09/25/64
(i)
1,039,727
1,032,219
2024-NQM2,
5.42%
due
09/25/64
(i)
1,039,727
1,030,544
2025-NQM3,
5.53%
(WAC)
due
05/25/65
◊,(i)
1,005,037
1,006,027
2019-6A,
3.50%
(WAC)
due
09/25/59
◊,(i)
274,032
256,100
PRKCM
Trust
2025-AFC1,
5.25%
due
10/25/60
(i),(j)
1,818,712
1,801,399
2026-AFC1,
5.03%
due
02/25/61
(i),(j)
1,359,745
1,337,013
BARC
2026-CES1,
5.15%
due
01/25/56
(i),(j)
1,950,000
1,913,565
2026-CES1,
5.05%
due
01/25/56
(i),(j)
1,050,000
1,030,378
PRPM
LLC
2024-RPL2,
3.50%
due
05/25/54
(i),(j)
1,549,025
1,509,135
2025-RPL3,
3.25%
due
04/25/55
(i),(j)
850,000
815,844
2023-RCF1,
4.00%
due
06/25/53
(i),(j)
526,948
521,783
Mill
City
Securities
Ltd.
2024-RS1,
3.00%
due
11/01/69
(i),(j)
2,244,803
2,153,388
2024-RS2,
3.00%
due
08/01/69
(i),(j)
703,259
671,212
Archwest
Mortgage
Trust
2025-RTL1,
5.20%
due
10/25/40
(i),(j)
2,650,000
2,636,703
Deephaven
Residential
Mortgage
Trust
2026-CES1,
5.31%
due
03/25/61
(i),(j)
2,166,940
2,160,049
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
|
49
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
29.6%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
8.8%
(continued)
ATLX
Trust
2024-RPL2,
3.85%
due
04/25/63
(i),(j)
1,981,374
$
1,919,775
HOMES
Trust
2026-NQM1,
5.05%
due
09/25/70
(i),(j)
1,617,203
1,596,620
CAFL
Issuer,
LP
2025-RRTL2,
5.18%
due
11/28/40
(i),(j)
1,600,000
1,589,131
Sequoia
Mortgage
Trust
2025-1,
6.00%
(WAC)
due
01/25/55
◊,(i)
718,946
720,323
2025-6,
5.50%
(WAC)
due
07/25/55
◊,(i)
482,909
482,158
2024-5,
6.00%
(WAC)
due
06/25/54
◊,(i)
238,347
238,817
2024-5,
6.00%
(WAC)
due
06/25/54
◊,(a),(i)
47,935
47,782
Imperial
Fund
Mortgage
Trust
2022-NQM2,
4.20%
(WAC)
due
03/25/67
◊,(i)
677,544
638,194
2022-NQM2,
4.02%
(WAC)
due
03/25/67
◊,(i)
677,544
637,639
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2024-NQM3,
5.04%
(WAC)
due
07/25/69
◊,(i)
559,677
558,086
2024-NQM3,
5.35%
due
07/25/69
(i),(j)
559,690
555,510
Anchor
Mortgage
Trust
2025-RTL1,
5.72%
due
05/25/40
(i),(j)
1,000,000
997,697
American
Home
Mortgage
Investment
Trust
2007-1,
2.08%
due
05/25/47
(h)
5,431,123
828,628
Starwood
Mortgage
Residential
Trust
2020-1,
2.41%
(WAC)
due
02/25/50
◊,(i)
417,776
402,887
2020-1,
2.56%
(WAC)
due
02/25/50
◊,(i)
417,776
402,393
ACHM
Trust
2025-HE1,
5.92%
(WAC)
due
03/25/55
◊,(i)
742,099
746,014
MFA
Trust
2021-INV1,
2.29%
(WAC)
due
01/25/56
◊,(a),(i)
700,000
663,395
Figre
2026-FL2,
5.82%
due
06/25/56
(i),(j)
500,000
499,496
Securitized
Asset-Backed
Receivables
LLC
Trust
2006-HE2,
4.06%
(1
Month
Term
SOFR
+
0.41%,
Rate
Floor:
0.30%)
due
07/25/36
◊
1,270,027
473,913
CSMC
Trust
2018-RPL9,
3.85%
(WAC)
due
09/25/57
◊,(i)
397,665
390,296
2020-NQM1,
2.72%
due
05/25/65
(a),(i)
79,534
76,051
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
29.6%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
8.8%
(continued)
RALI
Series
Trust
2006-QO2,
4.20%
(1
Month
Term
SOFR
+
0.55%,
Rate
Floor:
0.44%)
due
02/25/46
◊
1,487,218
$
237,181
Washington
Mutual
Mortgage
Pass-Through
Certificates
WMALT
Series
Trust
2006-AR9,
4.58%
(1
Year
CMT
Rate
+
0.84%,
Rate
Floor:
0.84%)
due
11/25/46
◊
194,893
170,885
MASTR
Adjustable
Rate
Mortgages
Trust
2003-5,
2.53%
(WAC)
due
11/25/33
◊,(a)
178,798
160,682
Total
Residential
Mortgage-Backed
Securities
256,579,362
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
-
0
.9
%
DBGS
Mortgage
Trust
2018-C1,
4.77%
(WAC)
due
10/15/51
◊
7,000,000
6,534,452
BX
Trust
2025-VOLT,
5.33%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
12/15/44
◊,(i)
2,400,000
2,402,250
2024-VLT4,
5.77%
(1
Month
Term
SOFR
+
2.14%,
Rate
Floor:
2.14%)
due
06/15/41
◊,(i)
1,631,150
1,632,170
2024-VLT4,
5.57%
(1
Month
Term
SOFR
+
1.94%,
Rate
Floor:
1.94%)
due
06/15/41
◊,(i)
1,391,275
1,392,145
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2021-NYAH,
5.83%
(1
Month
Term
SOFR
+
2.20%,
Rate
Floor:
1.84%)
due
06/15/38
◊,(i)
4,000,000
3,383,438
RWC
Commercial
Mortgage
Trust
2025-1,
5.01%
due
06/27/40
(i)
2,244,184
2,217,119
SMRT
2022-MINI,
5.58%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
01/15/39
◊,(i)
2,000,000
1,997,500
BX
Commercial
Mortgage
Trust
2024-AIRC,
5.32%
(1
Month
Term
SOFR
+
1.69%,
Rate
Floor:
1.69%)
due
08/15/41
◊,(i)
910,614
914,029
2024-AIRC,
5.77%
(1
Month
Term
SOFR
+
2.14%,
Rate
Floor:
2.14%)
due
08/15/41
◊,(i)
867,251
870,503
Life
Mortgage
Trust
2021-BMR,
5.14%
(1
Month
Term
SOFR
+
1.51%,
Rate
Floor:
1.40%)
due
03/15/38
◊,(i)
1,400,000
1,337,000
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
50
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
29.6%
(continued)
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
-
0.9%
(continued)
BMP
2024-MF23,
5.27%
(1
Month
Term
SOFR
+
1.64%,
Rate
Floor:
1.64%)
due
06/15/41
◊,(i)
1,000,000
$
1,000,938
GS
Mortgage
Securities
Trust
2020-GC45,
0.72%
(WAC)
due
02/13/53
◊,(h)
17,496,618
305,225
2019-GC42,
0.94%
(WAC)
due
09/10/52
◊,(h)
13,567,147
290,422
Benchmark
Mortgage
Trust
2019-B14,
0.88%
(WAC)
due
12/15/62
◊,(h)
16,974,092
291,287
2018-B6,
0.54%
(WAC)
due
10/10/51
◊,(h)
27,299,991
176,527
Citigroup
Commercial
Mortgage
Trust
2019-GC43,
0.72%
(WAC)
due
11/10/52
◊,(h)
18,301,955
315,193
2016-C2,
1.75%
(WAC)
due
08/10/49
◊,(h)
901,571
38
2016-P5,
1.38%
(WAC)
due
10/10/49
◊,(h)
663,472
21
CSAIL
Commercial
Mortgage
Trust
2019-C15,
1.15%
(WAC)
due
03/15/52
◊,(h)
10,709,221
211,850
UBS
Commercial
Mortgage
Trust
2017-C2,
1.16%
(WAC)
due
08/15/50
◊,(h)
6,564,531
47,848
Wells
Fargo
Commercial
Mortgage
Trust
2016-C37,
0.92%
(WAC)
due
12/15/49
◊,(h)
1,965,486
227
JPMDB
Commercial
Mortgage
Securities
Trust
2016-C2,
1.42%
(WAC)
due
06/15/49
◊,(h)
1,654,737
52
SG
Commercial
Mortgage
Securities
Trust
2016-C5,
1.81%
(WAC)
due
10/10/48
◊,(h)
1,126,373
43
CD
Mortgage
Trust
2016-CD1,
1.35%
(WAC)
due
08/01/49
◊,(h)
915,055
34
Morgan
Stanley
Capital
I
Trust
2016-UB11,
1.61%
(WAC)
due
08/15/49
◊,(h)
2,609
—
Total
Commercial
Mortgage-Backed
Securities
25,320,311
MILITARY
HOUSING
-
0
.4
%
Freddie
Mac
Military
Housing
Bonds
Resecuritization
Trust
Certificates
2015-R1,
4.49%
(WAC)
due
11/25/55
◊,(i)
6,497,688
5,633,396
2015-R1,
4.45%
(WAC)
due
11/25/52
◊,(i)
2,540,230
2,285,777
2015-R1,
0.70%
(WAC)
due
11/25/55
◊,(h),(i)
9,509,861
523,115
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
29.6%
(continued)
MILITARY
HOUSING
-
0.4%
(continued)
Capmark
Military
Housing
Trust
2006-RILY,
6.15%
due
07/10/51
(a),(i)
2,158,792
$
1,910,918
2007-ROBS,
6.06%
due
10/10/52
(a),(i)
434,733
403,322
2007-AETC,
5.75%
due
02/10/52
(a),(i)
254,687
228,358
GMAC
Commercial
Mortgage
Asset
Corp.
2007-HCKM,
6.11%
due
08/10/52
(a),(i)
1,366,040
1,311,410
Total
Military
Housing
12,296,296
Total
Collateralized
Mortgage
Obligations
(Cost
$873,586,665)
860,343,267
U.S.
GOVERNMENT
SECURITIES
-
25
.9
%
U.S.
Treasury
Notes
3.63%
due
03/31/28
67,840,000
67,219,900
4.00%
due
07/31/32
65,000,000
64,060,547
3.63%
due
12/31/30
50,000,000
48,822,266
3.75%
due
08/31/31
(e)
44,220,000
43,252,687
4.13%
due
03/31/31
29,832,400
29,720,528
4.38%
due
05/15/36
28,800,000
28,647,000
4.13%
due
11/15/27
25,000,000
24,984,375
4.00%
due
11/15/35
21,725,000
21,015,543
4.13%
due
10/31/31
21,000,000
20,895,820
4.25%
due
08/15/35
5,500,000
5,429,961
3.88%
due
10/15/27
3,580,000
3,567,134
3.63%
due
08/31/29
1,540,000
1,515,336
4.00%
due
05/31/30
1,031,600
1,024,629
U.S.
Treasury
Bonds
1.75%
due
08/15/41
(e)
124,965,000
83,755,839
1.88%
due
02/15/41
55,820,000
38,729,486
due
05/15/51
(f),(g)
102,110,000
29,060,585
2.00%
due
11/15/41
31,500,000
21,814,980
due
05/15/55
(f),(g)
46,977,000
11,291,990
due
05/15/44
(f),(g)
22,370,000
9,175,400
due
02/15/52
(f),(g)
19,980,000
5,489,390
due
02/15/46
(f),(g)
9,880,000
3,680,341
due
11/15/44
(f),(g)
4,455,000
1,775,386
4.75%
due
08/15/55
420,000
407,515
U.S.
Treasury
Inflation
Indexed
Bonds
1.25%
due
04/15/31
(k)
85,511,268
82,844,764
1.88%
due
07/15/35
(k)
54,708,608
53,494,880
2.13%
due
01/15/35
(k)
26,106,638
26,045,089
1.88%
due
01/15/36
(k)
11,422,288
11,092,702
2.38%
due
02/15/55
(k)
10,580,084
9,732,566
1.38%
due
07/15/33
(k)
2,116,264
2,029,924
Total
U.S.
Government
Securities
(Cost
$771,627,368)
750,576,563
CORPORATE
BONDS
-
23
.5
%
FINANCIAL
-
12
.4
%
Pershing
Square
Holdings
Ltd.
3.25%
due
10/01/31
(i)
6,200,000
5,542,807
5.50%
due
10/28/32
(i)
2,000,000
1,978,990
3.25%
due
11/15/30
1,900,000
1,747,230
Citigroup,
Inc.
5.83%
due
02/13/35
(l)
4,900,000
4,994,312
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
|
51
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
23.5%
(continued)
FINANCIAL
-
12.4%
(continued)
6.50%
(l),(m)
2,600,000
$
2,630,174
4.50%
due
09/11/31
(l)
1,050,000
1,036,331
Macquarie
Bank
Ltd.
5.64%
due
08/13/36
(i),(l)
4,400,000
4,386,935
5.82%
due
06/10/37
(i),(l)
3,190,000
3,184,705
Nippon
Life
Insurance
Co.
2.75%
due
01/21/51
(i),(l)
8,150,000
7,294,217
BPCE
S.A.
2.28%
due
01/20/32
(i),(l)
8,200,000
7,248,747
American
National
Group,
Inc.
5.00%
due
06/15/27
4,521,000
4,528,476
7.00%
due
12/01/55
(l)
1,875,000
1,830,882
6.00%
due
07/15/35
650,000
647,572
Fidelis
Insurance
Holdings
Ltd.
4.88%
due
06/30/30
(i)
6,450,000
6,271,287
7.75%
due
06/15/55
(l)
500,000
527,353
Societe
Generale
S.A.
5.52%
due
01/19/28
(i),(l)
2,750,000
2,763,388
5.40%
due
04/10/37
(i),(l)
2,500,000
2,450,713
5.25%
due
05/22/29
(i),(l)
1,050,000
1,057,556
3.34%
due
01/21/33
(i),(l)
490,000
444,994
GLP
Capital,
LP
/
GLP
Financing
II,
Inc.
4.00%
due
01/15/31
3,510,000
3,314,698
5.63%
due
03/01/36
1,400,000
1,371,969
5.75%
due
11/01/37
1,050,000
1,034,667
5.30%
due
01/15/29
900,000
904,218
Brighthouse
Financial
Global
Funding
5.65%
due
06/10/29
(i)
5,985,000
6,011,563
Allianz
SE
3.20%
(i),(l),(m)
5,000,000
4,792,696
6.55%
(i),(l),(m)
1,200,000
1,216,729
National
Australia
Bank
Ltd.
5.90%
due
01/14/36
(i),(l)
3,960,000
4,054,885
5.63%
due
06/04/37
(i),(l)
1,000,000
998,610
2.99%
due
05/21/31
(i)
975,000
886,651
TPG
Operating
Group
II,
LP
5.38%
due
01/15/36
4,346,000
4,229,268
5.88%
due
03/05/34
1,593,000
1,616,642
Morgan
Stanley
5.25%
due
04/21/34
(l)
2,085,000
2,098,126
4.71%
due
03/12/32
(l)
1,090,000
1,076,530
5.31%
due
01/18/41
(l)
1,060,000
1,033,055
5.94%
due
02/07/39
(l)
975,000
1,005,477
6.63%
due
11/01/34
(l)
545,000
591,415
Liberty
Mutual
Group,
Inc.
4.13%
due
12/15/51
(i),(l)
5,800,000
5,758,874
Global
Atlantic
Fin
Co.
7.25%
due
03/01/56
(i),(l)
3,730,000
3,655,582
6.75%
due
03/15/54
(i)
969,000
923,074
7.95%
due
10/15/54
(i),(l)
650,000
654,590
Brookfield
Finance,
Inc.
5.81%
due
03/03/55
1,990,000
1,930,180
5.33%
due
01/15/36
1,550,000
1,524,666
4.70%
due
09/20/47
650,000
549,278
3.63%
due
02/15/52
620,000
429,169
3.50%
due
03/30/51
630,000
428,931
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
23.5%
(continued)
FINANCIAL
-
12.4%
(continued)
5.68%
due
01/15/35
300,000
$
304,914
Wilton
RE
Ltd.
6.00%
(i),(l),(m)
5,426,000
5,160,555
Blue
Owl
Capital
GP
LLC
7.21%
due
08/22/43
(a)
5,000,000
5,093,593
Goldman
Sachs
Group,
Inc.
5.39%
due
02/02/41
(l)
2,850,000
2,776,239
5.43%
due
06/03/37
(l)
1,025,000
1,028,521
4.02%
due
10/31/38
(l)
1,170,000
1,026,613
Fairfax
Financial
Holdings
Ltd.
5.75%
due
05/20/35
2,350,000
2,405,576
6.50%
due
05/20/55
1,000,000
1,043,523
5.63%
due
08/16/32
1,000,000
1,025,256
Argentum
Netherlands
BV
for
Swiss
Re
Ltd.
5.63%
due
08/15/52
(l)
4,350,000
4,364,471
Enstar
Group
Ltd.
6.69%
due
07/15/37
(i),(l)
1,875,000
1,878,941
7.50%
due
04/01/45
(i),(l)
1,300,000
1,372,363
3.10%
due
09/01/31
1,170,000
1,041,713
Jefferies
Financial
Group,
Inc.
5.50%
due
02/15/36
3,120,000
3,010,764
6.20%
due
04/14/34
700,000
716,455
5.13%
due
04/28/31
390,000
384,979
PartnerRe
Finance
B
LLC
4.50%
due
10/01/50
(l)
4,040,000
3,907,555
Australia
&
New
Zealand
Banking
Group
Ltd.
5.82%
due
06/18/36
(i),(l)
2,170,000
2,209,259
2.57%
due
11/25/35
(i),(l)
1,800,000
1,611,812
Meiji
Yasuda
Life
Insurance
Co.
6.10%
due
06/11/55
(i),(l)
3,750,000
3,786,709
F&G
Global
Funding
5.88%
due
01/16/30
(i)
3,700,000
3,739,406
Credit
Agricole
S.A.
5.26%
due
01/12/37
(i),(l)
2,600,000
2,557,371
4.85%
(SOFR
+
1.21%)
due
09/11/28
◊,(i)
990,000
995,917
First
American
Financial
Corp.
4.00%
due
05/15/30
3,180,000
3,057,113
5.45%
due
09/30/34
490,000
483,243
MetLife,
Inc.
6.35%
due
03/15/55
(l)
2,350,000
2,408,548
5.85%
due
03/15/56
(l)
1,100,000
1,085,313
Commonwealth
Bank
of
Australia
5.93%
due
03/14/46
(i),(l)
3,420,000
3,443,523
Maple
Grove
Funding
Trust
I
4.16%
due
08/15/51
(i)
4,750,000
3,432,452
Sumitomo
Life
Insurance
Co.
3.38%
due
04/15/81
(i),(l)
2,500,000
2,285,341
5.88%
due
09/10/55
(i),(l)
1,150,000
1,144,238
Grand
River
Funding
Trust
II
7.28%
due
02/15/56
(i)
3,230,000
3,354,155
Stewart
Information
Services
Corp.
3.60%
due
11/15/31
3,740,000
3,324,718
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
52
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
23.5%
(continued)
FINANCIAL
-
12.4%
(continued)
Capital
One
Financial
Corp.
5.20%
due
09/11/36
(l)
1,500,000
$
1,460,171
5.40%
due
01/30/37
(l)
1,090,000
1,075,677
6.05%
due
02/01/35
(l)
750,000
779,137
Old
Republic
International
Corp.
5.70%
due
06/01/36
3,300,000
3,311,900
Safehold
GL
Holdings
LLC
2.85%
due
01/15/32
2,108,000
1,880,738
2.80%
due
06/15/31
1,014,000
915,472
5.65%
due
01/15/35
284,000
287,604
Insured
Lending
1
Ltd.
6.50%
due
02/04/32
(a),(n)
EUR
2,600,000
2,970,500
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co.-Issuer,
Inc.
3.88%
due
03/01/31
(i)
3,150,000
2,947,643
Sumitomo
Mitsui
Financial
Group,
Inc.
4.80%
(SOFR
+
1.17%)
due
07/09/29
◊
1,000,000
1,009,520
5.05%
due
01/15/37
(l)
975,000
957,363
5.57%
due
01/15/47
(l)
975,000
956,013
Equitable
Holdings,
Inc.
6.70%
due
03/28/55
(l)
2,800,000
2,876,815
Athene
Global
Funding
5.13%
due
06/01/29
(i)
1,775,000
1,778,375
2.67%
due
06/07/31
(i)
1,170,000
1,033,377
Pacific
Beacon
LLC
5.51%
due
07/15/36
(i)
2,900,000
2,809,733
Host
Hotels
&
Resorts,
LP
5.70%
due
07/01/34
2,750,000
2,809,402
BNP
Paribas
S.A.
4.92%
due
01/15/34
(i),(l)
2,760,000
2,707,575
Prudential
Financial,
Inc.
6.25%
due
06/15/56
(l)
1,500,000
1,503,315
3.70%
due
10/01/50
(l)
1,160,000
1,075,230
Blue
Owl
GP
Stakes
IV
Financing
Spv
A
LLC
5.38%
due
10/30/32
(a)
2,700,000
2,574,922
Apollo
Global
Management,
Inc.
5.15%
due
08/12/35
2,625,000
2,551,450
AmFam
Holdings,
Inc.
2.81%
due
03/11/31
(i)
1,800,000
1,586,099
3.83%
due
03/11/51
(i)
1,350,000
945,228
Omnis
Funding
Trust
6.72%
due
05/15/55
(i)
2,410,000
2,509,349
Avilease
Capital
Ltd.
4.75%
due
11/12/30
(i)
1,475,000
1,442,386
5.50%
due
06/30/31
(i)
1,050,000
1,057,149
Belrose
Funding
Trust
II
6.79%
due
05/15/55
(i)
2,440,000
2,498,346
200
Park
Funding
Trust
5.74%
due
02/15/55
(i)
2,550,000
2,495,104
Accident
Fund
Insurance
Co.
of
America
8.50%
due
08/01/32
(i)
2,450,000
2,450,164
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
23.5%
(continued)
FINANCIAL
-
12.4%
(continued)
Carlyle
Group,
Inc.
5.05%
due
09/19/35
2,550,000
$
2,441,214
Fortitude
Global
Funding
5.50%
due
06/12/31
(i)
2,400,000
2,411,928
Reinsurance
Group
of
America,
Inc.
6.38%
due
09/15/56
(l)
1,890,000
1,874,624
6.65%
due
09/15/55
(l)
500,000
505,518
Jefferies
Finance
LLC
/
JFIN
Co.-Issuer
Corp.
5.00%
due
08/15/28
(i)
2,420,000
2,336,672
Nationwide
Mutual
Insurance
Co.
4.35%
due
04/30/50
(i)
2,967,000
2,270,585
Lincoln
National
Corp.
6.80%
due
07/15/56
(l)
2,250,000
2,247,345
EQT
AB
5.85%
due
05/08/35
(i)
2,210,000
2,219,750
Blue
Owl
IV
SR
SEC
A
5.94%
due
08/22/45
(a)
2,288,000
2,214,084
Farmers
Insurance
Exchange
7.00%
due
10/15/64
(i),(l)
2,200,000
2,210,661
Nuveen
LLC
5.85%
due
04/15/34
(i)
2,150,000
2,201,740
Dai-ichi
Life
Insurance
Co.
Ltd.
6.20%
(i),(l),(m)
2,150,000
2,191,000
FS
KKR
Capital
Corp.
2.63%
due
01/15/27
1,182,000
1,160,186
3.25%
due
07/15/27
1,053,000
1,025,603
Henneman
Trust
6.58%
due
05/15/55
(i)
2,100,000
2,175,757
Ascot
Group
Ltd.
6.35%
due
06/15/35
(i),(l)
2,050,000
2,057,213
Blue
Owl
IV
SR
SEC
B
5.94%
due
08/22/45
(a)
2,112,000
2,043,770
Dyal
Capital
Partners
III
(A),
LP
4.40%
due
06/15/40
(a)
1,111,369
1,050,457
6.55%
due
06/15/44
(a)
980,000
993,089
Fort
Carson
Family
Housing
LLC
5.68%
due
12/15/45
2,050,000
2,025,687
Ameriprise
Financial,
Inc.
5.35%
due
06/15/36
1,350,000
1,345,001
4.80%
due
06/15/31
675,000
674,910
Westpac
Banking
Corp.
3.02%
due
11/18/36
(l)
1,200,000
1,071,393
3.13%
due
11/18/41
805,000
596,130
2.67%
due
11/15/35
(l)
295,000
265,693
Lazard
Group
LLC
5.63%
due
08/01/35
1,875,000
1,881,020
Bank
of
New
York
Mellon
Corp.
5.63%
(l),(m)
1,875,000
1,871,417
Americo
Life,
Inc.
3.45%
due
04/15/31
(i)
2,060,000
1,842,108
DaVinciRe
Holdings
Ltd.
5.95%
due
04/15/35
(i)
1,750,000
1,793,493
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
|
53
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
23.5%
(continued)
FINANCIAL
-
12.4%
(continued)
Mid-Atlantic
Military
Family
Communities
LLC
5.30%
due
08/01/50
(i)
2,067,901
$
1,732,550
Trustage
Financial
Group,
Inc.
4.63%
due
04/15/32
(i)
1,750,000
1,695,783
Loews
Corp.
4.94%
due
04/01/36
1,690,000
1,653,748
RLI
Corp.
5.38%
due
06/01/36
1,700,000
1,649,823
Corebridge
Life
Holdings,
Inc.
8.13%
due
03/15/46
(i)
1,400,000
1,647,048
Prologis
Targeted
US
Logistics
Fund,
LP
4.63%
due
03/15/33
(i)
1,650,000
1,606,558
American
Express
Co.
4.65%
(SOFR
+
1.02%)
due
01/30/31
◊
1,010,000
1,017,518
5.41%
due
02/08/41
(l)
570,000
569,141
American
National
Global
Funding
4.63%
due
12/15/28
(i)
1,080,000
1,068,425
5.25%
due
06/03/30
(i)
500,000
500,474
Cliffwater
Corporate
Lending
Fund
6.77%
due
08/04/28
(a)
1,550,000
1,565,158
VICI
Properties,
LP
5.63%
due
04/01/35
1,550,000
1,550,656
Nationwide
Building
Society
5.54%
due
07/14/36
(i),(l)
1,500,000
1,511,122
CNO
Financial
Group,
Inc.
6.45%
due
06/15/34
1,440,000
1,500,530
Grand
River
Funding
Trust
I
6.31%
due
02/15/36
(i)
1,450,000
1,454,408
Gabx
Leasing
LLC
4.63%
due
04/15/31
(i)
760,000
749,389
5.30%
due
04/15/36
(i)
700,000
694,749
HS
Wildcat
LLC
3.83%
due
12/31/50
(a)
1,952,840
1,438,805
Alexandria
Real
Estate
Equities,
Inc.
5.25%
due
03/15/36
1,450,000
1,425,637
Dyal
Capital
Partners
III
(B),
LP
6.55%
due
06/15/44
(a)
770,000
780,284
4.40%
due
06/15/40
(a)
638,631
603,628
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen
5.88%
due
05/23/42
(i),(l)
1,350,000
1,383,600
Fortitude
Group
Holdings
LLC
6.25%
due
04/01/30
(i)
1,350,000
1,378,952
Beacon
Funding
Trust
6.27%
due
08/15/54
(i)
1,350,000
1,376,272
Hanover
Insurance
Group,
Inc.
5.50%
due
09/01/35
1,300,000
1,309,052
Santander
UK
Group
Holdings
plc
5.14%
due
09/22/36
(l)
1,260,000
1,224,576
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
23.5%
(continued)
FINANCIAL
-
12.4%
(continued)
KKR
Group
Finance
Co.
VIII
LLC
3.50%
due
08/25/50
(i)
1,650,000
$
1,122,783
Bank
of
America
Corp.
5.49%
due
04/23/37
(l)
1,090,000
1,085,688
Standard
Chartered
plc
4.53%
due
06/05/32
(i),(l)
1,100,000
1,077,105
Lloyds
Banking
Group
plc
4.43%
due
11/04/31
(l)
1,090,000
1,070,255
HSBC
Holdings
plc
4.62%
due
11/06/31
(l)
1,080,000
1,064,658
National
Health
Investors,
Inc.
5.35%
due
02/01/33
1,070,000
1,057,565
Protective
Life
Corp.
4.70%
due
01/15/31
(i)
1,070,000
1,054,776
UBS
Group
AG
4.84%
due
11/06/33
(i),(l)
1,070,000
1,051,247
Jackson
Financial,
Inc.
6.15%
due
01/15/37
1,050,000
1,047,369
JPMorgan
Chase
&
Co.
5.58%
due
07/23/36
(l)
1,030,000
1,045,649
Canadian
Imperial
Bank
of
Commerce
4.58%
due
09/08/31
(l)
1,050,000
1,039,720
Intesa
Sanpaolo
SpA
7.80%
due
11/28/53
(i)
860,000
1,037,558
KBC
Group
N.V.
6.32%
due
09/21/34
(i),(l)
960,000
1,025,321
Bank
of
Nova
Scotia
4.71%
(SOFR
Compounded
Index
+
1.08%)
due
08/01/29
◊
1,010,000
1,020,131
Ally
Financial,
Inc.
6.18%
due
07/26/35
(l)
1,000,000
1,016,447
Nordea
Bank
Abp
4.66%
(SOFR
+
1.02%)
due
09/10/29
◊,(i)
1,000,000
1,015,410
DNB
Bank
ASA
4.68%
(SOFR
+
1.06%)
due
11/05/30
◊,(i)
1,000,000
1,010,361
SiriusPoint
Ltd.
7.00%
due
04/05/29
960,000
1,002,748
Nassau
Companies
of
New
York
7.88%
due
07/15/30
(i)
1,047,000
1,000,390
BGC
Group,
Inc.
8.00%
due
05/25/28
930,000
971,343
OneAmerica
Financial
Partners,
Inc.
4.25%
due
10/15/50
(i)
1,266,000
935,875
Belvoir
Land
LLC
5.60%
due
12/15/35
(i)
962,116
931,186
Symetra
Life
Insurance
Co.
6.55%
due
10/01/55
(i)
900,000
923,026
Rocket
Companies,
Inc.
6.38%
due
08/01/33
(i)
900,000
915,268
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
54
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
23.5%
(continued)
FINANCIAL
-
12.4%
(continued)
Mutual
of
Omaha
Insurance
Co.
6.14%
due
01/16/64
(i),(l)
850,000
$
871,342
Deutsche
Bank
AG
3.55%
due
09/18/31
(l)
880,000
830,670
Globe
Life,
Inc.
5.85%
due
09/15/34
740,000
764,274
Fort
Moore
Family
Communities
LLC
6.09%
due
01/15/51
(i)
841,028
746,072
CoStar
Group,
Inc.
2.80%
due
07/15/30
(i)
783,000
704,483
Citadel
Securities
Global
Holdings
LLC
5.75%
due
03/27/36
(i)
400,000
396,338
6.20%
due
06/18/35
(i)
250,000
255,477
Penn
Mutual
Life
Insurance
Co.
3.80%
due
04/29/61
(i)
950,000
629,637
Assured
Guaranty
US
Holdings,
Inc.
3.60%
due
09/15/51
800,000
555,090
Horace
Mann
Educators
Corp.
4.70%
due
10/01/30
540,000
534,725
LPL
Holdings,
Inc.
6.00%
due
05/20/34
510,000
521,698
Citizens
Financial
Group,
Inc.
6.65%
due
04/25/35
(l)
470,000
506,121
GA
Global
Funding
Trust
4.50%
due
09/18/30
(i)
500,000
484,495
Brookfield
Capital
Finance
LLC
6.09%
due
06/14/33
447,000
468,884
Assurant,
Inc.
6.75%
due
02/15/34
400,000
429,560
Brookfield
Finance
LLC
/
Brookfield
Finance,
Inc.
3.45%
due
04/15/50
470,000
318,669
Western
&
Southern
Life
Insurance
Co.
3.75%
due
04/28/61
(i)
470,000
315,677
ING
Groep
N.V.
5.53%
due
03/25/36
(l)
200,000
203,094
Swiss
Re
Finance
Luxembourg
S.A.
5.00%
due
04/02/49
(i),(l)
200,000
199,443
Macquarie
Group
Ltd.
2.87%
due
01/14/33
(i),(l)
213,000
190,010
Cushman
&
Wakefield
US
Borrower
LLC
6.75%
due
05/15/28
(i)
92,000
92,071
KKR
Group
Finance
Co.
III
LLC
5.13%
due
06/01/44
(i)
100,000
89,345
Total
Financial
360,090,106
ENERGY
-
2
.6
%
BP
Capital
Markets
plc
4.88%
(l),(m)
5,318,000
5,256,922
6.13%
(l),(m)
1,350,000
1,374,033
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
23.5%
(continued)
ENERGY
-
2.6%
(continued)
Plains
All
American
Pipeline,
LP
/
PAA
Finance
Corp.
5.70%
due
09/15/34
2,850,000
$
2,911,538
5.60%
due
01/15/36
2,400,000
2,406,795
4.90%
due
02/15/45
1,140,000
1,007,537
MPLX,
LP
5.40%
due
09/15/35
1,850,000
1,844,890
6.20%
due
09/15/55
1,800,000
1,807,985
5.95%
due
04/01/55
1,300,000
1,261,358
5.50%
due
02/15/49
1,080,000
995,307
5.65%
due
03/01/53
50,000
46,643
Targa
Resources
Corp.
5.40%
due
07/30/36
3,200,000
3,187,028
6.05%
due
05/15/56
1,100,000
1,088,038
6.50%
due
02/15/53
930,000
973,296
5.65%
due
02/15/36
375,000
381,194
HF
Sinclair
Corp.
6.25%
due
01/15/35
2,530,000
2,626,967
5.50%
due
09/01/32
1,375,000
1,383,316
Venture
Global
Plaquemines
LNG
LLC
6.75%
due
01/15/36
(i)
1,400,000
1,484,414
6.13%
due
12/15/30
(i)
1,125,000
1,151,053
6.50%
due
06/15/34
(i)
1,075,000
1,119,908
Energy
Transfer,
LP
6.30%
due
01/15/56
1,070,000
1,073,557
6.20%
due
04/01/55
1,000,000
988,803
5.95%
due
05/15/54
1,000,000
957,145
7.38%
due
02/01/31
(i)
710,000
731,221
Green
Palm
Bidco
SARL
6.46%
due
06/30/46
(i)
1,700,000
1,722,190
5.96%
due
06/30/41
(i)
1,675,000
1,692,724
Greensaif
Pipelines
Bidco
SARL
5.85%
due
02/23/36
(i)
1,500,000
1,531,392
6.10%
due
08/23/42
(i)
800,000
816,621
6.51%
due
02/23/42
(i)
400,000
421,330
6.13%
due
02/23/38
(i)
350,000
361,644
FLNG
Liquefaction
3
LLC
3.08%
due
06/30/39
(a)
3,601,325
3,039,575
Cheniere
Energy
Partners,
LP
5.55%
due
10/30/35
1,000,000
1,015,799
5.95%
due
06/30/33
750,000
783,061
6.05%
due
11/30/56
(i)
725,000
732,341
5.75%
due
08/15/34
150,000
154,619
DT
Midstream,
Inc.
5.80%
due
12/15/34
(i)
2,450,000
2,503,925
Galaxy
Pipeline
Assets
Bidco
Ltd.
3.25%
due
09/30/40
(i)
2,986,000
2,348,028
Baker
Hughes
Holdings
LLC
/
Baker
Hughes
Co.-Obligor,
Inc.
5.85%
due
06/15/56
2,320,000
2,291,865
Viper
Energy
Partners
LLC
5.70%
due
08/01/35
2,200,000
2,235,046
Gulfstream
Natural
Gas
System
LLC
5.60%
due
07/23/35
(i)
2,200,000
2,233,214
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
|
55
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
23.5%
(continued)
ENERGY
-
2.6%
(continued)
ONEOK,
Inc.
5.40%
due
10/15/35
800,000
$
798,629
6.25%
due
10/15/55
725,000
727,528
3.95%
due
03/01/50
850,000
615,017
Enbridge,
Inc.
6.70%
due
11/15/53
940,000
1,033,928
5.55%
due
06/20/35
800,000
813,596
Venture
Global
Calcasieu
Pass
LLC
6.00%
due
05/01/36
(i)
1,150,000
1,162,412
APA
Corp.
5.35%
due
07/01/49
1,250,000
1,086,221
Repsol
E&P
Capital
Markets
US
LLC
5.98%
due
09/16/35
(i)
1,050,000
1,070,817
Midwest
Connector
Capital
Co.
LLC
4.63%
due
04/01/29
(i)
1,050,000
1,043,229
Eni
SpA
5.95%
due
05/15/54
(i)
1,040,000
1,028,994
Kinder
Morgan
Energy
Partners,
LP
7.50%
due
11/15/40
880,000
1,024,947
Western
Midstream
Operating,
LP
5.30%
due
03/01/48
1,140,000
992,547
Phillips
66
Co.
6.20%
due
03/15/56
(l)
987,000
991,315
TransCanada
PipeLines
Ltd.
7.63%
due
01/15/39
830,000
975,740
Florida
Gas
Transmission
Co.
LLC
5.75%
due
07/15/35
(i)
625,000
643,687
Helmerich
&
Payne,
Inc.
5.50%
due
12/01/34
530,000
519,892
Marathon
Petroleum
Corp.
6.50%
due
03/01/41
480,000
514,618
NuStar
Logistics,
LP
6.38%
due
10/01/30
169,000
174,637
Total
Energy
75,160,076
COMMUNICATIONS
-
1
.8
%
Space
Exploration
Technologies
Corp.
6.60%
due
07/15/46
(i)
2,660,000
2,587,099
5.35%
due
07/15/31
(i)
1,640,000
1,635,727
5.65%
due
07/15/33
(i)
1,020,000
1,013,923
5.88%
due
07/15/36
(i)
1,020,000
1,006,704
6.65%
due
07/15/56
(i)
1,020,000
984,101
Verizon
Communications,
Inc.
6.20%
due
05/14/56
(l)
2,750,000
2,780,203
6.05%
due
05/14/58
(l)
1,650,000
1,665,239
5.75%
due
11/30/45
1,625,000
1,579,535
TELUS
Corp.
6.38%
due
06/09/56
(l)
4,800,000
4,787,623
RD
Michigan
Property
Owner
I
LLC
7.50%
due
03/30/45
(i)
4,000,000
3,986,981
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
23.5%
(continued)
COMMUNICATIONS
-
1.8%
(continued)
HUT
8
DC
LLC
6.19%
due
11/15/42
(i)
3,925,000
$
3,975,562
Rogers
Communications,
Inc.
6.88%
due
07/31/56
(l)
1,750,000
1,770,527
4.55%
due
03/15/52
1,594,000
1,266,041
Meta
Platforms,
Inc.
6.30%
due
05/15/56
2,865,000
2,851,874
British
Telecommunications
plc
4.88%
due
11/23/81
(i),(l)
2,900,000
2,800,460
AT&T,
Inc.
6.20%
due
10/30/56
1,375,000
1,359,170
5.85%
due
04/30/46
1,375,000
1,324,857
SoftBank
Corp.
5.33%
due
07/09/35
(i)
2,600,000
2,568,273
QTS
Fayetteville
I
Dc1-2
LLC
/
QTS
TRS
Fayetteville
I
DC1-2
LLC
5.70%
due
04/15/36
(i)
2,600,000
2,472,063
Vodafone
Group
plc
4.13%
due
06/04/81
(l)
2,550,000
2,372,726
Paramount
Global
4.90%
due
08/15/44
1,035,000
682,908
5.25%
due
04/01/44
908,000
623,941
5.90%
due
10/15/40
562,000
440,896
Cox
Communications,
Inc.
2.95%
due
10/01/50
(i)
2,081,000
1,111,667
5.80%
due
12/15/53
(i)
600,000
506,205
Nokia
Oyj
6.63%
due
05/15/39
980,000
1,041,616
Prosus
N.V.
4.99%
due
01/19/52
(i)
1,300,000
1,036,144
America
Movil
SAB
de
CV
6.13%
due
03/30/40
980,000
1,022,062
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
3.90%
due
06/01/52
1,141,000
727,347
NTT
Finance
Corp.
5.50%
due
07/16/35
(i)
550,000
553,395
CSC
Holdings
LLC
4.13%
due
12/01/30
(i)
600,000
356,523
Telenet
Finance
Luxembourg
Notes
SARL
5.50%
due
03/01/28
(i)
200,000
195,173
Altice
France
S.A.
6.50%
due
10/15/31
(i)
190,549
184,626
Total
Communications
53,271,191
UTILITIES
-
1
.8
%
Evergy
Metro,
Inc.
5.13%
due
08/15/35
6,025,000
5,972,954
Dominion
Energy,
Inc.
6.20%
due
02/15/56
(l)
1,650,000
1,655,211
6.25%
due
12/15/56
(l)
1,500,000
1,506,349
6.00%
due
02/15/56
(l)
1,100,000
1,104,870
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
56
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
23.5%
(continued)
UTILITIES
-
1.8%
(continued)
Southern
Co.
6.00%
due
04/01/58
(l)
3,925,000
$
3,934,408
3.75%
due
09/15/51
(l)
322,000
320,901
Sierra
Pacific
Power
Co.
6.38%
due
09/15/56
(l)
3,300,000
3,291,427
6.20%
due
12/15/55
(l)
675,000
669,086
MN8
Portfolio
IV
LLC
6.31%
due
06/30/45
(a)
2,661,980
2,653,476
NRG
Energy,
Inc.
2.45%
due
12/02/27
(i)
1,750,000
1,692,262
7.00%
due
03/15/33
(i)
480,000
520,698
CMS
Energy
Corp.
6.50%
due
06/01/55
(l)
1,800,000
1,843,513
Southwestern
Public
Service
Co.
3.70%
due
08/15/47
2,450,000
1,830,752
NextEra
Energy
Capital
Holdings,
Inc.
6.38%
due
08/15/55
(l)
884,000
900,309
6.63%
due
10/01/66
(l)
700,000
710,778
3.80%
due
03/15/82
(l)
150,000
147,953
Electricite
de
France
S.A.
6.13%
due
04/22/56
(i)
1,700,000
1,677,065
Spire,
Inc.
6.25%
due
06/01/56
(l)
1,650,000
1,643,614
Eversource
Energy
6.35%
due
08/15/56
(l)
800,000
800,635
6.10%
due
08/15/56
(l)
800,000
798,440
Liberty
Utilities
Co.
5.65%
due
05/15/36
(i)
1,025,000
1,020,927
5.87%
due
01/31/34
(i)
550,000
563,537
Cumberland
Combined
Cycle
Generation
LLC
5.82%
due
05/15/56
1,475,000
1,507,839
Brooklyn
Union
Gas
Co.
6.42%
due
07/18/54
(i)
1,110,000
1,141,858
6.39%
due
09/15/33
(i)
330,000
350,520
PacifiCorp
7.38%
due
09/15/55
(l)
1,320,000
1,333,390
American
Electric
Power
Co.,
Inc.
5.80%
due
03/15/56
(l)
650,000
646,431
6.05%
due
03/15/56
(l)
650,000
646,344
Entergy
Louisiana
LLC
5.65%
due
04/15/56
1,100,000
1,078,488
NiSource,
Inc.
5.75%
due
07/15/56
(l)
1,075,000
1,073,443
WEC
Energy
Group,
Inc.
5.63%
due
05/15/56
(l)
1,075,000
1,068,507
Public
Service
Co.
of
Colorado
5.15%
due
09/15/35
1,050,000
1,043,489
Alliant
Energy
Finance
LLC
3.60%
due
03/01/32
(i)
1,120,000
1,039,374
Arizona
Public
Service
Co.
6.35%
due
12/15/32
950,000
1,012,074
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
23.5%
(continued)
UTILITIES
-
1.8%
(continued)
Appalachian
Power
Co.
4.40%
due
05/15/44
1,200,000
$
1,011,126
Enel
Finance
International
N.V.
5.50%
due
06/15/52
(i)
1,080,000
997,768
Evergy
Kansas
Central,
Inc.
5.70%
due
03/15/53
1,000,000
997,186
Central
Storage
Safety
Project
Trust
4.82%
due
02/01/38
(n)
690,880
657,666
Boston
Gas
Co.
5.84%
due
01/10/35
(i)
550,000
572,735
Nevada
Power
Co.
6.65%
due
04/01/36
500,000
549,321
Alexander
Funding
Trust
II
7.47%
due
07/31/28
(i)
450,000
469,727
Black
Hills
Corp.
6.00%
due
01/15/35
320,000
332,515
Southern
Co.
Gas
Capital
Corp.
6.05%
due
09/15/56
(l)
140,000
140,184
Total
Utilities
52,929,150
CONSUMER,
NON-CYCLICAL
-
1
.3
%
Global
Payments,
Inc.
5.40%
due
03/15/33
1,240,000
1,215,719
4.88%
due
11/15/30
1,075,000
1,056,805
5.55%
due
11/15/35
1,000,000
969,425
5.20%
due
11/15/32
785,000
766,669
Triton
Container
International
Ltd.
/
TAL
International
Container
Corp.
5.15%
due
02/15/33
2,520,000
2,474,932
3.25%
due
03/15/32
200,000
179,317
Highmark,
Inc.
2.55%
due
05/10/31
(i)
1,500,000
1,338,331
5.75%
due
05/15/36
(i)
1,300,000
1,309,976
CVS
Health
Corp.
6.75%
due
12/10/54
(l)
2,170,000
2,260,793
6.20%
due
09/15/55
325,000
332,523
JBS
NV
/
JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
5.50%
due
01/15/36
2,400,000
2,396,510
Icon
Investments
Six
DAC
5.81%
due
05/08/27
1,100,000
1,108,656
5.85%
due
05/08/29
900,000
919,618
Smithfield
Foods,
Inc.
5.20%
due
04/01/29
(i)
1,200,000
1,205,244
2.63%
due
09/13/31
(i)
900,000
794,318
Altria
Group,
Inc.
4.45%
due
05/06/50
1,365,000
1,077,597
3.70%
due
02/04/51
1,280,000
890,710
Abbott
Laboratories
5.50%
due
03/15/56
1,725,000
1,689,391
Mars,
Inc.
5.20%
due
03/01/35
(i)
1,600,000
1,606,362
DRI
Healthcare,
LP
5.35%
due
03/24/31
(a)
800,000
783,948
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
|
57
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
23.5%
(continued)
CONSUMER,
NON-CYCLICAL
-
1.3%
(continued)
5.65%
due
03/24/33
(a)
800,000
$
782,227
Novartis
Capital
Corp.
5.70%
due
03/18/56
1,400,000
1,426,615
Yale-New
Haven
Health
Services
Corp.
2.50%
due
07/01/50
2,250,000
1,314,731
JBS
N.V./JBS
USA
Foods
Group
Holdings,
Inc./JBS
USA
Food
Co.
Holdings
6.40%
due
05/10/57
(i)
1,090,000
1,087,354
Imperial
Brands
Finance
plc
6.38%
due
07/01/55
(i)
1,060,000
1,078,050
Aetna,
Inc.
6.75%
due
12/15/37
950,000
1,035,258
Tesco
plc
6.15%
due
11/15/37
(i)
980,000
1,001,521
Horseshoe
Funding
Trust
II
6.89%
due
11/15/55
(i)
935,000
980,169
Becle
SAB
de
CV
2.50%
due
10/14/31
(i)
1,050,000
901,991
BAT
Capital
Corp.
4.76%
due
09/06/49
1,040,000
874,825
Sysco
Corp.
4.95%
due
03/25/36
900,000
866,171
Triton
Container
International
Ltd.
3.15%
due
06/15/31
(i)
930,000
842,027
Horseshoe
Funding
Trust
6.06%
due
02/15/36
(i)
600,000
609,455
Total
Consumer,
Non-cyclical
37,177,238
CONSUMER,
CYCLICAL
-
1
.0
%
LG
Energy
Solution
Ltd.
5.25%
due
04/02/31
(i)
4,925,000
4,912,698
5.50%
due
07/02/34
(i)
1,600,000
1,599,854
5.00%
due
04/02/29
(i)
490,000
490,558
Polaris,
Inc.
5.60%
due
03/01/31
2,530,000
2,531,623
6.95%
due
03/15/29
1,050,000
1,101,100
Smithsonian
Institution
2.70%
due
09/01/44
4,000,000
2,822,080
Hyatt
Hotels
Corp.
5.40%
due
12/15/35
2,350,000
2,332,498
Alt-2
Structured
Trust
2.95%
(WAC)
due
12/31/49
◊,(a)
2,146,695
1,988,728
Royal
Caribbean
Cruises
Ltd.
5.25%
due
02/27/38
1,600,000
1,549,712
Marriott
International,
Inc.
5.10%
due
05/01/38
1,500,000
1,446,584
AZ
Battery
Property
LLC
6.73%
due
02/20/46
(a)
1,416,183
1,390,497
United
Airlines
Class
A
Pass
Through
Trust
5.80%
due
01/15/36
1,320,411
1,370,327
Flutter
Treasury
DAC
6.38%
due
04/29/29
(i)
1,050,000
1,065,398
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
23.5%
(continued)
CONSUMER,
CYCLICAL
-
1.0%
(continued)
Hasbro,
Inc.
6.35%
due
03/15/40
1,000,000
$
1,046,261
General
Motors
Co.
5.40%
due
04/01/48
590,000
530,258
6.25%
due
10/02/43
500,000
502,758
Sodexo,
Inc.
5.80%
due
08/15/35
(i)
850,000
867,974
British
Airways
Class
A
Pass
Through
Trust
2.90%
due
03/15/35
(i)
650,600
594,323
American
Airlines
Class
AA
Pass
Through
Trust
3.20%
due
06/15/28
562,000
545,171
Ford
Motor
Credit
Co.
LLC
5.75%
due
04/06/33
538,000
533,596
Discovery
Global
Holdings,
Inc.
5.14%
due
03/15/52
230,000
154,100
Total
Consumer,
Cyclical
29,376,098
INDUSTRIAL
-
0
.9
%
Homestead
Spe
Issuer
LLC
7.21%
due
04/01/55
(a)
5,000,000
5,062,221
Entegris,
Inc.
4.75%
due
04/15/29
(i)
3,700,000
3,656,373
WSP
Global,
Inc.
5.04%
due
09/18/31
(i)
1,650,000
1,638,294
5.71%
due
09/18/36
(i)
1,300,000
1,285,484
TD
SYNNEX
Corp.
5.30%
due
10/10/35
2,550,000
2,510,252
Flowserve
Corp.
5.70%
due
05/15/36
2,250,000
2,261,409
Penske
Truck
Leasing
Co.,
LP
/
PTL
Finance
Corp.
5.25%
due
07/01/29
(i)
2,100,000
2,126,092
DAE
Funding
LLC
4.95%
due
01/15/33
(i)
1,890,000
1,823,663
GXO
Logistics,
Inc.
6.25%
due
05/06/29
1,250,000
1,292,227
6.50%
due
05/06/34
440,000
461,450
Stadco
LA
LLC
3.75%
due
05/15/56
(a)
2,000,000
1,426,742
CIMIC
Finance
USA
Pty
Ltd.
7.00%
due
03/25/34
(i)
970,000
1,031,318
LBJ
Infrastructure
Group
LLC
3.80%
due
12/31/57
(i)
1,250,000
891,150
GATX
Corp.
6.05%
due
06/05/54
628,000
633,996
Weir
Group,
Inc.
5.35%
due
05/06/30
(i)
470,000
474,146
Norfolk
Southern
Corp.
4.10%
due
05/15/21
475,000
332,491
Total
Industrial
26,907,308
TECHNOLOGY
-
0
.5
%
Foundry
JV
Holdco
LLC
5.88%
due
01/25/34
(i)
2,500,000
2,540,133
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
58
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
23.5%
(continued)
TECHNOLOGY
-
0.5%
(continued)
6.40%
due
01/25/38
(i)
2,000,000
$
2,138,824
6.20%
due
01/25/37
(i)
1,000,000
1,057,434
Oracle
Corp.
5.95%
due
09/26/55
1,675,000
1,423,445
6.00%
due
08/03/55
1,060,000
902,486
4.80%
due
09/26/32
860,000
818,300
6.10%
due
09/26/65
475,000
397,405
Intel
Corp.
5.30%
due
05/15/36
1,275,000
1,268,622
Dell
International
LLC
/
EMC
Corp.
8.10%
due
07/15/36
890,000
1,058,631
Atlassian
Corp.
5.50%
due
05/15/34
629,000
619,703
Broadridge
Financial
Solutions,
Inc.
5.75%
due
05/15/36
430,000
430,242
Total
Technology
12,655,225
TRANSPORTATION
-
0
.4
%
Terminal
Investment
Limited
Holding
6.23%
due
10/01/40
(a)
5,600,000
5,508,850
AITX
Finco
LLC
5.67%
due
10/23/32
(a)
2,700,000
2,670,669
5.38%
due
10/23/30
(a)
2,400,000
2,372,287
Stolthaven
Houston,
Inc.
5.98%
due
07/17/34
(a)
1,940,000
1,939,999
Total
Transportation
12,491,805
INFRASTRUCTURE
-
0
.4
%
QTS
Corp.
5.42%
due
08/21/32
(a)
11,250,000
11,019,958
BASIC
MATERIALS
-
0
.3
%
ArcelorMittal
S.A.
5.38%
due
05/19/36
2,345,000
2,324,634
Corp.
Nacional
del
Cobre
de
Chile
6.78%
due
01/13/55
(i)
1,950,000
2,099,390
Dow
Chemical
Co.
6.90%
due
05/15/53
1,050,000
1,096,690
Minera
Mexico
SA
de
CV
5.63%
due
02/12/32
(i)
1,030,000
1,039,888
Corporation
Nacional
del
Cobre
de
Chile
5.53%
due
01/30/37
(i)
725,000
715,073
Total
Basic
Materials
7,275,675
REAL
ESTATE
-
0
.1
%
Harmoni
Towers
LLC
5.22%
due
10/30/30
(a)
2,300,000
2,267,453
GOVERNMENT
-
0
.0
%
Amazon
Conservation
DAC
6.03%
due
01/16/42
(i)
1,000,000
1,009,900
Total
Corporate
Bonds
(Cost
$698,732,478)
681,631,183
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
20
.4
%
COLLATERALIZED
LOAN
OBLIGATIONS
-
8
.8
%
Cerberus
Loan
Funding
XLIV
LLC
2023-5A
A,
6.02%
(3
Month
Term
SOFR
+
2.35%,
Rate
Floor:
2.35%)
due
01/15/36
◊,(i)
8,900,000
$
8,907,820
2023-5AR
A1R
due
01/15/36
(i),(o)
8,200,000
8,200,000
2023-5A
B,
6.87%
(3
Month
Term
SOFR
+
3.20%,
Rate
Floor:
3.20%)
due
01/15/36
◊,(i)
3,000,000
3,006,412
Hlend
CLO
LLC
2025-3A
A,
5.08%
(3
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
01/20/37
◊,(i)
6,750,000
6,745,455
2025-4A
B,
5.50%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
08/15/37
◊,(i)
4,450,000
4,440,889
2026-5A
A1,
5.06%
(3
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
04/15/39
◊,(i)
2,400,000
2,391,247
2026-5A
B,
5.36%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
04/15/39
◊,(i)
1,150,000
1,147,203
Golub
Capital
Partners
CLO
69M
2023-69A
BR,
5.35%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
11/09/38
◊,(i)
8,250,000
8,229,736
Ares
Direct
Lending
CLO
6
LLC
2025-2A
B,
5.48%
(3
Month
Term
SOFR
+
1.80%,
Rate
Floor:
1.80%)
due
10/16/37
◊,(i)
5,350,000
5,338,382
2025-2A
A1,
5.13%
(3
Month
Term
SOFR
+
1.45%,
Rate
Floor:
1.45%)
due
10/16/37
◊,(i)
2,700,000
2,697,364
Madison
Park
Funding
XLVIII
Ltd.
2021-48A
CR,
5.43%
(3
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
01/19/39
◊,(i)
4,000,000
4,002,616
2021-48A
BR,
5.23%
(3
Month
Term
SOFR
+
1.55%,
Rate
Floor:
1.55%)
due
01/19/39
◊,(i)
4,000,000
3,995,623
BSPRT
Issuer
LLC
2026-FL13
B,
5.64%
(1
Month
Term
SOFR
+
2.00%,
Rate
Floor:
2.00%)
due
10/18/43
◊,(i)
4,300,000
4,305,412
2025-FL12
AS,
5.28%
(1
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
01/17/43
◊,(i)
1,200,000
1,201,351
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
|
59
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
20.4%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
8.8%
(continued)
2025-FL12
B,
5.58%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
01/17/43
◊,(i)
1,100,000
$
1,100,836
2024-FL11
B,
5.92%
(1
Month
Term
SOFR
+
2.29%,
Rate
Floor:
2.29%)
due
07/15/39
◊,(i)
1,000,000
1,001,032
BSPDF
Issuer
LLC
2026-FL3
AS,
5.34%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
09/18/43
◊,(i)
2,550,000
2,552,114
2026-FL4
B,
5.49%
(1
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
11/18/43
◊,(i)
2,275,000
2,274,989
2026-FL4
AS,
5.29%
(1
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
11/18/43
◊,(i)
1,375,000
1,376,940
2025-FL2
AS,
5.57%
(1
Month
Term
SOFR
+
1.94%,
Rate
Floor:
1.94%)
due
12/15/42
◊,(i)
750,000
751,185
Owl
Rock
CLO
III
Ltd.
2020-3A
AR,
5.53%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
04/20/36
◊,(i)
5,500,000
5,504,443
2020-3A
BR,
6.03%
(3
Month
Term
SOFR
+
2.35%,
Rate
Floor:
2.35%)
due
04/20/36
◊,(i)
1,250,000
1,250,470
TRTX
Issuer
Ltd.
2025-FL6
A,
5.17%
(1
Month
Term
SOFR
+
1.54%,
Rate
Floor:
1.54%)
due
09/18/42
◊,(i)
4,200,000
4,209,691
2025-FL7
AS,
5.34%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
06/18/43
◊,(i)
1,800,000
1,801,432
Owl
Rock
CLO
XVI
LLC
2024-16A
A,
5.68%
(3
Month
Term
SOFR
+
2.00%,
Rate
Floor:
2.00%)
due
04/20/36
◊,(i)
5,000,000
5,004,579
2024-16A
B,
6.18%
(3
Month
Term
SOFR
+
2.50%,
Rate
Floor:
2.50%)
due
04/20/36
◊,(i)
1,000,000
1,001,250
Owl
Rock
CLO
XI
LLC
2023-11A
AR,
5.12%
(3
Month
Term
SOFR
+
1.45%,
Rate
Floor:
1.45%)
due
04/20/39
◊,(i)
4,000,000
3,997,815
2023-11A
BR,
5.67%
(3
Month
Term
SOFR
+
2.00%,
Rate
Floor:
2.00%)
due
04/20/39
◊,(i)
2,000,000
1,996,691
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
20.4%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
8.8%
(continued)
BCRED
CLO
LLC
2025-1A
B,
5.38%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
04/20/37
◊,(i)
3,400,000
$
3,392,308
2026-1A
B,
5.35%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
04/24/39
◊,(i)
2,550,000
2,543,719
Cerberus
Loan
Funding
XXXII,
LP
2021-2A
A,
5.55%
(3
Month
Term
SOFR
+
1.88%,
Rate
Floor:
1.88%)
due
04/22/33
◊,(i)
3,401,801
3,403,836
2021-2A
C,
6.78%
(3
Month
Term
SOFR
+
3.11%,
Rate
Floor:
3.11%)
due
04/22/33
◊,(i)
1,250,000
1,244,518
LoanCore
Issuer
LLC
2025-CRE9
AS,
5.34%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
08/18/42
◊,(i)
2,450,000
2,453,733
2025-CRE8
AS,
5.23%
(1
Month
Term
SOFR
+
1.59%,
Rate
Floor:
1.59%)
due
08/17/42
◊,(i)
1,100,000
1,098,267
2025-CRE9
B,
5.59%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
08/18/42
◊,(i)
950,000
948,528
Golub
Capital
Partners
CLO
16M-R3
2013-16A
A1R3,
5.28%
(3
Month
Term
SOFR
+
1.63%,
Rate
Floor:
1.63%)
due
08/09/39
◊,(i)
4,050,000
4,049,618
2013-16A
A2R3,
5.40%
(3
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
08/09/39
◊,(i)
400,000
400,048
Owl
Rock
CLO
IX
LLC
2022-9A
AR,
5.21%
(3
Month
Term
SOFR
+
1.57%,
Rate
Floor:
1.57%)
due
11/22/37
◊,(i)
4,350,000
4,349,046
JCP
Direct
Lending
CLO
LLC
2023-1A
A1R,
5.33%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
07/20/37
◊,(i)
2,400,000
2,399,891
2023-1A
AJR,
5.46%
(3
Month
Term
SOFR
+
1.78%,
Rate
Floor:
1.78%)
due
07/20/37
◊,(i)
1,925,000
1,925,329
FS
Rialto
Issuer
LLC
2024-FL9
AS,
5.73%
(1
Month
Term
SOFR
+
2.09%,
Rate
Floor:
2.09%)
due
10/19/39
◊,(i)
1,800,000
1,801,892
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
60
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
20.4%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
8.8%
(continued)
2025-FL10
AS,
5.23%
(1
Month
Term
SOFR
+
1.59%,
Rate
Floor:
1.59%)
due
08/19/42
◊,(i)
1,400,000
$
1,398,318
2025-FL10
B,
5.49%
(1
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
08/19/42
◊,(i)
1,000,000
999,236
BXMT
Ltd.
2026-FL6
B,
5.59%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
08/19/43
◊,(i)
4,170,000
4,168,176
Cerberus
Loan
Funding
52
LLC
2025-3A
A,
5.19%
(3
Month
Term
SOFR
+
1.52%,
Rate
Floor:
1.52%)
due
10/15/37
◊,(i)
2,900,000
2,902,177
2025-3A
B,
5.47%
(3
Month
Term
SOFR
+
1.80%,
Rate
Floor:
1.80%)
due
10/15/37
◊,(i)
1,250,000
1,247,457
LoanCore
Issuer
Ltd.
2021-CRE6
C,
6.04%
(1
Month
Term
SOFR
+
2.41%,
Rate
Floor:
2.30%)
due
11/15/38
◊,(i)
4,000,000
3,976,604
Fortress
Credit
Opportunities
IX
CLO
Ltd.
2017-9A
A2TR,
5.73%
(3
Month
Term
SOFR
+
2.06%,
Rate
Floor:
1.80%)
due
10/15/33
◊,(i)
3,250,000
3,252,214
2017-9A
A1TR,
5.48%
(3
Month
Term
SOFR
+
1.81%,
Rate
Floor:
1.55%)
due
10/15/33
◊,(i)
693,737
694,106
Palmer
Square
CLO
Ltd.
2023-4A
BR,
5.38%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
10/20/37
◊,(i)
1,450,000
1,453,231
2023-4A
CR,
5.53%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
10/20/37
◊,(i)
1,250,000
1,253,011
2024-3A
B,
5.28%
(3
Month
Term
SOFR
+
1.60%,
Rate
Floor:
1.60%)
due
07/20/37
◊,(i)
1,000,000
1,003,285
Cerberus
Loan
Funding
XL
LLC
2023-1A
AR,
5.25%
(3
Month
Term
SOFR
+
1.60%,
Rate
Floor:
1.60%)
due
03/22/35
◊,(i)
3,700,000
3,705,656
PFP
Ltd.
2026-14
B,
5.45%
(1
Month
Term
SOFR
+
1.80%,
Rate
Floor:
1.80%)
due
12/18/43
◊,(i)
2,350,000
2,347,916
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
20.4%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
8.8%
(continued)
2026-13
B,
5.49%
(1
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
08/18/43
◊,(i)
750,000
$
752,140
2026-13
AS,
5.29%
(1
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
08/18/43
◊,(i)
550,000
550,448
Owl
Rock
CLO
XXIV
LLC
2026-24A
B,
5.37%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
01/22/38
◊,(i)
3,600,000
3,591,257
Cerberus
Loan
Funding
XLVIII
LLC
2024-4A
B,
5.52%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
10/15/36
◊,(i)
2,000,000
2,000,332
2024-4A
AN,
5.32%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
10/15/36
◊,(i)
1,500,000
1,502,092
Ares
Direct
Lending
CLO
8
LLC
2025-4A
A1,
5.08%
(3
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
01/20/39
◊,(i)
1,700,000
1,698,861
2025-4A
C,
5.68%
(3
Month
Term
SOFR
+
2.00%,
Rate
Floor:
2.00%)
due
01/20/39
◊,(i)
800,000
799,293
2025-4A
A2,
5.28%
(3
Month
Term
SOFR
+
1.60%,
Rate
Floor:
1.60%)
due
01/20/39
◊,(i)
400,000
399,900
2025-4A
B,
5.43%
(3
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
01/20/39
◊,(i)
200,000
199,541
Eldridge
CLO
Ltd.
2025-1A
B,
5.33%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
10/20/38
◊,(i)
3,000,000
3,010,176
Owl
Rock
CLO
VII
LLC
2022-7A
AR,
5.08%
(3
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
04/20/38
◊,(i)
3,000,000
2,998,050
Cerberus
Loan
Funding
XLVII
LLC
2024-3A
B,
5.62%
(3
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
07/15/36
◊,(i)
3,000,000
2,995,067
Golub
Capital
Partners
CLO
83M
2025-83A
B,
5.35%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
11/09/38
◊,(i)
3,000,000
2,992,602
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
|
61
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
20.4%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
8.8%
(continued)
Golub
Capital
Partners
CLO
54M,
LP
2021-54A
BR,
5.56%
(3
Month
Term
SOFR
+
1.90%,
Rate
Floor:
1.90%)
due
08/05/37
◊,(i)
1,500,000
$
1,500,185
2021-54A
A2R,
5.36%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
08/05/37
◊,(i)
1,400,000
1,399,993
FS
Rialto
2021-FL3
C,
5.80%
(1
Month
Term
SOFR
+
2.16%,
Rate
Floor:
2.16%)
due
11/16/36
◊,(i)
2,000,000
2,001,176
2021-FL2
A,
5.22%
(1
Month
Term
SOFR
+
1.58%,
Rate
Floor:
1.58%)
due
05/16/38
◊,(i)
800,503
798,797
Brsp
Ltd.
2026-FL3
B,
5.59%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
08/19/43
◊,(i)
2,700,000
2,702,259
Owl
Rock
CLO
IV
Ltd.
2020-4A
A1R,
5.50%
(3
Month
Term
SOFR
+
1.86%,
Rate
Floor:
1.60%)
due
08/20/33
◊,(i)
2,670,364
2,671,171
Madison
Park
Funding
LXXI
Ltd.
2025-71A
B,
5.17%
(3
Month
Term
SOFR
+
1.50%,
Rate
Floor:
1.50%)
due
04/23/38
◊,(i)
2,500,000
2,497,501
Carlyle
Direct
Lending
CLO
LLC
2015-1A
A11A,
5.47%
(3
Month
Term
SOFR
+
1.80%,
Rate
Floor:
1.80%)
due
07/15/36
◊,(i)
2,400,000
2,400,840
A10
Issuer
LLC
2025-FL6
AS,
5.51%
(1
Month
Term
SOFR
+
1.89%,
Rate
Floor:
1.89%)
due
05/15/42
◊,(i)
2,300,000
2,298,818
GoldenTree
Loan
Management
US
CLO
24
Ltd.
2025-24A
B,
5.23%
(3
Month
Term
SOFR
+
1.55%,
Rate
Floor:
1.55%)
due
10/20/38
◊,(i)
2,250,000
2,247,696
Owl
Rock
CLO
XXII
LLC
2025-22A
A,
5.15%
(3
Month
Term
SOFR
+
1.47%,
Rate
Floor:
1.47%)
due
10/20/37
◊,(i)
2,200,000
2,198,904
Acrec
LLC
2025-FL3
B,
5.58%
(1
Month
Term
SOFR
+
1.94%,
Rate
Floor:
1.94%)
due
08/18/42
◊,(i)
1,000,000
999,042
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
20.4%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
8.8%
(continued)
2026-FL4
B,
5.44%
(1
Month
Term
SOFR
+
1.80%,
Rate
Floor:
1.80%)
due
01/18/43
◊,(i)
1,000,000
$
997,286
2026-FL5
C,
5.55%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
07/18/43
◊,(i)
200,000
200,000
BDS
LLC
2025-FL16
B,
5.49%
(1
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
06/19/43
◊,(i)
1,200,000
1,189,170
2025-FL14
AS,
5.21%
(1
Month
Term
SOFR
+
1.57%,
Rate
Floor:
1.57%)
due
10/17/42
◊,(i)
1,000,000
999,717
KKR
CLO
16
Ltd.
16
A2R3,
5.28%
(3
Month
Term
SOFR
+
1.60%,
Rate
Floor:
1.60%)
due
10/20/34
◊,(i)
2,150,000
2,152,150
THL
Credit
Lake
Shore
MM
CLO
I
Ltd.
2019-1A
A1R,
5.63%
(3
Month
Term
SOFR
+
1.96%,
Rate
Floor:
1.70%)
due
04/15/33
◊,(i)
2,024,399
2,025,657
Madison
Park
Funding
LVIII
Ltd.
2024-58A
C,
6.12%
(3
Month
Term
SOFR
+
2.45%,
Rate
Floor:
2.45%)
due
04/25/37
◊,(i)
1,000,000
1,001,209
2024-58AR
CR
due
04/25/37
(i),(o)
1,000,000
1,000,000
Cerberus
Loan
Funding
XLVI,
LP
2024-2A
A,
5.52%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
07/15/36
◊,(i)
1,500,000
1,500,838
2024-2A
B,
5.97%
(3
Month
Term
SOFR
+
2.30%,
Rate
Floor:
2.30%)
due
07/15/36
◊,(i)
500,000
500,152
Golub
Capital
Partners
CLO
46M
Ltd.
2019-46A
BR,
5.98%
(3
Month
Term
SOFR
+
2.30%,
Rate
Floor:
2.30%)
due
04/20/37
◊,(i)
1,000,000
1,000,879
2019-46AR
BR2
due
04/20/37
(i),(o)
1,000,000
1,000,000
Cerberus
Loan
Funding
50
LLC
2025-1A
B,
5.62%
(3
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
07/15/37
◊,(i)
2,000,000
1,996,704
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
62
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
20.4%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
8.8%
(continued)
Canyon
Capital
CLO
Ltd.
2014-1A
A2R,
5.43%
(3
Month
Term
SOFR
+
1.76%,
Rate
Floor:
1.50%)
due
01/30/31
◊,(i)
1,900,000
$
1,900,374
KREF
Ltd.
2021-FL2
C,
5.75%
(1
Month
Term
SOFR
+
2.11%,
Rate
Floor:
2.00%)
due
02/15/39
◊,(i)
1,000,000
994,067
2021-FL2
AS,
5.05%
(1
Month
Term
SOFR
+
1.41%,
Rate
Floor:
1.30%)
due
02/15/39
◊,(i)
901,574
901,670
Ares
Direct
Lending
CLO
7
LLC
2025-3A
B,
5.53%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
01/20/38
◊,(i)
1,850,000
1,846,127
STWD
LLC
2025-FL4
B,
5.59%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
11/19/42
◊,(i)
1,700,000
1,700,726
Jefferies
Credit
Partners
Direct
Lending
CLO
Ltd.
2025-1A
B,
5.42%
(3
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
10/15/37
◊,(i)
1,700,000
1,696,082
HPS
Private
Credit
CLO
LLC
2025-3A
A1,
5.33%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
07/20/37
◊,(i)
1,500,000
1,499,958
Ares
Direct
Lending
CLO
1
LLC
2024-1AR
BR
due
07/25/38
(i),(o)
750,000
750,000
2024-1A
B,
5.87%
(3
Month
Term
SOFR
+
2.20%,
Rate
Floor:
2.20%)
due
04/25/36
◊,(i)
750,000
749,142
ACRES
Commercial
Realty
Issuer
LLC
2026-FL4
B,
5.59%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
08/18/44
◊,(i)
1,450,000
1,450,572
Ares
LVI
CLO
Ltd.
2020-56A
CR2,
5.57%
(3
Month
Term
SOFR
+
1.90%,
Rate
Floor:
1.90%)
due
01/25/38
◊,(i)
1,400,000
1,404,364
Acore
Issuer
LLC
2026-FL1
AS,
5.34%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
08/20/43
◊,(i)
1,250,000
1,250,472
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
20.4%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
8.8%
(continued)
LRECS
LLC
2025-CRE1
AS,
5.39%
(1
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
08/19/43
◊,(i)
1,200,000
$
1,199,217
VMC
Finance
LLC
2026-FL6
B,
5.79%
(1
Month
Term
SOFR
+
2.15%,
Rate
Floor:
2.15%)
due
11/19/43
◊,(i)
675,000
674,996
2026-FL6
AS,
5.49%
(1
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
11/19/43
◊,(i)
475,000
475,185
Cerberus
Loan
Funding
53
LLC
2025-4A
C,
5.67%
(3
Month
Term
SOFR
+
2.00%,
Rate
Floor:
2.00%)
due
01/15/38
◊,(i)
1,100,000
1,099,091
Owl
Rock
CLO
XXI
LLC
2025-21A
B,
5.57%
(3
Month
Term
SOFR
+
1.90%,
Rate
Floor:
1.90%)
due
07/24/34
◊,(i)
1,050,000
1,048,197
Wildwood
Park
CLO
Ltd.
2024-1A
B1,
5.38%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
10/20/37
◊,(i)
1,000,000
1,003,186
Voya
CLO
Ltd.
2024-2A
B,
5.48%
(3
Month
Term
SOFR
+
1.80%,
Rate
Floor:
1.80%)
due
07/20/37
◊,(i)
1,000,000
1,002,957
Carlyle
US
CLO
2024-4A
B,
5.43%
(3
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
07/20/37
◊,(i)
1,000,000
1,002,801
AGL
CLO
42
Ltd.
2025-42A
B,
5.31%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
07/22/38
◊,(i)
1,000,000
1,002,243
Ares
XXVII
CLO
Ltd.
2013-2A
CR3,
5.52%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
10/28/34
◊,(i)
1,000,000
1,001,352
Cerberus
Loan
Funding
XLV
LLC
2024-1A
B,
6.07%
(3
Month
Term
SOFR
+
2.40%,
Rate
Floor:
2.40%)
due
04/15/36
◊,(i)
1,000,000
1,000,569
Owl
Rock
CLO
VIII
LLC
2022-8A
A2R,
5.47%
(3
Month
Term
SOFR
+
1.80%,
Rate
Floor:
1.80%)
due
04/24/37
◊,(i)
1,000,000
1,000,279
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
|
63
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
20.4%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
8.8%
(continued)
CIFC
Funding
Ltd.
2015-4A
BR3,
5.23%
(3
Month
Term
SOFR
+
1.55%,
Rate
Floor:
1.55%)
due
01/17/39
◊,(i)
1,000,000
$
999,236
Golub
Capital
Partners
CLO
31M
Ltd.
2016-31A
BRR,
5.51%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
11/05/37
◊,(i)
1,000,000
997,960
Ares
Direct
Lending
CLO
3
LLC
2024-3A
B,
5.53%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
01/20/37
◊,(i)
1,000,000
997,955
Elmwood
CLO
38
Ltd.
2025-1A
B1,
5.11%
(3
Month
Term
SOFR
+
1.45%,
Rate
Floor:
1.45%)
due
04/22/38
◊,(i)
1,000,000
997,457
D2
Multifamily
Credit
Issuer
Ltd.
2026-FL1
B,
5.54%
(1
Month
Term
SOFR
+
1.90%,
Rate
Floor:
1.90%)
due
11/19/43
◊,(i)
800,000
799,996
Wellfleet
CLO
Ltd.
2022-2A
BR,
5.53%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
10/18/37
◊,(i)
750,000
751,171
Dryden
37
Senior
Loan
Fund
2015-37A
BR,
5.33%
(3
Month
Term
SOFR
+
1.66%,
Rate
Floor:
1.40%)
due
01/15/31
◊,(i)
367,868
368,350
2015-37A
CR,
7.18%
(3
Month
Term
SOFR
+
3.51%,
Rate
Floor:
3.25%)
due
01/15/31
◊,(i)
333,333
334,959
2015-37A
SUB
due
01/15/31
◊,(a),(i)
298,799
546
Sound
Point
CLO
XXIV
2019-3A
B1R,
5.63%
(3
Month
Term
SOFR
+
1.96%,
Rate
Floor:
1.96%)
due
10/25/34
◊,(i)
500,000
500,401
ACREC
LLC
2026-FL5
B,
5.35%
(1
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
07/18/43
◊,(i)
450,000
450,000
Copper
River
CLO
Ltd.
2006-1A
INC
due
01/20/21
(n),(p),(q)
700,000
70
Babson
CLO
Ltd.
2014-IA
SUB
due
07/20/25
(i),(q)
650,000
65
Total
Collateralized
Loan
Obligations
254,466,793
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
20.4%
(continued)
TRANSPORT-AIRCRAFT
-
2
.3
%
Castlelake
Aircraft
Structured
Trust
2025-3A,
5.09%
due
11/15/50
(i)
3,959,087
$
3,901,625
2026-2A,
5.33%
due
04/15/51
(i)
3,221,529
3,190,536
2026-1A,
5.07%
due
03/15/51
(i)
2,105,321
2,067,865
2025-1A,
5.78%
due
02/15/50
(i)
1,597,826
1,602,660
AASET
Trust
2025-3A,
5.24%
due
02/16/50
(i)
3,853,628
3,787,933
2024-1A,
6.26%
due
05/16/49
(i)
2,279,501
2,315,432
2021-1A,
2.95%
due
11/16/41
(i)
1,416,309
1,364,960
2025-1A,
5.94%
due
02/16/50
(i)
942,934
945,598
2021-2A,
2.80%
due
01/15/47
(i)
749,451
711,928
2020-1A,
3.35%
due
01/16/40
(i)
219,773
218,516
Slam
Ltd.
2024-1A,
5.34%
due
09/15/49
(i)
3,100,735
3,069,845
2021-1A,
2.43%
due
06/15/46
(i)
2,254,890
2,142,167
2025-1A,
5.81%
due
05/15/50
(i)
2,008,836
2,018,412
2026-1A,
5.55%
due
07/15/51
(i)
1,593,480
1,588,895
MAPS
Trust
2026-1A,
5.20%
due
01/15/51
(i)
6,060,595
5,951,777
2026-2A,
5.52%
due
06/15/51
(i)
1,950,000
1,947,910
ALTDE
Trust
2026-1A,
5.52%
due
04/15/51
(i)
4,146,857
4,103,106
2025-1A,
5.90%
due
08/15/50
(i)
1,895,729
1,901,597
Navigator
Aviation
Ltd.
2024-1,
5.40%
due
08/15/49
(i)
3,650,000
3,625,146
2025-1,
5.11%
due
10/15/50
(i)
863,560
844,107
AASET
Ltd.
2024-2A,
5.93%
due
09/16/49
(i)
3,504,962
3,525,003
Eclipse
Aircraft
LLC
2026-1,
5.63%
due
05/15/51
(i)
3,078,024
3,065,909
Navigator
Aircraft
ABS
Ltd.
2021-1,
2.77%
due
11/15/46
(i)
3,181,154
3,014,544
Phantom
Aviation
2026-1A,
5.24%
due
01/15/51
(i)
2,313,381
2,266,665
Lunar
Structured
Aircraft
Portfolio
Notes
2021-1,
2.64%
due
10/15/46
(i)
2,330,721
2,212,882
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
64
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
20.4%
(continued)
TRANSPORT-AIRCRAFT
-
2.3%
(continued)
Gilead
Aviation
LLC
2025-1A,
5.79%
due
03/15/50
(i)
2,201,694
$
2,207,229
MAST
Ltd.
2026-1A,
5.13%
due
02/15/51
(i)
1,415,476
1,386,248
MACH
1
Cayman
Ltd.
2019-1,
3.47%
due
10/15/39
(i)
422,012
419,480
WAVE
LLC
2019-1,
3.60%
due
09/15/44
(i)
372,653
366,129
Sprite
Ltd.
2021-1,
3.75%
due
11/15/46
(i)
335,677
329,004
Falcon
Aerospace
Ltd.
2019-1,
3.60%
due
09/15/39
(i)
240,811
238,451
Castlelake
Aircraft
Securitization
Trust
2018-1,
4.13%
due
06/15/43
(i)
161,880
160,360
Total
Transport-Aircraft
66,491,919
FINANCIAL
-
2
.3
%
Station
Place
Securitization
Trust
2025-SP2,
4.80%
(1
Month
Term
SOFR
+
1.15%,
Rate
Floor:
1.15%)
due
09/25/26
◊,(a),(i)
7,800,000
7,800,000
2025-SP1,
4.95%
(1
Month
Term
SOFR
+
1.30%)
due
07/02/26
◊,(a),(i)
4,500,000
4,500,000
2024-SP2,
5.32%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
07/12/26
◊,(a),(i)
3,800,000
3,800,000
Blackstone
Strategic
Cap
Holding
II
5.90%
(1
Month
Term
SOFR
+
2.25%)
due
12/31/33
◊,(a)
5,850,000
5,844,495
Ceamer
Finance
LLC
6.18%
(WAC)
due
12/15/40
◊,(a)
2,025,874
2,017,977
6.79%
due
11/15/39
(a)
1,788,557
1,808,039
6.92%
due
11/15/37
(a)
1,160,858
1,180,387
Project
Leopard
6.53%
due
05/06/41
(a)
4,400,000
4,378,000
Project
Onyx
I
6.33%
(3
Month
Term
SOFR
+
2.63%)
due
06/26/30
◊,(a)
4,349,086
4,342,455
KKR
Core
Holding
Co.
LLC
4.00%
due
08/12/31
(a)
4,203,271
3,906,443
Lightning
A
5.50%
due
03/01/37
(a)
3,400,000
3,221,018
Thunderbird
A
5.50%
due
03/01/37
(a)
3,400,000
3,221,017
LVNV
Funding
LLC
7.80%
due
11/05/28
(a)
2,900,000
2,978,076
HV
Eight
LLC
5.79%
(WAC)
due
12/31/27
◊,(a)
EUR
2,411,373
2,748,120
PBN
II
PE
Loan
Facility
5.96%
due
12/17/30
(a)
2,400,000
2,399,387
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
20.4%
(continued)
FINANCIAL
-
2.3%
(continued)
Metis
Issuer
LLC
6.89%
due
05/15/55
(a)
2,400,000
$
2,367,336
Akso
Health
Group
7.27%
due
12/31/44
(a)
1,981,186
1,998,335
HarbourVest
Partners
LLC
6.28%
(3
Month
Term
SOFR
+
2.58%)
due
09/15/30
◊,(a)
1,930,172
1,911,048
Strategic
Partners
Fund
VIII,
LP
6.19%
(WAC)
due
03/31/28
◊,(a)
1,367,173
1,366,761
6.20%
(WAC)
due
03/31/28
◊,(a)
507,807
507,894
Endo
Luxembourg
Finance
Co
I
SARL
/
Endo
US,
Inc.
7.40%
due
09/30/45
(a)
1,274,814
1,297,611
Project
Onyx
II
6.33%
(3
Month
Term
SOFR
+
2.63%)
due
06/15/30
◊,(a)
1,124,722
1,124,235
Pilatus
Bank
plc
6.32%
due
03/31/40
(a)
1,100,000
1,097,764
Bib
Merchant
Voucher
Receivables
Ltd.
4.18%
due
04/07/28
(a)
336,941
334,559
Nassau
LLC
2019-1,
3.98%
due
08/15/34
(n)
211,176
198,319
Total
Financial
66,349,276
INFRASTRUCTURE
-
2
.3
%
Switch
ABS
Issuer
LLC
2024-2A,
5.44%
due
06/25/54
(i)
4,000,000
3,956,149
2025-1A,
5.04%
due
03/25/55
(i)
3,050,000
2,971,921
2024-1A,
6.28%
due
03/25/54
(i)
800,000
803,546
Stack
Infrastructure
Issuer
LLC
2023-3A,
5.90%
due
10/25/48
(i)
3,000,000
3,007,812
2025-1A,
5.00%
due
05/25/50
(i)
2,900,000
2,818,155
2024-1A,
5.90%
due
03/25/49
(i)
1,250,000
1,255,649
VB-S1
Issuer
LLC
-
VBTEL
2022-1A,
4.29%
due
02/15/52
(i)
2,500,000
2,469,048
2024-1A,
5.59%
due
05/15/54
(i)
2,350,000
2,363,308
2024-1A,
6.64%
due
05/15/54
(i)
1,250,000
1,262,671
Kinetic
ABS
Issuer
LLC
2026-2A,
5.83%
due
06/25/58
(i)
3,900,000
3,935,875
2026-1A,
5.22%
due
02/25/56
(i)
1,900,000
1,887,419
Hotwire
Funding
LLC
2021-1,
2.31%
due
11/20/51
(i)
2,000,000
1,981,540
2024-1A,
5.89%
due
06/20/54
(i)
1,950,000
1,968,183
2023-1A,
5.69%
due
05/20/53
(i)
1,005,000
1,008,740
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
|
65
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
20.4%
(continued)
INFRASTRUCTURE
-
2.3%
(continued)
2024-1A,
6.67%
due
06/20/54
(i)
700,000
$
708,889
QTS
Issuer
ABS
I
LLC
2025-1A,
5.44%
due
05/25/55
(i)
5,700,000
5,651,771
Vantage
Data
Centers
LLC
2025-1A,
5.13%
due
08/15/55
(i)
4,850,000
4,760,732
VB-S1
Issuer
LLC
2026-1A,
4.69%
due
03/15/56
(i)
4,750,000
4,641,870
Compass
Datacenters
Issuer
III
LLC
2026-1A,
5.29%
due
02/25/56
(i)
4,000,000
3,957,110
ALLO
Issuer
LLC
2025-1A,
5.53%
due
04/20/55
(i)
2,000,000
2,007,437
2026-1A,
5.61%
due
06/20/56
(i)
1,700,000
1,716,597
Aligned
Data
Centers
Issuer
LLC
2021-1A,
1.94%
due
08/15/46
(i)
3,350,000
3,339,067
SBA
Tower
Trust
1.84%
due
04/15/27
(i)
3,000,000
2,934,589
MetroNet
Infrastructure
Issuer
LLC
2026-1A,
5.27%
due
04/20/56
(i)
1,700,000
1,700,811
Vantage
Data
Centers
Issuer
LLC
2024-1A,
5.10%
due
09/15/54
(i)
1,100,000
1,084,274
Blue
Stream
Issuer
LLC
2024-1A,
5.41%
due
11/20/54
(i)
1,000,000
1,004,527
Consolidated
Communications
LLC
/
Fidium
Fiber
Finance
Holdco
LLC
2026-1A,
5.08%
due
03/20/56
(i)
850,000
839,288
Total
Infrastructure
66,036,978
WHOLE
BUSINESS
-
1
.7
%
SERVPRO
Master
Issuer
LLC
2025-1A,
5.53%
due
10/25/55
(i)
4,925,250
4,874,822
2021-1A,
2.39%
due
04/25/51
(i)
4,132,500
3,929,057
2024-1A,
6.17%
due
01/25/54
(i)
1,368,500
1,397,882
Subway
Funding
LLC
2024-3A,
5.91%
due
07/30/54
(i)
2,708,750
2,614,604
2024-1A,
6.51%
due
07/30/54
(i)
2,019,250
2,023,728
2024-1A,
6.27%
due
07/30/54
(i)
1,576,000
1,584,846
2024-1A,
6.03%
due
07/30/54
(i)
788,000
791,203
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
20.4%
(continued)
WHOLE
BUSINESS
-
1.7%
(continued)
Arbys
Funding
LLC
2020-1A,
3.24%
due
07/30/50
(i)
6,361,875
$
6,222,790
Sonic
Capital
LLC
2020-1A,
3.85%
due
01/20/50
(i)
2,142,292
2,125,424
2021-1A,
2.19%
due
08/20/51
(i)
2,185,988
2,030,852
2020-1A,
4.34%
due
01/20/50
(i)
941,667
898,457
Domino's
Pizza
Master
Issuer
LLC
2017-1A,
4.12%
due
07/25/47
(i)
5,076,000
5,042,874
Wingstop
Funding
LLC
2024-1A,
5.86%
due
12/05/54
(i)
2,250,000
2,268,904
2020-1A,
2.84%
due
12/05/50
(i)
1,231,250
1,195,784
2022-1A,
3.73%
due
03/05/52
(i)
248,125
237,292
ServiceMaster
Funding
LLC
2020-1,
2.84%
due
01/30/51
(i)
3,751,839
3,590,660
Five
Guys
Holdings,
Inc.
2023-1A,
7.55%
due
01/26/54
(i)
2,019,250
2,054,939
Taco
Bell
Funding
LLC
2025-1A,
4.82%
due
08/25/55
(i)
950,000
938,476
2025-1A,
5.05%
due
08/25/55
(i)
950,000
935,365
Planet
Fitness
Master
Issuer
LLC
2024-1A,
6.24%
due
06/05/54
(i)
1,719,375
1,742,631
Wendy's
Funding
LLC
2025-1A,
5.42%
due
12/15/55
(i)
1,691,500
1,653,939
DB
Master
Finance
LLC
2025-1A,
5.17%
due
08/20/55
(i)
1,194,000
1,179,759
Total
Whole
Business
49,334,288
NET
LEASE
-
0
.9
%
CARS-DB4,
LP
2020-1A,
3.81%
due
02/15/50
(i)
2,193,281
2,068,884
2020-1A,
4.95%
due
02/15/50
(i)
1,500,000
1,405,427
2020-1A,
3.48%
due
02/15/50
(i)
1,218,490
1,204,654
CF
Hippolyta
Issuer
LLC
2022-1A,
6.11%
due
08/15/62
(i)
2,616,086
2,607,307
2020-1,
2.60%
due
07/15/60
(i)
2,479,789
1,532,724
2020-1,
2.28%
due
07/15/60
(i)
674,589
407,428
SVC
ABS
LLC
2023-1A,
5.15%
due
02/20/53
(i)
3,195,833
3,187,296
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
66
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
20.4%
(continued)
NET
LEASE
-
0.9%
(continued)
CMFT
Net
Lease
Master
Issuer
LLC
2021-1,
3.44%
due
07/20/51
(i)
3,570,000
$
3,019,026
Store
Master
Funding
I-VII
2016-1A,
3.96%
due
10/20/46
(i)
2,309,445
2,301,903
Oak
Street
Investment
Grade
Net
Lease
Fund
2020-1A,
2.26%
due
11/20/50
(i)
2,476,042
1,932,898
Capital
Automotive
REIT
2026-1A,
5.07%
due
02/15/56
(i)
1,195,000
1,147,897
2024-3A,
4.55%
due
10/15/54
(i)
686,000
654,661
Store
Master
Funding
I-VII
XIV
XIX
XX
2021-1A,
2.96%
due
06/20/51
(i)
1,950,000
1,669,134
Store
Master
Funding
I-VII
XIV
XIX
XX
XXIV
XXII
2024-1A,
5.70%
due
05/20/54
(i)
929,817
941,836
2024-1A,
5.69%
due
05/20/54
(i)
494,583
497,791
AFN
ABSPROP001
LLC
2021-1A,
2.21%
due
05/20/51
(i)
1,382,922
1,257,476
Tenet
Equity
Funding
LLC
2024-1A,
5.49%
due
10/20/54
(i)
995,956
985,627
CARS-DB5,
LP
2021-1A,
2.76%
due
08/15/51
(i)
982,708
850,581
Total
Net
Lease
27,672,550
SINGLE
FAMILY
RESIDENCE
-
0
.5
%
Tricon
Residential
Trust
2025-SFR1,
4.98%
(1
Month
Term
SOFR
+
1.35%,
Rate
Floor:
1.35%)
due
03/17/42
◊,(i)
3,050,000
3,047,830
2023-SFR1,
5.10%
due
07/17/40
(i)
2,722,000
2,685,156
2023-SFR2,
5.00%
due
12/17/40
(i)
2,550,000
2,507,143
2024-SFR2,
5.70%
due
06/17/40
(i)
1,500,000
1,507,178
2024-SFR1,
4.75%
due
04/17/41
(i)
1,000,000
981,148
STAR
Trust
2025-SFR6,
5.03%
(1
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
08/17/42
◊,(i)
2,000,000
1,998,750
2025-SFR6,
5.28%
(1
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
08/17/42
◊,(i)
1,000,000
1,000,106
Home
Partners
of
America
Trust
2021-3,
2.80%
due
01/17/41
(i)
894,050
835,228
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
20.4%
(continued)
SINGLE
FAMILY
RESIDENCE
-
0.5%
(continued)
2021-2,
2.40%
due
12/17/26
(i)
479,672
$
473,079
Total
Single
Family
Residence
15,035,618
INSURANCE
-
0
.5
%
Dogwood
State
Bank
6.45%
due
06/24/32
(a)
7,497,487
7,466,470
Obra
Longevity
8.48%
due
06/30/39
(a)
5,100,000
5,367,875
CHEST
7.13%
due
03/23/43
(a)
850,000
866,445
Total
Insurance
13,700,790
COLLATERALIZED
DEBT
OBLIGATIONS
-
0
.4
%
Anchorage
Credit
Funding
4
Ltd.
2016-4A
AR,
2.72%
due
04/27/39
(i)
7,250,000
6,862,456
Project
Indigo
6.01%
due
03/31/32
(a)
1,967,637
1,967,637
Anchorage
Credit
Funding
3
Ltd.
2016-3A
A1R,
2.87%
due
01/28/39
(i)
1,061,871
1,020,563
Anchorage
Credit
Funding
13
Ltd.
2021-13A
A2,
2.80%
due
07/27/39
(i)
1,000,000
944,133
Total
Collateralized
Debt
Obligations
10,794,789
UNSECURED
CONSUMER
LOANS
-
0
.3
%
Regional
Management
Issuance
Trust
2025-1,
5.53%
due
04/17/34
(i)
3,550,000
3,561,615
Service
Experts
Issuer
LLC
2024-1A,
6.39%
due
11/20/35
(i)
1,171,105
1,189,856
2025-1A,
5.38%
due
01/20/37
(i)
1,110,863
1,102,195
GreenSky
Home
Improvement
Issuer
Trust
2025-1A,
5.39%
due
03/25/60
(i)
2,076,497
2,082,648
Foundation
Finance
Trust
2024-1A,
5.95%
due
12/15/49
(i)
1,550,128
1,569,622
Stream
Innovations
Issuer
Trust
2024-2A,
5.21%
due
02/15/45
(i)
636,451
632,400
Total
Unsecured
Consumer
Loans
10,138,336
TRANSPORT-CONTAINER
-
0
.3
%
Textainer
Marine
Containers
VII
Ltd.
2020-1A,
2.73%
due
08/21/45
(i)
1,523,427
1,471,739
2021-3A,
1.94%
due
08/20/46
(i)
1,226,667
1,106,371
2021-2A,
2.23%
due
04/20/46
(i)
1,155,733
1,087,656
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
|
67
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
20.4%
(continued)
TRANSPORT-CONTAINER
-
0.3%
(continued)
TIF
Funding
III
LLC
2024-1A,
5.48%
due
04/20/49
(i)
2,285,938
$
2,285,967
MC
Ltd.
2021-1,
2.63%
due
11/05/35
(i)
2,130,330
2,008,803
CLI
Funding
VI
LLC
2020-1A,
2.08%
due
09/18/45
(i)
718,693
673,107
TIF
Funding
II
LLC
2021-1A,
1.65%
due
02/20/46
(i)
531,604
482,416
Total
Transport-Container
9,116,059
AUTOMOTIVE
-
0
.1
%
Avis
Budget
Rental
Car
Funding
AESOP
LLC
2023-8A,
6.66%
due
02/20/30
(i)
1,800,000
1,860,950
2024-1A,
5.85%
due
06/20/30
(i)
1,300,000
1,323,915
Total
Automotive
3,184,865
Total
Asset-Backed
Securities
(Cost
$596,277,918)
592,322,261
SENIOR
FLOATING
RATE
INTERESTS
-
1
.6
%
CONSUMER,
CYCLICAL
-
0
.8
%
AS
Mileage
Plan
IP
Ltd.
5.43%
(3
Month
Term
SOFR
+
1.75%)
due
10/15/31
◊
5,171,250
5,150,255
Wyndham
Hotels
&
Resorts,
Inc.
5.39%
(1
Month
Term
SOFR
+
1.75%)
due
05/24/30
◊
4,900,000
4,900,490
Flutter
Financing
BV
5.73%
(3
Month
Term
SOFR
+
2.00%,
Rate
Floor:
0.50%)
due
06/04/32
◊
3,811,500
3,791,261
DK
Crown
Holdings,
Inc.
5.37%
(1
Month
Term
SOFR
+
1.75%)
due
03/04/32
◊
3,258,750
3,250,929
Allison
Transmission,
Inc.
5.38%
(1
Month
Term
SOFR
+
1.75%)
due
11/05/32
◊
3,042,375
3,036,686
Evergreen
Acqco
1,
LP
6.17%
(3
Month
Term
SOFR
+
2.50%)
due
09/17/32
◊
2,992,275
2,990,778
Total
Consumer,
Cyclical
23,120,399
FINANCIAL
-
0
.4
%
Citadel
Securities
Global
Holdings
LLC
5.66%
(3
Month
Term
SOFR
+
2.00%)
due
10/31/31
◊
5,162,199
5,149,655
due
06/10/33
(o)
575,000
573,603
Walker
&
Dunlop,
Inc.
5.65%
(1
Month
Term
SOFR
+
2.00%)
due
03/14/32
◊,(a)
2,814,375
2,800,303
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
1.6%
(continued)
FINANCIAL
-
0.4%
(continued)
Eagle
Point
Holdings
Borrower
LLC
7.44%
(3
Month
Term
SOFR
+
3.75%,
Rate
Floor:
1.00%)
due
03/31/28
◊,(a)
1,539,526
$
1,539,526
7.49%
(3
Month
Term
SOFR
+
3.75%,
Rate
Floor:
1.00%)
due
03/31/28
◊,(a)
389,526
389,526
Cliffwater
LLC
8.14%
(1
Month
Term
SOFR
+
4.50%,
Rate
Floor:
0.75%)
due
04/22/32
◊,(a)
1,580,000
1,527,386
Total
Financial
11,979,999
UTILITIES
-
0
.2
%
NRG
Energy,
Inc.
5.42%
(3
Month
Term
SOFR
+
1.75%)
due
04/16/31
◊
4,961,741
4,954,149
CONSUMER,
NON-CYCLICAL
-
0
.1
%
Herc
Holdings,
Inc.
5.38%
(1
Month
Term
SOFR
+
1.75%)
due
06/02/32
◊
3,059,625
3,059,625
Avantor
Funding,
Inc.
4.68%
(1
Month
EURIBOR
+
2.50%)
due
10/11/32
◊
EUR
952,530
1,091,955
Total
Consumer,
Non-cyclical
4,151,580
COMMUNICATIONS
-
0
.1
%
Discovery
Global
Holdings,
Inc.
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
06/20/33
◊
1,471,154
1,471,021
INDUSTRIAL
-
0
.0
%
Standard
Industries,
Inc.
5.39%
(1
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.50%)
due
09/22/28
◊
447,115
447,066
Total
Senior
Floating
Rate
Interests
(Cost
$46,221,344)
46,124,214
FEDERAL
AGENCY
BONDS
-
1
.0
%
Tennessee
Valley
Authority
Principal
Strips
due
06/15/38
(f),(g)
9,400,000
5,220,017
due
01/15/48
(f),(g)
12,156,000
3,856,345
due
01/15/38
(f),(g)
4,000,000
2,274,960
due
09/15/39
(f),(g)
4,100,000
2,124,526
due
06/15/35
(f),(g)
1,583,000
1,036,859
due
12/15/42
(f),(g)
1,600,000
686,136
Tennessee
Valley
Authority
5.25%
due
02/01/55
4,200,000
4,143,472
4.25%
due
09/15/52
3,150,000
2,671,534
4.63%
due
09/15/60
2,415,000
2,137,198
4.25%
due
09/15/65
2,450,000
2,002,147
5.38%
due
04/01/56
600,000
601,986
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
68
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
FEDERAL
AGENCY
BONDS
-
1.0%
(continued)
Federal
Farm
Credit
Bank
3.51%
due
06/11/40
3,300,000
$
2,833,783
Total
Federal
Agency
Bonds
(Cost
$36,623,736)
29,588,963
FOREIGN
GOVERNMENT
DEBT
-
0
.9
%
Australia
Government
Bond
4.25%
due
03/21/36
AUD
27,100,000
18,065,114
Eagle
Funding
Luxco
SARL
5.50%
due
08/17/30
(i)
2,950,000
2,961,948
Israel
Government
International
Bond
5.63%
due
02/19/35
1,250,000
1,276,379
5.38%
due
02/19/30
750,000
759,191
Panama
Government
International
Bond
4.50%
due
01/19/63
2,600,000
2,005,120
Saudi
Government
International
Bond
5.63%
due
01/13/35
(i)
1,100,000
1,138,157
Total
Foreign
Government
Debt
(Cost
$26,631,793)
26,205,909
MUNICIPAL
BONDS
-
0
.5
%
CALIFORNIA
-
0
.3
%
California
Public
Finance
Authority
Revenue
Bonds
5.40%
due
11/15/36
3,025,000
3,027,933
California
Statewide
Communities
Development
Authority
Revenue
Bonds
7.14%
due
08/15/47
1,160,000
1,214,901
2.68%
due
02/01/39
1,200,000
939,691
University
of
California
College
of
the
Law
San
Francisco
Revenue
Bonds
5.99%
due
08/01/50
1,300,000
1,320,599
California
Public
Finance
Authority
Revenue
Bonds
5.40%
due
11/15/31
900,000
914,571
Total
California
7,417,695
TEXAS
-
0
.1
%
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
Bonds
3.29%
due
09/01/40
2,100,000
1,725,704
2.78%
due
09/01/34
700,000
602,976
2.69%
due
09/01/33
500,000
436,982
2.41%
due
09/01/31
450,000
404,223
Total
Texas
3,169,885
NEW
YORK
-
0
.1
%
New
York
City
Housing
Development
Corp.
Revenue
Bonds
4.80%
due
02/01/53
1,550,000
1,559,077
OHIO
-
0
.0
%
Ohio
Housing
Finance
Agency
Revenue
Bonds
4.70%
due
09/01/54
1,220,000
1,223,965
A
A
A
FACE
AMOUNT
~
VALUE
MUNICIPAL
BONDS
-
0.5%
(continued)
MICHIGAN
-
0
.0
%
Michigan
State
Housing
Development
Authority
Revenue
Bonds
4.95%
due
12/01/50
1,100,000
$
1,117,152
ILLINOIS
-
0
.0
%
State
of
Illinois
General
Obligation
Unlimited
5.65%
due
12/01/38
361,111
371,823
Total
Municipal
Bonds
(Cost
$15,364,184)
14,859,597
CONTRACTS/
NOTIONAL
VALUE
LISTED
OPTIONS
PURCHASED
-
0
.0
%
Call
Options
on
:
Interest
Rate
Options
3-Month
SOFR
Futures
Contracts
Expiring
March
2027
with
strike
price
of
$97.50
(Notional
Value
$276,729,200)
1,154
115,400
3-Month
SOFR
Futures
Contracts
Expiring
September
2026
with
strike
price
of
$97.50
(Notional
Value
$387,943,188)
1,615
20,188
Total
Listed
Options
Purchased
(Cost
$1,249,273)
135,588
OTC
INTEREST
RATE
SWAPTIONS
PURCHASED
(r)
-
0
.0
%
Call
Swaptions
on
:
Interest
Rate
Swaptions
Morgan
Stanley
Capital
Services
LLC
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.38%
43,186,000
52,195
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.38%
23,993,000
28,998
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.25%
23,992,000
21,813
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.25%
23,993,000
21,813
Citibank,
N.A.
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.43%
38,606,000
18,769
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.38%
14,396,000
17,130
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
|
69
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
CONTRACTS/
NOTIONAL
VALUE
VALUE
OTC
INTEREST
RATE
SWAPTIONS
PURCHASED
(r)
-
0.0%
(continued)
Call
Swaptions
on:
(continued)
Interest
Rate
Swaptions
(continued)
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.38%
14,395,000
$
17,129
Barclays
Bank
plc
9-Month/5-
Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.35%
20,304,000
13,600
BNP
Paribas
9-Month/5-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.35%
20,304,000
13,600
Morgan
Stanley
Capital
Services
LLC
9-Month/5-
Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.35%
20,303,000
13,600
The
Toronto-Dominion
Bank
9-Month/5-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.35%
20,304,000
13,600
JPMorgan
Chase
Bank,
N.A.
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.43%
28,853,000
13,457
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.43%
18,862,000
9,170
BNP
Paribas
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.30%
28,875,000
9,098
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.43%
14,392,000
6,712
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.30%
14,367,000
4,527
Total
OTC
Interest
Rate
Swaptions
Purchased
(Cost
$2,151,034)
275,211
Total
Investments
-
107.1%
(Cost
$3,177,077,478)
$
3,108,520,889
LISTED
OPTIONS
WRITTEN
-
(
0
.0
)
%
Call
Options
on
:
Interest
Rate
Options
3-Month
SOFR
Futures
Contracts
Expiring
September
2026
with
strike
price
of
$98.00
(Notional
Value
$387,943,188)
1,615
(
20,188
)
A
A
A
CONTRACTS/
NOTIONAL
VALUE
VALUE
LISTED
OPTIONS
WRITTEN
-
(0.0)%
(continued)
Call
Options
on:
(continued)
Interest
Rate
Options
(continued)
3-Month
SOFR
Futures
Contracts
Expiring
March
2027
with
strike
price
of
$98.00
(Notional
Value
$276,729,200)
1,154
$
(
79,337
)
Total
Listed
Options
Written
(Premium
received
$625,216)
(
99,525
)
OTC
INTEREST
RATE
SWAPTIONS
WRITTEN
(r)
-
(
0
.1
)
%
Call
Swaptions
on
:
Interest
Rate
Swaptions
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.64%
15,968,750
(
109
)
Morgan
Stanley
Capital
Services
LLC
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.64%
15,968,750
(
109
)
Barclays
Bank
plc
1-Year/2-
Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.71%
11,406,250
(
158
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.71%
11,406,250
(
158
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.69%
18,250,000
(
159
)
The
Toronto-Dominion
Bank
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.69%
18,250,000
(
159
)
Morgan
Stanley
Capital
Services
LLC
9-Month/5-
Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
2.85%
20,303,000
(
1,924
)
The
Toronto-Dominion
Bank
9-Month/5-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
2.85%
20,304,000
(
1,924
)
Barclays
Bank
plc
9-Month/5-
Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
2.85%
20,304,000
(
1,925
)
BNP
Paribas
9-Month/5-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
2.85%
20,304,000
(
1,925
)
Total
Interest
Rate
Swaptions
(
8,550
)
Put
Swaptions
on
:
Interest
Rate
Swaptions
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
14,392,000
(
56,349
)
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
70
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
CONTRACTS/
NOTIONAL
VALUE
VALUE
OTC
INTEREST
RATE
SWAPTIONS
WRITTEN
(r)
-
(0.1)%
(continued)
Put
Swaptions
on:
(continued)
Interest
Rate
Swaptions
(continued)
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
14,367,000
$
(
56,484
)
Barclays
Bank
plc
1-Year/2-
Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.71%
11,406,250
(
73,980
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.71%
11,406,250
(
73,980
)
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
14,395,000
(
74,421
)
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
14,396,000
(
74,426
)
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
18,862,000
(
74,768
)
JPMorgan
Chase
Bank,
N.A.
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
28,853,000
(
112,968
)
BNP
Paribas
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
28,875,000
(
113,522
)
A
A
A
CONTRACTS/
NOTIONAL
VALUE
VALUE
OTC
INTEREST
RATE
SWAPTIONS
WRITTEN
(r)
-
(0.1)%
(continued)
Put
Swaptions
on:
(continued)
Interest
Rate
Swaptions
(continued)
Morgan
Stanley
Capital
Services
LLC
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.64%
15,968,750
$
(
120,437
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.64%
15,968,750
(
120,438
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.69%
18,250,000
(
123,876
)
The
Toronto-Dominion
Bank
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.69%
18,250,000
(
123,876
)
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
23,992,000
(
124,703
)
Citibank,
N.A.
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
38,606,000
(
151,154
)
Morgan
Stanley
Capital
Services
LLC
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
43,186,000
(
224,467
)
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
47,986,000
(
249,416
)
Total
Interest
Rate
Swaptions
(
1,949,265
)
Total
OTC
Interest
Rate
Swaptions
Written
(Premium
received
$2,121,697)
(
1,957,815
)
Other
Assets
&
Liabilities,
net
-
(7.1)%
(
204,949,080
)
Total
Net
Assets
-
100.0%
$
2,901,514,469
~
The
face
amount
is
denominated
in
U.S.
dollars
unless
otherwise
indicated.
*
Non-income
producing
security.
◊
Variable
rate
security.
Rate
indicated
is
the
rate
effective
at
June
30,
2026.
In
some
instances,
the
effective
rate
is
limited
by
a
minimum
rate
floor
or
a
maximum
rate
cap
established
by
the
issuer.
The
settlement
status
of
a
position
may
also
impact
the
effective
rate
indicated.
In
some
cases,
a
position
may
be
unsettled
at
period
end
and
may
not
have
a
stated
effective
rate.
In
instances
where
multiple
underlying
reference
rates
and
spread
amounts
are
shown,
the
effective
rate
is
based
on
a
weighted
average.
(a)
Value
determined
based
on
Level
3
inputs
—
See
Note
3
.
(b)
Special
Purpose
Acquisition
Company
(SPAC).
(c)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(d)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(e)
All
or
a
portion
of
this
security
is
pledged
as
collateral
for
futures
and
swap
agreements
at
June
30,
2026.
(f)
Zero
coupon
rate
security.
(g)
Security
is
a
principal-only
strip.
(h)
Security
is
an
interest-only
strip.
(i)
Security
is
a
144A
or
Section
4(a)(2)
security.
These
securities
have
been
determined
to
be
liquid
under
guidelines
established
by
the
Board
of
Trustees.
The
total
market
value
of
144A
or
Section
4(a)(2)
liquid
securities
is
$1,115,269,124
(cost
$1,133,496,783),
or
38.4%
of
total
net
assets.
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
|
71
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
(j)
Security
is
a
step
up/down
bond.
The
coupon
increases
or
decreases
at
regular
intervals
until
the
bond
reaches
full
maturity.
Rate
indicated
is
the
rate
at
June
30,
2026.
See
table
below
for
additional
step
information
for
each
security.
(k)
Face
amount
of
security
is
adjusted
for
inflation.
(l)
Security
has
a
fixed
rate
coupon
which
will
convert
to
a
floating
or
variable
rate
coupon
on
a
future
date.
(m)
Perpetual
maturity.
(n)
Security
is
a
144A
or
Section
4(a)(2)
security.
These
securities
have
been
determined
to
be
illiquid
and
restricted
under
guidelines
established
by
the
Board
of
Trustees.
The
total
market
value
of
144A
or
Section
4(a)(2)
illiquid
and
restricted
securities
is
$3,826,555
(cost
$3,930,282),
or
0.1%
of
total
net
assets
-
See
Note
5
.
(o)
Security
is
unsettled
at
period
end
and
may
not
have
a
stated
effective
rate.
(p)
Security
is
in
default
of
interest
and/or
principal
obligations.
(q)
Security
has
no
stated
coupon.
However,
it
is
expected
to
receive
residual
cash
flow
payments
on
defined
deal
dates.
(r)
Swaptions
—
See
additional
disclosure
in
the
swaptions
table
below
for
more
information
on
swaptions.
AUD
—
Australian
Dollar
CMT
—
Constant
Maturity
Treasury
EUR
—
Euro
EURIBOR
—
European
Interbank
Offered
Rate
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
SARL  —
Société
à
Responsabilité
Limitée
SOFR
—
Secured
Overnight
Financing
Rate
WAC
—
Weighted
Average
Coupon
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Appreciation
(Depreciation)
(a)
Interest
Rate
Futures
Contracts
Purchased
U.S.
Treasury
Long
Bond
Futures
Contracts
377
Sep
2026
$
42,624,562
$
959,380
U.S.
Treasury
5
Year
Note
Futures
Contracts
299
Sep
2026
31,985,991
98,882
U.S.
Treasury
2
Year
Note
Futures
Contracts
326
Sep
2026
67,186,563
(
7,906
)
$
1,050,356
–
–
Centrally
Cleared
Credit
Default
Swap
Agreements
Protection
Sold
Counterparty
Exchange
Index
Protection
Premium
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Value
Upfront
Premiums
Paid
Unrealized
Appreciation
(a)
Bank
of
America
Securities,
Inc.
ICE
CDX.
NA.IG.45.V1
1.00%
Quarterly
06/20/31
$
27,300,000
$
606,162
$
517,846
$
88,316
Centrally
Cleared
Credit
Default
Swap
Agreements
Protection
Purchased
Counterparty
Exchange
Index
Protection
Premium
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
~
Value
Upfront
Premiums
Received
Unrealized
Depreciation
(a)
Bank
of
America
Securities,
Inc.
ICE
ITRAXX.
EUR.45.V1
1.00%
Quarterly
06/20/31
EUR
23,400,000
$
(
606,270
)
$
(
462,432
)
$
(
143,838
)
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
72
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
OTC
Credit
Default
Swap
Agreements
Protection
Purchased
Counterparty
Index
Protection
Premium
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Value
Upfront
Premiums
Received
Unrealized
Depreciation
J.P.
Morgan
Securities
LLC
CDX.NA.HY.43.
V1
(15-25%)
5.00%
Quarterly
12/20/29
$
488,000
$
(
49,926
)
$
(
20,630
)
$
(
29,296
)
Centrally
Cleared
Interest
Rate
Swap
Agreements
Counterparty
Exchange
Floating
Rate
Type
Floating
Rate
Index
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
(a)
Bank
of
America
Securities,
Inc.
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
3.56%
Annually
03/03/36
$
34,020,000
$
1,241,686
$
—
$
1,241,686
J.P.
Morgan
Securities
LLC
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
4.32%
Annually
07/02/27
32,600,000
213,255
77
213,178
J.P.
Morgan
Securities
LLC
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.98%
Annually
02/06/27
70,000,000
93,762
95
93,667
Bank
of
America
Securities,
Inc.
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
3.94%
Annually
06/23/31
1,560,000
(
2,030
)
(
1,653
)
(
377
)
Bank
of
America
Securities,
Inc.
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.95%
Annually
07/02/29
102,850,000
(
5,210
)
—
(
5,210
)
J.P.
Morgan
Securities
LLC
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.90%
Annually
12/04/27
88,800,000
(
75,323
)
247
(
75,570
)
Bank
of
America
Securities,
Inc.
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.92%
Annually
04/30/36
14,345,000
(
107,721
)
—
(
107,721
)
Bank
of
America
Securities,
Inc.
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
4.06%
Annually
01/06/28
130,000,000
268,364
402,422
(
134,058
)
Bank
of
America
Securities,
Inc.
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.69%
Annually
04/30/31
28,630,000
(
283,227
)
—
(
283,227
)
$
1,343,556
$
401,188
$
942,368
Forward
Foreign
Currency
Exchange
Contracts
Counterparty
Currency
Type
Quantity
Contract
Amount
Settlement
Date
Unrealized
Appreciation
(Depreciation)
Bank
of
America,
N.A.
EUR
Sell
6,207,000
7,187,129
USD
07/15/26
$
91,321
Citibank,
N.A.
EUR
Buy
530,000
610,096
USD
07/15/26
(
4,203
)
$
87,118
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
|
73
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
OTC
Interest
Rate
Swaptions
Purchased
Counterparty/
Description
Floating
Rate
Type
Floating
Rate
Index
Payment
Frequency
Fixed
Rate
Expiration
Date
Exercise
Rate
Swaption
Notional
Amount
Swaption
Value
Call
Morgan
Stanley
Capital
Services
LLC
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.38%
12/28/26
3.38%
$
43,186,000
$
52,195
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.38%
12/28/26
3.38%
23,993,000
28,998
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.25%
12/28/26
3.25%
23,993,000
21,813
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.25%
12/28/26
3.25%
23,992,000
21,813
Citibank,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.43%
09/28/26
3.43%
38,606,000
18,769
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.38%
12/24/26
3.38%
14,396,000
17,130
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.38%
12/24/26
3.38%
14,395,000
17,129
Barclays
Bank
plc
9-Month/5-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.35%
09/21/26
3.35%
20,304,000
13,600
Morgan
Stanley
Capital
Services
LLC
9-Month/5-
Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.35%
09/21/26
3.35%
20,303,000
13,600
The
Toronto-
Dominion
Bank
9-Month/5-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.35%
09/21/26
3.35%
20,304,000
13,600
BNP
Paribas
9-Month/5-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.35%
09/21/26
3.35%
20,304,000
13,600
JPMorgan
Chase
Bank,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.43%
09/24/26
3.43%
28,853,000
13,457
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.43%
09/28/26
3.43%
18,862,000
9,170
BNP
Paribas
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.30%
09/25/26
3.30%
28,875,000
9,098
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.43%
09/24/26
3.43%
14,392,000
6,712
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.30%
09/25/26
3.30%
14,367,000
4,527
$
275,211
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
74
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
OTC
Interest
Rate
Swaptions
Written
Counterparty/
Description
Floating
Rate
Type
Floating
Rate
Index
Payment
Frequency
Fixed
Rate
Expiration
Date
Exercise
Rate
Swaption
Notional
Amount
Swaption
Value
Call
Morgan
Stanley
Capital
Services
LLC
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.64%
08/13/26
2.64%
$
15,968,750
$
(
109
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.64%
08/13/26
2.64%
15,968,750
(
109
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.71%
08/19/26
2.71%
11,406,250
(
158
)
Barclays
Bank
plc
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.71%
08/19/26
2.71%
11,406,250
(
158
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.69%
08/14/26
2.69%
18,250,000
(
159
)
The
Toronto-
Dominion
Bank
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.69%
08/14/26
2.69%
18,250,000
(
159
)
Morgan
Stanley
Capital
Services
LLC
9-Month/5-
Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.85%
09/21/26
2.85%
20,303,000
(
1,924
)
The
Toronto-
Dominion
Bank
9-Month/5-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.85%
09/21/26
2.85%
20,304,000
(
1,924
)
BNP
Paribas
9-Month/5-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.85%
09/21/26
2.85%
20,304,000
(
1,925
)
Barclays
Bank
plc
9-Month/5-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.85%
09/21/26
2.85%
20,304,000
(
1,925
)
$
(
8,550
)
Put
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/24/26
3.95%
14,392,000
(
56,349
)
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/25/26
3.95%
14,367,000
(
56,484
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.71%
08/19/26
3.71%
11,406,250
(
73,980
)
Barclays
Bank
plc
1-Year/2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.71%
08/19/26
3.71%
11,406,250
(
73,980
)
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/24/26
3.95%
14,395,000
(
74,421
)
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
|
75
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
OTC
Interest
Rate
Swaptions
Written
(continued)
Counterparty/
Description
Floating
Rate
Type
Floating
Rate
Index
Payment
Frequency
Fixed
Rate
Expiration
Date
Exercise
Rate
Swaption
Notional
Amount
Swaption
Value
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/24/26
3.95%
$
14,396,000
$
(
74,426
)
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/28/26
3.95%
18,862,000
(
74,768
)
JPMorgan
Chase
Bank,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/24/26
3.95%
28,853,000
(
112,968
)
BNP
Paribas
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/25/26
3.95%
28,875,000
(
113,522
)
Morgan
Stanley
Capital
Services
LLC
1-Year/2-
Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.64%
08/13/26
3.64%
15,968,750
(
120,437
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.64%
08/13/26
3.64%
15,968,750
(
120,438
)
The
Toronto-
Dominion
Bank
1-Year/2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.69%
08/14/26
3.69%
18,250,000
(
123,876
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.69%
08/14/26
3.69%
18,250,000
(
123,876
)
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/28/26
3.95%
23,992,000
(
124,703
)
Citibank,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/24/26
3.95%
38,606,000
(
151,154
)
Morgan
Stanley
Capital
Services
LLC
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/28/26
3.95%
43,186,000
(
224,467
)
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/28/26
3.95%
47,986,000
(
249,416
)
$
(
1,949,265
)
(a)
Includes
cumulative
appreciation
(depreciation).
~
The
face
amount
is
denominated
in
U.S.
dollars
unless
otherwise
indicated.
CDX.NA.HY.43.V1
—
Credit
Default
Swap
North
American
High
Yield
Series
43
Index
Version
1
CDX.NA.IG.45.V1
—
Credit
Default
Swap
North
American
Investment
Grade
Series
45
Index
Version
1
CME
—
Chicago
Mercantile
Exchange
EUR
—
Euro
ICE
—
Intercontinental
Exchange
ITRAXX.EUR.45.V1
—
iTraxx
Credit
Default
Swap
European
Investment
Grade
Series
45
Index
Version
1
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
76
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
SOFR
—
Secured
Overnight
Financing
Rate
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(See
Note
3
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Common
Stocks
$
—
$
—
$
62
$
62
Preferred
Stocks
3,467,162
49,076,912
—
52,544,074
Warrants
5
—
26
31
Money
Market
Funds
53,913,966
—
—
53,913,966
Collateralized
Mortgage
Obligations
—
855,352,478
4,990,789
860,343,267
U.S.
Government
Securities
—
750,576,563
—
750,576,563
Corporate
Bonds
—
617,396,263
64,234,920
681,631,183
Asset-Backed
Securities
—
510,502,331
81,819,930
592,322,261
Senior
Floating
Rate
Interests
—
39,867,473
6,256,741
46,124,214
Federal
Agency
Bonds
—
29,588,963
—
29,588,963
Foreign
Government
Debt
—
26,205,909
—
26,205,909
Municipal
Bonds
—
14,859,597
—
14,859,597
Options
Purchased
135,588
—
—
135,588
Interest
Rate
Swaptions
Purchased
—
275,211
—
275,211
Interest
Rate
Futures
Contracts
(a)
1,058,262
—
—
1,058,262
Credit
Default
Swap
Agreements
(a)
—
88,316
—
88,316
Interest
Rate
Swap
Agreements
(a)
—
1,548,531
—
1,548,531
Forward
Foreign
Currency
Exchange
Contracts
(a)
—
91,321
—
91,321
Unfunded
Loan
Commitments
(
Note
4
)
(a)
—
—
603
603
Total
Assets
$
58,574,983
$
2,895,429,868
$
157,303,071
$
3,111,307,922
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Options
Written
$
99,525
$
—
$
—
$
99,525
Interest
Rate
Swaptions
Written
—
1,957,815
—
1,957,815
Interest
Rate
Futures
Contracts
(a)
7,906
—
—
7,906
Credit
Default
Swap
Agreements
(a)
—
173,134
—
173,134
Interest
Rate
Swap
Agreements
(a)
—
606,163
—
606,163
Forward
Foreign
Currency
Exchange
Contracts
(a)
—
4,203
—
4,203
Total
Liabilities
$
107,431
$
2,741,315
$
—
$
2,848,746
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
The
following
is
a
summary
of
significant
unobservable
inputs
used
in
the
fair
valuation
of
assets
and
liabilities
categorized
within
Level
3
of
the
fair
value
hierarchy:
Category
Ending
Balance
at
June
30,
2026
Valuation
Technique
Unobservable
Inputs
Input
Range
Weighted
Average
(a)
Assets:
Asset-Backed
Securities
$
36,602,307
Option
adjusted
spread
off
prior
month
end
broker
quote
Broker
Quote
—
—
Asset-Backed
Securities
22,771,440
Yield
Analysis
Yield
5.1%-7.3%
6.6%
Asset-Backed
Securities
16,100,000
Third
Party
Pricing
Broker
Quote
—
—
Asset-Backed
Securities
6,345,637
Third
Party
Pricing
Trade
Price
—
—
Asset-Backed
Securities
546
Third
Party
Pricing
Vendor
Price
—
—
Collateralized
Mortgage
Obligations
3,854,008
Option
adjusted
spread
off
prior
month
end
broker
quote
Broker
Quote
—
—
Collateralized
Mortgage
Obligations
1,136,781
Third
Party
Pricing
Vendor
Price
—
—
Common
Stocks
62
Model
Price
Liquidation
Value
—
—
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
|
77
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Significant
changes
in
a
quote,
yield
or
liquidation
value
would
generally
result
in
significant
changes
in
the
fair
value
of
the
security.
Any
remaining
Level
3
securities
held
by
the
Fund
and
excluded
from
the
table
above,
were
not
considered
material
to
the
Fund.
The
Fund’s
fair
valuation
leveling
guidelines
classify
a
single
daily
broker
quote,
or
a
vendor
price
based
on
a
single
daily
or
monthly
broker
quote,
as
Level
3,
if
such
a
quote
or
price
cannot
be
supported
with
other
available
market
information.
Transfers
between
Level
2
and
Level
3
may
occur
as
markets
fluctuate
and/or
the
availability
of
data
used
in
an
investment’s
valuation
changes.
For
the
period
ended
June
30,
2026,
the
Fund
had
securities
with
a
total
value
of
$3,048,374
transfer
into
Level
3
from
Level
2
due
to
a
lack
of
observable
inputs
and
did
not
have
any
securities
transfer
out
of
Level
3
into
Level
2.
Summary
of
Fair
Value
Level
3
Activity
Following
is
a
reconciliation
of
Level
3
assets
for
which
significant
unobservable
inputs
were
used
to
determine
fair
value
for
the
period
ended
June
30,
2026:
Category
Ending
Balance
at
June
30,
2026
Valuation
Technique
Unobservable
Inputs
Input
Range
Weighted
Average
(a)
Corporate
Bonds
$
59,275,692
Option
adjusted
spread
off
prior
month
end
broker
quote
Broker
Quote
—
—
Corporate
Bonds
2,970,500
Third
Party
Pricing
Broker
Quote
—
—
Corporate
Bonds
1,988,728
Yield
Analysis
Yield
6.2%
—
Senior
Floating
Rate
Interests
2,800,303
Third
Party
Pricing
Broker
Quote
—
—
Senior
Floating
Rate
Interests
1,929,052
Model
Price
Purchase
Price
—
—
Senior
Floating
Rate
Interests
1,527,386
Yield
Analysis
Yield
9.5%
—
Unfunded
Loan
Commitments
603
Model
Price
Purchase
Price
—
—
Warrants
26
Model
Price
Liquidation
Value
—
—
Total
Assets
$
157,303,071
(a)
Inputs
are
weighted
by
the
fair
value
of
the
instruments.
Beginning
Balance
Purchases/
(Receipts)
(Sales,
maturities
and
paydowns)/
Fundings
Amortization
of
premiums/
discounts
Total
realized
gains
(losses)
included
in
earnings
Assets
Asset-Backed
Securities
$
71,825,094
$
17,754,364
$
(
14,104,981
)
$
306
$
4,469,938
Corporate
Bonds
73,081,978
17,390,649
(
25,385,988
)
190
553,617
Senior
Floating
Rate
Interests
5,965,837
3,218,900
(
2,869,608
)
783
130
Warrants
26
—
—
—
—
Common
Stocks
62
—
—
—
—
Collateralized
Mortgage
Obligations
3,873,113
—
(
44,804
)
(
12,008
)
(
3,712
)
Unfunded
Loan
Commitments
—
—
—
—
—
Total
Assets
$
154,746,110
$
38,363,913
$
(
42,405,381
)
$
(
10,729
)
$
5,019,973
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
78
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Total
change
in
unrealized
appreciation
(depreciation)
included
in
earnings
Transfers
into
Level
3
Ending
Balance
Net
change
in
unrealized
appreciation
(depreciation)
for
investments
in
Level
3
securities
still
held
at
June
30,
2026
Assets
Asset-Backed
Securities
$
(
36,385
)
$
1,911,594
$
81,819,930
$
(
40,036
)
Corporate
Bonds
(
1,405,526
)
—
64,234,920
(
1,310,128
)
Senior
Floating
Rate
Interests
(
59,301
)
—
6,256,741
(
56,288
)
Warrants
—
—
26
—
Common
Stocks
—
—
62
—
Collateralized
Mortgage
Obligations
41,420
1,136,780
4,990,789
41,420
Unfunded
Loan
Commitments
603
—
603
603
Total
Assets
$
(
1,459,189
)
$
3,048,374
$
157,303,071
$
(
1,364,429
)
Step
Coupon
Bonds
The
following
table
discloses
additional
information
related
to
step
coupon
bonds
held
by
the
Fund.
Certain
securities
are
subject
to
multiple
rate
changes
prior
to
maturity.
For
those
securities,
a
range
of
rates
and
corresponding
dates
have
been
provided.
Rates
for
all
step
coupon
bonds
held
by
the
Fund
are
scheduled
to
increase,
none
are
scheduled
to
decrease.
Name
Coupon
Rate
at
Next
Reset
Date
Next
Rate
Reset
Date
Anchor
Mortgage
Trust
2025-RTL1,
5.72%
due
05/25/40
6.72%
11/01/27
Angel
Oak
Mortgage
Trust
2024-3,
4.80%
due
11/26/68
5.80%
02/01/28
Angel
Oak
Mortgage
Trust
2024-2,
6.25%
due
01/25/69
7.25%
01/01/28
Angel
Oak
Mortgage
Trust
2023-1,
4.75%
due
09/26/67
5.75%
01/01/27
Angel
Oak
Mortgage
Trust
2024-4,
6.20%
due
01/25/69
7.20%
03/01/28
Angel
Oak
Mortgage
Trust
2024-4,
6.50%
due
01/25/69
7.50%
03/01/28
Angel
Oak
Mortgage
Trust
2025-12,
5.34%
due
12/25/70
6.34%
11/01/29
Angel
Oak
Mortgage
Trust
2024-4,
6.40%
due
01/25/69
7.40%
03/01/28
Archwest
Mortgage
Trust
2025-RTL1,
5.20%
due
10/25/40
6.16%
04/25/28
Aspire
Mortgage
Trust
2026-2,
5.63%
due
04/26/66
6.63%
04/01/30
Aspire
Mortgage
Trust
2026-3,
5.56%
due
05/25/66
6.56%
06/01/30
ATLX
Trust
2024-RPL2,
3.85%
due
04/25/63
4.85%
10/01/28
BARC
2026-CES1,
5.05%
due
01/25/56
6.05%
02/01/30
BARC
2026-CES1,
5.15%
due
01/25/56
6.15%
02/01/30
Barclays
Mortgage
Loan
Trust
2026-CES1,
4.85%
due
01/25/56
5.85%
02/01/30
BRAVO
Residential
Funding
Trust
2023-NQM8,
7.10%
due
10/25/63
8.10%
11/01/27
BRAVO
Residential
Funding
Trust
2025-NQM2,
5.83%
due
11/25/64
6.83%
02/01/29
BRAVO
Residential
Funding
Trust
2024-NQM3,
6.39%
due
03/25/64
7.39%
03/01/28
BRAVO
Residential
Funding
Trust
2023-NQM2,
4.50%
due
05/25/62
5.50%
02/01/27
BRAVO
Residential
Funding
Trust
2024-CES1,
6.38%
due
04/25/54
7.38%
04/01/28
BRAVO
Residential
Funding
Trust
2025-CES1,
5.70%
due
02/25/55
6.70%
03/01/29
CAFL
Issuer,
LP
2025-RRTL2,
5.18%
due
11/28/40
6.03%
06/28/28
COLT
Mortgage
Loan
Trust
2023-4,
7.62%
due
10/25/68
8.62%
10/01/27
COLT
Mortgage
Loan
Trust
2024-2,
6.13%
due
04/25/69
7.13%
03/01/28
COLT
Mortgage
Loan
Trust
2024-2,
6.33%
due
04/25/69
7.33%
03/01/28
COLT
Mortgage
Loan
Trust
2024-2,
6.43%
due
04/25/69
7.43%
03/01/28
COLT
Mortgage
Loan
Trust
2024-1,
6.14%
due
02/25/69
7.14%
01/01/28
COLT
Mortgage
Loan
Trust
2025-3,
5.56%
due
03/25/70
6.56%
02/01/29
COLT
Mortgage
Loan
Trust
2023-3,
7.18%
due
09/25/68
8.18%
09/01/27
COLT
Mortgage
Loan
Trust
2023-3,
7.58%
due
09/25/68
8.58%
09/01/27
Cross
Mortgage
Trust
2026-NQM1,
4.95%
due
02/25/61
5.95%
01/01/30
Cross
Mortgage
Trust
2025-H1,
5.89%
due
02/25/70
6.89%
01/01/29
Cross
Mortgage
Trust
2025-H1,
5.99%
due
02/25/70
6.99%
01/01/29
Cross
Mortgage
Trust
2025-H2,
5.66%
due
03/25/70
6.66%
02/01/29
Cross
Mortgage
Trust
2026-NQM1,
5.16%
due
02/25/61
6.16%
01/01/30
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
|
79
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Name
Coupon
Rate
at
Next
Reset
Date
Next
Rate
Reset
Date
Deephaven
Residential
Mortgage
Trust
2026-CES1,
5.31%
due
03/25/61
6.31%
04/01/30
EFMT
2025-CES1,
5.73%
due
01/25/60
6.73%
02/01/29
EFMT
2024-CES1,
5.52%
due
01/26/60
6.52%
12/01/28
Figre
2026-FL2,
5.82%
due
06/25/56
6.82%
06/01/30
FIGRE
Trust
2026-FL2,
5.92%
due
06/25/56
6.92%
07/01/26
GCAT
Trust
2024-NQM2,
6.09%
due
06/25/59
7.36%
05/01/28
GCAT
Trust
2024-NQM2,
6.54%
due
06/25/59
7.71%
05/01/28
GCAT
Trust
2023-NQM3,
7.34%
due
08/25/68
8.34%
09/01/27
GCAT
Trust
2025-NQM4,
5.73%
due
06/25/70
6.73%
07/01/29
GCAT
Trust
2023-NQM3,
6.89%
due
08/25/68
7.89%
09/01/27
GS
Mortgage-Backed
Securities
Trust
2026-NQM4,
5.66%
due
06/25/66
6.66%
05/01/30
HOMES
Trust
2026-NQM1,
5.05%
due
09/25/70
6.05%
01/01/30
JP
Morgan
Mortgage
Trust
2026-CES1,
4.91%
due
06/25/56
5.91%
01/01/30
JP
Morgan
Mortgage
Trust
2024-NQM1,
5.85%
due
02/25/64
6.85%
12/01/28
JP
Morgan
Mortgage
Trust
2026-CES1,
4.96%
due
06/25/56
5.96%
01/01/30
JP
Morgan
Mortgage
Trust
2026-VIS1,
5.04%
due
06/25/66
6.04%
02/01/30
JP
Morgan
Mortgage
Trust
2026-VIS1,
5.24%
due
06/25/66
6.24%
02/01/30
LHOME
Mortgage
Trust
2024-RTL5,
5.32%
due
09/25/39
6.32%
03/25/27
LHOME
Mortgage
Trust
2025-RTL3,
5.24%
due
08/25/40
6.24%
02/25/28
LHOME
Mortgage
Trust
2026-RTL1,
4.91%
due
01/25/41
6.08%
07/25/28
Mill
City
Securities
Ltd.
2024-RS1,
3.00%
due
11/01/69
6.00%
10/01/27
Mill
City
Securities
Ltd.
2024-RS2,
3.00%
due
08/01/69
6.00%
12/01/27
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2024-NQM3,
5.35%
due
07/25/69
6.35%
09/01/28
OBX
Trust
2024-NQM3,
6.13%
due
12/25/63
7.13%
02/01/28
OBX
Trust
2024-NQM3,
6.33%
due
12/25/63
7.33%
02/01/28
OBX
Trust
2024-NQM4,
6.22%
due
01/25/64
7.22%
02/01/28
OBX
Trust
2025-NQM13,
5.82%
due
05/25/65
6.82%
07/01/29
OBX
Trust
2024-NQM7,
6.45%
due
03/25/64
7.45%
04/01/28
OBX
Trust
2026-NQM4,
5.38%
due
02/25/66
6.38%
03/01/30
OBX
Trust
2024-NQM6,
6.45%
due
02/25/64
7.45%
04/01/28
OBX
Trust
2024-NQM6,
6.70%
due
02/25/64
7.70%
04/01/28
OBX
Trust
2026-NQM5,
5.57%
due
01/25/66
6.57%
03/01/30
OBX
Trust
2024-NQM7,
6.60%
due
03/25/64
7.60%
04/01/28
OBX
Trust
2024-NQM8,
6.23%
due
05/25/64
7.23%
05/01/28
OBX
Trust
2025-NQM13,
5.61%
due
05/25/65
6.61%
07/01/29
OBX
Trust
2024-NQM5,
6.29%
due
01/25/64
7.29%
03/01/28
OBX
Trust
2024-NQM8,
6.59%
due
05/25/64
7.59%
05/01/28
OBX
Trust
2025-R1,
5.19%
due
09/25/62
6.19%
11/01/29
OBX
Trust
2024-NQM15,
5.57%
due
10/25/64
6.57%
10/01/28
OBX
Trust
2024-NQM3,
6.43%
due
12/25/63
7.43%
02/01/28
OBX
Trust
2024-NQM2,
6.18%
due
12/25/63
7.18%
01/01/28
OBX
Trust
2025-NQM1,
5.85%
due
12/25/64
6.85%
12/01/28
OBX
Trust
2023-NQM9,
7.66%
due
10/25/63
8.66%
01/01/27
OBX
Trust
2024-NQM5,
6.39%
due
01/25/64
7.39%
03/01/28
OBX
Trust
2024-NQM7,
6.24%
due
03/25/64
7.24%
04/01/28
OBX
Trust
2024-NQM6,
6.85%
due
02/25/64
7.85%
04/01/28
OBX
Trust
2026-NQM9,
5.52%
due
04/25/66
6.52%
06/01/30
OBX
Trust
2024-NQM5,
5.99%
due
01/25/64
6.99%
03/01/28
OBX
Trust
2025-NQM2,
5.95%
due
11/25/64
6.95%
01/01/29
OBX
Trust
2026-NQM9,
5.62%
due
04/25/66
6.62%
06/01/30
PRKCM
Trust
2025-AFC1,
5.25%
due
10/25/60
6.25%
09/01/29
PRKCM
Trust
2026-AFC1,
5.03%
due
02/25/61
6.03%
01/01/30
PRPM
LLC
2023-RCF1,
4.00%
due
06/25/53
5.00%
06/25/27
PRPM
LLC
2024-RPL2,
3.50%
due
05/25/54
4.50%
05/25/28
PRPM
LLC
2025-RPL3,
3.25%
due
04/25/55
4.25%
04/01/28
RCKT
Mortgage
Trust
2025-CES7,
5.48%
due
07/25/55
6.48%
07/01/29
RCKT
Mortgage
Trust
2024-CES4,
6.15%
due
06/25/44
7.15%
05/01/28
RCKT
Mortgage
Trust
2025-CES1,
5.65%
due
01/25/45
6.65%
01/01/29
Saluda
Grade
Alternative
Mortgage
Trust
2025-RRTL1,
5.32%
due
10/25/40
6.32%
03/01/28
SG
Residential
Mortgage
Trust
2026-1,
5.14%
due
01/25/66
6.14%
02/01/30
Towd
Point
Mortgage
Trust
2026-CES1,
5.32%
due
01/25/66
6.38%
01/01/30
Towd
Point
Mortgage
Trust
2025-CES4,
5.46%
due
10/25/65
6.46%
10/01/29
Verus
Securitization
Trust
2023-7,
7.42%
due
10/25/68
8.42%
10/01/27
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CORE
BOND
FUND
June
30,
2026
80
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Name
Coupon
Rate
at
Next
Reset
Date
Next
Rate
Reset
Date
Verus
Securitization
Trust
2025-1,
5.98%
due
01/25/70
6.98%
01/01/29
Verus
Securitization
Trust
2024-9,
5.89%
due
11/25/69
6.89%
12/01/28
Verus
Securitization
Trust
2025-2,
5.51%
due
03/25/70
6.51%
03/01/29
Verus
Securitization
Trust
2024-1,
6.12%
due
01/25/69
7.12%
01/01/28
Verus
Securitization
Trust
2026-3,
5.33%
due
03/25/71
6.33%
03/01/30
Vista
Point
Securitization
Trust
2026-CES2,
5.42%
due
05/25/56
6.42%
04/01/30
Vista
Point
Securitization
Trust
2024-CES2,
5.25%
due
10/25/54
6.25%
09/01/28
Vista
Point
Securitization
Trust
2024-CES3,
5.68%
due
01/25/55
6.68%
12/01/28
Vista
Point
Securitization
Trust
2025-CES1,
5.81%
due
04/25/55
6.81%
03/01/29
|
81
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
FLOATING
RATE
STRATEGIES
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
0
.8
%
INDUSTRIAL
-
0
.6
%
API
Heat
Transfer
Intermediate*
,(a)
2,105
$
2,934,742
BP
Holdco
LLC*
,(a),(b)
244,278
113,622
Targus,
Inc.*
,(a)
25,546
227
YAK
BLOCKER
2
LLC
(a)
29,884
3
Total
Industrial
3,048,594
CONSUMER,
NON-CYCLICAL
-
0
.1
%
WW
International,
Inc.*
25,462
406,883
COMMUNICATIONS
-
0
.1
%
LuxCo
3
SARL
11,188
220,392
Xplore,
Inc.*
114,139
80,488
Total
Communications
300,880
CONSUMER,
CYCLICAL
-
0
.0
%
SHO
Holding
I
Corp.
(a)
178
140,023
Asphalt
Atd
Holdco
LLC
(a)
373,317
66,450
FG
Parent
LLC
(a)
46,340
28,963
Total
Consumer,
Cyclical
235,436
Total
Common
Stocks
(Cost
$10,374,474)
3,991,793
PREFERRED
STOCKS
-
0
.1
%
FINANCIAL
-
0
.1
%
Keenova
5,190
504,297
Par
Health
5,190
33,735
Total
Financial
538,032
CONSUMER,
NON-CYCLICAL
-
0
.0
%
Ingenovis
Health,
LP
(a)
244
244,497
Total
Preferred
Stocks
(Cost
$1,314,416)
782,529
RIGHTS
-
0
.0
%
BASIC
MATERIALS
-
0
.0
%
Asphalt
Intermediate
Holdco
LLC
Expiring
12/31/49
(a)
16,664
2
COMMUNICATIONS
-
0
.0
%
Xplore,
Inc.
(a)
8,701
—
Total
Rights
(Cost
$2)
2
EXCHANGE-TRADED
FUNDS
(c)
-
2
.3
%
SPDR
Blackstone
Senior
Loan
ETF
243,601
9,814,684
Guggenheim
Securitized
Income
ETF
(b)
37,800
1,899,458
Total
Exchange-Traded
Funds
(Cost
$11,984,347)
11,714,142
MONEY
MARKET
FUNDS
(c)
-
4
.7
%
Federated
Hermes
U.S.
Treasury
Cash
Reserves
Fund
—
Institutional
Shares,
3.52%
(d)
23,391,516
23,391,516
Total
Money
Market
Funds
(Cost
$23,391,516)
23,391,516
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
79
.4
%
CONSUMER,
CYCLICAL
-
16
.6
%
Entain
Holdings
(Gibraltar)
Ltd.
5.98%
(3
Month
Term
SOFR
+
2.25%)
due
07/31/32
◊
2,599,965
$
2,595,624
5.98%
(3
Month
Term
SOFR
+
2.25%)
due
10/31/29
◊
1,572,120
1,569,070
Allwyn
Entertainment
Financing
US
LLC
5.67%
(3
Month
Term
SOFR
+
2.00%)
due
06/02/31
◊
3,990,000
3,897,751
Caesars
Entertainment,
Inc.
5.89%
(1
Month
Term
SOFR
+
2.25%,
Rate
Floor:
0.50%)
due
02/06/31
◊
2,372,157
2,273,570
5.89%
(1
Month
Term
SOFR
+
2.25%,
Rate
Floor:
0.50%)
due
02/06/30
◊
1,372,750
1,324,278
PetSmart
LLC
7.65%
(1
Month
Term
SOFR
+
4.00%)
due
08/18/32
◊
3,587,010
3,579,549
Scientific
Games
Corp.
6.67%
(3
Month
Term
SOFR
+
3.00%,
Rate
Floor:
0.50%)
due
04/04/29
◊
3,632,162
3,577,680
TRQ
Sales
LLC
6.98%
(3
Month
Term
SOFR
+
3.25%)
due
12/30/32
◊
3,597,125
3,525,182
United
Airlines,
Inc.
5.40%
(1
Month
Term
SOFR
+
1.75%)
due
02/22/31
◊
3,297,663
3,286,319
International
Entertainment
Jjco
3
Ltd.
6.66%
(3
Month
Term
SOFR
+
3.00%,
Rate
Floor:
0.50%)
due
04/29/32
◊
2,846,358
2,842,800
Hunter
Douglas,
Inc.
6.73%
(3
Month
Term
SOFR
+
3.00%)
due
01/17/32
◊
2,564,516
2,559,182
Flutter
Financing
BV
5.48%
(3
Month
Term
SOFR
+
1.75%,
Rate
Floor:
0.50%)
due
11/30/30
◊
2,583,376
2,556,896
Scientific
Games
Holdings,
LP
5.85%
(3
Month
EURIBOR
+
3.75%)
due
04/04/29
◊
EUR
2,175,000
2,449,875
Boots
Group
Bidco
Ltd.
6.92%
(3
Month
Term
SOFR
+
3.25%)
due
08/30/32
◊
2,233,775
2,239,359
AI
Aqua
Merger
Sub,
Inc.
due
06/24/33
(e)
2,180,000
2,177,558
Peer
Holding
III
BV
6.23%
(3
Month
Term
SOFR
+
2.50%)
due
10/28/30
◊
1,197,898
1,199,395
6.23%
(3
Month
Term
SOFR
+
2.50%)
due
07/01/31
◊
975,150
976,369
AS
Mileage
Plan
IP
Ltd.
5.64%
(3
Month
Term
SOFR
+
2.00%)
due
05/12/33
◊
2,125,000
2,115,714
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
FLOATING
RATE
STRATEGIES
FUND
June
30,
2026
82
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
79.4%
(continued)
CONSUMER,
CYCLICAL
-
16.6%
(continued)
SeaWorld
Parks
&
Entertainment,
Inc.
5.64%
(1
Month
Term
SOFR
+
2.00%,
Rate
Floor:
0.50%)
due
12/04/31
◊
2,063,250
$
2,046,063
1011778
BC
ULC
5.39%
(1
Month
Term
SOFR
+
1.75%)
due
09/20/30
◊
2,013,945
2,009,756
TKO
Worldwide
Holdings
LLC
5.64%
(3
Month
Term
SOFR
+
2.00%)
due
11/21/31
◊
1,945,994
1,938,697
Betclic
Everest
Group
SAS
6.48%
(3
Month
Term
SOFR
+
2.75%)
due
12/10/31
◊
1,885,275
1,885,860
Recess
Holdings,
Inc.
7.42%
(3
Month
Term
SOFR
+
3.75%,
Rate
Floor:
1.00%)
due
02/20/30
◊
1,852,245
1,848,874
Bulldog
Purchaser,
Inc.
6.91%
(3
Month
Term
SOFR
+
3.25%,
Rate
Floor:
0.50%)
due
02/04/33
◊
1,805,475
1,806,233
Gulfside
Supply,
Inc.
6.73%
(3
Month
Term
SOFR
+
3.00%)
due
06/17/31
◊
2,042,250
1,714,224
Clarios
Global,
LP
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
05/06/30
◊
1,639,679
1,639,679
QXO
Building
Products,
Inc.
due
06/03/33
(e)
1,035,000
1,032,123
5.64%
(1
Month
Term
SOFR
+
2.00%)
due
04/30/32
◊
602,556
601,302
Alterra
Mountain
Co.
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
08/17/28
◊
1,623,976
1,623,976
Air
Canada
5.41%
(1
Month
Term
SOFR
+
1.75%)
due
03/21/31
◊
1,622,671
1,616,586
Park
River
Holdings,
Inc.
8.19%
(3
Month
Term
SOFR
+
4.50%,
Rate
Floor:
0.75%)
due
03/15/31
◊
1,611,038
1,607,332
PCI
Gaming
Authority,
Inc.
5.64%
(1
Month
Term
SOFR
+
2.00%)
due
07/18/31
◊
1,546,922
1,545,577
Live
Nation
Entertainment,
Inc.
5.64%
(1
Month
Term
SOFR
+
2.00%)
due
10/21/32
◊
1,510,410
1,508,522
Hayward
Industries,
Inc.
5.64%
(1
Month
Term
SOFR
+
2.00%)
due
05/30/28
◊
1,501,959
1,502,425
ABG
Intermediate
Holdings
2
LLC
5.89%
(1
Month
Term
SOFR
+
2.25%)
due
02/13/32
◊
1,484,978
1,482,810
Six
Flags
Entertainment
Corp.
5.64%
(1
Month
Term
SOFR
+
2.00%)
due
05/01/31
◊
1,417,634
1,402,791
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
79.4%
(continued)
CONSUMER,
CYCLICAL
-
16.6%
(continued)
Core
&
Main,
LP
due
06/25/33
(e)
1,250,000
$
1,246,875
HNI
Corp.
5.37%
(1
Month
Term
SOFR
+
1.75%)
due
12/10/32
◊
1,241,888
1,240,335
Gibson
Brands,
Inc.
8.94%
(3
Month
Term
SOFR
+
5.00%,
Rate
Floor:
0.75%)
due
08/11/28
◊
994,792
935,462
Openlane,
Inc.
6.15%
(3
Month
Term
SOFR
+
2.50%)
due
10/08/32
◊
915,400
917,689
Pacific
Bells
LLC
7.23%
(3
Month
Term
SOFR
+
3.50%,
Rate
Floor:
0.50%)
due
11/13/28
◊
916,078
917,369
Asphalt
Atd
Holdco
LLC
6.73%
(3
Month
Term
SOFR
+
4.00%)
(in-kind
rate
was
4.00%)
due
02/28/30
◊,(a),(f)
1,388,949
805,590
Pioneer
Opco
LLC
6.89%
(1
Month
Term
SOFR
+
3.25%)
due
05/15/33
◊
664,395
666,415
VSE
Corp.
5.61%
(1
Month
Term
SOFR
+
2.00%)
due
05/05/33
◊
640,000
639,840
Sabre
GLBL,
Inc.
9.74%
(1
Month
Term
SOFR
+
6.00%,
Rate
Floor:
1.50%)
due
11/15/29
◊
697,114
619,734
Dealer
Tire
Financial
LLC
6.64%
(1
Month
Term
SOFR
+
3.00%)
due
07/02/31
◊
550,221
544,719
FR
Refuel
LLC
8.51%
(1
Month
Term
SOFR
+
4.75%,
Rate
Floor:
1.75%)
due
11/08/28
◊
538,585
533,538
Hilton
Domestic
Operating
Co.,
Inc.
5.40%
(1
Month
Term
SOFR
+
1.75%)
due
11/08/30
◊
427,249
427,856
SHO
Holding
I
Corp.
10.49%
(3
Month
Term
SOFR
+
6.50%,
Rate
Floor:
1.00%)
due
06/30/29
◊,(a)
258,012
256,067
10.99%
(3
Month
Term
SOFR
+
7.00%,
Rate
Floor:
1.00%)
due
06/30/29
◊,(a)
99,623
87,668
Total
Consumer,
Cyclical
83,398,158
CONSUMER,
NON-CYCLICAL
-
16
.3
%
Prime
Security
Services
Borrower
LLC
5.62%
(1
Month
Term
SOFR
+
2.00%)
due
10/13/30
◊
3,147,259
3,124,441
5.37%
(1
Month
Term
SOFR
+
1.75%)
due
03/07/32
◊
847,528
833,874
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
FLOATING
RATE
STRATEGIES
FUND
June
30,
2026
|
83
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
79.4%
(continued)
CONSUMER,
NON-CYCLICAL
-
16.3%
(continued)
Upbound
Group,
Inc.
6.43%
(3
Month
Term
SOFR
+
2.75%,
Rate
Floor:
0.50%)
due
08/13/32
◊
3,456,412
$
3,457,864
Belron
Finance
2019
LLC
5.66%
(3
Month
Term
SOFR
+
2.00%,
Rate
Floor:
0.50%)
due
10/16/31
◊
3,375,230
3,370,303
Amspec
Parent
LLC
7.23%
(3
Month
Term
SOFR
+
3.50%)
due
12/22/31
◊
3,365,410
3,367,093
Imagefirst
Holdings
LLC
8.75%
(3
Month
Term
SOFR
+
3.00%)
due
03/12/32
◊
3,187,800
3,185,154
Eagle
Parent
Corp.
7.98%
(3
Month
Term
SOFR
+
4.25%,
Rate
Floor:
0.50%)
due
04/02/29
◊
3,119,647
3,132,905
Fugue
Finance
LLC
5.91%
(3
Month
Term
SOFR
+
2.25%,
Rate
Floor:
0.50%)
due
01/09/32
◊
2,952,670
2,941,687
Congruex
Group
LLC
9.63%
(3
Month
Term
SOFR
+
5.75%,
Rate
Floor:
0.75%)
due
05/03/29
◊
4,020,864
2,421,887
Lernen
US
Finco
LLC
7.01%
(3
Month
Term
SOFR
+
3.50%)
due
10/27/31
◊
2,433,673
2,390,330
Resonetics
LLC
6.42%
(3
Month
Term
SOFR
+
2.75%,
Rate
Floor:
0.75%)
due
06/18/31
◊
2,352,240
2,347,700
Outcomes
Group
Holdings,
Inc.
6.64%
(1
Month
Term
SOFR
+
3.00%)
due
05/06/31
◊
2,329,658
2,335,506
Secretariat
Advisors
LLC
7.73%
(3
Month
Term
SOFR
+
4.00%)
due
02/28/32
◊
2,370,114
2,318,279
Aggreko
Holdings,
Inc.
6.63%
(3
Month
Term
SOFR
+
3.00%,
Rate
Floor:
0.50%)
due
05/21/31
◊
2,247,091
2,248,215
Midwest
Physician
Administrative
Services
6.76%
(1
Month
Term
SOFR
+
3.00%,
Rate
Floor:
1.75%)
due
03/12/28
◊
2,265,487
2,246,797
Grifols
International
Services
USA,
Inc.
6.19%
(6
Month
Term
SOFR
+
2.50%,
Rate
Floor:
1.00%)
due
04/14/33
◊
2,124,675
2,128,924
Froneri
US,
Inc.
5.88%
(6
Month
Term
SOFR
+
2.25%)
due
09/30/31
◊
2,134,541
2,117,913
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
79.4%
(continued)
CONSUMER,
NON-CYCLICAL
-
16.3%
(continued)
Transnetwork
LLC
8.48%
(3
Month
Term
SOFR
+
4.75%,
Rate
Floor:
0.50%)
due
12/30/30
◊
2,441,166
$
2,102,454
ASP
Dream
Acquisition
Company
LLC
7.99%
(1
Month
Term
SOFR
+
4.25%,
Rate
Floor:
0.75%)
due
12/15/28
◊
2,226,841
2,082,096
IVI
America
LLC
6.48%
(3
Month
Term
SOFR
+
2.75%)
due
04/09/31
◊
2,053,764
2,053,764
Blue
Ribbon
LLC
4.91%
(3
Month
Term
SOFR
+
1.00%,
Rate
Floor:
0.75%)
(in-kind
rate
was
6.00%)
due
05/08/28
◊,(f)
2,320,293
1,194,510
7.65%
(3
Month
Term
SOFR
+
4.00%,
Rate
Floor:
0.75%)
(in-kind
rate
was
4.00%)
due
05/08/28
◊,(a),(f)
922,677
858,090
Grant
Thornton
Advisors
Holding
LLC
6.39%
(1
Month
Term
SOFR
+
2.75%)
due
06/02/31
◊
2,018,766
1,917,626
Auxey
Midco
Ltd.
9.65%
(1
Month
Term
SOFR
+
6.00%)
due
06/29/27
◊
1,916,992
1,901,024
Primo
Brands
Corp.
6.48%
(3
Month
Term
SOFR
+
2.75%,
Rate
Floor:
0.50%)
due
03/31/31
◊
1,855,350
1,863,143
Dermatology
Intermediate
Holdings
III,
Inc.
7.91%
(3
Month
Term
SOFR
+
4.25%,
Rate
Floor:
0.50%)
due
03/30/29
◊
1,779,065
1,726,334
Ingenovis
Health,
Inc.
8.91%
(3
Month
Term
SOFR
+
5.25%)
due
03/06/28
◊
2,459,447
1,715,464
Red
Spv
LLC
5.90%
(1
Month
Term
SOFR
+
2.25%)
due
03/15/32
◊
1,698,197
1,697,483
Corpay
Technologies
Operating
Co.
LLC
5.39%
(1
Month
Term
SOFR
+
1.75%)
due
11/05/32
◊
1,659,824
1,654,778
1261229
BC
Ltd.
9.89%
(1
Month
Term
SOFR
+
6.25%)
due
10/08/30
◊
1,637,460
1,586,027
Medical
Solutions
Holdings,
Inc.
7.26%
(3
Month
Term
SOFR
+
3.50%)
due
11/01/28
◊,(a)
7,260,793
711,558
due
11/01/30
(e)
967,200
701,220
Mamba
Purchaser,
Inc.
6.40%
(1
Month
Term
SOFR
+
2.75%,
Rate
Floor:
0.50%)
due
10/14/31
◊
1,334,072
1,333,872
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
FLOATING
RATE
STRATEGIES
FUND
June
30,
2026
84
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
79.4%
(continued)
CONSUMER,
NON-CYCLICAL
-
16.3%
(continued)
Pacific
Dental
Services
LLC
5.89%
(1
Month
Term
SOFR
+
2.25%)
due
03/15/31
◊
1,313,966
$
1,313,519
Galaxy
US
Opco,
Inc.
8.91%
(3
Month
Term
SOFR
+
5.25%,
Rate
Floor:
0.50%)
due
07/31/30
◊
1,424,589
1,300,835
US
Fertility
Enterprises
LLC
6.98%
(3
Month
Term
SOFR
+
3.25%)
due
12/30/32
◊
1,275,116
1,276,978
Hopper
Merger
Sub,
Inc.
5.99%
(3
Month
Term
SOFR
+
2.25%)
due
04/07/33
◊
1,235,000
1,207,472
Septodont
Holding
SAS
due
05/20/33
(e)
EUR
1,000,000
1,148,692
Galileo
Global
Education
5.23%
(3
Month
EURIBOR
+
3.00%)
due
07/31/31
◊
EUR
1,006,071
1,136,793
Del
Monte
Foods,
Inc.
11.72%
(1
Month
Term
SOFR
+
8.10%)
due
08/02/28
◊
2,105,964
995,068
7.99%
(1
Month
Term
SOFR
+
4.35%,
Rate
Floor:
0.50%)
due
08/02/28
◊
3,329,210
99,876
Surgery
Center
Holdings,
Inc.
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
12/19/30
◊
1,089,000
1,089,000
Weight
Watchers
International
Holdings
Ltd.
10.53%
(3
Month
Term
SOFR
+
6.80%,
Rate
Floor:
0.50%)
due
06/24/30
◊
1,223,654
912,002
Lumexa
Imaging,
Inc.
due
12/17/32
(e)
780,000
780,647
Composecure
Holdings
LLC
5.92%
(3
Month
Term
SOFR
+
2.25%)
due
01/14/33
◊
720,000
715,219
American
Residential
Services
LLC
6.48%
(3
Month
Term
SOFR
+
2.75%)
due
02/02/32
◊
556,452
557,843
Total
Consumer,
Non-cyclical
81,602,259
INDUSTRIAL
-
12
.1
%
Quikrete
Holdings,
Inc.
5.89%
(1
Month
Term
SOFR
+
2.25%)
due
02/10/32
◊
2,557,625
2,554,428
5.89%
(1
Month
Term
SOFR
+
2.25%)
due
03/19/29
◊
1,310,716
1,310,834
5.89%
(1
Month
Term
SOFR
+
2.25%)
due
04/14/31
◊
709,200
708,313
TransDigm,
Inc.
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
02/28/31
◊
3,151,079
3,151,457
Pregis
Topco
LLC
7.39%
(1
Month
Term
SOFR
+
3.75%)
due
02/01/29
◊
2,730,438
2,736,772
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
79.4%
(continued)
INDUSTRIAL
-
12.1%
(continued)
Cobham
Ultra
SeniorCo
SARL
7.79%
(6
Month
Term
SOFR
+
3.75%,
Rate
Floor:
0.50%)
due
08/03/29
◊
2,723,643
$
2,731,024
Blackfin
Pipeline
LLC
6.69%
(1
Month
Term
SOFR
+
3.00%)
due
09/29/32
◊
2,671,575
2,678,254
Michael
Baker
International
LLC
7.66%
(3
Month
Term
SOFR
+
4.00%,
Rate
Floor:
0.75%)
due
12/01/28
◊
2,669,756
2,665,591
EMRLD
Borrower,
LP
5.89%
(1
Month
Term
SOFR
+
2.25%)
due
08/04/31
◊
2,534,400
2,530,877
Pelican
Products,
Inc.
8.24%
(3
Month
Term
SOFR
+
4.25%,
Rate
Floor:
0.50%)
due
12/29/28
◊
2,601,387
2,485,131
Merlin
Buyer,
Inc.
7.73%
(3
Month
Term
SOFR
+
4.00%)
due
04/15/33
◊
2,290,000
2,292,862
API
Heat
Transfer
Thermasys
Corp.
10.49%
(3
Month
Term
SOFR
+
6.50%)
due
11/28/29
◊,(a)
2,183,848
2,183,848
Engineering
Research
&
Consulting
LLC
8.73%
(3
Month
Term
SOFR
+
5.00%)
due
08/29/31
◊
2,511,750
2,105,374
Cube
Safety
Bidco
Ab
due
02/21/33
(e)
EUR
1,771,277
2,031,637
STS
Operating,
Inc.
7.74%
(1
Month
Term
SOFR
+
4.00%)
due
03/25/31
◊
1,970,640
1,971,054
Energizer
Holdings,
Inc.
5.64%
(1
Month
Term
SOFR
+
2.00%)
due
03/19/32
◊
1,705,358
1,698,434
Mannington
Mills,
Inc.
8.39%
(1
Month
Term
SOFR
+
4.75%)
due
03/25/32
◊
1,675,451
1,641,942
Proampac
PG
Borrower
LLC
7.67%
(3
Month
Term
SOFR
+
4.00%)
due
03/07/33
◊
1,610,684
1,581,064
Frontdoor,
Inc.
5.89%
(1
Month
Term
SOFR
+
2.25%)
due
12/19/31
◊
1,571,075
1,571,075
Pro
Mach
Group,
Inc.
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
10/15/32
◊
1,531,163
1,531,162
Savage
Enterprises
LLC
5.62%
(1
Month
Term
SOFR
+
2.00%)
due
08/05/32
◊
1,494,169
1,492,571
MX
Holdings
US,
Inc.
5.64%
(1
Month
Term
SOFR
+
2.00%)
due
03/17/32
◊
1,471,548
1,470,636
OEP
Glass
Purchaser
LLC
7.73%
(3
Month
Term
SOFR
+
4.00%)
due
03/07/33
◊
1,333,125
1,328,966
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
FLOATING
RATE
STRATEGIES
FUND
June
30,
2026
|
85
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
79.4%
(continued)
INDUSTRIAL
-
12.1%
(continued)
Graham
Packaging
Co.,
Inc.
5.89%
(1
Month
Term
SOFR
+
2.25%)
due
01/26/33
◊
1,316,700
$
1,317,108
Azuria
Water
Solutions,
Inc.
6.48%
(3
Month
Term
SOFR
+
2.75%)
due
04/25/33
◊
1,198,816
1,194,668
Tega
MC
Australia
Holdings
Pty
Ltd.
7.16%
(1
Month
Term
SOFR
+
3.50%)
due
03/25/33
◊
1,165,000
1,170,103
LSF12
Phoenix
Holdco
LLC
8.14%
(1
Month
Term
SOFR
+
4.50%)
due
03/25/33
◊
1,092,000
1,082,904
Boluda
Towage
SL
due
05/27/33
(e)
1,005,000
1,005,633
Dxp
Enterprises,
Inc.
6.89%
(1
Month
Term
SOFR
+
3.25%,
Rate
Floor:
1.00%)
due
10/11/30
◊
994,987
998,301
East
West
Manufacturing
LLC
due
06/04/32
(e)
920,000
901,600
Gibraltar
Industries,
Inc.
5.88%
(1
Month
Term
SOFR
+
2.25%)
due
02/02/33
◊
789,231
787,258
Standard
Industries,
Inc.
5.39%
(1
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.50%)
due
09/22/28
◊
784,421
784,335
Knife
River
Corp.
5.40%
(1
Month
Term
SOFR
+
1.75%)
due
03/08/32
◊
722,949
723,405
Mi
Windows
&
Doors
LLC
6.39%
(1
Month
Term
SOFR
+
2.75%)
due
03/28/31
◊
708,607
698,453
Graftech
Finance,
Inc.
9.67%
(3
Month
Term
SOFR
+
6.00%,
Rate
Floor:
2.00%)
due
12/21/29
◊
670,035
640,051
Belden,
Inc.
due
06/10/33
(e)
608,348
608,348
Arcwood
Environmental,
Inc.
6.64%
(1
Month
Term
SOFR
+
3.00%)
due
04/01/33
◊,(a)
505,000
506,894
Salas
Obrien,
Inc.
6.39%
(1
Month
Term
SOFR
+
2.75%)
due
01/31/33
◊,(a)
504,857
504,857
Genesee
&
Wyoming,
Inc.
5.48%
(3
Month
Term
SOFR
+
1.75%)
due
04/10/31
◊
466,439
464,224
GFL
ES
US
LLC
6.16%
(3
Month
Term
SOFR
+
2.50%)
due
03/03/32
◊
369,070
368,886
Smiths
Detection
due
06/02/33
(e)
250,000
249,687
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
79.4%
(continued)
INDUSTRIAL
-
12.1%
(continued)
Enviri
Corp.
6.01%
(1
Month
Term
SOFR
+
2.25%,
Rate
Floor:
0.50%)
due
06/09/28
◊
232,289
$
231,320
Total
Industrial
60,691,341
FINANCIAL
-
12
.1
%
Nexus
Buyer
LLC
7.14%
(1
Month
Term
SOFR
+
3.50%)
due
07/31/31
◊
5,063,773
4,871,603
Jane
Street
Group
LLC
5.67%
(3
Month
Term
SOFR
+
2.00%)
due
12/15/31
◊
4,703,338
4,656,680
Ardonagh
Midco
3
Ltd.
6.73%
(3
Month
Term
SOFR
+
3.00%)
due
02/15/31
◊
4,147,448
4,004,900
Citadel
Securities
Global
Holdings
LLC
5.66%
(3
Month
Term
SOFR
+
2.00%)
due
10/31/31
◊
3,819,939
3,810,657
Starwood
Property
Mortgage
LLC
5.64%
(1
Month
Term
SOFR
+
2.00%,
Rate
Floor:
0.50%)
due
01/02/30
◊
1,976,603
1,970,021
5.64%
(1
Month
Term
SOFR
+
2.00%)
due
09/24/32
◊
1,445,694
1,441,357
Blackhawk
Network
Holdings,
Inc.
7.14%
(1
Month
Term
SOFR
+
3.50%,
Rate
Floor:
1.00%)
due
03/12/29
◊
2,706,474
2,691,264
Asurion
LLC
7.91%
(3
Month
Term
SOFR
+
4.25%)
due
09/19/30
◊
2,685,044
2,650,138
USI,
Inc.
5.98%
(3
Month
Term
SOFR
+
2.25%)
due
11/21/29
◊
2,480,379
2,470,458
Franklin
Square
Holdings,
LP
5.89%
(1
Month
Term
SOFR
+
2.25%)
due
04/25/31
◊
2,666,325
2,456,352
HarbourVest
Partners,
LP
5.73%
(3
Month
Term
SOFR
+
2.00%)
due
04/19/30
◊,(a)
2,416,518
2,407,456
Tegra118
Wealth
Solutions,
Inc.
7.67%
(3
Month
Term
SOFR
+
4.00%)
due
01/27/33
◊
2,384,127
2,385,319
CFC
US
2025
LLC
7.18%
(3
Month
Term
SOFR
+
3.50%)
due
07/01/32
◊
2,238,750
2,096,970
Jefferies
Finance
LLC
6.39%
(1
Month
Term
SOFR
+
2.75%)
due
10/21/31
◊
1,692,459
1,688,363
Orion
Us
Finco,
Inc.
7.17%
(3
Month
Term
SOFR
+
3.50%)
due
10/08/32
◊
1,680,788
1,680,418
Hightower
Holding
LLC
6.41%
(3
Month
Term
SOFR
+
2.75%)
due
02/03/32
◊
1,406,298
1,394,218
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
FLOATING
RATE
STRATEGIES
FUND
June
30,
2026
86
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
79.4%
(continued)
FINANCIAL
-
12.1%
(continued)
due
06/10/33
(e)
235,000
$
232,981
Pioneer
AcquisitionCo
LLC
6.15%
(3
Month
Term
SOFR
+
2.50%)
due
10/27/32
◊
1,512,210
1,511,741
Pex
Holdings
LLC
6.48%
(3
Month
Term
SOFR
+
2.75%)
due
11/26/31
◊
1,479,632
1,475,933
Citco
Funding
LLC
5.66%
(3
Month
Term
SOFR
+
2.00%,
Rate
Floor:
0.50%)
due
01/30/33
◊
1,328,325
1,323,822
Walker
&
Dunlop,
Inc.
5.65%
(1
Month
Term
SOFR
+
2.00%)
due
03/14/32
◊,(a)
1,325,262
1,318,635
IMC
Global
Holdings
LLC
6.65%
(1
Month
Term
SOFR
+
3.00%)
due
06/18/32
◊
1,252,350
1,250,785
Kestra
Advisor
Services
Holdings
A,
Inc.
6.39%
(1
Month
Term
SOFR
+
2.75%)
due
03/22/31
◊
1,172,896
1,161,050
Admiral
Bidco
GmbH
5.40%
(3
Month
EURIBOR
+
3.25%)
due
09/30/32
◊
EUR
1,000,000
1,148,338
Saphilux
SARL
6.73%
(6
Month
Term
SOFR
+
3.00%,
Rate
Floor:
0.50%)
due
07/18/28
◊
1,014,753
1,017,716
Cushman
&
Wakefield
US
Borrower
LLC
5.89%
(1
Month
Term
SOFR
+
2.25%,
Rate
Floor:
0.50%)
due
06/13/33
◊
1,000,000
997,500
Focus
Financial
Partners
LLC
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
09/15/31
◊
877,139
854,772
Osaic
Holdings,
Inc.
6.23%
(3
Month
Term
SOFR
+
2.50%)
due
07/30/32
◊
827,925
816,127
TPG
RE
Finance
Trust,
Inc.
6.39%
(1
Month
Term
SOFR
+
2.75%)
due
05/16/33
◊
745,000
744,069
Orion
Advisor
Solutions,
Inc.
6.41%
(3
Month
Term
SOFR
+
2.75%)
due
09/24/30
◊
719,955
712,352
Blackstone
Mortgage
Trust,
Inc.
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
12/19/32
◊
691,525
688,932
Jones
Deslauriers
Insurance
Management,
Inc.
6.66%
(3
Month
Term
SOFR
+
3.00%)
due
02/02/33
◊
691,000
660,078
ACI
Rover
Parent
LLC
5.98%
(3
Month
Term
SOFR
+
2.25%)
due
06/05/33
◊
560,000
558,460
IMC
Financing
LLC
due
06/18/32
(e)
500,000
499,375
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
79.4%
(continued)
FINANCIAL
-
12.1%
(continued)
GTCR
Everest
Borrower
LLC
6.23%
(3
Month
Term
SOFR
+
2.50%)
due
09/05/31
◊
429,188
$
427,111
Aretec
Group,
Inc.
6.64%
(1
Month
Term
SOFR
+
3.00%)
due
08/09/30
◊
295,841
295,001
Ascensus
Group
Holdings
6.64%
(1
Month
Term
SOFR
+
3.00%)
due
11/25/32
◊
285,461
278,444
Total
Financial
60,649,396
TECHNOLOGY
-
8
.3
%
Boxer
Parent
Co.,
Inc.
6.42%
(3
Month
Term
SOFR
+
2.75%)
due
07/30/31
◊
5,055,865
4,539,763
Planview
Parent,
Inc.
7.23%
(3
Month
Term
SOFR
+
3.50%)
due
12/17/27
◊
4,691,935
4,010,291
Pushpay
USA,
Inc.
7.39%
(1
Month
Term
SOFR
+
3.75%)
due
08/15/31
◊,(a)
3,948,461
3,672,069
Athena
Health
Group,
Inc.
6.89%
(1
Month
Term
SOFR
+
3.25%,
Rate
Floor:
0.50%)
due
02/13/32
◊
3,244,237
3,206,928
Zodiac
Purchaser
LLC
7.14%
(1
Month
Term
SOFR
+
3.50%)
due
02/14/32
◊
2,798,227
2,560,378
Modena
Buyer
LLC
7.91%
(3
Month
Term
SOFR
+
4.25%)
due
07/01/31
◊
2,710,814
2,498,693
CACI
International,
Inc.
5.39%
(1
Month
Term
SOFR
+
1.75%)
due
10/30/31
◊
2,455,094
2,450,503
DS
Admiral
Bidco
LLC
7.98%
(3
Month
Term
SOFR
+
4.25%)
due
06/26/31
◊
2,409,832
2,291,052
OAK-Eagle
Acquireco,
Inc.
due
03/24/33
(e)
2,215,000
2,219,762
World
Wide
Technology
Holding
Co.
LLC
5.64%
(1
Month
Term
SOFR
+
2.00%,
Rate
Floor:
0.50%)
due
03/01/30
◊
1,844,226
1,833,474
SonarSource
Financing
LLC
8.18%
(3
Month
Term
SOFR
+
4.50%)
due
12/19/30
◊
1,854,563
1,715,470
Orsini
Bidco
BV
6.78%
(3
Month
EURIBOR
+
4.50%)
due
11/15/32
◊
EUR
1,349,020
1,523,268
Ascend
Learning
LLC
6.64%
(1
Month
Term
SOFR
+
3.00%,
Rate
Floor:
0.50%)
due
12/11/28
◊
1,547,275
1,506,875
Waystar
Technologies,
Inc.
5.64%
(1
Month
Term
SOFR
+
2.00%)
due
10/22/29
◊
1,247,184
1,242,508
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
FLOATING
RATE
STRATEGIES
FUND
June
30,
2026
|
87
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
79.4%
(continued)
TECHNOLOGY
-
8.3%
(continued)
Realpage,
Inc.
6.99%
(3
Month
Term
SOFR
+
3.00%,
Rate
Floor:
1.50%)
due
04/24/28
◊
1,212,109
$
1,131,431
IGT
Holding
IV
AB
6.73%
(3
Month
Term
SOFR
+
3.00%)
due
09/01/31
◊
1,107,225
1,080,242
Dayforce,
Inc.
6.66%
(3
Month
Term
SOFR
+
3.00%,
Rate
Floor:
0.50%)
due
02/04/33
◊
1,130,000
1,026,729
Capstone
Borrower,
Inc.
6.48%
(3
Month
Term
SOFR
+
2.75%)
due
06/17/30
◊
992,443
947,893
Cloud
Software
Group,
Inc.
6.98%
(3
Month
Term
SOFR
+
3.25%)
due
08/13/32
◊
908,138
782,942
Imprivata,
Inc.
6.73%
(3
Month
Term
SOFR
+
3.00%,
Rate
Floor:
0.50%)
due
12/01/27
◊
625,904
625,128
Leia
Finco
US
LLC
6.93%
(3
Month
Term
SOFR
+
3.25%)
due
10/09/31
◊
272,927
248,227
CCC
Intelligent
Solutions,
Inc.
5.64%
(1
Month
Term
SOFR
+
2.00%,
Rate
Floor:
0.50%)
due
01/23/32
◊
184,703
181,840
Kaseya,
Inc.
6.91%
(3
Month
Term
SOFR
+
3.25%)
due
03/22/32
◊
198,492
152,728
Total
Technology
41,448,194
COMMUNICATIONS
-
8
.2
%
Virgin
Media
Bristol
LLC
6.97%
(6
Month
Term
SOFR
+
3.18%)
due
03/31/31
◊
6,016,233
5,315,161
Cengage
Learning,
Inc.
6.65%
(3
Month
Term
SOFR
+
3.00%,
Rate
Floor:
1.00%)
due
03/24/31
◊
3,869,786
3,825,167
Gen
Digital,
Inc.
5.39%
(1
Month
Term
SOFR
+
1.75%)
due
04/16/32
◊
2,583,900
2,547,079
5.39%
(1
Month
Term
SOFR
+
1.75%,
Rate
Floor:
0.50%)
due
09/12/29
◊
1,208,872
1,193,108
Speedster
Bidco
GmbH
6.48%
(3
Month
Term
SOFR
+
2.75%,
Rate
Floor:
0.50%)
due
12/11/31
◊
3,492,274
3,458,818
Charter
Communications
Operating
LLC
5.69%
(3
Month
Term
SOFR
+
2.00%)
due
12/07/30
◊
3,168,750
3,126,384
Sweetwater
Borrower
LLC
7.64%
(1
Month
Term
SOFR
+
4.00%)
due
02/17/33
◊
2,637,444
2,650,631
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
79.4%
(continued)
COMMUNICATIONS
-
8.2%
(continued)
Tripadvisor,
Inc.
6.39%
(1
Month
Term
SOFR
+
2.75%)
due
07/08/31
◊
2,551,065
$
2,434,150
Midcontinent
Communications
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
08/16/31
◊
2,456,250
2,420,954
Sunrise
Financing
Partnership
6.10%
(6
Month
Term
SOFR
+
2.47%)
due
02/15/32
◊
2,221,614
2,189,490
Numericable
US
LLC
10.55%
(3
Month
Term
SOFR
+
6.88%)
due
05/31/31
◊
1,871,034
1,906,584
Zayo
Group
Holdings,
Inc.
6.76%
(1
Month
Term
SOFR
+
3.00%)
(in-kind
rate
was
0.50%)
due
03/11/30
◊,(f)
1,897,332
1,896,497
Level
3
Financing,
Inc.
6.39%
(1
Month
Term
SOFR
+
2.75%)
due
03/29/32
◊
1,696,500
1,695,974
Zephyr
Bidco
Ltd.
5.53%
(1
Month
EURIBOR
+
3.25%)
due
07/20/28
◊
EUR
1,460,000
1,643,496
Go
Daddy
Operating
Co.
LLC
5.39%
(1
Month
Term
SOFR
+
1.75%)
due
11/09/29
◊
1,577,445
1,541,384
Discovery
Global
Holdings,
Inc.
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
06/20/33
◊
1,230,865
1,230,755
CNT
Holdings
I
Corp.
5.91%
(3
Month
Term
SOFR
+
2.25%,
Rate
Floor:
0.75%)
due
11/08/32
◊
938,174
938,484
CSC
Holdings
LLC
8.25%
(PRIME
+
1.50%,
Rate
Floor:
1.00%)
due
04/15/27
◊
1,037,234
726,064
Xplore,
Inc.
5.26%
(1
Month
Term
SOFR
+
1.50%)
(in-kind
rate
was
3.50%)
due
10/23/29
◊,(f)
595,778
555,563
Total
Communications
41,295,743
ENERGY
-
4
.5
%
TerraForm
Power
Operating
LLC
5.73%
(3
Month
Term
SOFR
+
2.00%,
Rate
Floor:
0.50%)
due
05/21/29
◊
3,487,044
3,481,221
Liquid
Tech
Solutions
Holdings
LLC
7.23%
(3
Month
Term
SOFR
+
3.50%)
due
10/12/32
◊
2,792,382
2,766,274
Colossus
Acquireco
LLC
5.37%
(3
Month
Term
SOFR
+
1.75%)
due
07/30/32
◊
2,677,981
2,659,021
Apro
LLC
7.37%
(1
Month
Term
SOFR
+
3.75%)
due
07/09/31
◊
2,603,625
2,603,078
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
FLOATING
RATE
STRATEGIES
FUND
June
30,
2026
88
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
79.4%
(continued)
ENERGY
-
4.5%
(continued)
WhiteWater
DBR
HoldCo
LLC
6.00%
(3
Month
Term
SOFR
+
2.25%)
due
03/03/31
◊
1,832,432
$
1,837,930
ITT
Holdings
LLC
5.62%
(1
Month
Term
SOFR
+
1.98%,
Rate
Floor:
0.50%)
due
10/11/30
◊
1,755,790
1,752,349
WhiteWater
Matterhorn
Holdings
LLC
5.50%
(3
Month
Term
SOFR
+
1.75%)
due
06/16/32
◊
1,556,100
1,543,589
GIP
Pilot
Acquisition
Partners,
LP
5.64%
(3
Month
Term
SOFR
+
2.00%)
due
05/19/33
◊
1,529,349
1,527,438
Bip
PipeCo
Holdings
LLC
5.68%
(3
Month
Term
SOFR
+
2.00%)
due
12/06/30
◊
1,407,850
1,404,767
Whitewater
Whistler
Holdings
LLC
5.50%
(3
Month
Term
SOFR
+
1.75%)
due
02/15/30
◊
1,245,821
1,245,596
Traverse
Midstream
Partners
LLC
due
04/21/33
(e)
1,060,000
1,058,675
Calcasieu
Pass
Funding
LLC
6.95%
(6
Month
Term
SOFR
+
3.25%)
due
04/11/33
◊
730,000
731,321
Total
Energy
22,611,259
BASIC
MATERIALS
-
1
.2
%
Discovery
Purchaser
Corp.
7.41%
(3
Month
Term
SOFR
+
3.75%,
Rate
Floor:
0.50%)
due
10/04/29
◊
1,980,312
1,970,411
SCIL
US
Holdings
LLC
7.65%
(3
Month
Term
SOFR
+
4.00%)
due
11/08/32
◊
1,592,598
1,586,626
Novelis
Holdings,
Inc.
5.48%
(3
Month
Term
SOFR
+
1.75%)
due
03/11/32
◊
1,398,174
1,394,329
Bond
UK
Midco
3
Ltd.
due
05/06/33
(e)
585,000
586,609
Ecovyst
Catalyst
Technologies
LLC
5.66%
(3
Month
Term
SOFR
+
2.00%)
due
06/12/31
◊
412,657
411,992
Total
Basic
Materials
5,949,967
UTILITIES
-
0
.1
%
AL
GCX
Fund
VIII
Holdings
LLC
5.61%
(1
Month
Term
SOFR
+
2.00%)
due
01/30/32
◊
733,869
732,952
Total
Senior
Floating
Rate
Interests
(Cost
$421,379,617)
398,379,269
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
6
.6
%
CONSUMER,
NON-CYCLICAL
-
1
.9
%
ADT
Security
Corp.
4.13%
due
08/01/29
(g)
2,875,000
$
2,756,518
Tenet
Healthcare
Corp.
4.38%
due
01/15/30
2,800,000
2,713,519
Acadia
Healthcare
Company,
Inc.
5.00%
due
04/15/29
(g)
1,730,000
1,703,007
HCA,
Inc.
4.50%
due
02/15/27
1,500,000
1,499,315
Cidron
Atrium
SE
5.91%
(3
Month
EURIBOR
+
3.63%)
due
02/15/33
◊,(g)
EUR
760,000
873,524
Total
Consumer,
Non-cyclical
9,545,883
FINANCIAL
-
1
.4
%
CrossCountry
Intermediate
HoldCo
LLC
6.75%
due
12/01/32
(g)
2,500,000
2,413,685
Hunt
Companies,
Inc.
5.25%
due
04/15/29
(g)
1,850,000
1,828,065
Insured
Lending
1
Ltd.
6.50%
due
02/04/32
(a),(h)
EUR
1,600,000
1,828,000
Global
Atlantic
Fin
Co.
7.25%
due
03/01/56
(g),(i)
675,000
661,533
Total
Financial
6,731,283
CONSUMER,
CYCLICAL
-
1
.3
%
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
4.63%
due
01/15/29
(g)
5,000,000
4,861,977
Crocs,
Inc.
4.13%
due
08/15/31
(g)
1,755,000
1,639,829
4.25%
due
03/15/29
(g)
80,000
77,620
Total
Consumer,
Cyclical
6,579,426
COMMUNICATIONS
-
1
.1
%
VZ
Secured
Financing
B.V.
5.00%
due
01/15/32
(g)
3,500,000
3,063,113
McGraw-Hill
Education,
Inc.
5.75%
due
08/01/28
(g)
1,675,000
1,668,006
Match
Group
Holdings
II
LLC
5.00%
due
12/15/27
(g)
350,000
348,778
4.63%
due
06/01/28
(g)
300,000
295,904
Total
Communications
5,375,801
INDUSTRIAL
-
0
.9
%
New
Enterprise
Stone
&
Lime
Company,
Inc.
5.25%
due
07/15/28
(g)
2,875,000
2,863,534
GrafTech
Global
Enterprises,
Inc.
9.88%
due
12/23/29
(g)
2,120,000
1,558,200
Standard
Industries,
Inc.
4.38%
due
07/15/30
(g)
270,000
256,433
Total
Industrial
4,678,167
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
FLOATING
RATE
STRATEGIES
FUND
June
30,
2026
|
89
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
6.6%
(continued)
ENERGY
-
0
.0
%
Sunoco,
LP
/
Sunoco
Finance
Corp.
5.88%
due
03/15/28
95,000
$
94,961
BASIC
MATERIALS
-
0
.0
%
Mirabela
Nickel
Ltd.
due
06/24/19
(a),(h),(j)
1,279,819
3,200
Total
Corporate
Bonds
(Cost
$35,333,386)
33,008,721
ASSET-BACKED
SECURITIES
-
5
.9
%
FINANCIAL
-
2
.7
%
Project
Onyx
II
6.33%
(3
Month
Term
SOFR
+
2.63%)
due
06/15/30
◊,(a)
3,543,337
3,541,803
Blackstone
Strategic
Cap
Holding
II
5.90%
(1
Month
Term
SOFR
+
2.25%)
due
12/31/33
◊,(a)
2,900,000
2,897,271
Atlas
SP
Partners,
LP
6.13%
due
12/12/30
(a)
1,900,000
1,900,802
Project
Leopard
6.53%
due
05/06/41
(a)
1,300,000
1,293,500
HarbourVest
Partners
LLC
6.28%
(3
Month
Term
SOFR
+
2.58%)
due
09/15/30
◊,(a)
1,146,271
1,134,913
PBN
II
PE
Loan
Facility
5.96%
due
12/17/30
(a)
1,000,000
999,745
Pilatus
Bank
plc
6.32%
due
03/31/40
(a)
1,000,000
997,967
SP
Touchdown
Holdings,
LP
6.15%
(3
Month
Term
SOFR
+
2.50%)
due
10/26/29
◊,(a)
938,487
938,487
Total
Financial
13,704,488
COLLATERALIZED
LOAN
OBLIGATIONS
-
2
.1
%
Golub
Capital
Partners
CLO
69M
2023-69A
DR,
6.70%
(3
Month
Term
SOFR
+
3.05%,
Rate
Floor:
3.05%)
due
11/09/38
◊,(g)
2,750,000
2,739,828
BDS
LLC
2025-FL15
C,
5.79%
(1
Month
Term
SOFR
+
2.15%,
Rate
Floor:
2.15%)
due
03/19/43
◊,(g)
2,000,000
2,001,477
BSPRT
Issuer
LLC
2026-FL13
C,
5.84%
(1
Month
Term
SOFR
+
2.20%,
Rate
Floor:
2.20%)
due
10/18/43
◊,(g)
1,000,000
1,001,687
2025-FL12
C,
5.83%
(1
Month
Term
SOFR
+
2.20%,
Rate
Floor:
2.20%)
due
01/17/43
◊,(g)
600,000
601,444
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
5.9%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
2.1%
(continued)
BCRED
CLO
LLC
2026-1A
C,
5.60%
(3
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
04/24/39
◊,(g)
1,500,000
$
1,498,504
Acore
Issuer
LLC
2026-FL1
C,
5.74%
(1
Month
Term
SOFR
+
2.10%,
Rate
Floor:
2.10%)
due
08/20/43
◊,(g)
1,450,000
1,446,642
BSPDF
Issuer
LLC
2026-FL3
C,
5.74%
(1
Month
Term
SOFR
+
2.10%,
Rate
Floor:
2.10%)
due
09/18/43
◊,(g)
600,000
600,517
AREIT
Ltd.
2025-CRE11
B,
5.64%
(1
Month
Term
SOFR
+
2.00%,
Rate
Floor:
2.00%)
due
07/25/43
◊,(g)
550,000
547,837
Octagon
Loan
Funding
Ltd.
2014-1A
SUB
due
11/18/31
(g),(k)
2,071,948
5,263
Total
Collateralized
Loan
Obligations
10,443,199
INFRASTRUCTURE
-
0
.7
%
VB-S1
Issuer
LLC
2026-1A,
5.19%
due
03/15/56
(g)
1,500,000
1,472,860
2026-1A,
6.84%
due
03/15/56
(g)
1,450,000
1,457,799
Surf
Internet
5.56%
due
03/20/56
(a)
650,000
637,040
Total
Infrastructure
3,567,699
NET
LEASE
-
0
.3
%
SVC
ABS
LLC
2026-1A,
5.80%
due
03/20/56
(g)
1,349,156
1,307,975
TRANSPORT-AIRCRAFT
-
0
.1
%
FTAI
Aircraft
Leasing
Offshore
SPV,
LP
5.63%
due
03/27/31
(a)
676,324
690,389
Total
Asset-Backed
Securities
(Cost
$29,780,191)
29,713,750
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
2
.5
%
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
2
.5
%
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2026-NQM2,
1.91%
(WAC)
due
01/26/71
◊,(g),(l)
14,841,606
627,763
2026-NQM2,
6.81%
(WAC)
due
01/26/71
◊,(g)
480,000
448,533
2026-NEW1,
6.41%
(WAC)
due
04/27/71
◊,(g)
462,000
402,987
2026-NQM2,
6.19%
(WAC)
due
01/26/71
◊,(g)
300,000
293,998
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
FLOATING
RATE
STRATEGIES
FUND
June
30,
2026
90
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
2.5%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
2.5%
(continued)
2026-NEW1,
0.99%
(WAC)
due
04/27/71
◊,(g),(l)
9,621,413
$
199,097
2026-NQM2,
0.32%
(WAC)
due
01/26/71
◊,(g),(l)
14,841,606
132,752
2026-NEW1,
0.34%
(WAC)
due
04/27/71
◊,(g),(l)
9,621,413
121,781
RALI
Series
Trust
2006-QO6,
4.12%
(1
Month
Term
SOFR
+
0.47%,
Rate
Floor:
0.36%)
due
06/25/46
◊
10,472,375
2,058,669
2006-QO2,
4.20%
(1
Month
Term
SOFR
+
0.55%,
Rate
Floor:
0.44%)
due
02/25/46
◊
416,752
66,463
LHOME
Mortgage
Trust
2026-RTL1,
4.91%
due
01/25/41
(g),(m)
1,500,000
1,488,597
WaMu
Mortgage
Pass-Through
Certificates
Series
Trust
2007-OA6,
4.55%
(1
Year
CMT
Rate
+
0.81%,
Rate
Floor:
0.81%)
due
07/25/47
◊
1,750,027
1,486,299
Washington
Mutual
Mortgage
Pass-Through
Certificates
WMALT
Series
Trust
2006-AR9,
4.58%
(1
Year
CMT
Rate
+
0.84%,
Rate
Floor:
0.84%)
due
11/25/46
◊
1,257,057
1,102,210
BRAVO
Trust
2026-SR1,
6.33%
due
03/29/46
(g)
973,106
973,541
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
2.5%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
2.5%
(continued)
American
Home
Mortgage
Assets
Trust
2006-4,
3.97%
(1
Month
Term
SOFR
+
0.32%,
Rate
Floor:
0.32%)
due
10/25/46
◊
1,960,170
$
971,824
Lehman
XS
Trust
2006-16N,
4.14%
(1
Month
Term
SOFR
+
0.49%,
Rate
Floor:
0.38%)
due
11/25/46
◊
934,372
834,034
HOMES
Trust
2025-AFC3,
5.34%
due
08/25/60
(g),(m)
826,164
820,430
Alliance
Bancorp
Trust
2007-OA1,
4.24%
(1
Month
Term
SOFR
+
0.59%,
Rate
Floor:
0.48%)
due
07/25/37
◊
287,113
258,548
Morgan
Stanley
Re-REMIC
Trust
2010-R5,
4.80%
due
06/26/36
(a),(g)
141,219
144,826
Nomura
Resecuritization
Trust
2015-4R,
2.29%
(1
Month
Term
SOFR
+
0.54%,
Rate
Floor:
0.43%)
due
03/26/36
◊,(a),(g)
71,862
71,199
GSAA
Home
Equity
Trust
2007-7,
4.30%
(1
Month
Term
SOFR
+
0.65%,
Rate
Floor:
0.54%)
due
07/25/37
◊,(a)
17,351
17,032
Total
Residential
Mortgage-Backed
Securities
12,520,583
Total
Collateralized
Mortgage
Obligations
(Cost
$16,669,197)
12,520,583
Total
Investments
-
102.3%
(Cost
$550,227,146)
$
513,502,305
Other
Assets
&
Liabilities,
net
-
(2.3)%
(
11,678,351
)
Total
Net
Assets
-
100.0%
$
501,823,954
~
The
face
amount
is
denominated
in
U.S.
dollars
unless
otherwise
indicated.
*
Non-income
producing
security.
◊
Variable
rate
security.
Rate
indicated
is
the
rate
effective
at
June
30,
2026.
In
some
instances,
the
effective
rate
is
limited
by
a
minimum
rate
floor
or
a
maximum
rate
cap
established
by
the
issuer.
The
settlement
status
of
a
position
may
also
impact
the
effective
rate
indicated.
In
some
cases,
a
position
may
be
unsettled
at
period
end
and
may
not
have
a
stated
effective
rate.
In
instances
where
multiple
underlying
reference
rates
and
spread
amounts
are
shown,
the
effective
rate
is
based
on
a
weighted
average.
(a)
Value
determined
based
on
Level
3
inputs
—
See
Note
3
.
(b)
Affiliated
issuer.
(c)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(d)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(e)
Security
is
unsettled
at
period
end
and
may
not
have
a
stated
effective
rate.
(f)
Payment-in-kind
security.
(g)
Security
is
a
144A
or
Section
4(a)(2)
security.
These
securities
have
been
determined
to
be
liquid
under
guidelines
established
by
the
Board
of
Trustees.
The
total
market
value
of
144A
or
Section
4(a)(2)
liquid
securities
is
$47,277,063
(cost
$48,569,067),
or
9.4%
of
total
net
assets.
(h)
Security
is
a
144A
or
Section
4(a)(2)
security.
These
securities
have
been
determined
to
be
illiquid
and
restricted
under
guidelines
established
by
the
Board
of
Trustees.
The
total
market
value
of
144A
or
Section
4(a)(2)
illiquid
and
restricted
securities
is
$1,831,200
(cost
$3,016,491),
or
0.4%
of
total
net
assets
-
See
Note
5
.
(i)
Security
has
a
fixed
rate
coupon
which
will
convert
to
a
floating
or
variable
rate
coupon
on
a
future
date.
(j)
Security
is
in
default
of
interest
and/or
principal
obligations.
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
FLOATING
RATE
STRATEGIES
FUND
June
30,
2026
|
91
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
(k)
Security
has
no
stated
coupon.
However,
it
is
expected
to
receive
residual
cash
flow
payments
on
defined
deal
dates.
(l)
Security
is
an
interest-only
strip.
(m)
Security
is
a
step
up/down
bond.
The
coupon
increases
or
decreases
at
regular
intervals
until
the
bond
reaches
full
maturity.
Rate
indicated
is
the
rate
at
June
30,
2026.
See
table
below
for
additional
step
information
for
each
security.
CMT
—
Constant
Maturity
Treasury
EUR
—
Euro
EURIBOR
—
European
Interbank
Offered
Rate
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
REMIC
—
Real
Estate
Mortgage
Investment
Conduit
SARL  —
Société
à
Responsabilité
Limitée
SOFR
—
Secured
Overnight
Financing
Rate
WAC
—
Weighted
Average
Coupon
Forward
Foreign
Currency
Exchange
Contracts
Counterparty
Currency
Type
Quantity
Contract
Amount
Settlement
Date
Unrealized
Appreciation
UBS
AG
EUR
Sell
8,423,000
9,754,811
USD
07/15/26
$
125,685
Barclays
Bank
plc
EUR
Sell
760,000
883,823
USD
07/15/26
14,995
Barclays
Bank
plc
CAD
Sell
179,000
128,282
USD
07/15/26
1,970
The
Toronto-Dominion
Bank
EUR
Buy
750,000
856,843
USD
07/15/26
552
$
143,202
CAD
—
Canadian
Dollar
EUR
—
Euro
plc
—
Public
Limited
Company
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(See
Note
3
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Common
Stocks
$
406,883
$
300,880
$
3,284,030
$
3,991,793
Preferred
Stocks
—
538,032
244,497
782,529
Rights
—
—
2
2
Exchange-Traded
Funds
11,714,142
—
—
11,714,142
Money
Market
Funds
23,391,516
—
—
23,391,516
Senior
Floating
Rate
Interests
—
385,066,537
13,312,732
398,379,269
Corporate
Bonds
—
31,177,521
1,831,200
33,008,721
Asset-Backed
Securities
—
14,681,833
15,031,917
29,713,750
Collateralized
Mortgage
Obligations
—
12,287,526
233,057
12,520,583
Forward
Foreign
Currency
Exchange
Contracts
(a)
—
143,202
—
143,202
Unfunded
Loan
Commitments
(
Note
4
)
(a)
—
—
765
765
Total
Assets
$
35,512,541
$
444,195,531
$
33,938,200
$
513,646,272
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Unfunded
Loan
Commitments
(
Note
4
)
(a)
$
—
$
—
$
26,948
$
26,948
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
FLOATING
RATE
STRATEGIES
FUND
June
30,
2026
92
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Significant
changes
in
a
quote,
yield,
liquidation
value
or
valuation
multiple
would
generally
result
in
significant
changes
in
the
fair
value
of
the
security.
The
Fund’s
fair
valuation
leveling
guidelines
classify
a
single
daily
broker
quote,
or
a
vendor
price
based
on
a
single
daily
or
monthly
broker
quote,
as
Level
3,
if
such
a
quote
or
price
cannot
be
supported
with
other
available
market
information.
Transfers
between
Level
2
and
Level
3
may
occur
as
markets
fluctuate
and/or
the
availability
of
data
used
in
an
investment’s
valuation
changes.
For
the
period
ended
June
30,
2026,
the
Fund
had
securities
with
a
total
value
of
$1,367,970
transfer
into
Level
3
from
Level
2
due
to
a
lack
of
observable
inputs
and
did
not
have
any
securities
transfer
out
of
Level
3
into
Level
2.
Summary
of
Fair
Value
Level
3
Activity
Following
is
a
reconciliation
of
Level
3
assets
for
which
significant
unobservable
inputs
were
used
to
determine
fair
value
for
the
period
ended
June
30,
2026:
The
following
is
a
summary
of
significant
unobservable
inputs
used
in
the
fair
valuation
of
assets
and
liabilities
categorized
within
Level
3
of
the
fair
value
hierarchy:
Category
Ending
Balance
at
June
30,
2026
Valuation
Technique
Unobservable
Inputs
Input
Range
Weighted
Average
(a)
Assets:
Asset-Backed
Securities
$
8,902,914
Option
adjusted
spread
off
prior
month
end
broker
quote
Broker
Quote
—
—
Asset-Backed
Securities
3,897,016
Yield
Analysis
Yield
6.0%-6.1%
6.0%
Asset-Backed
Securities
1,293,500
Third
Party
Pricing
Trade
Price
—
—
Asset-Backed
Securities
938,487
Third
Party
Pricing
Broker
Quote
—
—
Collateralized
Mortgage
Obligations
233,057
Third
Party
Pricing
Vendor
Price
—
—
Common
Stocks
3,188,387
Enterprise
Value
Valuation
Multiple
1.2x-7.0x
5.9x
Common
Stocks
66,450
Model
Price
Purchase
Price
—
—
Common
Stocks
28,963
Third
Party
Pricing
Broker
Quote
—
—
Common
Stocks
230
Model
Price
Liquidation
Value
—
—
Corporate
Bonds
1,831,200
Third
Party
Pricing
Broker
Quote
—
—
Preferred
Stocks
244,497
Yield
Analysis
Yield
7.0%
—
Rights
2
Model
Price
Liquidation
Value
—
—
Senior
Floating
Rate
Interests
9,268,001
Third
Party
Pricing
Broker
Quote
—
—
Senior
Floating
Rate
Interests
2,989,438
Model
Price
Purchase
Price
—
—
Senior
Floating
Rate
Interests
711,558
Third
Party
Pricing
Vendor
Price
—
—
Senior
Floating
Rate
Interests
343,735
Yield
Analysis
Yield
10.2%-15.9%
11.9%
Unfunded
Loan
Commitments
765
Model
Price
Purchase
Price
—
—
Total
Assets
$
33,938,200
Liabilities:
Unfunded
Loan
Commitments
$
26,948
Model
Price
Purchase
Price
—
—
(a)
Inputs
are
weighted
by
the
fair
value
of
the
instruments.
Beginning
Balance
Purchases/
(Receipts)
(Sales,
maturities
and
paydowns)/
Fundings
Amortization
of
premiums/
discounts
Corporate
actions
Total
realized
gains
(losses)
included
in
earnings
Assets
Asset-Backed
Securities
$
—
$
14,023,804
$
(
122,157
)
$
91
$
—
$
—
Corporate
Bonds
3,199
1,855,681
—
—
—
—
Senior
Floating
Rate
Interests
19,369,964
18,628,397
(
17,813,528
)
22,405
—
36,787
Common
Stocks
5,249,239
121,929
—
—
(
20,442
)
—
Preferred
Stocks
—
772,057
—
—
—
—
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
FLOATING
RATE
STRATEGIES
FUND
June
30,
2026
|
93
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Beginning
Balance
Purchases/
(Receipts)
(Sales,
maturities
and
paydowns)/
Fundings
Amortization
of
premiums/
discounts
Corporate
actions
Total
realized
gains
(losses)
included
in
earnings
Assets
Rights
$
6,147
$
—
$
—
$
—
$
—
$
—
Collateralized
Mortgage
Obligations
—
—
—
—
—
—
Unfunded
Loan
Commitments
781
18,103
—
—
—
—
Total
Assets
$
24,629,330
$
35,419,971
$
(
17,935,685
)
$
22,496
$
(
20,442
)
$
36,787
Liabilities
Unfunded
Loan
Commitments
$
—
$
—
$
—
$
—
$
—
$
—
Total
change
in
unrealized
appreciation
(depreciation)
included
in
earnings
Transfers
into
Level
3
Ending
Balance
Net
change
in
unrealized
appreciation
(depreciation)
for
investments
in
Level
3
securities
still
held
at
June
30,
2026
Assets
Asset-Backed
Securities
$
(
4,734
)
$
1,134,913
$
15,031,917
$
(
4,734
)
Corporate
Bonds
(
27,680
)
—
1,831,200
(
27,680
)
Senior
Floating
Rate
Interests
(
6,931,293
)
—
13,312,732
(
7,324,246
)
Common
Stocks
(
2,066,696
)
—
3,284,030
(
2,066,696
)
Preferred
Stocks
(
527,560
)
—
244,497
(
527,560
)
Rights
(
6,145
)
—
2
—
Collateralized
Mortgage
Obligations
—
233,057
233,057
—
Unfunded
Loan
Commitments
(
18,119
)
—
765
765
Total
Assets
$
(
9,582,227
)
$
1,367,970
$
33,938,200
$
(
9,950,151
)
Liabilities
Unfunded
Loan
Commitments
$
(
26,948
)
$
—
$
(
26,948
)
$
(
26,948
)
Step
Coupon
Bonds
The
following
table
discloses
additional
information
related
to
step
coupon
bonds
held
by
the
Fund.
Certain
securities
are
subject
to
multiple
rate
changes
prior
to
maturity.
For
those
securities,
a
range
of
rates
and
corresponding
dates
have
been
provided.
Rates
for
all
step
coupon
bonds
held
by
the
Fund
are
scheduled
to
increase,
none
are
scheduled
to
decrease.
Name
Coupon
Rate
at
Next
Reset
Date
Next
Rate
Reset
Date
HOMES
Trust
2025-AFC3,
5.34%
due
08/25/60
6.34%
09/01/29
LHOME
Mortgage
Trust
2026-RTL1,
4.91%
due
01/25/41
6.08%
07/25/28
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
FLOATING
RATE
STRATEGIES
FUND
June
30,
2026
94
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Affiliated
Transactions
Investments
representing
5%
or
more
of
the
outstanding
voting
shares
of
a
company,
or
control
of
or
by,
or
common
control
under
Guggenheim
Investments
("GI"),
result
in
that
company
being
considered
an
affiliated
person,
as
defined
in
the
Investment
Company
Act
of
1940
(“affiliated
issuer”).
The
Fund
may
invest
in
Guggenheim
Strategy
Fund
III,
an
underlying
series
of
Guggenheim
Strategy
Funds
Trust.
Guggenheim
Strategy
Fund
III
is
organized
as
an
open-end
management
investment
company
managed
by
GI.
Guggenheim
Strategy
Fund
III  is
offered
as
a
short-term
investment
option
only
to
mutual
funds,
trusts,
and
other
accounts
managed
by
GI
and/or
its
affiliates
and
is
not
available
to
the
public.
Guggenheim
Strategy
Fund
III
pays
no
investment
management
fees.
The
Fund
could
previously
invest
in
an
additional
series
of
Guggenheim
Strategy
Funds
Trust
that
is
no
longer
offered.
Guggenheim
Strategy
Fund
III’s
annual
report
on
Form
N-CSR
dated
September
30,
2025
is
available
publicly
or
upon
request.
This
information
is
available
from
the
EDGAR
database
on
the
SEC’s
website
at
https://www.sec.
gov/Archives/edgar/data/1601445/000139834425021351/fp0095397-6_ncsrixbrl.htm.
The
Fund
also
may
invest
in
certain
of
the
underlying
series
of
Guggenheim
Funds
Trust,
which
are
structured
as
open-end
management
investment
companies
managed
by
GI,
are
available
to
the
public
and
whose
most
recent
annual
report
on
Form
N-CSR
is
available
publicly
or
upon
request.
Transactions
during
the
period
ended
June
30,
2026,
in
which
the
company
is
an
affiliated
issuer,
were
as
follows:
Security
Name
Value
09/30/25
Additions
Reductions
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
06/30/26
Shares
06/30/26
Investment
Income
Common
Stocks
BP
Holdco
LLC*
$
199,683
$
—
$
—
$
—
$
(
86,061
)
$
113,622
244,278
$
—
Exchange-Traded
Funds
Guggenheim
Securitized
Income
ETF
—
1,897,040
—
—
2,418
1,899,458
37,800
—
$
199,683
$
1,897,040
$
—
$
—
$
(
83,643
)
$
2,013,080
$
—
*
Non-income
producing
security.
|
95
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
HIGH
YIELD
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
0
.2
%
CONSUMER,
NON-CYCLICAL
-
0
.1
%
WW
International,
Inc.*
6,643
$
106,155
Save-A-Lot*
,(a)
797,632
80
Endo
Guc
Trust
—
Class
A*
,(a)
13,040
1
Total
Consumer,
Non-cyclical
106,236
COMMUNICATIONS
-
0
.1
%
LuxCo
3
SARL
5,205
102,533
CONSUMER,
CYCLICAL
-
0
.0
%
Asphalt
Atd
Holdco
LLC*
,(a)
49,358
8,786
FG
Parent
LLC*
,(a)
11,000
6,875
Accuride
Corp.*
,(a),(b)
282,985
28
Accuride
Liquidating
Trust*
,(a),(b)
17
—
Total
Consumer,
Cyclical
15,689
INDUSTRIAL
-
0
.0
%
BP
Holdco
LLC*
,(a),(b)
23,711
11,029
Targus,
Inc.
(a)
25,650
228
YAK
BLOCKER
2
LLC*
,(a)
12,012
1
Total
Industrial
11,258
ENERGY
-
0
.0
%
Revenir
Energy,
Inc.*
,(a)
3,452
380
FINANCIAL
-
0
.0
%
Avison
Young
(Canada),
Inc.*
,(a)
132
2
Total
Common
Stocks
(Cost
$967,178)
236,098
PREFERRED
STOCKS
-
2
.4
%
FINANCIAL
-
2
.4
%
Citigroup,
Inc.
7.63%
775,000
805,257
Bank
of
America
Corp.
6.63%
700,000
721,685
Keenova*
5,857
569,107
JPMorgan
Chase
&
Co.
6.10%
550,000
556,963
Goldman
Sachs
Group,
Inc.
7.50%
475,000
498,605
American
National
Group,
Inc.
7.38%
18,000
422,460
Par
Health*
5,857
38,070
Avison
Young
(Canada),
Inc.
12.50%*
,(a)
185,779
1,858
Total
Financial
3,614,005
CONSUMER,
NON-CYCLICAL
-
0
.0
%
Ingenovis
Health,
LP
(a)
51
50,527
INDUSTRIAL
-
0
.0
%
U.S.
Shipping
Corp.
(a)
14,718
2
Total
Preferred
Stocks
(Cost
$4,229,826)
3,664,534
A
A
A
SHARES
VALUE
WARRANTS
-
0
.0
%
Ginkgo
Bioworks
Holdings,
Inc.
Expiring
09/16/26*
4
$
—
Total
Warrants
(Cost
$9)
—
RIGHTS
-
0
.0
%
BASIC
MATERIALS
-
0
.0
%
Asphalt
Intermediate
Holdco
LLC
Expiring
12/31/49*
,(a)
2,203
—
Total
Rights
(Cost
$–)
—
EXCHANGE-TRADED
FUNDS
-
1
.2
%
Guggenheim
Securitized
Income
ETF
(b)
37,800
1,899,457
Total
Exchange-Traded
Funds
(Cost
$1,896,987)
1,899,457
MONEY
MARKET
FUNDS
(c)
-
1
.9
%
BNY
Dreyfus
Treasury
Securities
Cash
Management
Fund
—
Institutional
Shares,
3.53%
(d)
2,924,306
2,924,306
Total
Money
Market
Funds
(Cost
$2,924,306)
2,924,306
FACE
AMOUNT
~
CORPORATE
BONDS
-
86
.4
%
CONSUMER,
CYCLICAL
-
21
.9
%
PetSmart
LLC
/
PetSmart
Finance
Corp.
7.50%
due
09/15/32
(e)
1,325,000
1,325,289
Wabash
National
Corp.
4.50%
due
10/15/28
(e)
1,325,000
1,231,407
Beach
Acquisition
Bidco
LLC
5.25%
due
07/15/32
(e)
EUR
975,000
1,134,091
NCL
Corp.
Ltd.
6.25%
due
09/15/33
(e)
625,000
606,980
5.88%
due
01/15/31
(e)
500,000
485,276
Clarios
Global,
LP
/
Clarios
US
Finance
Co.
4.75%
due
06/15/31
(e)
EUR
550,000
635,657
6.75%
due
09/15/32
(e)
400,000
408,514
Wolverine
World
Wide,
Inc.
4.00%
due
08/15/29
(e)
1,075,000
1,012,864
Park
River
Holdings,
Inc.
8.75%
due
12/31/30
(e)
569,190
551,490
8.00%
due
03/15/31
(e)
400,000
403,491
Scientific
Games
Holdings,
LP
/
Scientific
Games
US
FinCo,
Inc.
6.63%
due
03/01/30
(e)
1,100,000
940,136
Intralot
Capital
Luxembourg
S.A.
6.75%
due
10/15/31
(e)
EUR
800,000
926,531
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
HIGH
YIELD
FUND
June
30,
2026
96
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
86.4%
(continued)
CONSUMER,
CYCLICAL
-
21.9%
(continued)
Allwyn
Entertainment
Financing
UK
plc
7.88%
due
04/30/29
(e)
901,000
$
925,769
New
Flyer
Holdings,
Inc.
9.25%
due
07/01/30
(e)
856,000
920,199
Penn
Entertainment,
Inc.
4.13%
due
07/01/29
(e)
533,000
511,037
6.75%
due
04/01/31
(e)
400,000
402,082
Deuce
Finco
plc
7.00%
due
11/20/31
(e)
GBP
650,000
881,372
Boots
Group
Finco,
LP
5.38%
due
08/31/32
EUR
750,000
878,087
Lindblad
Expeditions
LLC
7.00%
due
09/15/30
(e)
820,000
847,832
Velocity
Vehicle
Group
LLC
8.00%
due
06/01/29
(e)
850,000
839,447
Six
Flags
Entertainment
Corp.
/
Six
Flags
Theme
Parks,
Inc.
/
Canada's
Wonderland
Co.
6.63%
due
05/01/32
(e)
800,000
810,502
JB
Poindexter
&
Company,
Inc.
8.75%
due
12/15/31
(e)
775,000
796,797
Essendi
S.A.
6.38%
due
10/15/29
(e)
EUR
425,000
503,853
5.50%
due
11/15/31
(e)
EUR
250,000
289,888
Suburban
Propane
Partners,
LP
/
Suburban
Energy
Finance
Corp.
5.00%
due
06/01/31
(e)
625,000
592,494
6.50%
due
12/15/35
(e)
200,000
193,272
Brightstar
Lottery
plc
/
Brightstar
Global
Solutions
Corp.
5.75%
due
01/15/33
(e)
800,000
784,184
RB
Global
Holdings,
Inc.
7.75%
due
03/15/31
(e)
450,000
466,549
6.75%
due
03/15/28
(e)
250,000
253,345
Betclic
Everest
Group
SAS
5.13%
due
12/10/31
(e)
EUR
575,000
667,714
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
6.25%
due
03/15/33
(e)
425,000
426,592
7.13%
due
02/15/31
(e)
175,000
184,943
QXO
Building
Products,
Inc.
6.75%
due
04/30/32
(e)
375,000
387,217
6.50%
due
07/15/31
(e)
200,000
203,834
Acushnet
Co.
5.63%
due
12/01/33
(e)
575,000
571,956
Motel
One
GmbH
/
Muenchen
7.75%
due
04/02/31
(e)
EUR
460,000
559,170
Station
Casinos
LLC
6.63%
due
03/15/32
(e)
375,000
380,841
4.63%
due
12/01/31
(e)
175,000
166,166
Vail
Resorts,
Inc.
6.50%
due
05/15/32
(e)
500,000
509,247
Versuni
Group
B.V.
5.75%
due
07/01/33
(e)
EUR
450,000
507,943
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
86.4%
(continued)
CONSUMER,
CYCLICAL
-
21.9%
(continued)
Whirlpool
Corp.
6.50%
due
06/15/33
575,000
$
498,453
Hilton
Domestic
Operating
Company,
Inc.
5.50%
due
03/31/34
(e)
500,000
495,713
Scotts
Miracle-Gro
Co.
4.38%
due
02/01/32
500,000
468,666
Lottomatica
Group
SpA
4.88%
due
01/31/31
(e)
EUR
400,000
466,329
Dorman
Products,
Inc.
6.25%
due
06/15/34
(e)
450,000
455,170
Flutter
Treasury
DAC
5.88%
due
06/04/31
(e)
450,000
448,457
Lithia
Motors,
Inc.
5.50%
due
10/01/30
(e)
450,000
444,445
Asbury
Automotive
Group,
Inc.
5.00%
due
02/15/32
(e)
450,000
430,416
Newell
Brands,
Inc.
6.38%
due
05/15/30
400,000
405,439
Allison
Transmission,
Inc.
5.88%
due
12/01/33
(e)
400,000
398,758
Wyndham
Hotels
&
Resorts,
Inc.
5.63%
due
03/01/33
(e)
400,000
394,784
Somnigroup
International,
Inc.
3.88%
due
10/15/31
(e)
425,000
390,621
Superior
Plus,
LP
4.25%
due
05/18/28
(e)
CAD
550,000
384,205
Murphy
Oil
USA,
Inc.
5.88%
due
06/01/34
(e)
375,000
376,182
Viking
Cruises
Ltd.
5.88%
due
10/15/33
(e)
375,000
375,585
Installed
Building
Products,
Inc.
5.63%
due
02/01/34
(e)
275,000
272,964
Gee
Automotive
Holdings
LLC
7.25%
due
03/01/31
(e)
255,000
258,374
Hilton
Domestic
Operating
Co.,
Inc.
5.50%
due
09/15/31
(e)
250,000
250,640
Superior
Plus,
LP
/
Superior
General
Partner,
Inc.
4.50%
due
03/15/29
(e)
250,000
242,413
Gates
Corp.
6.88%
due
07/01/29
(e)
200,000
204,556
Pioneer
Opco
LLC
7.00%
due
05/15/33
(e)
200,000
203,521
Core
&
Main,
LP
6.00%
due
07/01/34
(e)
150,000
150,705
Caesars
Entertainment,
Inc.
6.50%
due
02/15/32
(e)
150,000
146,321
Total
Consumer,
Cyclical
33,286,775
FINANCIAL
-
16
.0
%
Nassau
Companies
of
New
York
7.88%
due
07/15/30
(e)
1,400,000
1,337,675
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
HIGH
YIELD
FUND
June
30,
2026
|
97
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
86.4%
(continued)
FINANCIAL
-
16.0%
(continued)
Jones
Deslauriers
Insurance
Management,
Inc.
6.88%
due
10/01/33
(e)
1,100,000
$
1,020,154
8.50%
due
03/15/30
(e)
200,000
203,993
VFH
Parent
LLC
/
Valor
Co.-
Issuer,
Inc.
7.50%
due
06/15/31
(e)
1,025,000
1,072,059
Ardonagh
Finco
Ltd.
7.75%
due
02/15/31
(e)
1,000,000
1,011,267
UWM
Holdings
LLC
6.63%
due
02/01/30
(e)
625,000
582,366
6.25%
due
03/15/31
(e)
450,000
401,050
Starwood
Property
Trust,
Inc.
6.50%
due
10/15/30
(e)
500,000
511,542
7.25%
due
04/01/29
(e)
425,000
438,801
PennyMac
Financial
Services,
Inc.
7.88%
due
12/15/29
(e)
325,000
337,974
6.88%
due
05/15/32
(e)
275,000
269,125
7.13%
due
11/15/30
(e)
175,000
177,342
6.75%
due
02/15/34
(e)
125,000
119,990
OneMain
Finance
Corp.
4.00%
due
09/15/30
525,000
485,279
6.75%
due
09/15/33
400,000
395,975
Encore
Capital
Group,
Inc.
6.63%
due
06/01/32
(e)
850,000
851,183
Jefferies
Finance
LLC
/
JFIN
Co.-Issuer
Corp.
5.00%
due
08/15/28
(e)
850,000
820,732
United
Wholesale
Mortgage
LLC
5.50%
due
04/15/29
(e)
475,000
441,253
5.75%
due
06/15/27
(e)
375,000
371,352
SLM
Corp.
6.50%
due
05/15/32
(f)
475,000
474,450
6.50%
due
01/31/30
300,000
304,099
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co.-Issuer
6.50%
due
10/01/31
(e)
775,000
772,874
Asurion
LLC
/
Asurion
Co.-
Issuer,
Inc.
8.00%
due
12/31/32
(e)
750,000
755,667
Hunt
Companies,
Inc.
5.25%
due
04/15/29
(e)
725,000
716,404
Jane
Street
Group
/
JSG
Finance,
Inc.
7.13%
due
04/30/31
(e)
475,000
491,129
6.13%
due
11/01/32
(e)
200,000
200,042
CrossCountry
Intermediate
HoldCo
LLC
6.50%
due
10/01/30
(e)
650,000
640,661
GLP
Capital,
LP
/
GLP
Financing
II,
Inc.
5.63%
due
03/01/36
650,000
636,986
Blackstone
Mortgage
Trust,
Inc.
6.25%
due
06/01/31
(e)
625,000
604,604
Citadel
Securities
Global
Holdings
LLC
5.75%
due
03/27/36
(e)
600,000
594,507
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
86.4%
(continued)
FINANCIAL
-
16.0%
(continued)
USI,
Inc.
7.50%
due
01/15/32
(e)
575,000
$
580,419
Kane
Bidco
Ltd.
5.95%
(3
Month
EURIBOR
+
3.75%)
due
07/15/32
◊,(e)
EUR
475,000
549,364
Walker
&
Dunlop,
Inc.
6.63%
due
04/01/33
(e)
475,000
482,568
Focus
Financial
Partners
LLC
6.75%
due
09/15/31
(e)
475,000
477,954
Liberty
Mutual
Group,
Inc.
4.30%
due
02/01/61
(e)
750,000
476,858
Ryan
Specialty
LLC
5.88%
due
08/01/32
(e)
475,000
467,332
Iron
Mountain,
Inc.
6.25%
due
01/15/35
(e)
450,000
451,754
HUB
International
Ltd.
7.38%
due
01/31/32
(e)
425,000
432,599
Sherwood
Financing
plc
7.90%
(3
Month
EURIBOR
+
5.50%)
due
12/15/29
◊,(e)
EUR
375,000
430,581
Rfna,
LP
7.88%
due
02/15/30
(e)
425,000
428,184
Enstar
Group
Ltd.
6.69%
due
07/15/37
(e),(f)
375,000
375,788
Hightower
Holding
LLC
9.13%
due
01/31/30
(e)
350,000
363,080
Lincoln
National
Corp.
6.80%
due
07/15/56
(f)
350,000
349,587
Osaic
Holdings,
Inc.
6.75%
due
08/01/32
(e)
325,000
325,556
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co-Issuer,
Inc.
4.00%
due
10/15/33
(e)
350,000
315,018
Aretec
Group,
Inc.
10.00%
due
08/15/30
(e)
267,000
281,240
Rocket
Companies,
Inc.
6.13%
due
08/01/31
(e)
250,000
255,330
Global
Atlantic
Fin
Co.
7.25%
due
03/01/56
(e),(f)
225,000
220,511
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co.-Issuer,
Inc.
3.88%
due
03/01/31
(e)
125,000
116,970
Total
Financial
24,421,228
CONSUMER,
NON-CYCLICAL
-
14
.3
%
CPI
CG,
Inc.
10.00%
due
07/15/29
(e)
1,334,000
1,398,472
Bausch
Health
Companies,
Inc.
4.88%
due
06/01/28
(e)
1,200,000
1,109,568
Carriage
Services,
Inc.
4.25%
due
05/15/29
(e)
1,075,000
1,028,773
Performance
Food
Group,
Inc.
6.13%
due
09/15/32
(e)
700,000
708,562
5.63%
due
03/01/34
(e)
300,000
294,449
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
HIGH
YIELD
FUND
June
30,
2026
98
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
86.4%
(continued)
CONSUMER,
NON-CYCLICAL
-
14.3%
(continued)
TriNet
Group,
Inc.
7.13%
due
08/15/31
(e)
950,000
$
955,235
Albion
Financing
1
SARL
/
Aggreko
Holdings,
Inc.
7.00%
due
05/21/30
(e)
900,000
931,882
Herc
Holdings,
Inc.
6.00%
due
03/15/34
(e)
350,000
347,675
7.00%
due
06/15/30
(e)
310,000
321,026
7.25%
due
06/15/33
(e)
217,000
226,235
BCP
V
Modular
Services
Finance
II
plc
4.75%
due
11/30/28
(e)
EUR
736,000
794,728
Williams
Scotsman,
Inc.
7.38%
due
10/01/31
(e)
725,000
750,630
ADT
Security
Corp.
5.88%
due
10/15/33
(e)
750,000
736,776
Graham
Holdings
Co.
5.63%
due
12/01/33
(e)
725,000
718,896
Sammontana
Italia
SpA
5.95%
(3
Month
EURIBOR
+
3.75%)
due
10/15/31
◊,(e)
EUR
625,000
718,392
Surgery
Center
Holdings,
Inc.
7.25%
due
04/15/32
(e)
700,000
708,639
Block,
Inc.
6.00%
due
08/15/33
(e)
450,000
453,107
6.50%
due
05/15/32
250,000
255,229
Perrigo
Finance
Unlimited
Co.
5.15%
due
06/15/30
500,000
480,793
6.13%
due
09/30/32
225,000
214,899
Tenet
Healthcare
Corp.
6.75%
due
05/15/31
675,000
691,474
Cidron
Atrium
SE
5.63%
due
02/15/33
(e)
EUR
550,000
620,994
Neogen
Food
Safety
Corp.
8.63%
due
07/20/30
(e)
550,000
578,507
Post
Holdings,
Inc.
6.50%
due
03/15/36
(e)
550,000
543,754
Nidda
Healthcare
Holding
GmbH
5.63%
due
02/21/30
(e)
EUR
450,000
520,693
U.S.
Foods,
Inc.
7.25%
due
01/15/32
(e)
500,000
518,858
Upbound
Group,
Inc.
6.38%
due
02/15/29
(e)
514,000
509,489
AMN
Healthcare,
Inc.
6.50%
due
01/15/31
(e)
500,000
503,041
Brink’s
Co.
6.75%
due
06/15/32
(e)
475,000
485,394
Sotheby's
/
Bidfair
Holdings,
Inc.
5.88%
due
06/01/29
(e)
500,000
474,552
Acadia
Healthcare
Company,
Inc.
7.38%
due
03/15/33
(e)
450,000
463,240
Icon
Investments
Six
DAC
5.85%
due
05/08/29
450,000
459,809
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
86.4%
(continued)
CONSUMER,
NON-CYCLICAL
-
14.3%
(continued)
IQVIA,
Inc.
6.25%
due
06/01/32
(e)
450,000
$
457,505
Service
Corporation
International
5.75%
due
10/15/32
425,000
426,710
APi
Group
DE,
Inc.
5.75%
due
06/01/34
(e)
325,000
321,308
Albertsons
Companies,
Inc.
5.63%
due
03/31/32
(e)
325,000
314,212
Albertsons
Companies,
Inc.
/
Safeway,
Inc.
/
New
Albertsons,
LP
/
Albertsons
LLC
6.25%
due
03/15/33
(e)
300,000
297,357
Concentra
Health
Services,
Inc.
6.88%
due
07/15/32
(e)
275,000
284,662
Teleflex,
Inc.
5.88%
due
01/15/32
(e)
125,000
125,945
Ingles
Markets,
Inc.
4.00%
due
06/15/31
(e)
75,000
70,775
Total
Consumer,
Non-cyclical
21,822,245
INDUSTRIAL
-
11
.5
%
Trinity
Industries,
Inc.
7.75%
due
07/15/28
(e)
1,325,000
1,355,907
New
Enterprise
Stone
&
Lime
Company,
Inc.
9.75%
due
07/15/28
(e)
1,225,000
1,227,138
Mauser
Packaging
Solutions
Holding
Co.
7.88%
due
04/15/30
(e)
600,000
613,392
9.25%
due
04/15/30
(e)
500,000
491,901
Waste
Pro
USA,
Inc.
7.00%
due
02/01/33
(e)
961,000
983,383
Standard
Building
Solutions,
Inc.
5.88%
due
03/15/34
(e)
650,000
626,355
6.50%
due
08/15/32
(e)
350,000
352,115
Quikrete
Holdings,
Inc.
6.38%
due
03/01/32
(e)
475,000
485,059
6.75%
due
03/01/33
(e)
475,000
484,205
Advanced
Drainage
Systems,
Inc.
6.38%
due
06/15/30
(e)
575,000
582,935
5.38%
due
03/01/34
(e)
300,000
293,110
EMRLD
Borrower,
LP
/
Emerald
Co.-Issuer,
Inc.
6.63%
due
12/15/30
(e)
825,000
843,426
MIWD
Holdco
II
LLC
/
MIWD
Finance
Corp.
5.50%
due
02/01/30
(e)
800,000
753,163
AmeriTex
HoldCo
Intermediate
LLC
7.63%
due
08/15/33
(e)
650,000
679,158
GrafTech
Finance,
Inc.
4.63%
due
12/23/29
(e)
1,000,000
635,532
Enpro,
Inc.
6.13%
due
06/01/33
(e)
550,000
557,204
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
HIGH
YIELD
FUND
June
30,
2026
|
99
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
86.4%
(continued)
INDUSTRIAL
-
11.5%
(continued)
Brundage-Bone
Concrete
Pumping
Holdings,
Inc.
7.50%
due
02/01/32
(e)
525,000
$
544,673
Maxam
Prill
SARL
7.75%
due
07/15/30
(e)
525,000
540,880
TransDigm,
Inc.
6.88%
due
12/15/30
(e)
500,000
513,850
Graphic
Packaging
International
LLC
6.38%
due
07/15/32
(e)
500,000
504,467
Builders
FirstSource,
Inc.
6.75%
due
05/15/35
(e)
200,000
203,914
6.38%
due
03/01/34
(e)
200,000
202,181
4.25%
due
02/01/32
(e)
100,000
93,143
GFL
Environmental
Holdings
US,
Inc.
5.50%
due
02/01/34
(e)
500,000
489,044
Biffa
Group
Holdings
Ltd.
5.25%
due
06/15/31
(e)
EUR
425,000
486,796
Calderys
Financing
LLC
11.25%
due
06/01/28
(e)
425,000
440,209
Axon
Enterprise,
Inc.
6.25%
due
03/15/33
(e)
400,000
409,987
Clearwater
Paper
Corp.
4.75%
due
08/15/28
(e)
497,000
405,977
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
plc
6.25%
due
01/30/31
(e)
375,000
379,197
Amsted
Industries,
Inc.
4.63%
due
05/15/30
(e)
375,000
365,126
Esab
Corp.
5.63%
due
04/01/31
(e)
300,000
300,325
Clean
Harbors,
Inc.
6.38%
due
02/01/31
(e)
225,000
228,178
EnerSys
6.63%
due
01/15/32
(e)
175,000
178,826
Miter
Brands
Acquisition
Holdco,
Inc.
/
MIWD
Borrower
LLC
6.75%
due
04/01/32
(e)
175,000
173,494
AAR
Escrow
Issuer
LLC
6.75%
due
03/15/29
(e)
150,000
153,243
Total
Industrial
17,577,493
ENERGY
-
6
.5
%
Venture
Global
Plaquemines
LNG
LLC
7.75%
due
05/01/35
(e)
850,000
953,251
6.75%
due
01/15/36
(e)
350,000
371,104
TransMontaigne
Partners
LLC
8.50%
due
06/15/30
(e)
1,250,000
1,273,599
ITT
Holdings
LLC
6.50%
due
08/01/29
(e)
1,075,000
1,062,402
Buckeye
Partners,
LP
6.88%
due
07/01/29
(e)
775,000
791,153
3.95%
due
12/01/26
225,000
223,580
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
86.4%
(continued)
ENERGY
-
6.5%
(continued)
Venture
Global
LNG,
Inc.
6.38%
due
12/15/34
(e)
425,000
$
417,674
7.00%
due
01/15/30
(e)
400,000
407,966
Par
Petroleum
LLC
7.38%
due
06/01/34
(e)
800,000
809,511
CVR
Energy,
Inc.
7.50%
due
02/15/31
(e)
800,000
796,192
Global
Partners,
LP
/
GLP
Finance
Corp.
7.13%
due
07/01/33
(e)
425,000
430,037
6.88%
due
01/15/29
250,000
252,207
Venture
Global
Calcasieu
Pass
LLC
6.25%
due
01/15/30
(e)
500,000
512,092
6.00%
due
05/01/36
(e)
150,000
151,619
CQP
Holdco,
LP
/
BIP-V
Chinook
Holdco
LLC
7.50%
due
12/15/33
(e)
600,000
627,205
Sunoco,
LP
7.25%
due
05/01/32
(e)
500,000
518,656
Kinetik
Holdings,
LP
5.88%
due
06/15/30
(e)
350,000
352,034
Total
Energy
9,950,282
COMMUNICATIONS
-
6
.5
%
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
7.38%
due
02/01/36
(e)
1,025,000
1,005,202
4.25%
due
01/15/34
(e)
975,000
825,366
CSC
Holdings
LLC
3.38%
due
02/15/31
(e)
1,550,000
919,220
4.13%
due
12/01/30
(e)
975,000
579,349
Altice
France
S.A.
9.50%
due
11/01/29
(e)
685,976
696,345
6.88%
due
07/15/32
(e)
190,549
184,771
McGraw-Hill
Education,
Inc.
8.00%
due
08/01/29
(e)
775,000
776,528
7.38%
due
09/01/31
(e)
100,000
101,630
Vmed
O2
UK
Financing
I
plc
6.75%
due
01/15/33
(e)
550,000
465,666
7.75%
due
04/15/32
(e)
350,000
316,099
Sunrise
FinCo
I
B.V.
4.88%
due
07/15/31
(e)
800,000
756,568
Zayo
Group
Holdings,
Inc.
9.25%
(in-kind
rate
was
0.50%)
due
03/09/30
(e),(g)
613,894
613,127
Match
Group
Holdings
II
LLC
5.63%
due
02/15/29
(e)
375,000
373,802
6.13%
due
09/15/33
(e)
200,000
197,637
Sirius
XM
Radio
LLC
5.88%
due
04/15/32
(e)
500,000
494,147
Gen
Digital,
Inc.
6.25%
due
04/01/33
(e)
475,000
468,164
Meridian
Arc
Holdco
LLC
6.25%
due
04/30/31
(e)
400,000
400,896
AMC
Networks,
Inc.
10.50%
due
07/15/32
(e)
325,000
334,070
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
HIGH
YIELD
FUND
June
30,
2026
100
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
86.4%
(continued)
COMMUNICATIONS
-
6.5%
(continued)
4.25%
due
02/15/29
41,000
$
36,247
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
6.00%
due
06/15/34
(e)
300,000
299,452
Total
Communications
9,844,286
BASIC
MATERIALS
-
4
.7
%
INEOS
Finance
plc
6.75%
due
05/15/28
(e)
1,100,000
1,092,697
Arsenal
AIC
Parent
LLC
8.00%
due
10/01/30
(e)
850,000
885,870
WR
Grace
Holdings
LLC
7.38%
due
03/01/31
(e)
575,000
577,391
7.00%
due
08/01/33
(e)
200,000
194,751
Kaiser
Aluminum
Corp.
5.88%
due
03/01/34
(e)
500,000
494,803
4.50%
due
06/01/31
(e)
200,000
191,462
Alcoa
Nederland
Holding
B.V.
7.13%
due
03/15/31
(e)
550,000
570,765
Bond
US
Bidco
1,
Inc./Bidco
2/Bidco
3/German
Bidco
1
GmbH/German
Bidco
2
7.13%
due
06/15/33
(e)
500,000
504,863
Novelis
Corp.
4.75%
due
01/30/30
(e)
225,000
217,652
3.88%
due
08/15/31
(e)
200,000
182,171
6.38%
due
08/15/33
(e)
100,000
100,720
Perimeter
Holdings
LLC
6.25%
due
01/15/34
(e)
500,000
499,058
Commercial
Metals
Co.
6.00%
due
12/15/35
(e)
500,000
498,706
Carpenter
Technology
Corp.
5.63%
due
03/01/34
(e)
385,000
384,708
Compass
Minerals
International,
Inc.
8.00%
due
07/01/30
(e)
275,000
290,015
Axalta
Coating
Systems
Dutch
Holding
B.V.
7.25%
due
02/15/31
(e)
250,000
259,692
Illuminate
Buyer
LLC
/
Illuminate
Holdings
IV,
Inc.
9.00%
due
07/01/28
(e)
196,000
195,886
Mirabela
Nickel
Ltd.
due
06/24/19
(a),(h),(i)
278,115
695
Total
Basic
Materials
7,141,905
TECHNOLOGY
-
4
.1
%
Cloud
Software
Group,
Inc.
6.50%
due
03/31/29
(e)
750,000
727,711
6.63%
due
08/15/33
(e)
600,000
520,195
Capstone
Borrower,
Inc.
8.00%
due
06/15/30
(e)
1,275,000
1,211,291
OAK-Eagle
Acquireco,
Inc.
7.25%
due
07/01/33
(e)
1,075,000
1,124,570
Fair
Isaac
Corp.
6.25%
due
09/15/34
(e)
500,000
492,489
6.00%
due
05/15/33
(e)
300,000
295,418
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
86.4%
(continued)
TECHNOLOGY
-
4.1%
(continued)
Stripe
Global
Holdings,
Inc.
5.46%
due
03/26/33
(a)
600,000
$
585,363
Dye
&
Durham
Ltd.
8.63%
due
04/15/29
(e)
793,000
555,817
Amentum
Holdings,
Inc.
7.25%
due
08/01/32
(e)
450,000
463,488
TeamSystem
SpA
5.70%
(3
Month
EURIBOR
+
3.50%)
due
07/31/31
◊,(e)
EUR
275,000
311,434
Total
Technology
6,287,776
UTILITIES
-
0
.9
%
ContourGlobal
Power
Holdings
S.A.
6.75%
due
02/28/30
(e)
550,000
558,157
Dominion
Energy,
Inc.
6.15%
due
12/15/56
(f)
525,000
526,594
Clearway
Energy
Operating
LLC
5.75%
due
01/15/34
(e)
350,000
343,179
Total
Utilities
1,427,930
Total
Corporate
Bonds
(Cost
$133,990,864)
131,759,920
SENIOR
FLOATING
RATE
INTERESTS
-
6
.3
%
CONSUMER,
NON-CYCLICAL
-
2
.9
%
Auxey
Midco
Ltd.
9.65%
(1
Month
Term
SOFR
+
6.00%)
due
06/29/27
◊
932,480
924,712
Blue
Ribbon
LLC
4.91%
(3
Month
Term
SOFR
+
1.00%,
Rate
Floor:
0.75%)
(in-kind
rate
was
6.00%)
due
05/08/28
◊,(g)
933,244
480,443
7.65%
(3
Month
Term
SOFR
+
4.00%,
Rate
Floor:
0.75%)
(in-kind
rate
was
4.00%)
due
05/08/28
◊,(a),(g)
371,110
345,132
Women's
Care
Holdings,
Inc.
8.26%
(3
Month
Term
SOFR
+
4.50%,
Rate
Floor:
1.75%)
due
01/15/28
◊
636,550
614,271
Midwest
Physician
Administrative
Services
6.76%
(1
Month
Term
SOFR
+
3.00%,
Rate
Floor:
1.75%)
due
03/12/28
◊
457,283
453,510
Secretariat
Advisors
LLC
7.73%
(3
Month
Term
SOFR
+
4.00%)
due
02/28/32
◊
418,626
409,470
Ingenovis
Health,
Inc.
8.91%
(3
Month
Term
SOFR
+
5.25%)
due
03/06/28
◊
508,263
354,513
Weight
Watchers
International
Holdings
Ltd.
10.53%
(3
Month
Term
SOFR
+
6.80%,
Rate
Floor:
0.50%)
due
06/24/30
◊
319,252
237,942
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
HIGH
YIELD
FUND
June
30,
2026
|
101
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
6.3%
(continued)
CONSUMER,
NON-CYCLICAL
-
2.9%
(continued)
Florida
Food
Products
LLC
8.99%
(3
Month
Term
SOFR
+
5.00%,
Rate
Floor:
1.00%)
due
10/15/30
◊
185,856
$
140,079
9.23%
(3
Month
Term
SOFR
+
5.50%,
Rate
Floor:
2.00%)
due
10/15/30
◊
71,245
70,711
Healthchannels
Intermediate
Holdco
LLC
9.49%
(1
Month
Term
SOFR
+
5.50%)
due
04/03/27
◊,(a)
760,779
190,195
Moran
Foods
LLC
11.02%
(3
Month
Term
SOFR
+
7.25%,
Rate
Floor:
1.00%)
due
12/29/28
◊,(a)
874,904
70,408
Transnetwork
LLC
8.48%
(3
Month
Term
SOFR
+
4.75%,
Rate
Floor:
0.50%)
due
12/30/30
◊
49,118
42,303
Total
Consumer,
Non-cyclical
4,333,689
INDUSTRIAL
-
1
.9
%
Graftech
Finance,
Inc.
9.67%
(3
Month
Term
SOFR
+
6.00%,
Rate
Floor:
2.00%)
due
12/21/29
◊
790,136
754,777
Michael
Baker
International
LLC
7.66%
(3
Month
Term
SOFR
+
4.00%,
Rate
Floor:
0.75%)
due
12/01/28
◊
495,061
494,288
Engineering
Research
&
Consulting
LLC
8.73%
(3
Month
Term
SOFR
+
5.00%)
due
08/29/31
◊
467,875
392,178
STS
Operating,
Inc.
7.74%
(1
Month
Term
SOFR
+
4.00%)
due
03/25/31
◊
391,000
391,082
Pelican
Products,
Inc.
8.24%
(3
Month
Term
SOFR
+
4.25%,
Rate
Floor:
0.50%)
due
12/29/28
◊
341,736
326,464
Mannington
Mills,
Inc.
8.39%
(1
Month
Term
SOFR
+
4.75%)
due
03/25/32
◊
275,417
269,908
East
West
Manufacturing
LLC
due
06/04/32
(j)
250,000
245,000
Total
Industrial
2,873,697
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
6.3%
(continued)
FINANCIAL
-
0
.6
%
Galaxy
Bidco
Ltd.
6.24%
(6
Month
EURIBOR
+
3.75%)
due
12/19/29
◊
EUR
600,000
$
690,929
Avison
Young
Canada,
Inc.
11.43%
(3
Month
Term
SOFR
+
7.50%,
Rate
Floor:
2.00%)
due
03/12/29
◊
230,836
87,718
10.17%
(3
Month
Term
SOFR
+
6.25%,
Rate
Floor:
2.00%)
due
03/12/28
◊
82,074
70,652
11.41%
(3
Month
Term
SOFR
+
7.50%,
Rate
Floor:
2.00%)
due
03/12/29
◊
40,640
7,518
Nexus
Buyer
LLC
7.64%
(1
Month
Term
SOFR
+
4.00%)
due
07/31/31
◊
124,063
119,787
Total
Financial
976,604
CONSUMER,
CYCLICAL
-
0
.6
%
SGH2
LLC
8.23%
(3
Month
Term
SOFR
+
4.50%)
due
08/18/32
◊
426,775
425,708
Accuride
Corp.
8.15%
(3
Month
Term
SOFR
+
3.00%)
(in-kind
rate
was
3.00%)
due
03/07/30
◊,(a),(b),(g)
220,043
424,605
Asphalt
Atd
Holdco
LLC
6.73%
(3
Month
Term
SOFR
+
4.00%)
(in-kind
rate
was
4.00%)
due
02/28/30
◊,(a),(g)
183,640
106,511
Total
Consumer,
Cyclical
956,824
TECHNOLOGY
-
0
.3
%
Modena
Buyer
LLC
7.91%
(3
Month
Term
SOFR
+
4.25%)
due
07/01/31
◊
492,500
453,962
Total
Senior
Floating
Rate
Interests
(Cost
$12,210,474)
9,594,776
ASSET-BACKED
SECURITIES
-
0
.3
%
INFRASTRUCTURE
-
0
.3
%
Hotwire
Funding
LLC
2021-1,
4.46%
due
11/20/51
(e)
400,000
398,336
Total
Asset-Backed
Securities
(Cost
$400,000)
398,336
Total
Investments
-
98.7%
(Cost
$156,619,644)
$
150,477,427
Other
Assets
&
Liabilities,
net
-
1.3%
1,934,998
Total
Net
Assets
-
100.0%
$
152,412,425
*
Non-income
producing
security.
~
The
face
amount
is
denominated
in
U.S.
dollars
unless
otherwise
indicated.
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
HIGH
YIELD
FUND
June
30,
2026
102
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
◊
Variable
rate
security.
Rate
indicated
is
the
rate
effective
at
June
30,
2026.
In
some
instances,
the
effective
rate
is
limited
by
a
minimum
rate
floor
or
a
maximum
rate
cap
established
by
the
issuer.
The
settlement
status
of
a
position
may
also
impact
the
effective
rate
indicated.
In
some
cases,
a
position
may
be
unsettled
at
period
end
and
may
not
have
a
stated
effective
rate.
In
instances
where
multiple
underlying
reference
rates
and
spread
amounts
are
shown,
the
effective
rate
is
based
on
a
weighted
average.
(a)
Value
determined
based
on
Level
3
inputs
—
See
Note
3
.
(b)
Affiliated
issuer.
(c)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(d)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(e)
Security
is
a
144A
or
Section
4(a)(2)
security.
These
securities
have
been
determined
to
be
liquid
under
guidelines
established
by
the
Board
of
Trustees.
The
total
market
value
of
144A
or
Section
4(a)(2)
liquid
securities
is
$123,107,635
(cost
$124,965,332),
or
80.8%
of
total
net
assets.
(f)
Security
has
a
fixed
rate
coupon
which
will
convert
to
a
floating
or
variable
rate
coupon
on
a
future
date.
(g)
Payment-in-kind
security.
(h)
Security
is
a
144A
or
Section
4(a)(2)
security.
These
securities
have
been
determined
to
be
illiquid
and
restricted
under
guidelines
established
by
the
Board
of
Trustees.
The
total
market
value
of
144A
or
Section
4(a)(2)
illiquid
and
restricted
securities
is
$695
(cost
$252,369),
or
less
than
0.1%
of
total
net
assets
-
See
Note
5
.
(i)
Security
is
in
default
of
interest
and/or
principal
obligations.
(j)
Security
is
unsettled
at
period
end
and
may
not
have
a
stated
effective
rate.
CAD
—
Canadian
Dollar
EUR
—
Euro
EURIBOR
—
European
Interbank
Offered
Rate
GBP
—
British
Pound
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
SARL  —
Société
à
Responsabilité
Limitée
SOFR
—
Secured
Overnight
Financing
Rate
Forward
Foreign
Currency
Exchange
Contracts
Counterparty
Currency
Type
Quantity
Contract
Amount
Settlement
Date
Unrealized
Appreciation
(Depreciation)
UBS
AG
EUR
Sell
10,415,000
12,061,778
USD
07/15/26
$
155,408
Bank
of
America,
N.A.
GBP
Sell
679,000
910,830
USD
07/15/26
10,360
Barclays
Bank
plc
CAD
Sell
550,000
394,161
USD
07/15/26
6,054
Barclays
Bank
plc
EUR
Buy
425,000
483,609
USD
07/15/26
2,249
The
Toronto-Dominion
Bank
GBP
Buy
20,000
26,405
USD
07/15/26
118
Barclays
Bank
plc
EUR
Sell
460,000
525,497
USD
07/15/26
(
373
)
$
173,816
CAD
—
Canadian
Dollar
EUR
—
Euro
GBP
—
British
Pound
plc
—
Public
Limited
Company
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(See
Note
3
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Common
Stocks
$
106,155
$
102,533
$
27,410
$
236,098
Preferred
Stocks
422,460
3,189,687
52,387
3,664,534
Warrants
—
—
—
—
Rights
—
—
—
—
Exchange-Traded
Funds
1,899,457
—
—
1,899,457
Money
Market
Funds
2,924,306
—
—
2,924,306
Corporate
Bonds
—
131,173,862
586,058
131,759,920
Senior
Floating
Rate
Interests
—
8,457,925
1,136,851
9,594,776
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
HIGH
YIELD
FUND
June
30,
2026
|
103
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Significant
changes
in
a
quote,
yield,
liquidation
value
or
valuation
multiple
would
generally
result
in
significant
changes
in
the
fair
value
of
the
security.
Any
remaining
Level
3
securities
held
by
the
Fund
and
excluded
from
the
table
above,
were
not
considered
material
to
the
Fund.
The
Fund’s
fair
valuation
leveling
guidelines
classify
a
single
daily
broker
quote,
or
a
vendor
price
based
on
a
single
daily
or
monthly
broker
quote,
as
Level
3,
if
such
a
quote
or
price
cannot
be
supported
with
other
available
market
information.
Transfers
between
Level
2
and
Level
3
may
occur
as
markets
fluctuate
and/or
the
availability
of
data
used
in
an
investment’s
valuation
changes.
For
the
period
ended
June
30,
2026,
the
Fund
had
securities
with
a
total
value
of
$1
transfer
into
Level
3
from
Level
2
due
to
a
lack
of
observable
inputs
and
did
not
have
any
securities
transfer
out
of
Level
3
into
Level
2.
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Asset-Backed
Securities
$
—
$
398,336
$
—
$
398,336
Forward
Foreign
Currency
Exchange
Contracts
(a)
—
174,189
—
174,189
Total
Assets
$
5,352,378
$
143,496,532
$
1,802,706
$
150,651,616
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Forward
Foreign
Currency
Exchange
Contracts
(a)
$
—
$
373
$
—
$
373
Unfunded
Loan
Commitments
(
Note
4
)
(a)
—
—
21,092
21,092
Total
Liabilities
$
—
$
373
$
21,092
$
21,465
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
The
following
is
a
summary
of
significant
unobservable
inputs
used
in
the
fair
valuation
of
assets
and
liabilities
categorized
within
Level
3
of
the
fair
value
hierarchy:
Category
Ending
Balance
at
June
30,
2026
Valuation
Technique
Unobservable
Inputs
Input
Range
Weighted
Average
(a)
Assets:
Common
Stocks
$
11,409
Enterprise
Value
Valuation
Multiple
1.2x-4.0x
1.3x
Common
Stocks
8,786
Model
Price
Purchase
Price
—
—
Common
Stocks
6,877
Third
Party
Pricing
Broker
Quote
—
—
Common
Stocks
338
Model
Price
Liquidation
Value
—
—
Corporate
Bonds
585,363
Option
adjusted
spread
off
prior
month
end
broker
quote
Broker
Quote
—
—
Corporate
Bonds
695
Third
Party
Pricing
Broker
Quote
—
—
Preferred
Stocks
50,527
Yield
Analysis
Yield
7.0%
—
Preferred
Stocks
1,858
Third
Party
Pricing
Broker
Quote
—
—
Preferred
Stocks
2
Model
Price
Liquidation
Value
—
—
Senior
Floating
Rate
Interests
535,327
Third
Party
Pricing
Broker
Quote
—
—
Senior
Floating
Rate
Interests
531,116
Model
Price
Purchase
Price
—
—
Senior
Floating
Rate
Interests
70,408
Model
Price
Liquidation
Value
—
—
Total
Assets
$
1,802,706
Liabilities:
Unfunded
Loan
Commitments
$
21,092
Model
Price
Purchase
Price
—
—
(a)
Inputs
are
weighted
by
the
fair
value
of
the
instruments.
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
HIGH
YIELD
FUND
June
30,
2026
104
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Summary
of
Fair
Value
Level
3
Activity
Following
is
a
reconciliation
of
Level
3
assets
for
which
significant
unobservable
inputs
were
used
to
determine
fair
value
for
the
period
ended
June
30,
2026:
Beginning
Balance
Purchases/
(Receipts)
(Sales,
maturities
and
paydowns)/
Fundings
Amortization
of
premiums/
discounts
Total
realized
gains
(losses)
included
in
earnings
Assets
Corporate
Bonds
$
695
$
600,000
$
—
$
—
$
—
Senior
Floating
Rate
Interests
1,434,820
1,974,779
(
1,480,864
)
40,270
48
Common
Stocks
313,371
33,209
(
12,049
)
5,641
(
12,440
)
Preferred
Stocks
2
292,767
—
—
—
Rights
813
—
—
—
—
Unfunded
Loan
Commitments
—
20,585
—
—
—
Total
Assets
$
1,749,701
$
2,921,340
$
(
1,492,913
)
$
45,911
$
(
12,392
)
Liabilities
Unfunded
Loan
Commitments
$
(
32
)
$
—
$
—
$
540
$
—
Total
change
in
unrealized
appreciation
(depreciation)
included
in
earnings
Transfers
into
Level
3
Ending
Balance
Net
change
in
unrealized
appreciation
(depreciation)
for
investments
in
Level
3
securities
still
held
at
June
30,
2026
Assets
Corporate
Bonds
$
(
14,637
)
$
—
$
586,058
$
(
14,637
)
Senior
Floating
Rate
Interests
(
832,202
)
—
1,136,851
(
1,393,627
)
Common
Stocks
(
300,323
)
1
27,410
(
314,978
)
Preferred
Stocks
(
240,382
)
—
52,387
(
240,382
)
Rights
(
813
)
—
—
(
813
)
Unfunded
Loan
Commitments
(
20,585
)
—
—
(
20,585
)
Total
Assets
$
(
1,408,942
)
$
1
$
1,802,706
$
(
1,985,022
)
Liabilities
Unfunded
Loan
Commitments
$
(
21,600
)
$
—
$
(
21,092
)
$
—
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
HIGH
YIELD
FUND
June
30,
2026
|
105
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Affiliated
Transactions
Investments
representing
5%
or
more
of
the
outstanding
voting
shares
of
a
company,
or
control
of
or
by,
or
common
control
under
Guggenheim
Investments
("GI"),
result
in
that
company
being
considered
an
affiliated
person,
as
defined
in
the
Investment
Company
Act
of
1940
(“affiliated
issuer”).
The
Fund
may
invest
in
Guggenheim
Strategy
Fund
III,
an
underlying
series
of
Guggenheim
Strategy
Funds
Trust.
Guggenheim
Strategy
Fund
III
is
organized
as
an
open-end
management
investment
company
managed
by
GI.
Guggenheim
Strategy
Fund
III  is
offered
as
a
short-term
investment
option
only
to
mutual
funds,
trusts,
and
other
accounts
managed
by
GI
and/or
its
affiliates
and
is
not
available
to
the
public.
Guggenheim
Strategy
Fund
III
pays
no
investment
management
fees.
The
Fund
could
previously
invest
in
an
additional
series
of
Guggenheim
Strategy
Funds
Trust
that
is
no
longer
offered.
Guggenheim
Strategy
Fund
III’s
annual
report
on
Form
N-CSR
dated
September
30,
2025
is
available
publicly
or
upon
request.
This
information
is
available
from
the
EDGAR
database
on
the
SEC’s
website
at
https://www.sec.
gov/Archives/edgar/data/1601445/000139834425021351/fp0095397-6_ncsrixbrl.htm.
The
Fund
also
may
invest
in
certain
of
the
underlying
series
of
Guggenheim
Funds
Trust,
which
are
structured
as
open-end
management
investment
companies
managed
by
GI,
are
available
to
the
public
and
whose
most
recent
annual
report
on
Form
N-CSR
is
available
publicly
or
upon
request.
Transactions
during
the
period
ended
June
30,
2026,
in
which
the
company
is
an
affiliated
issuer,
were
as
follows:
Security
Name
Value
09/30/25
Additions
Reductions
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
06/30/26
Shares
/Face
Amount
06/30/26
Investment
Income
Common
Stocks
BP
Holdco
LLC*
$
19,383
$
—
$
—
$
—
$
(
8,354
)
$
11,029
23,711
$
—
Accuride
Corp.*
28
—
—
—
—
28
282,985
—
Accuride
Liquidating
Trust*
—
—
—
—
—
—
17
—
Exchange-Traded
Funds
Guggenheim
Securitized
Income
ETF
—
1,896,986
—
—
2,471
1,899,457
37,800
—
Senior
Floating
Rate
Interests
Accuride
Corp.
8.15%
(3
Month
Term
SOFR
+
3.00%)
(in-kind
rate
was
3.00%)
due
03/07/30
◊,(a)
387,874
13,881
—
—
22,850
424,605
220,043
3,694
$
407,285
$
1,910,867
$
—
$
—
$
16,967
$
2,335,119
$
3,694
(a)
Payment-in-kind
security.
*
Non-income
producing
security.
◊
Variable
rate
security.
Rate
indicated
is
the
rate
effective
at
June
30,
2026.
In
some
instances,
the
effective
rate
is
limited
by
a
minimum
rate
floor
or
a
maximum
rate
cap
established
by
the
issuer.
The
settlement
status
of
a
position
may
also
impact
the
effective
rate
indicated.
In
some
cases,
a
position
may
be
unsettled
at
period
end
and
may
not
have
a
stated
effective
rate.
In
instances
where
multiple
underlying
reference
rates
and
spread
amounts
are
shown,
the
effective
rate
is
based
on
a
weighted
average.
106
|
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
LIMITED
DURATION
FUND
June
30,
2026
A
A
A
SHARES
VALUE
PREFERRED
STOCKS
-
0
.3
%
FINANCIAL
-
0
.3
%
Wells
Fargo
&
Co.
6.13%
8,500,000
$
8,600,623
Citigroup,
Inc.
6.88%
5,000,000
5,120,590
Total
Financial
13,721,213
Total
Preferred
Stocks
(Cost
$13,500,000)
13,721,213
WARRANTS
-
0
.0
%
Ginkgo
Bioworks
Holdings,
Inc.
Expiring
09/16/26*
19,663
14
Total
Warrants
(Cost
$45,531)
14
EXCHANGE-TRADED
FUNDS
-
0
.5
%
Guggenheim
Ultra
Short
Income
ETF
(a)
612,202
30,686,442
Total
Exchange-Traded
Funds
(Cost
$30,428,900)
30,686,442
MUTUAL
FUNDS
-
1
.0
%
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
(a)
3,565,183
35,865,741
Guggenheim
Strategy
Fund
III
(a)
734,820
18,216,183
Total
Mutual
Funds
(Cost
$53,245,516)
54,081,924
MONEY
MARKET
FUNDS
(b)
-
2
.0
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(c)
117,780,440
117,780,440
Federated
Hermes
U.S.
Treasury
Cash
Reserves
Fund
—
Institutional
Shares,
3.52%
(c)
4,630
4,630
Total
Money
Market
Funds
(Cost
$117,785,070)
117,785,070
FACE
AMOUNT
~
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
43
.5
%
GOVERNMENT
AGENCY
-
21
.4
%
Fannie
Mae
5.00%
◊
576,974,494
578,553,634
5.00%
due
01/25/53
36,694,227
36,425,343
5.00%
due
10/25/51
22,930,429
22,886,733
5.00%
due
02/25/54
21,800,870
21,558,073
5.00%
due
06/25/53
21,256,669
21,114,189
5.50%
due
11/25/51
19,751,148
19,898,174
5.00%
due
11/25/53
17,318,113
17,239,943
5.00%
due
09/25/55
12,843,817
12,739,719
5.50%
due
12/25/50
11,130,484
11,210,323
5.00%
due
05/25/52
8,650,945
8,584,904
5.00%
due
04/01/56
8,427,886
8,289,900
5.00%
due
05/01/56
6,201,466
6,096,393
6.50%
due
04/25/49
2,256,563
2,263,994
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
43.5%
(continued)
GOVERNMENT
AGENCY
-
21.4%
(continued)
Freddie
Mac
5.50%
due
02/01/56
(d)
43,417,140
$
43,583,335
5.00%
due
07/25/55
40,172,550
40,336,149
5.00%
due
05/01/56
(d)
37,457,037
36,822,401
5.50%
due
02/01/53
(d)
29,416,890
29,903,062
5.00%
due
03/25/52
25,007,741
24,794,465
5.00%
due
11/25/51
20,960,897
20,855,941
5.00%
due
04/25/53
18,865,037
18,691,897
5.00%
due
10/25/51
18,402,391
18,341,356
6.00%
due
08/01/54
16,461,796
17,091,374
5.50%
due
12/25/51
16,300,455
16,309,432
5.00%
due
06/01/53
15,649,015
15,521,552
5.00%
due
02/01/53
14,055,979
13,949,380
5.50%
due
07/25/53
13,806,168
13,842,566
5.00%
due
12/25/51
10,829,754
10,745,709
5.25%
due
04/25/53
9,186,183
9,191,215
5.00%
due
02/25/52
7,447,199
7,404,531
5.50%
due
04/25/51
5,314,449
5,396,334
Uniform
MBS
30
Year
5.50%
due
08/01/56
46,170,000
46,252,598
3.00%
due
08/15/56
27,570,000
24,022,516
Ginnie
Mae
4.50%
due
02/20/56
28,151,149
27,226,685
5.25%
due
03/20/52
16,132,294
16,182,150
5.00%
due
01/20/55
9,245,258
9,112,699
6.00%
due
09/20/45
4,546,409
4,571,961
6.00%
due
06/20/47
346,662
346,490
Freddie
Mac
Seasoned
Credit
Risk
Transfer
Trust
2.00%
due
05/25/60
2,634,628
2,107,183
2.00%
due
11/25/59
1,514,185
1,206,326
Fannie
Mae-Aces
1.60%
(WAC)
due
03/25/35
◊,(e)
5,722,646
422,189
Total
Government
Agency
1,241,092,818
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
20
.6
%
OBX
Trust
2025-NQM16,
4.91%
(WAC)
due
08/25/65
◊,(f)
10,243,091
10,160,352
2024-NQM5,
5.99%
due
01/25/64
(f),(g)
9,994,940
10,019,171
2025-NQM10,
5.45%
due
05/25/65
(f),(g)
9,853,816
9,864,496
2025-NQM13,
5.44%
(WAC)
due
05/25/65
◊,(f)
9,231,067
9,234,120
2026-NQM9,
5.52%
due
04/25/66
(f),(g)
7,900,000
7,879,229
2025-J3,
5.00%
(WAC)
due
10/25/55
◊,(f)
7,693,563
7,614,359
2026-NQM5,
5.32%
(WAC)
due
01/25/66
◊,(f)
5,754,610
5,742,278
2025-R1,
5.09%
due
09/25/62
(f),(g)
4,201,663
4,142,769
2026-NQM4,
5.17%
(WAC)
due
02/25/66
◊,(f)
3,805,620
3,785,545
2024-NQM18,
5.87%
due
10/25/64
(f),(g)
3,670,255
3,670,348
2024-NQM18,
5.66%
due
10/25/64
(f),(g)
2,723,093
2,720,475
2025-NQM2,
5.75%
due
11/25/64
(f),(g)
2,584,423
2,586,605
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
|
107
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
43.5%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
20.6%
(continued)
2024-NQM8,
6.23%
due
05/25/64
(f),(g)
1,650,660
$
1,659,039
2025-NQM1,
5.55%
(WAC)
due
12/25/64
◊,(f)
1,574,769
1,576,786
2024-NQM9,
6.28%
due
01/25/64
(f),(g)
1,485,062
1,491,390
2024-NQM17,
5.86%
due
11/25/64
(f),(g)
1,228,591
1,230,540
2025-NQM3,
5.85%
due
12/01/64
(f),(g)
1,014,228
1,017,933
2025-NQM3,
5.95%
due
12/01/64
(f),(g)
1,014,228
1,017,898
PRPM
LLC
2026-3,
5.96%
due
04/25/31
(f),(g)
21,966,021
21,938,803
2025-7,
5.50%
due
08/25/30
(f),(g)
10,748,658
10,704,142
2025-8,
5.39%
due
10/25/30
(f),(g)
9,945,384
9,886,889
2026-1,
5.19%
due
02/25/31
(f)
8,782,247
8,671,020
2025-RCF3,
5.25%
due
07/25/55
(f),(g)
8,705,364
8,664,613
2025-6,
5.77%
due
08/25/28
(f),(g)
6,572,936
6,551,440
2025-3,
6.26%
due
05/25/30
(f),(g)
5,653,340
5,651,323
2026-2,
5.09%
due
02/25/31
(f),(g)
4,965,134
4,894,721
2024-RPL2,
3.50%
due
05/25/54
(f),(g)
3,393,103
3,305,723
2025-5,
5.73%
due
07/25/30
(f),(g)
3,063,577
3,052,002
2024-6,
5.70%
due
11/25/29
(f),(g)
1,637,912
1,638,767
NLT
Trust
2025-NQM1,
7.46%
(WAC)
due
10/25/70
◊,(f)
35,444,729
36,806,399
2026-NQM1,
5.40%
due
02/25/71
(f),(g)
27,444,410
27,344,849
2026-NQM1,
5.76%
due
02/25/71
(f)
4,323,381
4,307,740
2026-NQM1,
6.63%
(WAC)
due
02/25/71
◊,(f)
3,244,041
3,080,253
2026-NQM1,
5.60%
due
02/25/71
(f),(g)
2,882,583
2,872,147
2026-NQM1,
6.06%
(WAC)
due
02/25/71
◊,(f)
1,883,524
1,881,989
2026-NQM1,
1.04%
(WAC)
due
02/25/71
◊,(e),(f),(h)
39,777,946
1,253,005
2026-NQM1,
0.45%
(WAC)
due
02/25/71
◊,(e),(f),(h)
39,777,946
519,719
GCAT
Trust
2025-NQM4,
5.53%
due
06/25/70
(f)
17,240,270
17,225,833
2025-NQM3,
5.55%
due
05/25/70
(f)
10,867,422
10,863,197
2025-INV3,
6.00%
(WAC)
due
08/25/55
◊,(f)
9,354,528
9,382,279
2025-NQM2,
5.60%
due
04/25/70
(f)
9,012,983
9,022,077
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
43.5%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
20.6%
(continued)
2022-NQM3,
5.35%
(WAC)
due
04/25/67
◊,(f)
7,075,398
$
7,054,002
2025-NQM1,
5.37%
due
11/25/69
(f),(g)
3,197,822
3,189,539
2024-NQM2,
6.09%
due
06/25/59
(f),(g)
1,489,302
1,494,899
FIGRE
Trust
2026-HE5,
5.61%
(WAC)
due
06/25/56
◊,(f)
14,060,764
14,080,286
2025-PF2,
5.02%
(WAC)
due
10/25/55
◊,(f)
8,508,866
8,368,401
2025-HE6,
5.04%
(WAC)
due
09/25/55
◊,(f)
7,815,209
7,716,451
2025-PF1,
5.76%
(WAC)
due
06/25/55
◊,(f)
3,997,209
4,005,033
2024-HE6,
5.72%
(WAC)
due
12/25/54
◊,(f)
3,765,267
3,787,314
2025-HE1,
5.83%
(WAC)
due
01/25/55
◊,(f)
3,632,849
3,662,098
2025-HE8,
5.21%
(WAC)
due
11/25/55
◊,(f)
3,609,141
3,577,860
2026-HE1,
4.98%
(WAC)
due
01/25/56
◊,(f)
3,341,087
3,293,396
2026-HE2,
5.05%
(WAC)
due
01/25/56
◊,(f)
3,048,453
3,002,446
2024-HE2,
6.38%
(WAC)
due
05/25/54
◊,(f)
2,072,775
2,105,258
2024-HE5,
5.44%
(WAC)
due
10/25/54
◊,(f)
1,801,261
1,806,708
2026-HE1,
5.18%
(WAC)
due
01/25/56
◊,(f)
1,354,495
1,339,093
2024-HE3,
5.94%
(WAC)
due
07/25/54
◊,(f)
1,021,539
1,030,210
Verus
Securitization
Trust
2025-12,
5.37%
due
12/25/70
(f),(g)
13,581,907
13,480,832
2025-2,
5.31%
due
03/25/70
(f),(g)
8,871,261
8,870,868
2025-7,
5.13%
due
08/25/70
(f),(g)
7,525,476
7,490,456
2025-5,
5.43%
due
06/25/70
(f),(g)
4,161,549
4,172,861
2021-4,
1.35%
(WAC)
due
07/25/66
◊,(f)
4,336,655
3,693,691
2021-5,
1.37%
(WAC)
due
09/25/66
◊,(f)
4,138,422
3,581,956
2021-3,
1.44%
(WAC)
due
06/25/66
◊,(f)
2,279,639
2,019,930
2025-1,
5.77%
due
01/25/70
(f),(g)
1,856,861
1,858,414
2021-6,
1.89%
(WAC)
due
10/25/66
◊,(f)
1,977,289
1,732,469
2024-5,
6.45%
due
06/25/69
(f),(g)
1,636,801
1,645,188
2024-9,
5.89%
due
11/25/69
(f),(g)
1,472,722
1,474,084
2025-9,
5.19%
due
10/27/70
(f),(g)
1,118,062
1,108,178
2025-1,
5.62%
(WAC)
due
01/25/70
◊,(f)
928,415
930,800
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
108
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
43.5%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
20.6%
(continued)
Towd
Point
Mortgage
Trust
2025-FIX1,
4.97%
due
09/25/65
(f),(g)
12,008,943
$
11,906,326
2025-1,
4.80%
(WAC)
due
06/25/65
◊,(f)
11,342,794
11,417,022
2025-HE1,
5.18%
(30
Day
Average
SOFR
+
1.55%,
Rate
Floor:
1.55%)
due
07/25/65
◊,(f)
10,000,000
10,034,076
2025-CES4,
5.09%
due
10/25/65
(f),(g)
6,387,438
6,329,883
2025-HE1,
5.28%
(30
Day
Average
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
07/25/65
◊,(f)
3,834,000
3,847,051
2024-4,
4.55%
(WAC)
due
10/27/64
◊,(f)
2,379,566
2,372,514
2026-CES1,
4.96%
due
01/25/66
(f),(g)
2,282,242
2,262,863
2017-6,
2.75%
(WAC)
due
10/25/57
◊,(f)
1,686,609
1,669,246
2018-2,
3.25%
(WAC)
due
03/25/58
◊,(f)
586,977
583,110
2023-CES1,
6.75%
(WAC)
due
07/25/63
◊,(f)
458,587
457,149
2018-1,
3.00%
(WAC)
due
01/25/58
◊,(f),(h)
1,235
1,231
Cross
Mortgage
Trust
2025-H1,
5.74%
(WAC)
due
02/25/70
◊,(f)
15,066,159
15,111,627
2025-H6,
5.18%
(WAC)
due
07/25/70
◊,(f)
9,812,025
9,762,488
2026-NQM3,
5.13%
(WAC)
due
03/25/71
◊,(f)
9,596,742
9,527,630
2026-NQM1,
4.95%
due
02/25/61
(f),(g)
6,174,480
6,084,091
2025-H2,
5.36%
(WAC)
due
03/25/70
◊,(f)
1,933,250
1,929,373
RCKT
Mortgage
Trust
2025-CES6,
5.47%
due
06/25/55
(f),(g)
10,399,276
10,406,805
2026-CES4,
5.23%
due
04/25/56
(f),(g)
8,979,742
8,943,603
2025-CES8,
5.15%
(WAC)
due
08/25/55
◊,(f)
6,876,299
6,847,411
2025-CES5,
5.69%
due
05/25/55
(f),(g)
4,945,501
4,964,092
2025-CES7,
5.38%
due
07/25/55
(f),(g)
3,512,963
3,513,343
2024-CES4,
6.15%
due
06/25/44
(f),(g)
3,128,378
3,140,399
2025-CES1,
5.65%
due
01/25/45
(f),(g)
1,828,792
1,835,088
2025-CES7,
5.48%
due
07/25/55
(f),(g)
1,632,286
1,630,889
GS
Mortgage-Backed
Securities
Trust
2025-HE1,
5.18%
(30
Day
Average
SOFR
+
1.55%,
Rate
Floor:
1.55%)
due
10/25/55
◊,(f)
12,891,397
12,940,318
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
43.5%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
20.6%
(continued)
2026-NQM4,
5.46%
(WAC)
due
06/25/66
◊,(f)
12,064,924
$
12,016,594
2021-PJ10,
2.50%
(WAC)
due
03/25/52
◊,(f)
8,011,416
7,417,429
2025-NQM3,
5.14%
due
11/25/65
(f),(g)
6,367,676
6,337,638
2020-NQM1,
1.38%
(WAC)
due
09/27/60
◊,(f)
940,535
912,855
PMT
Loan
Trust
2025-INV8,
6.00%
(WAC)
due
07/25/56
◊,(f)
21,157,419
21,287,050
2026-CNF3,
5.50%
(WAC)
due
04/25/57
◊,(f)
14,084,529
14,086,751
2025-INV7,
6.00%
(WAC)
due
06/25/56
◊,(f)
2,620,692
2,627,942
2025-INV7,
5.50%
(WAC)
due
06/25/56
◊,(f)
1,379,312
1,375,955
BRAVO
Residential
Funding
Trust
2025-NQM7,
5.46%
(WAC)
due
07/25/65
◊,(f)
10,424,502
10,430,884
2025-NQM8,
5.29%
due
06/25/65
(f),(g)
6,709,552
6,661,023
2024-NQM1,
5.94%
due
12/01/63
(f),(g)
5,804,565
5,810,474
2025-NQM8,
5.08%
due
06/25/65
(f),(g)
4,074,364
4,043,792
2025-CES2,
4.96%
due
07/26/55
(f),(g)
3,909,276
3,879,285
2024-NQM6,
5.66%
due
08/01/64
(f),(g)
2,156,795
2,155,455
2025-NQM1,
5.81%
due
12/25/64
(f),(g)
2,058,025
2,059,851
2025-NQM2,
5.93%
due
11/25/64
(f),(g)
1,455,990
1,460,731
HOMES
Trust
2025-AFC3,
4.93%
(WAC)
due
08/25/60
◊,(f)
13,549,095
13,416,317
2025-AFC2,
5.47%
due
06/25/60
(f),(g)
11,835,401
11,830,582
2025-NQM4,
5.22%
(WAC)
due
08/25/70
◊,(f)
6,354,176
6,325,065
2024-AFC2,
5.58%
(WAC)
due
10/25/59
◊,(f)
2,506,368
2,508,979
LHOME
Mortgage
Trust
2024-RTL5,
5.32%
due
09/25/39
(f),(g)
20,200,000
20,219,554
2025-RTL3,
5.24%
due
08/25/40
(f),(g)
7,900,000
7,892,866
2026-RTL1,
4.91%
due
01/25/41
(f),(g)
5,800,000
5,755,908
JP
Morgan
Mortgage
Trust
2021-12,
2.50%
(WAC)
due
02/25/52
◊,(f)
12,659,361
11,849,280
2026-CES1,
4.91%
due
06/25/56
(f),(g)
8,173,838
8,088,685
2025-1,
6.00%
(WAC)
due
06/25/55
◊,(f)
4,046,750
4,056,147
2026-VIS1,
5.04%
due
06/25/66
(f),(g)
3,905,685
3,854,886
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
|
109
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
43.5%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
20.6%
(continued)
2026-VIS1,
4.79%
(WAC)
due
06/25/66
◊,(f)
2,929,256
$
2,886,965
2024-NQM1,
5.59%
due
02/25/64
(f),(g)
1,307,422
1,306,050
Legacy
Mortgage
Asset
Trust
2021-GS3,
5.75%
due
07/25/61
(f)
12,206,815
12,221,845
2021-GS4,
5.65%
due
11/25/60
(f)
10,520,249
10,529,415
2021-GS2,
5.75%
due
04/25/61
(f)
4,388,243
4,391,283
2021-GS5,
6.25%
due
07/25/67
(f)
3,205,332
3,208,479
OSAT
Trust
2021-RPL1,
6.12%
due
05/25/65
(f)
30,189,846
30,214,505
Provident
Funding
Mortgage
Trust
2025-4,
5.50%
(WAC)
due
09/25/55
◊,(f)
18,454,186
18,431,494
2026-1,
5.00%
(WAC)
due
01/25/56
◊,(f)
5,906,639
5,834,665
2025-1,
5.50%
(WAC)
due
02/25/55
◊,(f)
4,239,599
4,233,826
Vista
Point
Securitization
Trust
2026-CES2,
5.42%
due
05/25/56
(f),(g)
14,675,834
14,675,883
2025-CES1,
5.81%
due
04/25/55
(f),(g)
8,441,259
8,460,130
2024-CES3,
5.68%
due
01/25/55
(f),(g)
1,884,930
1,886,498
NYMT
Loan
Trust
2025-INV2,
5.00%
(WAC)
due
10/25/60
◊,(f)
9,694,309
9,615,873
2025-CP1,
3.75%
(WAC)
due
11/25/69
◊,(f)
8,306,633
7,979,387
2026-INV2,
5.48%
(WAC)
due
04/25/61
◊,(f)
4,462,097
4,459,600
2025-INV2,
5.25%
due
10/25/60
(f),(g)
2,084,276
2,058,830
2025-INV2,
5.46%
due
10/25/60
(f),(g)
339,301
336,119
Saluda
Grade
Alternative
Mortgage
Trust
2025-LOC4,
5.38%
(30
Day
Average
SOFR
+
1.75%)
due
06/25/55
◊,(f)
10,644,620
10,707,375
2025-RRTL1,
5.32%
due
10/25/40
(f),(g)
7,900,000
7,830,783
Aspire
Mortgage
Trust
2026-2,
5.33%
(WAC)
due
04/26/66
◊,(f)
11,651,464
11,606,951
2026-3,
5.46%
due
05/25/66
(f)
5,400,000
5,404,640
CSMC
Trust
2021-RPL4,
4.15%
(WAC)
due
12/27/60
◊,(f)
8,298,057
8,270,936
2021-NQM8,
2.41%
(WAC)
due
10/25/66
◊,(f)
5,804,682
5,098,292
2018-RPL9,
3.85%
(WAC)
due
09/25/57
◊,(f)
2,385,988
2,341,776
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
43.5%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
20.6%
(continued)
2020-NQM1,
2.41%
due
05/25/65
(f),(h)
760,601
$
725,220
Angel
Oak
Mortgage
Trust
2025-12,
5.04%
due
12/25/70
(f),(g)
5,187,853
5,147,697
2025-12,
5.14%
due
12/25/70
(f),(g)
4,399,560
4,351,126
2024-4,
6.20%
due
01/25/69
(f),(g)
3,354,872
3,368,566
2021-6,
1.71%
(WAC)
due
09/25/66
◊,(f)
1,945,183
1,636,868
2024-12,
5.86%
due
10/25/69
(f),(g)
838,001
839,145
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2025-NQM3,
5.53%
(WAC)
due
05/25/70
◊,(f)
12,626,204
12,624,591
2025-SPL1,
4.25%
due
02/25/65
(f),(g)
2,762,491
2,660,979
New
Residential
Mortgage
Loan
Trust
2025-NQM3,
5.53%
(WAC)
due
05/25/65
◊,(f)
9,508,370
9,517,733
2018-2A,
3.50%
(WAC)
due
02/25/58
◊,(f)
3,232,949
3,062,276
2018-1A,
4.00%
(WAC)
due
12/25/57
◊,(f)
1,083,412
1,049,153
2019-6A,
3.50%
(WAC)
due
09/25/59
◊,(f)
822,097
768,301
2017-5A,
5.26%
(1
Month
Term
SOFR
+
1.61%,
Rate
Floor:
1.50%)
due
06/25/57
◊,(f),(h)
280,672
280,915
CIM
Trust
2026-R1,
4.75%
due
12/25/65
(f),(g)
11,374,268
11,162,205
2025-R1,
5.00%
due
02/25/99
(f),(g)
3,148,751
3,116,266
ATLX
Trust
2024-RPL2,
3.85%
due
04/25/63
(f),(g)
13,955,764
13,521,890
Sequoia
Mortgage
Trust
2025-5,
5.50%
(WAC)
due
06/25/55
◊,(f)
7,104,497
7,086,820
2025-1,
6.00%
(WAC)
due
01/25/55
◊,(f)
3,355,083
3,361,509
2025-6,
5.50%
(WAC)
due
07/25/55
◊,(f)
2,304,791
2,301,209
2024-5,
6.00%
(WAC)
due
06/25/54
◊,(f),(h)
201,326
200,683
EFMT
2025-CES4,
5.43%
due
06/25/60
(f),(g)
12,954,519
12,950,012
SG
Residential
Mortgage
Trust
2025-1,
5.10%
(WAC)
due
12/25/65
◊,(f)
9,040,739
8,967,332
2026-1,
4.99%
due
01/25/66
(f),(g)
1,908,281
1,883,360
2022-1,
3.68%
(WAC)
due
03/27/62
◊,(f)
1,448,434
1,325,888
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
110
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
43.5%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
20.6%
(continued)
Chase
Home
Lending
Mortgage
Trust
2025-5,
5.50%
(WAC)
due
04/25/56
◊,(f)
11,484,412
$
11,455,349
Imperial
Fund
Mortgage
Trust
2022-NQM2,
4.02%
(WAC)
due
03/25/67
◊,(f)
9,146,846
8,608,129
Deephaven
Residential
Mortgage
Trust
2026-CES1,
5.31%
due
03/25/61
(f),(g)
4,478,342
4,464,101
2025-CES1,
5.38%
due
10/25/55
(f),(g)
3,751,758
3,740,808
Barclays
Mortgage
Loan
Trust
2026-CES1,
4.85%
due
01/25/56
(f),(g)
8,277,145
8,167,438
COLT
Mortgage
Loan
Trust
2025-3,
5.35%
due
03/25/70
(f),(g)
5,633,779
5,624,252
2024-2,
6.13%
due
04/25/69
(f),(g)
1,139,745
1,143,161
2021-2,
2.38%
(WAC)
due
08/25/66
◊,(f)
1,500,000
1,138,955
Figre
2026-FL2,
5.52%
(WAC)
due
06/25/56
◊,(f)
7,750,000
7,742,839
Home
Equity
Loan
Trust
2007-FRE1,
3.95%
(1
Month
Term
SOFR
+
0.30%,
Rate
Floor:
0.19%)
due
04/25/37
◊
6,971,432
6,675,216
BRAVO
Trust
2026-SR1,
6.33%
due
03/29/46
(f)
6,227,880
6,230,664
Archwest
Mortgage
Trust
2025-RTL1,
5.20%
due
10/25/40
(f),(g)
5,950,000
5,920,145
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust
2007-BC4,
4.39%
(1
Month
Term
SOFR
+
0.74%,
Rate
Floor:
0.63%)
due
11/25/37
◊
5,271,393
5,167,218
2006-BC4,
4.10%
(1
Month
Term
SOFR
+
0.45%,
Rate
Floor:
0.34%)
due
12/25/36
◊
191,604
188,116
Morgan
Stanley
ABS
Capital
I,
Inc.
Trust
2007-HE3,
4.01%
(1
Month
Term
SOFR
+
0.36%,
Rate
Floor:
0.25%)
due
12/25/36
◊
3,965,633
1,968,725
2007-HE3,
3.91%
(1
Month
Term
SOFR
+
0.26%,
Rate
Floor:
0.15%)
due
12/25/36
◊
2,840,979
1,410,717
2007-HE2,
3.85%
(1
Month
Term
SOFR
+
0.20%,
Rate
Floor:
0.09%)
due
01/25/37
◊
2,255,278
1,022,232
2007-HE5,
3.94%
(1
Month
Term
SOFR
+
0.29%,
Rate
Floor:
0.18%)
due
03/25/37
◊
1,439,396
574,892
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
43.5%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
20.6%
(continued)
Alternative
Loan
Trust
2007-OA7,
4.04%
(1
Month
Term
SOFR
+
0.39%,
Rate
Floor:
0.28%)
due
05/25/47
◊
3,499,105
$
3,253,241
2007-OH3,
4.34%
(1
Month
Term
SOFR
+
0.69%,
Rate
Floor:
0.58%)
due
09/25/47
◊
1,659,228
1,588,114
American
Home
Mortgage
Investment
Trust
2006-3,
4.12%
(1
Month
Term
SOFR
+
0.47%,
Rate
Floor:
0.36%)
due
12/25/46
◊
4,561,438
3,936,660
CAFL
Issuer,
LP
2025-RRTL2,
5.18%
due
11/28/40
(f),(g)
3,500,000
3,476,224
NovaStar
Mortgage
Funding
Trust
2007-2,
3.96%
(1
Month
Term
SOFR
+
0.31%,
Rate
Floor:
0.20%)
due
09/25/37
◊
3,106,211
3,068,023
Soundview
Home
Loan
Trust
2006-OPT5,
4.04%
(1
Month
Term
SOFR
+
0.39%,
Rate
Floor:
0.28%)
due
07/25/36
◊
3,111,319
3,054,035
Mill
City
Securities
Ltd.
2024-RS1,
3.00%
due
11/01/69
(f),(g)
2,383,372
2,286,314
2024-RS2,
3.00%
due
08/01/69
(f),(g)
783,174
747,487
ACHM
Trust
2025-HE3,
5.20%
(WAC)
due
11/25/55
◊,(f)
3,070,773
3,027,574
HarborView
Mortgage
Loan
Trust
2006-14,
4.05%
(1
Month
Term
SOFR
+
0.41%,
Rate
Floor:
0.30%)
due
01/25/47
◊
1,534,316
1,469,639
2006-12,
4.13%
(1
Month
Term
SOFR
+
0.49%,
Rate
Floor:
0.38%)
due
01/19/38
◊
1,200,777
1,084,270
Securitized
Asset-Backed
Receivables
LLC
Trust
2007-HE1,
3.98%
(1
Month
Term
SOFR
+
0.33%,
Rate
Floor:
0.22%)
due
12/25/36
◊
12,187,037
2,440,098
Anchor
Mortgage
Trust
2025-RTL1,
5.72%
due
05/25/40
(f),(g)
2,200,000
2,194,933
IXIS
Real
Estate
Capital
Trust
2006-HE1,
4.36%
(1
Month
Term
SOFR
+
0.71%,
Rate
Floor:
0.60%)
due
03/25/36
◊
4,157,303
2,138,190
Ellington
Financial
Mortgage
Trust
2021-2,
1.29%
(WAC)
due
06/25/66
◊,(f)
1,479,787
1,266,618
2020-2,
1.64%
(WAC)
due
10/25/65
◊,(f),(h)
402,406
381,610
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
|
111
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
43.5%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
20.6%
(continued)
Asset-Backed
Securities
Corp.
Home
Equity
Loan
Trust
2006-HE1,
3.59%
(1
Month
Term
SOFR
+
0.71%,
Rate
Floor:
0.60%)
due
01/25/36
◊
1,537,415
$
1,498,661
Citigroup
Mortgage
Loan
Trust
2006-WF1,
7.00%
due
03/25/36
3,031,768
1,408,776
WaMu
Asset-Backed
Certificates
WaMu
Series
Trust
2007-HE2,
4.14%
(1
Month
Term
SOFR
+
0.49%,
Rate
Floor:
0.49%)
due
04/25/37
◊
3,334,916
1,179,809
PRKCM
Trust
2022-AFC2,
6.14%
(WAC)
due
08/25/57
◊,(f)
1,178,631
1,174,987
Morgan
Stanley
IXIS
Real
Estate
Capital
Trust
2006-2,
3.91%
(1
Month
Term
SOFR
+
0.26%,
Rate
Floor:
0.15%)
due
11/25/36
◊
3,498,059
1,115,848
Bear
Stearns
Asset-Backed
Securities
I
Trust
2006-HE9,
4.04%
(1
Month
Term
SOFR
+
0.39%,
Rate
Floor:
0.28%)
due
11/25/36
◊
1,073,282
1,063,326
GSAA
Home
Equity
Trust
2006-3,
4.36%
(1
Month
Term
SOFR
+
0.71%,
Rate
Floor:
0.60%)
due
03/25/36
◊
1,932,875
906,989
First
NLC
Trust
2005-4,
4.54%
(1
Month
Term
SOFR
+
0.89%,
Rate
Floor:
0.78%)
due
02/25/36
◊
887,243
878,447
Lehman
XS
Trust
2006-16N,
4.14%
(1
Month
Term
SOFR
+
0.49%,
Rate
Floor:
0.38%)
due
11/25/46
◊
940,748
839,726
Credit-Based
Asset
Servicing
and
Securitization
LLC
2006-CB2,
3.24%
(1
Month
Term
SOFR
+
0.49%,
Rate
Floor:
0.38%)
due
12/25/36
◊
640,937
631,907
Long
Beach
Mortgage
Loan
Trust
2006-8,
4.08%
(1
Month
Term
SOFR
+
0.43%,
Rate
Floor:
0.32%)
due
09/25/36
◊
2,155,252
509,695
Morgan
Stanley
Capital
I,
Inc.
Trust
2006-HE1,
4.34%
(1
Month
Term
SOFR
+
0.69%,
Rate
Floor:
0.58%)
due
01/25/36
◊
372,532
363,083
Starwood
Mortgage
Residential
Trust
2020-1,
2.28%
(WAC)
due
02/25/50
◊,(f),(h)
169,069
161,864
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
43.5%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
20.6%
(continued)
ACE
Securities
Corp.
Home
Equity
Loan
Trust
2005-HE2,
4.78%
(1
Month
Term
SOFR
+
1.13%,
Rate
Floor:
1.02%)
due
04/25/35
◊,(h)
155,156
$
153,721
MFA
Trust
2021-INV1,
1.26%
(WAC)
due
01/25/56
◊,(f),(h)
130,360
126,843
Structured
Asset
Investment
Loan
Trust
2006-3,
4.06%
(1
Month
Term
SOFR
+
0.41%,
Rate
Floor:
0.30%)
due
06/25/36
◊,(h)
121,684
120,903
Nomura
Resecuritization
Trust
2015-4R,
2.29%
(1
Month
Term
SOFR
+
0.54%,
Rate
Floor:
0.43%)
due
03/26/36
◊,(f),(h)
47,908
47,466
Morgan
Stanley
Re-REMIC
Trust
2010-R5,
4.80%
due
06/26/36
(f),(h)
25,106
25,747
Total
Residential
Mortgage-Backed
Securities
1,197,149,719
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
-
1
.5
%
BX
Trust
2025-VOLT,
5.33%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
12/15/44
◊,(f)
20,750,000
20,769,453
2024-VLT4,
5.57%
(1
Month
Term
SOFR
+
1.94%,
Rate
Floor:
1.94%)
due
06/15/41
◊,(f)
7,484,100
7,488,778
MILE
Trust
2025-STNE,
5.13%
(1
Month
Term
SOFR
+
1.50%,
Rate
Floor:
1.50%)
due
07/15/42
◊,(f)
13,850,000
13,926,507
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2021-NYAH,
5.53%
(1
Month
Term
SOFR
+
1.90%,
Rate
Floor:
1.54%)
due
06/15/38
◊,(f)
10,200,000
8,892,966
2016-JP2,
1.73%
(WAC)
due
08/15/49
◊,(e)
6,358,916
254
VDCM
Commercial
Mortgage
Trust
2025-AZ,
5.23%
(WAC)
due
07/13/44
◊,(f)
7,350,000
7,277,100
BXHPP
Trust
2021-FILM,
4.84%
(1
Month
Term
SOFR
+
1.21%,
Rate
Floor:
1.10%)
due
08/15/36
◊,(f)
8,250,000
7,156,793
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
112
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
43.5%
(continued)
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
-
1.5%
(continued)
MHP
2022-MHIL,
4.89%
(1
Month
Term
SOFR
+
1.26%,
Rate
Floor:
1.26%)
due
01/15/39
◊,(f)
6,400,000
$
6,398,000
RWC
Commercial
Mortgage
Trust
2025-1,
5.01%
due
06/27/40
(f)
5,061,350
5,000,312
Life
Mortgage
Trust
2021-BMR,
5.14%
(1
Month
Term
SOFR
+
1.51%,
Rate
Floor:
1.40%)
due
03/15/38
◊,(f)
4,900,000
4,679,500
BX
Commercial
Mortgage
Trust
2024-AIRC,
5.32%
(1
Month
Term
SOFR
+
1.69%,
Rate
Floor:
1.69%)
due
08/15/41
◊,(f)
2,038,040
2,045,683
Benchmark
Mortgage
Trust
2018-B2,
0.57%
(WAC)
due
02/15/51
◊,(e)
80,200,450
387,689
BBCMS
Mortgage
Trust
2018-C2,
0.90%
(WAC)
due
12/15/51
◊,(e)
27,015,775
364,799
CSAIL
Commercial
Mortgage
Trust
2019-C15,
1.15%
(WAC)
due
03/15/52
◊,(e)
17,134,754
338,960
2016-C6,
1.54%
(WAC)
due
01/15/49
◊,(e)
118,938
4
Wells
Fargo
Commercial
Mortgage
Trust
2017-C38,
1.03%
(WAC)
due
07/15/50
◊,(e)
20,140,900
124,716
2017-C42,
0.96%
(WAC)
due
12/15/50
◊,(e)
11,780,458
113,277
2017-RB1,
1.30%
(WAC)
due
03/15/50
◊,(e)
7,275,417
32,117
2016-C37,
0.92%
(WAC)
due
12/15/49
◊,(e)
19,579,269
2,258
JPMDB
Commercial
Mortgage
Securities
Trust
2018-C8,
0.74%
(WAC)
due
06/15/51
◊,(e)
27,856,784
238,797
2017-C5,
1.03%
(WAC)
due
03/15/50
◊,(e)
2,748,206
4,073
2016-C4,
0.82%
(WAC)
due
12/15/49
◊,(e)
18,094,696
378
2016-C2,
1.42%
(WAC)
due
06/15/49
◊,(e)
1,654,737
52
COMM
Mortgage
Trust
2018-COR3,
0.58%
(WAC)
due
05/10/51
◊,(e)
34,864,096
211,831
UBS
Commercial
Mortgage
Trust
2017-C2,
1.16%
(WAC)
due
08/15/50
◊,(e)
18,161,870
132,380
2017-C5,
1.23%
(WAC)
due
11/15/50
◊,(e)
7,118,066
60,516
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
43.5%
(continued)
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
-
1.5%
(continued)
DBJPM
Mortgage
Trust
2017-C6,
1.02%
(WAC)
due
06/10/50
◊,(e)
36,566,950
$
167,473
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2017-C34,
0.90%
(WAC)
due
11/15/52
◊,(e)
21,336,333
142,070
CD
Mortgage
Trust
2017-CD6,
1.01%
(WAC)
due
11/13/50
◊,(e)
10,014,241
78,921
2017-CD4,
1.36%
(WAC)
due
05/10/50
◊,(e)
11,772,173
50,512
2016-CD1,
1.35%
(WAC)
due
08/01/49
◊,(e)
2,498,804
94
CGMS
Commercial
Mortgage
Trust
2017-B1,
0.84%
(WAC)
due
08/15/50
◊,(e)
18,367,465
87,618
GS
Mortgage
Securities
Trust
2017-GS6,
1.14%
(WAC)
due
05/10/50
◊,(e)
9,573,720
55,376
BANK
2017-BNK6,
0.89%
(WAC)
due
07/15/60
◊,(e)
10,790,562
49,511
Bank
of
America
Merrill
Lynch
Commercial
Mortgage
Trust
2017-BNK3,
1.14%
(WAC)
due
02/15/50
◊,(e)
25,902,213
25,584
Citigroup
Commercial
Mortgage
Trust
2016-C2,
1.75%
(WAC)
due
08/10/49
◊,(e)
2,452,274
104
Total
Commercial
Mortgage-Backed
Securities
86,304,456
Total
Collateralized
Mortgage
Obligations
(Cost
$2,552,805,118)
2,524,546,993
ASSET-BACKED
SECURITIES
-
30
.9
%
COLLATERALIZED
LOAN
OBLIGATIONS
-
17
.3
%
PFP
Ltd.
2026-14
AS,
5.25%
(1
Month
Term
SOFR
+
1.60%,
Rate
Floor:
1.60%)
due
12/18/43
◊,(f)
16,400,000
16,385,516
2025-12
A,
5.13%
(1
Month
Term
SOFR
+
1.49%,
Rate
Floor:
1.49%)
due
12/18/42
◊,(f)
16,002,000
16,035,255
2026-13
AS,
5.29%
(1
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
08/18/43
◊,(f)
14,700,000
14,711,972
2025-12
AS,
5.38%
(1
Month
Term
SOFR
+
1.74%,
Rate
Floor:
1.74%)
due
12/18/42
◊,(f)
3,600,000
3,607,170
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
|
113
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
30.9%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
17.3%
(continued)
Golub
Capital
Partners
CLO
54M,
LP
2021-54A
A1R,
5.13%
(3
Month
Term
SOFR
+
1.47%,
Rate
Floor:
1.47%)
due
08/05/37
◊,(f)
42,500,000
$
42,483,939
Ares
Direct
Lending
CLO
6
LLC
2025-2A
A1,
5.13%
(3
Month
Term
SOFR
+
1.45%,
Rate
Floor:
1.45%)
due
10/16/37
◊,(f)
27,000,000
26,973,643
2025-2A
A2,
5.33%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
10/16/37
◊,(f)
14,000,000
13,998,198
Cerberus
Loan
Funding
XLIV
LLC
2023-5A
A,
6.02%
(3
Month
Term
SOFR
+
2.35%,
Rate
Floor:
2.35%)
due
01/15/36
◊,(f)
20,000,000
20,017,572
2023-5AR
A1R
due
01/15/36
(f),(i)
16,750,000
16,750,000
BSPDF
Issuer
LLC
2026-FL4
AS,
5.29%
(1
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
11/18/43
◊,(f)
14,525,000
14,545,489
2025-FL2
A,
5.15%
(1
Month
Term
SOFR
+
1.52%,
Rate
Floor:
1.52%)
due
12/15/42
◊,(f)
13,650,000
13,681,716
2026-FL3
AS,
5.34%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
09/18/43
◊,(f)
5,250,000
5,254,353
Hlend
CLO
LLC
2026-5A
A2,
5.21%
(3
Month
Term
SOFR
+
1.55%,
Rate
Floor:
1.55%)
due
04/15/39
◊,(f)
13,000,000
12,994,949
2025-4A
B,
5.50%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
08/15/37
◊,(f)
10,550,000
10,528,400
2025-3A
A,
5.08%
(3
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
01/20/37
◊,(f)
9,300,000
9,293,738
THL
Credit
Lake
Shore
MM
CLO
I
Ltd.
2019-1A
A1R,
5.63%
(3
Month
Term
SOFR
+
1.96%,
Rate
Floor:
1.70%)
due
04/15/33
◊,(f)
23,101,970
23,116,326
2019-1A
A2R,
5.78%
(3
Month
Term
SOFR
+
2.11%,
Rate
Floor:
1.85%)
due
04/15/33
◊,(f)
6,250,000
6,254,438
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
30.9%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
17.3%
(continued)
Cerberus
Loan
Funding
51
LLC
2025-2A
A,
5.19%
(3
Month
Term
SOFR
+
1.52%,
Rate
Floor:
1.52%)
due
10/15/37
◊,(f)
28,000,000
$
28,037,562
Golub
Capital
Partners
CLO
16M-R3
2013-16A
A2R3,
5.40%
(3
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
08/09/39
◊,(f)
15,600,000
15,601,870
2013-16A
A1R3,
5.28%
(3
Month
Term
SOFR
+
1.63%,
Rate
Floor:
1.63%)
due
08/09/39
◊,(f)
9,350,000
9,349,117
Golub
Capital
Partners
CLO
49M
Ltd.
2020-49A
A1R2,
5.20%
(3
Month
Term
SOFR
+
1.52%,
Rate
Floor:
1.52%)
due
07/20/38
◊,(f)
23,890,000
23,866,146
Madison
Park
Funding
XLVIII
Ltd.
2021-48A
BR,
5.23%
(3
Month
Term
SOFR
+
1.55%,
Rate
Floor:
1.55%)
due
01/19/39
◊,(f)
23,500,000
23,474,286
LoanCore
Issuer
LLC
2025-CRE9
A,
5.09%
(1
Month
Term
SOFR
+
1.45%,
Rate
Floor:
1.45%)
due
08/18/42
◊,(f)
21,000,000
20,999,910
2025-CRE8
AS,
5.23%
(1
Month
Term
SOFR
+
1.59%,
Rate
Floor:
1.59%)
due
08/17/42
◊,(f)
2,450,000
2,446,141
Golub
Capital
Partners
CLO
83M
2025-83A
A1,
5.05%
(3
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
11/09/38
◊,(f)
22,800,000
22,784,526
Greystone
CRE
Notes
LLC
2025-FL4
A,
5.11%
(1
Month
Term
SOFR
+
1.48%,
Rate
Floor:
1.48%)
due
01/15/43
◊,(f)
22,750,000
22,769,110
BCRED
CLO
LLC
2026-1A
A,
5.02%
(3
Month
Term
SOFR
+
1.37%,
Rate
Floor:
1.37%)
due
04/24/39
◊,(f)
15,000,000
15,013,517
2025-1A
B,
5.38%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
04/20/37
◊,(f)
7,400,000
7,383,258
Owl
Rock
CLO
IV
Ltd.
2020-4A
A1R,
5.50%
(3
Month
Term
SOFR
+
1.86%,
Rate
Floor:
1.60%)
due
08/20/33
◊,(f)
17,268,352
17,273,572
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
114
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
30.9%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
17.3%
(continued)
2020-4A
A2R,
5.80%
(3
Month
Term
SOFR
+
2.16%,
Rate
Floor:
1.90%)
due
08/20/33
◊,(f)
3,650,000
$
3,648,423
BCC
Middle
Market
CLO
LLC
2019-1A
A1RR,
5.12%
(3
Month
Term
SOFR
+
1.45%,
Rate
Floor:
1.45%)
due
07/15/36
◊,(f)
20,750,000
20,738,625
Owl
Rock
CLO
XXII
LLC
2025-22A
A,
5.15%
(3
Month
Term
SOFR
+
1.47%,
Rate
Floor:
1.47%)
due
10/20/37
◊,(f)
20,300,000
20,289,885
Owl
Rock
CLO
XXI
LLC
2025-21A
A,
5.07%
(3
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
07/24/34
◊,(f)
19,823,504
19,811,689
Golub
Capital
Partners
CLO
69M
2023-69A
BR,
5.35%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
11/09/38
◊,(f)
18,150,000
18,105,420
Eldridge
CLO
Ltd.
2025-1A
A1,
5.01%
(3
Month
Term
SOFR
+
1.33%,
Rate
Floor:
1.33%)
due
10/20/38
◊,(f)
8,000,000
8,011,969
2025-1A
A2,
5.18%
(3
Month
Term
SOFR
+
1.50%,
Rate
Floor:
1.50%)
due
10/20/38
◊,(f)
5,000,000
5,009,955
2025-2A
A2,
5.10%
(3
Month
Term
SOFR
+
1.45%,
Rate
Floor:
1.45%)
due
01/20/39
◊,(f)
3,700,000
3,706,234
Cerberus
Loan
Funding
XXXII,
LP
2021-2A
A,
5.55%
(3
Month
Term
SOFR
+
1.88%,
Rate
Floor:
1.88%)
due
04/22/33
◊,(f)
11,406,037
11,412,863
2021-2A
B,
5.83%
(3
Month
Term
SOFR
+
2.16%,
Rate
Floor:
2.16%)
due
04/22/33
◊,(f)
4,000,000
3,998,119
Jefferies
Credit
Partners
Direct
Lending
CLO
Ltd.
2025-1A
A1,
5.17%
(3
Month
Term
SOFR
+
1.50%,
Rate
Floor:
1.50%)
due
10/15/37
◊,(f)
15,000,000
14,993,637
BXMT
Ltd.
2020-FL2
AS,
5.15%
(1
Month
Term
SOFR
+
1.51%,
Rate
Floor:
1.51%)
due
02/15/38
◊,(f)
11,285,061
11,263,292
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
30.9%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
17.3%
(continued)
2020-FL2
B,
5.40%
(1
Month
Term
SOFR
+
1.76%,
Rate
Floor:
1.76%)
due
02/15/38
◊,(f)
2,000,000
$
1,996,461
2026-FL6
AS,
5.39%
(1
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
08/19/43
◊,(f)
1,600,000
1,601,285
Acrec
LLC
2026-FL4
AS,
5.24%
(1
Month
Term
SOFR
+
1.60%,
Rate
Floor:
1.60%)
due
01/18/43
◊,(f)
14,800,000
14,794,302
D2
Multifamily
Credit
Issuer
Ltd.
2026-FL1
AS,
5.29%
(1
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
11/19/43
◊,(f)
7,900,000
7,896,680
2026-FL1
B,
5.54%
(1
Month
Term
SOFR
+
1.90%,
Rate
Floor:
1.90%)
due
11/19/43
◊,(f)
6,575,000
6,574,967
Owl
Rock
CLO
IX
LLC
2022-9A
AR,
5.21%
(3
Month
Term
SOFR
+
1.57%,
Rate
Floor:
1.57%)
due
11/22/37
◊,(f)
14,400,000
14,396,841
Cerberus
Loan
Funding
XLVIII
LLC
2024-4A
AN,
5.32%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
10/15/36
◊,(f)
10,100,000
10,114,086
2024-4A
B,
5.52%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
10/15/36
◊,(f)
4,250,000
4,250,706
Neuberger
Berman
Loan
Advisers
CLO
47
Ltd.
2022-47A
BR,
5.22%
(3
Month
Term
SOFR
+
1.55%,
Rate
Floor:
1.55%)
due
04/16/35
◊,(f)
14,350,000
14,347,362
Cerberus
Loan
Funding
50
LLC
2025-1A
A,
5.32%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
07/15/37
◊,(f)
11,500,000
11,500,644
2025-1A
B,
5.62%
(3
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
07/15/37
◊,(f)
2,250,000
2,246,292
Owl
Rock
CLO
VII
LLC
2022-7A
AR,
5.08%
(3
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
04/20/38
◊,(f)
13,550,000
13,541,191
HPS
Private
Credit
CLO
LLC
2025-3A
A1,
5.33%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
07/20/37
◊,(f)
13,500,000
13,499,626
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
|
115
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
30.9%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
17.3%
(continued)
TRTX
Issuer
Ltd.
2025-FL6
A,
5.17%
(1
Month
Term
SOFR
+
1.54%,
Rate
Floor:
1.54%)
due
09/18/42
◊,(f)
9,250,000
$
9,271,343
2025-FL7
AS,
5.34%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
06/18/43
◊,(f)
3,950,000
3,953,141
JCP
Direct
Lending
CLO
LLC
2023-1A
A1R,
5.33%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
07/20/37
◊,(f)
13,000,000
12,999,411
FS
Rialto
Issuer
LLC
2025-FL10
A,
5.02%
(1
Month
Term
SOFR
+
1.39%,
Rate
Floor:
1.39%)
due
08/19/42
◊,(f)
6,350,000
6,342,323
2026-FL11
AS,
5.29%
(1
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
01/19/44
◊,(f)
4,100,000
4,098,307
2025-FL10
AS,
5.23%
(1
Month
Term
SOFR
+
1.59%,
Rate
Floor:
1.59%)
due
08/19/42
◊,(f)
1,650,000
1,648,018
Fortress
Credit
Opportunities
IX
CLO
Ltd.
2017-9A
A2TR,
5.73%
(3
Month
Term
SOFR
+
2.06%,
Rate
Floor:
1.80%)
due
10/15/33
◊,(f)
11,500,000
11,507,833
BSPRT
Issuer
LLC
2025-FL12
A,
5.02%
(1
Month
Term
SOFR
+
1.39%,
Rate
Floor:
1.39%)
due
01/17/43
◊,(f)
9,100,000
9,094,029
2026-FL13
AS,
5.34%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
10/18/43
◊,(f)
2,000,000
2,003,312
Neuberger
Berman
CLO
32R
Ltd.
2019-32RA
B,
5.33%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
07/20/39
◊,(f)
10,020,000
10,058,215
2019-32RA
A,
4.99%
(3
Month
Term
SOFR
+
1.31%,
Rate
Floor:
1.31%)
due
07/20/39
◊,(f)
1,000,000
1,001,895
Cerberus
Loan
Funding
XL
LLC
2023-1A
AR,
5.25%
(3
Month
Term
SOFR
+
1.60%,
Rate
Floor:
1.60%)
due
03/22/35
◊,(f)
7,500,000
7,511,465
2023-1A
BR,
5.85%
(3
Month
Term
SOFR
+
2.20%,
Rate
Floor:
2.20%)
due
03/22/35
◊,(f)
3,250,000
3,246,708
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
30.9%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
17.3%
(continued)
FS
Rialto
2021-FL3
B,
5.55%
(1
Month
Term
SOFR
+
1.91%,
Rate
Floor:
1.91%)
due
11/16/36
◊,(f)
7,500,000
$
7,495,806
2021-FL2
C,
6.30%
(1
Month
Term
SOFR
+
2.66%,
Rate
Floor:
2.16%)
due
05/16/38
◊,(f)
3,250,000
3,234,161
KREF
Ltd.
2021-FL2
B,
5.40%
(1
Month
Term
SOFR
+
1.76%,
Rate
Floor:
1.65%)
due
02/15/39
◊,(f)
10,700,000
10,594,113
BDS
LLC
2025-FL15
AS,
5.29%
(1
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
03/19/43
◊,(f)
10,500,000
10,503,898
AGL
CLO
42
Ltd.
2025-42A
B,
5.31%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
07/22/38
◊,(f)
10,000,000
10,022,430
Fortress
Credit
BSL
XV
Ltd.
2022-2A
AR,
5.08%
(3
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
10/18/33
◊,(f)
9,891,790
9,891,781
Madison
Park
Funding
LVIII
Ltd.
2024-58AR
BR
due
04/25/37
(f),(i)
8,700,000
8,700,000
AREIT
Ltd.
2025-CRE11
AS,
5.39%
(1
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
07/25/43
◊,(f)
4,650,000
4,649,977
2025-CRE10
AS,
5.18%
(1
Month
Term
SOFR
+
1.54%,
Rate
Floor:
1.54%)
due
01/17/30
◊,(f)
4,000,000
3,976,717
GS
REFT
Issuer
Ltd.
2026-FL1
A,
5.14%
(1
Month
Term
SOFR
+
1.50%,
Rate
Floor:
1.50%)
due
10/19/43
◊,(f)
7,250,000
7,263,394
Ares
Direct
Lending
CLO
8
LLC
2025-4A
A1,
5.08%
(3
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
01/20/39
◊,(f)
3,800,000
3,797,453
2025-4A
C,
5.68%
(3
Month
Term
SOFR
+
2.00%,
Rate
Floor:
2.00%)
due
01/20/39
◊,(f)
1,700,000
1,698,498
2025-4A
A2,
5.28%
(3
Month
Term
SOFR
+
1.60%,
Rate
Floor:
1.60%)
due
01/20/39
◊,(f)
800,000
799,800
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
116
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
30.9%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
17.3%
(continued)
2025-4A
B,
5.43%
(3
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
01/20/39
◊,(f)
400,000
$
399,083
Fontainbleau
Vegas
7.86%
(1
Month
Term
SOFR
+
5.65%,
Rate
Floor:
1.00%)
due
01/31/28
◊,(h)
6,000,000
6,130,872
INCREF
LLC
2026-FL2
AS,
5.37%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
12/19/43
◊,(f)
4,200,000
4,199,975
2026-FL3
AS,
5.30%
(1
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
01/19/44
◊,(f)
1,900,000
1,899,161
Owl
Rock
CLO
XI
LLC
2023-11A
AR,
5.12%
(3
Month
Term
SOFR
+
1.45%,
Rate
Floor:
1.45%)
due
04/20/39
◊,(f)
4,050,000
4,047,788
2023-11A
BR,
5.67%
(3
Month
Term
SOFR
+
2.00%,
Rate
Floor:
2.00%)
due
04/20/39
◊,(f)
2,050,000
2,046,608
ACRES
Commercial
Realty
Issuer
LLC
2026-FL4
AS,
5.34%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
08/18/44
◊,(f)
6,050,000
6,052,402
Madison
Park
Funding
LXV
Ltd.
2025-65A
B,
5.38%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
07/16/38
◊,(f)
6,000,000
6,014,519
BRSP
Ltd.
2026-FL3
AS,
5.34%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
08/19/43
◊,(f)
5,900,000
5,909,626
ACREC
LLC
2026-FL5
AS,
5.10%
(1
Month
Term
SOFR
+
1.50%,
Rate
Floor:
1.50%)
due
07/18/43
◊,(f)
5,875,000
5,875,000
Madison
Park
Funding
LXXI
Ltd.
2025-71A
B,
5.17%
(3
Month
Term
SOFR
+
1.50%,
Rate
Floor:
1.50%)
due
04/23/38
◊,(f)
5,550,000
5,544,452
Owl
Rock
CLO
XXIV
LLC
2026-24A
A,
5.06%
(3
Month
Term
SOFR
+
1.39%,
Rate
Floor:
1.39%)
due
01/22/38
◊,(f)
5,500,000
5,505,500
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
30.9%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
17.3%
(continued)
Carlyle
Direct
Lending
CLO
LLC
2015-1A
A11A,
5.47%
(3
Month
Term
SOFR
+
1.80%,
Rate
Floor:
1.80%)
due
07/15/36
◊,(f)
5,150,000
$
5,151,802
VMC
Finance
LLC
2026-FL6
AS,
5.49%
(1
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
11/19/43
◊,(f)
4,750,000
4,751,849
A10
Issuer
LLC
2025-FL6
A,
5.09%
(1
Month
Term
SOFR
+
1.47%,
Rate
Floor:
1.47%)
due
05/15/42
◊,(f)
4,600,000
4,603,438
Ares
Direct
Lending
CLO
7
LLC
2025-3A
A2,
5.33%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
01/20/38
◊,(f)
4,300,000
4,299,434
CIFC
Funding
Ltd.
2015-4A
A2R3,
5.13%
(3
Month
Term
SOFR
+
1.45%,
Rate
Floor:
1.45%)
due
01/17/39
◊,(f)
4,000,000
4,006,983
STWD
LLC
2025-FL4
AS,
5.34%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
11/19/42
◊,(f)
3,700,000
3,703,199
Cerberus
Loan
Funding
53
LLC
2025-4A
B,
5.42%
(3
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
01/15/38
◊,(f)
3,500,000
3,492,426
AGL
CLO
39
Ltd.
2025-39A
B,
5.18%
(3
Month
Term
SOFR
+
1.50%,
Rate
Floor:
1.50%)
due
04/20/38
◊,(f)
3,300,000
3,291,991
Madison
Park
Funding
LXIX
Ltd.
2024-69A
BR,
5.19%
(3
Month
Term
SOFR
+
1.55%,
Rate
Floor:
1.55%)
due
07/25/37
◊,(f)
3,150,000
3,146,851
Acore
Issuer
LLC
2026-FL1
AS,
5.34%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
08/20/43
◊,(f)
2,650,000
2,651,000
LRECS
LLC
2025-CRE1
AS,
5.39%
(1
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
08/19/43
◊,(f)
2,550,000
2,548,336
KKR
CLO
53
Ltd.
2024-53A
B,
5.47%
(3
Month
Term
SOFR
+
1.80%,
Rate
Floor:
1.80%)
due
01/15/38
◊,(f)
2,500,000
2,508,755
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
|
117
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
30.9%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
17.3%
(continued)
STWD
Ltd.
2021-FL2
B,
5.55%
(1
Month
Term
SOFR
+
1.91%,
Rate
Floor:
1.80%)
due
04/18/38
◊,(f)
2,187,000
$
2,185,025
2021-FL2
AS,
5.20%
(1
Month
Term
SOFR
+
1.56%,
Rate
Floor:
1.45%)
due
04/18/38
◊,(f)
143,907
143,399
KKR
CLO
16
Ltd.
16
A2R3,
5.28%
(3
Month
Term
SOFR
+
1.60%,
Rate
Floor:
1.60%)
due
10/20/34
◊,(f)
2,300,000
2,302,300
Dryden
37
Senior
Loan
Fund
2015-37A
BR,
5.33%
(3
Month
Term
SOFR
+
1.66%,
Rate
Floor:
1.40%)
due
01/15/31
◊,(f)
551,802
552,525
2015-37A
CR,
7.18%
(3
Month
Term
SOFR
+
3.51%,
Rate
Floor:
3.25%)
due
01/15/31
◊,(f)
500,000
502,439
2015-37A
SUB
due
01/15/31
(f),(h),(j)
448,198
819
Elmwood
CLO
38
Ltd.
2025-1A
B1,
5.11%
(3
Month
Term
SOFR
+
1.45%,
Rate
Floor:
1.45%)
due
04/22/38
◊,(f)
1,000,000
997,457
Copper
River
CLO
Ltd.
2006-1A
INC
due
01/20/21
(j),(k),(l)
500,000
50
Total
Collateralized
Loan
Obligations
1,003,211,335
FINANCIAL
-
2
.7
%
Station
Place
Securitization
Trust
2025-SP2,
4.80%
(1
Month
Term
SOFR
+
1.15%,
Rate
Floor:
1.15%)
due
09/25/26
◊,(f),(h)
28,000,000
28,000,000
2025-SP1,
4.95%
(1
Month
Term
SOFR
+
1.30%)
due
07/02/26
◊,(f),(h)
10,600,000
10,600,000
2024-SP2,
5.32%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
07/12/26
◊,(f),(h)
8,775,000
8,775,000
KKR
Core
Holding
Co.
LLC
4.00%
due
08/12/31
(h)
14,611,369
13,579,538
Project
Onyx
I
6.33%
(3
Month
Term
SOFR
+
2.63%)
due
06/26/30
◊,(h)
12,017,211
11,998,888
Blackstone
Strategic
Cap
Holding
II
5.90%
(1
Month
Term
SOFR
+
2.25%)
due
12/31/33
◊,(h)
12,000,000
11,988,707
Strategic
Partners
Fund
VIII,
LP
6.20%
(WAC)
due
03/31/28
◊,(h)
9,179,590
9,181,166
6.19%
(WAC)
due
03/31/28
◊,(h)
1,562,483
1,562,012
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
30.9%
(continued)
FINANCIAL
-
2.7%
(continued)
Atlas
SP
Partners,
LP
6.13%
due
12/12/30
(h)
9,450,000
$
9,453,991
Project
Leopard
6.53%
due
05/06/41
(h)
8,500,000
8,457,500
HV
Eight
LLC
5.79%
(WAC)
due
12/31/27
◊,(h)
EUR
6,795,688
7,744,701
Ceamer
Finance
LLC
6.18%
(WAC)
due
12/15/40
◊,(h)
4,348,218
4,331,268
6.79%
due
11/15/39
(h)
1,788,557
1,808,039
3.69%
due
03/24/31
(h)
1,228,932
1,193,642
Obsidian
Issuer
LLC
2025-1A,
6.93%
due
05/15/55
(f),(h)
7,150,000
7,037,539
Lightning
A
5.50%
due
03/01/37
(h)
6,400,000
6,063,092
Thunderbird
A
5.50%
due
03/01/37
(h)
6,400,000
6,063,092
HarbourVest
Partners
LLC
6.28%
(3
Month
Term
SOFR
+
2.58%)
due
09/15/30
◊,(h)
4,474,153
4,429,824
Project
Onyx
II
6.33%
(3
Month
Term
SOFR
+
2.63%)
due
06/15/30
◊,(h)
2,515,826
2,514,736
PBN
II
PE
Loan
Facility
5.96%
due
12/17/30
(h)
2,400,000
2,399,387
Total
Financial
157,182,122
INFRASTRUCTURE
-
2
.3
%
Vantage
Data
Centers
LLC
2025-1A,
5.13%
due
08/15/55
(f)
19,350,000
18,993,848
Switch
ABS
Issuer
LLC
2025-1A,
5.04%
due
03/25/55
(f)
11,450,000
11,156,883
2024-2A,
5.44%
due
06/25/54
(f)
5,450,000
5,390,253
QTS
Issuer
ABS
I
LLC
2025-1A,
5.44%
due
05/25/55
(f)
15,100,000
14,972,234
VB-S1
Issuer
LLC
-
VBTEL
2022-1A,
4.29%
due
02/15/52
(f)
9,250,000
9,135,478
2024-1A,
5.59%
due
05/15/54
(f)
4,000,000
4,022,652
Kinetic
ABS
Issuer
LLC
2026-2A,
5.83%
due
06/25/58
(f)
7,900,000
7,972,670
2026-1A,
5.22%
due
02/25/56
(f)
4,050,000
4,023,182
Aligned
Data
Centers
Issuer
LLC
2021-1A,
1.94%
due
08/15/46
(f)
11,150,000
11,113,611
VB-S1
Issuer
LLC
2026-1A,
4.69%
due
03/15/56
(f)
11,000,000
10,749,593
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
118
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
30.9%
(continued)
INFRASTRUCTURE
-
2.3%
(continued)
SBA
Tower
Trust
1.63%
due
11/15/26
(f)
5,723,000
$
5,663,745
1.84%
due
04/15/27
(f)
1,200,000
1,173,836
Stack
Infrastructure
Issuer
LLC
2025-1A,
5.00%
due
05/25/50
(f)
6,750,000
6,559,498
Compass
Datacenters
Issuer
II
LLC
2025-1A,
5.32%
due
05/25/50
(f)
5,500,000
5,484,193
QTS
Issuer
ABS
II
LLC
2025-1A,
5.04%
due
10/05/55
(f)
5,050,000
4,942,923
Blue
Stream
Issuer
LLC
2024-1A,
5.41%
due
11/20/54
(f)
3,610,000
3,626,344
Hotwire
Funding
LLC
2024-1A,
5.89%
due
06/20/54
(f)
3,580,000
3,613,382
ALLO
Issuer
LLC
2026-1A,
5.61%
due
06/20/56
(f)
3,500,000
3,534,171
Consolidated
Communications
LLC
/
Fidium
Fiber
Finance
Holdco
LLC
2026-1A,
5.08%
due
03/20/56
(f)
1,750,000
1,727,945
Total
Infrastructure
133,856,441
TRANSPORT-AIRCRAFT
-
2
.1
%
Castlelake
Aircraft
Structured
Trust
2025-2A,
5.47%
due
08/15/50
(f)
12,950,824
12,864,325
2025-3A,
5.09%
due
11/15/50
(f)
8,872,171
8,743,400
2026-2A,
5.33%
due
04/15/51
(f)
6,491,869
6,429,413
2026-1A,
5.07%
due
03/15/51
(f)
4,553,368
4,472,358
2025-1A,
5.78%
due
02/15/50
(f)
1,813,749
1,819,235
AASET
Trust
2024-1A,
6.26%
due
05/16/49
(f)
5,177,173
5,258,778
2021-1A,
2.95%
due
11/16/41
(f)
5,292,523
5,100,642
2025-3A,
5.24%
due
02/16/50
(f)
3,131,073
3,077,695
2025-1A,
5.94%
due
02/16/50
(f)
1,032,737
1,035,654
ALTDE
Trust
2026-1A,
5.52%
due
04/15/51
(f)
8,343,081
8,255,059
2025-1A,
5.90%
due
08/15/50
(f)
4,276,412
4,289,649
AASET
Ltd.
2025-2A,
5.52%
due
02/16/50
(f)
6,950,844
6,878,707
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
30.9%
(continued)
TRANSPORT-AIRCRAFT
-
2.1%
(continued)
2024-2A,
5.93%
due
09/16/49
(f)
3,811,647
$
3,833,441
MAPS
Trust
2026-1A,
5.20%
due
01/15/51
(f)
6,448,473
6,332,691
2026-2A,
5.52%
due
06/15/51
(f)
3,900,000
3,895,821
Slam
Ltd.
2025-1A,
5.81%
due
05/15/50
(f)
4,484,844
4,506,223
2026-1A,
5.55%
due
07/15/51
(f)
3,336,349
3,326,749
FTAI
Aircraft
Leasing
Offshore
SPV,
LP
5.63%
due
03/27/31
(h)
7,322,956
7,475,246
Eclipse
Aircraft
LLC
2026-1,
5.63%
due
05/15/51
(f)
6,304,986
6,280,168
Gilead
Aviation
LLC
2025-1A,
5.79%
due
03/15/50
(f)
4,918,679
4,931,044
Navigator
Aviation
Ltd.
2025-1,
5.11%
due
10/15/50
(f)
3,886,018
3,798,479
MAST
Ltd.
2026-1A,
5.13%
due
02/15/51
(f)
3,075,000
3,011,505
Phantom
Aviation
2026-1A,
5.24%
due
01/15/51
(f)
2,461,044
2,411,346
Navigator
Aircraft
ABS
Ltd.
2021-1,
2.77%
due
11/15/46
(f)
1,932,477
1,831,265
Castlelake
Aircraft
Securitization
Trust
2018-1,
4.13%
due
06/15/43
(f)
1,065,709
1,055,702
Falcon
Aerospace
Ltd.
2019-1,
3.60%
due
09/15/39
(f)
401,352
397,419
Total
Transport-Aircraft
121,312,014
TRANSPORT-CONTAINER
-
1
.4
%
Triton
Container
Finance
VIII
LLC
2021-1A,
1.86%
due
03/20/46
(f)
22,426,875
20,674,244
Triton
Container
Finance
IX
LLC
2025-1A,
5.43%
due
06/20/50
(f)
12,740,000
12,761,675
2026-1A,
5.26%
due
05/20/51
(f)
7,055,625
7,009,587
Textainer
Marine
Containers
VII
Ltd.
2021-1A,
1.68%
due
02/20/46
(f)
6,478,666
6,093,333
2020-2A,
2.10%
due
09/20/45
(f)
2,176,564
2,047,341
2020-1A,
2.73%
due
08/21/45
(f)
2,096,759
2,025,620
TIF
Funding
II
LLC
2021-1A,
1.65%
due
02/20/46
(f)
10,240,375
9,292,851
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
|
119
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
30.9%
(continued)
TRANSPORT-CONTAINER
-
1.4%
(continued)
CLI
Funding
IX
LLC
2025-1A,
5.35%
due
06/20/50
(f)
7,786,583
$
7,793,061
CLI
Funding
VI
LLC
2020-3A,
2.07%
due
10/18/45
(f)
7,178,833
6,716,822
2020-1A,
2.08%
due
09/18/45
(f)
845,521
791,890
CLI
Funding
VIII
LLC
2021-1A,
1.64%
due
02/18/46
(f)
7,858,036
7,260,294
CAL
Funding
IV
Ltd.
2020-1A,
2.22%
due
09/25/45
(f)
1,900,781
1,821,943
Total
Transport-Container
84,288,661
WHOLE
BUSINESS
-
1
.4
%
Taco
Bell
Funding
LLC
2021-1A,
1.95%
due
08/25/51
(f)
18,421,875
18,093,450
2025-1A,
4.82%
due
08/25/55
(f)
10,350,000
10,224,450
Subway
Funding
LLC
2024-1A,
6.03%
due
07/30/54
(f)
8,766,500
8,802,138
2024-3A,
5.25%
due
07/30/54
(f)
7,092,000
6,960,829
SERVPRO
Master
Issuer
LLC
2021-1A,
2.39%
due
04/25/51
(f)
11,495,000
10,929,100
2024-1A,
6.17%
due
01/25/54
(f)
1,173,000
1,198,184
ServiceMaster
Funding
LLC
2020-1,
2.84%
due
01/30/51
(f)
8,676,129
8,303,402
Wingstop
Funding
LLC
2020-1A,
2.84%
due
12/05/50
(f)
7,742,100
7,519,091
Arbys
Funding
LLC
2020-1A,
3.24%
due
07/30/50
(f)
6,833,125
6,683,738
Domino's
Pizza
Master
Issuer
LLC
2017-1A,
4.12%
due
07/25/47
(f)
1,692,000
1,680,958
Total
Whole
Business
80,395,340
SINGLE
FAMILY
RESIDENCE
-
1
.3
%
STAR
Trust
2025-SFR6,
5.03%
(1
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
08/17/42
◊,(f)
27,000,000
26,983,125
2026-SFR7,
5.34%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
05/17/43
◊,(f)
2,350,000
2,354,772
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
30.9%
(continued)
SINGLE
FAMILY
RESIDENCE
-
1.3%
(continued)
Tricon
Residential
Trust
2025-SFR1,
4.73%
(1
Month
Term
SOFR
+
1.10%,
Rate
Floor:
1.10%)
due
03/17/42
◊,(f)
8,644,930
$
8,644,898
2025-SFR2,
5.42%
due
08/17/44
(f)
8,091,551
7,957,252
2024-SFR2,
4.75%
due
06/17/40
(f)
4,980,606
4,942,908
2024-SFR1,
4.75%
due
04/17/41
(f)
3,300,000
3,237,790
FirstKey
Homes
Trust
2021-SFR1,
2.19%
due
08/17/38
(f)
19,550,000
19,460,492
Tricon
Trust
2026-SFR2,
5.00%
(1
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
06/17/43
◊,(f)
1,350,000
1,350,247
Total
Single
Family
Residence
74,931,484
NET
LEASE
-
1
.2
%
Oak
Street
Investment
Grade
Net
Lease
Fund
2020-1A,
1.85%
due
11/20/50
(f)
30,807,835
27,418,942
Capital
Automotive
REIT
2024-2A,
4.90%
due
05/15/54
(f)
6,981,271
6,958,881
2024-2A,
5.25%
due
05/15/54
(f)
2,445,833
2,421,370
Store
Master
Funding
I-VII
XIV
XIX
XX
2021-1A,
2.86%
due
06/20/51
(f)
6,776,248
6,468,031
CMFT
Net
Lease
Master
Issuer
LLC
2021-1,
2.91%
due
07/20/51
(f)
3,000,000
2,792,674
2021-1,
2.51%
due
07/20/51
(f)
2,500,000
2,321,647
Store
Master
Funding
I-VII
XIV
XIX
XX
XXII
XXIV
XXXIV
XXXVII
XXXVIII
2026-1A,
5.32%
due
06/20/56
(f),(h)
4,573,094
4,559,180
SVC
ABS
LLC
2026-1A,
5.16%
due
03/20/56
(f)
3,995,000
3,935,691
CF
Hippolyta
Issuer
LLC
2021-1A,
1.98%
due
03/15/61
(f)
5,748,930
3,343,640
CARS-DB4,
LP
2020-1A,
3.48%
due
02/15/50
(f)
1,949,583
1,927,446
2020-1A,
3.25%
due
02/15/50
(f)
876,535
812,250
New
Economy
Assets
Phase
1
Sponsor
LLC
2021-1,
1.91%
due
10/20/61
(f)
2,500,000
2,043,750
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
120
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
30.9%
(continued)
NET
LEASE
-
1.2%
(continued)
Store
Master
Funding
LLC
2025-1A,
4.95%
due
10/20/55
(f)
2,092,125
$
2,034,182
Total
Net
Lease
67,037,684
COLLATERALIZED
DEBT
OBLIGATIONS
-
0
.5
%
Anchorage
Credit
Funding
4
Ltd.
2016-4A
AR,
2.72%
due
04/27/39
(f)
24,650,000
23,332,349
Project
Indigo
6.01%
due
03/31/32
(h)
4,026,793
4,026,793
Total
Collateralized
Debt
Obligations
27,359,142
INSURANCE
-
0
.4
%
Dogwood
State
Bank
6.45%
due
06/24/32
(h)
17,801,297
17,727,653
Obra
Longevity
8.48%
due
06/30/39
(h)
5,850,000
6,157,268
Total
Insurance
23,884,921
UNSECURED
CONSUMER
LOANS
-
0
.2
%
GreenSky
Home
Improvement
Issuer
Trust
2025-1A,
5.39%
due
03/25/60
(f)
4,606,290
4,619,934
2025-2A,
5.07%
due
06/25/60
(f)
3,586,246
3,572,566
Service
Experts
Issuer
LLC
2025-1A,
5.38%
due
01/20/37
(f)
2,777,158
2,755,487
UPX
HIL
Issuer
Trust
2025-1,
5.16%
due
01/25/47
(f)
1,419,376
1,407,804
Total
Unsecured
Consumer
Loans
12,355,791
AUTOMOTIVE
-
0
.1
%
Avis
Budget
Rental
Car
Funding
AESOP
LLC
2026-3A,
5.21%
due
04/20/31
(f)
3,600,000
3,592,409
2025-1A,
5.24%
due
08/20/29
(f)
2,750,000
2,757,752
2021-1A,
1.38%
due
08/20/27
(f)
1,891,667
1,886,715
Total
Automotive
8,236,876
Total
Asset-Backed
Securities
(Cost
$1,810,791,225)
1,794,051,811
CORPORATE
BONDS
-
26
.2
%
FINANCIAL
-
14
.6
%
AEGON
Funding
Co.
LLC
5.50%
due
04/16/27
(f)
35,000,000
35,223,941
Brighthouse
Financial
Global
Funding
5.55%
due
04/09/27
(f)
34,500,000
34,708,944
Athene
Global
Funding
1.73%
due
10/02/26
(f)
14,700,000
14,593,464
5.03%
due
07/17/30
(f)
13,850,000
13,725,147
5.13%
due
06/01/29
(f)
6,350,000
6,362,074
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
26.2%
(continued)
FINANCIAL
-
14.6%
(continued)
Barclays
plc
4.48%
due
11/11/29
(m)
13,650,000
$
13,554,886
4.94%
due
09/10/30
(m)
9,150,000
9,165,945
4.52%
due
02/24/32
(m)
5,500,000
5,372,323
Societe
Generale
S.A.
2.80%
due
01/19/28
(f),(m)
18,000,000
17,826,437
4.45%
due
04/12/30
(f),(m)
10,000,000
9,869,502
Macquarie
Group
Ltd.
1.63%
due
09/23/27
(f),(m)
16,750,000
16,631,935
3.76%
due
11/28/28
(f),(m)
7,550,000
7,450,345
Lincoln
Financial
Global
Funding
4.63%
due
08/18/30
(f)
15,000,000
14,836,686
4.63%
due
05/28/28
(f)
8,750,000
8,743,986
Pershing
Square
Holdings
Ltd.
3.25%
due
10/01/31
(f)
25,600,000
22,886,428
JPMorgan
Chase
&
Co.
1.47%
due
09/22/27
(m)
15,000,000
14,900,186
5.04%
due
01/23/28
(m)
7,600,000
7,623,772
Fortitude
Global
Funding
4.63%
due
10/06/28
(f)
17,750,000
17,557,968
5.50%
due
06/12/31
(f)
4,775,000
4,798,731
CNO
Global
Funding
5.88%
due
06/04/27
(f)
13,100,000
13,247,022
4.88%
due
12/10/27
(f)
8,650,000
8,652,867
Jackson
National
Life
Global
Funding
4.70%
due
06/05/28
(f)
13,700,000
13,653,486
4.80%
due
04/09/29
(f)
8,100,000
8,052,689
LPL
Holdings,
Inc.
5.70%
due
05/20/27
14,700,000
14,811,842
4.00%
due
03/15/29
(f)
4,450,000
4,325,926
4.63%
due
11/15/27
(f)
2,000,000
1,990,237
Nationwide
Building
Society
2.97%
due
02/16/28
(f),(m)
11,300,000
11,185,016
4.65%
due
07/14/29
(f),(m)
9,300,000
9,296,406
American
National
Group,
Inc.
5.00%
due
06/15/27
13,075,000
13,096,622
7.00%
due
12/01/55
(m)
4,375,000
4,272,058
Corebridge
Global
Funding
4.65%
due
08/20/27
(f)
9,500,000
9,510,235
5.75%
due
07/02/26
(f)
7,250,000
7,250,290
Mutual
of
Omaha
Companies,
Global
Funding
5.00%
due
04/01/30
(f)
15,000,000
15,108,121
National
Bank
of
Canada
4.93%
due
06/04/32
(m)
9,850,000
9,827,467
5.60%
due
07/02/27
(m)
4,650,000
4,650,173
BNP
Paribas
S.A.
4.89%
due
06/30/30
(f),(m)
14,450,000
14,448,002
Fidelis
Insurance
Holdings
Ltd.
4.88%
due
06/30/30
(f)
14,800,000
14,389,929
HSBC
Holdings
plc
4.71%
due
05/12/30
(m)
7,300,000
7,268,960
5.13%
due
03/03/31
(m)
7,000,000
7,041,957
Protective
Life
Corp.
4.70%
due
01/15/31
(f)
14,450,000
14,244,406
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
|
121
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
26.2%
(continued)
FINANCIAL
-
14.6%
(continued)
BPCE
S.A.
5.72%
due
01/18/30
(f),(m)
8,200,000
$
8,363,481
4.76%
due
01/13/32
(f),(m)
5,925,000
5,840,060
GA
Global
Funding
Trust
4.50%
due
09/18/30
(f)
14,650,000
14,195,692
CoStar
Group,
Inc.
2.80%
due
07/15/30
(f)
15,280,000
13,747,763
Mizuho
Financial
Group,
Inc.
4.71%
due
07/08/31
(m)
13,800,000
13,715,327
Blue
Owl
Capital
GP
Stakes
IV
B
4.88%
due
10/30/28
(h)
13,650,000
13,301,262
Brookfield
Asset
Management
Ltd.
4.65%
due
11/15/30
13,050,000
12,879,420
Starwood
Property
Trust,
Inc.
5.25%
due
10/15/28
(f)
9,000,000
8,958,948
5.88%
due
08/15/29
(f)
3,320,000
3,329,923
SLM
Corp.
3.13%
due
11/02/26
12,096,000
12,021,310
Equitable
Financial
Life
Global
Funding
1.80%
due
03/08/28
(f)
12,000,000
11,430,526
American
National
Global
Funding
5.25%
due
06/03/30
(f)
11,150,000
11,160,568
Standard
Chartered
plc
5.69%
due
05/14/28
(f),(m)
10,600,000
10,699,660
Morgan
Stanley
4.71%
due
03/12/32
(m)
10,150,000
10,024,568
3.77%
due
01/24/29
(m)
361,000
356,093
UWM
Holdings
LLC
6.25%
due
03/15/31
(f)
11,000,000
9,803,456
6.63%
due
02/01/30
(f)
150,000
139,768
Cooperatieve
Rabobank
UA
1.98%
due
12/15/27
(f),(m)
10,000,000
9,891,622
Citigroup,
Inc.
4.50%
due
09/11/31
(m)
10,000,000
9,869,818
TPG
Operating
Group
II,
LP
4.88%
due
05/15/31
10,000,000
9,858,832
Constellation
Global
Funding
4.85%
due
10/22/30
(f)
10,000,000
9,793,720
Capital
One
Financial
Corp.
4.49%
due
09/11/31
(m)
9,900,000
9,713,820
Gabx
Leasing
LLC
4.63%
due
04/15/31
(f)
9,500,000
9,367,365
Santander
UK
Group
Holdings
plc
4.86%
due
09/11/30
(m)
8,700,000
8,693,156
VICI
Properties,
LP
/
VICI
Note
Co.,
Inc.
4.63%
due
12/01/29
(f)
8,700,000
8,539,338
First
American
Financial
Corp.
4.00%
due
05/15/30
7,860,000
7,556,260
Iron
Mountain,
Inc.
4.88%
due
09/15/27
(f)
7,360,000
7,346,840
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
26.2%
(continued)
FINANCIAL
-
14.6%
(continued)
Enstar
Group
Ltd.
4.95%
due
06/01/29
7,300,000
$
7,272,706
FS
KKR
Capital
Corp.
2.63%
due
01/15/27
7,400,000
7,263,429
OneMain
Finance
Corp.
3.50%
due
01/15/27
7,050,000
6,989,498
5.38%
due
11/15/29
200,000
196,444
Rocket
Companies,
Inc.
6.13%
due
08/01/30
(f)
6,850,000
6,967,628
Citadel
Securities
Global
Holdings
LLC
5.13%
due
01/27/32
(f)
5,100,000
5,038,959
5.50%
due
06/18/30
(f)
1,900,000
1,924,275
F&G
Global
Funding
4.50%
due
01/09/29
(f)
7,000,000
6,883,965
Insured
Lending
1
Ltd.
6.50%
due
02/04/32
(h),(k)
EUR
5,600,000
6,398,000
NatWest
Group
plc
4.73%
(SOFR
+
1.10%)
due
05/23/29
◊
6,350,000
6,389,687
Jefferies
Finance
LLC
/
JFIN
Co.-Issuer
Corp.
5.00%
due
08/15/28
(f)
6,600,000
6,372,741
CrossCountry
Intermediate
HoldCo
LLC
6.50%
due
10/01/30
(f)
5,700,000
5,618,103
Avilease
Capital
Ltd.
4.75%
due
11/12/30
(f)
3,225,000
3,153,693
5.50%
due
06/30/31
(f)
1,950,000
1,963,276
Evercore,
Inc.
5.17%
due
07/24/30
(h)
5,000,000
4,926,113
Deloitte
LLP
3.46%
due
05/07/27
(h)
4,500,000
4,435,119
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co.-Issuer,
Inc.
3.88%
due
03/01/31
(f)
4,100,000
3,836,615
UBS
AG
4.63%
due
02/16/32
(m)
3,500,000
3,472,733
CBS
Studio
Center
6.67%
due
12/31/26
(h)
10,000,000
3,435,805
SBA
Communications
Corp.
3.13%
due
02/01/29
3,472,000
3,322,110
Hunt
Companies,
Inc.
5.25%
due
04/15/29
(f)
3,250,000
3,211,465
Encore
Capital
Group,
Inc.
6.63%
due
04/15/31
(f)
2,700,000
2,731,045
Blue
Owl
IV
SR
SEC
A
5.94%
due
08/22/45
(h)
2,678,000
2,591,485
PennyMac
Financial
Services,
Inc.
6.75%
due
02/15/34
(f)
2,550,000
2,447,790
Blue
Owl
IV
SR
SEC
B
5.94%
due
08/22/45
(h)
2,472,000
2,392,140
Aspen
Insurance
Holdings
Ltd.
5.75%
due
07/01/30
1,600,000
1,640,923
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
122
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
26.2%
(continued)
FINANCIAL
-
14.6%
(continued)
Brookfield
Finance,
Inc.
3.90%
due
01/25/28
1,400,000
$
1,383,511
AMC
East
Communities
LLC
5.74%
due
01/15/28
(f)
884,625
886,152
Nassau
Companies
of
New
York
7.88%
due
07/15/30
(f)
813,000
776,807
Old
Republic
International
Corp.
3.88%
due
08/26/26
700,000
699,254
Assurant,
Inc.
4.90%
due
03/27/28
350,000
350,359
United
Wholesale
Mortgage
LLC
5.50%
due
04/15/29
(f)
275,000
255,462
Total
Financial
847,982,299
CONSUMER,
NON-CYCLICAL
-
3
.3
%
Global
Payments,
Inc.
2.90%
due
05/15/30
28,801,000
26,435,964
4.88%
due
11/15/30
14,250,000
14,008,805
3.20%
due
08/15/29
2,199,000
2,074,513
Mobility
Global,
Inc.
5.45%
due
06/15/31
(f)
14,900,000
15,061,043
Medline
Borrower,
LP
3.88%
due
04/01/29
(f)
15,260,000
14,819,581
Element
Fleet
Management
Corp.
5.64%
due
03/13/27
(f)
9,925,000
9,993,106
4.80%
due
05/29/29
(f)
4,450,000
4,439,038
Medline
Borrower,
LP/Medline
Co.-Issuer,
Inc.
5.00%
due
06/15/31
(f)
14,125,000
14,057,110
Avantor
Funding,
Inc.
4.63%
due
07/15/28
(f)
10,877,000
10,762,821
3.88%
due
11/01/29
(f)
2,950,000
2,816,320
Williams
Scotsman,
Inc.
4.63%
due
08/15/28
(f)
13,592,000
13,470,020
PRA
Health
Sciences,
Inc.
2.88%
due
07/15/26
(f)
10,280,000
10,273,257
Rentokil
Terminix
Funding
plc
4.63%
due
04/23/31
(f)
7,200,000
7,070,309
Danone
S.A.
2.95%
due
11/02/26
(f)
6,952,000
6,919,383
Valvoline,
Inc.
3.63%
due
06/15/31
(f)
7,434,000
6,836,941
U.S.
Foods,
Inc.
7.25%
due
01/15/32
(f)
5,960,000
6,184,787
Royalty
Pharma
plc
1.75%
due
09/02/27
5,150,000
4,988,244
Sysco
Corp.
4.40%
due
07/25/31
4,400,000
4,291,991
BAT
Capital
Corp.
4.70%
due
04/02/27
4,220,000
4,227,907
DRI
Healthcare,
LP
5.35%
due
03/24/31
(h)
3,250,000
3,184,789
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
26.2%
(continued)
CONSUMER,
NON-CYCLICAL
-
3.3%
(continued)
Tenet
Healthcare
Corp.
6.75%
due
05/15/31
2,650,000
$
2,714,676
Darling
Global
Finance
B.V.
4.50%
due
07/15/32
(f)
EUR
2,050,000
2,361,868
IQVIA,
Inc.
5.00%
due
05/15/27
(f)
2,300,000
2,298,742
Triton
Container
International
Ltd.
/
TAL
International
Container
Corp.
5.15%
due
02/15/33
2,130,000
2,091,907
Herc
Holdings,
Inc.
7.00%
due
06/15/30
(f)
1,075,000
1,113,235
DaVita,
Inc.
4.63%
due
06/01/30
(f)
375,000
363,284
Smithfield
Foods,
Inc.
4.25%
due
02/01/27
(f)
350,000
349,123
Total
Consumer,
Non-cyclical
193,208,764
CONSUMER,
CYCLICAL
-
2
.1
%
LG
Energy
Solution
Ltd.
5.38%
due
07/02/27
(f)
9,650,000
9,713,803
5.38%
due
07/02/29
4,550,000
4,597,623
5.00%
due
04/02/29
(f)
2,900,000
2,903,300
5.25%
due
04/02/28
(f)
1,000,000
1,005,809
Carnival
Corp.
5.13%
due
05/01/29
(f)
13,200,000
13,179,577
LG
Electronics,
Inc.
5.63%
due
04/24/27
(f)
11,000,000
11,073,068
Newell
Brands,
Inc.
8.50%
due
06/01/28
(f)
5,050,000
5,276,078
6.38%
due
05/15/30
3,500,000
3,547,590
6.38%
due
09/15/27
1,548,000
1,559,217
Polaris,
Inc.
6.95%
due
03/15/29
8,700,000
9,123,397
1011778
BC
ULC
/
New
Red
Finance,
Inc.
3.88%
due
01/15/28
(f)
7,225,000
7,089,204
Vail
Resorts,
Inc.
5.63%
due
07/15/30
(f)
7,000,000
6,991,272
Choice
Hotels
International,
Inc.
3.70%
due
01/15/31
7,350,000
6,934,673
VOC
Escrow
Ltd.
5.00%
due
02/15/28
(f)
6,850,000
6,841,522
AS
Mileage
Plan
IP
Ltd.
5.02%
due
10/20/29
(f)
6,720,000
6,660,263
5.31%
due
10/20/31
(f)
150,000
148,378
Alt-2
Structured
Trust
2.95%
(WAC)
due
12/31/49
◊,(h)
6,708,421
6,214,774
Air
Canada
3.88%
due
08/15/26
(f)
4,550,000
4,544,282
Hyatt
Hotels
Corp.
5.75%
due
04/23/30
4,320,000
4,429,965
Lithia
Motors,
Inc.
5.50%
due
10/01/30
(f)
4,000,000
3,950,625
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
|
123
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
26.2%
(continued)
CONSUMER,
CYCLICAL
-
2.1%
(continued)
Clarios
Global,
LP
/
Clarios
US
Finance
Co.
6.75%
due
05/15/28
(f)
3,275,000
$
3,322,947
American
Airlines
Class
AA
Pass
Through
Trust
3.35%
due
10/15/29
1,984,577
1,909,064
3.00%
due
10/15/28
1,235,113
1,195,810
Lindblad
Expeditions
LLC
7.00%
due
09/15/30
(f)
225,000
232,637
Total
Consumer,
Cyclical
122,444,878
ENERGY
-
1
.7
%
Plains
All
American
Pipeline,
LP
/
PAA
Finance
Corp.
4.70%
due
01/15/31
14,825,000
14,696,846
ONEOK,
Inc.
4.95%
due
10/15/32
14,000,000
13,898,691
BP
Capital
Markets
plc
4.88%
(m),(n)
6,280,000
6,207,873
6.13%
(m),(n)
2,675,000
2,722,620
Cheniere
Energy
Partners,
LP
4.50%
due
10/01/29
8,700,000
8,642,049
DT
Midstream,
Inc.
4.13%
due
06/15/29
(f)
8,700,000
8,526,158
Targa
Resources
Corp.
4.90%
due
09/15/30
7,500,000
7,516,486
Sunoco,
LP
4.50%
due
10/01/29
(f)
7,652,000
7,431,528
5.88%
due
07/15/27
(f)
80,000
79,965
HF
Sinclair
Corp.
5.50%
due
09/01/32
5,575,000
5,608,717
Viper
Energy
Partners
LLC
4.90%
due
08/01/30
5,500,000
5,481,732
Venture
Global
LNG,
Inc.
9.50%
due
02/01/29
(f)
4,600,000
4,951,215
Venture
Global
Plaquemines
LNG
LLC
6.13%
due
12/15/30
(f)
2,800,000
2,864,842
6.50%
due
01/15/34
(f)
2,000,000
2,083,964
Targa
Resources
Partners,
LP
/
Targa
Resources
Partners
Finance
Corp.
5.50%
due
03/01/30
4,800,000
4,838,900
CVR
Energy,
Inc.
7.50%
due
02/15/31
(f)
2,940,000
2,926,007
5.75%
due
02/15/28
(f)
1,359,000
1,355,902
Buckeye
Partners,
LP
3.95%
due
12/01/26
920,000
914,193
Total
Energy
100,747,688
TECHNOLOGY
-
1
.2
%
Oracle
Corp.
4.45%
due
09/26/30
25,825,000
24,930,575
CDW
LLC
/
CDW
Finance
Corp.
2.67%
due
12/01/26
22,350,000
22,169,213
3.25%
due
02/15/29
810,000
774,427
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
26.2%
(continued)
TECHNOLOGY
-
1.2%
(continued)
Salesforce,
Inc.
4.65%
due
03/15/29
14,060,000
$
14,052,715
SS&C
Technologies,
Inc.
6.50%
due
06/01/32
(f)
3,000,000
3,025,593
5.50%
due
09/30/27
(f)
2,300,000
2,299,629
Qorvo,
Inc.
3.38%
due
04/01/31
(f)
1,200,000
1,096,083
4.38%
due
10/15/29
963,000
928,257
TeamSystem
SpA
5.45%
(3
Month
EURIBOR
+
3.25%)
due
07/01/32
◊,(f)
EUR
1,100,000
1,234,748
NCR
Voyix
Corp.
5.13%
due
04/15/29
(f)
636,000
620,435
MSCI,
Inc.
3.88%
due
02/15/31
(f)
379,000
358,905
Total
Technology
71,490,580
INDUSTRIAL
-
1
.1
%
GXO
Logistics,
Inc.
6.25%
due
05/06/29
15,000,000
15,506,727
EMRLD
Borrower,
LP
/
Emerald
Co.-Issuer,
Inc.
6.63%
due
12/15/30
(f)
14,064,000
14,378,105
Hexcel
Corp.
4.90%
due
05/15/31
5,775,000
5,757,574
Standard
Industries,
Inc.
4.38%
due
07/15/30
(f)
5,600,000
5,318,603
Penske
Truck
Leasing
Co.,
LP
/
PTL
Finance
Corp.
5.25%
due
07/01/29
(f)
4,750,000
4,809,018
4.20%
due
04/01/27
(f)
500,000
498,244
Vontier
Corp.
2.40%
due
04/01/28
3,900,000
3,745,383
TransDigm,
Inc.
6.88%
due
12/15/30
(f)
3,420,000
3,514,734
GATX
Corp.
3.85%
due
03/30/27
2,900,000
2,886,834
3.50%
due
03/15/28
200,000
196,159
Berry
Global,
Inc.
5.80%
due
06/15/31
2,500,000
2,592,302
Esab
Corp.
5.63%
due
04/01/31
(f)
900,000
900,977
Maxam
Prill
SARL
7.75%
due
07/15/30
(f)
500,000
515,123
Total
Industrial
60,619,783
COMMUNICATIONS
-
0
.8
%
SoftBank
Corp.
4.70%
due
07/09/30
(f)
14,000,000
13,831,130
Space
Exploration
Technologies
Corp.
5.35%
due
07/15/31
(f)
13,820,000
13,783,997
NTT
Finance
Corp.
4.71%
(SOFR
+
1.08%)
due
07/16/28
◊,(f)
5,000,000
5,039,098
4.62%
due
07/16/28
(f)
1,600,000
1,596,152
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
124
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
26.2%
(continued)
COMMUNICATIONS
-
0.8%
(continued)
Match
Group
Holdings
II
LLC
4.63%
due
06/01/28
(f)
4,775,000
$
4,709,804
4.13%
due
08/01/30
(f)
1,880,000
1,769,376
Bell
Telephone
Co.
of
Canada
or
Bell
Canada
6.88%
due
09/15/55
(m)
3,360,000
3,434,471
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
2.80%
due
04/01/31
3,250,000
2,895,604
Sirius
XM
Radio
LLC
3.13%
due
09/01/26
(f)
190,000
189,347
3.88%
due
09/01/31
(f)
75,000
68,123
CSC
Holdings
LLC
4.13%
due
12/01/30
(f)
250,000
148,551
AMC
Networks,
Inc.
4.25%
due
02/15/29
6,000
5,304
Total
Communications
47,470,957
UTILITIES
-
0
.6
%
Liberty
Utilities
Co.
5.10%
due
05/15/31
(f)
14,510,000
14,475,136
NRG
Energy,
Inc.
4.45%
due
06/15/29
(f)
9,096,000
8,959,305
Pinnacle
West
Capital
Corp.
4.90%
due
05/15/28
4,200,000
4,214,826
PacifiCorp
7.38%
due
09/15/55
(m)
2,750,000
2,777,896
NiSource,
Inc.
5.75%
due
07/15/56
(m)
1,175,000
1,173,298
WEC
Energy
Group,
Inc.
5.63%
due
05/15/56
(m)
1,175,000
1,167,903
Southern
Co.
3.75%
due
09/15/51
(m)
701,000
698,607
Total
Utilities
33,466,971
TRANSPORTATION
-
0
.3
%
AITX
Finco
LLC
5.38%
due
10/23/30
(h)
11,500,000
11,367,207
Stolthaven
Houston,
Inc.
5.88%
due
07/17/31
(h)
4,656,000
4,662,525
Total
Transportation
16,029,732
INFRASTRUCTURE
-
0
.2
%
QTS
Project
Thunder
5.12%
due
08/21/30
(h)
10,000,000
9,795,305
QTS
Good
News
Facility
6.66%
(SOFR
+
3.00%)
due
10/09/28
◊,(h)
3,751,549
3,751,549
Total
Infrastructure
13,546,854
BASIC
MATERIALS
-
0
.2
%
Compass
Minerals
International,
Inc.
8.00%
due
07/01/30
(f)
5,498,000
5,798,185
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
26.2%
(continued)
BASIC
MATERIALS
-
0.2%
(continued)
Alumina
Pty
Ltd.
6.13%
due
03/15/30
(f)
2,442,000
$
2,476,545
Minerals
Technologies,
Inc.
5.00%
due
07/01/28
(f)
90,000
89,325
Total
Basic
Materials
8,364,055
REAL
ESTATE
-
0
.1
%
Harmoni
Towers
LLC
5.22%
due
10/30/30
(h)
5,100,000
5,027,830
Total
Corporate
Bonds
(Cost
$1,543,285,492)
1,520,400,391
SENIOR
FLOATING
RATE
INTERESTS
-
4
.2
%
CONSUMER,
CYCLICAL
-
1
.2
%
Flutter
Financing
BV
5.73%
(3
Month
Term
SOFR
+
2.00%,
Rate
Floor:
0.50%)
due
06/04/32
◊
10,890,000
10,832,174
Allwyn
Entertainment
Financing
US
LLC
6.18%
(3
Month
Term
SOFR
+
2.50%)
due
01/18/33
◊
9,125,000
8,999,531
Bombardier
Produits
Récréatifs,
Inc.
5.89%
(1
Month
Term
SOFR
+
2.25%,
Rate
Floor:
0.50%)
due
12/13/29
◊
4,515,875
4,510,862
5.89%
(1
Month
Term
SOFR
+
2.25%)
due
01/22/31
◊
3,981,308
3,976,212
Allison
Transmission,
Inc.
5.38%
(1
Month
Term
SOFR
+
1.75%)
due
11/05/32
◊
6,633,375
6,620,971
Peer
Holding
III
BV
5.98%
(3
Month
Term
SOFR
+
2.25%)
due
10/14/32
◊
5,985,000
5,983,743
Scientific
Games
Holdings,
LP
5.85%
(3
Month
EURIBOR
+
3.75%)
due
04/04/29
◊
EUR
5,150,000
5,800,853
Beach
Acquisition
Bidco
LLC
6.39%
(1
Month
Term
SOFR
+
2.75%)
due
09/12/32
◊
3,034,769
3,046,696
5.18%
(1
Month
EURIBOR
+
3.00%)
due
09/12/32
◊
EUR
1,600,000
1,831,199
Entain
Holdings
(Gibraltar)
Ltd.
5.98%
(3
Month
Term
SOFR
+
2.25%)
due
07/31/32
◊
3,910,450
3,903,920
AS
Mileage
Plan
IP
Ltd.
5.64%
(3
Month
Term
SOFR
+
2.00%)
due
05/12/33
◊
3,130,000
3,116,322
Clarios
Global,
LP
4.76%
(1
Month
EURIBOR
+
2.75%)
due
01/28/32
◊
EUR
2,250,000
2,575,895
Aramark
Services,
Inc.
5.39%
(1
Month
Term
SOFR
+
1.75%)
due
06/22/30
◊
2,514,064
2,512,807
Six
Flags
Entertainment
Corp.
5.64%
(1
Month
Term
SOFR
+
2.00%)
due
05/01/31
◊
2,345,462
2,320,905
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
|
125
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
4.2%
(continued)
CONSUMER,
CYCLICAL
-
1.2%
(continued)
Pacific
Bells
LLC
7.23%
(3
Month
Term
SOFR
+
3.50%,
Rate
Floor:
0.50%)
due
11/13/28
◊
1,521,254
$
1,523,399
DK
Crown
Holdings,
Inc.
5.37%
(1
Month
Term
SOFR
+
1.75%)
due
03/04/32
◊
1,234,994
1,232,030
Total
Consumer,
Cyclical
68,787,519
FINANCIAL
-
0
.9
%
Jane
Street
Group
LLC
5.67%
(3
Month
Term
SOFR
+
2.00%)
due
12/15/31
◊
12,292,422
12,170,481
Citadel
Securities
Global
Holdings
LLC
5.66%
(3
Month
Term
SOFR
+
2.00%)
due
10/31/31
◊
7,246,398
7,228,790
Kroll,
Inc.
6.73%
(3
Month
Term
SOFR
+
3.00%)
(in-kind
rate
was
2.75%)
due
09/13/32
◊,(h),(o)
5,746,431
5,726,538
8.89%
(1
Month
Term
SOFR
+
5.25%,
Rate
Floor:
0.50%)
due
09/13/32
◊,(h)
110,000
110,000
Asurion
LLC
7.91%
(3
Month
Term
SOFR
+
4.25%)
due
09/19/30
◊
4,962,406
4,903,502
Focus
Financial
Partners
LLC
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
09/15/31
◊
4,801,470
4,679,032
Eagle
Point
Holdings
Borrower
LLC
7.44%
(3
Month
Term
SOFR
+
3.75%,
Rate
Floor:
1.00%)
due
03/31/28
◊,(h)
3,480,667
3,480,667
7.49%
(3
Month
Term
SOFR
+
3.75%,
Rate
Floor:
1.00%)
due
03/31/28
◊,(h)
880,667
880,667
Outfront
Media
Capital
LLC
5.40%
(1
Month
Term
SOFR
+
1.75%)
due
09/24/32
◊
4,200,000
4,192,650
CPI
Holdco
B
LLC
5.64%
(1
Month
Term
SOFR
+
2.00%)
due
05/17/31
◊
3,913,576
3,896,043
Citco
Funding
LLC
5.66%
(3
Month
Term
SOFR
+
2.00%,
Rate
Floor:
0.50%)
due
01/30/33
◊
2,238,750
2,231,161
Virtu
Financial
6.14%
(1
Month
Term
SOFR
+
2.50%,
Rate
Floor:
0.50%)
due
06/21/31
◊
2,079,000
2,077,961
HarbourVest
Partners,
LP
5.73%
(3
Month
Term
SOFR
+
2.00%)
due
04/19/30
◊,(h)
1,890,500
1,883,411
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
4.2%
(continued)
FINANCIAL
-
0.9%
(continued)
Starwood
Property
Mortgage
LLC
5.64%
(1
Month
Term
SOFR
+
2.00%,
Rate
Floor:
0.50%)
due
01/02/30
◊
1,483,515
$
1,478,575
Total
Financial
54,939,478
ENERGY
-
0
.6
%
ITT
Holdings
LLC
5.62%
(1
Month
Term
SOFR
+
1.98%,
Rate
Floor:
0.50%)
due
10/11/30
◊
10,067,827
10,048,094
Colossus
Acquireco
LLC
5.37%
(3
Month
Term
SOFR
+
1.75%)
due
07/30/32
◊
7,150,471
7,099,846
Transmontaigne
Operating
Co.,
LP
5.89%
(1
Month
Term
SOFR
+
2.25%,
Rate
Floor:
1.50%)
due
03/16/30
◊
5,930,972
5,928,481
Buckeye
Partners,
LP
5.39%
(1
Month
Term
SOFR
+
1.75%)
due
11/22/32
◊
5,034,878
5,047,969
WhiteWater
Matterhorn
Holdings
LLC
5.50%
(3
Month
Term
SOFR
+
1.75%)
due
06/16/32
◊
2,384,025
2,364,857
Whitewater
Whistler
Holdings
LLC
5.50%
(3
Month
Term
SOFR
+
1.75%)
due
02/15/30
◊
2,257,503
2,257,097
Calcasieu
Pass
Funding
LLC
6.95%
(6
Month
Term
SOFR
+
3.25%)
due
04/11/33
◊
1,000,000
1,001,810
Al
GCX
Holdings
LLC
5.86%
(1
Month
Term
SOFR
+
2.25%,
Rate
Floor:
0.50%)
due
12/17/32
◊
349,125
348,999
Total
Energy
34,097,153
INDUSTRIAL
-
0
.3
%
TransDigm,
Inc.
5.89%
(1
Month
Term
SOFR
+
2.25%)
due
03/22/30
◊
6,600,125
6,600,521
Genesee
&
Wyoming,
Inc.
5.48%
(3
Month
Term
SOFR
+
1.75%)
due
04/10/31
◊
3,640,326
3,623,034
Enviri
Corp.
6.01%
(1
Month
Term
SOFR
+
2.25%,
Rate
Floor:
0.50%)
due
06/09/28
◊
3,099,364
3,086,440
Owens-Illinois
Group,
Inc.
6.64%
(1
Month
Term
SOFR
+
3.00%)
due
09/30/32
◊
2,985,000
2,956,075
Lernen
US
Finco
LLC
6.30%
(6
Month
EURIBOR
+
3.75%)
due
04/25/29
◊
EUR
1,500,000
1,710,648
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
126
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
4.2%
(continued)
INDUSTRIAL
-
0.3%
(continued)
Brown
Group
Holding
LLC
6.14%
(3
Month
Term
SOFR
+
2.50%,
Rate
Floor:
0.50%)
due
07/01/31
◊
980,081
$
981,953
SBA
Senior
Finance
II
LLC
5.40%
(1
Month
Term
SOFR
+
1.75%)
due
01/25/31
◊
733,125
733,587
Merlin
Buyer,
Inc.
7.73%
(3
Month
Term
SOFR
+
4.00%)
due
04/15/33
◊
450,000
450,563
Total
Industrial
20,142,821
UTILITIES
-
0
.3
%
Calpine
Construction
Finance
Co,
LP
5.39%
(1
Month
Term
SOFR
+
1.75%)
due
07/31/30
◊
7,100,000
7,089,989
NRG
Energy,
Inc.
5.42%
(3
Month
Term
SOFR
+
1.75%)
due
04/16/31
◊
6,929,114
6,918,512
Meade
Pipeline
Co.
LLC
5.68%
(3
Month
Term
SOFR
+
2.00%)
due
09/22/32
◊
2,450,000
2,448,775
Total
Utilities
16,457,276
CONSUMER,
NON-CYCLICAL
-
0
.3
%
Women's
Care
Holdings,
Inc.
8.26%
(3
Month
Term
SOFR
+
4.50%,
Rate
Floor:
1.75%)
due
01/15/28
◊
4,420,597
4,265,876
Lernen
US
Finco
LLC
7.01%
(3
Month
Term
SOFR
+
3.50%)
due
10/27/31
◊
2,326,588
2,285,152
Corpay
Technologies
Operating
Co.
LLC
5.39%
(1
Month
Term
SOFR
+
1.75%)
due
11/05/32
◊
2,288,510
2,281,553
Froneri
US,
Inc.
5.88%
(6
Month
Term
SOFR
+
2.25%)
due
09/30/31
◊
2,281,989
2,264,212
Upbound
Group,
Inc.
6.43%
(3
Month
Term
SOFR
+
2.75%,
Rate
Floor:
0.50%)
due
08/13/32
◊
2,054,452
2,055,314
Option
Care
Health,
Inc.
5.39%
(1
Month
Term
SOFR
+
1.75%)
due
09/16/32
◊
1,786,500
1,787,393
Concentra
Health
Services,
Inc.
5.64%
(1
Month
Term
SOFR
+
2.00%)
due
07/26/31
◊
395,000
395,328
WEX,
Inc.
5.39%
(1
Month
Term
SOFR
+
1.75%)
due
03/05/32
◊
395,990
394,319
Total
Consumer,
Non-cyclical
15,729,147
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
4.2%
(continued)
INFRASTRUCTURE
-
0
.2
%
QTS
Good
News
Facility
6.37%
(SOFR
+
3.00%)
due
10/09/28
◊,(h)
11,450,000
$
11,437,768
COMMUNICATIONS
-
0
.2
%
Discovery
Global
Holdings,
Inc.
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
06/20/33
◊
5,933,654
5,933,120
Zephyr
Bidco
Ltd.
due
07/20/28
(i)
EUR
1,000,000
1,125,683
Midcontinent
Communications
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
08/16/31
◊
668,299
658,696
Zayo
Group
Holdings,
Inc.
6.76%
(1
Month
Term
SOFR
+
3.00%)
(in-kind
rate
was
0.50%)
due
03/11/30
◊,(o)
567,105
566,855
Virgin
Media
Bristol
LLC
6.97%
(6
Month
Term
SOFR
+
3.18%)
due
03/31/31
◊
600,000
530,082
Charter
Communications
Operating
LLC
5.69%
(3
Month
Term
SOFR
+
2.00%)
due
12/07/30
◊
98,985
97,661
Total
Communications
8,912,097
TECHNOLOGY
-
0
.1
%
World
Wide
Technology
Holding
Co.
LLC
5.64%
(1
Month
Term
SOFR
+
2.00%,
Rate
Floor:
0.50%)
due
03/01/30
◊
2,561,098
2,546,167
Kaseya,
Inc.
6.91%
(3
Month
Term
SOFR
+
3.25%)
due
03/22/32
◊
2,935,139
2,258,413
Datix
Bidco
Ltd.
8.73%
(6
Month
SONIA
+
5.00%)
due
04/30/31
◊,(h)
GBP
968,800
1,277,640
8.73%
(6
Month
Term
SOFR
+
5.00%,
Rate
Floor:
0.50%)
due
04/30/31
◊,(h)
275,000
273,463
Blue
Finco
SARL
6.98%
(3
Month
Term
SOFR
+
3.25%)
due
07/12/32
◊
544,500
519,589
Total
Technology
6,875,272
BASIC
MATERIALS
-
0
.1
%
Minerals
Technologies,
Inc.
5.64%
(1
Month
Term
SOFR
+
2.00%)
due
11/26/31
◊
3,447,500
3,447,500
Arsenal
AIC
Parent
LLC
6.39%
(1
Month
Term
SOFR
+
2.75%)
due
08/18/30
◊
1,749,024
1,753,396
Total
Basic
Materials
5,200,896
Total
Senior
Floating
Rate
Interests
(Cost
$243,543,891)
242,579,427
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
|
127
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
REPURCHASE
AGREEMENTS
(p)
-
2
.1
%
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
40,854,329
$
40,854,329
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
34,045,274
34,045,274
BNP
Paribas
issued
06/30/26
at
3.62%
due
07/01/26
30,640,747
30,640,747
Bank
of
Montreal
issued
06/30/26
at
3.61%
due
07/01/26
17,703,543
17,703,543
Total
Repurchase
Agreements
(Cost
$123,243,893)
123,243,893
FOREIGN
GOVERNMENT
DEBT
-
0
.1
%
Eagle
Funding
Luxco
SARL
5.50%
due
08/17/30
(f)
7,000,000
7,028,350
Total
Foreign
Government
Debt
(Cost
$6,985,123)
7,028,350
U.S.
GOVERNMENT
SECURITIES
-
0
.1
%
U.S.
Treasury
Inflation
Indexed
Bonds
1.38%
due
07/15/33
(d),(q)
5,668,957
5,437,672
Total
U.S.
Government
Securities
(Cost
$5,627,408)
5,437,672
MUNICIPAL
BONDS
-
0
.1
%
CALIFORNIA
-
0
.1
%
California
Public
Finance
Authority
Revenue
Bonds
1.55%
due
10/15/26
3,145,000
3,119,768
Total
Municipal
Bonds
(Cost
$3,145,000)
3,119,768
U.S.
TREASURY
BILLS
-
0
.0
%
U.S.
Treasury
Bills
due
07/14/26
(d),(r),(s)
1,450,000
1,448,128
Total
U.S.
Treasury
Bills
(Cost
$1,448,128)
1,448,128
CONTRACTS/
NOTIONAL
VALUE
LISTED
OPTIONS
PURCHASED
-
0
.0
%
Call
Options
on
:
Interest
Rate
Options
3-Month
SOFR
Futures
Contracts
Expiring
March
2027
with
strike
price
of
$97.50
(Notional
Value
$354,424,400)
1,478
147,800
3-Month
SOFR
Futures
Contracts
Expiring
September
2026
with
strike
price
of
$97.50
(Notional
Value
$352,872,163)
1,469
18,362
Total
Listed
Options
Purchased
(Cost
$1,377,392)
166,162
A
A
A
CONTRACTS/
NOTIONAL
VALUE
VALUE
OTC
INTEREST
RATE
SWAPTIONS
PURCHASED
(t)
-
0
.0
%
Call
Swaptions
on
:
Interest
Rate
Swaptions
Morgan
Stanley
Capital
Services
LLC
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.38%
88,376,000
$
106,812
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.38%
49,097,000
59,339
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.25%
49,098,000
44,637
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.25%
49,097,000
44,636
Citibank,
N.A.
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.43%
79,003,000
38,409
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.38%
29,459,000
35,054
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.38%
29,458,000
35,053
JPMorgan
Chase
Bank,
N.A.
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.43%
59,044,000
27,537
Barclays
Bank
plc
9-Month/5-
Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.35%
40,243,000
26,956
BNP
Paribas
9-Month/5-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.35%
40,243,000
26,956
The
Toronto-Dominion
Bank
9-Month/5-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.35%
40,243,000
26,956
Morgan
Stanley
Capital
Services
LLC
9-Month/5-
Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.35%
40,242,000
26,955
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.43%
38,597,000
18,765
BNP
Paribas
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.30%
59,090,000
18,619
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.43%
29,451,000
13,736
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
128
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
CONTRACTS/
NOTIONAL
VALUE
VALUE
OTC
INTEREST
RATE
SWAPTIONS
PURCHASED
(t)
-
0.0%
(continued)
Call
Swaptions
on:
(continued)
Interest
Rate
Swaptions
(continued)
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.30%
29,400,000
$
9,264
Total
OTC
Interest
Rate
Swaptions
Purchased
(Cost
$4,350,630)
559,684
Total
Investments
-
111.0%
(Cost
$6,511,608,317)
$
6,438,856,942
LISTED
OPTIONS
WRITTEN
-
(
0
.0
)
%
Call
Options
on
:
Interest
Rate
Options
3-Month
SOFR
Futures
Contracts
Expiring
September
2026
with
strike
price
of
$98.00
(Notional
Value
$352,872,163)
1,469
(
18,363
)
3-Month
SOFR
Futures
Contracts
Expiring
March
2027
with
strike
price
of
$98.00
(Notional
Value
$354,424,400)
1,478
(
101,612
)
Total
Listed
Options
Written
(Premium
received
$692,196)
(
119,975
)
OTC
INTEREST
RATE
SWAPTIONS
WRITTEN
(t)
-
(
0
.1
)
%
Call
Swaptions
on
:
Interest
Rate
Swaptions
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.64%
35,665,000
(
243
)
Morgan
Stanley
Capital
Services
LLC
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.64%
35,665,000
(
243
)
Barclays
Bank
plc
1-Year/2-
Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.71%
25,475,000
(
354
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.71%
25,475,000
(
354
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.69%
40,760,000
(
354
)
The
Toronto-Dominion
Bank
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.69%
40,760,000
(
354
)
BNP
Paribas
9-Month/5-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
2.85%
40,243,000
(
3,814
)
A
A
A
CONTRACTS/
NOTIONAL
VALUE
VALUE
OTC
INTEREST
RATE
SWAPTIONS
WRITTEN
(t)
-
(0.1)%
(continued)
Call
Swaptions
on:
(continued)
Interest
Rate
Swaptions
(continued)
Morgan
Stanley
Capital
Services
LLC
9-Month/5-
Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
2.85%
40,242,000
$
(
3,814
)
Barclays
Bank
plc
9-Month/5-
Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
2.85%
40,243,000
(
3,815
)
The
Toronto-Dominion
Bank
9-Month/5-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
2.85%
40,243,000
(
3,815
)
Total
Interest
Rate
Swaptions
(
17,160
)
Put
Swaptions
on
:
Interest
Rate
Swaptions
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
29,451,000
(
115,310
)
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
29,400,000
(
115,586
)
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
29,458,000
(
152,295
)
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
29,459,000
(
152,300
)
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
38,597,000
(
152,996
)
Barclays
Bank
plc
1-Year/2-
Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.71%
25,475,000
(
165,229
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.71%
25,475,000
(
165,229
)
JPMorgan
Chase
Bank,
N.A.
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
59,044,000
(
231,175
)
BNP
Paribas
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
59,090,000
(
232,312
)
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
49,097,000
(
255,190
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.64%
35,665,000
(
268,988
)
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
|
129
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
CONTRACTS/
NOTIONAL
VALUE
VALUE
OTC
INTEREST
RATE
SWAPTIONS
WRITTEN
(t)
-
(0.1)%
(continued)
Put
Swaptions
on:
(continued)
Interest
Rate
Swaptions
(continued)
Morgan
Stanley
Capital
Services
LLC
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.64%
35,665,000
$
(
268,988
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.69%
40,760,000
(
276,669
)
The
Toronto-Dominion
Bank
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.69%
40,760,000
(
276,669
)
A
A
A
CONTRACTS/
NOTIONAL
VALUE
VALUE
OTC
INTEREST
RATE
SWAPTIONS
WRITTEN
(t)
-
(0.1)%
(continued)
Put
Swaptions
on:
(continued)
Interest
Rate
Swaptions
(continued)
Citibank,
N.A.
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
79,003,000
$
(
309,321
)
Morgan
Stanley
Capital
Services
LLC
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
88,376,000
(
459,350
)
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
98,195,000
(
510,386
)
Total
Interest
Rate
Swaptions
(
4,107,993
)
Total
OTC
Interest
Rate
Swaptions
Written
(Premium
received
$4,430,184)
(
4,125,153
)
Other
Assets
&
Liabilities,
net
-
(10.9)%
(
634,581,859
)
Total
Net
Assets
-
100.0%
$
5,800,029,955
~
The
face
amount
is
denominated
in
U.S.
dollars
unless
otherwise
indicated.
*
Non-income
producing
security.
◊
Variable
rate
security.
Rate
indicated
is
the
rate
effective
at
June
30,
2026.
In
some
instances,
the
effective
rate
is
limited
by
a
minimum
rate
floor
or
a
maximum
rate
cap
established
by
the
issuer.
The
settlement
status
of
a
position
may
also
impact
the
effective
rate
indicated.
In
some
cases,
a
position
may
be
unsettled
at
period
end
and
may
not
have
a
stated
effective
rate.
In
instances
where
multiple
underlying
reference
rates
and
spread
amounts
are
shown,
the
effective
rate
is
based
on
a
weighted
average.
(a)
Affiliated
issuer.
(b)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(c)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(d)
All
or
a
portion
of
this
security
is
pledged
as
collateral
for
futures
and
swap
agreements
at
June
30,
2026.
(e)
Security
is
an
interest-only
strip.
(f)
Security
is
a
144A
or
Section
4(a)(2)
security.
These
securities
have
been
determined
to
be
liquid
under
guidelines
established
by
the
Board
of
Trustees.
The
total
market
value
of
144A
or
Section
4(a)(2)
liquid
securities
is
$3,806,960,741
(cost
$3,841,691,830),
or
65.6%
of
total
net
assets.
(g)
Security
is
a
step
up/down
bond.
The
coupon
increases
or
decreases
at
regular
intervals
until
the
bond
reaches
full
maturity.
Rate
indicated
is
the
rate
at
June
30,
2026.
See
table
below
for
additional
step
information
for
each
security.
(h)
Value
determined
based
on
Level
3
inputs
—
See
Note
3
.
(i)
Security
is
unsettled
at
period
end
and
may
not
have
a
stated
effective
rate.
(j)
Security
has
no
stated
coupon.
However,
it
is
expected
to
receive
residual
cash
flow
payments
on
defined
deal
dates.
(k)
Security
is
a
144A
or
Section
4(a)(2)
security.
These
securities
have
been
determined
to
be
illiquid
and
restricted
under
guidelines
established
by
the
Board
of
Trustees.
The
total
market
value
of
144A
or
Section
4(a)(2)
illiquid
and
restricted
securities
is
$6,398,050
(cost
$6,494,880),
or
0.1%
of
total
net
assets
-
See
Note
5
.
(l)
Security
is
in
default
of
interest
and/or
principal
obligations.
(m)
Security
has
a
fixed
rate
coupon
which
will
convert
to
a
floating
or
variable
rate
coupon
on
a
future
date.
(n)
Perpetual
maturity.
(o)
Payment-in-kind
security.
(p)
Repurchase
Agreements
—
The
interest
rate
on
repurchase
agreements
is
market
driven
and
based
on
the
underlying
collateral
obtained.
See
additional
disclosure
in
the
repurchase
agreements
table
below
for
more
information
on
repurchase
agreements.
(q)
Face
amount
of
security
is
adjusted
for
inflation.
(r)
Rate
indicated
is
the
effective
yield
at
the
time
of
purchase.
(s)
Zero
coupon
rate
security.
(t)
Swaptions
—
See
additional
disclosure
in
the
swaptions
table
below
for
more
information
on
swaptions.
EUR
—
Euro
EURIBOR
—
European
Interbank
Offered
Rate
GBP
—
British
Pound
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
130
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
REIT
—
Real
Estate
Investment
Trust
REMIC
—
Real
Estate
Mortgage
Investment
Conduit
SARL  —
Société
à
Responsabilité
Limitée
SOFR
—
Secured
Overnight
Financing
Rate
SONIA
—
Sterling
Overnight
Index
Average
WAC
—
Weighted
Average
Coupon
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Appreciation
(a)
Interest
Rate
Futures
Contracts
Purchased
U.S.
Treasury
2
Year
Note
Futures
Contracts
625
Sep
2026
$
128,833,008
$
8,940
–
–
Centrally
Cleared
Credit
Default
Swap
Agreements
Protection
Sold
Counterparty
Exchange
Index
Protection
Premium
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Value
Upfront
Premiums
Paid
Unrealized
Appreciation
(a)
Bank
of
America
Securities,
Inc.
ICE
CDX.
NA.IG.45.V1
1.00%
Quarterly
06/20/31
$
55,600,000
$
1,234,527
$
1,054,661
$
179,866
Centrally
Cleared
Credit
Default
Swap
Agreements
Protection
Purchased
Counterparty
Exchange
Index
Protection
Premium
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
~
Value
Upfront
Premiums
Received
Unrealized
Depreciation
(a)
Bank
of
America
Securities,
Inc.
ICE
ITRAXX.
EUR.45.V1
1.00%
Quarterly
06/20/31
EUR
47,600,000
$
(
1,233,267
)
$
(
940,674
)
$
(
292,593
)
OTC
Credit
Default
Swap
Agreements
Protection
Purchased
Counterparty
Index
Protection
Premium
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Value
Upfront
Premiums
Received
Unrealized
Depreciation
J.P.
Morgan
Securities
LLC
CDX.NA.HY.43.
V1
(15-25%)
5.00%
Quarterly
12/20/29
$
1,069,000
$
(
109,366
)
$
(
45,191
)
$
(
64,175
)
Centrally
Cleared
Interest
Rate
Swap
Agreements
Counterparty
Exchange
Floating
Rate
Type
Floating
Rate
Index
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
(a)
Bank
of
America
Securities,
Inc.
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
3.76%
Annually
05/13/31
$
640,000,000
$
4,142,782
$
—
$
4,142,782
Bank
of
America
Securities,
Inc.
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
3.49%
Annually
08/13/34
45,000,000
1,638,026
3,258
1,634,768
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
|
131
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Centrally
Cleared
Interest
Rate
Swap
Agreements
(continued)
Counterparty
Exchange
Floating
Rate
Type
Floating
Rate
Index
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
(a)
Bank
of
America
Securities,
Inc.
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
3.55%
Annually
08/12/34
$
74,200,000
$
2,392,783
$
1,528,467
$
864,316
J.P.
Morgan
Securities
LLC
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
3.71%
Annually
06/03/32
75,000,000
834,682
711
833,971
Bank
of
America
Securities,
Inc.
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
4.09%
Annually
01/03/27
190,000,000
533,265
196
533,069
J.P.
Morgan
Securities
LLC
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
4.37%
Annually
07/03/27
60,000,000
451,651
86
451,565
J.P.
Morgan
Securities
LLC
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
4.05%
Annually
02/04/27
160,000,000
332,510
174
332,336
Bank
of
America
Securities,
Inc.
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
3.92%
Annually
12/18/34
34,100,000
88,260
526
87,734
J.P.
Morgan
Securities
LLC
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
4.12%
Annually
07/17/40
57,500,000
65,310
861
64,449
J.P.
Morgan
Securities
LLC
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
4.18%
Annually
07/30/45
12,500,000
46,122
451
45,671
J.P.
Morgan
Securities
LLC
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
4.11%
Annually
12/23/39
17,000,000
(
1,581
)
444
(
2,025
)
Bank
of
America
Securities,
Inc.
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.95%
Annually
07/02/29
300,000,000
(
15,198
)
—
(
15,198
)
Bank
of
America
Securities,
Inc.
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.74%
Annually
05/13/29
50,000,000
(
290,391
)
—
(
290,391
)
Bank
of
America
Securities,
Inc.
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.29%
Annually
09/09/30
24,225,000
(
671,389
)
(
355,573
)
(
315,816
)
J.P.
Morgan
Securities
LLC
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.68%
Annually
06/03/27
150,000,000
(
444,143
)
310
(
444,453
)
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
132
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Centrally
Cleared
Interest
Rate
Swap
Agreements
(continued)
Counterparty
Exchange
Floating
Rate
Type
Floating
Rate
Index
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
(a)
Bank
of
America
Securities,
Inc.
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
3.89%
Annually
07/30/35
$
101,050,000
$
812,061
$
1,396,767
$
(
584,706
)
J.P.
Morgan
Securities
LLC
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.72%
Annually
04/02/27
425,000,000
(
734,414
)
511
(
734,925
)
J.P.
Morgan
Securities
LLC
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
4.36%
Annually
10/16/30
181,000,000
(
3,922,864
)
(
2,691,732
)
(
1,231,132
)
J.P.
Morgan
Securities
LLC
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
4.05%
Annually
01/31/30
181,100,000
(
984,580
)
341,062
(
1,325,642
)
J.P.
Morgan
Securities
LLC
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.42%
Annually
09/02/27
175,000,000
(
1,914,917
)
107,730
(
2,022,647
)
Bank
of
America
Securities,
Inc.
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.47%
Annually
09/23/31
120,680,000
(
2,450,429
)
(
83,736
)
(
2,366,693
)
Bank
of
America
Securities,
Inc.
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.75%
Annually
05/13/28
1,985,000,000
(
9,078,101
)
(
1,634,086
)
(
7,444,015
)
$
(
9,170,555
)
$
(
1,383,573
)
$
(
7,786,982
)
Forward
Foreign
Currency
Exchange
Contracts
Counterparty
Currency
Type
Quantity
Contract
Amount
Settlement
Date
Unrealized
Appreciation
(Depreciation)
Bank
of
America,
N.A.
EUR
Sell
26,773,000
31,000,644
USD
07/15/26
$
393,900
Bank
of
America,
N.A.
GBP
Sell
970,000
1,301,186
USD
07/15/26
14,800
Citibank,
N.A.
EUR
Buy
1,455,000
1,674,886
USD
07/15/26
(
11,538
)
$
397,162
OTC
Interest
Rate
Swaptions
Purchased
Counterparty/
Description
Floating
Rate
Type
Floating
Rate
Index
Payment
Frequency
Fixed
Rate
Expiration
Date
Exercise
Rate
Swaption
Notional
Amount
Swaption
Value
Call
Morgan
Stanley
Capital
Services
LLC
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.38%
12/28/26
3.38%
$
88,376,000
$
106,812
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.38%
12/28/26
3.38%
49,097,000
59,339
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
|
133
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
OTC
Interest
Rate
Swaptions
Purchased
(continued)
Counterparty/
Description
Floating
Rate
Type
Floating
Rate
Index
Payment
Frequency
Fixed
Rate
Expiration
Date
Exercise
Rate
Swaption
Notional
Amount
Swaption
Value
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.25%
12/28/26
3.25%
$
49,098,000
$
44,637
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.25%
12/28/26
3.25%
49,097,000
44,636
Citibank,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.43%
09/28/26
3.43%
79,003,000
38,409
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.38%
12/24/26
3.38%
29,459,000
35,054
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.38%
12/24/26
3.38%
29,458,000
35,053
JPMorgan
Chase
Bank,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.43%
09/24/26
3.43%
59,044,000
27,537
Barclays
Bank
plc
9-Month/5-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.35%
09/21/26
3.35%
40,243,000
26,956
The
Toronto-
Dominion
Bank
9-Month/5-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.35%
09/21/26
3.35%
40,243,000
26,956
BNP
Paribas
9-Month/5-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.35%
09/21/26
3.35%
40,243,000
26,956
Morgan
Stanley
Capital
Services
LLC
9-Month/5-
Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.35%
09/21/26
3.35%
40,242,000
26,955
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.43%
09/28/26
3.43%
38,597,000
18,765
BNP
Paribas
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.30%
09/25/26
3.30%
59,090,000
18,619
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.43%
09/24/26
3.43%
29,451,000
13,736
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.30%
09/25/26
3.30%
29,400,000
9,264
$
559,684
OTC
Interest
Rate
Swaptions
Written
Counterparty/
Description
Floating
Rate
Type
Floating
Rate
Index
Payment
Frequency
Fixed
Rate
Expiration
Date
Exercise
Rate
Swaption
Notional
Amount
Swaption
Value
Call
Morgan
Stanley
Capital
Services
LLC
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.64%
08/13/26
2.64%
$
35,665,000
$
(
243
)
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
134
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
OTC
Interest
Rate
Swaptions
Written
(continued)
Counterparty/
Description
Floating
Rate
Type
Floating
Rate
Index
Payment
Frequency
Fixed
Rate
Expiration
Date
Exercise
Rate
Swaption
Notional
Amount
Swaption
Value
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.64%
08/13/26
2.64%
$
35,665,000
$
(
243
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.71%
08/19/26
2.71%
25,475,000
(
354
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.69%
08/14/26
2.69%
40,760,000
(
354
)
The
Toronto-
Dominion
Bank
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.69%
08/14/26
2.69%
40,760,000
(
354
)
Barclays
Bank
plc
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.71%
08/19/26
2.71%
25,475,000
(
354
)
Morgan
Stanley
Capital
Services
LLC
9-Month/5-
Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.85%
09/21/26
2.85%
40,242,000
(
3,814
)
BNP
Paribas
9-Month/5-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.85%
09/21/26
2.85%
40,243,000
(
3,814
)
Barclays
Bank
plc
9-Month/5-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.85%
09/21/26
2.85%
40,243,000
(
3,815
)
The
Toronto-
Dominion
Bank
9-Month/5-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.85%
09/21/26
2.85%
40,243,000
(
3,815
)
$
(
17,160
)
Put
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/24/26
3.95%
29,451,000
(
115,310
)
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/25/26
3.95%
29,400,000
(
115,586
)
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/24/26
3.95%
29,458,000
(
152,295
)
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/24/26
3.95%
29,459,000
(
152,300
)
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/28/26
3.95%
38,597,000
(
152,996
)
Barclays
Bank
plc
1-Year/2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.71%
08/19/26
3.71%
25,475,000
(
165,229
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.71%
08/19/26
3.71%
25,475,000
(
165,229
)
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
|
135
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
OTC
Interest
Rate
Swaptions
Written
(continued)
Counterparty/
Description
Floating
Rate
Type
Floating
Rate
Index
Payment
Frequency
Fixed
Rate
Expiration
Date
Exercise
Rate
Swaption
Notional
Amount
Swaption
Value
JPMorgan
Chase
Bank,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/24/26
3.95%
$
59,044,000
$
(
231,175
)
BNP
Paribas
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/25/26
3.95%
59,090,000
(
232,312
)
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/28/26
3.95%
49,097,000
(
255,190
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.64%
08/13/26
3.64%
35,665,000
(
268,988
)
Morgan
Stanley
Capital
Services
LLC
1-Year/2-
Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.64%
08/13/26
3.64%
35,665,000
(
268,988
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.69%
08/14/26
3.69%
40,760,000
(
276,669
)
The
Toronto-
Dominion
Bank
1-Year/2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.69%
08/14/26
3.69%
40,760,000
(
276,669
)
Citibank,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/24/26
3.95%
79,003,000
(
309,321
)
Morgan
Stanley
Capital
Services
LLC
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/28/26
3.95%
88,376,000
(
459,350
)
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/28/26
3.95%
98,195,000
(
510,386
)
$
(
4,107,993
)
(a)
Includes
cumulative
appreciation
(depreciation).
~
The
face
amount
is
denominated
in
U.S.
dollars
unless
otherwise
indicated.
CDX.NA.HY.43.V1
—
Credit
Default
Swap
North
American
High
Yield
Series
43
Index
Version
1
CDX.NA.IG.45.V1
—
Credit
Default
Swap
North
American
Investment
Grade
Series
45
Index
Version
1
CME
—
Chicago
Mercantile
Exchange
EUR
—
Euro
GBP
—
British
Pound
ICE
—
Intercontinental
Exchange
ITRAXX.EUR.45.V1
—
iTraxx
Credit
Default
Swap
European
Investment
Grade
Series
45
Index
Version
1
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
136
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(See
Note
3
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Preferred
Stocks
$
—
$
13,721,213
$
—
$
13,721,213
Warrants
14
—
—
14
Exchange-Traded
Funds
30,686,442
—
—
30,686,442
Mutual
Funds
54,081,924
—
—
54,081,924
Money
Market
Funds
117,785,070
—
—
117,785,070
Collateralized
Mortgage
Obligations
—
2,520,548,066
3,998,927
2,524,546,993
Asset-Backed
Securities
—
1,590,791,858
203,259,953
1,794,051,811
Corporate
Bonds
—
1,438,916,488
81,483,903
1,520,400,391
Senior
Floating
Rate
Interests
—
217,509,273
25,070,154
242,579,427
Repurchase
Agreements
—
123,243,893
—
123,243,893
Foreign
Government
Debt
—
7,028,350
—
7,028,350
U.S.
Government
Securities
—
5,437,672
—
5,437,672
Municipal
Bonds
—
3,119,768
—
3,119,768
U.S.
Treasury
Bills
—
1,448,128
—
1,448,128
Options
Purchased
166,162
—
—
166,162
Interest
Rate
Swaptions
Purchased
—
559,684
—
559,684
Interest
Rate
Futures
Contracts
(a)
8,940
—
—
8,940
Credit
Default
Swap
Agreements
(a)
—
179,866
—
179,866
Interest
Rate
Swap
Agreements
(a)
—
8,990,661
—
8,990,661
Forward
Foreign
Currency
Exchange
Contracts
(a)
—
408,700
—
408,700
Unfunded
Loan
Commitments
(
Note
4
)
(a)
—
—
36,921
36,921
Total
Assets
$
202,728,552
$
5,931,903,620
$
313,849,858
$
6,448,482,030
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Options
Written
$
119,975
$
—
$
—
$
119,975
Interest
Rate
Swaptions
Written
—
4,125,153
—
4,125,153
Credit
Default
Swap
Agreements
(a)
—
356,768
—
356,768
Interest
Rate
Swap
Agreements
(a)
—
16,777,643
—
16,777,643
Forward
Foreign
Currency
Exchange
Contracts
(a)
—
11,538
—
11,538
Unfunded
Loan
Commitments
(
Note
4
)
(a)
—
—
1,636
1,636
Total
Liabilities
$
119,975
$
21,271,102
$
1,636
$
21,392,713
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
The
following
is
a
summary
of
significant
unobservable
inputs
used
in
the
fair
valuation
of
assets
and
liabilities
categorized
within
Level
3
of
the
fair
value
hierarchy:
Category
Ending
Balance
at
June
30,
2026
Valuation
Technique
Unobservable
Inputs
Input
Range
Weighted
Average
(a)
Assets:
Asset-Backed
Securities
$
92,615,973
Option
adjusted
spread
off
prior
month
end
broker
quote
Broker
Quote
—
—
Asset-Backed
Securities
47,375,000
Third
Party
Pricing
Broker
Quote
—
—
Asset-Backed
Securities
46,224,688
Yield
Analysis
Yield
6.0%-7.3%
6.7%
Asset-Backed
Securities
17,043,473
Third
Party
Pricing
Trade
Price
—
—
Asset-Backed
Securities
819
Third
Party
Pricing
Vendor
Price
—
—
Collateralized
Mortgage
Obligations
3,998,927
Third
Party
Pricing
Vendor
Price
—
—
Corporate
Bonds
61,683,775
Option
adjusted
spread
off
prior
month
end
broker
quote
Broker
Quote
—
—
Corporate
Bonds
7,187,354
Model
Price
Purchase
Price
—
—
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
|
137
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Significant
changes
in
a
quote
or
yield
would
generally
result
in
significant
changes
in
the
fair
value
of
the
security.
Any
remaining
Level
3
securities
held
by
the
Fund
and
excluded
from
the
table
above,
were
not
considered
material
to
the
Fund.
The
Fund’s
fair
valuation
leveling
guidelines
classify
a
single
daily
broker
quote,
or
a
vendor
price
based
on
a
single
daily
or
monthly
broker
quote,
as
Level
3,
if
such
a
quote
or
price
cannot
be
supported
with
other
available
market
information.
Transfers
between
Level
2
and
Level
3
may
occur
as
markets
fluctuate
and/or
the
availability
of
data
used
in
an
investment’s
valuation
changes.
For
the
period
ended
June
30,
2026,
the
Fund
had
securities
with
a
total
value
of
$6,656,846
transfer
into
Level
3
from
Level
2
due
to
a
lack
of
observable
inputs
and
had
securities
with
a
total
value
of
$113,277
transfer
out
of
Level
3
into
Level
2
due
to
the
availability
of
current
and
reliable
market-based
data
provided
by
a
third-party
pricing
service
which
utilizes
significant
observable
inputs.
Summary
of
Fair
Value
Level
3
Activity
Following
is
a
reconciliation
of
Level
3
assets
for
which
significant
unobservable
inputs
were
used
to
determine
fair
value
for
the
period
ended
June
30,
2026:
Category
Ending
Balance
at
June
30,
2026
Valuation
Technique
Unobservable
Inputs
Input
Range
Weighted
Average
(a)
Corporate
Bonds
$
6,398,000
Third
Party
Pricing
Broker
Quote
—
—
Corporate
Bonds
6,214,774
Yield
Analysis
Yield
6.2%
—
Senior
Floating
Rate
Interests
17,460,205
Model
Price
Purchase
Price
—
—
Senior
Floating
Rate
Interests
5,726,538
Yield
Analysis
Yield
9.1%
—
Senior
Floating
Rate
Interests
1,883,411
Third
Party
Pricing
Broker
Quote
—
—
Unfunded
Loan
Commitments
36,921
Model
Price
Purchase
Price
—
—
Total
Assets
$
313,849,858
Liabilities:
Unfunded
Loan
Commitments
$
1,636
Model
Price
Purchase
Price
—
—
(a)
Inputs
are
weighted
by
the
fair
value
of
the
instruments.
Beginning
Balance
Purchases/
(Receipts)
(Sales,
maturities
and
paydowns)/
Fundings
Amortization
of
premiums/
discounts
Total
realized
gains
(losses)
included
in
earnings
Assets
Asset-Backed
Securities
$
169,169,599
$
68,019,057
$
(
39,630,697
)
$
2,139
$
364,108
Corporate
Bonds
59,511,784
43,134,922
(
13,476,412
)
1,338
3,035
Senior
Floating
Rate
Interests
19,162,038
8,636,539
(
2,774,272
)
2,340
203
Collateralized
Mortgage
Obligations
194,617
4,142,987
(
2,130,311
)
—
—
Unfunded
Loan
Commitments
2,148
39,468
—
(
187
)
—
Total
Assets
$
248,040,186
$
123,972,973
$
(
58,011,692
)
$
5,630
$
367,346
Liabilities
Unfunded
Loan
Commitments
$
—
$
—
$
—
$
—
$
—
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
138
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Total
change
in
unrealized
appreciation
(depreciation)
included
in
earnings
Transfers
into
Level
3
Transfers
out
of
Level
3
Ending
Balance
Net
change
in
unrealized
appreciation
(depreciation)
for
investments
in
Level
3
securities
still
held
at
June
30,
2026
Assets
Asset-Backed
Securities
$
905,104
$
4,430,643
$
—
$
203,259,953
$
880,064
Corporate
Bonds
(
7,690,764
)
—
—
81,483,903
(
7,690,764
)
Senior
Floating
Rate
Interests
43,306
—
—
25,070,154
56,517
Collateralized
Mortgage
Obligations
(
321,292
)
2,226,203
(
113,277
)
3,998,927
(
251,849
)
Unfunded
Loan
Commitments
(
4,508
)
—
—
36,921
36,927
Total
Assets
$
(
7,068,154
)
$
6,656,846
$
(
113,277
)
$
313,849,858
$
(
6,969,105
)
Liabilities
Unfunded
Loan
Commitments
$
(
1,636
)
$
—
$
—
$
(
1,636
)
$
(
1,636
)
Step
Coupon
Bonds
The
following
table
discloses
additional
information
related
to
step
coupon
bonds
held
by
the
Fund.
Certain
securities
are
subject
to
multiple
rate
changes
prior
to
maturity.
For
those
securities,
a
range
of
rates
and
corresponding
dates
have
been
provided.
Rates
for
all
step
coupon
bonds
held
by
the
Fund
are
scheduled
to
increase,
none
are
scheduled
to
decrease.
Name
Coupon
Rate
at
Next
Reset
Date
Next
Rate
Reset
Date
Future
Reset
Rate(s)
Future
Reset
Date(s)
Anchor
Mortgage
Trust
2025-RTL1,
5.72%
due
05/25/40
6.72%
11/01/27
—
—
Angel
Oak
Mortgage
Trust
2025-12,
5.04%
due
12/25/70
6.04%
11/01/29
—
—
Angel
Oak
Mortgage
Trust
2024-12,
5.86%
due
10/25/69
6.86%
11/01/28
—
—
Angel
Oak
Mortgage
Trust
2025-12,
5.14%
due
12/25/70
6.14%
11/01/29
—
—
Angel
Oak
Mortgage
Trust
2024-4,
6.20%
due
01/25/69
7.20%
03/01/28
—
—
Archwest
Mortgage
Trust
2025-RTL1,
5.20%
due
10/25/40
6.16%
04/25/28
—
—
ATLX
Trust
2024-RPL2,
3.85%
due
04/25/63
4.85%
10/01/28
—
—
Barclays
Mortgage
Loan
Trust
2026-CES1,
4.85%
due
01/25/56
5.85%
02/01/30
—
—
BRAVO
Residential
Funding
Trust
2024-NQM6,
5.66%
due
08/01/64
6.66%
08/01/28
—
—
BRAVO
Residential
Funding
Trust
2025-NQM8,
5.08%
due
06/25/65
6.08%
08/01/29
—
—
BRAVO
Residential
Funding
Trust
2025-NQM1,
5.81%
due
12/25/64
6.81%
01/01/29
—
—
BRAVO
Residential
Funding
Trust
2025-CES2,
4.96%
due
07/26/55
5.96%
08/01/29
—
—
BRAVO
Residential
Funding
Trust
2024-NQM1,
5.94%
due
12/01/63
6.94%
01/01/28
—
—
BRAVO
Residential
Funding
Trust
2025-NQM8,
5.29%
due
06/25/65
6.29%
08/01/29
—
—
BRAVO
Residential
Funding
Trust
2025-NQM2,
5.93%
due
11/25/64
6.93%
02/01/29
—
—
CAFL
Issuer,
LP
2025-RRTL2,
5.18%
due
11/28/40
6.03%
06/28/28
—
—
CIM
Trust
2025-R1,
5.00%
due
02/25/99
8.00%
03/01/28
9.00%
03/01/29
CIM
Trust
2026-R1,
4.75%
due
12/25/65
7.75%
05/01/29
—
—
COLT
Mortgage
Loan
Trust
2025-3,
5.35%
due
03/25/70
6.35%
02/01/29
—
—
COLT
Mortgage
Loan
Trust
2024-2,
6.13%
due
04/25/69
7.13%
03/01/28
—
—
Cross
Mortgage
Trust
2026-NQM1,
4.95%
due
02/25/61
5.95%
01/01/30
—
—
Deephaven
Residential
Mortgage
Trust
2026-CES1,
5.31%
due
03/25/61
6.31%
04/01/30
—
—
Deephaven
Residential
Mortgage
Trust
2025-CES1,
5.38%
due
10/25/55
6.38%
10/01/29
—
—
EFMT
2025-CES4,
5.43%
due
06/25/60
6.43%
07/01/29
—
—
GCAT
Trust
2024-NQM2,
6.09%
due
06/25/59
7.36%
05/01/28
—
—
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
|
139
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Name
Coupon
Rate
at
Next
Reset
Date
Next
Rate
Reset
Date
Future
Reset
Rate(s)
Future
Reset
Date(s)
GCAT
Trust
2025-NQM1,
5.37%
due
11/25/69
6.37%
04/01/29
—
—
GS
Mortgage-Backed
Securities
Trust
2025-NQM3,
5.14%
due
11/25/65
6.14%
08/01/29
—
—
HOMES
Trust
2025-AFC2,
5.47%
due
06/25/60
6.47%
06/01/29
—
—
JP
Morgan
Mortgage
Trust
2026-CES1,
4.91%
due
06/25/56
5.91%
01/01/30
—
—
JP
Morgan
Mortgage
Trust
2024-NQM1,
5.59%
due
02/25/64
6.59%
12/01/28
—
—
JP
Morgan
Mortgage
Trust
2026-VIS1,
5.04%
due
06/25/66
6.04%
02/01/30
—
—
LHOME
Mortgage
Trust
2026-RTL1,
4.91%
due
01/25/41
6.08%
07/25/28
—
—
LHOME
Mortgage
Trust
2025-RTL3,
5.24%
due
08/25/40
6.24%
02/25/28
—
—
LHOME
Mortgage
Trust
2024-RTL5,
5.32%
due
09/25/39
6.32%
03/25/27
—
—
Mill
City
Securities
Ltd.
2024-RS1,
3.00%
due
11/01/69
6.00%
10/01/27
—
—
Mill
City
Securities
Ltd.
2024-RS2,
3.00%
due
08/01/69
6.00%
12/01/27
—
—
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2025-
SPL1,
4.25%
due
02/25/65
5.25%
09/01/29
—
—
NLT
Trust
2026-NQM1,
5.60%
due
02/25/71
6.60%
03/01/30
—
—
NLT
Trust
2026-NQM1,
5.40%
due
02/25/71
6.40%
03/01/30
—
—
NYMT
Loan
Trust
2025-INV2,
5.25%
due
10/25/60
6.25%
09/01/29
—
—
NYMT
Loan
Trust
2025-INV2,
5.46%
due
10/25/60
6.46%
09/01/29
—
—
OBX
Trust
2025-NQM2,
5.75%
due
11/25/64
6.75%
01/01/29
—
—
OBX
Trust
2024-NQM8,
6.23%
due
05/25/64
7.23%
05/01/28
—
—
OBX
Trust
2024-NQM5,
5.99%
due
01/25/64
6.99%
03/01/28
—
—
OBX
Trust
2025-NQM10,
5.45%
due
05/25/65
6.45%
05/01/29
—
—
OBX
Trust
2026-NQM9,
5.52%
due
04/25/66
6.52%
06/01/30
—
—
OBX
Trust
2024-NQM17,
5.86%
due
11/25/64
6.86%
11/01/28
—
—
OBX
Trust
2024-NQM9,
6.28%
due
01/25/64
7.46%
06/01/28
—
—
OBX
Trust
2025-NQM3,
5.95%
due
12/01/64
6.95%
02/01/29
—
—
OBX
Trust
2024-NQM18,
5.87%
due
10/25/64
6.87%
11/01/28
—
—
OBX
Trust
2025-R1,
5.09%
due
09/25/62
6.09%
11/01/29
—
—
OBX
Trust
2024-NQM18,
5.66%
due
10/25/64
6.66%
11/01/28
—
—
OBX
Trust
2025-NQM3,
5.85%
due
12/01/64
6.85%
02/01/29
—
—
PRPM
LLC
2026-3,
5.96%
due
04/25/31
8.96%
04/01/29
9.96%
04/01/30
PRPM
LLC
2026-2,
5.09%
due
02/25/31
8.09%
02/01/29
—
—
PRPM
LLC
2024-RPL2,
3.50%
due
05/25/54
4.50%
05/25/28
—
—
PRPM
LLC
2025-8,
5.39%
due
10/25/30
8.39%
10/01/28
—
—
PRPM
LLC
2025-6,
5.77%
due
08/25/28
8.77%
08/01/28
—
—
PRPM
LLC
2025-3,
6.26%
due
05/25/30
9.26%
05/01/28
10.26%
05/01/29
PRPM
LLC
2024-6,
5.70%
due
11/25/29
8.70%
11/25/27
9.70%
11/25/28
PRPM
LLC
2025-5,
5.73%
due
07/25/30
8.73%
07/01/28
9.73%
07/01/29
PRPM
LLC
2025-RCF3,
5.25%
due
07/25/55
6.25%
07/01/29
—
—
PRPM
LLC
2025-7,
5.50%
due
08/25/30
8.50%
08/01/28
9.50%
08/01/29
RCKT
Mortgage
Trust
2025-CES5,
5.69%
due
05/25/55
6.69%
05/01/29
—
—
RCKT
Mortgage
Trust
2025-CES6,
5.47%
due
06/25/55
6.47%
06/01/29
—
—
RCKT
Mortgage
Trust
2025-CES7,
5.38%
due
07/25/55
6.38%
07/01/29
—
—
RCKT
Mortgage
Trust
2025-CES1,
5.65%
due
01/25/45
6.65%
01/01/29
—
—
RCKT
Mortgage
Trust
2026-CES4,
5.23%
due
04/25/56
6.23%
04/01/30
—
—
RCKT
Mortgage
Trust
2024-CES4,
6.15%
due
06/25/44
7.15%
05/01/28
—
—
RCKT
Mortgage
Trust
2025-CES7,
5.48%
due
07/25/55
6.48%
07/01/29
—
—
Saluda
Grade
Alternative
Mortgage
Trust
2025-RRTL1,
5.32%
due
10/25/40
6.32%
03/01/28
—
—
SG
Residential
Mortgage
Trust
2026-1,
4.99%
due
01/25/66
5.99%
02/01/30
—
—
Towd
Point
Mortgage
Trust
2025-FIX1,
4.97%
due
09/25/65
5.97%
09/01/29
—
—
Towd
Point
Mortgage
Trust
2025-CES4,
5.09%
due
10/25/65
6.09%
10/01/29
—
—
Towd
Point
Mortgage
Trust
2026-CES1,
4.96%
due
01/25/66
6.13%
01/01/30
—
—
Verus
Securitization
Trust
2025-1,
5.77%
due
01/25/70
6.77%
01/01/29
—
—
Verus
Securitization
Trust
2025-12,
5.37%
due
12/25/70
6.37%
12/01/29
—
—
Verus
Securitization
Trust
2025-9,
5.19%
due
10/27/70
6.19%
10/01/29
—
—
Verus
Securitization
Trust
2025-5,
5.43%
due
06/25/70
6.43%
06/01/29
—
—
Verus
Securitization
Trust
2025-2,
5.31%
due
03/25/70
6.31%
03/01/29
—
—
Verus
Securitization
Trust
2024-9,
5.89%
due
11/25/69
6.89%
12/01/28
—
—
Verus
Securitization
Trust
2024-5,
6.45%
due
06/25/69
7.45%
06/01/28
—
—
Verus
Securitization
Trust
2025-7,
5.13%
due
08/25/70
6.13%
08/01/29
—
—
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
140
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Name
Coupon
Rate
at
Next
Reset
Date
Next
Rate
Reset
Date
Future
Reset
Rate(s)
Future
Reset
Date(s)
Vista
Point
Securitization
Trust
2024-CES3,
5.68%
due
01/25/55
6.68%
12/01/28
—
—
Vista
Point
Securitization
Trust
2025-CES1,
5.81%
due
04/25/55
6.81%
03/01/29
—
—
Vista
Point
Securitization
Trust
2026-CES2,
5.42%
due
05/25/56
6.42%
04/01/30
—
—
Repurchase
Agreements
The
Fund
may
engage
in
repurchase
agreements.
Repurchase
agreements
are
fixed
income
securities
in
the
form
of
agreements
backed
by
collateral.
These
agreements
typically
involve
the
acquisition
by
the
Fund
of
securities
from
the
selling
institution
coupled
with
the
agreement
that
the
selling
institution
will
repurchase
the
underlying
securities
at
a
specified
price
and
at
a
fixed
time
in
the
future.
The
Fund
may
accept
a
wide
variety
of
underlying
securities
as
collateral
for
the
repurchase
agreements
entered
into
by
the
Fund.
Any
such
securities
serving
as
collateral
are
marked-to-market
daily
in
order
to
maintain
full
collateralization.
In
connection
with
transactions
in
repurchase
agreements,
it
is
the
Fund’s
policy
that
its
custodian
take
possession
of
the
underlying
collateral.
The
collateral
is
in
the
possession
of
the
Fund’s
custodian
and
is
evaluated
to
ensure
that
its
market
value
exceeds,
at
a
minimum,
102%
of
the
original
face
amount
of
the
repurchase
agreements.
The
use
of
repurchase
agreements
involves
certain
risks.
For
example,
if
the
selling
institution
defaults
on
its
obligation
to
repurchase
the
underlying
securities
at
a
time
when
the
value
of
securities
has
declined,
the
Fund
may
incur
a
loss
upon
disposition
of
them.
In
the
event
of
an
insolvency
or
bankruptcy
by
the
selling
institution,
the
Fund’s
right
to
control
the
collateral
could
be
affected
and
result
in
certain
costs
and
delays.
In
addition,
the
Fund
could
incur
a
loss
if
the
value
of
the
underlying
collateral
falls
below
the
agreed
upon
repurchase
price.
At
June
30,
2026,
the
repurchase
agreements
in
the
account
were
as
follows:
Counterparty
and
Terms
of
Agreement
Face
Value
Repurchase
Price
Collateral
Par
Value
Fair
Value
Bank
of
America
Securities,
Inc.
3.63%
Due
07/01/26
$
40,854,329
$
40,862,568
U.S.
Treasury
Bond
6.13%
Due
08/15/29
$
987,500
$
1,067,472
U.S.
Treasury
Strips
1.00%
Due
02/15/46
2,629,200
2,762,814
U.S.
Treasury
Inflation
Indexed
Bond
0.00%
Due
08/15/37
62,931,673
37,841,129
40,854,329
66,548,373
41,671,415
J.P.
Morgan
Securities
LLC
3.64%
Due
07/01/26
34,045,274
34,052,159
U.S.
Treasury
Inflation
Indexed
Bonds
0.13%
-
1.63%
Due
10/15/26
-
04/15/31
44,000
45,748
U.S.
Treasury
Notes
2.88%
-
4.50%
Due
08/15/26
-
02/15/34
19,697,200
18,393,611
U.S.
Treasury
Strips
0.00%
Due
08/15/26
-
08/15/29
2,286,976
2,007,713
U.S.
Treasury
Bonds
1.38%
-
4.38%
Due
05/15/40
-
08/15/51
21,903,600
14,281,007
U.S.
Treasury
Floating
Rate
Note
3.88%
-
3.97%
Due
10/31/27
-
04/30/28
1,600
1,612
34,045,274
43,933,376
34,729,691
BNP
Paribas
3.62%
Due
07/01/26
30,640,747
30,646,909
U.S.
Treasury
Strips
0.00%
Due
08/15/33
-
02/15/51
54,378,335
21,230,847
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LIMITED
DURATION
FUND
June
30,
2026
|
141
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Counterparty
and
Terms
of
Agreement
Face
Value
Repurchase
Price
Collateral
Par
Value
Fair
Value
U.S.
Treasury
Inflation
Indexed
Bond
1.63%
Due
04/15/30
$
9,663,700
$
10,025,120
U.S.
Treasury
Note
4.25%
Due
11/15/34
800
799
30,640,747
64,042,835
31,256,766
Bank
of
Montreal
3.61%
Due
07/01/26
$
17,703,543
$
17,707,093
U.S.
Treasury
Bill
0.00%
Due
10/01/26
18,233,400
18,059,490
—
—
—
Affiliated
Transactions
Investments
representing
5%
or
more
of
the
outstanding
voting
shares
of
a
company,
or
control
of
or
by,
or
common
control
under
Guggenheim
Investments
("GI"),
result
in
that
company
being
considered
an
affiliated
person,
as
defined
in
the
Investment
Company
Act
of
1940
(“affiliated
issuer”).
The
Fund
may
invest
in
Guggenheim
Strategy
Fund
III,
an
underlying
series
of
Guggenheim
Strategy
Funds
Trust.
Guggenheim
Strategy
Fund
III
is
organized
as
an
open-end
management
investment
company
managed
by
GI.
Guggenheim
Strategy
Fund
III  is
offered
as
a
short-term
investment
option
only
to
mutual
funds,
trusts,
and
other
accounts
managed
by
GI
and/or
its
affiliates
and
is
not
available
to
the
public.
Guggenheim
Strategy
Fund
III
pays
no
investment
management
fees.
The
Fund
could
previously
invest
in
an
additional
series
of
Guggenheim
Strategy
Funds
Trust
that
is
no
longer
offered.
Guggenheim
Strategy
Fund
III’s
annual
report
on
Form
N-CSR
dated
September
30,
2025
is
available
publicly
or
upon
request.
This
information
is
available
from
the
EDGAR
database
on
the
SEC’s
website
at
https://www.sec.
gov/Archives/edgar/data/1601445/000139834425021351/fp0095397-6_ncsrixbrl.htm.
The
Fund
also
may
invest
in
certain
of
the
underlying
series
of
Guggenheim
Funds
Trust,
which
are
structured
as
open-end
management
investment
companies
managed
by
GI,
are
available
to
the
public
and
whose
most
recent
annual
report
on
Form
N-CSR
is
available
publicly
or
upon
request.
Transactions
during
the
period
ended
June
30,
2026,
in
which
the
company
is
an
affiliated
issuer,
were
as
follows:
Security
Name
Value
09/30/25
Additions
Reductions
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
06/30/26
Shares
06/30/26
Investment
Income
Exchange-Traded
Funds
Guggenheim
Ultra
Short
Income
ETF
$
—
$
30,428,927
$
(
30
)
$
3
$
257,542
$
30,686,442
612,202
$
—
Mutual
Funds
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
34,752,250
1,149,252
—
—
(
35,761
)
35,865,741
3,565,183
1,165,723
Guggenheim
Strategy
Fund
III
17,657,078
674,816
—
—
(
115,711
)
18,216,183
734,820
669,487
Guggenheim
Strategy
Fund
II
15,146,443
15,540,868
(
30,428,927
)
—
(
258,384
)
—
—
556,261
$
67,555,771
$
47,793,863
$
(
30,428,957
)
$
3
$
(
152,314
)
$
84,768,366
$
2,391,471
142
|
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
MACRO
OPPORTUNITIES
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
0
.1
%
COMMUNICATIONS
-
0
.1
%
LuxCo
3
SARL
113,237
$
2,230,654
Xplore,
Inc.
204,119
143,938
Total
Communications
2,374,592
INDUSTRIAL
-
0
.0
%
API
Heat
Transfer
Intermediate
(a)
743
1,035,873
BP
Holdco
LLC
(a),(b)
37,539
17,461
Targus,
Inc.
(a)
25,546
227
YAK
BLOCKER
2
LLC
(a)
143,212
14
Total
Industrial
1,053,575
CONSUMER,
CYCLICAL
-
0
.0
%
SHO
Holding
I
Corp.
(a)
1,150
903,398
Accuride
Corp.
(a),(b)
3,399,497
340
Accuride
Liquidating
Trust
(a),(b)
209
—
Total
Consumer,
Cyclical
903,738
FINANCIAL
-
0
.0
%
Checkers
Holdings,
Inc.
(a)
158,620
365,570
Pershing
Square
Tontine
Holdings,
Ltd. — Class
A
(a),(c)
6,864,930
687
Total
Financial
366,257
CONSUMER,
NON-CYCLICAL
-
0
.0
%
WW
International,
Inc.*
20,023
319,968
Save-A-Lot
(a)
1,053,728
105
Total
Consumer,
Non-cyclical
320,073
Total
Common
Stocks
(Cost
$5,944,505)
5,018,235
PREFERRED
STOCKS
-
4
.3
%
FINANCIAL
-
3
.2
%
Goldman
Sachs
Group,
Inc.
4.13%
20,500,000
20,402,156
7.50%
13,600,000
14,265,611
6.13%
4,250,000
4,259,868
6.85%
4,069,000
4,183,741
Bank
of
America
Corp.
6.25%
11,900,000
12,042,967
6.63%
11,550,000
11,907,807
4.38%
9,726,000
9,690,423
6.13%
3,900,000
3,934,659
Citigroup,
Inc.
6.88%
14,050,000
14,388,858
6.63%
12,060,000
12,286,692
6.75%
5,600,000
5,678,170
6.25%
111,600
2,807,856
Wells
Fargo
&
Co.
6.13%
24,650,000
24,941,807
6.85%
8,250,000
8,573,656
Charles
Schwab
Corp.
4.00%
18,700,000
17,546,937
6.10%
15,225,000
15,228,349
JPMorgan
Chase
&
Co.
6.50%
20,000,000
20,480,220
6.10%
10,025,000
10,151,918
Bank
of
New
York
Mellon
Corp.
3.75%
20,550,000
20,406,173
5.95%
1,650,000
1,655,640
A
A
A
SHARES
VALUE
PREFERRED
STOCKS
-
4.3%
(continued)
FINANCIAL
-
3.2%
(continued)
Corebridge
Financial,
Inc.
6.88%
12,503,000
$
13,010,497
State
Street
Corp.
6.70%
9,590,000
9,938,449
6.45%
1,100,000
1,121,371
American
National
Group,
Inc.
7.38%
369,000
8,660,430
Jackson
Financial,
Inc.
8.00%
284,000
7,165,320
Globe
Life,
Inc.
4.25%
due
06/15/61
454,000
6,900,800
CNO
Financial
Group,
Inc.
5.13%
due
11/25/60
321,950
5,334,711
Selective
Insurance
Group,
Inc.
4.60%
246,000
3,876,960
Keenova
37,667
3,659,989
Par
Health
37,667
244,835
First
Republic
Bank
4.25%
803,675
161
4.50%
238,300
48
Total
Financial
294,747,079
GOVERNMENT
-
0
.4
%
CoBank
ACB
4.25%
24,825,000
24,526,387
7.13%
2,500,000
2,530,190
Federal
Agricultural
Mortgage
Corp.
5.75%
272,820
5,686,933
Total
Government
32,743,510
COMMUNICATIONS
-
0
.3
%
AT&T
Mobility
II
LLC
6.80%
(a)
27,000
27,401,340
ENERGY
-
0
.2
%
Venture
Global
LNG,
Inc.
9.00%
(d)
21,960,000
21,439,882
UTILITIES
-
0
.1
%
NextEra
Energy
Capital
Holdings,
Inc.
6.50%
due
06/01/85
248,975
6,057,562
6.50%
due
04/15/86
241,500
6,042,330
Total
Utilities
12,099,892
CONSUMER,
NON-CYCLICAL
-
0
.1
%
Ingenovis
Health,
LP
(a)
10,954
10,953,863
Total
Preferred
Stocks
(Cost
$430,369,541)
399,385,566
PRIVATE
FUNDS
(e)
-
0
.4
%
FTAI
Aircraft
Leasing
Offshore
SPV,
LP
(b)
33,446,745
Total
Private
Funds
(Cost
$31,744,252)
33,446,745
WARRANTS
-
0
.0
%
Pershing
Square
SPARC
Holdings,
Ltd.
Expiring
12/31/49*
,(a),(c)
1,716,232
172
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
|
143
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
WARRANTS
-
0.0%
(continued)
Ginkgo
Bioworks
Holdings,
Inc.
Expiring
09/16/26*
128,004
$
90
Pershing
Square
Tontine
Holdings,
Ltd.
Expiring
07/24/27*
,(a),(c)
762,770
76
Total
Warrants
(Cost
$296,403)
338
RIGHTS
-
0
.0
%
COMMUNICATIONS
-
0
.0
%
Xplore,
Inc.
(a)
15,561
2
Total
Rights
(Cost
$–)
2
EXCHANGE-TRADED
FUNDS
(f)
-
1
.1
%
SPDR
S&P
500
ETF
Trust
99,100
74,004,907
Guggenheim
Ultra
Short
Income
ETF
(b)
652,700
32,716,392
Total
Exchange-Traded
Funds
(Cost
$101,390,929)
106,721,299
MUTUAL
FUNDS
-
3
.3
%
Guggenheim
Limited
Duration
Fund
—
Class
R6
(b)
5,905,042
144,496,380
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
(b)
5,716,880
57,511,808
NAA
Risk
Managed
Real
Estate
Fund
—
Institutional
Shares
1,159,375
42,676,596
NAA
Opportunity
Fund
—
Institutional
Shares
1,041,997
35,719,654
Guggenheim
Strategy
Fund
III
(b)
1,179,755
29,246,123
Total
Mutual
Funds
(Cost
$301,220,765)
309,650,561
MONEY
MARKET
FUNDS
(f)
-
1
.8
%
Federated
Hermes
U.S.
Treasury
Cash
Reserves
Fund
—
Institutional
Shares,
3.52%
(g)
83,386,322
83,386,322
BNY
Dreyfus
Treasury
Securities
Cash
Management
Fund
—
Institutional
Shares,
3.53%
(g)
67,128,321
67,128,321
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(g)
16,752,356
16,752,356
Total
Money
Market
Funds
(Cost
$167,266,999)
167,266,999
FACE
AMOUNT
~
CORPORATE
BONDS
-
27
.9
%
FINANCIAL
-
10
.2
%
Insured
Lending
1
Ltd.
6.50%
due
02/04/32
(a),(h)
EUR
41,750,000
47,699,375
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
27.9%
(continued)
FINANCIAL
-
10.2%
(continued)
Jane
Street
Group
/
JSG
Finance,
Inc.
7.13%
due
04/30/31
(d)
33,375,000
$
34,508,281
6.13%
due
11/01/32
(d)
5,000,000
5,001,040
Pershing
Square
Holdings
Ltd.
3.25%
due
10/01/31
(d)
31,500,000
28,161,034
3.25%
due
11/15/30
9,480,000
8,717,760
5.50%
due
10/28/32
(d)
2,000,000
1,978,990
Global
Atlantic
Fin
Co.
7.25%
due
03/01/56
(d),(i)
26,560,000
26,030,098
7.95%
due
10/15/54
(d),(i)
7,671,000
7,725,165
Encore
Capital
Group,
Inc.
8.50%
due
05/15/30
(d)
12,100,000
12,850,793
6.63%
due
06/01/32
(d)
6,350,000
6,358,839
5.44%
due
07/15/33
EUR
3,580,000
4,141,074
6.63%
due
04/15/31
(d)
3,800,000
3,843,692
Wilton
RE
Ltd.
6.00%
(d),(i),(j)
27,267,000
25,933,074
Allianz
SE
6.55%
(d),(i),(j)
13,000,000
13,181,233
6.50%
(d),(i),(j)
12,400,000
12,456,234
American
National
Group,
Inc.
6.00%
due
07/15/35
16,275,000
16,214,211
7.00%
due
12/01/55
(i)
7,550,000
7,372,351
Enstar
Group
Ltd.
6.69%
due
07/15/37
(d),(i)
13,325,000
13,353,007
7.50%
due
04/01/45
(d),(i)
9,650,000
10,187,158
Liberty
Mutual
Group,
Inc.
4.30%
due
02/01/61
(d)
36,940,000
23,486,866
Reinsurance
Group
of
America,
Inc.
6.38%
due
09/15/56
(i)
18,666,000
18,514,141
6.65%
due
09/15/55
(i)
4,460,000
4,509,221
PennyMac
Financial
Services,
Inc.
7.13%
due
11/15/30
(d)
9,275,000
9,399,109
6.75%
due
02/15/34
(d)
6,500,000
6,239,466
7.88%
due
12/15/29
(d)
3,675,000
3,821,702
5.75%
due
09/15/31
(d)
3,750,000
3,557,191
Nationwide
Financial
Services,
Inc.
6.75%
due
05/15/37
22,377,000
22,355,966
Sherwood
Financing
plc
7.63%
due
12/15/29
(d)
EUR
12,190,000
14,169,032
7.63%
due
12/15/29
EUR
3,900,000
4,533,160
7.90%
(3
Month
EURIBOR
+
5.50%)
due
12/15/29
◊
EUR
2,882,000
3,309,160
Jefferies
Finance
LLC
/
JFIN
Co.-Issuer
Corp.
5.00%
due
08/15/28
(d)
22,740,000
21,956,989
Fidelis
Insurance
Holdings
Ltd.
7.75%
due
06/15/55
(i)
20,500,000
21,621,473
Equitable
Holdings,
Inc.
6.70%
due
03/28/55
(i)
20,500,000
21,062,397
UWM
Holdings
LLC
6.25%
due
03/15/31
(d)
16,385,000
14,602,694
6.63%
due
02/01/30
(d)
6,500,000
6,056,602
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
144
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
27.9%
(continued)
FINANCIAL
-
10.2%
(continued)
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co.-Issuer,
Inc.
3.88%
due
03/01/31
(d)
21,650,000
$
20,259,200
CrossCountry
Intermediate
HoldCo
LLC
6.75%
due
12/01/32
(d)
11,200,000
10,813,310
6.50%
due
10/01/30
(d)
8,219,000
8,100,910
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co.-Issuer
6.50%
due
10/01/31
(d)
14,770,000
14,729,490
7.00%
due
01/15/31
(d)
3,475,000
3,531,497
Citigroup,
Inc.
6.50%
(i),(j)
17,600,000
17,804,258
SLM
Corp.
6.50%
due
05/15/32
(i)
16,815,000
16,795,537
Kane
Bidco
Ltd.
5.95%
(3
Month
EURIBOR
+
3.75%)
due
07/15/32
◊,(d)
EUR
5,700,000
6,592,369
7.75%
due
07/15/31
(d)
GBP
2,850,000
3,824,067
5.95%
(3
Month
EURIBOR
+
3.75%)
due
07/15/32
◊
EUR
2,125,000
2,457,681
7.75%
due
07/15/31
GBP
1,625,000
2,180,389
Focus
Financial
Partners
LLC
6.75%
due
09/15/31
(d)
14,685,000
14,776,311
Lincoln
National
Corp.
6.80%
due
07/15/56
(i)
14,750,000
14,732,598
Meiji
Yasuda
Life
Insurance
Co.
6.10%
due
06/11/55
(d),(i)
13,650,000
13,783,620
Citadel
Securities
Global
Holdings
LLC
5.75%
due
03/27/36
(d)
10,950,000
10,849,756
6.20%
due
06/18/35
(d)
2,850,000
2,912,435
Hampton
Roads
PPV
LLC
6.62%
due
06/15/53
(a),(d)
16,325,000
13,493,866
Hunt
Companies,
Inc.
5.25%
due
04/15/29
(d)
13,545,000
13,384,400
Belrose
Funding
Trust
II
6.79%
due
05/15/55
(d)
13,050,000
13,362,054
FS
KKR
Capital
Corp.
3.25%
due
07/15/27
12,305,000
11,984,849
MetLife,
Inc.
5.85%
due
03/15/56
(i)
11,985,000
11,824,976
OneMain
Finance
Corp.
4.00%
due
09/15/30
7,250,000
6,701,474
6.75%
due
09/15/33
2,500,000
2,474,841
7.88%
due
03/15/30
2,225,000
2,316,281
Nassau
Companies
of
New
York
7.88%
due
07/15/30
(d)
11,442,000
10,932,627
Galaxy
Bidco
Ltd.
8.13%
due
12/19/29
(d)
GBP
7,500,000
10,270,642
Farmers
Insurance
Exchange
7.00%
due
10/15/64
(d),(i)
8,520,000
8,561,286
Prudential
Financial,
Inc.
6.25%
due
06/15/56
(i)
5,625,000
5,637,431
5.13%
due
03/01/52
(i)
2,750,000
2,695,617
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
27.9%
(continued)
FINANCIAL
-
10.2%
(continued)
Dai-ichi
Life
Insurance
Co.
Ltd.
6.20%
(d),(i),(j)
8,150,000
$
8,305,420
CBS
Studio
Center
6.67%
due
12/31/26
(a)
22,000,000
7,558,770
VFH
Parent
LLC
/
Valor
Co.-
Issuer,
Inc.
7.50%
due
06/15/31
(d)
7,150,000
7,478,264
Ascot
Group
Ltd.
6.35%
due
06/15/35
(d),(i)
7,450,000
7,476,213
Iron
Mountain,
Inc.
4.75%
due
01/15/34
(d)
EUR
6,550,000
7,433,649
Blackstone
Mortgage
Trust,
Inc.
6.25%
due
06/01/31
(d)
7,250,000
7,013,411
Stewart
Information
Services
Corp.
3.60%
due
11/15/31
7,788,000
6,923,236
Rocket
Companies,
Inc.
6.38%
due
08/01/33
(d)
6,750,000
6,864,510
Nippon
Life
Insurance
Co.
6.50%
due
04/30/55
(d),(i)
6,450,000
6,763,380
Americo
Life,
Inc.
3.45%
due
04/15/31
(d)
7,470,000
6,679,876
Grand
River
Funding
Trust
II
7.28%
due
02/15/56
(d)
6,400,000
6,646,004
Toronto-Dominion
Bank
8.13%
due
10/31/82
(i)
6,300,000
6,513,079
Dyal
IV
Issuer
A
3.65%
due
02/22/41
(a)
7,117,500
6,452,434
Asurion
LLC
/
Asurion
Co.-
Issuer,
Inc.
8.00%
due
12/31/32
(d)
6,075,000
6,120,906
United
Wholesale
Mortgage
LLC
5.75%
due
06/15/27
(d)
4,550,000
4,505,735
5.50%
due
04/15/29
(d)
1,715,000
1,593,154
Osaic
Holdings,
Inc.
6.75%
due
08/01/32
(d)
5,900,000
5,910,089
Jones
Deslauriers
Insurance
Management,
Inc.
6.88%
due
10/01/33
(d)
6,325,000
5,865,887
Blue
Owl
IV
SR
SEC
A
5.94%
due
08/22/45
(a)
5,746,000
5,560,370
CNO
Financial
Group,
Inc.
6.45%
due
06/15/34
5,200,000
5,418,581
Walker
&
Dunlop,
Inc.
6.63%
due
04/01/33
(d)
5,125,000
5,206,651
Blue
Owl
IV
SR
SEC
B
5.94%
due
08/22/45
(a)
5,304,000
5,132,649
Fortitude
Group
Holdings
LLC
6.25%
due
04/01/30
(d)
4,950,000
5,056,158
Blue
Owl
Capital
GP
LLC
7.11%
due
08/22/43
(a)
5,000,000
5,039,092
Bank
of
Nova
Scotia
8.63%
due
10/27/82
(i)
4,650,000
4,837,502
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
|
145
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
27.9%
(continued)
FINANCIAL
-
10.2%
(continued)
Ryan
Specialty
LLC
5.88%
due
08/01/32
(d)
4,648,000
$
4,572,970
Grand
River
Funding
Trust
I
6.31%
due
02/15/36
(d)
4,000,000
4,012,161
Sumitomo
Life
Insurance
Co.
5.88%
due
09/10/55
(d),(i)
4,000,000
3,979,960
Dyal
IV
Issuer
B
3.65%
due
02/22/41
(a)
3,832,500
3,474,387
Symetra
Life
Insurance
Co.
6.55%
due
10/01/55
(d)
3,250,000
3,333,150
Bank
of
New
York
Mellon
Corp.
5.63%
(i),(j)
3,225,000
3,218,838
Rfna,
LP
7.88%
due
02/15/30
(d)
3,025,000
3,047,663
Accident
Fund
Insurance
Co.
of
America
8.50%
due
08/01/32
(d)
3,000,000
3,000,201
Ardonagh
Finco
Ltd.
6.88%
due
02/15/31
(d)
EUR
2,100,000
2,414,800
OneAmerica
Financial
Partners,
Inc.
4.25%
due
10/15/50
(d)
3,184,000
2,353,734
Cushman
&
Wakefield
US
Borrower
LLC
6.75%
due
05/15/28
(d)
1,633,000
1,634,264
Starwood
Property
Trust,
Inc.
6.13%
due
06/01/31
(d)
1,124,000
1,129,943
Atlas
Mara
Ltd.
due
12/31/20
(a),(h),(k)
1,183,303
1
Total
Financial
951,219,442
COMMUNICATIONS
-
4
.0
%
British
Telecommunications
plc
4.88%
due
11/23/81
(d),(i)
28,200,000
27,232,058
4.25%
due
11/23/81
(d),(i)
5,250,000
5,216,461
Rogers
Communications,
Inc.
7.00%
due
04/15/55
(i)
19,450,000
19,903,270
6.88%
due
07/31/56
(i)
10,050,000
10,167,884
7.13%
due
04/15/55
(i)
2,100,000
2,157,556
TELUS
Corp.
6.63%
due
06/09/56
(i)
9,505,000
9,481,139
6.38%
due
06/09/56
(i)
8,180,000
8,158,908
6.63%
due
10/15/55
(i)
7,850,000
7,959,311
7.00%
due
10/15/55
(i)
6,350,000
6,565,824
McGraw-Hill
Education,
Inc.
8.00%
due
08/01/29
(d)
22,136,000
22,179,652
5.75%
due
08/01/28
(d)
2,863,000
2,851,046
Bell
Telephone
Co.
of
Canada
or
Bell
Canada
6.88%
due
09/15/55
(i)
21,020,000
21,485,887
7.00%
due
09/15/55
(i)
950,000
981,677
AMC
Networks,
Inc.
10.50%
due
07/15/32
(d)
20,412,000
20,981,639
4.25%
due
02/15/29
238,000
210,409
Sunrise
FinCo
I
B.V.
4.88%
due
07/15/31
(d)
20,200,000
19,103,342
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
27.9%
(continued)
COMMUNICATIONS
-
4.0%
(continued)
Altice
France
S.A.
6.50%
due
04/15/32
(d)
10,099,095
$
9,759,991
6.88%
due
07/15/32
(d)
8,963,423
8,691,607
Verizon
Communications,
Inc.
6.20%
due
05/14/56
(i)
18,000,000
18,197,694
Meridian
Arc
Holdco
LLC
6.25%
due
04/30/31
(d)
17,725,000
17,764,704
HUT
8
DC
LLC
6.19%
due
11/15/42
(d)
13,375,000
13,547,296
RD
Michigan
Property
Owner
I
LLC
7.50%
due
03/30/45
(d)
13,285,000
13,241,762
Vodafone
Group
plc
5.13%
due
06/04/81
(i)
16,875,000
13,191,938
CSC
Holdings
LLC
4.13%
due
12/01/30
(d)
20,672,000
12,283,397
4.63%
due
12/01/30
(d)
2,715,000
631,237
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
6.00%
due
06/15/34
(d)
9,700,000
9,682,294
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
7.00%
due
02/01/33
(d)
5,000,000
4,903,429
4.50%
due
06/01/33
(d)
3,843,000
3,334,110
7.38%
due
02/01/36
(d)
1,320,000
1,294,504
Virgin
Media
Finance
plc
5.00%
due
07/15/30
(d)
11,400,000
8,668,289
QTS
Fayetteville
I
Dc1-2
LLC
/
QTS
TRS
Fayetteville
I
DC1-2
LLC
5.70%
due
04/15/36
(d)
8,500,000
8,081,746
Paramount
Global
5.25%
due
04/01/44
6,271,000
4,309,182
5.90%
due
10/15/40
2,332,000
1,829,482
4.90%
due
08/15/44
1,797,000
1,185,687
Telenet
Finance
Luxembourg
Notes
SARL
5.50%
due
03/01/28
(d)
7,000,000
6,831,042
Vmed
O2
UK
Financing
I
plc
6.75%
due
01/15/33
(d)
7,800,000
6,603,995
Meta
Platforms,
Inc.
6.30%
due
05/15/56
5,925,000
5,897,854
Sirius
XM
Radio
LLC
4.13%
due
07/01/30
(d)
4,450,000
4,188,471
3.13%
due
09/01/26
(d)
1,550,000
1,544,672
Cox
Communications,
Inc.
2.95%
due
10/01/50
(d)
4,709,000
2,515,540
5.80%
due
12/15/53
(d)
2,100,000
1,771,719
Match
Group
Holdings
II
LLC
6.13%
due
09/15/33
(d)
2,500,000
2,470,456
4.13%
due
08/01/30
(d)
638,000
600,458
Ziggo
B.V.
4.88%
due
01/15/30
(d)
1,685,000
1,581,389
Time
Warner
Cable
LLC
4.50%
due
09/15/42
1,085,000
817,749
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
146
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
27.9%
(continued)
COMMUNICATIONS
-
4.0%
(continued)
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
3.90%
due
06/01/52
1,191,000
$
759,221
Zayo
Group
Holdings,
Inc.
9.25%
(in-kind
rate
was
0.50%)
due
03/09/30
(d),(l)
265,753
265,421
Total
Communications
371,082,399
CONSUMER,
CYCLICAL
-
3
.4
%
Suburban
Propane
Partners,
LP
/
Suburban
Energy
Finance
Corp.
5.00%
due
06/01/31
(d)
15,216,000
14,424,626
6.50%
due
12/15/35
(d)
9,284,000
8,971,663
Deuce
Finco
plc
7.00%
due
11/20/31
(d)
GBP
9,150,000
12,407,007
5.90%
(3
Month
EURIBOR
+
3.50%)
due
11/20/32
◊,(d)
EUR
8,450,000
9,809,446
Versuni
Group
B.V.
5.75%
due
07/01/33
(d)
EUR
11,325,000
12,783,243
3.13%
due
06/15/28
EUR
7,050,000
8,054,655
Intralot
Capital
Luxembourg
S.A.
6.73%
(3
Month
EURIBOR
+
4.50%)
due
10/15/31
◊,(d)
EUR
10,050,000
11,568,231
6.75%
due
10/15/31
(d)
EUR
6,100,000
7,064,802
Murphy
Oil
USA,
Inc.
5.88%
due
06/01/34
(d)
17,775,000
17,831,045
Motel
One
GmbH
/
Muenchen
7.75%
due
04/02/31
EUR
7,360,000
8,946,723
7.75%
due
04/02/31
(d)
EUR
4,120,000
5,008,220
Penn
Entertainment,
Inc.
6.75%
due
04/01/31
(d)
8,780,000
8,825,691
4.13%
due
07/01/29
(d)
3,937,000
3,774,774
Flutter
Treasury
DAC
6.13%
due
06/04/31
(d)
GBP
9,000,000
11,913,862
AZ
Battery
Property
LLC
6.73%
due
02/20/46
(a)
11,568,818
11,358,994
Brightstar
Lottery
plc
/
Brightstar
Global
Solutions
Corp.
5.75%
due
01/15/33
(d)
11,250,000
11,027,588
JB
Poindexter
&
Company,
Inc.
8.75%
due
12/15/31
(d)
9,275,000
9,535,859
Newell
Brands,
Inc.
6.38%
due
05/15/30
9,000,000
9,122,373
QXO
Building
Products,
Inc.
6.75%
due
04/30/32
(d)
4,875,000
5,033,822
6.88%
due
07/15/34
(d)
2,000,000
2,053,151
6.50%
due
07/15/31
(d)
1,750,000
1,783,549
Essendi
S.A.
5.38%
due
05/15/30
(d)
EUR
2,850,000
3,316,619
5.63%
due
05/15/32
(d)
EUR
2,850,000
3,314,847
6.03%
(3
Month
EURIBOR
+
3.75%)
due
05/15/32
◊,(d)
EUR
1,400,000
1,624,127
Wabash
National
Corp.
4.50%
due
10/15/28
(d)
8,574,000
7,968,368
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
27.9%
(continued)
CONSUMER,
CYCLICAL
-
3.4%
(continued)
Lottomatica
Group
SpA
4.63%
due
04/30/32
(d)
EUR
6,900,000
$
7,931,469
Quicktop
Holdco
AB
6.89%
(3
Month
EURIBOR
+
4.50%)
due
03/21/30
◊,(d)
EUR
6,000,000
7,056,526
Vail
Resorts,
Inc.
5.63%
due
07/15/30
(d)
6,300,000
6,292,145
New
Flyer
Holdings,
Inc.
9.25%
due
07/01/30
(d)
5,550,000
5,966,244
TVL
Finance
plc
6.04%
(3
Month
EURIBOR
+
3.75%,
Rate
Floor:
3.75%)
due
06/30/30
◊
EUR
6,150,000
5,956,828
Asmodee
Group
AB
4.25%
due
12/15/31
(d)
EUR
5,155,000
5,922,490
Six
Flags
Entertainment
Corp.
/
Six
Flags
Theme
Parks,
Inc.
/
Canada's
Wonderland
Co.
6.63%
due
05/01/32
(d)
5,450,000
5,521,548
PetSmart
LLC
/
PetSmart
Finance
Corp.
7.50%
due
09/15/32
(d)
4,870,000
4,871,062
Superior
Plus,
LP
/
Superior
General
Partner,
Inc.
4.50%
due
03/15/29
(d)
4,800,000
4,654,335
NCL
Corp.
Ltd.
5.88%
due
01/15/31
(d)
2,500,000
2,426,381
6.25%
due
09/15/33
(d)
2,200,000
2,136,568
Scientific
Games
Holdings,
LP
/
Scientific
Games
US
FinCo,
Inc.
6.63%
due
03/01/30
(d)
4,975,000
4,251,981
Core
&
Main,
LP
6.00%
due
07/01/34
(d)
4,220,000
4,239,846
Boots
Group
Finco,
LP
7.38%
due
08/31/32
(d)
GBP
1,500,000
2,054,040
5.38%
due
08/31/32
(d)
EUR
1,600,000
1,873,252
5.38%
due
08/31/32
EUR
200,000
234,156
Beach
Acquisition
Bidco
LLC
5.25%
due
07/15/32
(d)
EUR
3,450,000
4,012,938
Air
Canada
4.63%
due
08/15/29
(d)
CAD
5,550,000
3,941,553
Dorman
Products,
Inc.
6.25%
due
06/15/34
(d)
3,325,000
3,363,204
Pioneer
Opco
LLC
7.00%
due
05/15/33
(d)
3,125,000
3,180,016
Allwyn
Entertainment
Financing
UK
plc
7.88%
due
04/30/29
(d)
3,052,000
3,135,900
1011778
BC
ULC
/
New
Red
Finance,
Inc.
4.00%
due
10/15/30
(d)
3,255,000
3,072,879
Wolverine
World
Wide,
Inc.
4.00%
due
08/15/29
(d)
3,229,000
3,042,361
Whirlpool
Corp.
4.50%
due
06/01/46
3,953,000
2,353,054
4.60%
due
05/15/50
990,000
590,136
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
|
147
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
27.9%
(continued)
CONSUMER,
CYCLICAL
-
3.4%
(continued)
Clarios
Global,
LP
/
Clarios
US
Finance
Co.
6.75%
due
02/15/30
(d)
1,050,000
$
1,081,951
4.75%
due
06/15/31
(d)
EUR
750,000
866,805
Installed
Building
Products,
Inc.
5.63%
due
02/01/34
(d)
1,900,000
1,885,934
United
Airlines,
Inc.
4.63%
due
04/15/29
(d)
1,700,000
1,676,431
American
Airlines
Class
AA
Pass
Through
Trust
3.58%
due
01/15/28
624,948
616,323
3.35%
due
10/15/29
317,532
305,450
3.65%
due
02/15/29
295,100
288,325
3.15%
due
02/15/32
283,258
265,621
Station
Casinos
LLC
4.63%
due
12/01/31
(d)
767,000
728,280
Air
Canada
Class
A
Pass-
Through
Trust
5.25%
due
04/01/29
(d)
524,883
528,189
United
Airlines,
Inc.
Class
AA
Pass-Through
Trust
4.15%
due
08/25/31
278,157
269,926
Total
Consumer,
Cyclical
314,117,432
ENERGY
-
2
.2
%
Sunoco,
LP
4.63%
due
05/01/30
(d)
20,000,000
19,317,530
7.25%
due
05/01/32
(d)
1,151,000
1,193,946
ITT
Holdings
LLC
6.50%
due
08/01/29
(d)
19,477,000
19,248,737
CVR
Energy,
Inc.
7.88%
due
02/15/34
(d)
17,220,000
17,036,030
5.75%
due
02/15/28
(d)
1,404,000
1,400,800
TransMontaigne
Partners
LLC
8.50%
due
06/15/30
(d)
18,038,000
18,378,545
Occidental
Petroleum
Corp.
7.95%
due
06/15/39
12,735,000
15,182,400
4.50%
due
07/15/44
2,850,000
2,355,468
BP
Capital
Markets
plc
4.88%
(i),(j)
13,079,000
12,928,785
6.13%
(i),(j)
4,125,000
4,198,433
Par
Petroleum
LLC
7.38%
due
06/01/34
(d)
12,275,000
12,420,937
Global
Partners,
LP
/
GLP
Finance
Corp.
6.88%
due
01/15/29
7,750,000
7,818,425
8.25%
due
01/15/32
(d)
2,200,000
2,304,146
7.13%
due
07/01/33
(d)
2,120,000
2,145,126
Venture
Global
LNG,
Inc.
9.50%
due
02/01/29
(d)
5,220,000
5,618,552
6.63%
due
06/15/36
(d)
3,480,000
3,430,159
9.88%
due
02/01/32
(d)
3,000,000
3,202,671
Green
Palm
Bidco
SARL
6.46%
due
06/30/46
(d)
5,600,000
5,673,095
5.96%
due
06/30/41
(d)
5,600,000
5,659,257
Kinetik
Holdings,
LP
5.88%
due
06/15/30
(d)
6,100,000
6,135,447
6.63%
due
12/15/28
(d)
4,164,000
4,232,823
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
27.9%
(continued)
ENERGY
-
2.2%
(continued)
Venture
Global
Plaquemines
LNG
LLC
7.50%
due
05/01/33
(d)
5,640,000
$
6,189,973
6.50%
due
06/15/34
(d)
2,300,000
2,396,082
CQP
Holdco,
LP
/
BIP-V
Chinook
Holdco
LLC
7.50%
due
12/15/33
(d)
6,550,000
6,846,990
Targa
Resources
Corp.
6.05%
due
05/15/56
4,700,000
4,648,892
Energy
Transfer,
LP
6.30%
due
01/15/56
4,510,000
4,524,994
Phillips
66
Co.
6.20%
due
03/15/56
(i)
1,718,000
1,725,510
5.88%
due
03/15/56
(i)
1,718,000
1,705,064
Venture
Global
Calcasieu
Pass
LLC
3.88%
due
11/01/33
(d)
2,198,000
1,959,493
4.13%
due
08/15/31
(d)
760,000
713,530
3.88%
due
08/15/29
(d)
510,000
486,516
Cheniere
Energy
Partners,
LP
6.05%
due
11/30/56
(d)
2,375,000
2,399,047
Rockies
Express
Pipeline
LLC
6.88%
due
04/15/40
(d)
1,925,000
1,971,670
ONEOK,
Inc.
7.15%
due
01/15/51
1,740,000
1,929,042
MPLX,
LP
5.65%
due
03/01/53
1,390,000
1,296,666
Total
Energy
208,674,781
CONSUMER,
NON-CYCLICAL
-
2
.1
%
Humana,
Inc.
6.63%
due
09/15/56
(i)
14,550,000
14,506,290
Post
Holdings,
Inc.
6.50%
due
03/15/36
(d)
13,950,000
13,791,576
CPI
CG,
Inc.
10.00%
due
07/15/29
(d)
11,652,000
12,215,141
APi
Group
DE,
Inc.
5.75%
due
06/01/34
(d)
12,250,000
12,110,828
Herc
Holdings,
Inc.
5.75%
due
03/15/31
(d)
4,950,000
4,943,742
7.00%
due
06/15/30
(d)
3,390,000
3,510,574
7.25%
due
06/15/33
(d)
2,370,000
2,470,860
6.63%
due
06/15/29
(d)
175,000
178,670
Nexture
SpA
5.33%
(3
Month
EURIBOR
+
3.13%)
due
07/30/32
◊,(d)
EUR
8,600,000
9,861,613
1261229
BC
Ltd.
10.00%
due
04/15/32
(d)
9,627,000
9,750,572
CompoSecure
Holdings
LLC
5.63%
due
02/01/33
(d)
9,655,000
9,424,796
Surgery
Center
Holdings,
Inc.
7.25%
due
04/15/32
(d)
9,130,000
9,242,673
Sotheby's
/
Bidfair
Holdings,
Inc.
5.88%
due
06/01/29
(d)
9,400,000
8,921,577
Verisure
Holding
AB
5.50%
due
05/15/30
(d)
EUR
7,450,000
8,759,546
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
148
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
27.9%
(continued)
CONSUMER,
NON-CYCLICAL
-
2.1%
(continued)
Cidron
Atrium
SE
5.91%
(3
Month
EURIBOR
+
3.63%)
due
02/15/33
◊,(d)
EUR
3,725,000
$
4,281,416
5.63%
due
02/15/33
(d)
EUR
3,700,000
4,177,596
BCP
V
Modular
Services
Finance
II
plc
4.75%
due
11/30/28
(d)
EUR
7,000,000
7,558,557
Albion
Financing
1
SARL
/
Aggreko
Holdings,
Inc.
5.38%
due
05/21/30
(d)
EUR
3,250,000
3,843,430
7.00%
due
05/21/30
(d)
3,000,000
3,106,272
5.38%
due
05/21/30
EUR
400,000
473,038
Tenet
Healthcare
Corp.
6.75%
due
05/15/31
6,924,000
7,092,987
Darling
Global
Finance
B.V.
4.50%
due
07/15/32
(d)
EUR
6,020,000
6,935,826
Sammontana
Italia
SpA
5.95%
(3
Month
EURIBOR
+
3.75%)
due
10/15/31
◊,(d)
EUR
4,900,000
5,632,194
Block,
Inc.
6.00%
due
08/15/33
(d)
4,590,000
4,621,694
Carriage
Services,
Inc.
4.25%
due
05/15/29
(d)
4,805,000
4,598,378
Perrigo
Finance
Unlimited
Co.
5.38%
due
09/30/32
EUR
3,550,000
3,977,611
6.13%
due
09/30/32
632,000
603,627
Bausch
Health
Companies,
Inc.
4.88%
due
06/01/28
(d)
4,633,000
4,283,857
CVS
Health
Corp.
7.00%
due
03/10/55
(i)
3,880,000
4,028,224
Horseshoe
Funding
Trust
II
6.89%
due
11/15/55
(d)
3,425,000
3,590,459
Williams
Scotsman,
Inc.
7.38%
due
10/01/31
(d)
2,747,000
2,844,109
TriNet
Group,
Inc.
7.13%
due
08/15/31
(d)
2,232,000
2,244,301
Nidda
Healthcare
Holding
GmbH
5.53%
(3
Month
EURIBOR
+
3.25%)
due
10/15/32
◊,(d)
EUR
1,900,000
2,176,355
Central
Garden
&
Pet
Co.
4.13%
due
04/30/31
(d)
2,257,000
2,130,343
Grifols
S.A.
3.88%
due
10/15/28
EUR
1,200,000
1,362,725
DaVita,
Inc.
4.63%
due
06/01/30
(d)
889,000
861,225
Acadia
Healthcare
Company,
Inc.
7.38%
due
03/15/33
(d)
600,000
617,654
Upbound
Group,
Inc.
6.38%
due
02/15/29
(d)
130,000
128,859
Total
Consumer,
Non-cyclical
200,859,195
UTILITIES
-
1
.9
%
Sierra
Pacific
Power
Co.
6.38%
due
09/15/56
(i)
21,050,000
20,995,314
6.20%
due
12/15/55
(i)
10,190,000
10,100,720
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
27.9%
(continued)
UTILITIES
-
1.9%
(continued)
Spire,
Inc.
6.45%
due
06/01/56
(i)
21,655,000
$
21,799,612
6.25%
due
06/01/56
(i)
2,640,000
2,629,783
Dominion
Energy,
Inc.
6.25%
due
12/15/56
(i)
7,930,000
7,963,568
6.20%
due
02/15/56
(i)
5,725,000
5,743,080
6.00%
due
02/15/56
(i)
3,950,000
3,967,487
American
Electric
Power
Co.,
Inc.
5.80%
due
03/15/56
(i)
8,210,000
8,164,925
6.05%
due
03/15/56
(i)
8,210,000
8,163,820
PacifiCorp
7.38%
due
09/15/55
(i)
13,285,000
13,419,763
Eversource
Energy
6.35%
due
08/15/56
(i)
11,465,000
11,474,103
Southern
Co.
Gas
Capital
Corp.
6.05%
due
09/15/56
(i)
10,425,000
10,438,678
ContourGlobal
Power
Holdings
S.A.
5.00%
due
02/28/30
(d)
EUR
5,900,000
6,820,180
6.75%
due
02/28/30
(d)
2,470,000
2,506,630
5.00%
due
02/28/30
EUR
800,000
924,770
NextEra
Energy
Capital
Holdings,
Inc.
6.38%
due
08/15/55
(i)
6,676,000
6,799,166
6.63%
due
10/01/66
(i)
2,325,000
2,360,798
NiSource,
Inc.
5.75%
due
07/15/56
(i)
7,325,000
7,314,390
WEC
Energy
Group,
Inc.
5.63%
due
05/15/56
(i)
7,325,000
7,280,756
CMS
Energy
Corp.
6.50%
due
06/01/55
(i)
6,710,000
6,872,208
Hope
Gas
Holdings
LLC
6.18%
due
09/01/37
(a)
3,900,000
3,861,427
6.08%
due
09/01/35
(a)
2,600,000
2,576,506
Clearway
Energy
Operating
LLC
5.75%
due
01/15/34
(d)
5,500,000
5,392,820
Southern
Co.
6.00%
due
04/01/58
(i)
3,893,000
3,902,332
3.75%
due
09/15/51
(i)
1,138,000
1,134,115
Total
Utilities
182,606,951
BASIC
MATERIALS
-
1
.5
%
Compass
Minerals
International,
Inc.
8.00%
due
07/01/30
(d)
20,360,000
21,471,636
WR
Grace
Holdings
LLC
6.63%
due
08/15/32
(d)
16,120,000
15,634,425
7.00%
due
08/01/33
(d)
4,385,000
4,269,927
Commercial
Metals
Co.
6.00%
due
12/15/35
(d)
16,008,000
15,966,560
Kaiser
Aluminum
Corp.
4.50%
due
06/01/31
(d)
13,250,000
12,684,330
Novelis
Corp.
6.38%
due
08/15/33
(d)
12,575,000
12,665,590
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
|
149
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
27.9%
(continued)
BASIC
MATERIALS
-
1.5%
(continued)
SK
Invictus
Intermediate
II
SARL
5.00%
due
10/30/29
(d)
11,525,000
$
11,300,473
Perimeter
Holdings
LLC
6.25%
due
01/15/34
(d)
10,570,000
10,550,086
Minerals
Technologies,
Inc.
5.00%
due
07/01/28
(d)
8,060,000
7,999,550
Corp.
Nacional
del
Cobre
de
Chile
6.78%
due
01/13/55
(d)
6,950,000
7,482,439
Alumina
Pty
Ltd.
6.38%
due
09/15/32
(d)
6,700,000
6,823,200
SCIL
IV
LLC
/
SCIL
USA
Holdings
LLC
9.50%
due
07/15/28
(d)
EUR
3,500,000
4,123,823
Arsenal
AIC
Parent
LLC
8.00%
due
10/01/30
(d)
3,800,000
3,960,360
SNF
Group
SACA
5.63%
due
03/31/31
(d)
3,500,000
3,539,255
Dow
Chemical
Co.
6.90%
due
05/15/53
1,950,000
2,036,711
Mirabela
Nickel
Ltd.
due
06/24/19
(a),(h),(k)
1,885,418
4,713
Total
Basic
Materials
140,513,078
INDUSTRIAL
-
1
.4
%
Homestead
Spe
Issuer
LLC
7.21%
due
04/01/55
(a)
18,000,000
18,223,995
AmeriTex
HoldCo
Intermediate
LLC
7.63%
due
08/15/33
(d)
15,090,000
15,766,907
Biffa
Group
Holdings
Ltd.
5.25%
due
06/15/31
(d)
EUR
6,575,000
7,531,024
7.38%
due
06/15/31
(d)
GBP
5,600,000
7,487,762
Standard
Building
Solutions,
Inc.
6.25%
due
08/01/33
(d)
12,200,000
12,115,126
New
Enterprise
Stone
&
Lime
Company,
Inc.
5.25%
due
07/15/28
(d)
5,870,000
5,846,590
9.75%
due
07/15/28
(d)
5,350,000
5,359,338
Miter
Brands
Acquisition
Holdco,
Inc.
/
MIWD
Borrower
LLC
6.75%
due
04/01/32
(d)
7,455,000
7,390,845
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
plc
6.25%
due
01/30/31
(d)
3,325,000
3,362,211
5.00%
due
01/30/31
(d)
EUR
2,900,000
3,341,269
Sealed
Air
Corp.
6.88%
due
07/15/33
(d)
6,585,000
6,550,023
GrafTech
Finance,
Inc.
4.63%
due
12/23/29
(d)
10,000,000
6,355,323
DAE
Funding
LLC
4.95%
due
01/15/33
(d)
6,230,000
6,011,333
GrafTech
Global
Enterprises,
Inc.
9.88%
due
12/23/29
(d)
6,520,000
4,792,200
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
27.9%
(continued)
INDUSTRIAL
-
1.4%
(continued)
Builders
FirstSource,
Inc.
6.75%
due
05/15/35
(d)
3,880,000
$
3,955,935
6.38%
due
06/15/32
(d)
800,000
811,866
Waste
Pro
USA,
Inc.
7.00%
due
02/01/33
(d)
4,520,000
4,625,275
TransDigm,
Inc.
6.25%
due
01/31/34
(d)
2,865,000
2,923,435
6.88%
due
12/15/30
(d)
770,000
791,329
EMRLD
Borrower,
LP
/
Emerald
Co.-Issuer,
Inc.
6.38%
due
12/15/30
EUR
1,900,000
2,243,031
Brundage-Bone
Concrete
Pumping
Holdings,
Inc.
7.50%
due
02/01/32
(d)
1,650,000
1,711,829
Amsted
Industries,
Inc.
6.38%
due
03/15/33
(d)
254,000
256,830
Total
Industrial
127,453,476
TECHNOLOGY
-
0
.7
%
TeamSystem
SpA
5.45%
(3
Month
EURIBOR
+
3.25%)
due
07/01/32
◊,(d)
EUR
17,700,000
19,868,216
5.70%
(3
Month
EURIBOR
+
3.50%)
due
07/31/31
◊
EUR
800,000
905,988
5.70%
(3
Month
EURIBOR
+
3.50%)
due
07/31/31
◊,(d)
EUR
350,000
396,370
Fair
Isaac
Corp.
6.25%
due
09/15/34
(d)
10,032,000
9,881,308
6.00%
due
05/15/33
(d)
7,567,000
7,451,438
Dye
&
Durham
Ltd.
8.63%
due
04/15/29
(d)
10,631,000
7,451,310
OAK-Eagle
Acquireco,
Inc.
7.25%
due
07/01/33
(d)
4,900,000
5,125,945
6.25%
due
07/01/33
(d)
EUR
1,625,000
1,943,943
Oracle
Corp.
5.88%
due
09/26/45
2,750,000
2,407,275
5.95%
due
09/26/55
2,750,000
2,337,000
5.20%
due
09/26/35
643,000
601,981
Capstone
Borrower,
Inc.
8.00%
due
06/15/30
(d)
5,325,000
5,058,920
SS&C
Technologies,
Inc.
6.50%
due
06/01/32
(d)
4,500,000
4,538,390
TeamSystem
S.p.A.
6.50%
due
07/01/32
(d)
EUR
1,900,000
2,167,320
Total
Technology
70,135,404
TRANSPORTATION
-
0
.4
%
Terminal
Investment
Limited
Holding
6.23%
due
10/01/40
(a)
20,000,000
19,674,466
Aitx
Finco
LLC
6.00%
due
10/23/35
(a)
18,400,000
18,249,748
Total
Transportation
37,924,214
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
150
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
27.9%
(continued)
INFRASTRUCTURE
-
0
.1
%
QTS
Good
News
Facility
6.66%
(SOFR
+
3.00%)
due
10/09/28
◊,(a)
6,274,426
$
6,274,426
Total
Corporate
Bonds
(Cost
$2,687,686,261)
2,610,860,798
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
24
.0
%
GOVERNMENT
AGENCY
-
13
.9
%
Uniform
MBS
30
Year
5.50%
due
08/01/56
731,109,068
732,417,015
3.00%
due
08/15/56
142,250,000
123,946,425
5.00%
due
08/01/56
126,040,536
123,707,041
Freddie
Mac
5.50%
due
02/01/56
(m)
72,722,287
73,000,658
5.50%
due
02/01/53
(m)
43,118,364
43,830,980
5.50%
due
03/01/55
25,682,933
25,849,043
5.00%
due
06/01/53
22,700,498
22,515,601
5.00%
due
02/01/53
20,135,233
19,982,530
Fannie
Mae
5.00%
due
04/01/56
69,537,266
68,398,764
5.50%
due
05/01/55
58,914,376
59,292,395
Total
Government
Agency
1,292,940,452
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
8
.9
%
NLT
Trust
2025-NQM1,
7.46%
(WAC)
due
10/25/70
◊,(d)
54,599,420
56,696,950
2026-NQM1,
5.40%
due
02/25/71
(d)
47,019,455
46,848,883
2026-NQM1,
5.76%
due
02/25/71
(d)
7,407,081
7,380,284
2026-NQM1,
6.63%
(WAC)
due
02/25/71
◊,(d)
5,557,889
5,277,277
2026-NQM1,
5.60%
due
02/25/71
(d)
4,938,620
4,920,741
2026-NQM1,
6.06%
(WAC)
due
02/25/71
◊,(d)
3,226,971
3,224,342
2026-NQM1,
1.04%
(WAC)
due
02/25/71
◊,(a),(d),(n)
68,150,030
2,146,726
2026-NQM1,
0.45%
(WAC)
due
02/25/71
◊,(a),(d),(n)
68,150,030
890,414
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2026-NQM4,
6.69%
(WAC)
due
03/25/71
◊,(d)
14,137,000
13,127,415
2026-NQM6,
6.61%
(WAC)
due
05/26/71
◊,(d)
14,106,000
12,862,963
2026-NQM2,
1.91%
(WAC)
due
01/26/71
◊,(d),(n)
238,539,078
10,089,607
2025-NQM10,
1.75%
(WAC)
due
11/25/70
◊,(d),(n)
238,779,884
8,968,214
2026-NQM1,
1.83%
(WAC)
due
12/25/70
◊,(d),(n)
225,828,176
8,871,005
2026-NQM4,
1.44%
(WAC)
due
03/25/71
◊,(d),(n)
276,729,149
8,851,514
2026-NEW1,
6.41%
(WAC)
due
04/27/71
◊,(d)
8,483,000
7,405,530
2026-NQM2,
6.81%
(WAC)
due
01/26/71
◊,(d)
7,849,000
7,337,272
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
24.0%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
8.9%
(continued)
2026-NQM1,
6.77%
(WAC)
due
12/25/70
◊,(d)
7,209,730
$
6,756,090
2026-NQM6,
1.02%
(WAC)
due
05/26/71
◊,(d),(n)
254,065,000
5,482,248
2026-NQM2,
6.19%
(WAC)
due
01/26/71
◊,(d)
4,938,000
4,839,198
2026-NQM1,
6.18%
(WAC)
due
12/25/70
◊,(d)
4,210,000
4,126,178
2026-NEW1,
0.99%
(WAC)
due
04/27/71
◊,(d),(n)
173,160,813
3,583,234
2026-NQM4,
0.32%
(WAC)
due
03/25/71
◊,(d),(n)
276,729,149
2,994,486
2026-NQM6,
0.32%
(WAC)
due
05/26/71
◊,(d),(n)
254,065,000
2,942,383
2025-NQM10,
7.02%
(WAC)
due
11/25/70
◊,(d)
2,945,200
2,827,715
2025-NQM10,
6.84%
(WAC)
due
11/25/70
◊,(d)
2,600,000
2,597,335
2025-NQM10,
0.33%
(WAC)
due
11/25/70
◊,(d),(n)
238,779,884
2,234,502
2026-NEW1,
0.34%
(WAC)
due
04/27/71
◊,(d),(n)
173,160,813
2,191,748
2026-NQM2,
0.32%
(WAC)
due
01/26/71
◊,(d),(n)
238,539,078
2,133,637
2026-NQM1,
0.32%
(WAC)
due
12/25/70
◊,(d),(n)
225,828,176
2,022,201
2025-NQM3,
5.86%
(WAC)
due
05/25/70
◊,(d)
688,704
687,800
GCAT
Trust
2025-NQM3,
5.96%
due
05/25/70
(d),(o)
16,782,631
16,785,040
2025-NQM4,
5.88%
due
06/25/70
(d),(o)
10,226,615
10,235,738
2025-NQM1,
5.83%
due
11/25/69
(d),(o)
7,728,085
7,734,163
2022-NQM5,
5.71%
due
08/25/67
(d),(o)
6,663,787
6,624,630
2023-NQM2,
6.60%
due
11/25/67
(d),(o)
1,832,950
1,826,897
BRAVO
Trust
2026-SR1,
6.33%
due
03/29/46
(d)
39,508,115
39,525,775
FIGRE
Trust
2026-HE2,
5.55%
(WAC)
due
01/25/56
◊,(d)
12,563,322
12,428,089
2025-HE8,
5.46%
(WAC)
due
11/25/55
◊,(d)
8,636,159
8,532,514
2024-HE5,
5.70%
(WAC)
due
10/25/54
◊,(d)
5,167,326
5,166,591
2024-HE6,
5.97%
(WAC)
due
12/25/54
◊,(d)
3,140,716
3,143,403
2025-HE1,
6.03%
(WAC)
due
01/25/55
◊,(d)
2,711,587
2,724,828
2024-HE4,
5.25%
(WAC)
due
09/25/54
◊,(d)
2,404,575
2,393,163
2024-HE4,
5.30%
(WAC)
due
09/25/54
◊,(d)
2,068,520
2,053,344
2025-PF1,
6.11%
(WAC)
due
06/25/55
◊,(d)
882,040
885,143
2026-HE5,
5.96%
(WAC)
due
06/25/56
◊,(d)
681,239
681,646
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
|
151
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
24.0%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
8.9%
(continued)
2025-PF1,
5.91%
(WAC)
due
06/25/55
◊,(d)
551,275
$
553,361
PRPM
LLC
2025-6,
5.77%
due
08/25/28
(d),(o)
11,329,665
11,292,614
2025-3,
6.26%
due
05/25/30
(d),(o)
10,447,946
10,444,218
2026-3,
5.96%
due
04/25/31
(d),(o)
2,637,841
2,634,572
2026-1,
5.19%
due
02/25/31
(d)
1,596,772
1,576,549
2026-2,
5.09%
due
02/25/31
(d),(o)
1,142,420
1,126,219
2025-RCF3,
5.25%
due
07/25/55
(d),(o)
200,000
198,272
OBX
Trust
2024-NQM5,
6.51%
due
01/25/64
(d)
12,495,000
12,532,924
2024-NQM6,
6.92%
(WAC)
due
02/25/64
◊,(d)
6,901,000
6,945,596
2024-NQM4,
6.62%
(WAC)
due
01/25/64
◊,(d)
5,250,000
5,264,942
2025-NQM13,
5.82%
due
05/25/65
(d),(o)
1,158,409
1,157,214
Mill
City
Securities
Ltd.
2024-RS1,
4.00%
due
11/01/69
(d),(o)
23,164,000
21,988,056
2024-RS2,
3.00%
due
08/01/69
(d),(o)
2,605,253
2,486,537
Easy
Street
Mortgage
Loan
Trust
2025-RTL2,
5.61%
due
10/25/40
(d),(o)
24,450,000
24,396,195
WaMu
Asset-Backed
Certificates
WaMu
Series
Trust
2007-HE2,
4.48%
(1
Month
Term
SOFR
+
0.83%,
Rate
Floor:
0.83%)
due
04/25/37
◊
21,534,028
7,615,513
2007-HE2,
4.14%
(1
Month
Term
SOFR
+
0.49%,
Rate
Floor:
0.49%)
due
04/25/37
◊
16,408,739
5,804,998
2007-HE4,
3.93%
(1
Month
Term
SOFR
+
0.28%,
Rate
Floor:
0.28%)
due
07/25/47
◊
7,795,316
5,502,378
2007-HE1,
4.22%
(1
Month
Term
SOFR
+
0.57%,
Rate
Floor:
0.57%)
due
01/25/37
◊
6,469,631
2,881,589
2007-HE4,
4.01%
(1
Month
Term
SOFR
+
0.36%,
Rate
Floor:
0.36%)
due
07/25/47
◊
1,718,466
1,001,005
Ameriquest
Mortgage
Securities
Trust
2006-M3,
3.94%
(1
Month
Term
SOFR
+
0.29%,
Rate
Floor:
0.18%)
due
10/25/36
◊
16,764,380
9,361,305
2006-M3,
4.00%
(1
Month
Term
SOFR
+
0.35%,
Rate
Floor:
0.24%)
due
10/25/36
◊
29,628,836
8,867,831
2006-M3,
3.86%
(1
Month
Term
SOFR
+
0.21%,
Rate
Floor:
0.10%)
due
10/25/36
◊
12,317,254
3,686,763
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
24.0%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
8.9%
(continued)
JP
Morgan
Mortgage
Acquisition
Trust
2006-WMC4,
4.06%
(1
Month
Term
SOFR
+
0.41%,
Rate
Floor:
0.30%)
due
12/25/36
◊
18,892,051
$
9,541,793
2006-WMC3,
4.06%
(1
Month
Term
SOFR
+
0.41%,
Rate
Floor:
0.30%)
due
08/25/36
◊
7,250,024
5,477,265
2006-HE3,
3.93%
(1
Month
Term
SOFR
+
0.43%,
Rate
Floor:
0.32%)
due
11/25/36
◊
4,149,893
3,869,799
2006-WMC4,
3.92%
(1
Month
Term
SOFR
+
0.27%,
Rate
Floor:
0.16%)
due
12/25/36
◊
2,749,616
1,390,486
Long
Beach
Mortgage
Loan
Trust
2006-6,
4.26%
(1
Month
Term
SOFR
+
0.61%,
Rate
Floor:
0.50%)
due
07/25/36
◊
12,732,595
5,049,897
2006-8,
4.08%
(1
Month
Term
SOFR
+
0.43%,
Rate
Floor:
0.32%)
due
09/25/36
◊
15,086,761
3,567,868
2006-1,
4.14%
(1
Month
Term
SOFR
+
0.49%,
Rate
Floor:
0.38%)
due
02/25/36
◊
3,307,916
2,963,201
2006-4,
4.08%
(1
Month
Term
SOFR
+
0.43%,
Rate
Floor:
0.32%)
due
05/25/36
◊
9,421,969
2,650,325
2006-6,
4.06%
(1
Month
Term
SOFR
+
0.41%,
Rate
Floor:
0.30%)
due
07/25/36
◊
3,964,776
1,584,363
2006-8,
3.94%
(1
Month
Term
SOFR
+
0.29%,
Rate
Floor:
0.18%)
due
09/25/36
◊
4,088,229
964,472
2006-6,
3.96%
(1
Month
Term
SOFR
+
0.31%,
Rate
Floor:
0.20%)
due
07/25/36
◊
2,295,125
915,214
RALI
Series
Trust
2006-QO6,
4.12%
(1
Month
Term
SOFR
+
0.47%,
Rate
Floor:
0.36%)
due
06/25/46
◊
30,674,403
6,030,002
2007-QO2,
3.91%
(1
Month
Term
SOFR
+
0.26%,
Rate
Floor:
0.15%)
due
02/25/47
◊
12,616,122
3,725,880
2006-QO8,
4.16%
(1
Month
Term
SOFR
+
0.51%,
Rate
Floor:
0.40%)
due
10/25/46
◊
2,010,452
1,959,653
2006-QO6,
4.22%
(1
Month
Term
SOFR
+
0.57%,
Rate
Floor:
0.46%)
due
06/25/46
◊
7,981,062
1,606,666
2006-QO6,
4.28%
(1
Month
Term
SOFR
+
0.63%,
Rate
Floor:
0.52%)
due
06/25/46
◊
5,035,370
1,028,316
2006-QO2,
4.30%
(1
Month
Term
SOFR
+
0.65%,
Rate
Floor:
0.54%)
due
02/25/46
◊
5,947,913
962,440
2006-QO2,
4.44%
(1
Month
Term
SOFR
+
0.79%,
Rate
Floor:
0.68%)
due
02/25/46
◊
3,182,638
521,945
2006-QO2,
4.20%
(1
Month
Term
SOFR
+
0.55%,
Rate
Floor:
0.44%)
due
02/25/46
◊
213,333
34,022
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
152
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
24.0%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
8.9%
(continued)
Verus
Securitization
Trust
2025-2,
5.66%
due
03/25/70
(d),(o)
14,016,689
$
14,013,081
Morgan
Stanley
ABS
Capital
I,
Inc.
Trust
2006-HE8,
3.98%
(1
Month
Term
SOFR
+
0.33%,
Rate
Floor:
0.22%)
due
10/25/36
◊
17,207,081
7,394,883
2007-HE2,
3.97%
(1
Month
Term
SOFR
+
0.32%,
Rate
Floor:
0.21%)
due
01/25/37
◊
6,962,824
3,156,553
2006-HE6,
3.96%
(1
Month
Term
SOFR
+
0.31%,
Rate
Floor:
0.20%)
due
09/25/36
◊
4,018,218
1,337,572
2007-HE4,
3.99%
(1
Month
Term
SOFR
+
0.34%,
Rate
Floor:
0.23%)
due
02/25/37
◊
3,512,240
1,080,220
2006-HE4,
4.06%
(1
Month
Term
SOFR
+
0.41%,
Rate
Floor:
0.30%)
due
06/25/36
◊
1,996,132
967,195
CAFL
Issuer,
LP
2025-RRTL2,
5.62%
due
11/28/40
(d),(o)
13,500,000
13,455,574
American
Home
Mortgage
Assets
Trust
2006-6,
3.97%
(1
Month
Term
SOFR
+
0.32%,
Rate
Floor:
0.21%)
due
12/25/46
◊
5,683,208
5,156,427
2006-1,
3.95%
(1
Month
Term
SOFR
+
0.30%,
Rate
Floor:
0.19%)
due
05/25/46
◊
4,416,832
4,244,243
2006-3,
4.68%
(1
Year
CMT
Rate
+
0.94%,
Rate
Floor:
0.94%)
due
10/25/46
◊
4,293,530
2,797,722
Morgan
Stanley
IXIS
Real
Estate
Capital
Trust
2006-2,
3.98%
(1
Month
Term
SOFR
+
0.33%,
Rate
Floor:
0.22%)
due
11/25/36
◊
19,883,173
6,342,283
2006-2,
3.91%
(1
Month
Term
SOFR
+
0.26%,
Rate
Floor:
0.15%)
due
11/25/36
◊
17,484,380
5,577,353
HOMES
Trust
2025-AFC3,
5.34%
due
08/25/60
(d),(o)
10,327,054
10,255,376
2025-AFC2,
5.73%
due
06/25/60
(d),(o)
1,412,612
1,411,015
RCKT
Mortgage
Trust
2025-CES8,
5.50%
(WAC)
due
08/25/55
◊,(d)
7,550,000
7,541,589
2025-CES7,
5.73%
due
07/25/55
(d),(o)
3,156,000
3,162,137
Carrington
Mortgage
Loan
Trust
Series
2005-NC3,
4.81%
(1
Month
Term
SOFR
+
1.16%,
Rate
Floor:
1.05%)
due
06/25/35
◊
11,000,000
10,514,287
COLT
Mortgage
Loan
Trust
2025-3,
5.71%
due
03/25/70
(d),(o)
9,192,709
9,173,116
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
24.0%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
8.9%
(continued)
Saluda
Grade
Alternative
Mortgage
Trust
2025-RRTL1,
5.66%
due
10/25/40
(d),(o)
5,210,000
$
5,164,834
2023-FIG4,
7.12%
(WAC)
due
11/25/53
◊,(d)
2,859,504
2,921,924
2025-LOC4,
5.93%
(30
Day
Average
SOFR
+
2.30%)
due
06/25/55
◊,(d)
1,000,000
1,006,115
GS
Mortgage-Backed
Securities
Trust
2025-NQM3,
5.49%
due
11/25/65
(d),(o)
4,490,500
4,476,243
2025-HE1,
5.68%
(30
Day
Average
SOFR
+
2.05%,
Rate
Floor:
2.05%)
due
10/25/55
◊,(d)
2,600,000
2,621,020
2026-NQM4,
5.82%
due
06/25/66
(d),(o)
1,695,873
1,688,779
New
Residential
Mortgage
Loan
Trust
2025-NQM3,
5.99%
due
05/25/65
(d)
8,440,278
8,454,348
GSAMP
Trust
2007-NC1,
4.02%
(1
Month
Term
SOFR
+
0.37%,
Rate
Floor:
0.26%)
due
12/25/46
◊
15,881,333
8,295,144
Master
Asset-Backed
Securities
Trust
2006-WMC3,
4.08%
(1
Month
Term
SOFR
+
0.43%,
Rate
Floor:
0.32%)
due
08/25/36
◊
9,362,733
3,162,859
2006-HE3,
3.96%
(1
Month
Term
SOFR
+
0.31%,
Rate
Floor:
0.20%)
due
08/25/36
◊
8,600,848
2,357,503
2006-HE3,
4.06%
(1
Month
Term
SOFR
+
0.41%,
Rate
Floor:
0.30%)
due
08/25/36
◊
7,231,256
1,982,059
IXIS
Real
Estate
Capital
Trust
2007-HE1,
3.92%
(1
Month
Term
SOFR
+
0.27%,
Rate
Floor:
0.16%)
due
05/25/37
◊
22,096,390
4,353,311
2007-HE1,
3.99%
(1
Month
Term
SOFR
+
0.34%,
Rate
Floor:
0.23%)
due
05/25/37
◊
15,654,982
3,084,107
Citigroup
Mortgage
Loan
Trust,
Inc.
2007-AMC3,
4.01%
(1
Month
Term
SOFR
+
0.36%,
Rate
Floor:
0.25%)
due
03/25/37
◊
7,991,729
7,003,101
LSTAR
Securities
Investment
Ltd.
2024-1,
7.69%
(30
Day
Average
SOFR
+
4.10%,
Rate
Floor:
3.10%)
due
01/01/29
◊,(d)
6,428,175
6,424,084
SG
Residential
Mortgage
Trust
2025-1,
5.35%
due
12/25/65
(d),(o)
5,885,898
5,829,770
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
|
153
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
24.0%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
8.9%
(continued)
GSAA
Home
Equity
Trust
2006-3,
4.36%
(1
Month
Term
SOFR
+
0.71%,
Rate
Floor:
0.60%)
due
03/25/36
◊
8,632,257
$
4,050,630
2006-9,
4.24%
(1
Month
Term
SOFR
+
0.59%,
Rate
Floor:
0.48%)
due
06/25/36
◊
6,586,613
1,554,457
2007-7,
4.30%
(1
Month
Term
SOFR
+
0.65%,
Rate
Floor:
0.54%)
due
07/25/37
◊,(a)
65,499
64,296
OSAT
Trust
2021-RPL1,
6.12%
due
05/25/65
(d)
5,391,044
5,395,447
CIM
Trust
2025-R1,
5.00%
due
02/25/99
(d),(o)
3,673,543
3,635,643
2026-R1,
4.75%
due
12/25/65
(d),(o)
1,390,740
1,364,811
Argent
Securities
Trust
2006-W5,
4.06%
(1
Month
Term
SOFR
+
0.41%,
Rate
Floor:
0.30%)
due
06/25/36
◊
7,432,995
4,917,988
First
NLC
Trust
2007-1,
4.04%
(1
Month
Term
SOFR
+
0.39%,
Rate
Floor:
0.28%)
due
08/25/37
◊,(d)
5,646,360
2,782,144
2007-1,
3.83%
(1
Month
Term
SOFR
+
0.18%,
Rate
Floor:
0.07%)
due
08/25/37
◊,(d)
4,281,816
2,109,911
BRAVO
Residential
Funding
Trust
2025-NQM7,
5.81%
due
07/25/65
(d),(o)
3,409,518
3,407,337
2025-CES2,
5.19%
due
07/26/55
(d),(o)
1,250,000
1,239,343
Alternative
Loan
Trust
2007-OA7,
4.12%
(1
Month
Term
SOFR
+
0.47%,
Rate
Floor:
0.36%)
due
05/25/47
◊
4,889,775
4,571,775
Merrill
Lynch
Mortgage
Investors
Trust
2007-HE2,
4.18%
(1
Month
Term
SOFR
+
0.53%,
Rate
Floor:
0.42%)
due
02/25/37
◊
6,377,930
1,737,686
2007-HE2,
4.28%
(1
Month
Term
SOFR
+
0.63%,
Rate
Floor:
0.52%)
due
02/25/37
◊
4,616,708
1,257,785
2007-HE2,
4.00%
(1
Month
Term
SOFR
+
0.35%,
Rate
Floor:
0.24%)
due
02/25/37
◊
3,670,756
1,000,167
2007-HE2,
4.60%
(1
Month
Term
SOFR
+
0.95%,
Rate
Floor:
0.84%)
due
02/25/37
◊
1,493,761
406,903
Legacy
Mortgage
Asset
Trust
2021-GS2,
5.75%
due
04/25/61
(d)
4,392,325
4,395,368
Home
Equity
Loan
Trust
2007-FRE1,
3.95%
(1
Month
Term
SOFR
+
0.30%,
Rate
Floor:
0.19%)
due
04/25/37
◊
4,340,538
4,156,108
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
24.0%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
8.9%
(continued)
Lehman
XS
Trust
2006-18N,
4.12%
(1
Month
Term
SOFR
+
0.47%,
Rate
Floor:
0.36%)
due
12/25/36
◊
2,266,536
$
2,356,595
2006-10N,
4.18%
(1
Month
Term
SOFR
+
0.53%,
Rate
Floor:
0.42%)
due
07/25/46
◊
1,671,870
1,668,167
ACE
Securities
Corp.
Home
Equity
Loan
Trust
2007-ASP1,
4.52%
(1
Month
Term
SOFR
+
0.87%,
Rate
Floor:
0.76%)
due
03/25/37
◊
9,552,315
3,838,402
HSI
Asset
Securitization
Corp.
Trust
2007-HE1,
4.14%
(1
Month
Term
SOFR
+
0.49%,
Rate
Floor:
0.38%)
due
01/25/37
◊
5,082,574
3,496,229
Cross
Mortgage
Trust
2026-NQM3,
5.48%
due
03/25/71
(d),(o)
2,291,759
2,274,306
2025-H6,
5.64%
due
07/25/70
(d),(o)
1,135,276
1,131,388
ACHM
Trust
2025-HE1,
5.92%
(WAC)
due
03/25/55
◊,(d)
2,745,766
2,760,252
2025-HE3,
5.45%
(WAC)
due
11/25/55
◊,(d)
632,225
623,818
Washington
Mutual
Mortgage
Pass-Through
Certificates
WMALT
Series
Trust
2006-AR9,
4.58%
(1
Year
CMT
Rate
+
0.84%,
Rate
Floor:
0.84%)
due
11/25/46
◊
3,059,814
2,682,898
First
Franklin
Mortgage
Loan
Trust
2006-FF16,
4.18%
(1
Month
Term
SOFR
+
0.53%,
Rate
Floor:
0.42%)
due
12/25/36
◊
6,428,139
2,468,468
Vista
Point
Securitization
Trust
2025-CES1,
5.81%
due
04/25/55
(d),(o)
1,378,165
1,381,246
2026-CES2,
5.58%
due
05/25/56
(d),(o)
850,000
850,134
LHOME
Mortgage
Trust
2026-RTL1,
4.91%
due
01/25/41
(d),(o)
1,650,000
1,637,457
Morgan
Stanley
Mortgage
Loan
Trust
2006-9AR,
4.06%
(1
Month
Term
SOFR
+
0.41%,
Rate
Floor:
0.30%)
due
08/25/36
◊
7,232,539
1,455,377
Alliance
Bancorp
Trust
2007-OA1,
4.24%
(1
Month
Term
SOFR
+
0.59%,
Rate
Floor:
0.48%)
due
07/25/37
◊
1,579,120
1,422,012
Archwest
Mortgage
Trust
2025-RTL1,
5.20%
due
10/25/40
(d),(o)
1,400,000
1,392,975
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
154
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
24.0%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
8.9%
(continued)
Deephaven
Residential
Mortgage
Trust
2026-CES1,
5.68%
due
03/25/61
(d),(o)
1,150,000
$
1,148,287
Anchor
Mortgage
Trust
2025-RTL1,
5.72%
due
05/25/40
(d),(o)
1,000,000
997,697
Towd
Point
Mortgage
Trust
2025-1,
4.80%
(WAC)
due
06/25/65
◊,(d)
840,207
840,677
NYMT
Loan
Trust
2025-CP1,
3.75%
(WAC)
due
11/25/69
◊,(d)
800,000
751,117
Aspire
Mortgage
Trust
2026-2,
5.73%
due
04/26/66
(d),(o)
491,623
489,699
Morgan
Stanley
Re-REMIC
Trust
2010-R5,
4.80%
due
06/26/36
(a),(d)
273,024
279,996
Nomura
Resecuritization
Trust
2015-4R,
2.29%
(1
Month
Term
SOFR
+
0.54%,
Rate
Floor:
0.43%)
due
03/26/36
◊,(a),(d)
185,012
183,306
Total
Residential
Mortgage-Backed
Securities
832,805,243
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
-
0
.9
%
BX
Trust
2024-VLT4,
6.07%
(1
Month
Term
SOFR
+
2.44%,
Rate
Floor:
2.44%)
due
06/15/41
◊,(d)
19,813,675
19,813,675
2025-VOLT,
5.33%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
12/15/44
◊,(d)
3,350,000
3,353,141
BXHPP
Trust
2021-FILM,
4.84%
(1
Month
Term
SOFR
+
1.21%,
Rate
Floor:
1.10%)
due
08/15/36
◊,(d)
21,644,000
18,775,953
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2021-NYAH,
6.63%
(1
Month
Term
SOFR
+
3.00%,
Rate
Floor:
2.64%)
due
06/15/38
◊,(d)
15,000,000
11,711,391
SMRT
2022-MINI,
5.58%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
01/15/39
◊,(d)
10,000,000
9,987,500
GS
Mortgage
Securities
Corp.
Trust
2020-DUNE,
6.39%
(1
Month
Term
SOFR
+
2.76%,
Rate
Floor:
2.65%)
due
12/15/36
◊,(d)
5,871,993
5,590,370
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
24.0%
(continued)
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
-
0.9%
(continued)
2020-DUNE,
5.79%
(1
Month
Term
SOFR
+
2.16%,
Rate
Floor:
1.90%)
due
12/15/36
◊,(d)
2,199,997
$
2,138,485
MHP
2022-MHIL,
6.24%
(1
Month
Term
SOFR
+
2.61%,
Rate
Floor:
2.61%)
due
01/15/39
◊,(d)
7,200,000
7,197,750
BX
Commercial
Mortgage
Trust
2024-AIRC,
6.22%
(1
Month
Term
SOFR
+
2.59%,
Rate
Floor:
2.59%)
due
08/15/41
◊,(d)
5,637,133
5,658,272
RWC
Commercial
Mortgage
Trust
2025-1,
5.26%
due
06/27/40
(d)
1,000,000
987,040
2025-1,
5.76%
due
06/27/40
(d)
300,000
294,119
2025-1,
6.26%
due
06/27/40
(d)
300,000
293,537
MILE
Trust
2025-STNE,
5.33%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
07/15/42
◊,(d)
500,000
503,672
Total
Commercial
Mortgage-Backed
Securities
86,304,905
MILITARY
HOUSING
-
0
.3
%
Freddie
Mac
Military
Housing
Bonds
Resecuritization
Trust
Certificates
2015-R1,
0.70%
(WAC)
due
10/25/52
◊,(d),(n)
151,031,372
8,450,386
2015-R1,
0.70%
(WAC)
due
11/25/52
◊,(d),(n)
140,689,634
6,414,871
2015-R1,
0.70%
(WAC)
due
11/25/55
◊,(d),(n)
60,544,684
3,330,418
Capmark
Military
Housing
Trust
2007-AET2,
6.06%
due
10/10/52
(a),(d)
5,272,638
5,032,746
GMAC
Commercial
Mortgage
Asset
Corp.
2025-WPAFB,
7.15%
due
08/10/36
(a),(d)
3,015,502
3,189,389
Total
Military
Housing
26,417,810
Total
Collateralized
Mortgage
Obligations
(Cost
$2,396,924,258)
2,238,468,410
SENIOR
FLOATING
RATE
INTERESTS
-
23
.7
%
CONSUMER,
CYCLICAL
-
6
.2
%
Recess
Holdings,
Inc.
7.42%
(3
Month
Term
SOFR
+
3.75%,
Rate
Floor:
1.00%)
due
02/20/30
◊
23,272,642
23,230,286
Betclic
Everest
Group
SAS
4.73%
(3
Month
EURIBOR
+
2.50%)
due
12/10/31
◊
EUR
13,150,000
15,040,852
5.23%
(3
Month
EURIBOR
+
3.00%)
due
12/10/31
◊
EUR
7,000,000
8,007,497
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
|
155
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
23.7%
(continued)
CONSUMER,
CYCLICAL
-
6.2%
(continued)
QSRP
Finco
SARL
5.91%
(6
Month
EURIBOR
+
3.75%)
due
06/19/31
◊
EUR
20,150,000
$
22,963,822
Hunter
Douglas,
Inc.
5.29%
(3
Month
EURIBOR
+
3.00%)
due
01/17/32
◊
EUR
16,400,000
18,838,555
6.73%
(3
Month
Term
SOFR
+
3.00%)
due
01/17/32
◊
3,940,000
3,931,805
Casper
Bidco
Sasu
5.43%
(1
Month
EURIBOR
+
3.25%)
due
03/21/31
◊
EUR
19,346,376
22,188,995
Peer
Holding
III
BV
6.23%
(3
Month
Term
SOFR
+
2.50%)
due
07/01/31
◊
10,263,700
10,276,530
5.04%
(3
Month
EURIBOR
+
2.75%)
due
09/29/32
◊
EUR
5,000,000
5,718,612
6.23%
(3
Month
Term
SOFR
+
2.50%)
due
10/28/30
◊
3,421,250
3,425,527
5.04%
(3
Month
EURIBOR
+
2.75%)
due
11/26/31
◊
EUR
1,000,000
1,144,282
5.04%
(3
Month
EURIBOR
+
2.75%)
due
07/01/31
◊
EUR
1,000,000
1,143,928
Pacific
Bells
LLC
7.23%
(3
Month
Term
SOFR
+
3.50%,
Rate
Floor:
0.50%)
due
11/13/28
◊
21,122,915
21,152,699
Scientific
Games
Corp.
6.67%
(3
Month
Term
SOFR
+
3.00%,
Rate
Floor:
0.50%)
due
04/04/29
◊
21,104,099
20,787,537
FR
Refuel
LLC
8.51%
(1
Month
Term
SOFR
+
4.75%,
Rate
Floor:
1.75%)
due
11/08/28
◊
20,771,472
20,576,843
MB2
Dental
Solutions
LLC
9.14%
(1
Month
Term
SOFR
+
5.50%,
Rate
Floor:
0.75%)
due
02/13/31
◊,(a)
17,143,686
16,983,444
9.14%
(1
Month
Term
SOFR
+
5.50%,
Rate
Floor:
1.00%)
due
02/13/31
◊,(a)
2,057,774
2,038,540
9.14%
(3
Month
Term
SOFR
+
0.50%,
Rate
Floor:
1.00%)
due
02/13/31
◊,(a)
40,400
37,069
FCG
Acquisitions,
Inc.
6.89%
(1
Month
Term
SOFR
+
3.25%)
due
03/04/33
◊
18,601,979
18,657,227
Fertitta
Entertainment
LLC
6.89%
(1
Month
Term
SOFR
+
3.25%,
Rate
Floor:
0.50%)
due
01/27/29
◊
18,441,949
18,413,917
Caesars
Entertainment,
Inc.
5.89%
(1
Month
Term
SOFR
+
2.25%,
Rate
Floor:
0.50%)
due
02/06/31
◊
9,974,675
9,560,128
5.89%
(1
Month
Term
SOFR
+
2.25%,
Rate
Floor:
0.50%)
due
02/06/30
◊
8,703,593
8,396,269
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
23.7%
(continued)
CONSUMER,
CYCLICAL
-
6.2%
(continued)
Allwyn
Entertainment
Financing
UK
Plc
5.18%
(1
Month
EURIBOR
+
3.00%)
due
03/26/32
◊
EUR
15,400,000
$
17,553,329
Dealer
Tire
Financial
LLC
6.64%
(1
Month
Term
SOFR
+
3.00%)
due
07/02/31
◊
16,421,944
16,257,724
Vista
Management
Holding,
Inc.
7.44%
(3
Month
Term
SOFR
+
3.75%)
due
04/01/31
◊
16,094,414
16,146,721
NFM
&
J
LLC
9.52%
(3
Month
Term
SOFR
+
5.75%,
Rate
Floor:
1.00%)
due
11/30/28
◊,(a)
8,180,555
8,076,749
9.51%
(3
Month
Term
SOFR
+
5.75%,
Rate
Floor:
1.00%)
due
11/30/28
◊,(a)
8,047,110
7,944,998
Beach
Acquisition
Bidco
LLC
5.18%
(1
Month
EURIBOR
+
3.00%)
due
09/12/32
◊
EUR
11,700,000
13,390,643
6.39%
(1
Month
Term
SOFR
+
2.75%)
due
09/12/32
◊
1,930,312
1,937,898
Clarios
Global,
LP
4.76%
(1
Month
EURIBOR
+
2.75%)
due
01/28/32
◊
EUR
12,210,000
13,978,522
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
05/06/30
◊
942,115
942,115
Park
River
Holdings,
Inc.
8.19%
(3
Month
Term
SOFR
+
4.50%,
Rate
Floor:
0.75%)
due
03/15/31
◊
14,762,997
14,729,042
Elvis
UK
Holdco
Ltd.
5.49%
(3
Month
EURIBOR
+
3.30%)
due
10/31/31
◊
EUR
10,600,000
12,162,333
PetSmart
LLC
7.65%
(1
Month
Term
SOFR
+
4.00%)
due
08/18/32
◊
12,154,538
12,129,256
LaserAway
Intermediate
Holdings
II
LLC
9.69%
(3
Month
Term
SOFR
+
5.75%,
Rate
Floor:
0.75%)
due
10/14/27
◊
11,970,480
11,880,701
Entain
Holdings
(Gibraltar)
Ltd.
5.98%
(3
Month
Term
SOFR
+
2.25%)
due
07/31/32
◊
6,765,915
6,754,616
5.79%
(3
Month
EURIBOR
+
3.50%)
due
06/30/28
◊
EUR
3,295,850
3,795,030
Sandy
Bidco
BV
6.26%
(6
Month
EURIBOR
+
3.85%)
due
08/17/29
◊
EUR
9,175,000
9,557,991
TRQ
Sales
LLC
6.98%
(3
Month
Term
SOFR
+
3.25%)
due
12/30/32
◊
9,441,338
9,252,511
Quimper
AB
5.10%
(3
Month
EURIBOR
+
2.98%)
due
03/31/30
◊
EUR
7,620,000
8,724,393
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
156
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
23.7%
(continued)
CONSUMER,
CYCLICAL
-
6.2%
(continued)
Allwyn
Entertainment
Financing
US
LLC
6.18%
(3
Month
Term
SOFR
+
2.50%)
due
01/18/33
◊
6,000,000
$
5,917,500
5.67%
(3
Month
Term
SOFR
+
2.00%)
due
06/02/31
◊
1,930,943
1,886,300
Curriculum
Associates
LLC
8.41%
(3
Month
Term
SOFR
+
4.75%,
Rate
Floor:
0.75%)
due
05/07/32
◊,(a)
4,791,041
4,743,131
8.41%
(1
Month
Term
SOFR
+
4.75%,
Rate
Floor:
0.75%)
due
05/07/32
◊,(a)
2,867,375
2,867,375
Gibson
Brands,
Inc.
8.94%
(3
Month
Term
SOFR
+
5.00%,
Rate
Floor:
0.75%)
due
08/11/28
◊
7,926,500
7,453,764
PCI
Gaming
Authority,
Inc.
5.64%
(1
Month
Term
SOFR
+
2.00%)
due
07/18/31
◊
7,056,000
7,049,861
Scientific
Games
Holdings,
LP
5.85%
(3
Month
EURIBOR
+
3.75%)
due
04/04/29
◊
EUR
5,640,000
6,352,779
Boots
Group
Bidco
Ltd.
6.92%
(3
Month
Term
SOFR
+
3.25%)
due
08/30/32
◊
6,119,250
6,134,548
Shaw
Development
LLC
9.66%
(3
Month
Term
SOFR
+
6.00%)
due
10/30/29
◊,(a)
5,908,325
5,756,358
Alterra
Mountain
Co.
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
08/17/28
◊
3,565,916
3,565,916
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
05/31/30
◊
2,034,625
2,030,393
Grant
Thornton
Advisors
Holding
LLC
5.43%
(1
Month
EURIBOR
+
3.25%)
due
09/23/32
◊
EUR
4,800,000
5,444,022
SGH2
LLC
8.23%
(3
Month
Term
SOFR
+
4.50%)
due
08/18/32
◊
5,359,500
5,346,101
Arcis
Golf
LLC
6.39%
(1
Month
Term
SOFR
+
2.75%,
Rate
Floor:
0.50%)
due
11/24/28
◊
5,277,605
5,284,202
Accuride
Corp.
8.15%
(3
Month
Term
SOFR
+
3.00%)
(in-kind
rate
was
3.00%)
due
03/07/30
◊,(a),(b),(l)
2,643,370
5,100,774
United
Airlines,
Inc.
5.40%
(1
Month
Term
SOFR
+
1.75%)
due
02/22/31
◊
4,306,649
4,291,834
Parts
Europe
SA
4.99%
(3
Month
EURIBOR
+
2.75%)
due
02/06/31
◊
EUR
3,550,000
4,069,827
Versuni
Group
BV
due
06/16/33
(p)
EUR
3,400,000
3,889,356
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
23.7%
(continued)
CONSUMER,
CYCLICAL
-
6.2%
(continued)
International
Entertainment
Jjco
3
Ltd.
6.66%
(3
Month
Term
SOFR
+
3.00%,
Rate
Floor:
0.50%)
due
04/29/32
◊
2,475,094
$
2,472,000
5.40%
(3
Month
EURIBOR
+
3.25%)
due
04/29/32
◊
EUR
1,000,000
1,147,356
Tacala
Investment
Corp.
6.64%
(1
Month
Term
SOFR
+
3.00%,
Rate
Floor:
0.75%)
due
01/31/31
◊
3,521,054
3,521,793
Motel
One
GmbH
5.70%
(3
Month
EURIBOR
+
3.63%)
due
06/04/32
◊
EUR
3,000,000
3,453,206
Gulfside
Supply,
Inc.
6.73%
(3
Month
Term
SOFR
+
3.00%)
due
06/17/31
◊
3,468,778
2,911,623
Openlane,
Inc.
6.15%
(3
Month
Term
SOFR
+
2.50%)
due
10/08/32
◊
2,487,500
2,493,719
AI
Aqua
Merger
Sub,
Inc.
6.12%
(3
Month
Term
SOFR
+
2.50%,
Rate
Floor:
0.50%)
due
07/31/28
◊
2,313,401
2,310,301
Evergreen
Acqco
1,
LP
6.17%
(3
Month
Term
SOFR
+
2.50%)
due
09/17/32
◊
2,275,583
2,274,445
SHO
Holding
I
Corp.
10.49%
(3
Month
Term
SOFR
+
6.50%,
Rate
Floor:
1.00%)
due
06/30/29
◊,(a)
1,664,691
1,652,143
10.99%
(3
Month
Term
SOFR
+
7.00%,
Rate
Floor:
1.00%)
due
06/30/29
◊,(a)
642,762
565,631
Pioneer
Opco
LLC
6.89%
(1
Month
Term
SOFR
+
3.25%)
due
05/15/33
◊
1,850,000
1,855,624
Bulldog
Purchaser,
Inc.
6.91%
(3
Month
Term
SOFR
+
3.25%,
Rate
Floor:
0.50%)
due
02/04/33
◊
1,795,500
1,796,254
White
Cap
Supply
Holdings
LLC
6.89%
(1
Month
Term
SOFR
+
3.25%)
due
10/19/29
◊
1,730,500
1,726,468
Eden
SAS
5.54%
(3
Month
EURIBOR
+
3.25%)
due
06/22/29
◊
EUR
1,500,000
1,723,176
Total
Consumer,
Cyclical
574,816,716
CONSUMER,
NON-CYCLICAL
-
4
.3
%
Women's
Care
Holdings,
Inc.
8.26%
(3
Month
Term
SOFR
+
4.50%,
Rate
Floor:
1.75%)
due
01/15/28
◊
29,813,326
28,769,860
Almaviva
Development
Sasu
6.54%
(3
Month
EURIBOR
+
4.25%)
due
04/08/31
◊
EUR
18,500,000
21,237,493
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
|
157
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
23.7%
(continued)
CONSUMER,
NON-CYCLICAL
-
4.3%
(continued)
Nidda
Healthcare
Holding
GmbH
5.45%
(3
Month
EURIBOR
+
3.25%)
due
12/09/32
◊
EUR
17,347,239
$
19,824,968
7.98%
(1
Month
SONIA
+
4.25%)
due
12/09/32
◊
GBP
1,000,000
1,326,200
Compleat
Food
Group
Holdings
Ltd.
9.23%
(3
Month
SONIA
+
5.50%)
due
01/31/28
◊
GBP
15,950,000
21,011,800
Upbound
Group,
Inc.
6.43%
(3
Month
Term
SOFR
+
2.75%,
Rate
Floor:
0.50%)
due
08/13/32
◊
19,238,518
19,246,599
Inspired
Finco
Holdings
Ltd.
5.18%
(1
Month
EURIBOR
+
3.00%)
due
02/28/31
◊
EUR
7,404,208
8,495,598
6.41%
(3
Month
Term
SOFR
+
2.75%)
due
02/28/31
◊
8,100,000
8,100,000
Auxey
Midco
Ltd.
9.65%
(1
Month
Term
SOFR
+
6.00%)
due
06/29/27
◊
15,624,138
15,493,989
Hopper
Merger
Sub,
Inc.
5.99%
(3
Month
Term
SOFR
+
2.25%)
due
04/07/33
◊
14,850,000
14,518,994
Shilton
Bidco
Ltd.
6.04%
(3
Month
EURIBOR
+
3.75%)
due
01/11/30
◊
EUR
11,800,000
13,447,796
Cube
Healthcare
Europe
Bidco
SAS
5.38%
(1
Month
EURIBOR
+
3.25%)
due
10/30/29
◊
EUR
11,400,000
13,134,427
Rainbow
UK
Bidco
Ltd.
8.23%
(6
Month
SONIA
+
4.50%)
due
02/26/29
◊
GBP
9,750,000
12,958,121
Artisan
Newco
BV
5.58%
(3
Month
EURIBOR
+
3.50%)
due
04/05/32
◊
EUR
11,325,000
12,930,791
Blue
Ribbon
LLC
4.91%
(3
Month
Term
SOFR
+
1.00%,
Rate
Floor:
0.75%)
(in-kind
rate
was
6.00%)
due
05/08/28
◊,(l)
14,385,818
7,405,963
7.65%
(3
Month
Term
SOFR
+
4.00%,
Rate
Floor:
0.75%)
(in-kind
rate
was
4.00%)
due
05/08/28
◊,(a),(l)
5,720,598
5,320,156
Merative,
LP
8.23%
(3
Month
Term
SOFR
+
4.50%,
Rate
Floor:
0.75%)
due
09/30/32
◊,(a)
10,937,571
10,937,571
IVI
America
LLC
6.48%
(3
Month
Term
SOFR
+
2.75%)
due
04/09/31
◊
9,919,340
9,919,340
due
04/09/31
(p)
715,000
715,000
Eagle
Bidco
Ltd.
5.43%
(1
Month
EURIBOR
+
3.25%)
due
02/29/32
◊
EUR
8,950,000
10,205,129
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
23.7%
(continued)
CONSUMER,
NON-CYCLICAL
-
4.3%
(continued)
Red
Spv
LLC
5.90%
(1
Month
Term
SOFR
+
2.25%)
due
03/15/32
◊
10,147,500
$
10,143,238
Pacific
Dental
Services
LLC
5.89%
(1
Month
Term
SOFR
+
2.25%)
due
03/15/31
◊
9,776,250
9,772,926
Eagle
Parent
Corp.
7.98%
(3
Month
Term
SOFR
+
4.25%,
Rate
Floor:
0.50%)
due
04/02/29
◊
8,605,214
8,641,787
Belron
Finance
2019
LLC
5.66%
(3
Month
Term
SOFR
+
2.00%,
Rate
Floor:
0.50%)
due
10/16/31
◊
8,538,792
8,526,326
Grant
Thornton
Advisors
Holding
LLC
6.39%
(1
Month
Term
SOFR
+
2.75%)
due
06/02/31
◊
8,796,040
8,355,358
Florida
Food
Products
LLC
8.99%
(3
Month
Term
SOFR
+
5.00%,
Rate
Floor:
1.00%)
due
10/15/30
◊
7,343,191
5,534,563
9.23%
(3
Month
Term
SOFR
+
5.50%,
Rate
Floor:
2.00%)
due
10/15/30
◊
2,814,897
2,793,785
Lernen
US
Finco
LLC
7.01%
(3
Month
Term
SOFR
+
3.50%)
due
10/27/31
◊
8,404,571
8,254,886
US
Fertility
Enterprises
LLC
6.98%
(3
Month
Term
SOFR
+
3.25%)
due
12/30/32
◊
7,526,989
7,537,979
Grifols
International
Services
DAC
5.20%
(3
Month
EURIBOR
+
3.00%)
due
04/14/33
◊
EUR
5,500,000
6,324,783
Hanger,
Inc.
7.14%
(1
Month
Term
SOFR
+
3.50%)
due
10/23/31
◊
5,389,716
5,405,130
Grifols
International
Services
USA,
Inc.
6.19%
(6
Month
Term
SOFR
+
2.50%,
Rate
Floor:
1.00%)
due
04/14/33
◊
4,987,500
4,997,475
Primo
Brands
Corp.
6.48%
(3
Month
Term
SOFR
+
2.75%,
Rate
Floor:
0.50%)
due
03/31/31
◊
4,713,188
4,732,983
Aggreko
Holdings,
Inc.
6.63%
(3
Month
Term
SOFR
+
3.00%,
Rate
Floor:
0.50%)
due
05/21/31
◊
4,673,171
4,675,507
Aenova
Holding
GmbH
5.15%
(3
Month
EURIBOR
+
2.75%)
due
08/22/31
◊
EUR
4,000,000
4,580,008
Outcomes
Group
Holdings,
Inc.
6.64%
(1
Month
Term
SOFR
+
3.00%)
due
05/06/31
◊
4,263,516
4,274,217
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
158
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
23.7%
(continued)
CONSUMER,
NON-CYCLICAL
-
4.3%
(continued)
ASP
Dream
Acquisition
Company
LLC
7.99%
(1
Month
Term
SOFR
+
4.25%,
Rate
Floor:
0.75%)
due
12/15/28
◊
4,343,445
$
4,061,121
Sapiencia
Bidco
Slu
due
02/18/33
(p)
EUR
3,450,000
3,952,110
Celeste
Bidco
BV
5.92%
(3
Month
EURIBOR
+
3.75%)
due
07/20/29
◊
EUR
3,200,000
3,683,420
Secretariat
Advisors
LLC
7.73%
(3
Month
Term
SOFR
+
4.00%)
due
02/28/32
◊
3,322,566
3,249,901
Froneri
US,
Inc.
5.88%
(6
Month
Term
SOFR
+
2.25%)
due
09/30/31
◊
3,160,000
3,135,384
Amspec
Parent
LLC
7.23%
(3
Month
Term
SOFR
+
3.50%)
due
12/22/31
◊
2,878,830
2,880,269
Ingenovis
Health,
Inc.
8.91%
(3
Month
Term
SOFR
+
5.25%)
due
03/06/28
◊
4,102,565
2,861,539
Bowtie
Germany
Bidco
GmbH
6.04%
(3
Month
EURIBOR
+
3.75%)
due
08/01/31
◊
EUR
2,100,000
2,324,873
Anticimex
Global
AB
6.41%
(3
Month
Term
SOFR
+
2.90%)
due
11/17/31
◊
2,278,581
2,280,609
Imagefirst
Holdings
LLC
8.75%
(3
Month
Term
SOFR
+
3.00%)
due
03/12/32
◊
2,227,500
2,225,651
Vdk
Groep
BV
5.43%
(1
Month
EURIBOR
+
3.25%)
due
02/23/32
◊
EUR
1,900,000
2,184,773
Mamba
Purchaser,
Inc.
6.40%
(1
Month
Term
SOFR
+
2.75%,
Rate
Floor:
0.50%)
due
10/14/31
◊
1,881,048
1,880,765
Congruex
Group
LLC
9.63%
(3
Month
Term
SOFR
+
5.75%,
Rate
Floor:
0.75%)
due
05/03/29
◊
2,984,154
1,797,445
Weight
Watchers
International
Holdings
Ltd.
10.53%
(3
Month
Term
SOFR
+
6.80%,
Rate
Floor:
0.50%)
due
06/24/30
◊
1,914,932
1,427,218
Healthchannels
Intermediate
Holdco
LLC
9.49%
(1
Month
Term
SOFR
+
5.50%)
due
04/03/27
◊,(a)
4,777,861
1,194,465
Composecure
Holdings
LLC
5.92%
(3
Month
Term
SOFR
+
2.25%)
due
01/14/33
◊
600,000
596,016
1261229
BC
Ltd.
9.89%
(1
Month
Term
SOFR
+
6.25%)
due
10/08/30
◊
490,050
474,658
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
23.7%
(continued)
CONSUMER,
NON-CYCLICAL
-
4.3%
(continued)
Medical
Solutions
Holdings,
Inc.
7.26%
(3
Month
Term
SOFR
+
3.50%)
due
11/01/28
◊,(a)
1,774,327
$
173,884
due
11/01/30
(p)
236,356
171,358
Moran
Foods
LLC
11.02%
(3
Month
Term
SOFR
+
7.25%,
Rate
Floor:
1.00%)
due
12/29/28
◊,(a)
1,155,810
93,014
Total
Consumer,
Non-cyclical
400,199,219
INDUSTRIAL
-
4
.2
%
Merlin
Buyer,
Inc.
7.73%
(3
Month
Term
SOFR
+
4.00%)
due
04/15/33
◊
22,945,000
22,973,681
Proampac
PG
Borrower
LLC
7.67%
(3
Month
Term
SOFR
+
4.00%)
due
03/07/33
◊
19,378,477
19,022,107
6.31%
(3
Month
EURIBOR
+
4.00%)
due
03/07/33
◊
EUR
1,100,000
1,261,991
Capstone
Acquisition
Holdings,
Inc.
8.24%
(1
Month
Term
SOFR
+
4.50%,
Rate
Floor:
1.00%)
due
11/13/29
◊,(a)
17,984,807
17,917,657
Michael
Baker
International
LLC
7.66%
(3
Month
Term
SOFR
+
4.00%,
Rate
Floor:
0.75%)
due
12/01/28
◊
17,809,096
17,781,314
Cobham
Ultra
SeniorCo
SARL
7.79%
(6
Month
Term
SOFR
+
3.75%,
Rate
Floor:
0.50%)
due
08/03/29
◊
8,464,868
8,487,808
5.90%
(6
Month
EURIBOR
+
3.75%)
due
08/06/29
◊
EUR
7,000,000
8,009,976
STS
Operating,
Inc.
7.74%
(1
Month
Term
SOFR
+
4.00%)
due
03/25/31
◊
16,385,034
16,388,475
Quikrete
Holdings,
Inc.
5.89%
(1
Month
Term
SOFR
+
2.25%)
due
04/14/31
◊
7,577,111
7,567,640
5.89%
(1
Month
Term
SOFR
+
2.25%)
due
02/10/32
◊
7,564,250
7,554,795
Dxp
Enterprises,
Inc.
6.89%
(1
Month
Term
SOFR
+
3.25%,
Rate
Floor:
1.00%)
due
10/11/30
◊
13,808,086
13,854,067
OEP
Glass
Purchaser
LLC
7.73%
(3
Month
Term
SOFR
+
4.00%)
due
03/07/33
◊
13,528,750
13,486,540
Engineered
Machinery
Holdings,
Inc.
5.79%
(3
Month
EURIBOR
+
3.50%)
due
11/26/32
◊
EUR
8,000,000
9,197,125
6.98%
(3
Month
Term
SOFR
+
3.25%)
due
11/26/32
◊
4,256,970
4,275,700
Blackfin
Pipeline
LLC
6.69%
(1
Month
Term
SOFR
+
3.00%)
due
09/29/32
◊
12,437,500
12,468,594
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
|
159
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
23.7%
(continued)
INDUSTRIAL
-
4.2%
(continued)
East
West
Manufacturing
LLC
due
06/04/32
(p)
12,450,000
$
12,201,000
Hobbs
&
Associates
LLC
6.39%
(1
Month
Term
SOFR
+
2.75%)
due
07/23/31
◊
12,221,769
12,191,215
Owens-Illinois
Group,
Inc.
6.64%
(1
Month
Term
SOFR
+
3.00%)
due
09/30/32
◊
12,303,175
12,183,957
Node
Acquico
GmbH
5.67%
(3
Month
EURIBOR
+
3.50%)
due
12/08/32
◊
EUR
9,825,000
11,237,073
Drive
Bidco
BV
5.17%
(3
Month
EURIBOR
+
3.00%)
due
07/23/31
◊
EUR
8,800,000
10,054,000
Azuria
Water
Solutions,
Inc.
6.48%
(3
Month
Term
SOFR
+
2.75%)
due
04/25/33
◊
9,747,294
9,713,568
due
01/27/33
(p)
27,294
27,200
Talbot
Participation
SAS
5.29%
(3
Month
EURIBOR
+
3.00%)
due
07/07/32
◊
EUR
7,750,000
8,887,579
Holding
Socotec
6.37%
(3
Month
Term
SOFR
+
2.75%,
Rate
Floor:
0.75%)
due
06/02/31
◊
8,774,865
8,777,585
Integrated
Power
Services
Holdings,
Inc.
8.51%
(1
Month
Term
SOFR
+
4.75%,
Rate
Floor:
0.75%)
due
11/22/28
◊,(a)
4,801,368
4,788,412
8.51%
(1
Month
Term
SOFR
+
4.75%,
Rate
Floor:
1.75%)
due
11/22/28
◊,(a)
3,345,378
3,336,350
Apple
Bidco
LLC
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
09/23/31
◊
7,955,698
7,959,199
Indicor
LLC
5.18%
(1
Month
EURIBOR
+
3.00%)
due
11/22/29
◊
EUR
6,435,000
7,368,529
Cube
Safety
Bidco
Ab
5.43%
(1
Month
EURIBOR
+
3.25%)
due
02/21/33
◊
EUR
5,601,064
6,424,364
Infrastrux
Group,
Inc.
5.44%
(6
Month
EURIBOR
+
2.95%)
due
09/27/30
◊
EUR
5,350,000
6,135,296
Climater
Bidco
II
6.29%
(3
Month
EURIBOR
+
4.00%)
due
03/19/32
◊
EUR
5,250,000
6,008,262
Lernen
US
Finco
LLC
6.30%
(6
Month
EURIBOR
+
3.75%)
due
04/25/29
◊
EUR
4,950,000
5,645,139
Apave
SA
5.14%
(3
Month
EURIBOR
+
2.99%)
due
12/09/31
◊
EUR
4,850,000
5,568,831
Tega
MC
Australia
Holdings
Pty
Ltd.
7.16%
(1
Month
Term
SOFR
+
3.50%)
due
03/25/33
◊
5,425,000
5,448,762
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
23.7%
(continued)
INDUSTRIAL
-
4.2%
(continued)
Graftech
Finance,
Inc.
9.67%
(3
Month
Term
SOFR
+
6.00%,
Rate
Floor:
2.00%)
due
12/21/29
◊
5,221,215
$
4,987,566
Aman
OBH1L
Mortgage
0.50%
(1
MonthTerm
SOFR
+
0.50%,
Rate
Floor:
2.75%)
due
03/18/30
◊,(a)
4,655,357
4,611,586
TransDigm,
Inc.
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
08/19/32
◊
4,367,000
4,367,524
Boluda
Towage
SL
due
05/27/33
(p)
4,350,000
4,352,741
Na
Rail
Hold
Co.
LLC
6.15%
(3
Month
Term
SOFR
+
2.50%)
due
03/08/32
◊
4,306,500
4,303,830
LSF12
Phoenix
Holdco
LLC
8.14%
(1
Month
Term
SOFR
+
4.50%)
due
03/25/33
◊
4,275,000
4,239,389
Tiger
Acquisition
LLC
6.15%
(1
Month
Term
SOFR
+
2.50%)
due
08/23/32
◊
4,158,575
4,168,098
Gibraltar
Industries,
Inc.
5.88%
(1
Month
Term
SOFR
+
2.25%)
due
02/02/33
◊
3,969,231
3,959,308
Mannington
Mills,
Inc.
8.39%
(1
Month
Term
SOFR
+
4.75%)
due
03/25/32
◊
3,672,222
3,598,778
Mi
Windows
&
Doors
LLC
6.39%
(1
Month
Term
SOFR
+
2.75%)
due
03/28/31
◊
3,495,658
3,445,565
TSG
Solutions
Holding
Saca
5.40%
(3
Month
EURIBOR
+
3.25%)
due
05/04/32
◊
EUR
3,000,000
3,437,508
Pro
Mach
Group,
Inc.
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
10/15/32
◊
2,992,500
2,992,500
Cube
A&D
Buyer,
Inc.
6.67%
(3
Month
Term
SOFR
+
3.00%)
due
10/17/31
◊
2,740,417
2,740,417
Brown
Group
Holding
LLC
6.14%
(1
Month
Term
SOFR
+
2.50%,
Rate
Floor:
1.50%)
due
07/01/31
◊
1,375,209
1,378,069
6.14%
(3
Month
Term
SOFR
+
2.50%,
Rate
Floor:
0.50%)
due
07/01/31
◊
1,228,211
1,230,557
Savage
Enterprises
LLC
5.62%
(1
Month
Term
SOFR
+
2.00%)
due
08/05/32
◊
2,610,684
2,607,890
Mahseer
Holdings
LLC
6.98%
(3
Month
Term
SOFR
+
3.25%,
Rate
Floor:
0.50%)
due
03/16/33
◊
2,543,103
2,554,242
Project
Aurora
Us
Finco,
Inc.
6.48%
(3
Month
Term
SOFR
+
2.75%)
due
12/06/32
◊
2,288,500
2,296,121
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
160
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
23.7%
(continued)
INDUSTRIAL
-
4.2%
(continued)
Ilpea
Parent,
Inc.
7.65%
(1
Month
Term
SOFR
+
4.00%,
Rate
Floor:
0.75%)
due
06/22/28
◊,(a)
2,008,467
$
2,005,956
Fugue
Finance
LLC
4.98%
(3
Month
EURIBOR
+
2.75%,
Rate
Floor:
0.50%)
due
01/09/32
◊
EUR
1,700,000
1,938,618
Salas
Obrien,
Inc.
6.39%
(1
Month
Term
SOFR
+
2.75%)
due
01/31/33
◊,(a)
1,682,857
1,682,857
Madison
Safety
&
Flow
LLC
8.25%
(1
Month
Term
SOFR
+
2.50%)
due
09/26/31
◊
1,170,300
1,170,488
API
Heat
Transfer
Thermasys
Corp.
10.49%
(3
Month
Term
SOFR
+
6.50%)
due
11/28/29
◊,(a)
771,146
771,146
Ring
Container
Technologies
Group
LLC
6.14%
(1
Month
Term
SOFR
+
2.50%,
Rate
Floor:
0.50%)
due
09/15/32
◊
694,750
695,125
Total
Industrial
393,739,670
FINANCIAL
-
3
.7
%
Saphilux
SARL
6.73%
(6
Month
Term
SOFR
+
3.00%,
Rate
Floor:
0.50%)
due
07/18/28
◊
22,490,249
22,555,920
Kroll,
Inc.
6.73%
(3
Month
Term
SOFR
+
3.00%)
(in-kind
rate
was
2.75%)
due
09/13/32
◊,(a),(l)
22,172,070
22,095,316
8.89%
(1
Month
Term
SOFR
+
5.25%,
Rate
Floor:
0.50%)
due
09/13/32
◊,(a)
410,000
410,000
Aretec
Group,
Inc.
6.64%
(1
Month
Term
SOFR
+
3.00%)
due
08/09/30
◊
22,304,885
22,241,539
Ardonagh
Midco
3
Ltd.
5.77%
(6
Month
EURIBOR
+
3.63%)
due
02/15/31
◊
EUR
13,600,000
15,550,120
6.73%
(3
Month
Term
SOFR
+
3.00%)
due
02/15/31
◊
6,693,985
6,463,913
Hightower
Holding
LLC
6.41%
(3
Month
Term
SOFR
+
2.75%)
due
02/03/32
◊
20,670,735
20,493,173
Higginbotham
Insurance
Agency,
Inc.
8.14%
(1
Month
Term
SOFR
+
4.50%,
Rate
Floor:
1.00%)
due
06/11/31
◊,(a)
20,464,722
20,329,246
Orion
Us
Finco,
Inc.
7.17%
(3
Month
Term
SOFR
+
3.50%)
due
10/08/32
◊
18,792,900
18,788,766
Asurion
LLC
7.91%
(3
Month
Term
SOFR
+
4.25%)
due
09/19/30
◊
16,863,375
16,646,165
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
23.7%
(continued)
FINANCIAL
-
3.7%
(continued)
8.01%
(3
Month
Term
SOFR
+
4.25%)
due
08/19/28
◊
73,242
$
73,124
Blackhawk
Network
Holdings,
Inc.
7.14%
(1
Month
Term
SOFR
+
3.50%,
Rate
Floor:
1.00%)
due
03/12/29
◊
14,417,945
14,336,916
Cliffwater
LLC
8.14%
(1
Month
Term
SOFR
+
4.50%,
Rate
Floor:
0.75%)
due
04/22/32
◊,(a)
14,437,250
13,956,490
Nexus
Buyer
LLC
7.14%
(1
Month
Term
SOFR
+
3.50%)
due
07/31/31
◊
10,496,014
10,097,690
7.64%
(1
Month
Term
SOFR
+
4.00%)
due
07/31/31
◊
3,126,375
3,018,640
Vacation
Rental
Brands
Holdings
8.98%
(3
Month
Term
SOFR
+
5.25%,
Rate
Floor:
1.00%)
due
05/06/32
◊,(a)
12,116,026
12,007,918
PHM
Group
Holding
Oy
5.58%
(3
Month
EURIBOR
+
3.50%)
due
04/22/32
◊
EUR
10,000,000
11,365,019
Orion
Advisor
Solutions,
Inc.
6.41%
(3
Month
Term
SOFR
+
2.75%)
due
09/24/30
◊
11,175,555
11,057,541
Cervantes
Bidco
SL
5.52%
(6
Month
EURIBOR
+
3.00%)
due
12/03/31
◊
EUR
8,100,000
9,268,409
Galaxy
Bidco
Ltd.
6.24%
(6
Month
EURIBOR
+
3.75%)
due
12/19/29
◊
EUR
7,500,000
8,636,614
Focus
Financial
Partners
LLC
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
09/15/31
◊
7,903,221
7,701,688
Corelogic,
Inc.
7.26%
(1
Month
Term
SOFR
+
3.50%,
Rate
Floor:
1.50%)
due
06/02/28
◊
7,537,648
7,443,428
Pex
Holdings
LLC
6.48%
(3
Month
Term
SOFR
+
2.75%)
due
11/26/31
◊
6,221,250
6,205,697
CFC
US
2025
LLC
7.18%
(3
Month
Term
SOFR
+
3.50%)
due
07/01/32
◊
6,557,050
6,141,792
Dione
Bidco
Ltd.
6.27%
(6
Month
EURIBOR
+
3.75%)
due
12/20/32
◊
EUR
5,300,000
6,095,638
Chrysaor
Bidco
SARL
6.67%
(3
Month
Term
SOFR
+
3.00%,
Rate
Floor:
0.50%)
due
10/30/31
◊
5,518,826
5,525,283
Cross
Financial
Corp.
6.39%
(1
Month
Term
SOFR
+
2.75%)
due
10/31/31
◊
5,755,657
5,496,653
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
|
161
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
23.7%
(continued)
FINANCIAL
-
3.7%
(continued)
Kestra
Advisor
Services
Holdings
A,
Inc.
6.39%
(1
Month
Term
SOFR
+
2.75%)
due
03/22/31
◊
5,260,139
$
5,207,011
GTCR
Everest
Borrower
LLC
6.23%
(3
Month
Term
SOFR
+
2.50%)
due
09/05/31
◊
4,899,186
4,875,474
IMC
Global
Holdings
LLC
6.65%
(1
Month
Term
SOFR
+
3.00%)
due
06/18/32
◊
4,569,621
4,563,909
Amwins
Group,
Inc.
5.73%
(3
Month
Term
SOFR
+
2.00%,
Rate
Floor:
0.75%)
due
01/30/32
◊
4,235,500
4,137,872
Admiral
Bidco
GmbH
5.40%
(3
Month
EURIBOR
+
3.25%)
due
09/30/32
◊
EUR
3,500,000
4,019,184
Tegra118
Wealth
Solutions,
Inc.
7.67%
(3
Month
Term
SOFR
+
4.00%)
due
01/27/33
◊
3,800,000
3,801,900
OEG
Borrower
LLC
7.17%
(3
Month
Term
SOFR
+
3.50%)
due
06/30/31
◊
3,369,975
3,379,984
Citco
Funding
LLC
5.66%
(3
Month
Term
SOFR
+
2.00%,
Rate
Floor:
0.50%)
due
01/30/33
◊
3,383,000
3,371,532
EP
Wealth
Advisors,
Inc.
6.17%
(1
Month
Term
SOFR
+
2.50%)
due
10/18/32
◊
2,763,075
2,760,782
Ascensus
Group
Holdings
6.64%
(1
Month
Term
SOFR
+
3.00%)
due
11/25/32
◊
2,353,513
2,295,664
Eagle
Point
Holdings
Borrower
LLC
7.49%
(3
Month
Term
SOFR
+
3.75%,
Rate
Floor:
1.00%)
due
03/31/28
◊,(a)
1,050,000
1,050,000
7.44%
(3
Month
Term
SOFR
+
3.75%,
Rate
Floor:
1.00%)
due
03/31/28
◊,(a)
1,050,000
1,050,000
TPG
RE
Finance
Trust,
Inc.
6.39%
(1
Month
Term
SOFR
+
2.75%)
due
05/16/33
◊
1,975,000
1,972,531
Osaic
Holdings,
Inc.
6.23%
(3
Month
Term
SOFR
+
2.50%)
due
07/30/32
◊
1,496,250
1,474,928
Virtu
Financial
6.14%
(1
Month
Term
SOFR
+
2.50%,
Rate
Floor:
0.50%)
due
06/21/31
◊
1,237,500
1,236,881
Jones
Deslauriers
Insurance
Management,
Inc.
6.66%
(3
Month
Term
SOFR
+
3.00%)
due
02/02/33
◊
1,150,000
1,098,537
Diot-Siaci
Bidco
due
07/26/32
(p)
EUR
200,000
227,520
Total
Financial
350,526,407
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
23.7%
(continued)
TECHNOLOGY
-
2
.7
%
Sitecore
Holding
III
AS
10.34%
(6
Month
Term
SOFR
+
6.50%,
Rate
Floor:
0.50%)
due
03/12/29
◊,(a)
13,897,329
$
13,237,484
8.16%
(6
Month
EURIBOR
+
6.00%)
due
03/12/29
◊,(a)
EUR
10,629,351
11,567,435
9.84%
(6
Month
Term
SOFR
+
6.00%)
due
03/12/29
◊,(a)
1,440,069
1,371,695
Cegid
Group
4.90%
(3
Month
EURIBOR
+
2.75%)
due
07/10/28
◊
EUR
10,785,863
12,080,581
4.90%
(3
Month
EURIBOR
+
2.75%)
due
01/31/30
◊
EUR
10,000,000
11,127,721
Datix
Bidco
Ltd.
8.73%
(6
Month
SONIA
+
5.00%)
due
04/30/31
◊,(a)
GBP
12,072,000
15,920,391
8.73%
(6
Month
Term
SOFR
+
5.00%,
Rate
Floor:
0.50%)
due
04/30/31
◊,(a)
3,430,000
3,410,826
Visma
AS
5.82%
(6
Month
EURIBOR
+
3.70%)
due
12/05/28
◊,(a)
EUR
16,296,596
18,432,672
Kaseya,
Inc.
6.91%
(3
Month
Term
SOFR
+
3.25%)
due
03/22/32
◊
22,854,406
17,585,095
Zodiac
Purchaser
LLC
7.14%
(1
Month
Term
SOFR
+
3.50%)
due
02/14/32
◊
18,821,494
17,221,667
Ascend
Learning
LLC
6.64%
(1
Month
Term
SOFR
+
3.00%,
Rate
Floor:
0.50%)
due
12/11/28
◊
16,435,176
16,006,053
Leia
Finco
US
LLC
6.93%
(3
Month
Term
SOFR
+
3.25%)
due
10/09/31
◊
17,481,901
15,899,789
Cloud
Software
Group,
Inc.
6.98%
(3
Month
Term
SOFR
+
3.25%)
due
03/21/31
◊
15,496,930
13,540,442
Precise
Bidco
BV
5.40%
(3
Month
EURIBOR
+
3.00%)
due
11/15/30
◊
EUR
11,400,000
12,594,952
Blue
Finco
SARL
5.74%
(3
Month
EURIBOR
+
3.45%)
due
09/30/29
◊
EUR
7,500,000
8,129,602
6.98%
(3
Month
Term
SOFR
+
3.25%)
due
07/12/32
◊
4,504,500
4,298,419
Kerridge
Commercial
Systems
Bidco
Ltd.
8.14%
(3
Month
SONIA
+
4.41%)
due
11/21/32
◊,(a)
GBP
7,997,768
10,578,532
Pushpay
USA,
Inc.
7.39%
(1
Month
Term
SOFR
+
3.75%)
due
08/15/31
◊,(a)
10,797,570
10,041,740
Realpage,
Inc.
6.99%
(3
Month
Term
SOFR
+
3.00%,
Rate
Floor:
1.50%)
due
04/24/28
◊
10,614,422
9,907,926
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
162
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
23.7%
(continued)
TECHNOLOGY
-
2.7%
(continued)
Boxer
Parent
Co.,
Inc.
6.42%
(3
Month
Term
SOFR
+
2.75%)
due
07/30/31
◊
10,519,525
$
9,445,692
Planview
Parent,
Inc.
7.23%
(3
Month
Term
SOFR
+
3.50%)
due
12/17/27
◊
9,567,324
8,177,383
OAK-Eagle
Acquireco,
Inc.
due
03/24/33
(p)
4,300,000
4,309,245
Polaris
Newco
LLC
7.49%
(3
Month
Term
SOFR
+
0.50%,
Rate
Floor:
1.00%)
due
07/31/30
◊,(a)
4,471,338
3,897,263
Athena
Health
Group,
Inc.
6.89%
(1
Month
Term
SOFR
+
3.25%,
Rate
Floor:
0.50%)
due
02/13/32
◊
1,029,848
1,018,005
Total
Technology
249,800,610
COMMUNICATIONS
-
1
.6
%
Zephyr
Bidco
Ltd.
8.48%
(1
Month
SONIA
+
4.75%)
due
07/20/28
◊
GBP
20,850,000
26,804,588
Salsa
Bidco
GmbH
6.35%
(6
Month
EURIBOR
+
3.75%)
due
11/18/32
◊,(a)
EUR
19,650,000
22,191,668
Total
Webhosting
Solutions
BV
6.18%
(1
Month
EURIBOR
+
4.00%)
due
11/04/31
◊
EUR
18,000,000
19,048,331
Tripadvisor,
Inc.
6.39%
(1
Month
Term
SOFR
+
2.75%)
due
07/08/31
◊
17,003,331
16,224,069
Speedster
Bidco
GmbH
6.48%
(3
Month
Term
SOFR
+
2.75%,
Rate
Floor:
0.50%)
due
12/11/31
◊
8,557,036
8,475,059
5.50%
(6
Month
EURIBOR
+
3.00%)
due
12/11/31
◊
EUR
5,700,000
6,333,163
Sweetwater
Borrower
LLC
7.64%
(1
Month
Term
SOFR
+
4.00%)
due
02/17/33
◊
10,424,831
10,476,956
Firstdigital
Communications
LLC
8.01%
(1
Month
Term
SOFR
+
4.25%,
Rate
Floor:
0.75%)
(in-kind
rate
was
0.50%)
due
12/17/26
◊,(a),(l)
10,292,345
10,059,989
Redhalo
Midco
UK
Ltd.
5.29%
(3
Month
EURIBOR
+
3.00%)
due
03/22/31
◊
EUR
8,500,000
9,298,522
Cengage
Learning,
Inc.
6.65%
(3
Month
Term
SOFR
+
3.00%,
Rate
Floor:
1.00%)
due
03/24/31
◊
6,627,721
6,551,303
Level
3
Financing,
Inc.
6.39%
(1
Month
Term
SOFR
+
2.75%)
due
03/29/32
◊
6,535,000
6,532,974
Sunrise
Financing
Partnership
6.10%
(6
Month
Term
SOFR
+
2.47%)
due
02/15/32
◊
2,650,000
2,611,681
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
23.7%
(continued)
COMMUNICATIONS
-
1.6%
(continued)
Zayo
Group
Holdings,
Inc.
6.76%
(1
Month
Term
SOFR
+
3.00%)
(in-kind
rate
was
0.50%)
due
03/11/30
◊,(l)
2,323,787
$
2,322,764
Xplore,
Inc.
5.26%
(1
Month
Term
SOFR
+
1.50%)
(in-kind
rate
was
3.50%)
due
10/23/29
◊,(l)
1,065,463
993,544
Total
Communications
147,924,611
BASIC
MATERIALS
-
0
.4
%
INEOS
US
Finance
LLC
due
06/18/32
(p)
14,900,000
13,919,133
Lummus
Technology
Holdings
V
LLC
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
12/31/29
◊
9,768,116
9,626,869
SCIL
US
Holdings
LLC
6.20%
(3
Month
EURIBOR
+
4.00%)
due
11/08/32
◊
EUR
4,550,000
5,178,881
7.65%
(3
Month
Term
SOFR
+
4.00%)
due
11/08/32
◊
1,243,750
1,239,086
Discovery
Purchaser
Corp.
7.41%
(3
Month
Term
SOFR
+
3.75%,
Rate
Floor:
0.50%)
due
10/04/29
◊
6,268,552
6,237,209
Arsenal
AIC
Parent
LLC
6.39%
(1
Month
Term
SOFR
+
2.75%)
due
08/18/30
◊
3,524,877
3,533,689
Paint
Intermediate
III
LLC
6.65%
(3
Month
Term
SOFR
+
3.00%)
due
10/09/31
◊
1,392,947
1,395,566
Ecovyst
Catalyst
Technologies
LLC
5.66%
(3
Month
Term
SOFR
+
2.00%)
due
06/12/31
◊
245,517
245,122
Total
Basic
Materials
41,375,555
ENERGY
-
0
.3
%
Liquid
Tech
Solutions
Holdings
LLC
7.23%
(3
Month
Term
SOFR
+
3.50%)
due
10/12/32
◊
18,368,731
18,196,983
Apro
LLC
7.37%
(1
Month
Term
SOFR
+
3.75%)
due
07/09/31
◊
8,527,229
8,525,439
Bip
PipeCo
Holdings
LLC
5.68%
(3
Month
Term
SOFR
+
2.00%)
due
12/06/30
◊
3,294,950
3,287,734
Transmontaigne
Operating
Co.,
LP
5.89%
(1
Month
Term
SOFR
+
2.25%,
Rate
Floor:
1.50%)
due
03/16/30
◊
996,802
996,383
Total
Energy
31,006,539
INFRASTRUCTURE
-
0
.2
%
QTS
Good
News
Facility
6.37%
(SOFR
+
3.00%)
due
10/09/28
◊,(a)
19,150,000
19,129,542
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
|
163
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
23.7%
(continued)
UTILITIES
-
0
.1
%
Powergrid
Services
LLC
8.48%
(3
Month
Term
SOFR
+
4.75%,
Rate
Floor:
0.75%)
due
07/01/32
◊,(a)
7,850,594
$
7,814,431
8.40%
(3
Month
Term
SOFR
+
4.75%,
Rate
Floor:
0.75%)
due
07/01/30
◊,(a)
345,255
326,461
Total
Utilities
8,140,892
Total
Senior
Floating
Rate
Interests
(Cost
$2,242,695,168)
2,216,659,761
ASSET-BACKED
SECURITIES
-
22
.7
%
COLLATERALIZED
LOAN
OBLIGATIONS
-
12
.8
%
Cerberus
Loan
Funding
XLIV
LLC
2023-5AR
CR
due
01/15/36
(d),(p)
24,800,000
24,800,000
2023-5A
C,
7.87%
(3
Month
Term
SOFR
+
4.20%,
Rate
Floor:
4.20%)
due
01/15/36
◊,(d)
22,800,000
22,831,386
Fortress
Credit
Opportunities
IX
CLO
Ltd.
2017-9A
CR,
6.73%
(3
Month
Term
SOFR
+
3.06%,
Rate
Floor:
2.80%)
due
10/15/33
◊,(d)
35,000,000
34,847,897
2017-9A
DR,
7.88%
(3
Month
Term
SOFR
+
4.21%,
Rate
Floor:
3.95%)
due
10/15/33
◊,(d)
7,750,000
7,753,299
2017-9A
A2TR,
5.73%
(3
Month
Term
SOFR
+
2.06%,
Rate
Floor:
1.80%)
due
10/15/33
◊,(d)
2,950,000
2,952,009
FS
Rialto
2021-FL3
D,
6.25%
(1
Month
Term
SOFR
+
2.61%,
Rate
Floor:
2.61%)
due
11/16/36
◊,(d)
36,500,000
35,975,316
2021-FL2
D,
7.05%
(1
Month
Term
SOFR
+
3.41%,
Rate
Floor:
2.91%)
due
05/16/38
◊,(d)
8,850,000
8,834,827
BCRED
CLO
LLC
2026-1A
C,
5.60%
(3
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
04/24/39
◊,(d)
21,200,000
21,178,861
2025-1A
C,
5.68%
(3
Month
Term
SOFR
+
2.00%,
Rate
Floor:
2.00%)
due
04/20/37
◊,(d)
21,000,000
20,985,229
Golub
Capital
Partners
CLO
69M
2023-69A
DR,
6.70%
(3
Month
Term
SOFR
+
3.05%,
Rate
Floor:
3.05%)
due
11/09/38
◊,(d)
38,312,500
38,170,782
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
22.7%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
12.8%
(continued)
2023-69A
CR,
5.70%
(3
Month
Term
SOFR
+
2.05%,
Rate
Floor:
2.05%)
due
11/09/38
◊,(d)
1,600,000
$
1,598,801
Owl
Rock
CLO
XXIV
LLC
2026-24A
C,
5.57%
(3
Month
Term
SOFR
+
1.90%,
Rate
Floor:
1.90%)
due
01/22/38
◊,(d)
34,650,000
34,610,998
FS
Rialto
Issuer
LLC
2024-FL9
C,
6.28%
(1
Month
Term
SOFR
+
2.64%,
Rate
Floor:
2.65%)
due
10/19/39
◊,(d)
10,450,000
10,362,884
2025-FL10
C,
5.79%
(1
Month
Term
SOFR
+
2.15%,
Rate
Floor:
2.15%)
due
08/19/42
◊,(d)
9,800,000
9,779,292
2026-FL11
C,
5.69%
(1
Month
Term
SOFR
+
2.05%,
Rate
Floor:
2.05%)
due
01/19/44
◊,(d)
9,289,000
9,273,899
2025-FL10
B,
5.49%
(1
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
08/19/42
◊,(d)
1,500,000
1,498,855
BSPRT
Issuer
LLC
2026-FL13
C,
5.84%
(1
Month
Term
SOFR
+
2.20%,
Rate
Floor:
2.20%)
due
10/18/43
◊,(d)
11,928,000
11,948,125
2024-FL11
C,
6.27%
(1
Month
Term
SOFR
+
2.64%,
Rate
Floor:
2.64%)
due
07/15/39
◊,(d)
7,825,000
7,828,317
2025-FL12
C,
5.83%
(1
Month
Term
SOFR
+
2.20%,
Rate
Floor:
2.20%)
due
01/17/43
◊,(d)
6,850,000
6,866,485
2025-FL12
B,
5.58%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
01/17/43
◊,(d)
3,750,000
3,752,851
Ares
Direct
Lending
CLO
6
LLC
2025-2A
D,
6.98%
(3
Month
Term
SOFR
+
3.30%,
Rate
Floor:
3.30%)
due
10/16/37
◊,(d)
21,450,000
21,384,303
2025-2A
C,
5.88%
(3
Month
Term
SOFR
+
2.20%,
Rate
Floor:
2.20%)
due
10/16/37
◊,(d)
9,000,000
8,996,584
Cerberus
Loan
Funding
52
LLC
2025-3A
C,
5.87%
(3
Month
Term
SOFR
+
2.20%,
Rate
Floor:
2.20%)
due
10/15/37
◊,(d)
22,700,000
22,692,893
2025-3A
D,
7.07%
(3
Month
Term
SOFR
+
3.40%,
Rate
Floor:
3.40%)
due
10/15/37
◊,(d)
6,800,000
6,718,095
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
164
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
22.7%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
12.8%
(continued)
Fontainbleau
Vegas
7.86%
(1
Month
Term
SOFR
+
5.65%,
Rate
Floor:
1.00%)
due
01/31/28
◊,(a)
26,499,999
$
27,078,017
TRTX
Issuer
Ltd.
2025-FL6
B,
5.68%
(1
Month
Term
SOFR
+
2.05%,
Rate
Floor:
2.05%)
due
09/18/42
◊,(d)
17,100,000
17,029,616
2025-FL7
C,
5.84%
(1
Month
Term
SOFR
+
2.20%,
Rate
Floor:
2.20%)
due
06/18/43
◊,(d)
8,000,000
8,006,785
BXMT
Ltd.
2020-FL2
C,
5.65%
(1
Month
Term
SOFR
+
2.01%,
Rate
Floor:
2.01%)
due
02/15/38
◊,(d)
15,640,000
15,592,300
2020-FL2
D,
5.95%
(1
Month
Term
SOFR
+
2.31%,
Rate
Floor:
2.31%)
due
02/15/38
◊,(d)
8,000,000
7,899,552
2026-FL6
B,
5.59%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
08/19/43
◊,(d)
1,000,000
999,562
Cerberus
Loan
Funding
XLVII
LLC
2024-3A
C,
6.22%
(3
Month
Term
SOFR
+
2.55%,
Rate
Floor:
2.55%)
due
07/15/36
◊,(d)
20,150,000
20,102,246
2024-3A
D,
8.02%
(3
Month
Term
SOFR
+
4.35%,
Rate
Floor:
4.35%)
due
07/15/36
◊,(d)
3,900,000
3,902,939
Cerberus
Loan
Funding
XL
LLC
2023-1A
CR,
6.30%
(3
Month
Term
SOFR
+
2.65%,
Rate
Floor:
2.65%)
due
03/22/35
◊,(d)
23,050,000
23,069,044
BDS
LLC
2025-FL16
C,
5.74%
(1
Month
Term
SOFR
+
2.10%,
Rate
Floor:
2.10%)
due
06/19/43
◊,(d)
15,208,000
15,095,113
2025-FL15
C,
5.79%
(1
Month
Term
SOFR
+
2.15%,
Rate
Floor:
2.15%)
due
03/19/43
◊,(d)
7,450,000
7,455,501
GS
REFT
Issuer
Ltd.
2026-FL1
C,
5.79%
(1
Month
Term
SOFR
+
2.15%,
Rate
Floor:
2.15%)
due
10/19/43
◊,(d)
14,300,000
14,311,627
2026-FL1
B,
5.64%
(1
Month
Term
SOFR
+
2.00%,
Rate
Floor:
2.00%)
due
10/19/43
◊,(d)
6,775,000
6,780,469
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
22.7%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
12.8%
(continued)
Hlend
CLO
LLC
2025-3A
B,
5.38%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
01/20/37
◊,(d)
18,400,000
$
18,285,072
2025-4A
B,
5.50%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
08/15/37
◊,(d)
1,600,000
1,596,724
RR
Ltd.
2025-39A
SUB
due
04/15/38
(d),(q)
18,750,000
11,748,375
2025-41A
SUB
due
10/15/40
(d),(q)
9,700,000
7,113,786
ACRES
Commercial
Realty
Issuer
LLC
2026-FL4
C,
5.89%
(1
Month
Term
SOFR
+
2.25%,
Rate
Floor:
2.25%)
due
08/18/44
◊,(d)
18,600,000
18,569,901
LoanCore
Issuer
LLC
2025-CRE9
B,
5.59%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
08/18/42
◊,(d)
11,900,000
11,881,563
2025-CRE8
C,
5.78%
(1
Month
Term
SOFR
+
2.14%,
Rate
Floor:
2.14%)
due
08/17/42
◊,(d)
5,750,000
5,735,098
Cerberus
Loan
Funding
XLV
LLC
2024-1A
C,
6.82%
(3
Month
Term
SOFR
+
3.15%,
Rate
Floor:
3.15%)
due
04/15/36
◊,(d)
17,150,000
17,131,595
Jefferies
Credit
Partners
Direct
Lending
CLO
Ltd.
2025-1A
D,
6.92%
(3
Month
Term
SOFR
+
3.25%,
Rate
Floor:
3.25%)
due
10/15/37
◊,(d)
17,600,000
17,038,704
Madison
Park
Funding
XLVIII
Ltd.
2021-48A
D1R,
6.33%
(3
Month
Term
SOFR
+
2.65%,
Rate
Floor:
2.65%)
due
01/19/39
◊,(d)
16,750,000
16,600,498
Owl
Rock
CLO
VIII
LLC
2022-8A
CR,
6.07%
(3
Month
Term
SOFR
+
2.40%,
Rate
Floor:
2.40%)
due
04/24/37
◊,(d)
16,000,000
16,002,490
STWD
Ltd.
2022-FL3
D,
6.34%
(30
Day
Average
SOFR
+
2.75%,
Rate
Floor:
2.75%)
due
11/15/38
◊,(d)
11,900,000
11,761,699
2021-FL2
D,
6.55%
(1
Month
Term
SOFR
+
2.91%,
Rate
Floor:
2.80%)
due
04/18/38
◊,(d)
3,750,000
3,742,008
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
|
165
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
22.7%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
12.8%
(continued)
PFP
Ltd.
2026-14
C,
5.60%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
12/18/43
◊,(d)
7,900,000
$
7,893,016
2026-13
C,
5.64%
(1
Month
Term
SOFR
+
2.00%,
Rate
Floor:
2.00%)
due
08/18/43
◊,(d)
4,200,000
4,211,942
2024-11
B,
6.10%
(1
Month
Term
SOFR
+
2.49%,
Rate
Floor:
2.49%)
due
09/17/39
◊,(d)
2,239,942
2,236,727
2025-12
B,
5.68%
(1
Month
Term
SOFR
+
2.04%,
Rate
Floor:
2.04%)
due
12/18/42
◊,(d)
1,000,000
1,002,268
Golub
Capital
Partners
CLO
83M
2025-83A
D,
6.70%
(3
Month
Term
SOFR
+
3.05%,
Rate
Floor:
3.05%)
due
11/09/38
◊,(d)
14,900,000
14,844,711
Carlyle
Direct
Lending
CLO
LLC
2015-1A
BR,
6.42%
(3
Month
Term
SOFR
+
2.75%,
Rate
Floor:
2.75%)
due
07/15/36
◊,(d)
14,200,000
14,214,653
Golub
Capital
Partners
CLO
16M-R3
2013-16A
CR3,
6.25%
(3
Month
Term
SOFR
+
2.60%,
Rate
Floor:
2.60%)
due
08/09/39
◊,(d)
14,150,000
14,158,847
CARLYLE
US
CLO
Ltd.
2019-4A
ER2,
9.54%
(3
Month
Term
SOFR
+
5.90%,
Rate
Floor:
5.90%)
due
06/22/39
◊,(d)
13,200,000
13,199,909
Ares
Direct
Lending
CLO
2
LLC
2024-2A
D,
7.58%
(3
Month
Term
SOFR
+
3.90%,
Rate
Floor:
3.90%)
due
10/20/36
◊,(d)
13,050,000
13,030,210
Owl
Rock
CLO
VII
LLC
2022-7A
BR,
5.38%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
04/20/38
◊,(d)
12,900,000
12,848,551
Owl
Rock
CLO
XXI
LLC
2025-21A
C,
6.07%
(3
Month
Term
SOFR
+
2.40%,
Rate
Floor:
2.40%)
due
07/24/34
◊,(d)
12,575,000
12,587,315
Owl
Rock
CLO
IX
LLC
2022-9A
CR,
5.94%
(3
Month
Term
SOFR
+
2.30%,
Rate
Floor:
2.30%)
due
11/22/37
◊,(d)
12,550,000
12,506,513
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
22.7%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
12.8%
(continued)
HPS
Private
Credit
CLO
LLC
2025-3A
D,
7.68%
(3
Month
Term
SOFR
+
4.00%,
Rate
Floor:
4.00%)
due
07/20/37
◊,(d)
6,000,000
$
5,992,484
2025-3A
C,
6.48%
(3
Month
Term
SOFR
+
2.80%,
Rate
Floor:
2.80%)
due
07/20/37
◊,(d)
5,900,000
5,906,899
2024-2AR
D1R
due
08/15/39
(d),(p)
600,000
600,000
AREIT
Ltd.
2025-CRE11
B,
5.64%
(1
Month
Term
SOFR
+
2.00%,
Rate
Floor:
2.00%)
due
07/25/43
◊,(d)
7,231,000
7,202,564
2025-CRE10
B,
5.48%
(1
Month
Term
SOFR
+
1.84%,
Rate
Floor:
1.84%)
due
01/17/30
◊,(d)
5,200,000
5,154,712
Owl
Rock
CLO
XXII
LLC
2025-22A
C,
5.88%
(3
Month
Term
SOFR
+
2.20%,
Rate
Floor:
2.20%)
due
10/20/37
◊,(d)
12,150,000
12,110,352
Octagon
78
Ltd.
2025-3A
SUB
due
10/20/38
(d),(q)
16,696,400
11,437,034
LoanCore
Issuer
Ltd.
2021-CRE6
D,
6.59%
(1
Month
Term
SOFR
+
2.96%,
Rate
Floor:
2.85%)
due
11/15/38
◊,(d)
11,300,000
11,241,786
Fortress
Credit
BSL
XV
Ltd.
2022-2A
CR,
6.28%
(3
Month
Term
SOFR
+
2.60%,
Rate
Floor:
2.60%)
due
10/18/33
◊,(d)
11,150,000
11,206,005
Brsp
Ltd.
2026-FL3
C,
5.74%
(1
Month
Term
SOFR
+
2.10%,
Rate
Floor:
2.10%)
due
08/19/43
◊,(d)
11,066,000
11,075,838
OCP
CLO
Ltd.
2025-44A
SUB
due
10/24/38
(d),(q)
9,800,000
6,432,818
2024-38A
SUB
due
01/21/38
(d),(q)
8,250,000
4,599,540
Ares
LXXVII
CLO
Ltd.
2025-77A
SUB
due
07/15/38
(d),(q)
14,970,000
10,999,806
Cerberus
Loan
Funding
50
LLC
2025-1A
C,
6.27%
(3
Month
Term
SOFR
+
2.60%,
Rate
Floor:
2.60%)
due
07/15/37
◊,(d)
10,800,000
10,800,428
Wonder
Lake
Park
CLO
Ltd.
2025-1A
SUB
due
07/24/38
(d),(q)
18,203,000
10,719,383
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
166
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
22.7%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
12.8%
(continued)
Cerberus
Loan
Funding
53
LLC
2025-4A
D,
6.87%
(3
Month
Term
SOFR
+
3.20%,
Rate
Floor:
3.20%)
due
01/15/38
◊,(d)
10,750,000
$
10,615,180
Owl
Rock
CLO
XVI
LLC
2024-16A
C,
6.98%
(3
Month
Term
SOFR
+
3.30%,
Rate
Floor:
3.30%)
due
04/20/36
◊,(d)
10,150,000
10,143,693
Cerberus
Loan
Funding
51
LLC
2025-2A
C,
6.02%
(3
Month
Term
SOFR
+
2.35%,
Rate
Floor:
2.35%)
due
10/15/37
◊,(d)
10,100,000
10,112,744
THL
Credit
Lake
Shore
MM
CLO
I
Ltd.
2019-1A
CR,
6.93%
(3
Month
Term
SOFR
+
3.26%,
Rate
Floor:
3.00%)
due
04/15/33
◊,(d)
9,900,000
9,860,877
Brant
Point
CLO
Ltd.
2025-7A
SUB
due
07/25/38
(a),(d),(q)
12,454,500
6,706,126
2025-8A
SUB
due
03/31/38
(d),(q)
4,000,000
2,626,000
Cerberus
Loan
Funding
XLVI,
LP
2024-2A
C,
6.72%
(3
Month
Term
SOFR
+
3.05%,
Rate
Floor:
3.05%)
due
07/15/36
◊,(d)
8,000,000
7,998,062
2024-2A
D,
8.62%
(3
Month
Term
SOFR
+
4.95%,
Rate
Floor:
4.95%)
due
07/15/36
◊,(d)
1,000,000
992,050
STWD
LLC
2025-FL4
C,
5.84%
(1
Month
Term
SOFR
+
2.20%,
Rate
Floor:
2.20%)
due
11/19/42
◊,(d)
8,700,000
8,692,487
BSPDF
Issuer
LLC
2026-FL3
C,
5.74%
(1
Month
Term
SOFR
+
2.10%,
Rate
Floor:
2.10%)
due
09/18/43
◊,(d)
6,150,000
6,155,298
2026-FL4
C,
5.69%
(1
Month
Term
SOFR
+
2.05%,
Rate
Floor:
2.05%)
due
11/18/43
◊,(d)
1,800,000
1,799,990
2025-FL2
AS,
5.57%
(1
Month
Term
SOFR
+
1.94%,
Rate
Floor:
1.94%)
due
12/15/42
◊,(d)
500,000
500,790
GoldenTree
Loan
Management
US
CLO
24
Ltd.
2025-24A
E,
8.28%
(3
Month
Term
SOFR
+
4.60%,
Rate
Floor:
4.60%)
due
10/20/38
◊,(d)
8,650,000
8,444,940
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
22.7%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
12.8%
(continued)
Symphony
CLO
48
Ltd.
2025-48A
SUB
due
04/20/38
(d),(q)
12,800,000
$
8,033,408
Kennedy
Lewis
CLO
21
Ltd.
2025-21A
SUB
due
07/25/38
(a),(d),(q)
11,450,000
7,942,407
Madison
Park
Funding
LVIII
Ltd.
2024-58A
D,
7.32%
(3
Month
Term
SOFR
+
3.65%,
Rate
Floor:
3.65%)
due
04/25/37
◊,(d)
6,600,000
6,469,358
2024-58AR
DR
due
04/25/37
(d),(p)
1,450,000
1,450,000
Acrec
LLC
2026-FL4
C,
5.64%
(1
Month
Term
SOFR
+
2.00%,
Rate
Floor:
2.00%)
due
01/18/43
◊,(d)
4,400,000
4,382,902
2025-FL3
C,
5.93%
(1
Month
Term
SOFR
+
2.29%,
Rate
Floor:
2.29%)
due
08/18/42
◊,(d)
2,675,000
2,672,319
Dryden
37
Senior
Loan
Fund
2015-37A
BR,
5.33%
(3
Month
Term
SOFR
+
1.66%,
Rate
Floor:
1.40%)
due
01/15/31
◊,(d)
3,494,745
3,499,325
2015-37A
CR,
7.18%
(3
Month
Term
SOFR
+
3.51%,
Rate
Floor:
3.25%)
due
01/15/31
◊,(d)
3,166,667
3,182,117
2015-37A
SUB
due
01/15/31
(a),(d),(q)
2,838,588
5,187
2015-37X
SUB
due
01/15/31
(a),(p)
1,897,598
3,467
KREF
Ltd.
2021-FL2
AS,
5.05%
(1
Month
Term
SOFR
+
1.41%,
Rate
Floor:
1.30%)
due
02/15/39
◊,(d)
6,611,543
6,612,248
Octagon
74
Ltd.
2025-2A
SUB
due
04/22/38
(d),(q)
12,750,000
6,308,190
Regatta
33
Funding
Ltd.
2025-2A
SUB
due
07/25/38
(d),(q)
9,420,000
6,288,038
Eldridge
CLO
Ltd.
2025-1A
C,
5.63%
(3
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
10/20/38
◊,(d)
6,200,000
6,220,407
Carlyle
US
CLO
Ltd.
2025-4A
SUB
due
10/25/37
(d),(q)
9,550,000
5,736,971
2020-1A
DRR,
8.63%
(3
Month
Term
SOFR
+
4.95%,
Rate
Floor:
4.95%)
due
01/20/38
◊,(d)
500,000
480,798
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
|
167
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
22.7%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
12.8%
(continued)
Regatta
34
Funding
Ltd.
2025-3A
SUB
due
07/20/38
(d),(q)
9,560,000
$
6,073,086
Neuberger
Berman
CLO
32R
Ltd.
2019-32RA
C,
5.53%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
07/20/39
◊,(d)
5,800,000
5,815,080
LRECS
LLC
2025-CRE1
B,
5.64%
(1
Month
Term
SOFR
+
2.00%,
Rate
Floor:
2.00%)
due
08/19/43
◊,(d)
5,650,000
5,609,563
Ballyrock
CLO
Ltd.
2020-14A
SUB
due
07/20/37
(d),(q)
9,750,000
5,570,955
Ares
Direct
Lending
CLO
1
LLC
2024-1AR
BR
due
07/25/38
(d),(p)
2,750,000
2,750,000
2024-1A
B,
5.87%
(3
Month
Term
SOFR
+
2.20%,
Rate
Floor:
2.20%)
due
04/25/36
◊,(d)
2,750,000
2,746,854
Cerberus
Loan
Funding
XLVIII
LLC
2024-4A
D,
7.52%
(3
Month
Term
SOFR
+
3.85%,
Rate
Floor:
3.85%)
due
10/15/36
◊,(d)
5,350,000
5,352,816
Madison
Park
Funding
LXXI
Ltd.
2025-71A
E,
8.42%
(3
Month
Term
SOFR
+
4.75%,
Rate
Floor:
4.75%)
due
04/23/38
◊,(d)
5,500,000
5,309,624
AGL
CLO
35
Ltd.
2024-35A
SUB
due
01/21/38
(d),(q)
7,750,000
3,655,365
2024-35A
E,
8.82%
(3
Month
Term
SOFR
+
5.15%,
Rate
Floor:
5.15%)
due
01/21/38
◊,(d)
300,000
284,823
Acore
Issuer
LLC
2026-FL1
C,
5.74%
(1
Month
Term
SOFR
+
2.10%,
Rate
Floor:
2.10%)
due
08/20/43
◊,(d)
3,750,000
3,741,317
Ares
LXXVIII
CLO
Ltd.
2025-78A
SUB
due
01/15/39
(d),(q)
5,050,000
3,727,556
Elmwood
CLO
XI
Ltd.
2021-4A
ER,
8.38%
(3
Month
Term
SOFR
+
4.70%,
Rate
Floor:
4.70%)
due
01/20/38
◊,(d)
3,750,000
3,638,124
Neuberger
Berman
Loan
Advisers
CLO
38
Ltd.
2020-38A
ER2,
8.28%
(3
Month
Term
SOFR
+
4.60%,
Rate
Floor:
4.60%)
due
10/20/36
◊,(d)
3,500,000
3,370,368
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
22.7%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
12.8%
(continued)
Hamlin
Park
CLO
Ltd.
2024-1A
SUB
due
10/20/37
(d),(q)
5,550,000
$
3,126,981
Magnetite
LII
Ltd.
2025-52A
SUB
due
01/25/39
(d),(q)
4,100,000
3,046,423
Owl
Rock
CLO
XI
LLC
2023-11A
AR,
5.12%
(3
Month
Term
SOFR
+
1.45%,
Rate
Floor:
1.45%)
due
04/20/39
◊,(d)
1,950,000
1,948,935
2023-11A
BR,
5.67%
(3
Month
Term
SOFR
+
2.00%,
Rate
Floor:
2.00%)
due
04/20/39
◊,(d)
1,000,000
998,345
Neuberger
Berman
Loan
Advisers
CLO
60
Ltd.
2025-60A
SUB
due
04/22/39
(d),(q)
4,650,000
2,906,203
JCP
Direct
Lending
CLO
LLC
2023-1A
BR,
5.63%
(3
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
07/20/37
◊,(d)
2,550,000
2,545,416
Midocean
Credit
CLO
XXI
2025-21A
SUB
due
10/20/38
(d),(q)
4,000,000
2,501,600
Neuberger
Berman
Loan
Advisers
CLO
57
Ltd.
2024-57A
SUB
due
10/24/38
(d),(q)
4,250,000
2,413,192
OHA
Credit
Partners
VII
Ltd.
2012-7A
ER4,
8.14%
(3
Month
Term
SOFR
+
4.50%,
Rate
Floor:
4.50%)
due
02/20/38
◊,(d)
2,250,000
2,176,976
Madison
Park
Funding
LXV
Ltd.
2025-65A
C,
5.48%
(3
Month
Term
SOFR
+
1.80%,
Rate
Floor:
1.80%)
due
07/16/38
◊,(d)
2,150,000
2,153,807
Greystone
CRE
Notes
LLC
2025-FL4
AS,
5.76%
(1
Month
Term
SOFR
+
2.14%,
Rate
Floor:
2.14%)
due
01/15/43
◊,(d)
2,050,000
2,053,960
Bayard
Park
CLO
Ltd.
2025-1A
SUB
due
07/24/38
(d),(q)
3,600,000
1,884,564
D2
Multifamily
Credit
Issuer
Ltd.
2026-FL1
C,
5.84%
(1
Month
Term
SOFR
+
2.20%,
Rate
Floor:
2.20%)
due
11/19/43
◊,(d)
1,750,000
1,749,253
Sound
Point
CLO
Ltd.
2025-1RA
C,
5.74%
(3
Month
Term
SOFR
+
2.10%,
Rate
Floor:
2.10%)
due
02/20/38
◊,(d)
1,200,000
1,204,528
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
168
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
22.7%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
12.8%
(continued)
VMC
Finance
LLC
2026-FL6
B,
5.79%
(1
Month
Term
SOFR
+
2.15%,
Rate
Floor:
2.15%)
due
11/19/43
◊,(d)
1,150,000
$
1,149,994
Great
Lakes
CLO
Ltd.
2014-1A
SUB
due
10/15/29
(d),(q)
1,500,000
673,346
Voya
CLO
Ltd.
2013-1A
INC
due
10/15/30
(d),(q)
28,970,307
526,390
BNPP
IP
CLO
Ltd.
2014-2A
E,
9.18%
(3
Month
Term
SOFR
+
5.51%)
due
10/30/25
◊,(a),(d)
4,760,752
217,090
Dryden
50
Senior
Loan
Fund
2017-50A
SUB
due
07/15/30
(d),(q)
7,895,000
80,529
Octagon
Loan
Funding
Ltd.
2014-1A
SUB
due
11/18/31
(d),(q)
19,435,737
49,367
Carlyle
Global
Market
Strategies
CLO
Ltd.
2013-3X
SUB
due
10/15/30
(p)
4,938,326
35,852
2012-3A
SUB
due
01/14/32
(d),(q)
6,400,000
8,128
Dryden
41
Senior
Loan
Fund
2015-41A
SUB
due
04/15/31
(d),(q)
11,700,000
35,301
Venture
XIII
CLO
Ltd.
2013-13A
SUB
due
09/10/29
(d),(q)
13,790,000
1,379
Marathon
CLO
V
Ltd.
2013-5A
SUB
due
11/21/27
(d),(q)
5,500,000
1,320
Babson
CLO
Ltd.
2014-IA
SUB
due
07/20/25
(d),(q)
11,900,000
1,190
Copper
River
CLO
Ltd.
2006-1A
INC
due
01/20/21
(h),(k),(q)
8,150,000
815
Total
Collateralized
Loan
Obligations
1,193,458,377
FINANCIAL
-
3
.9
%
Blackstone
Strategic
Cap
Holding
II
5.90%
(1
Month
Term
SOFR
+
2.25%)
due
12/31/33
◊,(a)
44,200,000
44,158,406
Lightning
A
5.50%
due
03/01/37
(a)
34,800,000
32,968,060
Thunderbird
A
5.50%
due
03/01/37
(a)
34,800,000
32,968,060
SP
Touchdown
Holdings,
LP
4.49%
(3
Month
EURIBOR
+
2.75%)
due
10/26/29
◊,(a)
EUR
25,000,000
28,562,500
6.15%
(3
Month
Term
SOFR
+
2.50%)
due
10/26/29
◊,(a)
2,393,141
2,393,141
HarbourVest
Partners
LLC
6.28%
(3
Month
Term
SOFR
+
2.58%)
due
09/15/30
◊,(a)
31,237,721
30,928,223
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
22.7%
(continued)
FINANCIAL
-
3.9%
(continued)
Pilatus
Bank
plc
6.32%
due
03/31/40
(a)
25,250,000
$
25,198,674
Obsidian
Issuer
LLC
2025-1A,
6.93%
due
05/15/55
(a),(d)
21,900,000
21,555,539
KKR
Core
Holding
Co.
LLC
4.00%
due
08/12/31
(a)
19,535,200
18,155,657
Metis
Issuer
LLC
6.89%
due
05/15/55
(a)
17,900,000
17,656,384
Atlas
SP
Partners,
LP
6.13%
due
12/12/30
(a)
17,550,000
17,557,412
Endo
Luxembourg
Finance
Co
I
SARL
/
Endo
US,
Inc.
7.40%
due
09/30/45
(a)
16,670,645
16,968,759
Project
Leopard
6.53%
due
05/06/41
(a)
16,450,000
16,367,750
Ceamer
Finance
LLC
6.92%
due
11/15/37
(a)
6,413,740
6,521,636
6.79%
due
11/15/39
(a)
5,284,374
5,341,933
3.69%
due
03/24/31
(a)
1,803,478
1,751,688
Project
Onyx
I
6.33%
(3
Month
Term
SOFR
+
2.63%)
due
06/26/30
◊,(a)
13,161,708
13,141,639
Lightning
B
7.50%
due
03/01/37
(a)
7,000,000
6,731,947
Thunderbird
B
7.50%
due
03/01/37
(a)
7,000,000
6,731,947
Bib
Merchant
Voucher
Receivables
Ltd.
4.18%
due
04/07/28
(a)
5,155,199
5,118,750
Project
Onyx
II
6.33%
(3
Month
Term
SOFR
+
2.63%)
due
06/15/30
◊,(a)
4,191,172
4,189,358
STEIV
1
2025-1A,
6.82%
due
04/15/46
(a)
3,950,000
3,846,368
Nassau
LLC
2019-1,
3.98%
due
08/15/34
(h)
3,505,527
3,292,099
Akso
Health
Group
7.27%
due
12/31/44
(a)
2,476,482
2,497,919
PBN
II
PE
Loan
Facility
5.96%
due
12/17/30
(a)
1,000,000
999,745
Total
Financial
365,603,594
INFRASTRUCTURE
-
1
.9
%
VB-S1
Issuer
LLC
-
VBTEL
2022-1A,
5.27%
due
02/15/52
(d)
39,650,000
39,286,076
2024-1A,
8.87%
due
05/15/54
(d)
5,950,000
6,091,918
Hotwire
Funding
LLC
2023-1A,
8.84%
due
05/20/53
(d)
20,000,000
20,249,012
2021-1,
4.46%
due
11/20/51
(d)
11,750,000
11,701,124
2024-1A,
9.19%
due
06/20/54
(d)
7,250,000
7,489,329
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
|
169
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
22.7%
(continued)
INFRASTRUCTURE
-
1.9%
(continued)
Switch
ABS
Issuer
LLC
2024-2A,
5.44%
due
06/25/54
(d)
17,550,000
$
17,357,603
2025-1A,
5.04%
due
03/25/55
(d)
11,550,000
11,254,323
VB-S1
Issuer
LLC
2026-1A,
5.19%
due
03/15/56
(d)
23,950,000
23,516,663
2026-1A,
6.84%
due
03/15/56
(d)
4,276,000
4,299,000
Surf
Internet
5.56%
due
03/20/56
(a)
10,550,000
10,339,648
QTS
Issuer
ABS
II
LLC
2025-1A,
5.04%
due
10/05/55
(d)
7,950,000
7,781,433
Blue
Stream
Issuer
LLC
2023-1A,
6.90%
due
05/20/53
(d)
3,400,000
3,420,052
2024-1A,
6.04%
due
11/20/54
(d)
1,850,000
1,872,611
Aligned
Data
Centers
Issuer
LLC
2021-1A,
2.48%
due
08/15/46
(d)
4,925,000
4,906,235
ALLO
Issuer
LLC
2025-1A,
6.16%
due
04/20/55
(d)
1,344,221
1,352,562
2026-1A,
6.05%
due
06/20/56
(d)
1,300,000
1,310,874
Kinetic
ABS
Issuer
LLC
2026-1A,
5.22%
due
02/25/56
(d)
1,400,000
1,390,730
2026-2A,
5.83%
due
06/25/58
(d)
1,000,000
1,009,199
MetroNet
Infrastructure
Issuer
LLC
2026-1A,
5.27%
due
04/20/56
(d)
1,700,000
1,700,811
QTS
Issuer
ABS
I
LLC
2025-1A,
5.44%
due
05/25/55
(d)
1,650,000
1,636,039
Consolidated
Communications
LLC
/
Fidium
Fiber
Finance
Holdco
LLC
2026-1A,
5.42%
due
03/20/56
(d)
1,450,000
1,421,230
Total
Infrastructure
179,386,472
TRANSPORT-AIRCRAFT
-
1
.8
%
AASET
Trust
2025-1A,
5.94%
due
02/16/50
(d)
6,959,751
6,979,411
2021-1A,
2.95%
due
11/16/41
(d)
6,932,460
6,681,122
2021-2A,
3.54%
due
01/15/47
(d)
3,582,543
3,416,062
2024-1A,
6.26%
due
05/16/49
(d)
2,781,764
2,825,612
2020-1A,
3.35%
due
01/16/40
(d)
1,319,077
1,311,532
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
22.7%
(continued)
TRANSPORT-AIRCRAFT
-
1.8%
(continued)
2020-1A,
4.34%
due
01/16/40
(d)
1,049,943
$
1,042,736
2025-3A,
5.24%
due
02/16/50
(d)
626,215
615,539
MAPS
Trust
2026-1A,
5.20%
due
01/15/51
(d)
20,315,114
19,950,357
2021-1A,
2.52%
due
06/15/46
(d)
681,818
661,721
AASET
Ltd.
2024-2A,
5.93%
due
09/16/49
(d)
12,661,677
12,734,075
2025-2A,
5.52%
due
02/16/50
(d)
7,831,285
7,750,010
Navigator
Aircraft
ABS
Ltd.
2021-1,
3.57%
due
11/15/46
(d)
19,805,460
18,905,181
Castlelake
Aircraft
Structured
Trust
2025-1A,
5.78%
due
02/15/50
(d)
7,470,918
7,493,518
2026-1A,
5.07%
due
03/15/51
(d)
3,280,383
3,222,022
2025-2A,
5.47%
due
08/15/50
(d)
1,496,124
1,486,131
2019-1A,
3.97%
due
04/15/39
(d)
1,184,233
1,166,115
2025-3A,
5.09%
due
11/15/50
(d)
1,049,397
1,034,166
Navigator
Aviation
Ltd.
2024-1,
6.09%
due
08/15/49
(d)
13,035,714
12,870,339
2025-1,
5.11%
due
10/15/50
(d)
911,535
891,001
Lunar
Structured
Aircraft
Portfolio
Notes
2021-1,
3.43%
due
10/15/46
(d)
10,920,542
10,429,526
Slam
Ltd.
2024-1A,
5.34%
due
09/15/49
(d)
7,884,727
7,806,178
2021-1A,
3.42%
due
06/15/46
(d)
2,459,880
2,355,186
FTAI
Aircraft
Leasing
Offshore
SPV,
LP
5.63%
due
03/27/31
(a)
7,929,315
8,094,215
WAVE
LLC
2019-1,
3.60%
due
09/15/44
(d)
3,331,521
3,273,194
Labrador
Aviation
Finance
Ltd.
2016-1A,
4.30%
due
01/15/42
(d)
3,043,440
3,252,845
Project
Silver
2019-1,
3.97%
due
07/15/44
(d)
3,308,353
3,219,821
MAST
Ltd.
2026-1A,
5.13%
due
02/15/51
(d)
3,270,238
3,202,711
Sprite
Ltd.
2021-1,
3.75%
due
11/15/46
(d)
2,983,796
2,924,481
Castlelake
Aircraft
Securitization
Trust
2018-1,
4.13%
due
06/15/43
(d)
2,796,924
2,770,662
MACH
1
Cayman
Ltd.
2019-1,
3.47%
due
10/15/39
(d)
1,891,773
1,880,422
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
170
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
22.7%
(continued)
TRANSPORT-AIRCRAFT
-
1.8%
(continued)
ALTDE
Trust
2026-1A,
5.52%
due
04/15/51
(d)
1,727,857
$
1,709,628
Phantom
Aviation
2026-1A,
5.24%
due
01/15/51
(d)
1,082,859
1,060,992
Lift
6.73%
due
12/15/30
(a)
675,613
680,488
JOL
Air
Ltd.
2019-1,
3.97%
due
04/15/44
(d)
458,821
461,708
Total
Transport-Aircraft
164,158,707
INSURANCE
-
0
.8
%
Obra
Longevity
8.48%
due
06/30/39
(a)
34,300,000
36,101,591
Dogwood
State
Bank
6.45%
due
06/24/32
(a)
33,592,094
33,453,124
CHEST
7.13%
due
03/23/43
(a)
5,100,000
5,198,669
Total
Insurance
74,753,384
WHOLE
BUSINESS
-
0
.7
%
SERVPRO
Master
Issuer
LLC
2025-1A,
5.53%
due
10/25/55
(d)
28,954,500
28,658,044
Subway
Funding
LLC
2024-1A,
6.51%
due
07/30/54
(d)
17,483,750
17,522,520
2024-3A,
5.91%
due
07/30/54
(d)
8,914,250
8,604,424
Five
Guys
Holdings,
Inc.
2023-1A,
7.55%
due
01/26/54
(d)
9,209,750
9,372,525
Wendy's
Funding
LLC
2025-1A,
5.42%
due
12/15/55
(d)
1,592,000
1,556,648
2018-1A,
3.88%
due
03/15/48
(d)
128,053
125,096
Jersey
Mike's
Funding
LLC
2026-1A,
5.48%
due
02/15/56
(d)
947,625
936,330
Total
Whole
Business
66,775,587
NET
LEASE
-
0
.6
%
CARS-DB4,
LP
2020-1A,
4.95%
due
02/15/50
(d)
27,799,000
26,046,304
SVC
ABS
LLC
2026-1A,
5.80%
due
03/20/56
(d)
16,239,844
15,744,137
2023-1A,
5.55%
due
02/20/53
(d)
5,900,417
5,859,584
CARS-DB7,
LP
2023-1A,
6.50%
due
09/15/53
(d)
11,017,500
11,051,087
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
22.7%
(continued)
NET
LEASE
-
0.6%
(continued)
CMFT
Net
Lease
Master
Issuer
LLC
2021-1,
2.57%
due
07/20/51
(d)
478,852
$
413,368
Total
Net
Lease
59,114,480
COLLATERALIZED
DEBT
OBLIGATIONS
-
0
.1
%
Project
Indigo
6.01%
due
03/31/32
(a)
7,126,966
7,126,966
UNSECURED
CONSUMER
LOANS
-
0
.1
%
Service
Experts
Issuer
LLC
2025-1A,
5.38%
due
01/20/37
(d)
4,272,551
4,239,211
Regional
Management
Issuance
Trust
2025-1,
5.73%
due
04/17/34
(d)
1,600,000
1,605,405
UPX
HIL
Issuer
Trust
2025-1,
5.16%
due
01/25/47
(d)
1,170,985
1,161,438
Total
Unsecured
Consumer
Loans
7,006,054
SOLAR
-
0
.0
%
SSI
ABS
Issuer
LLC
2025-1,
6.15%
due
07/25/65
(d)
3,998,873
3,925,355
AUTOMOTIVE
-
0
.0
%
Avis
Budget
Rental
Car
Funding
LLC
2026-4A,
5.48%
due
12/20/32
(d)
1,250,000
1,251,719
SINGLE
FAMILY
RESIDENCE
-
0
.0
%
STAR
Trust
2025-SFR6,
5.63%
(1
Month
Term
SOFR
+
2.00%,
Rate
Floor:
2.00%)
due
08/17/42
◊,(d)
700,000
701,936
Total
Asset-Backed
Securities
(Cost
$2,211,243,054)
2,123,262,631
FOREIGN
GOVERNMENT
DEBT
-
0
.8
%
Australia
Government
Bond
4.25%
due
03/21/36
AUD
89,670,000
59,774,862
Eagle
Funding
Luxco
SARL
5.50%
due
08/17/30
(d)
10,700,000
10,743,335
Total
Foreign
Government
Debt
(Cost
$70,386,794)
70,518,197
U.S.
TREASURY
BILLS
-
0
.5
%
U.S.
Treasury
Bills
3.56%
due
07/14/26
(m),(r)
28,675,000
28,638,278
3.61%
due
07/07/26
(r)
14,375,000
14,366,366
3.64%
due
07/16/26
(m),(r)
1,000,000
998,500
Total
U.S.
Treasury
Bills
(Cost
$44,003,141)
44,003,144
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
|
171
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
CONTRACTS/
NOTIONAL
VALUE
VALUE
LISTED
OPTIONS
PURCHASED
-
0
.0
%
Call
Options
on
:
Interest
Rate
Options
3-Month
SOFR
Futures
Contracts
Expiring
March
2027
with
strike
price
of
$97.50
(Notional
Value
$947,210,000)
3,950
$
395,000
3-Month
SOFR
Futures
Contracts
Expiring
September
2026
with
strike
price
of
$97.50
(Notional
Value
$1,328,375,125)
5,530
69,125
Total
Listed
Options
Purchased
(Cost
$4,279,628)
464,125
OTC
INTEREST
RATE
SWAPTIONS
PURCHASED
(s)
-
0
.0
%
Call
Swaptions
on
:
Interest
Rate
Swaptions
Morgan
Stanley
Capital
Services
LLC
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.38%
142,713,000
172,485
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.38%
79,283,000
95,823
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.25%
79,284,000
72,081
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.25%
79,283,000
72,080
Citibank,
N.A.
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.43%
127,576,000
62,024
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.38%
47,572,000
56,607
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.38%
47,570,000
56,605
JPMorgan
Chase
Bank,
N.A.
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.43%
95,346,000
44,468
Barclays
Bank
plc
9-Month/5-
Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.35%
66,022,000
44,223
BNP
Paribas
9-Month/5-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.35%
66,020,000
44,222
Morgan
Stanley
Capital
Services
LLC
9-Month/5-
Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.35%
66,021,000
44,222
A
A
A
CONTRACTS/
NOTIONAL
VALUE
VALUE
OTC
INTEREST
RATE
SWAPTIONS
PURCHASED
(s)
-
0.0%
(continued)
Call
Swaptions
on:
(continued)
Interest
Rate
Swaptions
(continued)
The
Toronto-Dominion
Bank
9-Month/5-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.35%
66,020,000
$
44,222
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.43%
62,328,000
30,302
BNP
Paribas
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.30%
95,419,000
30,066
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.43%
47,560,000
22,181
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.30%
47,476,000
14,959
Total
OTC
Interest
Rate
Swaptions
Purchased
(Cost
$7,066,103)
906,570
Total
Investments
-
110.6%
(Cost
$10,702,517,801)
$
10,326,633,381
LISTED
OPTIONS
WRITTEN
-
(
0
.0
)
%
Call
Options
on
:
Interest
Rate
Options
3-Month
SOFR
Futures
Contracts
Expiring
September
2026
with
strike
price
of
$98.00
(Notional
Value
$1,328,375,125)
5,530
(
69,125
)
3-Month
SOFR
Futures
Contracts
Expiring
March
2027
with
strike
price
of
$98.00
(Notional
Value
$947,210,000)
3,950
(
271,562
)
Total
Listed
Options
Written
(Premium
received
$2,137,185)
(
340,687
)
OTC
OPTIONS
WRITTEN
-
(
0
.0
)
%
Call
Options
on
:
Equity
Options
Bank
of
America,
N.A.
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
Expiring
July
2026
with
strike
price
of
$80.05
(Notional
Value
$114,893,139)
1,436,703
(
55,458
)
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
172
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
CONTRACTS/
NOTIONAL
VALUE
VALUE
OTC
OPTIONS
WRITTEN
-
(0.0)%
(continued)
Call
Options
on:
(continued)
Equity
Options
(continued)
Bank
of
America,
N.A.
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
Expiring
July
2026
with
strike
price
of
$79.70
(Notional
Value
$115,362,083)
1,442,567
$
(
107,723
)
Goldman
Sachs
International
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
Expiring
July
2026
with
strike
price
of
$80.00
(Notional
Value
$114,821,246)
1,435,804
(
140,401
)
Goldman
Sachs
International
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
Expiring
July
2026
with
strike
price
of
$79.80
(Notional
Value
$115,015,413)
1,438,232
(
360,523
)
Total
Equity
Options
(
664,105
)
Total
OTC
Options
Written
(Premium
received
$982,712)
(
664,105
)
OTC
INTEREST
RATE
SWAPTIONS
WRITTEN
(s)
-
(
0
.1
)
%
Call
Swaptions
on
:
Interest
Rate
Swaptions
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.64%
57,006,250
(
388
)
Morgan
Stanley
Capital
Services
LLC
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.64%
57,006,250
(
388
)
Barclays
Bank
plc
1-Year/2-
Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.71%
40,718,750
(
566
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.71%
40,718,750
(
566
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.69%
65,150,000
(
566
)
The
Toronto-Dominion
Bank
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.69%
65,150,000
(
566
)
Barclays
Bank
plc
9-Month/5-
Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
2.85%
66,022,000
(
6,258
)
BNP
Paribas
9-Month/5-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
2.85%
66,020,000
(
6,258
)
A
A
A
CONTRACTS/
NOTIONAL
VALUE
VALUE
OTC
INTEREST
RATE
SWAPTIONS
WRITTEN
(s)
-
(0.1)%
(continued)
Call
Swaptions
on:
(continued)
Interest
Rate
Swaptions
(continued)
Morgan
Stanley
Capital
Services
LLC
9-Month/5-
Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
2.85%
66,021,000
$
(
6,258
)
The
Toronto-Dominion
Bank
9-Month/5-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
2.85%
66,020,000
(
6,258
)
Total
Interest
Rate
Swaptions
(
28,072
)
Put
Swaptions
on
:
Interest
Rate
Swaptions
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
47,560,000
(
186,212
)
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
47,476,000
(
186,652
)
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
47,570,000
(
245,932
)
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
47,572,000
(
245,943
)
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
62,328,000
(
247,064
)
Barclays
Bank
plc
1-Year/2-
Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.71%
40,718,750
(
264,098
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.71%
40,718,750
(
264,098
)
JPMorgan
Chase
Bank,
N.A.
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
95,346,000
(
373,309
)
BNP
Paribas
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
95,419,000
(
375,139
)
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
79,283,000
(
412,088
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.64%
57,006,250
(
429,946
)
Morgan
Stanley
Capital
Services
LLC
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.64%
57,006,250
(
429,946
)
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
|
173
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
CONTRACTS/
NOTIONAL
VALUE
VALUE
OTC
INTEREST
RATE
SWAPTIONS
WRITTEN
(s)
-
(0.1)%
(continued)
Put
Swaptions
on:
(continued)
Interest
Rate
Swaptions
(continued)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.69%
65,150,000
$
(
442,222
)
The
Toronto-Dominion
Bank
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.69%
65,150,000
(
442,222
)
Citibank,
N.A.
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
127,576,000
(
499,499
)
Morgan
Stanley
Capital
Services
LLC
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
142,713,000
(
741,776
)
A
A
A
CONTRACTS/
NOTIONAL
VALUE
VALUE
OTC
INTEREST
RATE
SWAPTIONS
WRITTEN
(s)
-
(0.1)%
(continued)
Put
Swaptions
on:
(continued)
Interest
Rate
Swaptions
(continued)
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
158,567,000
$
(
824,180
)
Total
Interest
Rate
Swaptions
(
6,610,326
)
Total
OTC
Interest
Rate
Swaptions
Written
(Premium
received
$7,147,006)
(
6,638,398
)
Other
Assets
&
Liabilities,
net
-
(10.5)%
(
978,662,434
)
Total
Net
Assets
-
100.0%
$
9,340,327,757
~
The
face
amount
is
denominated
in
U.S.
dollars
unless
otherwise
indicated.
*
Non-income
producing
security.
◊
Variable
rate
security.
Rate
indicated
is
the
rate
effective
at
June
30,
2026.
In
some
instances,
the
effective
rate
is
limited
by
a
minimum
rate
floor
or
a
maximum
rate
cap
established
by
the
issuer.
The
settlement
status
of
a
position
may
also
impact
the
effective
rate
indicated.
In
some
cases,
a
position
may
be
unsettled
at
period
end
and
may
not
have
a
stated
effective
rate.
In
instances
where
multiple
underlying
reference
rates
and
spread
amounts
are
shown,
the
effective
rate
is
based
on
a
weighted
average.
(a)
Value
determined
based
on
Level
3
inputs
—
See
Note
3
.
(b)
Affiliated
issuer.
(c)
Special
Purpose
Acquisition
Company
(SPAC).
(d)
Security
is
a
144A
or
Section
4(a)(2)
security.
These
securities
have
been
determined
to
be
liquid
under
guidelines
established
by
the
Board
of
Trustees.
The
total
market
value
of
144A
or
Section
4(a)(2)
liquid
securities
is
$4,168,582,711
(cost
$4,309,341,560),
or
44.6%
of
total
net
assets.
(e)
Fair
value
is
determined
using
the
net
asset
value
of
the
respective
underlying
funds
as
a
practical
expedient
in
accordance
with
ASC
Topic
820,
Fair
Value
Measurement
-
See
Note
3
.
(f)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(g)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(h)
Security
is
a
144A
or
Section
4(a)(2)
security.
These
securities
have
been
determined
to
be
illiquid
and
restricted
under
guidelines
established
by
the
Board
of
Trustees.
The
total
market
value
of
144A
or
Section
4(a)(2)
illiquid
and
restricted
securities
is
$50,997,003
(cost
$66,549,671),
or
0.5%
of
total
net
assets
-
See
Note
5
.
(i)
Security
has
a
fixed
rate
coupon
which
will
convert
to
a
floating
or
variable
rate
coupon
on
a
future
date.
(j)
Perpetual
maturity.
(k)
Security
is
in
default
of
interest
and/or
principal
obligations.
(l)
Payment-in-kind
security.
(m)
All
or
a
portion
of
this
security
is
pledged
as
collateral
for
futures
and
swap
agreements
at
June
30,
2026.
(n)
Security
is
an
interest-only
strip.
(o)
Security
is
a
step
up/down
bond.
The
coupon
increases
or
decreases
at
regular
intervals
until
the
bond
reaches
full
maturity.
Rate
indicated
is
the
rate
at
June
30,
2026.
See
table
below
for
additional
step
information
for
each
security.
(p)
Security
is
unsettled
at
period
end
and
may
not
have
a
stated
effective
rate.
(q)
Security
has
no
stated
coupon.
However,
it
is
expected
to
receive
residual
cash
flow
payments
on
defined
deal
dates.
(r)
Rate
indicated
is
the
effective
yield
at
the
time
of
purchase.
(s)
Swaptions
—
See
additional
disclosure
in
the
swaptions
table
below
for
more
information
on
swaptions.
AUD
—
Australian
Dollar
CAD
—
Canadian
Dollar
CMT
—
Constant
Maturity
Treasury
EUR
—
Euro
EURIBOR
—
European
Interbank
Offered
Rate
GBP
—
British
Pound
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
174
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
REMIC
—
Real
Estate
Mortgage
Investment
Conduit
SARL  —
Société
à
Responsabilité
Limitée
SOFR
—
Secured
Overnight
Financing
Rate
SONIA
—
Sterling
Overnight
Index
Average
WAC
—
Weighted
Average
Coupon
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Appreciation
(Depreciation)
(a)
Interest
Rate
Futures
Contracts
Purchased
U.S.
Treasury
Long
Bond
Futures
Contracts
922
Sep
2026
$
104,243,625
$
2,345,970
U.S.
Treasury
5
Year
Note
Futures
Contracts
988
Sep
2026
105,692,841
326,593
U.S.
Treasury
2
Year
Note
Futures
Contracts
1,010
Sep
2026
208,154,688
(
25,156
)
$
2,647,407
Commodity
Futures
Contracts
Purchased
Gold
100
oz.
Futures
Contracts
107
Aug
2026
43,118,860
$
(
5,898,115
)
–
–
Centrally
Cleared
Credit
Default
Swap
Agreements
Protection
Purchased
Counterparty
Exchange
Index
Protection
Premium
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
~
Value
Upfront
Premiums
Received
Unrealized
Depreciation
(a)
J.P.
Morgan
Securities
LLC
ICE
CDX.
NA.IG.45.
V1
1.00%
Quarterly
12/20/30
$
359,900,000
$
(
7,901,376
)
$
(
7,378,791
)
$
(
522,585
)
J.P.
Morgan
Securities
LLC
ICE
ITRAXX.
EUR.45.V1
1.00%
Quarterly
06/20/31
EUR
150,120,000
(
3,889,454
)
(
2,923,594
)
(
965,860
)
$
(
11,790,830
)
$
(
10,302,385
)
$
(
1,488,445
)
OTC
Credit
Default
Swap
Agreements
Protection
Purchased
Counterparty
Index
Protection
Premium
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Value
Upfront
Premiums
Received
Unrealized
Depreciation
J.P.
Morgan
Securities
LLC
CDX.NA.HY.43.
V1
(15-25%)
5.00%
Quarterly
12/20/29
$
5,826,000
$
(
596,040
)
$
(
260,779
)
$
(
335,261
)
Centrally
Cleared
Interest
Rate
Swap
Agreements
Counterparty
Exchange
Floating
Rate
Type
Floating
Rate
Index
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Depreciation
(a)
J.P.
Morgan
Securities
LLC
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.91%
Annually
04/30/36
$
23,250,000
$
(
184,216
)
$
—
$
(
184,216
)
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
|
175
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Centrally
Cleared
Interest
Rate
Swap
Agreements
(continued)
Counterparty
Exchange
Floating
Rate
Type
Floating
Rate
Index
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Depreciation
(a)
J.P.
Morgan
Securities
LLC
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.68%
Annually
04/30/31
$
46,410,000
$
(
465,452
)
$
—
$
(
465,452
)
J.P.
Morgan
Securities
LLC
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.75%
Annually
08/01/29
152,530,000
(
1,128,593
)
577
(
1,129,170
)
J.P.
Morgan
Securities
LLC
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.47%
Annually
09/23/31
199,875,000
(
4,058,498
)
(
137,397
)
(
3,921,101
)
$
(
5,836,759
)
$
(
136,820
)
$
(
5,699,939
)
Total
Return
Swap
Agreements
Counterparty
Reference
Obligation
Type
(b)
Financing
Rate
Payment
Frequency
Maturity
Date
Units
Notional
Amount
Value
and
Unrealized
Appreciation
(Depreciation)
OTC
Equity
Index
Swap
Agreements
Goldman
Sachs
International
GS
Equity
Custom
Basket
Pay
4.28%
(Federal
Funds
Rate
+0.65%)
At
Maturity
04/26/27
25,232
$
14,254,314
$
2,405,116
Bank
of
America
Securities,
Inc.
BofA
Equity
Custom
Basket
Pay
4.28%
(Federal
Funds
Rate
+0.65%)
At
Maturity
04/26/27
31,498
13,777,225
1,835,835
Goldman
Sachs
International
GS
Equity
Custom
Basket
Pay
4.28%
(Federal
Funds
Rate
+0.65%)
At
Maturity
04/26/27
101,411
12,850,802
1,094,311
Bank
of
America
Securities,
Inc.
S&P
500/Russell
2000
Index
Pay
(c)
3.68%
(SOFR)
At
Maturity
03/31/28
22,850,000
22,857,084
7,083
Bank
of
America
Securities,
Inc.
S&P
500/Russell
2000
Index
Pay
(c)
3.68%
(SOFR)
At
Maturity
02/01/28
8,000,000
8,003,632
3,632
Bank
of
America
Securities,
Inc.
S&P
500/Russell
2000
Index
Pay
(c)
3.68%
(SOFR)
At
Maturity
01/19/28
8,000,000
8,002,856
2,856
JPMorgan
Chase
Bank,
N.A.
S&P
500/Russell
2000
Index
Pay
(c)
3.68%
(SOFR)
At
Maturity
09/13/28
8,000,000
8,002,784
2,784
Bank
of
America
Securities,
Inc.
S&P
500/Russell
2000
Index
Pay
(c)
3.68%
(SOFR)
At
Maturity
10/12/28
8,000,000
8,002,672
2,672
JPMorgan
Chase
Bank,
N.A.
S&P
500/Russell
2000
Index
Pay
(c)
3.68%
(SOFR)
At
Maturity
03/02/29
8,000,000
8,002,664
2,664
JPMorgan
Chase
Bank,
N.A.
S&P
500/Russell
2000
Index
Pay
(c)
3.68%
(SOFR)
At
Maturity
11/14/28
8,000,000
8,002,480
2,480
Citibank,
N.A.
S&P
500/Russell
2000
Index
Pay
(c)
3.68%
(SOFR)
At
Maturity
06/07/29
8,000,000
8,002,224
2,224
JPMorgan
Chase
Bank,
N.A.
S&P
500/Russell
2000
Index
Pay
(c)
3.68%
(SOFR)
At
Maturity
04/03/30
8,000,000
8,002,192
2,192
JPMorgan
Chase
Bank,
N.A.
S&P
500/Russell
2000
Index
Pay
(c)
3.68%
(SOFR)
At
Maturity
05/04/29
8,000,000
8,002,136
2,136
Bank
of
America
Securities,
Inc.
S&P
500/Russell
2000
Index
Pay
(c)
3.68%
(SOFR)
At
Maturity
07/11/28
8,000,000
8,001,744
1,744
Citibank,
N.A.
S&P
500/Russell
2000
Index
Pay
(c)
3.68%
(SOFR)
At
Maturity
08/09/29
8,000,000
8,001,704
1,704
Bank
of
America
Securities,
Inc.
S&P
500/Russell
2000
Index
Pay
(c)
3.68%
(SOFR)
At
Maturity
12/15/28
8,000,000
8,001,168
1,168
Citibank,
N.A.
S&P
500/Russell
2000
Index
Pay
(c)
3.68%
(SOFR)
At
Maturity
06/07/29
5,800,000
5,801,160
1,160
Bank
of
America
Securities,
Inc.
S&P
500/Russell
2000
Index
Pay
(c)
3.68%
(SOFR)
At
Maturity
11/14/29
5,800,000
5,800,667
667
Citibank,
N.A.
S&P
500/Russell
2000
Index
Pay
(c)
3.68%
(SOFR)
At
Maturity
08/09/29
5,800,000
5,800,574
574
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
176
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Total
Return
Swap
Agreements
(continued)
Counterparty
Reference
Obligation
Type
(b)
Financing
Rate
Payment
Frequency
Maturity
Date
Units
Notional
Amount
Value
and
Unrealized
Appreciation
(Depreciation)
UBS
AG
S&P
500/Russell
2000
Index
Pay
(c)
3.68%
(SOFR)
At
Maturity
07/09/30
5,800,000
$
5,800,557
$
557
Bank
of
America
Securities,
Inc.
S&P
500/Russell
2000
Index
Pay
(c)
3.68%
(SOFR)
At
Maturity
12/17/29
5,800,000
5,800,452
452
JPMorgan
Chase
Bank,
N.A.
S&P
500/Russell
2000
Index
Pay
(c)
3.68%
(SOFR)
At
Maturity
10/11/29
5,800,000
5,800,447
447
Morgan
Stanley
&
Co.
International
Plc
S&P
500/Russell
2000
Index
Pay
(c)
3.68%
(SOFR)
At
Maturity
03/04/30
5,800,000
5,800,255
255
Morgan
Stanley
&
Co.
International
Plc
S&P
500/Russell
2000
Index
Pay
(c)
3.68%
(SOFR)
At
Maturity
02/01/30
5,800,000
5,800,215
215
Bank
of
America
Securities,
Inc.
S&P
500/Russell
2000
Index
Pay
(c)
3.68%
(SOFR)
At
Maturity
05/06/31
5,800,000
5,800,006
6
Bank
of
America
Securities,
Inc.
S&P
500/Russell
2000
Index
Pay
(c)
3.68%
(SOFR)
At
Maturity
09/12/30
5,800,000
5,799,913
(
87
)
The
Toronto-
Dominion
Bank
S&P
500/Russell
2000
Index
Pay
(c)
3.68%
(SOFR)
At
Maturity
01/17/30
5,800,000
5,799,675
(
325
)
JPMorgan
Chase
Bank,
N.A.
S&P
500/Russell
2000
Index
Pay
(c)
3.68%
(SOFR)
At
Maturity
04/03/31
5,800,000
5,799,524
(
476
)
Bank
of
America
Securities,
Inc.
BofA
Equity
Custom
Basket
Pay
4.28%
(Federal
Funds
Rate
+0.65%)
At
Maturity
04/26/27
59,910
10,916,201
(
922,806
)
$
240,287,327
$
4,451,240
Forward
Foreign
Currency
Exchange
Contracts
Counterparty
Currency
Type
Quantity
Contract
Amount
Settlement
Date
Unrealized
Appreciation
(Depreciation)
Bank
of
America,
N.A.
EUR
Sell
833,275,000
964,854,955
USD
07/15/26
$
12,259,630
Bank
of
America,
N.A.
GBP
Sell
106,340,000
142,647,560
USD
07/15/26
1,622,429
Barclays
Bank
plc
CAD
Sell
5,975,000
4,282,024
USD
07/15/26
65,763
UBS
AG
EUR
Sell
2,924,000
3,386,331
USD
07/15/26
43,631
Nomura
International
plc
EUR
Sell
2,250,000
2,605,397
USD
07/15/26
33,210
The
Toronto-Dominion
Bank
EUR
Buy
4,600,000
5,228,980
USD
07/15/26
29,714
Barclays
Bank
plc
EUR
Sell
4,300,000
4,912,252
USD
07/15/26
(
3,484
)
Citibank,
N.A.
EUR
Buy
1,900,000
2,187,136
USD
07/15/26
(
15,067
)
$
14,035,826
OTC
Interest
Rate
Swaptions
Purchased
Counterparty/
Description
Floating
Rate
Type
Floating
Rate
Index
Payment
Frequency
Fixed
Rate
Expiration
Date
Exercise
Rate
Swaption
Notional
Amount
Swaption
Value
Call
Morgan
Stanley
Capital
Services
LLC
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.38%
12/28/26
3.38%
$
142,713,000
$
172,485
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.38%
12/28/26
3.38%
79,283,000
95,823
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.25%
12/28/26
3.25%
79,284,000
72,081
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.25%
12/28/26
3.25%
79,283,000
72,080
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
|
177
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
OTC
Interest
Rate
Swaptions
Purchased
(continued)
Counterparty/
Description
Floating
Rate
Type
Floating
Rate
Index
Payment
Frequency
Fixed
Rate
Expiration
Date
Exercise
Rate
Swaption
Notional
Amount
Swaption
Value
Citibank,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.43%
09/28/26
3.43%
$
127,576,000
$
62,024
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.38%
12/24/26
3.38%
47,572,000
56,607
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.38%
12/24/26
3.38%
47,570,000
56,605
JPMorgan
Chase
Bank,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.43%
09/24/26
3.43%
95,346,000
44,468
Barclays
Bank
plc
9-Month/5-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.35%
09/21/26
3.35%
66,022,000
44,223
Morgan
Stanley
Capital
Services
LLC
9-Month/5-
Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.35%
09/21/26
3.35%
66,021,000
44,222
The
Toronto-
Dominion
Bank
9-Month/5-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.35%
09/21/26
3.35%
66,020,000
44,222
BNP
Paribas
9-Month/5-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.35%
09/21/26
3.35%
66,020,000
44,222
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.43%
09/28/26
3.43%
62,328,000
30,302
BNP
Paribas
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.30%
09/25/26
3.30%
95,419,000
30,066
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.43%
09/24/26
3.43%
47,560,000
22,181
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.30%
09/25/26
3.30%
47,476,000
14,959
$
906,570
OTC
Interest
Rate
Swaptions
Written
Counterparty/
Description
Floating
Rate
Type
Floating
Rate
Index
Payment
Frequency
Fixed
Rate
Expiration
Date
Exercise
Rate
Swaption
Notional
Amount
Swaption
Value
Call
Morgan
Stanley
Capital
Services
LLC
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.64%
08/13/26
2.64%
$
57,006,250
$
(
388
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.64%
08/13/26
2.64%
57,006,250
(
388
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.71%
08/19/26
2.71%
40,718,750
(
566
)
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
178
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
OTC
Interest
Rate
Swaptions
Written
(continued)
Counterparty/
Description
Floating
Rate
Type
Floating
Rate
Index
Payment
Frequency
Fixed
Rate
Expiration
Date
Exercise
Rate
Swaption
Notional
Amount
Swaption
Value
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.69%
08/14/26
2.69%
$
65,150,000
$
(
566
)
The
Toronto-
Dominion
Bank
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.69%
08/14/26
2.69%
65,150,000
(
566
)
Barclays
Bank
plc
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.71%
08/19/26
2.71%
40,718,750
(
566
)
Barclays
Bank
plc
9-Month/5-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.85%
09/21/26
2.85%
66,022,000
(
6,258
)
Morgan
Stanley
Capital
Services
LLC
9-Month/5-
Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.85%
09/21/26
2.85%
66,021,000
(
6,258
)
The
Toronto-
Dominion
Bank
9-Month/5-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.85%
09/21/26
2.85%
66,020,000
(
6,258
)
BNP
Paribas
9-Month/5-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.85%
09/21/26
2.85%
66,020,000
(
6,258
)
$
(
28,072
)
Put
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/24/26
3.95%
47,560,000
(
186,212
)
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/25/26
3.95%
47,476,000
(
186,652
)
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/24/26
3.95%
47,570,000
(
245,932
)
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/24/26
3.95%
47,572,000
(
245,943
)
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/28/26
3.95%
62,328,000
(
247,064
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.71%
08/19/26
3.71%
40,718,750
(
264,098
)
Barclays
Bank
plc
1-Year/2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.71%
08/19/26
3.71%
40,718,750
(
264,098
)
JPMorgan
Chase
Bank,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/24/26
3.95%
95,346,000
(
373,309
)
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
|
179
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
OTC
Interest
Rate
Swaptions
Written
(continued)
Counterparty/
Description
Floating
Rate
Type
Floating
Rate
Index
Payment
Frequency
Fixed
Rate
Expiration
Date
Exercise
Rate
Swaption
Notional
Amount
Swaption
Value
BNP
Paribas
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/25/26
3.95%
$
95,419,000
$
(
375,139
)
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/28/26
3.95%
79,283,000
(
412,088
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.64%
08/13/26
3.64%
57,006,250
(
429,946
)
Morgan
Stanley
Capital
Services
LLC
1-Year/2-
Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.64%
08/13/26
3.64%
57,006,250
(
429,946
)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.69%
08/14/26
3.69%
65,150,000
(
442,222
)
The
Toronto-
Dominion
Bank
1-Year/2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.69%
08/14/26
3.69%
65,150,000
(
442,222
)
Citibank,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/24/26
3.95%
127,576,000
(
499,499
)
Morgan
Stanley
Capital
Services
LLC
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/28/26
3.95%
142,713,000
(
741,776
)
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/28/26
3.95%
158,567,000
(
824,180
)
$
(
6,610,326
)
~
The
face
amount
is
denominated
in
U.S.
dollars
unless
otherwise
indicated.
(a)
Includes
cumulative
appreciation
(depreciation).
(b)
Total
Return
Swap
-
Type
"Receive"
indicates
that
the
Fund
receives
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
Type
"Pay"
indicates
that
the
Fund
pays
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
(c)
Autocallable
instrument
which
pays
a
coupon
and
returns
notional
principal
at
maturity
(or
if
called
early)
as
long
as
the
reference
indices
do
not
fall
below
specific
thresholds.
CAD
—
Canadian
Dollar
CDX.NA.HY.43.V1
—
Credit
Default
Swap
North
American
High
Yield
Series
43
Index
Version
1
CDX.NA.IG.45.V1
—
Credit
Default
Swap
North
American
Investment
Grade
Series
45
Index
Version
1
CME
—
Chicago
Mercantile
Exchange
EUR
—
Euro
GBP
—
British
Pound
GS
—
Goldman
Sachs
International
ICE
—
Intercontinental
Exchange
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
180
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
The
Fund
held
investments
in
private
funds
with
a
fair
value
of
$33,446,745,
which
are
excluded
from
the
fair
value
hierarchy
as
of June
30,
2026,
in
accordance
with
subtopic
820-10
as
investments
in
Investment
Funds
valued
at
net
asset
value,
as
a
"practical
expedient"
are
not
required
to
be
included
in
the
fair
value
hierarchy.
See
Note
3. 
ITRAXX.EUR.45.V1
—
iTraxx
Credit
Default
Swap
European
Investment
Grade
Series
45
Index
Version
1
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(See
Note
3
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Common
Stocks
$
319,968
$
2,374,592
$
2,323,675
$
5,018,235
Preferred
Stocks
52,532,950
308,497,413
38,355,203
399,385,566
Warrants
90
—
248
338
Rights
—
—
2
2
Exchange-Traded
Funds
106,721,299
—
—
106,721,299
Mutual
Funds
309,650,561
—
—
309,650,561
Money
Market
Funds
167,266,999
—
—
167,266,999
Corporate
Bonds
—
2,436,225,579
174,635,219
2,610,860,798
Collateralized
Mortgage
Obligations
—
2,226,681,537
11,786,873
2,238,468,410
Senior
Floating
Rate
Interests
—
1,889,181,396
327,478,365
2,216,659,761
Asset-Backed
Securities
—
1,618,004,141
505,258,490
2,123,262,631
Foreign
Government
Debt
—
70,518,197
—
70,518,197
U.S.
Treasury
Bills
—
44,003,144
—
44,003,144
Options
Purchased
464,125
—
—
464,125
Interest
Rate
Swaptions
Purchased
—
906,570
—
906,570
Interest
Rate
Futures
Contracts
(a)
2,672,563
—
—
2,672,563
Equity
Index
Swap
Agreements
(a)
—
5,374,934
—
5,374,934
Forward
Foreign
Currency
Exchange
Contracts
(a)
—
14,054,377
—
14,054,377
Unfunded
Loan
Commitments
(
Note
4
)
(a)
—
—
1,064,598
1,064,598
Total
Assets
$
639,628,555
$
8,615,821,880
$
1,060,902,673
$
10,316,353,108
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Options
Written
$
340,687
$
664,105
$
—
$
1,004,792
Interest
Rate
Swaptions
Written
—
6,638,398
—
6,638,398
Interest
Rate
Futures
Contracts
(a)
25,156
—
—
25,156
Commodity
Futures
Contracts
(a)
5,898,115
—
—
5,898,115
Credit
Default
Swap
Agreements
(a)
—
1,823,706
—
1,823,706
Interest
Rate
Swap
Agreements
(a)
—
5,699,939
—
5,699,939
Equity
Index
Swap
Agreements
(a)
—
923,694
—
923,694
Forward
Foreign
Currency
Exchange
Contracts
(a)
—
18,551
—
18,551
Unfunded
Loan
Commitments
(
Note
4
)
(a)
—
—
599,485
599,485
Total
Liabilities
$
6,263,958
$
15,768,393
$
599,485
$
22,631,836
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
|
181
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Significant
changes
in
a
quote,
yield,
liquidation
value
or
valuation
multiple
would
generally
result
in
significant
changes
in
the
fair
value
of
the
security.
Any
remaining
Level
3
securities
held
by
the
Fund
and
excluded
from
the
table
above,
were
not
considered
material
to
the
Fund.
The
Fund’s
fair
valuation
leveling
guidelines
classify
a
single
daily
broker
quote,
or
a
vendor
price
based
on
a
single
daily
or
monthly
broker
quote,
as
Level
3,
if
such
a
quote
or
price
cannot
be
supported
with
other
available
market
information.
Transfers
between
Level
2
and
Level
3
may
occur
as
markets
fluctuate
and/or
the
availability
of
data
used
in
an
investment’s
valuation
changes.
For
the
period
ended
June
30,
2026,
the
Fund
had
securities
with
a
total
value
of
$46,326,631
transfer
into
Level
3
from
Level
2
due
to
a
lack
of
observable
inputs
and
had
securities
with
a
total
value
of
$7,113,786
transfer
out
of
Level
3
into
Level
2
due
to
the
availability
of
current
and
reliable
market-based
data
provided
by
a
third-party
pricing
service
which
utilizes
significant
observable
inputs.
Summary
of
Fair
Value
Level
3
Activity
Following
is
a
reconciliation
of
Level
3
assets
for
which
significant
unobservable
inputs
were
used
to
determine
fair
value
for
the
period
ended
June
30,
2026:
The
following
is
a
summary
of
significant
unobservable
inputs
used
in
the
fair
valuation
of
assets
and
liabilities
categorized
within
Level
3
of
the
fair
value
hierarchy:
Category
Ending
Balance
at
June
30,
2026
Valuation
Technique
Unobservable
Inputs
Input
Range
Weighted
Average
(a)
Assets:
Asset-Backed
Securities
$
255,824,598
Option
adjusted
spread
off
prior
month
end
broker
quote
Broker
Quote
—
—
Asset-Backed
Securities
180,109,258
Yield
Analysis
Yield
5.1%-8.3%
6.8%
Asset-Backed
Securities
45,604,174
Third
Party
Pricing
Broker
Quote
—
—
Asset-Backed
Securities
23,494,716
Third
Party
Pricing
Trade
Price
—
—
Asset-Backed
Securities
225,744
Third
Party
Pricing
Vendor
Price
—
—
Collateralized
Mortgage
Obligations
8,222,135
Option
adjusted
spread
off
prior
month
end
broker
quote
Broker
Quote
—
—
Collateralized
Mortgage
Obligations
3,564,738
Third
Party
Pricing
Vendor
Price
—
—
Common
Stocks
2,322,302
Enterprise
Value
Valuation
Multiple
1.2x-7.0x
6.3x
Common
Stocks
1,373
Model
Price
Liquidation
Value
—
—
Corporate
Bonds
113,097,934
Option
adjusted
spread
off
prior
month
end
broker
quote
Broker
Quote
—
—
Corporate
Bonds
47,704,088
Third
Party
Pricing
Broker
Quote
—
—
Corporate
Bonds
13,833,196
Model
Price
Purchase
Price
—
—
Corporate
Bonds
1
Model
Price
Liquidation
Value
—
—
Preferred
Stocks
38,355,203
Yield
Analysis
Yield
6.3%-7.0%
6.5%
Rights
2
Model
Price
Liquidation
Value
—
—
Senior
Floating
Rate
Interests
177,056,079
Yield
Analysis
Yield
8.2%-15.9%
9.7%
Senior
Floating
Rate
Interests
111,477,542
Model
Price
Purchase
Price
—
—
Senior
Floating
Rate
Interests
38,677,846
Third
Party
Pricing
Broker
Quote
—
—
Senior
Floating
Rate
Interests
173,884
Third
Party
Pricing
Vendor
Price
—
—
Senior
Floating
Rate
Interests
93,014
Model
Price
Liquidation
Value
—
—
Unfunded
Loan
Commitments
1,064,598
Model
Price
Purchase
Price
—
—
Warrants
248
Model
Price
Liquidation
Value
—
—
Total
Assets
$
1,060,902,673
Liabilities:
Unfunded
Loan
Commitments
$
599,485
Model
Price
Purchase
Price
—
—
(a)
Inputs
are
weighted
by
the
fair
value
of
the
instruments.
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
182
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Beginning
Balance
Purchases/
(Receipts)
(Sales,
maturities
and
paydowns)/
Fundings
Amortization
of
premiums/
discounts
Total
realized
gains
(losses)
included
in
earnings
Assets
Asset-Backed
Securities
$
317,793,322
$
185,747,265
$
(
31,858,634
)
$
35,155
$
5,702
Corporate
Bonds
213,314,428
74,603,670
(
102,667,515
)
(
23,516
)
8,019,521
Senior
Floating
Rate
Interests
256,931,637
163,676,830
(
86,983,425
)
463,112
192,529
Warrants
248
—
—
—
—
Common
Stocks
2,653,061
—
(
12,587
)
13,074
(
41,294
)
Preferred
Stocks
27,721,474
11,627,098
—
—
—
Rights
2
—
—
—
—
Collateralized
Mortgage
Obligations
5,222,772
6,928,691
(
268,743
)
(
22,057
)
(
7,381
)
Unfunded
Loan
Commitments
956,434
2,775,066
(
1,557,008
)
571
(
571
)
Total
Assets
$
824,593,378
$
445,358,620
$
(
223,347,912
)
$
466,339
$
8,168,506
Liabilities
Unfunded
Loan
Commitments
$
—
$
(
8,751
)
$
2,456,137
$
—
$
(
2,447,386
)
Total
change
in
unrealized
appreciation
(depreciation)
included
in
earnings
Transfers
into
Level
3
Transfers
out
of
Level
3
Ending
Balance
Net
change
in
unrealized
appreciation
(depreciation)
for
investments
in
Level
3
securities
still
held
at
June
30,
2026
Assets
Asset-Backed
Securities
$
(
5,149,567
)
$
45,799,033
$
(
7,113,786
)
$
505,258,490
$
(
3,544,401
)
Corporate
Bonds
(
18,611,369
)
—
—
174,635,219
(
17,715,249
)
Senior
Floating
Rate
Interests
(
6,802,318
)
—
—
327,478,365
(
6,691,918
)
Warrants
—
—
—
248
—
Common
Stocks
(
288,579
)
—
—
2,323,675
(
328,704
)
Preferred
Stocks
(
993,369
)
—
—
38,355,203
(
993,369
)
Rights
—
—
—
2
—
Collateralized
Mortgage
Obligations
(
594,007
)
527,598
—
11,786,873
(
594,007
)
Unfunded
Loan
Commitments
(
1,109,894
)
—
—
1,064,598
(
1,109,894
)
Total
Assets
$
(
33,549,103
)
$
46,326,631
$
(
7,113,786
)
$
1,060,902,673
$
(
30,977,542
)
Liabilities
Unfunded
Loan
Commitments
$
(
599,485
)
$
—
$
—
$
(
599,485
)
$
(
599,485
)
Step
Coupon
Bonds
The
following
table
discloses
additional
information
related
to
step
coupon
bonds
held
by
the
Fund.
Certain
securities
are
subject
to
multiple
rate
changes
prior
to
maturity.
For
those
securities,
a
range
of
rates
and
corresponding
dates
have
been
provided.
Rates
for
all
step
coupon
bonds
held
by
the
Fund
are
scheduled
to
increase,
none
are
scheduled
to
decrease.
Name
Coupon
Rate
at
Next
Reset
Date
Next
Rate
Reset
Date
Future
Reset
Rate(s)
Future
Reset
Date(s)
Anchor
Mortgage
Trust
2025-RTL1,
5.72%
due
05/25/40
6.72%
11/01/27
—
—
Archwest
Mortgage
Trust
2025-RTL1,
5.20%
due
10/25/40
6.16%
04/25/28
—
—
Aspire
Mortgage
Trust
2026-2,
5.73%
due
04/26/66
6.73%
04/01/30
—
—
BRAVO
Residential
Funding
Trust
2025-NQM7,
5.81%
due
07/25/65
6.81%
07/01/29
—
—
BRAVO
Residential
Funding
Trust
2025-CES2,
5.19%
due
07/26/55
6.19%
08/01/29
—
—
CAFL
Issuer,
LP
2025-RRTL2,
5.62%
due
11/28/40
6.52%
06/28/28
—
—
CIM
Trust
2026-R1,
4.75%
due
12/25/65
7.75%
05/01/29
—
—
CIM
Trust
2025-R1,
5.00%
due
02/25/99
8.00%
03/01/28
9.00%
03/01/29
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
|
183
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Name
Coupon
Rate
at
Next
Reset
Date
Next
Rate
Reset
Date
Future
Reset
Rate(s)
Future
Reset
Date(s)
COLT
Mortgage
Loan
Trust
2025-3,
5.71%
due
03/25/70
6.71%
02/01/29
—
—
Cross
Mortgage
Trust
2026-NQM3,
5.48%
due
03/25/71
6.48%
03/01/30
—
—
Cross
Mortgage
Trust
2025-H6,
5.64%
due
07/25/70
6.64%
07/01/29
—
—
Deephaven
Residential
Mortgage
Trust
2026-CES1,
5.68%
due
03/25/61
6.68%
04/01/30
—
—
Easy
Street
Mortgage
Loan
Trust
2025-RTL2,
5.61%
due
10/25/40
7.50%
12/25/27
—
—
GCAT
Trust
2025-NQM4,
5.88%
due
06/25/70
6.88%
07/01/29
—
—
GCAT
Trust
2023-NQM2,
6.60%
due
11/25/67
7.60%
01/01/27
—
—
GCAT
Trust
2025-NQM1,
5.83%
due
11/25/69
6.83%
04/01/29
—
—
GCAT
Trust
2025-NQM3,
5.96%
due
05/25/70
6.96%
06/01/29
—
—
GCAT
Trust
2022-NQM5,
5.71%
due
08/25/67
6.71%
10/01/26
—
—
GS
Mortgage-Backed
Securities
Trust
2026-NQM4,
5.82%
due
06/25/66
6.82%
05/01/30
—
—
GS
Mortgage-Backed
Securities
Trust
2025-NQM3,
5.49%
due
11/25/65
6.49%
08/01/29
—
—
HOMES
Trust
2025-AFC3,
5.34%
due
08/25/60
6.34%
09/01/29
—
—
HOMES
Trust
2025-AFC2,
5.73%
due
06/25/60
6.73%
06/01/29
—
—
LHOME
Mortgage
Trust
2026-RTL1,
4.91%
due
01/25/41
6.08%
07/25/28
—
—
Mill
City
Securities
Ltd.
2024-RS1,
4.00%
due
11/01/69
7.00%
10/01/27
—
—
Mill
City
Securities
Ltd.
2024-RS2,
3.00%
due
08/01/69
6.00%
12/01/27
—
—
OBX
Trust
2025-NQM13,
5.82%
due
05/25/65
6.82%
07/01/29
—
—
PRPM
LLC
2025-6,
5.77%
due
08/25/28
8.77%
08/01/28
—
—
PRPM
LLC
2026-2,
5.09%
due
02/25/31
8.09%
02/01/29
—
—
PRPM
LLC
2026-3,
5.96%
due
04/25/31
8.96%
04/01/29
9.96%
04/01/30
PRPM
LLC
2025-RCF3,
5.25%
due
07/25/55
6.25%
07/01/29
—
—
PRPM
LLC
2025-3,
6.26%
due
05/25/30
9.26%
05/01/28
10.26%
05/01/29
RCKT
Mortgage
Trust
2025-CES7,
5.73%
due
07/25/55
6.73%
07/01/29
—
—
Saluda
Grade
Alternative
Mortgage
Trust
2025-RRTL1,
5.66%
due
10/25/40
6.71%
03/01/28
—
—
SG
Residential
Mortgage
Trust
2025-1,
5.35%
due
12/25/65
6.35%
12/01/29
—
—
Verus
Securitization
Trust
2025-2,
5.66%
due
03/25/70
6.66%
03/01/29
—
—
Vista
Point
Securitization
Trust
2026-CES2,
5.58%
due
05/25/56
6.58%
04/01/30
—
—
Vista
Point
Securitization
Trust
2025-CES1,
5.81%
due
04/25/55
6.81%
03/01/29
—
—
CONSOLIDATED
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MACRO
OPPORTUNITIES
FUND
June
30,
2026
184
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Affiliated
Transactions
Investments
representing
5%
or
more
of
the
outstanding
voting
shares
of
a
company,
or
control
of
or
by,
or
common
control
under
Guggenheim
Investments
("GI"),
result
in
that
company
being
considered
an
affiliated
person,
as
defined
in
the
Investment
Company
Act
of
1940
(“affiliated
issuer”).
The
Fund
may
invest
in
Guggenheim
Strategy
Fund
III,
an
underlying
series
of
Guggenheim
Strategy
Funds
Trust.
Guggenheim
Strategy
Fund
III
is
organized
as
an
open-end
management
investment
company
managed
by
GI.
Guggenheim
Strategy
Fund
III  is
offered
as
a
short-term
investment
option
only
to
mutual
funds,
trusts,
and
other
accounts
managed
by
GI
and/or
its
affiliates
and
is
not
available
to
the
public.
Guggenheim
Strategy
Fund
III
pays
no
investment
management
fees.
The
Fund
could
previously
invest
in
an
additional
series
of
Guggenheim
Strategy
Funds
Trust
that
is
no
longer
offered.
Guggenheim
Strategy
Fund
III’s
annual
report
on
Form
N-CSR
dated
September
30,
2025
is
available
publicly
or
upon
request.
This
information
is
available
from
the
EDGAR
database
on
the
SEC’s
website
at
https://www.sec.
gov/Archives/edgar/data/1601445/000139834425021351/fp0095397-6_ncsrixbrl.htm.
The
Fund
also
may
invest
in
certain
of
the
underlying
series
of
Guggenheim
Funds
Trust,
which
are
structured
as
open-end
management
investment
companies
managed
by
GI,
are
available
to
the
public
and
whose
most
recent
annual
report
on
Form
N-CSR
is
available
publicly
or
upon
request.
Transactions
during
the
period
ended
June
30,
2026,
in
which
the
company
is
an
affiliated
issuer,
were
as
follows:
Security
Name
Value
09/30/25
Additions
Reductions
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
06/30/26
Shares
/Face
Amount
06/30/26
Investment
Income
Common
Stocks
BP
Holdco
LLC
$
30,686
$
—
$
—
$
—
$
(
13,225
)
$
17,461
37,539
$
—
Accuride
Corp.
340
—
—
—
—
340
3,399,497
—
Accuride
Liquidating
Trust
—
—
—
—
—
—
209
—
Private
Funds
FTAI
Aircraft
Leasing
Offshore
SPV,
LP
25,143,443
8,125,000
(
1,625,000
)
100,810
1,702,492
33,446,745
—
832,645
Exchange-Traded
Funds
Guggenheim
Ultra
Short
Income
ETF
—
32,711,241
—
(
6
)
5,157
32,716,392
652,700
—
Mutual
Funds
Guggenheim
Limited
Duration
Fund
—
Class
R6
140,843,401
148,087,294
(
143,145,846
)
5,404,833
(
6,693,302
)
144,496,380
5,905,042
5,028,468
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
55,726,292
1,842,861
—
—
(
57,345
)
57,511,808
5,716,880
1,881,727
Guggenheim
Strategy
Fund
III
28,348,479
24,283,419
(
23,200,000
)
(
74,809
)
(
110,966
)
29,246,123
1,179,755
1,074,915
Guggenheim
Strategy
Fund
II
24,234,787
852,347
(
25,005,406
)
—
(
81,728
)
—
—
855,896
Senior
Floating
Rate
Interests
Accuride
Corp.
8.15%
(3
Month
Term
SOFR
+
3.00%)
(in-kind
rate
was
3.00%)
due
03/07/30
◊,(a)
4,659,526
166,763
—
—
274,485
5,100,774
2,643,370
44,378
$
278,986,954
$
216,068,925
$
(
192,976,252
)
$
5,430,828
$
(
4,974,432
)
$
302,536,023
$
9,718,029
(a)
Payment-in-kind
security.
◊
Variable
rate
security.
Rate
indicated
is
the
rate
effective
at
June
30,
2026.
In
some
instances,
the
effective
rate
is
limited
by
a
minimum
rate
floor
or
a
maximum
rate
cap
established
by
the
issuer.
The
settlement
status
of
a
position
may
also
impact
the
effective
rate
indicated.
In
some
cases,
a
position
may
be
unsettled
at
period
end
and
may
not
have
a
stated
effective
rate.
In
instances
where
multiple
underlying
reference
rates
and
spread
amounts
are
shown,
the
effective
rate
is
based
on
a
weighted
average.
|
185
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
MUNICIPAL
INCOME
FUND
June
30,
2026
A
A
A
SHARES
VALUE
MONEY
MARKET
FUNDS
(a)
-
1
.4
%
BlackRock
Liquidity
Funds
MuniCash
—
Institutional
Shares,
2.56%
(b)
489,515
$
489,515
Total
Money
Market
Funds
(Cost
$489,515)
489,515
FACE
AMOUNT
MUNICIPAL
BONDS
-
96
.4
%
CALIFORNIA
-
7
.9
%
San
Bernardino
Community
College
District
General
Obligation
Unlimited
due
08/01/49
(c)
$
2,000,000
626,141
California
Municipal
Finance
Authority
Revenue
Bonds
5.00%
due
07/01/50
500,000
523,480
California
Statewide
Communities
Development
Authority
Revenue
Bonds
5.25%
due
08/15/52
500,000
510,727
Alameda
Corridor
Transportation
Authority
Revenue
Bonds
due
10/01/51
(d)
500,000
304,360
California
Enterprise
Development
Authority
Revenue
Bonds
5.00%
due
06/01/34
(e)
250,000
261,312
El
Monte
Union
High
School
District
General
Obligation
Unlimited
due
06/01/43
(c)
500,000
251,234
FHLMC
Multifamily
VRD
Certificates
Revenue
Bonds
2.40%
due
10/15/29
150,000
143,980
M-S-R
Energy
Authority
Revenue
Bonds
6.13%
due
11/01/29
130,000
136,630
City
of
Irvine
due
09/01/54
(c)
285,000
72,083
Total
California
2,829,947
TEXAS
-
6
.6
%
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Revenue
Bonds
5.50%
due
08/15/49
500,000
545,078
Texas
Department
of
Housing
&
Community
Affairs
4.70%
due
07/01/46
500,000
500,474
Eagle
Pass
Independent
School
District
General
Obligation
Unlimited
5.00%
due
08/15/27
275,000
275,836
County
of
Fort
Bend
Texas
Toll
Road
Revenue
Bonds
5.25%
due
03/01/55
250,000
263,880
Harris
County-Houston
Sports
Authority
Revenue
Bonds
due
11/15/53
(c)
1,000,000
256,718
A
A
A
FACE
AMOUNT
VALUE
MUNICIPAL
BONDS
-
96.4%
(continued)
TEXAS
-
6.6%
(continued)
Arlington
Higher
Education
Finance
Corp.
Revenue
Bonds
5.00%
due
12/01/46
$
200,000
$
200,128
Midland
Independent
School
District
General
Obligation
Unlimited
5.00%
due
02/15/28
180,000
187,469
Central
Texas
Regional
Mobility
Authority
Revenue
Bonds
5.00%
due
01/01/45
100,000
103,211
Texas
Municipal
Gas
Acquisition
and
Supply
Corp.
I
Revenue
Bonds
6.25%
due
12/15/26
35,000
35,512
Total
Texas
2,368,306
OREGON
-
5
.4
%
Albany
Hospital
Facility
Authority
Revenue
Bonds
5.38%
due
05/15/54
990,000
1,013,807
Clackamas
&
Washington
Counties
School
District
No.
3
General
Obligation
Unlimited
due
06/15/48
(c)
2,000,000
683,917
due
06/15/50
(c)
400,000
122,466
due
06/15/49
(c)
350,000
113,145
Total
Oregon
1,933,335
NEW
YORK
-
5
.2
%
New
York
State
Dormitory
Authority
Revenue
Bonds
5.25%
due
07/01/55
500,000
530,788
5.00%
due
07/01/51
300,000
309,992
Westchester
County
Local
Development
Corp.
Revenue
Bonds
5.75%
due
11/01/53
750,000
804,957
New
York
City
Housing
Development
Corp.
Revenue
Bonds
4.80%
due
02/01/53
200,000
201,171
Total
New
York
1,846,908
TENNESSEE
-
5
.0
%
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
Revenue
Bonds
2.25%
due
07/01/45
1,486,801
1,051,996
2.48%
due
12/01/37
198,801
163,961
Tennessee
Housing
Development
Agency
Revenue
Bonds
5.10%
due
07/01/45
285,000
297,093
Metropolitan
Government
of
Nashville
&
Davidson
County
Tennessee
Water
&
Sewer
Revenue
Bonds
5.25%
due
07/01/55
250,000
264,263
Total
Tennessee
1,777,313
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MUNICIPAL
INCOME
FUND
June
30,
2026
186
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
VALUE
MUNICIPAL
BONDS
-
96.4%
(continued)
WASHINGTON
-
4
.8
%
Snohomish
County
Public
Utility
District
No.
1
Electric
System
Revenue
Bonds
5.25%
due
12/01/55
$
1,000,000
$
1,065,355
University
of
Washington
Revenue
Bonds
5.00%
due
04/01/28
250,000
260,811
Central
Puget
Sound
Regional
Transit
Authority
Revenue
Bonds
5.00%
due
11/01/41
200,000
201,103
Washington
State
Convention
Center
Public
Facilities
District
Revenue
Bonds
4.00%
due
07/01/48
210,000
190,553
Total
Washington
1,717,822
PENNSYLVANIA
-
4
.3
%
Pennsylvania
Housing
Finance
Agency
Revenue
Bonds
4.95%
due
10/01/38
740,000
784,928
5.20%
due
04/01/53
200,000
205,415
Philadelphia
Authority
for
Industrial
Development
Revenue
Bonds
5.50%
due
07/01/53
500,000
541,193
Total
Pennsylvania
1,531,536
ILLINOIS
-
4
.1
%
Cook
County
Community
College
District
No.
508
General
Obligation
Unlimited
5.50%
due
12/01/55
500,000
535,026
Chicago
O'Hare
International
Airport
Revenue
Bonds
5.25%
due
01/01/56
500,000
528,399
Illinois
Finance
Authority
Revenue
Bonds
5.00%
due
08/15/26
400,000
400,877
Total
Illinois
1,464,302
MICHIGAN
-
3
.7
%
Michigan
Technological
University
Revenue
Bonds
5.25%
due
10/01/53
1,000,000
1,041,227
Dansville
Schools
General
Obligation
Unlimited
5.00%
due
05/01/28
260,000
271,491
Total
Michigan
1,312,718
ARIZONA
-
3
.5
%
Arizona
Industrial
Development
Authority
Revenue
Bonds
5.50%
due
11/01/56
1,000,000
1,057,775
Salt
Verde
Financial
Corp.
Revenue
Bonds
5.00%
due
12/01/32
200,000
212,090
Total
Arizona
1,269,865
NEBRASKA
-
3
.5
%
Nebraska
Investment
Finance
Authority
Revenue
Bonds
4.95%
due
09/01/38
1,000,000
1,057,942
A
A
A
FACE
AMOUNT
VALUE
MUNICIPAL
BONDS
-
96.4%
(continued)
NEBRASKA
-
3.5%
(continued)
Central
Plains
Energy
Project
Revenue
Bonds
5.00%
due
09/01/29
$
200,000
$
208,720
Total
Nebraska
1,266,662
NEW
MEXICO
-
3
.1
%
New
Mexico
Mortgage
Finance
Authority
Revenue
Bonds
5.20%
due
09/01/55
500,000
515,073
4.75%
due
09/01/51
350,000
351,078
4.95%
due
09/01/38
245,000
259,633
Total
New
Mexico
1,125,784
MAINE
-
3
.0
%
Maine
Health
&
Higher
Educational
Facilities
Authority
Revenue
Bonds
5.25%
due
07/01/48
1,000,000
1,061,757
MISSOURI
-
2
.9
%
Missouri
Housing
Development
Commission
Revenue
Bonds
5.00%
due
11/01/50
500,000
515,469
5.15%
due
11/01/55
500,000
515,341
Total
Missouri
1,030,810
SOUTH
CAROLINA
-
2
.6
%
South
Carolina
Public
Service
Authority
Revenue
Bonds
5.00%
due
12/01/55
500,000
520,584
Charleston
County
Airport
District
Revenue
Bonds
5.00%
due
07/01/43
200,000
207,567
South
Carolina
State
Housing
Finance
&
Development
Authority
Revenue
Bonds
4.70%
due
01/01/55
195,000
195,914
Total
South
Carolina
924,065
NORTH
CAROLINA
-
2
.4
%
Inlivian
Revenue
Bonds
2.02%
due
04/01/42
966,859
681,226
North
Carolina
Medical
Care
Commission
Revenue
Bonds
5.13%
due
10/01/56
190,000
192,899
Total
North
Carolina
874,125
MASSACHUSETTS
-
2
.2
%
Massachusetts
Development
Finance
Agency
Revenue
Bonds
5.00%
due
07/01/50
500,000
526,788
5.00%
due
10/01/34
150,000
160,435
5.00%
due
06/01/35
90,000
101,902
Total
Massachusetts
789,125
MARYLAND
-
2
.2
%
Maryland
Economic
Development
Corp.
Revenue
Bonds
5.00%
due
07/01/45
500,000
530,620
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MUNICIPAL
INCOME
FUND
June
30,
2026
|
187
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
VALUE
MUNICIPAL
BONDS
-
96.4%
(continued)
MARYLAND
-
2.2%
(continued)
Maryland
Department
of
Housing
&
Community
Development
Revenue
Bonds
5.10%
due
03/01/52
$
250,000
$
256,635
Total
Maryland
787,255
OHIO
-
2
.1
%
Ohio
Housing
Finance
Agency
Revenue
Bonds
5.25%
due
09/01/55
495,000
513,303
State
of
Ohio
Revenue
Bonds
5.00%
due
10/01/27
250,000
257,723
Total
Ohio
771,026
COLORADO
-
1
.8
%
City
&
County
of
Denver
Colorado
Airport
System
Revenue
Bonds
5.00%
due
12/01/28
200,000
209,632
Canyons
Metropolitan
District
No.
5
General
Obligation
Limited
4.13%
due
12/01/54
200,000
182,979
City
&
County
of
Denver
Colorado
Pledged
Excise
Tax
Revenue
Bonds
due
08/01/30
(c)
200,000
170,997
Colorado
School
of
Mines
Revenue
Bonds
5.00%
due
12/01/47
100,000
100,929
Total
Colorado
664,537
OKLAHOMA
-
1
.6
%
Oklahoma
Development
Finance
Authority
Revenue
Bonds
5.00%
due
08/15/28
350,000
359,957
Oklahoma
City
Airport
Trust
Revenue
Bonds
5.00%
due
07/01/30
200,000
207,320
Total
Oklahoma
567,277
FLORIDA
-
1
.5
%
Mid-Bay
Bridge
Authority
Revenue
Bonds
5.00%
due
10/01/40
250,000
274,290
Florida
Housing
Finance
Corp.
Revenue
Bonds
5.13%
due
01/01/56
250,000
256,088
Total
Florida
530,378
LOUISIANA
-
1
.5
%
Louisiana
Public
Facilities
Authority
Revenue
Bonds
5.25%
due
07/01/65
500,000
523,869
RHODE
ISLAND
-
1
.5
%
Rhode
Island
Health
and
Educational
Building
Corp.
Revenue
Bonds
5.25%
due
05/15/54
500,000
522,464
A
A
A
FACE
AMOUNT
VALUE
MUNICIPAL
BONDS
-
96.4%
(continued)
GEORGIA
-
1
.5
%
Columbia
County
Hospital
Authority
Revenue
Bonds
5.00%
due
04/01/48
$
500,000
$
522,288
IDAHO
-
1
.5
%
Idaho
Housing
&
Finance
Association
Revenue
Bonds
5.15%
due
07/01/45
500,000
521,498
WEST
VIRGINIA
-
1
.4
%
West
Virginia
Hospital
Finance
Authority
Revenue
Bonds
5.00%
due
06/01/42
300,000
303,169
5.50%
due
06/01/50
200,000
213,605
Total
West
Virginia
516,774
ALABAMA
-
1
.4
%
Alabama
Housing
Finance
Authority
Revenue
Bonds
5.13%
due
10/01/50
495,000
514,908
DELAWARE
-
1
.4
%
Delaware
State
Housing
Authority
4.80%
due
07/01/51
500,000
502,820
PUERTO
RICO
-
1
.0
%
Puerto
Rico
Sales
Tax
Financing
Corp.
Sales
Tax
Revenue
Bonds
5.00%
due
07/01/58
350,000
349,432
ARKANSAS
-
0
.9
%
County
of
Baxter
Arkansas
Revenue
Bonds
5.00%
due
09/01/26
330,000
330,273
MONTANA
-
0
.8
%
Montana
Board
of
Housing
Revenue
Bonds
4.80%
due
12/01/51
300,000
301,560
UTAH
-
0
.7
%
Downtown
Revitalization
Public
Infrastructure
District
Revenue
Bonds
5.50%
due
06/01/55
250,000
269,624
ALASKA
-
0
.7
%
University
of
Alaska
Revenue
Bonds
5.00%
due
10/01/40
260,000
260,636
KENTUCKY
-
0
.6
%
Kentucky
Bond
Development
Corp.
5.25%
due
07/01/61
200,000
206,995
VIRGINIA
-
0
.6
%
Virginia
Small
Business
Financing
Authority
5.25%
due
12/01/51
200,000
206,174
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MUNICIPAL
INCOME
FUND
June
30,
2026
188
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
A
A
A
FACE
AMOUNT
VALUE
MUNICIPAL
BONDS
-
96.4%
(continued)
VERMONT
-
0
.6
%
Vermont
Educational
&
Health
Buildings
Financing
Agency
Revenue
Bonds
5.00%
due
12/01/46
$
200,000
$
200,039
CONNECTICUT
-
0
.5
%
New
Haven
Housing
Authority
Revenue
Bonds
2.26%
due
05/01/38
235,819
186,634
A
A
A
FACE
AMOUNT
VALUE
MUNICIPAL
BONDS
-
96.4%
(continued)
WISCONSIN
-
0
.4
%
Public
Finance
Authority
Revenue
Bonds
4.50%
due
07/15/49
(e)
$
150,000
$
136,658
Total
Municipal
Bonds
(Cost
$35,170,110)
34,517,499
Total
Investments
-
97.8%
(Cost
$35,659,625)
$
35,007,014
Other
Assets
&
Liabilities,
net
-
2.2%
775,939
Total
Net
Assets
-
100.0%
$
35,782,953
(a)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(b)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(c)
Zero
coupon
rate
security.
(d)
Security
is
a
step
up/down
bond.
The
coupon
increases
or
decreases
at
regular
intervals
until
the
bond
reaches
full
maturity.
This
security
has
no
coupon
at
June
30,
2026
and
is
structured
as
a
compounding/capital
appreciation
modal
transportation
bond.
(e)
Security
is
a
144A
or
Section
4(a)(2)
security.
These
securities
have
been
determined
to
be
liquid
under
guidelines
established
by
the
Board
of
Trustees.
The
total
market
value
of
144A
or
Section
4(a)(2)
liquid
securities
is
$397,970
(cost
$411,158),
or
1.1%
of
total
net
assets.
Centrally
Cleared
Interest
Rate
Swap
Agreements
Counterparty
Exchange
Floating
Rate
Type
Floating
Rate
Index
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
(a)
Bank
of
America
Securities,
Inc.
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
4.16%
Annually
07/25/50
$
2,100,000
$
18,582
$
(
6,620
)
$
25,202
Bank
of
America
Securities,
Inc.
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
3.52%
Annually
09/18/35
1,750,000
67,843
54,270
13,573
J.P.
Morgan
Securities
LLC
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
4.01%
Annually
06/23/55
550,000
17,360
5,553
11,807
J.P.
Morgan
Securities
LLC
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
3.81%
Annually
09/11/40
600,000
21,336
15,434
5,902
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MUNICIPAL
INCOME
FUND
June
30,
2026
|
189
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Centrally
Cleared
Interest
Rate
Swap
Agreements
(continued)
Counterparty
Exchange
Floating
Rate
Type
Floating
Rate
Index
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
(a)
Bank
of
America
Securities,
Inc.
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
4.07%
Annually
03/23/46
$
1,125,000
$
22,550
$
16,668
$
5,882
Bank
of
America
Securities,
Inc.
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.26%
Annually
09/08/28
2,000,000
(
38,035
)
(
2,971
)
(
35,064
)
Bank
of
America
Securities,
Inc.
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.41%
Annually
08/26/30
4,125,000
(
97,422
)
(
3,220
)
(
94,202
)
$
12,214
$
79,114
$
(
66,900
)
(a)
Includes
cumulative
appreciation
(depreciation).
CME
—
Chicago
Mercantile
Exchange
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(See
Note
3
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Money
Market
Funds
$
489,515
$
—
$
—
$
489,515
Municipal
Bonds
—
34,517,499
—
34,517,499
Interest
Rate
Swap
Agreements
(a)
—
62,366
—
62,366
Total
Assets
$
489,515
$
34,579,865
$
—
$
35,069,380
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Interest
Rate
Swap
Agreements
(a)
$
—
$
129,266
$
—
$
129,266
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
190
|
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
TOTAL
RETURN
BOND
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
0.0%
COMMUNICATIONS
-
0.0%
LuxCo
3
SARL
90,960
$
1,791,820
Xplore,
Inc.*
80,273
56,606
Total
Communications
1,848,426
CONSUMER,
NON-CYCLICAL
-
0.0%
WW
International,
Inc.*
36,869
589,167
INDUSTRIAL
-
0.0%
API
Heat
Transfer
Intermediate*
,(a)
31
43,206
BP
Holdco
LLC*
,(a),(b)
532
247
YAK
BLOCKER
2
LLC
(a)
84,848
8
Total
Industrial
43,461
FINANCIAL
-
0.0%
Pershing
Square
Tontine
Holdings,
Ltd. — Class
A*
,(a),(c)
9,315,080
931
Total
Common
Stocks
(Cost
$2,379,090)
2,481,985
PREFERRED
STOCKS
-
2.4%
FINANCIAL
-
2.0%
Citigroup,
Inc.
6.88%
41,425,000
42,424,088
6.75%
35,721,000
36,219,629
6.95%
19,190,000
19,631,850
6.63%
11,890,000
12,113,496
6.25%
375,600
9,450,096
Wells
Fargo
&
Co.
6.13%
80,900,000
81,857,694
6.85%
12,840,000
13,343,726
7.63%
4,100,000
4,313,684
Charles
Schwab
Corp.
4.00%
73,673,000
69,130,242
6.10%
14,750,000
14,753,244
Bank
of
New
York
Mellon
Corp.
3.75%
65,200,000
64,743,672
5.95%
8,680,000
8,709,668
Goldman
Sachs
Group,
Inc.
7.50%
32,500,000
34,090,615
6.85%
24,625,000
25,319,394
6.13%
9,350,000
9,371,711
3.65%
2,450,000
2,446,292
JPMorgan
Chase
&
Co.
6.10%
48,100,000
48,708,952
6.50%
20,220,000
20,705,502
Bank
of
America
Corp.
6.63%
20,560,000
21,196,928
6.25%
20,125,000
20,366,782
4.38%
19,449,000
19,377,858
State
Street
Corp.
6.45%
18,790,000
19,155,052
6.70%
2,645,000
2,735,459
American
National
Group,
Inc.
7.38%
590,500
13,859,035
Jackson
Financial,
Inc.
8.00%
472,000
11,908,560
CNO
Financial
Group,
Inc.
5.13%
due
11/25/60
710,775
11,777,542
A
A
A
SHARES
VALUE
PREFERRED
STOCKS
-
2.4%
(continued)
FINANCIAL
-
2.0%
(continued)
Selective
Insurance
Group,
Inc.
4.60%
541,225
$
8,529,706
Corebridge
Financial,
Inc.
6.88%
5,108,000
5,315,334
First
Republic
Bank
4.25%*
2,368,525
474
4.50%*
276,775
55
Total
Financial
651,556,340
COMMUNICATIONS
-
0.1%
AT&T
Mobility
II
LLC
6.80%
(a)
47,000
47,698,630
UTILITIES
-
0.1%
NextEra
Energy
Capital
Holdings,
Inc.
6.50%
due
04/15/86
797,000
19,940,940
6.50%
due
06/01/85
353,400
8,598,222
Total
Utilities
28,539,162
GOVERNMENT
-
0.1%
CoBank
ACB
6.75%
13,700,000
13,797,737
7.13%
8,250,000
8,349,627
4.25%
3,300,000
3,260,305
Total
Government
25,407,669
ENERGY
-
0.1%
Venture
Global
LNG,
Inc.
9.00%
(d)
21,555,000
21,044,474
Total
Preferred
Stocks
(Cost
$847,187,157)
774,246,275
PRIVATE
FUNDS
(e)
-
0.1%
FTAI
Aircraft
Leasing
Offshore
SPV,
LP*
,(b)
39,621,529
Total
Private
Funds
(Cost
$37,604,730)
39,621,529
WARRANTS
-
0.0%
Pershing
Square
SPARC
Holdings,
Ltd.
Expiring
12/31/49*
,(a),(c)
2,846,274
285
Pershing
Square
Tontine
Holdings,
Ltd.
Expiring
07/24/27*
,(a),(c)
1,035,008
103
Ginkgo
Bioworks
Holdings,
Inc.
Expiring
09/16/26*
101,490
71
Total
Warrants
(Cost
$233,835)
459
RIGHTS
-
0.0%
COMMUNICATIONS
-
0.0%
Xplore,
Inc.*
,(a)
6,119
1
Total
Rights
(Cost
$–)
1
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
|
191
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
EXCHANGE-TRADED
FUNDS
-
0.1%
Guggenheim
Ultra
Short
Income
ETF
(b)
600,419
$
30,095,822
Total
Exchange-Traded
Funds
(Cost
$30,130,781)
30,095,822
MUTUAL
FUNDS
-
0.7%
Guggenheim
Limited
Duration
Fund
—
Class
R6
(b)
5,787,446
141,618,801
Guggenheim
Strategy
Fund
III
(b)
2,335,510
57,897,297
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
(b)
3,266,106
32,857,030
Total
Mutual
Funds
(Cost
$228,180,809)
232,373,128
MONEY
MARKET
FUNDS
(f)
-
1.3%
BNY
Dreyfus
Treasury
Securities
Cash
Management
Fund
—
Institutional
Shares,
3.53%
(g)
315,882,878
315,882,878
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(g)
89,733,486
89,733,486
Federated
Hermes
U.S.
Treasury
Cash
Reserves
Fund
—
Institutional
Shares,
3.52%
(g)
3,944,783
3,944,783
Total
Money
Market
Funds
(Cost
$409,561,147)
409,561,147
FACE
AMOUNT
~
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
31.8%
GOVERNMENT
AGENCY
-
17.9%
Uniform
MBS
30
Year
3.00%
due
08/15/56
1,308,799,942
1,140,394,193
2.50%
due
08/15/56
991,130,000
827,748,404
5.50%
due
08/01/56
518,360,000
519,287,341
5.00%
due
08/01/56
465,510,369
456,891,980
2.00%
due
08/15/56
192,250,000
153,438,610
Freddie
Mac
5.50%
due
02/01/56
(h)
245,764,911
246,705,667
6.00%
due
08/01/54
193,262,627
200,652,742
3.00%
due
05/01/52
195,136,510
170,566,884
5.50%
due
09/01/53
(h)
154,481,346
157,095,540
5.50%
due
04/01/56
135,431,489
135,953,421
5.50%
due
04/01/55
94,539,044
95,153,715
5.50%
due
09/01/54
86,398,674
87,706,510
6.00%
due
09/01/54
79,143,340
82,057,695
5.00%
due
10/25/51
42,780,460
42,638,570
5.50%
due
05/01/55
36,747,293
36,897,924
5.50%
due
06/01/53
35,948,738
36,508,483
5.00%
due
11/25/51
27,917,585
27,777,796
5.00%
due
02/25/52
15,133,004
15,046,301
5.50%
due
07/25/53
14,873,558
14,912,769
5.25%
due
04/25/53
11,230,567
11,236,719
5.50%
due
02/01/53
(h)
9,987,216
10,152,274
3.50%
due
03/01/53
1,779,275
1,615,125
2.50%
due
03/25/52
2,340,016
1,471,382
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
31.8%
(continued)
GOVERNMENT
AGENCY
-
17.9%
(continued)
1.96%
due
05/01/50
1,447,786
$
1,018,994
5.00%
due
03/01/53
385,111
381,573
3.00%
due
08/01/46
388,448
348,599
5.00%
due
08/01/53
223,287
220,786
4.50%
due
06/01/48
159,725
156,121
5.00%
due
09/01/52
154,954
155,158
2.00%
due
10/25/51
263,897
145,357
3.50%
due
12/01/45
144,586
134,470
4.00%
due
11/01/45
126,975
121,289
4.00%
due
08/01/45
112,301
107,365
4.00%
due
09/01/45
107,519
102,772
2.00%
due
09/25/51
175,123
91,151
2.50%
due
02/25/52
145,160
87,445
4.00%
due
05/25/52
(a)
81,000
65,372
Fannie
Mae
5.50%
due
04/01/55
198,536,762
200,712,178
3.00%
due
05/01/52
191,135,856
166,820,683
6.00%
due
09/01/54
150,292,771
155,821,410
5.50%
due
09/01/54
142,984,614
145,083,647
5.50%
due
02/01/55
125,495,409
127,333,014
5.50%
due
04/01/56
119,214,058
119,670,409
5.00%
due
01/25/53
67,468,607
67,036,875
5.00%
due
10/25/51
57,241,741
57,132,661
5.00%
due
11/25/53
43,252,246
43,057,014
5.00%
due
02/25/54
27,662,926
27,354,844
5.50%
due
03/01/55
25,468,065
25,757,185
5.50%
due
05/01/55
21,475,503
21,613,298
5.00%
due
05/25/52
10,252,079
10,173,814
due
12/25/43
(i),(j)
7,528,458
5,657,465
3.05%
due
03/01/50
5,544,006
4,350,000
2.51%
due
10/01/46
5,087,231
4,048,898
4.24%
due
08/01/48
3,255,610
2,892,129
3.42%
due
10/01/47
2,502,996
2,159,277
3.00%
due
01/01/52
2,326,231
2,048,499
3.26%
due
11/01/46
2,136,858
1,820,435
2.69%
due
02/01/52
2,319,893
1,758,280
2.49%
due
09/01/51
2,345,802
1,711,871
2.62%
due
12/01/51
2,160,395
1,623,672
5.00%
due
03/01/55
1,648,555
1,623,163
2.93%
due
03/01/52
1,934,965
1,521,468
3.46%
due
08/01/49
1,537,993
1,313,483
2.51%
due
07/01/50
1,651,114
1,250,601
2.43%
due
12/01/51
1,900,000
1,216,294
2.32%
due
07/01/50
1,264,482
933,875
3.96%
due
06/01/49
883,341
781,536
3.60%
due
10/01/47
839,941
731,643
2.65%
due
12/01/51
931,807
699,474
2.34%
due
03/01/51
810,341
598,465
3.91%
due
07/01/49
620,515
544,681
3.18%
due
09/01/42
581,489
496,759
2.56%
due
05/01/39
567,551
450,048
2.51%
due
02/01/48
532,808
413,936
5.00%
due
05/01/53
391,281
387,507
3.00%
due
07/01/46
362,626
323,006
3.51%
due
11/01/47
338,405
295,089
4.33%
due
09/01/48
305,474
286,392
4.22%
due
04/01/49
305,384
271,382
3.50%
due
10/01/45
265,145
246,735
4.23%
due
07/01/39
259,804
240,340
2.00%
due
02/25/52
393,218
239,281
3.50%
due
11/01/47
192,377
177,290
2.50%
due
01/25/52
268,546
172,988
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
192
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
31.8%
(continued)
GOVERNMENT
AGENCY
-
17.9%
(continued)
4.50%
due
04/01/48
176,964
$
172,189
3.00%
due
03/01/52
192,073
169,174
3.95%
due
06/01/49
179,703
160,105
3.50%
due
08/01/43
153,709
143,158
3.18%
due
08/01/42
166,745
142,452
3.50%
due
12/01/45
150,482
139,898
2.06%
due
09/01/36
140,000
111,213
5.42%
due
02/01/43
99,734
100,374
4.00%
due
10/01/45
99,904
95,109
2.34%
due
09/01/39
119,246
92,826
2.50%
due
11/25/50
146,157
87,003
5.00%
due
06/01/53
65,277
64,815
2.00%
due
10/25/51
105,559
57,518
5.00%
due
04/01/44
53,445
53,066
2.28%
due
01/01/51
64,150
47,307
3.50%
due
06/01/46
10,462
9,697
Ginnie
Mae
5.25%
due
03/20/52
40,928,229
41,054,713
5.00%
due
01/20/55
21,759,568
21,491,525
6.00%
due
06/20/47
1,803,201
1,802,306
Fannie
Mae-Aces
1.60%
(WAC)
due
03/25/35
◊,(k)
191,462,360
14,125,174
Freddie
Mac
Seasoned
Credit
Risk
Transfer
Trust
2.00%
due
11/25/59
9,085,113
7,237,957
2.00%
due
05/25/60
7,376,958
5,900,113
FARM
Mortgage
Trust
2.18%
(WAC)
due
01/25/51
◊,(d)
8,710,808
7,127,841
Total
Government
Agency
5,786,285,024
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
12.4%
NLT
Trust
2025-NQM1,
7.46%
(WAC)
due
10/25/70
◊,(d)
183,062,351
190,095,002
2026-NQM1,
5.40%
due
02/25/71
(d)
145,911,337
145,382,014
2026-NQM1,
5.76%
due
02/25/71
(d)
22,985,745
22,902,587
2026-NQM1,
6.63%
(WAC)
due
02/25/71
◊,(d)
17,247,312
16,376,513
2026-NQM1,
5.60%
due
02/25/71
(d)
15,325,582
15,270,098
2026-NQM1,
6.06%
(WAC)
due
02/25/71
◊,(d)
10,013,972
10,005,814
2026-NQM1,
1.04%
(WAC)
due
02/25/71
◊,(a),(d),(k)
211,483,991
6,661,746
2026-NQM1,
0.45%
(WAC)
due
02/25/71
◊,(a),(d),(k)
211,483,991
2,763,144
PRPM
LLC
2026-3,
5.96%
due
04/25/31
(d),(l)
120,141,666
119,992,799
2025-7,
5.50%
due
08/25/30
(d),(l)
60,201,155
59,951,826
2025-8,
5.39%
due
10/25/30
(d),(l)
51,362,385
51,060,286
2026-1,
5.19%
due
02/25/31
(d)
45,907,202
45,325,787
2025-6,
5.77%
due
08/25/28
(d),(l)
33,480,458
33,370,967
2026-2,
5.09%
due
02/25/31
(d),(l)
26,715,058
26,336,196
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
31.8%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
12.4%
(continued)
2024-RPL2,
3.50%
due
05/25/54
(d),(l)
18,755,746
$
18,272,746
2025-5,
5.73%
due
07/25/30
(d),(l)
15,488,082
15,429,564
2024-6,
5.70%
due
11/25/29
(d),(l)
11,792,969
11,799,124
2025-RCF3,
5.25%
due
07/25/55
(d),(l)
7,254,470
7,220,511
2023-RCF1,
4.00%
due
06/25/53
(d),(l)
2,634,738
2,608,914
OBX
Trust
2026-NQM5,
5.68%
due
01/25/66
(d),(l)
24,622,057
24,545,675
2026-NQM9,
5.62%
due
04/25/66
(d),(l)
23,792,000
23,727,871
2026-NQM9,
5.52%
due
04/25/66
(d),(l)
20,311,000
20,257,597
2025-NQM13,
5.82%
due
05/25/65
(d),(l)
17,557,140
17,539,030
2026-NQM4,
5.53%
due
02/25/66
(d),(l)
14,355,377
14,268,784
2025-NQM10,
5.45%
due
05/25/65
(d),(l)
10,909,582
10,921,406
2024-NQM5,
6.39%
due
01/25/64
(d),(l)
10,244,814
10,270,180
2024-NQM6,
6.85%
due
02/25/64
(d),(l)
9,059,073
9,111,915
2024-NQM5,
5.99%
due
01/25/64
(d),(l)
8,291,257
8,311,358
2024-NQM4,
6.07%
due
01/25/64
(d),(l)
8,174,629
8,206,309
2025-NQM2,
5.95%
due
11/25/64
(d),(l)
7,742,932
7,755,191
2025-NQM1,
5.85%
due
12/25/64
(d),(l)
7,497,268
7,500,458
2025-NQM13,
5.61%
due
05/25/65
(d),(l)
7,387,837
7,371,612
2024-NQM6,
6.45%
due
02/25/64
(d),(l)
6,920,136
6,959,967
2024-NQM9,
6.44%
due
01/25/64
(d),(l)
6,699,453
6,728,046
2024-NQM7,
6.24%
due
03/25/64
(d),(l)
6,531,399
6,561,093
2025-NQM3,
5.85%
due
12/01/64
(d),(l)
5,747,294
5,768,286
2026-NQM4,
5.38%
due
02/25/66
(d),(l)
5,636,171
5,600,323
2024-NQM6,
6.70%
due
02/25/64
(d),(l)
5,409,420
5,440,628
2024-NQM8,
6.59%
due
05/25/64
(d),(l)
5,314,734
5,340,087
2024-NQM5,
6.29%
due
01/25/64
(d),(l)
5,111,049
5,124,591
2024-NQM16,
5.89%
due
10/25/64
(d),(l)
5,081,129
5,082,689
2026-NQM5,
5.57%
due
01/25/66
(d),(l)
5,083,239
5,069,140
2024-NQM17,
6.02%
due
11/25/64
(d),(l)
5,037,222
5,052,910
2025-NQM16,
5.21%
due
08/25/65
(d),(l)
4,924,938
4,869,616
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
|
193
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
31.8%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
12.4%
(continued)
2024-NQM11,
6.23%
due
06/25/64
(d),(l)
4,752,101
$
4,770,712
2025-NQM3,
5.95%
due
12/01/64
(d),(l)
4,733,066
4,750,189
2024-NQM7,
6.60%
due
03/25/64
(d),(l)
4,727,287
4,747,363
2024-NQM18,
5.87%
due
10/25/64
(d),(l)
4,735,813
4,735,933
2025-NQM2,
5.75%
due
11/25/64
(d),(l)
4,707,527
4,711,502
2024-NQM8,
6.23%
due
05/25/64
(d),(l)
4,664,910
4,688,587
2025-NQM10,
5.71%
due
05/25/65
(d),(l)
4,539,794
4,529,446
2024-NQM4,
6.32%
due
01/25/64
(d),(l)
4,461,782
4,468,737
2024-NQM15,
5.72%
due
10/25/64
(d),(l)
4,394,547
4,388,679
2024-NQM10,
6.33%
due
05/25/64
(d),(l)
4,189,294
4,222,297
2024-NQM8,
6.44%
due
05/25/64
(d),(l)
3,972,291
3,991,219
2024-NQM11,
6.13%
due
06/25/64
(d),(l)
3,641,556
3,655,950
2024-NQM3,
6.13%
due
12/25/63
(d),(l)
3,550,351
3,559,607
2024-NQM7,
6.45%
due
03/25/64
(d),(l)
3,288,547
3,302,301
2024-NQM13,
5.37%
due
06/25/64
(d),(l)
3,135,886
3,128,783
2024-NQM11,
5.88%
due
06/25/64
(d),(l)
3,098,917
3,112,029
2023-NQM9,
7.66%
due
10/25/63
(d),(l)
2,943,703
2,953,455
2024-NQM3,
6.33%
due
12/25/63
(d),(l)
2,942,415
2,949,959
2025-NQM1,
5.70%
due
12/25/64
(d),(l)
2,601,792
2,602,445
2025-NQM16,
5.06%
due
08/25/65
(d),(l)
2,626,433
2,597,334
2024-NQM16,
5.73%
due
10/25/64
(d),(l)
2,544,821
2,544,189
2024-NQM17,
5.86%
due
11/25/64
(d),(l)
2,211,463
2,214,972
2024-NQM4,
6.22%
due
01/25/64
(d),(l)
2,059,284
2,062,947
2024-NQM2,
6.18%
due
12/25/63
(d),(l)
1,937,428
1,938,040
2024-NQM9,
6.28%
due
01/25/64
(d),(l)
1,875,868
1,883,861
2024-NQM12,
5.83%
due
07/25/64
(d),(l)
1,675,157
1,674,608
2024-NQM3,
6.43%
due
12/25/63
(d),(l)
924,064
926,230
FIGRE
Trust
2024-HE2,
6.38%
(WAC)
due
05/25/54
◊,(d)
25,441,189
25,839,883
2024-HE5,
5.44%
(WAC)
due
10/25/54
◊,(d)
23,288,008
23,358,433
2025-PF2,
5.02%
(WAC)
due
10/25/55
◊,(d)
22,648,600
22,274,715
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
31.8%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
12.4%
(continued)
2024-HE6,
5.72%
(WAC)
due
12/25/54
◊,(d)
21,762,552
$
21,889,983
2025-HE1,
5.83%
(WAC)
due
01/25/55
◊,(d)
15,342,616
15,466,141
2024-HE4,
5.06%
(WAC)
due
09/25/54
◊,(d)
13,713,332
13,650,982
2026-HE2,
5.05%
(WAC)
due
01/25/56
◊,(d)
12,655,699
12,464,701
2025-HE8,
5.21%
(WAC)
due
11/25/55
◊,(d)
11,858,606
11,755,826
2024-HE1,
6.17%
(WAC)
due
03/25/54
◊,(d)
9,852,809
9,976,542
2026-HE5,
5.61%
(WAC)
due
06/25/56
◊,(d)
9,634,660
9,648,036
2024-HE3,
5.94%
(WAC)
due
07/25/54
◊,(d)
7,588,579
7,652,988
2025-PF1,
5.76%
(WAC)
due
06/25/55
◊,(d)
7,347,811
7,362,193
2024-HE5,
5.59%
(WAC)
due
10/25/54
◊,(d)
5,895,035
5,901,500
2025-HE1,
5.93%
(WAC)
due
01/25/55
◊,(d)
5,078,935
5,116,982
2025-HE8,
5.36%
(WAC)
due
11/25/55
◊,(d)
4,704,773
4,668,040
2026-HE2,
5.25%
(WAC)
due
01/25/56
◊,(d)
4,110,793
4,049,075
2026-HE5,
5.96%
(WAC)
due
06/25/56
◊,(d)
4,038,772
4,041,188
2024-HE3,
6.13%
(WAC)
due
07/25/54
◊,(d)
3,152,179
3,177,043
2024-HE6,
5.87%
(WAC)
due
12/25/54
◊,(d)
2,369,700
2,381,389
2025-HE6,
5.25%
(WAC)
due
09/25/55
◊,(d)
2,220,715
2,188,034
2026-FL2,
5.92%
due
06/25/56
(d),(l)
2,000,000
1,997,816
2026-HE5,
5.81%
(WAC)
due
06/25/56
◊,(d)
1,849,076
1,850,164
2024-HE3,
6.23%
(WAC)
due
07/25/54
◊,(d)
1,634,463
1,646,595
GCAT
Trust
2025-INV3,
6.00%
(WAC)
due
08/25/55
◊,(d)
24,065,278
24,136,670
2022-NQM3,
5.35%
(WAC)
due
04/25/67
◊,(d)
19,293,226
19,234,883
2022-NQM5,
5.71%
due
08/25/67
(d),(l)
16,699,375
16,625,893
2025-NQM2,
6.01%
due
04/25/70
(d),(l)
15,101,109
15,113,982
2025-NQM4,
5.88%
due
06/25/70
(d),(l)
13,225,638
13,237,437
2025-NQM4,
5.53%
due
06/25/70
(d),(l)
12,892,929
12,862,902
2025-NQM3,
5.55%
due
05/25/70
(d)
10,708,774
10,704,610
2023-NQM3,
6.89%
due
08/25/68
(d),(l)
10,244,804
10,263,175
2025-NQM3,
5.75%
due
05/25/70
(d),(l)
9,492,733
9,482,906
2022-NQM3,
4.35%
(WAC)
due
04/25/67
◊,(d)
9,052,863
8,569,792
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
194
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
31.8%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
12.4%
(continued)
2025-NQM4,
5.73%
due
06/25/70
(d),(l)
6,598,322
$
6,588,402
2024-NQM2,
6.44%
due
06/25/59
(d),(l)
5,958,342
5,984,987
2023-NQM3,
7.34%
due
08/25/68
(d),(l)
2,605,674
2,608,593
2023-NQM2,
6.24%
due
11/25/67
(d),(l)
1,752,085
1,746,402
2024-NQM2,
6.09%
due
06/25/59
(d),(l)
1,735,675
1,742,198
2024-NQM2,
6.54%
due
06/25/59
(d),(l)
1,319,253
1,324,678
JP
Morgan
Mortgage
Trust
2021-12,
2.50%
(WAC)
due
02/25/52
◊,(d)
70,267,733
65,771,252
2021-13,
2.50%
(WAC)
due
04/25/52
◊,(d)
31,775,529
29,581,559
2026-CES1,
4.91%
due
06/25/56
(d),(l)
11,988,296
11,863,405
2025-1,
6.00%
(WAC)
due
06/25/55
◊,(d)
10,131,328
10,154,853
2026-CES1,
4.96%
due
06/25/56
(d),(l)
9,253,693
9,143,142
2024-NQM1,
5.85%
due
02/25/64
(d),(l)
4,794,881
4,797,504
2024-NQM1,
5.95%
due
02/25/64
(d),(l)
4,562,402
4,564,749
2024-NQM1,
5.59%
due
02/25/64
(d),(l)
3,922,265
3,918,151
Verus
Securitization
Trust
2025-2,
5.51%
due
03/25/70
(d),(l)
12,703,733
12,693,037
2024-9,
5.69%
due
11/25/69
(d),(l)
11,258,266
11,257,183
2024-9,
5.89%
due
11/25/69
(d),(l)
10,628,507
10,638,334
2025-7,
5.38%
(WAC)
due
08/25/70
◊,(d)
10,033,968
9,983,557
2025-1,
5.98%
due
01/25/70
(d),(l)
9,212,886
9,229,322
2023-7,
7.42%
due
10/25/68
(d),(l)
8,522,532
8,541,511
2025-7,
5.54%
(WAC)
due
08/25/70
◊,(d)
7,985,366
7,945,186
2024-5,
6.65%
due
06/25/69
(d),(l)
7,814,405
7,859,233
2025-1,
5.77%
due
01/25/70
(d),(l)
7,490,290
7,496,556
2025-9,
5.19%
due
10/27/70
(d),(l)
5,679,757
5,629,544
2025-5,
5.58%
due
06/25/70
(d),(l)
3,991,323
3,988,927
2025-5,
5.68%
due
06/25/70
(d),(l)
3,858,909
3,856,489
2025-2,
5.31%
due
03/25/70
(d),(l)
3,548,505
3,548,347
2025-5,
5.43%
due
06/25/70
(d),(l)
2,005,110
2,010,560
2024-1,
6.12%
due
01/25/69
(d),(l)
1,585,998
1,585,865
2024-5,
6.45%
due
06/25/69
(d),(l)
1,320,001
1,326,765
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
31.8%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
12.4%
(continued)
BRAVO
Residential
Funding
Trust
2023-NQM2,
4.50%
due
05/25/62
(d),(l)
23,712,683
$
23,531,301
2025-NQM8,
5.59%
due
06/25/65
(d),(l)
13,423,897
13,366,008
2025-NQM7,
5.81%
due
07/25/65
(d),(l)
11,561,008
11,553,612
2025-CES2,
4.96%
due
07/26/55
(d),(l)
9,936,077
9,859,849
2025-NQM2,
5.93%
due
11/25/64
(d),(l)
8,007,946
8,034,020
2024-NQM3,
6.19%
due
03/25/64
(d),(l)
7,315,380
7,355,019
2025-NQM1,
5.81%
due
12/25/64
(d),(l)
6,753,065
6,759,058
2025-NQM1,
5.91%
due
12/25/64
(d),(l)
4,875,460
4,877,977
2024-NQM1,
6.40%
due
12/01/63
(d),(l)
3,606,588
3,610,330
2023-NQM6,
7.06%
due
09/25/63
(d),(l)
3,581,409
3,575,791
2024-NQM3,
6.50%
due
03/25/64
(d),(l)
3,379,338
3,396,088
2025-NQM7,
5.66%
due
07/25/65
(d),(l)
2,940,807
2,937,381
2023-NQM5,
7.01%
due
06/25/63
(d),(l)
2,265,317
2,264,632
2024-NQM3,
6.39%
due
03/25/64
(d),(l)
1,239,429
1,245,637
2025-NQM8,
5.29%
due
06/25/65
(d),(l)
1,158,197
1,149,819
CIM
Trust
2026-R1,
4.75%
due
12/25/65
(d),(l)
62,036,947
60,880,324
2025-R1,
5.00%
due
02/25/99
(d),(l)
35,248,517
34,884,862
LHOME
Mortgage
Trust
2025-RTL3,
5.24%
due
08/25/40
(d),(l)
40,250,000
40,213,654
2024-RTL5,
5.32%
due
09/25/39
(d),(l)
38,700,000
38,737,462
2026-RTL1,
4.91%
due
01/25/41
(d),(l)
15,000,000
14,885,970
Angel
Oak
Mortgage
Trust
2024-4,
6.20%
due
01/25/69
(d),(l)
17,974,478
18,047,848
2023-1,
4.75%
due
09/26/67
(d),(l)
16,600,356
16,524,744
2023-2,
4.65%
due
10/25/67
(d),(l)
16,565,364
16,474,573
2024-2,
5.99%
due
01/25/69
(d),(l)
12,405,861
12,424,497
2024-2,
6.19%
due
01/25/69
(d),(l)
6,079,336
6,085,079
2024-3,
4.80%
due
11/26/68
(d),(l)
6,101,538
6,060,093
2024-2,
6.25%
due
01/25/69
(d),(l)
5,607,257
5,610,276
2024-4,
6.50%
due
01/25/69
(d),(l)
5,551,340
5,569,264
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
|
195
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
31.8%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
12.4%
(continued)
2024-4,
6.40%
due
01/25/69
(d),(l)
2,734,650
$
2,744,186
2024-12,
6.01%
due
10/25/69
(d),(l)
2,739,619
2,743,789
Towd
Point
Mortgage
Trust
2024-4,
4.55%
(WAC)
due
10/27/64
◊,(d)
28,163,971
27,959,656
2025-1,
4.80%
(WAC)
due
06/25/65
◊,(d)
27,054,664
27,143,474
2025-FIX1,
5.16%
due
09/25/65
(d),(l)
7,500,000
7,398,015
2025-CES4,
5.09%
due
10/25/65
(d),(l)
7,360,359
7,294,037
2025-FIX1,
4.97%
due
09/25/65
(d),(l)
6,130,439
6,078,055
2025-CES4,
5.46%
due
10/25/65
(d),(l)
5,111,000
5,077,046
2025-CES4,
5.29%
due
10/25/65
(d),(l)
4,800,308
4,772,105
2023-CES1,
6.75%
(WAC)
due
07/25/63
◊,(d)
2,292,937
2,285,743
Cross
Mortgage
Trust
2024-H7,
5.59%
(WAC)
due
11/25/69
◊,(d)
15,573,803
15,593,823
2025-H6,
5.18%
(WAC)
due
07/25/70
◊,(d)
13,461,126
13,393,166
2025-H1,
5.89%
due
02/25/70
(d),(l)
12,122,666
12,145,834
2025-H6,
5.54%
due
07/25/70
(d),(l)
11,555,484
11,517,752
2025-H1,
5.99%
due
02/25/70
(d),(l)
8,881,797
8,897,457
2024-H7,
5.82%
due
11/25/69
(d),(l)
7,312,916
7,319,512
2025-H2,
5.36%
(WAC)
due
03/25/70
◊,(d)
7,042,554
7,028,429
2024-H7,
5.97%
due
11/25/69
(d),(l)
4,638,285
4,644,099
2025-H2,
5.66%
due
03/25/70
(d),(l)
3,970,068
3,959,030
2024-H5,
6.16%
due
08/26/69
(d),(l)
3,366,271
3,376,555
Vista
Point
Securitization
Trust
2025-CES1,
5.81%
due
04/25/55
(d),(l)
29,514,777
29,580,757
2024-CES2,
5.25%
due
10/25/54
(d),(l)
24,955,201
24,860,090
2024-CES3,
5.68%
due
01/25/55
(d),(l)
22,131,675
22,150,084
2024-CES1,
6.68%
due
05/25/54
(d),(l)
5,162,113
5,192,192
Saluda
Grade
Alternative
Mortgage
Trust
2025-RRTL1,
5.32%
due
10/25/40
(d),(l)
41,589,000
41,224,610
2025-LOC4,
5.38%
(30
Day
Average
SOFR
+
1.75%)
due
06/25/55
◊,(d)
14,180,155
14,263,754
2023-FIG4,
6.72%
(WAC)
due
11/25/53
◊,(d)
12,480,395
12,759,805
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
31.8%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
12.4%
(continued)
2025-LOC4,
5.48%
(30
Day
Average
SOFR
+
1.85%)
due
06/25/55
◊,(d)
12,079,363
$
12,121,630
HOMES
Trust
2025-AFC2,
5.47%
due
06/25/60
(d),(l)
25,197,950
25,187,690
2024-AFC2,
5.58%
(WAC)
due
10/25/59
◊,(d)
14,403,259
14,418,267
2025-NQM4,
5.22%
(WAC)
due
08/25/70
◊,(d)
14,215,433
14,150,306
2025-NQM1,
5.86%
due
01/25/70
(d),(l)
6,761,474
6,769,499
2025-AFC2,
5.57%
due
06/25/60
(d),(l)
5,612,271
5,608,385
2024-AFC2,
5.98%
due
10/25/59
(d),(l)
3,843,097
3,848,373
2025-NQM1,
5.96%
due
01/25/70
(d),(l)
2,726,621
2,728,582
2025-AFC3,
5.14%
due
08/25/60
(d),(l)
2,441,316
2,420,815
2025-NQM4,
5.47%
due
08/25/70
(d),(l)
2,210,927
2,200,578
Provident
Funding
Mortgage
Trust
2026-1,
5.00%
(WAC)
due
01/25/56
◊,(d)
31,711,873
31,325,455
2025-1,
5.50%
(WAC)
due
02/25/55
◊,(d)
23,676,532
23,644,292
2025-4,
5.50%
(WAC)
due
09/25/55
◊,(d)
16,638,412
16,617,954
Morgan
Stanley
ABS
Capital
I,
Inc.
Trust
2006-NC5,
3.91%
(1
Month
Term
SOFR
+
0.26%,
Rate
Floor:
0.15%)
due
10/25/36
◊
22,662,876
11,673,117
2007-HE5,
4.10%
(1
Month
Term
SOFR
+
0.45%,
Rate
Floor:
0.34%)
due
03/25/37
◊
24,196,652
9,663,547
2007-HE2,
3.97%
(1
Month
Term
SOFR
+
0.32%,
Rate
Floor:
0.21%)
due
01/25/37
◊
20,453,295
9,272,375
2006-HE6,
4.24%
(1
Month
Term
SOFR
+
0.59%,
Rate
Floor:
0.48%)
due
09/25/36
◊
21,661,139
7,209,661
2006-HE5,
4.04%
(1
Month
Term
SOFR
+
0.39%,
Rate
Floor:
0.28%)
due
08/25/36
◊
11,779,396
5,769,336
2007-HE3,
3.87%
(1
Month
Term
SOFR
+
0.22%,
Rate
Floor:
0.11%)
due
12/25/36
◊
9,579,383
4,756,948
2007-HE2,
3.89%
(1
Month
Term
SOFR
+
0.24%,
Rate
Floor:
0.13%)
due
01/25/37
◊
9,012,505
4,084,740
2006-HE4,
4.24%
(1
Month
Term
SOFR
+
0.59%,
Rate
Floor:
0.48%)
due
06/25/36
◊
7,109,763
3,458,645
2006-HE5,
4.26%
(1
Month
Term
SOFR
+
0.61%,
Rate
Floor:
0.50%)
due
08/25/36
◊
7,058,126
3,453,880
2007-HE2,
3.85%
(1
Month
Term
SOFR
+
0.20%,
Rate
Floor:
0.09%)
due
01/25/37
◊
7,561,320
3,427,260
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
196
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
31.8%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
12.4%
(continued)
2006-HE4,
4.06%
(1
Month
Term
SOFR
+
0.41%,
Rate
Floor:
0.30%)
due
06/25/36
◊
4,547,537
$
2,203,440
2007-NC3,
3.95%
(1
Month
Term
SOFR
+
0.30%,
Rate
Floor:
0.19%)
due
05/25/37
◊
2,705,477
2,061,261
2007-HE6,
3.82%
(1
Month
Term
SOFR
+
0.23%,
Rate
Floor:
0.12%)
due
05/25/37
◊
1,890,299
1,732,129
2007-HE3,
3.89%
(1
Month
Term
SOFR
+
0.24%,
Rate
Floor:
0.13%)
due
12/25/36
◊,(d)
1,740,904
1,079,415
2006-HE6,
4.06%
(1
Month
Term
SOFR
+
0.41%,
Rate
Floor:
0.30%)
due
09/25/36
◊
2,745,778
913,969
BRAVO
Trust
2026-SR1,
6.33%
due
03/29/46
(d)
68,749,958
68,780,689
PMT
Loan
Trust
2025-INV8,
6.00%
(WAC)
due
07/25/56
◊,(d)
54,351,390
54,684,401
2025-INV7,
6.00%
(WAC)
due
06/25/56
◊,(d)
6,379,317
6,396,964
2025-INV7,
5.50%
(WAC)
due
06/25/56
◊,(d)
3,793,107
3,783,875
GS
Mortgage-Backed
Securities
Trust
2021-PJ10,
2.50%
(WAC)
due
03/25/52
◊,(d)
44,761,770
41,443,020
2025-NQM3,
5.14%
due
11/25/65
(d),(l)
13,140,233
13,078,248
2026-NQM4,
5.66%
due
06/25/66
(d),(l)
4,235,806
4,218,049
2025-NQM3,
5.34%
due
11/25/65
(d),(l)
2,613,324
2,603,198
Legacy
Mortgage
Asset
Trust
2021-GS2,
5.75%
due
04/25/61
(d)
21,594,235
21,609,198
2021-GS3,
5.75%
due
07/25/61
(d)
20,514,538
20,539,798
2021-GS5,
6.25%
due
07/25/67
(d)
15,454,633
15,469,805
2021-GS4,
5.65%
due
11/25/60
(d)
3,068,406
3,071,079
COLT
Mortgage
Loan
Trust
2023-3,
7.18%
due
09/25/68
(d),(l)
19,616,564
19,638,168
2025-3,
5.56%
due
03/25/70
(d),(l)
7,514,403
7,497,799
2024-2,
6.13%
due
04/25/69
(d),(l)
6,210,445
6,229,059
2021-2,
2.38%
(WAC)
due
08/25/66
◊,(d)
7,108,000
5,397,129
2023-3,
7.58%
due
09/25/68
(d),(l)
4,415,728
4,419,214
2025-3,
5.35%
due
03/25/70
(d),(l)
3,112,585
3,107,322
2023-4,
7.62%
due
10/25/68
(d),(l)
2,737,403
2,744,464
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
31.8%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
12.4%
(continued)
2024-2,
6.33%
due
04/25/69
(d),(l)
2,563,039
$
2,570,005
2024-2,
6.43%
due
04/25/69
(d),(l)
2,376,636
2,384,283
2024-1,
6.14%
due
02/25/69
(d),(l)
2,327,859
2,329,725
RCKT
Mortgage
Trust
2024-CES4,
6.15%
due
06/25/44
(d),(l)
17,259,104
17,325,421
2025-CES1,
5.65%
due
01/25/45
(d),(l)
10,197,838
10,232,949
2025-CES7,
5.38%
due
07/25/55
(d),(l)
8,871,118
8,872,078
2025-CES8,
5.15%
(WAC)
due
08/25/55
◊,(d)
7,640,333
7,608,234
2025-CES8,
5.25%
(WAC)
due
08/25/55
◊,(d)
4,966,216
4,946,046
2024-CES4,
6.30%
due
06/25/44
(d),(l)
3,588,091
3,603,562
2023-CES1,
6.52%
(WAC)
due
06/25/43
◊,(d)
1,744,396
1,739,384
2023-CES2,
6.81%
(WAC)
due
09/25/43
◊,(d)
1,712,315
1,713,539
Aspire
Mortgage
Trust
2026-3,
5.46%
due
05/25/66
(d)
25,800,000
25,822,171
2026-2,
5.63%
due
04/26/66
(d),(l)
13,513,732
13,460,859
2026-2,
5.73%
due
04/26/66
(d),(l)
8,556,206
8,522,716
2026-3,
5.66%
due
05/25/66
(d),(l)
4,100,000
4,089,250
CSMC
Trust
2021-RPL4,
4.15%
(WAC)
due
12/27/60
◊,(d)
47,049,046
46,895,276
OSAT
Trust
2021-RPL1,
6.12%
due
05/25/65
(d)
44,273,033
44,309,195
NYMT
Loan
Trust
2025-CP1,
3.75%
(WAC)
due
11/25/69
◊,(d)
43,913,524
42,140,100
EFMT
2025-CES4,
5.43%
due
06/25/60
(d),(l)
32,648,383
32,637,024
2024-CES1,
5.52%
due
01/26/60
(d),(l)
9,067,502
9,071,659
New
Residential
Mortgage
Loan
Trust
2024-NQM2,
5.37%
due
09/25/64
(d)
15,364,857
15,253,899
2024-NQM2,
5.42%
due
09/25/64
(d)
11,091,000
10,993,042
2025-NQM3,
5.73%
due
05/25/65
(d)
6,539,295
6,536,114
2025-NQM3,
5.53%
(WAC)
due
05/25/65
◊,(d)
6,281,483
6,287,668
Deephaven
Residential
Mortgage
Trust
2026-CES1,
5.31%
due
03/25/61
(d),(l)
27,062,670
26,976,608
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
|
197
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
31.8%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
12.4%
(continued)
2025-CES1,
5.48%
due
10/25/55
(d),(l)
5,982,800
$
5,964,976
2026-CES1,
5.41%
due
03/25/61
(d),(l)
4,670,959
4,656,125
Mill
City
Securities
Ltd.
2024-RS1,
3.00%
due
11/01/69
(d),(l)
28,849,882
27,675,028
2024-RS2,
3.00%
due
08/01/69
(d),(l)
9,397,132
8,968,924
JP
Morgan
Mortgage
Acquisition
Trust
2006-WMC4,
4.02%
(1
Month
Term
SOFR
+
0.37%,
Rate
Floor:
0.26%)
due
12/25/36
◊
53,568,598
33,834,660
2006-WMC3,
4.24%
(1
Month
Term
SOFR
+
0.59%,
Rate
Floor:
0.48%)
due
08/25/36
◊
1,582,162
1,201,133
Home
Equity
Loan
Trust
2007-FRE1,
3.95%
(1
Month
Term
SOFR
+
0.30%,
Rate
Floor:
0.19%)
due
04/25/37
◊
32,771,717
31,379,246
GSAMP
Trust
2007-NC1,
4.02%
(1
Month
Term
SOFR
+
0.37%,
Rate
Floor:
0.26%)
due
12/25/46
◊
22,150,517
11,569,667
2006-HE8,
4.22%
(1
Month
Term
SOFR
+
0.57%,
Rate
Floor:
0.46%)
due
01/25/37
◊
10,107,000
8,940,029
2006-NC2,
4.06%
(1
Month
Term
SOFR
+
0.41%,
Rate
Floor:
0.30%)
due
06/25/36
◊
10,147,807
5,589,621
2007-NC1,
4.06%
(1
Month
Term
SOFR
+
0.41%,
Rate
Floor:
0.30%)
due
12/25/46
◊
6,336,352
3,106,680
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2025-NQM3,
5.86%
(WAC)
due
05/25/70
◊,(d)
8,226,191
8,215,393
2025-NQM3,
5.76%
due
05/25/70
(d),(l)
7,843,578
7,836,578
2024-NQM3,
5.35%
due
07/25/69
(d),(l)
5,401,004
5,360,670
2024-NQM3,
5.04%
(WAC)
due
07/25/69
◊,(d)
5,037,092
5,022,774
ACHM
Trust
2025-HE3,
5.20%
(WAC)
due
11/25/55
◊,(d)
16,101,686
15,875,171
2025-HE1,
5.92%
(WAC)
due
03/25/55
◊,(d)
9,304,992
9,354,082
Sequoia
Mortgage
Trust
2025-1,
6.00%
(WAC)
due
01/25/55
◊,(d)
9,250,443
9,268,160
2025-6,
5.50%
(WAC)
due
07/25/55
◊,(d)
5,772,953
5,763,982
2025-5,
5.50%
(WAC)
due
06/25/55
◊,(d)
4,572,370
4,560,993
2024-5,
6.00%
(WAC)
due
06/25/54
◊,(d)
2,985,300
2,991,181
2024-5,
6.00%
(WAC)
due
06/25/54
◊,(a),(d)
556,052
554,274
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
31.8%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
12.4%
(continued)
CAFL
Issuer,
LP
2025-RRTL2,
5.18%
due
11/28/40
(d),(l)
17,850,000
$
17,728,743
2025-RRTL2,
5.62%
due
11/28/40
(d),(l)
4,600,000
4,584,862
Alternative
Loan
Trust
2007-OA4,
4.10%
(1
Month
Term
SOFR
+
0.45%,
Rate
Floor:
0.34%)
due
05/25/47
◊
11,026,776
10,215,867
2007-OH3,
4.34%
(1
Month
Term
SOFR
+
0.69%,
Rate
Floor:
0.58%)
due
09/25/47
◊
4,909,364
4,698,950
2006-43CB,
6.00%
(1
Month
Term
SOFR
+
0.61%,
Rate
Floor:
6.00%)
due
02/25/37
◊
5,634,743
2,810,036
2007-OA7,
4.12%
(1
Month
Term
SOFR
+
0.47%,
Rate
Floor:
0.36%)
due
05/25/47
◊
1,814,152
1,696,170
2007-OH3,
4.20%
(1
Month
Term
SOFR
+
0.55%,
Rate
Floor:
0.44%)
due
09/25/47
◊
488,008
468,277
Imperial
Fund
Mortgage
Trust
2022-NQM2,
4.02%
(WAC)
due
03/25/67
◊,(d)
9,808,807
9,231,103
2022-NQM2,
4.20%
(WAC)
due
03/25/67
◊,(d)
9,642,131
9,082,142
WaMu
Asset-Backed
Certificates
WaMu
Series
Trust
2007-HE1,
4.06%
(1
Month
Term
SOFR
+
0.41%,
Rate
Floor:
0.41%)
due
01/25/37
◊
30,041,481
13,387,451
2007-HE4,
3.93%
(1
Month
Term
SOFR
+
0.28%,
Rate
Floor:
0.28%)
due
07/25/47
◊
4,041,376
3,075,499
2007-HE4,
4.01%
(1
Month
Term
SOFR
+
0.36%,
Rate
Floor:
0.36%)
due
07/25/47
◊
2,908,234
1,694,045
American
Home
Mortgage
Investment
Trust
2007-1,
2.08%
due
05/25/47
(k)
112,897,742
17,224,842
Securitized
Asset-Backed
Receivables
LLC
Trust
2006-WM4,
3.92%
(1
Month
Term
SOFR
+
0.27%,
Rate
Floor:
0.16%)
due
11/25/36
◊
27,923,769
7,073,052
2007-BR2,
4.12%
(1
Month
Term
SOFR
+
0.47%,
Rate
Floor:
0.36%)
due
02/25/37
◊,(d)
7,116,853
6,279,994
2006-WM4,
4.08%
(1
Month
Term
SOFR
+
0.43%,
Rate
Floor:
0.32%)
due
11/25/36
◊
4,900,585
1,241,204
2006-HE2,
4.06%
(1
Month
Term
SOFR
+
0.41%,
Rate
Floor:
0.30%)
due
07/25/36
◊
2,963,397
1,105,798
Citigroup
Mortgage
Loan
Trust
2007-AMC1,
4.08%
(1
Month
Term
SOFR
+
0.43%,
Rate
Floor:
0.32%)
due
12/25/36
◊,(d)
18,150,304
10,086,166
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
198
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
31.8%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
12.4%
(continued)
2006-WF1,
7.00%
due
03/25/36
11,985,892
$
5,569,501
Archwest
Mortgage
Trust
2025-RTL1,
5.20%
due
10/25/40
(d),(l)
15,300,000
15,223,231
Washington
Mutual
Mortgage
Pass-Through
Certificates
WMALT
Series
Trust
2006-AR9,
4.57%
(1
Year
CMT
Rate
+
0.83%,
Rate
Floor:
0.83%)
due
11/25/46
◊
6,979,309
6,373,720
2006-AR10,
4.10%
(1
Month
Term
SOFR
+
0.45%,
Rate
Floor:
0.34%)
due
12/25/36
◊
5,691,900
4,806,800
2006-AR9,
4.58%
(1
Year
CMT
Rate
+
0.84%,
Rate
Floor:
0.84%)
due
11/25/46
◊
3,133,873
2,747,835
2006-7,
3.81%
due
09/25/36
4,889,505
1,227,445
ACE
Securities
Corp.
Home
Equity
Loan
Trust
2006-NC1,
4.38%
(1
Month
Term
SOFR
+
0.73%,
Rate
Floor:
0.62%)
due
12/25/35
◊
9,753,967
9,224,437
2007-ASP1,
4.16%
(1
Month
Term
SOFR
+
0.51%,
Rate
Floor:
0.40%)
due
03/25/37
◊
7,408,041
2,977,140
2007-WM2,
4.18%
(1
Month
Term
SOFR
+
0.53%,
Rate
Floor:
0.42%)
due
02/25/37
◊
5,621,406
2,360,409
IXIS
Real
Estate
Capital
Trust
2007-HE1,
3.87%
(1
Month
Term
SOFR
+
0.22%,
Rate
Floor:
0.11%)
due
05/25/37
◊
30,120,555
5,934,397
2006-HE1,
4.36%
(1
Month
Term
SOFR
+
0.71%,
Rate
Floor:
0.60%)
due
03/25/36
◊
9,983,679
5,134,820
2007-HE1,
3.99%
(1
Month
Term
SOFR
+
0.34%,
Rate
Floor:
0.23%)
due
05/25/37
◊
5,716,451
1,126,168
2007-HE1,
3.92%
(1
Month
Term
SOFR
+
0.27%,
Rate
Floor:
0.16%)
due
05/25/37
◊
5,368,790
1,057,730
2007-HE1,
3.82%
(1
Month
Term
SOFR
+
0.17%,
Rate
Floor:
0.06%)
due
05/25/37
◊
4,466,585
880,493
NovaStar
Mortgage
Funding
Trust
2007-2,
3.96%
(1
Month
Term
SOFR
+
0.31%,
Rate
Floor:
0.20%)
due
09/25/37
◊
10,873,994
10,740,306
2007-1,
4.02%
(1
Month
Term
SOFR
+
0.37%,
Rate
Floor:
0.26%)
due
03/25/37
◊
2,260,669
1,479,552
American
Home
Mortgage
Assets
Trust
2007-5,
4.14%
(1
Month
Term
SOFR
+
0.49%,
Rate
Floor:
0.19%)
due
06/25/47
◊
6,930,702
6,791,903
2006-4,
3.95%
(1
Month
Term
SOFR
+
0.30%,
Rate
Floor:
0.30%)
due
10/25/46
◊
6,035,474
2,990,214
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
31.8%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
12.4%
(continued)
2006-6,
3.95%
(1
Month
Term
SOFR
+
0.30%,
Rate
Floor:
0.19%)
due
12/25/46
◊
1,612,809
$
1,412,720
Merrill
Lynch
Mortgage
Investors
Trust
2007-HE2,
4.28%
(1
Month
Term
SOFR
+
0.63%,
Rate
Floor:
0.52%)
due
02/25/37
◊
29,296,602
7,981,625
2006-HE6,
4.04%
(1
Month
Term
SOFR
+
0.39%,
Rate
Floor:
0.28%)
due
11/25/37
◊
6,573,072
3,094,605
Anchor
Mortgage
Trust
2025-RTL1,
5.72%
due
05/25/40
(d),(l)
11,050,000
11,024,551
Soundview
Home
Loan
Trust
2006-OPT5,
4.04%
(1
Month
Term
SOFR
+
0.39%,
Rate
Floor:
0.28%)
due
07/25/36
◊
11,088,075
10,883,926
Ameriquest
Mortgage
Securities
Trust
2006-M3,
3.92%
(1
Month
Term
SOFR
+
0.27%,
Rate
Floor:
0.16%)
due
10/25/36
◊
25,118,880
7,518,302
2006-M3,
3.86%
(1
Month
Term
SOFR
+
0.21%,
Rate
Floor:
0.10%)
due
10/25/36
◊
10,551,616
3,158,278
RALI
Series
Trust
2007-QO4,
4.14%
(1
Month
Term
SOFR
+
0.49%,
Rate
Floor:
0.38%)
due
05/25/47
◊
3,296,165
3,110,933
2006-QO2,
4.20%
(1
Month
Term
SOFR
+
0.55%,
Rate
Floor:
0.44%)
due
02/25/46
◊
16,536,210
2,637,185
2007-QO2,
3.91%
(1
Month
Term
SOFR
+
0.26%,
Rate
Floor:
0.15%)
due
02/25/47
◊
7,273,353
2,148,017
2006-QO6,
4.12%
(1
Month
Term
SOFR
+
0.47%,
Rate
Floor:
0.36%)
due
06/25/46
◊
4,715,292
926,936
2006-QO2,
4.30%
(1
Month
Term
SOFR
+
0.65%,
Rate
Floor:
0.54%)
due
02/25/46
◊
5,362,610
867,731
2007-QO3,
4.08%
(1
Month
Term
SOFR
+
0.43%,
Rate
Floor:
0.32%)
due
03/25/47
◊,(a)
689,313
640,685
2006-QO2,
4.44%
(1
Month
Term
SOFR
+
0.79%,
Rate
Floor:
0.68%)
due
02/25/46
◊
1,105,132
181,239
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust
2007-BC4,
4.39%
(1
Month
Term
SOFR
+
0.74%,
Rate
Floor:
0.63%)
due
11/25/37
◊
8,780,348
8,606,829
2006-BC4,
4.10%
(1
Month
Term
SOFR
+
0.45%,
Rate
Floor:
0.34%)
due
12/25/36
◊
677,624
665,288
Starwood
Mortgage
Residential
Trust
2020-1,
2.56%
(WAC)
due
02/25/50
◊,(d)
5,431,086
5,231,104
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
|
199
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
31.8%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
12.4%
(continued)
2020-1,
2.41%
(WAC)
due
02/25/50
◊,(d)
4,177,758
$
4,028,873
ABFC
Trust
2007-WMC1,
5.01%
(1
Month
Term
SOFR
+
1.36%,
Rate
Floor:
1.25%)
due
06/25/37
◊
12,638,822
8,895,759
HarborView
Mortgage
Loan
Trust
2006-14,
4.05%
(1
Month
Term
SOFR
+
0.41%,
Rate
Floor:
0.30%)
due
01/25/47
◊
5,077,572
4,863,534
2006-12,
4.13%
(1
Month
Term
SOFR
+
0.49%,
Rate
Floor:
0.38%)
due
01/19/38
◊
3,592,203
3,243,664
Fremont
Home
Loan
Trust
2006-E,
4.00%
(1
Month
Term
SOFR
+
0.35%,
Rate
Floor:
0.24%)
due
01/25/37
◊
10,274,916
4,626,214
2006-D,
4.06%
(1
Month
Term
SOFR
+
0.41%,
Rate
Floor:
0.30%)
due
11/25/36
◊
9,478,130
3,259,551
Figre
2026-FL2,
5.82%
due
06/25/56
(d),(l)
7,700,000
7,692,238
Merrill
Lynch
Alternative
Note
Asset
Trust
2007-A1,
4.22%
(1
Month
Term
SOFR
+
0.57%,
Rate
Floor:
0.46%)
due
01/25/37
◊
17,656,415
5,114,633
2007-A1,
4.06%
(1
Month
Term
SOFR
+
0.41%,
Rate
Floor:
0.30%)
due
01/25/37
◊
6,695,607
1,940,106
First
Franklin
Mortgage
Loan
Trust
2006-FF16,
4.04%
(1
Month
Term
SOFR
+
0.39%,
Rate
Floor:
0.28%)
due
12/25/36
◊
17,625,126
6,757,477
Argent
Securities,
Inc.
Asset-
Backed
Pass-Through
Certificates
2005-W4,
4.52%
(1
Month
Term
SOFR
+
0.87%,
Rate
Floor:
0.76%)
due
02/25/36
◊
8,228,013
6,703,592
ATLX
Trust
2024-RPL1,
3.85%
due
04/25/64
(d),(l)
6,580,468
6,393,139
LSTAR
Securities
Investment
Ltd.
2024-1,
7.69%
(30
Day
Average
SOFR
+
4.10%,
Rate
Floor:
3.10%)
due
01/01/29
◊,(d)
5,750,512
5,746,853
Long
Beach
Mortgage
Loan
Trust
2006-8,
4.08%
(1
Month
Term
SOFR
+
0.43%,
Rate
Floor:
0.32%)
due
09/25/36
◊
13,437,304
3,177,788
2006-6,
4.26%
(1
Month
Term
SOFR
+
0.61%,
Rate
Floor:
0.50%)
due
07/25/36
◊
4,213,991
1,671,318
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
31.8%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
12.4%
(continued)
2006-8,
3.94%
(1
Month
Term
SOFR
+
0.29%,
Rate
Floor:
0.18%)
due
09/25/36
◊
3,586,166
$
846,028
Option
One
Mortgage
Loan
Trust
2007-5,
4.20%
(1
Month
Term
SOFR
+
0.33%,
Rate
Floor:
0.22%)
due
05/25/37
◊
5,843,772
3,510,317
2007-2,
4.26%
(1
Month
Term
SOFR
+
0.61%,
Rate
Floor:
0.50%)
due
03/25/37
◊
4,353,946
2,088,827
Master
Asset-Backed
Securities
Trust
2006-WMC4,
4.06%
(1
Month
Term
SOFR
+
0.41%,
Rate
Floor:
0.30%)
due
10/25/36
◊
9,970,253
3,122,079
2006-WMC3,
4.08%
(1
Month
Term
SOFR
+
0.43%,
Rate
Floor:
0.32%)
due
08/25/36
◊
5,325,679
1,799,087
Morgan
Stanley
IXIS
Real
Estate
Capital
Trust
2006-2,
3.91%
(1
Month
Term
SOFR
+
0.26%,
Rate
Floor:
0.15%)
due
11/25/36
◊
15,171,329
4,839,511
Lehman
XS
Trust
2007-2N,
3.94%
(1
Month
Term
SOFR
+
0.29%,
Rate
Floor:
0.18%)
due
02/25/37
◊
3,826,876
3,753,578
2007-15N,
4.26%
(1
Month
Term
SOFR
+
0.61%)
due
08/25/37
◊
873,758
864,709
2006-10N,
4.18%
(1
Month
Term
SOFR
+
0.53%,
Rate
Floor:
0.42%)
due
07/25/46
◊
211,183
210,715
First
NLC
Trust
2005-4,
4.54%
(1
Month
Term
SOFR
+
0.89%,
Rate
Floor:
0.78%)
due
02/25/36
◊
3,242,257
3,210,115
2005-1,
2.67%
(1
Month
Term
SOFR
+
0.57%,
Rate
Floor:
0.46%)
due
05/25/35
◊
1,702,789
1,515,969
CWABS
Asset-Backed
Certificates
Trust
2006-12,
4.02%
(1
Month
Term
SOFR
+
0.37%,
Rate
Floor:
0.26%)
due
12/25/36
◊
4,826,542
4,520,622
2005-15,
3.11%
(1
Month
Term
SOFR
+
0.79%,
Rate
Floor:
0.68%)
due
03/25/36
◊,(a)
96,681
96,343
Asset-Backed
Securities
Corp.
Home
Equity
Loan
Trust
2006-HE1,
3.59%
(1
Month
Term
SOFR
+
0.71%,
Rate
Floor:
0.60%)
due
01/25/36
◊
4,622,341
4,505,826
Deutsche
Alt-A
Securities
Mortgage
Loan
Trust
2006-AR4,
4.02%
(1
Month
Term
SOFR
+
0.37%,
Rate
Floor:
0.26%)
due
12/25/36
◊
8,680,170
2,887,072
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
200
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
31.8%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
12.4%
(continued)
2007-OA2,
4.51%
(1
Year
CMT
Rate
+
0.77%,
Rate
Floor:
0.77%)
due
04/25/47
◊
1,731,746
$
1,594,540
WaMu
Mortgage
Pass-Through
Certificates
Series
Trust
2007-OA6,
4.55%
(1
Year
CMT
Rate
+
0.81%,
Rate
Floor:
0.81%)
due
07/25/47
◊
3,494,670
2,968,026
2006-AR13,
4.62%
(1
Year
CMT
Rate
+
0.88%,
Rate
Floor:
0.88%)
due
10/25/46
◊
1,099,085
992,983
2006-AR11,
4.66%
(1
Year
CMT
Rate
+
0.92%,
Rate
Floor:
0.92%)
due
09/25/46
◊,(a)
480,795
433,727
Citigroup
Mortgage
Loan
Trust,
Inc.
2007-AMC3,
3.94%
(1
Month
Term
SOFR
+
0.29%,
Rate
Floor:
0.18%)
due
03/25/37
◊
4,878,819
4,275,323
Mastr
Asset-Backed
Securities
Trust
2006-NC2,
4.24%
(1
Month
Term
SOFR
+
0.59%,
Rate
Floor:
0.48%)
due
08/25/36
◊
6,785,292
2,314,768
2007-WMC1,
4.08%
(1
Month
Term
SOFR
+
0.43%,
Rate
Floor:
0.32%)
due
01/25/37
◊
5,510,470
1,494,293
GSAA
Home
Equity
Trust
2006-5,
4.12%
(1
Month
Term
SOFR
+
0.47%,
Rate
Floor:
0.36%)
due
03/25/36
◊
11,369,517
3,521,802
2007-7,
4.30%
(1
Month
Term
SOFR
+
0.65%,
Rate
Floor:
0.54%)
due
07/25/37
◊,(a)
24,291
23,845
Bear
Stearns
Asset-Backed
Securities
I
Trust
2006-HE9,
4.04%
(1
Month
Term
SOFR
+
0.39%,
Rate
Floor:
0.28%)
due
11/25/36
◊
3,362,696
3,331,444
Impac
Secured
Assets
Corp.
2005-2,
4.26%
(1
Month
Term
SOFR
+
0.61%,
Rate
Floor:
0.50%)
due
03/25/36
◊
3,031,011
2,941,556
Credit-Based
Asset
Servicing
and
Securitization
LLC
2006-CB2,
3.24%
(1
Month
Term
SOFR
+
0.49%,
Rate
Floor:
0.38%)
due
12/25/36
◊
2,861,327
2,821,015
GSAA
Trust
2007-3,
4.10%
(1
Month
Term
SOFR
+
0.45%,
Rate
Floor:
0.34%)
due
03/25/47
◊
10,012,136
2,518,019
ASG
Resecuritization
Trust
2010-3,
4.26%
(1
Month
Term
SOFR
+
0.40%,
Rate
Floor:
0.29%)
due
12/28/45
◊,(d)
1,496,891
1,457,457
C-BASS
Mortgage
Loan
Trust
2007-CB2,
3.43%
due
02/25/37
(l)
2,189,230
1,232,140
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
31.8%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
12.4%
(continued)
Morgan
Stanley
Capital
I,
Inc.
Trust
2006-HE1,
4.34%
(1
Month
Term
SOFR
+
0.69%,
Rate
Floor:
0.58%)
due
01/25/36
◊
938,229
$
914,431
Alliance
Bancorp
Trust
2007-OA1,
4.24%
(1
Month
Term
SOFR
+
0.59%,
Rate
Floor:
0.48%)
due
07/25/37
◊
430,669
387,821
Impac
Secured
Assets
Trust
2006-2,
4.10%
(1
Month
Term
SOFR
+
0.45%,
Rate
Floor:
0.34%)
due
08/25/36
◊,(a)
303,438
287,669
Nomura
Resecuritization
Trust
2015-4R,
2.29%
(1
Month
Term
SOFR
+
0.54%,
Rate
Floor:
0.43%)
due
03/26/36
◊,(a),(d)
71,862
71,199
Morgan
Stanley
Re-REMIC
Trust
2010-R5,
4.80%
due
06/26/36
(a),(d)
62,764
64,367
GreenPoint
Mortgage
Funding
Trust
2006-AR1,
4.34%
(1
Month
Term
SOFR
+
0.69%,
Rate
Floor:
0.58%)
due
02/25/36
◊,(a)
70,355
63,089
Structured
Asset
Investment
Loan
Trust
2006-3,
4.06%
(1
Month
Term
SOFR
+
0.41%,
Rate
Floor:
0.30%)
due
06/25/36
◊,(a)
24,826
24,667
Total
Residential
Mortgage-Backed
Securities
4,001,173,943
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
-
0.9%
BX
Trust
2025-VOLT,
5.33%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
12/15/44
◊,(d)
54,250,000
54,300,859
2024-VLT4,
5.77%
(1
Month
Term
SOFR
+
2.14%,
Rate
Floor:
2.14%)
due
06/15/41
◊,(d)
19,813,675
19,826,059
2024-VLT4,
5.57%
(1
Month
Term
SOFR
+
1.94%,
Rate
Floor:
1.94%)
due
06/15/41
◊,(d)
16,455,425
16,465,710
BX
Commercial
Mortgage
Trust
2024-AIRC,
5.32%
(1
Month
Term
SOFR
+
1.69%,
Rate
Floor:
1.69%)
due
08/15/41
◊,(d)
13,745,931
13,797,478
2024-AIRC,
5.77%
(1
Month
Term
SOFR
+
2.14%,
Rate
Floor:
2.14%)
due
08/15/41
◊,(d)
9,886,663
9,923,738
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
|
201
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
31.8%
(continued)
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
-
0.9%
(continued)
2024-AIR2,
5.12%
(1
Month
Term
SOFR
+
1.49%,
Rate
Floor:
1.49%)
due
10/15/41
◊,(d)
9,591,801
$
9,621,776
2024-AIR2,
5.42%
(1
Month
Term
SOFR
+
1.79%,
Rate
Floor:
1.79%)
due
10/15/41
◊,(d)
3,644,885
3,655,136
SMRT
2022-MINI,
5.58%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
01/15/39
◊,(d)
32,500,000
32,459,375
RWC
Commercial
Mortgage
Trust
2025-1,
5.01%
due
06/27/40
(d)
26,866,220
26,542,221
MILE
Trust
2025-STNE,
5.13%
(1
Month
Term
SOFR
+
1.50%,
Rate
Floor:
1.50%)
due
07/15/42
◊,(d)
24,050,000
24,182,852
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2021-NYAH,
5.83%
(1
Month
Term
SOFR
+
2.20%,
Rate
Floor:
1.84%)
due
06/15/38
◊,(d)
14,350,000
12,138,082
2021-NYAH,
6.18%
(1
Month
Term
SOFR
+
2.55%,
Rate
Floor:
2.19%)
due
06/15/38
◊,(d)
8,000,000
6,534,075
2016-JP3,
1.36%
(WAC)
due
08/15/49
◊,(k)
22,674,747
791
VDCM
Commercial
Mortgage
Trust
2025-AZ,
5.23%
(WAC)
due
07/13/44
◊,(d)
18,650,000
18,465,022
Life
Mortgage
Trust
2021-BMR,
6.09%
(1
Month
Term
SOFR
+
2.46%,
Rate
Floor:
2.35%)
due
03/15/38
◊,(d)
13,650,000
12,383,576
2021-BMR,
5.49%
(1
Month
Term
SOFR
+
1.86%,
Rate
Floor:
1.75%)
due
03/15/38
◊,(d)
3,675,000
3,475,549
DBGS
Mortgage
Trust
2018-C1,
4.77%
(WAC)
due
10/15/51
◊
7,588,000
7,083,346
Citigroup
Commercial
Mortgage
Trust
2019-GC43,
0.72%
(WAC)
due
11/10/52
◊,(k)
201,321,506
3,467,119
2019-GC41,
1.13%
(WAC)
due
08/10/56
◊,(k)
94,007,155
2,359,157
2015-GC35,
4.35%
(WAC)
due
11/10/48
◊
810,679
694,221
2016-C3,
0.99%
(WAC)
due
11/15/49
◊,(k)
7,913,012
9,395
2016-C2,
1.75%
(WAC)
due
08/10/49
◊,(k)
12,477,748
530
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
31.8%
(continued)
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
-
0.9%
(continued)
2016-P4,
1.65%
(WAC)
due
07/10/49
◊,(k)
9,075,728
$
363
2016-P5,
1.38%
(WAC)
due
10/10/49
◊,(k)
10,615,547
339
2015-GC35,
0.57%
(WAC)
due
11/10/48
◊,(k)
5,413,340
62
Benchmark
Mortgage
Trust
2020-IG3,
3.23%
(WAC)
due
09/15/48
◊,(d)
5,232,000
3,273,630
2019-B14,
0.88%
(WAC)
due
12/15/62
◊,(k)
93,357,505
1,602,080
2018-B6,
4.74%
(WAC)
due
10/10/51
◊
750,000
709,005
2018-B2,
0.57%
(WAC)
due
02/15/51
◊,(k)
85,942,880
415,448
2018-B6,
0.54%
(WAC)
due
10/10/51
◊,(k)
56,333,315
364,262
BMP
2024-MF23,
5.27%
(1
Month
Term
SOFR
+
1.64%,
Rate
Floor:
1.64%)
due
06/15/41
◊,(d)
4,900,000
4,904,594
GS
Mortgage
Securities
Trust
2020-GC45,
0.72%
(WAC)
due
02/13/53
◊,(k)
141,936,246
2,476,049
2019-GC42,
0.94%
(WAC)
due
09/10/52
◊,(k)
63,313,354
1,355,305
2017-GS6,
3.87%
due
05/10/50
521,000
468,483
2017-GS6,
1.14%
(WAC)
due
05/10/50
◊,(k)
35,447,524
205,036
JPMDB
Commercial
Mortgage
Securities
Trust
2016-C4,
3.64%
(WAC)
due
12/15/49
◊
2,650,000
2,493,575
2017-C7,
0.95%
(WAC)
due
10/15/50
◊,(k)
105,536,617
742,017
2017-C5,
1.03%
(WAC)
due
03/15/50
◊,(k)
6,690,935
9,916
2016-C4,
0.82%
(WAC)
due
12/15/49
◊,(k)
39,808,331
832
2016-C2,
1.42%
(WAC)
due
06/15/49
◊,(k)
6,128,999
192
CSAIL
Commercial
Mortgage
Trust
2019-C15,
1.15%
(WAC)
due
03/15/52
◊,(k)
83,531,927
1,652,429
2016-C6,
1.54%
(WAC)
due
01/15/49
◊,(k)
95,151
3
COMM
Mortgage
Trust
2018-COR3,
0.58%
(WAC)
due
05/10/51
◊,(k)
194,174,457
1,179,785
Wells
Fargo
Commercial
Mortgage
Trust
2017-C38,
1.03%
(WAC)
due
07/15/50
◊,(k)
58,098,750
359,759
2017-C42,
0.96%
(WAC)
due
12/15/50
◊,(k)
27,880,417
268,090
2017-RB1,
1.30%
(WAC)
due
03/15/50
◊,(k)
30,066,035
132,723
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
202
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
31.8%
(continued)
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
-
0.9%
(continued)
2017-RC1,
1.54%
(WAC)
due
01/15/60
◊,(k)
15,030,259
$
66,999
2016-C37,
0.92%
(WAC)
due
12/15/49
◊,(k)
8,466,711
976
2016-BNK1,
1.89%
(WAC)
due
08/15/49
◊,(k)
3,624,365
167
2016-C35,
1.78%
(WAC)
due
07/15/48
◊,(k)
2,089,841
76
GS
Mortgage
Securities
Corp.
Trust
2020-DUNE,
5.79%
(1
Month
Term
SOFR
+
2.16%,
Rate
Floor:
1.90%)
due
12/15/36
◊,(d)
799,999
777,631
BBCMS
Mortgage
Trust
2018-C2,
0.90%
(WAC)
due
12/15/51
◊,(k)
52,680,761
711,359
UBS
Commercial
Mortgage
Trust
2017-C5,
1.23%
(WAC)
due
11/15/50
◊,(k)
27,639,300
234,984
2017-C2,
1.16%
(WAC)
due
08/15/50
◊,(k)
31,892,682
232,463
CD
Mortgage
Trust
2017-CD6,
1.01%
(WAC)
due
11/13/50
◊,(k)
32,045,570
252,548
2017-CD4,
1.36%
(WAC)
due
05/10/50
◊,(k)
22,251,449
95,476
2017-CD3,
1.10%
(WAC)
due
02/10/50
◊,(k)
27,740,488
86,634
2016-CD2,
0.67%
(WAC)
due
11/10/49
◊,(k)
20,567,970
4,060
2016-CD1,
1.35%
(WAC)
due
08/01/49
◊,(k)
12,705,188
478
CGMS
Commercial
Mortgage
Trust
2017-B1,
0.84%
(WAC)
due
08/15/50
◊,(k)
54,612,596
260,518
Morgan
Stanley
Capital
I
Trust
2016-UBS9,
4.71%
(WAC)
due
03/15/49
◊
275,000
247,500
BANK
2017-BNK6,
0.89%
(WAC)
due
07/15/60
◊,(k)
30,711,600
140,917
2017-BNK4,
1.48%
(WAC)
due
05/15/50
◊,(k)
10,098,516
63,104
JPMCC
Commercial
Mortgage
Securities
Trust
2017-JP6,
1.13%
(WAC)
due
07/15/50
◊,(k)
43,722,737
159,693
DBJPM
Mortgage
Trust
2017-C6,
1.02%
(WAC)
due
06/10/50
◊,(k)
14,545,649
66,618
Bank
of
America
Merrill
Lynch
Commercial
Mortgage
Trust
2017-BNK3,
1.14%
(WAC)
due
02/15/50
◊,(k)
18,796,296
18,565
JPMBB
Commercial
Mortgage
Securities
Trust
2015-C27,
0.84%
(WAC)
due
02/15/48
◊,(k)
8,489,154
153
A
A
A
FACE
AMOUNT
~
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
31.8%
(continued)
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
-
0.9%
(continued)
SG
Commercial
Mortgage
Securities
Trust
2016-C5,
1.81%
(WAC)
due
10/10/48
◊,(k)
717,499
$
27
Total
Commercial
Mortgage-Backed
Securities
303,420,990
MILITARY
HOUSING
-
0.6%
Freddie
Mac
Military
Housing
Bonds
Resecuritization
Trust
Certificates
2015-R1,
4.49%
(WAC)
due
11/25/55
◊,(m)
65,708,409
57,084,102
2015-R1,
4.49%
(WAC)
due
11/25/55
◊,(d)
39,872,568
34,442,566
2015-R1,
4.45%
(WAC)
due
11/25/52
◊,(d)
19,274,480
17,343,771
2015-R1,
4.30%
(WAC)
due
10/25/52
◊,(d)
12,678,627
10,578,875
2015-R1,
0.70%
(WAC)
due
11/25/55
◊,(k),(m)
158,655,471
8,727,257
GMAC
Commercial
Mortgage
Asset
Corp.
2007-HCKM,
6.11%
due
08/10/52
(a),(d)
20,622,808
19,798,077
2025-WPAFB,
7.15%
due
08/10/36
(a),(d)
13,118,458
13,874,929
2005-DRUM,
5.47%
due
05/10/50
(a),(d)
4,139,692
3,764,954
2005-BLIS,
5.25%
due
07/10/50
(a),(d)
2,500,000
2,049,084
Capmark
Military
Housing
Trust
2006-RILY,
6.15%
due
07/10/51
(a),(d)
12,089,234
10,701,138
2007-ROBS,
6.06%
due
10/10/52
(a),(d)
7,203,364
6,759,308
2007-AETC,
5.75%
due
02/10/52
(a),(d)
6,840,256
6,133,124
2006-RILY,
4.11%
(1
Month
Term
SOFR
+
0.48%,
Rate
Floor:
0.37%)
due
07/10/51
◊,(a),(d)
6,489,628
4,798,009
Total
Military
Housing
196,055,194
Total
Collateralized
Mortgage
Obligations
(Cost
$10,553,808,869)
10,286,935,151
CORPORATE
BONDS
-
25.4%
FINANCIAL
-
12.7%
Pershing
Square
Holdings
Ltd.
3.25%
due
10/01/31
(d)
101,800,000
91,009,310
3.25%
due
11/15/30
42,250,000
38,852,885
5.50%
due
10/28/32
(d)
10,300,000
10,191,799
Macquarie
Bank
Ltd.
5.82%
due
06/10/37
(d),(n)
43,252,000
43,180,204
5.64%
due
08/13/36
(d),(n)
42,825,000
42,697,836
GLP
Capital,
LP
/
GLP
Financing
II,
Inc.
4.00%
due
01/15/31
51,638,000
48,764,779
5.30%
due
01/15/29
15,867,000
15,941,369
5.63%
due
03/01/36
4,780,000
4,684,293
3.25%
due
01/15/32
4,150,000
3,715,653
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
|
203
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
25.4%
(continued)
FINANCIAL
-
12.7%
(continued)
5.75%
due
11/01/37
3,460,000
$
3,409,473
Wilton
RE
Ltd.
6.00%
(d),(n),(o)
80,224,000
76,299,370
National
Australia
Bank
Ltd.
5.90%
due
01/14/36
(d),(n)
23,750,000
24,319,070
5.63%
due
06/04/37
(d),(n)
15,975,000
15,952,802
2.99%
due
05/21/31
(d)
14,525,000
13,208,825
3.35%
due
01/12/37
(d),(n)
14,550,000
13,148,766
Nippon
Life
Insurance
Co.
2.75%
due
01/21/51
(d),(n)
45,350,000
40,588,069
5.95%
due
04/16/54
(d),(n)
13,950,000
14,155,374
2.90%
due
09/16/51
(d),(n)
10,380,000
9,164,434
First
American
Financial
Corp.
4.00%
due
05/15/30
40,891,000
39,310,818
2.40%
due
08/15/31
11,875,000
10,349,686
5.45%
due
09/30/34
7,250,000
7,150,025
Maple
Grove
Funding
Trust
I
4.16%
due
08/15/51
(d)
77,700,000
56,147,691
Societe
Generale
S.A.
5.40%
due
04/10/37
(d),(n)
24,375,000
23,894,452
3.34%
due
01/21/33
(d),(n)
21,150,000
19,207,404
6.07%
due
01/19/35
(d),(n)
8,750,000
9,070,581
5.25%
due
05/22/29
(d),(n)
3,470,000
3,494,972
Liberty
Mutual
Group,
Inc.
4.30%
due
02/01/61
(d)
74,981,000
47,673,761
4.13%
due
12/15/51
(d),(n)
3,600,000
3,574,473
3.95%
due
05/15/60
(d)
4,064,000
2,844,207
Brookfield
Finance,
Inc.
5.81%
due
03/03/55
12,635,000
12,255,189
5.68%
due
01/15/35
9,400,000
9,553,963
5.33%
due
01/15/36
9,510,000
9,354,563
4.70%
due
09/20/47
9,790,000
8,272,966
3.63%
due
02/15/52
9,380,000
6,492,905
3.50%
due
03/30/51
9,526,000
6,485,705
Global
Atlantic
Fin
Co.
7.25%
due
03/01/56
(d),(n)
43,260,000
42,396,914
7.95%
due
10/15/54
(d),(n)
6,925,000
6,973,897
6.75%
due
03/15/54
(d)
3,190,000
3,038,810
Morgan
Stanley
5.25%
due
04/21/34
(n)
18,495,000
18,611,431
5.31%
due
01/18/41
(n)
12,676,000
12,353,778
5.94%
due
02/07/39
(n)
11,655,000
12,019,315
6.63%
due
11/01/34
(n)
4,835,000
5,246,775
4.71%
due
03/12/32
(n)
3,600,000
3,555,512
Allianz
SE
6.55%
(d),(n),(o)
43,400,000
44,005,039
6.50%
(d),(n),(o)
6,400,000
6,429,024
TPG
Operating
Group
II,
LP
5.88%
due
03/05/34
26,485,000
26,878,064
4.88%
due
05/15/31
15,550,000
15,330,483
5.38%
due
01/15/36
8,237,000
8,015,757
Encore
Capital
Group,
Inc.
6.63%
due
06/01/32
(d)
23,950,000
23,983,338
6.63%
due
04/15/31
(d)
15,150,000
15,324,195
8.50%
due
05/15/30
(d)
9,950,000
10,567,388
Enstar
Group
Ltd.
6.69%
due
07/15/37
(d),(n)
27,450,000
27,507,696
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
25.4%
(continued)
FINANCIAL
-
12.7%
(continued)
7.50%
due
04/01/45
(d),(n)
16,125,000
$
17,022,582
3.10%
due
09/01/31
3,840,000
3,418,956
Reinsurance
Group
of
America,
Inc.
6.38%
due
09/15/56
(n)
20,862,000
20,692,275
5.75%
due
09/15/34
20,050,000
20,517,324
6.65%
due
09/15/55
(n)
6,190,000
6,258,313
Sumitomo
Life
Insurance
Co.
3.38%
due
04/15/81
(d),(n)
39,900,000
36,474,050
5.88%
due
09/10/55
(d),(n)
10,550,000
10,497,145
American
National
Group,
Inc.
6.00%
due
07/15/35
31,375,000
31,257,810
7.00%
due
12/01/55
(n)
12,775,000
12,474,409
6.14%
due
06/13/32
(d)
2,000,000
2,060,171
Jefferies
Finance
LLC
/
JFIN
Co.-Issuer
Corp.
5.00%
due
08/15/28
(d)
39,200,000
37,850,219
6.63%
due
10/15/31
(d)
6,850,000
6,742,930
Blue
Owl
Capital
GP
LLC
7.21%
due
08/22/43
(a)
28,550,000
29,084,415
7.11%
due
08/22/43
(a)
15,200,000
15,318,841
BPCE
S.A.
5.42%
due
01/13/37
(d),(n)
13,175,000
12,906,173
5.39%
due
05/28/31
(d),(n)
12,200,000
12,335,617
7.00%
due
10/19/34
(d),(n)
10,000,000
10,887,756
5.94%
due
05/30/35
(d),(n)
7,750,000
7,948,320
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co.-Issuer,
Inc.
3.88%
due
03/01/31
(d)
46,892,000
43,879,649
United
Wholesale
Mortgage
LLC
5.50%
due
04/15/29
(d)
46,832,000
43,504,730
Nationwide
Mutual
Insurance
Co.
4.35%
due
04/30/50
(d)
56,156,000
42,975,054
LPL
Holdings,
Inc.
6.00%
due
05/20/34
20,950,000
21,430,536
4.00%
due
03/15/29
(d)
15,257,000
14,831,607
5.75%
due
06/15/35
6,650,000
6,656,287
Bain
Capital,
LP
3.41%
due
04/15/41
(a)
36,000,000
26,166,090
3.72%
due
04/15/42
(a)
20,300,000
15,065,576
Capital
One
Financial
Corp.
6.38%
due
06/08/34
(n)
21,490,000
22,739,616
5.20%
due
09/11/36
(n)
12,275,000
11,949,065
5.40%
due
01/30/37
(n)
3,590,000
3,542,827
6.05%
due
02/01/35
(n)
1,860,000
1,932,260
F&G
Global
Funding
5.88%
due
01/16/30
(d)
38,565,000
38,975,729
MetLife,
Inc.
6.35%
due
03/15/55
(n)
28,930,000
29,650,762
5.85%
due
03/15/56
(n)
9,175,000
9,052,495
Safehold
GL
Holdings
LLC
2.85%
due
01/15/32
23,450,000
20,921,876
2.80%
due
06/15/31
16,027,000
14,469,690
5.65%
due
01/15/35
2,750,000
2,784,894
Jefferies
Financial
Group,
Inc.
5.50%
due
02/15/36
23,455,000
22,633,806
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
204
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
25.4%
(continued)
FINANCIAL
-
12.7%
(continued)
6.20%
due
04/14/34
11,363,000
$
11,630,119
6.25%
due
01/15/36
2,330,000
2,379,059
5.13%
due
04/28/31
1,260,000
1,243,778
Apollo
Global
Management,
Inc.
5.70%
due
03/30/36
37,660,000
37,789,515
Old
Republic
International
Corp.
5.70%
due
06/01/36
37,045,000
37,178,583
Australia
&
New
Zealand
Banking
Group
Ltd.
5.82%
due
06/18/36
(d),(n)
24,460,000
24,902,518
5.20%
due
09/30/35
(d),(n)
10,000,000
9,851,589
2.57%
due
11/25/35
(d),(n)
1,600,000
1,432,721
Stewart
Information
Services
Corp.
3.60%
due
11/15/31
40,641,000
36,128,303
Prime
Property
Fund
5.81%
due
07/15/35
(a)
36,000,000
35,770,859
Equitable
Holdings,
Inc.
6.70%
due
03/28/55
(n)
34,318,000
35,259,480
Fairfax
Financial
Holdings
Ltd.
5.75%
due
05/20/35
17,425,000
17,837,090
5.63%
due
08/16/32
13,100,000
13,430,847
6.50%
due
05/20/55
3,320,000
3,464,495
American
National
Global
Funding
5.25%
due
06/03/30
(d)
18,010,000
18,027,070
5.55%
due
01/28/30
(d)
12,225,000
12,411,450
4.63%
due
12/15/28
(d)
3,570,000
3,531,739
Insured
Lending
1
Ltd.
6.50%
due
02/04/32
(a),(m)
EUR
29,400,000
33,589,500
Goldman
Sachs
Group,
Inc.
5.39%
due
02/02/41
(n)
19,130,000
18,634,895
5.43%
due
06/03/37
(n)
11,350,000
11,388,991
4.02%
due
10/31/38
(n)
3,870,000
3,395,720
Commonwealth
Bank
of
Australia
5.93%
due
03/14/46
(d),(n)
29,470,000
29,672,699
3.61%
due
09/12/34
(d),(n)
3,550,000
3,399,538
Beacon
Funding
Trust
6.27%
due
08/15/54
(d)
31,900,000
32,520,807
Athene
Global
Funding
5.13%
due
06/01/29
(d)
28,175,000
28,228,574
2.67%
due
06/07/31
(d)
3,780,000
3,338,604
Bank
of
America
Corp.
5.74%
due
02/12/36
(n)
16,850,000
17,189,808
5.52%
due
10/25/35
(n)
10,000,000
10,046,233
5.49%
due
04/23/37
(n)
3,600,000
3,585,759
Credit
Agricole
S.A.
5.26%
due
01/12/37
(d),(n)
27,800,000
27,344,193
4.85%
(SOFR
+
1.21%)
due
09/11/28
◊,(d)
3,280,000
3,299,605
Host
Hotels
&
Resorts,
LP
2.90%
due
12/15/31
20,200,000
18,091,763
5.70%
due
07/01/34
12,075,000
12,335,830
Prudential
Financial,
Inc.
3.70%
due
10/01/50
(n)
17,139,000
15,886,518
6.25%
due
06/15/56
(n)
13,625,000
13,655,111
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
25.4%
(continued)
FINANCIAL
-
12.7%
(continued)
Americo
Life,
Inc.
3.45%
due
04/15/31
(d)
32,364,000
$
28,940,763
Carlyle
Group,
Inc.
5.05%
due
09/19/35
30,150,000
28,863,771
VICI
Properties,
LP
5.63%
due
04/01/35
28,500,000
28,512,070
Grand
River
Funding
Trust
II
7.28%
due
02/15/56
(d)
27,420,000
28,473,974
Dai-ichi
Life
Insurance
Co.
Ltd.
6.20%
(d),(n),(o)
27,750,000
28,279,193
Farmers
Insurance
Exchange
7.00%
due
10/15/64
(d),(n)
28,140,000
28,276,361
Avilease
Capital
Ltd.
4.75%
due
11/12/30
(d)
16,825,000
16,452,985
5.50%
due
06/30/31
(d)
11,525,000
11,603,467
AmFam
Holdings,
Inc.
2.81%
due
03/11/31
(d)
19,525,000
17,204,770
3.83%
due
03/11/51
(d)
14,873,000
10,413,609
Meiji
Yasuda
Life
Insurance
Co.
6.10%
due
06/11/55
(d),(n)
22,800,000
23,023,189
5.80%
due
09/11/54
(d),(n)
4,093,000
4,065,215
Westpac
Banking
Corp.
3.02%
due
11/18/36
(n)
15,650,000
13,972,749
3.13%
due
11/18/41
12,214,000
9,044,881
2.67%
due
11/15/35
(n)
4,467,000
4,023,229
FS
KKR
Capital
Corp.
3.25%
due
07/15/27
17,639,000
17,180,070
2.63%
due
01/15/27
9,614,000
9,436,569
Ardonagh
Finco
Ltd.
6.88%
due
02/15/31
(d)
EUR
16,100,000
18,513,466
7.75%
due
02/15/31
(d)
6,775,000
6,851,334
6.88%
due
02/15/31
EUR
850,000
977,419
Nuveen
LLC
5.85%
due
04/15/34
(d)
25,425,000
26,036,852
Trustage
Financial
Group,
Inc.
4.63%
due
04/15/32
(d)
26,450,000
25,630,553
Jane
Street
Group
/
JSG
Finance,
Inc.
7.13%
due
04/30/31
(d)
24,480,000
25,311,243
Lazard
Group
LLC
5.63%
due
08/01/35
25,200,000
25,280,903
Ascot
Group
Ltd.
6.35%
due
06/15/35
(d),(n)
25,150,000
25,238,492
Dyal
IV
Issuer
A
3.65%
due
02/22/41
(a)
27,170,000
24,631,209
Lincoln
National
Corp.
6.80%
due
07/15/56
(n)
24,611,000
24,581,964
Hunt
Companies,
Inc.
5.25%
due
04/15/29
(d)
24,838,000
24,543,501
BNP
Paribas
S.A.
4.92%
due
01/15/34
(d),(n)
25,000,000
24,525,139
Belrose
Funding
Trust
II
6.79%
due
05/15/55
(d)
23,810,000
24,379,348
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
|
205
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
25.4%
(continued)
FINANCIAL
-
12.7%
(continued)
Sumitomo
Mitsui
Financial
Group,
Inc.
5.05%
due
01/15/37
(n)
11,630,000
$
11,419,622
5.57%
due
01/15/47
(n)
9,920,000
9,726,822
4.80%
(SOFR
+
1.17%)
due
07/09/29
◊
3,020,000
3,048,750
Omnis
Funding
Trust
6.72%
due
05/15/55
(d)
22,640,000
23,573,308
BO
GPS
IV
Capital
Call
Facility
C
5.16%
due
10/30/30
(a)
24,150,000
23,231,486
Cliffwater
Corporate
Lending
Fund
6.77%
due
08/04/28
(a)
22,700,000
22,921,996
Ameriprise
Financial,
Inc.
5.35%
due
06/15/36
15,160,000
15,103,858
4.80%
due
06/15/31
7,560,000
7,558,992
OneMain
Finance
Corp.
6.63%
due
05/15/29
9,925,000
10,120,116
7.50%
due
05/15/31
8,250,000
8,523,143
3.88%
due
09/15/28
2,270,000
2,198,479
7.13%
due
11/15/31
1,125,000
1,144,451
5.38%
due
11/15/29
500,000
491,109
CNO
Financial
Group,
Inc.
6.45%
due
06/15/34
21,310,000
22,205,760
Dyal
Capital
Partners
III
(A),
LP
4.40%
due
06/15/40
(a)
16,988,076
16,056,982
6.55%
due
06/15/44
(a)
5,880,000
5,958,536
Sherwood
Financing
plc
7.90%
(3
Month
EURIBOR
+
5.50%)
due
12/15/29
◊
EUR
18,975,000
21,787,407
200
Park
Funding
Trust
5.74%
due
02/15/55
(d)
22,000,000
21,526,384
Henneman
Trust
6.58%
due
05/15/55
(d)
20,310,000
21,042,679
CoStar
Group,
Inc.
2.80%
due
07/15/30
(d)
22,983,000
20,678,326
PartnerRe
Finance
B
LLC
4.50%
due
10/01/50
(n)
21,056,000
20,365,711
Corebridge
Life
Holdings,
Inc.
8.13%
due
03/15/46
(d)
17,100,000
20,117,513
Gabx
Leasing
LLC
5.30%
due
04/15/36
(d)
16,490,000
16,366,297
4.63%
due
04/15/31
(d)
2,500,000
2,465,096
EQT
AB
5.85%
due
05/08/35
(d)
18,665,000
18,747,344
Loews
Corp.
4.94%
due
04/01/36
19,050,000
18,641,362
Nationwide
Building
Society
5.54%
due
07/14/36
(d),(n)
18,400,000
18,536,428
RLI
Corp.
5.38%
due
06/01/36
18,875,000
18,317,886
Swiss
Re
Finance
Luxembourg
S.A.
5.00%
due
04/02/49
(d),(n)
18,300,000
18,249,035
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
25.4%
(continued)
FINANCIAL
-
12.7%
(continued)
Prologis
Targeted
US
Logistics
Fund,
LP
4.63%
due
03/15/33
(d)
18,525,000
$
18,037,262
Fidelis
Insurance
Holdings
Ltd.
4.88%
due
06/30/30
(d)
11,500,000
11,181,364
7.75%
due
06/15/55
(n)
6,075,000
6,407,339
Rocket
Companies,
Inc.
6.38%
due
08/01/33
(d)
11,250,000
11,440,850
6.13%
due
08/01/31
(d)
5,200,000
5,310,873
6.50%
due
06/15/34
(d)
650,000
666,692
GA
Global
Funding
Trust
2.90%
due
01/06/32
(d)
16,400,000
14,426,679
4.50%
due
09/18/30
(d)
3,000,000
2,906,968
UWM
Holdings
LLC
6.25%
due
03/15/31
(d)
15,450,000
13,769,400
6.63%
due
02/01/30
(d)
3,500,000
3,261,247
Fortitude
Group
Holdings
LLC
6.25%
due
04/01/30
(d)
16,600,000
16,956,006
Citadel
Securities
Global
Holdings
LLC
5.75%
due
03/27/36
(d)
14,150,000
14,020,460
6.20%
due
06/18/35
(d)
2,650,000
2,708,053
Hanover
Insurance
Group,
Inc.
5.50%
due
09/01/35
16,175,000
16,287,633
Alexandria
Real
Estate
Equities,
Inc.
5.25%
due
03/15/36
16,350,000
16,075,282
Nassau
Companies
of
New
York
7.88%
due
07/15/30
(d)
16,647,000
15,905,912
Grand
River
Funding
Trust
I
6.31%
due
02/15/36
(d)
15,600,000
15,647,428
KKR
Group
Finance
Co.
VIII
LLC
3.50%
due
08/25/50
(d)
22,210,000
15,113,344
Brookfield
Asset
Management
Ltd.
5.30%
due
01/15/36
14,450,000
14,087,604
Fortitude
Global
Funding
5.50%
due
06/12/31
(d)
13,905,000
13,974,107
Dyal
Capital
Partners
III
(B),
LP
4.40%
due
06/15/40
(a)
9,761,924
9,226,886
6.55%
due
06/15/44
(a)
4,620,000
4,681,707
CrossCountry
Intermediate
HoldCo
LLC
6.75%
due
12/01/32
(d)
14,150,000
13,661,459
Dyal
IV
Issuer
B
3.65%
due
02/22/41
(a)
14,630,000
13,262,958
VFH
Parent
LLC
/
Valor
Co.-
Issuer,
Inc.
7.50%
due
06/15/31
(d)
12,675,000
13,256,922
RGA
Global
Funding
5.00%
due
08/25/32
(d)
12,750,000
12,630,101
PennyMac
Financial
Services,
Inc.
6.75%
due
02/15/34
(d)
13,145,000
12,618,119
American
Express
Co.
5.41%
due
02/08/41
(n)
8,960,000
8,946,493
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
206
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
25.4%
(continued)
FINANCIAL
-
12.7%
(continued)
4.65%
(SOFR
+
1.02%)
due
01/30/31
◊
3,060,000
$
3,082,778
CBS
Studio
Center
6.67%
due
12/31/26
(a)
34,100,000
11,716,094
Evercore,
Inc.
5.47%
due
07/24/32
(a)
6,900,000
6,727,679
5.17%
due
07/24/30
(a)
5,000,000
4,926,113
OneAmerica
Financial
Partners,
Inc.
4.25%
due
10/15/50
(d)
15,590,000
11,524,722
Symetra
Life
Insurance
Co.
6.55%
due
10/01/55
(d)
10,900,000
11,178,871
Jackson
Financial,
Inc.
6.15%
due
01/15/37
10,690,000
10,663,216
Mutual
of
Omaha
Insurance
Co.
6.14%
due
01/16/64
(d),(n)
10,150,000
10,404,851
Atlantic
Marine
Corps.
Communities
LLC
5.34%
due
12/01/50
(d)
10,385,602
9,566,697
5.37%
due
12/01/50
(d)
705,324
602,084
Globe
Life,
Inc.
5.85%
due
09/15/34
9,810,000
10,131,791
RenaissanceRe
Holdings
Ltd.
5.80%
due
04/01/35
9,900,000
10,122,954
NatWest
Group
plc
6.02%
due
03/02/34
(n)
9,600,000
10,086,948
Penn
Mutual
Life
Insurance
Co.
3.80%
due
04/29/61
(d)
14,970,000
9,921,756
Galaxy
Bidco
Ltd.
8.13%
due
12/19/29
(d)
GBP
7,200,000
9,859,816
Swiss
RE
Subordinated
Finance
plc
6.19%
due
04/01/46
(d),(n)
9,800,000
9,812,636
KKR
Group
Finance
Co.
X
LLC
3.25%
due
12/15/51
(d)
15,150,000
9,584,573
SLM
Corp.
3.13%
due
11/02/26
9,132,000
9,075,612
Assured
Guaranty
US
Holdings,
Inc.
3.60%
due
09/15/51
13,031,000
9,041,717
Accident
Fund
Insurance
Co.
of
America
8.50%
due
08/01/32
(d)
9,000,000
9,000,602
Fort
Carson
Family
Housing
LLC
6.33%
due
12/15/68
6,075,000
6,144,680
6.18%
due
12/15/65
2,500,000
2,508,900
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co.-Issuer
6.50%
due
10/01/31
(d)
8,600,000
8,576,413
Mid-Atlantic
Military
Family
Communities
LLC
5.30%
due
08/01/50
(d)
5,624,690
4,712,535
5.24%
due
08/01/50
(d)
3,537,512
3,171,420
Aretec
Group,
Inc.
10.00%
due
08/15/30
(d)
7,447,000
7,844,171
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
25.4%
(continued)
FINANCIAL
-
12.7%
(continued)
Five
Corners
Funding
Trust
III
5.79%
due
02/15/33
(d)
7,550,000
$
7,836,494
Clarion
Lion
Properties
Fund
Holdings,
LP
5.53%
due
12/01/35
(a)
8,000,000
7,723,128
Macquarie
Group
Ltd.
1.63%
due
09/23/27
(d),(n)
4,125,000
4,095,924
2.87%
due
01/14/33
(d),(n)
3,803,000
3,392,526
Ryan
Specialty
LLC
5.88%
due
08/01/32
(d)
7,573,000
7,450,753
Blue
Owl
GP
Stakes
IV
Financing
Spv
A
LLC
5.38%
due
10/30/32
(a)
7,750,000
7,390,979
CNO
Global
Funding
1.75%
due
10/07/26
(d)
7,400,000
7,347,120
Brookfield
Capital
Finance
LLC
6.09%
due
06/14/33
6,837,000
7,171,726
Blue
Owl
Finance
LLC
6.25%
due
04/18/34
6,710,000
6,569,391
Santander
UK
Group
Holdings
plc
5.14%
due
09/22/36
(n)
6,440,000
6,258,945
Blue
Owl
IV
SR
SEC
A
5.94%
due
08/22/45
(a)
6,240,000
6,038,411
Ohana
Military
Communities
LLC
5.56%
due
10/01/36
(d)
3,820,000
3,722,773
5.78%
due
10/01/36
(d)
2,200,000
2,187,856
Blue
Owl
IV
SR
SEC
B
5.94%
due
08/22/45
(a)
5,760,000
5,573,918
Western
&
Southern
Life
Insurance
Co.
3.75%
due
04/28/61
(d)
8,263,000
5,549,876
Citigroup,
Inc.
4.50%
due
09/11/31
(n)
3,480,000
3,434,697
6.50%
(n),(o)
2,000,000
2,023,211
Belvoir
Land
LLC
5.60%
due
12/15/35
(d)
5,387,850
5,214,641
Argentum
Netherlands
BV
for
Swiss
Re
Ltd.
5.63%
due
08/15/52
(n)
4,900,000
4,916,301
Deloitte
LLP
7.33%
due
11/20/26
(a)
4,800,000
4,840,590
Manulife
Financial
Corp.
4.06%
due
02/24/32
(n)
4,815,000
4,785,017
Brookfield
Finance
LLC
/
Brookfield
Finance,
Inc.
3.45%
due
04/15/50
6,852,000
4,645,781
Blue
Cross
and
Blue
Shield
of
Florida,
Inc.
5.44%
due
09/30/35
(a)
4,700,000
4,559,620
DaVinciRe
Holdings
Ltd.
5.95%
due
04/15/35
(d)
4,400,000
4,509,353
HS
Wildcat
LLC
3.83%
due
12/31/50
(a)
4,882,101
3,597,012
Standard
Chartered
plc
4.53%
due
06/05/32
(d),(n)
3,630,000
3,554,445
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
|
207
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
25.4%
(continued)
FINANCIAL
-
12.7%
(continued)
HSBC
Holdings
plc
4.62%
due
11/06/31
(n)
3,580,000
$
3,529,145
Lloyds
Banking
Group
plc
4.43%
due
11/04/31
(n)
3,590,000
3,524,969
National
Health
Investors,
Inc.
5.35%
due
02/01/33
3,560,000
3,518,626
Protective
Life
Corp.
4.70%
due
01/15/31
(d)
3,540,000
3,489,633
UBS
Group
AG
4.84%
due
11/06/33
(d),(n)
3,520,000
3,458,309
Canadian
Imperial
Bank
of
Commerce
4.58%
due
09/08/31
(n)
3,480,000
3,445,928
JPMorgan
Chase
&
Co.
5.58%
due
07/23/36
(n)
3,390,000
3,441,503
Deutsche
Bank
AG
3.55%
due
09/18/31
(n)
3,610,000
3,407,634
KBC
Group
N.V.
6.32%
due
09/21/34
(d),(n)
3,180,000
3,396,375
Intesa
Sanpaolo
SpA
7.80%
due
11/28/53
(d)
2,800,000
3,378,097
Ally
Financial,
Inc.
6.18%
due
07/26/35
(n)
3,320,000
3,374,604
Brighthouse
Financial
Global
Funding
5.65%
due
06/10/29
(d)
3,330,000
3,344,780
Nordea
Bank
Abp
4.66%
(SOFR
+
1.02%)
due
09/10/29
◊,(d)
3,280,000
3,330,545
SiriusPoint
Ltd.
7.00%
due
04/05/29
3,150,000
3,290,268
BGC
Group,
Inc.
8.00%
due
05/25/28
3,120,000
3,258,698
DNB
Bank
ASA
4.68%
(SOFR
+
1.06%)
due
11/05/30
◊,(d)
3,060,000
3,091,705
Bank
of
Nova
Scotia
4.71%
(SOFR
Compounded
Index
+
1.08%)
due
08/01/29
◊
3,060,000
3,090,692
Nationwide
Financial
Services,
Inc.
6.75%
due
05/15/37
2,784,000
2,781,383
KKR
Group
Finance
Co.
III
LLC
5.13%
due
06/01/44
(d)
2,710,000
2,421,244
Aurora
Military
Housing
LLC
5.82%
due
07/15/34
(d)
2,006,292
2,002,928
Iron
Mountain,
Inc.
4.88%
due
09/15/27
(d)
1,938,000
1,934,535
Horace
Mann
Educators
Corp.
4.70%
due
10/01/30
1,770,000
1,752,711
Ares
Finance
Co.
IV
LLC
3.65%
due
02/01/52
(d)
2,450,000
1,680,931
Assurant,
Inc.
6.75%
due
02/15/34
1,450,000
1,557,156
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
25.4%
(continued)
FINANCIAL
-
12.7%
(continued)
Cushman
&
Wakefield
US
Borrower
LLC
6.75%
due
05/15/28
(d)
1,452,000
$
1,453,124
Blackstone
Holdings
Finance
Co.
LLC
3.20%
due
01/30/52
(d)
2,150,000
1,399,782
Fort
Moore
Family
Communities
LLC
6.09%
due
01/15/51
(d)
1,504,998
1,332,203
Fort
Knox
Military
Housing
Privatization
Project
4.08%
(1
Month
Term
SOFR
+
0.45%)
due
02/15/52
◊,(d)
1,583,067
1,302,692
ING
Groep
N.V.
5.53%
due
03/25/36
(n)
1,150,000
1,167,790
Midwest
Family
Housing
LLC
5.58%
due
01/01/51
(d)
1,228,971
1,014,544
Focus
Financial
Partners
LLC
6.75%
due
09/15/31
(d)
1,000,000
1,006,218
Citizens
Financial
Group,
Inc.
6.65%
due
04/25/35
(n)
900,000
969,168
Pacific
Beacon
LLC
5.51%
due
07/15/36
(d)
500,000
484,437
Atlas
Mara
Ltd.
due
12/31/20
(a),(m),(p)
542,348
1
Total
Financial
4,088,313,095
ENERGY
-
3.2%
BP
Capital
Markets
plc
4.88%
(n),(o)
62,830,000
62,108,385
6.13%
(n),(o)
18,945,000
19,282,259
MPLX,
LP
5.40%
due
09/15/35
24,150,000
24,083,300
6.20%
due
09/15/55
21,750,000
21,846,483
5.95%
due
04/01/55
21,200,000
20,569,845
5.50%
due
02/15/49
3,250,000
2,995,137
5.65%
due
03/01/53
1,630,000
1,520,551
ONEOK,
Inc.
5.40%
due
10/15/35
25,125,000
25,081,927
6.25%
due
10/15/55
23,000,000
23,080,209
7.15%
due
01/15/51
6,341,000
7,029,917
5.65%
due
09/01/34
5,050,000
5,145,670
5.05%
due
11/01/34
1,200,000
1,173,714
3.95%
due
03/01/50
1,600,000
1,157,679
Targa
Resources
Corp.
5.40%
due
07/30/36
19,675,000
19,595,245
6.05%
due
05/15/56
12,200,000
12,067,336
5.55%
due
08/15/35
10,903,000
11,028,396
5.50%
due
02/15/35
10,700,000
10,800,445
5.65%
due
02/15/36
4,875,000
4,955,517
6.50%
due
02/15/53
2,860,000
2,993,147
6.13%
due
05/15/55
250,000
249,485
Plains
All
American
Pipeline,
LP
/
PAA
Finance
Corp.
5.70%
due
09/15/34
37,730,000
38,544,675
5.60%
due
01/15/36
5,275,000
5,289,936
4.90%
due
02/15/45
3,770,000
3,331,942
Venture
Global
LNG,
Inc.
6.63%
due
06/15/36
(d)
18,014,000
17,756,003
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
208
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
25.4%
(continued)
ENERGY
-
3.2%
(continued)
9.50%
due
02/01/29
(d)
16,186,000
$
17,421,818
9.88%
due
02/01/32
(d)
10,300,000
10,995,837
FLNG
Liquefaction
3
LLC
3.08%
due
06/30/39
(a)
53,999,925
45,576,790
HF
Sinclair
Corp.
6.25%
due
01/15/35
22,415,000
23,274,099
5.50%
due
09/01/32
19,560,000
19,678,296
Greensaif
Pipelines
Bidco
SARL
6.10%
due
08/23/42
(d)
17,000,000
17,353,197
5.85%
due
02/23/36
(d)
11,900,000
12,149,040
6.51%
due
02/23/42
(d)
6,500,000
6,846,610
6.13%
due
02/23/38
(d)
5,550,000
5,734,641
Green
Palm
Bidco
SARL
5.96%
due
06/30/41
(d)
19,775,000
19,984,250
6.46%
due
06/30/46
(d)
18,275,000
18,513,538
Energy
Transfer,
LP
6.00%
due
02/01/29
(d)
11,400,000
11,489,987
6.30%
due
01/15/56
8,800,000
8,829,256
6.20%
due
04/01/55
8,750,000
8,652,028
7.38%
due
02/01/31
(d)
7,610,000
7,837,452
5.95%
due
05/15/54
1,350,000
1,292,146
ITT
Holdings
LLC
6.50%
due
08/01/29
(d)
38,518,000
38,066,584
Galaxy
Pipeline
Assets
Bidco
Ltd.
3.25%
due
09/30/40
(d)
43,921,000
34,537,079
Sunoco,
LP
4.63%
due
05/01/30
(d)
15,663,000
15,128,524
7.25%
due
05/01/32
(d)
13,139,000
13,629,242
6.63%
due
08/15/32
(d)
4,200,000
4,271,677
Cheniere
Energy
Partners,
LP
5.55%
due
10/30/35
11,800,000
11,986,423
5.95%
due
06/30/33
8,845,000
9,234,902
6.05%
due
11/30/56
(d)
8,075,000
8,156,758
5.75%
due
08/15/34
2,950,000
3,040,847
DT
Midstream,
Inc.
5.80%
due
12/15/34
(d)
29,400,000
30,047,096
Viper
Energy
Partners
LLC
5.70%
due
08/01/35
26,575,000
26,998,340
Gulfstream
Natural
Gas
System
LLC
5.60%
due
07/23/35
(d)
26,525,000
26,925,451
Plains
All
American
Pipeline,
LP
5.95%
due
06/15/35
24,100,000
24,789,929
Enbridge,
Inc.
5.55%
due
06/20/35
20,250,000
20,594,142
6.70%
due
11/15/53
3,140,000
3,453,758
Baker
Hughes
Holdings
LLC
/
Baker
Hughes
Co.-Obligor,
Inc.
5.85%
due
06/15/56
18,705,000
18,478,165
Venture
Global
Plaquemines
LNG
LLC
6.75%
due
01/15/36
(d)
9,225,000
9,781,231
6.13%
due
12/15/30
(d)
3,800,000
3,888,000
6.50%
due
06/15/34
(d)
3,575,000
3,724,346
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
25.4%
(continued)
ENERGY
-
3.2%
(continued)
Venture
Global
Calcasieu
Pass
LLC
3.88%
due
11/01/33
(d)
10,672,000
$
9,513,971
6.00%
due
05/01/36
(d)
3,750,000
3,790,474
4.13%
due
08/15/31
(d)
2,667,000
2,503,927
6.25%
due
01/15/30
(d)
1,500,000
1,536,276
CVR
Energy,
Inc.
7.50%
due
02/15/31
(d)
15,260,000
15,187,370
Midwest
Connector
Capital
Co.
LLC
4.63%
due
04/01/29
(d)
14,608,000
14,513,806
Whistler
Pipeline
LLC
5.95%
due
09/30/34
(d)
13,450,000
13,767,316
Phillips
66
Co.
5.88%
due
03/15/56
(n)
7,360,000
7,304,581
6.20%
due
03/15/56
(n)
4,200,000
4,218,360
Buckeye
Partners,
LP
3.95%
due
12/01/26
11,100,000
11,029,939
Kinetik
Holdings,
LP
6.63%
due
12/15/28
(d)
9,007,000
9,155,868
Freeport
LNG
Development,
LP
5.92%
due
12/31/39
(a)
8,096,650
8,163,143
Florida
Gas
Transmission
Co.
LLC
5.75%
due
07/15/35
(d)
7,600,000
7,827,231
Cheniere
Energy,
Inc.
6.00%
due
07/30/56
(d)
6,725,000
6,722,579
NuStar
Logistics,
LP
6.38%
due
10/01/30
3,340,000
3,451,416
5.63%
due
04/28/27
1,880,000
1,885,072
CQP
Holdco,
LP
/
BIP-V
Chinook
Holdco
LLC
7.50%
due
12/15/33
(d)
5,000,000
5,226,710
APA
Corp.
5.35%
due
07/01/49
4,110,000
3,571,494
Repsol
E&P
Capital
Markets
US
LLC
5.98%
due
09/16/35
(d)
3,480,000
3,548,995
Eni
SpA
5.95%
due
05/15/54
(d)
3,480,000
3,443,174
Kinder
Morgan
Energy
Partners,
LP
7.50%
due
11/15/40
2,910,000
3,389,312
TransCanada
PipeLines
Ltd.
7.63%
due
01/15/39
2,870,000
3,373,944
Western
Midstream
Operating,
LP
5.30%
due
03/01/48
3,750,000
3,264,957
Marathon
Petroleum
Corp.
6.50%
due
03/01/41
1,650,000
1,769,000
Helmerich
&
Payne,
Inc.
5.50%
due
12/01/34
1,760,000
1,726,435
Eastern
Gas
Transmission
&
Storage,
Inc.
4.60%
due
12/15/44
500,000
426,525
Total
Energy
1,034,360,557
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
|
209
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
25.4%
(continued)
COMMUNICATIONS
-
2.3%
Space
Exploration
Technologies
Corp.
6.60%
due
07/15/46
(d)
29,480,000
$
28,672,055
5.35%
due
07/15/31
(d)
14,690,000
14,651,730
5.65%
due
07/15/33
(d)
11,360,000
11,292,321
5.88%
due
07/15/36
(d)
11,360,000
11,211,918
6.65%
due
07/15/56
(d)
11,360,000
10,960,188
Verizon
Communications,
Inc.
6.20%
due
05/14/56
(n)
24,325,000
24,592,161
6.05%
due
05/14/58
(n)
19,100,000
19,276,408
5.75%
due
11/30/45
18,415,000
17,899,772
TELUS
Corp.
6.63%
due
06/09/56
(n)
17,945,000
17,899,951
6.38%
due
06/09/56
(n)
17,825,000
17,779,038
6.63%
due
10/15/55
(n)
13,850,000
14,042,861
7.00%
due
10/15/55
(n)
9,850,000
10,184,782
Rogers
Communications,
Inc.
6.88%
due
07/31/56
(n)
24,615,000
24,903,729
4.55%
due
03/15/52
23,692,000
18,817,468
5.25%
due
03/15/82
(d),(n)
8,775,000
8,741,892
7.13%
due
04/15/55
(n)
5,650,000
5,804,854
British
Telecommunications
plc
4.88%
due
11/23/81
(d),(n)
47,450,000
45,821,317
4.25%
due
11/23/81
(d),(n)
8,250,000
8,197,297
Sirius
XM
Radio
LLC
3.13%
due
09/01/26
(d)
26,975,000
26,882,268
5.88%
due
04/15/32
(d)
17,650,000
17,443,380
4.13%
due
07/01/30
(d)
6,000,000
5,647,376
RD
Michigan
Property
Owner
I
LLC
7.50%
due
03/30/45
(d)
44,811,000
44,665,155
HUT
8
DC
LLC
6.19%
due
11/15/42
(d)
43,830,000
44,394,615
Bell
Telephone
Co.
of
Canada
or
Bell
Canada
7.00%
due
09/15/55
(n)
34,298,000
35,441,632
6.88%
due
09/15/55
(n)
5,825,000
5,954,105
Vodafone
Group
plc
4.13%
due
06/04/81
(n)
40,537,000
37,718,896
Paramount
Global
5.90%
due
10/15/40
17,415,000
13,662,274
5.25%
due
04/01/44
19,397,000
13,328,847
4.90%
due
08/15/44
6,518,000
4,300,672
SoftBank
Corp.
5.33%
due
07/09/35
(d)
31,550,000
31,165,002
AT&T,
Inc.
6.20%
due
10/30/56
15,300,000
15,123,854
5.85%
due
04/30/46
15,350,000
14,790,216
QTS
Fayetteville
I
Dc1-2
LLC
/
QTS
TRS
Fayetteville
I
DC1-2
LLC
5.70%
due
04/15/36
(d)
28,800,000
27,382,857
Meta
Platforms,
Inc.
6.30%
due
05/15/56
23,600,000
23,491,875
Cox
Communications,
Inc.
2.95%
due
10/01/50
(d)
19,041,000
10,171,670
5.80%
due
12/15/53
(d)
7,025,000
5,926,822
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
25.4%
(continued)
COMMUNICATIONS
-
2.3%
(continued)
Altice
France
S.A.
6.50%
due
04/15/32
(d)
13,567,085
$
13,111,533
6.50%
due
10/15/31
(d)
1,745,429
1,691,170
Vmed
O2
UK
Financing
I
plc
6.75%
due
01/15/33
(d)
10,000,000
8,466,660
4.00%
due
01/31/29
(d)
GBP
150,000
187,652
NTT
Finance
Corp.
5.50%
due
07/16/35
(d)
6,550,000
6,590,435
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
3.90%
due
06/01/52
7,382,000
4,705,765
Nokia
Oyj
6.63%
due
05/15/39
3,240,000
3,443,709
Prosus
N.V.
4.99%
due
01/19/52
(d)
4,320,000
3,443,187
CSC
Holdings
LLC
4.13%
due
12/01/30
(d)
5,772,000
3,429,749
America
Movil
SAB
de
CV
6.13%
due
03/30/40
3,250,000
3,389,493
Match
Group
Holdings
II
LLC
4.13%
due
08/01/30
(d)
2,529,000
2,380,187
McGraw-Hill
Education,
Inc.
5.75%
due
08/01/28
(d)
967,000
962,962
Sunrise
FinCo
I
B.V.
4.88%
due
07/15/31
(d)
200,000
189,142
Total
Communications
740,232,902
UTILITIES
-
1.6%
Southern
Co.
6.00%
due
04/01/58
(n)
43,473,000
43,577,205
3.75%
due
09/15/51
(n)
3,863,000
3,849,813
Dominion
Energy,
Inc.
6.20%
due
02/15/56
(n)
19,225,000
19,285,713
6.00%
due
02/15/56
(n)
13,230,000
13,288,569
6.25%
due
12/15/56
(n)
12,400,000
12,452,489
Sierra
Pacific
Power
Co.
6.38%
due
09/15/56
(n)
36,750,000
36,654,527
6.20%
due
12/15/55
(n)
7,875,000
7,806,003
NRG
Energy,
Inc.
2.45%
due
12/02/27
(d)
26,000,000
25,142,174
7.00%
due
03/15/33
(d)
10,440,000
11,325,176
MN8
Portfolio
IV
LLC
6.31%
due
06/30/45
(a)
32,239,535
32,136,542
NextEra
Energy
Capital
Holdings,
Inc.
6.38%
due
08/15/55
(n)
11,277,000
11,485,049
6.63%
due
10/01/66
(n)
7,875,000
7,996,251
3.80%
due
03/15/82
(n)
3,725,000
3,674,172
6.50%
due
08/15/55
(n)
650,000
667,183
Hope
Gas
Holdings
LLC
6.18%
due
09/01/37
(a)
13,500,000
13,366,478
6.08%
due
09/01/35
(a)
7,400,000
7,333,134
5.99%
due
09/01/33
(a)
3,000,000
2,993,400
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
210
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
25.4%
(continued)
UTILITIES
-
1.6%
(continued)
CMS
Energy
Corp.
6.50%
due
06/01/55
(n)
22,615,000
$
23,161,695
American
Electric
Power
Co.,
Inc.
5.80%
due
03/15/56
(n)
10,280,000
10,223,561
6.05%
due
03/15/56
(n)
10,280,000
10,222,177
Electricite
de
France
S.A.
6.13%
due
04/22/56
(d)
19,050,000
18,792,994
Spire,
Inc.
6.25%
due
06/01/56
(n)
18,475,000
18,403,497
Liberty
Utilities
Co.
5.65%
due
05/15/36
(d)
11,450,000
11,404,497
5.87%
due
01/31/34
(d)
6,450,000
6,608,758
Eversource
Energy
6.10%
due
08/15/56
(n)
12,625,000
12,600,379
6.35%
due
08/15/56
(n)
5,100,000
5,104,049
Cumberland
Combined
Cycle
Generation
LLC
5.82%
due
05/15/56
16,566,000
16,934,823
Brooklyn
Union
Gas
Co.
6.39%
due
09/15/33
(d)
11,685,000
12,411,580
6.42%
due
07/18/54
(d)
3,470,000
3,569,591
PacifiCorp
7.38%
due
09/15/55
(n)
15,050,000
15,202,667
Central
Storage
Safety
Project
Trust
4.82%
due
02/01/38
(m)
14,163,040
13,482,156
Alexander
Funding
Trust
II
7.47%
due
07/31/28
(d)
12,360,000
12,901,848
NiSource,
Inc.
5.75%
due
07/15/56
(n)
12,325,000
12,307,148
WEC
Energy
Group,
Inc.
5.63%
due
05/15/56
(n)
12,325,000
12,250,555
Black
Hills
Corp.
6.00%
due
01/15/35
7,830,000
8,136,220
5.95%
due
03/15/28
50,000
50,982
Boston
Gas
Co.
5.84%
due
01/10/35
(d)
7,450,000
7,757,956
Entergy
Louisiana
LLC
5.65%
due
04/15/56
3,630,000
3,559,012
Public
Service
Co.
of
Colorado
5.15%
due
09/15/35
3,460,000
3,438,546
Alliant
Energy
Finance
LLC
3.60%
due
03/01/32
(d)
3,680,000
3,415,086
Arizona
Public
Service
Co.
6.35%
due
12/15/32
3,140,000
3,345,171
Evergy
Kansas
Central,
Inc.
5.70%
due
03/15/53
3,350,000
3,340,572
Enel
Finance
International
N.V.
5.50%
due
06/15/52
(d)
3,570,000
3,298,176
Appalachian
Power
Co.
4.40%
due
05/15/44
3,730,000
3,142,917
ContourGlobal
Power
Holdings
S.A.
5.00%
due
02/28/30
EUR
2,550,000
2,947,705
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
25.4%
(continued)
UTILITIES
-
1.6%
(continued)
ITC
Holdings
Corp.
5.50%
due
04/15/36
(d)
2,200,000
$
2,230,705
Nevada
Power
Co.
6.65%
due
04/01/36
1,180,000
1,296,398
Southwestern
Public
Service
Co.
4.50%
due
08/15/41
1,380,000
1,214,109
Southern
Co.
Gas
Capital
Corp.
6.05%
due
09/15/56
(n)
460,000
460,604
Total
Utilities
516,250,012
CONSUMER,
NON-CYCLICAL
-
1.5%
Global
Payments,
Inc.
5.40%
due
03/15/33
13,850,000
13,578,794
4.88%
due
11/15/30
11,975,000
11,772,311
5.55%
due
11/15/35
11,075,000
10,736,384
5.20%
due
11/15/32
8,850,000
8,643,334
Altria
Group,
Inc.
4.45%
due
05/06/50
25,185,000
19,882,254
3.70%
due
02/04/51
25,038,000
17,423,118
Triton
Container
International
Ltd.
3.15%
due
06/15/31
(d)
33,621,000
30,440,644
Highmark,
Inc.
2.55%
due
05/10/31
(d)
17,850,000
15,926,138
5.75%
due
05/15/36
(d)
13,500,000
13,603,599
IQVIA,
Inc.
5.00%
due
05/15/27
(d)
10,699,000
10,693,150
5.00%
due
10/15/26
(d)
8,700,000
8,695,148
6.25%
due
06/01/32
(d)
7,315,000
7,437,002
JBS
NV
/
JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
5.50%
due
01/15/36
18,200,000
18,173,534
4.38%
due
02/02/52
9,710,000
7,326,522
Humana,
Inc.
6.63%
due
09/15/56
(n)
24,700,000
24,625,799
Mars,
Inc.
5.20%
due
03/01/35
(d)
19,775,000
19,853,632
Abbott
Laboratories
5.50%
due
03/15/56
19,400,000
18,999,531
Yale-New
Haven
Health
Services
Corp.
2.50%
due
07/01/50
32,350,000
18,902,911
DRI
Healthcare,
LP
5.35%
due
03/24/31
(a)
13,000,000
12,739,156
5.65%
due
03/24/33
(a)
4,850,000
4,742,249
Valvoline,
Inc.
3.63%
due
06/15/31
(d)
18,300,000
16,830,243
Novartis
Capital
Corp.
5.70%
due
03/18/56
15,425,000
15,718,239
Icon
Investments
Six
DAC
5.81%
due
05/08/27
8,430,000
8,496,337
5.85%
due
05/08/29
5,050,000
5,160,080
Universal
Health
Services,
Inc.
5.05%
due
10/15/34
13,850,000
13,268,096
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
|
211
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
25.4%
(continued)
CONSUMER,
NON-CYCLICAL
-
1.5%
(continued)
Triton
Container
International
Ltd.
/
TAL
International
Container
Corp.
5.15%
due
02/15/33
11,420,000
$
11,215,765
3.25%
due
03/15/32
1,850,000
1,658,680
Sysco
Corp.
4.95%
due
03/25/36
11,850,000
11,404,590
Becle
SAB
de
CV
2.50%
due
10/14/31
(d)
13,000,000
11,167,508
Darling
Global
Finance
B.V.
4.50%
due
07/15/32
(d)
EUR
9,350,000
10,772,420
Performance
Food
Group,
Inc.
5.63%
due
03/01/34
(d)
10,750,000
10,551,086
Horseshoe
Funding
Trust
6.06%
due
02/15/36
(d)
8,050,000
8,176,858
APi
Group
DE,
Inc.
5.75%
due
06/01/34
(d)
6,500,000
6,426,154
CVS
Health
Corp.
6.20%
due
09/15/55
3,925,000
4,015,851
7.00%
due
03/10/55
(n)
2,020,000
2,097,168
6.75%
due
12/10/54
(n)
30,000
31,255
Perrigo
Finance
Unlimited
Co.
5.38%
due
09/30/32
EUR
5,000,000
5,602,270
Horseshoe
Funding
Trust
II
6.89%
due
11/15/55
(d)
5,190,000
5,440,725
Verisure
Holding
AB
4.13%
due
01/02/32
EUR
4,200,000
4,832,331
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve
Co.
5.88%
due
06/15/54
(d)
4,800,000
4,640,088
U.S.
Foods,
Inc.
7.25%
due
01/15/32
(d)
3,700,000
3,839,549
Avantor
Funding,
Inc.
3.88%
due
11/01/29
(d)
4,000,000
3,818,739
Sotheby's
/
Bidfair
Holdings,
Inc.
5.88%
due
06/01/29
(d)
3,900,000
3,701,505
JBS
N.V./JBS
USA
Foods
Group
Holdings,
Inc./JBS
USA
Food
Co.
Holdings
6.40%
due
05/10/57
(d)
3,590,000
3,581,287
Imperial
Brands
Finance
plc
6.38%
due
07/01/55
(d)
3,510,000
3,569,770
Aetna,
Inc.
6.75%
due
12/15/37
3,130,000
3,410,902
BAT
Capital
Corp.
4.76%
due
09/06/49
3,950,000
3,322,652
Tesco
plc
6.15%
due
11/15/37
(d)
3,240,000
3,311,151
TriNet
Group,
Inc.
7.13%
due
08/15/31
(d)
2,725,000
2,740,018
Providence
St.
Joseph
Health
Obligated
Group
2.70%
due
10/01/51
4,250,000
2,487,838
Beth
Israel
Lahey
Health,
Inc.
3.08%
due
07/01/51
2,700,000
1,726,993
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
25.4%
(continued)
CONSUMER,
NON-CYCLICAL
-
1.5%
(continued)
Smithfield
Foods,
Inc.
2.63%
due
09/13/31
(d)
1,880,000
$
1,659,243
Central
Garden
&
Pet
Co.
4.13%
due
04/30/31
(d)
1,641,000
1,548,911
Albion
Financing
1
SARL
/
Aggreko
Holdings,
Inc.
5.38%
due
05/21/30
EUR
603,000
713,104
Williams
Scotsman,
Inc.
7.38%
due
10/01/31
(d)
140,000
144,949
DaVita,
Inc.
4.63%
due
06/01/30
(d)
8,000
7,750
Total
Consumer,
Non-cyclical
491,285,315
CONSUMER,
CYCLICAL
-
1.2%
Polaris,
Inc.
5.60%
due
03/01/31
19,375,000
19,387,429
6.95%
due
03/15/29
13,000,000
13,632,662
Flutter
Treasury
DAC
6.38%
due
04/29/29
(d)
25,950,000
26,330,557
5.00%
due
04/29/29
(d)
EUR
4,900,000
5,716,018
Alt-2
Structured
Trust
2.95%
(WAC)
due
12/31/49
◊,(a)
33,005,433
30,576,687
LG
Energy
Solution
Ltd.
5.38%
due
07/02/29
(d)
15,000,000
15,156,998
5.50%
due
07/02/34
(d)
7,100,000
7,099,350
5.25%
due
04/02/28
(d)
5,400,000
5,431,368
5.00%
due
04/02/29
(d)
1,510,000
1,511,718
Air
Canada
3.88%
due
08/15/26
(d)
23,429,000
23,399,559
4.63%
due
08/15/29
CAD
5,890,000
4,176,704
AS
Mileage
Plan
IP
Ltd.
5.31%
due
10/20/31
(d)
16,750,000
16,568,928
5.02%
due
10/20/29
(d)
9,670,000
9,584,039
Hasbro,
Inc.
6.05%
due
05/14/34
20,726,000
21,661,054
6.35%
due
03/15/40
3,310,000
3,463,125
Royal
Caribbean
Cruises
Ltd.
5.25%
due
02/27/38
18,050,000
17,482,690
6.25%
due
03/15/32
(d)
4,430,000
4,527,889
Brightstar
Lottery
Holdings
B.V.
4.25%
due
03/15/30
(d)
EUR
14,500,000
16,768,011
AZ
Battery
Property
LLC
6.73%
due
02/20/46
(a)
16,435,701
16,137,605
Marriott
International,
Inc.
5.10%
due
05/01/38
13,650,000
13,163,915
American
Airlines
Class
AA
Pass
Through
Trust
3.35%
due
10/15/29
6,370,493
6,128,096
3.20%
due
06/15/28
4,158,800
4,034,267
3.00%
due
10/15/28
2,928,591
2,835,397
3.15%
due
02/15/32
124,768
117,000
Whirlpool
Corp.
4.60%
due
05/15/50
14,513,000
8,651,151
5.75%
due
03/01/34
4,575,000
3,540,245
Essendi
S.A.
5.38%
due
05/15/30
(d)
EUR
4,850,000
5,644,071
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
212
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
25.4%
(continued)
CONSUMER,
CYCLICAL
-
1.2%
(continued)
5.63%
due
05/15/32
(d)
EUR
2,750,000
$
3,198,537
6.03%
(3
Month
EURIBOR
+
3.75%)
due
05/15/32
◊,(d)
EUR
1,900,000
2,204,173
Lottomatica
Group
SpA
4.88%
due
01/31/31
(d)
EUR
9,400,000
10,958,727
British
Airways
Class
A
Pass
Through
Trust
2.90%
due
03/15/35
(d)
11,787,339
10,767,744
Sodexo,
Inc.
5.80%
due
08/15/35
(d)
10,275,000
10,492,278
Vail
Resorts,
Inc.
5.63%
due
07/15/30
(d)
6,125,000
6,117,363
6.50%
due
05/15/32
(d)
2,900,000
2,953,633
United
Airlines
Class
A
Pass
Through
Trust
5.80%
due
01/15/36
6,784,179
7,040,645
Clarios
Global,
LP
/
Clarios
US
Finance
Co.
4.75%
due
06/15/31
(d)
EUR
5,650,000
6,529,929
Penn
Entertainment,
Inc.
6.75%
due
04/01/31
(d)
6,026,000
6,057,359
Hilton
Domestic
Operating
Co.,
Inc.
5.50%
due
09/15/31
(d)
5,680,000
5,694,529
Betclic
Everest
Group
SAS
5.13%
due
12/10/31
(d)
EUR
4,650,000
5,399,777
Live
Nation
Entertainment,
Inc.
6.50%
due
05/15/27
(d)
4,635,000
4,634,429
General
Motors
Co.
5.40%
due
04/01/48
2,010,000
1,806,472
6.25%
due
10/02/43
1,600,000
1,608,824
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
4.75%
due
10/20/28
(d)
3,166,667
3,163,937
1011778
BC
ULC
/
New
Red
Finance,
Inc.
3.88%
due
01/15/28
(d)
2,875,000
2,820,964
Discovery
Global
Holdings,
Inc.
5.14%
due
03/15/52
3,819,000
2,558,730
Ford
Motor
Credit
Co.
LLC
5.75%
due
04/06/33
1,908,000
1,892,383
Allison
Transmission,
Inc.
5.88%
due
12/01/33
(d)
1,700,000
1,694,724
JB
Poindexter
&
Company,
Inc.
8.75%
due
12/15/31
(d)
1,230,000
1,264,594
Six
Flags
Entertainment
Corp.
/
Six
Flags
Theme
Parks,
Inc.
/
Canada's
Wonderland
Co.
6.63%
due
05/01/32
(d)
750,000
759,846
JetBlue
Class
A
Pass
Through
Trust
4.00%
due
11/15/32
96,014
90,996
Total
Consumer,
Cyclical
402,437,126
INDUSTRIAL
-
1.1%
Homestead
Spe
Issuer
LLC
7.21%
due
04/01/55
(a)
62,000,000
62,771,537
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
25.4%
(continued)
INDUSTRIAL
-
1.1%
(continued)
Builders
FirstSource,
Inc.
6.38%
due
03/01/34
(d)
52,000,000
$
52,567,060
WSP
Global,
Inc.
5.04%
due
09/18/31
(d)
18,850,000
18,716,266
5.71%
due
09/18/36
(d)
14,325,000
14,165,041
GXO
Logistics,
Inc.
6.25%
due
05/06/29
13,120,000
13,563,217
6.50%
due
05/06/34
10,485,000
10,996,131
Mauser
Packaging
Solutions
Holding
Co.
7.88%
due
04/15/30
(d)
23,759,000
24,289,301
Stadco
LA
LLC
3.75%
due
05/15/56
(a)
31,000,000
22,114,498
DAE
Funding
LLC
4.95%
due
01/15/33
(d)
20,950,000
20,214,675
Graphic
Packaging
International
LLC
6.38%
due
07/15/32
(d)
13,930,000
14,054,465
TransDigm,
Inc.
6.88%
due
12/15/30
(d)
11,039,000
11,344,780
6.63%
due
03/01/32
(d)
2,336,000
2,395,851
Vontier
Corp.
2.40%
due
04/01/28
14,150,000
13,589,020
Trinity
Industries,
Inc.
7.75%
due
07/15/28
(d)
13,225,000
13,533,486
Clean
Harbors,
Inc.
5.75%
due
10/15/33
(d)
13,075,000
13,160,929
Standard
Building
Solutions,
Inc.
6.50%
due
08/15/32
(d)
7,970,000
8,018,171
EMRLD
Borrower,
LP
/
Emerald
Co.-Issuer,
Inc.
6.38%
due
12/15/30
EUR
2,550,000
3,010,384
6.63%
due
12/15/30
(d)
2,850,000
2,913,652
Norfolk
Southern
Corp.
4.10%
due
05/15/21
7,212,000
5,048,264
EnerSys
6.63%
due
01/15/32
(d)
4,725,000
4,828,307
Esab
Corp.
5.63%
due
04/01/31
(d)
4,800,000
4,805,209
GATX
Corp.
6.05%
due
06/05/54
4,428,000
4,470,277
4.70%
due
04/01/29
125,000
124,824
Amsted
Industries,
Inc.
6.38%
due
03/15/33
(d)
3,609,000
3,649,208
CIMIC
Finance
USA
Pty
Ltd.
7.00%
due
03/25/34
(d)
3,240,000
3,444,815
Genesee
&
Wyoming,
Inc.
6.25%
due
04/15/32
(d)
3,235,000
3,281,364
GrafTech
Global
Enterprises,
Inc.
9.88%
due
12/23/29
(d)
3,100,000
2,278,500
Weir
Group,
Inc.
5.35%
due
05/06/30
(d)
1,620,000
1,634,290
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
|
213
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
25.4%
(continued)
INDUSTRIAL
-
1.1%
(continued)
Penske
Truck
Leasing
Co.,
LP
/
PTL
Finance
Corp.
5.25%
due
07/01/29
(d)
1,000,000
$
1,012,425
MIWD
Holdco
II
LLC
/
MIWD
Finance
Corp.
5.50%
due
02/01/30
(d)
250,000
235,363
Total
Industrial
356,231,310
TECHNOLOGY
-
0.6%
Foundry
JV
Holdco
LLC
5.88%
due
01/25/34
(d)
20,056,000
20,377,963
6.20%
due
01/25/37
(d)
17,300,000
18,293,616
6.40%
due
01/25/38
(d)
12,425,000
13,287,444
5.90%
due
01/25/33
(d)
10,100,000
10,526,728
Oracle
Corp.
5.95%
due
09/26/55
20,150,000
17,123,836
4.80%
due
09/26/32
11,075,000
10,537,988
6.10%
due
09/26/65
5,625,000
4,706,114
6.00%
due
08/03/55
3,460,000
2,945,849
5.88%
due
09/26/45
241,000
210,965
Fair
Isaac
Corp.
6.25%
due
09/15/34
(d)
15,286,000
15,056,387
6.00%
due
05/15/33
(d)
8,480,000
8,350,495
Intel
Corp.
5.30%
due
05/15/36
14,475,000
14,402,587
MSCI,
Inc.
3.63%
due
09/01/30
(d)
11,844,000
11,204,288
Qorvo,
Inc.
3.38%
due
04/01/31
(d)
8,245,000
7,531,007
Atlassian
Corp.
5.50%
due
05/15/34
7,540,000
7,428,552
QTS
Irving
DC3
LLC
5.96%
due
07/09/29
(a)
7,000,000
7,065,963
SS&C
Technologies,
Inc.
6.50%
due
06/01/32
(d)
7,000,000
7,059,717
TeamSystem
SpA
5.45%
(3
Month
EURIBOR
+
3.25%)
due
07/01/32
◊,(d)
EUR
5,700,000
6,398,239
Broadridge
Financial
Solutions,
Inc.
5.75%
due
05/15/36
4,830,000
4,832,716
Dell
International
LLC
/
EMC
Corp.
8.10%
due
07/15/36
2,950,000
3,508,946
OAK-Eagle
Acquireco,
Inc.
7.25%
due
07/01/33
(d)
2,560,000
2,678,045
Total
Technology
193,527,445
TRANSPORTATION
-
0.5%
Terminal
Investment
Limited
Holding
6.23%
due
10/01/40
(a)
65,600,000
64,532,249
AITX
Finco
LLC
5.67%
due
10/23/32
(a)
37,200,000
36,795,881
5.38%
due
10/23/30
(a)
22,600,000
22,339,032
Stolthaven
Houston,
Inc.
5.88%
due
07/17/31
(a)
13,774,000
13,793,304
5.98%
due
07/17/34
(a)
12,416,000
12,415,997
A
A
A
FACE
AMOUNT
~
VALUE
CORPORATE
BONDS
-
25.4%
(continued)
TRANSPORTATION
-
0.5%
(continued)
TFI
International,
Inc.
3.35%
due
01/05/33
(a)
14,000,000
$
12,014,438
Koninklijke
Vopak
N.V.
6.04%
due
06/20/32
(a)
5,500,000
5,521,198
Total
Transportation
167,412,099
BASIC
MATERIALS
-
0.3%
ArcelorMittal
S.A.
5.38%
due
05/19/36
19,005,000
18,839,947
Novelis
Corp.
6.38%
due
08/15/33
(d)
15,675,000
15,787,923
3.88%
due
08/15/31
(d)
400,000
364,341
Minerals
Technologies,
Inc.
5.00%
due
07/01/28
(d)
13,913,000
13,808,652
Dow
Chemical
Co.
6.90%
due
05/15/53
12,940,000
13,515,402
Alumina
Pty
Ltd.
6.38%
due
09/15/32
(d)
10,100,000
10,285,719
6.13%
due
03/15/30
(d)
2,558,000
2,594,185
Minera
Mexico
SA
de
CV
5.63%
due
02/12/32
(d)
3,350,000
3,382,160
Alcoa
Nederland
Holding
B.V.
7.13%
due
03/15/31
(d)
3,200,000
3,320,813
Commercial
Metals
Co.
6.00%
due
12/15/35
(d)
3,250,000
3,241,587
Yamana
Gold,
Inc.
4.63%
due
12/15/27
3,000,000
2,994,756
Corporation
Nacional
del
Cobre
de
Chile
5.53%
due
01/30/37
(d)
2,200,000
2,169,875
Perimeter
Holdings
LLC
6.25%
due
01/15/34
(d)
1,970,000
1,966,289
WR
Grace
Holdings
LLC
6.63%
due
08/15/32
(d)
2,000,000
1,939,755
Total
Basic
Materials
94,211,404
INFRASTRUCTURE
-
0.2%
QTS
Corp.
5.42%
due
08/21/32
(a)
51,300,000
50,251,009
QTS
Good
News
Facility
6.66%
(SOFR
+
3.00%)
due
10/09/28
◊,(a)
16,357,739
16,357,739
Total
Infrastructure
66,608,748
REAL
ESTATE
-
0.1%
Harmoni
Towers
LLC
5.22%
due
10/30/30
(a)
26,500,000
26,125,001
GOVERNMENT
-
0.1%
Amazon
Conservation
DAC
6.03%
due
01/16/42
(d)
16,700,000
16,865,330
Total
Corporate
Bonds
(Cost
$8,479,026,808)
8,193,860,344
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
214
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
23.4%
COLLATERALIZED
LOAN
OBLIGATIONS
-
10.6%
Hlend
CLO
LLC
2025-3A
A,
5.08%
(3
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
01/20/37
◊,(d)
74,950,000
$
74,899,536
2025-4A
B,
5.50%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
08/15/37
◊,(d)
53,450,000
53,340,566
2026-5A
B,
5.36%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
04/15/39
◊,(d)
26,100,000
26,036,525
2025-3A
B,
5.38%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
01/20/37
◊,(d)
7,550,000
7,502,842
2026-5A
A2,
5.21%
(3
Month
Term
SOFR
+
1.55%,
Rate
Floor:
1.55%)
due
04/15/39
◊,(d)
7,400,000
7,397,125
2026-5A
A1,
5.06%
(3
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
04/15/39
◊,(d)
5,650,000
5,629,395
Cerberus
Loan
Funding
XLIV
LLC
2023-5AR
A1R
due
01/15/36
(d),(q)
91,950,000
91,950,000
2023-5A
A,
6.02%
(3
Month
Term
SOFR
+
2.35%,
Rate
Floor:
2.35%)
due
01/15/36
◊,(d)
50,000,000
50,043,930
2023-5A
B,
6.87%
(3
Month
Term
SOFR
+
3.20%,
Rate
Floor:
3.20%)
due
01/15/36
◊,(d)
24,950,000
25,003,326
Golub
Capital
Partners
CLO
69M
2023-69A
BR,
5.35%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
11/09/38
◊,(d)
55,830,000
55,692,870
2023-69A
CR,
5.70%
(3
Month
Term
SOFR
+
2.05%,
Rate
Floor:
2.05%)
due
11/09/38
◊,(d)
39,730,000
39,700,226
Ares
Direct
Lending
CLO
6
LLC
2025-2A
A1,
5.13%
(3
Month
Term
SOFR
+
1.45%,
Rate
Floor:
1.45%)
due
10/16/37
◊,(d)
51,100,000
51,050,116
2025-2A
C,
5.88%
(3
Month
Term
SOFR
+
2.20%,
Rate
Floor:
2.20%)
due
10/16/37
◊,(d)
38,550,000
38,535,370
2025-2A
B,
5.48%
(3
Month
Term
SOFR
+
1.80%,
Rate
Floor:
1.80%)
due
10/16/37
◊,(d)
4,300,000
4,290,662
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
23.4%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
10.6%
(continued)
Cerberus
Loan
Funding
XXXII,
LP
2021-2A
A,
5.55%
(3
Month
Term
SOFR
+
1.88%,
Rate
Floor:
1.88%)
due
04/22/33
◊,(d)
52,027,539
$
52,058,672
2021-2A
C,
6.78%
(3
Month
Term
SOFR
+
3.11%,
Rate
Floor:
3.11%)
due
04/22/33
◊,(d)
20,925,000
20,833,229
2021-2A
B,
5.83%
(3
Month
Term
SOFR
+
2.16%,
Rate
Floor:
2.16%)
due
04/22/33
◊,(d)
19,200,000
19,190,970
BDS
LLC
2025-FL15
AS,
5.29%
(1
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
03/19/43
◊,(d)
40,300,000
40,314,959
2025-FL16
B,
5.49%
(1
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
06/19/43
◊,(d)
13,200,000
13,080,871
2025-FL15
B,
5.54%
(1
Month
Term
SOFR
+
1.90%,
Rate
Floor:
1.90%)
due
03/19/43
◊,(d)
12,950,000
12,867,964
2025-FL14
AS,
5.21%
(1
Month
Term
SOFR
+
1.57%,
Rate
Floor:
1.57%)
due
10/17/42
◊,(d)
10,200,000
10,197,113
2024-FL13
A,
5.22%
(1
Month
Term
SOFR
+
1.58%,
Rate
Floor:
1.58%)
due
09/19/39
◊,(d)
4,737,955
4,742,971
2024-FL13
AS,
5.63%
(1
Month
Term
SOFR
+
1.99%,
Rate
Floor:
1.99%)
due
09/19/39
◊,(d)
4,000,000
4,006,376
2024-FL13
B,
5.88%
(1
Month
Term
SOFR
+
2.24%,
Rate
Floor:
2.24%)
due
09/19/39
◊,(d)
3,900,000
3,908,632
BSPDF
Issuer
LLC
2026-FL3
B,
5.59%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
09/18/43
◊,(d)
22,050,000
22,049,872
2026-FL4
B,
5.49%
(1
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
11/18/43
◊,(d)
17,075,000
17,074,915
2026-FL3
AS,
5.34%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
09/18/43
◊,(d)
13,350,000
13,361,070
2026-FL4
AS,
5.29%
(1
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
11/18/43
◊,(d)
13,300,000
13,318,761
2026-FL4
C,
5.69%
(1
Month
Term
SOFR
+
2.05%,
Rate
Floor:
2.05%)
due
11/18/43
◊,(d)
10,475,000
10,474,943
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
|
215
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
23.4%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
10.6%
(continued)
2025-FL2
AS,
5.57%
(1
Month
Term
SOFR
+
1.94%,
Rate
Floor:
1.94%)
due
12/15/42
◊,(d)
10,300,000
$
10,316,269
Cerberus
Loan
Funding
52
LLC
2025-3A
A,
5.19%
(3
Month
Term
SOFR
+
1.52%,
Rate
Floor:
1.52%)
due
10/15/37
◊,(d)
66,400,000
66,449,853
2025-3A
B,
5.47%
(3
Month
Term
SOFR
+
1.80%,
Rate
Floor:
1.80%)
due
10/15/37
◊,(d)
15,825,000
15,792,807
Owl
Rock
CLO
XXIV
LLC
2026-24A
B,
5.37%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
01/22/38
◊,(d)
80,400,000
80,204,749
FS
Rialto
Issuer
LLC
2025-FL10
AS,
5.23%
(1
Month
Term
SOFR
+
1.59%,
Rate
Floor:
1.59%)
due
08/19/42
◊,(d)
17,750,000
17,728,673
2026-FL11
B,
5.54%
(1
Month
Term
SOFR
+
1.90%,
Rate
Floor:
1.90%)
due
01/19/44
◊,(d)
14,000,000
13,994,236
2025-FL10
B,
5.49%
(1
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
08/19/42
◊,(d)
12,950,000
12,940,111
2024-FL9
AS,
5.73%
(1
Month
Term
SOFR
+
2.09%,
Rate
Floor:
2.09%)
due
10/19/39
◊,(d)
12,150,000
12,162,773
2024-FL9
B,
5.93%
(1
Month
Term
SOFR
+
2.30%,
Rate
Floor:
2.30%)
due
10/19/39
◊,(d)
10,850,000
10,804,474
2026-FL11
AS,
5.29%
(1
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
01/19/44
◊,(d)
10,700,000
10,695,581
Golub
Capital
Partners
CLO
16M-R3
2013-16A
A1R3,
5.28%
(3
Month
Term
SOFR
+
1.63%,
Rate
Floor:
1.63%)
due
08/09/39
◊,(d)
51,154,000
51,149,171
2013-16A
BR3,
5.60%
(3
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
08/09/39
◊,(d)
18,750,000
18,715,684
2013-16A
A2R3,
5.40%
(3
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
08/09/39
◊,(d)
6,000,000
6,000,719
BCRED
CLO
LLC
2026-1A
B,
5.35%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
04/24/39
◊,(d)
56,450,000
56,310,952
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
23.4%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
10.6%
(continued)
2025-1A
C,
5.68%
(3
Month
Term
SOFR
+
2.00%,
Rate
Floor:
2.00%)
due
04/20/37
◊,(d)
11,300,000
$
11,292,052
2025-1A
B,
5.38%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
04/20/37
◊,(d)
7,150,000
7,133,823
TRTX
Issuer
Ltd.
2025-FL6
AS,
5.38%
(1
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
09/18/42
◊,(d)
26,900,000
26,810,095
2025-FL6
A,
5.17%
(1
Month
Term
SOFR
+
1.54%,
Rate
Floor:
1.54%)
due
09/18/42
◊,(d)
25,400,000
25,458,608
2025-FL7
B,
5.59%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
06/18/43
◊,(d)
14,025,000
14,036,140
2025-FL7
AS,
5.34%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
06/18/43
◊,(d)
6,600,000
6,605,249
PFP
Ltd.
2026-14
B,
5.45%
(1
Month
Term
SOFR
+
1.80%,
Rate
Floor:
1.80%)
due
12/18/43
◊,(d)
22,800,000
22,779,779
2025-12
A,
5.13%
(1
Month
Term
SOFR
+
1.49%,
Rate
Floor:
1.49%)
due
12/18/42
◊,(d)
11,800,000
11,824,523
2026-13
B,
5.49%
(1
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
08/18/43
◊,(d)
8,500,000
8,524,252
2025-12
AS,
5.38%
(1
Month
Term
SOFR
+
1.74%,
Rate
Floor:
1.74%)
due
12/18/42
◊,(d)
7,554,000
7,569,045
2026-13
AS,
5.29%
(1
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
08/18/43
◊,(d)
5,800,000
5,804,724
2024-11
AS,
5.80%
(1
Month
Term
SOFR
+
2.19%,
Rate
Floor:
2.19%)
due
09/17/39
◊,(d)
5,009,191
5,009,101
2026-14
C,
5.60%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
12/18/43
◊,(d)
4,375,000
4,371,132
2024-11
A,
5.44%
(1
Month
Term
SOFR
+
1.83%,
Rate
Floor:
1.83%)
due
09/17/39
◊,(d)
3,046,115
3,047,017
Owl
Rock
CLO
XI
LLC
2023-11A
AR,
5.12%
(3
Month
Term
SOFR
+
1.45%,
Rate
Floor:
1.45%)
due
04/20/39
◊,(d)
44,800,000
44,775,530
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
216
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
23.4%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
10.6%
(continued)
2023-11A
BR,
5.67%
(3
Month
Term
SOFR
+
2.00%,
Rate
Floor:
2.00%)
due
04/20/39
◊,(d)
21,850,000
$
21,813,845
LoanCore
Issuer
Ltd.
2021-CRE6
B,
5.64%
(1
Month
Term
SOFR
+
2.01%,
Rate
Floor:
1.90%)
due
11/15/38
◊,(d)
44,000,000
43,765,704
2021-CRE6
C,
6.04%
(1
Month
Term
SOFR
+
2.41%,
Rate
Floor:
2.30%)
due
11/15/38
◊,(d)
22,825,000
22,691,494
FS
Rialto
2021-FL3
C,
5.80%
(1
Month
Term
SOFR
+
2.16%,
Rate
Floor:
2.16%)
due
11/16/36
◊,(d)
31,150,000
31,168,313
2021-FL2
C,
6.30%
(1
Month
Term
SOFR
+
2.66%,
Rate
Floor:
2.16%)
due
05/16/38
◊,(d)
15,665,000
15,588,657
2021-FL3
B,
5.55%
(1
Month
Term
SOFR
+
1.91%,
Rate
Floor:
1.91%)
due
11/16/36
◊,(d)
8,420,000
8,415,292
2021-FL2
A,
5.22%
(1
Month
Term
SOFR
+
1.58%,
Rate
Floor:
1.58%)
due
05/16/38
◊,(d)
1,090,541
1,088,217
LoanCore
Issuer
LLC
2025-CRE9
AS,
5.34%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
08/18/42
◊,(d)
28,150,000
28,192,895
2025-CRE8
AS,
5.23%
(1
Month
Term
SOFR
+
1.59%,
Rate
Floor:
1.59%)
due
08/17/42
◊,(d)
13,700,000
13,678,418
2025-CRE9
B,
5.59%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
08/18/42
◊,(d)
10,925,000
10,908,074
2025-CRE8
B,
5.48%
(1
Month
Term
SOFR
+
1.84%,
Rate
Floor:
1.84%)
due
08/17/42
◊,(d)
3,300,000
3,290,470
Fortress
Credit
Opportunities
IX
CLO
Ltd.
2017-9A
A2TR,
5.73%
(3
Month
Term
SOFR
+
2.06%,
Rate
Floor:
1.80%)
due
10/15/33
◊,(d)
46,200,000
46,231,467
2017-9A
BR,
5.88%
(3
Month
Term
SOFR
+
2.21%,
Rate
Floor:
1.95%)
due
10/15/33
◊,(d)
6,700,000
6,698,730
2017-9A
A1TR,
5.48%
(3
Month
Term
SOFR
+
1.81%,
Rate
Floor:
1.55%)
due
10/15/33
◊,(d)
2,393,391
2,394,664
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
23.4%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
10.6%
(continued)
Owl
Rock
CLO
III
Ltd.
2020-3A
AR,
5.53%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
04/20/36
◊,(d)
41,250,000
$
41,283,326
2020-3A
BR,
6.03%
(3
Month
Term
SOFR
+
2.35%,
Rate
Floor:
2.35%)
due
04/20/36
◊,(d)
13,500,000
13,505,080
Golub
Capital
Partners
CLO
49M
Ltd.
2020-49A
A1R2,
5.20%
(3
Month
Term
SOFR
+
1.52%,
Rate
Floor:
1.52%)
due
07/20/38
◊,(d)
25,700,000
25,674,339
2020-49A
BR2,
5.53%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
07/20/38
◊,(d)
15,000,000
14,968,844
2020-49A
CR2,
6.03%
(3
Month
Term
SOFR
+
2.35%,
Rate
Floor:
2.35%)
due
07/20/38
◊,(d)
12,600,000
12,593,781
Owl
Rock
CLO
XXII
LLC
2025-22A
A,
5.15%
(3
Month
Term
SOFR
+
1.47%,
Rate
Floor:
1.47%)
due
10/20/37
◊,(d)
26,450,000
26,436,820
2025-22A
B,
5.48%
(3
Month
Term
SOFR
+
1.80%,
Rate
Floor:
1.80%)
due
10/20/37
◊,(d)
25,550,000
25,494,482
Cerberus
Loan
Funding
51
LLC
2025-2A
A,
5.19%
(3
Month
Term
SOFR
+
1.52%,
Rate
Floor:
1.52%)
due
10/15/37
◊,(d)
43,000,000
43,057,685
2025-2A
B,
5.52%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
10/15/37
◊,(d)
8,000,000
7,992,122
Owl
Rock
CLO
XVI
LLC
2024-16A
A,
5.68%
(3
Month
Term
SOFR
+
2.00%,
Rate
Floor:
2.00%)
due
04/20/36
◊,(d)
39,550,000
39,586,216
2024-16A
B,
6.18%
(3
Month
Term
SOFR
+
2.50%,
Rate
Floor:
2.50%)
due
04/20/36
◊,(d)
9,550,000
9,561,938
THL
Credit
Lake
Shore
MM
CLO
I
Ltd.
2019-1A
BR,
5.93%
(3
Month
Term
SOFR
+
2.26%,
Rate
Floor:
2.00%)
due
04/15/33
◊,(d)
30,400,000
30,395,309
2019-1A
A1R,
5.63%
(3
Month
Term
SOFR
+
1.96%,
Rate
Floor:
1.70%)
due
04/15/33
◊,(d)
15,957,031
15,966,947
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
|
217
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
23.4%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
10.6%
(continued)
Cerberus
Loan
Funding
XL
LLC
2023-1A
AR,
5.25%
(3
Month
Term
SOFR
+
1.60%,
Rate
Floor:
1.60%)
due
03/22/35
◊,(d)
38,400,000
$
38,458,702
2023-1A
BR,
5.85%
(3
Month
Term
SOFR
+
2.20%,
Rate
Floor:
2.20%)
due
03/22/35
◊,(d)
4,600,000
4,595,340
2023-1A
CR,
6.30%
(3
Month
Term
SOFR
+
2.65%,
Rate
Floor:
2.65%)
due
03/22/35
◊,(d)
2,750,000
2,752,272
Owl
Rock
CLO
IV
Ltd.
2020-4A
A1R,
5.50%
(3
Month
Term
SOFR
+
1.86%,
Rate
Floor:
1.60%)
due
08/20/33
◊,(d)
29,017,952
29,026,724
2020-4A
A2R,
5.80%
(3
Month
Term
SOFR
+
2.16%,
Rate
Floor:
1.90%)
due
08/20/33
◊,(d)
16,750,000
16,742,762
Cerberus
Loan
Funding
XLVIII
LLC
2024-4A
AN,
5.32%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
10/15/36
◊,(d)
20,150,000
20,178,103
2024-4A
B,
5.52%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
10/15/36
◊,(d)
14,700,000
14,702,442
2024-4A
C,
5.97%
(3
Month
Term
SOFR
+
2.30%,
Rate
Floor:
2.30%)
due
10/15/36
◊,(d)
10,700,000
10,700,066
Golub
Capital
Partners
CLO
83M
2025-83A
C,
5.70%
(3
Month
Term
SOFR
+
2.05%,
Rate
Floor:
2.05%)
due
11/09/38
◊,(d)
17,750,000
17,736,196
2025-83A
B,
5.35%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
11/09/38
◊,(d)
15,650,000
15,611,406
2025-83A
A2,
5.20%
(3
Month
Term
SOFR
+
1.55%,
Rate
Floor:
1.55%)
due
11/09/38
◊,(d)
12,000,000
11,995,354
Eldridge
CLO
Ltd.
2025-1A
B,
5.33%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
10/20/38
◊,(d)
35,850,000
35,971,600
2025-2A
C,
5.50%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
01/20/39
◊,(d)
8,975,000
8,999,040
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
23.4%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
10.6%
(continued)
Cerberus
Loan
Funding
50
LLC
2025-1A
A,
5.32%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
07/15/37
◊,(d)
31,550,000
$
31,551,767
2025-1A
B,
5.62%
(3
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
07/15/37
◊,(d)
11,800,000
11,780,555
AREIT
Ltd.
2025-CRE10
A,
5.02%
(1
Month
Term
SOFR
+
1.39%,
Rate
Floor:
1.39%)
due
12/17/29
◊,(d)
21,850,000
21,848,582
2025-CRE10
AS,
5.18%
(1
Month
Term
SOFR
+
1.54%,
Rate
Floor:
1.54%)
due
01/17/30
◊,(d)
18,000,000
17,895,226
BSPRT
Issuer
LLC
2025-FL12
AS,
5.28%
(1
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
01/17/43
◊,(d)
13,900,000
13,915,653
2025-FL12
B,
5.58%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
01/17/43
◊,(d)
12,600,000
12,609,579
2024-FL11
AS,
5.72%
(1
Month
Term
SOFR
+
2.10%,
Rate
Floor:
2.10%)
due
07/15/39
◊,(d)
8,900,000
8,913,423
2024-FL11
B,
5.92%
(1
Month
Term
SOFR
+
2.29%,
Rate
Floor:
2.29%)
due
07/15/39
◊,(d)
3,800,000
3,803,922
Jefferies
Credit
Partners
Direct
Lending
CLO
Ltd.
2025-1A
A1,
5.17%
(3
Month
Term
SOFR
+
1.50%,
Rate
Floor:
1.50%)
due
10/15/37
◊,(d)
18,600,000
18,592,110
2025-1A
C,
5.87%
(3
Month
Term
SOFR
+
2.20%,
Rate
Floor:
2.20%)
due
10/15/37
◊,(d)
13,800,000
13,794,694
2025-1A
B,
5.42%
(3
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
10/15/37
◊,(d)
6,300,000
6,285,479
Owl
Rock
CLO
VII
LLC
2022-7A
AR,
5.08%
(3
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
04/20/38
◊,(d)
38,050,000
38,025,264
Golub
Capital
Partners
CLO
54M,
LP
2021-54A
BR,
5.56%
(3
Month
Term
SOFR
+
1.90%,
Rate
Floor:
1.90%)
due
08/05/37
◊,(d)
21,000,000
21,002,583
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
218
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
23.4%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
10.6%
(continued)
2021-54A
A1R,
5.13%
(3
Month
Term
SOFR
+
1.47%,
Rate
Floor:
1.47%)
due
08/05/37
◊,(d)
9,050,000
$
9,046,580
2021-54A
A2R,
5.36%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
08/05/37
◊,(d)
7,800,000
7,799,963
Carlyle
Direct
Lending
CLO
LLC
2015-1A
A11A,
5.47%
(3
Month
Term
SOFR
+
1.80%,
Rate
Floor:
1.80%)
due
07/15/36
◊,(d)
28,850,000
28,860,095
2015-1A
A12B,
5.67%
(3
Month
Term
SOFR
+
2.00%,
Rate
Floor:
2.00%)
due
07/15/36
◊,(d)
7,500,000
7,505,782
Palmer
Square
CLO
Ltd.
2023-4A
BR,
5.38%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
10/20/37
◊,(d)
19,950,000
19,994,461
2023-4A
CR,
5.53%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
10/20/37
◊,(d)
16,250,000
16,289,140
Ares
Direct
Lending
CLO
8
LLC
2025-4A
A1,
5.08%
(3
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
01/20/39
◊,(d)
19,500,000
19,486,929
2025-4A
C,
5.68%
(3
Month
Term
SOFR
+
2.00%,
Rate
Floor:
2.00%)
due
01/20/39
◊,(d)
8,700,000
8,692,311
2025-4A
A2,
5.28%
(3
Month
Term
SOFR
+
1.60%,
Rate
Floor:
1.60%)
due
01/20/39
◊,(d)
4,400,000
4,398,902
2025-4A
B,
5.43%
(3
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
01/20/39
◊,(d)
2,300,000
2,294,726
INCREF
LLC
2026-FL2
AS,
5.37%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
12/19/43
◊,(d)
23,000,000
22,999,864
2026-FL3
AS,
5.30%
(1
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
01/19/44
◊,(d)
10,675,000
10,670,288
JCP
Direct
Lending
CLO
LLC
2023-1A
A1R,
5.33%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
07/20/37
◊,(d)
32,011,250
32,009,800
Madison
Park
Funding
LXXI
Ltd.
2025-71A
B,
5.17%
(3
Month
Term
SOFR
+
1.50%,
Rate
Floor:
1.50%)
due
04/23/38
◊,(d)
31,200,000
31,168,809
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
23.4%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
10.6%
(continued)
KREF
Ltd.
2021-FL2
C,
5.75%
(1
Month
Term
SOFR
+
2.11%,
Rate
Floor:
2.00%)
due
02/15/39
◊,(d)
16,600,000
$
16,501,514
2021-FL2
AS,
5.05%
(1
Month
Term
SOFR
+
1.41%,
Rate
Floor:
1.30%)
due
02/15/39
◊,(d)
11,600,253
11,601,489
GoldenTree
Loan
Management
US
CLO
24
Ltd.
2025-24A
B,
5.23%
(3
Month
Term
SOFR
+
1.55%,
Rate
Floor:
1.55%)
due
10/20/38
◊,(d)
27,650,000
27,621,686
Fontainbleau
Vegas
7.86%
(1
Month
Term
SOFR
+
5.65%,
Rate
Floor:
1.00%)
due
01/31/28
◊,(a)
26,250,000
26,822,564
VMC
Finance
LLC
2026-FL6
B,
5.79%
(1
Month
Term
SOFR
+
2.15%,
Rate
Floor:
2.15%)
due
11/19/43
◊,(d)
14,827,000
14,826,920
2026-FL6
AS,
5.49%
(1
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
11/19/43
◊,(d)
11,400,000
11,404,438
BXMT
Ltd.
2020-FL2
B,
5.40%
(1
Month
Term
SOFR
+
1.76%,
Rate
Floor:
1.76%)
due
02/15/38
◊,(d)
16,000,000
15,971,688
2020-FL2
C,
5.65%
(1
Month
Term
SOFR
+
2.01%,
Rate
Floor:
2.01%)
due
02/15/38
◊,(d)
5,360,000
5,343,653
2020-FL2
AS,
5.15%
(1
Month
Term
SOFR
+
1.51%,
Rate
Floor:
1.51%)
due
02/15/38
◊,(d)
4,738,385
4,729,244
Madison
Park
Funding
LIII
Ltd.
2022-53A
B,
5.42%
(3
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
04/21/35
◊,(d)
24,000,000
24,027,713
Madison
Park
Funding
XLVIII
Ltd.
2021-48A
BR,
5.23%
(3
Month
Term
SOFR
+
1.55%,
Rate
Floor:
1.55%)
due
01/19/39
◊,(d)
14,000,000
13,984,681
2021-48A
CR,
5.43%
(3
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
01/19/39
◊,(d)
9,900,000
9,906,474
Fortress
Credit
BSL
XV
Ltd.
2022-2A
AR,
5.08%
(3
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
10/18/33
◊,(d)
23,080,843
23,080,822
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
|
219
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
23.4%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
10.6%
(continued)
Neuberger
Berman
CLO
32R
Ltd.
2019-32RA
B,
5.33%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
07/20/39
◊,(d)
14,100,000
$
14,153,776
2019-32RA
C,
5.53%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
07/20/39
◊,(d)
8,345,000
8,366,697
Cerberus
Loan
Funding
XLVI,
LP
2024-2A
A,
5.52%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
07/15/36
◊,(d)
16,500,000
16,509,214
2024-2A
B,
5.97%
(3
Month
Term
SOFR
+
2.30%,
Rate
Floor:
2.30%)
due
07/15/36
◊,(d)
5,900,000
5,901,799
Acrec
LLC
2026-FL4
B,
5.44%
(1
Month
Term
SOFR
+
1.80%,
Rate
Floor:
1.80%)
due
01/18/43
◊,(d)
8,500,000
8,476,931
2025-FL3
AS,
5.28%
(1
Month
Term
SOFR
+
1.64%,
Rate
Floor:
1.64%)
due
08/18/42
◊,(d)
5,900,000
5,896,206
2026-FL5
C,
5.55%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
07/18/43
◊,(d)
3,800,000
3,800,000
2025-FL3
B,
5.58%
(1
Month
Term
SOFR
+
1.94%,
Rate
Floor:
1.94%)
due
08/18/42
◊,(d)
3,250,000
3,246,887
Golub
Capital
Partners
CLO
46M
Ltd.
2019-46A
BR,
5.98%
(3
Month
Term
SOFR
+
2.30%,
Rate
Floor:
2.30%)
due
04/20/37
◊,(d)
10,300,000
10,309,051
2019-46AR
BR2
due
04/20/37
(d),(q)
10,300,000
10,300,000
Ares
Direct
Lending
CLO
7
LLC
2025-3A
B,
5.53%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
01/20/38
◊,(d)
20,250,000
20,207,605
Dwight
Issuer
LLC
2026-FL2
AS,
5.25%
(1
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
01/18/44
◊,(d)
19,950,000
19,950,000
Ares
Direct
Lending
CLO
1
LLC
2024-1AR
BR
due
07/25/38
(d),(q)
9,800,000
9,800,000
2024-1A
B,
5.87%
(3
Month
Term
SOFR
+
2.20%,
Rate
Floor:
2.20%)
due
04/25/36
◊,(d)
9,750,000
9,738,845
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
23.4%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
10.6%
(continued)
STWD
LLC
2025-FL4
AS,
5.34%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
11/19/42
◊,(d)
11,150,000
$
11,159,641
2025-FL4
B,
5.59%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
11/19/42
◊,(d)
8,200,000
8,203,501
AGL
CLO
39
Ltd.
2025-39A
B,
5.18%
(3
Month
Term
SOFR
+
1.50%,
Rate
Floor:
1.50%)
due
04/20/38
◊,(d)
18,910,000
18,864,104
HPS
Private
Credit
CLO
LLC
2025-3A
B,
5.73%
(3
Month
Term
SOFR
+
2.05%,
Rate
Floor:
2.05%)
due
07/20/37
◊,(d)
9,150,000
9,136,087
2025-3A
A1,
5.33%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
07/20/37
◊,(d)
8,500,000
8,499,765
Madison
Park
Funding
LVIII
Ltd.
2024-58A
C,
6.12%
(3
Month
Term
SOFR
+
2.45%,
Rate
Floor:
2.45%)
due
04/25/37
◊,(d)
8,250,000
8,259,973
2024-58AR
CR
due
04/25/37
(d),(q)
8,250,000
8,250,000
CIFC
Funding
Ltd.
2022-1AR
BR
due
07/17/41
(d),(q)
9,600,000
9,600,000
2015-4A
BR3,
5.23%
(3
Month
Term
SOFR
+
1.55%,
Rate
Floor:
1.55%)
due
01/17/39
◊,(d)
6,000,000
5,995,417
ACRES
Commercial
Realty
Issuer
LLC
2026-FL4
B,
5.59%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
08/18/44
◊,(d)
15,494,000
15,500,114
Voya
CLO
Ltd.
2024-2A
B,
5.48%
(3
Month
Term
SOFR
+
1.80%,
Rate
Floor:
1.80%)
due
07/20/37
◊,(d)
14,750,000
14,793,610
2013-1A
INC
due
10/15/30
(d),(r)
10,575,071
192,149
Brsp
Ltd.
2026-FL3
B,
5.59%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
08/19/43
◊,(d)
14,300,000
14,311,966
LRECS
LLC
2025-CRE1
AS,
5.39%
(1
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
08/19/43
◊,(d)
13,900,000
13,890,932
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
220
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
23.4%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
10.6%
(continued)
Acore
Issuer
LLC
2026-FL1
B,
5.54%
(1
Month
Term
SOFR
+
1.90%,
Rate
Floor:
1.90%)
due
08/20/43
◊,(d)
8,550,000
$
8,546,650
2026-FL1
AS,
5.34%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
08/20/43
◊,(d)
5,300,000
5,302,000
BCC
Middle
Market
CLO
LLC
2019-1A
A1RR,
5.12%
(3
Month
Term
SOFR
+
1.45%,
Rate
Floor:
1.45%)
due
07/15/36
◊,(d)
13,850,000
13,842,407
Ares
Direct
Lending
CLO
2
LLC
2024-2A
C,
6.03%
(3
Month
Term
SOFR
+
2.35%,
Rate
Floor:
2.35%)
due
10/20/36
◊,(d)
13,600,000
13,600,116
GS
REFT
Issuer
Ltd.
2026-FL1
AS,
5.29%
(1
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
10/19/43
◊,(d)
11,475,000
11,474,948
2026-FL1
A,
5.14%
(1
Month
Term
SOFR
+
1.50%,
Rate
Floor:
1.50%)
due
10/19/43
◊,(d)
1,750,000
1,753,233
Owl
Rock
CLO
XXI
LLC
2025-21A
B,
5.57%
(3
Month
Term
SOFR
+
1.90%,
Rate
Floor:
1.90%)
due
07/24/34
◊,(d)
13,250,000
13,227,252
Madison
Park
Funding
LXV
Ltd.
2025-65A
C,
5.48%
(3
Month
Term
SOFR
+
1.80%,
Rate
Floor:
1.80%)
due
07/16/38
◊,(d)
7,200,000
7,212,748
2025-65A
B,
5.38%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
07/16/38
◊,(d)
5,500,000
5,513,309
Owl
Rock
CLO
XIX
LLC
2024-19A
B,
5.56%
(3
Month
Term
SOFR
+
1.90%,
Rate
Floor:
1.90%)
due
10/22/37
◊,(d)
12,700,000
12,702,998
Ares
LXXVIII
CLO
Ltd.
2025-78A
SUB
due
01/15/39
(d),(r)
17,000,000
12,548,210
Cerberus
Loan
Funding
53
LLC
2025-4A
C,
5.67%
(3
Month
Term
SOFR
+
2.00%,
Rate
Floor:
2.00%)
due
01/15/38
◊,(d)
12,250,000
12,239,872
D2
Multifamily
Credit
Issuer
Ltd.
2026-FL1
B,
5.54%
(1
Month
Term
SOFR
+
1.90%,
Rate
Floor:
1.90%)
due
11/19/43
◊,(d)
7,575,000
7,574,962
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
23.4%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
10.6%
(continued)
2026-FL1
C,
5.84%
(1
Month
Term
SOFR
+
2.20%,
Rate
Floor:
2.20%)
due
11/19/43
◊,(d)
4,625,000
$
4,623,027
Cerberus
Loan
Funding
XLV
LLC
2024-1A
B,
6.07%
(3
Month
Term
SOFR
+
2.40%,
Rate
Floor:
2.40%)
due
04/15/36
◊,(d)
12,000,000
12,006,830
KKR
CLO
16
Ltd.
16
A2R3,
5.28%
(3
Month
Term
SOFR
+
1.60%,
Rate
Floor:
1.60%)
due
10/20/34
◊,(d)
11,850,000
11,861,848
Golub
Capital
Partners
CLO
31M
Ltd.
2016-31A
BRR,
5.51%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
11/05/37
◊,(d)
9,500,000
9,480,615
2016-31A
CRR,
5.96%
(3
Month
Term
SOFR
+
2.30%,
Rate
Floor:
2.30%)
due
11/05/37
◊,(d)
2,250,000
2,249,728
BRSP
Ltd.
2024-FL2
A,
5.58%
(1
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
08/19/37
◊,(d)
5,650,000
5,649,481
2026-FL3
AS,
5.34%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
08/19/43
◊,(d)
3,800,000
3,806,200
2024-FL2
AS,
6.02%
(1
Month
Term
SOFR
+
2.38%,
Rate
Floor:
2.38%)
due
08/19/37
◊,(d)
1,850,000
1,848,535
ACREC
LLC
2026-FL5
B,
5.35%
(1
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
07/18/43
◊,(d)
10,350,000
10,350,000
Magnetite
LII
Ltd.
2025-52A
SUB
due
01/25/39
(d),(r)
13,850,000
10,290,965
Midocean
Credit
CLO
XXI
2025-21A
SUB
due
10/20/38
(d),(r)
15,600,000
9,756,240
Brant
Point
CLO
Ltd.
2025-8A
SUB
due
03/31/38
(d),(r)
13,914,000
9,134,541
Carlyle
US
CLO
Ltd.
2025-4A
SUB
due
10/25/37
◊,(d),(r)
15,000,000
9,010,950
Boyce
Park
CLO
Ltd.
2022-1A
B1,
5.42%
(3
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
04/21/35
◊,(d)
8,800,000
8,811,442
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
|
221
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
23.4%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
10.6%
(continued)
Fortress
Credit
Opportunities
XXV
CLO
LLC
2024-25A
A2,
5.42%
(3
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
01/15/37
◊,(d)
7,200,000
$
7,204,650
Serenity-Peace
Park
CLO
Ltd.
2025-1A
SUB
due
10/24/38
(d),(r)
12,500,000
7,191,625
Dryden
37
Senior
Loan
Fund
2015-37A
BR,
5.33%
(3
Month
Term
SOFR
+
1.66%,
Rate
Floor:
1.40%)
due
01/15/31
◊,(d)
3,678,679
3,683,500
2015-37A
CR,
7.18%
(3
Month
Term
SOFR
+
3.51%,
Rate
Floor:
3.25%)
due
01/15/31
◊,(d)
3,333,334
3,349,597
2015-37A
SUB
due
01/15/31
(a),(d),(r)
2,987,987
5,460
Fortress
Credit
BSL
XVI
Ltd.
2022-3A
BR,
5.53%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
10/20/35
◊,(d)
7,000,000
7,002,449
Owl
Rock
CLO
VIII
LLC
2022-8A
A2R,
5.47%
(3
Month
Term
SOFR
+
1.80%,
Rate
Floor:
1.80%)
due
04/24/37
◊,(d)
6,500,000
6,501,812
Owl
Rock
CLO
IX
LLC
2022-9A
BR,
5.49%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
11/22/37
◊,(d)
6,450,000
6,450,682
RR
Ltd.
2025-41A
SUB
due
10/15/40
(d),(r)
8,500,000
6,233,730
Barings
CLO
Ltd.
2022-3A
BR,
5.43%
(3
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
10/20/37
◊,(d)
5,950,000
5,960,413
Elmwood
CLO
38
Ltd.
2025-1A
B1,
5.11%
(3
Month
Term
SOFR
+
1.45%,
Rate
Floor:
1.45%)
due
04/22/38
◊,(d)
5,500,000
5,486,016
Ares
Direct
Lending
CLO
3
LLC
2024-3A
B,
5.53%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
01/20/37
◊,(d)
5,450,000
5,438,857
Cerberus
Loan
Funding
XLVII
LLC
2024-3A
B,
5.62%
(3
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
07/15/36
◊,(d)
5,250,000
5,241,368
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
23.4%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
10.6%
(continued)
Sound
Point
CLO
XXIV
2019-3A
B1R,
5.63%
(3
Month
Term
SOFR
+
1.96%,
Rate
Floor:
1.96%)
due
10/25/34
◊,(d)
5,150,000
$
5,154,134
AGL
CLO
42
Ltd.
2025-42A
B,
5.31%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
07/22/38
◊,(d)
5,000,000
5,011,215
Ares
LXVII
CLO
Ltd.
2022-67A
BR,
5.22%
(3
Month
Term
SOFR
+
1.55%,
Rate
Floor:
1.55%)
due
01/25/38
◊,(d)
5,000,000
4,999,317
Owl
Rock
CLO
XVII
LLC
2024-17A
B,
5.62%
(3
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
07/15/36
◊,(d)
4,300,000
4,292,606
Carlyle
US
CLO
2024-4A
B,
5.43%
(3
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
07/20/37
◊,(d)
3,700,000
3,710,364
STWD
Ltd.
2021-FL2
C,
5.85%
(1
Month
Term
SOFR
+
2.21%,
Rate
Floor:
2.10%)
due
04/18/38
◊,(d)
2,820,000
2,813,967
Ares
XXVII
CLO
Ltd.
2013-2A
CR3,
5.52%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
10/28/34
◊,(d)
2,800,000
2,803,785
Great
Lakes
CLO
Ltd.
2014-1A
SUB
due
10/15/29
(d),(r)
461,538
207,183
Carlyle
Global
Market
Strategies
CLO
Ltd.
2012-3A
SUB
due
01/14/32
(d),(r)
8,920,000
11,328
Venture
XIII
CLO
Ltd.
2013-13A
SUB
due
09/10/29
(d),(r)
3,700,000
370
Copper
River
CLO
Ltd.
2006-1A
INC
due
01/20/21
(m),(p),(r)
1,500,000
150
Babson
CLO
Ltd.
2014-IA
SUB
due
07/20/25
(d),(r)
1,300,000
130
Total
Collateralized
Loan
Obligations
3,440,321,523
TRANSPORT-AIRCRAFT
-
3.0%
Castlelake
Aircraft
Structured
Trust
2026-1A,
5.07%
due
03/15/51
(d)
47,932,763
47,079,986
2025-3A,
5.09%
due
11/15/50
(d)
45,791,852
45,127,225
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
222
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
23.4%
(continued)
TRANSPORT-AIRCRAFT
-
3.0%
(continued)
2025-2A,
5.47%
due
08/15/50
(d)
43,948,646
$
43,655,109
2026-2A,
5.33%
due
04/15/51
(d)
35,827,307
35,482,623
2025-1A,
5.78%
due
02/15/50
(d)
20,512,636
20,574,687
Slam
Ltd.
2026-1A,
5.55%
due
07/15/51
(d)
36,301,468
36,197,014
2024-1A,
5.34%
due
09/15/49
(d)
31,193,396
30,882,644
2025-1A,
5.81%
due
05/15/50
(d)
24,853,509
24,971,984
2021-1A,
2.43%
due
06/15/46
(d)
13,273,103
12,609,576
2021-1A,
3.42%
due
06/15/46
(d)
1,024,950
981,327
AASET
Trust
2024-1A,
6.26%
due
05/16/49
(d)
39,292,422
39,911,768
2021-1A,
2.95%
due
11/16/41
(d)
23,555,456
22,701,448
2025-3A,
5.24%
due
02/16/50
(d)
15,607,192
15,341,127
2025-1A,
5.94%
due
02/16/50
(d)
11,719,322
11,752,427
2021-2A,
2.80%
due
01/15/47
(d)
8,284,246
7,869,474
2020-1A,
3.35%
due
01/16/40
(d)
3,607,024
3,586,392
MAPS
Trust
2026-1A,
5.20%
due
01/15/51
(d)
67,199,877
65,993,303
2026-2A,
5.52%
due
06/15/51
(d)
21,850,000
21,826,585
2021-1A,
2.52%
due
06/15/46
(d)
3,698,209
3,589,203
AASET
Ltd.
2024-2A,
5.93%
due
09/16/49
(d)
45,082,579
45,340,357
2025-2A,
5.52%
due
02/16/50
(d)
30,908,088
30,587,318
ALTDE
Trust
2026-1A,
5.52%
due
04/15/51
(d)
45,763,528
45,280,709
2025-1A,
5.90%
due
08/15/50
(d)
24,115,439
24,190,084
Navigator
Aviation
Ltd.
2024-1,
5.40%
due
08/15/49
(d)
47,102,380
46,781,641
2025-1,
5.11%
due
10/15/50
(d)
20,149,723
19,695,820
Navigator
Aircraft
ABS
Ltd.
2021-1,
2.77%
due
11/15/46
(d)
42,157,720
39,949,751
Lift
6.73%
due
12/15/30
(a)
38,531,764
38,809,775
Eclipse
Aircraft
LLC
2026-1,
5.63%
due
05/15/51
(d)
34,702,244
34,565,652
MAST
Ltd.
2026-1A,
5.13%
due
02/15/51
(d)
32,360,715
31,692,502
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
23.4%
(continued)
TRANSPORT-AIRCRAFT
-
3.0%
(continued)
Lunar
Structured
Aircraft
Portfolio
Notes
2021-1,
2.64%
due
10/15/46
(d)
31,250,305
$
29,670,318
Gilead
Aviation
LLC
2025-1A,
5.79%
due
03/15/50
(d)
27,404,068
27,472,959
Phantom
Aviation
2026-1A,
5.24%
due
01/15/51
(d)
25,791,742
25,270,904
FTAI
Aircraft
Leasing
Offshore
SPV,
LP
5.63%
due
03/27/31
(a)
22,878,407
23,354,192
WAVE
LLC
2019-1,
3.60%
due
09/15/44
(d)
8,836,357
8,681,653
Sprite
Ltd.
2021-1,
3.75%
due
11/15/46
(d)
5,639,375
5,527,270
Castlelake
Aircraft
Securitization
Trust
2018-1,
4.13%
due
06/15/43
(d)
3,260,080
3,229,470
Falcon
Aerospace
Ltd.
2019-1,
3.60%
due
09/15/39
(d)
1,935,520
1,916,552
Total
Transport-Aircraft
972,150,829
FINANCIAL
-
2.7%
Station
Place
Securitization
Trust
2025-SP1,
4.95%
(1
Month
Term
SOFR
+
1.30%)
due
07/02/26
◊,(a),(d)
50,725,000
50,725,000
2024-SP2,
5.32%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
07/12/26
◊,(a),(d)
50,500,000
50,500,000
2025-SP2,
4.80%
(1
Month
Term
SOFR
+
1.15%,
Rate
Floor:
1.15%)
due
09/25/26
◊,(a),(d)
31,800,000
31,800,000
Blackstone
Strategic
Cap
Holding
II
5.90%
(1
Month
Term
SOFR
+
2.25%)
due
12/31/33
◊,(a)
65,300,000
65,238,549
KKR
Core
Holding
Co.
LLC
4.00%
due
08/12/31
(a)
67,092,202
62,354,263
Project
Onyx
I
6.33%
(3
Month
Term
SOFR
+
2.63%)
due
06/26/30
◊,(a)
61,840,952
61,746,659
Ceamer
Finance
LLC
6.79%
due
11/15/39
(a)
23,129,296
23,381,231
6.18%
(WAC)
due
12/15/40
◊,(a)
22,778,734
22,689,936
3.69%
due
03/24/31
(a)
6,187,832
6,010,138
6.92%
due
11/15/37
(a)
4,353,218
4,426,450
Lightning
A
5.50%
due
03/01/37
(a)
57,700,000
54,662,559
Thunderbird
A
5.50%
due
03/01/37
(a)
57,700,000
54,662,559
LVNV
Funding
LLC
7.80%
due
11/05/28
(a)
39,400,000
40,460,758
6.84%
due
06/12/29
(a)
11,400,000
11,477,686
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
|
223
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
23.4%
(continued)
FINANCIAL
-
2.7%
(continued)
Atlas
SP
Partners,
LP
6.13%
due
12/12/30
(a)
51,400,000
$
51,421,709
Project
Leopard
6.53%
due
05/06/41
(a)
49,350,000
49,103,250
HV
Eight
LLC
5.79%
(WAC)
due
12/31/27
◊,(a)
EUR
35,485,546
40,441,081
Obsidian
Issuer
LLC
2025-1A,
6.93%
due
05/15/55
(a),(d)
36,500,000
35,925,898
Metis
Issuer
LLC
6.89%
due
05/15/55
(a)
29,900,000
29,493,065
Strategic
Partners
Fund
VIII,
LP
6.19%
(WAC)
due
03/31/28
◊,(a)
20,273,221
20,267,112
6.20%
(WAC)
due
03/31/28
◊,(a)
8,554,596
8,556,065
PBN
II
PE
Loan
Facility
5.96%
due
12/17/30
(a)
26,600,000
26,593,209
HarbourVest
Partners
LLC
6.28%
(3
Month
Term
SOFR
+
2.58%)
due
09/15/30
◊,(a)
22,489,088
22,266,270
Endo
Luxembourg
Finance
Co
I
SARL
/
Endo
US,
Inc.
7.40%
due
09/30/45
(a)
15,346,800
15,621,240
Project
Onyx
II
6.33%
(3
Month
Term
SOFR
+
2.63%)
due
06/15/30
◊,(a)
13,822,242
13,816,258
Pilatus
Bank
plc
6.32%
due
03/31/40
(a)
12,450,000
12,424,693
Akso
Health
Group
7.27%
due
12/31/44
(a)
8,320,979
8,393,008
Bib
Merchant
Voucher
Receivables
Ltd.
4.18%
due
04/07/28
(a)
7,210,540
7,159,559
Nassau
LLC
2019-1,
3.98%
due
08/15/34
(m)
3,674,468
3,450,755
Total
Financial
885,068,960
INFRASTRUCTURE
-
2.4%
Switch
ABS
Issuer
LLC
2024-2A,
5.44%
due
06/25/54
(d)
52,900,000
52,320,068
2025-1A,
5.04%
due
03/25/55
(d)
35,700,000
34,786,091
2024-1A,
6.28%
due
03/25/54
(d)
9,550,000
9,592,334
Stack
Infrastructure
Issuer
LLC
2025-1A,
5.00%
due
05/25/50
(d)
37,950,000
36,878,956
2023-3A,
5.90%
due
10/25/48
(d)
31,313,000
31,394,539
2024-1A,
5.90%
due
03/25/49
(d)
16,250,000
16,323,437
2023-2A,
5.90%
due
07/25/48
(d)
6,000,000
6,002,540
QTS
Issuer
ABS
I
LLC
2025-1A,
5.44%
due
05/25/55
(d)
76,175,000
75,530,461
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
23.4%
(continued)
INFRASTRUCTURE
-
2.4%
(continued)
VB-S1
Issuer
LLC
-
VBTEL
2022-1A,
4.29%
due
02/15/52
(d)
40,900,000
$
40,393,625
2024-1A,
5.59%
due
05/15/54
(d)
28,950,000
29,113,944
2024-1A,
6.64%
due
05/15/54
(d)
3,950,000
3,990,042
Hotwire
Funding
LLC
2023-1A,
8.84%
due
05/20/53
(d)
31,200,000
31,588,459
2024-1A,
5.89%
due
06/20/54
(d)
22,750,000
22,962,135
2021-1,
2.31%
due
11/20/51
(d)
5,350,000
5,300,619
2021-1,
2.66%
due
11/20/51
(d)
4,025,000
3,987,950
2024-1A,
9.19%
due
06/20/54
(d)
3,860,000
3,987,422
2024-1A,
6.67%
due
06/20/54
(d)
3,150,000
3,190,001
Kinetic
ABS
Issuer
LLC
2026-2A,
5.83%
due
06/25/58
(d)
49,025,000
49,475,971
2026-1A,
5.22%
due
02/25/56
(d)
20,850,000
20,711,936
VB-S1
Issuer
LLC
2026-1A,
5.19%
due
03/15/56
(d)
27,750,000
27,247,908
2026-1A,
4.69%
due
03/15/56
(d)
26,050,000
25,456,990
Aligned
Data
Centers
Issuer
LLC
2021-1A,
1.94%
due
08/15/46
(d)
47,980,000
47,823,412
2023-1A,
6.00%
due
08/17/48
(d)
2,600,000
2,602,723
2023-2A,
6.50%
due
11/16/48
(d)
1,345,000
1,353,465
Vantage
Data
Centers
LLC
2025-1A,
5.13%
due
08/15/55
(d)
41,150,000
40,392,601
Vantage
Data
Centers
Issuer
LLC
2024-1A,
5.10%
due
09/15/54
(d)
30,550,000
30,113,248
ALLO
Issuer
LLC
2026-1A,
5.61%
due
06/20/56
(d)
19,200,000
19,387,452
2025-1A,
5.53%
due
04/20/55
(d)
8,150,000
8,180,306
2024-1A,
5.94%
due
07/20/54
(d)
1,000,000
1,007,636
SBA
Tower
Trust
4.83%
due
10/15/29
(d)
22,150,000
22,147,641
6.60%
due
01/15/28
(d)
3,800,000
3,838,008
QTS
Issuer
ABS
II
LLC
2025-1A,
5.04%
due
10/05/55
(d)
23,550,000
23,050,660
MetroNet
Infrastructure
Issuer
LLC
2026-1A,
5.27%
due
04/20/56
(d)
20,675,000
20,684,866
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
224
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
23.4%
(continued)
INFRASTRUCTURE
-
2.4%
(continued)
Blue
Stream
Issuer
LLC
2023-1A,
5.40%
due
05/20/53
(d)
6,625,000
$
6,635,344
2024-1A,
5.41%
due
11/20/54
(d)
5,100,000
5,123,090
Compass
Datacenters
Issuer
II
LLC
2025-1A,
5.32%
due
05/25/50
(d)
9,669,000
9,641,211
Consolidated
Communications
LLC
/
Fidium
Fiber
Finance
Holdco
LLC
2026-1A,
5.08%
due
03/20/56
(d)
9,550,000
9,429,643
Total
Infrastructure
781,646,734
WHOLE
BUSINESS
-
1.7%
SERVPRO
Master
Issuer
LLC
2021-1A,
2.39%
due
04/25/51
(d)
42,947,600
40,833,285
2025-1A,
5.53%
due
10/25/55
(d)
29,850,000
29,544,375
2024-1A,
6.17%
due
01/25/54
(d)
22,599,800
23,085,022
2022-1A,
3.13%
due
01/25/52
(d)
22,501,250
21,381,613
Subway
Funding
LLC
2024-3A,
5.91%
due
07/30/54
(d)
35,657,000
34,417,695
2024-1A,
6.51%
due
07/30/54
(d)
28,121,750
28,184,110
2024-1A,
6.27%
due
07/30/54
(d)
18,616,500
18,720,991
2024-1A,
6.03%
due
07/30/54
(d)
9,357,500
9,395,540
Arbys
Funding
LLC
2020-1A,
3.24%
due
07/30/50
(d)
92,678,853
90,652,689
Wingstop
Funding
LLC
2020-1A,
2.84%
due
12/05/50
(d)
25,117,500
24,393,998
2024-1A,
5.86%
due
12/05/54
(d)
20,700,000
20,873,921
2022-1A,
3.73%
due
03/05/52
(d)
1,191,000
1,139,002
Taco
Bell
Funding
LLC
2025-1A,
5.05%
due
08/25/55
(d)
24,050,000
23,679,507
2025-1A,
4.82%
due
08/25/55
(d)
19,400,000
19,164,670
Sonic
Capital
LLC
2021-1A,
2.64%
due
08/20/51
(d)
14,008,418
11,939,723
2020-1A,
3.85%
due
01/20/50
(d)
11,948,808
11,854,726
2021-1A,
2.19%
due
08/20/51
(d)
9,805,035
9,109,189
2020-1A,
4.34%
due
01/20/50
(d)
6,860,042
6,545,261
ServiceMaster
Funding
LLC
2020-1,
3.34%
due
01/30/51
(d)
27,632,177
24,601,900
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
23.4%
(continued)
WHOLE
BUSINESS
-
1.7%
(continued)
2020-1,
2.84%
due
01/30/51
(d)
9,192,007
$
8,797,117
Five
Guys
Holdings,
Inc.
2023-1A,
7.55%
due
01/26/54
(d)
25,063,325
25,506,299
Planet
Fitness
Master
Issuer
LLC
2024-1A,
6.24%
due
06/05/54
(d)
21,590,438
21,882,470
Wendy's
Funding
LLC
2025-1A,
5.42%
due
12/15/55
(d)
18,880,125
18,460,875
DB
Master
Finance
LLC
2025-1A,
5.17%
due
08/20/55
(d)
9,850,500
9,733,011
Domino's
Pizza
Master
Issuer
LLC
2017-1A,
4.12%
due
07/25/47
(d)
7,802,000
7,751,085
Total
Whole
Business
541,648,074
NET
LEASE
-
0.7%
CARS-DB4,
LP
2020-1A,
3.48%
due
02/15/50
(d)
21,685,215
21,438,984
2020-1A,
3.81%
due
02/15/50
(d)
19,761,038
18,640,239
2020-1A,
3.25%
due
02/15/50
(d)
3,348,365
3,102,793
Store
Master
Funding
I-VII
2016-1A,
3.96%
due
10/20/46
(d)
25,490,111
25,406,865
2016-1A,
4.32%
due
10/20/46
(d)
10,111,640
10,033,385
2018-1A,
4.74%
due
10/20/48
(d)
2,758,000
2,727,472
CF
Hippolyta
Issuer
LLC
2022-1A,
6.11%
due
08/15/62
(d)
19,739,556
19,673,314
2020-1,
2.28%
due
07/15/60
(d)
10,075,718
6,085,386
2020-1,
2.60%
due
07/15/60
(d)
4,312,872
2,665,729
Capital
Automotive
REIT
2024-2A,
5.25%
due
05/15/54
(d)
13,892,333
13,753,382
2024-3A,
4.55%
due
10/15/54
(d)
9,653,000
9,212,009
2024-2A,
4.90%
due
05/15/54
(d)
3,279,792
3,269,273
SVC
ABS
LLC
2023-1A,
5.15%
due
02/20/53
(d)
15,094,167
15,053,844
2026-1A,
5.16%
due
03/20/56
(d)
5,742,813
5,657,556
2023-1A,
5.55%
due
02/20/53
(d)
3,470,833
3,446,814
CMFT
Net
Lease
Master
Issuer
LLC
2021-1,
2.91%
due
07/20/51
(d)
10,050,000
9,355,458
2021-1,
3.04%
due
07/20/51
(d)
5,050,000
4,316,942
2021-1,
2.51%
due
07/20/51
(d)
3,000,000
2,785,976
2021-1,
3.44%
due
07/20/51
(d)
3,215,000
2,718,815
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
|
225
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
23.4%
(continued)
NET
LEASE
-
0.7%
(continued)
Store
Master
Funding
I-VII
XIV
XIX
XX
2021-1A,
2.96%
due
06/20/51
(d)
12,480,000
$
10,682,459
2021-1A,
3.70%
due
06/20/51
(d)
3,493,424
3,044,939
Oak
Street
Investment
Grade
Net
Lease
Fund
2020-1A,
2.26%
due
11/20/50
(d)
14,856,250
11,597,390
Tenet
Equity
Funding
LLC
2024-1A,
5.49%
due
10/20/54
(d)
10,009,354
9,905,553
Store
Master
Funding
I-VII
XIV
XIX
XX
XXIV
XXII
2024-1A,
5.69%
due
05/20/54
(d)
5,935,000
5,973,490
New
Economy
Assets
Phase
1
Sponsor
LLC
2021-1,
2.41%
due
10/20/61
(d)
10,000,000
5,971,000
CARS-DB5,
LP
2021-1A,
2.76%
due
08/15/51
(d)
6,485,875
5,613,834
Store
Master
Funding
LLC
2025-1A,
5.17%
due
10/20/55
(d)
4,831,813
4,647,970
CARS-DB7,
LP
2023-1A,
5.75%
due
09/15/53
(d)
4,248,563
4,259,336
Total
Net
Lease
241,040,207
SINGLE
FAMILY
RESIDENCE
-
0.7%
Tricon
Residential
Trust
2023-SFR2,
5.00%
due
12/17/40
(d)
31,239,000
30,713,716
2024-SFR4,
4.65%
due
11/17/41
(d)
10,775,000
10,501,615
2024-SFR3,
5.00%
due
08/17/41
(d)
10,500,000
10,320,726
2024-SFR2,
4.75%
due
06/17/40
(d)
9,961,211
9,885,817
2024-SFR3,
5.25%
due
08/17/41
(d)
9,550,000
9,406,530
2024-SFR2,
5.90%
due
06/17/40
(d)
9,215,000
9,198,693
2024-SFR2,
5.70%
due
06/17/40
(d)
7,950,000
7,988,044
2024-SFR1,
4.75%
due
04/17/41
(d)
3,600,000
3,532,134
Home
Partners
of
America
Trust
2021-2,
2.65%
due
12/17/26
(d)
46,288,395
45,668,871
2021-3,
2.80%
due
01/17/41
(d)
14,895,762
13,915,732
STAR
Trust
2025-SFR6,
5.03%
(1
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
08/17/42
◊,(d)
28,150,000
28,132,406
2025-SFR6,
5.28%
(1
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
08/17/42
◊,(d)
6,850,000
6,850,728
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
23.4%
(continued)
SINGLE
FAMILY
RESIDENCE
-
0.7%
(continued)
FirstKey
Homes
Trust
2021-SFR1,
2.19%
due
08/17/38
(d)
13,174,000
$
13,113,684
Invitation
Homes
Trust
2024-SFR1,
4.00%
due
09/17/41
(d)
13,100,000
12,572,830
Total
Single
Family
Residence
211,801,526
INSURANCE
-
0.6%
Dogwood
State
Bank
6.45%
due
06/24/32
(a)
89,300,916
88,931,478
Obra
Longevity
8.48%
due
06/30/39
(a)
67,000,000
70,519,143
CHEST
7.13%
due
03/23/43
(a)
16,235,000
16,549,097
JGWPT
XXIII
LLC
2011-1A,
4.70%
due
10/15/56
(d)
1,574,410
1,545,154
JGWPT
XXIV
LLC
2011-2A,
4.94%
due
09/15/56
(d)
1,193,923
1,170,522
321
Henderson
Receivables
VI
LLC
2010-1A,
5.56%
due
07/15/59
(d)
167,893
168,433
VICOF
2
4.00%
due
02/22/30
(a)
113,458
113,358
SPSS
5.14%
due
11/15/52
(a)
109,457
101,025
Total
Insurance
179,098,210
COLLATERALIZED
DEBT
OBLIGATIONS
-
0.4%
Anchorage
Credit
Funding
4
Ltd.
2016-4A
AR,
2.72%
due
04/27/39
(d)
111,754,127
105,780,377
Project
Indigo
6.01%
due
03/31/32
(a)
22,193,119
22,193,119
Anchorage
Credit
Funding
13
Ltd.
2021-13A
A2,
2.80%
due
07/27/39
(d)
2,700,000
2,549,158
2021-13A
C2,
3.65%
due
07/27/39
(d)
1,950,000
1,797,716
Total
Collateralized
Debt
Obligations
132,320,370
TRANSPORT-CONTAINER
-
0.3%
Textainer
Marine
Containers
VII
Ltd.
2020-1A,
2.73%
due
08/21/45
(d)
22,801,930
22,028,294
2021-3A,
1.94%
due
08/20/46
(d)
19,007,200
17,143,228
2021-2A,
2.23%
due
04/20/46
(d)
1,906,666
1,794,357
TIF
Funding
III
LLC
2024-1A,
5.48%
due
04/20/49
(d)
25,851,875
25,852,208
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
226
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
ASSET-BACKED
SECURITIES
-
23.4%
(continued)
TRANSPORT-CONTAINER
-
0.3%
(continued)
Triton
Container
Finance
IX
LLC
2025-1A,
5.43%
due
06/20/50
(d)
19,201,000
$
19,233,667
MC
Ltd.
2021-1,
2.63%
due
11/05/35
(d)
6,444,249
6,076,629
CLI
Funding
IX
LLC
2025-1A,
5.35%
due
06/20/50
(d)
4,255,458
4,258,998
CLI
Funding
VIII
LLC
2021-1A,
1.64%
due
02/18/46
(d)
1,697,336
1,568,224
Total
Transport-Container
97,955,605
UNSECURED
CONSUMER
LOANS
-
0.2%
Service
Experts
Issuer
LLC
2024-1A,
6.39%
due
11/20/35
(d)
13,903,116
14,125,722
2025-1A,
5.38%
due
01/20/37
(d)
13,159,457
13,056,771
Foundation
Finance
Trust
2024-2A,
4.93%
due
03/15/50
(d)
6,058,685
6,011,989
2025-1A,
5.55%
due
04/15/50
(d)
3,092,408
3,103,935
UPX
HIL
Issuer
Trust
2025-1,
5.16%
due
01/25/47
(d)
7,213,269
7,154,460
Stream
Innovations
Issuer
Trust
2024-2A,
5.21%
due
02/15/45
(d)
5,346,187
5,312,165
GreenSky
Home
Improvement
Issuer
Trust
2024-2,
5.26%
due
10/27/59
(d)
2,088,880
2,093,288
Total
Unsecured
Consumer
Loans
50,858,330
AUTOMOTIVE
-
0.1%
Avis
Budget
Rental
Car
Funding
AESOP
LLC
2023-8A,
6.66%
due
02/20/30
(d)
15,350,000
15,869,771
2023-8A,
6.02%
due
02/20/30
(d)
11,000,000
11,317,611
2024-3A,
5.58%
due
12/20/30
(d)
8,250,000
8,332,243
2025-2A,
5.51%
due
08/20/31
(d)
4,950,000
4,991,675
Total
Automotive
40,511,300
Total
Asset-Backed
Securities
(Cost
$7,644,018,588)
7,574,421,668
U.S.
GOVERNMENT
SECURITIES
-
17.8%
U.S.
Treasury
Bonds
4.38%
due
11/15/39
(h)
481,310,000
467,472,338
due
05/15/51
(i),(j)
1,576,540,000
448,684,498
1.75%
due
08/15/41
(h)
665,895,000
446,305,723
1.88%
due
02/15/41
637,960,000
442,634,587
2.00%
due
11/15/41
585,030,000
405,156,126
due
05/15/44
(i),(j)
388,845,000
159,490,769
due
02/15/46
(i),(j)
279,120,000
103,973,350
due
02/15/51
(i),(j)
235,000,000
67,687,118
due
11/15/44
(i),(j)
72,605,000
28,934,203
A
A
A
FACE
AMOUNT
~
VALUE
U.S.
GOVERNMENT
SECURITIES
-
17.8%
(continued)
4.75%
due
08/15/55
2,210,000
$
2,144,304
U.S.
Treasury
Inflation
Indexed
Bonds
1.25%
due
04/15/31
(s)
954,605,091
924,837,574
1.88%
due
07/15/35
(h),(s)
536,560,243
524,656,487
2.13%
due
01/15/35
(s)
316,841,086
316,094,108
1.88%
due
01/15/36
(s)
172,020,984
167,057,385
2.38%
due
02/15/55
(s)
121,388,657
111,664,817
1.38%
due
07/15/33
(s)
30,669,385
29,418,121
U.S.
Treasury
Notes
4.00%
due
11/15/35
(h)
547,800,000
529,910,906
4.38%
due
05/15/36
423,350,000
421,100,953
4.25%
due
08/15/35
145,000,000
143,153,515
3.63%
due
08/31/29
13,830,000
13,608,504
3.63%
due
03/31/28
6,311,000
6,253,314
4.00%
due
05/31/30
1,997,400
1,983,902
4.13%
due
03/31/31
600,000
597,750
Total
U.S.
Government
Securities
(Cost
$6,018,204,565)
5,762,820,352
SENIOR
FLOATING
RATE
INTERESTS
-
5.1%
CONSUMER,
CYCLICAL
-
1.5%
Allwyn
Entertainment
Financing
US
LLC
6.18%
(3
Month
Term
SOFR
+
2.50%)
due
01/18/33
◊
22,445,000
22,136,381
5.67%
(3
Month
Term
SOFR
+
2.00%)
due
06/02/31
◊
18,913,794
18,476,507
Peer
Holding
III
BV
6.23%
(3
Month
Term
SOFR
+
2.50%)
due
07/01/31
◊
18,705,150
18,728,531
5.98%
(3
Month
Term
SOFR
+
2.25%)
due
10/14/32
◊
6,733,125
6,731,711
5.04%
(3
Month
EURIBOR
+
2.75%)
due
11/26/31
◊
EUR
4,300,000
4,920,414
5.04%
(3
Month
EURIBOR
+
2.75%)
due
07/01/31
◊
EUR
2,000,000
2,287,856
5.04%
(3
Month
EURIBOR
+
2.75%)
due
09/29/32
◊
EUR
1,800,000
2,058,700
AS
Mileage
Plan
IP
Ltd.
5.64%
(3
Month
Term
SOFR
+
2.00%)
due
05/12/33
◊
17,400,000
17,323,962
5.43%
(3
Month
Term
SOFR
+
1.75%)
due
10/15/31
◊
11,229,000
11,183,410
Hunter
Douglas,
Inc.
6.73%
(3
Month
Term
SOFR
+
3.00%)
due
01/17/32
◊
14,174,150
14,144,668
5.29%
(3
Month
EURIBOR
+
3.00%)
due
01/17/32
◊
EUR
12,000,000
13,784,308
MB2
Dental
Solutions
LLC
9.14%
(1
Month
Term
SOFR
+
5.50%,
Rate
Floor:
0.75%)
due
02/13/31
◊,(a)
23,495,988
23,276,372
9.14%
(1
Month
Term
SOFR
+
5.50%,
Rate
Floor:
1.00%)
due
02/13/31
◊,(a)
2,820,248
2,793,887
9.14%
(3
Month
Term
SOFR
+
0.50%,
Rate
Floor:
1.00%)
due
02/13/31
◊,(a)
54,787
50,270
Scientific
Games
Holdings,
LP
5.85%
(3
Month
EURIBOR
+
3.75%)
due
04/04/29
◊
EUR
22,415,000
25,247,793
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
|
227
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
5.1%
(continued)
CONSUMER,
CYCLICAL
-
1.5%
(continued)
Betclic
Everest
Group
SAS
4.73%
(3
Month
EURIBOR
+
2.50%)
due
12/10/31
◊
EUR
18,200,000
$
20,816,997
6.48%
(3
Month
Term
SOFR
+
2.75%)
due
12/10/31
◊
822,938
823,193
Clarios
Global,
LP
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
01/28/32
◊
11,691,250
11,691,250
4.76%
(1
Month
EURIBOR
+
2.75%)
due
01/28/32
◊
EUR
7,200,870
8,243,859
ABG
Intermediate
Holdings
2
LLC
5.89%
(1
Month
Term
SOFR
+
2.25%)
due
02/13/32
◊
19,553,737
19,525,189
1011778
BC
ULC
5.39%
(1
Month
Term
SOFR
+
1.75%)
due
09/20/30
◊
18,616,739
18,578,016
Life
Time,
Inc.
5.61%
(1
Month
Term
SOFR
+
2.00%)
due
11/05/31
◊
17,790,563
17,795,010
United
Airlines,
Inc.
5.40%
(1
Month
Term
SOFR
+
1.75%)
due
02/22/31
◊
17,055,165
16,996,495
Recess
Holdings,
Inc.
7.42%
(3
Month
Term
SOFR
+
3.75%,
Rate
Floor:
1.00%)
due
02/20/30
◊
16,909,633
16,878,857
QXO
Building
Products,
Inc.
due
06/03/33
(q)
16,200,000
16,154,964
FR
Refuel
LLC
8.51%
(1
Month
Term
SOFR
+
4.75%,
Rate
Floor:
1.75%)
due
11/08/28
◊
14,373,974
14,239,290
Pacific
Bells
LLC
7.23%
(3
Month
Term
SOFR
+
3.50%,
Rate
Floor:
0.50%)
due
11/13/28
◊
14,134,381
14,154,311
Grant
Thornton
Advisors
Holding
LLC
5.43%
(1
Month
EURIBOR
+
3.25%)
due
09/23/32
◊
EUR
12,075,000
13,695,117
Scientific
Games
Corp.
6.67%
(3
Month
Term
SOFR
+
3.00%,
Rate
Floor:
0.50%)
due
04/04/29
◊
12,891,718
12,698,342
Live
Nation
Entertainment,
Inc.
5.64%
(1
Month
Term
SOFR
+
2.00%)
due
10/21/32
◊
11,840,500
11,825,699
PCI
Gaming
Authority,
Inc.
5.64%
(1
Month
Term
SOFR
+
2.00%)
due
07/18/31
◊
11,139,955
11,130,263
Entain
Holdings
(Gibraltar)
Ltd.
5.79%
(3
Month
EURIBOR
+
3.50%)
due
06/30/28
◊
EUR
4,716,996
5,431,419
5.98%
(3
Month
Term
SOFR
+
2.25%)
due
07/31/32
◊
4,838,438
4,830,357
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
5.1%
(continued)
CONSUMER,
CYCLICAL
-
1.5%
(continued)
Casper
Bidco
Sasu
5.43%
(1
Month
EURIBOR
+
3.25%)
due
03/21/31
◊
EUR
8,600,000
$
9,863,623
PetSmart
LLC
7.65%
(1
Month
Term
SOFR
+
4.00%)
due
08/18/32
◊
8,648,325
8,630,337
Air
Canada
5.41%
(1
Month
Term
SOFR
+
1.75%)
due
03/21/31
◊
7,531,816
7,503,572
Wyndham
Hotels
&
Resorts,
Inc.
5.39%
(1
Month
Term
SOFR
+
1.75%)
due
05/24/30
◊
7,467,600
7,468,347
Allwyn
Entertainment
Financing
UK
Plc
5.18%
(1
Month
EURIBOR
+
3.00%)
due
03/26/32
◊
EUR
5,000,000
5,699,133
Caesars
Entertainment,
Inc.
5.89%
(1
Month
Term
SOFR
+
2.25%,
Rate
Floor:
0.50%)
due
02/06/30
◊
4,641,916
4,478,010
SeaWorld
Parks
&
Entertainment,
Inc.
5.64%
(1
Month
Term
SOFR
+
2.00%,
Rate
Floor:
0.50%)
due
12/04/31
◊
4,421,250
4,384,421
Alterra
Mountain
Co.
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
05/31/30
◊
3,399,313
3,392,242
Dealer
Tire
Financial
LLC
6.64%
(1
Month
Term
SOFR
+
3.00%)
due
07/02/31
◊
2,411,637
2,387,521
Station
Casinos
LLC
5.64%
(1
Month
Term
SOFR
+
2.00%)
due
03/14/31
◊
2,150,500
2,148,930
Total
Consumer,
Cyclical
474,609,534
FINANCIAL
-
1.2%
Higginbotham
Insurance
Agency,
Inc.
8.14%
(1
Month
Term
SOFR
+
4.50%,
Rate
Floor:
1.00%)
due
06/11/31
◊,(a)
54,753,856
54,391,385
Citadel
Securities
Global
Holdings
LLC
5.66%
(3
Month
Term
SOFR
+
2.00%)
due
10/31/31
◊
42,141,992
42,039,587
due
06/10/33
(q)
10,410,000
10,384,704
Jane
Street
Group
LLC
5.67%
(3
Month
Term
SOFR
+
2.00%)
due
12/15/31
◊
44,861,237
44,416,214
Hightower
Holding
LLC
6.41%
(3
Month
Term
SOFR
+
2.75%)
due
02/03/32
◊
29,515,057
29,261,522
due
06/10/33
(q)
3,100,000
3,073,371
Asurion
LLC
7.91%
(3
Month
Term
SOFR
+
4.25%)
due
09/19/30
◊
23,658,600
23,351,038
7.41%
(3
Month
Term
SOFR
+
3.75%)
due
02/23/33
◊
8,428,875
7,954,751
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
228
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
5.1%
(continued)
FINANCIAL
-
1.2%
(continued)
Kroll,
Inc.
6.73%
(3
Month
Term
SOFR
+
3.00%)
(in-kind
rate
was
2.75%)
due
09/13/32
◊,(a),(t)
29,545,808
$
29,443,530
8.89%
(1
Month
Term
SOFR
+
5.25%,
Rate
Floor:
0.50%)
due
09/13/32
◊,(a)
532,750
532,750
Eagle
Point
Holdings
Borrower
LLC
7.44%
(3
Month
Term
SOFR
+
3.75%,
Rate
Floor:
1.00%)
due
03/31/28
◊,(a)
19,921,530
19,921,530
7.49%
(3
Month
Term
SOFR
+
3.75%,
Rate
Floor:
1.00%)
due
03/31/28
◊,(a)
5,043,838
5,043,838
CPI
Holdco
B
LLC
5.64%
(1
Month
Term
SOFR
+
2.00%)
due
05/17/31
◊
20,730,379
20,637,507
Cliffwater
LLC
8.14%
(1
Month
Term
SOFR
+
4.50%,
Rate
Floor:
0.75%)
due
04/22/32
◊,(a)
19,377,787
18,732,506
Galaxy
Bidco
Ltd.
6.24%
(6
Month
EURIBOR
+
3.75%)
due
12/19/29
◊
EUR
13,250,000
15,258,019
Focus
Financial
Partners
LLC
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
09/15/31
◊
15,646,069
15,247,094
Saphilux
SARL
6.73%
(6
Month
Term
SOFR
+
3.00%,
Rate
Floor:
0.50%)
due
07/18/28
◊
13,416,161
13,455,336
PHM
Group
Holding
Oy
5.58%
(3
Month
EURIBOR
+
3.50%)
due
04/22/32
◊
EUR
9,100,000
10,342,167
Vacation
Rental
Brands
Holdings
8.98%
(3
Month
Term
SOFR
+
5.25%,
Rate
Floor:
1.00%)
due
05/06/32
◊,(a)
9,972,459
9,883,477
Orion
Us
Finco,
Inc.
7.17%
(3
Month
Term
SOFR
+
3.50%)
due
10/08/32
◊
9,825,375
9,823,213
Amwins
Group,
Inc.
5.73%
(3
Month
Term
SOFR
+
2.00%,
Rate
Floor:
0.75%)
due
01/30/32
◊
7,190,500
7,024,759
Virtu
Financial
6.14%
(1
Month
Term
SOFR
+
2.50%,
Rate
Floor:
0.50%)
due
06/21/31
◊
2,643,300
2,641,978
Aretec
Group,
Inc.
6.64%
(1
Month
Term
SOFR
+
3.00%)
due
08/09/30
◊
1,766,125
1,761,109
Blitz
26-281
SE
due
05/27/33
(q)
EUR
1,475,000
1,694,675
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
5.1%
(continued)
FINANCIAL
-
1.2%
(continued)
Ardonagh
Midco
3
Ltd.
6.73%
(3
Month
Term
SOFR
+
3.00%)
due
02/15/31
◊
1,382,587
$
1,335,068
Total
Financial
397,651,128
CONSUMER,
NON-CYCLICAL
-
0.6%
Nidda
Healthcare
Holding
GmbH
5.45%
(3
Month
EURIBOR
+
3.25%)
due
12/09/32
◊
EUR
26,391,306
30,160,811
7.98%
(1
Month
SONIA
+
4.25%)
due
12/09/32
◊
GBP
1,500,000
1,989,300
Prime
Security
Services
Borrower
LLC
5.37%
(1
Month
Term
SOFR
+
1.75%)
due
03/07/32
◊
20,422,069
20,093,070
5.62%
(1
Month
Term
SOFR
+
2.00%)
due
10/13/30
◊
4,413,254
4,381,258
Froneri
US,
Inc.
5.88%
(6
Month
Term
SOFR
+
2.25%)
due
09/30/31
◊
23,418,563
23,236,132
WEX,
Inc.
5.39%
(1
Month
Term
SOFR
+
1.75%)
due
03/05/32
◊
17,281,250
17,208,323
Red
Spv
LLC
5.90%
(1
Month
Term
SOFR
+
2.25%)
due
03/15/32
◊
17,028,000
17,020,848
Grifols
International
Services
USA,
Inc.
6.19%
(6
Month
Term
SOFR
+
2.50%,
Rate
Floor:
1.00%)
due
04/14/33
◊
14,844,232
14,873,920
Women's
Care
Holdings,
Inc.
8.26%
(3
Month
Term
SOFR
+
4.50%,
Rate
Floor:
1.75%)
due
01/15/28
◊
15,273,585
14,739,009
Compleat
Food
Group
Holdings
Ltd.
9.23%
(3
Month
SONIA
+
5.50%)
due
01/31/28
◊
GBP
10,000,000
13,173,542
Blue
Ribbon
LLC
4.91%
(3
Month
Term
SOFR
+
1.00%,
Rate
Floor:
0.75%)
(in-kind
rate
was
6.00%)
due
05/08/28
◊,(t)
11,998,195
6,176,791
7.65%
(3
Month
Term
SOFR
+
4.00%,
Rate
Floor:
0.75%)
(in-kind
rate
was
4.00%)
due
05/08/28
◊,(a),(t)
4,771,147
4,437,167
Hanger,
Inc.
7.14%
(1
Month
Term
SOFR
+
3.50%)
due
10/23/31
◊
9,526,560
9,553,805
Grant
Thornton
Advisors
Holding
LLC
6.39%
(1
Month
Term
SOFR
+
2.75%)
due
06/02/31
◊
9,746,059
9,257,782
Reynolds
Consumer
Products
LLC
5.39%
(1
Month
Term
SOFR
+
1.75%)
due
03/04/32
◊
7,937,567
7,957,411
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
|
229
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
5.1%
(continued)
CONSUMER,
NON-CYCLICAL
-
0.6%
(continued)
Weight
Watchers
International
Holdings
Ltd.
10.53%
(3
Month
Term
SOFR
+
6.80%,
Rate
Floor:
0.50%)
due
06/24/30
◊
3,526,066
$
2,628,012
Upbound
Group,
Inc.
6.43%
(3
Month
Term
SOFR
+
2.75%,
Rate
Floor:
0.50%)
due
08/13/32
◊
451,528
451,717
Total
Consumer,
Non-cyclical
197,338,898
INDUSTRIAL
-
0.5%
Quikrete
Holdings,
Inc.
5.89%
(1
Month
Term
SOFR
+
2.25%)
due
04/14/31
◊
11,662,459
11,647,881
5.89%
(1
Month
Term
SOFR
+
2.25%)
due
02/10/32
◊
8,240,688
8,230,387
5.89%
(1
Month
Term
SOFR
+
2.25%)
due
03/19/29
◊
6,464,523
6,465,104
EMRLD
Borrower,
LP
5.92%
(3
Month
Term
SOFR
+
2.25%)
due
05/31/30
◊
18,059,778
18,035,578
5.89%
(1
Month
Term
SOFR
+
2.25%)
due
08/04/31
◊
7,683,983
7,673,303
Capstone
Acquisition
Holdings,
Inc.
8.24%
(1
Month
Term
SOFR
+
4.50%,
Rate
Floor:
1.00%)
due
11/13/29
◊,(a)
21,760,188
21,678,942
TransDigm,
Inc.
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
02/13/33
◊
12,892,688
12,890,625
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
01/19/32
◊
4,777,250
4,777,489
Genesee
&
Wyoming,
Inc.
5.48%
(3
Month
Term
SOFR
+
1.75%)
due
04/10/31
◊
14,934,000
14,863,064
SBA
Senior
Finance
II
LLC
5.40%
(1
Month
Term
SOFR
+
1.75%)
due
01/25/31
◊
13,262,563
13,270,918
Brown
Group
Holding
LLC
6.14%
(1
Month
Term
SOFR
+
2.50%,
Rate
Floor:
1.50%)
due
07/01/31
◊
4,883,594
4,893,752
6.14%
(3
Month
Term
SOFR
+
2.50%,
Rate
Floor:
0.50%)
due
07/01/31
◊
4,400,305
4,408,709
Aman
OBH1L
Mortgage
0.50%
(1
MonthTerm
SOFR
+
0.50%,
Rate
Floor:
2.75%)
due
03/18/30
◊,(a)
9,389,286
9,301,005
Dynasty
Acquisition
Co.,
Inc.
5.64%
(1
Month
Term
SOFR
+
2.00%)
due
10/31/31
◊
7,811,050
7,826,437
Savage
Enterprises
LLC
5.62%
(1
Month
Term
SOFR
+
2.00%)
due
08/05/32
◊
7,152,558
7,144,905
Belden,
Inc.
due
06/10/33
(q)
5,275,000
5,275,000
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
5.1%
(continued)
INDUSTRIAL
-
0.5%
(continued)
MX
Holdings
US,
Inc.
5.64%
(1
Month
Term
SOFR
+
2.00%)
due
03/17/32
◊
2,791,906
$
2,790,175
Merlin
Buyer,
Inc.
7.73%
(3
Month
Term
SOFR
+
4.00%)
due
04/15/33
◊
2,450,000
2,453,062
Frontdoor,
Inc.
5.89%
(1
Month
Term
SOFR
+
2.25%)
due
12/19/31
◊
2,068,500
2,068,500
Hillman
Group,
Inc.
5.65%
(1
Month
Term
SOFR
+
2.00%,
Rate
Floor:
1.50%)
due
07/14/28
◊
1,509,657
1,506,940
Graftech
Finance,
Inc.
9.67%
(3
Month
Term
SOFR
+
6.00%,
Rate
Floor:
2.00%)
due
12/21/29
◊
979,768
935,923
Energizer
Holdings,
Inc.
5.64%
(1
Month
Term
SOFR
+
2.00%)
due
03/19/32
◊
491,274
489,279
API
Heat
Transfer
Thermasys
Corp.
10.49%
(3
Month
Term
SOFR
+
6.50%)
due
11/28/29
◊,(a)
31,998
31,998
Total
Industrial
168,658,976
ENERGY
-
0.4%
Colossus
Acquireco
LLC
5.37%
(3
Month
Term
SOFR
+
1.75%)
due
07/30/32
◊
37,796,284
37,528,687
5.37%
(3
Month
Term
SOFR
+
1.75%)
due
07/30/32
◊
9,025,000
8,961,103
Transmontaigne
Operating
Co.,
LP
5.89%
(1
Month
Term
SOFR
+
2.25%,
Rate
Floor:
1.50%)
due
03/16/30
◊
20,160,320
20,151,853
ITT
Holdings
LLC
5.62%
(1
Month
Term
SOFR
+
1.98%,
Rate
Floor:
0.50%)
due
10/11/30
◊
15,549,972
15,519,494
Liquid
Tech
Solutions
Holdings
LLC
7.23%
(3
Month
Term
SOFR
+
3.50%)
due
10/12/32
◊
11,378,958
11,272,565
Bip
PipeCo
Holdings
LLC
5.68%
(3
Month
Term
SOFR
+
2.00%)
due
12/06/30
◊
6,742,533
6,727,767
Al
GCX
Holdings
LLC
5.86%
(1
Month
Term
SOFR
+
2.25%,
Rate
Floor:
0.50%)
due
12/17/32
◊
5,386,500
5,384,561
WhiteWater
DBR
HoldCo
LLC
6.00%
(3
Month
Term
SOFR
+
2.25%)
due
03/03/31
◊
4,519,672
4,533,231
Calcasieu
Pass
Funding
LLC
6.95%
(6
Month
Term
SOFR
+
3.25%)
due
04/11/33
◊
3,625,000
3,631,561
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
230
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
5.1%
(continued)
ENERGY
-
0.4%
(continued)
TerraForm
Power
Operating
LLC
5.73%
(3
Month
Term
SOFR
+
2.00%,
Rate
Floor:
0.50%)
due
05/21/29
◊
1,083,923
$
1,082,113
Total
Energy
114,792,935
TECHNOLOGY
-
0.3%
Cegid
Group
4.90%
(3
Month
EURIBOR
+
2.75%)
due
01/31/30
◊
EUR
18,950,000
21,087,032
4.90%
(3
Month
EURIBOR
+
2.75%)
due
07/10/28
◊
EUR
4,500,000
5,040,173
4.90%
(3
Month
EURIBOR
+
2.75%)
due
07/10/28
◊
EUR
3,150,000
3,529,885
Visma
AS
5.82%
(6
Month
EURIBOR
+
3.70%)
due
12/05/28
◊,(a)
EUR
23,750,000
26,863,031
Kaseya,
Inc.
6.91%
(3
Month
Term
SOFR
+
3.25%)
due
03/22/32
◊
29,420,722
22,637,480
Datix
Bidco
Ltd.
8.73%
(6
Month
SONIA
+
5.00%)
due
04/30/31
◊,(a)
GBP
10,570,675
13,940,463
8.73%
(6
Month
Term
SOFR
+
5.00%,
Rate
Floor:
0.50%)
due
04/30/31
◊,(a)
2,613,869
2,599,258
Ascend
Learning
LLC
6.64%
(1
Month
Term
SOFR
+
3.00%,
Rate
Floor:
0.50%)
due
12/11/28
◊
3,771,357
3,672,887
OAK-Eagle
Acquireco,
Inc.
due
03/24/33
(q)
2,350,000
2,355,053
Waystar
Technologies,
Inc.
5.64%
(1
Month
Term
SOFR
+
2.00%)
due
10/22/29
◊
1,002,006
998,249
CCC
Intelligent
Solutions,
Inc.
5.64%
(1
Month
Term
SOFR
+
2.00%,
Rate
Floor:
0.50%)
due
01/23/32
◊
344,953
339,606
Total
Technology
103,063,117
COMMUNICATIONS
-
0.3%
Total
Webhosting
Solutions
BV
6.18%
(1
Month
EURIBOR
+
4.00%)
due
11/04/31
◊
EUR
21,200,000
22,434,701
Speedster
Bidco
GmbH
5.50%
(6
Month
EURIBOR
+
3.00%)
due
12/11/31
◊
EUR
10,200,000
11,333,029
6.48%
(3
Month
Term
SOFR
+
2.75%,
Rate
Floor:
0.50%)
due
12/11/31
◊
9,845,997
9,751,672
Tripadvisor,
Inc.
6.39%
(1
Month
Term
SOFR
+
2.75%)
due
07/08/31
◊
19,664,652
18,763,421
Discovery
Global
Holdings,
Inc.
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
06/20/33
◊
16,305,288
16,303,821
A
A
A
FACE
AMOUNT
~
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
5.1%
(continued)
COMMUNICATIONS
-
0.3%
(continued)
Salsa
Bidco
GmbH
6.35%
(6
Month
EURIBOR
+
3.75%)
due
11/18/32
◊,(a)
EUR
6,000,000
$
6,776,082
Level
3
Financing,
Inc.
6.39%
(1
Month
Term
SOFR
+
2.75%)
due
03/29/32
◊
5,680,000
5,678,239
Go
Daddy
Operating
Co.
LLC
5.39%
(1
Month
Term
SOFR
+
1.75%)
due
05/30/31
◊
4,184,600
4,078,688
Sunrise
Financing
Partnership
6.10%
(6
Month
Term
SOFR
+
2.47%)
due
02/15/32
◊
3,200,000
3,153,728
Zephyr
Bidco
Ltd.
8.48%
(1
Month
SONIA
+
4.75%)
due
07/20/28
◊
GBP
2,400,000
3,085,420
Zayo
Group
Holdings,
Inc.
6.76%
(1
Month
Term
SOFR
+
3.00%)
(in-kind
rate
was
0.50%)
due
03/11/30
◊,(t)
624,607
624,332
Xplore,
Inc.
5.26%
(1
Month
Term
SOFR
+
1.50%)
(in-kind
rate
was
3.50%)
due
10/23/29
◊,(t)
418,999
390,717
Total
Communications
102,373,850
INFRASTRUCTURE
-
0.2%
QTS
Good
News
Facility
6.37%
(SOFR
+
3.00%)
due
10/09/28
◊,(a)
49,925,000
49,871,664
BASIC
MATERIALS
-
0.1%
SCIL
US
Holdings
LLC
7.65%
(3
Month
Term
SOFR
+
4.00%)
due
11/08/32
◊
9,950,000
9,912,687
6.20%
(3
Month
EURIBOR
+
4.00%)
due
11/08/32
◊
EUR
7,425,000
8,451,251
Novelis
Holdings,
Inc.
5.48%
(3
Month
Term
SOFR
+
1.75%)
due
03/11/32
◊
8,295,000
8,272,189
Arsenal
AIC
Parent
LLC
6.39%
(1
Month
Term
SOFR
+
2.75%)
due
08/18/30
◊
5,020,591
5,033,143
Minerals
Technologies,
Inc.
5.64%
(1
Month
Term
SOFR
+
2.00%)
due
11/26/31
◊
985,000
985,000
Total
Basic
Materials
32,654,270
UTILITIES
-
0.0%
AL
GCX
Fund
VIII
Holdings
LLC
5.61%
(1
Month
Term
SOFR
+
2.00%)
due
01/30/32
◊
2,018,613
2,016,090
Total
Senior
Floating
Rate
Interests
(Cost
$1,654,096,322)
1,643,030,462
FEDERAL
AGENCY
BONDS
-
0.9%
Tennessee
Valley
Authority
4.25%
due
09/15/65
139,137,000
113,703,174
5.25%
due
02/01/55
89,098,000
87,898,830
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
|
231
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
FEDERAL
AGENCY
BONDS
-
0.9%
(continued)
4.63%
due
09/15/60
44,873,000
$
39,711,169
5.38%
due
04/01/56
9,283,000
9,313,736
due
09/15/53
(j),(k)
1,612,000
367,214
due
09/15/55
(j),(k)
1,612,000
328,440
due
09/15/56
(j),(k)
1,612,000
309,204
due
03/15/57
(j),(k)
1,612,000
300,867
due
09/15/57
(j),(k)
1,612,000
292,755
due
09/15/58
(j),(k)
1,612,000
276,313
due
03/15/59
(j),(k)
1,612,000
268,849
due
09/15/59
(j),(k)
1,612,000
261,589
due
09/15/60
(j),(k)
1,612,000
247,648
due
09/15/54
(j),(k)
1,020,000
220,059
due
03/15/61
(j),(k)
1,020,000
152,468
due
09/15/61
(j),(k)
1,020,000
148,350
due
09/15/62
(j),(k)
1,020,000
140,444
due
03/15/63
(j),(k)
1,020,000
136,650
due
09/15/63
(j),(k)
1,020,000
132,479
due
09/15/64
(j),(k)
1,020,000
125,407
due
03/15/65
(j),(k)
1,020,000
121,555
due
09/15/65
(j),(k)
1,020,000
118,260
Tennessee
Valley
Authority
Principal
Strips
due
01/15/48
(i),(j)
38,804,000
12,310,103
due
12/15/42
(i),(j)
23,785,000
10,199,841
due
01/15/38
(i),(j)
15,800,000
8,986,092
due
09/15/39
(i),(j)
8,655,000
4,484,822
due
04/01/56
(i),(j)
11,415,000
2,251,278
due
09/15/65
(i),(j)
3,500,000
408,902
Federal
Farm
Credit
Bank
3.11%
due
08/05/48
1,500,000
1,093,857
2.58%
due
03/15/41
350,000
260,168
2.69%
due
11/29/41
350,000
258,900
2.40%
due
09/16/41
350,000
249,614
1.99%
due
07/30/40
300,000
207,090
2.60%
due
09/06/39
250,000
192,601
2.90%
due
12/09/41
220,000
167,157
2.59%
due
12/30/41
180,000
131,145
2.74%
due
11/01/39
144,000
112,496
2.84%
due
06/01/46
140,000
96,046
2.59%
due
08/24/46
140,000
91,496
3.67%
due
02/26/44
70,000
58,495
Federal
Home
Loan
Bank
2.15%
due
02/25/41
350,000
244,238
2.45%
due
08/16/41
270,000
194,618
3.63%
due
06/22/43
100,000
83,862
Freddie
Mac
2.25%
due
09/15/50
360,000
204,358
Total
Federal
Agency
Bonds
(Cost
$404,641,537)
296,862,639
FOREIGN
GOVERNMENT
DEBT
-
0.9%
Australia
Government
Bond
4.25%
due
03/21/36
AUD
303,910,000
202,589,252
Eagle
Funding
Luxco
SARL
5.50%
due
08/17/30
(d)
35,650,000
35,794,383
Israel
Government
International
Bond
5.38%
due
03/12/29
9,800,000
9,896,056
5.63%
due
02/19/35
8,750,000
8,934,655
5.38%
due
02/19/30
5,250,000
5,314,339
A
A
A
FACE
AMOUNT
~
VALUE
FOREIGN
GOVERNMENT
DEBT
-
0.9%
(continued)
Saudi
Government
International
Bond
5.63%
due
01/13/35
(d)
13,900,000
$
14,382,163
Total
Foreign
Government
Debt
(Cost
$275,327,867)
276,910,848
MUNICIPAL
BONDS
-
0.2%
CALIFORNIA
-
0.1%
California
Public
Finance
Authority
Revenue
Bonds
5.40%
due
11/15/31
9,978,000
10,139,546
3.07%
due
10/15/40
8,000,000
6,622,871
California
Statewide
Communities
Development
Authority
Revenue
Bonds
7.14%
due
08/15/47
10,150,000
10,630,378
Hillsborough
City
School
District
General
Obligation
Unlimited
due
09/01/37
(j)
1,000,000
562,140
due
09/01/39
(j)
1,000,000
497,500
Oakland
Redevelopment
Agency
Successor
Agency
Tax
Allocation
4.00%
due
09/01/39
1,100,000
981,155
Total
California
29,433,590
ILLINOIS
-
0.1%
State
of
Illinois
General
Obligation
Unlimited
5.65%
due
12/01/38
4,225,000
4,350,330
6.63%
due
02/01/35
1,260,000
1,321,549
City
of
Chicago
Illinois
General
Obligation
Unlimited
6.31%
due
01/01/44
4,500,000
4,583,272
Total
Illinois
10,255,151
TEXAS
-
0.0%
Central
Texas
Turnpike
System
Revenue
Bonds
3.03%
due
08/15/41
3,150,000
2,447,925
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
Bonds
3.42%
due
09/01/50
2,500,000
1,803,678
Total
Texas
4,251,603
WASHINGTON
-
0.0%
Central
Washington
University
Revenue
Bonds
6.95%
due
05/01/40
1,750,000
1,893,145
OKLAHOMA
-
0.0%
Tulsa
Airports
Improvement
Trust
Revenue
Bonds
3.10%
due
06/01/45
1,000,000
754,112
Oklahoma
Development
Finance
Authority
Revenue
Bonds
4.65%
due
08/15/30
450,000
442,614
Total
Oklahoma
1,196,726
Total
Municipal
Bonds
(Cost
$50,885,161)
47,030,215
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
232
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
FACE
AMOUNT
~
VALUE
U.S.
TREASURY
BILLS
-
0.0%
U.S.
Treasury
Bills
3.68%
due
11/12/26
(u)
11,500,000
$
11,339,222
Total
U.S.
Treasury
Bills
(Cost
$11,345,472)
11,339,222
CONTRACTS/
NOTIONAL
VALUE
LISTED
OPTIONS
PURCHASED
-
0.0%
Call
Options
on
:
Interest
Rate
Options
3-Month
SOFR
Futures
Contracts
Expiring
March
2027
with
strike
price
of
$97.50
(Notional
Value
$3,203,248,400)
13,358
1,335,800
3-Month
SOFR
Futures
Contracts
Expiring
September
2026
with
strike
price
of
$97.50
(Notional
Value
$4,491,493,325)
18,698
233,725
Total
Listed
Options
Purchased
(Cost
$14,471,529)
1,569,525
OTC
INTEREST
RATE
SWAPTIONS
PURCHASED
(v)
-
0.0%
Call
Swaptions
on
:
Interest
Rate
Swaptions
Morgan
Stanley
Capital
Services
LLC
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.38%
480,584,000
580,840
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.38%
266,989,000
322,687
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.25%
266,992,000
242,735
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.25%
266,990,000
242,733
Citibank,
N.A.
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.43%
429,611,000
208,865
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.38%
160,196,000
190,623
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.38%
160,194,000
190,620
JPMorgan
Chase
Bank,
N.A.
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.43%
321,081,000
149,748
Barclays
Bank
plc
9-Month/5-
Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.35%
217,133,000
145,441
A
A
A
CONTRACTS/
NOTIONAL
VALUE
VALUE
OTC
INTEREST
RATE
SWAPTIONS
PURCHASED
(v)
-
0.0%
(continued)
Call
Swaptions
on:
(continued)
Interest
Rate
Swaptions
(continued)
BNP
Paribas
9-Month/5-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.35%
217,132,000
$
145,440
Morgan
Stanley
Capital
Services
LLC
9-Month/5-
Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.35%
217,131,000
145,440
The
Toronto-Dominion
Bank
9-Month/5-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.35%
217,132,000
145,440
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.43%
209,892,000
102,044
BNP
Paribas
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.30%
321,327,000
101,247
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.43%
160,157,000
74,695
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.30%
159,877,000
50,376
Total
OTC
Interest
Rate
Swaptions
Purchased
(Cost
$23,591,725)
3,038,974
Total
Investments
-
110.1%
(Cost
$36,684,695,992)
$
35,586,199,746
LISTED
OPTIONS
WRITTEN
-
(0.0)%
Call
Options
on
:
Interest
Rate
Options
3-Month
SOFR
Futures
Contracts
Expiring
September
2026
with
strike
price
of
$98.00
(Notional
Value
$4,491,493,325)
18,698
(233,725)
3-Month
SOFR
Futures
Contracts
Expiring
March
2027
with
strike
price
of
$98.00
(Notional
Value
$3,203,248,400)
13,358
(918,362)
Total
Listed
Options
Written
(Premium
received
$7,226,376)
(1,152,087)
OTC
INTEREST
RATE
SWAPTIONS
WRITTEN
(v)
-
(0.1)%
Call
Swaptions
on
:
Interest
Rate
Swaptions
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.64%
190,220,625
(1,296)
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
|
233
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
CONTRACTS/
NOTIONAL
VALUE
VALUE
OTC
INTEREST
RATE
SWAPTIONS
WRITTEN
(v)
-
(0.1)%
(continued)
Call
Swaptions
on:
(continued)
Interest
Rate
Swaptions
(continued)
Morgan
Stanley
Capital
Services
LLC
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.64%
190,220,625
$
(1,296)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.71%
135,871,875
(1,887)
Barclays
Bank
plc
1-Year/2-
Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.71%
135,871,875
(1,888)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.69%
217,395,000
(1,889)
The
Toronto-Dominion
Bank
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
2.69%
217,395,000
(1,889)
Barclays
Bank
plc
9-Month/5-
Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
2.85%
217,133,000
(20,581)
BNP
Paribas
9-Month/5-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
2.85%
217,132,000
(20,581)
Morgan
Stanley
Capital
Services
LLC
9-Month/5-
Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
2.85%
217,131,000
(20,581)
The
Toronto-Dominion
Bank
9-Month/5-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
2.85%
217,132,000
(20,581)
Total
Interest
Rate
Swaptions
(92,469)
Put
Swaptions
on
:
Interest
Rate
Swaptions
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
160,157,000
(627,064)
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
159,877,000
(628,556)
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
160,194,000
(828,188)
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
160,196,000
(828,198)
A
A
A
CONTRACTS/
NOTIONAL
VALUE
VALUE
OTC
INTEREST
RATE
SWAPTIONS
WRITTEN
(v)
-
(0.1)%
(continued)
Put
Swaptions
on:
(continued)
Interest
Rate
Swaptions
(continued)
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
209,892,000
$
(831,997)
Barclays
Bank
plc
1-Year/2-
Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.71%
135,871,875
(881,253)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.71%
135,871,875
(881,253)
JPMorgan
Chase
Bank,
N.A.
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
321,081,000
(1,257,131)
BNP
Paribas
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
321,327,000
(
1,263,296)
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
266,990,000
(1,387,728)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.64%
190,220,625
(1,434,660)
Morgan
Stanley
Capital
Services
LLC
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.64%
190,220,625
(1,434,660)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.69%
217,395,000
(1,475,622)
The
Toronto-Dominion
Bank
1-Year/2-Year
Interest
Rate
Swap
Expiring
August
2026
with
exercise
rate
of
3.69%
217,395,000
(1,475,623)
Citibank,
N.A.
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
429,611,000
(1,682,059)
Morgan
Stanley
Capital
Services
LLC
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
480,584,000
(2,497,921)
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
533,981,000
(2,775,461)
Total
Interest
Rate
Swaptions
(22,190,670)
Total
OTC
Interest
Rate
Swaptions
Written
(Premium
received
$23,936,572)
(22,283,139)
Other
Assets
&
Liabilities,
net
-
(10.0)%
(3,250,320,648)
Total
Net
Assets
-
100.0%
$
32,312,443,872
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
234
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
~
The
face
amount
is
denominated
in
U.S.
dollars
unless
otherwise
indicated.
*
Non-income
producing
security.
◊
Variable
rate
security.
Rate
indicated
is
the
rate
effective
at
June
30,
2026.
In
some
instances,
the
effective
rate
is
limited
by
a
minimum
rate
floor
or
a
maximum
rate
cap
established
by
the
issuer.
The
settlement
status
of
a
position
may
also
impact
the
effective
rate
indicated.
In
some
cases,
a
position
may
be
unsettled
at
period
end
and
may
not
have
a
stated
effective
rate.
In
instances
where
multiple
underlying
reference
rates
and
spread
amounts
are
shown,
the
effective
rate
is
based
on
a
weighted
average.
(a)
Value
determined
based
on
Level
3
inputs
—
See
Note
3
.
(b)
Affiliated
issuer.
(c)
Special
Purpose
Acquisition
Company
(SPAC).
(d)
Security
is
a
144A
or
Section
4(a)(2)
security.
These
securities
have
been
determined
to
be
liquid
under
guidelines
established
by
the
Board
of
Trustees.
The
total
market
value
of
144A
or
Section
4(a)(2)
liquid
securities
is
$14,663,172,222
(cost
$14,903,009,686),
or
45.4%
of
total
net
assets.
(e)
Fair
value
is
determined
using
the
net
asset
value
of
the
respective
underlying
funds
as
a
practical
expedient
in
accordance
with
ASC
Topic
820,
Fair
Value
Measurement
-
See
Note
3
.
(f)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(g)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(h)
All
or
a
portion
of
this
security
is
pledged
as
collateral
for
futures
and
swap
agreements
at
June
30,
2026.
(i)
Security
is
a
principal-only
strip.
(j)
Zero
coupon
rate
security.
(k)
Security
is
an
interest-only
strip.
(l)
Security
is
a
step
up/down
bond.
The
coupon
increases
or
decreases
at
regular
intervals
until
the
bond
reaches
full
maturity.
Rate
indicated
is
the
rate
at
June
30,
2026.
See
table
below
for
additional
step
information
for
each
security.
(m)
Security
is
a
144A
or
Section
4(a)(2)
security.
These
securities
have
been
determined
to
be
illiquid
and
restricted
under
guidelines
established
by
the
Board
of
Trustees.
The
total
market
value
of
144A
or
Section
4(a)(2)
illiquid
and
restricted
securities
is
$116,333,921
(cost
$143,295,129),
or
0.4%
of
total
net
assets
-
See
Note
5
.
(n)
Security
has
a
fixed
rate
coupon
which
will
convert
to
a
floating
or
variable
rate
coupon
on
a
future
date.
(o)
Perpetual
maturity.
(p)
Security
is
in
default
of
interest
and/or
principal
obligations.
(q)
Security
is
unsettled
at
period
end
and
may
not
have
a
stated
effective
rate.
(r)
Security
has
no
stated
coupon.
However,
it
is
expected
to
receive
residual
cash
flow
payments
on
defined
deal
dates.
(s)
Face
amount
of
security
is
adjusted
for
inflation.
(t)
Payment-in-kind
security.
(u)
Rate
indicated
is
the
effective
yield
at
the
time
of
purchase.
(v)
Swaptions
—
See
additional
disclosure
in
the
swaptions
table
below
for
more
information
on
swaptions.
AUD
—
Australian
Dollar
CAD
—
Canadian
Dollar
CMT
—
Constant
Maturity
Treasury
EUR
—
Euro
EURIBOR
—
European
Interbank
Offered
Rate
GBP
—
British
Pound
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
REMIC
—
Real
Estate
Mortgage
Investment
Conduit
SARL  —
Société
à
Responsabilité
Limitée
SOFR
—
Secured
Overnight
Financing
Rate
SONIA
—
Sterling
Overnight
Index
Average
WAC
—
Weighted
Average
Coupon
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
|
235
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Appreciation
(Depreciation)
(a)
Interest
Rate
Futures
Contracts
Purchased
U.S.
Treasury
Long
Bond
Futures
Contracts
4,210
Sep
2026
$
477,835,000
$
10,714,064
U.S.
Treasury
5
Year
Note
Futures
Contracts
3,338
Sep
2026
357,322,485
1,103,409
U.S.
Treasury
2
Year
Note
Futures
Contracts
4,666
Sep
2026
961,815,701
(142,002)
$
11,675,471
–
–
Centrally
Cleared
Credit
Default
Swap
Agreements
Protection
Sold
Counterparty
Exchange
Index
Protection
Premium
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Value
Upfront
Premiums
Paid
Unrealized
Appreciation
(a)
Bank
of
America
Securities,
Inc.
ICE
CDX.
NA.IG.45.V1
1.00%
Quarterly
06/20/31
$
304,100,000
$
6,752,152
$
5,768,389
$
983,763
Centrally
Cleared
Credit
Default
Swap
Agreements
Protection
Purchased
Counterparty
Exchange
Index
Protection
Premium
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
~
Value
Upfront
Premiums
Received
Unrealized
Depreciation
(a)
Bank
of
America
Securities,
Inc.
ICE
ITRAXX.
EUR.45.V1
1.00%
Quarterly
06/20/31
EUR
260,500,000
$
(6,749,285)
$
(5,148,014)
$
(1,601,271)
OTC
Credit
Default
Swap
Agreements
Protection
Purchased
Counterparty
Index
Protection
Premium
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Value
Upfront
Premiums
Received
Unrealized
Depreciation
J.P.
Morgan
Securities
LLC
CDX.NA.HY.43.
V1
(15-25%)
5.00%
Quarterly
12/20/29
$
9,267,000
$
(948,078)
$
(414,802)
$
(533,276)
Centrally
Cleared
Interest
Rate
Swap
Agreements
Counterparty
Exchange
Floating
Rate
Type
Floating
Rate
Index
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
(a)
Bank
of
America
Securities,
Inc.
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
3.56%
Annually
03/03/36
$
158,395,000
$
5,781,211
$
—
$
5,781,211
J.P.
Morgan
Securities
LLC
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
4.48%
Annually
11/02/33
114,640,000
4,457,769
693
4,457,076
Bank
of
America
Securities,
Inc.
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
3.94%
Annually
06/23/31
439,550,000
(571,916)
(781,681)
209,765
Bank
of
America
Securities,
Inc.
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.95%
Annually
07/02/29
976,875,000
(49,488)
—
(49,488)
J.P.
Morgan
Securities
LLC
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.80%
Annually
04/01/32
175,000,000
(1,031,047)
1,053
(
1,032,100)
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
236
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Centrally
Cleared
Interest
Rate
Swap
Agreements
(continued)
Counterparty
Exchange
Floating
Rate
Type
Floating
Rate
Index
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
(a)
Bank
of
America
Securities,
Inc.
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.92%
Annually
04/30/36
$
163,455,000
$
(1,227,437)
$
—
$
(1,227,437)
J.P.
Morgan
Securities
LLC
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.76%
Annually
02/06/29
650,000,000
(3,173,902)
1,675
(3,175,577)
Bank
of
America
Securities,
Inc.
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.69%
Annually
04/30/31
326,240,000
(
3,227,377)
—
(3,227,377)
J.P.
Morgan
Securities
LLC
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.59%
Annually
01/02/28
660,000,000
(4,665,913)
1,225
(4,667,138)
Bank
of
America
Securities,
Inc.
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.40%
Annually
04/04/28
900,000,000
(9,981,815)
1,524
(9,983,339)
Bank
of
America
Securities,
Inc.
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
3.47%
Annually
09/23/31
671,370,000
(
13,632,290)
(461,491)
(13,170,799)
Bank
of
America
Securities,
Inc.
CME
Pay
U.S.
Secured
Overnight
Financing
Rate
2.78%
Annually
07/18/27
803,000,000
(19,258,527)
775
(19,259,302)
$
(46,580,732)
$
(1,236,227)
$
(
45,344,505)
Forward
Foreign
Currency
Exchange
Contracts
Counterparty
Currency
Type
Quantity
Contract
Amount
Settlement
Date
Unrealized
Appreciation
(Depreciation)
UBS
AG
EUR
Sell
426,110,000
493,484,809
USD
07/15/26
$
6,358,237
Bank
of
America,
N.A.
GBP
Sell
32,275,000
43,294,621
USD
07/15/26
492,420
Barclays
Bank
plc
CAD
Sell
6,128,000
4,391,672
USD
07/15/26
67,447
Citibank,
N.A.
EUR
Buy
12,100,000
13,928,604
USD
07/15/26
(95,952)
$
6,822,152
OTC
Interest
Rate
Swaptions
Purchased
Counterparty/
Description
Floating
Rate
Type
Floating
Rate
Index
Payment
Frequency
Fixed
Rate
Expiration
Date
Exercise
Rate
Swaption
Notional
Amount
Swaption
Value
Call
Morgan
Stanley
Capital
Services
LLC
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.38%
12/28/26
3.38%
$
480,584,000
$
580,840
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.38%
12/28/26
3.38%
266,989,000
322,687
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.25%
12/28/26
3.25%
266,992,000
242,735
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
|
237
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
OTC
Interest
Rate
Swaptions
Purchased
(continued)
Counterparty/
Description
Floating
Rate
Type
Floating
Rate
Index
Payment
Frequency
Fixed
Rate
Expiration
Date
Exercise
Rate
Swaption
Notional
Amount
Swaption
Value
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.25%
12/28/26
3.25%
$
266,990,000
$
242,733
Citibank,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.43%
09/28/26
3.43%
429,611,000
208,865
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.38%
12/24/26
3.38%
160,196,000
190,623
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.38%
12/24/26
3.38%
160,194,000
190,620
JPMorgan
Chase
Bank,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.43%
09/24/26
3.43%
321,081,000
149,748
Barclays
Bank
plc
9-Month/5-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.35%
09/21/26
3.35%
217,133,000
145,441
Morgan
Stanley
Capital
Services
LLC
9-Month/5-
Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.35%
09/21/26
3.35%
217,131,000
145,440
The
Toronto-
Dominion
Bank
9-Month/5-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.35%
09/21/26
3.35%
217,132,000
145,440
BNP
Paribas
9-Month/5-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.35%
09/21/26
3.35%
217,132,000
145,440
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.43%
09/28/26
3.43%
209,892,000
102,044
BNP
Paribas
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.30%
09/25/26
3.30%
321,327,000
101,247
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.43%
09/24/26
3.43%
160,157,000
74,695
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.30%
09/25/26
3.30%
159,877,000
50,376
$
3,038,974
OTC
Interest
Rate
Swaptions
Written
Counterparty/
Description
Floating
Rate
Type
Floating
Rate
Index
Payment
Frequency
Fixed
Rate
Expiration
Date
Exercise
Rate
Swaption
Notional
Amount
Swaption
Value
Call
Morgan
Stanley
Capital
Services
LLC
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.64%
08/13/26
2.64%
$
190,220,625
$
(1,296)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.64%
08/13/26
2.64%
190,220,625
(1,296)
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
238
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
OTC
Interest
Rate
Swaptions
Written
(continued)
Counterparty/
Description
Floating
Rate
Type
Floating
Rate
Index
Payment
Frequency
Fixed
Rate
Expiration
Date
Exercise
Rate
Swaption
Notional
Amount
Swaption
Value
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.71%
08/19/26
2.71%
$
135,871,875
$
(1,887)
Barclays
Bank
plc
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.71%
08/19/26
2.71%
135,871,875
(1,888)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.69%
08/14/26
2.69%
217,395,000
(
1,889)
The
Toronto-
Dominion
Bank
1-Year/2-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.69%
08/14/26
2.69%
217,395,000
(1,889)
Morgan
Stanley
Capital
Services
LLC
9-Month/5-
Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.85%
09/21/26
2.85%
217,131,000
(20,581)
The
Toronto-
Dominion
Bank
9-Month/5-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.85%
09/21/26
2.85%
217,132,000
(20,581)
BNP
Paribas
9-Month/5-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.85%
09/21/26
2.85%
217,132,000
(20,581)
Barclays
Bank
plc
9-Month/5-Year
Interest
Rate
Swap
Receive
12
Month
SOFR
Annual
2.85%
09/21/26
2.85%
217,133,000
(20,581)
$
(92,469)
Put
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/24/26
3.95%
160,157,000
(627,064)
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/25/26
3.95%
159,877,000
(
628,556)
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/24/26
3.95%
160,194,000
(828,188)
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/24/26
3.95%
160,196,000
(
828,198)
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/28/26
3.95%
209,892,000
(831,997)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.71%
08/19/26
3.71%
135,871,875
(881,253)
Barclays
Bank
plc
1-Year/2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.71%
08/19/26
3.71%
135,871,875
(881,253)
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
|
239
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
OTC
Interest
Rate
Swaptions
Written
(continued)
Counterparty/
Description
Floating
Rate
Type
Floating
Rate
Index
Payment
Frequency
Fixed
Rate
Expiration
Date
Exercise
Rate
Swaption
Notional
Amount
Swaption
Value
JPMorgan
Chase
Bank,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/24/26
3.95%
$
321,081,000
$
(1,257,131)
BNP
Paribas
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/25/26
3.95%
321,327,000
(1,263,296)
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/28/26
3.95%
266,990,000
(1,387,728)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.64%
08/13/26
3.64%
190,220,625
(1,434,660)
Morgan
Stanley
Capital
Services
LLC
1-Year/2-
Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.64%
08/13/26
3.64%
190,220,625
(1,434,660)
BNP
Paribas
1-Year/2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.69%
08/14/26
3.69%
217,395,000
(1,475,622)
The
Toronto-
Dominion
Bank
1-Year/2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.69%
08/14/26
3.69%
217,395,000
(1,475,623)
Citibank,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/24/26
3.95%
429,611,000
(
1,682,059)
Morgan
Stanley
Capital
Services
LLC
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/28/26
3.95%
480,584,000
(2,497,921)
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/28/26
3.95%
533,981,000
(2,775,461)
$
(22,190,670)
(a)
Includes
cumulative
appreciation
(depreciation).
~
The
face
amount
is
denominated
in
U.S.
dollars
unless
otherwise
indicated.
CAD
—
Canadian
Dollar
CDX.NA.HY.43.V1
—
Credit
Default
Swap
North
American
High
Yield
Series
43
Index
Version
1
CDX.NA.IG.45.V1
—
Credit
Default
Swap
North
American
Investment
Grade
Series
45
Index
Version
1
CME
—
Chicago
Mercantile
Exchange
EUR
—
Euro
GBP
—
British
Pound
ICE
—
Intercontinental
Exchange
ITRAXX.EUR.45.V1
—
iTraxx
Credit
Default
Swap
European
Investment
Grade
Series
45
Index
Version
1
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
240
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
The
Fund
held
investments
in
private
funds
with
a
fair
value
of
$39,621,529,
which
are
excluded
from
the
fair
value
hierarchy
as
of June
30,
2026,
in
accordance
with
subtopic
820-10
as
investments
in
Investment
Funds
valued
at
net
asset
value,
as
a
"practical
expedient"
are
not
required
to
be
included
in
the
fair
value
hierarchy.
See
Note
3. 
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(See
Note
3
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Common
Stocks
$
589,167
$
1,848,426
$
44,392
$
2,481,985
Preferred
Stocks
84,064,156
642,483,489
47,698,630
774,246,275
Warrants
71
—
388
459
Rights
—
—
1
1
Exchange-Traded
Funds
30,095,822
—
—
30,095,822
Mutual
Funds
232,373,128
—
—
232,373,128
Money
Market
Funds
409,561,147
—
—
409,561,147
Collateralized
Mortgage
Obligations
—
10,207,306,401
79,628,750
10,286,935,151
Corporate
Bonds
—
7,329,936,728
863,923,616
8,193,860,344
Asset-Backed
Securities
—
6,405,404,252
1,169,017,416
7,574,421,668
U.S.
Government
Securities
—
5,762,820,352
—
5,762,820,352
Senior
Floating
Rate
Interests
—
1,343,461,307
299,569,155
1,643,030,462
Federal
Agency
Bonds
—
296,862,639
—
296,862,639
Foreign
Government
Debt
—
276,910,848
—
276,910,848
Municipal
Bonds
—
47,030,215
—
47,030,215
U.S.
Treasury
Bills
—
11,339,222
—
11,339,222
Options
Purchased
1,569,525
—
—
1,569,525
Interest
Rate
Swaptions
Purchased
—
3,038,974
—
3,038,974
Interest
Rate
Futures
Contracts
(a)
11,817,473
—
—
11,817,473
Credit
Default
Swap
Agreements
(a)
—
983,763
—
983,763
Interest
Rate
Swap
Agreements
(a)
—
10,448,052
—
10,448,052
Forward
Foreign
Currency
Exchange
Contracts
(a)
—
6,918,104
—
6,918,104
Unfunded
Loan
Commitments
(
Note
4
)
(a)
—
—
288,912
288,912
Total
Assets
$
770,070,489
$
32,346,792,772
$
2,460,171,260
$
35,577,034,521
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Options
Written
$
1,152,087
$
—
$
—
$
1,152,087
Interest
Rate
Swaptions
Written
—
22,283,139
—
22,283,139
Interest
Rate
Futures
Contracts
(a)
142,002
—
—
142,002
Credit
Default
Swap
Agreements
(a)
—
2,134,547
—
2,134,547
Interest
Rate
Swap
Agreements
(a)
—
55,792,557
—
55,792,557
Forward
Foreign
Currency
Exchange
Contracts
(a)
—
95,952
—
95,952
Unfunded
Loan
Commitments
(
Note
4
)
(a)
—
—
56,489
56,489
Total
Liabilities
$
1,294,089
$
80,306,195
$
56,489
$
81,656,773
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
|
241
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Significant
changes
in
a
quote,
yield,
liquidation
value
or
valuation
multiple
would
generally
result
in
significant
changes
in
the
fair
value
of
the
security.
Any
remaining
Level
3
securities
held
by
the
Fund
and
excluded
from
the
table
above,
were
not
considered
material
to
the
Fund.
The
Fund’s
fair
valuation
leveling
guidelines
classify
a
single
daily
broker
quote,
or
a
vendor
price
based
on
a
single
daily
or
monthly
broker
quote,
as
Level
3,
if
such
a
quote
or
price
cannot
be
supported
with
other
available
market
information.
Transfers
between
Level
2
and
Level
3
may
occur
as
markets
fluctuate
and/or
the
availability
of
data
used
in
an
investment’s
valuation
changes.
For
the
period
ended
June
30,
2026,
the
Fund
had
securities
with
a
total
value
of
$29,156,586
transfer
into
Level
3
from
Level
2
due
to
a
lack
of
observable
inputs
and
had
securities
with
a
total
value
of
$7,243,837
transfer
out
of
Level
3
into
Level
2
due
to
the
availability
of
current
and
reliable
market-based
data
provided
by
a
third-party
pricing
service
which
utilizes
significant
observable
inputs.
Summary
of
Fair
Value
Level
3
Activity
Following
is
a
reconciliation
of
Level
3
assets
for
which
significant
unobservable
inputs
were
used
to
determine
fair
value
for
the
period
ended
June
30,
2026:
The
following
is
a
summary
of
significant
unobservable
inputs
used
in
the
fair
valuation
of
assets
and
liabilities
categorized
within
Level
3
of
the
fair
value
hierarchy:
Category
Ending
Balance
at
June
30,
2026
Valuation
Technique
Unobservable
Inputs
Input
Range
Weighted
Average
(a)
Assets:
Asset-Backed
Securities
$
598,495,401
Option
adjusted
spread
off
prior
month
end
broker
quote
Broker
Quote
—
—
Asset-Backed
Securities
366,195,186
Yield
Analysis
Yield
3.0%-7.3%
6.7%
Asset-Backed
Securities
133,025,000
Third
Party
Pricing
Broker
Quote
—
—
Asset-Backed
Securities
71,296,369
Third
Party
Pricing
Trade
Price
—
—
Asset-Backed
Securities
5,460
Third
Party
Pricing
Vendor
Price
—
—
Collateralized
Mortgage
Obligations
67,878,623
Option
adjusted
spread
off
prior
month
end
broker
quote
Broker
Quote
—
—
Collateralized
Mortgage
Obligations
11,750,127
Third
Party
Pricing
Vendor
Price
—
—
Common
Stocks
43,453
Enterprise
Value
Valuation
Multiple
1.2x-6.0x
6.0x
Common
Stocks
939
Model
Price
Liquidation
Value
—
—
Corporate
Bonds
771,683,595
Option
adjusted
spread
off
prior
month
end
broker
quote
Broker
Quote
—
—
Corporate
Bonds
33,589,500
Third
Party
Pricing
Broker
Quote
—
—
Corporate
Bonds
30,576,687
Yield
Analysis
Yield
6.2%
—
Corporate
Bonds
28,073,833
Model
Price
Purchase
Price
—
—
Corporate
Bonds
1
Model
Price
Liquidation
Value
—
—
Preferred
Stocks
47,698,630
Yield
Analysis
Yield
6.3%
—
Rights
1
Model
Price
Liquidation
Value
—
—
Senior
Floating
Rate
Interests
144,022,594
Model
Price
Purchase
Price
—
—
Senior
Floating
Rate
Interests
124,246,363
Yield
Analysis
Yield
8.4%-9.5%
8.8%
Senior
Floating
Rate
Interests
31,300,198
Third
Party
Pricing
Broker
Quote
—
—
Unfunded
Loan
Commitments
288,912
Model
Price
Purchase
Price
—
—
Warrants
388
Model
Price
Liquidation
Value
—
—
Total
Assets
$
2,460,171,260
Liabilities:
Unfunded
Loan
Commitments
$
56,489
Model
Price
Purchase
Price
—
—
(a)
Inputs
are
weighted
by
the
fair
value
of
the
instruments.
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
242
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Beginning
Balance
Purchases/
(Receipts)
(Sales,
maturities
and
paydowns)/
Fundings
Amortization
of
premiums/
discounts
Total
realized
gains
(losses)
included
in
earnings
Assets
Asset-Backed
Securities
$
1,010,134,871
$
337,014,153
$
(144,120,361)
$
11,645
$
(49,031,630)
Corporate
Bonds
998,276,608
258,902,781
(382,440,736)
(84,624)
28,614,006
Senior
Floating
Rate
Interests
238,476,134
145,133,383
(84,195,830)
302,864
43,152
Warrants
388
—
—
—
—
Common
Stocks
111,361
—
—
—
—
Preferred
Stocks
48,255,899
—
—
—
—
Rights
1
—
—
—
—
Collateralized
Mortgage
Obligations
56,399,501
51,925,741
(27,769,497)
(170,610)
(66,350)
Unfunded
Loan
Commitments
73,968
886,397
(125,387)
(1,379)
124,709
Total
Assets
$
2,351,728,731
$
793,862,455
$
(638,651,811)
$
57,896
$
(20,316,113)
Liabilities
Unfunded
Loan
Commitments
$
—
$
(24,318)
$
6,717
$
—
$
17,603
Total
change
in
unrealized
appreciation
(depreciation)
included
in
earnings
Transfers
into
Level
3
Transfers
out
of
Level
3
Ending
Balance
Net
change
in
unrealized
appreciation
(depreciation)
for
investments
in
Level
3
securities
still
held
at
June
30,
2026
Assets
Asset-Backed
Securities
$
(1,029,262)
$
22,271,730
$
(6,233,730)
$
1,169,017,416
$
110,496
Corporate
Bonds
(43,904,039)
4,559,620
—
863,923,616
(52,264,517)
Senior
Floating
Rate
Interests
(190,548)
—
—
299,569,155
71,530
Warrants
—
—
—
388
—
Common
Stocks
(66,969)
—
—
44,392
(66,969)
Preferred
Stocks
(557,269)
—
—
47,698,630
(557,269)
Rights
—
—
—
1
—
Collateralized
Mortgage
Obligations
(2,005,164)
2,325,236
(1,010,107)
79,628,750
(1,313,231)
Unfunded
Loan
Commitments
(669,396)
—
—
288,912
(669,396)
Total
Assets
$
(48,422,647)
$
29,156,586
$
(7,243,837)
$
2,460,171,260
$
(54,689,356)
Liabilities
Unfunded
Loan
Commitments
$
(56,491)
$
—
$
—
$
(56,489)
$
(22,902)
Step
Coupon
Bonds
The
following
table
discloses
additional
information
related
to
step
coupon
bonds
held
by
the
Fund.
Certain
securities
are
subject
to
multiple
rate
changes
prior
to
maturity.
For
those
securities,
a
range
of
rates
and
corresponding
dates
have
been
provided.
Rates
for
all
step
coupon
bonds
held
by
the
Fund
are
scheduled
to
increase,
none
are
scheduled
to
decrease.
Name
Coupon
Rate
at
Next
Reset
Date
Next
Rate
Reset
Date
Future
Reset
Rate(s)
Future
Reset
Date(s)
Anchor
Mortgage
Trust
2025-RTL1,
5.72%
due
05/25/40
6.72%
11/01/27
—
—
Angel
Oak
Mortgage
Trust
2024-2,
6.25%
due
01/25/69
7.25%
01/01/28
—
—
Angel
Oak
Mortgage
Trust
2024-2,
5.99%
due
01/25/69
6.99%
01/01/28
—
—
Angel
Oak
Mortgage
Trust
2023-1,
4.75%
due
09/26/67
5.75%
01/01/27
—
—
Angel
Oak
Mortgage
Trust
2024-4,
6.50%
due
01/25/69
7.50%
03/01/28
—
—
Angel
Oak
Mortgage
Trust
2023-2,
4.65%
due
10/25/67
5.65%
02/01/27
—
—
Angel
Oak
Mortgage
Trust
2024-3,
4.80%
due
11/26/68
5.80%
02/01/28
—
—
Angel
Oak
Mortgage
Trust
2024-12,
6.01%
due
10/25/69
7.01%
11/01/28
—
—
Angel
Oak
Mortgage
Trust
2024-2,
6.19%
due
01/25/69
7.19%
01/01/28
—
—
Angel
Oak
Mortgage
Trust
2024-4,
6.20%
due
01/25/69
7.20%
03/01/28
—
—
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
|
243
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Name
Coupon
Rate
at
Next
Reset
Date
Next
Rate
Reset
Date
Future
Reset
Rate(s)
Future
Reset
Date(s)
Angel
Oak
Mortgage
Trust
2024-4,
6.40%
due
01/25/69
7.40%
03/01/28
—
—
Archwest
Mortgage
Trust
2025-RTL1,
5.20%
due
10/25/40
6.16%
04/25/28
—
—
Aspire
Mortgage
Trust
2026-2,
5.73%
due
04/26/66
6.73%
04/01/30
—
—
Aspire
Mortgage
Trust
2026-3,
5.66%
due
05/25/66
6.66%
06/01/30
—
—
Aspire
Mortgage
Trust
2026-2,
5.63%
due
04/26/66
6.63%
04/01/30
—
—
ATLX
Trust
2024-RPL1,
3.85%
due
04/25/64
4.85%
08/01/28
—
—
BRAVO
Residential
Funding
Trust
2025-NQM7,
5.81%
due
07/25/65
6.81%
07/01/29
—
—
BRAVO
Residential
Funding
Trust
2023-NQM2,
4.50%
due
05/25/62
5.50%
02/01/27
—
—
BRAVO
Residential
Funding
Trust
2025-NQM8,
5.59%
due
06/25/65
6.59%
08/01/29
—
—
BRAVO
Residential
Funding
Trust
2025-NQM8,
5.29%
due
06/25/65
6.29%
08/01/29
—
—
BRAVO
Residential
Funding
Trust
2023-NQM5,
7.01%
due
06/25/63
8.01%
07/01/27
—
—
BRAVO
Residential
Funding
Trust
2025-NQM2,
5.93%
due
11/25/64
6.93%
02/01/29
—
—
BRAVO
Residential
Funding
Trust
2025-NQM1,
5.81%
due
12/25/64
6.81%
01/01/29
—
—
BRAVO
Residential
Funding
Trust
2024-NQM3,
6.39%
due
03/25/64
7.39%
03/01/28
—
—
BRAVO
Residential
Funding
Trust
2023-NQM6,
7.06%
due
09/25/63
8.06%
08/01/27
—
—
BRAVO
Residential
Funding
Trust
2025-CES2,
4.96%
due
07/26/55
5.96%
08/01/29
—
—
BRAVO
Residential
Funding
Trust
2024-NQM1,
6.40%
due
12/01/63
7.40%
01/01/28
—
—
BRAVO
Residential
Funding
Trust
2024-NQM3,
6.19%
due
03/25/64
7.19%
03/01/28
—
—
BRAVO
Residential
Funding
Trust
2024-NQM3,
6.50%
due
03/25/64
7.50%
03/01/28
—
—
BRAVO
Residential
Funding
Trust
2025-NQM1,
5.91%
due
12/25/64
6.91%
01/01/29
—
—
BRAVO
Residential
Funding
Trust
2025-NQM7,
5.66%
due
07/25/65
6.66%
07/01/29
—
—
CAFL
Issuer,
LP
2025-RRTL2,
5.62%
due
11/28/40
6.52%
06/28/28
—
—
CAFL
Issuer,
LP
2025-RRTL2,
5.18%
due
11/28/40
6.03%
06/28/28
—
—
C-BASS
Mortgage
Loan
Trust
2007-CB2,
3.43%
due
02/25/37
6.12%
03/01/23
—
—
CIM
Trust
2026-R1,
4.75%
due
12/25/65
7.75%
05/01/29
—
—
CIM
Trust
2025-R1,
5.00%
due
02/25/99
8.00%
03/01/28
9.00%
03/01/29
COLT
Mortgage
Loan
Trust
2024-2,
6.13%
due
04/25/69
7.13%
03/01/28
—
—
COLT
Mortgage
Loan
Trust
2024-1,
6.14%
due
02/25/69
7.14%
01/01/28
—
—
COLT
Mortgage
Loan
Trust
2024-2,
6.33%
due
04/25/69
7.33%
03/01/28
—
—
COLT
Mortgage
Loan
Trust
2024-2,
6.43%
due
04/25/69
7.43%
03/01/28
—
—
COLT
Mortgage
Loan
Trust
2025-3,
5.35%
due
03/25/70
6.35%
02/01/29
—
—
COLT
Mortgage
Loan
Trust
2025-3,
5.56%
due
03/25/70
6.56%
02/01/29
—
—
COLT
Mortgage
Loan
Trust
2023-3,
7.18%
due
09/25/68
8.18%
09/01/27
—
—
COLT
Mortgage
Loan
Trust
2023-4,
7.62%
due
10/25/68
8.62%
10/01/27
—
—
COLT
Mortgage
Loan
Trust
2023-3,
7.58%
due
09/25/68
8.58%
09/01/27
—
—
Cross
Mortgage
Trust
2025-H2,
5.66%
due
03/25/70
6.66%
02/01/29
—
—
Cross
Mortgage
Trust
2024-H5,
6.16%
due
08/26/69
7.16%
07/01/28
—
—
Cross
Mortgage
Trust
2025-H1,
5.89%
due
02/25/70
6.89%
01/01/29
—
—
Cross
Mortgage
Trust
2025-H1,
5.99%
due
02/25/70
6.99%
01/01/29
—
—
Cross
Mortgage
Trust
2024-H7,
5.97%
due
11/25/69
6.97%
10/01/28
—
—
Cross
Mortgage
Trust
2025-H6,
5.54%
due
07/25/70
6.54%
07/01/29
—
—
Cross
Mortgage
Trust
2024-H7,
5.82%
due
11/25/69
6.82%
10/01/28
—
—
Deephaven
Residential
Mortgage
Trust
2026-CES1,
5.41%
due
03/25/61
6.41%
04/01/30
—
—
Deephaven
Residential
Mortgage
Trust
2026-CES1,
5.31%
due
03/25/61
6.31%
04/01/30
—
—
Deephaven
Residential
Mortgage
Trust
2025-CES1,
5.48%
due
10/25/55
6.48%
10/01/29
—
—
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
244
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Name
Coupon
Rate
at
Next
Reset
Date
Next
Rate
Reset
Date
Future
Reset
Rate(s)
Future
Reset
Date(s)
EFMT
2025-CES4,
5.43%
due
06/25/60
6.43%
07/01/29
—
—
EFMT
2024-CES1,
5.52%
due
01/26/60
6.52%
12/01/28
—
—
Figre
2026-FL2,
5.82%
due
06/25/56
6.82%
06/01/30
—
—
FIGRE
Trust
2026-FL2,
5.92%
due
06/25/56
6.92%
07/01/26
—
—
GCAT
Trust
2024-NQM2,
6.54%
due
06/25/59
7.71%
05/01/28
—
—
GCAT
Trust
2024-NQM2,
6.44%
due
06/25/59
7.56%
05/01/28
—
—
GCAT
Trust
2024-NQM2,
6.09%
due
06/25/59
7.36%
05/01/28
—
—
GCAT
Trust
2025-NQM4,
5.88%
due
06/25/70
6.88%
07/01/29
—
—
GCAT
Trust
2022-NQM5,
5.71%
due
08/25/67
6.71%
10/01/26
—
—
GCAT
Trust
2023-NQM2,
6.24%
due
11/25/67
7.24%
01/01/27
—
—
GCAT
Trust
2025-NQM4,
5.73%
due
06/25/70
6.73%
07/01/29
—
—
GCAT
Trust
2023-NQM3,
6.89%
due
08/25/68
7.89%
09/01/27
—
—
GCAT
Trust
2023-NQM3,
7.34%
due
08/25/68
8.34%
09/01/27
—
—
GCAT
Trust
2025-NQM2,
6.01%
due
04/25/70
7.01%
05/01/29
—
—
GCAT
Trust
2025-NQM3,
5.75%
due
05/25/70
6.75%
06/01/29
—
—
GCAT
Trust
2025-NQM4,
5.53%
due
06/25/70
6.53%
07/01/29
—
—
GS
Mortgage-Backed
Securities
Trust
2025-NQM3,
5.14%
due
11/25/65
6.14%
08/01/29
—
—
GS
Mortgage-Backed
Securities
Trust
2026-NQM4,
5.66%
due
06/25/66
6.66%
05/01/30
—
—
GS
Mortgage-Backed
Securities
Trust
2025-NQM3,
5.34%
due
11/25/65
6.34%
08/01/29
—
—
HOMES
Trust
2025-NQM1,
5.86%
due
01/25/70
6.86%
01/01/29
—
—
HOMES
Trust
2025-AFC2,
5.47%
due
06/25/60
6.47%
06/01/29
—
—
HOMES
Trust
2025-AFC3,
5.14%
due
08/25/60
6.14%
09/01/29
—
—
HOMES
Trust
2024-AFC2,
5.98%
due
10/25/59
6.98%
10/01/28
—
—
HOMES
Trust
2025-NQM4,
5.47%
due
08/25/70
6.47%
07/01/29
—
—
HOMES
Trust
2025-NQM1,
5.96%
due
01/25/70
6.96%
01/01/29
—
—
HOMES
Trust
2025-AFC2,
5.57%
due
06/25/60
6.57%
06/01/29
—
—
JP
Morgan
Mortgage
Trust
2024-NQM1,
5.95%
due
02/25/64
6.95%
12/01/28
—
—
JP
Morgan
Mortgage
Trust
2024-NQM1,
5.85%
due
02/25/64
6.85%
12/01/28
—
—
JP
Morgan
Mortgage
Trust
2024-NQM1,
5.59%
due
02/25/64
6.59%
12/01/28
—
—
JP
Morgan
Mortgage
Trust
2026-CES1,
4.91%
due
06/25/56
5.91%
01/01/30
—
—
JP
Morgan
Mortgage
Trust
2026-CES1,
4.96%
due
06/25/56
5.96%
01/01/30
—
—
LHOME
Mortgage
Trust
2024-RTL5,
5.32%
due
09/25/39
6.32%
03/25/27
—
—
LHOME
Mortgage
Trust
2025-RTL3,
5.24%
due
08/25/40
6.24%
02/25/28
—
—
LHOME
Mortgage
Trust
2026-RTL1,
4.91%
due
01/25/41
6.08%
07/25/28
—
—
Mill
City
Securities
Ltd.
2024-RS2,
3.00%
due
08/01/69
6.00%
12/01/27
—
—
Mill
City
Securities
Ltd.
2024-RS1,
3.00%
due
11/01/69
6.00%
10/01/27
—
—
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2024-
NQM3,
5.35%
due
07/25/69
6.35%
09/01/28
—
—
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2025-
NQM3,
5.76%
due
05/25/70
6.76%
05/01/29
—
—
OBX
Trust
2026-NQM4,
5.53%
due
02/25/66
6.53%
03/01/30
—
—
OBX
Trust
2026-NQM5,
5.68%
due
01/25/66
6.68%
03/01/30
—
—
OBX
Trust
2026-NQM4,
5.38%
due
02/25/66
6.38%
03/01/30
—
—
OBX
Trust
2026-NQM5,
5.57%
due
01/25/66
6.57%
03/01/30
—
—
OBX
Trust
2024-NQM16,
5.73%
due
10/25/64
6.73%
10/01/28
—
—
OBX
Trust
2024-NQM16,
5.89%
due
10/25/64
6.89%
10/01/28
—
—
OBX
Trust
2024-NQM10,
6.33%
due
05/25/64
7.33%
06/01/28
—
—
OBX
Trust
2024-NQM7,
6.60%
due
03/25/64
7.60%
04/01/28
—
—
OBX
Trust
2024-NQM7,
6.45%
due
03/25/64
7.45%
04/01/28
—
—
OBX
Trust
2024-NQM4,
6.07%
due
01/25/64
7.07%
02/01/28
—
—
OBX
Trust
2025-NQM16,
5.06%
due
08/25/65
6.06%
09/01/29
—
—
OBX
Trust
2025-NQM2,
5.75%
due
11/25/64
6.75%
01/01/29
—
—
OBX
Trust
2024-NQM9,
6.28%
due
01/25/64
7.46%
06/01/28
—
—
OBX
Trust
2024-NQM5,
6.39%
due
01/25/64
7.39%
03/01/28
—
—
OBX
Trust
2025-NQM3,
5.95%
due
12/01/64
6.95%
02/01/29
—
—
OBX
Trust
2025-NQM10,
5.71%
due
05/25/65
6.71%
05/01/29
—
—
OBX
Trust
2024-NQM11,
6.23%
due
06/25/64
7.18%
07/01/28
—
—
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
|
245
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Name
Coupon
Rate
at
Next
Reset
Date
Next
Rate
Reset
Date
Future
Reset
Rate(s)
Future
Reset
Date(s)
OBX
Trust
2025-NQM13,
5.61%
due
05/25/65
6.61%
07/01/29
—
—
OBX
Trust
2024-NQM17,
5.86%
due
11/25/64
6.86%
11/01/28
—
—
OBX
Trust
2024-NQM15,
5.72%
due
10/25/64
6.72%
10/01/28
—
—
OBX
Trust
2024-NQM18,
5.87%
due
10/25/64
6.87%
11/01/28
—
—
OBX
Trust
2026-NQM9,
5.52%
due
04/25/66
6.52%
06/01/30
—
—
OBX
Trust
2025-NQM1,
5.70%
due
12/25/64
6.70%
12/01/28
—
—
OBX
Trust
2025-NQM1,
5.85%
due
12/25/64
6.85%
12/01/28
—
—
OBX
Trust
2023-NQM9,
7.66%
due
10/25/63
8.66%
01/01/27
—
—
OBX
Trust
2026-NQM9,
5.62%
due
04/25/66
6.62%
06/01/30
—
—
OBX
Trust
2025-NQM2,
5.95%
due
11/25/64
6.95%
01/01/29
—
—
OBX
Trust
2024-NQM8,
6.44%
due
05/25/64
7.44%
05/01/28
—
—
OBX
Trust
2025-NQM3,
5.85%
due
12/01/64
6.85%
02/01/29
—
—
OBX
Trust
2024-NQM6,
6.70%
due
02/25/64
7.70%
04/01/28
—
—
OBX
Trust
2024-NQM12,
5.83%
due
07/25/64
6.83%
08/01/28
—
—
OBX
Trust
2024-NQM2,
6.18%
due
12/25/63
7.18%
01/01/28
—
—
OBX
Trust
2024-NQM3,
6.43%
due
12/25/63
7.43%
02/01/28
—
—
OBX
Trust
2024-NQM6,
6.85%
due
02/25/64
7.85%
04/01/28
—
—
OBX
Trust
2024-NQM8,
6.59%
due
05/25/64
7.59%
05/01/28
—
—
OBX
Trust
2024-NQM9,
6.44%
due
01/25/64
7.66%
06/01/28
—
—
OBX
Trust
2024-NQM11,
6.13%
due
06/25/64
7.08%
07/01/28
—
—
OBX
Trust
2024-NQM7,
6.24%
due
03/25/64
7.24%
04/01/28
—
—
OBX
Trust
2024-NQM13,
5.37%
due
06/25/64
6.37%
08/01/28
—
—
OBX
Trust
2024-NQM3,
6.13%
due
12/25/63
7.13%
02/01/28
—
—
OBX
Trust
2024-NQM8,
6.23%
due
05/25/64
7.23%
05/01/28
—
—
OBX
Trust
2025-NQM16,
5.21%
due
08/25/65
6.21%
09/01/29
—
—
OBX
Trust
2024-NQM5,
6.29%
due
01/25/64
7.29%
03/01/28
—
—
OBX
Trust
2024-NQM5,
5.99%
due
01/25/64
6.99%
03/01/28
—
—
OBX
Trust
2024-NQM4,
6.22%
due
01/25/64
7.22%
02/01/28
—
—
OBX
Trust
2024-NQM11,
5.88%
due
06/25/64
6.83%
07/01/28
—
—
OBX
Trust
2024-NQM6,
6.45%
due
02/25/64
7.45%
04/01/28
—
—
OBX
Trust
2024-NQM17,
6.02%
due
11/25/64
7.02%
11/01/28
—
—
OBX
Trust
2024-NQM4,
6.32%
due
01/25/64
7.32%
02/01/28
—
—
OBX
Trust
2025-NQM10,
5.45%
due
05/25/65
6.45%
05/01/29
—
—
OBX
Trust
2025-NQM13,
5.82%
due
05/25/65
6.82%
07/01/29
—
—
OBX
Trust
2024-NQM3,
6.33%
due
12/25/63
7.33%
02/01/28
—
—
PRPM
LLC
2025-8,
5.39%
due
10/25/30
8.39%
10/01/28
—
—
PRPM
LLC
2023-RCF1,
4.00%
due
06/25/53
5.00%
06/25/27
—
—
PRPM
LLC
2025-RCF3,
5.25%
due
07/25/55
6.25%
07/01/29
—
—
PRPM
LLC
2025-5,
5.73%
due
07/25/30
8.73%
07/01/28
9.73%
07/01/29
PRPM
LLC
2025-7,
5.50%
due
08/25/30
8.50%
08/01/28
9.50%
08/01/29
PRPM
LLC
2026-2,
5.09%
due
02/25/31
8.09%
02/01/29
—
—
PRPM
LLC
2024-RPL2,
3.50%
due
05/25/54
4.50%
05/25/28
—
—
PRPM
LLC
2024-6,
5.70%
due
11/25/29
8.70%
11/25/27
9.70%
11/25/28
PRPM
LLC
2025-6,
5.77%
due
08/25/28
8.77%
08/01/28
—
—
PRPM
LLC
2026-3,
5.96%
due
04/25/31
8.96%
04/01/29
9.96%
04/01/30
RCKT
Mortgage
Trust
2025-CES1,
5.65%
due
01/25/45
6.65%
01/01/29
—
—
RCKT
Mortgage
Trust
2024-CES4,
6.30%
due
06/25/44
7.30%
05/01/28
—
—
RCKT
Mortgage
Trust
2024-CES4,
6.15%
due
06/25/44
7.15%
05/01/28
—
—
RCKT
Mortgage
Trust
2025-CES7,
5.38%
due
07/25/55
6.38%
07/01/29
—
—
Saluda
Grade
Alternative
Mortgage
Trust
2025-RRTL1,
5.32%
due
10/25/40
6.32%
03/01/28
—
—
Towd
Point
Mortgage
Trust
2025-FIX1,
5.16%
due
09/25/65
6.16%
09/01/29
—
—
Towd
Point
Mortgage
Trust
2025-CES4,
5.46%
due
10/25/65
6.46%
10/01/29
—
—
Towd
Point
Mortgage
Trust
2025-CES4,
5.29%
due
10/25/65
6.29%
10/01/29
—
—
Towd
Point
Mortgage
Trust
2025-FIX1,
4.97%
due
09/25/65
5.97%
09/01/29
—
—
Towd
Point
Mortgage
Trust
2025-CES4,
5.09%
due
10/25/65
6.09%
10/01/29
—
—
Verus
Securitization
Trust
2025-1,
5.77%
due
01/25/70
6.77%
01/01/29
—
—
Verus
Securitization
Trust
2025-2,
5.31%
due
03/25/70
6.31%
03/01/29
—
—
Verus
Securitization
Trust
2025-2,
5.51%
due
03/25/70
6.51%
03/01/29
—
—
Verus
Securitization
Trust
2025-5,
5.58%
due
06/25/70
6.58%
06/01/29
—
—
Verus
Securitization
Trust
2025-5,
5.68%
due
06/25/70
6.68%
06/01/29
—
—
Verus
Securitization
Trust
2025-5,
5.43%
due
06/25/70
6.43%
06/01/29
—
—
Verus
Securitization
Trust
2024-5,
6.65%
due
06/25/69
7.65%
06/01/28
—
—
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
246
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Name
Coupon
Rate
at
Next
Reset
Date
Next
Rate
Reset
Date
Future
Reset
Rate(s)
Future
Reset
Date(s)
Verus
Securitization
Trust
2024-9,
5.69%
due
11/25/69
6.69%
12/01/28
—
—
Verus
Securitization
Trust
2024-1,
6.12%
due
01/25/69
7.12%
01/01/28
—
—
Verus
Securitization
Trust
2023-7,
7.42%
due
10/25/68
8.42%
10/01/27
—
—
Verus
Securitization
Trust
2025-9,
5.19%
due
10/27/70
6.19%
10/01/29
—
—
Verus
Securitization
Trust
2025-1,
5.98%
due
01/25/70
6.98%
01/01/29
—
—
Verus
Securitization
Trust
2024-5,
6.45%
due
06/25/69
7.45%
06/01/28
—
—
Verus
Securitization
Trust
2024-9,
5.89%
due
11/25/69
6.89%
12/01/28
—
—
Vista
Point
Securitization
Trust
2025-CES1,
5.81%
due
04/25/55
6.81%
03/01/29
—
—
Vista
Point
Securitization
Trust
2024-CES3,
5.68%
due
01/25/55
6.68%
12/01/28
—
—
Vista
Point
Securitization
Trust
2024-CES2,
5.25%
due
10/25/54
6.25%
09/01/28
—
—
Vista
Point
Securitization
Trust
2024-CES1,
6.68%
due
05/25/54
7.67%
04/01/28
—
—
Affiliated
Transactions
Investments
representing
5%
or
more
of
the
outstanding
voting
shares
of
a
company,
or
control
of
or
by,
or
common
control
under
Guggenheim
Investments
("GI"),
result
in
that
company
being
considered
an
affiliated
person,
as
defined
in
the
Investment
Company
Act
of
1940
(“affiliated
issuer”).
The
Fund
may
invest
in
Guggenheim
Strategy
Fund
III,
an
underlying
series
of
Guggenheim
Strategy
Funds
Trust.
Guggenheim
Strategy
Fund
III
is
organized
as
an
open-end
management
investment
company
managed
by
GI.
Guggenheim
Strategy
Fund
III  is
offered
as
a
short-term
investment
option
only
to
mutual
funds,
trusts,
and
other
accounts
managed
by
GI
and/or
its
affiliates
and
is
not
available
to
the
public.
Guggenheim
Strategy
Fund
III
pays
no
investment
management
fees.
The
Fund
could
previously
invest
in
an
additional
series
of
Guggenheim
Strategy
Funds
Trust
that
is
no
longer
offered.
Guggenheim
Strategy
Fund
III’s
annual
report
on
Form
N-CSR
dated
September
30,
2025
is
available
publicly
or
upon
request.
This
information
is
available
from
the
EDGAR
database
on
the
SEC’s
website
at
https://www.sec.
gov/Archives/edgar/data/1601445/000139834425021351/fp0095397-6_ncsrixbrl.htm.
The
Fund
also
may
invest
in
certain
of
the
underlying
series
of
Guggenheim
Funds
Trust,
which
are
structured
as
open-end
management
investment
companies
managed
by
GI,
are
available
to
the
public
and
whose
most
recent
annual
report
on
Form
N-CSR
is
available
publicly
or
upon
request.
Transactions
during
the
period
ended
June
30,
2026,
in
which
the
company
is
an
affiliated
issuer,
were
as
follows:
Security
Name
Value
09/30/25
Additions
Reductions
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
06/30/26
Shares
06/30/26
Investment
Income
Common
Stocks
BP
Holdco
LLC*
$
435
$
—
$
—
$
—
$
(188)
$
247
532
$
—
Private
Funds
FTAI
Aircraft
Leasing
Offshore
SPV,
LP*
29,785,310
9,625,000
(1,925,000)
119,420
2,016,799
39,621,529
—
—
Exchange-Traded
Funds
Guggenheim
Ultra
Short
Income
ETF
—
30,130,801
—
(20)
(34,959)
30,095,822
600,419
1,558,636
Mutual
Funds
Guggenheim
Limited
Duration
Fund
—
Class
R6
138,038,569
4,843,041
—
—
(1,262,809)
141,618,801
5,787,446
942,995
Guggenheim
Strategy
Fund
III
56,120,270
2,144,796
—
—
(367,769)
57,897,297
2,335,510
796,800
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
31,836,949
1,052,845
—
—
(32,764)
32,857,030
3,266,106
1,295,345
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TOTAL
RETURN
BOND
FUND
June
30,
2026
|
247
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Security
Name
Value
09/30/25
Additions
Reductions
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
06/30/26
Shares
06/30/26
Investment
Income
Guggenheim
Strategy
Fund
II
$
29,164,595
$
1,025,731
$
(30,130,801)
$
—
$
(59,525)
$
—
—
$
4,087,646
$
284,946,128
$
48,822,214
$
(32,055,801)
$
119,400
$
258,785
$
302,090,726
$
8,681,422
*
Non-income
producing
security.
248
|
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
ULTRA
SHORT
DURATION
FUND
June
30,
2026
A
A
A
SHARES
VALUE
EXCHANGE-TRADED
FUNDS
(a)
-
9.2%
SPDR
S&P
500
ETF
Trust
40,000
$
29,870,800
iShares
Core
S&P
500
ETF
(b)
38,000
28,457,820
Guggenheim
Securitized
Income
ETF
(c)
37,800
1,899,458
Total
Exchange-Traded
Funds
(Cost
$53,335,867)
60,228,078
MONEY
MARKET
FUNDS
(a)
-
7.2%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(d)
45,722,674
45,722,674
BNY
Dreyfus
Treasury
Securities
Cash
Management
Fund
—
Institutional
Shares,
3.53%
(d)
1,475,029
1,475,029
Total
Money
Market
Funds
(Cost
$47,197,703)
47,197,703
FACE
AMOUNT
ASSET-BACKED
SECURITIES
-
27.0%
COLLATERALIZED
LOAN
OBLIGATIONS
-
18.6%
BCC
Middle
Market
CLO
LLC
2019-1A
A1RR,
5.12%
(3
Month
Term
SOFR
+
1.45%,
Rate
Floor:
1.45%)
due
07/15/36
◊,(e)
$
10,750,000
10,744,107
Eldridge
CLO
Ltd.
2025-1A
A1,
5.01%
(3
Month
Term
SOFR
+
1.33%,
Rate
Floor:
1.33%)
due
10/20/38
◊,(e)
5,500,000
5,508,229
Cerberus
Loan
Funding
51
LLC
2025-2A
A,
5.19%
(3
Month
Term
SOFR
+
1.52%,
Rate
Floor:
1.52%)
due
10/15/37
◊,(e)
5,500,000
5,507,378
FS
Rialto
2021-FL3
B,
5.55%
(1
Month
Term
SOFR
+
1.91%,
Rate
Floor:
1.91%)
due
11/16/36
◊,(e)
5,500,000
5,496,924
Golub
Capital
Partners
CLO
54M,
LP
2021-54A
A1R,
5.13%
(3
Month
Term
SOFR
+
1.47%,
Rate
Floor:
1.47%)
due
08/05/37
◊,(e)
5,250,000
5,248,016
Hlend
CLO
LLC
2026-5A
A1,
5.06%
(3
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
04/15/39
◊,(e)
2,000,000
1,992,706
2026-5A
A2,
5.21%
(3
Month
Term
SOFR
+
1.55%,
Rate
Floor:
1.55%)
due
04/15/39
◊,(e)
1,250,000
1,249,514
A
AA
FACE
AMOUNT
VALUE
ASSET-BACKED
SECURITIES
-
27.0%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
18.6%
(continued)
2025-4A
B,
5.50%
(3
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
08/15/37
◊,(e)
$
1,050,000
$
1,047,850
2025-3A
A,
5.08%
(3
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
01/20/37
◊,(e)
900,000
899,394
PFP
Ltd.
2026-14
AS,
5.25%
(1
Month
Term
SOFR
+
1.60%,
Rate
Floor:
1.60%)
due
12/18/43
◊,(e)
1,750,000
1,748,454
2025-12
A,
5.13%
(1
Month
Term
SOFR
+
1.49%,
Rate
Floor:
1.49%)
due
12/18/42
◊,(e)
1,500,000
1,503,117
2026-13
AS,
5.29%
(1
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
08/18/43
◊,(e)
1,400,000
1,401,140
Cerberus
Loan
Funding
XLVIII
LLC
2024-4A
C,
5.97%
(3
Month
Term
SOFR
+
2.30%,
Rate
Floor:
2.30%)
due
10/15/36
◊,(e)
2,700,000
2,700,017
2024-4A
AN,
5.32%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
10/15/36
◊,(e)
1,700,000
1,702,371
Ares
Direct
Lending
CLO
6
LLC
2025-2A
A1,
5.13%
(3
Month
Term
SOFR
+
1.45%,
Rate
Floor:
1.45%)
due
10/16/37
◊,(e)
2,500,000
2,497,559
2025-2A
A2,
5.33%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
10/16/37
◊,(e)
1,300,000
1,299,833
Owl
Rock
CLO
IV
Ltd.
2020-4A
A1R,
5.50%
(3
Month
Term
SOFR
+
1.86%,
Rate
Floor:
1.60%)
due
08/20/33
◊,(e)
3,204,436
3,205,405
Golub
Capital
Partners
CLO
49M
Ltd.
2020-49A
A1R2,
5.20%
(3
Month
Term
SOFR
+
1.52%,
Rate
Floor:
1.52%)
due
07/20/38
◊,(e)
2,150,000
2,147,853
2020-49A
A2R2,
5.36%
(3
Month
Term
SOFR
+
1.68%,
Rate
Floor:
1.68%)
due
07/20/38
◊,(e)
1,000,000
999,950
BSPDF
Issuer
LLC
2026-FL4
AS,
5.29%
(1
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
11/18/43
◊,(e)
1,450,000
1,452,045
2025-FL2
A,
5.15%
(1
Month
Term
SOFR
+
1.52%,
Rate
Floor:
1.52%)
due
12/15/42
◊,(e)
1,250,000
1,252,904
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ULTRA
SHORT
DURATION
FUND
June
30,
2026
|
249
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
AA
FACE
AMOUNT
VALUE
ASSET-BACKED
SECURITIES
-
27.0%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
18.6%
(continued)
Madison
Park
Funding
XLVIII
Ltd.
2021-48A
BR,
5.23%
(3
Month
Term
SOFR
+
1.55%,
Rate
Floor:
1.55%)
due
01/19/39
◊,(e)
$
2,700,000
$
2,697,046
Madison
Park
Funding
LXV
Ltd.
2025-65A
B,
5.38%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
07/16/38
◊,(e)
2,500,000
2,506,050
JCP
Direct
Lending
CLO
LLC
2023-1A
A1R,
5.33%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
07/20/37
◊,(e)
2,500,000
2,499,887
Golub
Capital
Partners
CLO
46M
Ltd.
2019-46AR
BR2
due
04/20/37
(e),(f)
2,450,000
2,450,000
Greystone
CRE
Notes
LLC
2025-FL4
A,
5.11%
(1
Month
Term
SOFR
+
1.48%,
Rate
Floor:
1.48%)
due
01/15/43
◊,(e)
2,250,000
2,251,890
Owl
Rock
CLO
IX
LLC
2022-9A
AR,
5.21%
(3
Month
Term
SOFR
+
1.57%,
Rate
Floor:
1.57%)
due
11/22/37
◊,(e)
2,250,000
2,249,506
Golub
Capital
Partners
CLO
83M
2025-83A
A1,
5.05%
(3
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
11/09/38
◊,(e)
2,200,000
2,198,507
BXMT
Ltd.
2020-FL2
AS,
5.15%
(1
Month
Term
SOFR
+
1.51%,
Rate
Floor:
1.51%)
due
02/15/38
◊,(e)
2,010,965
2,007,086
Cerberus
Loan
Funding
XXXII,
LP
2021-2A
A,
5.55%
(3
Month
Term
SOFR
+
1.88%,
Rate
Floor:
1.88%)
due
04/22/33
◊,(e)
2,001,059
2,002,257
LoanCore
Issuer
LLC
2025-CRE9
A,
5.09%
(1
Month
Term
SOFR
+
1.45%,
Rate
Floor:
1.45%)
due
08/18/42
◊,(e)
2,000,000
1,999,991
Owl
Rock
CLO
XXII
LLC
2025-22A
A,
5.15%
(3
Month
Term
SOFR
+
1.47%,
Rate
Floor:
1.47%)
due
10/20/37
◊,(e)
2,000,000
1,999,003
Madison
Park
Funding
LXIX
Ltd.
2024-69A
BR,
5.19%
(3
Month
Term
SOFR
+
1.55%,
Rate
Floor:
1.55%)
due
07/25/37
◊,(e)
2,000,000
1,998,001
A
AA
FACE
AMOUNT
VALUE
ASSET-BACKED
SECURITIES
-
27.0%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
18.6%
(continued)
Owl
Rock
CLO
XXI
LLC
2025-21A
A,
5.07%
(3
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
07/24/34
◊,(e)
$
1,960,566
$
1,959,398
Cerberus
Loan
Funding
XLIV
LLC
2023-5AR
A1R
due
01/15/36
(e),(f)
1,850,000
1,850,000
Madison
Park
Funding
LIII
Ltd.
2022-53A
B,
5.42%
(3
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
04/21/35
◊,(e)
1,750,000
1,752,021
Golub
Capital
Partners
CLO
69M
2023-69A
BR,
5.35%
(3
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
11/09/38
◊,(e)
1,750,000
1,745,702
Cerberus
Loan
Funding
53
LLC
2025-4A
A,
5.15%
(3
Month
Term
SOFR
+
1.48%,
Rate
Floor:
1.48%)
due
01/15/38
◊,(e)
1,550,000
1,550,280
Neuberger
Berman
Loan
Advisers
CLO
47
Ltd.
2022-47A
BR,
5.22%
(3
Month
Term
SOFR
+
1.55%,
Rate
Floor:
1.55%)
due
04/16/35
◊,(e)
1,400,000
1,399,743
D2
Multifamily
Credit
Issuer
Ltd.
2026-FL1
AS,
5.29%
(1
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
11/19/43
◊,(e)
800,000
799,664
2026-FL1
B,
5.54%
(1
Month
Term
SOFR
+
1.90%,
Rate
Floor:
1.90%)
due
11/19/43
◊,(e)
600,000
599,997
Acrec
LLC
2026-FL4
AS,
5.24%
(1
Month
Term
SOFR
+
1.60%,
Rate
Floor:
1.60%)
due
01/18/43
◊,(e)
1,400,000
1,399,461
Jefferies
Credit
Partners
Direct
Lending
CLO
Ltd.
2025-1A
A1,
5.17%
(3
Month
Term
SOFR
+
1.50%,
Rate
Floor:
1.50%)
due
10/15/37
◊,(e)
1,400,000
1,399,406
Cerberus
Loan
Funding
50
LLC
2025-1A
A,
5.32%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
07/15/37
◊,(e)
1,350,000
1,350,076
Owl
Rock
CLO
VII
LLC
2022-7A
AR,
5.08%
(3
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
04/20/38
◊,(e)
1,350,000
1,349,122
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ULTRA
SHORT
DURATION
FUND
June
30,
2026
250
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
AA
FACE
AMOUNT
VALUE
ASSET-BACKED
SECURITIES
-
27.0%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
18.6%
(continued)
Owl
Rock
CLO
XXIV
LLC
2026-24A
A,
5.06%
(3
Month
Term
SOFR
+
1.39%,
Rate
Floor:
1.39%)
due
01/22/38
◊,(e)
$
1,300,000
$
1,301,300
Golub
Capital
Partners
CLO
16M-R3
2013-16A
A1R3,
5.28%
(3
Month
Term
SOFR
+
1.63%,
Rate
Floor:
1.63%)
due
08/09/39
◊,(e)
900,000
899,915
2013-16A
A2R3,
5.40%
(3
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
08/09/39
◊,(e)
400,000
400,048
Cerberus
Loan
Funding
52
LLC
2025-3A
A,
5.19%
(3
Month
Term
SOFR
+
1.52%,
Rate
Floor:
1.52%)
due
10/15/37
◊,(e)
1,291,000
1,291,969
THL
Credit
Lake
Shore
MM
CLO
I
Ltd.
2019-1A
A1R,
5.63%
(3
Month
Term
SOFR
+
1.96%,
Rate
Floor:
1.70%)
due
04/15/33
◊,(e)
1,071,741
1,072,407
AGL
CLO
42
Ltd.
2025-42A
B,
5.31%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
07/22/38
◊,(e)
1,000,000
1,002,243
CIFC
Funding
Ltd.
2022-1A
B,
5.48%
(3
Month
Term
SOFR
+
1.80%,
Rate
Floor:
1.80%)
due
04/17/35
◊,(e)
500,000
500,492
2022-1AR
BR
due
07/17/41
(e),(f)
500,000
500,000
BDS
LLC
2025-FL15
AS,
5.29%
(1
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
03/19/43
◊,(e)
1,000,000
1,000,371
Dwight
Issuer
LLC
2026-FL2
AS,
5.25%
(1
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
01/18/44
◊,(e)
1,000,000
1,000,000
STWD
Ltd.
2021-FL2
B,
5.55%
(1
Month
Term
SOFR
+
1.91%,
Rate
Floor:
1.80%)
due
04/18/38
◊,(e)
1,000,000
999,097
Madison
Park
Funding
LVIII
Ltd.
2024-58AR
BR
due
04/25/37
(e),(f)
950,000
950,000
TRTX
Issuer
Ltd.
2025-FL6
A,
5.17%
(1
Month
Term
SOFR
+
1.54%,
Rate
Floor:
1.54%)
due
09/18/42
◊,(e)
900,000
902,077
A
AA
FACE
AMOUNT
VALUE
ASSET-BACKED
SECURITIES
-
27.0%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
18.6%
(continued)
BSPRT
Issuer
LLC
2025-FL12
A,
5.02%
(1
Month
Term
SOFR
+
1.39%,
Rate
Floor:
1.39%)
due
01/17/43
◊,(e)
$
900,000
$
899,409
Neuberger
Berman
CLO
32R
Ltd.
2019-32RA
A,
4.99%
(3
Month
Term
SOFR
+
1.31%,
Rate
Floor:
1.31%)
due
07/20/39
◊,(e)
500,000
500,948
2019-32RA
B,
5.33%
(3
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
07/20/39
◊,(e)
300,000
301,144
Cerberus
Loan
Funding
XL
LLC
2023-1A
AR,
5.25%
(3
Month
Term
SOFR
+
1.60%,
Rate
Floor:
1.60%)
due
03/22/35
◊,(e)
750,000
751,147
GS
REFT
Issuer
Ltd.
2026-FL1
A,
5.14%
(1
Month
Term
SOFR
+
1.50%,
Rate
Floor:
1.50%)
due
10/19/43
◊,(e)
700,000
701,293
ACREC
LLC
2026-FL5
AS,
5.10%
(1
Month
Term
SOFR
+
1.50%,
Rate
Floor:
1.50%)
due
07/18/43
◊,(e)
650,000
650,000
ACRES
Commercial
Realty
Issuer
LLC
2026-FL4
AS,
5.34%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
08/18/44
◊,(e)
550,000
550,218
Madison
Park
Funding
LXXI
Ltd.
2025-71A
B,
5.17%
(3
Month
Term
SOFR
+
1.50%,
Rate
Floor:
1.50%)
due
04/23/38
◊,(e)
550,000
549,450
VMC
Finance
LLC
2026-FL6
AS,
5.49%
(1
Month
Term
SOFR
+
1.85%,
Rate
Floor:
1.85%)
due
11/19/43
◊,(e)
250,000
250,097
LRECS
LLC
2025-CRE1
AS,
5.39%
(1
Month
Term
SOFR
+
1.75%,
Rate
Floor:
1.75%)
due
08/19/43
◊,(e)
250,000
249,837
INCREF
LLC
2026-FL3
AS,
5.30%
(1
Month
Term
SOFR
+
1.65%,
Rate
Floor:
1.65%)
due
01/19/44
◊,(e)
200,000
199,912
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ULTRA
SHORT
DURATION
FUND
June
30,
2026
|
251
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
AA
FACE
AMOUNT
VALUE
ASSET-BACKED
SECURITIES
-
27.0%
(continued)
COLLATERALIZED
LOAN
OBLIGATIONS
-
18.6%
(continued)
FS
Rialto
Issuer
LLC
2025-FL10
AS,
5.23%
(1
Month
Term
SOFR
+
1.59%,
Rate
Floor:
1.59%)
due
08/19/42
◊,(e)
$
150,000
$
149,820
Total
Collateralized
Loan
Obligations
121,192,054
TRANSPORT-CONTAINER
-
1.5%
Triton
Container
Finance
VIII
LLC
2021-1A,
1.86%
due
03/20/46
(e)
4,014,687
3,700,945
Triton
Container
Finance
IX
LLC
2025-1A,
5.43%
due
06/20/50
(e)
2,457,000
2,461,180
Textainer
Marine
Containers
VII
Ltd.
2021-1A,
1.68%
due
02/20/46
(e)
1,204,000
1,132,389
2020-1A,
2.73%
due
08/21/45
(e)
294,857
284,853
CLI
Funding
VIII
LLC
2021-1A,
1.64%
due
02/18/46
(e)
1,362,060
1,258,451
CLI
Funding
IX
LLC
2025-1A,
5.35%
due
06/20/50
(e)
995,958
996,787
Total
Transport-Container
9,834,605
SINGLE
FAMILY
RESIDENCE
-
1.5%
STAR
Trust
2026-SFR7,
5.34%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
05/17/43
◊,(e)
2,840,000
2,845,768
2025-SFR6,
5.03%
(1
Month
Term
SOFR
+
1.40%,
Rate
Floor:
1.40%)
due
08/17/42
◊,(e)
2,750,000
2,748,281
FirstKey
Homes
Trust
2021-SFR1,
2.19%
due
08/17/38
(e)
1,900,000
1,891,301
2022-SFR1,
4.64%
due
05/19/39
(e)
525,000
521,287
Tricon
Residential
Trust
2025-SFR1,
4.73%
(1
Month
Term
SOFR
+
1.10%,
Rate
Floor:
1.10%)
due
03/17/42
◊,(e)
982,378
982,375
2025-SFR2,
5.42%
due
08/17/44
(e)
799,165
785,901
Total
Single
Family
Residence
9,774,913
NET
LEASE
-
1.5%
Oak
Street
Investment
Grade
Net
Lease
Fund
2020-1A,
1.85%
due
11/20/50
(e)
5,103,138
4,541,788
CARS-DB7,
LP
2023-1A,
5.75%
due
09/15/53
(e)
2,035,575
2,040,737
A
AA
FACE
AMOUNT
VALUE
ASSET-BACKED
SECURITIES
-
27.0%
(continued)
NET
LEASE
-
1.5%
(continued)
CF
Hippolyta
Issuer
LLC
2021-1A,
1.98%
due
03/15/61
(e)
$
2,120,507
$
1,233,310
Capital
Automotive
REIT
2024-2A,
4.90%
due
05/15/54
(e)
1,171,354
1,167,597
Store
Master
Funding
LLC
2025-1A,
4.95%
due
10/20/55
(e)
797,000
774,926
Total
Net
Lease
9,758,358
WHOLE
BUSINESS
-
1.3%
Domino's
Pizza
Master
Issuer
LLC
2018-1A,
4.33%
due
07/25/48
(e)
4,254,275
4,234,943
Taco
Bell
Funding
LLC
2021-1A,
1.95%
due
08/25/51
(e)
3,193,125
3,136,198
Wingstop
Funding
LLC
2020-1A,
2.84%
due
12/05/50
(e)
1,329,750
1,291,447
Total
Whole
Business
8,662,588
INFRASTRUCTURE
-
1.1%
VB-S1
Issuer
LLC
2026-1A,
4.69%
due
03/15/56
(e)
2,150,000
2,101,057
MetroNet
Infrastructure
Issuer
LLC
2026-1A,
5.27%
due
04/20/56
(e)
1,586,000
1,586,757
Vantage
Data
Centers
LLC
2025-1A,
5.13%
due
08/15/55
(e)
1,350,000
1,325,152
QTS
Issuer
ABS
I
LLC
2025-1A,
5.44%
due
05/25/55
(e)
1,300,000
1,289,000
Stack
Infrastructure
Issuer
LLC
2025-1A,
5.00%
due
05/25/50
(e)
700,000
680,244
Kinetic
ABS
Issuer
LLC
2026-2A,
5.83%
due
06/25/58
(e)
500,000
504,600
Total
Infrastructure
7,486,810
FINANCIAL
-
0.8%
Station
Place
Securitization
Trust
2025-SP2,
4.80%
(1
Month
Term
SOFR
+
1.15%,
Rate
Floor:
1.15%)
due
09/25/26
◊,(e),(g)
2,700,000
2,700,000
2025-SP1,
4.95%
(1
Month
Term
SOFR
+
1.30%)
due
07/02/26
◊,(e),(g)
900,000
900,000
2024-SP2,
5.32%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
07/12/26
◊,(e),(g)
900,000
900,000
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ULTRA
SHORT
DURATION
FUND
June
30,
2026
252
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
AA
FACE
AMOUNT
VALUE
ASSET-BACKED
SECURITIES
-
27.0%
(continued)
FINANCIAL
-
0.8%
(continued)
HarbourVest
Partners
LLC
6.28%
(3
Month
Term
SOFR
+
2.58%)
due
09/15/30
◊,(g)
$
443,718
$
439,321
Total
Financial
4,939,321
TRANSPORT-AIRCRAFT
-
0.4%
Slam
Ltd.
2021-1A,
2.43%
due
06/15/46
(e)
1,024,950
973,712
FTAI
Aircraft
Leasing
Offshore
SPV,
LP
5.63%
due
03/27/31
(g)
722,967
738,002
Eclipse
Aircraft
LLC
2026-1,
5.63%
due
05/15/51
(e)
645,392
642,852
Total
Transport-Aircraft
2,354,566
AUTOMOTIVE
-
0.2%
Avis
Budget
Rental
Car
Funding
AESOP
LLC
2026-3A,
5.21%
due
04/20/31
(e)
1,600,000
1,596,626
COLLATERALIZED
DEBT
OBLIGATIONS
-
0.1%
Project
Indigo
6.01%
due
03/31/32
(g)
400,391
400,391
UNSECURED
CONSUMER
LOANS
-
0.0%
Service
Experts
Issuer
LLC
2025-1A,
5.38%
due
01/20/37
(e)
256,353
254,353
Total
Asset-Backed
Securities
(Cost
$178,525,690)
176,254,585
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
26.7%
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
17.0%
Verus
Securitization
Trust
2026-3,
5.18%
due
03/25/71
(e),(h)
2,150,975
2,129,509
2021-5,
1.37%
(WAC)
due
09/25/66
◊,(e)
1,427,042
1,235,157
2021-6,
1.89%
(WAC)
due
10/25/66
◊,(e)
1,257,343
1,101,664
2025-7,
5.13%
due
08/25/70
(e),(h)
836,164
832,273
2025-1,
5.62%
(WAC)
due
01/25/70
◊,(e)
714,166
716,000
2025-2,
5.31%
due
03/25/70
(e),(h)
709,701
709,669
2021-4,
1.35%
(WAC)
due
07/25/66
◊,(e)
681,150
580,161
2024-9,
5.89%
due
11/25/69
(e),(h)
351,821
352,146
2021-3,
1.44%
(WAC)
due
06/25/66
◊,(e)
374,512
331,846
2025-5,
5.43%
due
06/25/70
(e),(h)
189,161
189,676
OBX
Trust
2026-NQM4,
5.17%
(WAC)
due
02/25/66
◊,(e)
1,397,000
1,389,631
2025-NQM16,
4.91%
(WAC)
due
08/25/65
◊,(e)
1,013,053
1,004,870
A
AA
FACE
AMOUNT
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
26.7%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
17.0%
(continued)
2025-NQM13,
5.44%
(WAC)
due
05/25/65
◊,(e)
$
905,007
$
905,306
2026-NQM9,
5.52%
due
04/25/66
(e),(h)
850,000
847,765
2025-J3,
5.00%
(WAC)
due
10/25/55
◊,(e)
766,399
758,509
2025-NQM1,
5.55%
(WAC)
due
12/25/64
◊,(e)
684,682
685,559
2024-NQM18,
5.87%
due
10/25/64
(e),(h)
591,977
591,992
2026-NQM5,
5.32%
(WAC)
due
01/25/66
◊,(e)
575,461
574,228
2025-R1,
5.09%
due
09/25/62
(e),(h)
373,481
368,246
2025-NQM10,
5.45%
due
05/25/65
(e),(h)
351,922
352,303
2025-NQM2,
5.75%
due
11/25/64
(e),(h)
323,053
323,326
PRPM
LLC
2026-3,
5.96%
due
04/25/31
(e),(h)
2,158,234
2,155,559
2025-7,
5.50%
due
08/25/30
(e),(h)
1,040,193
1,035,885
2025-8,
5.39%
due
10/25/30
(e),(h)
972,438
966,718
2025-RCF3,
5.25%
due
07/25/55
(e),(h)
834,264
830,359
2026-1,
5.19%
due
02/25/31
(e)
798,386
788,275
2025-6,
5.77%
due
08/25/28
(e),(h)
648,645
646,524
2026-2,
5.09%
due
02/25/31
(e),(h)
483,332
476,477
2025-5,
5.73%
due
07/25/30
(e),(h)
297,848
296,722
FIGRE
Trust
2026-HE5,
5.61%
(WAC)
due
06/25/56
◊,(e)
1,508,457
1,510,551
2026-HE2,
5.05%
(WAC)
due
01/25/56
◊,(e)
1,339,472
1,319,257
2024-HE5,
5.44%
(WAC)
due
10/25/54
◊,(e)
1,080,756
1,084,025
2025-PF2,
5.02%
(WAC)
due
10/25/55
◊,(e)
834,203
820,431
2025-HE6,
5.04%
(WAC)
due
09/25/55
◊,(e)
726,003
716,829
2026-HE1,
4.98%
(WAC)
due
01/25/56
◊,(e)
451,498
445,054
2025-HE1,
5.83%
(WAC)
due
01/25/55
◊,(e)
352,704
355,543
Legacy
Mortgage
Asset
Trust
2021-GS4,
5.65%
due
11/25/60
(e)
1,862,961
1,864,584
2021-GS3,
5.75%
due
07/25/61
(e)
1,794,468
1,796,678
2021-GS2,
5.75%
due
04/25/61
(e)
816,417
816,983
2021-GS5,
6.25%
due
07/25/67
(e)
616,410
617,015
GCAT
Trust
2025-NQM4,
5.53%
due
06/25/70
(e),(h)
1,724,027
1,722,583
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ULTRA
SHORT
DURATION
FUND
June
30,
2026
|
253
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
AA
FACE
AMOUNT
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
26.7%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
17.0%
(continued)
2025-NQM3,
5.55%
due
05/25/70
(e),(h)
$
1,070,877
$
1,070,461
2025-INV3,
6.00%
(WAC)
due
08/25/55
◊,(e)
905,277
907,962
2025-NQM2,
5.60%
due
04/25/70
(e),(h)
850,281
851,139
2026-NQM3,
5.61%
due
04/25/71
(e),(h)
447,199
445,640
OSAT
Trust
2021-RPL1,
6.12%
due
05/25/65
(e)
4,851,940
4,855,903
BRAVO
Residential
Funding
Trust
2024-NQM1,
5.94%
due
12/01/63
(e),(h)
1,402,069
1,403,496
2025-NQM7,
5.46%
(WAC)
due
07/25/65
◊,(e)
1,018,936
1,019,560
2025-CES1,
5.70%
due
02/25/55
(e),(h)
771,149
773,087
2025-CES2,
4.96%
due
07/26/55
(e),(h)
407,216
404,092
2024-NQM5,
6.16%
due
06/25/64
(e),(h)
396,310
397,158
2025-NQM8,
5.08%
due
06/25/65
(e),(h)
399,378
396,381
2025-NQM1,
5.81%
due
12/25/64
(e),(h)
343,004
343,308
Towd
Point
Mortgage
Trust
2025-1,
4.80%
(WAC)
due
06/25/65
◊,(e)
2,184,538
2,198,834
2025-FIX1,
4.97%
due
09/25/65
(e),(h)
1,175,701
1,165,654
2025-CES4,
5.09%
due
10/25/65
(e),(h)
634,514
628,796
2026-CES1,
4.96%
due
01/25/66
(e),(h)
232,882
230,904
2017-6,
2.75%
(WAC)
due
10/25/57
◊,(e)
85,148
84,271
2018-2,
3.25%
(WAC)
due
03/25/58
◊,(e)
65,952
65,518
Sequoia
Mortgage
Trust
2025-5,
5.50%
(WAC)
due
06/25/55
◊,(e)
3,123,979
3,116,207
2025-1,
6.00%
(WAC)
due
01/25/55
◊,(e)
958,595
960,431
2025-6,
5.50%
(WAC)
due
07/25/55
◊,(e)
219,504
219,163
RCKT
Mortgage
Trust
2025-CES6,
5.47%
due
06/25/55
(e),(h)
1,016,812
1,017,548
2026-CES4,
5.23%
due
04/25/56
(e),(h)
880,655
877,110
2025-CES8,
5.15%
(WAC)
due
08/25/55
◊,(e)
764,033
760,823
2025-CES7,
5.48%
due
07/25/55
(e),(h)
709,689
709,082
2025-CES5,
5.69%
due
05/25/55
(e),(h)
511,604
513,527
2025-CES7,
5.38%
due
07/25/55
(e),(h)
354,845
354,883
A
AA
FACE
AMOUNT
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
26.7%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
17.0%
(continued)
PMT
Loan
Trust
2025-INV8,
6.00%
(WAC)
due
07/25/56
◊,(e)
$
2,093,314
$
2,106,139
2026-CNF3,
5.50%
(WAC)
due
04/25/57
◊,(e)
1,413,326
1,413,549
2025-INV7,
6.00%
(WAC)
due
06/25/56
◊,(e)
379,311
380,360
HOMES
Trust
2025-AFC3,
4.93%
(WAC)
due
08/25/60
◊,(e)
1,321,863
1,308,909
2025-AFC2,
5.47%
due
06/25/60
(e),(h)
1,145,361
1,144,895
2024-AFC2,
5.58%
(WAC)
due
10/25/59
◊,(e)
668,365
669,061
2025-NQM4,
5.22%
(WAC)
due
08/25/70
◊,(e)
610,978
608,179
GS
Mortgage-Backed
Securities
Trust
2026-NQM4,
5.46%
(WAC)
due
06/25/66
◊,(e)
1,550,512
1,544,301
2025-HE1,
5.18%
(30
Day
Average
SOFR
+
1.55%,
Rate
Floor:
1.55%)
due
10/25/55
◊,(e)
1,293,058
1,297,965
2025-NQM3,
5.14%
due
11/25/65
(e),(h)
588,918
586,140
2020-NQM1,
1.38%
(WAC)
due
09/27/60
◊,(e)
145,594
141,309
Cross
Mortgage
Trust
2025-H1,
5.74%
(WAC)
due
02/25/70
◊,(e)
1,381,613
1,385,782
2025-H6,
5.18%
(WAC)
due
07/25/70
◊,(e)
973,093
968,181
2026-NQM3,
5.13%
(WAC)
due
03/25/71
◊,(e)
954,900
948,023
NYMT
Loan
Trust
2025-INV2,
5.00%
(WAC)
due
10/25/60
◊,(e)
2,423,577
2,403,968
2025-CP1,
3.75%
(WAC)
due
11/25/69
◊,(e)
830,663
797,939
Imperial
Fund
Mortgage
Trust
2022-NQM2,
4.02%
(WAC)
due
03/25/67
◊,(e)
3,218,335
3,028,786
JP
Morgan
Mortgage
Trust
2026-VIS1,
4.79%
(WAC)
due
06/25/66
◊,(e)
2,441,046
2,405,804
2025-1,
6.00%
(WAC)
due
06/25/55
◊,(e)
578,107
579,450
LHOME
Mortgage
Trust
2024-RTL5,
5.32%
due
09/25/39
(e),(h)
1,950,000
1,951,888
2025-RTL3,
5.24%
due
08/25/40
(e),(h)
750,000
749,323
CSMC
Trust
2021-NQM8,
2.41%
(WAC)
due
10/25/66
◊,(e)
1,160,705
1,019,455
2021-RPL4,
4.15%
(WAC)
due
12/27/60
◊,(e)
935,369
932,312
2020-NQM1,
2.21%
due
05/25/65
(e),(g)
397,859
379,501
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ULTRA
SHORT
DURATION
FUND
June
30,
2026
254
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
AA
FACE
AMOUNT
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
26.7%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
17.0%
(continued)
New
Residential
Mortgage
Loan
Trust
2025-NQM3,
5.53%
(WAC)
due
05/25/65
◊,(e)
$
933,249
$
934,168
2020-1A,
3.50%
(WAC)
due
10/25/59
◊,(e)
698,619
649,386
2018-2A,
3.50%
(WAC)
due
02/25/58
◊,(e)
373,585
353,863
Provident
Funding
Mortgage
Trust
2025-4,
5.50%
(WAC)
due
09/25/55
◊,(e)
1,000,528
999,298
2026-1,
5.00%
(WAC)
due
01/25/56
◊,(e)
532,566
526,076
2025-1,
5.50%
(WAC)
due
02/25/55
◊,(e)
391,348
390,815
Saluda
Grade
Alternative
Mortgage
Trust
2025-LOC4,
5.38%
(30
Day
Average
SOFR
+
1.75%)
due
06/25/55
◊,(e)
1,026,446
1,032,497
2025-RRTL1,
5.32%
due
10/25/40
(e),(h)
800,000
792,991
NLT
Trust
2025-NQM1,
7.46%
(WAC)
due
10/25/70
◊,(e)
1,710,240
1,775,942
Vista
Point
Securitization
Trust
2026-CES2,
5.42%
due
05/25/56
(e),(h)
1,420,653
1,420,658
2025-CES1,
5.81%
due
04/25/55
(e),(h)
241,179
241,718
Angel
Oak
Mortgage
Trust
2022-1,
3.29%
(WAC)
due
12/25/66
◊,(e)
1,069,759
959,254
2023-1,
4.75%
due
09/26/67
(e),(h)
640,981
637,613
EFMT
2025-CES4,
5.43%
due
06/25/60
(e),(h)
1,272,987
1,272,545
CIM
Trust
2026-R1,
4.75%
due
12/25/65
(e),(h)
1,241,732
1,218,581
Chase
Home
Lending
Mortgage
Trust
2025-5,
5.50%
(WAC)
due
04/25/56
◊,(e)
1,161,952
1,159,012
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust
2007-BC4,
4.39%
(1
Month
Term
SOFR
+
0.74%,
Rate
Floor:
0.63%)
due
11/25/37
◊
916,111
898,007
Figre
2026-FL2,
5.52%
(WAC)
due
06/25/56
◊,(e)
850,000
849,215
Barclays
Mortgage
Loan
Trust
2026-CES1,
4.85%
due
01/25/56
(e),(h)
805,344
794,670
Aspire
Mortgage
Trust
2026-3,
5.46%
due
05/25/66
(e)
600,000
600,516
A
AA
FACE
AMOUNT
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
26.7%
(continued)
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
-
17.0%
(continued)
Archwest
Mortgage
Trust
2025-RTL1,
5.20%
due
10/25/40
(e),(h)
$
600,000
$
596,989
COLT
Mortgage
Loan
Trust
2025-3,
5.35%
due
03/25/70
(e),(h)
529,139
528,245
Soundview
Home
Loan
Trust
2006-OPT5,
4.04%
(1
Month
Term
SOFR
+
0.39%,
Rate
Floor:
0.28%)
due
07/25/36
◊
454,207
445,844
Deephaven
Residential
Mortgage
Trust
2026-CES1,
5.31%
due
03/25/61
(e),(h)
433,388
432,010
SG
Residential
Mortgage
Trust
2022-1,
3.68%
(WAC)
due
03/27/62
◊,(e)
353,277
323,387
Ellington
Financial
Mortgage
Trust
2020-2,
1.49%
(WAC)
due
10/25/65
◊,(e),(g)
155,239
147,055
2020-2,
1.64%
(WAC)
due
10/25/65
◊,(e),(g)
89,424
84,802
Mill
City
Securities
Ltd.
2024-RS2,
3.00%
due
08/01/69
(e),(h)
79,916
76,274
Starwood
Mortgage
Residential
Trust
2020-1,
2.28%
(WAC)
due
02/25/50
◊,(e),(g)
28,178
26,977
Total
Residential
Mortgage-Backed
Securities
110,936,453
GOVERNMENT
AGENCY
-
7.7%
Freddie
Mac
5.00%
due
12/25/51
10,829,754
10,745,709
5.00%
due
07/25/55
3,952,905
3,969,003
5.50%
due
12/25/51
2,458,305
2,459,659
5.00%
due
11/25/51
2,096,090
2,085,594
5.00%
due
04/25/53
1,836,420
1,819,565
5.00%
due
10/25/51
1,817,043
1,811,016
5.50%
due
04/25/51
1,362,679
1,383,675
5.50%
due
07/25/53
1,294,328
1,297,741
5.00%
due
03/25/52
1,206,570
1,196,280
5.25%
due
04/25/53
918,618
919,122
5.00%
due
02/25/52
741,015
736,769
Fannie
Mae
5.00%
due
01/25/53
2,616,311
2,599,524
5.00%
due
09/25/55
2,478,631
2,458,542
5.00%
due
10/25/51
2,248,869
2,244,583
5.00%
due
02/25/54
2,143,752
2,119,877
5.00%
due
06/25/53
2,069,233
2,055,364
5.50%
due
11/25/51
1,922,678
1,936,990
5.00%
due
11/25/53
1,715,626
1,707,882
5.50%
due
12/25/50
1,092,244
1,100,079
5.00%
due
05/25/52
874,442
867,767
Ginnie
Mae
4.50%
due
02/20/56
2,786,291
2,694,791
5.25%
due
03/20/52
1,568,418
1,573,265
5.00%
due
01/20/55
909,370
896,331
Total
Government
Agency
50,679,128
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ULTRA
SHORT
DURATION
FUND
June
30,
2026
|
255
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
AA
FACE
AMOUNT
VALUE
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
26.7%
(continued)
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
-
2.0%
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2021-NYAH,
5.53%
(1
Month
Term
SOFR
+
1.90%,
Rate
Floor:
1.54%)
due
06/15/38
◊,(e)
$
2,700,000
$
2,354,020
BX
Trust
2025-VOLT,
5.33%
(1
Month
Term
SOFR
+
1.70%,
Rate
Floor:
1.70%)
due
12/15/44
◊,(e)
1,950,000
1,951,828
WMRK
Commercial
Mortgage
Trust
2022-WMRK,
7.06%
(1
Month
Term
SOFR
+
3.44%,
Rate
Floor:
3.44%)
due
11/15/27
◊,(e)
1,836,963
1,838,111
MILE
Trust
2025-STNE,
5.13%
(1
Month
Term
SOFR
+
1.50%,
Rate
Floor:
1.50%)
due
07/15/42
◊,(e)
1,350,000
1,357,457
BXHPP
Trust
2021-FILM,
4.84%
(1
Month
Term
SOFR
+
1.21%,
Rate
Floor:
1.10%)
due
08/15/36
◊,(e)
1,500,000
1,301,235
MHP
2022-MHIL,
4.89%
(1
Month
Term
SOFR
+
1.26%,
Rate
Floor:
1.26%)
due
01/15/39
◊,(e)
1,200,000
1,199,625
VDCM
Commercial
Mortgage
Trust
2025-AZ,
5.23%
(WAC)
due
07/13/44
◊,(e)
700,000
693,057
Citigroup
Commercial
Mortgage
Trust
2019-GC41,
1.13%
(WAC)
due
08/10/56
◊,(
i
)
22,382,656
561,704
Benchmark
Mortgage
Trust
2019-B14,
0.88%
(WAC)
due
12/15/62
◊,(
i
)
29,704,661
509,753
RWC
Commercial
Mortgage
Trust
2025-1,
5.01%
due
06/27/40
(e)
477,486
471,728
Morgan
Stanley
Capital
I
Trust
2018-H3,
0.94%
(WAC)
due
07/15/51
◊,(
i
)
28,039,278
355,530
Life
Mortgage
Trust
2021-BMR,
4.84%
(1
Month
Term
SOFR
+
1.21%,
Rate
Floor:
1.10%)
due
03/15/38
◊,(e)
261,660
259,388
JPMDB
Commercial
Mortgage
Securities
Trust
2018-C8,
0.74%
(WAC)
due
06/15/51
◊,(
i
)
19,398,874
166,293
Total
Commercial
Mortgage-Backed
Securities
13,019,729
Total
Collateralized
Mortgage
Obligations
(Cost
$177,726,214)
174,635,310
A
AA
FACE
AMOUNT
VALUE
CORPORATE
BONDS
-
17.1%
FINANCIAL
-
9.6%
Barclays
plc
4.22%
due
05/24/30
(j)
$
2,450,000
$
2,408,471
4.48%
due
11/11/29
(j)
1,350,000
1,340,593
4.94%
due
09/10/30
(j)
850,000
851,481
Brighthouse
Financial
Global
Funding
5.55%
due
04/09/27
(e)
3,900,000
3,923,620
AEGON
Funding
Co.
LLC
5.50%
due
04/16/27
(e)
3,750,000
3,773,994
BNP
Paribas
S.A.
4.89%
due
06/30/30
(e),(j)
3,200,000
3,199,558
Macquarie
Group
Ltd.
3.76%
due
11/28/28
(e),(j)
2,753,000
2,716,662
Enstar
Group
Ltd.
4.95%
due
06/01/29
2,700,000
2,689,905
Jackson
National
Life
Global
Funding
4.80%
due
04/09/29
(e)
1,400,000
1,391,823
4.70%
due
06/05/28
(e)
1,300,000
1,295,586
Societe
Generale
S.A.
5.52%
due
01/19/28
(e),(j)
1,300,000
1,306,329
5.05%
(SOFR
+
1.42%)
due
05/22/29
◊,(e)
1,200,000
1,211,669
Lloyds
Banking
Group
plc
5.09%
due
11/26/28
(j)
2,300,000
2,315,781
American
National
Group,
Inc.
5.00%
due
06/15/27
2,150,000
2,153,555
CNO
Global
Funding
5.88%
due
06/04/27
(e)
1,660,000
1,678,630
4.88%
due
12/10/27
(e)
450,000
450,149
HSBC
Holdings
plc
5.13%
due
11/19/28
(j)
2,100,000
2,113,894
F&G
Global
Funding
5.88%
due
01/16/30
(e)
2,000,000
2,021,301
Nationwide
Building
Society
4.65%
due
07/14/29
(e),(j)
2,000,000
1,999,227
BPCE
S.A.
5.72%
due
01/18/30
(e),(j)
1,800,000
1,835,886
Fortitude
Global
Funding
4.63%
due
10/06/28
(e)
1,750,000
1,731,067
Starwood
Property
Trust,
Inc.
5.25%
due
10/15/28
(e)
1,000,000
995,439
5.88%
due
08/15/29
(e)
500,000
501,495
Lincoln
Financial
Global
Funding
4.63%
due
05/28/28
(e)
900,000
899,381
4.20%
due
01/12/29
(e)
450,000
443,722
Athene
Global
Funding
5.03%
due
07/17/30
(e)
1,350,000
1,337,830
Brookfield
Asset
Management
Ltd.
4.65%
due
11/15/30
1,350,000
1,332,354
Gabx
Leasing
LLC
4.63%
due
04/15/31
(e)
1,350,000
1,331,152
Protective
Life
Corp.
4.70%
due
01/15/31
(e)
1,350,000
1,330,792
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ULTRA
SHORT
DURATION
FUND
June
30,
2026
256
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
AA
FACE
AMOUNT
VALUE
CORPORATE
BONDS
-
17.1%
(continued)
FINANCIAL
-
9.6%
(continued)
Blue
Owl
Capital
GP
Stakes
IV
B
4.88%
due
10/30/28
(g)
$
1,350,000
$
1,315,509
Santander
UK
Group
Holdings
plc
4.86%
due
09/11/30
(j)
1,300,000
1,298,977
VICI
Properties,
LP
/
VICI
Note
Co.,
Inc.
4.63%
due
12/01/29
(e)
1,300,000
1,275,993
LPL
Holdings,
Inc.
5.70%
due
05/20/27
1,200,000
1,209,130
OneMain
Finance
Corp.
3.50%
due
01/15/27
1,150,000
1,140,131
Standard
Chartered
plc
5.55%
due
01/21/29
(e),(j)
1,000,000
1,011,867
Citigroup,
Inc.
4.81%
(SOFR
+
1.17%)
due
09/11/31
◊
1,000,000
1,008,468
United
Wholesale
Mortgage
LLC
5.75%
due
06/15/27
(e)
1,000,000
990,271
Jefferies
Finance
LLC
/
JFIN
Co.-Issuer
Corp.
5.00%
due
08/15/28
(e)
700,000
675,897
NatWest
Group
plc
4.73%
(SOFR
+
1.10%)
due
05/23/29
◊
650,000
654,063
CrossCountry
Intermediate
HoldCo
LLC
6.50%
due
10/01/30
(e)
500,000
492,816
UWM
Holdings
LLC
6.25%
due
03/15/31
(e)
500,000
445,612
Encore
Capital
Group,
Inc.
6.63%
due
04/15/31
(e)
250,000
252,875
Total
Financial
62,352,955
CONSUMER,
NON-CYCLICAL
-
2.0%
Mobility
Global,
Inc.
5.05%
due
06/15/29
(e)
3,025,000
3,030,203
HCA,
Inc.
5.00%
due
03/01/28
2,250,000
2,262,493
Element
Fleet
Management
Corp.
4.80%
due
05/29/29
(e)
1,600,000
1,596,058
Global
Payments,
Inc.
4.55%
due
03/15/28
1,500,000
1,493,204
Williams
Scotsman,
Inc.
4.63%
due
08/15/28
(e)
1,400,000
1,387,436
Avantor
Funding,
Inc.
4.63%
due
07/15/28
(e)
1,400,000
1,385,304
Medline
Borrower,
LP
3.88%
due
04/01/29
(e)
840,000
815,757
U.S.
Foods,
Inc.
7.25%
due
01/15/32
(e)
550,000
570,744
Icon
Investments
Six
DAC
5.85%
due
05/08/29
200,000
204,360
Total
Consumer,
Non-cyclical
12,745,559
A
AA
FACE
AMOUNT
VALUE
CORPORATE
BONDS
-
17.1%
(continued)
TECHNOLOGY
-
1.6%
CDW
LLC
/
CDW
Finance
Corp.
2.67%
due
12/01/26
$
4,300,000
$
4,265,218
Microchip
Technology,
Inc.
4.90%
due
03/15/28
2,200,000
2,210,977
SS&C
Technologies,
Inc.
5.50%
due
09/30/27
(e)
1,550,000
1,549,750
Salesforce,
Inc.
4.65%
due
03/15/29
1,400,000
1,399,275
Oracle
Corp.
4.45%
due
09/26/30
1,400,000
1,351,512
Total
Technology
10,776,732
CONSUMER,
CYCLICAL
-
1.1%
LG
Energy
Solution
Ltd.
5.25%
due
04/02/28
(e)
1,000,000
1,005,809
5.38%
due
07/02/29
450,000
454,710
5.00%
due
04/02/29
(e)
300,000
300,341
Polaris,
Inc.
6.95%
due
03/15/29
1,300,000
1,363,266
Carnival
Corp.
5.13%
due
05/01/29
(e)
1,300,000
1,297,989
Newell
Brands,
Inc.
8.50%
due
06/01/28
(e)
950,000
992,530
1011778
BC
ULC
/
New
Red
Finance,
Inc.
3.88%
due
01/15/28
(e)
700,000
686,843
VOC
Escrow
Ltd.
5.00%
due
02/15/28
(e)
650,000
649,195
Lithia
Motors,
Inc.
5.50%
due
10/01/30
(e)
300,000
296,297
Total
Consumer,
Cyclical
7,046,980
INDUSTRIAL
-
0.9%
EMRLD
Borrower,
LP
/
Emerald
Co.-Issuer,
Inc.
6.63%
due
12/15/30
(e)
1,400,000
1,431,268
TD
SYNNEX
Corp.
4.30%
due
01/17/29
1,400,000
1,382,522
GXO
Logistics,
Inc.
6.25%
due
05/06/29
1,300,000
1,343,916
Berry
Global,
Inc.
1.65%
due
01/15/27
1,100,000
1,083,471
Jabil,
Inc.
4.25%
due
05/15/27
600,000
599,368
TransDigm
,
Inc.
6.88%
due
12/15/30
(e)
22,000
22,609
Total
Industrial
5,863,154
ENERGY
-
0.8%
Targa
Resources
Corp.
4.35%
due
01/15/29
1,350,000
1,339,750
Cheniere
Energy
Partners,
LP
4.50%
due
10/01/29
1,300,000
1,291,341
DT
Midstream,
Inc.
4.13%
due
06/15/29
(e)
1,300,000
1,274,024
CVR
Energy,
Inc.
5.75%
due
02/15/28
(e)
640,000
638,541
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ULTRA
SHORT
DURATION
FUND
June
30,
2026
|
257
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
AA
FACE
AMOUNT
VALUE
CORPORATE
BONDS
-
17.1%
(continued)
ENERGY
-
0.8%
(continued)
Sunoco,
LP
4.50%
due
10/01/29
(e)
$
370,000
$
359,339
Buckeye
Partners,
LP
3.95%
due
12/01/26
80,000
79,495
Total
Energy
4,982,490
UTILITIES
-
0.5%
NextEra
Energy
Capital
Holdings,
Inc.
4.69%
due
09/01/27
1,800,000
1,804,119
NRG
Energy,
Inc.
4.45%
due
06/15/29
(e)
1,300,000
1,280,464
Pinnacle
West
Capital
Corp.
4.90%
due
05/15/28
450,000
451,588
Total
Utilities
3,536,171
COMMUNICATIONS
-
0.5%
Space
Exploration
Technologies
Corp.
5.35%
due
07/15/31
(e)
1,520,000
1,516,040
NTT
Finance
Corp.
4.62%
due
07/16/28
(e)
1,350,000
1,346,753
Match
Group
Holdings
II
LLC
4.13%
due
08/01/30
(e)
632,000
594,811
Total
Communications
3,457,604
BASIC
MATERIALS
-
0.1%
Compass
Minerals
International,
Inc.
8.00%
due
07/01/30
(e)
550,000
580,030
Total
Corporate
Bonds
(Cost
$111,779,038)
111,341,675
REPURCHASE
AGREEMENTS
(k)
-
12.3%
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
26,556,935
26,556,935
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
22,130,779
22,130,779
BNP
Paribas
issued
06/30/26
at
3.62%
due
07/01/26
19,917,701
19,917,701
Bank
of
Montreal
issued
06/30/26
at
3.61%
due
07/01/26
11,508,005
11,508,005
Total
Repurchase
Agreements
(Cost
$80,113,420)
80,113,420
SENIOR
FLOATING
RATE
INTERESTS
-
1.2%
FINANCIAL
-
0.3%
Jane
Street
Group
LLC
5.67%
(3
Month
Term
SOFR
+
2.00%)
due
12/15/31
◊
1,129,346
1,118,143
Outfront
Media
Capital
LLC
5.40%
(1
Month
Term
SOFR
+
1.75%)
due
09/24/32
◊
400,000
399,300
A
AA
FACE
AMOUNT
VALUE
SENIOR
FLOATING
RATE
INTERESTS
-
1.2%
(continued)
FINANCIAL
-
0.3%
(continued)
CPI
Holdco
B
LLC
5.64%
(1
Month
Term
SOFR
+
2.00%)
due
05/17/31
◊
$
148,864
$
148,197
Total
Financial
1,665,640
CONSUMER,
CYCLICAL
-
0.2%
Bombardier
Produits
Récréatifs
,
Inc.
5.89%
(1
Month
Term
SOFR
+
2.25%,
Rate
Floor:
0.50%)
due
12/13/29
◊
843,625
842,689
Peer
Holding
III
BV
5.98%
(3
Month
Term
SOFR
+
2.25%)
due
10/14/32
◊
598,500
598,374
Total
Consumer,
Cyclical
1,441,063
CONSUMER,
NON-CYCLICAL
-
0.2%
Option
Care
Health,
Inc.
5.39%
(1
Month
Term
SOFR
+
1.75%)
due
09/16/32
◊
694,750
695,097
Corpay
Technologies
Operating
Co.
LLC
5.39%
(1
Month
Term
SOFR
+
1.75%)
due
11/05/32
◊
696,503
694,386
Total
Consumer,
Non-cyclical
1,389,483
ENERGY
-
0.2%
Colossus
Acquireco
LLC
5.37%
(3
Month
Term
SOFR
+
1.75%)
due
07/30/32
◊
648,371
643,781
Buckeye
Partners,
LP
5.39%
(1
Month
Term
SOFR
+
1.75%)
due
11/22/32
◊
495,418
496,706
Whitewater
Whistler
Holdings
LLC
5.50%
(3
Month
Term
SOFR
+
1.75%)
due
02/15/30
◊
121,887
121,865
Total
Energy
1,262,352
BASIC
MATERIALS
-
0.1%
Novelis
Holdings,
Inc.
5.48%
(3
Month
Term
SOFR
+
1.75%)
due
03/11/32
◊
643,484
641,714
COMMUNICATIONS
-
0.1%
Discovery
Global
Holdings,
Inc.
6.14%
(1
Month
Term
SOFR
+
2.50%)
due
06/20/33
◊
637,500
637,443
INDUSTRIAL
-
0.1%
TransDigm
,
Inc.
5.89%
(1
Month
Term
SOFR
+
2.25%)
due
03/22/30
◊
347,375
347,396
UTILITIES
-
0.0%
Meade
Pipeline
Co.
LLC
5.68%
(3
Month
Term
SOFR
+
2.00%)
due
09/22/32
◊
250,000
249,875
Total
Senior
Floating
Rate
Interests
(Cost
$7,646,470)
7,634,966
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ULTRA
SHORT
DURATION
FUND
June
30,
2026
258
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
AA
FACE
AMOUNT
VALUE
U.S.
TREASURY
BILLS
-
0.4%
U.S.
Treasury
Bills
3.62%
due
07/07/26
(l)
$
1,750,000
$
1,748,952
3.63%
due
07/23/26
(l)
925,000
922,966
Total
U.S.
Treasury
Bills
(Cost
$2,671,918)
2,671,918
FOREIGN
GOVERNMENT
DEBT
-
0.1%
Eagle
Funding
Luxco
SARL
5.50%
due
08/17/30
(e)
700,000
702,835
Total
Foreign
Government
Debt
(Cost
$698,512)
702,835
CONTRACTS/
NOTIONAL
VALUE
OTC
INTEREST
RATE
SWAPTIONS
PURCHASED
(m)
-
0.0%
Call
Swaptions
on
:
Interest
Rate
Swaptions
Morgan
Stanley
Capital
Services
LLC
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.38%
2,182,000
2,637
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.38%
1,213,000
1,466
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.25%
1,213,000
1,103
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.25%
1,212,000
1,102
Citibank,
N.A.
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.43%
1,952,000
949
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.38%
728,000
866
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.38%
727,000
865
JPMorgan
Chase
Bank,
N.A.
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.43%
1,458,000
680
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.43%
953,000
463
BNP
Paribas
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.30%
1,459,000
460
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.43%
727,000
339
A
AA
CONTRACTS/
NOTIONAL
VALUE
VALUE
OTC
INTEREST
RATE
SWAPTIONS
PURCHASED
(m)
-
0.0%
(continued)
Call
Swaptions
on:
(continued)
Interest
Rate
Swaptions
(continued)
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.30%
726,000
$
229
Total
OTC
Interest
Rate
Swaptions
Purchased
(Cost
$68,504)
11,159
Total
Investments
-
101.2%
(Cost
$659,763,336)
$
660,791,649
OTC
INTEREST
RATE
SWAPTIONS
WRITTEN
(m)
-
(0.0)%
Put
Swaptions
on
:
Interest
Rate
Swaptions
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
727,000
(2,846)
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
726,000
(2,854)
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
727,000
(3,758)
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
728,000
(3,764)
The
Toronto-Dominion
Bank
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
953,000
(3,778)
JPMorgan
Chase
Bank,
N.A.
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
1,458,000
(
5,708)
BNP
Paribas
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
1,459,000
(5,736)
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
1,213,000
(6,305)
Citibank,
N.A.
2-Year
Interest
Rate
Swap
Expiring
September
2026
with
exercise
rate
of
3.95%
1,952,000
(7,643)
Morgan
Stanley
Capital
Services
LLC
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
2,182,000
(11,341)
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ULTRA
SHORT
DURATION
FUND
June
30,
2026
|
259
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
A
AA
CONTRACTS/
NOTIONAL
VALUE
VALUE
OTC
INTEREST
RATE
SWAPTIONS
WRITTEN
(m)
-
(0.0)%
(continued)
Put
Swaptions
on:
(continued)
Interest
Rate
Swaptions
(continued)
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Expiring
December
2026
with
exercise
rate
of
3.95%
2,425,000
$
(12,605)
Total
Interest
Rate
Swaptions
(66,338)
A
AA
CONTRACTS/
NOTIONAL
VALUE
VALUE
OTC
INTEREST
RATE
SWAPTIONS
WRITTEN
(m)
-
(0.0)%
(continued)
Put
Swaptions
on:
(continued)
Interest
Rate
Swaptions
(continued)
Total
OTC
Interest
Rate
Swaptions
Written
(Premium
received
$64,980)
(66,338)
Other
Assets
&
Liabilities,
net
-
(1.2)%
(7,979,448)
Total
Net
Assets
-
100.0%
$
652,745,863
◊
Variable
rate
security.
Rate
indicated
is
the
rate
effective
at
June
30,
2026.
In
some
instances,
the
effective
rate
is
limited
by
a
minimum
rate
floor
or
a
maximum
rate
cap
established
by
the
issuer.
The
settlement
status
of
a
position
may
also
impact
the
effective
rate
indicated.
In
some
cases,
a
position
may
be
unsettled
at
period
end
and
may
not
have
a
stated
effective
rate.
In
instances
where
multiple
underlying
reference
rates
and
spread
amounts
are
shown,
the
effective
rate
is
based
on
a
weighted
average.
(a)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(b)
All
or
a
portion
of
this
security
is
pledged
as
equity
index
swap
collateral
at
June
30,
2026.
(c)
Affiliated
issuer.
(d)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(e)
Security
is
a
144A
or
Section
4(a)(2)
security.
These
securities
have
been
determined
to
be
liquid
under
guidelines
established
by
the
Board
of
Trustees.
The
total
market
value
of
144A
or
Section
4(a)(2)
liquid
securities
is
$361,527,535
(cost
$365,794,735),
or
55.4%
of
total
net
assets.
(f)
Security
is
unsettled
at
period
end
and
may
not
have
a
stated
effective
rate.
(g)
Value
determined
based
on
Level
3
inputs
—
See
Note
3
.
(h)
Security
is
a
step
up/down
bond.
The
coupon
increases
or
decreases
at
regular
intervals
until
the
bond
reaches
full
maturity.
Rate
indicated
is
the
rate
at
June
30,
2026.
See
table
below
for
additional
step
information
for
each
security.
(
i
)
Security
is
an
interest-only
strip.
(j)
Security
has
a
fixed
rate
coupon
which
will
convert
to
a
floating
or
variable
rate
coupon
on
a
future
date.
(k)
Repurchase
Agreements
—
The
interest
rate
on
repurchase
agreements
is
market
driven
and
based
on
the
underlying
collateral
obtained.
See
additional
disclosure
in
the
repurchase
agreements
table
below
for
more
information
on
repurchase
agreements.
(l)
Rate
indicated
is
the
effective
yield
at
the
time
of
purchase.
(m)
Swaptions
—
See
additional
disclosure
in
the
swaptions
table
below
for
more
information
on
swaptions.
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
SARL  —
Société
à
Responsabilité
Limitée
SOFR
—
Secured
Overnight
Financing
Rate
WAC
—
Weighted
Average
Coupon
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ULTRA
SHORT
DURATION
FUND
June
30,
2026
260
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Centrally
Cleared
Interest
Rate
Swap
Agreements
Counterparty
Exchange
Floating
Rate
Type
Floating
Rate
Index
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
(a)
Bank
of
America
Securities,
Inc.
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
3.26%
Annually
09/08/28
$
20,000,000
$
380,344
$
(7,223)
$
387,567
Bank
of
America
Securities,
Inc.
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
3.33%
Annually
10/20/32
9,000,000
327,407
—
327,407
Bank
of
America
Securities,
Inc.
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
3.33%
Annually
09/23/27
20,000,000
232,301
340
231,961
Bank
of
America
Securities,
Inc.
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
3.58%
Annually
07/22/30
12,500,000
200,195
340
199,855
Bank
of
America
Securities,
Inc.
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
3.29%
Annually
09/09/30
5,000,000
138,573
(2,389)
140,962
Bank
of
America
Securities,
Inc.
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
3.88%
Annually
07/22/35
5,000,000
45,427
332
45,095
Bank
of
America
Securities,
Inc.
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
3.83%
Annually
11/27/31
8,200,000
28,811
305
28,506
Bank
of
America
Securities,
Inc.
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
3.85%
Annually
11/27/39
1,000,000
27,509
292
27,217
Bank
of
America
Securities,
Inc.
CME
Receive
U.S.
Secured
Overnight
Financing
Rate
3.87%
Annually
11/27/29
9,000,000
11,168
281
10,887
$
1,391,735
$
(7,722)
$
1,399,457
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ULTRA
SHORT
DURATION
FUND
June
30,
2026
|
261
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Total
Return
Swap
Agreements
Counterparty
Reference
Obligation
Type
(b)
Financing
Rate
Payment
Frequency
Maturity
Date
Units
Notional
Amount
Value
and
Unrealized
Depreciation
OTC
Equity
Index
Swap
Agreements
Sold
Short
Goldman
Sachs
International
iShares
Core
S&P
500
ETF
Receive
3.63%
(Federal
Funds
Rate
+0.00%)
At
Maturity
09/22/26
38,000
$
28,457,820
$
(19,258)
Bank
of
America,
N.A.
SPDR
S&P
500
ETF
Trust
Receive
4.19%
(Federal
Funds
Rate
+0.56%)
At
Maturity
02/26/27
40,000
29,870,800
(1,809,169)
$
58,328,620
$
(1,828,427)
OTC
Interest
Rate
Swaptions
Purchased
Counterparty/
Description
Floating
Rate
Type
Floating
Rate
Index
Payment
Frequency
Fixed
Rate
Expiration
Date
Exercise
Rate
Swaption
Notional
Amount
Swaption
Value
Call
Morgan
Stanley
Capital
Services
LLC
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.38%
12/28/26
3.38%
$
2,182,000
$
2,637
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.38%
12/28/26
3.38%
1,213,000
1,466
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.25%
12/28/26
3.25%
1,213,000
1,103
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.25%
12/28/26
3.25%
1,212,000
1,102
Citibank,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.43%
09/28/26
3.43%
1,952,000
949
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.38%
12/24/26
3.38%
728,000
866
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.38%
12/24/26
3.38%
727,000
865
JPMorgan
Chase
Bank,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.43%
09/24/26
3.43%
1,458,000
680
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.43%
09/28/26
3.43%
953,000
463
BNP
Paribas
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.30%
09/25/26
3.30%
1,459,000
460
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.43%
09/24/26
3.43%
727,000
339
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.30%
09/25/26
3.30%
726,000
229
$
11,159
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ULTRA
SHORT
DURATION
FUND
June
30,
2026
262
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
OTC
Interest
Rate
Swaptions
Written
Counterparty/
Description
Floating
Rate
Type
Floating
Rate
Index
Payment
Frequency
Fixed
Rate
Expiration
Date
Exercise
Rate
Swaption
Notional
Amount
Swaption
Value
Put
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/24/26
3.95%
$
727,000
$
(2,846)
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/25/26
3.95%
726,000
(2,854)
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/24/26
3.95%
727,000
(3,758)
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/24/26
3.95%
728,000
(3,764)
The
Toronto-
Dominion
Bank
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/28/26
3.95%
953,000
(3,778)
JPMorgan
Chase
Bank,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/24/26
3.95%
1,458,000
(5,708)
BNP
Paribas
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/25/26
3.95%
1,459,000
(5,736)
Bank
of
America,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/28/26
3.95%
1,213,000
(6,305)
Citibank,
N.A.
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
09/24/26
3.95%
1,952,000
(7,643)
Morgan
Stanley
Capital
Services
LLC
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/28/26
3.95%
2,182,000
(11,341)
Barclays
Bank
plc
2-Year
Interest
Rate
Swap
Pay
12
Month
SOFR
Annual
3.95%
12/28/26
3.95%
2,425,000
(12,605)
$
(66,338)
(a)
Includes
cumulative
appreciation
(depreciation).
(b)
Total
Return
Swap
-
Type
"Receive"
indicates
that
the
Fund
receives
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
Type
"Pay"
indicates
that
the
Fund
pays
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
CME
—
Chicago
Mercantile
Exchange
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ULTRA
SHORT
DURATION
FUND
June
30,
2026
|
263
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Significant
changes
in
a
quote
would
generally
result
in
significant
changes
in
the
fair
value
of
the
security.
Any
remaining
Level
3
securities
held
by
the
Fund
and
excluded
from
the
table
above,
were
not
considered
material
to
the
Fund.
The
Fund’s
fair
valuation
leveling
guidelines
classify
a
single
daily
broker
quote,
or
a
vendor
price
based
on
a
single
daily
or
monthly
broker
quote,
as
Level
3,
if
such
a
quote
or
price
cannot
be
supported
with
other
available
market
information.
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(See
Note
3
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Exchange-Traded
Funds
$
60,228,078
$
—
$
—
$
60,228,078
Money
Market
Funds
47,197,703
—
—
47,197,703
Asset-Backed
Securities
—
170,176,871
6,077,714
176,254,585
Collateralized
Mortgage
Obligations
—
173,996,975
638,335
174,635,310
Corporate
Bonds
—
110,026,166
1,315,509
111,341,675
Repurchase
Agreements
—
80,113,420
—
80,113,420
Senior
Floating
Rate
Interests
—
7,634,966
—
7,634,966
U.S.
Treasury
Bills
—
2,671,918
—
2,671,918
Foreign
Government
Debt
—
702,835
—
702,835
Interest
Rate
Swaptions
Purchased
—
11,159
—
11,159
Interest
Rate
Swap
Agreements
(a)
—
1,399,457
—
1,399,457
Total
Assets
$
107,425,781
$
546,733,767
$
8,031,558
$
662,191,106
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Interest
Rate
Swaptions
Written
$
—
$
66,338
$
—
$
66,338
Equity
Index
Swap
Agreements
(a)
—
1,828,427
—
1,828,427
Total
Liabilities
$
—
$
1,894,765
$
—
$
1,894,765
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
The
following
is
a
summary
of
significant
unobservable
inputs
used
in
the
fair
valuation
of
assets
and
liabilities
categorized
within
Level
3
of
the
fair
value
hierarchy:
Category
Ending
Balance
at
June
30,
2026
Valuation
Technique
Unobservable
Inputs
Input
Range
Weighted
Average
Assets:
Asset-Backed
Securities
$
4,500,000
Third
Party
Pricing
Broker
Quote
—
—
Asset-Backed
Securities
1,177,323
Option
adjusted
spread
off
prior
month
end
broker
quote
Broker
Quote
—
—
Asset-Backed
Securities
400,391
Third
Party
Pricing
Trade
Price
—
—
Collateralized
Mortgage
Obligations
638,335
Third
Party
Pricing
Vendor
Price
—
—
Corporate
Bonds
1,315,509
Option
adjusted
spread
off
prior
month
end
broker
quote
Broker
Quote
—
—
Total
Assets
$
8,031,558
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ULTRA
SHORT
DURATION
FUND
June
30,
2026
264
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Transfers
between
Level
2
and
Level
3
may
occur
as
markets
fluctuate
and/or
the
availability
of
data
used
in
an
investment’s
valuation
changes.
For
the
period
ended
June
30,
2026,
the
Fund
had
securities
with
a
total
value
of
$1,077,656
transfer
into
Level
3
from
Level
2
due
to
a
lack
of
observable
inputs
and
did
not
have
any
securities
transfer
out
of
Level
3
into
Level
2.
Summary
of
Fair
Value
Level
3
Activity
Following
is
a
reconciliation
of
Level
3
assets
for
which
significant
unobservable
inputs
were
used
to
determine
fair
value
for
the
period
ended
June
30,
2026:
Beginning
Balance
Purchases/
(Receipts)
(Sales,
maturities
and
paydowns)/
Fundings
Total
realized
gains
(losses)
included
in
earnings
Assets
Asset-Backed
Securities
$
5,500,000
$
1,188,184
$
(1,064,826)
$
—
Corporate
Bonds
—
1,350,000
—
—
Collateralized
Mortgage
Obligations
—
—
—
—
Total
Assets
$
5,500,000
$
2,538,184
$
(1,064,826)
$
—
Total
change
in
unrealized
appreciation
(depreciation)
included
in
earnings
Transfers
into
Level
3
Ending
Balance
Net
change
in
unrealized
appreciation
(depreciation)
for
investments
in
Level
3
securities
still
held
at
June
30,
2026
Assets
Asset-Backed
Securities
$
15,035
$
439,321
$
6,077,714
$
15,035
Corporate
Bonds
(34,491)
—
1,315,509
(34,491)
Collateralized
Mortgage
Obligations
—
638,335
638,335
—
Total
Assets
$
(19,456)
$
1,077,656
$
8,031,558
$
(19,456)
Step
Coupon
Bonds
The
following
table
discloses
additional
information
related
to
step
coupon
bonds
held
by
the
Fund.
Certain
securities
are
subject
to
multiple
rate
changes
prior
to
maturity.
For
those
securities,
a
range
of
rates
and
corresponding
dates
have
been
provided.
Rates
for
all
step
coupon
bonds
held
by
the
Fund
are
scheduled
to
increase,
none
are
scheduled
to
decrease.
Name
Coupon
Rate
at
Next
Reset
Date
Next
Rate
Reset
Date
Future
Reset
Rate(s)
Future
Reset
Date(s)
Angel
Oak
Mortgage
Trust
2023-1,
4.75%
due
09/26/67
5.75%
01/01/27
—
—
Archwest
Mortgage
Trust
2025-RTL1,
5.20%
due
10/25/40
6.16%
04/25/28
—
—
Barclays
Mortgage
Loan
Trust
2026-CES1,
4.85%
due
01/25/56
5.85%
02/01/30
—
—
BRAVO
Residential
Funding
Trust
2024-NQM5,
6.16%
due
06/25/64
7.16%
07/01/28
—
—
BRAVO
Residential
Funding
Trust
2025-NQM8,
5.08%
due
06/25/65
6.08%
08/01/29
—
—
BRAVO
Residential
Funding
Trust
2025-CES1,
5.70%
due
02/25/55
6.70%
03/01/29
—
—
BRAVO
Residential
Funding
Trust
2024-NQM1,
5.94%
due
12/01/63
6.94%
01/01/28
—
—
BRAVO
Residential
Funding
Trust
2025-NQM1,
5.81%
due
12/25/64
6.81%
01/01/29
—
—
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ULTRA
SHORT
DURATION
FUND
June
30,
2026
|
265
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Name
Coupon
Rate
at
Next
Reset
Date
Next
Rate
Reset
Date
Future
Reset
Rate(s)
Future
Reset
Date(s)
BRAVO
Residential
Funding
Trust
2025-CES2,
4.96%
due
07/26/55
5.96%
08/01/29
—
—
CIM
Trust
2026-R1,
4.75%
due
12/25/65
7.75%
05/01/29
—
—
COLT
Mortgage
Loan
Trust
2025-3,
5.35%
due
03/25/70
6.35%
02/01/29
—
—
Deephaven
Residential
Mortgage
Trust
2026-CES1,
5.31%
due
03/25/61
6.31%
04/01/30
—
—
EFMT
2025-CES4,
5.43%
due
06/25/60
6.43%
07/01/29
—
—
GCAT
Trust
2025-NQM4,
5.53%
due
06/25/70
6.73%
07/01/29
—
—
GCAT
Trust
2025-NQM3,
5.55%
due
05/25/70
6.96%
06/01/29
—
—
GCAT
Trust
2025-NQM2,
5.60%
due
04/25/70
7.36%
05/01/28
—
—
GCAT
Trust
2026-NQM3,
5.61%
due
04/25/71
6.61%
05/01/30
—
—
GS
Mortgage-Backed
Securities
Trust
2025-NQM3,
5.14%
due
11/25/65
6.14%
08/01/29
—
—
HOMES
Trust
2025-AFC2,
5.47%
due
06/25/60
6.47%
06/01/29
—
—
LHOME
Mortgage
Trust
2024-RTL5,
5.32%
due
09/25/39
6.32%
03/25/27
—
—
LHOME
Mortgage
Trust
2025-RTL3,
5.24%
due
08/25/40
6.24%
02/25/28
—
—
Mill
City
Securities
Ltd.
2024-RS2,
3.00%
due
08/01/69
6.00%
12/01/27
—
—
OBX
Trust
2026-NQM9,
5.52%
due
04/25/66
6.52%
06/01/30
—
—
OBX
Trust
2024-NQM18,
5.87%
due
10/25/64
6.87%
11/01/28
—
—
OBX
Trust
2025-NQM2,
5.75%
due
11/25/64
6.75%
01/01/29
—
—
OBX
Trust
2025-R1,
5.09%
due
09/25/62
6.09%
11/01/29
—
—
OBX
Trust
2025-NQM10,
5.45%
due
05/25/65
6.45%
05/01/29
—
—
PRPM
LLC
2026-3,
5.96%
due
04/25/31
8.96%
04/01/29
9.96%
04/01/30
PRPM
LLC
2026-2,
5.09%
due
02/25/31
8.09%
02/01/29
—
—
PRPM
LLC
2025-6,
5.77%
due
08/25/28
8.77%
08/01/28
—
—
PRPM
LLC
2025-RCF3,
5.25%
due
07/25/55
6.25%
07/01/29
—
—
PRPM
LLC
2025-5,
5.73%
due
07/25/30
8.73%
07/01/28
9.73%
07/01/29
PRPM
LLC
2025-7,
5.50%
due
08/25/30
8.50%
08/01/28
9.50%
08/01/29
PRPM
LLC
2025-8,
5.39%
due
10/25/30
8.39%
10/01/28
—
—
RCKT
Mortgage
Trust
2026-CES4,
5.23%
due
04/25/56
6.23%
04/01/30
—
—
RCKT
Mortgage
Trust
2025-CES7,
5.48%
due
07/25/55
6.48%
07/01/29
—
—
RCKT
Mortgage
Trust
2025-CES7,
5.38%
due
07/25/55
6.38%
07/01/29
—
—
RCKT
Mortgage
Trust
2025-CES5,
5.69%
due
05/25/55
6.69%
05/01/29
—
—
RCKT
Mortgage
Trust
2025-CES6,
5.47%
due
06/25/55
6.47%
06/01/29
—
—
Saluda
Grade
Alternative
Mortgage
Trust
2025-RRTL1,
5.32%
due
10/25/40
6.32%
03/01/28
—
—
Towd
Point
Mortgage
Trust
2026-CES1,
4.96%
due
01/25/66
6.13%
01/01/30
—
—
Towd
Point
Mortgage
Trust
2025-FIX1,
4.97%
due
09/25/65
5.97%
09/01/29
—
—
Towd
Point
Mortgage
Trust
2025-CES4,
5.09%
due
10/25/65
6.09%
10/01/29
—
—
Verus
Securitization
Trust
2025-2,
5.31%
due
03/25/70
6.31%
03/01/29
—
—
Verus
Securitization
Trust
2025-5,
5.43%
due
06/25/70
6.43%
06/01/29
—
—
Verus
Securitization
Trust
2026-3,
5.18%
due
03/25/71
6.18%
03/01/30
—
—
Verus
Securitization
Trust
2025-7,
5.13%
due
08/25/70
6.13%
08/01/29
—
—
Verus
Securitization
Trust
2024-9,
5.89%
due
11/25/69
6.89%
12/01/28
—
—
Vista
Point
Securitization
Trust
2025-CES1,
5.81%
due
04/25/55
6.81%
03/01/29
—
—
Vista
Point
Securitization
Trust
2026-CES2,
5.42%
due
05/25/56
6.42%
04/01/30
—
—
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ULTRA
SHORT
DURATION
FUND
June
30,
2026
266
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Repurchase
Agreements
The
Fund
may
engage
in
repurchase
agreements.
Repurchase
agreements
are
fixed
income
securities
in
the
form
of
agreements
backed
by
collateral.
These
agreements
typically
involve
the
acquisition
by
the
Fund
of
securities
from
the
selling
institution
coupled
with
the
agreement
that
the
selling
institution
will
repurchase
the
underlying
securities
at
a
specified
price
and
at
a
fixed
time
in
the
future.
The
Fund
may
accept
a
wide
variety
of
underlying
securities
as
collateral
for
the
repurchase
agreements
entered
into
by
the
Fund.
Any
such
securities
serving
as
collateral
are
marked-to-market
daily
in
order
to
maintain
full
collateralization.
In
connection
with
transactions
in
repurchase
agreements,
it
is
the
Fund’s
policy
that
its
custodian
take
possession
of
the
underlying
collateral.
The
collateral
is
in
the
possession
of
the
Fund’s
custodian
and
is
evaluated
to
ensure
that
its
market
value
exceeds,
at
a
minimum,
102%
of
the
original
face
amount
of
the
repurchase
agreements.
The
use
of
repurchase
agreements
involves
certain
risks.
For
example,
if
the
selling
institution
defaults
on
its
obligation
to
repurchase
the
underlying
securities
at
a
time
when
the
value
of
securities
has
declined,
the
Fund
may
incur
a
loss
upon
disposition
of
them.
In
the
event
of
an
insolvency
or
bankruptcy
by
the
selling
institution,
the
Fund’s
right
to
control
the
collateral
could
be
affected
and
result
in
certain
costs
and
delays.
In
addition,
the
Fund
could
incur
a
loss
if
the
value
of
the
underlying
collateral
falls
below
the
agreed
upon
repurchase
price.
At
June
30,
2026,
the
repurchase
agreements
in
the
account
were
as
follows:
Counterparty
and
Terms
of
Agreement
Face
Value
Repurchase
Price
Collateral
Par
Value
Fair
Value
Bank
of
America
Securities,
Inc.
3.63%
Due
07/01/26
$
26,556,935
$
26,562,291
U.S.
Treasury
Note
4.63%
Due
09/30/28
$
26,501,700
$
27,088,112
—
—
—
J.P.
Morgan
Securities
LLC
3.64%
Due
07/01/26
22,130,779
22,135,254
U.S.
Treasury
Inflation
Indexed
Bond
0.13%
-
0.38%
Due
10/15/26
-
01/15/27
2,800
3,634
U.S.
Treasury
Note
1.00%
-
4.13%
Due
07/31/28
-
06/15/29
22,537,600
22,572,131
22,130,779
22,540,400
22,575,765
BNP
Paribas
3.62%
Due
07/01/26
19,917,701
19,921,707
U.S.
Treasury
Strips
0.00%
Due
08/15/33
-
05/15/50
52,647,837
18,864,173
U.S.
Treasury
Inflation
Indexed
Bond
3.38%
Due
04/15/32
100
203
U.S.
Treasury
Bond
1.88%
Due
02/15/51
100
57
U.S.
Treasury
Note
0.5%
-
3.88%
Due
06/30/27
-
04/30/31
1,457,900
1,453,713
19,917,701
54,105,937
20,318,146
Bank
of
Montreal
3.61%
Due
07/01/26
11,508,005
11,510,313
U.S.
Treasury
Note
0.00%
Due
10/01/26
11,852,400
11,739,352
—
—
—
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ULTRA
SHORT
DURATION
FUND
June
30,
2026
|
267
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Affiliated
Transactions
Investments
representing
5%
or
more
of
the
outstanding
voting
shares
of
a
company,
or
control
of
or
by,
or
common
control
under
Guggenheim
Investments
("GI"),
result
in
that
company
being
considered
an
affiliated
person,
as
defined
in
the
Investment
Company
Act
of
1940
(“affiliated
issuer”).
The
Fund
may
invest
in
Guggenheim
Strategy
Fund
III,
an
underlying
series
of
Guggenheim
Strategy
Funds
Trust.
Guggenheim
Strategy
Fund
III
is
organized
as
an
open-end
management
investment
company
managed
by
GI.
Guggenheim
Strategy
Fund
III  is
offered
as
a
short-term
investment
option
only
to
mutual
funds,
trusts,
and
other
accounts
managed
by
GI
and/or
its
affiliates
and
is
not
available
to
the
public.
Guggenheim
Strategy
Fund
III
pays
no
investment
management
fees.
The
Fund
could
previously
invest
in
an
additional
series
of
Guggenheim
Strategy
Funds
Trust
that
is
no
longer
offered.
Guggenheim
Strategy
Fund
III’s
annual
report
on
Form
N-CSR
dated
September
30,
2025
is
available
publicly
or
upon
request.
This
information
is
available
from
the
EDGAR
database
on
the
SEC’s
website
at
https://www.sec.
gov/Archives/edgar/data/1601445/000139834425021351/fp0095397-6_ncsrixbrl.htm.
The
Fund
also
may
invest
in
certain
of
the
underlying
series
of
Guggenheim
Funds
Trust,
which
are
structured
as
open-end
management
investment
companies
managed
by
GI,
are
available
to
the
public
and
whose
most
recent
annual
report
on
Form
N-CSR
is
available
publicly
or
upon
request.
Transactions
during
the
period
ended
June
30,
2026,
in
which
the
company
is
an
affiliated
issuer,
were
as
follows:
Security
Name
Value
09/30/25
Additions
Reductions
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
06/30/26
Shares
06/30/26
Investment
Income
Exchange-Traded
Funds
Guggenheim
Securitized
Income
ETF
$
—
$
1,896,987
$
—
$
—
$
2,471
$
1,899,458
37,800
$
—
268
|
THE
GUGGENHEIM
FUNDS
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
Note
1
‒
Organization,
Consolidation
of
Subsidiary
and
Significant
Accounting
Policies
Organization
Guggenheim Funds
Trust
(the
“Trust”),
a
Delaware
statutory trust,
is
registered
with
the
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
as
an open-end
investment
company. The
Trust
consists
of
multiple
series.
Each
series
represents
a
separate
fund
(each,
a
“Fund”
and
collectively,
the
“Funds”). The
Trust
may
issue
an
unlimited
number
of
authorized
shares.
The
Trust
accounts
for
the
assets
of
each
Fund
separately.
This
report
covers
the
following
Funds:
For
information
on
the
Funds'
policy
regarding
valuation
of
investments
and
other
significant
accounting
policies,
please
refer
to
the
Funds'
most
recent
semi-annual
or
annual
shareholder
report.
Consolidation
of
Subsidiary 
The
consolidated schedule
of
investments
of
the
Macro
Opportunities
Fund
include
the
accounts
of
a
wholly-owned
and
controlled
Cayman
Islands
subsidiary
(the
“Subsidiary”).
Significant
inter-company
accounts
and
transactions
have
been
eliminated
in
consolidation
for
the
Macro
Opportunities
Fund.
The
Notes
to
Schedule
of
Investments presented
herein
are
consolidated
with
respect
to
Macro
Opportunities
Fund
and
include
the
accounts
of
the
Subsidiary. 
The
Macro
Opportunities
Fund
may
invest
up
to
25%
of
its
total
assets
in
its
Subsidiary,
which
is
intended
to
provide
the
Fund
with
exposure
to
certain
investments
consistent
with
the
Fund’s
investment
objective
and
policies
while
enabling
the
Fund
to
satisfy
source-of-
income
requirements
that
apply
to
regulated
investment
companies
(“RICs”)
under
the
Internal
Revenue
Code
of
1986,
as
amended
(the
“Internal
Revenue
Code”). 
Significant
Accounting
Policies
The
Funds
operate
as
investment
companies
and,
accordingly,
follow
the
investment
company
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
Topic
946
Financial
Services
–
Investment
Companies.
The
following
significant
accounting
policies
are
in
conformity
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
are
consistently
followed
by
the
Trust.
This
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amount
of
assets
and
liabilities,
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements,
and
the
reported
amounts
of
revenues
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
these
estimates.
All
time
references
are
based
on
Eastern
Time.
Fund
Name
Diversification
Status
Active
INvestment
Series
(GAINS)
-
Core
Plus
Fund
Diversified
Active
INvestment
Series
(GAINS)
-
Limited
Duration
Fund
Diversified
Core
Bond
Fund
Diversified
Floating
Rate
Strategies
Fund
Diversified
High
Yield
Fund
Diversified
Limited
Duration
Fund
Diversified
Macro
Opportunities
Fund
Diversified
Municipal
Income
Fund
Diversified
Total
Return
Bond
Fund
Diversified
Ultra
Short
Duration
Fund
Diversified
THE
GUGGENHEIM
FUNDS
|
269
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
(a)
Valuation
of
Investments
The
Board
of
Trustees
of
the
Trust (the
“Board”) has
adopted
policies
and
procedures
for
the
valuation
of
the
Funds’
investments
(the
“Fund
Valuation
Procedures”).
Pursuant
to
Rule
2a-5
under
the
1940
Act,
the
Board
designated Guggenheim
Partners
Investment
Management,
LLC
(the
"Adviser") as
the
valuation
designee
to
perform
fair
valuation
determinations
for
each
Fund
with
respect
to
all
Fund
investments
and/or
other
assets.
As
the
Funds’
valuation
designee
pursuant
to
Rule
2a-5,
the
Adviser
has
adopted
separate
procedures
(the
“Valuation
Designee
Procedures”
and
collectively
with
the
Fund
Valuation
Procedures,
the
“Valuation
Procedures”)
reasonably
designed
to
prevent
violations
of
the
requirements
of
Rule
2a-5
and
Rule
31a-4
under
the
1940
Act.
The
Adviser,
in
its
role
as
valuation
designee,
utilizes
the
assistance
of
a
valuation
committee,
consisting
of
representatives
from
Guggenheim’s
investment
management,
fund
administration,
legal
and
compliance
departments
(the
“Valuation
Committee”),
in
determining
the fair
value
of
the
Funds’
securities
and/or
other
assets.
The
Valuation
Procedures
may
be
amended
and
potentially
adversely
affected
as
the
Funds
seek
to
comply
with
regulations
that
apply
to
the
valuation
practices
of
registered
investment
companies.
Valuations
of
the
Funds’
securities
and
other
assets
are
supplied
primarily
by
independent
third-party
pricing
services
appointed
pursuant
to
the
processes
set
forth
in
the
Valuation
Procedures.
The
Adviser,
with
the
assistance
of
the
Valuation
Committee,
convenes
monthly,
or
more
frequently
as
needed,
to
review
the
valuation
of
all
assets
which
have
been
fair
valued.
The
Adviser,
consistent
with
the
monitoring
and
review
responsibilities
set
forth
in
the
Valuation
Procedures,
regularly
reviews
the
appropriateness
of
the
inputs,
methods,
models
and
assumptions
employed
by
the
independent
third-party
pricing
services.
If
the
independent
third-party
pricing
service
cannot
or
does
not
provide
a
valuation
for
a
particular
investment
or
such
valuation
is
deemed
unreliable,
such
investment
is
fair
valued
by
the
Adviser.
In
general,
portfolio
securities
and
assets
of
a
Fund
will
be
valued
on
the
basis
of
readily
available
market
quotations
at
their
current
market
value.
With
respect
to
portfolio
securities
and
assets
of
a
Fund
for
which
market
quotations
are
not
readily
available,
or
deemed
unreliable
by
the
Adviser,
the
Fund
will
fair
value
those
securities
and
assets
in
good
faith
in
accordance
with
the
Valuation
Procedures.
Valuations
in
accordance
with
these
methods
are
intended
to
reflect
each
security’s
(or
asset’s
or
liability’s)
“fair
value.”
Fair
value
represents
a
good
faith
approximation
of
the
value
of
a
security.
Fair
value
determinations
may
be
based
on
limited
inputs
and
involve
the
consideration
of
a
number
of
subjective
factors,
an
analysis
of
applicable
facts
and
circumstances,
and
the
exercise
of
judgment.
Each
such
determination
is
based
on
a
consideration
of
all
relevant
factors,
which
are
likely
to
vary
from
one
pricing
context
to
another.
Examples
of
such
factors
may
include,
but
are
not
limited
to
market
prices;
sale
prices;
broker
quotes;
and
models
which
derive
prices
based
on
inputs
such
as
prices
of
securities
with
comparable
maturities
and
characteristics, or
based on
inputs
such
as
prices
of
securities
with
comparable
maturities
and
characteristics,
or
on
inputs
such
as anticipated
cash
flows
or
collateral,
spread
over
U.S.
Treasury
securities,
and
other
information
analysis.
As
a
result,
it
is
possible
that
the
fair
value
for
a
security
determined
in
good
faith
in
accordance
with
the
Valuation
Procedures
may
differ
from
valuations
for
the
same
security
determined
by
other
funds
using
their
own
valuation
procedures.
Although
the
Valuation
Procedures
are
designed
to
value
a
portfolio
security
or
asset
at
the
price
a
Fund
may
reasonably
expect
to
receive
upon
its
sale
in
an
orderly
transaction,
there
can
be
no
assurance
that
any
fair
value
determination
thereunder
would,
in
fact,
approximate
the
amount
that
a
Fund
could
reasonably
expect
to
receive
upon
the
sale
of
the
portfolio
security
or
asset.
U.S.
Government
securities
are
valued
by
independent
third-party
pricing
services,
using
the
last
traded
fill
price,
or
at
the
reported
bid
price
at
the
close
of
business
on
the
valuation
date.
Commercial
paper
and
discount
notes
with
a
maturity
of
greater
than
60
days
at
acquisition
are
valued
at
prices
that
reflect
broker-dealer
supplied
valuations
or
are
obtained
from
independent
third-party
pricing
services,
which
may
consider
the
trade
activity,
treasury
spreads,
yields
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Commercial
paper
and
discount
notes
with
a
maturity
of
60
days
or
less
at
acquisition
are
valued
at
amortized
cost,
unless
the
Adviser
concludes
that
amortized
cost
Note
1
‒
Organization,
Consolidation
of
Subsidiary
and
Significant
Accounting
Policies
(continued)
270
|
THE
GUGGENHEIM
FUNDS
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
does
not
represent
the
fair
value
of
the
applicable
asset
in
which
case
it
will
be
valued
using
an
independent
third-party
pricing
service. 
CLOs,
CDOs,
MBS,
ABS,
and
other
structured
finance
securities
are
generally
valued
using
an
independent
third-party
pricing
service.
Repurchase
agreements
are
generally
valued
at
amortized
cost,
provided
such
amounts
approximate
market
value.
Equity
securities
listed
or
traded
on
a
recognized
U.S.
securities
exchange
or
the
Nasdaq
Stock
Market
(“NASDAQ”)
will
generally
be
valued
on
the
basis
of
the
last
sale
price
on
the
primary
U.S.
exchange
or
market
on
which
the
security
is
listed
or
traded;
provided,
however,
that
securities
listed
on
NASDAQ
will
be
valued
at
the
NASDAQ
official
closing
price,
which
may
not
necessarily
represent
the
last
sale
price.
Open-end
investment
companies
are
valued
at
their net
asset
value
("NAV")
as
of
the
close
of
business,
on
the
valuation
date.
Exchange-traded
funds
and
listed
closed-end
investment
companies
are
generally
valued
at
the
last
quoted
sale
price. 
Exchange-traded
options
are
valued
at
the
mean
of
the
bid
and
ask
prices
on
the
principal
exchange
on
which
they
are
traded.
Over-the-counter
(“OTC”)
options
and
options
on
swaps
(“swaptions”)
are
valued
using
a
price
provided
by
a
pricing
service.
Forward
foreign
currency
exchange
contracts
are
valued
daily
based
on
the
applicable
exchange
rate
of
the
underlying
currency.
Futures
contracts
are
valued
on
the
basis
of
the
last
sale
price
as
of
4:00
p.m.
on
the
valuation
date.
In
the
event
that
the
exchange
for
a
specific
futures
contract
closes
earlier
than
4:00
p.m.,
the
futures
contract
is
valued
at
the
official
settlement
price
of
the
exchange.
However,
the
underlying
securities
from
which
the
futures
contract
value
is
derived
are
monitored
until
4:00
p.m.
to
determine
if
fair
valuation
of
the
underlying
securities
would
provide
a
more
accurate
valuation
of
the
futures
contract.
Interest
rate
swap
agreements
entered
into
by
a
Fund
are
valued
on
the
basis
of
the
last
sale
price
on
the
primary
exchange
on
which
the
swap
is
traded.
Other
swap
agreements
entered
into
by
a
Fund
are
generally
valued
using
an
evaluated
price
provided
by
an
independent
third-party
pricing
service.
Typically,
loans
are
valued
using
information
provided
by independent
third-party
pricing
services
that
use
broker
quotes,
among
other
inputs.
If
the
independent
third-party
pricing
service
cannot
or
does
not
provide
a
valuation
for
a
particular
loan,
or
such
valuation
is
deemed
unreliable,
such
investment
is
valued
based
on
a
quote
from
a
broker-dealer
or
is
fair
valued
by
the
Adviser.
Funds
that
invest
in
loans
or
asset-backed
securities
as
part
of
their
investment
strategies
may
have
a
significant
amount
of
these
instruments
that
are
fair
valued
by
the
Adviser.
Generally,
trading
in
foreign
securities
markets
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
the
New
York
Stock
Exchange
(“NYSE”).
The
values
of
foreign
securities
are
determined
as
of
the
close
of
such
foreign
markets
or
the
close
of
the
NYSE,
if
earlier.
All
investments
quoted
in
foreign
currencies
are
valued
in
U.S.
dollars
on
the
basis
of
the
foreign
currency
exchange
rates
prevailing
at
the
close
of
U.S.
business
at
4:00
p.m. Investments
in
foreign
securities
may
involve
risks
not
present
in
domestic
investments.
The
Adviser
will
determine
the
current
value
of
such
foreign
securities
by
taking
into
consideration
certain
factors
which
may
include
the
following
factors,
among
others:
the
value
of
the
securities
traded
on
other
foreign
markets,
American
Depositary
Receipts
(“ADR”)
trading,
closed-end
fund
trading,
foreign
currency
exchange
activity,
and
the
trading
prices
of
financial
products
that
are
tied
to
foreign
securities.
In
addition,
under
the
Valuation
Procedures,
the
Adviser
is
authorized
to
use
prices
and
other
information
supplied
by
an
independent
third-party
pricing
service
in
valuing
foreign
securities.
Note
1
‒
Organization,
Consolidation
of
Subsidiary
and
Significant
Accounting
Policies
(continued)
THE
GUGGENHEIM
FUNDS
|
271
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Investments
for
which
market
quotations
are
not
readily
available
are
fair
valued
as
determined
in
good
faith
by
the
Adviser.
Valuations
in
accordance
with
these
methods
are
intended
to
reflect
each
security’s
(or
asset’s
or
liability’s)
“fair
value”.
Each
such
determination
is
based
on
a
consideration
of
all
relevant
factors,
which
are
likely
to
vary
from
one
pricing
context
to
another.
Examples
of
such
factors
may
include,
but
are
not
limited
to
market
prices;
sale
prices;
broker
quotes;
and
models
which
derive
prices
based
on
inputs
such
as
prices
of
securities
with
comparable
maturities
and
characteristics, or
on
inputs
such
as anticipated
cash
flows
or
collateral,
spread
over
U.S.
Treasury
securities,
and
other
information
analysis.
In
connection
with
futures
contracts
and
other
derivative
investments,
such
factors
may
include
obtaining
information
as
to
how
(a)
these
contracts
and
other
derivative
investments
trade
in
the
futures
or
other
derivative
markets,
respectively,
and
(b)
the
securities
underlying
these
contracts
and
other
derivative
investments
trade
in
the
cash
market.
The
Funds
may
acquire
an
interest
in
a
special
purpose
acquisition
company
(“SPAC”)
in
an
initial
public
offering
or
a
secondary
market
transaction.
SPAC
investments
carry
many
of
the
same
risks
as
investments
in
initial
public
offering
securities,
such
as
erratic
price
movements,
greater
risk
of
loss,
lack
of
information
about
the
issuer,
limited
operating
and
little
public
or
no
trading
history,
and
higher
transaction
costs.
An
investment
in
a
SPAC
is
typically
subject
to
a
higher
risk
of
dilution
by
additional
later
offerings
of
interests
in
the
SPAC
or
by
other
investors
exercising
existing
rights
to
purchase
shares
of
the
SPAC
and
interests
in
SPACs
may
be
illiquid
and/or
be
subject
to
restrictions
on
resale.
A
SPAC
is
a
publicly
traded
company
that
raises
investment
capital
for
the
purpose
of
acquiring
the
equity
securities
of
one
or
more
existing
companies
(or
interests
therein)
via
merger,
combination,
acquisition
or
other
similar
transactions.
Unless
and
until
an
acquisition
is
completed,
a
SPAC
generally
invests
its
assets
(less
a
portion
retained
to
cover
expenses)
in
U.S.
government
securities,
money
market
securities
and
cash
and
does
not
typically
pay
dividends
in
respect
of
its
common
stock.
SPAC
investments
are
also
subject
to
the
risk
that
a
significant
portion
of
the
funds
raised
by
the
SPAC
may
be
expended
during
the
search
for
a
target
acquisition
or
merger
and
that
the
SPAC
may
have
limited
time
in
which
to
conduct
due
diligence
on
potential
business
combination
targets.
Because
SPACs
are
in
essence
blank
check
companies
without
operating
history
or
ongoing
business
other
than
seeking
acquisitions,
the
value
of
their
securities
is
particularly
dependent
on
the
ability
of
the
entity’s
management
to
identify
and
complete
a
profitable
acquisition.
Among
other
conflicts
of
interest,
the
economic
interests
of
the
management,
directors,
officers
and
related
parties
of
a
SPAC
can
differ
from
the
economic
interests
of
public
shareholders,
which
may
lead
to
conflicts
as
they
evaluate,
negotiate
and
recommend
business
combination
transactions
to
shareholders.
This
risk
may
become
more
acute
as
the
deadline
for
the
completion
of
a
business
combination
nears.
There
is
no
guarantee
that
the
SPACs
in
which
the
Funds
invest
will
complete
an
acquisition
or
that
any
acquisitions
that
are
completed
will
be
profitable.
Note
2
‒
Financial
Instruments
and
Derivatives
As
part
of
their
investment
strategies,
the
Funds
may
utilize a
variety
of
derivative
instruments.
These
investments
involve,
to
varying
degrees,
elements
of
market
risk.
Valuation
and
accounting
treatment
of
these
instruments
can
be
found
under
Significant
Accounting
Policies
in
Note
1
of
these
Notes
to
Schedule
of
Investments.
Derivatives
Derivatives
are
instruments
whose
values
depend
on,
or
are
derived
from,
in
whole
or
in
part,
the
value
of
one
or
more
other
assets,
such
as
securities,
currencies,
commodities
or
indices.
Derivative
instruments
may
be
used
for
investment
purposes
(including
to
maintain
cash
reserves
while
maintaining
exposure
to
certain
other
assets),
for
risk
management
(hedging)
purposes,
to
facilitate
trading,
to
reduce
transaction
costs
and
to
pursue
higher
investment
returns.
Derivative
instruments
may
also
be
used
to
seek
to
mitigate
certain
investment
risks,
such
as
foreign
currency
exchange
rate
risk,
interest
rate
risk
and
credit
risk.
U.S.
GAAP
requires
disclosures
to
enable
investors
to
better
understand
how
and
why
a
Fund
uses
derivative
instruments,
how
these
derivative
instruments
are
accounted
for
and
their
effects
on
the
Fund’s
financial
position
and
results
of
operations.
The
Funds
may
utilize
derivatives
for
the
following
purposes:
Duration:
the
use
of
an
instrument
to
manage
the
interest
rate
risk
of
a
portfolio.
Note
1
‒
Organization,
Consolidation
of
Subsidiary
and
Significant
Accounting
Policies
(continued)
272
|
THE
GUGGENHEIM
FUNDS
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Hedge:
an
investment
made
in
order
to
reduce
the
risk
of
adverse
price
movements
in
a
security,
by
taking
an
offsetting
position
to
protect
against
broad
market
moves.
Income:
the
use
of
any
instrument
that
distributes
cash
flows
typically
based
upon
some
rate
of
interest.
Index
Exposure:
the
use
of
an
instrument
to
obtain
exposure
to
a
listed
or
other
type
of
index.
Speculation:
the
use
of
an
instrument
to
express
macro-economic
and
other
investment
views.
If
a
Fund’s
investment
strategy
consistently
involves
applying
leverage,
the
value
of
the
Fund’s
shares
will
tend
to
increase
or
decrease
more
than
the
value
of
any
increase
or
decrease
in
the
underlying
index
or
other
asset.
In
addition,
because
an
investment
in
derivative
instruments
generally
requires
a
small
investment
relative
to
the
amount
of
investment
exposure
assumed,
an
opportunity
for
increased
net
income
is
created;
but,
at
the
same
time,
leverage
risk
will
increase.
A
Fund’s
use
of
leverage,
through
borrowings
or
instruments
such
as
derivatives,
may
cause
an
investment
in
the
Fund
to
be
more
volatile
and
riskier
than
if
the
Fund
had
not
been
leveraged.
Options
Purchased
and
Written
A
call
option
on
a
security
gives
the
purchaser
of
the
option
the
right
to
buy,
and
the
writer
of
a
call
option
the
obligation
to
sell,
the
underlying
security.
The
purchaser
of
a
put
option
has
the
right
to
sell,
and
the
writer
of
the
put
option
the
obligation
to
buy,
the
underlying
security
at
any
time
during
the
option
period.
The
risk
associated
with
purchasing
options
is
limited
to
the
premium
originally
paid.
The
risk
in
writing
a
call
option
is
that
a
Fund
may
incur
a
loss
if
the
market
price
of
the
underlying
security
increases
and
the
option
is
exercised.
The
risk
in
writing
a
put
option
is
that
a
Fund
may
incur
a
loss
if
the
market
price
of
the
underlying
security
decreases
and
the
option
is
exercised.
In
addition,
there
may
be
an
imperfect
correlation
between
the
movement
in
prices
of
options
and
the
underlying
securities
where
a
Fund
may
not
be
able
to
enter
into
a
closing
transaction
because
of
an
illiquid
secondary
market;
or,
for
OTC
options,
a
Fund
may
be
at
risk
because
of
the
counterparty’s
inability
to
perform.
Futures
Contracts
A
futures
contract
is
an
agreement
to
purchase
(long)
or
sell
(short)
an
agreed
upon
amount
of
securities
or
other
instruments
at
a
set
price
for
delivery
at
a
future
date.
There
are
significant
risks
associated
with
a
Fund’s
use
of
futures
contracts,
including
(i)
there
may
be
an
imperfect
or
no
correlation
between
the
changes
in
market
value
of
the
underlying
asset
and
the
prices
of
futures
contracts;
(ii)
there
may
not
be
a
liquid
secondary
market
for
a
futures
contract;
(iii)
trading
restrictions
or
limitations
may
be
imposed
by
an
exchange;
and
(iv)
government
regulations
may
restrict
trading
in
futures
contracts.
When
investing
in
futures,
there
is
minimal
counterparty
credit
risk
to
a
Fund
because
futures
are
exchange-traded
and
the
exchange’s
clearinghouse,
as
counterparty
to
all
exchange-traded
futures,
guarantees
against
default. Securities
held
as
collateral
are
noted
on
the
Funds'
Schedule
of
Investments.
Swap
Agreements
A
swap
is
an
agreement
that
obligates
two
parties
to
exchange
a
series
of
cash
flows
at
specified
intervals
based
upon
or
calculated
by
reference
to
changes
in
specified
prices
or
rates
for
a
specified
amount
of
an
underlying
asset.
When
utilizing
OTC
swaps,
a
Fund
bears
the
risk
of
loss
of
the
amount
expected
to
be
received
under
a
swap
agreement
in
the
event
of
the
default
or
bankruptcy
of
a
swap
agreement
counterparty
or
if
the
underlying
asset
declines
in
value.
Certain
standardized
swaps
are
subject
to
mandatory
central
clearing
and
are
executed
on
a
multi-lateral
or
other
trade
facility
platform,
such
as
a
registered
exchange.
There
is
limited
counterparty
credit
risk
with
respect
to
centrally-cleared
swaps
as
the
transaction
is
facilitated
through
a
central
clearinghouse,
much
like
exchange-traded
futures
contracts.
For
a
Fund
utilizing
centrally-cleared
swaps,
the
exchange
bears
the
risk
of
loss
resulting
from
a
counterparty
not
being
able
to
pay.
There
is
no
guarantee
that
a
Fund
or
an
underlying
fund
could
eliminate
its
exposure
under
an
outstanding
swap
agreement
by
entering
into
an
offsetting
swap
agreement
with
the
same
or
another
party.
Note
2
‒
Financial
Instruments
and
Derivatives
(continued)
THE
GUGGENHEIM
FUNDS
|
273
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Total
return
swaps
involve
commitments
where
single
or
multiple
cash
flows
are
exchanged
based
on
the
price
of
an
underlying
reference
asset
(such
as
an
index)
for
a
fixed
or
variable
interest
rate.
Total
return
swaps
will
usually
be
computed
based
on
the
current
value
of
the
reference
asset
as
of
the
close
of
regular
trading
on
the
NYSE
or
other
exchange,
with
the
swap
value
being
adjusted
to
include
dividends
accrued,
financing
charges
and/or
interest
associated
with
the
swap
agreement.
When
utilizing
total
return
swaps,
a
Fund
bears
the
risk
of
loss
of
the
amount
expected
to
be
received
under
a
swap
agreement
in
the
event
of
the
default
or
bankruptcy
of
a
swap
agreement
counterparty
or
if
the
underlying
reference
asset
declines
in
value.
Interest
rate
swaps
involve
the
exchange
by
the
Funds
with
another
party
for
their
respective
commitment
to
pay
or
receive
a
fixed
or
variable
interest
rate
on
a
notional
amount
of
principal.
Interest
rate
swaps
are
generally
centrally-
cleared,
but
central
clearing
does
not
make
interest
rate
swap
transactions
risk
free.
Credit
default
swaps
are
instruments
which
allow
for
the
full
or
partial
transfer
of
third-party
credit
risk,
with
respect
to
a
particular
entity
or
entities,
from
one
counterparty
to
the
other.
A
fund
enters
into
credit
default
swaps
as
a
“seller”
or
“buyer”
of
protection
primarily
to
gain
or
reduce
exposure
to
the
investment
grade
and/or
high
yield
bond
market.
A
seller
of
credit
default
swaps
is
selling
credit
protection
or
assuming
credit
risk
with
respect
to
the
underlying
entity
or
entities.
The
buyer
in
a
credit
default
swap
is
obligated
to
pay
the
seller
a
periodic
stream
of
payments
over
the
term
of
the
contract
provided
that
no
event
of
default
on
an
underlying
reference
obligation
has
occurred.
If
a
credit
event
occurs,
as
defined
under
the
terms
of
the
swap
agreement,
the
seller
will
either
(i)
pay
to
the
buyer
of
protection
an
amount
equal
to
the
notional
amount
of
the
swap
and
take
delivery
of
the
referenced
obligation
or
underlying
securities
comprising
the
referenced
index
or
(ii)
pay
a
net
settlement
amount
in
the
form
of
cash
or
securities
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
referenced
obligation
or
underlying
securities
comprising
the
referenced
index.
The
notional
amount
reflects
the
maximum
potential
amount
the
seller
of
credit
protection
could
be
required
to
pay
to
the
buyer
if
a
credit
event
occurs.
The
seller
of
protection
receives
periodic
premium
payments
from
the
buyer
and
may
also
receive
or
pay
an
upfront
premium
adjustment
to
the
stated
periodic
payments.
In
the
event
a
credit
default
occurs
on
a
credit
default
swap
referencing
an
index,
a
factor
adjustment
will
take
place
and
the
buyer
of
protection
will
receive
a
payment
reflecting
the
par
less
the
default
recovery
rate
of
the
defaulted
index
component
based
on
its
weighting
in
the
index.
If
no
default
occurs,
the
counterparty
will
pay
the
stream
of
payments
and
have
no
further
obligations
to
the
fund
selling
the
credit
protection.
For
a
fund
utilizing
centrally
cleared
credit
default
swaps,
the
exchange
bears
the
risk
of
loss
resulting
from
a
counterparty
not
being
able
to
pay.
For
OTC
credit
default
swaps,
a
fund
bears
the
risk
of
loss
of
the
amount
expected
to
be
received
under
a
swap
agreement
in
the
event
of
the
default
or
bankruptcy
of
a
swap
agreement
counterparty,
or
in
the
case
of
a
credit
default
swap
in
which
a
fund
is
selling
credit
protection,
the
default
of
a
third
party
issuer.
The
quoted
market
prices
and
resulting
market
values
for
credit
default
swap
agreements
on
securities
and
credit
indices
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
likelihood
of
an
expected
liability
(or
profit)
for
the
credit
derivative
had
the
notional
amount
of
the
swap
agreement
been
closed/sold
as
of
the
period
end.
Increasing
market
values,
in
absolute
terms
when
compared
to
the
notional
amount
of
the
swap,
represent
a
deterioration
of
the
referenced
entity’s
credit
soundness
and
a
greater
likelihood
or
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
Forward
Foreign
Currency
Exchange
Contracts
A
forward
foreign
currency
exchange
contract
is
an
agreement
between
two
parties
to
exchange
two
designated
currencies
at
a
specific
time
in
the
future.
Certain
types
of
contracts
may
be
cash
settled,
in
an
amount
equal
to
the
change
in
exchange
rates
during
the
term
of
the
contract.
The
contracts
can
be
used
to
hedge
or
manage
exposure
to
foreign
currency
risks
with
portfolio
investments
or
to
gain
exposure
to
foreign
currencies.
The
market
value
of
a
forward
foreign
currency
exchange
contract
changes
with
fluctuations
in
foreign
currency
exchange
rates.
Furthermore,
the
Funds
may
be
exposed
to
risk
if
the
counterparties
cannot
meet
the
contract
terms
or
if
the
currency
value
changes
unfavorably
as
compared
to
the
U.S.
dollar.
Note
2
‒
Financial
Instruments
and
Derivatives
(continued)
274
|
THE
GUGGENHEIM
FUNDS
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
In
conjunction
with the
use
of
derivative
instruments,
the
Funds
are
required
to
maintain
collateral
in
various
forms.
Depending
on
the
financial
instrument
utilized
and
the
broker
involved,
the
Funds
use
margin
deposits
at
the
broker,
cash
and/or
securities
segregated
at
the
custodian
bank,
discount
notes
or
repurchase
agreements
allocated
to
the
Funds
as
collateral.
The
Trust
has
established
counterparty
credit
guidelines
and
enters
into
transactions
only
with
financial
institutions
rated/identified
as
investment
grade
or
better.
The
Trust
monitors
the
counterparty
credit
risk
associated
with
each
such
financial
institution.
Foreign
Investments
There
are
several
risks
associated
with
exposure
to
foreign
currencies,
foreign
issuers
and
emerging
markets.
A
Fund’s
indirect
and
direct
exposure
to
foreign
currencies
subjects
the
Fund
to
the
risk
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar,
or
in
the
case
of
short
positions,
that
the
U.S.
dollar
will
decline
in
value
relative
to
the
currency
being
hedged.
Currency
rates
in
foreign
countries
may
fluctuate
significantly
over
short
periods
of
time
for
a
number
of
reasons,
including
changes
in
interest
rates
and
the
imposition
of
currency
controls
or
other
political
developments
in
the
U.S.
or
abroad.
In
addition,
the
Funds
may
incur
transaction
costs
in
connection
with
conversions
between
various
currencies.
The
Funds
may,
but
are
not
obligated
to,
engage
in
currency
hedging
transactions,
which
generally
involve
buying
currency
forward,
options
or
futures
contracts.
However,
not
all
currency
risks
may
be
effectively
hedged,
and
in
some
cases
the
costs
of
hedging
techniques
may
outweigh
expected
benefits.
In
such
instances,
the
value
of
securities
denominated
in
foreign
currencies
can
change
significantly
when
foreign
currencies
strengthen
or
weaken
relative
to
the
U.S.
dollar.
The
Funds
may
invest
in
securities
of
foreign
companies
directly,
or
in
financial
instruments,
such
as
ADRs
and
exchange-traded
funds,
which
are
indirectly
linked
to
the
performance
of
foreign
issuers.
Foreign
markets
can
be
more
volatile
than
the
U.S.
market
due
to
increased
risks
of
adverse
issuer,
political,
regulatory,
market,
or
economic
developments
and
can
perform
differently
from
the
U.S.
market.
Investing
in
securities
of
foreign
companies
directly,
or
in
financial
instruments
that
are
indirectly
linked
to
the
performance
of
foreign
issuers,
may
involve
risks
not
typically
associated
with
investing
in
U.S.
issuers.
The
value
of
securities
denominated
in
foreign
currencies,
and
of
dividends
from
such
securities,
can
change
significantly
when
foreign
currencies
strengthen
or
weaken
relative
to
the
U.S.
dollar.
Foreign
securities
markets
generally
have
less
trading
volume
and
less
liquidity
than
U.S.
markets,
and
prices
in
some
foreign
markets
may
fluctuate
more
than
those
of
securities
traded
on
U.S.
markets.
Many
foreign
countries
lack
accounting
and
disclosure
standards
comparable
to
those
that
apply
to
U.S.
companies,
and
it
may
be
more
difficult
to
obtain
reliable
information
regarding
a
foreign
issuer’s
financial
condition
and
operations.
Transaction
costs
and
costs
associated
with
custody
services
are
generally
higher
for
foreign
securities
than
they
are
for
U.S.
securities.
Some
foreign
governments
levy
withholding
taxes
against
dividend
and
interest
income.
Although
in
some
countries
portions
of
these
taxes
are
recoverable,
the
non-recovered
portion
will
reduce
the
income
received
by
the
Funds.
Reverse
Repurchase
Agreements
Each
of
the
Funds
may
enter
into
reverse
repurchase
agreements.
Under
a
reverse
repurchase
agreement,
a
Fund
sells
securities
and
agrees
to
repurchase
them
at
a
particular
price
at
a
future
date.
In
the
event
the
buyer
of
securities
under
a
reverse
repurchase
agreement
files
for
bankruptcy
or
becomes
insolvent,
such
buyer
or
its
trustee
or
receiver
may
receive
an
extension
of
time
to
determine
whether
to
enforce
the
Fund’s
obligation
to
repurchase
the
securities,
and
the
Fund’s
use
of
the
proceeds
of
the
reverse
repurchase
agreement
may
effectively
be
restricted
pending
such
decision.
Note
3
‒
Fair
Value
Measurement
In
accordance
with
U.S.
GAAP,
fair
value
is
defined
as
the
price
that
the
Funds
would
receive
to
sell
an
investment
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
U.S.
GAAP
establishes
a
three-tier
fair
value
hierarchy
based
on
the
types
of
inputs
used
to
value
assets
and
liabilities
and
requires
corresponding
disclosure.
The
hierarchy
and
the
corresponding
inputs
are
summarized
below:
Level
1
—
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities.
Note
2
‒
Financial
Instruments
and
Derivatives
(continued)
THE
GUGGENHEIM
FUNDS
|
275
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Level
2
—
significant
other
observable
inputs
(for
example
quoted
prices
for
securities
that
are
similar
based
on
characteristics
such
as
interest
rates,
prepayment
speeds,
credit
risk,
etc.).
Level
3
—
significant
unobservable
inputs
based
on
the
best
information
available
under
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
which
may
include
assumptions.
Rule
2a-5
sets
forth
a
definition
of
“readily
available
market
quotations,”
which
is
consistent
with
the
definition
of
a
Level
1
input
under
U.S.
GAAP.
Rule
2a-5
provides
that
“a
market
quotation
is
readily
available
only
when
that
quotation
is
a
quoted
price
(unadjusted)
in
active
markets
for
identical
investments
that
the
fund
can
access
at
the
measurement
date,
provided
that
a
quotation
will
not
be
readily
available
if
it
is
not
reliable.”
Securities
for
which
market
quotations
are
not
readily
available
must
be
valued
at
fair
value
as
determined
in
good
faith.
Accordingly,
any
security
priced
using
inputs
other
than
Level
1
inputs
will
be
subject
to
fair
value
requirements.
The
types
of
inputs
available
depend
on
a
variety
of
factors,
such
as
the
type
of
security
and
the
characteristics
of
the
markets
in
which
it
trades,
if
any.
Fair
valuation
determinations
that
rely
on
fewer
or
no
observable
inputs
require
greater
judgment.
Accordingly,
fair
value
determinations
for
Level
3
securities
require
the
greatest
amount
of
judgment.
Independent
third-party
pricing
services
are
used
to
value
a
majority
of
the
Funds’
investments.
When
values
are
not
available
from
an
independent
third-party
pricing
service,
they
will
be
determined
using
a
variety
of
sources
and
techniques,
including:
market
prices;
broker
quotes;
and
models
which
derive
prices
based
on
inputs
such
as
prices
of
securities
with
comparable
maturities
and
characteristics
or
based
on
inputs
such
as
anticipated
cash
flows
or
collateral,
spread
over
U.S.
Treasury
securities,
and
other
information
and
analysis.
A
significant
portion
of
the
Funds’
assets
and
liabilities
are
categorized
as
Level
2,
as
indicated
in
this
report.
Quotes
from
broker-dealers,
adjusted
for
fluctuations
in
criteria
such
as
credit
spreads
and
interest
rates,
may
also
be
used
to
value
the
Funds’
assets
and
liabilities,
i.e.
prices
provided
by
a
broker-dealer
or
other
market
participant
who
has
not
committed
to
trade
at
that
price.
Although
quotes
are
typically
received
from
established
market
participants,
the
Funds
may
not
have
the
transparency
to
view
the
underlying
inputs
which
support
the
market
quotations.
Significant
changes
in
a
quote
would
generally
result
in
significant
changes
in
the
fair
value
of
the
security.
Certain
fixed
income
securities
are
valued
by
obtaining
a
monthly
quote
from
a
broker-dealer,
adjusted
for
fluctuations
in
criteria
such
as
credit
spreads
and
interest
rates.
Certain
loans
and
other
securities
are
valued
using
a
single
daily
broker
quote
or
a
price
from
an
independent
third-party
pricing
service
based
on
a
single
daily
or
monthly
broker
quote.
Private
funds
are
valued
using
the
net
asset
value
(or
its
equivalent)
as
a
practical
expedient
to
estimate
fair
value
of
investments
in
private
funds,
provided
certain
conditions
are
met.
As
such,
the
Fund’s
investments
in
private
funds
are
carried
at
fair
value
which
generally
represents
the
Fund’s
pro-rata
interest
in
the
net
assets
of
each
private
fund
as
reported
by
the
administrators
and/or
investment
managers
of
the
underlying
private
funds.
As
needed,
the
reported
net
asset
value
is
adjusted
for
investment
activity
subsequent
to
the
most
recent
net
asset
value
provided
by
the
private
funds'
management.
The
inputs
or
methodologies
selected
and
applied
for
valuing
securities
or
other
assets
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
The
suitability,
appropriateness
and
accuracy
of
the
techniques,
methodologies
and
sources
employed
to
determine
fair
valuation
are
periodically
reviewed
and
subject
to
change.
Note
4 ‒
Unfunded
Loan
Commitments 
Pursuant
to
the
terms
of
certain
loan
agreements,
certain
Funds
held
unfunded
loan
commitments
as
of June
30,
2026.
The
Funds
are
obligated
to
fund
these
loan
commitments
at
the
borrower’s
discretion.
Note
3
‒
Fair
Value
Measurement
(continued)
276
|
THE
GUGGENHEIM
FUNDS
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
The
unfunded
loan
commitments
as
of June
30,
2026,
were
as
follows:
Fund
Borrower
Maturity
Date
Face
Amount
~
Commitment
Amount
Value
Unrealized
Appreciation
(Depreciation)
Active
Investment
Series
(GAINS)
-
Core
Plus
Fund
Kroll,
Inc.
09/13/32
8,000
$
7,459
$
8,000
$
541
Vacation
Rental
Brands
Holdings
05/06/32
15,427
15,294
15,289
(
5
)
$
536
Active
Investment
Series
(GAINS)
-
Limited
Duration
Fund
Kroll,
Inc.
09/13/32
8,000
7,459
8,000
541
Core
Bond
Fund
Akso
Health
Group
07/20/26
1,000,000
1,000,000
1,000,000
—
Cliffwater
LLC
04/22/32
150,000
139,304
139,907
603
$
603
Floating
Rate
Strategies
Fund
Azuria
Water
Solutions,
Inc.
01/27/33
124,552
124,248
124,122
(
126
)
Graftech
Finance,
Inc.
12/21/29
382,877
382,877
365,743
(
17,134
)
Liquid
Tech
Solutions
Holdings
LLC
10/03/32
200,619
199,708
198,743
(
965
)
Orsini
Bidco
BV
11/15/32
EUR
250,980
287,099
283,399
(
3,700
)
Salas
Obrien,
Inc.
01/31/33
65,143
64,778
65,142
364
Secretariat
Advisors
LLC
02/27/32
289,171
287,870
282,847
(
5,023
)
US
Fertility
Enterprises
LLC
12/30/32
64,884
64,578
64,979
401
$
(
26,183
)
High
Yield
Fund
Graftech
Finance,
Inc.
12/21/29
451,506
451,506
431,301
(
20,205
)
Secretariat
Advisors
LLC
02/27/32
51,075
50,846
49,959
(
887
)
$
(
21,092
)
Limited
Duration
Fund
Datix
Bidco
Ltd.
10/30/30
246,050
217,088
224,260
7,172
Datix
Bidco
Ltd.
04/30/31
293,000
293,000
291,364
(
1,636
)
Kroll,
Inc.
09/13/32
440,000
410,251
440,000
29,749
$
35,285
Macro
Opportunities
Fund
Aman
OBH1L
Mortgage
03/18/30
19,044,643
18,861,676
18,865,586
3,910
Azuria
Water
Solutions,
Inc.
01/27/33
985,412
983,033
982,002
(
1,031
)
Citrin
Cooperman
Advisors
LLC
04/01/32
980,000
970,969
950,600
(
20,369
)
Cliffwater
LLC
04/22/32
1,380,000
1,281,595
1,287,138
5,543
Cooper
Consumer
Health
SAS
05/04/28
EUR
9,200,000
9,836,518
10,222,137
385,619
Curriculum
Associates
LLC
05/07/32
1,911,584
1,911,584
1,911,584
—
Note
4 ‒
Unfunded
Loan
Commitments 
(continued)
THE
GUGGENHEIM
FUNDS
|
277
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Fund
Borrower
Maturity
Date
Face
Amount
~
Commitment
Amount
Value
Unrealized
Appreciation
(Depreciation)
Datix
Bidco
Ltd.
04/30/31
3,640,000
$
3,640,000
$
3,619,652
$
(
20,348
)
Datix
Bidco
Ltd.
10/30/30
3,078,000
2,718,897
2,805,377
86,480
FR
Refuel
LLC
11/08/28
30,435
30,316
30,150
(
166
)
Graftech
Finance,
Inc.
12/21/29
2,983,552
2,983,552
2,850,038
(
133,514
)
Hanger,
Inc.
10/23/31
243,605
242,519
244,302
1,783
Higginbotham
Insurance
Agency,
Inc.
05/01/31
1,748,594
1,744,655
1,748,595
3,940
Kerridge
Commercial
Systems
Bidco
Ltd.
11/21/32
GBP
3,920,982
4,848,859
5,200,006
351,147
Kroll,
Inc.
09/13/32
1,640,000
1,529,168
1,640,000
110,832
Liquid
Tech
Solutions
Holdings
LLC
10/03/32
615,232
612,439
609,480
(
2,959
)
Mahseer
Holdings
LLC
03/16/33
406,897
405,134
408,679
3,545
MB2
Dental
Solutions
LLC
02/13/31
969,600
860,541
889,668
29,127
Merative,
LP
09/30/32
2,357,466
2,297,267
2,357,466
60,199
Polaris
Newco
LLC
07/31/30
3,202,927
3,202,927
2,791,703
(
411,224
)
Powergrid
Services
LLC
07/01/32
293,306
293,306
291,955
(
1,351
)
Powergrid
Services
LLC
07/01/30
3,970,437
3,735,409
3,754,302
18,893
Salas
Obrien,
Inc.
01/31/33
217,143
215,929
217,143
1,214
Secretariat
Advisors
LLC
02/27/32
405,376
403,553
396,511
(
7,042
)
US
Fertility
Enterprises
LLC
12/30/32
383,011
381,203
383,569
2,366
Vacation
Rental
Brands
Holdings
05/06/32
4,291,699
4,254,886
4,253,405
(
1,481
)
$
465,113
Total
Return
Bond
Fund
Akso
Health
Group
07/20/26
3,775,000
3,775,000
3,775,000
—
Aman
OBH1L
Mortgage
03/18/30
38,410,714
38,041,170
38,049,579
8,409
Cliffwater
LLC
04/22/32
1,874,863
1,741,171
1,748,702
7,530
Datix
Bidco
Ltd.
10/30/30
2,682,258
2,369,325
2,444,686
75,361
Datix
Bidco
Ltd.
04/30/31
3,194,733
3,194,733
3,176,875
(
17,858
)
FR
Refuel
LLC
11/08/28
940,435
936,757
931,623
(
5,134
)
Graftech
Finance,
Inc.
12/21/29
559,867
559,867
534,813
(
25,054
)
Hanger,
Inc.
10/23/31
430,582
428,663
431,814
3,151
Higginbotham
Insurance
Agency,
Inc.
06/11/31
2,133,600
2,122,761
2,119,475
(
3,286
)
Higginbotham
Insurance
Agency,
Inc.
05/01/31
4,859,797
4,848,847
4,859,796
10,949
Kroll,
Inc.
09/13/32
2,131,000
1,986,985
2,131,000
144,014
Liquid
Tech
Solutions
Holdings
LLC
10/03/32
817,523
813,812
809,880
(
3,932
)
MB2
Dental
Solutions
LLC
02/13/31
1,314,872
1,166,978
1,206,476
39,498
Vacation
Rental
Brands
Holdings
05/06/32
3,548,133
3,517,699
3,516,474
(
1,225
)
$
232,423
~
The
face
amount
is
denominated
in
U.S.
dollars
unless
otherwise
indicated.
EUR
—
Euro
GBP
—
British
Pound
Note
4 ‒
Unfunded
Loan
Commitments 
(continued)
278
|
THE
GUGGENHEIM
FUNDS
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Note
5
‒
Restricted
Securities
The
securities
below
are
considered
illiquid
and
restricted
under
guidelines
established
by
the
Board:
Fund
Restricted
Securities
Acquisition
Date
Cost
Value
Active
Investment
Series
(GAINS)
-
Core
Plus
Fund
Insured
Lending
1
Ltd.
6.50%
due
02/04/32
10/29/25
$
289,950
$
285,625
Core
Bond
Fund
Central
Storage
Safety
Project
Trust
4.82%
due
02/01/38
03/20/18
$
703,626
$
657,666
Copper
River
CLO
Ltd.
2006-1A
INC
due
01/20/21
(a),(b)
05/09/14
—
70
Insured
Lending
1
Ltd.
6.50%
due
02/04/32
10/29/25
3,015,480
2,970,500
Nassau
LLC
2019-1,
3.98%
due
08/15/34
08/16/19
211,176
198,319
$
3,930,282
$
3,826,555
Floating
Rate
Strategies
Fund
Insured
Lending
1
Ltd.
6.50%
due
02/04/32
10/29/25
$
1,855,680
$
1,828,000
Mirabela
Nickel
Ltd.
due
06/24/19
(a)
12/31/13
1,160,811
3,200
$
3,016,491
$
1,831,200
High
Yield
Fund
Mirabela
Nickel
Ltd.
due
06/24/19
(a)
12/31/13
$
252,369
$
695
Limited
Duration
Fund
Copper
River
CLO
Ltd.
2006-1A
INC
due
01/20/21
(a),(b)
05/09/14
$
—
$
50
Insured
Lending
1
Ltd.
6.50%
due
02/04/32
10/29/25
6,494,880
6,398,000
$
6,494,880
$
6,398,050
Macro
Opportunities
Fund
Atlas
Mara
Ltd.
due
12/31/20
(a)
10/01/15
$
3,376,531
$
1
Copper
River
CLO
Ltd.
2006-1A
INC
due
01/20/21
(a),(b)
05/09/14
9,535,500
815
Insured
Lending
1
Ltd.
6.50%
due
02/04/32
10/29/25
48,421,650
47,699,375
Mirabela
Nickel
Ltd.
due
06/24/19
(a)
12/31/13
1,710,483
4,713
Nassau
LLC
2019-1,
3.98%
due
08/15/34
08/16/19
3,505,507
3,292,099
$
66,549,671
$
50,997,003
Total
Return
Bond
Fund
Atlas
Mara
Ltd.
due
12/31/20
(a)
10/01/15
$
1,502,886
$
1
Central
Storage
Safety
Project
Trust
4.82%
due
02/01/38
02/02/18
14,523,877
13,482,156
Copper
River
CLO
Ltd.
2006-1A
INC
due
01/20/21
(a),(b)
05/09/14
1,755,000
150
Freddie
Mac
Military
Housing
Bonds
Resecuritization
Trust
Certificates
2015-R1,
0.70%
(WAC)
due
11/25/55
◊,(c)
12/16/19
12,213,958
8,727,257
THE
GUGGENHEIM
FUNDS
|
279
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(concluded)
Note
6
‒
Market
Risks
The
value
of,
or
income
generated
by,
the
investments
held
by
the
Funds
are
subject
to
the
possibility
of
rapid
and
unpredictable
fluctuation,
and
loss
that
may
result
from
various
factors.
These
factors
include,
among
others,
developments
affecting
(or
perceived
to
affect)
individual
companies,
or
issuers
or
particular
industries,
or
from
broader
influences,
including
real
or
perceived
changes
in
prevailing
interest
rates
(which
may
change
at
any
time
based
on
changes
in
monetary
policies
and
various
market
and
other
economic
conditions),
changes
in
inflation
rates
or
expectations
about
inflation
rates,
deflation,
adverse
investor
confidence
or
sentiment,
general
outlook
for
corporate
earnings,
changing
economic,
political
(including
geopolitical),
social
or
financial
market
conditions,
bank
failures,
increased
instability
or
general
uncertainty,
extreme
weather,
environmental
or
man-made
disasters,
or
geological
events,
governmental
actions,
tariffs
(which
may
be
imposed
by
U.S.
and
foreign
governments)
and
trade
disruptions,
public
health
emergencies
(such
as
the
spread
of
infectious
diseases,
pandemics
and
epidemics),
debt
crises,
terrorism,
actual
or
threatened
wars
or
other
armed
conflicts
(such
as
the
conflict
in
the
Middle
East
and
the
ongoing
Russia-Ukraine
conflict
and
its
collateral
economic
and
other
effects,
including,
but
not
limited
to,
sanctions
and
other
international
trade
barriers)
or
ratings
downgrades,
and
other
similar
events,
each
of
which
may
be
temporary
or
last
for
extended
periods.
Different
sectors,
industries
and
security
types
may
react
differently
to
such
developments.
Moreover,
changing
economic,
political,
geopolitical,
social,
financial
market
or
other
conditions
in
one
country,
geographic
region
or
industry
could
adversely
affect
the
value,
yield
and
return
of
the
investments
held
by
the
Funds
in
a
different
country,
geographic
region,
economy,
industry
or
market
because
of
the
increasingly
interconnected
global
economies
and
financial
markets.
The
duration
and
extent
of
the
foregoing
types
of
factors
or
conditions
are
highly
uncertain
and
difficult
to
predict
and
have
in
the
past,
and
may
in
the
future,
cause
volatility
and
distress
in
economies
and
financial
markets
or
other
adverse
circumstances,
which
may
negatively
affect
the
value
of
the
Funds’
investments
and
performance
of
the
Funds.
Fund
Restricted
Securities
Acquisition
Date
Cost
Value
Freddie
Mac
Military
Housing
Bonds
Resecuritization
Trust
Certificates
2015-R1,
4.49%
(WAC)
due
11/25/55
◊
03/07/18
75,529,230
57,084,102
Insured
Lending
1
Ltd.
6.50%
due
02/04/32
10/29/25
34,098,120
33,589,500
Nassau
LLC
2019-1,
3.98%
due
08/15/34
08/16/19
3,672,058
3,450,755
$
143,295,129
$
116,333,921
◊
Variable
rate
security.
Rate
indicated
is
the
rate
effective
at
June
30,
2026.
In
some
instances,
the
effective
rate
is
limited
by
a
minimum
rate
floor
or
a
maximum
rate
cap
established
by
the
issuer.
The
settlement
status
of
a
position
may
also
impact
the
effective
rate
indicated.
In
some
cases,
a
position
may
be
unsettled
at
period
end
and
may
not
have
a
stated
effective
rate.
In
instances
where
multiple
underlying
reference
rates
and
spread
amounts
are
shown,
the
effective
rate
is
based
on
a
weighted
average.
(a)
Security
is
in
default
of
interest
and/or
principal
obligations.
(b)
Security
has
no
stated
coupon.
However,
it
is
expected
to
receive
residual
cash
flow
payments
on
defined
deal
dates.
(c)
Security
is
an
interest-only
strip.
Note
5
‒
Restricted
Securities
(continued)
280
|
THE
GUGGENHEIM
FUNDS
OTHER
INFORMATION
(Unaudited)
Sector
Classification
Information
in
the
“Schedule
of
Investments”
is
categorized
by
sectors
using
sector-level
classifications
defined
by
the
Bloomberg
Industry
Classification
System,
a
widely
recognized
industry
classification
system
provider.
Each
Fund’s
registration
statement
has
investment
policies
relating
to
concentration
in
specific
sectors/industries.
For
purposes
of
these
investment
policies,
the
Funds
usually
classify
sectors/industries
based
on
industry-level
Classifications
used
by
widely
recognized
industry
classification
system
providers
such
as
Bloomberg
Industry
Classification
System,
Global
Industry
Classification
Standards
and
Barclays
Global
Classification
Scheme.