![](https://capedge.com/proxy/N-CSRS/0001133228-24-007573/pia_logo.jpg)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07959
Advisors Series Trust
(Exact name of registrant as specified in charter)
615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)
Jeffrey T. Rauman, President/Chief Executive Officer
Advisors Series Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Avenue, 4th Floor
Milwaukee, WI 53202
(Name and address of agent for service)
(626) 914-7235
Registrant’s telephone number, including area code
Date of fiscal year end: November 30
Date of reporting period: May 31, 2024
Item 1. Reports to Stockholders.
(a) |
![]() | PIA BBB Bond Fund | ![]() |
PBBBX | ||
Semi-Annual Shareholder Report | May 31, 2024 |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
PIA BBB Bond Fund | $9 | 0.17% |
Net Assets | $202,736,530 |
Number of Holdings | 297 |
Portfolio Turnover | 6% |
Average Credit Quality | BBB |
Effective Duration | 6.80 yrs |
Weighted Average Maturity | 11.00 yrs |
Weighted Average Life | 10.67 yrs |
Distribution Yield | 4.21% |
30-Day SEC Yield | 5.55% |
30-Day SEC Yield Unsubsidized | 5.55% |
![image](https://capedge.com/proxy/N-CSRS/0001133228-24-007573/ts69img003.jpg)
Top 10 Issuers | (%) |
Verizon Communications, Inc. | 2.4% |
AT&T, Inc. | 2.4% |
Oracle Corp. | 2.2% |
CVS Health Corp. | 1.8% |
Pacific Gas and Electric Co. | 1.6% |
Mexico Government International Bond | 1.6% |
T-Mobile USA, Inc. | 1.5% |
Boeing Co. | 1.5% |
Amgen, Inc. | 1.5% |
General Motors Financial Co., Inc. | 1.5% |
PIA BBB Bond Fund | PAGE 1 | TSR_SAR_007989577 |
PIA BBB Bond Fund | PAGE 2 | TSR_SAR_007989577 |
![]() | PIA MBS Bond Fund | ![]() |
PMTGX | ||
Semi-Annual Shareholder Report | May 31, 2024 |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
PIA MBS Bond Fund | $13 | 0.25% |
Net Assets | $88,571,743 |
Number of Holdings | 79 |
Portfolio Turnover | 11% |
Average Credit Quality | AAA |
Effective Duration | 5.70 yrs |
Weighted Average Maturity | 25.60 yrs |
Weighted Average Life | 8.70 yrs |
Distribution Yield | 4.13% |
30-Day SEC Yield | 3.87% |
30-Day SEC Yield Unsubsidized | 3.89% |
![image](https://capedge.com/proxy/N-CSRS/0001133228-24-007573/ts72img003.jpg)
Top 10 Issuers | (%) |
FHLMC | 37.9% |
FNMA | 37.1% |
GNMA | 16.9% |
U.S. Treasury Bill | 2.3% |
Cold Storage Trust | 1.7% |
CF Hippolyta Issuer LLC | 1.4% |
Fidelity Government Portfolio | 1.2% |
SAFCO Auto Receivables Trust | 0.6% |
BX Trust | 0.5% |
PIA MBS Bond Fund | PAGE 1 | TSR_SAR_007989494 |
PIA MBS Bond Fund | PAGE 2 | TSR_SAR_007989494 |
![]() | PIA High Yield MACS Fund | ![]() |
PIAMX | ||
Semi-Annual Shareholder Report | May 31, 2024 |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
PIA High Yield MACS Fund | $9 | 0.17% |
Net Assets | $169,604,664 |
Number of Holdings | 107 |
Portfolio Turnover | 15% |
Average Credit Quality | B |
Effective Duration | 2.90 yrs |
Weighted Average Maturity | 4.10 yrs |
Weighted Average Life | 4.10 yrs |
Distribution Yield | 9.25% |
30-Day SEC Yield | 10.05% |
30-Day SEC Yield Unsubsidized | 10.05% |
![image](https://capedge.com/proxy/N-CSRS/0001133228-24-007573/ts74img003.jpg)
Top 10 Issuers | (%) |
Fidelity Government Portfolio | 5.4% |
Alta Equipment Group, Inc. | 2.1% |
TKC Holdings, Inc. | 1.7% |
Verde Purchaser LLC | 1.7% |
Summit Midstream Holdings LLC / Summit Midstream Finance Corp. | 1.6% |
Rocket Software, Inc. | 1.5% |
GPD Cos., Inc. | 1.5% |
ITT Holdings LLC | 1.5% |
TMS International Corp./DE | 1.4% |
VistaJet Malta Finance PLC / Vista Management Holding, Inc. | 1.4% |
PIA High Yield MACS Fund | PAGE 1 | TSR_SAR_00770X378 |
PIA High Yield MACS Fund | PAGE 2 | TSR_SAR_00770X378 |
![]() | PIA High Yield Fund | ![]() |
PHYSX | ||
Semi-Annual Shareholder Report | May 31, 2024 |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
PIA High Yield Fund | $44 | 0.86% |
Net Assets | $61,993,702 |
Number of Holdings | 106 |
Portfolio Turnover | 17% |
Average Credit Quality | B |
Effective Duration | 2.90 yrs |
Weighted Average Maturity | 4.20 yrs |
Weighted Average Life | 4.20 yrs |
Distribution Yield | 8.45% |
30-Day SEC Yield | 9.38% |
30-Day SEC Yield Unsubsidized | 9.24% |
![image](https://capedge.com/proxy/N-CSRS/0001133228-24-007573/ts71img003.jpg)
Top 10 Issuers | (%) |
Alta Equipment Group, Inc. | 2.1% |
Fidelity Government Portfolio | 2.0% |
Summit Midstream Holdings LLC / Summit Midstream Finance Corp. | 1.8% |
TKC Holdings, Inc. | 1.6% |
ITT Holdings LLC | 1.5% |
Mercer International, Inc. | 1.5% |
TMS International Corp./DE | 1.5% |
Pitney Bowes, Inc. | 1.5% |
Verde Purchaser LLC | 1.4% |
Consolidated Energy Finance SA | 1.4% |
PIA High Yield Fund | PAGE 1 | TSR_SAR_007989163 |
PIA High Yield Fund | PAGE 2 | TSR_SAR_007989163 |
![]() | PIA Short Term Securities Fund | ![]() |
PIASX | ||
Semi-Annual Shareholder Report | May 31, 2024 |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
PIA Short Term Securities Fund | $20 | 0.39% |
Net Assets | $146,272,278 |
Number of Holdings | 110 |
Portfolio Turnover | 38% |
Average Credit Quality | A |
Effective Duration | 1.20 yrs |
Weighted Average Maturity | 2.80 yrs |
Weighted Average Life | 1.40 yrs |
Distribution Yield | 5.12% |
30-Day SEC Yield | 5.11% |
30-Day SEC Yield Unsubsidized | 5.10% |
![image](https://capedge.com/proxy/N-CSRS/0001133228-24-007573/ts73img003.jpg)
Top 10 Issuers | (%) |
U.S. Treasury Note/Bond | 14.9% |
U.S. Treasury Bill | 11.8% |
Cold Storage Trust | 4.4% |
BX Trust | 2.7% |
AEGON Funding Co. LLC | 2.0% |
Ares Capital Corp. | 1.4% |
Camden Property Trust | 1.4% |
Carrier Global Corp. | 1.4% |
NextEra Energy Capital Holdings, Inc. | 1.4% |
Citizens Bank NA | 1.4% |
PIA Short Term Securities Fund | PAGE 1 | TSR_SAR_007989551 |
PIA Short Term Securities Fund | PAGE 2 | TSR_SAR_007989551 |
(b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) | Schedule of Investments is included within the financial statements filed under Item 7 of this Form. |
(b) | Not Applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
(a) |
![](https://capedge.com/proxy/N-CSRS/0001133228-24-007573/pia_logo.jpg)
Page | |||
Par | Value | |||||
CORPORATE BONDS - 92.7% | ||||||
Aerospace/Defense - 3.4% | ||||||
Boeing Co. | ||||||
5.15%, 05/01/2030 | $ 1,950,000 | $ 1,858,300 | ||||
5.71%, 05/01/2040 | 1,400,000 | 1,285,508 | ||||
L3Harris Technologies, Inc., 6.15%, 12/15/2040 | 500,000 | 522,610 | ||||
Northrop Grumman Corp. | ||||||
4.40%, 05/01/2030 | 1,000,000 | 960,835 | ||||
4.95%, 03/15/2053 | 500,000 | 451,232 | ||||
RTX Corp. | ||||||
3.50%, 03/15/2027 | 1,000,000 | 957,027 | ||||
4.35%, 04/15/2047 | 1,000,000 | 823,066 | ||||
6,858,578 | ||||||
Agriculture - 2.2% | ||||||
Altria Group, Inc. | ||||||
4.80%, 02/14/2029 | 148,000 | 145,029 | ||||
3.40%, 05/06/2030 | 1,600,000 | 1,437,030 | ||||
BAT Capital Corp. | ||||||
2.26%, 03/25/2028 | 1,000,000 | 891,629 | ||||
4.54%, 08/15/2047 | 400,000 | 309,903 | ||||
5.65%, 03/16/2052 | 800,000 | 718,881 | ||||
Bunge Ltd. Finance Corp., 3.75%, 09/25/2027 | 600,000 | 570,700 | ||||
Reynolds American, Inc., 4.45%, 06/12/2025 | 372,000 | 367,498 | ||||
4,440,670 | ||||||
Airlines - 0.4% | ||||||
Southwest Airlines Co., 5.13%, 06/15/2027 | 500,000 | 496,333 | ||||
United Airlines 2020-1 Class B Pass Through Trust, Series B, 4.88%, 01/15/2026 | 252,000 | 247,680 | ||||
744,013 | ||||||
Auto Manufacturers - 2.9% | ||||||
Ford Motor Credit Co. LLC | ||||||
3.82%, 11/02/2027 | 500,000 | 467,028 | ||||
6.80%, 11/07/2028 | 500,000 | 515,935 | ||||
7.12%, 11/07/2033 | 1,000,000 | 1,053,507 | ||||
6.13%, 03/08/2034 | 500,000 | 491,914 | ||||
General Motors Co., 5.20%, 04/01/2045 | 400,000 | 351,134 | ||||
General Motors Financial Co., Inc. | ||||||
4.00%, 01/15/2025 | 600,000 | 593,819 | ||||
3.60%, 06/21/2030 | 1,300,000 | 1,160,197 | ||||
2.35%, 01/08/2031 | 1,500,000 | 1,222,772 | ||||
5,856,306 | ||||||
Banks - 7.1% | ||||||
Barclays PLC | ||||||
4.84%, 05/09/2028 | 1,000,000 | 964,640 | ||||
5.75% to 08/09/2032 then 1 yr. CMT Rate + 3.00%, 08/09/2033 | 1,000,000 | 997,465 | ||||
3.33% to 11/24/2041 then 1 yr. CMT Rate + 1.30%, 11/24/2042 | 700,000 | 505,973 | ||||
1 |
Par | Value | |||||
CORPORATE BONDS - (Continued) | ||||||
Banks - (Continued) | ||||||
Citigroup, Inc. | ||||||
4.45%, 09/29/2027 | $ 1,700,000 | $ 1,653,533 | ||||
5.30%, 05/06/2044 | 540,000 | 511,293 | ||||
Citizens Financial Group, Inc., 5.84% to 01/23/2029 then SOFR + 2.01%, 01/23/2030 | 500,000 | 496,403 | ||||
Comerica, Inc., 5.98% to 01/30/2029 then SOFR + 2.16%, 01/30/2030 | 500,000 | 492,540 | ||||
Cooperatieve Rabobank UA, 3.75%, 07/21/2026 | 1,000,000 | 961,011 | ||||
Deutsche Bank AG/New York NY, 4.10%, 01/13/2026 | 1,000,000 | 974,882 | ||||
Fifth Third Bancorp | ||||||
4.06% to 04/25/2027 then SOFR + 1.36%, 04/25/2028 | 500,000 | 476,563 | ||||
8.25%, 03/01/2038 | 225,000 | 263,346 | ||||
Goldman Sachs Group, Inc., 6.75%, 10/01/2037 | 950,000 | 1,028,901 | ||||
HSBC Holdings PLC, 7.40% to 11/13/2033 then SOFR + 3.02%, 11/13/2034 | 1,100,000 | 1,193,358 | ||||
Lloyds Banking Group PLC, 4.65%, 03/24/2026 | 800,000 | 784,412 | ||||
M&T Bank Corp., 6.08% to 03/13/2031 then SOFR + 2.26%, 03/13/2032 | 500,000 | 495,420 | ||||
Morgan Stanley, 2.48% to 09/16/2031 then SOFR + 1.36%, 09/16/2036 | 900,000 | 709,238 | ||||
Santander Holdings USA, Inc. | ||||||
3.45%, 06/02/2025 | 700,000 | 683,483 | ||||
6.34% to 05/31/2034 then SOFR + 2.14%, 05/31/2035 | 1,000,000 | 999,689 | ||||
Westpac Banking Corp., 3.13%, 11/18/2041 | 300,000 | 209,988 | ||||
14,402,138 | ||||||
Beverages - 1.0% | ||||||
Constellation Brands, Inc., 2.88%, 05/01/2030 | 700,000 | 611,332 | ||||
Keurig Dr Pepper, Inc. | ||||||
3.20%, 05/01/2030 | 1,000,000 | 896,417 | ||||
4.50%, 04/15/2052 | 500,000 | 416,303 | ||||
1,924,052 | ||||||
Biotechnology - 2.6% | ||||||
Amgen, Inc. | ||||||
2.20%, 02/21/2027 | 1,000,000 | 924,061 | ||||
5.25%, 03/02/2033 | 1,000,000 | 990,901 | ||||
2.80%, 08/15/2041 | 500,000 | 351,697 | ||||
4.66%, 06/15/2051 | 1,006,000 | 859,227 | ||||
Biogen, Inc., 2.25%, 05/01/2030 | 700,000 | 588,542 | ||||
Gilead Sciences, Inc. | ||||||
1.65%, 10/01/2030 | 1,100,000 | 895,764 | ||||
2.60%, 10/01/2040 | 500,000 | 342,419 | ||||
Royalty Pharma PLC, 2.15%, 09/02/2031 | 500,000 | 398,562 | ||||
5,351,173 | ||||||
Building Materials - 0.4% | ||||||
Carrier Global Corp., 2.70%, 02/15/2031 | 240,000 | 205,195 | ||||
Vulcan Materials Co., 3.90%, 04/01/2027 | 620,000 | 600,352 | ||||
805,547 | ||||||
2 |
Par | Value | |||||
CORPORATE BONDS - (Continued) | ||||||
Chemicals - 1.5% | ||||||
Dow Chemical Co. | ||||||
7.38%, 11/01/2029 | $ 396,000 | $ 434,593 | ||||
6.90%, 05/15/2053 | 500,000 | 560,291 | ||||
DuPont de Nemours, Inc., 4.73%, 11/15/2028 | 1,000,000 | 992,526 | ||||
Nutrien Ltd., 2.95%, 05/13/2030 | 700,000 | 616,905 | ||||
Sherwin-Williams Co., 2.20%, 03/15/2032 | 600,000 | 483,336 | ||||
3,087,651 | ||||||
Commercial Services - 0.6% | ||||||
Equifax, Inc., 3.10%, 05/15/2030 | 500,000 | 443,628 | ||||
Global Payments, Inc., 1.20%, 03/01/2026 | 500,000 | 463,542 | ||||
Moody’s Corp. | ||||||
2.00%, 08/19/2031 | 250,000 | 201,485 | ||||
3.10%, 11/29/2061 | 250,000 | 152,478 | ||||
1,261,133 | ||||||
Computers - 1.2% | ||||||
Dell International LLC / EMC Corp. | ||||||
6.02%, 06/15/2026 | 642,000 | 647,748 | ||||
6.20%, 07/15/2030 | 500,000 | 522,415 | ||||
3.45%, 12/15/2051 | 181,000 | 122,927 | ||||
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025 | 700,000 | 694,494 | ||||
HP, Inc., 5.50%, 01/15/2033 | 500,000 | 499,574 | ||||
2,487,158 | ||||||
Diversified Financial Services - 3.8% | ||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/2032 | 1,500,000 | 1,276,085 | ||||
Air Lease Corp. | ||||||
2.88%, 01/15/2026 | 450,000 | 430,137 | ||||
5.30%, 02/01/2028 | 1,000,000 | 995,002 | ||||
Ally Financial, Inc., 2.20%, 11/02/2028 | 500,000 | 430,037 | ||||
Brightsphere Investment Group, Inc., 4.80%, 07/27/2026 | 1,000,000 | 959,945 | ||||
Capital One Financial Corp., 3.65%, 05/11/2027 | 1,400,000 | 1,335,178 | ||||
Jefferies Financial Group, Inc., 6.20%, 04/14/2034 | 500,000 | 501,789 | ||||
Nasdaq, Inc., 5.55%, 02/15/2034 | 500,000 | 498,562 | ||||
Nomura Holdings, Inc., 2.17%, 07/14/2028 | 1,000,000 | 876,756 | ||||
Synchrony Financial, 4.50%, 07/23/2025 | 500,000 | 490,731 | ||||
7,794,222 | ||||||
Electric - 6.9% | ||||||
AEP Texas, Inc., 5.45%, 05/15/2029 | 500,000 | 499,219 | ||||
American Electric Power Co., Inc., 5.95%, 11/01/2032 | 500,000 | 510,366 | ||||
Black Hills Corp., 6.00%, 01/15/2035 | 500,000 | 499,456 | ||||
Constellation Energy Generation LLC, 5.75%, 03/15/2054 | 250,000 | 241,961 | ||||
Dominion Energy, Inc., 2.25%, 08/15/2031 | 500,000 | 404,065 | ||||
Dominion Resources, Inc., 4.90%, 08/01/2041 | 470,000 | 415,219 | ||||
DTE Energy Co., 1.05%, 06/01/2025 | 600,000 | 574,077 | ||||
3 |
Par | Value | |||||
CORPORATE BONDS - (Continued) | ||||||
Electric - (Continued) | ||||||
Duke Energy Corp. | ||||||
2.45%, 06/01/2030 | $ 950,000 | $ 809,319 | ||||
3.30%, 06/15/2041 | 1,000,000 | 726,650 | ||||
El Paso Electric Co., 6.00%, 05/15/2035 | 850,000 | 845,683 | ||||
Eversource Energy, 2.55%, 03/15/2031 | 500,000 | 412,820 | ||||
Exelon Corp., 5.45%, 03/15/2034 | 600,000 | 594,034 | ||||
FirstEnergy Corp., 2.25%, 09/01/2030 | 700,000 | 578,051 | ||||
NextEra Energy Capital Holdings, Inc. | ||||||
4.63%, 07/15/2027 | 500,000 | 490,555 | ||||
2.25%, 06/01/2030 | 400,000 | 337,391 | ||||
5.25%, 03/15/2034 | 600,000 | 586,926 | ||||
Pacific Gas and Electric Co., 3.50%, 08/01/2050 | 5,000,000 | 3,290,447 | ||||
Sempra, 4.13% to 04/01/2027 then 5 yr. CMT Rate + 2.87%, 04/01/2052 | 600,000 | 554,240 | ||||
Southern Co., 3.25%, 07/01/2026 | 1,000,000 | 959,835 | ||||
Southwestern Electric Power Co., 3.25%, 11/01/2051 | 400,000 | 254,720 | ||||
Xcel Energy, Inc., 2.35%, 11/15/2031 | 500,000 | 400,773 | ||||
13,985,807 | ||||||
Electronics - 0.4% | ||||||
Fortive Corp., 3.15%, 06/15/2026 | 750,000 | 716,796 | ||||
Entertainment - 1.0% | ||||||
Warnermedia Holdings, Inc. | ||||||
4.28%, 03/15/2032 | 1,000,000 | 874,093 | ||||
5.14%, 03/15/2052 | 1,500,000 | 1,181,225 | ||||
2,055,318 | ||||||
Environmental Control - 0.7% | ||||||
Republic Services, Inc., 0.88%, 11/15/2025 | 1,000,000 | 937,211 | ||||
Waste Connections, Inc., 4.20%, 01/15/2033 | 500,000 | 462,013 | ||||
1,399,224 | ||||||
Food - 2.8% | ||||||
ConAgra Brands, Inc., 7.00%, 10/01/2028 | 1,300,000 | 1,379,123 | ||||
General Mills, Inc., 2.25%, 10/14/2031 | 700,000 | 573,513 | ||||
Kroger Co., 2.20%, 05/01/2030 | 1,000,000 | 845,743 | ||||
Mondelez International, Inc., 1.50%, 02/04/2031 | 2,000,000 | 1,589,454 | ||||
Sysco Corp. | ||||||
5.95%, 04/01/2030 | 464,000 | 480,836 | ||||
3.15%, 12/14/2051 | 400,000 | 261,519 | ||||
Tyson Foods, Inc., 4.35%, 03/01/2029 | 600,000 | 575,775 | ||||
5,705,963 | ||||||
Forest Products & Paper - 0.3% | ||||||
International Paper Co., 6.00%, 11/15/2041 | 700,000 | 688,907 | ||||
4 |
Par | Value | |||||
CORPORATE BONDS - (Continued) | ||||||
Gas - 0.3% | ||||||
NiSource Finance Corp., 5.25%, 02/15/2043 | $ 400,000 | $ 369,379 | ||||
NiSource, Inc., 5.35%, 04/01/2034 | 250,000 | 244,154 | ||||
613,533 | ||||||
Hand/Machine Tools - 0.1% | ||||||
Kennametal, Inc., 2.80%, 03/01/2031 | 330,000 | 276,337 | ||||
Healthcare-Products - 1.4% | ||||||
Agilent Technologies, Inc., 2.30%, 03/12/2031 | 215,000 | 178,468 | ||||
Boston Scientific Corp., 2.65%, 06/01/2030 | 560,000 | 487,592 | ||||
GE HealthCare Technologies, Inc., 5.86%, 03/15/2030 | 500,000 | 512,117 | ||||
Solventum Corp., 5.60%, 03/23/2034(a) | 500,000 | 490,404 | ||||
Stryker Corp., 1.95%, 06/15/2030 | 700,000 | 585,895 | ||||
Zimmer Biomet Holdings, Inc., 3.05%, 01/15/2026 | 500,000 | 481,014 | ||||
2,735,490 | ||||||
Healthcare-Services - 3.0% | ||||||
CommonSpirit Health, 2.78%, 10/01/2030 | 600,000 | 516,085 | ||||
Elevance Health, Inc. | ||||||
5.50%, 10/15/2032 | 500,000 | 504,494 | ||||
4.65%, 08/15/2044 | 600,000 | 524,008 | ||||
5.13%, 02/15/2053 | 1,000,000 | 916,583 | ||||
HCA, Inc. | ||||||
4.13%, 06/15/2029 | 1,000,000 | 941,075 | ||||
5.60%, 04/01/2034 | 1,000,000 | 989,705 | ||||
4.38%, 03/15/2042 | 600,000 | 492,885 | ||||
Humana, Inc., 4.88%, 04/01/2030 | 500,000 | 487,226 | ||||
Laboratory Corp. of America Holdings, 3.25%, 09/01/2024 | 640,000 | 636,094 | ||||
6,008,155 | ||||||
Home Builders - 0.2% | ||||||
DR Horton, Inc., 2.60%, 10/15/2025 | 500,000 | 480,653 | ||||
Household Products/Wares - 0.2% | ||||||
Church & Dwight Co., Inc., 3.15%, 08/01/2027 | 500,000 | 473,268 | ||||
Insurance - 3.4% | ||||||
Aon Corp., 2.80%, 05/15/2030 | 600,000 | 522,312 | ||||
CNA Financial Corp., 5.13%, 02/15/2034 | 500,000 | 478,423 | ||||
Corebridge Financial, Inc. | ||||||
3.90%, 04/05/2032 | 500,000 | 446,045 | ||||
6.05%, 09/15/2033(a) | 500,000 | 510,696 | ||||
Fidelity National Financial, Inc., 2.45%, 03/15/2031 | 2,000,000 | 1,618,557 | ||||
Lincoln National Corp. | ||||||
3.80%, 03/01/2028 | 120,000 | 113,946 | ||||
5.85%, 03/15/2034 | 500,000 | 496,831 | ||||
Mercury General Corp., 4.40%, 03/15/2027 | 500,000 | 481,963 | ||||
Metlife, Inc., 6.40%, 12/15/2036 | 855,000 | 863,902 | ||||
5 |
Par | Value | |||||
CORPORATE BONDS - (Continued) | ||||||
Insurance - (Continued) | ||||||
Old Republic International Corp., 5.75%, 03/28/2034 | $ 1,000,000 | $ 993,158 | ||||
Prudential Financial, Inc., 5.13% to 02/28/2032 then 5 yr. CMT Rate + 3.16%, 03/01/2052 | 500,000 | 464,607 | ||||
6,990,440 | ||||||
Internet - 0.2% | ||||||
eBay, Inc., 2.60%, 05/10/2031 | 500,000 | 424,067 | ||||
Investment Companies - 1.2% | ||||||
Blackstone Private Credit Fund, 5.95%, 07/16/2029(a) | 500,000 | 491,693 | ||||
Blackstone Secured Lending Fund, 3.63%, 01/15/2026 | 1,000,000 | 959,109 | ||||
FS KKR Capital Corp., 4.63%, 07/15/2024 | 1,000,000 | 997,645 | ||||
2,448,447 | ||||||
Iron/Steel - 0.2% | ||||||
Vale Overseas Ltd., 6.13%, 06/12/2033 | 500,000 | 501,612 | ||||
Lodging - 0.7% | ||||||
Marriott International, Inc./MD, 4.90%, 04/15/2029 | 500,000 | 491,104 | ||||
Sands China Ltd., 2.30%, 03/08/2027 | 1,000,000 | 911,128 | ||||
1,402,232 | ||||||
Machinery-Diversified - 0.9% | ||||||
CNH Industrial Capital LLC, 5.10%, 04/20/2029 | 500,000 | 495,665 | ||||
IDEX Corp., 3.00%, 05/01/2030 | 1,000,000 | 873,251 | ||||
Westinghouse Air Brake Technologies Corp., 5.61%, 03/11/2034 | 500,000 | 500,876 | ||||
1,869,792 | ||||||
Media - 2.2% | ||||||
Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||
2.80%, 04/01/2031 | 1,000,000 | 815,054 | ||||
2.30%, 02/01/2032 | 1,000,000 | 765,591 | ||||
3.90%, 06/01/2052 | 1,000,000 | 627,493 | ||||
Discovery Communications LLC, 3.63%, 05/15/2030 | 1,000,000 | 878,866 | ||||
Paramount Global, 4.38%, 03/15/2043 | 610,000 | 417,789 | ||||
Time Warner Cable Enterprises LLC, 8.38%, 07/15/2033 | 810,000 | 895,737 | ||||
4,400,530 | ||||||
Mining - 0.8% | ||||||
Newmont Corp., 4.88%, 03/15/2042 | 800,000 | 729,693 | ||||
Southern Copper Corp., 6.75%, 04/16/2040 | 750,000 | 819,181 | ||||
1,548,874 | ||||||
Miscellaneous Manufacturing - 0.5% | ||||||
Parker-Hannifin Corp., 3.25%, 06/14/2029 | 550,000 | 502,654 | ||||
Textron, Inc., 6.10%, 11/15/2033 | 500,000 | 515,180 | ||||
1,017,834 | ||||||
6 |
Par | Value | |||||
CORPORATE BONDS - (Continued) | ||||||
Oil & Gas - 2.4% | ||||||
Canadian Natural Resources Ltd., 4.95%, 06/01/2047 | $ 700,000 | $ 612,679 | ||||
Diamondback Energy, Inc., 3.13%, 03/24/2031 | 500,000 | 437,476 | ||||
Hess Corp., 5.60%, 02/15/2041 | 800,000 | 795,450 | ||||
Marathon Petroleum Corp., 3.63%, 09/15/2024 | 500,000 | 496,605 | ||||
Phillips 66, 1.30%, 02/15/2026 | 950,000 | 887,441 | ||||
Suncor Energy, Inc., 3.75%, 03/04/2051 | 500,000 | 357,677 | ||||
Valero Energy Corp. | ||||||
2.80%, 12/01/2031 | 750,000 | 632,155 | ||||
6.63%, 06/15/2037 | 655,000 | 698,117 | ||||
4,917,600 | ||||||
Oil & Gas Services - 0.5% | ||||||
Halliburton Co. | ||||||
3.80%, 11/15/2025 | 24,000 | 23,444 | ||||
2.92%, 03/01/2030 | 1,000,000 | 889,879 | ||||
913,323 | ||||||
Packaging & Containers - 0.2% | ||||||
WRKCo, Inc., 3.90%, 06/01/2028 | 500,000 | 473,784 | ||||
Pharmaceuticals - 3.7% | ||||||
AbbVie, Inc., 4.75%, 03/15/2045 | 268,000 | 244,040 | ||||
Becton Dickinson & Co., 4.69%, 12/15/2044 | 550,000 | 484,434 | ||||
Cardinal Health, Inc., 3.41%, 06/15/2027 | 125,000 | 118,589 | ||||
Cigna Group/The | ||||||
4.50%, 02/25/2026 | 327,000 | 322,306 | ||||
2.40%, 03/15/2030 | 1,391,000 | 1,192,069 | ||||
3.40%, 03/15/2050 | 600,000 | 407,706 | ||||
CVS Health Corp. | ||||||
3.75%, 04/01/2030 | 2,150,000 | 1,961,535 | ||||
5.13%, 07/20/2045 | 500,000 | 440,347 | ||||
5.05%, 03/25/2048 | 1,000,000 | 859,645 | ||||
6.05%, 06/01/2054 | 500,000 | 489,214 | ||||
Viatris, Inc., 2.70%, 06/22/2030 | 600,000 | 504,296 | ||||
Zoetis, Inc., 2.00%, 05/15/2030 | 600,000 | 500,534 | ||||
7,524,715 | ||||||
Pipelines - 5.9% | ||||||
Boardwalk Pipelines LP, 3.60%, 09/01/2032 | 500,000 | 428,653 | ||||
Enbridge, Inc. | ||||||
3.13%, 11/15/2029 | 1,000,000 | 899,558 | ||||
3.40%, 08/01/2051 | 250,000 | 168,518 | ||||
Energy Transfer LP, 5.00%, 05/15/2050 | 1,000,000 | 847,073 | ||||
Enterprise Products Operating LLC | ||||||
4.85%, 08/15/2042 | 850,000 | 772,098 | ||||
3.30%, 02/15/2053 | 500,000 | 336,712 | ||||
7 |
Par | Value | |||||
CORPORATE BONDS - (Continued) | ||||||
Pipelines - (Continued) | ||||||
Kinder Morgan Energy Partners, 5.80%, 03/15/2035 | $ 1,270,000 | $ 1,267,427 | ||||
Kinder Morgan, Inc. | ||||||
2.00%, 02/15/2031 | 600,000 | 487,556 | ||||
5.55%, 06/01/2045 | 700,000 | 654,885 | ||||
MPLX LP | ||||||
4.25%, 12/01/2027 | 1,315,000 | 1,270,034 | ||||
4.95%, 03/14/2052 | 600,000 | 509,784 | ||||
ONEOK, Inc. | ||||||
3.20%, 03/15/2025 | 500,000 | 489,727 | ||||
6.10%, 11/15/2032 | 500,000 | 514,598 | ||||
Plains All American Pipeline LP / PAA Finance Corp., 3.80%, 09/15/2030 | 546,000 | 496,396 | ||||
Targa Resources Corp., 5.20%, 07/01/2027 | 500,000 | 497,754 | ||||
TransCanada PipeLines Ltd., 4.10%, 04/15/2030 | 1,100,000 | 1,029,958 | ||||
Williams Cos., Inc. | ||||||
3.90%, 01/15/2025 | 800,000 | 791,560 | ||||
5.10%, 09/15/2045 | 500,000 | 452,730 | ||||
11,915,021 | ||||||
REITs - 5.3% | ||||||
Alexandria Real Estate Equities, Inc., 1.88%, 02/01/2033 | 650,000 | 486,578 | ||||
American Tower Corp. | ||||||
2.75%, 01/15/2027 | 500,000 | 468,765 | ||||
1.88%, 10/15/2030 | 1,000,000 | 806,468 | ||||
Boston Properties LP, 3.25%, 01/30/2031 | 675,000 | 568,487 | ||||
COPT Defense Properties LP, 2.75%, 04/15/2031 | 500,000 | 411,053 | ||||
Crown Castle, Inc. | ||||||
3.65%, 09/01/2027 | 500,000 | 473,869 | ||||
2.25%, 01/15/2031 | 600,000 | 490,834 | ||||
Equinix, Inc. | ||||||
1.55%, 03/15/2028 | 500,000 | 435,144 | ||||
3.90%, 04/15/2032 | 100,000 | 90,042 | ||||
Essex Portfolio LP, 3.38%, 04/15/2026 | 1,000,000 | 961,555 | ||||
Extra Space Storage LP, 5.90%, 01/15/2031 | 500,000 | 508,465 | ||||
GLP Capital LP / GLP Financing II, Inc., 3.25%, 01/15/2032 | 250,000 | 207,610 | ||||
Healthpeak OP LLC, 2.13%, 12/01/2028 | 350,000 | 307,136 | ||||
Kimco Realty OP LLC, 6.40%, 03/01/2034 | 500,000 | 526,620 | ||||
Omega Healthcare Investors, Inc., 3.25%, 04/15/2033 | 1,000,000 | 801,524 | ||||
Sabra Health Care LP, 3.90%, 10/15/2029 | 1,000,000 | 894,000 | ||||
Store Capital LLC, 4.50%, 03/15/2028 | 810,000 | 766,189 | ||||
Ventas Realty LP, 5.63%, 07/01/2034 | 600,000 | 590,636 | ||||
Welltower OP LLC, 2.75%, 01/15/2031 | 700,000 | 598,054 | ||||
Weyerhaeuser Co., 7.38%, 03/15/2032 | 226,000 | 253,082 | ||||
10,646,111 | ||||||
8 |
Par | Value | |||||
CORPORATE BONDS - (Continued) | ||||||
Retail - 3.5% | ||||||
AutoNation, Inc., 3.50%, 11/15/2024 | $ 200,000 | $ 197,688 | ||||
AutoZone, Inc., 4.75%, 08/01/2032 | 500,000 | 477,319 | ||||
Genuine Parts Co., 1.88%, 11/01/2030 | 500,000 | 404,308 | ||||
Lowe’s Cos., Inc. | ||||||
4.50%, 04/15/2030 | 1,000,000 | 965,691 | ||||
1.70%, 10/15/2030 | 500,000 | 404,607 | ||||
5.63%, 04/15/2053 | 1,000,000 | 965,516 | ||||
McDonald’s Corp. | ||||||
3.50%, 07/01/2027 | 1,100,000 | 1,048,749 | ||||
4.88%, 12/09/2045 | 550,000 | 494,866 | ||||
Starbucks Corp., 2.55%, 11/15/2030 | 1,000,000 | 855,577 | ||||
Tractor Supply Co., 1.75%, 11/01/2030 | 500,000 | 402,184 | ||||
Walgreens Boots Alliance, Inc., 3.20%, 04/15/2030 | 1,000,000 | 873,350 | ||||
7,089,855 | ||||||
Semiconductors - 1.7% | ||||||
Broadcom, Inc. | ||||||
4.15%, 11/15/2030 | 431,000 | 403,035 | ||||
3.42%, 04/15/2033(a) | 1,500,000 | 1,278,504 | ||||
3.19%, 11/15/2036(a) | 55,000 | 43,051 | ||||
4.93%, 05/15/2037(a) | 583,000 | 541,769 | ||||
Micron Technology, Inc., 2.70%, 04/15/2032 | 250,000 | 205,964 | ||||
NXP BV / NXP Funding LLC / NXP USA, Inc. | ||||||
4.40%, 06/01/2027 | 500,000 | 487,295 | ||||
2.50%, 05/11/2031 | 500,000 | 417,096 | ||||
3,376,714 | ||||||
Software - 3.6% | ||||||
Fidelity National Information Services, Inc., 5.10%, 07/15/2032 | 600,000 | 591,577 | ||||
Fiserv, Inc. | ||||||
3.85%, 06/01/2025 | 600,000 | 589,325 | ||||
5.63%, 08/21/2033 | 500,000 | 502,074 | ||||
Oracle Corp. | ||||||
1.65%, 03/25/2026 | 1,685,000 | 1,576,222 | ||||
3.65%, 03/25/2041 | 1,400,000 | 1,071,040 | ||||
3.95%, 03/25/2051 | 1,350,000 | 992,277 | ||||
5.55%, 02/06/2053 | 1,000,000 | 942,576 | ||||
Roper Technologies, Inc., 1.40%, 09/15/2027 | 650,000 | 575,111 | ||||
VMware LLC, 4.65%, 05/15/2027 | 550,000 | 539,275 | ||||
7,379,477 | ||||||
Telecommunications - 8.5% | ||||||
AT&T, Inc. | ||||||
2.30%, 06/01/2027 | 1,400,000 | 1,286,077 | ||||
2.55%, 12/01/2033 | 875,000 | 688,933 | ||||
3.50%, 09/15/2053 | 2,368,000 | 1,596,709 | ||||
9 |
Par | Value | |||||
CORPORATE BONDS - (Continued) | ||||||
Telecommunications - (Continued) | ||||||
3.55%, 09/15/2055 | $1,196,000 | $ 801,627 | ||||
3.80%, 12/01/2057 | 727,000 | 504,675 | ||||
British Telecommunications PLC, 9.63%, 12/15/2030 | 855,000 | 1,037,877 | ||||
Deutsche Telekom International Finance, 8.75%, 06/15/2030 | 345,000 | 401,860 | ||||
France Telecom SA, 5.38%, 01/13/2042 | 575,000 | 553,171 | ||||
Motorola Solutions, Inc., 5.40%, 04/15/2034 | 500,000 | 493,124 | ||||
Rogers Communications, Inc., 5.00%, 03/15/2044 | 989,000 | 883,749 | ||||
Telefonica Emisiones SA, 7.05%, 06/20/2036 | 475,000 | 514,781 | ||||
T-Mobile USA, Inc. | ||||||
3.88%, 04/15/2030 | 1,600,000 | 1,484,647 | ||||
2.25%, 11/15/2031 | 600,000 | 486,467 | ||||
3.40%, 10/15/2052 | 1,100,000 | 745,783 | ||||
5.65%, 01/15/2053 | 500,000 | 491,482 | ||||
Verizon Communications, Inc. | ||||||
3.00%, 03/22/2027 | 1,000,000 | 944,050 | ||||
3.15%, 03/22/2030 | 550,000 | 492,281 | ||||
2.55%, 03/21/2031 | 336,000 | 282,913 | ||||
4.86%, 08/21/2046 | 1,500,000 | 1,366,879 | ||||
3.55%, 03/22/2051 | 2,000,000 | 1,427,551 | ||||
2.99%, 10/30/2056 | 600,000 | 364,469 | ||||
Vodafone Group PLC, 4.38%, 05/30/2028 | 400,000 | 390,191 | ||||
17,239,296 | ||||||
Transportation - 2.1% | ||||||
Canadian Pacific Railway Co., 2.90%, 02/01/2025 | 700,000 | 687,732 | ||||
CSX Corp., 6.22%, 04/30/2040 | 1,390,000 | 1,489,224 | ||||
FedEx Corp., 3.25%, 05/15/2041 | 1,000,000 | 727,030 | ||||
Kirby Corp., 4.20%, 03/01/2028 | 450,000 | 433,711 | ||||
Norfolk Southern Corp. | ||||||
2.30%, 05/15/2031 | 250,000 | 208,391 | ||||
2.90%, 08/25/2051 | 1,000,000 | 620,296 | ||||
4,166,384 | ||||||
Trucking & Leasing - 0.5% | ||||||
GATX Corp., 1.90%, 06/01/2031 | 1,300,000 | 1,028,044 | ||||
Water - 0.3% | ||||||
American Water Capital Corp., 2.80%, 05/01/2030 | 650,000 | 567,939 | ||||
TOTAL CORPORATE BONDS (Cost $213,686,543) | 187,994,183 | |||||
10 |
Par | Value | |||||
FOREIGN GOVERNMENT DEBT OBLIGATIONS - 5.2% | ||||||
Columbia Government International Bond, 3.88%, 04/25/2027 | $ 600,000 | $ 563,900 | ||||
Indonesia Government International Bond | ||||||
3.85%, 10/15/2030 | 500,000 | 461,347 | ||||
4.70%, 02/10/2034 | 500,000 | 480,000 | ||||
Mexico Government International Bond | ||||||
4.50%, 04/22/2029 | 1,300,000 | 1,243,833 | ||||
4.75%, 03/08/2044 | 2,490,000 | 2,020,173 | ||||
Panama Government International Bond | ||||||
2.25%, 09/29/2032 | 1,700,000 | 1,214,564 | ||||
6.70%, 01/26/2036 | 750,000 | 721,030 | ||||
Peruvian Government International Bond | ||||||
3.00%, 01/15/2034 | 400,000 | 320,840 | ||||
6.55%, 03/14/2037 | 1,050,000 | 1,107,701 | ||||
Philippine Government International Bond, 5.00%, 01/13/2037 | 1,625,000 | 1,565,639 | ||||
Uruguay Government International Bond, 4.38%, 01/23/2031 | 800,000 | 773,953 | ||||
TOTAL FOREIGN GOVERNMENT DEBT OBLIGATIONS (Cost $12,680,504) | 10,472,980 | |||||
U.S. TREASURY OBLIGATIONS - 1.0% | ||||||
U.S. Treasury Note/Bond | ||||||
4.50%, 11/15/2033 | 500,000 | 499,180 | ||||
4.25%, 02/15/2054 | 1,500,000 | 1,402,734 | ||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,928,789) | 1,901,914 | |||||
Shares | ||||||
SHORT-TERM INVESTMENTS - 0.1% | ||||||
Money Market Funds - 0.1% | ||||||
Fidelity Government Portfolio - Class Institutional, 5.21%(b) | 249,742 | 249,742 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $249,742) | 249,742 | |||||
TOTAL INVESTMENTS - 99.0% (Cost $228,545,578) | $200,618,819 | |||||
Other Assets in Excess of Liabilities - 1.0% | 2,117,711 | |||||
TOTAL NET ASSETS - 100.0% | $202,736,530 | |||||
(a) | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of May 31, 2024, the value of these securities total $3,356,117 or 1.7% of the Fund’s net assets. |
(b) | The rate shown represents the 7-day effective yield as of May 31, 2024. |
11 |
Par | Value | |||||
MORTGAGE-BACKED SECURITIES - 94.1% | ||||||
BX Trust, Series 2021-RISE, Class B, 6.68% (1 mo. Term SOFR + 1.36%), 11/15/2036(a) | $ 403,495 | $ 401,096 | ||||
Cold Storage Trust, Series 2020-ICE5, Class A, 6.33% (1 mo. Term SOFR + 1.01%), 11/15/2037(a) | 1,474,486 | 1,472,753 | ||||
FHLMC | ||||||
Pool G04832, 5.00%, 10/01/2038 | 52,388 | 51,706 | ||||
Pool G08741, 3.00%, 01/01/2047 | 285,476 | 246,433 | ||||
Pool QD0505, 2.50%, 11/01/2051 | 1,486,825 | 1,199,778 | ||||
Pool QD2700, 2.50%, 12/01/2051 | 1,322,999 | 1,070,120 | ||||
Pool QD3120, 3.00%, 12/01/2051 | 1,407,951 | 1,185,290 | ||||
Pool QD7063, 2.50%, 02/01/2052 | 761,808 | 616,260 | ||||
Pool QD7338, 2.00%, 02/01/2052 | 1,340,619 | 1,036,389 | ||||
Pool QF6264, 2.50%, 01/01/2053 | 296,131 | 238,976 | ||||
Pool RA5559, 2.50%, 07/01/2051 | 1,886,603 | 1,522,407 | ||||
Pool RA6012, 3.00%, 10/01/2051 | 1,480,349 | 1,246,263 | ||||
Pool RA6528, 2.50%, 02/01/2052 | 1,896,049 | 1,534,476 | ||||
Pool SD1285, 3.50%, 06/01/2052 | 1,491,598 | 1,307,518 | ||||
Pool SD1287, 3.50%, 06/01/2052 | 1,480,098 | 1,296,831 | ||||
Pool SD3275, 5.50%, 07/01/2053 | 1,909,248 | 1,879,305 | ||||
Pool SD8172, 2.00%, 10/01/2051 | 1,885,578 | 1,457,951 | ||||
Pool SD8193, 2.00%, 02/01/2052 | 1,760,155 | 1,358,087 | ||||
Pool SD8194, 2.50%, 02/01/2052 | 1,306,020 | 1,056,261 | ||||
Pool SD8199, 2.00%, 03/01/2052 | 1,341,308 | 1,035,333 | ||||
Pool SD8204, 2.00%, 04/01/2052 | 1,802,648 | 1,392,292 | ||||
Pool SD8214, 3.50%, 05/01/2052 | 1,776,521 | 1,557,317 | ||||
Pool SD8275, 4.50%, 12/01/2052 | 1,383,097 | 1,294,223 | ||||
Pool SD8284, 3.00%, 01/01/2053 | 2,486,091 | 2,089,442 | ||||
Pool SD8312, 2.50%, 01/01/2053 | 1,124,260 | 907,802 | ||||
Pool SD8336, 3.50%, 04/01/2053 | 1,948,670 | 1,707,581 | ||||
Pool SD8341, 5.00%, 07/01/2053 | 1,949,623 | 1,875,471 | ||||
Pool SD8383, 5.50%, 12/01/2053 | 1,951,428 | 1,918,031 | ||||
Pool SD8428, 4.00%, 05/01/2054 | 1,483,105 | 1,345,323 | ||||
FNMA | ||||||
Pool AU3363, 3.00%, 08/01/2043 | 391,576 | 341,829 | ||||
Pool AZ0504, 3.00%, 06/01/2045 | 509,660 | 441,821 | ||||
Pool BM4135, 4.50%, 05/01/2048 | 353,104 | 336,498 | ||||
Pool BU7884, 2.50%, 01/01/2052 | 1,584,535 | 1,281,385 | ||||
Pool BV2451, 3.00%, 06/01/2052 | 1,956,866 | 1,645,361 | ||||
Pool BV5577, 2.50%, 05/01/2052 | 1,941,848 | 1,569,093 | ||||
Pool BW1298, 5.50%, 11/01/2052 | 1,768,593 | 1,743,620 | ||||
Pool BW9886, 4.50%, 10/01/2052 | 1,883,287 | 1,762,328 | ||||
Pool CB0381, 2.00%, 05/01/2051 | 1,918,659 | 1,480,135 | ||||
Pool FM7827, 3.00%, 12/01/2050 | 1,079,748 | 922,319 | ||||
Pool FM8407, 3.00%, 08/01/2051 | 1,210,980 | 1,031,621 | ||||
Pool FM9646, 2.00%, 11/01/2051 | 1,192,273 | 919,746 | ||||
Pool FS5387, 2.50%, 05/01/2052 | 1,977,787 | 1,595,948 | ||||
12 |
Par | Value | |||||
MORTGAGE-BACKED SECURITIES - (Continued) | ||||||
Pool MA2670, 3.00%, 07/01/2046 | $ 342,175 | $295,580 | ||||
Pool MA3415, 4.00%, 07/01/2048 | 130,385 | 120,323 | ||||
Pool MA4547, 2.00%, 02/01/2052 | 1,777,822 | 1,373,612 | ||||
Pool MA4548, 2.50%, 02/01/2052 | 1,733,795 | 1,402,399 | ||||
Pool MA4563, 2.50%, 03/01/2052 | 1,674,751 | 1,353,005 | ||||
Pool MA4577, 2.00%, 04/01/2052 | 1,559,835 | 1,204,285 | ||||
Pool MA4578, 2.50%, 04/01/2052 | 1,782,451 | 1,441,096 | ||||
Pool MA4579, 3.00%, 04/01/2052 | 1,765,658 | 1,484,017 | ||||
Pool MA4654, 3.50%, 07/01/2052 | 1,501,090 | 1,315,946 | ||||
Pool MA4732, 4.00%, 09/01/2052 | 1,391,622 | 1,263,942 | ||||
Pool MA4783, 4.00%, 10/01/2052 | 1,378,451 | 1,251,565 | ||||
Pool MA4867, 4.50%, 01/01/2053 | 1,921,516 | 1,798,097 | ||||
Pool MA4940, 5.00%, 03/01/2053 | 1,883,799 | 1,813,101 | ||||
Pool MA5037, 4.50%, 06/01/2053 | 1,910,904 | 1,788,156 | ||||
GNMA | ||||||
Pool 726311, 5.00%, 09/15/2039 | 123,544 | 121,353 | ||||
Pool AM8608, 4.00%, 06/15/2045 | 100,301 | 93,612 | ||||
Pool AQ0545, 4.00%, 10/15/2046 | 50,227 | 46,751 | ||||
Pool AQ0562, 4.00%, 12/15/2046 | 64,086 | 59,401 | ||||
Pool AR3772, 4.00%, 02/15/2046 | 76,892 | 71,321 | ||||
Pool AW1730, 3.00%, 05/15/2047 | 767,111 | 664,641 | ||||
Pool AZ5554, 3.00%, 08/15/2047 | 326,138 | 283,690 | ||||
Pool MA6089, 3.00%, 08/20/2049 | 144,079 | 125,320 | ||||
Pool MA6153, 3.00%, 09/20/2049 | 376,453 | 327,285 | ||||
Pool MA6338, 3.00%, 12/20/2049 | 395,264 | 342,987 | ||||
Pool MA7826, 2.00%, 01/20/2052 | 1,696,874 | 1,360,324 | ||||
Pool MA7827, 2.50%, 01/20/2052 | 1,678,137 | 1,398,088 | ||||
Pool MA7880, 2.00%, 02/20/2052 | 1,854,074 | 1,486,104 | ||||
Pool MA7936, 2.50%, 03/20/2052 | 1,274,964 | 1,062,167 | ||||
Pool MA7987, 2.50%, 04/20/2052 | 1,840,724 | 1,533,496 | ||||
Pool MA8099, 3.50%, 06/20/2052 | 1,765,271 | 1,574,753 | ||||
Pool MA8147, 2.50%, 07/20/2052 | 1,816,283 | 1,514,804 | ||||
Pool MA8266, 3.50%, 09/20/2052 | 1,500,000 | 1,338,106 | ||||
Pool MA8267, 4.00%, 09/20/2052 | 1,862,813 | 1,711,136 | ||||
TOTAL MORTGAGE-BACKED SECURITIES (Cost $91,828,403) | 83,392,882 | |||||
ASSET-BACKED SECURITIES - 2.0% | ||||||
CF Hippolyta Issuer LLC, Series 2020-1, Class A1, 1.69%, 07/15/2060(a) | 1,349,178 | 1,273,163 | ||||
SAFCO Auto Receivables Trust, Series 2024-1A, Class B, 6.31%, 11/20/2028(a) | 500,000 | 498,525 | ||||
TOTAL ASSET-BACKED SECURITIES (Cost $1,848,933) | 1,771,688 | |||||
13 |
Shares | Value | |||||
SHORT-TERM INVESTMENTS - 3.5% | ||||||
Money Market Funds - 1.2% | ||||||
Fidelity Government Portfolio - Class Institutional, 5.21%(b) | 1,086,467 | $ 1,086,467 | ||||
Par | ||||||
U.S. Treasury Bills - 2.3% | ||||||
5.31%, 08/15/2024(c) | $2,000,000 | 1,978,751 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,064,634) | 3,065,218 | |||||
TOTAL INVESTMENTS - 99.6% (Cost $96,741,970) | $88,229,788 | |||||
Other Assets in Excess of Liabilities - 0.4% | 341,955 | |||||
TOTAL NET ASSETS - 100.0% | $88,571,743 | |||||
(a) | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of May 31, 2024, the value of these securities total $3,645,537 or 4.1% of the Fund’s net assets. |
(b) | The rate shown represents the 7-day effective yield as of May 31, 2024. |
(c) | The rate shown is the effective yield as of May 31, 2024. |
14 |
Par | Value | |||||
CORPORATE BONDS - 93.9% | ||||||
Advertising - 1.1% | ||||||
Clear Channel Outdoor Holdings, Inc., 7.88%, 04/01/2030(a) | $ 1,800,000 | $ 1,791,766 | ||||
Agriculture - 0.9% | ||||||
Vector Group Ltd., 5.75%, 02/01/2029(a) | 1,700,000 | 1,561,454 | ||||
Airlines - 1.4% | ||||||
VistaJet Malta Finance PLC / Vista Management Holding, Inc., 6.38%, 02/01/2030(a) | 2,945,000 | 2,367,024 | ||||
Auto Manufacturers - 1.1% | ||||||
PM General Purchaser LLC, 9.50%, 10/01/2028(a) | 1,750,000 | 1,777,543 | ||||
Building Materials - 3.7% | ||||||
Eco Material Technologies, Inc., 7.88%, 01/31/2027(a) | 1,995,000 | 1,997,101 | ||||
Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC, 6.75%, 04/01/2032(a) | 750,000 | 746,592 | ||||
MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030(a) | 1,775,000 | 1,623,882 | ||||
Smyrna Ready Mix Concrete LLC | ||||||
6.00%, 11/01/2028(a) | 1,650,000 | 1,594,062 | ||||
8.88%, 11/15/2031(a) | 350,000 | 368,805 | ||||
6,330,442 | ||||||
Chemicals - 10.1% | ||||||
ASP Unifrax Holdings, Inc., 5.25%, 09/30/2028(a) | 2,372,000 | 1,194,705 | ||||
Consolidated Energy Finance SA | ||||||
5.63%, 10/15/2028(a) | 1,675,000 | 1,439,542 | ||||
12.00%, 02/15/2031(a) | 750,000 | 784,590 | ||||
GPD Cos., Inc., 10.13%, 04/01/2026(a) | 2,570,000 | 2,476,989 | ||||
Herens Holdco Sarl, 4.75%, 05/15/2028(a) | 1,784,000 | 1,530,272 | ||||
Iris Holdings, Inc., 8.75% (9.50% PIK), 02/15/2026(a)(f) | 2,495,000 | 2,039,663 | ||||
Mativ Holdings, Inc., 6.88%, 10/01/2026(a) | 1,940,000 | 1,911,996 | ||||
Polar US Borrower LLC / Schenectady International Group, Inc., 6.75%, 05/15/2026(a) | 2,465,000 | 705,002 | ||||
Rain Carbon, Inc., 12.25%, 09/01/2029(a) | 1,910,000 | 2,034,225 | ||||
SCIH Salt Holdings, Inc., 4.88%, 05/01/2028(a) | 1,000,000 | 936,830 | ||||
SK Invictus Intermediate II Sarl, 5.00%, 10/30/2029(a) | 2,250,000 | 1,999,734 | ||||
17,053,548 | ||||||
Coal - 1.1% | ||||||
SunCoke Energy, Inc., 4.88%, 06/30/2029(a) | 2,065,000 | 1,859,200 | ||||
Commercial Services - 10.8% | ||||||
Alta Equipment Group, Inc. | ||||||
5.63%, 04/15/2026(a) | 1,745,000 | 1,775,538 | ||||
9.00%, 06/01/2029(a) | 1,950,000 | 1,888,907 | ||||
Champions Financing, Inc., 8.75%, 02/15/2029(a) | 1,600,000 | 1,646,976 | ||||
Cimpress PLC, 7.00%, 06/15/2026 | 1,925,000 | 1,920,716 | ||||
CPI CG, Inc., 8.63%, 03/15/2026(a) | 1,804,000 | 1,818,757 | ||||
15 |
Par | Value | |||||
CORPORATE BONDS - (Continued) | ||||||
Commercial Services - (Continued) | ||||||
NESCO Holdings II, Inc., 5.50%, 04/15/2029(a) | $ 2,000,000 | $ 1,835,322 | ||||
PROG Holdings, Inc., 6.00%, 11/15/2029(a) | 1,990,000 | 1,865,276 | ||||
StoneMor, Inc., 8.50%, 05/15/2029(a) | 2,130,000 | 1,725,535 | ||||
VT Topco, Inc., 8.50%, 08/15/2030(a) | 1,610,000 | 1,684,335 | ||||
WASH Multifamily Acquisition, Inc., 5.75%, 04/15/2026(a) | 2,224,000 | 2,163,925 | ||||
18,325,287 | ||||||
Computers - 2.0% | ||||||
Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029(a) | 1,900,000 | 1,768,056 | ||||
NCR Atleos Corp., 9.50%, 04/01/2029(a) | 1,475,000 | 1,593,074 | ||||
3,361,130 | ||||||
Distribution/Wholesale - 2.7% | ||||||
Verde Purchaser LLC, 10.50%, 11/30/2030(a) | 2,700,000 | 2,848,973 | ||||
Windsor Holdings III LLC, 8.50%, 06/15/2030(a) | 1,695,000 | 1,772,958 | ||||
4,621,931 | ||||||
Diversified Financial Services - 2.2% | ||||||
Burford Capital Global Finance LLC | ||||||
6.25%, 04/15/2028(a) | 700,000 | 680,688 | ||||
6.88%, 04/15/2030(a) | 1,255,000 | 1,235,888 | ||||
9.25%, 07/01/2031(a) | 300,000 | 315,157 | ||||
Macquarie Airfinance Holdings Ltd., 8.13%, 03/30/2029(a) | 1,400,000 | 1,473,595 | ||||
3,705,328 | ||||||
Engineering & Construction - 3.0% | ||||||
Brand Industrial Services, Inc., 10.38%, 08/01/2030(a) | 1,560,000 | 1,677,217 | ||||
Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 02/01/2026(a) | 1,550,000 | 1,531,415 | ||||
Railworks Holdings LP / Railworks Rally, Inc., 8.25%, 11/15/2028(a) | 1,885,000 | 1,912,116 | ||||
5,120,748 | ||||||
Entertainment - 1.8% | ||||||
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.88%, 09/01/2031(a) | 2,175,000 | 1,518,355 | ||||
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.63%, 03/01/2030(a) | 1,625,000 | 1,536,494 | ||||
3,054,849 | ||||||
Food - 2.2% | ||||||
H-Food Holdings LLC / Hearthside Finance Co., Inc., 8.50%, 06/01/2026(a) | 1,400,000 | 126,210 | ||||
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029(a) | 1,635,000 | 1,657,390 | ||||
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/2029(a) | 2,250,000 | 1,958,932 | ||||
3,742,532 | ||||||
16 |
Par | Value | |||||
CORPORATE BONDS - (Continued) | ||||||
Food Service - 1.7% | ||||||
TKC Holdings, Inc. | ||||||
6.88%, 05/15/2028(a) | $ 835,000 | $ 816,518 | ||||
10.50%, 05/15/2029(a) | 2,065,000 | 2,037,118 | ||||
2,853,636 | ||||||
Forest Products & Paper - 1.3% | ||||||
Mercer International, Inc. | ||||||
12.88%, 10/01/2028(a) | 700,000 | 758,967 | ||||
5.13%, 02/01/2029 | 1,725,000 | 1,512,051 | ||||
2,271,018 | ||||||
Healthcare-Products - 0.6% | ||||||
Sotera Health Holdings LLC, 7.38%, 06/01/2031(a) | 1,050,000 | 1,044,175 | ||||
Healthcare-Services - 2.9% | ||||||
Heartland Dental LLC / Heartland Dental Finance Corp., 10.50%, 04/30/2028(a) | 775,000 | 823,670 | ||||
Kedrion SpA, 6.50%, 09/01/2029(a) | 2,265,000 | 2,072,758 | ||||
ModivCare Escrow Issuer, Inc., 5.00%, 10/01/2029(a) | 2,850,000 | 2,038,339 | ||||
4,934,767 | ||||||
Household Products/Wares - 0.7% | ||||||
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., 5.00%, 12/31/2026(a) | 1,250,000 | 1,213,414 | ||||
Internet - 1.2% | ||||||
ION Trading Technologies Sarl | ||||||
5.75%, 05/15/2028(a) | 1,680,000 | 1,528,228 | ||||
9.50%, 05/30/2029(a) | 525,000 | 528,507 | ||||
2,056,735 | ||||||
Iron/Steel - 1.4% | ||||||
TMS International Corp./DE, 6.25%, 04/15/2029(a) | 2,600,000 | 2,405,033 | ||||
Leisure Time - 0.9% | ||||||
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/2028(a) | 1,500,000 | 1,533,264 | ||||
Machinery-Diversified - 2.9% | ||||||
GrafTech Finance, Inc., 4.63%, 12/15/2028(a) | 2,220,000 | 1,434,984 | ||||
GrafTech Global Enterprises, Inc., 9.88%, 12/15/2028(a) | 550,000 | 415,798 | ||||
Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC, 9.00%, 02/15/2029(a) | 1,900,000 | 1,954,501 | ||||
OT Merger Corp., 7.88%, 10/15/2029(a) | 2,156,000 | 1,127,415 | ||||
4,932,698 | ||||||
Media - 3.2% | ||||||
Beasley Mezzanine Holdings LLC, 8.63%, 02/01/2026(a) | 2,230,000 | 1,332,425 | ||||
Spanish Broadcasting System, Inc., 9.75%, 03/01/2026(a) | 2,000,000 | 912,075 | ||||
17 |
Par | Value | |||||
CORPORATE BONDS - (Continued) | ||||||
Media - (Continued) | ||||||
Univision Communications, Inc. | ||||||
4.50%, 05/01/2029(a) | $ 1,375,000 | $ 1,177,680 | ||||
7.38%, 06/30/2030(a) | 400,000 | 378,993 | ||||
Urban One, Inc., 7.38%, 02/01/2028(a) | 2,012,000 | 1,606,854 | ||||
5,408,027 | ||||||
Metal Fabricate/Hardware - 1.1% | ||||||
Park-Ohio Industries, Inc., 6.63%, 04/15/2027 | 2,008,000 | 1,922,113 | ||||
Mining - 2.2% | ||||||
Arsenal AIC Parent LLC, 8.00%, 10/01/2030(a) | 1,550,000 | 1,616,262 | ||||
Compass Minerals International, Inc., 6.75%, 12/01/2027(a) | 2,255,000 | 2,151,562 | ||||
3,767,824 | ||||||
Miscellaneous Manufacturing - 1.2% | ||||||
Calderys Financing LLC, 11.25%, 06/01/2028(a) | 1,950,000 | 2,081,424 | ||||
Office-Business Equipment - 2.3% | ||||||
Pitney Bowes, Inc., 6.88%, 03/15/2027(a) | 2,400,000 | 2,229,685 | ||||
Xerox Holdings Corp., 5.50%, 08/15/2028(a) | 1,900,000 | 1,670,597 | ||||
3,900,282 | ||||||
Oil & Gas Services - 3.3% | ||||||
Bristow Group, Inc., 6.88%, 03/01/2028(a) | 2,000,000 | 1,964,887 | ||||
Enerflex Ltd., 9.00%, 10/15/2027(a) | 1,885,000 | 1,925,603 | ||||
Welltec International ApS, 8.25%, 10/15/2026(a) | 1,600,000 | 1,629,214 | ||||
5,519,704 | ||||||
Packaging & Containers - 3.0% | ||||||
Clearwater Paper Corp., 4.75%, 08/15/2028(a) | 1,550,000 | 1,454,511 | ||||
LABL, Inc. | ||||||
5.88%, 11/01/2028(a) | 1,350,000 | 1,216,508 | ||||
9.50%, 11/01/2028(a) | 950,000 | 967,488 | ||||
Trident TPI Holdings, Inc., 12.75%, 12/31/2028(a) | 1,325,000 | 1,441,338 | ||||
5,079,845 | ||||||
Pipelines - 9.0% | ||||||
Global Partners LP / GLP Finance Corp. | ||||||
7.00%, 08/01/2027 | 625,000 | 628,215 | ||||
6.88%, 01/15/2029 | 1,175,000 | 1,157,603 | ||||
8.25%, 01/15/2032(a) | 390,000 | 401,512 | ||||
ITT Holdings LLC, 6.50%, 08/01/2029(a) | 2,699,000 | 2,473,106 | ||||
Martin Midstream Partners LP / Martin Midstream Finance Corp., 11.50%, 02/15/2028(a) | 1,915,000 | 2,061,298 | ||||
NGL Energy Operating LLC / NGL Energy Finance Corp. | ||||||
8.13%, 02/15/2029(a) | 875,000 | 891,677 | ||||
8.38%, 02/15/2032(a) | 1,080,000 | 1,100,864 | ||||
18 |
Par | Value | |||||
CORPORATE BONDS - (Continued) | ||||||
Pipelines - (Continued) | ||||||
Summit Midstream Holdings LLC / Summit Midstream Finance Corp. | ||||||
9.50%, 10/15/2026(a)(b) | $ 1,890,000 | $1,940,626 | ||||
12.00%, 10/15/2026(a) | 700,000 | 711,363 | ||||
TransMontaigne Partners LP/TLP Finance Corp., 6.13%, 02/15/2026 | 1,972,000 | 1,882,556 | ||||
Venture Global LNG, Inc., 8.13%, 06/01/2028(a) | 1,875,000 | 1,917,514 | ||||
15,166,334 | ||||||
Retail - 2.2% | ||||||
Ferrellgas LP / Ferrellgas Finance Corp., 5.88%, 04/01/2029(a) | 1,875,000 | 1,771,139 | ||||
Staples, Inc., 7.50%, 04/15/2026(a) | 2,010,000 | 2,013,052 | ||||
3,784,191 | ||||||
Software - 3.8% | ||||||
Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028(a) | 2,295,000 | 2,113,415 | ||||
Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl | ||||||
4.63%, 05/01/2028(a) | 1,625,000 | 1,448,858 | ||||
8.75%, 05/01/2029(a) | 370,000 | 374,268 | ||||
Rocket Software, Inc. | ||||||
9.00%, 11/28/2028(a) | 1,090,000 | 1,108,378 | ||||
6.50%, 02/15/2029(a) | 1,735,000 | 1,463,619 | ||||
6,508,538 | ||||||
Transportation - 3.3% | ||||||
Brightline East LLC, 11.00%, 01/31/2030(a) | 2,020,000 | 1,916,914 | ||||
First Student Bidco, Inc. / First Transit Parent, Inc., 4.00%, 07/31/2029(a) | 1,900,000 | 1,713,651 | ||||
Rand Parent LLC, 8.50%, 02/15/2030(a) | 2,000,000 | 1,957,794 | ||||
5,588,359 | ||||||
Trucking & Leasing - 0.5% | ||||||
Fortress Transportation and Infrastructure Investors LLC, 7.00%, 05/01/2031(a) | 750,000 | 759,279 | ||||
Water - 1.1% | ||||||
Solaris Midstream Holdings LLC, 7.63%, 04/01/2026(a) | 1,835,000 | 1,843,463 | ||||
TOTAL CORPORATE BONDS | ||||||
(Cost $167,198,865) | 159,246,905 | |||||
Shares | ||||||
COMMON STOCKS - 0.1% | ||||||
Building Materials - 0.1% | ||||||
Northwest Hardwoods(c)(d) | 2,996 | 149,800 | ||||
TOTAL COMMON STOCKS (Cost $137,017) | 149,800 | |||||
19 |
Shares | Value | |||||
SHORT-TERM INVESTMENTS - 5.4% | ||||||
Money Market Funds - 5.4% | ||||||
Fidelity Government Portfolio - Class Institutional, 5.20%(e) | 9,176,477 | $9,176,477 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $9,176,477) | 9,176,477 | |||||
TOTAL INVESTMENTS - 99.4% (Cost $176,512,359) | $ 168,573,182 | |||||
Other Assets in Excess of Liabilities - 0.6% | 1,031,482 | |||||
TOTAL NET ASSETS - 100.0% | $ 169,604,664 | |||||
(a) | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of May 31, 2024, the value of these securities total $150,223,651 or 88.6% of the Fund’s net assets. |
(b) | Step coupon bond. The rate disclosed is as of May 31, 2024. |
(c) | Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $149,800 or 0.1% of net assets as of May 31, 2024. |
(d) | Non-income producing security. |
(e) | The rate shown represents the 7-day effective yield as of May 31, 2024. |
(f) | Payment-in-kind interest is generally paid by issuing additional par of the security rather than paying cash. |
20 |
BBB BOND FUND | MBS BOND FUND | HIGH YIELD (MACS) FUND | |||||||
Assets: | |||||||||
Investments in securities, at value (cost $228,545,578, $96,741,970, and $176,512,359, respectively) | $200,618,819 | $88,229,788 | $168,573,182 | ||||||
Receivable for fund shares sold | 151,968 | 154,083 | 52,620 | ||||||
Interest receivable | 2,148,608 | 264,608 | 2,935,537 | ||||||
Due from investment adviser (Note 4) | — | 2,924 | — | ||||||
Prepaid expenses | 19,635 | 14,559 | 30,047 | ||||||
Total assets | 202,939,030 | 88,665,962 | 171,591,386 | ||||||
Liabilities: | |||||||||
Payable for securities purchased | — | — | 1,902,180 | ||||||
Payable for fund shares redeemed | 96,671 | 10,526 | — | ||||||
Administration fees | 33,496 | 32,559 | 32,640 | ||||||
Custody fees | 3,052 | 1,790 | 2,324 | ||||||
Transfer agent fees and expenses | 24,961 | 17,500 | 13,885 | ||||||
Fund accounting fees | 13,094 | 4,497 | 7,124 | ||||||
Audit fees | 11,033 | 11,033 | 11,033 | ||||||
Chief Compliance Officer fee | 3,666 | 3,666 | 3,666 | ||||||
Trustees’ fees and expenses | 5,603 | 5,603 | 5,320 | ||||||
Accrued expenses | 10,924 | 7,045 | 8,550 | ||||||
Total liabilities | 202,500 | 94,219 | 1,986,722 | ||||||
Net Assets | $202,736,530 | $88,571,743 | $169,604,664 | ||||||
Net Assets Consist of: | |||||||||
Paid-in capital | $242,885,331 | $99,666,655 | $183,097,560 | ||||||
Total Accumulated deficit | (40,148,801) | (11,094,912) | (13,492,896) | ||||||
Net assets | $202,736,530 | $88,571,743 | $169,604,664 | ||||||
Net asset value, offering price and redemption price per share | $8.26 | $8.04 | $8.53 | ||||||
Shares issued and outstanding (unlimited number of shares authorized, par value $0.01) | 24,549,572 | 11,018,543 | 19,876,405 | ||||||
21 |
BBB BOND FUND | MBS BOND FUND | HIGH YIELD (MACS) FUND | |||||||
Investment Income: | |||||||||
Interest (net of interest tax withheld of $0, $0, and $19,041, respectively) | $3,895,384 | $1,907,877 | $6,856,748 | ||||||
Total investment income | 3,895,384 | 1,907,877 | 6,856,748 | ||||||
Expenses: | |||||||||
Administration fees (Note 4) | 50,046 | 48,919 | 49,063 | ||||||
Transfer agent fees and expenses (Note 4) | 40,031 | 31,693 | 21,385 | ||||||
Fund accounting fees (Note 4) | 18,300 | 6,783 | 10,056 | ||||||
Registration fees | 13,664 | 13,112 | 11,487 | ||||||
Audit fees | 11,434 | 11,434 | 11,434 | ||||||
Trustees’ fees and expenses | 8,647 | 8,647 | 8,789 | ||||||
Custody fees (Note 4) | 8,403 | 6,183 | 7,119 | ||||||
Chief Compliance Officer fee (Note 4) | 5,499 | 5,499 | 5,499 | ||||||
Reports to shareholders | 4,024 | 3,043 | 3,197 | ||||||
Insurance | 3,224 | 2,213 | 2,645 | ||||||
Legal fees | 3,007 | 3,068 | 3,009 | ||||||
Miscellaneous | 1,902 | 1,891 | 2,313 | ||||||
Interest expense (Note 6) | 812 | — | — | ||||||
Total expenses | 168,993 | 142,485 | 135,996 | ||||||
Less: Expense reimbursement from adviser (Note 4) | — | (33,061) | — | ||||||
Net expenses | 168,993 | 109,424 | 135,996 | ||||||
Net investment income | 3,726,391 | 1,798,453 | 6,720,752 | ||||||
Realized and Unrealized Gain/(Loss) on Investments | |||||||||
Net realized loss on investments | (397,691) | (360,735) | (997,317) | ||||||
Net change in unrealized appreciation/(depreciation) on investments | 2,879,986 | (11,254) | 4,973,544 | ||||||
Net gain/(loss) on investments | 2,482,295 | (371,989) | 3,976,227 | ||||||
Net increase in net assets resulting from operations | $6,208,686 | $1,426,464 | $10,696,979 | ||||||
22 |
BBB BOND FUND | MBS BOND FUND | HIGH YIELD (MACS) FUND | ||||||||||||||||
Six Months Ended May 31, 2024 (Unaudited) | Year Ended November 30, 2023 | Six Months Ended May 31, 2024 (Unaudited) | Year Ended November 30, 2023 | Six Months Ended May 31, 2024 (Unaudited) | Year Ended November 30, 2023 | |||||||||||||
Increase/(Decrease) in Net Assets From Operations: | ||||||||||||||||||
Net investment income | $3,726,391 | $7,374,416 | $1,798,453 | $2,571,182 | $6,720,752 | $11,330,179 | ||||||||||||
Net realized loss on investments | (397,691) | (6,498,454) | (360,735) | (504,595) | (997,317) | (1,256,154) | ||||||||||||
Net change in unrealized appreciation/ (depreciation) on investments | 2,879,986 | 8,098,012 | (11,254) | (2,290,137) | 4,973,544 | 5,823,534 | ||||||||||||
Net increase/(decrease) in net assets resulting from operations | 6,208,686 | 8,973,974 | 1,426,464 | (223,550) | 10,696,979 | 15,897,559 | ||||||||||||
Distributions Paid to Shareholders: | ||||||||||||||||||
Net dividends and distributions to shareholders | (3,745,662) | (7,381,399) | (1,814,756) | (2,462,974) | (6,738,404) | (11,311,354) | ||||||||||||
Total dividends and distributions | (3,745,662) | (7,381,399) | (1,814,756) | (2,462,974) | (6,738,404) | (11,311,354) | ||||||||||||
Capital Share Transactions: | ||||||||||||||||||
Net proceeds from shares sold | 26,677,832 | 33,593,171 | 8,933,351 | 44,034,255 | 21,941,162 | 17,472,044 | ||||||||||||
Distributions reinvested | 3,432,365 | 6,835,650 | 1,531,919 | 2,073,852 | 6,432,708 | 11,136,841 | ||||||||||||
Payment for shares redeemed | (20,966,106) | (73,229,425) | (7,257,205) | (11,982,947) | (11,361,179) | (8,778,078) | ||||||||||||
Net increase/(decrease) in net assetsfrom capital share transactions | 9,144,091 | (32,800,604) | 3,208,065 | 34,125,160 | 17,012,691 | 19,830,807 | ||||||||||||
Total increase/(decrease) in net assets | 11,607,115 | (31,208,029) | 2,819,773 | 31,438,636 | 20,971,266 | 24,417,012 | ||||||||||||
Net Assets, Beginning of period | 191,129,415 | 222,337,444 | 85,751,970 | 54,313,334 | 148,633,398 | 124,216,386 | ||||||||||||
Net Assets, End of period | $202,736,530 | $191,129,415 | $88,571,743 | $85,751,970 | $169,604,664 | $148,633,398 | ||||||||||||
23 |
BBB BOND FUND | MBS BOND FUND | HIGH YIELD (MACS) FUND | ||||||||||||||||
Six Months Ended May 31, 2024 (Unaudited) | Year Ended November 30, 2023 | Six Months Ended May 31, 2024 (Unaudited) | Year Ended November 30, 2023 | Six Months Ended May 31, 2024 (Unaudited) | Year Ended November 30, 2023 | |||||||||||||
Transactions in Shares: | ||||||||||||||||||
Shares sold | 3,205,622 | 4,124,938 | 1,096,774 | 5,290,189 | 2,586,089 | 2,111,522 | ||||||||||||
Shares issued on reinvestment of distributions | 413,194 | 843,440 | 187,890 | 253,983 | 755,729 | 1,358,716 | ||||||||||||
Shares redeemed | (2,513,667) | (8,986,059) | (890,061) | (1,451,260) | (1,342,043) | (1,058,902) | ||||||||||||
Net increase/(decrease) in shares outstanding | 1,105,149 | (4,017,681) | 394,603 | 4,092,912 | 1,999,775 | 2,411,336 | ||||||||||||
24 |
Six Months Ended May 31, 2024 (Unaudited) | Year ended November 30, | |||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||
Per Share Operating Performance | ||||||||||||||||||
Net asset value, beginning of period | $8.15 | $8.10 | $9.97 | $10.32 | $9.76 | $8.67 | ||||||||||||
Income From Investment Operations: | ||||||||||||||||||
Net investment income | 0.16 | 0.30 | 0.29 | 0.28 | 0.33 | 0.37 | ||||||||||||
Net realized and unrealized gain/(loss) on investments | 0.11 | 0.05 | (1.87) | (0.35) | 0.56 | 1.09 | ||||||||||||
Total from investment operations | 0.27 | 0.35 | (1.58) | (0.07) | 0.89 | 1.46 | ||||||||||||
Less Distributions: | ||||||||||||||||||
Distributions from net investment income | (0.16) | (0.30) | (0.29) | (0.28) | (0.33) | (0.37) | ||||||||||||
Total distributions | (0.16) | (0.30) | (0.29) | (0.28) | (0.33) | (0.37) | ||||||||||||
Net asset value, end of period | $8.26 | $8.15 | $8.10 | $9.97 | $10.32 | $9.76 | ||||||||||||
Total Return | 3.27%++ | 4.43% | −16.00% | −0.61% | 9.37% | 17.10% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||
Net assets, end of period (in 000’s) | $202,737 | $191,129 | $222,337 | $296,682 | $286,106 | $142,283 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||
Net of expense reimbursement | 0.17%+ | 0.17% | 0.15% | 0.15% | 0.17% | 0.19% | ||||||||||||
Before expense reimbursement | 0.17%+ | 0.17% | 0.15% | 0.15% | 0.17% | 0.20% | ||||||||||||
Ratio of net investment income to average net assets: | ||||||||||||||||||
Net of expense reimbursement | 3.75%+ | 3.67% | 3.26% | 2.83% | 3.41% | 3.97% | ||||||||||||
Before expense reimbursement | 3.75%+ | 3.67% | 3.26% | 2.83% | 3.41% | 3.96% | ||||||||||||
Portfolio turnover rate | 6%++ | 8% | 10% | 20% | 36% | 20% | ||||||||||||
+ | Annualized for periods less than one year. |
++ | Not annualized for periods less than one year. |
25 |
Six Months Ended May 31, 2024 (Unaudited) | Year ended November 30, | |||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||
Per Share Operating Performance | ||||||||||||||||||
Net asset value, beginning of period | $8.07 | $8.32 | $9.56 | $9.71 | $9.57 | $9.17 | ||||||||||||
Income From Investment Operations: | ||||||||||||||||||
Net investment income | 0.17 | 0.28 | 0.17 | 0.08 | 0.17 | 0.26 | ||||||||||||
Net realized and unrealized gain/(loss) on investments | (0.03) | (0.26) | (1.23) | (0.15) | 0.19 | 0.42 | ||||||||||||
Total from investment operations | 0.14 | 0.02 | (1.06) | (0.07) | 0.36 | 0.68 | ||||||||||||
Less Distributions: | ||||||||||||||||||
Distributions from net investment income | (0.17) | (0.27) | (0.18) | (0.08) | (0.22) | (0.28) | ||||||||||||
Total distributions | (0.17) | (0.27) | (0.18) | (0.08) | (0.22) | (0.28) | ||||||||||||
Net asset value, end of period | $8.04 | $8.07 | $8.32 | $9.56 | $9.71 | $9.57 | ||||||||||||
Total Return | 7.10%++ | 0.29% | −11.12% | −0.73% | 3.77% | 7.53% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||
Net assets, end of period (in 000’s) | $88,572 | $85,752 | $54,313 | $60,396 | $74,863 | $69,730 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||
Net of expense reimbursement | 0.25%+ | 0.23% | 0.23% | 0.23% | 0.23% | 0.23% | ||||||||||||
Before expense reimbursement | 0.32%+ | 0.38% | 0.43% | 0.31% | 0.36% | 0.36% | ||||||||||||
Ratio of net investment income to average net assets: | ||||||||||||||||||
Net of expense reimbursement | 4.06%+ | 3.58% | 1.97% | 0.56% | 1.74% | 2.73% | ||||||||||||
Before expense reimbursement | 3.99%+ | 3.43% | 1.77% | 0.48% | 1.61% | 2.60% | ||||||||||||
Portfolio turnover rate | 11%++ | 13% | 146% | 680% | 171% | 20% | ||||||||||||
+ | Annualized for periods less than one period. |
++ | Not annualized for periods less than one period. |
26 |
Six Months Ended May 31, 2024 (Unaudited) | Year ended November 30, | |||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||
Per Share Operating Performance | ||||||||||||||||||
Net asset value, beginning of period | $8.31 | $8.03 | $9.67 | $9.57 | $9.42 | $9.44 | ||||||||||||
Income From Investment Operations: | ||||||||||||||||||
Net investment income | 0.36 | 0.69 | 0.69 | 0.68 | 0.64 | 0.64 | ||||||||||||
Net realized and unrealized gain/(loss) on investments | 0.22 | 0.28 | (1.48) | 0.10 | 0.15 | 0.02 | ||||||||||||
Total from investment operations | 0.58 | 0.97 | (0.79) | 0.78 | 0.79 | 0.66 | ||||||||||||
Less Distributions: | ||||||||||||||||||
Distributions from net investment income | (0.36) | (0.69) | (0.70) | (0.68) | (0.64) | (0.64) | ||||||||||||
Distributions from net realized gains on investments | — | — | (0.15) | — | (0.02) | (0.04) | ||||||||||||
Total distributions | (0.36) | (0.69) | (0.85) | (0.68) | (0.66) | (0.68) | ||||||||||||
Increse from payment made by affiliate and administrator due to operational error | — | — | — | — | 0.02 | — | ||||||||||||
Net asset value, end of period | $8.53 | $8.31 | $8.03 | $9.67 | $9.57 | $9.42 | ||||||||||||
Total Return | 7.10%++ | 12.50% | −8.50% | 8.31% | 9.25%^ | 7.21% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||
Net assets, end of period (in 000’s) | $169,605 | $148,633 | $124,216 | $131,815 | $119,796 | $79,915 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||
Net of expense reimbursement | 0.17%+ | 0.20% | 0.20% | 0.20% | 0.24% | 0.25% | ||||||||||||
Before expense reimbursement | 0.17%+ | 0.20% | 0.20% | 0.20% | 0.24% | 0.28% | ||||||||||||
Ratio of net investment income to average net assets: | ||||||||||||||||||
Net of expense reimbursement | 8.54%+ | 8.37% | 7.98% | 6.91% | 7.11% | 6.72% | ||||||||||||
Before expense reimbursement | 8.54%+ | 8.37% | 7.98% | 6.91% | 7.11% | 6.69% | ||||||||||||
Portfolio turnover rate | 15%++ | 33% | 24% | 70% | 51% | 36% | ||||||||||||
+ | Annualized for periods less than one year. |
++ | Not annualized for periods less than one year. |
^ | Includes increase from payment made by affiliate and administrator due to operational error. On September 18, 2020, the High Yield (MACS) Fund received a reimbursement of $199,712 from the Adviser and Administrator related to a corporate action instruction error during the year ended November 30, 2020. Due to a miscommunication, the tender offer for the Martin Midstream corporate action was not processed correctly. This resulted in the Fund’s position being tendered rather than exchanged. Had the Fund not received the payment, total return would have been 9.02%. |
27 |
28 |
29 |
Level 1 – | Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access. |
Level 2 – | Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
Level 3 – | Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |
30 |
31 |
Level 1 | Level 2 | Level 3 | Total | |||||||||
Fixed Income Securities | ||||||||||||
Corporate Bonds | $ — | $187,994,183 | $ — | $187,994,183 | ||||||||
Foreign Government Debt Obligations | — | 10,472,980 | — | 10,472,980 | ||||||||
U.S. Treasury Obligations | — | 1,901,914 | — | 1,901,914 | ||||||||
Total Fixed Income Securities | — | 200,369,077 | — | 200,369,077 | ||||||||
Money Market Fund | 249,742 | — | — | 249,742 | ||||||||
Total Investments | $ 249,742 | $200,369,077 | $ — | $200,618,819 | ||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Fixed Income Securities | ||||||||||||
Asset-Backed Securities | $— | $1,771,688 | $ — | $1,771,688 | ||||||||
Mortgage-Backed Securities | — | 83,392,882 | — | 83,392,882 | ||||||||
Total Fixed Income Securities | — | 85,164,570 | — | 85,164,570 | ||||||||
Money Market Fund | 1,086,467 | — | — | 1,086,467 | ||||||||
U.S. Treasury Bills | — | 1,978,751 | — | 1,978,751 | ||||||||
Total Investments | $ 1,086,467 | $ 87,143,321 | $ — | $ 88,229,788 | ||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Common Stocks | ||||||||||||
Common Stocks | $ — | $ — | $ 149,800 | $149,800 | ||||||||
Total Common Stocks | — | — | 149,800 | 149,800 | ||||||||
Fixed Income Securities | ||||||||||||
Corporate Bonds | — | 159,246,905 | — | 159,246,905 | ||||||||
Total Fixed Income Securities | — | 159,246,905 | — | 159,246,905 | ||||||||
Money Market Fund | 9,176,477 | — | — | 9,176,477 | ||||||||
Total Investments | $9,176,477 | $ 159,246,905 | $149,800 | $168,573,182 | ||||||||
32 |
Investments in Securities, at Value | |||
Common Stocks | |||
Balance as of November 30, 2023 | $ 149,800 | ||
Accrued discounts/premiums | — | ||
Realized gain/(loss) | — | ||
Change in unrealized appreciation/(depreciation) | — | ||
Purchases | — | ||
Sales | — | ||
Transfers in and/or out of Level 3 | — | ||
Balance as of May 31, 2024 | $ 149,800 | ||
BBB Fund | 0.19% | ||
MBS Fund | 0.28% | ||
High Yield (MACS) Fund | 0.25% | ||
33 |
Non-Government | Government | |||||||||||
Purchases | Sales | Purchases | Sales | |||||||||
BBB Bond Fund | $15,250,570 | $7,425,542 | $5,997,412 | $ 3,441,365 | ||||||||
MBS Bond Fund | 499,941 | — | 13,541,016 | 9,153,733 | ||||||||
High Yield (MACS) Fund | 41,475,080 | 22,593,488 | — | — | ||||||||
BBB Bond Fund | MBS Bond Fund | High Yield (MACS) Fund | ||||||||||||||||
May 31, 2024 | November 30, 2023 | May 31, 2024 | November 30, 2023 | May 31, 2024 | November 30, 2023 | |||||||||||||
Ordinary income | $ 3,745,662 | $ 7,381,399 | $ 1,814,756 | $ 2,462,974 | $ 6,738,404 | $ 11,311,354 | ||||||||||||
34 |
BBB Bond Fund | MBS Bond Fund | High Yield (MACS) Fund | |||||||
Cost of investments (a) | $ 220,530,967 | $95,988,230 | $ 160,301,037 | ||||||
Gross unrealized appreciation | 703,404 | 95,630 | 1,679,523 | ||||||
Gross unrealized depreciation | (31,526,666) | (8,596,558) | (14,592,244) | ||||||
Net unrealized appreciation/(depreciation) (a) | (30,823262) | (8,500,928) | (12,912,721) | ||||||
Undistributed ordinary income | 59,896 | 160,119 | 102,000 | ||||||
Undistributed long-term capital gain | — | — | — | ||||||
Total distributable earnings | 59,896 | 160,119 | 102,000 | ||||||
Other accumulated gains/(losses) | (11,848,459) | (2,365,811) | (4,640,750) | ||||||
Total accumulated earnings/(losses) | $(42,611,825) | $ (10,706,620) | $(17,451,471) | ||||||
(a) | The difference between book-basis and tax-basis net unrealized appreciation in the Funds is attributable primarily to wash sales. |
BBB Bond Fund | MBS Bond Fund | High Yield (MACS) Fund | |||||||
Short-term capital losses | $1,749,432 | $ 1,496,359 | $— | ||||||
Long-term capital losses | 10,099,027 | 869,452 | 4,640,750 | ||||||
• | General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including: inflation (or expectations for inflation); interest rates; global demand for particular products or resources; natural disasters or events; pandemic diseases; terrorism; regulatory events; and government controls. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors, which has resulted in disruptions to business operations and supply chains, stress on the global healthcare system, growth concerns in the U.S. and overseas, staffing shortages and the inability to meet consumer demand, and widespread concern and uncertainty. Continuing uncertainties regarding interest rates, rising inflation, political events, rising government debt in the U.S. and trade tensions also contribute to market volatility. Conflict, loss of life and disaster connected to ongoing armed conflict between Ukraine and Russia in Europe and Israel and Hamas in the Middle East could have severe adverse effects on the region, including significant adverse effects on the regional or global economies and the markets for certain securities. The U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so. |
• | Interest Rate Risk. The value of a Fund’s investments in fixed-income securities will change based on changes in interest rates. If interest rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. |
35 |
• | Credit Risk. The issuers of the bonds and other debt securities held by the Funds may not be able to make interest or principal payments. |
• | Counterparty Risk. Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Funds. Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Funds. |
• | High Yield Securities Risk. The BBB Bond Fund may hold high yield securities as a result of credit rating downgrades. Securities with ratings lower than BBB or Baa are known as “high yield” securities (commonly known as “junk bonds”). High yield securities typically carry higher coupon rates than investment grade securities, but also are considered as speculative and may be subject to greater market price fluctuations, less liquidity and greater risk of loss of income or principal including greater possibility of default and bankruptcy of the issuer of such instruments than more highly rated bonds and loans. |
• | Foreign and Emerging Market Securities Risk. Investments in foreign currencies and foreign issuers are subject to additional risks, including political and economic risks, greater volatility, civil conflicts and war, sanctions or other measures by the United States or other governments, liquidity risks, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, expropriation and nationalization risks, and less stringent investor protection and disclosure standards of foreign markets. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in countries in “emerging markets.” Emerging market countries typically have less-established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. |
• | ETF and Mutual Fund Risk. When the MBS Bond Fund invests in an ETF or mutual fund, it will bear additional expenses based on its pro rata share of the ETF’s or mutual fund’s operating expenses, including the potential duplication of management fees. The risk of owning an ETF or mutual fund generally reflects the risks of owning the underlying securities that the ETF or mutual fund holds. The Fund also will incur brokerage costs when it purchases ETFs. |
• | Extension Risk. An issuer may pay principal on an obligation held by the Fund (such as an asset-backed or mortgage-backed security) later than expected. This may happen during a period of rising interest rates. Under these circumstances, the value of the obligation will decrease. |
• | Risks Associated with Mortgage-Backed Securities. These risks include General Market Risk, Interest Rate Risk, Credit Risk, Prepayment Risk and Extension Risk (each described above). During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. |
• | Risks associated with Real Estate and Regulatory Actions. Although some of the securities in the Fund are expected to either have a U.S. government sponsored entity guarantee or be AAA rated by any NSRSO, if real estate experiences a significant price decline, this could adversely affect the prices of the securities the Fund owns. In addition, any adverse regulatory action could impact the prices of the securities the Fund owns. |
• | Liquidity Risk. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit the Fund’s ability to sell a holding at a suitable price. |
36 |
• | TBA Securities Risk. In a TBA transaction, a seller agrees to deliver a security at a future date, but does not specify the particular security to be delivered. Instead, the seller agrees to accept any security that meets specified terms. TBA transactions involve the risk that the securities received may have less favorable characteristics than what was anticipated when the Adviser entered into the transaction. Adviser accounts with TBA securities are also subject to counterparty risk and will be exposed to changes in the value of the underlying investments during the term of the agreement. |
• | Dollar Roll Risk. Dollar rolls involve the risk that the MBS Bond Fund’s counterparty will be unable to deliver the mortgage-backed securities underlying the dollar roll at the fixed time. If the buyer files for bankruptcy or becomes insolvent, the buyer or its representative may ask for and receive an extension of time to decide whether to enforce the Fund’s repurchase obligation. In addition, the Fund earns interest by investing the transaction proceeds during the roll period. Dollar roll transactions may have the effect of creating leverage in the Fund’s portfolio. |
• | Risks Associated with Inflation and Deflation. Inflation risk is the risk that the rising cost of living may erode the purchasing power of an investment over time. Deflation risk is the risk that prices throughout the economy decline over time—the opposite of inflation. |
• | Government-Sponsored Entities Risk. Securities issued or guaranteed by government-sponsored entities, including GNMA, FNMA, and FHLMC, may not be guaranteed or insured by the U.S. government and may only be supported by the credit of the issuing agency. |
• | Asset-Backed Securities Risks. These risks include Market and Regulatory Risk, Interest Rate Risk, Credit Risk, Prepayment Risk and Extension Risk (each described above). Asset-backed securities may decline in value when defaults on the underlying assets occur and may exhibit additional volatility in periods of changing interest rates. |
• | High Yield Securities Risk. High yield securities (or “junk bonds”) entail greater risk of loss of |
• | Liquidity Risk. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit the Fund’s ability to sell a holding at a suitable price. |
• | Convertible Securities Risk. Convertible securities are subject to the risks of both debt securities and equity securities. The values of convertible securities tend to decline as interest rates rise and, due to the conversion feature, tend to vary with fluctuations in the market value of the underlying common or preferred stock. |
• | Foreign and Emerging Market Securities Risk. Investments in foreign currencies and foreign issuers are subject to additional risks, including political and economic risks, greater volatility, civil conflicts and war, sanctions or other measures by the United States or other governments, liquidity risks, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, expropriation and nationalization risks, and less stringent investor protection and disclosure standards of foreign markets. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in countries in “emerging markets.” Emerging market countries typically have less-established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. |
37 |
• | Loan Participation and Assignment Risk. Loan participations and assignments involve special types of risk, including credit risk, interest rate risk, liquidity risk, and the risks of being a lender. Bank loans (i.e., loan participations and assignments), like other high yield corporate debt obligations, have a higher risk of default and may be less liquid and/or become illiquid. |
• | Rule 144A Securities Risk. The market for Rule 144A securities typically is less active than the market for publicly-traded securities. Rule 144A securities carry the risk that the liquidity of these securities may become impaired, making it more difficult for the Fund to sell these securities. |
Fund | Shareholder | Percent of Shares Held | ||||
BBB Bond Fund | Wells Fargo LLC | 44.61% | ||||
MBS Bond Fund | Morgan Stanley LLC | 40.55% | ||||
High Yield (MACS) Fund | First Hawaiian Bank | 89.09% | ||||
38 |
1. | The nature, extent and quality of the services provided and to be provided by the Adviser under the Advisory Agreements. The Board considered the nature, extent and quality of the Adviser’s overall services provided to the Funds, as well as its specific responsibilities in all aspects of day-to-day investment management of the Funds. The Board considered the qualifications, experience and responsibilities of the portfolio managers, as well as the responsibilities of other key personnel of the Adviser involved in the day-to-day activities of the Funds. The Board also considered the resources and compliance structure of the Adviser, including information regarding its compliance program, its chief compliance officer and the Adviser’s compliance record, as well as the Adviser’s cybersecurity program, liquidity risk management program, valuation procedures, business continuity plan, and risk management process. The Board also noted that the Adviser was working towards implementation of newly adopted Securities and Exchange Commission rules applicable to the Fund, including the new tailored shareholder reports. The Board further considered the prior relationship between the Adviser and the Trust, as well as the Board’s knowledge of the Adviser’s operations, and noted that during the course of the prior year they had met with certain personnel of the Adviser to discuss each Fund’s performance and investment outlook as well as various marketing and compliance topics. The Board took into account that all shareholders of the Funds are advisory clients of the Adviser and that the Funds are used as investment options to fulfill investment mandates for such clients. The Board concluded that the Adviser had the quality and depth of personnel, resources, investment processes and compliance policies and procedures essential to performing its duties under the Advisory Agreements and that they were satisfied with the nature, overall quality and extent of such management services. |
2. | The Funds’ historical performance and the overall performance of the Adviser. In assessing the quality of the portfolio management delivered by the Adviser, the Board reviewed the short-term and long-term performance of each Fund as of June 30, 2023, on both an absolute basis and a relative basis in comparison to its peer funds utilizing Morningstar classifications, appropriate securities market benchmarks, and a cohort that is comprised of similarly managed funds selected by an independent third-party consulting firm engaged by the Board to assist it in its 15(c) review (the “Cohort”). While the Board considered both short-term and long-term performance, it placed greater emphasis on longer term performance. When reviewing performance against the comparative peer group universe, the Board took into account that the investment objectives and strategies of each Fund, as well as its level of risk tolerance, may differ significantly from funds in the peer universe. When reviewing a Fund’s performance against broad market benchmarks, the Board took into account the differences in portfolio construction between the Fund and such benchmarks as well as other differences between actively managed funds and passive benchmarks, such as objectives and risks. In assessing periods of relative underperformance or outperformance, the Board took into account that relative performance can be significantly impacted by performance measurement periods and that some periods of underperformance may be transitory in nature while others may reflect more significant underlying issues. |
39 |
3. | The costs of the services to be provided by the Adviser and the structure of the Adviser’s fee under the Advisory Agreements. In considering the advisory fee and total fees and expenses of each Fund, the Board reviewed comparisons to the peer funds and the Adviser’s similarly managed accounts for other types of clients, as well as all expense waivers and reimbursements. The Board also considered that the Adviser does not manage any other accounts with strategies similar to that of the BBB Fund and MBS Fund. |
40 |
4. | Economies of Scale. The Board also considered whether economies of scale were being realized by the Adviser that should be shared with shareholders. The Board noted that since the Adviser does not charge a management fee to the Funds, and has temporarily agreed to absorb all but 0.19%, 0.23% and 0.25% of the BBB Fund’s, MBS Fund’s and High Yield (MACS) Fund’s ordinary operating expenses through March 29, 2024, respectively, it did not appear that there were any additional significant economies of scale being realized by the Adviser. The Board additionally noted that the expense ratios for BBB Fund and High Yield (MACS) Fund are currently running below the Expense Cap. The Board noted that at current asset levels, it did not appear that there were additional economies of scale being realized by the Adviser and concluded that it would continue to monitor in the future as circumstances changed. |
5. | The profits to be realized by the Adviser and its affiliates from their relationship with the Funds. The Board reviewed the Adviser’s financial information and took into account both the direct benefits and the indirect benefits to the Adviser from advising the Funds. The Board considered the profitability to the Adviser from its relationship with the Funds and considered any additional material benefits derived by the Adviser from its relationship with the Funds, including the advisory fees it received from the wrap programs and other advisory accounts associated with assets invested in the Funds. The Board also considered that the Funds do not charge any Rule 12b-1 fees or utilize “soft dollars.” After such review, the Board determined that the profitability to the Adviser with respect to the Advisory Agreements was not excessive, and that the Adviser had maintained adequate profit levels to support the services that it provides to the Funds. |
41 |
![](https://capedge.com/proxy/N-CSRS/0001133228-24-007573/pia_logo.jpg)
Par | Value | |||||
CORPORATE BONDS - 97.2% | ||||||
Advertising - 0.9% | ||||||
Clear Channel Outdoor Holdings, Inc., 7.88%, 04/01/2030(a) | $550,000 | $ 547,484 | ||||
Agriculture - 1.1% | ||||||
Vector Group Ltd., 5.75%, 02/01/2029(a) | 750,000 | 688,877 | ||||
Airlines - 1.2% | ||||||
VistaJet Malta Finance PLC / Vista Management Holding, Inc., 6.38%, 02/01/2030(a) | 943,000 | 757,930 | ||||
Auto Manufacturers - 1.1% | ||||||
PM General Purchaser LLC, 9.50%, 10/01/2028(a) | 676,000 | 686,640 | ||||
Building Materials - 4.0% | ||||||
Eco Material Technologies, Inc., 7.88%, 01/31/2027(a) | 775,000 | 775,816 | ||||
Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, 6.75%, 04/01/2032(a) | 250,000 | 248,864 | ||||
MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030(a) | 725,000 | 663,276 | ||||
Smyrna Ready Mix Concrete LLC | ||||||
6.00%, 11/01/2028(a) | 650,000 | 627,964 | ||||
8.88%, 11/15/2031(a) | 150,000 | 158,059 | ||||
2,473,979 | ||||||
Chemicals - 10.3% | ||||||
ASP Unifrax Holdings, Inc., 5.25%, 09/30/2028(a) | 932,000 | 469,420 | ||||
Consolidated Energy Finance SA | ||||||
5.63%, 10/15/2028(a) | 725,000 | 623,085 | ||||
12.00%, 02/15/2031(a) | 250,000 | 261,530 | ||||
GPD Cos., Inc., 10.13%, 04/01/2026(a) | 910,000 | 877,066 | ||||
Herens Holdco Sarl, 4.75%, 05/15/2028(a) | 750,000 | 643,332 | ||||
Iris Holdings, Inc., 8.75% (9.50% PIK), 02/15/2026(a)(f) | 762,000 | 622,935 | ||||
Mativ Holdings, Inc., 6.88%, 10/01/2026(a) | 780,000 | 768,741 | ||||
Polar US Borrower LLC / Schenectady International Group, Inc., 6.75%, 05/15/2026(a) | 1,124,000 | 321,470 | ||||
Rain Carbon, Inc., 12.25%, 09/01/2029(a) | 755,000 | 804,105 | ||||
SCIH Salt Holdings, Inc., 4.88%, 05/01/2028(a) | 300,000 | 281,049 | ||||
SK Invictus Intermediate II Sarl, 5.00%, 10/30/2029(a) | 775,000 | 688,797 | ||||
6,361,530 | ||||||
Coal - 1.1% | ||||||
SunCoke Energy, Inc., 4.88%, 06/30/2029(a) | 725,000 | 652,746 | ||||
Commercial Services - 11.4% | ||||||
Alta Equipment Group, Inc. | ||||||
5.63%, 04/15/2026(a) | 650,000 | 661,375 | ||||
9.00%, 06/01/2029(a) | 671,000 | 649,978 | ||||
Champions Financing, Inc., 8.75%, 02/15/2029(a) | 650,000 | 669,084 | ||||
Cimpress PLC, 7.00%, 06/15/2026 | 785,000 | 783,253 | ||||
CPI CG, Inc., 8.63%, 03/15/2026(a) | 700,000 | 705,726 | ||||
NESCO Holdings II, Inc., 5.50%, 04/15/2029(a) | 735,000 | 674,481 | ||||
PROG Holdings, Inc., 6.00%, 11/15/2029(a) | 850,000 | 796,726 | ||||
1 |
Par | Value | |||||
CORPORATE BONDS - (Continued) | ||||||
Commercial Services - (Continued) | ||||||
StoneMor, Inc., 8.50%, 05/15/2029(a) | $815,000 | $ 660,240 | ||||
VT Topco, Inc., 8.50%, 08/15/2030(a) | 650,000 | 680,011 | ||||
WASH Multifamily Acquisition, Inc., 5.75%, 04/15/2026(a) | 825,000 | 802,715 | ||||
7,083,589 | ||||||
Computers - 1.9% | ||||||
Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029(a) | 675,000 | 628,125 | ||||
NCR Atleos Corp., 9.50%, 04/01/2029(a) | 535,000 | 577,827 | ||||
1,205,952 | ||||||
Distribution/Wholesale - 2.5% | ||||||
Verde Purchaser LLC, 10.50%, 11/30/2030(a) | 850,000 | 896,899 | ||||
Windsor Holdings III LLC, 8.50%, 06/15/2030(a) | 625,000 | 653,745 | ||||
1,550,644 | ||||||
Diversified Financial Services - 2.3% | ||||||
Burford Capital Global Finance LLC | ||||||
6.25%, 04/15/2028(a) | 320,000 | 311,172 | ||||
6.88%, 04/15/2030(a) | 350,000 | 344,670 | ||||
9.25%, 07/01/2031(a) | 135,000 | 141,820 | ||||
Macquarie Airfinance Holdings Ltd., 8.13%, 03/30/2029(a) | 600,000 | 631,541 | ||||
1,429,203 | ||||||
Engineering & Construction - 3.5% | ||||||
Brand Industrial Services, Inc., 10.38%, 08/01/2030(a) | 625,000 | 671,962 | ||||
Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 02/01/2026(a) | 650,000 | 642,207 | ||||
Railworks Holdings LP / Railworks Rally, Inc., 8.25%, 11/15/2028(a) | 811,000 | 822,666 | ||||
2,136,835 | ||||||
Entertainment - 2.0% | ||||||
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.88%, 09/01/2031(a) | 775,000 | 541,023 | ||||
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.63%, 03/01/2030(a) | 717,000 | 677,948 | ||||
1,218,971 | ||||||
Food - 2.2% | ||||||
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029(a) | 647,000 | 655,860 | ||||
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/2029(a) | 840,000 | 731,335 | ||||
1,387,195 | ||||||
Food Service - 1.6% | ||||||
TKC Holdings, Inc. | ||||||
6.88%, 05/15/2028(a) | 235,000 | 229,798 | ||||
10.50%, 05/15/2029(a) | 785,000 | 774,401 | ||||
1,004,199 | ||||||
2 |
Par | Value | |||||
CORPORATE BONDS - (Continued) | ||||||
Forest Products & Paper - 1.5% | ||||||
Mercer International, Inc. | ||||||
12.88%, 10/01/2028(a) | $300,000 | $ 325,271 | ||||
5.13%, 02/01/2029 | 700,000 | 613,586 | ||||
938,857 | ||||||
Healthcare-Products - 0.3% | ||||||
Sotera Health Holdings LLC, 7.38%, 06/01/2031(a) | 200,000 | 198,890 | ||||
Healthcare-Services - 2.9% | ||||||
Heartland Dental LLC / Heartland Dental Finance Corp., 10.50%, 04/30/2028(a) | 375,000 | 398,550 | ||||
Kedrion SpA, 6.50%, 09/01/2029(a) | 770,000 | 704,646 | ||||
ModivCare Escrow Issuer, Inc., 5.00%, 10/01/2029(a) | 1,000,000 | 715,207 | ||||
1,818,403 | ||||||
Household Products/Wares - 0.9% | ||||||
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., 5.00%, 12/31/2026(a) | 575,000 | 558,170 | ||||
Internet - 1.1% | ||||||
ION Trading Technologies Sarl | ||||||
5.75%, 05/15/2028(a) | 570,000 | 518,506 | ||||
9.50%, 05/30/2029(a) | 175,000 | 176,169 | ||||
694,675 | ||||||
Iron/Steel - 1.5% | ||||||
TMS International Corp./DE, 6.25%, 04/15/2029(a) | 990,000 | 915,763 | ||||
Leisure Time - 0.6% | ||||||
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/2028(a) | 359,000 | 366,961 | ||||
Machinery-Diversified - 3.0% | ||||||
GrafTech Finance, Inc., 4.63%, 12/15/2028(a) | 904,000 | 584,336 | ||||
GrafTech Global Enterprises, Inc., 9.88%, 12/15/2028(a) | 150,000 | 113,399 | ||||
Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC, 9.00%, 02/15/2029(a) | 600,000 | 617,211 | ||||
OT Merger Corp., 7.88%, 10/15/2029(a) | 994,000 | 519,782 | ||||
1,834,728 | ||||||
Media - 3.8% | ||||||
Beasley Mezzanine Holdings LLC, 8.63%, 02/01/2026(a) | 995,000 | 594,513 | ||||
Spanish Broadcasting System, Inc., 9.75%, 03/01/2026(a) | 800,000 | 364,830 | ||||
Univision Communications, Inc. | ||||||
4.50%, 05/01/2029(a) | 570,000 | 488,202 | ||||
7.38%, 06/30/2030(a) | 250,000 | 236,870 | ||||
Urban One, Inc., 7.38%, 02/01/2028(a) | 875,000 | 698,806 | ||||
2,383,221 | ||||||
Metal Fabricate/Hardware - 1.3% | ||||||
Park-Ohio Industries, Inc., 6.63%, 04/15/2027 | 855,000 | 818,430 | ||||
3 |
Par | Value | |||||
CORPORATE BONDS - (Continued) | ||||||
Mining - 2.3% | ||||||
Arsenal AIC Parent LLC, 8.00%, 10/01/2030(a) | $650,000 | $ 677,788 | ||||
Compass Minerals International, Inc., 6.75%, 12/01/2027(a) | 750,000 | 715,597 | ||||
1,393,385 | ||||||
Miscellaneous Manufacturing - 1.1% | ||||||
Calderys Financing LLC, 11.25%, 06/01/2028(a) | 665,000 | 709,819 | ||||
Office-Business Equipment - 2.5% | ||||||
Pitney Bowes, Inc., 6.88%, 03/15/2027(a) | 985,000 | 915,100 | ||||
Xerox Holdings Corp., 5.50%, 08/15/2028(a) | 725,000 | 637,465 | ||||
1,552,565 | ||||||
Oil & Gas Services - 2.9% | ||||||
Bristow Group, Inc., 6.88%, 03/01/2028(a) | 750,000 | 736,832 | ||||
Enerflex Ltd., 9.00%, 10/15/2027(a) | 665,000 | 679,324 | ||||
Welltec International ApS, 8.25%, 10/15/2026(a) | 400,000 | 407,304 | ||||
1,823,460 | ||||||
Packaging & Containers - 3.6% | ||||||
Clearwater Paper Corp., 4.75%, 08/15/2028(a) | 750,000 | 703,796 | ||||
LABL, Inc. | ||||||
5.88%, 11/01/2028(a) | 450,000 | 405,502 | ||||
9.50%, 11/01/2028(a) | 425,000 | 432,824 | ||||
Trident TPI Holdings, Inc., 12.75%, 12/31/2028(a) | 625,000 | 679,876 | ||||
2,221,998 | ||||||
Pipelines - 9.8% | ||||||
Global Partners LP / GLP Finance Corp. | ||||||
7.00%, 08/01/2027 | 275,000 | 276,414 | ||||
6.88%, 01/15/2029 | 416,000 | 409,841 | ||||
8.25%, 01/15/2032(a) | 165,000 | 169,871 | ||||
ITT Holdings LLC, 6.50%, 08/01/2029(a) | 1,055,000 | 966,701 | ||||
Martin Midstream Partners LP / Martin Midstream Finance Corp., 11.50%, 02/15/2028(a) | 750,000 | 807,297 | ||||
NGL Energy Operating LLC / NGL Energy Finance Corp. | ||||||
8.13%, 02/15/2029(a) | 375,000 | 382,147 | ||||
8.38%, 02/15/2032(a) | 417,000 | 425,056 | ||||
Summit Midstream Holdings LLC / Summit Midstream Finance Corp. | ||||||
9.50%, 10/15/2026(a)(b) | 765,000 | 785,491 | ||||
12.00%, 10/15/2026(a) | 300,000 | 304,870 | ||||
TransMontaigne Partners LP/TLP Finance Corp., 6.13%, 02/15/2026 | 905,000 | 863,952 | ||||
Venture Global LNG, Inc., 8.13%, 06/01/2028(a) | 650,000 | 664,738 | ||||
6,056,378 | ||||||
Retail - 2.4% | ||||||
Ferrellgas LP / Ferrellgas Finance Corp., 5.88%, 04/01/2029(a) | 750,000 | 708,455 | ||||
Staples, Inc., 7.50%, 04/15/2026(a) | 775,000 | 776,177 | ||||
1,484,632 | ||||||
4 |
Par | Value | |||||
CORPORATE BONDS - (Continued) | ||||||
Software - 3.7% | ||||||
Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028(a) | $800,000 | $736,702 | ||||
Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl | ||||||
4.63%, 05/01/2028(a) | 625,000 | 557,253 | ||||
8.75%, 05/01/2029(a) | 130,000 | 131,500 | ||||
Rocket Software, Inc. | ||||||
9.00%, 11/28/2028(a) | 150,000 | 152,529 | ||||
6.50%, 02/15/2029(a) | 835,000 | 704,393 | ||||
2,282,377 | ||||||
Transportation - 3.2% | ||||||
Brightline East LLC, 11.00%, 01/31/2030(a) | 625,000 | 593,105 | ||||
First Student Bidco, Inc. / First Transit Parent, Inc., 4.00%, 07/31/2029(a) | 750,000 | 676,441 | ||||
Rand Parent LLC, 8.50%, 02/15/2030(a) | 735,000 | 719,489 | ||||
1,989,035 | ||||||
Trucking & Leasing - 0.4% | ||||||
Fortress Transportation and Infrastructure Investors LLC, 7.00%, 05/01/2031(a) | 250,000 | 253,093 | ||||
Water - 1.3% | ||||||
Solaris Midstream Holdings LLC, 7.63%, 04/01/2026(a) | 795,000 | 798,667 | ||||
TOTAL CORPORATE BONDS (Cost $63,514,757) | 60,279,281 | |||||
Shares | ||||||
COMMON STOCKS - 0.2% | ||||||
Building Materials - 0.2% | ||||||
Northwest Hardwoods(c)(d) | 2,996 | 149,800 | ||||
TOTAL COMMON STOCKS (Cost $137,016) | 149,800 | |||||
SHORT-TERM INVESTMENTS - 2.0% | ||||||
Money Market Funds - 2.0% | ||||||
Fidelity Government Portfolio - Class Institutional, 5.20%(e) | 1,211,552 | 1,211,552 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,211,552) | 1,211,552 | |||||
TOTAL INVESTMENTS - 99.4% (Cost $64,863,325) | $61,640,633 | |||||
Other Assets in Excess of Liabilities - 0.6% | 353,069 | |||||
TOTAL NET ASSETS - 100.0% | $61,993,702 | |||||
(a) | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of May 31, 2024, the value of these securities total $56,513,805 or 91.2% of the Fund’s net assets. |
(b) | Step coupon bond. The rate disclosed is as of May 31, 2024. |
(c) | Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $149,800 or 0.2% of net assets as of May 31, 2024. |
(d) | Non-income producing security. |
(e) | The rate shown represents the 7-day effective yield as of May 31, 2024. |
(f) | Payment-in-kind interest is generally paid by issuing additional par of the security rather than paying cash. |
5 |
Assets: | |||
Investments in securities, at value (cost $64,863,325) | $ 61,640,633 | ||
Receivable for fund shares sold | 16,232 | ||
Interest receivable | 1,088,646 | ||
Prepaid expenses | 20,806 | ||
Total assets | 62,766,317 | ||
Liabilities: | |||
Payable to investment adviser | 21,574 | ||
Payable for securities purchased | 654,614 | ||
Payable for fund shares redeemed | 10,368 | ||
Administration fees | 32,967 | ||
Transfer agent fees and expenses | 15,792 | ||
Fund accounting fees | 6,720 | ||
Audit fees | 11,034 | ||
Chief Compliance Officer fee | 3,667 | ||
Custody fees | 1,199 | ||
Shareholder reporting | 5,322 | ||
Trustees’ fees and expenses | 5,603 | ||
Accrued expenses | 3,755 | ||
Total liabilities | 772,615 | ||
Net Assets | $ 61,993,702 | ||
Net Assets Consist of: | |||
Paid-in capital | $ 68,838,460 | ||
Total accumulated deficit | (6,844,758) | ||
Net assets | $61,993,702 | ||
Net asset value, offering price and redemption price per share | $8.87 | ||
Shares issued and outstanding (unlimited number of shares authorized, par value $0.01) | 6,987,576 | ||
6 |
Investment Income: | |||
Interest (net of interest tax withheld of $6,445) | $2,705,836 | ||
Total investment income | 2,705,836 | ||
Expenses: | |||
Investment advisory fees (Note 4) | 172,077 | ||
Administration fees (Note 4) | 48,901 | ||
Transfer agent fees and expenses (Note 4) | 29,964 | ||
Registration fees | 14,181 | ||
Audit fees | 11,434 | ||
Fund accounting fees (Note 4) | 9,898 | ||
Trustees’ fees and expenses | 8,647 | ||
Chief Compliance Officer fee (Note 4) | 5,500 | ||
Reports to shareholders | 2,754 | ||
Legal fees | 3,007 | ||
Custody fees (Note 4) | 3,455 | ||
Miscellaneous | 1,329 | ||
Insurance | 1,933 | ||
Interest expense (Note 6) | 559 | ||
Total expenses | 313,639 | ||
Less: Fee waiver by adviser (Note 4) | (44,014) | ||
Net expenses | 269,625 | ||
Net investment income | 2,436,211 | ||
Realized and Unrealized Gain/(Loss) on Investments: | |||
Net realized loss on investments | (570,222) | ||
Net change in unrealized appreciation/(depreciation) on investments | 2,187,858 | ||
Net gain on investments | 1,617,636 | ||
Net increase in net assets resulting from operations | $ 4,053,847 | ||
7 |
Six Months Ended May 31, 2024 (Unaudited) | Year Ended November 30, 2023 | |||||
Increase/(Decrease) in Net Assets From Operations: | ||||||
Net investment income | $2,436,211 | $4,167,140 | ||||
Net realized loss on investments | (570,222) | (627,843) | ||||
Net change in unrealized appreciation/(depreciation) on investments | 2,187,858 | 2,805,583 | ||||
Net increase in net assets resulting from operations | 4,053,847 | 6,344,880 | ||||
Distributions Paid to Shareholders: | ||||||
Net dividends and distributions to shareholders | (2,446,763) | (4,160,921) | ||||
Total dividends and distributions | (2,446,763) | (4,160,921) | ||||
Capital Share Transactions: | ||||||
Proceeds from shares sold | 13,839,276 | 28,933,102 | ||||
Distributions reinvested | 979,094 | 1,283,078 | ||||
Payment for shares redeemed | (13,442,327) | (23,393,417) | ||||
Net increase in net assets from capital share transactions | 1,376,043 | 6,822,763 | ||||
Total increase in net assets | 2,983,127 | 9,006,722 | ||||
Net assets, beginning of period | 59,010,575 | 50,003,853 | ||||
Net assets, end of period | $ 61,993,702 | $ 59,010,575 | ||||
Transactions in Shares: | ||||||
Shares sold | 1,567,657 | 3,371,359 | ||||
Shares issued on reinvestment of distributions | 110,523 | 151,088 | ||||
Shares redeemed | (1,520,834) | (2,729,906) | ||||
Net increase in shares outstanding | 157,346 | 792,541 | ||||
8 |
Six Months Ended May 31, 2024 (Unaudited) | Year Ended November 30, | |||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||
Per Share Operating Performance | ||||||||||||||||||
Net asset value, beginning of period | $8.64 | $8.28 | $9.85 | $9.71 | $9.61 | $9.67 | ||||||||||||
Income From Investment Operations: | ||||||||||||||||||
Net investment income | 0.34 | 0.65 | 0.68 | 0.61 | 0.63 | 0.64 | ||||||||||||
Net realized and unrealized gain/(loss) on investments | 0.23 | 0.36 | (1.57) | 0.14 | 0.08 | (0.06) | ||||||||||||
Total from investment operations | 0.57 | 1.01 | (0.89) | 0.75 | 0.71 | 0.58 | ||||||||||||
Less Distributions: | ||||||||||||||||||
Distributions from net investment income | (0.34) | (0.65) | (0.68) | (0.61) | (0.63) | (0.64) | ||||||||||||
Distributions from net realized gains | — | — | — | — | (0.01) | — | ||||||||||||
Total distributions | (0.34) | (0.65) | (0.68) | (0.61) | (0.64) | (0.64) | ||||||||||||
Increase from payment by affiliate and administrator due to operational error | — | — | — | — | 0.03 | — | ||||||||||||
Net asset value, end of period | $ 8.87 | $ 8.64 | $ 8.28 | $ 9.85 | $ 9.71 | $ 9.61 | ||||||||||||
Total Return | 6.73%++ | 12.70% | −9.26% | 7.85% | 8.36%^ | 6.14% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||
Net assets, end of period (in 000’s) | $ 61,994 | $ 59,011 | $ 50,004 | $ 60,396 | $ 55,110 | $ 52,086 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||
Net of fee waivers | 0.86%+ | 0.86% | 0.86% | 0.86% | 0.86% | 0.86% | ||||||||||||
Before fee waivers | 1.00%+ | 1.06% | 1.06% | 0.97% | 1.11% | 1.03% | ||||||||||||
Ratio of net investment income to average net assets: | ||||||||||||||||||
Net of fee waivers | 7.79%+ | 7.69% | 7.50% | 6.13% | 6.80% | 6.53% | ||||||||||||
Before fee waivers | 7.65%+ | 7.49% | 7.30% | 6.02% | 6.55% | 6.36% | ||||||||||||
Portfolio turnover rate | 17%++ | 35% | 23% | 72% | 51% | 63% | ||||||||||||
+ | Annualized for periods less than one year. |
++ | Not annualized for periods less than one year. |
^ | Includes increase from payment made by affiliate and administrator due to the corporate action operational error. On September 18, 2020, the Fund received a reimbursement of $153,625 from the Adviser and Administrator related to a corporate action instruction error during the year ended November 30, 2020. Due to a miscommunication, the tender offer for the Martin Midstream corporate action was not processed correctly. This resulted in the Fund’s position being tendered rather than exchanged. Had the Fund not received the payment, total return would have been 8.03%. |
9 |
10 |
11 |
Level 1 – | Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. |
Level 2 – | Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
Level 3 – | Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |
12 |
Level 1 | Level 2 | Level 3 | Total | |||||||||
Common Stocks | $— | $— | $149,800 | $149,800 | ||||||||
Fixed Income | ||||||||||||
Corporate Bonds | — | 60,279,281 | — | 60,279,281 | ||||||||
Total Fixed Income | — | 60,279,281 | — | 60,279,281 | ||||||||
Money Market Fund | 1,211,552 | — | — | 1,211,552 | ||||||||
Total Investments | $1,211,552 | $60,279,281 | $149,800 | $61,640,633 | ||||||||
Investments in Securities, at Value | |||
Common Stocks | |||
Balance as of November 30, 2023 | $149,800 | ||
Accrued discounts/premiums | — | ||
Realized gain/(loss) | — | ||
Change in unrealized appreciation/(depreciation) | — | ||
Purchases | — | ||
Sales | — | ||
Transfers in and/or out of Level 3 | — | ||
Balance as of May 31, 2024 | $149,800 | ||
13 |
Six months ended May 31, 2024 | Year ended November 30, 2023 | |||||
Ordinary income | $2,446,763 | $4,160,921 | ||||
14 |
Cost of investments (a) | $63,889,053 | ||
Gross unrealized appreciation | 586,076 | ||
Gross unrealized depreciation | (5,996,626) | ||
Net unrealized depreciation (a) | (5,410,550) | ||
Undistributed ordinary income | 37,326 | ||
Undistributed long-term capital gains | — | ||
Total distributable earnings | 37,326 | ||
Other accumulated gains/(losses) | (3,078,618) | ||
Total accumulated earnings/(losses) | $(8,451,842) | ||
(a) | The book-basis and tax-basis net unrealized depreciation are the same. |
Long-Term Indefinite |
$3,078,618 |
• | High Yield Securities Risk. High yield securities (or “junk bonds”) entail greater risk of loss of principal because of their greater exposure to credit risk. High yield securities typically carry higher coupon rates than investment grade securities, but also are considered as speculative and may be subject to greater market price fluctuations, less liquidity and greater risk of loss of income or principal including greater possibility of default and bankruptcy of the issuer of such instruments than more highly rated bonds and loans. |
• | Counterparty Risk. Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. |
• | Credit Risk. The issuers of the bonds and other instruments held by the Fund may not be able to make interest or principal payments. |
• | General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including: inflation (or expectations for inflation); interest rates; global demand for particular products or resources; natural disasters or events; pandemic diseases; terrorism; regulatory events; and government controls. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors, which has resulted in disruptions to business operations and supply chains, stress on the global healthcare system, growth concerns in the U.S. and overseas, staffing shortages and the inability to meet consumer demand, and widespread concern and uncertainty. Continuing uncertainties regarding interest rates, rising inflation, political events, rising government debt in the U.S. and trade tensions also contribute |
15 |
• | Interest Rate Risk. The value of the Fund’s investments in fixed-income securities will change based on changes in interest rates. If interest rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. |
• | Liquidity Risk. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit the Fund’s ability to sell a holding at a suitable price. |
• | ETF and Mutual Fund Risk. When the Fund invests in an ETF or mutual fund, it will bear additional expenses based on its pro rata share of the ETF’s or mutual fund’s operating expenses, including the potential duplication of management fees. The risk of owning an ETF or mutual fund generally reflects the risks of owning the underlying securities that the ETF or mutual fund holds. The Fund also will incur brokerage costs when it purchases ETFs. |
• | Rule 144A Securities Risk. The market for Rule 144A securities typically is less active than the market for publicly traded securities. Rule 144A securities carry the risk that the liquidity of these securities may become impaired, making it more difficult for the Fund to sell these securities. |
16 |
1. | The nature, extent and quality of the services provided and to be provided by the Adviser under the Advisory Agreement. The Board considered the nature, extent and quality of the Adviser’s overall services provided to the Fund, as well as its specific responsibilities in all aspects of day-to-day investment management of the Fund. The Board considered the qualifications, experience and responsibilities of the portfolio managers, as well as the responsibilities of other key personnel of the Adviser involved in the day-to-day activities of the Fund. The Board also considered the resources and compliance structure of the Adviser, including information regarding its compliance program, its chief compliance officer and the Adviser’s compliance record, as well as the Adviser’s cybersecurity program, liquidity risk management program, valuation procedures, business continuity plan, and risk management process. The Board also noted that the Adviser was working towards implementation of newly adopted Securities and Exchange Commission rules applicable to the Fund, including the new tailored shareholder reports. The Board also considered the prior relationship between the Adviser and the Trust, as well as the Board’s knowledge of the Adviser’s operations, and noted that during the course of the prior year they had met with certain personnel of the Adviser to discuss the Fund’s performance and investment outlook as well as various marketing and compliance topics. The Board considered that all shareholders of the Fund are advisory clients of the Adviser and that the Fund is used as an investment option to fulfill investment mandates for such clients. The Board concluded that the Adviser had the quality and depth of personnel, resources, investment processes and compliance policies and procedures essential to performing its duties under the Advisory Agreement and that they were satisfied with the nature, overall quality and extent of such management services. |
2. | The Fund’s historical performance and the overall performance of the Adviser. In assessing the quality of the portfolio management delivered by the Adviser, the Board reviewed the short-term and long-term performance of the Fund as of June 30, 2023, on both an absolute basis and a relative basis in comparison to its peer funds utilizing Morningstar classifications, appropriate securities market benchmarks, and a cohort that is comprised of similarly managed funds selected by an independent third-party consulting firm engaged by the Board to assist it in its 15(c) review (the “Cohort”). While the Board considered both short-term and long-term performance, it placed greater emphasis on longer term performance. When reviewing performance against the comparative peer group universe, the Board took into account that the investment objectives and strategies of each Fund, as well as its level of risk tolerance, may differ significantly from funds in the peer universe. When reviewing a Fund’s performance against broad market benchmarks, the Board took into account the differences in portfolio construction between the Fund and such benchmarks as well as other differences between actively managed funds and passive benchmarks, such as objectives and risks. In assessing periods of relative underperformance or outperformance, the Board took into account that relative performance can be significantly impacted by performance measurement periods and that some periods of underperformance may be transitory in nature while others may reflect more significant underlying issues. |
17 |
3. | The costs of the services to be provided by the Adviser and the structure of the Adviser’s fee under the Advisory Agreement. In considering the advisory fee and total fees and expenses of the Fund, the Board reviewed comparisons to the Cohort, the Morningstar peer funds, and the Adviser’s similarly managed accounts for other types of clients, as well as all expense waivers and reimbursements. |
4. | Economies of Scale. The Board also considered whether economies of scale were being realized by the Adviser that should be shared with shareholders. The Board noted that the Adviser has contractually agreed to reduce its advisory fees or reimburse Fund expenses so that the Fund does not exceed its Expense Cap. The Board noted that at current asset levels, it did not appear that there were additional economies of scale being realized by the Adviser and concluded that it would continue to monitor in the future as circumstances changed. |
5. | The profits to be realized by the Adviser and its affiliates from their relationship with the Fund. The Board reviewed the Adviser’s financial information and considered both the direct benefits and the indirect benefits to the Adviser from advising the Fund. The Board considered the profitability to the Adviser from its relationship with the Fund and considered any additional benefits derived by the Adviser from its relationship with the Fund. The Board also considered that the Fund does not charge any Rule 12b-1 fees or utilize “soft dollars.” After such review, the Board determined that the profitability to the Adviser with respect to the Advisory Agreement was not excessive, and that the Adviser had maintained adequate profit levels to support the services that it provides to the Fund. |
18 |
![](https://capedge.com/proxy/N-CSRS/0001133228-24-007573/pia_logo.jpg)
Par | Value | |||||
CORPORATE BONDS - 50.0% | ||||||
Agriculture - 0.7% | ||||||
Philip Morris International, Inc., 4.75%, 02/12/2027 | $ 1,000,000 | $ 990,433 | ||||
Banks - 10.4% | ||||||
Bank of Montreal, 5.27%, 12/11/2026 | 1,800,000 | 1,796,341 | ||||
Bank of Nova Scotia/The, 5.40%, 06/04/2027 | 800,000 | 801,070 | ||||
Canadian Imperial Bank of Commerce, 5.93%, 10/02/2026 | 800,000 | 810,323 | ||||
Citibank NA, 5.49%, 12/04/2026 | 1,000,000 | 1,005,232 | ||||
Citizens Bank NA/Providence RI, 6.06% to 10/24/2024 then SOFR + 1.45%, 10/24/2025 | 2,000,000 | 2,000,631 | ||||
Goldman Sachs Bank USA/New York NY, 5.28% to 03/18/2026 then SOFR + 0.78%, 03/18/2027 | 1,800,000 | 1,791,873 | ||||
Huntington National Bank, 5.70% to 11/18/2024 then SOFR + 1.22%, 11/18/2025 | 1,000,000 | 997,917 | ||||
JPMorgan Chase & Co., 5.55% to 12/15/2024 then SOFR + 1.07%, 12/15/2025 | 1,000,000 | 998,765 | ||||
Mitsubishi UFJ Financial Group, Inc., 5.54% to 04/17/2025 then 1 yr. CMT Rate + 1.50%, 04/17/2026 | 1,000,000 | 998,413 | ||||
Royal Bank of Canada, 4.88%, 01/19/2027 | 2,000,000 | 1,984,609 | ||||
Sumitomo Mitsui Trust Bank Ltd., 5.65%, 09/14/2026(a) | 1,000,000 | 1,004,714 | ||||
Wells Fargo Bank NA, 5.25%, 12/11/2026 | 1,000,000 | 1,000,132 | ||||
15,190,020 | ||||||
Building Materials - 1.4% | ||||||
Carrier Global Corp., 5.80%, 11/30/2025 | 2,000,000 | 2,008,279 | ||||
Chemicals - 2.0% | ||||||
FMC Corp., 5.15%, 05/18/2026 | 1,000,000 | 991,552 | ||||
Nutrien Ltd., 5.90%, 11/07/2024 | 1,000,000 | 1,001,049 | ||||
Sherwin-Williams Co., 4.05%, 08/08/2024 | 1,000,000 | 996,907 | ||||
2,989,508 | ||||||
Commercial Services - 1.0% | ||||||
Quanta Services, Inc., 0.95%, 10/01/2024 | 1,000,000 | 983,735 | ||||
Triton Container International Ltd., 1.15%, 06/07/2024(a) | 500,000 | 499,646 | ||||
1,483,381 | ||||||
Diversified Financial Services - 0.7% | ||||||
American Express Co., 4.99% to 05/01/2025 then SOFR + 1.00%, 05/01/2026 | 1,000,000 | 993,384 | ||||
Electric - 5.8% | ||||||
Ameren Corp., 5.70%, 12/01/2026 | 1,000,000 | 1,005,452 | ||||
American Electric Power Co., Inc., 5.70%, 08/15/2025 | 1,000,000 | 1,000,392 | ||||
DTE Energy Co., 4.22%, 11/01/2024 (b) | 500,000 | 496,641 | ||||
Duke Energy Corp., 4.85%, 01/05/2027 | 1,000,000 | 990,196 | ||||
Eversource Energy, 4.75%, 05/15/2026 | 1,000,000 | 985,422 | ||||
Georgia Power Co., 5.00%, 02/23/2027 | 1,500,000 | 1,496,190 | ||||
NextEra Energy Capital Holdings, Inc., 6.05%, 03/01/2025 | 2,000,000 | 2,004,419 | ||||
Tampa Electric Co., 3.88%, 07/12/2024 | 500,000 | 498,912 | ||||
8,477,624 | ||||||
1 |
Par | Value | |||||
CORPORATE BONDS - (Continued) | ||||||
Environmental Control - 0.7% | ||||||
Veralto Corp., 5.50%, 09/18/2026(a) | $ 1,000,000 | $ 997,234 | ||||
Food - 1.9% | ||||||
Campbell Soup Co., 5.30%, 03/20/2026 | 500,000 | 498,822 | ||||
General Mills, Inc., 5.24%, 11/18/2025 | 250,000 | 249,068 | ||||
Hormel Foods Corp., 0.65%, 06/03/2024 | 2,000,000 | 2,000,000 | ||||
2,747,890 | ||||||
Gas - 0.3% | ||||||
Spire, Inc., 5.30%, 03/01/2026 | 500,000 | 498,084 | ||||
Healthcare-Products - 1.4% | ||||||
Baxter International, Inc., 5.81% (SOFR + 0.44%), 11/29/2024 | 500,000 | 499,932 | ||||
GE HealthCare Technologies, Inc., 5.55%, 11/15/2024 | 1,000,000 | 998,204 | ||||
Smith & Nephew PLC, 5.15%, 03/20/2027 | 500,000 | 497,507 | ||||
1,995,643 | ||||||
Household Products/Wares - 0.3% | ||||||
Avery Dennison Corp., 0.85%, 08/15/2024 | 500,000 | 495,497 | ||||
Insurance - 6.5% | ||||||
AEGON Funding Co. LLC, 5.50%, 04/16/2027(a) | 3,000,000 | 2,979,133 | ||||
Aon North America, Inc., 5.13%, 03/01/2027 | 500,000 | 498,433 | ||||
Athene Global Funding, 5.62%, 05/08/2026(a) | 2,000,000 | 1,996,788 | ||||
Jackson National Life Global Funding, 5.50%, 01/09/2026(a) | 1,000,000 | 993,777 | ||||
MassMutual Global Funding II, 4.15%, 08/26/2025(a) | 500,000 | 492,904 | ||||
Mutual of Omaha Cos. Global Funding, 5.80%, 07/27/2026(a) | 1,000,000 | 1,004,695 | ||||
Principal Life Global Funding II, 5.00%, 01/16/2027(a) | 500,000 | 497,278 | ||||
Protective Life Global Funding, 4.99%, 01/12/2027(a) | 1,000,000 | 995,011 | ||||
9,458,019 | ||||||
Investment Companies - 2.1% | ||||||
Ares Capital Corp., 7.00%, 01/15/2027 | 2,000,000 | 2,042,474 | ||||
Main Street Capital Corp., 6.50%, 06/04/2027 | 1,000,000 | 999,863 | ||||
3,042,337 | ||||||
Leisure Time - 0.7% | ||||||
Brunswick Corp./DE, 0.85%, 08/18/2024 | 1,000,000 | 988,681 | ||||
Lodging - 0.3% | ||||||
Marriott International, Inc./MD, 5.45%, 09/15/2026 | 500,000 | 501,410 | ||||
Machinery-Diversified - 0.3% | ||||||
AGCO Corp., 5.45%, 03/21/2027 | 500,000 | 499,156 | ||||
Mining - 1.0% | ||||||
Glencore Funding LLC, 5.34%, 04/04/2027(a) | 1,000,000 | 996,448 | ||||
Newmont Corp./Newcrest Finance Pty Ltd., 5.30%, 03/15/2026(a) | 500,000 | 498,349 | ||||
1,494,797 | ||||||
2 |
Par | Value | |||||
CORPORATE BONDS - (Continued) | ||||||
Oil & Gas - 1.4% | ||||||
Chevron USA, Inc., 3.90%, 11/15/2024 | $ 1,500,000 | $ 1,490,305 | ||||
Pioneer Natural Resources Co., 5.10%, 03/29/2026 | 500,000 | 498,484 | ||||
1,988,789 | ||||||
Oil & Gas Services - 0.3% | ||||||
Schlumberger Holdings Corp., 5.00%, 05/29/2027(a) | 500,000 | 496,344 | ||||
Packaging & Containers - 1.3% | ||||||
Sonoco Products Co., 1.80%, 02/01/2025 | 2,000,000 | 1,948,837 | ||||
Pharmaceuticals - 0.7% | ||||||
Pfizer Investment Enterprises Pte Ltd., 4.45%, 05/19/2026 | 1,000,000 | 986,069 | ||||
Pipelines - 2.4% | ||||||
Enbridge, Inc., 5.25%, 04/05/2027 | 2,000,000 | 1,994,537 | ||||
Energy Transfer LP, 6.05%, 12/01/2026 | 1,000,000 | 1,013,291 | ||||
Williams Cos., Inc., 5.40%, 03/02/2026 | 500,000 | 499,064 | ||||
3,506,892 | ||||||
REITs – 3.3% | ||||||
Camden Property Trust, 5.85%, 11/03/2026 | 2,000,000 | 2,022,766 | ||||
Public Storage Operating Co., 6.06% (SOFR + 0.70%), 04/16/2027 | 1,000,000 | 1,006,181 | ||||
Realty Income Corp., 5.05%, 01/13/2026 | 800,000 | 794,529 | ||||
Weyerhaeuser Co., 4.75%, 05/15/2026 | 1,000,000 | 986,876 | ||||
4,810,352 | ||||||
Semiconductors - 0.3% | ||||||
Analog Devices, Inc., 5.61% (SOFR + 0.25%), 10/01/2024 | 500,000 | 500,108 | ||||
Software - 1.4% | ||||||
Fiserv, Inc., 5.15%, 03/15/2027 | 2,000,000 | 1,994,452 | ||||
Transportation - 1.4% | ||||||
TTX Co., 5.50%, 09/25/2026(a) | 2,000,000 | 1,999,725 | ||||
TOTAL CORPORATE BONDS (Cost $73,218,812) | 73,082,945 | |||||
U.S. TREASURY OBLIGATIONS - 14.9% | ||||||
U.S. Treasury Note/Bond | ||||||
4.13%, 01/31/2025 | 4,500,000 | 4,466,086 | ||||
4.25%, 05/31/2025 | 3,000,000 | 2,972,076 | ||||
5.00%, 08/31/2025 | 8,000,000 | 7,987,187 | ||||
3.63%, 05/15/2026 | 500,000 | 488,203 | ||||
4.25%, 03/15/2027 | 6,000,000 | 5,926,641 | ||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $21,923,449) | 21,840,193 | |||||
3 |
Par | Value | |||||
MORTGAGE-BACKED SECURITIES - 12.2% | ||||||
BX Trust | ||||||
Series 2021-RISE, Class A, 6.18% (1 mo. Term SOFR + 0.86%), 11/15/2036(a) | $ 2,751,100 | $ 2,728,955 | ||||
Series 2024-CNYN, Class A, 6.76% (1 mo. Term SOFR + 1.44%), 04/15/2029(a) | 2,000,000 | 2,004,236 | ||||
Series 2024-MF, Class A, 6.76% (1 mo. Term SOFR + 1.44%), 0a2/15/2039(a) | 1,000,000 | 1,002,989 | ||||
Series 2024-VLT4, Class B, 0.00% (1 mo. Term SOFR + 1.94%), 07/15/2029(a) | 4,000,000 | 3,990,000 | ||||
Cold Storage Trust, Series 2020-ICE5, Class A, 6.33% (1 mo. Term SOFR + 1.01%), 11/15/2037(a) | 6,389,438 | 6,381,929 | ||||
FHLMC ARM | ||||||
Pool 782784, 6.38% (1 yr. CMT Rate + 2.25%), 10/01/2034 | 41,173 | 42,242 | ||||
Pool 785726, 6.40% (1 yr. CMT Rate + 2.28%), 01/01/2025 | 4,472 | 4,437 | ||||
Pool 847671, 6.78% (RFUCC Term 1 Year + 1.85%), 04/01/2036 | 11,621 | 11,894 | ||||
FNMA ARM | ||||||
Pool 555206, 6.29% (RFUCC Term 6 Month + 2.17%), 07/01/2025 | 1,081 | 1,076 | ||||
Pool 562912, 4.72% (1 yr. CMT Rate + 2.10%), 04/01/2030 | 16,056 | 15,752 | ||||
Pool 743454, 5.95% (RFUCC Term 1 Year + 1.70%), 10/01/2033 | 11,038 | 11,021 | ||||
Pool 755253, 6.00% (RFUCC Term 1 Year + 1.75%), 11/01/2033 | 176,175 | 175,841 | ||||
Pool 779693, 5.78% (RFUCC Term 1 Year + 1.53%), 07/01/2034 | 19,820 | 19,732 | ||||
Pool 795136, 5.67% (RFUCC Term 1 Year + 1.42%), 10/01/2034 | 24,668 | 25,099 | ||||
Pool 849264, 6.00% (RFUCC Term 1 Year + 1.71%), 01/01/2036 | 122,968 | 122,734 | ||||
Pool 953653, 6.27% (RFUCC Term 1 Year + 2.02%), 11/01/2037 | 189,802 | 190,507 | ||||
Pool AC5719, 5.65% (1 yr. CMT Rate + 2.30%), 05/01/2034 | 146,133 | 146,918 | ||||
Mcp Holding Co. LLC, Series 2023-SHIP, Class B, 4.94%, 09/10/2038(a)(c) | 1,000,000 | 973,876 | ||||
TOTAL MORTGAGE-BACKED SECURITIES (Cost $17,834,885) | 17,849,238 | |||||
ASSET-BACKED SECURITIES - 9.4% | ||||||
Arivo Acceptance Auto Loan Receivables Trust, Series 2024-1A, Class A, 6.46%, 04/17/2028(a) | 1,855,054 | 1,857,274 | ||||
CarMax Auto Owner Trust, Series 2023-2, Class A3, 5.05%, 01/18/2028 | 1,000,000 | 993,304 | ||||
CPS Auto Trust, Series 2023-C, Class A, 6.13%, 09/15/2026(a) | 143,560 | 143,478 | ||||
DT Auto Owner Trust, Series 2023-3A, Class A, 6.29%, 08/16/2027(a) | 521,383 | 522,730 | ||||
FCI Funding, Series 2021-1A, Class A, 1.13%, 04/15/2033(a) | 61,508 | 60,717 | ||||
Foursight Capital Automobile Receivables Trust, Series 2024-1, Class A2, 5.49%, 01/16/2029(a) | 1,000,000 | 996,361 | ||||
General Motors Co., Series 2023-1, Class A1, 5.34%, 06/15/2028(a) | 1,000,000 | 998,684 | ||||
Hyundai Auto Lease Securitization Trust, Series 2023-C, Class A3, 5.80%, 12/15/2026(a) | 1,000,000 | 1,003,980 | ||||
PenFed Auto Receivables Owner Trust, Series 2022-A, Class A3, 3.96%, 04/15/2026(a) | 568,588 | 565,511 | ||||
Purchasing Power Funding, Series 2024-A, Class A, 5.89%, 08/15/2028(a) | 1,500,000 | 1,494,455 | ||||
PVOne LLC, Series 2023-1A, Class A, 7.25%, 07/16/2035(a) | 636,025 | 638,904 | ||||
SAFCO Auto Receivables Trust, Series 2024-1A, Class A, 6.51%, 03/20/2028(a) | 1,494,324 | 1,494,741 | ||||
SBNA Auto Lease Trust, Series 2023-A, Class A3, 6.51%, 04/20/2027(a) | 1,000,000 | 1,011,011 | ||||
4 |
Par | Value | |||||
ASSET-BACKED SECURITIES - (Continued) | ||||||
Tesla Auto Lease Trust, Series 2023-A, Class A3, 5.89%, 06/22/2026(a) | $ 1,000,000 | $ 1,001,416 | ||||
United Auto Credit Securitization Trust, Series 2024-1, Class A, 6.17%, 08/10/2026(a) | 903,277 | 903,544 | ||||
TOTAL ASSET-BACKED SECURITIES (Cost $13,683,622) | 13,686,110 | |||||
Shares | ||||||
SHORT-TERM INVESTMENTS - 12.6% | ||||||
Money Market Funds - 0.8% | ||||||
Fidelity Government Portfolio - Class Institutional, 5.21%(d) | 1,120,550 | 1,120,550 | ||||
Par | ||||||
U.S. Treasury Bills - 11.8% | ||||||
5.43%, 06/13/2024(e) | 3,500,000 | 3,494,887 | ||||
5.36%, 07/11/2024(e) | 7,000,000 | 6,961,088 | ||||
5.30%, 08/06/2024(e) | 5,000,000 | 4,953,289 | ||||
5.30%, 11/14/2024(e) | 2,000,000 | 1,952,915 | ||||
17,362,179 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $18,477,979) | 18,482,729 | |||||
TOTAL INVESTMENTS - 99.1% (Cost $145,138,747) | $144,941,215 | |||||
Other Assets in Excess of Liabilities - 0.9% | 1,331,063 | |||||
TOTAL NET ASSETS - 100.0% | $146,272,278 | |||||
(a) | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of May 31, 2024, the value of these securities total $45,226,837 or 30.9% of the Fund’s net assets. |
(b) | Step coupon bond. The rate disclosed is as of May 31, 2024. |
(c) | Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of May 31, 2024. |
(d) | The rate shown represents the 7-day effective yield as of May 31, 2024. |
(e) | The rate shown is the effective yield as of May 31, 2024. |
5 |
ASSETS: | |||
Investments in securities, at value (cost $145,138,747) | $ 144,941,215 | ||
Receivable for securities sold | 4,999,162 | ||
Receivable for fund shares sold | 1,125,798 | ||
Interest receivable | 1,084,405 | ||
Prepaid expenses | 22,360 | ||
Total assets | 152,172,940 | ||
LIABILITIES: | |||
Payable for fund shares redeemed | 833 | ||
Payable for securities purchased | 5,787,034 | ||
Investment advisory fees | 23,511 | ||
Administration fees | 33,042 | ||
Custody fees | 2,372 | ||
Transfer agent fees and expenses | 19,576 | ||
Fund accounting fees | 4,977 | ||
Audit fees | 8,934 | ||
Legal fees | 2,113 | ||
Chief Compliance Officer fee | 3,667 | ||
Trustees’ fees and expenses | 5,608 | ||
Accrued expenses | 8,995 | ||
Total liabilities | 5,900,662 | ||
NET ASSETS | $146,272,278 | ||
Net Assets Consist of: | |||
Paid-in capital | $147,455,512 | ||
Total accumulated deficit | (1,183,234) | ||
Net Assets | $146,272,278 | ||
Net Asset Value, Offering Price and Redemption Price Per Share | $9.95 | ||
Shares Issued and Outstanding (Unlimited number of shares authorized, par value $0.01) | 14,703,759 | ||
6 |
Investment Income: | |||
Interest | $3,559,141 | ||
Total investment income | 3,559,141 | ||
Expenses: | |||
Investment advisory fees (Note 4) | 142,736 | ||
Administration fees (Note 4) | 49,076 | ||
Transfer agent fees and expenses (Note 4) | 22,317 | ||
Audit fees | 11,434 | ||
Registration fees | 11,369 | ||
Sub-transfer agent fees (Note 4) | 11,214 | ||
Trustees’ fees and expenses | 8,652 | ||
Custody fees (Note 4) | 7,438 | ||
Fund accounting fees (Note 4) | 7,150 | ||
Chief Compliance Officer fee (Note 4) | 5,500 | ||
Reports to shareholders | 4,086 | ||
Legal fees | 3,009 | ||
Insurance | 2,472 | ||
Miscellaneous | 2,222 | ||
Total expenses | 288,675 | ||
Less: Fee waiver by adviser (Note 4) | (10,339) | ||
Net expenses | 278,336 | ||
Net investment income | 3,280,805 | ||
Realized and Unrealized Gain/(Loss) on Investments: | |||
Net realized loss on investments | (169,005) | ||
Net change in unrealized appreciation/(depreciation) on investments | 495,382 | ||
Net gain on investments | 326,377 | ||
Net increase in net assets resulting from operations | $3,607,182 | ||
7 |
Six Months Ended May 31, 2024 (Unaudited) | Year Ended November 30, 2023 | |||||
Increase/(Decrease) in Net Assets From Operations: | ||||||
Net investment income | $3,280,805 | $ 4,409,763 | ||||
Net realized loss on investments | (169,005) | (362,878) | ||||
Net change in unrealized appreciation/(depreciation) on investments | 495,382 | 2,250,352 | ||||
Net increase in net assets resulting from operations | 3,607,182 | 6,297,237 | ||||
Dividends and Distributions to Shareholders: | ||||||
Net dividends and distributions to shareholders | (3,331,823) | (4,338,533) | ||||
Total dividends and distributions | (3,331,823) | (4,338,533) | ||||
Capital Share Transactions: | ||||||
Proceeds from shares sold | 9,116,983 | 29,846,358 | ||||
Distributions reinvested | 3,218,642 | 4,153,193 | ||||
Payment for shares redeemed | (5,655,252) | (27,134,746) | ||||
Net increase in net assets from capital share transactions | 6,680,373 | 6,864,805 | ||||
Total increase in net assets | 6,955,732 | 8,823,509 | ||||
Net Assets: | ||||||
Beginning of period | 139,316,546 | 130,493,037 | ||||
End of period | $ 146,272,278 | $139,316,546 | ||||
Transactions in Shares: | ||||||
Shares sold | 912,838 | 3,026,725 | ||||
Shares issued on reinvestment of distributions | 323,287 | 421,262 | ||||
Shares redeemed | (567,310) | (2,757,115) | ||||
Net increase in shares outstanding | 668,815 | 690,872 | ||||
8 |
Six Months Ended May 31, 2024 (Unaudited) | Year Ended November 30, | |||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||
Net asset value, beginning of period | $9.93 | $9.78 | $10.05 | $10.12 | $10.07 | $9.97 | ||||||||||||
Income From Investment Operations: | ||||||||||||||||||
Net investment income | 0.23 | 0.35 | 0.12 | 0.06 | 0.13 | 0.20 | ||||||||||||
Net realized and unrealized gain/(loss) on investments | 0.02 | 0.14 | (0.27) | (0.05) | 0.06 | 0.10 | ||||||||||||
Total from investment operations | 0.25 | 0.49 | (0.15) | 0.01 | 0.19 | 0.30 | ||||||||||||
Less Distributions: | ||||||||||||||||||
Distributions from net investment income | (0.23) | (0.34) | (0.12) | (0.08) | (0.14) | (0.20) | ||||||||||||
Total distributions | (0.23) | (0.34) | (0.12) | (0.08) | (0.14) | (0.20) | ||||||||||||
Net asset value, end of period | $9.95 | $9.93 | $9.78 | $10.05 | $10.12 | $10.07 | ||||||||||||
Total Return | 2.56%++ | 5.10% | −1.49% | 0.11% | 1.95% | 3.04% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||
Net assets, end of period (in 000’s) | $146,272 | $139,316 | $130,493 | $141,947 | $200,329 | $163,481 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||
Net of fee waivers | 0.39%+ | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% | ||||||||||||
Before fee waivers | 0.41%+ | 0.44% | 0.43% | 0.43% | 0.42% | 0.45% | ||||||||||||
Ratio of net investment income to average net assets: | ||||||||||||||||||
Net of fee waivers | 4.60%+ | 3.54% | 1.20% | 0.66% | 1.23% | 2.00% | ||||||||||||
Before fee waivers | 4.58%+ | 3.49% | 1.16% | 0.62% | 1.20% | 1.94% | ||||||||||||
Portfolio turnover rate | 38%++ | 65% | 25% | 44% | 58% | 48% | ||||||||||||
+ | Annualized for periods less than one year. |
++ | Not annualized for periods less than one year. |
9 |
10 |
11 |
12 |
Level 1 | Level 2 | Level 3 | Total | |||||||||
Fixed Income Securities | ||||||||||||
Asset-Backed Securities | $— | $13,686,110 | $ — | $13,686,110 | ||||||||
Corporate Bonds | — | 73,082,945 | — | 73,082,945 | ||||||||
Mortgage-Backed Securities | — | 17,849,238 | — | 17,849,238 | ||||||||
U.S. Government Note/Bond | — | 21,840,193 | — | 21,840,193 | ||||||||
Total Fixed Income Securities | — | 126,458,486 | — | 126,458,486 | ||||||||
Money Market Fund | 1,120,550 | – | — | 1,120,550 | ||||||||
U.S. Treasury Bills | — | 17,362,179 | — | 17,362,179 | ||||||||
Total Investments | $1,120,550 | $143,820,665 | $— | $144,941,215 | ||||||||
13 |
Date | Amount | ||
11/30/24 | $24,648 | ||
11/30/25 | 48,575 | ||
11/30/26 | 58,805 | ||
5/31/27 | 10,339 | ||
$142,367 | |||
14 |
Non-Government | Government | ||||||||
Purchases | Sales | Purchases | Sales | ||||||
$43,808,974 | $28,600,258 | $15,501,106 | $16,250,439 | ||||||
May 31, 2024 | November 30, 2023 | |||||
Ordinary income | $3,331,823 | $4,338,533 | ||||
Cost of investments (a) | $140,363,225 | ||
Gross unrealized appreciation | 226,004 | ||
Gross unrealized depreciation | (918,918) | ||
Net unrealized depreciation (a) | (692,914) | ||
Undistributed ordinary income | 100,124 | ||
Undistributed long-term capital gains | — | ||
Total distributable earnings | 100,124 | ||
Other accumulated gains/(losses) | (865,803) | ||
Total accumulated earnings/(losses) | $(1,458,593) | ||
(a) | The book-basis and tax-basis net unrealized depreciation are the same. |
Short-Term Indefinite | Long-Term Indefinite | Total | ||||
$452,695 | $413,108 | $865,803 | ||||
15 |
16 |
17 |
1. | The nature, extent and quality of the services provided and to be provided by the Adviser under the Advisory Agreement. The Board considered the nature, extent and quality of the Adviser’s overall services provided to the Fund, as well as its specific responsibilities in all aspects of day-to-day investment management of the Fund. The Board considered the qualifications, experience and responsibilities of the portfolio managers, as well as the responsibilities of other key personnel of the Adviser involved in the day-to-day activities of the Fund. The Board also considered the resources and compliance structure of the Adviser, including information regarding its compliance program, its chief compliance officer and the Adviser’s compliance record, as well as the Adviser’s cybersecurity program, liquidity risk management program, valuation procedures, business continuity plan, and risk management process. The Board also noted that the Adviser was working towards implementation of newly adopted Securities and Exchange Commission rules applicable to the Fund, including the new tailored shareholder reports. The Board further considered the prior relationship between the Adviser and the Trust, as well as the Board’s knowledge of the Adviser’s operations, and noted that during the course of the prior year they met with certain personnel of the Adviser to discuss the Fund’s performance and investment outlook as well as various marketing and compliance topics. The Board took into account that all shareholders of the Fund are advisory clients of the Adviser and that the Fund is used as an investment option to fulfill investment mandates for such clients. The Board concluded that the Adviser had the quality and depth of personnel, resources, investment processes and compliance policies and procedures essential to performing its duties under the Advisory Agreement and that they were satisfied with the nature, overall quality and extent of such management services. |
2. | The Fund’s historical performance and the overall performance of the Adviser. In assessing the quality of the portfolio management delivered by the Adviser, the Board reviewed the short-term and long-term performance of the Fund as of June 30, 2023, on both an absolute basis and a relative basis in comparison to its peer funds utilizing Morningstar classifications, appropriate securities market benchmarks, and a cohort that is comprised of similarly managed funds selected by an independent third-party consulting firm engaged by the Board to assist it in its 15(c) review (the “Cohort”). While the Board considered both short-term and long-term performance, it placed greater emphasis on longer term performance. When reviewing performance against the comparative peer group universe, the Board took into account that the investment objectives and strategies of the Fund, as well as its level of risk tolerance, may differ significantly from funds in the peer universe. When reviewing a Fund’s performance against broad market benchmarks, the Board took into account the differences in portfolio construction between the Fund and such benchmarks as well as other differences between actively managed funds and passive benchmarks, such as objectives and risks. In assessing periods of relative underperformance or outperformance, the Board took into account that relative performance can be significantly impacted by performance measurement periods and that some periods of underperformance may be transitory in nature while others may reflect more significant underlying issues. |
18 |
3. | The costs of the services to be provided by the Adviser and the structure of the Adviser’s fee under the Advisory Agreement. In considering the advisory fee and total fees and expenses of the Fund, the Board reviewed comparisons to the peer funds and the Adviser’s similarly managed accounts for other types of clients, as well as all expense waivers and reimbursements. The Board also considered that the Adviser does not manage any other accounts with strategies similar to that of the Fund. |
4. | Economies of Scale. The Board also considered whether economies of scale were being realized by the Adviser that should be shared with shareholders. The Board noted that for the Fund the Adviser has contractually agreed to reduce its advisory fees or reimburse Fund expenses so that the Fund does not exceed the specified Expense Cap. The Board noted that at current asset levels, it did not appear that there were additional economies of scale being realized by the Adviser and concluded that it would continue to monitor potential economies of scale in the future as circumstances changed. |
5. | The profits to be realized by the Adviser and its affiliates from their relationship with the Fund. The Board reviewed the Adviser’s financial information and took into account both the direct benefits and the indirect benefits to the Adviser from advising the Fund. The Board considered the profitability to the Adviser from its relationship with the Fund and considered any additional material benefits derived by the Adviser from its relationship with the Fund. The Board also considered that the Fund does not charge any Rule 12b-1 fees or utilize “soft dollars.” After such review, the Board determined that the profitability to the Adviser with respect to the Advisory Agreement was not excessive, and that the Adviser had maintained adequate profit levels to support the services that it provides to the Fund. |
19 |
(b) | Financial Highlights are included within the financial statements filed under Item 7 of this Form. |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
See Item 7(a).
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
See Item 7(a).
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Item 16. Controls and Procedures.
(a) | The Registrant’s President/Chief Executive Officer/Principal Executive Officer and Vice President/Treasurer/Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
(b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
(a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable. |
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Advisors Series Trust |
By (Signature and Title)* | /s/ Jeffrey T. Rauman | ||
Jeffrey T. Rauman, President/Chief Executive Officer/Principal Executive Officer |
Date | 8/2/2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ Jeffrey T. Rauman | ||
Jeffrey T. Rauman, President/Chief Executive Officer/Principal Executive Officer |
Date | 8/2/2024 |
By (Signature and Title)* | /s/ Kevin J. Hayden | ||
Kevin J. Hayden, Vice President/Treasurer/Principal Financial Officer |
Date | 8/8/2024 |
* Print the name and title of each signing officer under his or her signature