High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
1
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
BONDS
–
92.31%
BANK
LOANS
—
9.01%*
Communications
—
0.65%
Cyxtera
DC
Holdings,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
3.00%)
5.07%
05/01/24
1
$
1,000,000
$
508,830
NEP/NCP
Holdco,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.36%)
8.49%
10/17/25
1
997,389
901,455
Term
Loan,
2nd
Lien
(SOFR
plus
7.11%)
12.22%
10/19/26
1
875,000
641,305
Zayo
Group
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.00%)
8.19%
03/09/27
1
1,800,000
1,419,300
3,470,890
Consumer
Discretionary
—
1.38%
ADMI
Corp.,
Term
Loan
B2,
1st
Lien
(SOFR
plus
3.49%)
8.56%
12/23/27
1
1,881,688
1,775,843
City
Brewing
Co.
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
8.32%
04/05/28
1
2,054,254
1,355,807
Hanesbrands,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
8.55%
03/08/30
1
798,000
801,990
Naked
Juice,
LLC,
Term
Loan,
2nd
Lien
(SOFR
plus
6.10%)
11.00%
01/24/30
1
2,891,000
2,322,196
New
Trojan
Parent,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
3.36%)
8.46%
-
8.47%
01/06/28
1
1,951,403
1,101,938
7,357,774
Entertainment
—
1.15%
Crown
Finance
U.S.,
Inc.,
Delayed-Draw
Term
Loan,
1st
Lien
(Luxembourg)
(SOFR
plus
10.10%)
15.19%
-
15.24%
09/07/23
1,2
2,705,553
2,738,249
Elanco
Animal
Health,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
1.85%)
7.01%
08/01/27
1
3,480,236
3,421,507
6,159,756
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Finance
—
0.19%
Auris
Lux
III
SA,
Term
Loan
B2,
1st
Lien
(Luxembourg)
(LIBOR
plus
3.75%)
9.09%
-
9.12%
02/27/26
1,2
$
1,060,225
$
1,006,419
Food
—
0.36%
8th
Avenue
Food &
Provisions,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.86%)
9.99%
10/01/25
1
748,096
698,849
B&G
Foods,
Inc.,
Term
Loan
B4,
1st
Lien
(LIBOR
plus
2.50%)
7.81%
10/10/26
1
775,000
761,197
H-Food
Holdings
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
3.69%)
9.27%
05/23/25
1
498,688
440,404
1,900,450
Health
Care
—
0.34%
eResearchTechnology,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
4.61%)
9.72%
02/04/27
1
848,141
817,820
Grifols
Worldwide
Operations
USA,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.15%)
7.41%
11/15/27
1
1,000,000
985,625
1,803,445
Health
Care
REITs
—
0.22%
Aveanna
Healthcare
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
9.23%
07/17/28
1
1,343,728
1,153,368
Industrials
—
2.26%
Clydesdale
Acquisition
Holdings,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
4.28%)
9.40%
04/13/29
1
2,178,000
2,147,410
DIRECTV
Financing
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
5.00%)
10.18%
08/02/27
1
623,450
610,894
Patriot
Container
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.85%)
9.05%
03/20/25
1
736,115
682,486
Plaze,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.64%)
8.88%
08/03/26
1
2,272,274
2,134,051
High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
2
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Industrials
(continued)
Proampac
PG
Borrower
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
8.93%
-
9.14%
11/03/25
1
$
2,561,279
$
2,538,881
SPX
flow,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.60%)
9.58%
04/05/29
1
429,171
424,701
Titan
Acquisition,
Ltd.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.00%)
8.73%
03/28/25
1
901,692
882,342
Transcendia
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
9.23%
05/30/24
1
1,589,884
1,195,720
Zep,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
9.24%
08/12/24
1
1,720,347
1,477,778
12,094,263
Information
Technology
—
1.38%
CT
Technologies
Intermediate
Holdings,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
4.25%)
9.44%
12/16/25
1
1,026,375
960,379
Magnite,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
5.00%)
10.15%
-
10.48%
04/28/28
1
503,715
502,833
MH
Sub
I
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
4.25%)
9.35%
04/25/28
1
748,358
718,985
Open
Text
Corp.,
Term
Loan,
1st
Lien
(Canada)
(SOFR
plus
3.60%)
8.74%
01/31/30
1,2
1,831,795
1,842,099
Spin
Holdco,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
9.23%
03/03/28
1
2,688,125
2,320,430
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B5,
1st
Lien
(SOFR
plus
1.75%)
6.97%
04/16/25
1
99,727
99,743
TierPoint
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
9.23%
05/05/26
1
931,539
928,045
7,372,514
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Insurance
—
0.17%
HUB
International
Ltd.,
Term
Loan,
1st
Lien
(SOFR
plus
4.25%)
9.45%
06/08/30
1
$
902,771
$
905,845
Materials
—
0.29%
Iris
Holding,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
4.75%)
9.90%
06/28/28
1
908,138
773,334
Polar
U.S.
Borrower
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
4.75%)
9.72%
-
9.73%
10/15/25
1
1,000,000
793,330
1,566,664
Retail
—
0.30%
American
Airlines,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
4.75%)
10.00%
04/20/28
1
430,000
439,753
Tacala
Investment
Corp.,
Term
Loan
B,
2nd
Lien
(LIBOR
plus
7.50%)
12.69%
02/04/28
1
1,249,500
1,183,901
1,623,654
Services
—
0.32%
Hornblower
Sub
LLC
(American
Queen
Sub
LLC),
Term
Loan,
1st
Lien
(LIBOR
plus
8.13%)
13.45%
11/10/25
1
554,681
552,948
Neptune
Bidco
U.S.,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.10%)
10.00%
04/11/29
1
1,335,000
1,179,806
1,732,754
Total
Bank
Loans
(Cost
$50,067,715)
48,147,796
CORPORATES
—
83.30%*
Automobile
Components
—
3.12%
Allison
Transmission,
Inc.
3.75%
01/30/31
3
1,000,000
845,000
Ford
Motor
Credit
Co.
LLC
2.90%
02/16/28
300,000
257,668
3.37%
11/17/23
15,749,000
15,591,510
16,694,178
Banking
—
2.48%
Bank
of
America
Corp.,
Series
RR
4.38%
4,5
2,040,000
1,766,182
Bank
of
New
York
Mellon
Corp.
(The),
Series
I
3.75%
4,5
2,515,000
2,064,187
High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
3
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Banking
(continued)
U.S.
Bancorp
3.70%
4,5
$
3,515,000
$
2,595,988
UBS
Group
AG
(Switzerland)
6.37%
07/15/26
2,3,5
710,000
705,946
6.54%
08/12/33
2,3,5
3,520,000
3,618,243
9.02%
11/15/33
2,3,5
2,070,000
2,495,239
13,245,785
Communications
—
16.13%
Altice
France
SA
(France)
5.13%
01/15/29
2,3
1,628,000
1,155,880
5.50%
10/15/29
2,3
4,679,000
3,370,028
8.13%
02/01/27
2,3
2,414,000
2,115,147
Cable
One,
Inc.
4.00%
11/15/30
3
6,030,000
4,733,550
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.
4.50%
08/15/30
3
850,000
708,811
4.75%
03/01/30
3
1,050,000
898,783
5.50%
05/01/26
3
12,369,000
12,121,620
CCO
Holdings,
LLC/CCO
Holdings
Capital
Corp.
4.50%
05/01/32
1,341,000
1,069,447
4.50%
06/01/33
3
2,000,000
1,575,000
Cogent
Communications
Group,
Inc.
7.00%
06/15/27
3
1,000,000
968,618
CommScope,
Inc.
4.75%
09/01/29
3
3,336,000
2,635,440
Consolidated
Communications,
Inc.
6.50%
10/01/28
3
1,765,000
1,394,350
CSC
Holdings
LLC
4.63%
12/01/30
3
900,000
405,000
5.75%
01/15/30
3
611,000
289,360
6.50%
02/01/29
3
7,235,000
5,855,906
7.50%
04/01/28
3
4,075,000
2,328,913
Diamond
Sports
Group,
LLC/Diamond
Sports
Finance
Co.
5.38%
08/15/26
3,6,7
3,620,000
124,437
DISH
DBS
Corp.
5.25%
12/01/26
3
3,105,000
2,496,568
7.38%
07/01/28
2,552,000
1,377,246
DISH
Network
Corp.
11.75%
11/15/27
3
1,100,000
1,077,407
Frontier
Communications
Holdings
LLC
5.00%
05/01/28
3
1,763,000
1,522,267
6.75%
05/01/29
3
1,794,000
1,393,625
8.63%
03/15/31
3
1,852,000
1,793,454
Global
Switch
Finance
BV
(EMTN)
(Netherlands)
1.38%
10/07/30
2
975,000
885,384
Gray
Escrow
II,
Inc.
5.38%
11/15/31
3
3,710,000
2,477,089
Intelsat
Jackson
Holdings
SA
(Luxembourg)
6.50%
03/15/30
2,3
3,664,000
3,332,353
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Communications
(continued)
Intelsat
Jackson
Holdings
SA,
Class
B
(Luxembourg)
5.50%
08/01/23
†,2,6,7,8,9
$
6,350,000
$
—
8.50%
10/15/24
†,2,3,6,7,8,9
2,853,000
—
9.75%
07/15/25
†,2,3,6,7,8,9
4,051,000
—
Level
3
Financing,
Inc.
4.25%
07/01/28
3
1,375,000
889,025
10.50%
05/15/30
3
3,190,000
3,245,825
Netflix,
Inc.
4.63%
05/15/29
900,000
995,363
Northwest
Fiber
LLC/Northwest
Fiber
Finance
Sub,
Inc.
4.75%
04/30/27
3
1,787,000
1,581,495
Scripps
Escrow
II,
Inc.
5.38%
01/15/31
3
1,758,000
1,242,027
Scripps
Escrow,
Inc.
5.88%
07/15/27
3
650,000
529,750
SES
GLOBAL
Americas
Holdings,
Inc.
5.30%
03/25/44
3
1,680,000
1,251,155
Sirius
XM
Radio,
Inc.
3.88%
09/01/31
3
3,553,000
2,750,901
Sprint
LLC
7.88%
09/15/23
7,000,000
7,023,205
Tele
Columbus
AG,
Series
REGS
(Georgia)
3.88%
05/02/25
2
995,000
738,171
Vmed
O2
UK
Financing
I
PLC
(United
Kingdom)
4.75%
07/15/31
2,3
2,307,000
1,909,043
VZ
Secured
Financing
BV
(Netherlands)
5.00%
01/15/32
2,3
3,687,000
2,981,204
VZ
Secured
Financing
BV,
Series
REGS
(Netherlands)
3.50%
01/15/32
2
1,260,000
1,062,924
Zayo
Group
Holdings,
Inc.
4.00%
03/01/27
3
2,683,000
1,897,912
86,203,683
Consumer
Discretionary
—
3.96%
BAT
Capital
Corp.
5.28%
04/02/50
1,763,000
1,462,360
Central
Garden
&
Pet
Co.
4.13%
04/30/31
3
1,030,000
850,622
Everi
Holdings,
Inc.
5.00%
07/15/29
3
1,723,000
1,516,240
Hilton
Domestic
Operating
Co.,
Inc.
3.63%
02/15/32
3
2,917,000
2,434,795
Primo
Water
Holdings,
Inc.
4.38%
04/30/29
3
3,066,000
2,630,429
Triton
Water
Holdings,
Inc.
6.25%
04/01/29
3
5,022,000
4,320,427
WarnerMedia
Holdings,
Inc.
5.14%
03/15/52
5,935,000
4,843,152
High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
4
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Consumer
Discretionary
(continued)
Wyndham
Hotels
&
Resorts,
Inc.
4.38%
08/15/28
3
$
3,399,000
$
3,108,137
21,166,162
Consumer
Products
—
1.08%
Newell
Brands,
Inc.
4.88%
06/01/25
3,921,000
3,792,077
6.00%
04/01/46
1,779,000
1,409,686
Spectrum
Brands,
Inc.
5.00%
10/01/29
3
609,000
548,100
5,749,863
Diversified
REITs
—
2.57%
American
Assets
Trust
LP
3.38%
02/01/31
3,431,000
2,694,214
GLP
Capital
LP/GLP
Financing
II,
Inc.
5.75%
06/01/28
1,924,000
1,884,107
VICI
Properties
LP
4.95%
02/15/30
10,000
9,398
VICI
Properties
LP/VICI
Note
Co.,
Inc.
3.88%
02/15/29
3
285,000
250,362
4.63%
06/15/25
3
3,820,000
3,698,005
5.75%
02/01/27
3
5,307,000
5,213,680
13,749,766
Electric
—
0.05%
Pike
Corp.
5.50%
09/01/28
3
315,000
283,123
Energy
—
6.21%
Archrock
Partners
LP/Archrock
Partners
Finance
Corp.
6.25%
04/01/28
3
645,000
607,300
Energy
Transfer
LP,
Series
B
6.63%
4,5
6,154,000
4,731,313
Global
Partners
LP/GLP
Finance
Corp.
6.88%
01/15/29
3,971,000
3,691,858
NGL
Energy
Operating
LLC/NGL
Energy
Finance
Corp.
7.50%
02/01/26
3
2,450,000
2,415,621
Petroleos
Mexicanos
(Mexico)
5.95%
01/28/31
2
524,000
383,201
Rockies
Express
Pipeline
LLC
4.80%
05/15/30
3
650,000
572,000
6.88%
04/15/40
3
2,984,000
2,685,600
SM
Energy
Co.
6.50%
07/15/28
2,020,000
1,945,883
TransMontaigne
Partners
LP/TLP
Finance
Corp.
6.13%
02/15/26
3,139,000
2,722,015
Transocean
Titan
Financing
Ltd.
(Cayman
Islands)
8.38%
02/01/28
2,3
2,975,000
3,038,219
USA
Compression
Partners
LP/USA
Compression
Finance
Corp.
6.88%
09/01/27
1,170,000
1,118,391
Venture
Global
Calcasieu
Pass
LLC
3.88%
11/01/33
3
550,000
452,959
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Energy
(continued)
4.13%
08/15/31
3
$
5,608,000
$
4,841,271
6.25%
01/15/30
3
4,000,000
3,973,000
33,178,631
Entertainment
—
0.85%
Banijay
Entertainment
SASU
(France)
5.38%
03/01/25
2,3
2,400,000
2,354,700
Cinemark
USA,
Inc.
5.25%
07/15/28
3
919,000
813,315
WMG
Acquisition
Corp.
3.75%
12/01/29
3
1,593,000
1,383,919
4,551,934
Finance
—
3.08%
American
Express
Co.,
Series
D
3.55%
4,5
2,150,000
1,799,454
Avolon
Holdings
Funding
Ltd.
(Cayman
Islands)
2.53%
11/18/27
2,3
2,083,000
1,758,430
Charles
Schwab
Corp.
(The)
Series
K
5.00%
4,5
2,430,000
2,042,342
Citigroup,
Inc.
2.52%
11/03/32
5
120,000
96,594
2.56%
05/01/32
5
1,670,000
1,364,315
GGAM
Finance
Ltd.
(Cayman
Islands)
8.00%
06/15/28
2,3
1,889,000
1,894,686
Icahn
Enterprises
LP/Icahn
Enterprises
Finance
Corp.
4.38%
02/01/29
1,475,000
1,161,563
5.25%
05/15/27
781,000
675,073
6.25%
05/15/26
500,000
456,094
6.38%
12/15/25
459,000
427,658
Jane
Street
Group/JSG
Finance,
Inc.
4.50%
11/15/29
3
4,708,000
4,065,097
JPMorgan
Chase
&
Co.,
Series
KK
3.65%
4,5
805,000
710,533
16,451,839
Food
—
6.20%
B&G
Foods,
Inc.
5.25%
04/01/25
1,206,000
1,157,169
Chobani
LLC/Chobani
Finance
Corp,
Inc.
4.63%
11/15/28
3
346,000
315,339
H-Food
Holdings
LLC/Hearthside
Finance
Co.,
Inc.
8.50%
06/01/26
3
1,387,000
549,772
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
(Canada)
3.75%
12/01/31
2,3
1,789,000
1,479,673
5.75%
04/01/33
2,3
9,060,000
8,551,752
Nathan's
Famous,
Inc.
6.63%
11/01/25
3
372,000
371,535
High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
5
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Food
(continued)
Pilgrim's
Pride
Corp.
3.50%
03/01/32
$
13,071,000
$
10,426,026
5.88%
09/30/27
3
1,896,000
1,873,620
6.25%
07/01/33
1,275,000
1,241,956
Post
Holdings,
Inc.
5.75%
03/01/27
3
3,054,000
2,985,285
Simmons
Foods,
Inc./Simmons
Prepared
Foods,
Inc./
Simmons
Pet
Food,
Inc./Simmons
Feed
4.63%
03/01/29
3
5,171,000
4,190,908
33,143,035
Gaming
—
1.18%
Caesars
Resort
Collection
LLC/CRC
Finco,
Inc.
5.75%
07/01/25
3
4,375,000
4,430,467
CDI
Escrow
Issuer,
Inc.
5.75%
04/01/30
3
1,132,000
1,057,495
Penn
Entertainment,
Inc.
4.13%
07/01/29
3
1,023,000
841,417
6,329,379
Health
Care
—
12.25%
1375209
BC
Ltd.
(Canada)
9.00%
01/30/28
2,3
2,579,000
2,588,426
Amgen,
Inc.
5.25%
03/02/33
1,300,000
1,301,935
Bausch
Health
Cos.,
Inc.
(Canada)
14.00%
10/15/30
2,3
342,000
205,200
Cano
Health
LLC
6.25%
10/01/28
3
4,067,000
2,549,297
Catalent
Pharma
Solutions,
Inc.
3.50%
04/01/30
3
3,667,000
2,973,845
5.00%
07/15/27
3
2,882,000
2,647,861
Centene
Corp.
2.45%
07/15/28
7,675,000
6,589,480
2.63%
08/01/31
2,500,000
1,998,450
3.00%
10/15/30
865,000
721,632
4.25%
12/15/27
8,170,000
7,646,385
Embecta
Corp.
6.75%
02/15/30
3
3,526,000
3,208,803
Fortrea
Holdings,
Inc.
7.50%
07/01/30
3
428,000
438,456
Grifols
Escrow
Issuer
SA
(Spain)
4.75%
10/15/28
2,3
1,814,000
1,575,702
Grifols
Escrow
Issuer
SA,
Series
REGS
(Spain)
3.88%
10/15/28
2
375,000
351,178
Heartland
Dental
LLC/Heartland
Dental
Finance
Corp.
10.50%
04/30/28
3
791,000
786,925
Kevlar
SpA
(Italy)
6.50%
09/01/29
2,3
2,163,000
1,854,772
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Health
Care
(continued)
ModivCare
Escrow
Issuer,
Inc.
5.00%
10/01/29
3
$
5,450,000
$
4,040,191
ModivCare,
Inc.
5.88%
11/15/25
3
250,000
231,821
Molina
Healthcare,
Inc.
3.88%
11/15/30
3
3,002,000
2,589,225
Option
Care
Health,
Inc.
4.38%
10/31/29
3
2,223,000
1,964,381
Organon
&
Co./Organon
Foreign
Debt
Co.-Issuer
BV
5.13%
04/30/31
3
2,178,000
1,802,295
Prestige
Brands,
Inc.
3.75%
04/01/31
3
1,970,000
1,633,592
Prime
Healthcare
Services,
Inc.
7.25%
11/01/25
3
3,675,000
3,500,474
Teleflex,
Inc.
4.25%
06/01/28
3
2,667,000
2,439,583
Tenet
Healthcare
Corp.
4.88%
01/01/26
8,753,000
8,537,035
Teva
Pharmaceutical
Finance
Netherlands
III
BV
(Netherlands)
8.13%
09/15/31
2
1,257,000
1,318,432
65,495,376
Industrials
—
6.01%
Ardagh
Packaging
Finance
PLC/Ardagh
Holdings
USA,
Inc.
(Canada)
5.25%
08/15/27
2,3
3,147,000
2,666,384
Artera
Services
LLC
9.03%
12/04/25
3
2,214,000
1,940,501
Ball
Corp.
3.13%
09/15/31
4,138,000
3,408,531
6.88%
03/15/28
1,250,000
1,274,350
General
Electric
Co.
(MTN)
(LIBOR
USD
3-Month
plus
0.48%)
5.80%
08/15/36
1
1,300,000
1,144,750
General
Electric
Co.,
Series
D
8.88%
4,5
1,430,000
1,434,573
Graham
Packaging
Co.,
Inc.
7.13%
08/15/28
3
2,191,000
1,873,623
Graphic
Packaging
International
LLC
4.13%
08/15/24
3,745,000
3,679,463
II-VI,
Inc.
5.00%
12/15/29
3
622,000
562,398
OT
Merger
Corp.
7.88%
10/15/29
3
4,618,000
2,834,542
Pactiv
Evergreen
Group
Issuer
LLC/Pactiv
Evergreen
Group
Issuer,
Inc.
4.38%
10/15/28
3
1,820,000
1,592,500
Rolls-Royce
PLC
(EMTN)
(United
Kingdom)
1.63%
05/09/28
2
400,000
370,239
TransDigm,
Inc.
4.63%
01/15/29
1,150,000
1,024,336
High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
6
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Industrials
(continued)
6.25%
03/15/26
3
$
5,044,000
$
5,044,000
6.75%
08/15/28
3
2,650,000
2,668,312
Trivium
Packaging
Finance
BV
(Netherlands)
5.50%
08/15/26
2,3
612,000
588,410
32,106,912
Information
Technology
—
3.81%
Alteryx,
Inc.
8.75%
03/15/28
3
1,355,000
1,334,404
Booz
Allen
Hamilton,
Inc.
4.00%
07/01/29
3
2,816,000
2,527,402
Gen
Digital,
Inc.
6.75%
09/30/27
3
500,000
499,560
MSCI,
Inc.
3.63%
09/01/30
3
2,270,000
1,959,665
3.63%
11/01/31
3
1,445,000
1,235,017
NCR
Corp.
5.25%
10/01/30
3
4,541,000
3,954,569
Open
Text
Corp.
(Canada)
6.90%
12/01/27
2,3
1,352,000
1,375,660
Oracle
Corp.
6.25%
11/09/32
1,300,000
1,381,609
Science
Applications
International
Corp.
4.88%
04/01/28
3
2,023,000
1,899,470
Uber
Technologies,
Inc.
7.50%
05/15/25
3
4,145,000
4,199,547
20,366,903
Insurance
—
0.76%
Acrisure
LLC/Acrisure
Finance,
Inc.
6.00%
08/01/29
3
3,795,000
3,282,675
Alliant
Holdings
Intermediate
LLC/Alliant
Holdings
Co.-Issuer
6.75%
10/15/27
3
828,000
782,460
4,065,135
Materials
—
4.05%
ASP
Unifrax
Holdings,
Inc.
5.25%
09/30/28
3
2,038,000
1,474,657
7.50%
09/30/29
3
2,579,000
1,619,051
ATI,
Inc.
5.13%
10/01/31
914,000
815,745
Axalta
Coating
Systems,
LLC
3.38%
02/15/29
3
3,762,000
3,208,512
Clearwater
Paper
Corp.
4.75%
08/15/28
3
2,731,000
2,439,838
Herens
Holdco
SARL
(Luxembourg)
4.75%
05/15/28
2,3
3,224,000
2,491,994
International
Flavors
&
Fragrances,
Inc.
2.30%
11/01/30
3
1,650,000
1,308,847
Olympus
Water
U.S.
Holding
Corp.
7.13%
10/01/27
3
910,000
829,670
SCIH
Salt
Holdings,
Inc.
4.88%
05/01/28
3
272,000
240,720
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Materials
(continued)
SCIL
IV
LLC/SCIL
USA
Holdings
LLC
5.38%
11/01/26
3
$
1,189,000
$
1,084,536
SK
Invictus
Intermediate
II
SARL
(Luxembourg)
5.00%
10/30/29
2,3
4,120,000
3,277,584
Valvoline,
Inc.
3.63%
06/15/31
3
2,299,000
1,871,202
WR
Grace
Holdings,
LLC
5.63%
08/15/29
3
1,234,000
1,012,189
21,674,545
Office
REITs
—
0.23%
Hudson
Pacific
Properties
LP
3.25%
01/15/30
1,188,000
754,621
4.65%
04/01/29
650,000
459,297
1,213,918
Retail
—
4.07%
Bloomin'
Brands,
Inc./OSI
Restaurant
Partners
LLC
5.13%
04/15/29
3
324,000
290,790
Fertitta
Entertainment,
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.
6.75%
01/15/30
3
3,835,000
3,269,338
FirstCash,
Inc.
5.63%
01/01/30
3
2,071,000
1,873,071
Michaels
Cos.,
Inc.
(The)
7.88%
05/01/29
3
3,428,000
2,313,900
Papa
John's
International,
Inc.
3.88%
09/15/29
3
3,439,000
2,912,932
Yum!
Brands,
Inc.
3.88%
11/01/23
11,184,000
11,100,120
21,760,151
Services
—
4.89%
Adtalem
Global
Education,
Inc.
5.50%
03/01/28
3
2,038,000
1,853,029
Block,
Inc.
3.50%
06/01/31
1,095,000
910,876
Carriage
Services,
Inc.
4.25%
05/15/29
3
2,361,000
2,036,748
HealthEquity,
Inc.
4.50%
10/01/29
3
1,560,000
1,382,035
Hertz
Corp.
(The)
5.00%
12/01/29
3
4,643,000
3,807,260
Prime
Security
Services
Borrower
LLC/Prime
Finance,
Inc.
3.38%
08/31/27
3
300,000
265,096
5.25%
04/15/24
3
4,315,000
4,283,295
Upbound
Group,
Inc.
6.38%
02/15/29
3
3,521,000
3,133,690
WASH
Multifamily
Acquisition,
Inc.
5.75%
04/15/26
3
2,682,000
2,518,645
Waste
Pro
USA,
Inc.
5.50%
02/15/26
3
6,420,000
5,962,721
26,153,395
High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
7
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Specialized
REITs
—
0.10%
Blackstone
Property
Partners
Europe
Holdings
SARL
(EMTN)
(Luxembourg)
1.75%
03/12/29
2
$
635,000
$
516,452
Transportation
—
0.22%
U.S.
Airways
Pass-Through
Trust,
Series
2012-1,
Class
A
5.90%
10/01/24
1,175,865
1,164,106
Total
Corporates
(Cost
$475,194,922)
445,264,271
Total
Bonds
—
92.31%
(Cost
$525,262,637)
493,412,067
Issues
Shares
Value
COMMON
STOCK
—
0.79%
Communications
—
0.53%
Intelsat
Emergence
SA
2,8,9
(Luxembourg)
125,435
2,841,103
Electric
—
0.00%
Homer
City
Holdings
LLC
†,8,9,10
502,908
—
Transportation
—
0.26%
Hertz
Global
Holdings,
Inc.
6
75,000
1,379,250
Total
Common
Stock
(Cost
$32,356,394)
4,220,353
RIGHTS
—
0.00%
Communications
—
0.00%
Intelsat
Jackson
Holdings
SA,
Series
A
†,2,6,8,9
(Luxembourg)
13,135
—
Intelsat
Jackson
Holdings
SA,
Series
B
†,2,6,8,9
(Luxembourg)
13,135
—
—
Total
Rights
(Cost
$–)
—
WARRANT
—
0.00%
Intelsat
Jackson
Holdings
SA,
2,6,8,9
(Luxembourg)
16
20
Entertainment
—
0.00%
Cineworld
Group
PLC
2,6
(United
Kingdom)
288,340
10,081
Total
Warrant
(Cost
$60)
10,101
Issues
Maturity
Date
Principal
Amount
/
Shares
Value
SHORT-TERM
INVESTMENTS
—
6.26%
Money
Market
Funds
—
2.57%
Fidelity
Investments
Money
Market
Funds
-
Government
Portfolio
4.99%
11
283,858
$
283,858
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
5.02%
11
13,441,000
13,441,000
13,724,858
U.S.
Agency
Discount
Notes
—
0.93%
Federal
Home
Loan
Bank
4.93%
12
08/09/23
$
5,000,000
4,974,637
U.S.
Treasury
Bills
—
2.76%
U.S.
Cash
Management
Bills
4.90%
12
10/19/23
15,000,000
14,766,233
Total
Short-Term
Investments
(Cost
$33,484,333)
33,465,728
Total
Investments
-
99.36%
(Cost
$591,103,424)
531,108,249
Cash
and
Other
Assets,
Less
Liabilities
-
0.64%
3,438,907
Net
Assets
-
100.00%
$
534,547,156
1
Floating
rate
security.
The
rate
disclosed
was
in
effect
at
June
30,
2023.
2
Foreign
denominated
security
issued
by
foreign
domiciled
entity.
3
Securities
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
The
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
4
Perpetual
security
with
no
stated
maturity
date.
5
Variable
rate
security.
Interest
rate
disclosed
is
as
of
the
most
recent
information
available.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
6
Non-income producing
security.
7
Security
is
currently
in
default
with
regard
to
scheduled
interest
or
principal
payments.
8
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
9
Illiquid
security
as
determined
under
procedures
approved
by
the
Board
of
Trustees.
The
aggregate
value
of
illiquid
securities
is
$2,841,123,
which
is
0.53%
of
total
net
assets.
10
Affiliated
investment.
11
Represents
the
current
yield
as
of
June
30,
2023.
12
Represents
annualized
yield
at
date
of
purchase.
†
Fair
valued
security.
The
aggregate
value
of
fair
valued
securities
is
$0,
which
is
0.00%
of
total
net
assets.
Fair
valued
securities
were
not
valued
utilizing
an
independent
quote
but
were
valued
pursuant
to
guidelines
approved
by
the
Board
of
Trustees.
See
Notes
to
Financial
Statements.
*
Securities
with
a
call
or
reset
feature
will
have
an
effective
maturity
date
sooner
than
the
stated
maturity.
High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
8
Note:
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
for
more
meaningful
presentation
for
investors.
(EMTN):
Euro
Medium-Term
Note
(EUR):
Euro
(LIBOR):
London
InterBank
Offer
Rate
(MTN):
Medium-Term
Note
(REIT):
Real
Estate
Investment
Trust
(SOFR):
Secured
Overnight
Financing
Rate
(USD):
U.S.
Dollar
Currency
to
be
Purchased
Currency
to
be
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
FOREIGN
CURRENCY
EXCHANGE
CONTRACT
USD
5,054,847
EUR
4,601,000
Citibank
N.A.
07/14/23
$
31,494
NET
UNREALIZED
APPRECIATION
$
31,494
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
FUTURES
CONTRACTS:
LONG
POSITIONS
U.S.
Treasury
Five-Year
Note
390
09/29/23
$
41,766,563
$
(699,656)
$
(699,656)
U.S.
Treasury
Two-Year
Note
156
09/29/23
31,721,625
(365,138)
(365,138)
73,488,188
(1,064,794)
(1,064,794)
FUTURES
CONTRACTS:
SHORT
POSITIONS
U.S.
Treasury
Ten-Year
Ultra
Bond
94
09/20/23
(11,133,125)
117,374
117,374
Euro-Bobl
Future
28
09/07/23
(3,534,709)
54,329
54,329
Euro-Bund
Future
4
09/07/23
(583,641)
7,718
7,718
(15,251,475)
179,421
179,421
TOTAL
FUTURES
CONTRACTS
$
58,236,713
$
(885,373)
$
(885,373)
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Implied
Credit
Spread
at
06/30/23
1
Counterparty
Expiration
Date
Notional
Amount
(000's)
2
Value
3
Premiums
Paid
Unrealized
Appreciation
SWAPS:
CREDIT
DEFAULT
(SALES)
-
SINGLE
ISSUES
OTC
4
Berry
Global,
Inc.,
5.63%,
due
07/15/27
5.00%
3
Months
175
Credit
Suisse
First
Boston
International
12/20/23
$
3,995
$
68,008
$
57,208
$
10,800
1
An
implied
credit
spread
is
the
spread
in
yield
between
a
U.S.
Treasury
security
and
the
referenced
obligation
or
underlying
investment
that
are
identical
in
all
respects
except
for
the
quality
rating.
Implied
credit
spreads,
represented
in
absolute
terms,
utilized
in
determining
the
value
of
credit
default
swaps
on
corporate
issues
as
of
year-end
serve
as
an
indicator
of
the
current
status
of
the
payment
performance
risk
and
represent
the
likelihood
of
risk
of
default
for
the
credit
derivative.
The
implied
credit
spread
of
a
particular
referenced
entity
reflects
the
cost
of
buying/selling
protection
and
may
include
upfront
payments
required
to
be
made
to
enter
the
agreement.
Wider
credit
spreads,
in
comparison
to
narrower
credit
spreads,
represent
a
deterioration
of
the
referenced
entity's
credit
soundness
and
a
greater
likelihood
of
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
2
The
maximum
potential
amount
for
the
Fund
could
be
required
to
pay
as
a
seller
of
credit
protection
or
receive
as
a
buyer
of
credit
protection
if
a
credit
event
occurs
as
defined
under
the
terms
of
that
particular
swap
agreement.
3
The
quoted
market
prices
are
resulting
values
for
credit
default
swap
agreements
on
credit
indices
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
likelihood
of
an
expected
liability
(or
profit)
for
the
credit
derivative
had
the
notional
amount
of
the
swap
agreement
been
closed/sold
as
of
year-end.
Increasing
values
(buy
protection)
or
decreasing
values
(sell
protection),
when
compared
to
the
notional
amount
of
the
swap,
represent
a
deterioration
of
the
referenced
entity's
credit
soundness
and
a
greater
likelihood
of
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
4
If
the
Fund
is
a
seller
of
protection
and
credit
event
occurs,
as
defined
under
the
terms
of
that
particular
swap
agreement,
the
Fund
will
either
(i)
pay
to
the
buyer
of
protection
the
amount
equal
to
the
notional
amount
of
the
swap
and
take
delivery
of
the
referenced
obligation
or
underlying
investments
comprising
the
referenced
index
or
(ii)
pay
a
net
settlement
amount
in
the
form
of
cash
or
investments
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
referenced
obligation
or
underlying
investments
comprising
the
referenced
index.
High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
9
/
June
2023
SIGNIFICANT
ACCOUNTING
POLICIES
The
following
is
a
summary
of
significant
accounting
policies
consistently
followed
by
the
Fund:
Net
Asset
Value
The
Net
Asset
Value
(“NAV”)
of
each
class
of
the
Fund
is
determined
by
dividing
the
net
assets
attributable
to
each
class
of
shares
of
the
Fund
by
the
number
of
issued
and
outstanding
shares
of
the
class
of
the
Fund
on
each
business
day
as
of
4
p.m.
ET.
Security
Valuation
Pursuant
to
Rule
2a-5
under
the
1940
Act,
the
Board
of
Trustees
(the
"Board"
or
the
"Board
of
Trustees")
has
designated
the
Adviser
as
the
"valuation
designee"
with
respect
to
the
fair
valuation
of
the
Fund's
portfolio
securities,
subject
to
oversight
by
and
periodic
reporting
to
the
Board. Fixed
income
securities
for
which
market
quotations
are
readily
available were
valued
during
the
period at
prices
as
provided
by
independent
pricing
vendors
or
broker
quotes.
The
Fund
received
pricing
information
from
independent
pricing
vendors
selected
and
overseen
by
the
valuation
designee.
Securities
with
a
demand
feature
exercisable
within
one
to
seven
days
are
valued
at
par.
The
Fund
also
uses
a
benchmark
pricing
system
to
the
extent
vendors’
prices
for
their
securities
are
either
inaccurate
(such
as
when
the
reported
prices
are
different
from
recent
known
market
transactions)
or
are
not
available
from
another
pricing
source.
For
a
security
priced
using
this
system,
the
Adviser
initially
selects
a
proxy
composed
of
a
relevant
security
(e.g.,
U.S.
Treasury
Note)
or
benchmark
(e.g.,
LIBOR)
and
a
multiplier,
divisor
or
margin
that
the
Adviser
believes
would
together
best
reflect
changes
in
the
market
value
of
the
security.
The
value
of
the
security
changes
daily
based
on
changes
to
the
market
price
of
the
assigned
benchmark.
The
benchmark
pricing
system
is
continuously
reviewed
by
the
Adviser
and
implemented
according
to
the
pricing
policy
reviewed
by
the
Board.
S&P
500
Index
futures
contracts
are
valued
at
the
first
sale
price
after
4
p.m.
ET
on
the
Chicago
Mercantile
Exchange.
All
other
futures
contracts
are
valued
at
the
official
settlement
price
of
the
exchange
on
which
those
securities
are
traded.
Equity
securities,
including
depository
receipts,
are
valued
at
the
last
reported
sale
price
or
the
market’s
closing
price
on
the
exchange
or
market
on
which
such
securities
are
traded,
as
of
the
close
of
business
on
the
day
the
securities
are
being
valued
or,
lacking
any
sales,
at
the
average
of
the
bid
and
ask
prices.
In
cases
where
equity
securities
are
traded
on
more
than
one
exchange,
the
securities
are
valued
on
the
exchange
or
market
determined
by
the
Adviser
to
be
the
broadest
and
most
representative
market,
which
may
be
either
a
securities
exchange
or
the
over-the-counter
market.
Equity
options
are
valued
at
the
average
of
the
bid
and
ask
prices.
Securities
and
other
assets
that
could
not be
valued
as
described
above were
valued
for
the
period at
their
fair
value
as
determined
by
the
Adviser
in
accordance
with
procedures
approved by
and
under
the
general
oversight
of
the
Board.
Investments
in
registered
open-ended
investment
companies,
including
those
classified
as
money
market
funds,
are
valued
based
upon
the
reported
NAV
of
such
investments.
Fair
value
methods
used
by
the
Adviser
for
the
period included,
but were
not
limited
to,
obtaining
market
quotations
from
secondary
pricing
services,
broker-dealers,
or
widely
used
quotation
systems.
General
factors
considered
in
determining
the
fair
value
of
securities
include
fundamental
analytical
data,
the
nature
and
duration
of
any
restrictions
on
disposition
of
the
securities,
and
an
evaluation
of
the
forces
that
influence
the
market
in
which
the
investments
are
purchased
and
sold.
These
securities
are
either
categorized
as
Level
2
or
3
depending
on
the
relevant
inputs
used.
In
the
event
that
the
security
or
asset
could
not be
valued
pursuant
to
one
of
the
valuation
methods
used
by
the
Adviser,
the
value
of
the
security
or
asset was
determined
in
good
faith
by
the Adviser,
as
the
valuation
designee.
When
the
Fund
uses
these
fair
valuation
methods that
use
significant
unobservable
inputs
to
determine
NAV,
securities
will
be
priced
by
a
method
that
the
Adviser
believes
accurately
reflects
fair
value
and
are
categorized
as
Level
3
of
the
fair
value
hierarchy.
These
methods
may
require
subjective
determinations
about
the
value
of
a
security.
While
the
Fund’s
policy
is
intended
to
result
in
a
calculation
of
its
NAV
that
fairly
reflects
security
values
as
of
the
time
of
pricing,
the
Fund
cannot
guarantee
that
values
determined
by
the
Adviser
would
accurately
reflect
the
price
that
the
Fund
could
obtain
for
a
security
if
it
were
to
dispose
of
that
security
as
of
the
time
of
pricing
(for
instance,
in
a
forced
or
distressed
sale).
The
prices
used
by
the
Fund
may
differ
from
the
value
that
would
be
realized
if
the
securities
were
sold.
Fair
Value
Measurements
Various
inputs
are
used
in
determining
the
fair
value
of
investments,
which
are
as
follows:
*
Level
1
-
unadjusted
quoted
prices
in
active
markets
for
identical
securities
*
Level
2
-
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
*
Level
3
-
significant
unobservable
inputs
that
are
not
corroborated
by
observable
market
data
High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
10
The
inputs
or
methodology
used
for
valuing
investments
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
investments
and
the
determination
of
the
significance
of
a
particular
input
to
the
fair
value
measurement
in
its
entirety
requires
judgment
and
consideration
of
factors
specific
to
each
security.
The
availability
of
observable
inputs
can
vary
from
security
to
security
and
is
affected
by
a
wide
variety
of
factors,
including,
for
example,
the
type
of
security,
whether
the
security
is
new
and
not
yet
established
in
the
marketplace,
the
liquidity
of
markets,
and
other
characteristics
particular
to
the
security.
To
the
extent
that
valuation
is
based
on
models
or
inputs
that
are
less
observable
or
unobservable
in
the
market,
the
determination
of
fair
value
requires
more
judgment.
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized as
Level
3.
In
periods
of
market
dislocation,
the
observability
of
prices
and
inputs
may
be
reduced
for
many
instruments.
This
condition,
as
well
as
changes
related
to
liquidity
of
investments,
could
cause
a
security
to
be
reclassified
between
Level
1,
Level
2,
or
Level
3.
In
certain
cases,
the
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes
the
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
falls
in
its
entirety
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
summary
of
inputs
used
to
value
the
Fund’s
investments
and
other
financial
instruments
carried
at
fair
value
as
of
June
30,
2023
is
as
follows:
HIGH
YIELD
BOND
FUND
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Investments
in
Securities
Assets:
Short-Term
Investments:
Money
Market
Funds
$
13,724,858
$
—
$
—
$
13,724,858
U.S.
Agency
Discount
Notes
—
4,974,637
—
4,974,637
U.S.
Treasury
Bills
14,766,233
—
—
14,766,233
Long-Term
Investments:
Bank
Loans
—
48,147,796
—
48,147,796
Common
Stock
1,379,250
—
2,841,103
4,220,353
Corporates
—
445,264,271
—
445,264,271
Rights
—
—
—
—
Warrant
—
10,081
20
10,101
Other
Financial
Instruments
*
Assets:
Credit
contracts
—
68,008
—
68,008
Foreign
currency
exchange
contracts
—
31,494
—
31,494
Interest
rate
contracts
179,421
—
—
179,421
Liabilities:
Interest
rate
contracts
(
1,064,794
)
—
—
(
1,064,794
)
Total
$
28,984,968
$
498,496,287
$
2,841,123
$
530,322,378
*Other
financial
instruments
include
foreign
currency
exchange
contracts,
futures
and
swaps.
Credit
contracts
include
swaps.
Interest
rate
contracts
include
futures.
High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
11
/
June
2023
Certain
securities
held
by
the
Funds
are
categorized
as
Level
3
investments.
Their
prices
may
be
derived
by
utilizing
unobservable
prior
transaction
values
or
information
from
third
party
valuation
services.
The
value
of
Level
3
investments
could
be
significantly
affected
by
changes
in
these
unobservable
inputs.
For
the
period
ended
June
30,
2023
a
reconciliation
of
Level
3
investments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
at
the
beginning
and/or
end
of
the
period
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
HIGH
YIELD
BOND
FUND
COMMON
STOCK
CREDIT
DEFAULT
SWAPS
WARRANT
TOTAL
Balance
as
of
April
1,
2023
$
3,261,310
$
20,044
$
23
$
3,281,377
Accrued
discounts/premiums
—
(
14,328
)
—
(
14,328
)
Realized
gain
(loss)
—
—
—
—
Change
in
unrealized
(depreciation)*
(
420,207
)
(
5,716
)
(
3
)
(
425,926
)
Purchases
—
—
—
—
Sales
—
—
—
—
Transfers
into
Level
3**
—
—
—
—
Transfers
out
of
Level
3**
—
—
—
—
Balance
as
of
June
30,
2023
$
2,841,103
$
—
$
20
$
2,841,123
*The
change
in
unrealized
appreciation
(depreciation)
on
securities
still
held
at
June
30,
2023
was
$(420,210)
and
is
included
in
the
related
net
realized
gains
(losses)
and
net
change
in
appreciation
(depreciation)
in
the
Statements
of
Operations.
**There
were
no
transfers
between
level
2
and
3
for
the
period
ended
June
30,
2023.
Significant
unobservable
valuations
inputs
for
Level
3
investments
as
of
June
30,
2023,
are
as
follows:
HIGH
YIELD
BOND
FUND
FAIR
VALUE
AT
6/30/23
VALUATION
TECHNIQUE
*
UNOBSERVABLE
INPUT
RANGE
WEIGHTED
AVERAGE
INPUT
TO
VALUATION
IF
INPUT
INCREASES
Common
Stock
$—
Broker
Quote
Offered
Quote
$—
$—
Increase
Common
Stock
$2,841,103
Third-Party
Vendor
Vendor
Prices
$22.65
$22.65
Increase
Corporate
Securities
$—
Broker
Quote
Offered
Quote
$—
$—
Increase
Rights
$—
Broker
Quote
Offered
Quote
$—
$—
Increase
Warrant
$20
Third-Party
Vendor
Vendor
Prices
$1.25
$1.25
Increase
*
The
valuation
technique
employed
on
the
Level
3
securities
involves
the
use
of
vendor
prices,
broker
quotes
and
benchmark
pricing.
The
Adviser
monitors
the
third-party
brokers
and
vendors
using
the
valuation
process.
Investment
transactions
in
the
shares
of
affiliated
issuers
for
the
period
ended
June
30,
2023
were
as
follows:
VALUE
AT
BEGINNING
OF
YEAR
PURCHASES
SALES
DIVIDEND/
INTEREST
VALUE
AT
END
OF
PERIOD
REALIZED
GAIN
(LOSS)
CHANGE
IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
Homer
City
Holdings
LLC
$—
$—
$—
$—
$—
$—
$—