Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
1
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
BONDS
–
92.74%
ASSET-BACKED
SECURITIES
—
0.32%**
AMMC
CLO
18
Ltd.,
Series
2016-18A,
Class
BR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.60%)
7.02%
05/26/31
1,2,3
$
1,165,000
$
1,142,166
Total
Asset-Backed
Securities
(Cost
$1,124,543)
BANK
LOANS
—
89.38%*
Automotive
—
0.70%
Clarios
Global
LP,
Term
Loan,
1st
Lien
(Canada)
(SOFR
plus
3.75%)
8.85%
05/06/30
1,2
1,120,000
1,118,774
First
Brands
Group
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.00%)
10.25%
03/30/27
1
1,347,664
1,322,820
2,441,594
Communications
—
6.19%
Altice
Financing
SA,
Term
Loan,
1st
Lien
(SOFR
plus
5.00%)
9.56%
10/29/27
1
748,125
726,306
Banijay
Group
U.S.
Holding,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.85%)
9.02%
03/01/28
1
1,475,702
1,468,323
CCI
Buyer,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
9.24%
12/17/27
1
971,313
954,922
CenturyLink,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.36%)
7.17%
03/15/27
1
489,584
379,122
Ciena
Corp.,
Term
Loan,
1st
Lien
(SOFR
plus
2.50%)
7.59%
01/18/30
1
1,246,875
1,249,606
Consolidated
Communications,
Inc.,
Term
Loan
B1,
1st
Lien
(SOFR
plus
3.50%)
8.72%
10/02/27
1
1,250,000
1,108,038
CSC
Holdings
LLC,
Term
Loan
B5,
1st
Lien
(LIBOR
plus
2.50%)
7.69%
04/15/27
1
1,683,727
1,475,812
Cyxtera
DC
Holdings,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
3.00%)
5.07%
05/01/24
1
997,361
507,488
(SOFR
plus
8.50%)
13.79%
12/07/23
1
259,639
258,860
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Communications
(continued)
Dawn
Acquisition
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.01%)
9.08%
12/31/25
1
$
255,354
$
157,627
Frontier
Communications
Holdings
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.62%
05/01/28
1
728,842
708,241
Global
Tel*Link
Corp.,
Term
Loan,
1st
Lien
(LIBOR
plus
4.25%)
9.48%
11/29/25
1
970,066
897,311
Intelsat
Jackson
Holdings
SA,
Term
Loan,
1st
Lien
(Luxembourg)
(SOFR
plus
4.40%)
9.44%
02/01/29
1,2
1,917,212
1,911,902
NEP
Group,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.11%)
9.22%
10/17/25
1
246,250
222,035
NEP/NCP
Holdco,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.36%)
8.49%
10/17/25
1
975,227
881,425
Term
Loan,
2nd
Lien
(SOFR
plus
7.11%)
12.22%
10/19/26
1
440,000
322,485
New
Insight
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
5.50%)
10.80%
12/20/24
1
472,500
338,723
Numericable
U.S.
LLC,
Term
Loan
B14,
1st
Lien
(SOFR
plus
5.50%)
10.49%
08/16/28
1
1,500,000
1,340,003
Radiate
Holdco
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
3.25%)
8.44%
09/25/26
1
248,737
208,224
Red
Ventures
LLC,
Term
Loan
B4,
1st
Lien
(SOFR
plus
2.00%)
8.14%
02/24/30
1
1,000,000
993,925
SBA
Senior
Finance
II
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
1.75%)
6.95%
04/11/25
1
1,492,147
1,493,504
Terrier
Media
Buyer,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.60%)
8.75%
12/17/26
1
6,779
6,089
United
Talent
Agency
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.11%)
9.22%
07/07/28
1
994,937
984,987
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
2
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Communications
(continued)
UPC
Financing
Partnership,
Term
Loan
AT,
1st
Lien
(LIBOR
plus
2.25%)
7.44%
04/28/28
1
$
250,000
$
246,563
Virgin
Media
Bristol
LLC,
Term
Loan
Y,
1st
Lien
(SOFR
plus
3.35%)
8.31%
03/31/31
1
1,200,000
1,191,426
Zayo
Group
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.00%)
8.19%
03/09/27
1
1,635,276
1,289,415
(SOFR
plus
4.25%)
9.35%
03/09/27
1
493,750
393,457
21,715,819
Consumer
Discretionary
—
4.99%
ADMI
Corp.,
Term
Loan
B2,
1st
Lien
(SOFR
plus
3.49%)
8.56%
12/23/27
1
1,221,875
1,153,145
Arterra
Wines
Canada,
Inc.,
Term
Loan
B1,
1st
Lien
(SOFR
plus
3.50%)
8.83%
11/24/27
1
1,176,171
1,145,791
City
Brewing
Co.
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
8.32%
04/05/28
1
1,731,828
1,143,006
Four
Seasons
Hotels
Ltd.,
Term
Loan,
1st
Lien
(Canada)
(SOFR
plus
3.35%)
8.45%
11/30/29
1,2
398,997
400,544
Hanesbrands,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
8.55%
03/08/30
1
603,488
606,505
Naked
Juice,
LLC,
Term
Loan,
1st
Lien
(Luxembourg)
(SOFR
plus
3.25%)
8.45%
-
8.59%
01/24/29
1,2
495,000
462,263
Term
Loan,
2nd
Lien
(SOFR
plus
6.10%)
11.00%
01/24/30
1
2,100,000
1,686,825
New
Trojan
Parent,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
3.36%)
8.46%
-
8.47%
01/06/28
1
1,570,000
886,563
Osmosis
Buyer
Ltd.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
8.90%
07/31/28
1
2,131,172
2,094,942
Pegasus
Bidco
BV,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.25%)
9.34%
07/12/29
1
995,000
993,756
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Consumer
Discretionary
(continued)
Playa
Hotels
&Amp;
Resorts
B.V.,
Term
Loan,
1st
Lien
(SOFR
plus
4.25%)
9.34%
01/05/29
1
$
621,875
$
621,064
Sunshine
Luxembourg
VII
SARL,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
9.00%
10/01/26
1
2,199,375
2,191,138
Triton
Water
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.25%)
8.23%
03/31/28
1
1,718,734
1,665,831
Waystar
Technologies,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
9.15%
10/22/26
1
945,129
943,948
Weber-Stephen
Products
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.35%)
8.62%
10/30/27
1
208,334
184,723
Wyndham
Hotels
&
Resorts,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.25%)
7.45%
05/11/30
1
1,341,241
1,343,514
17,523,558
Electric
—
1.75%
Calpine
Corp.,
Term
Loan,
1st
Lien
(LIBOR
plus
2.50%)
7.70%
12/16/27
1
994,898
995,440
CommScope,
Inc.,
Term
Loan
B2,
1st
Lien
(France)
(SOFR
plus
3.36%)
8.44%
04/06/26
1,2
1,431,219
1,374,150
Edgewater
Generation
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
3.86%)
8.97%
12/13/25
1
1,000,000
929,920
Endure
Digital,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
8.79%
02/10/28
1
1,960,000
1,830,150
Pike
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.50%)
8.63%
01/21/28
1
496,250
496,932
Talen
Energy
Supply,
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.50%)
9.59%
05/17/30
1
276,190
275,789
Term
Loan
C,
1st
Lien
(SOFR
plus
4.50%)
9.59%
05/17/30
1
223,810
223,484
6,125,865
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
3
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Energy
—
0.79%
Apro
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
9.25%
11/14/26
1
$
1,316,010
$
1,311,075
Calpine
Corp.,
Term
Loan
B10,
1st
Lien
(LIBOR
plus
2.00%)
7.19%
08/12/26
1
186,472
186,526
EG
America
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.11%)
9.16%
02/07/25
1
743,470
733,559
Parkway
Generation
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.01%)
10.28%
02/16/29
1
467,692
457,212
Term
Loan
C,
1st
Lien
(SOFR
plus
5.01%)
10.28%
02/16/29
1
70,697
69,113
2,757,485
Entertainment
—
3.16%
Alpha
Topco
Ltd.
-
Delta
2
(Lux)
Sarl,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.00%)
8.05%
01/15/30
1
2,750,000
2,753,781
AMC
Entertainment
Holdings,
Inc.,
Term
Loan
B1,
1st
Lien
(France)
(LIBOR
plus
3.00%)
8.22%
04/22/26
1,2
268,886
210,739
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
2,745,527
2,778,707
Elanco
Animal
Health,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
1.85%)
7.01%
08/01/27
1
745,869
733,283
NAI
Entertainment
Holdings
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.50%)
7.70%
05/08/25
1
491,572
461,156
SMG
US
Midco 2,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
2.50%)
7.77%
01/23/25
1
982,195
981,173
WildBrain
Ltd.,
Term
Loan,
1st
Lien
(SOFR
plus
4.36%)
9.47%
03/24/28
1
1,466,250
1,436,925
William
Morris
Endeavor
Entertainment
LLC,
Term
Loan
B1,
1st
Lien
(LIBOR
plus
2.75%)
7.95%
05/16/25
1
1,743,961
1,742,740
11,098,504
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Finance
—
3.40%
Auris
Lux
III
SA,
Term
Loan
B2,
1st
Lien
(Luxembourg)
(LIBOR
plus
3.75%)
9.09%
-
9.12%
02/27/26
1,2
$
1,196,883
$
1,136,141
Camelot
Finance
SA,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.11%)
8.22%
10/30/26
1
816,071
815,867
Cushman
&
Wakefield
U.S.
Borrower
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
3.35%)
8.15%
01/31/30
1
425,422
413,192
DCG
Acquisition
Corp.,
Term
Loan,
1st
Lien
(SOFR
plus
4.60%)
9.70%
09/30/26
1
688,639
679,170
Deerfield
Dakota
Holding
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
8.99%
04/09/27
1
1,482,175
1,442,208
Term
Loan,
2nd
Lien
(LIBOR
plus
6.75%)
8.65%
04/07/28
1
250,000
234,454
Delos
Finance
SARL,
Term
Loan,
1st
Lien
(Luxembourg)
(LIBOR
plus
1.75%)
7.26%
10/06/23
1,2
1,000,000
1,000,625
First
Eagle
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.50%)
8.04%
02/01/27
1
633,996
625,437
Focus
Financial
Partners
LLC,
Term
Loan
B5,
1st
Lien
(SOFR
plus
3.25%)
8.06%
06/30/28
1
496,250
493,285
Term
Loan
B6,
1st
Lien
(SOFR
plus
3.50%)
8.64%
06/30/28
1
75,000
74,691
Guggenheim
Partners
Investment
Management
Holdings
LLC,
Term
Loan
B,
1st
Lien
(PRIME
plus
3.25%)
8.32%
12/12/29
1
746,250
746,653
Hertz
Corp.
(The),
Term
Loan
B,
1st
Lien
(SOFR
plus
3.36%)
8.44%
06/30/28
1
1,242,130
1,241,670
Term
Loan
C,
1st
Lien
(SOFR
plus
3.36%)
8.44%
06/30/28
1
238,871
238,783
Jane
Street
Group
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.86%)
7.97%
01/26/28
1
1,706,250
1,703,972
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
4
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Finance
(continued)
Mozart
Borrower,
LP,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.25%)
8.38%
10/23/28
1
$
1,079,911
$
1,068,772
11,914,920
Food
—
4.18%
8th
Avenue
Food &
Provisions,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.86%)
8.97%
10/01/25
1
494,819
457,354
(SOFR
plus
4.86%)
9.99%
10/01/25
1
491,250
458,911
Aramark
Services,
Inc.,
Term
Loan
B5,
1st
Lien
(SOFR
plus
2.61%)
7.69%
04/06/28
1
1,000,000
1,000,500
B&G
Foods,
Inc.,
Term
Loan
B4,
1st
Lien
(LIBOR
plus
2.50%)
7.81%
10/10/26
1
500,000
491,095
Chobani
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.61%)
8.42%
10/25/27
1
721,964
719,856
Dessert
Holdings,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
4.00%)
9.35%
06/09/28
1
1,216,952
1,121,622
Flora
Food
Group,
Term
Loan
B2,
1st
Lien
(SOFR
plus
3.16%)
7.46%
07/02/25
1
1,924,359
1,916,334
Froneri
U.S.,
Inc.,
Term
Loan
B2,
1st
Lien
(LIBOR
plus
2.25%)
7.44%
01/29/27
1
894,112
890,648
H-Food
Holdings
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
3.69%)
9.27%
05/23/25
1
247,396
218,481
Hostess
Brands
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.25%)
7.47%
08/03/25
1
150,918
151,121
(SOFR
plus
2.50%)
7.64%
06/21/30
1
1,000,000
999,375
Matterhorn
Merger
Sub
LLC,
Term
Loan
B2,
1st
Lien
(LIBOR
plus
4.00%)
9.58%
05/23/25
1
1,458,428
1,284,634
Shearer's
Foods
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.50%)
8.74%
09/23/27
1
1,162,961
1,150,697
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Food
(continued)
Simply
Good
Foods
USA,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.60%)
7.69%
03/17/27
1
$
214,286
$
214,287
Snacking
Investments
Bidco,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
9.10%
12/18/26
1
1,222,300
1,218,865
Sovos
Brands
Intermediate,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
8.77%
06/08/28
1
1,536,207
1,525,231
Utz
Quality
Foods
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.11%)
7.92%
01/20/28
1
857,180
857,000
14,676,011
Gaming
—
2.72%
Bally's
Corp.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.25%)
8.40%
10/02/28
1
242,522
237,479
Caesars
Entertainment,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.35%)
8.15%
02/06/30
1
448,875
449,461
Entain
PLC,
Term
Loan
B2,
1st
Lien
(SOFR
plus
3.60%)
8.44%
10/31/29
1
398,000
397,900
Flutter
Entertainment
PLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.25%)
8.58%
07/22/28
1
992,500
995,487
Golden
Entertainment,
Inc.,
Term
Loan
B1,
1st
Lien
(SOFR
plus
2.85%)
7.94%
05/22/30
1
850,000
850,000
Golden
Nugget,
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
9.13%
01/26/29
1
1,470,082
1,453,698
GVC
Holdings
Gibraltar
Ltd.,
Term
Loan
B4,
1st
Lien
(SOFR
plus
2.60%)
7.44%
03/29/27
1
1,715,000
1,712,856
J&J
Ventures
Gaming
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
4.00%)
9.54%
04/26/28
1
491,150
487,925
PCI
Gaming
Authority,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.50%)
7.69%
05/29/26
1
1,250,000
1,252,456
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
5
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Gaming
(continued)
Penn
National
Gaming,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.85%)
7.66%
05/03/29
1
$
990,000
$
988,040
Scientific
Games
Holdings
LP,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.50%)
8.42%
04/04/29
1
496,489
491,214
Stars
Group
Holdings
BV,
Term
Loan,
1st
Lien
(LIBOR
plus
2.25%)
7.75%
07/21/26
1
235,051
235,317
9,551,833
Health
Care
—
12.95%
ADMI
Corp.,
Term
Loan
B,
1st
Lien
(France)
(SOFR
plus
3.11%)
8.19%
04/30/25
1,2
950,138
914,512
Avantor
Funding,
Inc.,
Term
Loan
B5,
1st
Lien
(SOFR
plus
2.35%)
7.48%
11/08/27
1
187,506
187,662
Bausch
+
Lomb
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.35%)
8.59%
05/10/27
1
3,023,477
2,940,331
Bella
Holding
Co.
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
3.85%)
8.98%
05/10/28
1
982,500
962,030
Cano
Health,
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
4.00%)
9.20%
11/23/27
1
1,987,628
1,680,371
Carestream
Dental,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
4.50%)
10.23%
09/01/24
1
1,564,013
1,407,612
Catalent
Pharma
Solutions,
Inc.,
Term
Loan
B3,
1st
Lien
(LIBOR
plus
2.00%)
7.19%
02/22/28
1
498,724
489,528
CCS-CMGC
Holdings,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
5.50%)
10.65%
10/01/25
1
477,500
357,528
Certara
Holdco,
Inc.,
Term
Loan
B,
1st
Lien
(France)
(LIBOR
plus
3.50%)
8.98%
08/15/26
1,2
1,960,000
1,956,335
Charlotte
Buyer,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.25%)
10.40%
02/11/28
1
945,250
927,999
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Health
Care
(continued)
Curia
Global, Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.85%)
8.90%
08/28/26
1
$
2,153,235
$
1,861,773
CVET
Midco
2
LP,
Term
Loan,
1st
Lien
(SOFR
plus
5.00%)
10.24%
10/13/29
1
1,296,750
1,210,840
Dermatology
Intermediate
Holdings,
Inc.,
Delayed-Draw
Term
Loan,
1st
Lien
(SOFR
plus
4.25%)
9.30%
-
9.49%
04/02/29
1,4
275,316
272,597
eResearchTechnology,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
4.61%)
9.72%
02/04/27
1
1,738,357
1,676,211
Fortrea
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
8.89%
06/12/30
1
750,000
751,125
Grifols
Worldwide
Operations
USA,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.15%)
7.41%
11/15/27
1
925,556
912,251
Heartland
Dental
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
5.00%)
10.10%
04/28/28
1
786,709
760,811
Horizon
Therapeutics
USA,
Inc.,
Term
Loan
B1,
1st
Lien
(LIBOR
plus
2.00%)
7.06%
05/22/26
1
1,500,000
1,499,730
Term
Loan
B2,
1st
Lien
(LIBOR
plus
1.75%)
6.84%
03/15/28
1
498,724
497,879
ICON
Luxembourg
SARL,
Term
Loan,
1st
Lien
(Luxembourg)
(SOFR
plus
2.51%)
7.75%
07/03/28
1,2
192,538
192,779
Jazz
Financing
Lux
SARL,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.76%)
8.76%
05/05/28
1
1,816,168
1,815,678
LSCS
Holdings,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
4.50%)
9.69%
12/16/28
1
920,826
901,258
National
Seating
&
Mobility,
Term
Loan,
1st
Lien
(SOFR
plus
5.25%)
10.45%
11/16/26
1
1,942,214
1,820,825
NMN
Holdings
III
Corp.,
Term
Loan,
1st
Lien
(SOFR
plus
3.86%)
8.99%
11/13/25
1
1,186,031
1,033,822
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
6
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Health
Care
(continued)
Option
Care
Health,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.86%)
7.94%
10/27/28
1
$
1,970,000
$
1,969,695
Organon
&
Co.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.00%)
7.75%
06/02/28
1
1,301,675
1,303,101
Pacific
Dental
Services,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.61%)
8.70%
05/05/28
1
980,000
978,471
Pathway
Vet
Alliance
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.94%
03/31/27
1
934,733
828,019
Peraton
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.85%)
8.98%
02/01/28
1
1,651,626
1,625,968
Perrigo
Investments
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.35%)
7.15%
04/20/29
1
1,980,000
1,967,625
PetVet
Care
Centers
LLC,
Term
Loan
B3,
1st
Lien
(Luxembourg)
(LIBOR
plus
3.50%)
8.69%
02/14/25
1,2
705,116
692,071
Phoenix
Newco,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
3.25%)
8.35%
11/15/28
1
1,971,269
1,958,456
Pluto
Acquisition
I,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
9.48%
06/22/26
1
483,748
397,882
PRA
Health
Sciences,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
2.51%)
7.58%
07/03/28
1
47,971
48,031
Premise
Health
Holding
Corp.,
Term
Loan,
1st
Lien
(Luxembourg)
(LIBOR
plus
3.75%)
8.91%
07/10/25
1,2
2,088,530
2,004,989
Prestige
Brands,
Inc.,
Term
Loan
B5,
1st
Lien
(LIBOR
plus
2.00%)
7.17%
07/03/28
1
1,312,500
1,315,433
Resonetics
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
4.00%)
9.10%
04/28/28
1
1,720,606
1,675,982
RXB
Holdings,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
5.25%)
10.33%
03/17/28
1
206,897
202,241
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Health
Care
(continued)
Sharp
Midco
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.10%)
9.25%
12/31/28
1
$
981,903
$
967,175
Vizient,
Inc.,
Term
Loan
B7,
1st
Lien
(SOFR
plus
1.25%)
7.55%
05/16/29
1
498,741
499,030
45,465,656
Industrial
REITs
—
0.26%
Avison
Young
Canada,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
6.50%)
12.00%
01/31/26
1
1,473,008
906,364
Industrials
—
12.81%
Alliance
Laundry
Systems,
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.60%)
8.56%
10/08/27
1
1,477,024
1,475,060
Anchor
Packaging
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
3.50%)
8.68%
07/18/26
1
207,227
202,112
Arterrsa
Services LLC,
Term
Loan,
1st
Lien
(Luxembourg)
(SOFR
plus
3.50%)
8.75%
03/06/25
1,2
1,470,000
1,290,292
ASP
Blade
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
9.18%
10/16/28
1
1,729,978
1,509,899
AZZ,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.35%)
8.91%
-
9.33%
05/14/29
1
1,609,511
1,612,529
BCPE
Empire
Holdings,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
4.75%)
9.83%
12/10/28
1
1,039,041
1,037,909
Charter
Next
generation,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
3.86%)
8.99%
12/01/27
1
1,237,310
1,229,193
Compass
Power
Generation
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.36%)
9.47%
04/14/29
1
869,442
868,694
Conserve
Merger
Sub,
Inc.,
Term
Loan,
1st
Lien
(France)
(SOFR
plus
3.60%)
8.75%
08/08/25
1,2
1,905,000
1,892,617
Convergint
Technologies,
Term
Loan,
1st
Lien
(SOFR
plus
3.75%)
8.97%
03/31/28
1
490,016
482,053
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
7
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Industrials
(continued)
Dermatology
Intermediate
Holdings,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
4.25%)
9.30%
04/02/29
1
$
1,501,370
$
1,486,544
DG
Investment
Intermediate
Holdings
2,
Inc.,
Term
Loan,
2nd
Lien
(SOFR
plus
6.75%)
11.97%
03/30/29
1
250,000
222,656
DIRECTV
Financing
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
5.00%)
10.18%
08/02/27
1
990,632
970,681
DTI
Holdco,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.75%)
9.80%
04/26/29
1
1,486,256
1,387,324
Eagle
4
Ltd.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.51%)
8.58%
07/12/28
1
492,339
489,877
EMRLD
Borrower
LP,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.00%)
8.26%
05/31/30
1
417,431
417,953
Engineered
Machinery
Holdings,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
3.50%)
9.04%
05/19/28
1
483,807
475,340
Filtration
Group
Corp.,
Term
Loan,
1st
Lien
(SOFR
plus
4.36%)
9.45%
10/21/28
1
748,125
748,967
Gates
Global
LLC,
Term
Loan
B4,
1st
Lien
(SOFR
plus
3.50%)
8.60%
11/16/29
1
496,250
496,818
Golden
Entertainment,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.00%)
8.18%
10/21/24
1
353,195
353,527
Gopher
Resource
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
3.25%)
8.98%
03/06/25
1
498,656
412,638
Hyland
Software,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
3.50%)
8.69%
07/01/24
1
1,138,196
1,130,229
II-VI,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.86%)
7.38%
-
7.67%
07/02/29
1
458,326
458,184
KAMC
Holdings,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
4.43%)
9.73%
08/14/26
1,5,6
721,875
622,314
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Industrials
(continued)
Michaels
Cos.,
Inc.
(The),
Term
Loan,
1st
Lien
(SOFR
plus
4.25%)
9.58%
04/15/28
1
$
1,228,731
$
1,091,727
Momentive
Performance
Materials,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
4.50%)
9.63%
03/29/28
1
523,688
512,339
NMN
Holdings
III
Corp.,
Delayed-Draw
Term
Loan,
1st
Lien
(SOFR
plus
3.86%)
8.99%
11/13/25
1
254,516
221,853
Osmose
Utilities
Services,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
3.36%)
7.88%
06/23/28
1
1,231,847
1,209,366
Patriot
Container
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.85%)
9.05%
03/20/25
1
1,993,678
1,848,428
Peacock
Merger
Corp.,
Term
Loan,
1st
Lien
(SOFR
plus
4.25%)
9.45%
12/29/28
1
482,551
440,629
Plaze,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.64%)
8.88%
08/03/26
1
487,500
457,845
Term
Loan
B,
1st
Lien
(Luxembourg)
(SOFR
plus
3.61%)
8.74%
08/03/26
1,2
1,742,238
1,636,258
Proampac
PG
Borrower
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
8.93%
-
11.00%
11/03/25
1
1,398,978
1,386,744
Project
Castle,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.50%)
10.39%
-
10.74%
06/01/29
1
495,003
420,753
Protective
Industrial
Products,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.11%)
9.19%
12/29/27
1
1,757,237
1,678,161
Refficiency
Holdings
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
3.75%)
8.95%
12/16/27
1
1,814,730
1,807,017
Spirit
Aerosystems,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
4.50%)
9.55%
01/15/27
1
992,500
995,726
SPX
flow,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.60%)
9.41%
-
9.58%
04/05/29
1
871,413
862,337
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
8
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Industrials
(continued)
Standard
Industries,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
2.50%)
7.69%
09/22/28
1
$
491,118
$
491,459
Transcendia
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
9.23%
05/30/24
1
2,391,244
1,798,406
TransDigm,
Inc.,
Term
Loan
I,
1st
Lien
(SOFR
plus
3.25%)
8.49%
08/24/28
1
1,246,875
1,247,598
TricorBraun
Holdings,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
3.36%)
8.49%
03/03/28
1
470,522
459,053
Vantage
Elevator
Solutions,
Term
Loan,
1st
Lien
(SOFR
plus
4.01%)
9.26%
11/19/28
1
1,971,269
1,790,168
Windsor
Holdings
Iii,
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
4.50%)
9.74%
06/21/30
1
162,162
159,507
Wrench
Group
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
4.00%)
9.33%
04/30/26
1
1,712,310
1,695,906
Zep,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
9.24%
08/12/24
1
1,717,420
1,475,264
44,959,954
Information
Technology
—
15.21%
AppLovin
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.35%)
8.45%
08/15/25
1
1,340,385
1,341,538
Arches
Buyer,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
3.25%)
8.48%
12/06/27
1
994,898
961,942
AthenaHealth
Group,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.50%)
8.25%
02/15/29
1,2,7
1,765,143
1,703,363
Azalea
Topco,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.85%)
8.98%
07/24/26
1
493,750
481,406
Barracuda
Parent LLC,
Term
Loan,
1st
Lien
(SOFR
plus
4.50%)
9.55%
08/15/29
1
131,887
127,617
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Information
Technology
(continued)
Bracket
Intermediate
Holding
Corp.,
Term
Loan,
1st
Lien
(SOFR
plus
5.10%)
10.17%
05/03/28
1
$
500,000
$
492,970
Castle
U.S.
Holding
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.01%)
9.01%
01/29/27
1
972,917
719,199
Central
Parent,
Inc.,
Term
Loan,
1st
Lien
(Canada)
(SOFR
plus
4.25%)
9.15%
07/06/29
1,2
1,641,750
1,639,074
CHG
Healthcare
Services, Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
3.25%)
8.44%
09/29/28
1
736,875
734,204
CT
Technologies
Intermediate
Holdings,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
4.25%)
9.44%
12/16/25
1
1,604,707
1,501,525
EagleView
Technology
Co.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
9.04%
08/14/25
1
2,666,401
2,367,538
Electron
Bidco,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
3.11%)
8.22%
11/01/28
1
987,500
984,720
Emerald
Topco,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.61%)
8.74%
07/24/26
1
1,453,491
1,416,064
Ensemble
RCM
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.85%)
8.90%
08/03/26
1
970,480
970,984
Entegris,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.75%)
7.85%
-
7.99%
07/06/29
1
929,258
923,450
EQT
Box
Merger
Sub,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.50%)
8.60%
-
8.84%
04/17/28
1
1,481,833
1,448,491
Finastra
USA,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
3.50%)
8.94%
06/13/24
1
1,196,652
1,153,459
Gainwell
Acquisition
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.10%)
8.72%
10/01/27
1
1,466,165
1,446,006
Idemia
America
Corp.,
Term
Loan,
1st
Lien
(SOFR
plus
5.00%)
9.89%
09/22/28
1
283,784
282,010
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
9
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Information
Technology
(continued)
Imperva,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
9.34%
01/12/26
1
$
981,338
$
891,177
ION
Analytics,
Term
Loan,
1st
Lien
(SOFR
plus
4.00%)
9.15%
02/16/28
1
677,083
670,252
IQVIA,
Inc.,
Term
Loan
B3,
1st
Lien
(LIBOR
plus
1.75%)
7.29%
06/11/25
1
500,000
500,470
Logmein,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.75%)
9.94%
08/31/27
1
1,204,982
759,807
Magenta
Buyer
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
4.75%)
10.03%
07/27/28
1
972,532
735,477
Magenta
Buyer,
LLC,
Term
Loan,
2nd
Lien
(LIBOR
plus
8.25%)
13.53%
07/27/29
1
446,493
294,685
Magnite,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
5.00%)
10.15%
-
10.48%
04/28/28
1
802,635
801,231
Match
Group,
Inc.,
Term
Loan
B1,
1st
Lien
(LIBOR
plus
1.75%)
7.26%
02/13/27
1
1,000,000
1,000,000
MeridianLink,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.43%)
8.54%
-
11.16%
11/10/28
1
488,794
483,295
MH
Sub
I
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
4.25%)
9.35%
04/25/28
1
1,303,677
1,252,508
Mitnick
Corporate
Purchaser,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
4.85%)
9.90%
05/02/29
1
690,766
670,907
Monotype
Imaging
Holdings,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
5.00%)
10.34%
10/09/26
1
1,473,750
1,470,066
NCR
Corp.,
Term
Loan,
1st
Lien
(LIBOR
plus
2.50%)
7.78%
08/28/26
1
1,970,454
1,967,991
Northwest
Fiber
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.86%)
8.94%
04/30/27
1
430,194
422,399
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Information
Technology
(continued)
Open
Text
Corp.,
Term
Loan,
1st
Lien
(Canada)
(SOFR
plus
3.60%)
8.74%
01/31/30
1,2
$
995,000
$
1,000,597
Pactiv
Evergreen
Group
Holdings,
Inc.,
Term
Loan
B3,
1st
Lien
(SOFR
plus
3.25%)
8.49%
09/22/28
1
1,220,644
1,218,490
Panther
Purchaser
LP,
Term
Loan,
1st
Lien
(LIBOR
plus
4.25%)
9.42%
01/07/28
1
972,538
951,974
Playtika
Holding
Corp.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.75%)
7.92%
03/13/28
1
984,887
982,676
Precision
Medicine
Group
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.10%)
8.17%
11/18/27
1
190,916
183,757
Pretium
Packaging
Holdings,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
4.00%)
9.01%
10/02/28
1
1,726,225
1,301,340
Project
Alpha
Intermediate
Holding,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
9.18%
04/26/24
1
922,249
921,239
Project
Boost
Purchaser,
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.61%)
8.69%
06/01/26
1
1,476,982
1,461,939
Proofpoint,
Inc.,
Term
Loan
B,
1st
Lien
(Canada)
(SOFR
plus
3.36%)
8.44%
08/31/28
1,2
932,753
914,485
Quartz
AcquireCo
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
2.50%)
8.60%
06/28/30
1
410,000
410,512
RealPage,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.11%)
8.19%
04/24/28
1
1,966,231
1,926,169
Renaissance
Holding
Corp.,
Term
Loan,
1st
Lien
(SOFR
plus
4.75%)
4.99%
04/07/30
1
1,125,000
1,113,311
Skillsoft
Finance
II,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.36%)
10.51%
07/14/28
1
671,309
591,242
Sophia
LP,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
9.04%
10/07/27
1
906,823
898,512
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
10
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Information
Technology
(continued)
Spin
Holdco,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
9.23%
03/03/28
1
$
1,955,000
$
1,687,585
Sunshine
Software
Merger
Sub,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.01%)
9.08%
10/16/28
1
733,791
685,639
TIBCO
Software,
Inc.,
Term
Loan
A,
1st
Lien
(SOFR
plus
4.60%)
9.50%
09/29/28
1
314,117
294,852
TierPoint
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
9.23%
05/05/26
1
248,677
247,745
Uber
Technologies,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.75%)
8.00%
-
8.03%
03/03/30
1
995,000
996,184
VT
Topco,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
3.50%)
8.72%
08/01/25
1
1,676,664
1,658,321
Zoominfo
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
2.85%)
7.98%
02/28/30
1
497,500
498,435
Zotec
Partners
LLC,
Term
Loan
B,
1st
Lien
(France)
(SOFR
plus
4.01%)
8.91%
02/14/24
1,2
925,172
830,342
53,391,171
Insurance
—
2.34%
Acrisure
LLC,
Term
Loan
B1,
1st
Lien
(LIBOR
plus
3.50%)
8.67%
02/15/27
1
1,437,081
1,398,718
AssuredPartners,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
3.50%)
8.60%
02/12/27
1
1,234,994
1,225,472
Asurion
LLC,
Term
Loan
B10,
1st
Lien
(SOFR
plus
4.10%)
8.91%
08/19/28
1
766,025
727,004
Term
Loan
B7,
1st
Lien
(LIBOR
plus
3.00%)
7.84%
11/03/24
1
657,020
657,178
Term
Loan
B9,
1st
Lien
(LIBOR
plus
3.25%)
8.79%
07/31/27
1
1,324,246
1,255,345
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Insurance
(continued)
Broadstreet
Partners,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
9.16%
01/29/29
1
$
1,500,000
$
1,494,375
Howden
Group
Holdings
Ltd.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.25%)
8.50%
11/12/27
1
219,325
218,502
HUB
International
Ltd.,
Term
Loan,
1st
Lien
(SOFR
plus
4.00%)
9.07%
11/10/29
1
1,243,750
1,244,646
8,221,240
Materials
—
3.27%
American
Rock
Salt
Co.
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.11%)
9.18%
06/09/28
1
732,525
691,625
Archroma
Finance
Sarl,
Term
Loan
B2A,
1st
Lien
(SOFR
plus
5.50%)
10.60%
06/30/27
1
498,750
476,306
Avient
Corp.,
Term
Loan
B6,
1st
Lien
(SOFR
plus
3.25%)
8.30%
08/29/29
1
509,556
512,104
Chemours
Co.
(The),
Term
Loan
B2,
1st
Lien
(SOFR
plus
1.85%)
6.98%
04/03/25
1
747,791
743,585
Cyanco
Intermediate
2
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.75%)
9.95%
01/01/40
1
650,000
634,969
Geon
Performance
Solutions,
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.50%)
10.04%
08/18/28
1
182,801
180,573
Herens
U.S.
Holdco
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.93%)
9.18%
07/03/28
1
770,070
655,414
LSF11
A5
HoldCo
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.61%)
8.72%
10/15/28
1
1,481,250
1,462,505
Lummus
Technology
Holdings
V
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.50%)
8.74%
06/30/27
1
295,594
293,483
Nouryon
Finance
BV,
Term
Loan,
1st
Lien
(SOFR
plus
4.10%)
9.32%
04/03/28
1
1,125,000
1,116,562
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
11
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Materials
(continued)
Plaskolite
PPC
Intermediate
II
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
4.00%)
9.27%
12/15/25
1
$
1,450,288
$
1,265,377
Polar
U.S.
Borrower
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
4.75%)
9.72%
-
9.73%
10/15/25
1
1,524,790
1,209,661
Potters
Borrower
LP,
Term
Loan,
1st
Lien
(SOFR
plus
4.00%)
9.25%
12/14/27
1
1,459,970
1,463,167
TMS
International
Corp.,
Term
Loan
B4,
1st
Lien
(SOFR
plus
4.75%)
9.80%
-
9.85%
03/02/30
1
399,000
398,501
U.S.
Renal
Care,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
5.00%)
10.19%
06/26/26
1
762,599
357,789
11,461,621
Office
REITs
—
0.33%
Rent-A-Center,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.25%)
8.12%
02/17/28
1
1,164,042
1,165,497
Retail
—
4.20%
American
Airlines,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
4.75%)
10.00%
04/20/28
1
2,750,000
2,812,370
BC
ULC,
Term
Loan
B,
1st
Lien
(Canada)
(LIBOR
plus
1.75%)
6.94%
11/19/26
1,2
497,423
494,727
BW
Gas
&
Convenience
Holdings
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
8.67%
03/31/28
1
1,225,000
1,191,312
Curium
Bidco
SARL,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.25%)
9.79%
12/02/27
1
1,468,906
1,460,644
Term
Loan
B,
1st
Lien
(Canada)
(LIBOR
plus
4.00%)
9.15%
07/09/26
1,2
972,222
968,576
Dave
&
Buster's,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.00%)
10.21%
06/29/29
1
1,737,497
1,740,763
IRB
Holding
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.10%)
8.20%
12/15/27
1
497,481
494,683
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Retail
(continued)
KFC
Holding
Co.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
1.75%)
6.90%
03/15/28
1
$
1,491,104
$
1,481,225
MIC
Glen
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
3.25%)
8.56%
07/21/28
1
716,448
704,917
SRS
Distribution,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
8.15%
06/02/28
1
88,525
86,208
Tacala
Investment
Corp.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
8.69%
02/05/27
1
1,163,283
1,146,712
Term
Loan
B,
2nd
Lien
(LIBOR
plus
7.50%)
12.69%
02/04/28
1
735,000
696,413
Whatabrands LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.36%)
8.47%
08/03/28
1
1,475,025
1,468,225
14,746,775
Services
—
8.98%
Allied
Universal
Holdco
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.85%)
8.98%
05/12/28
1
582,317
567,113
Alterra
Mountain
Co.,
Term
Loan
B3,
1st
Lien
(SOFR
plus
3.75%)
8.93%
05/09/30
1
150,000
150,000
Amentum
Government
Services
Holdings,
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
8.82%
-
9.03%
02/15/29
1
1,727,525
1,692,975
ArchKey
Holdings,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
5.25%)
10.44%
-
10.79%
06/29/28
1
242,516
240,697
Arcis
Golf
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.25%)
9.49%
11/24/28
1
987,500
989,969
Belron
Finance
U.S.
LLC,
Term
Loan,
1st
Lien
(Luxembourg)
(SOFR
plus
2.85%)
7.83%
04/18/29
1,2
575,000
576,081
CCRR
Parent,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
3.75%)
8.94%
03/06/28
1
497,455
480,045
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
12
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Services
(continued)
CH
Gunther
PPC
Parent
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.11%)
8.20%
12/08/28
1
$
987,256
$
981,086
Confluent
Medical
Technologies,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
3.75%)
8.99%
02/16/29
1
736,894
728,604
CoreLogic,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
8.72%
06/02/28
1
718,220
650,169
Corp.
Service
Co.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.35%)
8.45%
11/02/29
1
1,599,625
1,604,224
Covanta
Holding
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.50%)
7.60%
11/30/28
1
918,685
912,056
(SOFR
plus
3.00%)
8.15%
11/30/28
1
144,186
143,803
Term
Loan
C,
1st
Lien
(SOFR
plus
2.50%)
7.60%
11/30/28
1
69,686
69,184
(SOFR
plus
3.00%)
8.15%
11/30/28
1
10,814
10,785
Creative
Artists
Agency,
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
3.50%)
8.60%
11/27/28
1
997,500
996,627
Dodge
Data
&
Analytics,
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
4.75%)
10.14%
02/23/29
1
990,000
801,281
Element
Materials
Technology
Group
U.S.
Holdings,
Inc.,
Delayed-Draw
Term
Loan
B,
1st
Lien
(SOFR
plus
4.35%)
9.59%
06/22/29
1
581,289
571,117
Term
Loan
B,
1st
Lien
(SOFR
plus
4.35%)
9.42%
06/22/29
1
1,259,461
1,237,420
GFL
Environmental,
Inc.,
Term
Loan,
1st
Lien
(Canada)
(SOFR
plus
3.10%)
8.15%
05/31/27
1,2
567,967
569,098
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
Indy
U.S.
Holdco
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
6.25%)
11.45%
03/05/28
1
336,770
319,652
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Services
(continued)
Iridium
Satellite
LLC,
Term
Loan
B2,
1st
Lien
(SOFR
plus
2.50%)
7.70%
11/04/26
1
$
648,224
$
649,264
Kuehg
Corp.,
Term
Loan,
1st
Lien
(SOFR
plus
4.00%)
0.24%
05/23/30
1
1,000,000
992,290
Lakeland
Holdings
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
8.00%)
13.25%
09/25/27
1,5,6,8
634,811
507,849
Madison
IAQ
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
3.25%)
8.30%
06/21/28
1
247,475
242,711
Mavenir
Systems,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.75%)
10.14%
08/18/28
1
641,875
466,242
NAB
Holdings,
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.00%)
8.39%
11/23/28
1
731,288
727,449
Neptune
Bidco
U.S.,
Inc.,
Term
Loan
A,
1st
Lien
(SOFR
plus
4.75%)
9.95%
10/11/28
1
575,000
500,609
Term
Loan
B,
1st
Lien
(SOFR
plus
5.10%)
10.00%
04/11/29
1
500,000
441,875
Nielsen
Consumer,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
6.25%)
11.35%
03/06/28
1
163,230
154,933
PowerTeam
Services
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
3.25%)
8.50%
03/06/25
1
146,176
126,807
Pre-Paid
Legal
Services,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
3.75%)
8.94%
12/15/28
1
1,722,528
1,701,539
Safe
Fleet
Holdings,
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
3.85%)
8.93%
02/23/29
1
1,728,125
1,729,205
Signal
Parent,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
3.50%)
8.72%
04/03/28
1
498,728
405,216
Trans
Union
LLC,
Term
Loan
B6,
1st
Lien
(Luxembourg)
(SOFR
plus
2.25%)
7.47%
12/01/28
1,2
1,617,337
1,615,396
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
13
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Services
(continued)
Trugreen
LP,
Term
Loan
B,
2nd
Lien
(LIBOR
plus
8.50%)
13.77%
11/02/28
1,5
$
500,000
$
297,500
TruGreen
LP,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.10%)
9.20%
11/02/27
1
1,972,190
1,820,332
University
Support
Services,
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.35%)
8.48%
02/10/29
1
1,820,053
1,808,686
Vaco
Holdings,
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.00%)
10.59%
01/19/29
1
980,050
896,138
Verscend
Holding
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.11%)
9.19%
08/27/25
1
979,916
980,832
WW
International,
Inc.,
Term
Loan
B,
1st
Lien
(France)
(SOFR
plus
3.61%)
8.69%
04/13/28
1,2
945,000
617,397
31,527,204
Transportation
—
1.15%
Air
Canada,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
8.84%
08/11/28
1
495,000
495,663
Kenan
Advantage
Group,
Inc.
(The),
Term
Loan
B,
1st
Lien
(SOFR
plus
4.18%)
9.48%
03/24/26
1
748,082
747,749
Kestrel
Bidco,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.10%)
8.25%
12/11/26
1
1,464,644
1,424,469
United
Airlines,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.56%
04/21/28
1
1,361,518
1,363,036
4,030,917
Total
Bank
Loans
(Cost
$324,256,881)
313,681,988
CORPORATES
—
3.04%*
Automobile
Components
—
0.27%
Allison
Transmission,
Inc.
3.75%
01/30/31
3
550,000
464,750
Ford
Motor
Credit
Co.
LLC
3.37%
11/17/23
500,000
495,000
959,750
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Banking
—
0.14%
PNC
Financial
Services
Group,
Inc.
(The)
5.58%
06/12/29
9
$
500,000
$
498,008
Communications
—
0.58%
Consolidated
Communications,
Inc.
6.50%
10/01/28
3
300,000
237,000
Diamond
Sports
Group,
LLC/Diamond
Sports
Finance
Co.
5.38%
08/15/26
3,10,11
690,000
23,719
Frontier
Communications
Holdings
LLC
5.00%
05/01/28
3
500,000
431,726
Intelsat
Jackson
Holdings
SA,
Class
B
(Luxembourg)
8.50%
10/15/24
†,2,3,5,6,10,11
1,000,000
—
Northwest
Fiber
LLC/Northwest
Fiber
Finance
Sub,
Inc.
4.75%
04/30/27
3
500,000
442,500
T-Mobile
USA,
Inc.
3.75%
04/15/27
500,000
473,840
Vmed
O2
UK
Financing
I
PLC
(United
Kingdom)
4.75%
07/15/31
2,3
500,000
413,750
2,022,535
Consumer
Discretionary
—
0.22%
BAT
Capital
Corp.
2.73%
03/25/31
400,000
318,802
WarnerMedia
Holdings,
Inc.
4.28%
03/15/32
500,000
443,702
762,504
Diversified
REITs
—
0.26%
GLP
Capital
LP/GLP
Financing
II,
Inc.
4.00%
01/15/30
500,000
435,599
VICI
Properties
LP
4.95%
02/15/30
500,000
469,895
905,494
Electric
—
0.13%
Pike
Corp.
5.50%
09/01/28
3
500,000
449,402
Entertainment
—
0.20%
Banijay
Entertainment
SASU
(France)
5.38%
03/01/25
2,3
272,000
266,866
WMG
Acquisition
Corp.
3.88%
07/15/30
3
500,000
434,375
701,241
Finance
—
0.12%
Icahn
Enterprises
LP/Icahn
Enterprises
Finance
Corp.
5.25%
05/15/27
500,000
432,185
Food
—
0.06%
Pilgrim's
Pride
Corp.
3.50%
03/01/32
250,000
199,411
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
14
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Health
Care
—
0.37%
Grifols
Escrow
Issuer
SA
(Spain)
4.75%
10/15/28
2,3
$
50,000
$
43,432
HCA,
Inc.
5.25%
06/15/26
500,000
494,817
IQVIA,
Inc.
5.70%
05/15/28
3
250,000
247,859
Molina
Healthcare,
Inc.
3.88%
05/15/32
3
500,000
419,665
Prime
Healthcare
Services,
Inc.
7.25%
11/01/25
3
100,000
95,251
1,301,024
Industrials
—
0.34%
Ball
Corp.
3.13%
09/15/31
500,000
411,857
Berry
Global,
Inc.
1.65%
01/15/27
500,000
431,674
OT
Merger
Corp.
7.88%
10/15/29
3
500,000
306,902
Titan
Acquisition
Ltd./Titan
Co-Borrower
LLC
(Canada)
7.75%
04/15/26
2,3
50,000
45,437
1,195,870
Information
Technology
—
0.18%
Central
Parent,
Inc./CDK
Global,
Inc.
7.25%
06/15/29
3
250,000
247,453
NCR
Corp.
5.13%
04/15/29
3
50,000
44,363
Oracle
Corp.
2.95%
04/01/30
380,000
331,899
623,715
Retail
—
0.17%
1011778
BC
ULC/New
Red
Finance,
Inc.
(Canada)
3.50%
02/15/29
2,3
500,000
439,375
Michaels
Cos.,
Inc.
(The)
7.88%
05/01/29
3
250,000
168,750
608,125
Total
Corporates
(Cost
$11,616,953)
10,659,264
Total
Bonds
—
92.74%
(Cost
$336,998,377)
325,483,418
Issues
Shares
Value
COMMON
STOCK
—
0.07%
Communications
—
0.07%
Intelsat
Emergence
SA
2,5,6
(Luxembourg)
9,662
218,844
Total
Common
Stock
(Cost
$323,677)
Issues
Shares
Value
RIGHTS
—
0.00%
Communications
—
0.00%
Intelsat
Jackson
Holdings
SA,
Series
A
†,2,5,6,10
(Luxembourg)
1,011
$
—
Intelsat
Jackson
Holdings
SA,
Series
B
†,2,5,6,10
(Luxembourg)
1,011
—
—
Total
Rights
(Cost
$–)
—
WARRANT
—
0.00%
Entertainment
—
0.00%
Cineworld
Group
PLC
2,10
(United
Kingdom)
229,579
8,027
Total
Warrant
(Cost
$–)
Issues
Maturity
Date
Principal
Amount
/
Shares
Value
SHORT-TERM
INVESTMENTS
—
9.37%
Money
Market
Funds
—
3.61%
Fidelity
Investments
Money
Market
Funds
-
Government
Portfolio
4.99%
12
7,347,819
7,347,819
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
5.02%
12
5,339,000
5,339,000
12,686,819
U.S.
Treasury
Bills
—
5.76%
U.S.
Cash
Management
Bills
4.93%
13
10/19/23
$
12,485,000
12,290,428
U.S.
Treasury
Bills
5.36%
13
10/03/23
8,025,000
7,918,957
20,209,385
Total
Short-Term
Investments
(Cost
$32,908,504)
32,896,204
Total
Investments
-
102.18%
(Cost
$370,230,558)
358,606,493
Net
unrealized
depreciation
on
unfunded
commitments
-
0.00%
(6,540)
Liabilities
in
Excess
of
Other
Assets
-
(2.18)%
(7,630,009)
Net
Assets
-
100.00%
$
350,969,944
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
Excluded
from
the
investment
total
above
is
an
unfunded
delayed
draw
term
loan
commitment
in
an
amount
not
to
exceed
$5,791,
at
an
interest
rate
of
9.39%
and
a
maturity
of
April
02,
2029.
The
investment
is
not
accruing
an
unused
commitment
fee.
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
15
/
June
2023
5
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
6
Illiquid
security
as
determined
under
procedures
approved
by
the
Board
of
Trustees.
The
aggregate
value
of
illiquid
securities
is
$1,349,007,
which
is
0.38%
of
total
net
assets.
7
Excluded
from
the
investment
total
above
is
an
unfunded
delayed
draw
term
loan
commitment
in
an
amount
not
to
exceed
$209,783,
at
an
interest
rate
of
8.70%
and
a
maturity
of
February
15,
2029.
The
investment
is
accruing
an
unused
commitment
fee
of
0.63%
per
annum.
8
Payment-in-kind
(“PIK”)
security.
Income
may
be
paid
in
additional
securities
or
cash
at
the
discretion
of
the
issuer
-
8.00%
cash
or
13.25%
payment-in-kind
interest.
9
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.
10
Non-income producing
security.
11
Security
is
currently
in
default
with
regard
to
scheduled
interest
or
principal
payments.
12
Represents
the
current
yield
as
of
June
30,
2023.
13
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.
**
Securities
backed
by
mortgage
or
consumer
loans
where
payment
is
periodically
made
will
have
an
effective
maturity
date
sooner
than
the
stated
maturity
date.
Note:
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
for
more
meaningful
presentation
for
investors.
(CLO):
Collateralized
Loan
Obligation
(LIBOR):
London
InterBank
Offer
Rate
(REIT):
Real
Estate
Investment
Trust
(SOFR):
Secured
Overnight
Financing
Rate
(USD):
U.S.
Dollar
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
16
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
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
17
/
June
2023
The
inputs
or
methodology
used
for
valuing
investments
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
investments
and
the
determination
of
the
significance
of
a
particular
input
to
the
fair
value
measurement
in
its
entirety
requires
judgment
and
consideration
of
factors
specific
to
each
security.
The
availability
of
observable
inputs
can
vary
from
security
to
security
and
is
affected
by
a
wide
variety
of
factors,
including,
for
example,
the
type
of
security,
whether
the
security
is
new
and
not
yet
established
in
the
marketplace,
the
liquidity
of
markets,
and
other
characteristics
particular
to
the
security.
To
the
extent
that
valuation
is
based
on
models
or
inputs
that
are
less
observable
or
unobservable
in
the
market,
the
determination
of
fair
value
requires
more
judgment.
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized as
Level
3.
In
periods
of
market
dislocation,
the
observability
of
prices
and
inputs
may
be
reduced
for
many
instruments.
This
condition,
as
well
as
changes
related
to
liquidity
of
investments,
could
cause
a
security
to
be
reclassified
between
Level
1,
Level
2,
or
Level
3.
In
certain
cases,
the
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes
the
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
falls
in
its
entirety
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
summary
of
inputs
used
to
value
the
Fund’s
investments
and
other
financial
instruments
carried
at
fair
value
as
of
June
30,
2023
is
as
follows:
FLOATING
RATE
INCOME
FUND
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Investments
in
Securities
Assets:
Short-Term
Investments:
Money
Market
Funds
$
12,686,819
$
—
$
—
$
12,686,819
U.S.
Treasury
Bills
20,209,385
—
—
20,209,385
Long-Term
Investments:
Asset-Backed
Securities
—
1,142,166
—
1,142,166
Bank
Loans
—
312,254,325
1,427,663
313,681,988
Common
Stock
—
—
218,844
218,844
Corporates
—
10,659,264
—
10,659,264
Rights
—
—
—
—
Warrant
—
8,027
—
8,027
Liabilities:
Long-Term
Investments:
Unfunded
Commitments
Depreciation
—
(
6,540
)
—
(
6,540
)
Total
$
32,896,204
$
324,057,242
$
1,646,507
$
358,599,953
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
18
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:
COMMITMENTS
AND
CONTINGENCIES
The
Floating
Rate
Income
Fund had
the
following
unfunded
commitments
and
unrealized
gain
(loss)
as
of
June
30,
2023:
FLOATING
RATE
INCOME
FUND
BANK
LOANS
COMMON
STOCK
TOTAL
Balance
as
of
April
1,
2023
$
2,042,197
$
251,212
$
2,293,409
Accrued
discounts/premiums
2,949
—
2,949
Realized
(loss)
(
51,099
)
—
(
51,099
)
Change
in
unrealized
appreciation
(depreciation)*
179,235
(
32,368
)
146,867
Purchases
—
—
—
Sales
(
745,619
)
—
(
745,619
)
Transfers
into
Level
3**
—
—
—
Transfers
out
of
Level
3**
—
—
—
Balance
as
of
June
30,
2023
$
1,427,663
$
218,844
$
1,646,507
*The
change
in
unrealized
appreciation
(depreciation)
on
securities
still
held
at
June
30,
2023
was
$9,807
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:
FLOATING
RATE
INCOME
FUND
FAIR
VALUE
AT
6/30/23
VALUATION
TECHNIQUE
*
UNOBSERVABLE
INPUT
RANGE
WEIGHTED
AVERAGE
INPUT
TO
VALUATION
IF
INPUT
INCREASES
Bank
Loans
$1,427,663
Third-Party
Vendor
Vendor
Prices
$59.50
-
$86.21
$78.43
Increase
Common
Stock
$218,844
Third-Party
Vendor
Vendor
Prices
$22.65
$22.65
Increase
Corporate
Securities
$—
Broker
Quote
Offered
Quote
$—
$—
Increase
Rights
$—
Broker
Quote
Offered
Quote
$—
$—
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.
FLOATING
RATE
INCOME
FUND
UNFUNDED
COMMITMENTS
MATURITY
AMOUNT
UNREALIZED
(LOSS)
AthenaHealth
Group,
Inc.,
Delayed-Draw
Term
Loan
B,
1st
Lien
February
2029
$
209,783
$
(
6,482
)
Dermatology
Intermediate
Holdings,
Inc.,
Delayed-Draw
Term
Loan,
1st
Lien
April
2029
5,791
(
58
)
Total
Unfunded
Commitments
$
215,574
$
(
6,540
)