High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
1
/
June
2024
Issues
Maturity
Date
Principal
Amount
Value
BONDS
–
90.13%
BANK
LOANS
—
16.30%*
Automotive
—
0.37%
First
Brands
Group
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.26%)
10.59%
03/30/27
1
$
1,717,472
$
1,709,160
Communications
—
1.65%
Cyxtera
DC
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.00%)
5.07%
05/01/26
1
355,886
7,118
NEP
Group,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.36%)
8.71%
08/19/26
1,2
1,009,857
960,202
NEP/NCP
Holdco,
Inc.,
Term
Loan,
2nd
Lien
(SOFR
plus
7.11%)
12.46%
10/19/26
1
875,000
719,687
Neptune
Bidco
U.S.,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.10%)
10.41%
04/11/29
1
887,746
837,810
New
Insight
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.76%)
11.07%
12/20/24
1
2,903,478
2,202,608
SBA
Senior
Finance
II
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.00%)
7.35%
01/22/31
1
1,240,295
1,243,111
Zayo
Group
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.11%)
8.46%
03/09/27
1
1,800,000
1,572,003
7,542,539
Consumer
Discretionary
—
1.69%
BrewCo
Borrower
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
3.50%)
8.84%
04/05/28
1
693,115
635,933
(SOFR
plus
6.25%)
11.58%
04/05/28
1
288,536
292,864
City
Brewing
Co.
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
5.26%)
8.84%
04/05/28
1,3
1,039,672
831,738
Naked
Juice,
LLC,
Term
Loan,
2nd
Lien
(SOFR
plus
6.10%)
11.00%
01/24/30
1
2,891,000
2,352,146
Osmosis
Buyer
Ltd.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
9.10%
07/31/28
1
1,377,000
1,381,007
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Consumer
Discretionary
(continued)
(SOFR
plus
4.25%)
9.58%
-
9.59%
07/31/28
1
$
1,496,250
$
1,500,178
Pegasus
Bidco
BV,
Term
Loan
B,
1st
Lien
(Netherlands)
(SOFR
plus
3.75%)
9.07%
07/12/29
1,4
723,863
728,987
7,722,853
Energy
—
0.27%
NGL
Energy
Operating
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.50%)
9.84%
02/03/31
1
1,209,469
1,215,190
Entertainment
—
0.48%
Elanco
Animal
Health,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
1.85%)
7.18%
08/01/27
1
2,198,648
2,193,327
Finance
—
0.37%
Jane
Street
Group
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.61%)
7.96%
01/26/28
1
1,688,750
1,689,181
Food
—
1.54%
8th
Avenue
Food &
Provisions,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.86%)
9.21%
10/01/25
1
988,856
942,043
(SOFR
plus
4.86%)
10.21%
10/01/25
1
740,482
705,309
Term
Loan,
2nd
Lien
(SOFR
plus
7.86%)
13.21%
10/01/26
1
750,000
682,234
B&G
Foods,
Inc.,
Term
Loan
B4,
1st
Lien
(SOFR
plus
2.50%)
7.84%
10/10/26
1
714,035
713,792
Chobani
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
9.08%
10/25/27
1
1,119,375
1,125,845
Fiesta
Purchaser,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
9.34%
02/12/31
1
1,192,500
1,202,261
United
Natural
Foods,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.75%)
10.09%
04/25/31
1
1,635,000
1,642,496
7,013,980
High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
June
2024
/
2
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Gaming
—
1.20%
Caesars
Entertainment,
Inc.,
Term
Loan
B1,
1st
Lien
(SOFR
plus
2.75%)
8.10%
02/06/31
1
$
2,394,000
$
2,398,860
Ontario
Gaming
Gta
Ltd.
Partnership,
Term
Loan
B,
1st
Lien
(Canada)
(SOFR
plus
4.25%)
9.58%
08/01/30
1,4
1,832,790
1,843,951
Scientific
Games
International,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.75%)
8.08%
04/14/29
1
1,209,469
1,211,525
5,454,336
Health
Care
—
2.03%
Auris
Luxembourg
III
SARL,
Term
Loan
B,
1st
Lien
(Luxembourg)
(SOFR
plus
4.68%)
9.56%
02/27/29
1,4
905,917
909,314
Carestream
Dental
Equipment,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
3.25%)
8.71%
09/01/24
1
715,500
622,485
Carestream
Dental,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
4.60%)
9.94%
09/01/24
1
1,145,864
953,931
Catalent
Pharma
Solutions,
Inc.,
Term
Loan
B3,
1st
Lien
(SOFR
plus
2.11%)
7.46%
02/22/28
1
1,240,385
1,241,315
eResearch
Technology,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
9.34%
02/04/27
1
839,397
844,492
Heartland
Dental
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.50%)
9.84%
04/28/28
1
789,023
792,033
Jazz
Financing
Lux
SARL,
Term
Loan
B,
1st
Lien
(Luxembourg)
(SOFR
plus
3.11%)
8.46%
05/05/28
1,4
1,205,597
1,207,857
Modivcare,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.75%)
10.18%
06/20/31
1
2,300,000
2,261,188
Sotera
Health
Holdings
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.25%)
8.59%
05/30/31
1
450,000
449,813
9,282,428
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Health
Care
REITs
—
0.08%
Aveanna
Healthcare
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.85%)
9.20%
07/17/28
1
$
384,915
$
369,520
Hotel
&
Resort
REITs
—
0.20%
OEG
Borrower
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.50%)
8.84%
06/25/31
1
900,000
902,250
Industrials
—
1.79%
Artera
Services
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
4.50%)
9.83%
02/15/31
1
1,189,519
1,197,268
Patriot
Container
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
8.85%)
9.19%
03/20/25
1
1,720,410
1,680,170
Term
Loan,
2nd
Lien
(SOFR
plus
7.85%)
13.19%
03/20/26
1
242,500
210,571
Plaze,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.86%)
9.21%
08/03/26
1
752,845
728,377
Pretium
PKG
Holdings,
Inc.,
Term
Loan
A,
1st
Lien
(PRIME
plus
5.00%)
10.33%
10/02/28
1,3
509,077
524,859
ProAmpac
PG
Borrower
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
9.32%
-
9.33%
09/15/28
1
2,487,516
2,496,533
Verde
Purchaser,
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.50%)
9.83%
11/30/30
1
1,315,000
1,315,493
8,153,271
Information
Technology
—
2.07%
CT
Technologies
Intermediate
Holdings,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
4.37%)
9.71%
12/16/25
1
1,015,875
1,018,415
EagleView
Technology
Co.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.76%)
9.10%
08/14/25
1
1,723,819
1,664,916
Indy
U.S.
Holdco
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.75%)
10.08%
03/06/28
1
750,000
751,875
High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
3
/
June
2024
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Information
Technology
(continued)
Magnite,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.50%)
9.84%
02/06/31
1
$
2,389,013
$
2,400,468
MH
Sub
I
LLC,
Term
Loan
B3,
1st
Lien
(SOFR
plus
4.25%)
9.59%
05/03/28
1
740,874
741,026
Nielsen
Consumer,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
6.25%)
11.59%
03/06/28
1
746,231
748,097
Research
Now
Group
LLC
(DIP),
Term
Loan,
1st
Lien
(SOFR
plus
8.86%)
14.21%
08/06/24
1
105,518
106,573
Spin
Holdco,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
9.26%)
9.60%
03/03/28
1
634,409
543,609
Xerox
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
9.34%
11/15/29
1
1,462,500
1,463,187
9,438,166
Insurance
—
0.76%
Acrisure
LLC,
Term
Loan
B6,
1st
Lien
(SOFR
plus
3.25%)
8.59%
11/06/30
1
700,000
700,004
Asurion
LLC,
Term
Loan
B4,
2nd
Lien
(SOFR
plus
5.36%)
10.71%
01/20/29
1
195,000
180,451
Term
Loan
B8,
1st
Lien
(SOFR
plus
3.36%)
8.71%
12/23/26
1
1,513,942
1,503,428
HUB
International
Ltd.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.25%)
8.57%
06/20/30
1
1,057,863
1,061,391
3,445,274
Materials
—
0.17%
Arsenal
Aic
Parent
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
9.09%
08/18/30
1
744,384
749,781
Chemours
Co.
(The),
Term
Loan
B3,
1st
Lien
(SOFR
plus
3.50%)
8.84%
08/18/28
1
17,910
17,865
767,646
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Retail
—
0.68%
1011778
BC
Unlimited
Liability
Co.,
Term
Loan
B6,
1st
Lien
(Canada)
(SOFR
plus
1.75%)
7.09%
09/20/30
1,4
$
1,894,658
$
1,892,261
Tacala
Investment
Corp.,
Term
Loan,
1st
Lien
(SOFR
plus
4.00%)
9.34%
01/31/31
1
1,209,469
1,216,151
3,108,412
Services
—
0.73%
Clean
Harbors,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
1.86%)
7.21%
10/08/28
1
1,240,458
1,248,211
Fugue
Finance
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
9.10%
02/26/31
1
500,000
504,812
Ryan
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
3.50%)
8.84%
11/14/30
1,5
902,500
907,351
VT
Topco,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.50%)
8.84%
08/09/30
1
671,629
675,575
3,335,949
Specialized
REITs
—
0.22%
Greystar
Real
Estate
Partners
LLC,
Term
Loan
B1,
1st
Lien
(SOFR
plus
3.25%)
8.58%
08/21/30
1
992,513
998,716
Total
Bank
Loans
(Cost
$74,164,263)
74,342,198
CORPORATES
—
73.83%*
Automobile
Components
—
0.18%
Allison
Transmission,
Inc.
3.75%
01/30/31
6
930,000
820,725
Banking
—
1.80%
Bank
of
America
Corp.,
Series
RR,
NVS
4.38%
7,8
2,040,000
1,932,127
Bank
of
New
York
Mellon
Corp.
(The),
Series
I,
NVS
3.75%
7,8
2,515,000
2,312,228
JPMorgan
Chase
&
Co.,
Series
KK
3.65%
7,8
805,000
763,668
High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
June
2024
/
4
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Banking
(continued)
U.S.
Bancorp
NVS
3.70%
7,8
$
3,515,000
$
3,186,598
8,194,621
Communications
—
10.75%
Altice
France
Holding
SA
(Luxembourg)
10.50%
05/15/27
4,6
1,562,000
630,658
Altice
France
SA
(France)
5.13%
01/15/29
4,6
1,628,000
1,080,178
5.50%
10/15/29
4,6
3,700,000
2,444,555
8.13%
02/01/27
4,6
1,537,000
1,163,724
Cable
One,
Inc.
4.00%
11/15/30
6
3,802,000
2,840,725
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.
4.25%
02/01/31
6
1,350,000
1,103,428
4.50%
08/15/30
6
650,000
550,600
4.75%
03/01/30
6
1,825,000
1,582,131
5.13%
05/01/27
6
3,025,000
2,919,125
5.50%
05/01/26
6
7,579,000
7,512,684
Cogent
Communications
Group,
Inc.
7.00%
06/15/27
6
790,000
783,429
CommScope,
Inc.
4.75%
09/01/29
6
201,000
139,815
Consolidated
Communications,
Inc.
6.50%
10/01/28
6
850,000
728,540
CSC
Holdings
LLC
6.50%
02/01/29
6
6,863,000
5,036,896
7.50%
04/01/28
6
991,000
527,035
11.75%
01/31/29
6
118,000
100,889
DISH
DBS
Corp.
5.25%
12/01/26
6
2,790,000
2,205,962
7.38%
07/01/28
2,365,000
1,008,369
Frontier
Communications
Holdings
LLC
5.00%
05/01/28
6
24,000
22,670
5.88%
10/15/27
6
575,000
561,868
6.75%
05/01/29
6
1,922,000
1,764,883
8.63%
03/15/31
6
1,000,000
1,031,142
Global
Switch
Finance
BV
(EMTN)
(Netherlands)
1.38%
10/07/30
4
975,000
947,930
Gray
Television,
Inc.
5.38%
11/15/31
6
1,055,000
599,822
Nexstar
Media,
Inc.
4.75%
11/01/28
6
450,000
401,060
Scripps
Escrow,
Inc.
5.88%
07/15/27
6
587,000
355,662
SES
GLOBAL
Americas
Holdings,
Inc.
5.30%
03/25/44
6
1,680,000
1,245,026
Sirius
XM
Radio,
Inc.
3.88%
09/01/31
6
1,657,000
1,353,681
4.00%
07/15/28
6
500,000
452,142
5.50%
07/01/29
6
770,000
723,884
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Communications
(continued)
Tele
Columbus
AG
(Georgia)
10.00%
01/01/29
3,4,6
$
1,520,864
$
1,224,445
VZ
Secured
Financing
BV
(Netherlands)
5.00%
01/15/32
4,6
4,237,000
3,620,990
VZ
Secured
Financing
BV,
Series
REGS
(Netherlands)
3.50%
01/15/32
4
1,260,000
1,182,560
Zayo
Group
Holdings,
Inc.
4.00%
03/01/27
6
1,483,000
1,182,241
49,028,749
Consumer
Discretionary
—
4.49%
BAT
Capital
Corp.
5.28%
04/02/50
1,517,000
1,280,886
Central
Garden
&
Pet
Co.
4.13%
04/30/31
6
1,015,000
896,126
Choice
Hotels
International,
Inc.
5.85%
08/01/34
1,000,000
985,537
Crocs,
Inc.
4.13%
08/15/31
6
1,474,000
1,285,272
Everi
Holdings,
Inc.
5.00%
07/15/29
6
2,873,000
2,826,806
Hilton
Domestic
Operating
Co.,
Inc.
3.63%
02/15/32
6
2,673,000
2,315,411
Imperial
Brands
Finance
Netherlands
BV
(EMTN)
(Netherlands)
1.75%
03/18/33
4
770,000
669,476
Spectrum
Brands,
Inc.
3.88%
03/15/31
6
763,000
637,876
Triton
Water
Holdings,
Inc.
6.25%
04/01/29
6
2,950,000
2,846,688
WarnerMedia
Holdings,
Inc.
5.14%
03/15/52
5,810,000
4,525,185
Wyndham
Hotels
&
Resorts,
Inc.
4.38%
08/15/28
6
2,399,000
2,237,288
20,506,551
Consumer
Products
—
0.85%
Newell
Brands,
Inc.
4.88%
06/01/25
3,921,000
3,869,635
Diversified
REITs
—
3.92%
American
Assets
Trust
LP
3.38%
02/01/31
3,170,000
2,600,887
GLP
Capital
LP/GLP
Financing
II,
Inc.
5.25%
06/01/25
3,490,000
3,454,263
5.75%
06/01/28
1,820,000
1,825,416
6.75%
12/01/33
750,000
787,123
VICI
Properties
LP
4.95%
02/15/30
5,650,000
5,454,079
High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
5
/
June
2024
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Diversified
REITs
(continued)
VICI
Properties
LP/VICI
Note
Co.,
Inc.
4.63%
06/15/25
6
$
3,820,000
$
3,776,600
17,898,368
Electric
—
0.39%
Pike
Corp.
8.63%
01/31/31
6
1,680,000
1,781,616
Energy
—
4.36%
Energy
Transfer
LP,
Series
B,
NVS
6.63%
7,8
2,457,000
2,396,083
Global
Partners
LP/GLP
Finance
Corp.
6.88%
01/15/29
849,000
843,856
NGL
Energy
Operating
LLC/NGL
Energy
Finance
Corp.
8.38%
02/15/32
6
190,000
192,970
Petroleos
Mexicanos
(Mexico)
5.95%
01/28/31
4
524,000
422,601
Rockies
Express
Pipeline
LLC
6.88%
04/15/40
6
1,043,000
998,673
Sunoco
LP
7.00%
05/01/29
6
1,240,000
1,272,222
TransMontaigne
Partners
LP/TLP
Finance
Corp.
6.13%
02/15/26
3,139,000
3,072,273
Transocean
Titan
Financing
Ltd.
(Cayman
Islands)
8.38%
02/01/28
4,6
700,000
723,625
USA
Compression
Partners
LP/USA
Compression
Finance
Corp.
7.13%
03/15/29
6
2,955,000
2,981,504
Venture
Global
Calcasieu
Pass
LLC
4.13%
08/15/31
6
2,300,000
2,066,972
6.25%
01/15/30
6
395,000
401,727
Venture
Global
LNG,
Inc.
9.50%
02/01/29
6
3,221,000
3,529,686
9.88%
02/01/32
6
900,000
979,990
19,882,182
Entertainment
—
0.89%
Banijay
Entertainment
SAS
Term
Loan
B,
1st
Lien
(France)
8.13%
05/01/29
4,6
1,040,000
1,065,347
Live
Nation
Entertainment,
Inc.
5.63%
03/15/26
6
1,655,000
1,637,351
WMG
Acquisition
Corp.
3.75%
12/01/29
6
1,476,000
1,343,160
4,045,858
Finance
—
6.60%
American
Express
Co.,
NVS
3.55%
7,8
2,150,000
2,003,531
Avolon
Holdings
Funding
Ltd.
(Cayman
Islands)
2.53%
11/18/27
4,6
2,083,000
1,873,807
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Finance
(continued)
Charles
Schwab
Corp.
(The)
Series
K,
NVS
5.00%
7,8
$
2,430,000
$
2,330,537
Citigroup,
Inc.
2.56%
05/01/32
8
1,545,000
1,288,097
Cushman
&
Wakefield
U.S.
Borrower
LLC
8.88%
09/01/31
6
1,622,000
1,710,051
Ford
Motor
Credit
Co.
LLC
2.30%
02/10/25
2,150,000
2,102,528
3.66%
09/08/24
5,484,000
5,483,067
4.06%
11/01/24
6,083,000
6,078,073
GGAM
Finance
Ltd.
(Cayman
Islands)
8.00%
02/15/27
4,6
775,000
801,741
8.00%
06/15/28
4,6
352,000
370,590
Icahn
Enterprises
LP/Icahn
Enterprises
Finance
Corp.
4.38%
02/01/29
2,145,000
1,836,088
9.00%
06/15/30
6
1,270,000
1,264,954
9.75%
01/15/29
6
970,000
1,007,967
Jane
Street
Group/JSG
Finance,
Inc.
4.50%
11/15/29
6
780,000
732,362
Macquarie
AirFinance
Holdings
Ltd.
(United
Kingdom)
6.40%
03/26/29
4,6
1,200,000
1,223,087
30,106,480
Food
—
2.72%
B&G
Foods,
Inc.
5.25%
04/01/25
668,000
663,466
Chobani
LLC/Chobani
Finance
Corp,
Inc.
4.63%
11/15/28
6
290,000
274,242
ELO
SACA
(EMTN)
(France)
6.00%
03/22/29
4
1,500,000
1,582,601
H-Food
Holdings
LLC/Hearthside
Finance
Co.,
Inc.
8.50%
06/01/26
6
1,387,000
112,794
Nathan's
Famous,
Inc.
6.63%
11/01/25
6
278,000
279,390
Pilgrim's
Pride
Corp.
3.50%
03/01/32
6,356,000
5,384,273
Post
Holdings,
Inc.
5.63%
01/15/28
6
1,750,000
1,724,373
6.25%
02/15/32
6
2,400,000
2,408,850
12,429,989
Gaming
—
1.56%
Churchill
Downs,
Inc.
5.75%
04/01/30
6
1,700,000
1,653,271
Flutter
Treasury
Designated
Activity
Co.
(Ireland)
5.00%
04/29/29
4,6
650,000
707,950
Wynn
Las
Vegas
LLC/Wynn
Las
Vegas
Capital
Corp.
5.25%
05/15/27
6
4,854,000
4,741,751
7,102,972
High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
June
2024
/
6
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Health
Care
—
10.96%
1375209
BC
Ltd.
(Canada)
9.00%
01/30/28
4,6
$
2,880,000
$
2,775,095
Bausch
Health
Cos.,
Inc.
(Canada)
14.00%
10/15/30
4,6
192,000
148,800
Bayer
U.S.
Finance
LLC
6.50%
11/21/33
6
2,273,000
2,319,980
Catalent
Pharma
Solutions,
Inc.
3.50%
04/01/30
6
1,175,000
1,126,240
Centene
Corp.
2.45%
07/15/28
2,404,000
2,135,641
2.63%
08/01/31
1,219,000
1,001,981
3.00%
10/15/30
865,000
740,181
4.25%
12/15/27
8,170,000
7,807,386
Embecta
Corp.
6.75%
02/15/30
6
1,060,000
929,356
Ephios
Subco
3
SARL
(Luxembourg)
7.88%
01/31/31
4,6
790,000
902,002
Grifols
SA
(Spain)
4.75%
10/15/28
4,6
1,171,000
1,010,727
Grifols
SA,
Series
REGS
(Spain)
3.88%
10/15/28
4
1,965,000
1,733,066
Heartland
Dental
LLC/Heartland
Dental
Finance
Corp.
10.50%
04/30/28
6
791,000
840,210
Kedrion
SpA
(Italy)
6.50%
09/01/29
4,6
2,470,000
2,259,596
ModivCare
Escrow
Issuer,
Inc.
5.00%
10/01/29
6
3,830,000
2,700,627
ModivCare,
Inc.
5.88%
11/15/25
6
1,590,000
1,613,357
Molina
Healthcare,
Inc.
4.38%
06/15/28
6
900,000
848,388
Option
Care
Health,
Inc.
4.38%
10/31/29
6
1,000,000
919,646
Prestige
Brands,
Inc.
3.75%
04/01/31
6
1,847,000
1,608,944
Sotera
Health
Holdings
LLC
7.38%
06/01/31
6
825,000
827,635
Star
Parent,
Inc.
9.00%
10/01/30
6
700,000
736,082
Teleflex,
Inc.
4.25%
06/01/28
6
1,729,000
1,631,639
Tenet
Healthcare
Corp.
4.63%
06/15/28
4,350,000
4,145,339
5.13%
11/01/27
7,993,000
7,829,173
Teva
Pharmaceutical
Finance
Netherlands
III
BV
(Netherlands)
8.13%
09/15/31
4
1,257,000
1,399,120
49,990,211
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Industrials
—
6.99%
Ardagh
Packaging
Finance
PLC/Ardagh
Holdings
USA,
Inc.
(Canada)
4.13%
08/15/26
4,6
$
900,000
$
782,040
5.25%
08/15/27
4,6
1,272,000
788,186
Ball
Corp.
5.25%
07/01/25
5,000,000
5,006,250
Berry
Global,
Inc.
4.88%
07/15/26
6
943,000
926,765
5.65%
01/15/34
6
1,205,000
1,182,811
Boeing
Co.
(The)
6.53%
05/01/34
6
1,615,000
1,653,858
Clydesdale
Acquisition
Holdings,
Inc.
6.63%
04/15/29
6
150,000
147,585
Energizer
Holdings,
Inc.
4.38%
03/31/29
6
1,120,000
1,013,782
General
Electric
Co.
(MTN)
(CME
Term
SOFR
3-Month
plus
0.74%)
6.06%
08/15/36
1
1,300,000
1,232,478
Graphic
Packaging
International
LLC
4.13%
08/15/24
3,745,000
3,730,956
II-VI,
Inc.
5.00%
12/15/29
6
566,000
536,608
IMA
Industria
Macchine
Automatiche
SpA
(Italy)
(3-Month
Euribor
plus
3.75%)
7.65%
04/15/29
1,4,6
850,000
918,511
Madison
IAQ
LLC
4.13%
06/30/28
6
1,000,000
932,500
OT
Merger
Corp.
7.88%
10/15/29
6
2,808,000
1,288,195
Paprec
Holding
SA
(France)
7.25%
11/17/29
4,6
900,000
1,015,225
Rolls-Royce
PLC
(EMTN)
(United
Kingdom)
1.63%
05/09/28
4
400,000
393,123
Sensata
Technologies
BV
(Netherlands)
4.00%
04/15/29
4,6
2,500,000
2,298,744
TransDigm,
Inc.
6.38%
03/01/29
6
6,578,000
6,626,631
6.88%
12/15/30
6
905,000
924,756
Trivium
Packaging
Finance
BV
(Netherlands)
5.50%
08/15/26
4,6
506,000
496,316
31,895,320
Information
Technology
—
5.93%
Booz
Allen
Hamilton,
Inc.
4.00%
07/01/29
6
2,816,000
2,642,176
Helios
Software
Holdings,
Inc./ION
Corporate
Solutions
Finance
SARL
8.75%
05/01/29
6
1,256,000
1,280,337
High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
7
/
June
2024
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Information
Technology
(continued)
Insight
Enterprises,
Inc.
6.63%
05/15/32
6
$
1,150,000
$
1,169,115
MSCI,
Inc.
3.63%
09/01/30
6
2,270,000
2,039,820
3.63%
11/01/31
6
1,266,000
1,112,072
NCR
Voyix
Corp.
5.25%
10/01/30
6
2,625,000
2,401,531
Open
Text
Corp.
(Canada)
6.90%
12/01/27
4,6
752,000
776,527
RingCentral,
Inc.
8.50%
08/15/30
6
1,516,000
1,584,950
Science
Applications
International
Corp.
4.88%
04/01/28
6
2,023,000
1,932,845
SS&C
Technologies,
Inc.
5.50%
09/30/27
6
4,400,000
4,338,334
Uber
Technologies,
Inc.
7.50%
09/15/27
6
4,600,000
4,693,090
Zebra
Technologies
Corp.
6.50%
06/01/32
6
750,000
757,500
ZoomInfo
Technologies
LLC/ZoomInfo
Finance
Corp.
3.88%
02/01/29
6
2,575,000
2,337,585
27,065,882
Insurance
—
0.83%
Acrisure
LLC/Acrisure
Finance,
Inc.
6.00%
08/01/29
6
728,000
674,246
Alliant
Holdings
Intermediate
LLC/Alliant
Holdings
Co.-Issuer
6.75%
04/15/28
6
450,000
451,473
7.00%
01/15/31
6
930,000
941,442
AmWINS
Group,
Inc.
6.38%
02/15/29
6
545,000
548,075
HUB
International
Ltd.
7.25%
06/15/30
6
455,000
466,394
Panther
Escrow
Issuer
LLC
7.13%
06/01/31
6
695,000
703,487
3,785,117
Materials
—
3.09%
ATI,
Inc.
5.13%
10/01/31
857,000
793,068
7.25%
08/15/30
550,000
571,395
Axalta
Coating
Systems,
LLC
3.38%
02/15/29
6
3,523,000
3,165,664
Clearwater
Paper
Corp.
4.75%
08/15/28
6
3,233,000
3,006,920
Herens
Holdco
SARL
(Luxembourg)
4.75%
05/15/28
4,6
1,064,000
922,284
International
Flavors
&
Fragrances,
Inc.
2.30%
11/01/30
6
1,655,000
1,380,531
SCIH
Salt
Holdings,
Inc.
4.88%
05/01/28
6
272,000
254,551
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Materials
(continued)
SK
Invictus
Intermediate
II
SARL
(Luxembourg)
5.00%
10/30/29
4,6
$
1,168,000
$
1,058,578
Valvoline,
Inc.
3.63%
06/15/31
6
2,112,000
1,821,965
WR
Grace
Holdings,
LLC
5.63%
08/15/29
6
1,234,000
1,138,674
14,113,630
Office
REITs
—
0.69%
Hudson
Pacific
Properties
LP
3.25%
01/15/30
1,188,000
820,956
4.65%
04/01/29
1,160,000
895,469
Piedmont
Operating
Partnership
LP
2.75%
04/01/32
418,000
307,107
6.88%
07/15/29
1,135,000
1,121,753
3,145,285
Retail
—
2.43%
Bloomin'
Brands,
Inc./OSI
Restaurant
Partners
LLC
5.13%
04/15/29
6
267,000
241,087
Ferrellgas
LP/Ferrellgas
Finance
Corp.
5.38%
04/01/26
6
980,000
959,648
5.88%
04/01/29
6
3,842,000
3,537,362
Fertitta
Entertainment,
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.
6.75%
01/15/30
6
647,000
568,806
FirstCash,
Inc.
5.63%
01/01/30
6
2,071,000
1,963,279
Lithia
Motors,
Inc.
3.88%
06/01/29
6
875,000
787,181
Michaels
Cos.,
Inc.
(The)
7.88%
05/01/29
6
3,428,000
2,226,309
Papa
John's
International,
Inc.
3.88%
09/15/29
6
900,000
798,820
11,082,492
Services
—
3.73%
Adtalem
Global
Education,
Inc.
5.50%
03/01/28
6
2,036,000
1,958,237
Block,
Inc.
3.50%
06/01/31
1,745,000
1,509,425
Carriage
Services,
Inc.
4.25%
05/15/29
6
1,400,000
1,251,538
HealthEquity,
Inc.
4.50%
10/01/29
6
1,204,000
1,126,995
Prime
Security
Services
Borrower
LLC/Prime
Finance,
Inc.
3.38%
08/31/27
6
300,000
277,947
5.75%
04/15/26
6
3,100,000
3,079,035
Upbound
Group,
Inc.
6.38%
02/15/29
6
1,770,000
1,701,338
VT
Topco,
Inc.
8.50%
08/15/30
6
689,000
723,997
WASH
Multifamily
Acquisition,
Inc.
5.75%
04/15/26
6
2,625,000
2,571,142
Waste
Pro
USA,
Inc.
5.50%
02/15/26
6
2,455,000
2,420,390
High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
June
2024
/
8
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Services
(continued)
Worldline
SA
(France)
0.00%
07/30/25
4,9
$
150
$
18,130
0.00%
07/30/26
4,9
3,800
377,296
17,015,470
Specialized
REITs
—
0.40%
Blackstone
Property
Partners
Europe
Holdings
SARL
(EMTN)
(Luxembourg)
1.75%
03/12/29
4
635,000
600,094
Greystar
Real
Estate
Partners
LLC
7.75%
09/01/30
6
1,150,000
1,213,082
1,813,176
Transportation
—
0.22%
U.S.
Airways
Pass-Through
Trust,
Series
2012-1,
Class
A
5.90%
10/01/24
1,002,045
1,000,598
Water
—
0.05%
Thames
Water
Utilities
Finance
PLC
(EMTN)
(United
Kingdom)
4.38%
01/18/31
4
255,000
235,930
Total
Corporates
(Cost
$346,742,377)
336,810,857
Total
Bonds
—
90.13%
(Cost
$420,906,640)
411,153,055
Issues
Shares
Value
COMMON
STOCK
—
0.62%
Communications
—
0.62%
Intelsat
Emergence
SA
4,10,11,12
(Luxembourg)
75,716
2,846,921
Total
Common
Stock
(Cost
$2,533,058)
WARRANT
—
0.00%
Communications
—
0.00%
Intelsat
Jackson
Holdings
SA,
4,10,11,12
(Luxembourg)
16
33
Entertainment
—
0.00%
Crown
Finance
US,
Inc.
†,4,10,11,12
(United
Kingdom)
288,340
—
Total
Warrant
(Cost
$60)
33
Issues
Maturity
Date
Principal
Amount
/
Shares
Value
SHORT-TERM
INVESTMENTS
—
10.74%
Money
Market
Funds
—
6.40%
Dreyfus
Government
Cash
Management
Fund
5.19%
13
8,303,000
$
8,303,000
Fidelity
Investments
Money
Market
Funds
-
Government
Portfolio
6.21%
13
440,037
440,037
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
5.22%
13
20,457,000
20,457,000
29,200,037
U.S.
Treasury
Bills
—
4.34%
U.S.
Treasury
Bills
5.29%
14
11/14/24
$
10,000,000
9,805,459
U.S.
Treasury
Bills
(WI)
5.24%
14
07/18/24
10,000,000
9,975,245
19,780,704
Total
Short-Term
Investments
(Cost
$48,981,077)
48,980,741
Total
Investments
-
101.49%
(Cost
$472,420,835)
462,980,750
Net
unrealized
appreciation
on
unfunded
commitments
-
0.00%
512
Liabilities
in
Excess
of
Other
Assets
-
(1.49)%
(6,773,048)
Net
Assets
-
100.00%
$
456,208,214
1
Floating
rate
security.
The
rate
disclosed
was
in
effect
at
June
30,
2024.
2
Payment-in-kind
(“PIK”)
security.
Income
may
be
paid
in
additional
securities
or
cash
at
the
discretion
of
the
issuer
-
7.19%
cash
or
1.50%
payment-in-kind
interest.
3
Payment-in-kind
(“PIK”)
security.
4
Foreign
denominated
security
issued
by
foreign
domiciled
entity.
5
Excluded
from
the
investment
total
above
is
an
unfunded
delayed
draw
term
loan
commitment
in
an
amount
not
to
exceed
$95,750,
at
an
interest
rate
of
9.83%
and
a
maturity
of
November
14,
2030.
The
investment
is
not
accruing
an
unused
commitment
fee.
6
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.
7
Perpetual
security
with
no
stated
maturity
date.
8
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.
9
Zero
coupon
bond.
The
rate
shown
is
the
effective
yield
as
of
June
30,
2024.
10
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
11
Non-income producing
security.
12
Illiquid
security
as
determined
under
procedures
approved
by
the
Board
of
Trustees.
The
aggregate
value
of
illiquid
securities
is
$2,846,954,
which
is
0.62%
of
total
net
assets.
13
Represents
the
current
yield
as
of
June
30,
2024.
14
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.
High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
9
/
June
2024
*
Securities
with
a
call
or
reset
feature
will
have
an
effective
maturity
date
sooner
than
the
stated
maturity.
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.
(DIP):
Debtor-in-Possession
(EMTN):
Euro
Medium-Term
Note
(EUR):
Euro
(EURIBOR):
Euro
InterBank
Offer
Rate
(LIBOR):
London
InterBank
Offer
Rate
(MTN):
Medium-Term
Note
(NVS):
Non-Voting
Shares
(REIT):
Real
Estate
Investment
Trust
(SOFR):
Secured
Overnight
Financing
Rate
(WI):
When
Issued
Currency
to
be
Purchased
Currency
to
be
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
FOREIGN
CURRENCY
EXCHANGE
CONTRACT
USD
923,592
EUR
855,000
Bank
of
America
N.A.
07/12/24
$
6,622
USD
14,206,988
EUR
13,020,000
Citibank
N.A.
07/12/24
243,321
249,943
EUR
1,464,000
USD
1,595,650
Bank
of
America
N.A.
07/12/24
(25,541)
EUR
740,000
USD
805,675
Citibank
N.A.
07/12/24
(12,041)
(37,582)
NET
UNREALIZED
APPRECIATION
$
212,361
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
FUTURES
CONTRACTS:
LONG
POSITIONS
U.S.
Treasury
Five-Year
Note
801
09/30/24
$
85,369,082
$
403,207
$
403,207
U.S.
Treasury
Two-Year
Note
154
09/30/24
31,449,688
53,723
53,723
116,818,770
456,930
456,930
FUTURES
CONTRACTS:
SHORT
POSITIONS
Euro-Bobl
Future
51
09/06/24
(6,364,523)
(66,199)
(66,199)
Euro-Schatz
Future
18
09/06/24
(2,039,112)
(9,185)
(9,185)
Euro-Bund
Future
12
09/06/24
(1,692,765)
(20,721)
(20,721)
U.S.
Treasury
Ten-Year
Ultra
Bond
5
09/19/24
(567,656)
4,679
4,679
(10,664,056)
(91,426)
(91,426)
TOTAL
FUTURES
CONTRACTS
$
106,154,714
$
365,504
$
365,504
High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
June
2024
/
10
SIGNIFICANT
ACCOUNTING
POLICIES
The
following
is
a
summary
of
significant
accounting
policies
consistently
followed
by
the
Fund:
Net
Asset
Value
The
Net
Asset
Value
(“NAV”)
of
each
class
of
the
Fund
is
determined
by
dividing
the
net
assets
attributable
to
each
class
of
shares
of
the
Fund
by
the
number
of
issued
and
outstanding
shares
of
the
class
of
the
Fund
on
each
business
day
as
of
4
p.m.
ET.
Security
Valuation
Pursuant
to
Rule
2a-5
under
the
1940
Act,
the
Board
of
Trustees
(the
"Board"
or
the
"Board
of
Trustees")
has
designated
the
Adviser
as
the
"valuation
designee"
with
respect
to
the
fair
valuation
of
the
Fund's
portfolio
securities,
subject
to
oversight
by
and
periodic
reporting
to
the
Board. Fixed
income
securities
for
which
market
quotations
are
readily
available were
valued
during
the
period at
prices
as
provided
by
independent
pricing
vendors
or
broker
quotes.
The
Fund
received
pricing
information
from
independent
pricing
vendors
selected
and
overseen
by
the
valuation
designee.
Securities
with
a
demand
feature
exercisable
within
one
to
seven
days
are
valued
at
par.
The
Fund
also
uses
a
benchmark
pricing
system
to
the
extent
vendors’
prices
for
their
securities
are
either
inaccurate
(such
as
when
the
reported
prices
are
different
from
recent
known
market
transactions)
or
are
not
available
from
another
pricing
source.
For
a
security
priced
using
this
system,
the
Adviser
initially
selects
a
proxy
composed
of
a
relevant
security
(e.g.,
U.S.
Treasury
Note)
or
benchmark
(e.g.,
LIBOR)
and
a
multiplier,
divisor
or
margin
that
the
Adviser
believes
would
together
best
reflect
changes
in
the
market
value
of
the
security.
The
value
of
the
security
changes
daily
based
on
changes
to
the
market
price
of
the
assigned
benchmark.
The
benchmark
pricing
system
is
continuously
reviewed
by
the
Adviser
and
implemented
according
to
the
pricing
policy
reviewed
by
the
Board.
S&P
500
Index
futures
contracts
are
valued
at
the
first
sale
price
after
4
p.m.
ET
on
the
Chicago
Mercantile
Exchange.
All
other
futures
contracts
are
valued
at
the
official
settlement
price
of
the
exchange
on
which
those
securities
are
traded.
Equity
securities,
including
depository
receipts,
are
valued
at
the
last
reported
sale
price
or
the
market’s
closing
price
on
the
exchange
or
market
on
which
such
securities
are
traded,
as
of
the
close
of
business
on
the
day
the
securities
are
being
valued
or,
lacking
any
sales,
at
the
average
of
the
bid
and
ask
prices.
In
cases
where
equity
securities
are
traded
on
more
than
one
exchange,
the
securities
are
valued
on
the
exchange
or
market
determined
by
the
Adviser
to
be
the
broadest
and
most
representative
market,
which
may
be
either
a
securities
exchange
or
the
over-the-counter
market.
Equity
options
are
valued
at
the
average
of
the
bid
and
ask
prices.
Securities
and
other
assets
that
could
not be
valued
as
described
above were
valued at
their
fair
value
as
determined
by
the
Adviser
in
accordance
with
procedures
approved by
and
under
the
general
oversight
of
the
Board.
Investments
in
registered
open-ended
investment
companies,
including
those
classified
as
money
market
funds,
are
valued
based
upon
the
reported
NAV
of
such
investments.
Fair
value
methods
used
by
the
Adviser included,
but were
not
limited
to,
obtaining
market
quotations
from
secondary
pricing
services,
broker-dealers,
or
widely
used
quotation
systems.
General
factors
considered
in
determining
the
fair
value
of
securities
include
fundamental
analytical
data,
the
nature
and
duration
of
any
restrictions
on
disposition
of
the
securities,
and
an
evaluation
of
the
forces
that
influence
the
market
in
which
the
investments
are
purchased
and
sold.
These
securities
are
either
categorized
as
Level
2
or
3
depending
on
the
relevant
inputs
used.
In
the
event
that
the
security
or
asset
could
not be
valued
pursuant
to
one
of
the
valuation
methods
used
by
the
Adviser,
the
value
of
the
security
or
asset was
determined
in
good
faith
by
the Adviser,
as
the
valuation
designee.
When
the
Fund
uses
these
fair
valuation
methods that
use
significant
unobservable
inputs
to
determine
NAV,
securities
will
be
priced
by
a
method
that
the
Adviser
believes
accurately
reflects
fair
value
and
are
categorized
as
Level
3
of
the
fair
value
hierarchy.
These
methods
may
require
subjective
determinations
about
the
value
of
a
security.
While
the
Fund’s
policy
is
intended
to
result
in
a
calculation
of
its
NAV
that
fairly
reflects
security
values
as
of
the
time
of
pricing,
the
Fund
cannot
guarantee
that
values
determined
by
the
Adviser
would
accurately
reflect
the
price
that
the
Fund
could
obtain
for
a
security
if
it
were
to
dispose
of
that
security
as
of
the
time
of
pricing
(for
instance,
in
a
forced
or
distressed
sale).
The
prices
used
by
the
Fund
may
differ
from
the
value
that
would
be
realized
if
the
securities
were
sold.
Fair
Value
Measurements
Various
inputs
are
used
in
determining
the
fair
value
of
investments,
which
are
as
follows:
*
Level
1
-
unadjusted
quoted
prices
in
active
markets
for
identical
securities
*
Level
2
-
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
*
Level
3
-
significant
unobservable
inputs
that
are
not
corroborated
by
observable
market
data
High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
11
/
June
2024
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,
2024
is
as
follows:
HIGH
YIELD
BOND
FUND
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Investments
in
Securities
Assets:
Short-Term
Investments:
Money
Market
Funds
$
29,200,037
$
—
$
—
$
29,200,037
U.S.
Treasury
Bills
19,780,704
—
—
19,780,704
Long-Term
Investments:
Bank
Loans
—
74,342,198
—
74,342,198
Common
Stock
—
—
2,846,921
2,846,921
Corporates
—
336,810,857
—
336,810,857
Unfunded
Commitments
Appreciation
—
512
—
512
Warrant
—
—
33
33
Other
Financial
Instruments
*
Assets:
Foreign
Currency
Exchange
Contracts
Foreign
Currency
Risk
—
249,943
—
249,943
Futures
Contracts
Interest
Rate
Risk
461,609
—
—
461,609
Liabilities:
Foreign
Currency
Exchange
Contracts
Foreign
Currency
Risk
—
(37,582)
—
(37,582)
Futures
Contracts
Interest
Rate
Risk
(96,105)
—
—
(96,105)
Total
$
49,346,245
$
411,365,928
$
2,846,954
$
463,559,127
*Other
financial
instruments
include
foreign
currency
exchange
contracts
and
futures.
High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
June
2024
/
12
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,
2024,
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
CORPORATES
WARRANT
TOTAL
Balance
as
of
April
1,
2024
$
2,034,867
$
1,360
$
16
$
2,036,243
Accrued
discounts/premiums
—
—
—
—
Realized
(loss)
(26,920,367)
(1,384,946)
—
(28,305,313)
Change
in
unrealized
appreciation*
27,983,875
1,386,712
17
29,370,604
Purchases
—
—
—
—
Sales
(251,454)
(3,126)
—
(254,580)
Transfers
into
Level
3**
—
—
—
—
Transfers
out
of
Level
3**
—
—
—
—
Balance
as
of
June
30,
2024
$
2,846,921
$
—
$
33
$
2,846,954
*The
change
in
unrealized
appreciation
(depreciation)
on
securities
still
held
at
June
30,
2024
was
$812,071
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,
2024.
Significant
unobservable
valuations
inputs
for
Level
3
investments
as
of
June
30,
2024,
are
as
follows:
HIGH
YIELD
BOND
FUND
FAIR
VALUE
AT
6/30/24
VALUATION
TECHNIQUE*
UNOBSERVABLE
INPUT
RANGE
WEIGHTED
AVERAGE
INPUT
TO
VALUATION
IF
INPUT
INCREASES
Common
Stock
$2,846,921
Third-Party
Vendor
Vendor
Prices
$37.60
$37.60
Increase
Warrant
$—
Broker
Quote
Offered
Quote
$—
$—
Increase
Warrant
$33
Third-Party
Vendor
Vendor
Prices
$2.04
$2.04
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,
2024
were
as
follows:
VALUE
AT
BEGINNING
OF
YEAR
PURCHASES
SALES
DIVIDEND/
INTEREST
VALUE
AT
END
OF
PERIOD
SHARES
HELD
AT
END
OF
PERIOD
REALIZED
GAIN
(LOSS)
CHANGE
IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
Homer
City
Holdings
LLC
*
$—
$—
$(251,454)
$—
$—
—
$(26,920,367)
$27,171,821
*
Affiliates
not
held
at
period
end.
High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
13
/
June
2024
COMMITMENTS
AND
CONTINGENCIES
The
High
Yield
Bond
Fund had
the
following
unfunded
commitments
and
unrealized
gain
(loss)
as
of
June
30,
2024:
HIGH
YIELD
BOND
FUND
UNFUNDED
COMMITMENTS
MATURITY
AMOUNT
UNREALIZED
GAIN
Ryan
LLC,
Delayed-Draw
Term
Loan,
1st
Lien
November
2030
$
95,750
$
512
Total
Unfunded
Commitments
$
95,750
$
512