High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
1
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
BONDS
–
90
.38
%
BANK
LOANS
—
12
.99
%
*
Communications
—
1
.23
%
Cyxtera
DC
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.00%)
5.07%
05/01/24
1
$
500,000
$
318,132
NEP
Group,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.25%)
8.59%
10/17/25
1
994,778
946,591
NEP/NCP
Holdco,
Inc.,
Term
Loan,
2nd
Lien
(SOFR
plus
7.11%)
12.47%
10/19/26
1
875,000
704,375
SBA
Senior
Finance
II
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
1.85%)
7.21%
04/11/25
1
2,493,404
2,500,298
Zayo
Group
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.11%)
8.47%
03/09/27
1
1,800,000
1,551,888
6,021,284
Consumer
Discretionary
—
1
.12
%
City
Brewing
Co.
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.76%)
8.32%
04/05/28
1
2,043,800
1,624,821
Naked
Juice,
LLC,
Term
Loan,
2nd
Lien
(SOFR
plus
6.10%)
11.00%
01/24/30
1
2,891,000
2,354,358
Osmosis
Buyer
Ltd.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.25%)
9.60%
07/31/28
1
1,500,000
1,509,375
5,488,554
Entertainment
—
0
.70
%
Elanco
Animal
Health,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
1.85%)
7.19%
08/01/27
1
3,460,961
3,444,141
Finance
—
0
.36
%
Auris
Lux
III
SA,
Term
Loan
B2,
1st
Lien
(Luxembourg)
(SOFR
plus
3.75%)
9.60%
-
9.62%
02/27/26
1,2
1,054,690
1,043,879
Cushman
&
Wakefield
U.S.
Borrower
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
9.36%
01/31/30
1
698,250
699,123
1,743,002
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Food
—
0
.95
%
8th
Avenue
Food &
Provisions,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.86%)
9.22%
10/01/25
1
$
1,745,407
$
1,678,506
(SOFR
plus
4.86%)
10.22%
10/01/25
1
744,289
718,239
B&G
Foods,
Inc.,
Term
Loan
B4,
1st
Lien
(SOFR
plus
2.50%)
7.86%
10/10/26
1
744,035
739,214
Chobani
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
9.11%
10/25/27
1
1,125,000
1,128,279
H-Food
Holdings
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
3.95%)
9.34%
05/23/25
1
496,063
399,192
4,663,430
Gaming
—
0
.19
%
Ontario
Gaming
Gta
Ltd.
Partnership,
Term
Loan
B,
1st
Lien
(Canada)
(SOFR
plus
4.25%)
9.60%
08/01/30
1,2
900,000
904,981
Health
Care
—
0
.63
%
Catalent
Pharma
Solutions,
Inc.,
Term
Loan
B3,
1st
Lien
(SOFR
plus
2.11%)
7.47%
02/22/28
1
1,246,795
1,226,067
eResearchTechnology,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.61%)
9.97%
02/04/27
1
843,769
843,967
Grifols
Worldwide
Operations
USA,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.15%)
7.37%
11/15/27
1
997,403
998,649
3,068,683
Health
Care
REITs
—
0
.26
%
Aveanna
Healthcare
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.85%)
9.24%
07/17/28
1
1,336,893
1,248,090
Industrials
—
2
.90
%
Arterrsa
Services LLC,
Term
Loan,
1st
Lien
(Luxembourg)
(SOFR
plus
3.60%)
8.95%
03/06/25
1,2
1,492,347
1,409,104
AZZ,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
8.91%
-
9.33%
05/14/29
1
900,000
905,382
High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
2
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Industrials
(continued)
Berry
Global,
Inc.,
Term
Loan
AA,
1st
Lien
(SOFR
plus
1.86%)
7.22%
07/01/29
1
$
2,493,750
$
2,499,723
Patriot
Container
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.85%)
9.21%
03/20/25
1
1,729,585
1,662,201
Plaze,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.86%)
9.22%
08/03/26
1
2,260,621
2,202,218
Pretium
PKG
Holdings,
Inc.,
Term
Loan
A,
1st
Lien
(SOFR
plus
5.00%)
10.39%
10/02/28
1
501,658
492,882
ProAmpac
PG
Borrower
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.50%)
9.87%
-
9.89%
09/15/28
1
2,500,000
2,507,812
SPX
flow,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.60%)
9.41%
-
9.58%
04/05/29
1
429,171
431,139
Titan
Acquisition,
Ltd.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.11%)
8.47%
03/28/25
1
896,934
896,844
Transcendia
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
9.14%
05/30/24
1
1,581,460
1,176,211
14,183,516
Information
Technology
—
2
.38
%
CT
Technologies
Intermediate
Holdings,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
4.36%)
9.72%
12/16/25
1
1,021,125
985,738
EagleView
Technology
Co.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.76%)
9.11%
08/14/25
1
1,732,940
1,695,032
Magnite,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.26%)
10.47%
-
10.65%
04/28/28
1
501,145
503,548
MH
Sub
I
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.25%)
9.61%
05/03/28
1
744,616
733,447
Open
Text
Corp.,
Term
Loan
B,
1st
Lien
(Canada)
(SOFR
plus
1.85%)
7.21%
05/30/25
1,2
2,493,386
2,500,654
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Information
Technology
(continued)
Spin
Holdco,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.26%)
9.62%
03/03/28
1
$
2,674,375
$
2,361,099
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B5,
1st
Lien
(SOFR
plus
1.86%)
7.22%
04/16/25
1
1,342,867
1,346,096
Xerox
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
9.36%
11/15/29
1
1,500,000
1,504,687
11,630,301
Insurance
—
0
.44
%
Asurion
LLC,
Term
Loan
B8,
1st
Lien
(SOFR
plus
3.36%)
8.72%
12/23/26
1
1,246,787
1,246,094
HUB
International
Ltd.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.25%)
9.66%
06/20/30
1
900,514
905,517
2,151,611
Materials
—
0
.46
%
Arsenal
Aic
Parent
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.50%)
9.86%
08/19/30
1
748,125
752,333
Chemours
Co.
(The),
Term
Loan
B3,
1st
Lien
(SOFR
plus
3.50%)
8.86%
08/18/28
1
798,000
798,798
Polar
U.S.
Borrower
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
4.85%)
10.24%
10/15/25
1
1,000,000
686,500
2,237,631
Retail
—
0
.34
%
American
Airlines,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
5.01%)
10.43%
04/20/28
1
387,000
398,157
Tacala
Investment
Corp.,
Term
Loan
B,
2nd
Lien
(SOFR
plus
8.11%)
13.47%
02/04/28
1
1,249,500
1,249,894
1,648,051
Services
—
0
.83
%
Clean
Harbors,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
1.75%)
7.22%
10/08/28
1
1,246,819
1,251,270
High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
3
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Services
(continued)
Neptune
Bidco
U.S.,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.10%)
10.51%
04/11/29
1
$
1,328,325
$
1,216,892
Ryan
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
4.50%)
9.86%
11/14/30
1,3
904,762
909,005
VT
Topco,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.25%)
9.61%
08/09/30
1
675,000
679,219
4,056,386
Specialized
REITs
—
0
.20
%
Greystar
Real
Estate
Partners,
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
9.12%
08/07/30
1
997,500
999,994
Total
Bank
Loans
(Cost
$63,874,895)
63,489,655
CORPORATES
—
77
.39
%
*
Automobile
Components
—
3
.14
%
Allison
Transmission,
Inc.
3.75%
01/30/31
4
880,000
776,600
Ford
Motor
Credit
Co.
LLC
2.30%
02/10/25
2,150,000
2,077,072
3.66%
09/08/24
6,634,000
6,501,320
4.06%
11/01/24
6,083,000
6,006,963
15,361,955
Banking
—
2
.82
%
Bank
of
America
Corp.,
Series
RR
4.38%
5,6
2,040,000
1,827,501
Bank
of
New
York
Mellon
Corp.
(The),
Series
I
3.75%
5,6
2,515,000
2,168,003
U.S.
Bancorp
3.70%
5,6
3,515,000
2,776,624
UBS
Group
AG
(Switzerland)
6.37%
07/15/26
2,4,6
710,000
719,578
6.54%
08/12/33
2,4,6
3,520,000
3,753,200
9.02%
11/15/33
2,4,6
2,070,000
2,547,394
13,792,300
Communications
—
13
.20
%
Altice
Financing
SA
(Luxembourg)
5.75%
08/15/29
2,4
1,350,000
1,196,308
Altice
France
Holding
SA
(Luxembourg)
10.50%
05/15/27
2,4
1,562,000
1,027,015
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Communications
(continued)
Altice
France
SA
(France)
5.13%
01/15/29
2,4
$
1,628,000
$
1,277,980
5.50%
10/15/29
2,4
3,700,000
2,903,074
8.13%
02/01/27
2,4
1,537,000
1,429,410
Cable
One,
Inc.
4.00%
11/15/30
4
3,802,000
3,117,640
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.
5.50%
05/01/26
4
13,919,000
13,797,209
Cogent
Communications
Group,
Inc.
7.00%
06/15/27
4
790,000
799,678
CommScope,
Inc.
4.75%
09/01/29
4
3,143,000
2,145,097
Consolidated
Communications,
Inc.
6.50%
10/01/28
4
850,000
737,375
CSC
Holdings
LLC
6.50%
02/01/29
4
6,983,000
6,168,747
7.50%
04/01/28
4
4,075,000
3,052,359
DISH
DBS
Corp.
5.25%
12/01/26
4
2,790,000
2,395,564
7.38%
07/01/28
2,365,000
1,427,854
DISH
Network
Corp.
11.75%
11/15/27
4
700,000
731,054
Frontier
Communications
Holdings
LLC
5.00%
05/01/28
4
24,000
22,194
6.75%
05/01/29
4
1,597,000
1,429,711
8.63%
03/15/31
4
1,000,000
1,020,470
Global
Switch
Finance
BV
(EMTN)
(Netherlands)
1.38%
10/07/30
2
975,000
975,772
Gray
Escrow
II,
Inc.
5.38%
11/15/31
4
1,055,000
796,641
Level
3
Financing,
Inc.
10.50%
05/15/30
4
2,939,000
2,865,525
Nexstar
Media,
Inc.
4.75%
11/01/28
4
450,000
415,285
Northwest
Fiber
LLC/Northwest
Fiber
Finance
Sub,
Inc.
4.75%
04/30/27
4
900,000
864,000
6.00%
02/15/28
4
1,770,000
1,652,596
Scripps
Escrow
II,
Inc.
5.38%
01/15/31
4
1,000,000
735,000
Scripps
Escrow,
Inc.
5.88%
07/15/27
4
587,000
522,606
SES
GLOBAL
Americas
Holdings,
Inc.
5.30%
03/25/44
4
1,680,000
1,314,418
Sirius
XM
Radio,
Inc.
3.88%
09/01/31
4
1,657,000
1,419,604
Sprint
LLC
7.13%
06/15/24
167,000
167,975
Tele
Columbus
AG,
Series
REGS
(Georgia)
3.88%
05/02/25
2
1,500,000
1,071,234
High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
4
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Communications
(continued)
VZ
Secured
Financing
BV
(Netherlands)
5.00%
01/15/32
2,4
$
4,237,000
$
3,636,999
VZ
Secured
Financing
BV,
Series
REGS
(Netherlands)
3.50%
01/15/32
2
1,260,000
1,232,302
Zayo
Group
Holdings,
Inc.
4.00%
03/01/27
4
2,683,000
2,153,898
64,502,594
Consumer
Discretionary
—
4
.52
%
Banijay
Entertainment
SASTerm
Loan
B,
1st
Lien
(France)
8.13%
05/01/29
2,4
1,040,000
1,071,736
BAT
Capital
Corp.
5.28%
04/02/50
1,517,000
1,302,940
Central
Garden
&
Pet
Co.
4.13%
04/30/31
4
1,015,000
898,129
Everi
Holdings,
Inc.
5.00%
07/15/29
4
1,665,000
1,523,475
Hilton
Domestic
Operating
Co.,
Inc.
3.63%
02/15/32
4
2,673,000
2,335,998
Primo
Water
Holdings,
Inc.
4.38%
04/30/29
4
2,600,000
2,398,624
Spectrum
Brands,
Inc.
3.88%
03/15/31
4
3,225,000
2,931,224
Triton
Water
Holdings,
Inc.
6.25%
04/01/29
4
2,700,000
2,365,875
WarnerMedia
Holdings,
Inc.
5.14%
03/15/52
5,810,000
5,004,802
Wyndham
Hotels
&
Resorts,
Inc.
4.38%
08/15/28
4
2,399,000
2,245,464
22,078,267
Consumer
Products
—
1
.15
%
Newell
Brands,
Inc.
4.88%
06/01/25
3,921,000
3,862,185
6.50%
04/01/46
1,779,000
1,481,538
Spectrum
Brands,
Inc.
5.00%
10/01/29
4
270,000
259,875
5,603,598
Diversified
REITs
—
3
.68
%
American
Assets
Trust
LP
3.38%
02/01/31
3,170,000
2,590,220
GLP
Capital
LP/GLP
Financing
II,
Inc.
5.25%
06/01/25
3,490,000
3,495,444
5.75%
06/01/28
1,820,000
1,837,800
6.75%
12/01/33
750,000
809,954
VICI
Properties
LP
4.95%
02/15/30
5,650,000
5,493,495
VICI
Properties
LP/VICI
Note
Co.,
Inc.
4.63%
06/15/25
4
3,820,000
3,755,270
17,982,183
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Electric
—
0
.37
%
Pike
Corp.
8.63%
01/31/31
4
$
1,725,000
$
1,815,787
Energy
—
5
.45
%
Energy
Transfer
LP,
Series
B
6.63%
5,6
5,757,000
4,828,624
Global
Partners
LP/GLP
Finance
Corp.
6.88%
01/15/29
2,446,000
2,371,359
NGL
Energy
Operating
LLC/NGL
Energy
Finance
Corp.
7.50%
02/01/26
4
1,630,000
1,648,543
Petroleos
Mexicanos
(Mexico)
5.95%
01/28/31
2
524,000
419,066
Rockies
Express
Pipeline
LLC
4.80%
05/15/30
4
650,000
598,000
6.88%
04/15/40
4
2,138,000
2,105,930
SM
Energy
Co.
6.50%
07/15/28
2,020,000
2,021,833
TransMontaigne
Partners
LP/TLP
Finance
Corp.
6.13%
02/15/26
3,139,000
2,868,261
Transocean
Titan
Financing
Ltd.
(Cayman
Islands)
8.38%
02/01/28
2,4
700,000
727,991
USA
Compression
Partners
LP/USA
Compression
Finance
Corp.
6.88%
09/01/27
1,170,000
1,157,413
Venture
Global
Calcasieu
Pass
LLC
4.13%
08/15/31
4
2,300,000
2,034,894
6.25%
01/15/30
4
1,525,000
1,519,281
Venture
Global
LNG,
Inc.
9.50%
02/01/29
4
3,221,000
3,409,546
9.88%
02/01/32
4
900,000
937,822
26,648,563
Entertainment
—
0
.28
%
WMG
Acquisition
Corp.
3.75%
12/01/29
4
1,476,000
1,345,005
Finance
—
3
.91
%
American
Express
Co.,
Series
D
3.55%
5,6
2,150,000
1,854,375
Avolon
Holdings
Funding
Ltd.
(Cayman
Islands)
2.53%
11/18/27
2,4
2,083,000
1,847,332
Charles
Schwab
Corp.
(The)
Series
K
5.00%
5,6
2,430,000
2,199,799
Citigroup,
Inc.
2.56%
05/01/32
6
1,545,000
1,289,614
Cushman
&
Wakefield
U.S.
Borrower
LLC
8.88%
09/01/31
4
1,622,000
1,718,065
GGAM
Finance
Ltd.
(Cayman
Islands)
8.00%
02/15/27
2,4
1,985,000
2,037,185
High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
5
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Finance
(continued)
8.00%
06/15/28
2,4
$
877,000
$
903,310
Icahn
Enterprises
LP/Icahn
Enterprises
Finance
Corp.
4.38%
02/01/29
2,100,000
1,764,000
5.25%
05/15/27
781,000
707,781
9.75%
01/15/29
4
990,000
1,011,835
Jane
Street
Group/JSG
Finance,
Inc.
4.50%
11/15/29
4
3,245,000
3,032,457
JPMorgan
Chase
&
Co.,
Series
KK
3.65%
5,6
805,000
738,695
19,104,448
Food
—
4
.48
%
B&G
Foods,
Inc.
5.25%
04/01/25
668,000
661,320
Chobani
LLC/Chobani
Finance
Corp,
Inc.
4.63%
11/15/28
4
290,000
271,440
H-Food
Holdings
LLC/Hearthside
Finance
Co.,
Inc.
8.50%
06/01/26
4
1,387,000
138,700
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
(Canada)
3.75%
12/01/31
2
1,789,000
1,541,661
5.75%
04/01/33
2
5,228,000
5,176,275
Nathan's
Famous,
Inc.
6.63%
11/01/25
4
278,000
278,000
Pilgrim's
Pride
Corp.
3.50%
03/01/32
6,356,000
5,389,410
6.25%
07/01/33
700,000
721,201
Post
Holdings,
Inc.
5.75%
03/01/27
4
3,619,000
3,609,952
Simmons
Foods,
Inc./Simmons
Prepared
Foods,
Inc./
Simmons
Pet
Food,
Inc./Simmons
Feed
4.63%
03/01/29
4
4,084,000
3,545,227
TreeHouse
Foods,
Inc.
4.00%
09/01/28
650,000
576,192
21,909,378
Gaming
—
1
.46
%
Caesars
Resort
Collection
LLC/CRC
Finco,
Inc.
5.75%
07/01/25
4
4,375,000
4,374,302
Churchill
Downs,
Inc.
5.75%
04/01/30
4
1,700,000
1,657,365
Ontario
Gaming
GTA
LP
(Canada)
8.00%
08/01/30
2,4
1,061,000
1,101,306
7,132,973
Health
Care
—
10
.13
%
1375209
BC
Ltd.
(Canada)
9.00%
01/30/28
2,4
3,354,000
3,273,018
Bausch
+
Lomb
Escrow
Corp.
(Canada)
8.38%
10/01/28
2,4
1,140,000
1,204,903
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Health
Care
(continued)
Bausch
Health
Cos.,
Inc.
(Canada)
14.00%
10/15/30
2,4
$
192,000
$
107,773
CAB
SELAS,
Series
REGS
(France)
3.38%
02/01/28
2
800,000
793,492
Cano
Health
LLC
6.25%
10/01/28
4
1,563,000
119,966
Catalent
Pharma
Solutions,
Inc.
3.50%
04/01/30
4
3,667,000
3,194,061
5.00%
07/15/27
4
300,000
290,159
Centene
Corp.
2.45%
07/15/28
2,404,000
2,147,807
2.63%
08/01/31
1,219,000
1,014,817
3.00%
10/15/30
865,000
750,218
4.25%
12/15/27
8,170,000
7,878,439
Embecta
Corp.
6.75%
02/15/30
4
1,155,000
1,010,216
Ephios
Subco
3
SARL
(Luxembourg)
7.88%
01/31/31
2,4
790,000
904,354
Grifols
SA
(Spain)
4.75%
10/15/28
2,4
790,000
720,084
Grifols
SA,
Series
REGS
(Spain)
3.88%
10/15/28
2
375,000
379,733
Heartland
Dental
LLC/Heartland
Dental
Finance
Corp.
10.50%
04/30/28
4
791,000
820,778
Kedrion
SpA
(Italy)
6.50%
09/01/29
2,4
2,163,000
1,979,145
ModivCare
Escrow
Issuer,
Inc.
5.00%
10/01/29
4
3,795,000
3,108,488
Molina
Healthcare,
Inc.
3.88%
11/15/30
4
893,000
806,834
Option
Care
Health,
Inc.
4.38%
10/31/29
4
1,000,000
912,792
Prestige
Brands,
Inc.
3.75%
04/01/31
4
1,847,000
1,616,625
Prime
Healthcare
Services,
Inc.
7.25%
11/01/25
4
2,262,000
2,215,018
Star
Parent,
Inc.
9.00%
10/01/30
4
700,000
739,512
Teleflex,
Inc.
4.25%
06/01/28
4
2,500,000
2,371,937
Tenet
Healthcare
Corp.
4.88%
01/01/26
9,888,000
9,786,250
Teva
Pharmaceutical
Finance
Netherlands
III
BV
(Netherlands)
8.13%
09/15/31
2
1,257,000
1,375,711
49,522,130
High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
6
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Industrials
—
7
.67
%
Ardagh
Packaging
Finance
PLC/Ardagh
Holdings
USA,
Inc.
(Canada)
5.25%
08/15/27
2,4
$
2,447,000
$
1,907,419
Artera
Services
LLC
9.03%
12/04/25
4
714,000
677,877
Ball
Corp.
3.13%
09/15/31
3,988,000
3,450,910
5.25%
07/01/25
5,000,000
5,012,500
Clydesdale
Acquisition
Holdings,
Inc.
6.63%
04/15/29
4
150,000
147,643
Energizer
Holdings,
Inc.
4.38%
03/31/29
4
1,200,000
1,081,020
General
Electric
Co.
(MTN)
(CME
Term
SOFR
3-Month
plus
0.74%)
6.12%
08/15/36
1
1,300,000
1,187,322
Graham
Packaging
Co.,
Inc.
7.13%
08/15/28
4
2,012,000
1,822,653
Graphic
Packaging
International
LLC
4.13%
08/15/24
3,745,000
3,688,825
II-VI,
Inc.
5.00%
12/15/29
4
566,000
538,153
Madison
IAQ
LLC
4.13%
06/30/28
4
550,000
503,250
OT
Merger
Corp.
7.88%
10/15/29
4
2,808,000
1,702,818
Paprec
Holding
SA
(France)
7.25%
11/17/29
2,4
900,000
1,069,370
Rolls-Royce
PLC
(EMTN)
(United
Kingdom)
1.63%
05/09/28
2
400,000
409,108
Sealed
Air
Corp.
7.25%
02/15/31
4
2,500,000
2,658,876
TransDigm,
Inc.
6.25%
03/15/26
4
6,479,000
6,480,101
6.75%
08/15/28
4
2,399,000
2,464,178
7.13%
12/01/31
4
860,000
902,282
Trivium
Packaging
Finance
BV
(Netherlands)
5.50%
08/15/26
2,4
506,000
496,970
Verde
Purchaser
LLC
10.50%
11/30/30
4
1,245,000
1,263,931
37,465,206
Information
Technology
—
3
.27
%
Booz
Allen
Hamilton,
Inc.
4.00%
07/01/29
4
2,816,000
2,641,711
MSCI,
Inc.
3.63%
09/01/30
4
2,270,000
2,056,494
3.63%
11/01/31
4
1,266,000
1,115,787
NCR
Voyix
Corp.
5.25%
10/01/30
4
3,875,000
3,563,612
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Information
Technology
(continued)
Open
Text
Corp.
(Canada)
6.90%
12/01/27
2,4
$
752,000
$
780,200
RingCentral,
Inc.
8.50%
08/15/30
4
1,516,000
1,551,755
Science
Applications
International
Corp.
4.88%
04/01/28
4
2,023,000
1,942,742
ZoomInfo
Technologies
LLC/ZoomInfo
Finance
Corp.
3.88%
02/01/29
4
2,575,000
2,343,250
15,995,551
Insurance
—
0
.69
%
Acrisure
LLC/Acrisure
Finance,
Inc.
6.00%
08/01/29
4
3,678,000
3,365,370
Materials
—
3
.96
%
ASP
Unifrax
Holdings,
Inc.
5.25%
09/30/28
4
1,756,000
1,284,022
7.50%
09/30/29
4
779,000
399,834
ATI,
Inc.
5.13%
10/01/31
857,000
793,796
7.25%
08/15/30
550,000
574,750
Axalta
Coating
Systems,
LLC
3.38%
02/15/29
4
3,523,000
3,176,676
Clearwater
Paper
Corp.
4.75%
08/15/28
4
3,233,000
3,014,585
Herens
Holdco
SARL
(Luxembourg)
4.75%
05/15/28
2,4
2,896,000
2,371,274
International
Flavors
&
Fragrances,
Inc.
2.30%
11/01/30
4
1,655,000
1,369,845
5.00%
09/26/48
230,000
195,930
SCIH
Salt
Holdings,
Inc.
4.88%
05/01/28
4
272,000
256,020
SK
Invictus
Intermediate
II
SARL
(Luxembourg)
5.00%
10/30/29
2,4
3,500,000
3,040,100
Valvoline,
Inc.
3.63%
06/15/31
4
2,112,000
1,806,267
WR
Grace
Holdings,
LLC
5.63%
08/15/29
4
1,234,000
1,087,286
19,370,385
Office
REITs
—
0
.29
%
Hudson
Pacific
Properties
LP
3.25%
01/15/30
1,188,000
893,310
4.65%
04/01/29
650,000
528,077
1,421,387
Retail
—
2
.90
%
Bloomin'
Brands,
Inc./OSI
Restaurant
Partners
LLC
5.13%
04/15/29
4
267,000
246,308
Ferrellgas
LP/Ferrellgas
Finance
Corp.
5.38%
04/01/26
4
1,040,000
1,023,100
5.88%
04/01/29
4
1,168,000
1,106,213
High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
7
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Retail
(continued)
Fertitta
Entertainment,
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.
6.75%
01/15/30
4
$
3,381,000
$
2,987,181
FirstCash,
Inc.
5.63%
01/01/30
4
2,071,000
1,984,237
LCM
Investments
Holdings
II
LLC
8.25%
08/01/31
4
1,500,000
1,563,870
Lithia
Motors,
Inc.
3.88%
06/01/29
4
875,000
793,345
Michaels
Cos.,
Inc.
(The)
7.88%
05/01/29
4
3,428,000
2,161,885
Papa
John's
International,
Inc.
3.88%
09/15/29
4
900,000
799,069
Raising
Cane's
Restaurants
LLC
9.38%
05/01/29
4
1,390,000
1,484,129
14,149,337
Services
—
3
.37
%
Adtalem
Global
Education,
Inc.
5.50%
03/01/28
4
1,926,000
1,869,401
Block,
Inc.
3.50%
06/01/31
1,095,000
975,711
Carriage
Services,
Inc.
4.25%
05/15/29
4
1,400,000
1,244,729
HealthEquity,
Inc.
4.50%
10/01/29
4
1,204,000
1,115,709
Hertz
Corp.
(The)
5.00%
12/01/29
4
987,000
812,390
Prime
Security
Services
Borrower
LLC/Prime
Finance,
Inc.
3.38%
08/31/27
4
300,000
278,675
5.25%
04/15/24
4
720,000
715,990
Upbound
Group,
Inc.
6.38%
02/15/29
4
2,500,000
2,356,925
VT
Topco,
Inc.
8.50%
08/15/30
4
689,000
717,860
WASH
Multifamily
Acquisition,
Inc.
5.75%
04/15/26
4
2,625,000
2,551,879
Waste
Pro
USA,
Inc.
5.50%
02/15/26
4
3,750,000
3,613,613
Worldline
SA
(France)
0.00%
07/30/26
2,7
2,300
228,678
16,481,560
Specialized
REITs
—
0
.37
%
Blackstone
Property
Partners
Europe
Holdings
SARL
(EMTN)
(Luxembourg)
1.75%
03/12/29
2
635,000
591,769
Greystar
Real
Estate
Partners
LLC
7.75%
09/01/30
4
1,150,000
1,207,500
1,799,269
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Transportation
—
0
.23
%
U.S.
Airways
Pass-Through
Trust,
Series
2012-1,
Class
A
5.90%
10/01/24
$
1,087,561
$
1,097,901
Water
—
0
.05
%
Thames
Water
Utilities
Finance
PLC
(EMTN)
(United
Kingdom)
4.38%
01/18/31
2
255,000
267,060
Total
Corporates
(Cost
$384,352,399)
378,212,207
Total
Bonds
—
90
.38
%
(Cost
$448,227,294)
441,701,862
Issues
Shares
Value
COMMON
STOCK
—
0
.61
%
Communications
—
0
.45
%
Intelsat
Emergence
SA
2,8,9,10
(Luxembourg)
75,716
2,195,802
Electric
—
0
.00
%
Homer
City
Holdings
LLC
†,8,9,10,11
502,908
—
Transportation
—
0
.16
%
Hertz
Global
Holdings,
Inc.
9
75,000
779,250
Total
Common
Stock
(Cost
$30,687,379)
2,975,052
WARRANT
—
0
.00
%
Communications
—
0
.00
%
Intelsat
Jackson
Holdings
SA,
2,8,9,10
(Luxembourg)
16
13
Entertainment
—
0
.00
%
Cineworld
Group
PLC
2,8,9,10
(United
Kingdom)
288,340
—
Total
Warrant
(Cost
$60)
13
Issues
Maturity
Date
Principal
Amount
/
Shares
Value
SHORT-TERM
INVESTMENTS
—
9
.51
%
Money
Market
Funds
—
3
.57
%
Fidelity
Investments
Money
Market
Funds
-
Government
Portfolio
5.25%
12
461,983
461,983
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
5.27%
12
16,983,000
16,983,000
17,444,983
U.S.
Treasury
Bills
—
5
.94
%
U.S.
Treasury
Bills
(WI)
5.35%
13
05/16/24
15,000,000
14,713,546
High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
8
Issues
Maturity
Date
Principal
Amount/Shares
Value
SHORT-TERM
INVESTMENTS
(continued)
U.S.
Treasury
Bills
(continued)
5.43%
13
03/07/24
$
14,425,000
$
14,289,533
29,003,079
Total
Short-Term
Investments
(Cost
$46,439,267)
46,448,062
Total
Investments
-
100.50%
(Cost
$525,354,000)
491,124,989
Net
unrealized
appreciation
on
unfunded
commitments
-
0.00%
447
Liabilities
in
Excess
of
Other
Assets
-
(0.50)%
(
2,432,876
)
Net
Assets
-
100.00%
$
488,692,560
1
Floating
rate
security.
The
rate
disclosed
was
in
effect
at
December
31,
2023.
2
Foreign
denominated
security
issued
by
foreign
domiciled
entity.
3
Excluded
from
the
investment
total
above
is
an
unfunded
delayed
draw
term
loan
commitment
in
an
amount
not
to
exceed
$95,685,
at
an
interest
rate
of
9.83%
and
a
maturity
of
November
14,
2030.
The
investment
is
not
accruing
an
unused
commitment
fee.
4
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.
5
Perpetual
security
with
no
stated
maturity
date.
6
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.
7
Zero
coupon
bond.
The
rate
shown
is
the
effective
yield
as
of
December
31,
2023.
8
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
9
Non-income producing
security.
10
Illiquid
security
as
determined
under
procedures
approved
by
the
Board
of
Trustees.
The
aggregate
value
of
illiquid
securities
is
$2,195,815,
which
is
0.45%
of
total
net
assets.
11
Affiliated
investment.
12
Represents
the
current
yield
as
of
December
31,
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.
Note:
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
for
more
meaningful
presentation
for
investors.
(EMTN):
Euro
Medium-Term
Note
(EUR):
Euro
(LIBOR):
London
InterBank
Offer
Rate
(MTN):
Medium-Term
Note
(REIT):
Real
Estate
Investment
Trust
(SOFR):
Secured
Overnight
Financing
Rate
(WI):
When
Issued
Currency
to
be
Purchased
Currency
to
be
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
FOREIGN
CURRENCY
EXCHANGE
CONTRACT
EUR
205,000
USD
216,244
Citibank
N.A.
01/12/24
$
10,341
USD
5,857,868
EUR
5,482,000
Citibank
N.A.
01/12/24
(
201,346
)
USD
2,118,930
EUR
1,948,000
Goldman
Sachs
International
01/12/24
(
34,180
)
(
235,526
)
NET
UNREALIZED
DEPRECIATION
$
(
225,185
)
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
FUTURES
CONTRACTS:
LONG
POSITIONS
U.S.
Treasury
Five-Year
Note
304
03/28/24
$
33,067,125
$
307,133
$
307,133
U.S.
Treasury
Two-Year
Note
185
03/28/24
38,094,101
237,025
237,025
71,161,226
544,158
544,158
FUTURES
CONTRACTS:
SHORT
POSITIONS
Euro-Bobl
Future
35
03/07/24
(
4,611,693
)
(
56,824
)
(
56,824
)
Euro-Schatz
Future
15
03/07/24
(
1,765,424
)
(
11,535
)
(
11,535
)
Euro-Bund
Future
4
03/07/24
(
606,320
)
(
14,984
)
(
14,984
)
(
6,983,437
)
(
83,343
)
(
83,343
)
TOTAL
FUTURES
CONTRACTS
$
64,177,789
$
460,815
$
460,815
High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
9
/
December
2023
SIGNIFICANT
ACCOUNTING
POLICIES
The
following
is
a
summary
of
significant
accounting
policies
consistently
followed
by
the
Fund:
Net
Asset
Value
The
Net
Asset
Value
(“NAV”)
of
each
class
of
the
Fund
is
determined
by
dividing
the
net
assets
attributable
to
each
class
of
shares
of
the
Fund
by
the
number
of
issued
and
outstanding
shares
of
the
class
of
the
Fund
on
each
business
day
as
of
4
p.m.
ET.
Security
Valuation
Pursuant
to
Rule
2a-5
under
the
1940
Act,
the
Board
of
Trustees
(the
"Board"
or
the
"Board
of
Trustees")
has
designated
the
Adviser
as
the
"valuation
designee"
with
respect
to
the
fair
valuation
of
the
Fund's
portfolio
securities,
subject
to
oversight
by
and
periodic
reporting
to
the
Board. Fixed
income
securities
for
which
market
quotations
are
readily
available were
valued
during
the
period at
prices
as
provided
by
independent
pricing
vendors
or
broker
quotes.
The
Fund
received
pricing
information
from
independent
pricing
vendors
selected
and
overseen
by
the
valuation
designee.
Securities
with
a
demand
feature
exercisable
within
one
to
seven
days
are
valued
at
par.
The
Fund
also
uses
a
benchmark
pricing
system
to
the
extent
vendors’
prices
for
their
securities
are
either
inaccurate
(such
as
when
the
reported
prices
are
different
from
recent
known
market
transactions)
or
are
not
available
from
another
pricing
source.
For
a
security
priced
using
this
system,
the
Adviser
initially
selects
a
proxy
composed
of
a
relevant
security
(e.g.,
U.S.
Treasury
Note)
or
benchmark
(e.g.,
LIBOR)
and
a
multiplier,
divisor
or
margin
that
the
Adviser
believes
would
together
best
reflect
changes
in
the
market
value
of
the
security.
The
value
of
the
security
changes
daily
based
on
changes
to
the
market
price
of
the
assigned
benchmark.
The
benchmark
pricing
system
is
continuously
reviewed
by
the
Adviser
and
implemented
according
to
the
pricing
policy
reviewed
by
the
Board.
S&P
500
Index
futures
contracts
are
valued
at
the
first
sale
price
after
4
p.m.
ET
on
the
Chicago
Mercantile
Exchange.
All
other
futures
contracts
are
valued
at
the
official
settlement
price
of
the
exchange
on
which
those
securities
are
traded.
Equity
securities,
including
depository
receipts,
are
valued
at
the
last
reported
sale
price
or
the
market’s
closing
price
on
the
exchange
or
market
on
which
such
securities
are
traded,
as
of
the
close
of
business
on
the
day
the
securities
are
being
valued
or,
lacking
any
sales,
at
the
average
of
the
bid
and
ask
prices.
In
cases
where
equity
securities
are
traded
on
more
than
one
exchange,
the
securities
are
valued
on
the
exchange
or
market
determined
by
the
Adviser
to
be
the
broadest
and
most
representative
market,
which
may
be
either
a
securities
exchange
or
the
over-the-counter
market.
Equity
options
are
valued
at
the
average
of
the
bid
and
ask
prices.
Securities
and
other
assets
that
could
not be
valued
as
described
above were
valued 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
December
31,
2023
(Unaudited)
December
2023
/
10
The
inputs
or
methodology
used
for
valuing
investments
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
investments
and
the
determination
of
the
significance
of
a
particular
input
to
the
fair
value
measurement
in
its
entirety
requires
judgment
and
consideration
of
factors
specific
to
each
security.
The
availability
of
observable
inputs
can
vary
from
security
to
security
and
is
affected
by
a
wide
variety
of
factors,
including,
for
example,
the
type
of
security,
whether
the
security
is
new
and
not
yet
established
in
the
marketplace,
the
liquidity
of
markets,
and
other
characteristics
particular
to
the
security.
To
the
extent
that
valuation
is
based
on
models
or
inputs
that
are
less
observable
or
unobservable
in
the
market,
the
determination
of
fair
value
requires
more
judgment.
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized as
Level
3.
In
periods
of
market
dislocation,
the
observability
of
prices
and
inputs
may
be
reduced
for
many
instruments.
This
condition,
as
well
as
changes
related
to
liquidity
of
investments,
could
cause
a
security
to
be
reclassified
between
Level
1,
Level
2,
or
Level
3.
In
certain
cases,
the
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes
the
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
falls
in
its
entirety
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
summary
of
inputs
used
to
value
the
Fund’s
investments
and
other
financial
instruments
carried
at
fair
value
as
of
December
31,
2023
is
as
follows:
HIGH
YIELD
BOND
FUND
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Investments
in
Securities
Assets:
Short-Term
Investments:
Money
Market
Funds
$
17,444,983
$
—
$
—
$
17,444,983
U.S.
Treasury
Bills
29,003,079
—
—
29,003,079
Long-Term
Investments:
Bank
Loans
—
63,489,655
—
63,489,655
Common
Stock
779,250
—
2,195,802
2,975,052
Corporates
—
378,212,207
—
378,212,207
Unfunded
Commitments
Appreciation
—
447
—
447
Warrant
—
—
13
13
Other
Financial
Instruments
*
Assets:
Foreign
currency
exchange
contracts
—
10,341
—
10,341
Interest
rate
contracts
544,158
—
—
544,158
Liabilities:
Foreign
currency
exchange
contracts
—
(
235,526
)
—
(
235,526
)
Interest
rate
contracts
(
83,343
)
—
—
(
83,343
)
Total
$
47,688,127
$
441,477,124
$
2,195,815
$
491,361,066
*Other
financial
instruments
include
foreign
currency
exchange
contracts
and
futures.
Interest
rate
contracts
include
futures.
High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
11
/
December
2023
Certain
securities
held
by
the
Funds
are
categorized
as
Level
3
investments.
Their
prices
may
be
derived
by
utilizing
unobservable
prior
transaction
values
or
information
from
third
party
valuation
services.
The
value
of
Level
3
investments
could
be
significantly
affected
by
changes
in
these
unobservable
inputs.
For
the
period
ended
December
31,
2023
a
reconciliation
of
Level
3
investments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
at
the
beginning
and/or
end
of
the
period
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
HIGH
YIELD
BOND
FUND
COMMON
STOCK
CREDIT
DEFAULT
SWAPS
WARRANT
TOTAL
Balance
as
of
April
1,
2023
$
3,261,310
$
20,044
$
23
$
3,281,377
Accrued
discounts/premiums
—
(
14,328
)
—
(
14,328
)
Realized
(loss)
(
200,012
)
—
—
(
200,012
)
Change
in
unrealized
appreciation
(depreciation)*
603,507
(
5,716
)
(
10
)
597,781
Purchases
5,985
—
—
5,985
Sales
(
1,474,988
)
—
—
(
1,474,988
)
Transfers
into
Level
3**
—
—
—
—
Transfers
out
of
Level
3**
—
—
—
—
Balance
as
of
December
31,
2023
$
2,195,802
$
—
$
13
$
2,195,815
*The
change
in
unrealized
appreciation
(depreciation)
on
securities
still
held
at
December
31,
2023
was
$603,497
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
December
31,
2023.
Significant
unobservable
valuations
inputs
for
Level
3
investments
as
of
December
31,
2023,
are
as
follows:
HIGH
YIELD
BOND
FUND
FAIR
VALUE
AT
12/31/23
VALUATION
TECHNIQUE
*
UNOBSERVABLE
INPUT
RANGE
WEIGHTED
AVERAGE
INPUT
TO
VALUATION
IF
INPUT
INCREASES
Common
Stock
$—
Broker
Quote
Offered
Quote
$—
$—
Increase
Common
Stock
$2,195,802
Third-Party
Vendor
Vendor
Prices
$29.00
$29.00
Increase
Warrant
$—
Broker
Quote
Offered
Quote
$—
$—
Increase
Warrant
$13
Third-Party
Vendor
Vendor
Prices
$0.83
$0.83
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
December
31,
2023
were
as
follows:
VALUE
AT
BEGINNING
OF
YEAR
PURCHASES
SALES
DIVIDEND/
INTEREST
VALUE
AT
END
OF
PERIOD
REALIZED
GAIN
(LOSS)
CHANGE
IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
Homer
City
Holdings
LLC
$—
$—
$—
$—
$—
$—
$—
High
Yield
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
12
COMMITMENTS
AND
CONTINGENCIES
The
High
Yield
Bond
Fund had
the
following
unfunded
commitments
and
unrealized
gain
(loss)
as
of
December
31,
2023:
HIGH
YIELD
BOND
FUND
UNFUNDED
COMMITMENTS
MATURITY
AMOUNT
UNREALIZED
GAIN
Ryan
LLC,
Delayed-Draw
Term
Loan,
1st
Lien
November
2030
$
95,685
$
447
Total
Unfunded
Commitments
$
95,685
$
447