NPORT-EX 2 osterweis-tr.htm OSTRX 6/30/23 PART F

OSTERWEIS TOTAL RETURN FUND
  
SCHEDULE OF INVESTMENTS at June 30, 2023 (Unaudited)
  
           
Principal Amount
  
Value
  
Bonds: 99.0%
      
Corporate Bonds: 17.9%
      
Air Freight & Logistics: 1.0%
      
   
American Airlines 2019-1 Class B Pass Through Trust
      
$
714,578
  
3.850%, 02/15/2028
  
$
609,081
  
     
British Airways 2021-1 Class A Pass Through Trust
        
 
954,759
  
2.900%, 03/15/2035
    
788,950
  
           
1,398,031
  
Banks: 3.8%
        
     
Citigroup, Inc.
        
 
1,000,000
  
6.123% (SOFR + 1.372%), 05/24/2025 2
    
1,004,491
  
     
HSBC Holdings PLC
        
 
1,000,000
  
6.547% (SOFR + 2.980%), 06/20/2034 2,8
    
996,351
  
     
Mizuho Financial Group, Inc.
        
 
1,000,000
  
5.748%, 07/06/2034
    
1,002,343
  
     
The PNC Financial Services Group, Inc.
        
 
1,120,000
  
8.977% (3 Month LIBOR USD + 3.678%), 08/01/2023 1,2
    
1,122,490
  
     
Santander UK Group Holdings PLC
        
 
1,000,000
  
6.833% (SOFR + 2.749%), 11/21/2026 2,8
    
1,002,352
  
           
5,128,027
  
Biotechnology: 0.6%
        
     
Amgen, Inc.
        
 
1,000,000
  
3.150%, 02/21/2040
    
764,334
  
               
Capital Markets: 1.3%
        
     
Morgan Stanley
        
 
1,000,000
  
4.350%, 09/08/2026
    
966,091
  
 
1,000,000
  
2.484% (SOFR + 1.360%), 09/16/2036 2,8
    
758,928
  
           
1,725,019
  
Diversified Telecommunication Services: 1.3%
        
     
AT&T, Inc.
        
 
1,000,000
  
5.400%, 02/15/2034
    
1,001,558
  
 
1,000,000
  
3.500%, 09/15/2053
    
707,595
  
           
1,709,153
  
Electric Utilities: 1.2%
        
     
Edison International
        
 
760,000
  
5.000% (5 Year CMT Rate + 3.901%), 12/15/2026 1,2,8
    
658,464
  
     
PacifiCorp
        
 
1,000,000
  
5.350%, 12/01/2053
    
911,211
  
           
1,569,675
  
Financial Services: 0.7%
        
     
Aviation Capital Group LLC
        
 
1,000,000
  
1.950%, 01/30/2026
    
891,112
  
               
Health Care Providers & Services: 1.1%
        
     
CVS Health Corp.
        
 
1,000,000
  
5.875%, 06/01/2053
    
1,026,467
  
     
HCA, Inc.
        
 
500,000
  
5.900%, 06/01/2053
    
495,777
  
           
1,522,244
  
Insurance: 1.5%
        
     
Metropolitan Life Global Funding I
        
 
1,000,000
  
5.150%, 03/28/2033
    
989,338
  
     
New York Life Insurance Co.
        
 
1,000,000
  
5.875%, 05/15/2033
    
1,033,532
  
     
SBL Holdings, Inc.
        
 
25,000
  
6.500% (5 Year CMT Rate + 5.620%), 11/13/2026 1,2,8
    
13,634
  
           
2,036,504
  
Media: 0.2%
        
     
Comcast Corp.
        
 
500,000
  
2.887%, 11/01/2051
    
334,986
  
               
Oil, Gas & Consumable Fuels: 0.7%
        
     
Energy Transfer L.P.
        
 
1,000,000
  
6.500% (5 Year CMT Rate + 5.694%), 11/15/2026 1,2,8
    
910,820
  
               
Passenger Airlines: 1.9%
        
     
Air Canada 2020-2 Class A Pass Through Trust
        
 
760,488
  
5.250%, 04/01/2029
    
737,958
  
     
British Airways 2020-1 Class A Pass Through Trust
        
 
518,708
  
4.250%, 11/15/2032
    
473,912
  
     
United Airlines 2020-1 Class A Pass Through Trust
        
 
1,437,367
  
5.875%, 10/15/2027
    
1,426,464
  
           
2,638,334
  
Pharmaceuticals: 0.7%
        
     
Pfizer Investment Enterprises Pte Ltd.
        
 
1,000,000
  
5.110%, 05/19/2043
    
1,001,698
  
               
Software: 0.6%
        
     
Oracle Corp.
        
 
1,000,000
  
3.650%, 03/25/2041
    
769,668
  
               
Trading Companies & Distributors: 0.6%
        
     
Air Lease Corp.
        
 
520,000
  
4.125% (5 Year CMT Rate + 3.149%), 12/15/2026 1,2,8
    
339,049
  
     
Aviation Capital Group LLC
        
 
500,000
  
6.250%, 04/15/2028
    
499,123
  
           
838,172
  
Wireless Telecommunication Services: 0.8%
        
     
T-Mobile USA, Inc.
        
 
1,000,000
  
5.750%, 01/15/2054
    
1,027,108
  
               
Total Corporate Bonds
        
(Cost $25,097,951)
    
24,264,885
  
               
Asset Backed Securities: 16.2%
        
     
Aaset 2021-2 Trust 2021-2
        
 
840,199
  
2.798%, 01/15/2047
    
714,673
  
     
American Credit Acceptance Receivables Trust 2021-1
        
 
1,500,000
  
1.140%, 03/15/2027
    
1,445,770
  
     
American Credit Acceptance Receivables Trust 2021-2
        
 
431,124
  
0.970%, 07/13/2027
    
426,045
  
     
Cartiga Asset Finance Trust 2023-1 LLC
        
 
1,205,165
  
7.000%, 03/15/2035 10
    
1,195,920
  
     
Carvana Auto Receivables Trust 2021-N1
        
 
459,328
  
1.300%, 01/10/2028
    
426,981
  
     
Carvana Auto Receivables Trust 2021-N2
        
 
612,468
  
1.270%, 03/10/2028
    
585,374
  
     
Carvana Auto Receivables Trust 2023-N1
        
 
908,490
  
6.360%, 04/12/2027
    
905,656
  
     
CLI Funding VIII LLC
        
 
1,898,631
  
1.640%, 02/18/2046
    
1,620,186
  
     
DT Auto Owner Trust 2019-3
        
 
91,000
  
2.960%, 04/15/2025
    
90,300
  
     
DT Auto Owner Trust 2021-1
        
 
451,401
  
0.840%, 10/15/2026
    
439,427
  
     
FCI Funding 2021-1 LLC 2021-1
        
 
89,561
  
1.130%, 04/15/2033
    
85,583
  
     
Flagship Credit Auto Trust 2018-2
        
 
42,503
  
4.230%, 09/16/2024
    
42,460
  
     
Flagship Credit Auto Trust 2020-4
        
 
500,000
  
1.280%, 02/16/2027
    
481,183
  
     
Flagship Credit Auto Trust 2021-2
        
 
1,000,000
  
1.270%, 06/15/2027
    
932,598
  
     
FortiFi 2023-1
        
 
993,393
  
6.230%, 09/20/2059
    
964,788
  
     
LFS 2023A LLC
        
 
2,000,000
  
7.173%, 07/15/2035
    
1,977,698
  
     
Libra Solutions 2023-1 LLC
        
 
1,306,935
  
7.000%, 02/15/2035
    
1,301,092
  
     
MVW 2021-1W LLC
        
 
227,612
  
1.440%, 01/22/2041
    
204,248
  
     
Navigator Aircraft ABS Ltd.
        
 
2,086,771
  
2.771%, 11/15/2046 9
    
1,820,061
  
     
Nyctl 2021-A Trust 2021-A
        
 
231,764
  
2.100%, 11/10/2034
    
223,310
  
     
Progress Residential 2021-SFR1
        
 
500,000
  
1.555%, 04/17/2038
    
438,598
  
     
Pvone 2023-1 LLC
        
 
1,000,000
  
7.250%, 07/16/2035 10
    
999,432
  
     
Stonepeak 2021-1 ABS 2021-1
        
 
1,166,167
  
2.301%, 02/28/2033
    
1,056,180
  
     
Thrust Engine Leasing 2021 DAC
        
 
2,593,088
  
4.163%, 07/15/2040
    
2,188,644
  
     
Triton Container Finance VIII LLC
        
 
1,617,500
  
1.860%, 03/20/2046
    
1,359,253
  
     
Westlake Automobile Receivables Trust 2020-3
        
 
56,540
  
1.240%, 11/17/2025
    
55,839
  
           
21,981,299
  
Total Asset Backed Securities
        
(Cost $23,501,027)
    
21,981,299
  
               
Commercial Mortgage-Backed Securities: 1.4%
        
     
BX Commercial Mortgage Trust 2021-VOLT
        
     
Series BX 2021-VOLT C
        
 
1,000,000
  
6.293% (1 Month LIBOR USD + 1.100%), 09/15/2036 2
    
951,710
  
     
Life 2021-BMR Mortgage Trust
        
     
Series LIFE 2021-BMR C
        
 
982,970
  
6.361% (1 Month LIBOR USD + 1.214%), 03/15/2038 2
    
947,800
  
           
1,899,510
  
Total Commercial Mortgage-Backed Securities
        
(Cost $1,982,970)
    
1,899,510
  
               
Mortgage Backed Securities: 46.6%
        
     
Federal Home Loan Mortgage Corporation: 11.0%
        
     
 FR SD1900
        
 
4,015,072
  
3.500%, 06/01/2052
    
3,691,901
  
     
 FR SD8258
        
 
6,798,750
  
5.000%, 10/01/2052
    
6,670,234
  
     
 FR SD1884
        
 
4,627,631
  
5.000%, 11/01/2052
    
4,539,239
  
           
14,901,374
  
     
Federal Home Loan Mortgage Corporation REMICS: 1.6%
        
     
Series FHR 2512 SI
        
 
47,031
  
2.393% (1 Month LIBOR USD + 7.500%), 04/15/2024 2,3,7
    
325
  
     
Series FHR 4048 IK
        
 
1,337,337
  
3.000%, 05/15/2027 3
    
48,990
  
     
Series FHR 4093 DS
        
 
2,880,892
  
1.107% (1 Month LIBOR USD + 6.300%), 08/15/2027 2,3,7
    
76,874
  
     
Series FHR 4216 EI
        
 
1,695,442
  
3.000%, 06/15/2028 3
    
84,282
  
     
Series FHR 4360 BI
        
 
670,568
  
2.500%, 11/15/2028 3
    
15,248
  
     
Series FHR 4341 MI
        
 
947,834
  
4.000%, 11/15/2031 3
    
75,885
  
     
Series FHR 4093 IB
        
 
1,156,121
  
4.000%, 08/15/2032 3
    
100,216
  
     
Series FHR 4114 MI
        
 
1,441,525
  
3.500%, 10/15/2032 3
    
131,456
  
     
Series FHR 4170 IU
        
 
2,314,700
  
3.000%, 02/15/2033 3
    
191,287
  
     
Series FHR 3171 OJ
        
 
684,713
  
N/A%, 06/15/2036 4,5
    
545,757
  
     
Series FHR 3824 LS
        
 
447,272
  
1.907% (1 Month LIBOR USD + 7.100%), 08/15/2036 2,3,7
    
49,266
  
     
Series FHR 3236 KF
        
 
55,153
  
5.493% (1 Month LIBOR USD + 0.300%), 11/15/2036 2
    
53,992
  
     
Series FHR 3339 JS
        
 
25,243
  
9.079% (1 Month LIBOR USD + 42.835%), 07/15/2037 2,7
    
32,726
  
     
Series FHR 3380 FM
        
 
126,286
  
5.783% (1 Month LIBOR USD + 0.590%), 10/15/2037 2
    
125,145
  
     
Series FHR 3721 FB
        
 
101,338
  
5.693% (1 Month LIBOR USD + 0.500%), 09/15/2040 2
    
99,610
  
     
Series FHR 4105 LS
        
 
1,812,170
  
0.957% (1 Month LIBOR USD + 6.150%), 08/15/2041 2,3,7
    
55,472
  
     
Series FHR 3933 QS
        
 
1,471,641
  
0.857% (1 Month LIBOR USD + 6.050%), 10/15/2041 2,3,7
    
81,833
  
     
Series FHR 4340 US
        
 
970,183
  
1.407% (1 Month LIBOR USD + 6.600%), 05/15/2042 2,3,7
    
124,370
  
     
Series FHR 4076 LF
        
 
135,319
  
5.493% (1 Month LIBOR USD + 0.300%), 07/15/2042 2
    
132,346
  
     
Series FHR 4495 PI
        
 
164,027
  
4.000%, 09/15/2043 3
    
13,435
  
     
Series FHR 4313 CS
        
 
1,884,708
  
0.857% (1 Month LIBOR USD + 6.050%), 03/15/2044 2,3,7
    
170,033
  
     
Series FHR 4911 IH
        
 
635,136
  
4.000%, 04/15/2049 3
    
48,803
  
           
2,257,351
  
     
Federal Home Loan Mortgage Corporation Strips: 0.2%
        
     
Series FHS 288 IO
        
 
968,273
  
3.000%, 10/15/2027 3
    
40,812
  
     
Series FHS 272 F2
        
 
190,342
  
5.743% (1 Month LIBOR USD + 0.550%), 08/15/2042 2
    
185,861
  
           
226,673
  
     
Federal National Mortgage Association Interest Strips: 0.2%
        
     
Pool FNS 419 C1
        
 
2,043,778
  
2.500%, 09/25/2028 3
    
84,770
  
     
Pool FNS 419 C2
        
 
2,374,545
  
3.000%, 05/25/2029 3
    
106,690
  
     
Pool FNS 421 C4
        
 
950,668
  
4.500%, 01/25/2030 3
    
64,255
  
     
Pool FNS 421 C3
        
 
72,372
  
4.000%, 07/25/2030 3
    
5,063
  
     
Pool FNS 387 7
        
 
293,542
  
5.500%, 04/25/2038 3
    
84,263
  
           
345,041
  
     
Federal National Mortgage Association Pool: 28.1%
        
     
 FN AL2519
        
 
616,887
  
4.500%, 07/01/2040
    
609,793
  
     
 FN AS5460
        
 
591,175
  
3.500%, 07/01/2045
    
550,302
  
     
 FN AS6520
        
 
791,477
  
3.500%, 01/01/2046
    
734,935
  
     
 FN MA3101
        
 
634,534
  
4.500%, 08/01/2047
    
623,305
  
     
 FN FS2991
        
 
6,696,278
  
3.000%, 07/01/2051
    
5,909,905
  
     
 FN FS3520
        
 
10,050,500
  
4.500%, 11/01/2052
    
9,673,904
  
     
 FN MA4805
        
 
7,712,242
  
4.500%, 11/01/2052
    
7,421,868
  
     
 FN MA4841
        
 
3,069,518
  
5.000%, 12/01/2052
    
3,012,369
  
     
 FN FS4239
        
 
9,869,002
  
5.000%, 03/01/2053
    
9,679,505
  
           
38,215,886
  
     
Federal National Mortgage Association REMICS: 3.0%
        
     
Series FNR 1996-45 SI
        
 
26,236
  
2.100% (1 Month LIBOR USD + 7.250%), 02/25/2024 2,3,7
    
150
  
     
Series FNR 1997-65 SI
        
 
292,119
  
2.854% (1 Month LIBOR USD + 8.000%), 09/17/2027 2,3,7
    
9,715
  
     
Series FNR 2012-139 DI
        
 
2,140,153
  
3.000%, 12/25/2027 3
    
75,211
  
     
Series FNR 2013-29 BI
        
 
2,785,096
  
2.500%, 04/25/2028 3
    
115,050
  
     
Series FNR 2010-119 PS
        
 
1,643,728
  
1.550% (1 Month LIBOR USD + 6.700%), 09/25/2030 2,3,7
    
59,553
  
     
Series FNR 2016-8 CI
        
 
4,240,333
  
3.000%, 03/25/2031 3
    
267,974
  
     
Series FNR 2013-51 PI
        
 
1,635,529
  
3.000%, 11/25/2032 3
    
138,732
  
     
Series FNR 2014-81 TI
        
 
274,561
  
4.500%, 12/25/2034 3
    
22,028
  
     
Series FNR 2016-24 IB
        
 
3,613,499
  
3.500%, 05/25/2036 3
    
369,822
  
     
Series FNR 2007-2 FT
        
 
128,934
  
5.400% (1 Month LIBOR USD + 0.250%), 02/25/2037 2
    
125,686
  
     
Series FNR 2016-78 CS
        
 
2,192,310
  
0.950% (1 Month LIBOR USD + 6.100%), 05/25/2039 2,3,7
    
140,589
  
     
Series FNR 2012-82 PS
        
 
1,214,173
  
0.950% (1 Month LIBOR USD + 6.100%), 08/25/2041 2,3,7
    
33,998
  
     
Series FNR 2011-100 S
        
 
2,501,938
  
1.300% (1 Month LIBOR USD + 6.450%), 10/25/2041 2,3,7
    
249,040
  
     
Series FNR 2012-15 SW
        
 
2,799,137
  
0.800% (1 Month LIBOR USD + 5.950%), 03/25/2042 2,3,7
    
253,583
  
     
Series FNR 2012-79 FM
        
 
104,149
  
5.600% (1 Month LIBOR USD + 0.450%), 07/25/2042 2
    
101,386
  
     
Series FNR 2012-128 ST
        
 
993,718
  
1.000% (1 Month LIBOR USD + 6.150%), 11/25/2042 2,3,7
    
147,340
  
     
Series FNR 2013-22 TO
        
 
331,991
  
N/A%, 03/25/2043 4,5
    
214,565
  
     
Series FNR 2013-20 QS
        
 
3,808,307
  
1.000% (1 Month LIBOR USD + 6.150%), 03/25/2043 2,3,7
    
412,494
  
     
Series FNR 2014-37 PI
        
 
582,120
  
5.500%, 06/25/2044 3
    
61,120
  
     
Series FNR 2014-50 WS
        
 
391,051
  
1.050% (1 Month LIBOR USD + 6.200%), 08/25/2044 2,3,7
    
22,185
  
     
Series FNR 2016-83 BS
        
 
315,218
  
0.950% (1 Month LIBOR USD + 6.100%), 11/25/2046 2,3,7
    
23,793
  
     
Series FNR 2018-51 IO
        
 
394,120
  
6.500%, 07/25/2048 3
    
48,578
  
     
Series FNR 2019-41 SB
        
 
1,058,435
  
0.900% (1 Month LIBOR USD + 6.050%), 08/25/2049 2,3,7
    
108,637
  
     
Series FNR 2020-88 QI
        
 
10,617,950
  
2.000%, 05/25/2050 3
    
1,022,806
  
           
4,024,035
  
     
Goldman Sachs Mortgage-Backed Securities Corp Trust: 0.3%
        
     
Series GSMBS 2020-PJ4 A2
        
 
476,725
  
3.000%, 01/25/2051
    
405,497
  
               
     
Government National Mortgage Association: 0.4%
        
     
Series GNR 2014-74 GI
        
 
76,896
  
4.000%, 05/16/2029 3
    
1,772
  
     
Series GNR 2010-47 BX
        
 
224,334
  
1.392% (1 Month LIBOR USD + 6.550%), 08/16/2034 2,3,7
    
6,626
  
     
Series GNR 2011-61 WS
        
 
2,688,279
  
1.324% (1 Month LIBOR USD + 6.470%), 02/20/2038 2,3,7
    
87,445
  
     
Series GNR 2010-6 FG
        
 
97,253
  
5.758% (1 Month LIBOR USD + 0.600%), 01/16/2040 2
    
96,892
  
     
Series GNR 2016-31 CS
        
 
3,199,557
  
1.093% (1 Month LIBOR USD + 6.250%), 07/20/2044 2,3,7
    
318,760
  
     
Series GNR 2016-112 WI
        
 
4,010,681
  
N/A%, 03/20/2045 2,3
    
63,233
  
           
574,728
  
     
JP Morgan Mortgage Trust: 0.3%
        
     
Series JPMMT 2014-IVR3 3A1
        
 
130,277
  
4.995%, 09/25/2044 2
    
128,801
  
     
Series JPMMT 2020-7 A3
        
 
314,275
  
3.000%, 01/25/2051
    
265,436
  
           
394,237
  
     
RCKT Mortgage Trust 2021-6 - 0: 1.1%
        
     
Series RCKT 2021-6 A1
        
 
1,789,022
  
2.500%, 12/25/2051
    
1,444,181
  
               
     
Wells Fargo Mortgage Backed Securities Trust: 0.4%
        
     
Series WFMBS 2019-4 A17
        
 
54,183
  
3.500%, 09/25/2049 2
    
47,176
  
     
Series WFMBS 2020-3 A3
        
 
122,397
  
3.000%, 06/25/2050 2
    
115,850
  
     
Series WFMBS 2020-4 A1
        
 
433,920
  
3.000%, 07/25/2050 2
    
368,650
  
           
531,676
  
Total Mortgage Backed Securities
        
(Cost $68,157,542)
    
63,320,679
  
               
United States Government Securities: 16.9%
        
     
United States Treasury Notes/Bonds
        
 
4,000,000
  
4.000%, 10/31/2029
    
3,989,062
  
 
3,600,000
  
4.125%, 11/15/2032
    
3,677,063
  
 
3,500,000
  
3.375%, 05/15/2033
    
3,373,945
  
 
4,915,000
  
3.875%, 02/15/2043
    
4,785,213
  
 
4,000,000
  
3.000%, 02/15/2047
    
3,363,516
  
 
4,000,000
  
3.625%, 02/15/2053
    
3,833,750
  
           
23,022,549
  
Total United States Government Securities
        
(Cost $23,486,174)
    
23,022,549
  
               
Total Bonds
        
(Cost $142,225,664)
    
134,488,922
  
               
Shares
        
Money Market Funds: 0.5%
        
 
710,028
  
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 5.017% 6
    
710,028
  
               
Total Money Market Funds
        
(Cost $710,028)
    
710,028
  
               
Total Short-Term Investments
        
(Cost $710,028)
    
710,028
  
               
Total Investments in Securities: 99.5%
        
(Cost $142,935,692)
    
135,198,950
  
Other Assets in Excess of Liabilities: 0.5%
    
685,078
  
Total Net Assets: 100.0%
  
$
135,884,028
  

CMT- 
Constant Maturity Treasury Rate
  
LIBOR- 
London Interbank Offered Rate
  
SOFR- 
Secured Overnight Financing Rate
  
USD- 
United States Dollar
  
     
1 
Perpetual call date security. Date shown is next call date.
  
2 
Variable rate security; rate shown is the rate in effect on June 30, 2023.
  
3 
Interest only security.
  
4 
Zero coupon security.
  
5 
Principal only security.
  
6 
Annualized seven-day effective yield as of June 30, 2023.
  
7
Inverse floating rate security. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a ceiling or floor.
  
8 
Fixed-to-variable or fixed-to-float bond; rate shown is the rate in effect on June 30, 2023.
  
9 
Step-up bond.  The interest rate will step up if the issuer does not redeem the bond by an expected redemption date. The interest rate shown is the rate in effect as of June 30, 2023.
  
10 
Security is fair valued under the Board of Trustees and is categorized as a Level 3 security. Significant unobservable inputs were used to determine fair value.
  
     
The Global Industry Classifications Standard (GICS®) sector and industry classifications was developed by and is the exclsuive property of MSCI, Inc. and Standard & Poor’s (“S&P”). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Osterweis Capital Management.

 
Summary of Fair Value Disclosure at June 30, 2023 (Unaudited)
 
The Osterweis Total Return Fund (the “Fund) utilizes various methods to measure the fair value of its investments on a recurring basis.  U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods.  The three levels of inputs are:
 
• Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
• Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.  These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
• Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
 
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2023:

Assets:
  
Level 1
    
Level 2
    
Level 3
    
Total
Corporate Bonds 1
  
$
–
    
$
24,264,885
    
$
–
    
$
24,264,885
Asset Backed Securities 2
    
–
      
20,981,867
      
999,432
      
21,981,299
Commercial Mortgage-Backed Securities
    
–
      
1,899,510
      
–
      
1,899,510
Mortgage Backed Securities
    
–
      
63,320,679
      
–
      
63,320,679
United States Government Notes/Bonds
    
–
      
23,022,549
      
–
      
23,022,549
Short-Term Investments
    
710,028
      
–
      
–
      
710,028
Total Assets:
  
$
710,028
    
$
133,489,490
    
$
999,432
    
$
135,198,950
 
1 See Schedule of Investments for industry breakouts.
2 See Schedule of Investments for disclosure of Level 3 securities.

 
The following is a reconciliation of the Fund’s Level 3 assets for which significant unobservable inputs were used to determine fair value:
   
Asset Backed Securities
                  
Balance as of March 31, 2023
  
$
1,422,690
                  
Acquisitions
    
999,432
      
           
Dispositions
    
(219,235
)
                  
Accrued discounts/premiums
    
-
                    
Realized gain (loss)
    
158
              
       
Change in unrealized appreciation/depreciation
    
(7,693
)
                      
Transfer in and/or out of Level 3
    
-
                        
Balance as of June 30, 2023
  
$
2,195,352
                        
                               
Change in unrealized appreciation/depreciation for Level 3 investments held at June 30, 2023
  
$
(7,693
)
                      
                               
                               
Type of Security
  
Fair Value at 6/30/23
    
Valuation Techniques
    
Unobservable Input
    
Input Value(s)
Asset Backed Securities
          
Issue Price
    
Market Data
    
$
99.94
 
  
$
2,195,352
    
Issue Price
    
Market Data
    
$
99.88
                               
Significant increases (decreases) in any of those inputs in isolation would result in a significantly higher (lower) fair value measurement. Increases in the adjustment to yield would decrease price and decreases in the adjustment to yield would increase price.
 
The Adviser, as the Funds’ Valuation Designee, oversees valuation techniques.