| Principal Amount USD ($) | | | Value |
| | UNAFFILIATED ISSUERS - 94.4% | | |
| | ASSET BACKED SECURITIES - 35.3% of Net Assets |
| 250,000(a) | AIG CLO LLC, Series 2020-1A, Class ER, 0.0% (3 Month USD LIBOR + 630 bps), 4/15/34 (144A) | $ 249,364 |
| 400,000 | Arivo Acceptance Auto Loan Receivables Trust, Series 2021-1A, Class D, 5.83%, 1/18/28 (144A) | 398,911 |
| 350,000 | Avid Automobile Receivables Trust, Series 2021-1, Class F, 5.16%, 10/16/28 (144A) | 348,322 |
| 296,875 | Blackbird Capital Aircraft, Series 2021-1A, Class B, 3.446%, 7/15/46 (144A) | 296,752 |
| 600,000 | Continental Credit Card ABS LLC, Series 2019-1A, Class C, 6.16%, 8/15/26 (144A) | 620,379 |
| 400,000 | Crossroads Asset Trust, Series 2021-A, Class E, 5.48%, 1/20/28 (144A) | 396,108 |
| 249,843 | Diamond Resorts Owner Trust, Series 2018-1, Class D, 5.9%, 1/21/31 (144A) | 252,296 |
| 154,944 | Diamond Resorts Owner Trust, Series 2019-1A, Class D, 5.25%, 2/20/32 (144A) | 158,793 |
| 500,000 | Fair Square Issuance Trust, Series 2020-AA, Class D, 6.86%, 9/20/24 (144A) | 503,378 |
| 500,000 | First Investors Auto Owner Trust, Series 2021-1A, Class F, 5.37%, 4/17/28 (144A) | 503,036 |
| 600,000 | Foursight Capital Automobile Receivables Trust, Series 2020-1, Class F, 4.62%, 6/15/27 (144A) | 617,631 |
| 200,000 | HOA Funding LLC - HOA, Series 2021-1A, Class B, 7.432%, 8/20/51 (144A) | 205,495 |
| 300,000(a) | ICG US CLO, Ltd., Series 2016-1A, Class DRR, 7.57% (3 Month USD LIBOR + 744 bps), 4/29/34 (144A) | 296,817 |
| 600,000 | JPMorgan Chase Bank N.A. - CACLN, Series 2021-2, Class F, 4.393%, 12/26/28 (144A) | 594,203 |
| 250,000(a) | Madison Park Funding XLV Ltd., Series 2020-45A, Class ER, 6.474% (3 Month USD LIBOR + 635 bps), 7/15/34 (144A) | 250,113 |
| 400,000 | NMEF Funding LLC, Series 2021-A, Class D, 5.78%, 12/15/27 (144A) | 408,756 |
| 250,000(a) | Ocean Trails CLO IX, Series 2020-9A, Class ER, 0.0% (3 Month USD LIBOR + 745 bps), 10/15/34 (144A) | 244,522 |
| 400,000 | Pawneee Equipment Receivables Series LLC, Series 2021-1, Class E, 5.21%, 5/15/28 (144A) | 398,752 |
| 200,000 | Progress Residential Trust, Series 2021-SFR8, Class G, 4.005%, 10/17/38 (144A) | 200,092 |
| 100,000 | Progress Residential Trust, Series 2021-SFR9, Class F, 4.053%, 11/17/40 (144A) | 99,851 |
| 500,000 | Republic Finance Issuance Trust, Series 2019-A, Class C, 5.1%, 11/22/27 (144A) | 502,363 |
| 500,000 | Tricolor Auto Securitization Trust, Series 2021-1A, Class F, 5.08%, 5/15/28 (144A) | 495,441 |
| | TOTAL ASSET BACKED SECURITIES | |
| | (Cost $8,007,116) | $ 8,041,375 |
| | COLLATERALIZED MORTGAGE OBLIGATIONS - 54.5% of Net Assets |
| 150,000(a) | Bellemeade Re Ltd., Series 2020-2A, Class B1, 8.589% (1 Month USD LIBOR + 850 bps), 8/26/30 (144A) | $ 162,578 |
| 206,000(a) | Bellemeade RE Ltd., Series 2021-3A, Class B1, 3.899% (SOFR30A + 385 bps), 9/25/31 (144A) | 205,753 |
| 561,094(b) | Cascade Funding Mortgage Trust, Series 2018-RM2, Class D, 4.0%, 10/25/68 (144A) | 562,552 |
| 480,000(b) | CFMT LLC, Series 2020-HB4, Class M5, 6.0%, 12/26/30 (144A) | 478,547 |
| 500,000(b) | COMM Mortgage Trust, Series 2020-CBM, Class F, 3.633%, 2/10/37 (144A) | 474,596 |
| 250,000(a) | Connecticut Avenue Securities Trust, Series 2021-R01, Class 1B2, 6.05% (SOFR30A + 600 bps), 10/25/41 (144A) | 249,375 |
| 400,000(a) | Eagle Re, Ltd., Series 2020-2, Class B1, 7.089% (1 Month USD LIBOR + 700 bps), 10/25/30 (144A) | 409,354 |
| 290,000 | Eagle Re, Ltd., Series 2021-2, Class M2, 0.0%, 04/25/34 (144A) | 290,000 |
| 100,000(b) | FARM 21-1 Mortgage Trust, Series 2021-1, Class B, 3.249%, 1/25/51 (144A) | 86,250 |
| 7,103,477(b)(c) | Flagstar Mortgage Trust, Series 2021-4, Class AX1, 0.222%, 6/1/51 (144A) | 58,982 |
| 150,000(a) | Freddie Mac Stacr Remic Trust, Series 2020-DNA3, Class B2, 9.439% (1 Month USD LIBOR + 935 bps), 6/25/50 (144A) | 181,859 |
| 220,000(a) | Freddie Mac Stacr Remic Trust, Series 2020-HQA4, Class B2, 9.489% (1 Month USD LIBOR + 940 bps), 9/25/50 (144A) | 267,982 |
| 510,000(a) | Freddie Mac Stacr Remic Trust, Series 2021-HQA1, Class B2, 5.049% (SOFR30A + 500 bps), 8/25/33 (144A) | 525,861 |
| 160,000(a) | Freddie Mac Stacr Remic Trust, Series 2021-HQA3, Class B2, 6.299% (SOFR30A + 625 bps), 9/25/41 (144A) | 154,601 |
| 500,000(a) | Freddie Mac Stacr Trust, Series 2018-HQA2, Class B2, 11.089% (1 Month USD LIBOR + 1,100 bps), 10/25/48 (144A) | 580,919 |
| 500,000(a) | Freddie Mac Stacr Trust, Series 2019-FTR2, Class B1, 3.089% (1 Month USD LIBOR + 300 bps), 11/25/48 (144A) | 488,516 |
| 400,000(a) | Freddie Mac Stacr Trust, Series 2019-FTR3, Class B2, 4.886% (1 Month USD LIBOR + 480 bps), 9/25/47 (144A) | 393,487 |
| 500,000(a) | GS Mortgage Securities Corp. Trust, Series 2020-DUNE, Class G, 4.09% (1 Month USD LIBOR + 400 bps), 12/15/36 (144A) | 475,685 |
| 200,000(b) | GS Mortgage-Backed Securities Trust, Series 2020-NQM1, Class B1, 5.143%, 9/27/60 (144A) | 205,469 |
| 300,000(a) | Home Re, Ltd., Series 2020-1, Class B1, 7.089% (1 Month USD LIBOR + 700 bps), 10/25/30 (144A) | 311,696 |
| 500,000(a) | Home Re, Ltd., Series 2021-2, Class B1, 4.199% (SOFR30A + 415 bps), 1/25/34 (144A) | 499,999 |
| 4,841,691(b)(c) | Hundred Acre Wood Trust, Series 2021-INV1, Class AX1, 0.232%, 7/25/51 (144A) | 43,396 |
| 205,000(b) | Imperial Fund Mortgage Trust, Series 2021-NQM2, Class B2, 4.374%, 9/25/56 (144A) | 201,847 |
| 8,174,559(b)(c) | JP Morgan Mortgage Trust, Series 2021-8, Class AX1, 0.143%, 12/25/51 (144A) | 45,311 |
| 9,343,099(b)(c) | JP Morgan Mortgage Trust, Series 2021-10, Class AX1, 0.139%, 12/25/51 (144A) | 51,891 |
| 500,000(a) | Mortgage Insurance-Linked Notes Series, Series 2020-1, Class B1, 3.089% (1 Month USD LIBOR + 300 bps), 1/25/30 (144A) | 495,855 |
| 500,000(b) | Natixis Commercial Mortgage Securities Trust, Series 2019-FAME, Class E, 4.398%, 8/15/36 (144A) | 439,369 |
| 500,000(a) | Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class E, 3.59% (1 Month USD LIBOR + 350 bps), 7/15/36 (144A) | 499,459 |
| 150,000(a) | Oaktown Re VII Ltd., Series 2021-2, Class B1, 4.45% (SOFR30A + 440 bps), 4/25/34 (144A) | 150,000 |
| 180,000(a) | Radnor Re, Ltd., Series 2020-2, Class B1, 7.689% (1 Month USD LIBOR + 760 bps), 10/25/30 (144A) | 183,590 |
| Principal Amount USD ($) | | | Value |
| | COLLATERALIZED MORTGAGE OBLIGATIONS - (continued) |
| 750,000(b) | RMF Buyout Issuance Trust, Series 2020-1, Class M5, 6.0%, 2/25/30 (144A) | $ 710,123 |
| 500,000(a) | STACR Trust, Series 2018-HRP2, Class B1, 4.289% (1 Month USD LIBOR + 420 bps), 2/25/47 (144A) | 532,656 |
| 500,000(a) | STACR Trust, Series 2018-HRP2, Class B2, 10.589% (1 Month USD LIBOR + 1,050 bps), 2/25/47 (144A) | 573,845 |
| 150,000(a) | Traingle Re, Ltd., Series 2020-1, Class B1, 7.839% (1 Month USD LIBOR + 775 bps), 10/25/30 (144A) | 156,103 |
| 150,000(a) | Triangle Re Ltd., Series 2021-3, Class B1, 4.999% (SOFR30A + 495 bps), 2/25/34 (144A) | 150,925 |
| 200,000(a) | Triangle Re Ltd., Series 2021-3, Class M2, 3.799% (SOFR30A + 375 bps), 2/25/34 (144A) | 202,104 |
| 640,637(b) | Velocity Commercial Capital Loan Trust, Series 2020-1, Class M6, 5.69%, 2/25/50 (144A) | 641,355 |
| 250,000(b) | Vista Point Securitization Trust, Series 2020-1, Class B1, 5.375%, 3/25/65 (144A) | 256,881 |
| | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | |
| | (Cost $12,384,336) | $ 12,398,771 |
| | COMMERCIAL MORTGAGE-BACKED SECURITIES - 3.7% of Net Assets |
| 150,000(a) | BAMLL Commercial Mortgage Securities Trust, Series 2021-JACX, Class E, 3.84% (1 Month USD LIBOR + 375 bps), 9/15/38 (144A) | $ 150,000 |
| 150,000(a) | Freddie Mac Multifamily Structured Credit Risk, Series 2021-MN1, Class B1, 7.799% (SOFR30A + 775 bps), 1/25/51 (144A) | 177,363 |
| 500,000(a) | Multifamily Connecticut Avenue Securities Trust, Series 2020-01, Class M10, 3.839% (1 Month USD LIBOR + 375 bps), 3/25/50 (144A) | 520,169 |
| | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | |
| | (Cost $708,622) | $ 847,532 |
| | CORPORATE BONDS - 0.9% of Net Assets |
| | Airlines - 0.9% | |
| 100,378 | British Airways 2020-1 Class B Pass Through Trust, 8.375%, 11/15/28 (144A) | $ 117,087 |
| 70,044 | United Airlines 2020-1 Class B Pass Through Trust, 4.875%, 1/15/26 | 74,025 |
| | Total Airlines | | $ 191,112 |
| | TOTAL CORPORATE BONDS | |
| | (Cost $170,422) | $ 191,112 |
| | TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS - 94.4% | |
| | (Cost $21,270,496) | $ 21,478,790 |
| | OTHER ASSETS AND LIABILITIES - 5.6% | $ 1,276,680 |
| | NET ASSETS - 100.0% | $ 22,755,470 |
During the three months ended October 31, 2021, there were no transfers in or out of Level 3.