| A: CTBAX | C: ACTCX | K: ACTKX | Y: CTCYX |
| Principal Amount USD ($) | Value | |||||
| UNAFFILIATED ISSUERS — 97.9% | ||||||
| Senior Secured Floating Rate Loan Interests — 0.2% of Net Assets*(a) | ||||||
| Computer Services — 0.1% | ||||||
| 15,000 | Amentum Holdings, Inc., Initial Term Loan, 6.935% (Term SOFR + 225 bps), 9/29/31 | $ 15,014 | ||||
| Total Computer Services | $15,014 | |||||
| Cruise Lines — 0.0%† | ||||||
| 5,000 | LC Ahab US Bidco LLC, Initial Term Loan, 8.185% (Term SOFR + 300 bps), 5/1/31 | $ 5,028 | ||||
| Total Cruise Lines | $5,028 | |||||
| Electric-Generation — 0.1% | ||||||
| 15,000 | Alpha Generation LLC, Initial Term B Loan, 7.446% (Term SOFR + 275 bps), 9/30/31 | $ 15,016 | ||||
| Total Electric-Generation | $15,016 | |||||
| Retail — 0.0%† | ||||||
| 4,988 | MI Windows and Doors LLC, Term B-2 Loan, 7.685% (Term SOFR + 300 bps), 3/28/31 | $ 5,012 | ||||
| Total Retail | $5,012 | |||||
| Total Senior Secured Floating Rate Loan Interests (Cost $39,866) | $40,070 | |||||
| Asset Backed Securities — 6.8% of Net Assets | ||||||
| 100,000 | Amur Equipment Finance Receivables XII LLC, Series 2023-1A, Class C, 6.36%, 12/20/29 (144A) | $ 102,732 | ||||
| 100,000(a) | Arbor Realty Commercial Real Estate Notes, Ltd., Series 2021-FL3, Class C, 6.768% (1 Month Term SOFR + 196 bps), 8/15/34 (144A) | 99,127 | ||||
| 100,000 | Avis Budget Rental Car Funding AESOP LLC, Series 2022-5A, Class C, 6.24%, 4/20/27 (144A) | 100,339 | ||||
| 100,000(b) | B2R Mortgage Trust, Series 2015-2, Class E, 5.79%, 11/15/48 (144A) | 99,222 | ||||
| 54,798 | BOF VII AL Funding Trust I, Series 2023-CAR3, Class A2, 6.291%, 7/26/32 (144A) | 55,588 | ||||
| 100,000 | Dell Equipment Finance Trust, Series 2024-1, Class D, 6.12%, 9/23/30 (144A) | 101,188 | ||||
| 100,000 | Exeter Automobile Receivables Trust, Series 2023-5A, Class D, 7.13%, 2/15/30 | 103,897 | ||||
| 30,000 | Exeter Automobile Receivables Trust, Series 2024-3A, Class D, 5.98%, 9/16/30 | 30,384 | ||||
| Principal Amount USD ($) | Value | |||||
| Asset Backed Securities — (continued) | ||||||
| 110,000 | Exeter Automobile Receivables Trust, Series 2024-4A, Class D, 5.81%, 12/16/30 | $ 110,947 | ||||
| 21,000 | GLS Auto Receivables Issuer Trust, Series 2023-4A, Class D, 7.18%, 8/15/29 (144A) | 21,845 | ||||
| 80,000 | GLS Auto Receivables Issuer Trust, Series 2024-3A, Class D, 5.53%, 2/18/31 (144A) | 79,771 | ||||
| 100,000 | HPEFS Equipment Trust, Series 2024-1A, Class D, 5.82%, 11/20/31 (144A) | 101,265 | ||||
| 99,452 | Progress Residential Trust, Series 2021-SFR7, Class A, 1.692%, 8/17/40 (144A) | 88,666 | ||||
| 80,137(a) | ReadyCap Lending Small Business Loan Trust, Series 2023-3, Class A, 8.07% (PRIME + 7 bps), 4/25/48 (144A) | 82,221 | ||||
| 60,000 | Santander Drive Auto Receivables Trust, Series 2024-4, Class D, 5.32%, 12/15/31 | 59,678 | ||||
| 120,784(a) | STAR Trust, Series 2021-SFR1, Class A, 5.518% (1 Month Term SOFR + 71 bps), 4/17/38 (144A) | 119,804 | ||||
| 89,705(c) | Vista Point Securitization Trust, Series 2024-CES1, Class A1, 6.676%, 5/25/54 (144A) | 90,805 | ||||
| Total Asset Backed Securities (Cost $1,417,341) | $1,447,479 | |||||
| Collateralized Mortgage Obligations—2.5% of Net Assets | ||||||
| 21,065(a) | Connecticut Avenue Securities Trust, Series 2021-R03, Class 1M1, 5.707% (SOFR30A + 85 bps), 12/25/41 (144A) | $ 21,052 | ||||
| 50,000(a) | Connecticut Avenue Securities Trust, Series 2024-R03, Class 2M2, 6.807% (SOFR30A + 195 bps), 3/25/44 (144A) | 50,372 | ||||
| 64,452(b) | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2016-1, Class M2, 3.75%, 9/25/55 (144A) | 59,476 | ||||
| 55,000 | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2018-4, Class M, 4.75%, 3/25/58 (144A) | 51,880 | ||||
| 92,984(b) | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2019-3, Class M, 4.75%, 10/25/58 | 89,804 | ||||
| 100,000(a) | Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA7, Class M2, 6.657% (SOFR30A + 180 bps), 11/25/41 (144A) | 100,813 | ||||
| 50,000(a) | Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2024-DNA3, Class A1, 6.077% (SOFR30A + 105 bps), 10/25/44 (144A) | 50,016 | ||||
| Principal Amount USD ($) | Value | |||||
| Collateralized Mortgage Obligations—(continued) | ||||||
| 40,976(b) | JP Morgan Mortgage Trust, Series 2016-3, Class 2AM, 2.96%, 10/25/46 (144A) | $ 38,244 | ||||
| 86,306(b) | Towd Point Mortgage Trust, Series 2021-R1, Class A1, 2.918%, 11/30/60 (144A) | 71,548 | ||||
| Total Collateralized Mortgage Obligations (Cost $518,676) | $533,205 | |||||
| Commercial Mortgage-Backed Securities—5.7% of Net Assets | ||||||
| 100,000 | BX Trust, Series 2019-OC11, Class A, 3.202%, 12/9/41 (144A) | $ 90,779 | ||||
| 476,000 | Freddie Mac Multifamily Structured Pass Through Certificates, Series KG04, Class A2, 1.487%, 11/25/30 | 399,434 | ||||
| 500,000 | Freddie Mac Multifamily Structured Pass Through Certificates, Series KG06, Class A2, 1.777%, 10/25/31 | 417,883 | ||||
| 100,000(a) | HILT Commercial Mortgage Trust, Series 2024-ORL, Class A, 6.345% (1 Month Term SOFR + 154 bps), 5/15/37 (144A) | 99,937 | ||||
| 250,000 | SLG Office Trust, Series 2021-OVA, Class A, 2.585%, 7/15/41 (144A) | 210,460 | ||||
| Total Commercial Mortgage-Backed Securities (Cost $1,269,105) | $1,218,493 | |||||
| Corporate Bonds — 43.1% of Net Assets | ||||||
| Aerospace & Defense — 0.7% | ||||||
| 100,000 | Boeing Co., 5.805%, 5/1/50 | $ 94,316 | ||||
| 45,000 | Boeing Co., 6.858%, 5/1/54 (144A) | 48,250 | ||||
| 15,000 | Boeing Co., 7.008%, 5/1/64 (144A) | 16,146 | ||||
| Total Aerospace & Defense | $158,712 | |||||
| Airlines — 0.1% | ||||||
| 20,000 | United Airlines Pass-Through Trust, 5.45%, 2/15/37 | $ 20,294 | ||||
| Total Airlines | $20,294 | |||||
| Auto Manufacturers — 5.2% | ||||||
| 45,000 | American Honda Finance Corp., 4.85%, 10/23/31 | $ 44,439 | ||||
| 15,000 | American Honda Finance Corp., 5.05%, 7/10/31 | 15,053 | ||||
| 50,000 | American Honda Finance Corp., 5.65%, 11/15/28 | 51,706 | ||||
| 30,000 | Cummins, Inc., 5.45%, 2/20/54 | 30,328 | ||||
| 150,000 | Daimler Truck Finance North America LLC, 5.125%, 1/19/28 (144A) | 151,058 | ||||
| 105,000 | Ford Motor Co., 6.10%, 8/19/32 | 105,444 | ||||
| 105,000 | General Motors Co., 5.60%, 10/15/32 | 106,657 | ||||
| Principal Amount USD ($) | Value | |||||
| Auto Manufacturers — (continued) | ||||||
| 45,000 | General Motors Financial Co., Inc., 6.10%, 1/7/34 | $ 46,233 | ||||
| 40,000 | Hyundai Capital America, 5.80%, 6/26/25 (144A) | 40,222 | ||||
| 120,000 | Hyundai Capital America, 6.375%, 4/8/30 (144A) | 126,086 | ||||
| 150,000 | Mercedes-Benz Finance North America LLC, 4.85%, 1/11/29 (144A) | 149,712 | ||||
| 25,000 | Toyota Motor Credit Corp., 4.60%, 10/10/31 | 24,546 | ||||
| 200,000 | Volkswagen Group of America Finance LLC, 5.90%, 9/12/33 (144A) | 202,728 | ||||
| Total Auto Manufacturers | $1,094,212 | |||||
| Banks — 14.4% | ||||||
| 65,000(b) | Bank of America Corp., 1.922% (SOFR + 137 bps), 10/24/31 | $ 54,475 | ||||
| 120,000(b) | Bank of America Corp., 2.687% (SOFR + 132 bps), 4/22/32 | 104,062 | ||||
| 300,000(b) | Bank of New York Mellon Corp., 4.543% (SOFR + 117 bps), 2/1/29 | 298,254 | ||||
| 150,000 | Bank of Nova Scotia, 4.75%, 2/2/26 | 150,176 | ||||
| 200,000(b) | BNP Paribas S.A., 5.125% (1 Year CMT Index + 145 bps), 1/13/29 (144A) | 200,920 | ||||
| 35,000(b) | Canadian Imperial Bank of Commerce, 4.631% (SOFR + 134 bps), 9/11/30 | 34,453 | ||||
| 100,000 | Citigroup, Inc., 4.45%, 9/29/27 | 98,760 | ||||
| 30,000(b) | Citizens Financial Group, Inc., 5.718% (SOFR + 191 bps), 7/23/32 | 30,284 | ||||
| 26,000(b) | Citizens Financial Group, Inc., 5.841% (SOFR + 201 bps), 1/23/30 | 26,551 | ||||
| 200,000 | Federation des Caisses Desjardins du Quebec, 5.25%, 4/26/29 (144A) | 201,777 | ||||
| 100,000(b) | Goldman Sachs Group, Inc., 4.223% (3 Month Term SOFR + 156 bps), 5/1/29 | 97,721 | ||||
| 200,000 | Intesa Sanpaolo S.p.A., 7.80%, 11/28/53 (144A) | 230,079 | ||||
| 108,000(b) | JPMorgan Chase & Co., 4.603% (SOFR + 104 bps), 10/22/30 | 106,509 | ||||
| 100,000(b) | JPMorgan Chase & Co., 5.336% (SOFR + 162 bps), 1/23/35 | 100,862 | ||||
| 15,000(b) | JPMorgan Chase & Co., 5.766% (SOFR + 149 bps), 4/22/35 | 15,611 | ||||
| 250,000 | KeyBank N.A./Cleveland OH, 5.00%, 1/26/33 | 241,245 | ||||
| 130,000(b) | Morgan Stanley, 2.484% (SOFR + 136 bps), 9/16/36 | 106,010 | ||||
| 10,000(b) | Morgan Stanley, 5.652% (SOFR + 101 bps), 4/13/28 | 10,200 | ||||
| 30,000(b) | Morgan Stanley, 5.948% (5 Year CMT Index + 243 bps), 1/19/38 | 30,554 | ||||
| 200,000(b) | NatWest Group Plc, 5.847% (1 Year CMT Index + 135 bps), 3/2/27 | 202,338 | ||||
| 75,000(b) | Regions Financial Corp., 5.502% (SOFR + 206 bps), 9/6/35 | 74,320 | ||||
| Principal Amount USD ($) | Value | |||||
| Banks — (continued) | ||||||
| 15,000(b) | Santander Holdings USA, Inc., 6.124% (SOFR + 123 bps), 5/31/27 | $ 15,219 | ||||
| 20,000(b) | Truist Financial Corp., 5.435% (SOFR + 162 bps), 1/24/30 | 20,240 | ||||
| 200,000(b) | UBS Group AG, 5.711% (1 Year CMT Index + 155 bps), 1/12/27 (144A) | 201,514 | ||||
| 300,000(b) | US Bancorp, 4.653% (SOFR + 123 bps), 2/1/29 | 298,183 | ||||
| 100,000(b) | Wells Fargo & Co., 3.526% (SOFR + 151 bps), 3/24/28 | 97,060 | ||||
| Total Banks | $3,047,377 | |||||
| Beverages — 0.5% | ||||||
| 25,000 | Coca-Cola Consolidated, Inc., 5.25%, 6/1/29 | $ 25,396 | ||||
| 80,000 | PepsiCo, Inc., 4.80%, 7/17/34 | 79,551 | ||||
| Total Beverages | $104,947 | |||||
| Biotechnology — 0.3% | ||||||
| 35,000 | Amgen, Inc., 5.25%, 3/2/33 | $ 35,361 | ||||
| 15,000 | Royalty Pharma Plc, 5.15%, 9/2/29 | 15,091 | ||||
| 20,000 | Royalty Pharma Plc, 5.40%, 9/2/34 | 19,859 | ||||
| Total Biotechnology | $70,311 | |||||
| Building Materials — 0.1% | ||||||
| 10,000 | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, 6.75%, 4/1/32 (144A) | $ 10,172 | ||||
| 20,000 | Owens Corning, 5.70%, 6/15/34 | 20,596 | ||||
| Total Building Materials | $30,768 | |||||
| Commercial Services — 1.5% | ||||||
| 15,000 | Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.25%, 1/15/30 (144A) | $ 15,324 | ||||
| 40,000 | Block, Inc., 6.50%, 5/15/32 (144A) | 40,711 | ||||
| 5,000 | Brink's Co., 6.50%, 6/15/29 (144A) | 5,100 | ||||
| 40,000 | Element Fleet Management Corp., 5.643%, 3/13/27 (144A) | 40,550 | ||||
| 130,000 | S&P Global, Inc., 5.25%, 9/15/33 | 133,174 | ||||
| 73,000 | Verisk Analytics, Inc., 5.25%, 6/5/34 | 73,414 | ||||
| Total Commercial Services | $308,273 | |||||
| Cosmetics/Personal Care — 0.5% | ||||||
| 100,000 | Unilever Capital Corp., 4.625%, 8/12/34 | $ 98,026 | ||||
| Total Cosmetics/Personal Care | $98,026 | |||||
| Distribution/Wholesale — 0.0%† | ||||||
| 5,000 | Velocity Vehicle Group LLC, 8.00%, 6/1/29 (144A) | $ 5,151 | ||||
| Total Distribution/Wholesale | $5,151 | |||||
| Principal Amount USD ($) | Value | |||||
| Diversified Financial Services — 3.7% | ||||||
| 150,000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/26 | $ 143,176 | ||||
| 155,000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 1/30/32 | 136,283 | ||||
| 20,000(b) | Ally Financial, Inc., 6.184% (SOFR + 229 bps), 7/26/35 | 19,962 | ||||
| 100,000(b) | Ally Financial, Inc., 6.848% (SOFR + 282 bps), 1/3/30 | 103,935 | ||||
| 150,000 | Avolon Holdings Funding, Ltd., 6.375%, 5/4/28 (144A) | 154,977 | ||||
| 55,000(b) | Capital One Financial Corp., 5.463% (SOFR + 156 bps), 7/26/30 | 55,453 | ||||
| 25,000(b) | Capital One Financial Corp., 5.884% (SOFR + 199 bps), 7/26/35 | 25,403 | ||||
| 30,000 | Freedom Mortgage Holdings LLC, 9.125%, 5/15/31 (144A) | 30,389 | ||||
| 25,000 | Freedom Mortgage Holdings LLC, 9.25%, 2/1/29 (144A) | 25,603 | ||||
| 35,000 | Jefferies Financial Group, Inc., 6.20%, 4/14/34 | 36,442 | ||||
| 15,000 | LPL Holdings, Inc., 5.70%, 5/20/27 | 15,228 | ||||
| 20,000 | Nationstar Mortgage Holdings, Inc., 6.50%, 8/1/29 (144A) | 19,999 | ||||
| 15,000(b) | Synchrony Financial, 5.935% (SOFR + 213 bps), 8/2/30 | 15,237 | ||||
| Total Diversified Financial Services | $782,087 | |||||
| Electric — 1.9% | ||||||
| 5,000 | Alpha Generation LLC, 6.75%, 10/15/32 (144A) | $ 5,070 | ||||
| 100,000 | Ameren Corp., 5.70%, 12/1/26 | 101,874 | ||||
| 100,000 | Duke Energy Progress LLC, 5.10%, 3/15/34 | 100,721 | ||||
| 100,000 | Eversource Energy, 5.45%, 3/1/28 | 101,990 | ||||
| 25,000 | ITC Holdings Corp., 5.65%, 5/9/34 (144A) | 25,575 | ||||
| 25,000 | Johnsonville Aeroderivative Combustion Turbine Generation LLC, 5.078%, 10/1/54 | 24,538 | ||||
| 25,000 | Lightning Power LLC, 7.25%, 8/15/32 (144A) | 26,009 | ||||
| 10,000 | Southern California Edison Co., 5.45%, 6/1/31 | 10,247 | ||||
| Total Electric | $396,024 | |||||
| Electronics — 0.4% | ||||||
| 75,000 | Flex, Ltd., 5.25%, 1/15/32 | $ 74,334 | ||||
| 10,000 | Keysight Technologies, Inc., 4.95%, 10/15/34 | 9,710 | ||||
| Total Electronics | $84,044 | |||||
| Food — 0.1% | ||||||
| 15,000 | Kroger Co., 5.50%, 9/15/54 | $ 14,567 | ||||
| 15,000 | Kroger Co., 5.65%, 9/15/64 | 14,576 | ||||
| Total Food | $29,143 | |||||
| Principal Amount USD ($) | Value | |||||
| Gas — 0.4% | ||||||
| 75,000 | Atmos Energy Corp., 5.90%, 11/15/33 | $ 79,816 | ||||
| Total Gas | $79,816 | |||||
| Hand & Machine Tools — 0.4% | ||||||
| 85,000 | Regal Rexnord Corp., 6.30%, 2/15/30 | $ 88,021 | ||||
| Total Hand & Machine Tools | $88,021 | |||||
| Healthcare-Products — 0.4% | ||||||
| 45,000 | Medtronic Global Holdings SCA, 4.50%, 3/30/33 | $ 43,934 | ||||
| 20,000 | Smith & Nephew Plc, 5.40%, 3/20/34 | 20,097 | ||||
| 15,000 | Sotera Health Holdings LLC, 7.375%, 6/1/31 (144A) | 15,361 | ||||
| Total Healthcare-Products | $79,392 | |||||
| Healthcare-Services — 0.9% | ||||||
| 150,000 | Cigna Group, 4.375%, 10/15/28 | $ 147,322 | ||||
| 15,000 | Elevance Health, Inc., 5.15%, 6/15/29 | 15,195 | ||||
| 10,000 | Elevance Health, Inc., 5.375%, 6/15/34 | 10,095 | ||||
| 10,000 | Health Care Service Corp. A Mutual Legal Reserve Co., 5.20%, 6/15/29 (144A) | 10,114 | ||||
| 10,000 | Humana, Inc., 5.375%, 4/15/31 | 10,030 | ||||
| 8,000 | Laboratory Corp. of America Holdings, 4.55%, 4/1/32 | 7,683 | ||||
| Total Healthcare-Services | $200,439 | |||||
| Insurance — 2.0% | ||||||
| 75,000 | Brown & Brown, Inc., 5.65%, 6/11/34 | $ 76,334 | ||||
| 70,000 | CNO Financial Group, Inc., 6.45%, 6/15/34 | 72,096 | ||||
| 40,000(b) | Farmers Exchange Capital III, 5.454% (3 Month USD LIBOR + 345 bps), 10/15/54 (144A) | 36,080 | ||||
| 50,000(b) | Farmers Insurance Exchange, 4.747% (3 Month USD LIBOR + 323 bps), 11/1/57 (144A) | 40,121 | ||||
| 30,000(b) | Farmers Insurance Exchange, 7.00% (10 Year US Treasury Yield Curve Rate T Note Constant Maturity + 386 bps), 10/15/64 (144A) | 30,406 | ||||
| 80,000 | New York Life Global Funding, 4.55%, 1/28/33 (144A) | 78,055 | ||||
| 100,000 | New York Life Global Funding, 4.85%, 1/9/28 (144A) | 100,946 | ||||
| Total Insurance | $434,038 | |||||
| Internet — 0.3% | ||||||
| 75,000 | Uber Technologies, Inc., 4.80%, 9/15/34 | $ 72,706 | ||||
| Total Internet | $72,706 | |||||
| Principal Amount USD ($) | Value | |||||
| Iron & Steel — 0.1% | ||||||
| 20,000 | Cleveland-Cliffs, Inc., 7.00%, 3/15/32 (144A) | $ 20,023 | ||||
| Total Iron & Steel | $20,023 | |||||
| Leisure Time — 0.2% | ||||||
| 7,000 | Carnival Corp., 6.00%, 5/1/29 (144A) | $ 7,011 | ||||
| 25,000 | Royal Caribbean Cruises, Ltd., 6.00%, 2/1/33 (144A) | 25,154 | ||||
| Total Leisure Time | $32,165 | |||||
| Lodging — 0.5% | ||||||
| 10,000 | Choice Hotels International, Inc., 5.85%, 8/1/34 | $ 10,057 | ||||
| 30,000 | Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 6.625%, 1/15/32 (144A) | 30,007 | ||||
| 55,000 | Las Vegas Sands Corp., 6.00%, 8/15/29 | 56,107 | ||||
| Total Lodging | $96,171 | |||||
| Machinery-Diversified — 0.4% | ||||||
| 40,000 | CNH Industrial Capital LLC, 4.55%, 4/10/28 | $ 39,690 | ||||
| 45,000 | CNH Industrial Capital LLC, 5.50%, 1/12/29 | 46,030 | ||||
| Total Machinery-Diversified | $85,720 | |||||
| Office & Business Equipment — 0.1% | ||||||
| 20,000 | CDW LLC/CDW Finance Corp., 5.55%, 8/22/34 | $ 19,899 | ||||
| Total Office & Business Equipment | $19,899 | |||||
| Oil & Gas — 1.0% | ||||||
| 175,000 | Aker BP ASA, 6.00%, 6/13/33 (144A) | $ 178,761 | ||||
| 30,000 | Hilcorp Energy I LP/Hilcorp Finance Co., 6.875%, 5/15/34 (144A) | 28,717 | ||||
| 15,000 | Hilcorp Energy I LP/Hilcorp Finance Co., 7.25%, 2/15/35 (144A) | 14,714 | ||||
| Total Oil & Gas | $222,192 | |||||
| Oil & Gas Services — 0.1% | ||||||
| 15,000 | Archrock Partners LP/Archrock Partners Finance Corp., 6.625%, 9/1/32 (144A) | $ 15,068 | ||||
| Total Oil & Gas Services | $15,068 | |||||
| Packaging & Containers — 0.1% | ||||||
| 15,000 | Sealed Air Corp., 6.50%, 7/15/32 (144A) | $ 15,225 | ||||
| Total Packaging & Containers | $15,225 | |||||
| Pharmaceuticals — 0.4% | ||||||
| 5,000 | CVS Health Corp., 5.25%, 1/30/31 | $ 4,968 | ||||
| 55,000 | CVS Health Corp., 5.25%, 2/21/33 | 54,027 | ||||
| Principal Amount USD ($) | Value | |||||
| Pharmaceuticals — (continued) | ||||||
| 25,000 | Novartis Capital Corp., 4.00%, 9/18/31 | $ 24,038 | ||||
| 5,000 | Novartis Capital Corp., 4.70%, 9/18/54 | 4,629 | ||||
| Total Pharmaceuticals | $87,662 | |||||
| Pipelines — 2.1% | ||||||
| 20,000 | Columbia Pipelines Holding Co. LLC, 5.097%, 10/1/31 (144A) | $ 19,555 | ||||
| 25,000(b) | Enbridge, Inc., 7.20% (5 Year CMT Index + 297 bps), 6/27/54 | 25,823 | ||||
| 25,000(b) | Enbridge, Inc., 7.375% (5 Year CMT Index + 312 bps), 3/15/55 | 25,668 | ||||
| 105,000 | Energy Transfer LP, 5.60%, 9/1/34 | 105,778 | ||||
| 100,000 | EnLink Midstream LLC, 6.50%, 9/1/30 (144A) | 105,317 | ||||
| 77,000 | ONEOK, Inc., 4.40%, 10/15/29 | 75,006 | ||||
| 10,000(b) | South Bow Canadian Infrastructure Holdings, Ltd., 7.50% (5 Year CMT Index + 367 bps), 3/1/55 (144A) | 10,385 | ||||
| 20,000(b) | South Bow Canadian Infrastructure Holdings, Ltd., 7.625% (5 Year CMT Index + 395 bps), 3/1/55 (144A) | 20,594 | ||||
| 55,000 | Western Midstream Operating LP, 5.45%, 11/15/34 | 53,635 | ||||
| Total Pipelines | $441,761 | |||||
| REITs — 2.1% | ||||||
| 10,000 | Americold Realty Operating Partnership LP, 5.409%, 9/12/34 | $ 9,753 | ||||
| 41,000 | MPT Operating Partnership LP/MPT Finance Corp., 3.50%, 3/15/31 | 29,034 | ||||
| 100,000 | Simon Property Group LP , 5.50%, 3/8/33 | 102,652 | ||||
| 170,000 | Sun Communities Operating LP, 5.50%, 1/15/29 | 171,559 | ||||
| 35,000 | Sun Communities Operating LP , 5.70%, 1/15/33 | 35,170 | ||||
| 5,000 | UDR, Inc., 5.125%, 9/1/34 | 4,892 | ||||
| 100,000 | Weyerhaeuser Co., 4.75%, 5/15/26 | 99,964 | ||||
| Total REITs | $453,024 | |||||
| Retail — 1.1% | ||||||
| 85,000 | AutoNation, Inc., 1.95%, 8/1/28 | $ 75,581 | ||||
| 100,000 | AutoZone, Inc., 4.50%, 2/1/28 | 99,431 | ||||
| 15,000 | Ferguson Enterprises, Inc., 5.00%, 10/3/34 | 14,559 | ||||
| 50,000 | O'Reilly Automotive, Inc., 5.75%, 11/20/26 | 50,997 | ||||
| Total Retail | $240,568 | |||||
| Principal Amount USD ($) | Value | |||||
| Semiconductors — 0.6% | ||||||
| 120,000 | Broadcom, Inc., 3.469%, 4/15/34 (144A) | $ 104,728 | ||||
| 15,000 | Broadcom, Inc., 5.05%, 7/12/29 | 15,128 | ||||
| Total Semiconductors | $119,856 | |||||
| Software — 0.2% | ||||||
| 20,000 | Roper Technologies, Inc., 4.75%, 2/15/32 | $ 19,695 | ||||
| 30,000 | Roper Technologies, Inc., 4.90%, 10/15/34 | 29,308 | ||||
| Total Software | $49,003 | |||||
| Telecommunications — 0.3% | ||||||
| 60,000 | Verizon Communications, Inc., 5.05%, 5/9/33 | $ 60,053 | ||||
| Total Telecommunications | $60,053 | |||||
| Total Corporate Bonds (Cost $9,027,952) | $9,142,171 | |||||
| Insurance-Linked Securities — 3.7% of Net Assets# | ||||||
| Event Linked Bonds — 3.7% | ||||||
| Multiperil – U.S. — 2.4% | ||||||
| 250,000(a) | Merna Re II, 13.066%, (3 Month U.S. Treasury Bill + 850 bps), 7/7/27 (144A) | $ 262,944 | ||||
| 250,000(a) | Sanders Re III, 7.973%, (3 Month U.S. Treasury Bill + 341 bps), 4/7/26 (144A) | 249,875 | ||||
| $512,819 | ||||||
| Windstorm – U.S. Multistate — 1.3% | ||||||
| 250,000(a) | Gateway Re, 14.55%, (1 Month U.S. Treasury Bill + 1,000 bps), 7/8/26 (144A) | $ 261,575 | ||||
| Total Event Linked Bonds | $774,394 | |||||
| Total Insurance-Linked Securities (Cost $742,065) | $774,394 | |||||
| Foreign Government Bond — 3.9% of Net Assets | ||||||
| Supranational — 3.9% | ||||||
| 850,000 | European Investment Bank, 2.125%, 4/13/26 | $ 824,156 | ||||
| Total Supranational | $824,156 | |||||
| Total Foreign Government Bond (Cost $829,787) | $824,156 | |||||
| U.S. Government and Agency Obligations — 32.0% of Net Assets | ||||||
| 724,649 | Federal Home Loan Mortgage Corp., 1.500%, 3/1/37 | $ 628,007 | ||||
| 234,707 | Federal Home Loan Mortgage Corp., 2.500%, 8/1/51 | 196,178 | ||||
| Principal Amount USD ($) | Value | |||||
| U.S. Government and Agency Obligations — (continued) | ||||||
| 777,930 | Federal Home Loan Mortgage Corp., 2.500%, 3/1/52 | $ 648,546 | ||||
| 743,885 | Federal Home Loan Mortgage Corp., 3.000%, 4/1/42 | 660,613 | ||||
| 746,218 | Federal Home Loan Mortgage Corp., 3.500%, 6/1/52 | 668,303 | ||||
| 658,886 | Federal Home Loan Mortgage Corp., 5.000%, 2/1/53 | 641,062 | ||||
| 699,530 | Federal Home Loan Mortgage Corp., 5.500%, 2/1/53 | 694,600 | ||||
| 816,277 | Federal National Mortgage Association, 2.000%, 2/1/52 | 649,306 | ||||
| 472,124 | Federal National Mortgage Association, 2.500%, 7/1/37 | 430,933 | ||||
| 713,445 | Federal National Mortgage Association, 2.500%, 4/1/52 | 594,760 | ||||
| 250,000 | Federal National Mortgage Association, 3.010%, 8/1/34 | 214,949 | ||||
| 497,232 | Federal National Mortgage Association, 3.190%, 6/1/29 | 468,968 | ||||
| 300,000(d) | U.S. Treasury Bills, 11/19/24 | 299,307 | ||||
| Total U.S. Government and Agency Obligations (Cost $7,087,582) | $6,795,532 | |||||
| TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 97.9% (Cost $20,932,374) | $20,775,500 | |||||
| OTHER ASSETS AND LIABILITIES — 2.1% | $446,514 | |||||
| net assets — 100.0% | $21,222,014 | |||||
| bps | Basis Points. |
| CMT | Constant Maturity Treasury Index. |
| LIBOR | London Interbank Offered Rate. |
| PRIME | U.S. Federal Funds Rate. |
| REIT | Real Estate Investment Trust. |
| SOFR | Secured Overnight Financing Rate. |
| SOFR30A | Secured Overnight Financing Rate 30 Day Average. |
| (144A) | The resale of such security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers. At October 31, 2024, the value of these securities amounted to $5,641,008, or 26.6% of net assets. |
| (a) | Floating rate note. Coupon rate, reference index and spread shown at October 31, 2024. |
| (b) | The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at October 31, 2024. |
| (c) | Debt obligation initially issued at one coupon which converts to a higher coupon at a specific date. The rate shown is the rate at October 31, 2024. |
| (d) | Security issued with a zero coupon. Income is recognized through accretion of discount. |
| * | Senior secured floating rate loan interests in which the Fund invests generally pay interest at rates that are periodically re-determined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as SOFR, (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders. The interest rate shown is the rate accruing at October 31, 2024. |
| † | Amount rounds to less than 0.1%. |
| # | Securities are restricted as to resale. |
| Restricted Securities | Acquisition date | Cost | Value |
| Gateway Re | 7/14/2023 | $250,000 | $261,575 |
| Merna Re II | 5/8/2024 | 250,000 | 262,944 |
| Sanders Re III | 10/2/2023 | 242,065 | 249,875 |
| Total Restricted Securities | $774,394 | ||
| % of Net assets | 3.7% |
| Number of Contracts Long | Description | Expiration Date | Notional Amount | Market Value | Unrealized (Depreciation) |
| 3 | U.S. 2 Year Note (CBT) | 12/31/24 | $623,327 | $617,836 | $(5,491) |
| 58 | U.S. 5 Year Note (CBT) | 12/31/24 | 6,372,505 | 6,219,594 | (152,911) |
| 10 | U.S. Ultra Bond (CBT) | 12/19/24 | 1,344,246 | 1,256,250 | (87,996) |
| $8,340,078 | $8,093,680 | $(246,398) |
| Number of Contracts Short | Description | Expiration Date | Notional Amount | Market Value | Unrealized Appreciation |
| 4 | U.S. 10 Year Note (CBT) | 12/19/24 | $(461,302) | $(441,875) | $19,427 |
| 2 | U.S. 10 Year Ultra Bond (CBT) | 12/19/24 | (236,745) | (227,500) | 9,245 |
| $(698,047) | $(669,375) | $28,672 | |||
| TOTAL FUTURES CONTRACTS | $7,642,031 | $7,424,305 | $(217,726) | ||
| CBT | Chicago Board of Trade. | ||||
| 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 risks, etc.). |
| Level 3 | – | significant unobservable inputs (including the Adviser’s own assumptions in determining fair value of investments). |
| Level 1 | Level 2 | Level 3 | Total | |
| Senior Secured Floating Rate Loan Interests | $— | $40,070 | $— | $40,070 |
| Asset Backed Securities | — | 1,447,479 | — | 1,447,479 |
| Collateralized Mortgage Obligations | — | 533,205 | — | 533,205 |
| Commercial Mortgage-Backed Securities | — | 1,218,493 | — | 1,218,493 |
| Corporate Bonds | — | 9,142,171 | — | 9,142,171 |
| Insurance-Linked Securities | ||||
| Event Linked Bonds | — | 774,394 | — | 774,394 |
| Foreign Government Bond | — | 824,156 | — | 824,156 |
| U.S. Government and Agency Obligations | — | 6,795,532 | — | 6,795,532 |
| Total Investments in Securities | $— | $20,775,500 | $— | $20,775,500 |
| Other Financial Instruments | ||||
| Net unrealized depreciation on futures contracts | $(217,726) | $— | $— | $(217,726) |
| Total Other Financial Instruments | $(217,726) | $— | $— | $(217,726) |
